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Previous: METZLER GROUP INC, 8-A12B, 1999-07-20 |
Next: KEVCO INC, 8-K, 1999-07-20 |
<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
------------
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) June 15, 1999
First Union Direct Bank, N.A.
(Successor to the First Union National Bank of Georgia as Originator
of the First Union Master Credit Card Trust)
--------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
on behalf of
First Union Master Credit Card Trust
<TABLE>
<S> <C> <C>
United States 33-98546 56-2017017
- ---------------------------------------------- ------------------------ ---------------------
(State or Other Jurisdiction of Incorporation) (Commission File Number) (IRS Employer
Identification Number)
</TABLE>
600 Broad Street
Augusta, Georgia 30903
- --------------------------------------- ----------
(Address of Principal Executive Office) (Zip Code)
Registrant's telephone number, including area code (706) 823-2580
N/A
-------------------------------------------------------------
(Former Name or Former Address, if Changed Since Last Report)
<PAGE> 2
INFORMATION TO BE INCLUDED IN THE REPORT
Item 1. Not Applicable.
Item 2. Not Applicable.
Item 3. Not Applicable.
Item 4. Not Applicable.
Item 5. The First Union Master Credit Card Trust, Series 1996-1
Certificateholders' Statement for the period of June 1999 was
delivered to Certificateholders on July 15, 1999.
Item 6. Not Applicable.
Item 7. Exhibits.
The following are filed as Exhibits to this Report under Exhibits 20.1 and
20.2.
Exhibit 20.1 First Union Master Credit Card Trust, Series 1996-1
Certificateholders' Statement for the July 15, 1999
Distribution Date.
Exhibit 20.2 Trust and Public Series Summary for the First Union Master
Credit Card Trust as of June 1999.
Item 8. Not Applicable.
2
<PAGE> 3
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the registrant has duly caused this report to be signed on their behalf
by the undersigned hereunto duly authorized.
FIRST UNION DIRECT BANK, N.A.,
on behalf of the First Union
Master Credit Card Trust
By: /s/ James H. Gilbraith II
------------------------------
Name: James H. Gilbraith II
Title: Managing Director
3
<PAGE> 4
EXHIBIT INDEX
<TABLE>
<CAPTION>
Exhibit Description
- ------- -----------
<S> <C>
Exhibit 20.1 First Union Master Credit Card Trust, Series 1996-1
Certificateholders' Statement for the July 15, 1999
Distribution Date.
Exhibit 20.2 Trust and Public Series Summary for the First Union Master
Credit Card Trust as of June 1999.
</TABLE>
4
<PAGE> 1
EXHIBIT 20.1
FORM OF MONTHLY SERIES 1996-1 CERTIFICATEHOLDERS' STATEMENT
Series 1996-1
FIRST UNION DIRECT BANK, N.A.
FIRST UNION MASTER CREDIT CARD TRUST
The information which is required to be prepared with respect to the
Distribution Date JULY 15, 1999 and with respect to the performance of the Trust
during the preceding Monthly Period.
Capitalized terms used in this Statement have their respective meanings
set forth in the Pooling and Servicing Agreement.
<TABLE>
<S> <C>
A Information Regarding the Currrent Monthly Distribution (Stated on the
basis of $1,000 Original Certificate Principal Amount)
1 The amount of the current monthly distribution in respect of Class
A Monthly Principal 0
----------------
2 The amount of the current monthly distribution in respect of Class
B Monthly Principal 0
----------------
3 The amount of the current monthly distribution in respect of
Collateral Monthly Principal 0
----------------
4 The amount of the current monthly distribution in respect of CLASS
A MONTHLY INTEREST 3,954,083
----------------
5 The amount of the current monthly distribution in respect of Class
A Deficiency Amounts 0
----------------
6 The amount of the current monthly distribution in respect of Class
A Additional Interest 0
----------------
7 The amount of the current monthly distribution in respect of CLASS
B MONTHLY INTEREST 331,044
----------------
8 The amount of the current monthly distribution in respect of Class
B Deficiency Amounts 0
----------------
9 The amount of the current monthly distribution in respect of Class
B Additional Interest 0
----------------
10 The amount of the current monthly distribution in respect of
COLLATERAL MONTHLY INTEREST 547,774
----------------
11 The amount of the current monthly distribution in respect of any
accrued and unpaid Collateral monthly interest 0
----------------
</TABLE>
<PAGE> 2
<TABLE>
<S> <C>
B Information Regarding the Performance of the Trust
1 COLLECTION OF PRINCIPAL RECEIVABLES
a) The aggregate amount of Principal Collections processed
during the preceding Monthly Period which were allocated in
respect of the Class A Certificates 95,254,213
---------------
b) The aggregate amount of Principal Collections processed
during the preceding Monthly Period which were allocated in
respect of the Class B Certificates 7,793,555
---------------
c) The aggregate amount of Principal Collections processed
during the preceding Monthly Period which were allocated in
respect of the Collateral Interest 12,411,916
---------------
2 PRINCIPAL RECEIVABLES IN THE TRUST
a) The aggregate amount of Principal Receivables in the Trust
as of the end of the day on the last day of the preceding
Monthly Period (ending Principal Balance) 1,978,731,197
---------------
b) The amount of Principal Receivables in the Trust
represented by the Investor Interest of Series 1996-1 as of
the end of the day on the last day of the preceding Monthly
Period 1,115,151,821
---------------
c) The amount of Principal Receivables in the Trust
represented by the Series 1996-1 Adjusted Investor Interest
as of the end of the day on the last day of the preceding
Monthly Period 1,115,151,821
---------------
d) The amount of Principal Receivables in the Trust
represented by the Class A Investor Interest as of the end
of the day on the last day of the preceding Monthly Period 920,000,000
---------------
e) The amount of Principal Receivables in the Trust
represented by the Class A Adjusted Investor Interest as of
the end of the day on the last day of the preceding Monthly
Period 920,000,000
---------------
f) The amount of Principal Receivables in the Trust
represented by the Class B Investor Interest as of the end
of the day on the last day of the preceding Monthly Period 75,273,000
---------------
</TABLE>
<PAGE> 3
<TABLE>
<S> <C>
g) The amount of Principal Receivables in the Trust
represented by the Collateral Interest as of the end of the
day on the last day of the preceding Monthly Period
119,878,821
---------------
h) The Floating Investor Percentage with respect to the
preceding Monthly Period 56.78%
---------------
i) The Class A Floating Allocation with respect to the
preceding Monthly Period 46.85%
---------------
j) The Class B Floating Allocation with respect to the
preceding Monthly Period 3.83%
---------------
k) The Collateral Floating Allocation with respect to the
preceding Monthly Period 6.10%
---------------
l) The Fixed Investor Percentage with respect to the preceding
Monthly Period N/A
---------------
m) The Class A Fixed Allocation with respect to the preceding
Monthly Period N/A
---------------
n) The Class B Fixed Allocation with respect to the preceding
Monthly Period N/A
---------------
o) The Collateral Fixed Allocation with respect to the
preceding Monthly Period N/A
---------------
</TABLE>
3 REBATE ACCOUNTS
<TABLE>
<S> <C> <C>
The aggregate amount of Aggregate Percentage of
Receivables arising in Account Total Trust
Rebate Accounts with Balance Receivables
respect to the preceding
Monthly Account Receivables 64,925,039 3.16%
---------- -----------
</TABLE>
4 DELINQUENT BALANCES
The aggregate amount of outstanding balances in
the Accounts which were delinquent as of the end
of the day on the last day of the preceding
Monthly Period:
<TABLE>
<CAPTION>
Aggregate Percentage of
Account Total
Balance Receivables
<S> <C> <C>
a) 35 - 64 days 23,332,149 1.14%
----------------- --------------
b) 65-94 days 11,932,180 0.58%
----------------- --------------
c) 95-124 days 9,583,845 0.47%
----------------- --------------
d) 125-154 days 7,780,097 0.38%
----------------- --------------
e) 155 or more days 6,319,915 0.31%
----------------- --------------
Total 58,948,186 2.88%
----------------- --------------
</TABLE>
<PAGE> 4
<TABLE>
<S> <C>
5 CREDIT LOSS AMOUNT (ALLOCABLE TO SERIES 1996-1)
a) The Aggregate Credit Loss Amount for the preceding Monthly Period 4,292,163
------------------
b) The Class A Credit Loss Amount for the preceding Monthly Period 3,541,034
------------------
c) The Class B Credit Loss Amount for the preceding Monthly Period 289,722
------------------
d) The Collateral Credit Loss Amount for the preceding Monthly Period 461,408
------------------
6 INVESTOR CHARGE OFFS
a) The aggregate amount of Class A Investor Charge Offs for the
preceding Monthly Period 0
------------------
b) The aggregate amount of Class A Investor Charge Offs set forth in
5(a) above per $1,000 of original certificate principal amount 0
------------------
c) The aggregate amount of Class B Investor Charge Offs for the
preceding Monthly Period 0
------------------
d) The aggregate amount of Class B Investor Charge Offs set forth in
5(c) above per $1,000 of original certificate principal amount 0
------------------
e) The aggregate amount of Collateral Charge Offs for the preceding
Monthly Period 0
------------------
f) The aggregate amount of Collateral Charge Offs set forth in 5(e)
above per $1,000 of original certificate principal amount 0
------------------
g) The aggregate amount of Class A Investor Charge Offs reimbursed on
the Transfer Date immediately preceding this Distribution Date 0
------------------
h) The aggregate amount of Class A Investor Charge Offs set forth in
5(g) above per $1,000 original certificate principal amount
reimbursed on the Transfer Date immediately preceding this
Distribution Date 0
------------------
i) The aggregate amount of Class B Investor Charge Offs reimbursed on
the Transfer Date immediately preceding this Distribution Date 0
------------------
</TABLE>
<PAGE> 5
<TABLE>
<S> <C>
j) The aggregate amount of Class B Investor Charge Offs set forth in
5(i) above per $1,000 original certificate principal amount
reimbursed on the Transfer Date immediately preceding this
Distribution Date 0
------------------
k) The aggregate amount of Collateral Charge Offs reimbursed on the
Transfer Date immediately preceding this Distribution Date 0
------------------
l) The aggregate amount of Collateral Charge Offs set forth in 5(k)
above per $1,000 original certificate principal amount reimbursed
on the Transfer Date immediately preceding this Distribution Date
0
------------------
7 INVESTOR SERVICING FEE - 1.25% (ALLOCABLE TO SERIES 1996-1)
a) The amount of the Class A Servicing Fee payable by the Trust to
the Servicer for the preceding Monthly Period 958,333
------------------
b) The amount of the Class B Servicing Fee payable by the Trust to
the Servicer for the preceding Monthly Period 78,409
------------------
c) The amount of the Collateral Servicing Fee payable by the Trust to
the Servicer for the preceding Monthly Period 124,874
------------------
d) The amount of Servicer Interchange (.75%) payable by the Trust to
the Servicer for the preceding Monthly Period 696,970
------------------
8 REALLOCATIONS
a) The amount of Reallocated Collateral Principal collections with
respect to this Distribution Date 0
------------------
b) The amount of Reallocated Class B Principal collections with
respect to this Distribution Date 0
------------------
c) The COLLATERAL BALANCE as of the close of business on this
Distribution Date 119,878,821
------------------
d) The CLASS B INVESTOR BALANCE as of the close of business on this
Distribution Date 75,273,000
------------------
9 FINANCE CHARGE COLLECTIONS (MINUS SERVICER INTERCHANGE) ALLOCABLE TO
SERIES 1996-1
a) The aggregate amount of Collections of Finance Charge Receivables
processed during the preceding Monthly Period which were allocated
in respect of the Class A Certificates 17,522,568
------------------
</TABLE>
<PAGE> 6
<TABLE>
<S> <C>
b) The aggregate amount of Collections of Finance Charge Receivables
processed during the preceding Monthly Period which were allocated
in respect of the Class B Certificates 1,433,669
------------------
c) The aggregate amount of Collections of Finance Charge Receivables
processed during the preceding Monthly Period which were allocated
in respect of the Collateral Interest 2,283,245
------------------
10 PRINCIPAL FUNDING ACCOUNT
a) The principal amount on deposit in the Principal Funding Account
on or before the Transfer Date of the preceding Monthly Period 0
------------------
b) The Accumulation Shortfall with respect to the preceding Monthly
Period 0
------------------
c) The Principal Funding Investment Proceeds deposited in the Finance
Charge Account on or before the Transfer Date of the preceding
Monthly Period 0
------------------
d) The amount of all or the portion of the Reserve Draw Amount
deposited in the Finance Charge Account on or before the Transfer
date of the preceding Monthly Period from the Reserve Account 0
------------------
11 RESERVE DRAW AMOUNT
12 AVAILABLE FUNDS [FINANCE CHARGE COLLECTIONS MINUS SERVICER INTERCHANGE]
a) The amount of Class A Available Funds on deposit in the Finance
Charge Account on or before the Transfer Date of the preceding
Monthly Period 17,522,568
------------------
b) The amount of Class B Available Funds on deposit in the Finance
Charge Account on or before the Transfer Date of the preceding
Monthly Period 1,433,669
------------------
c) The amount of Collateral Available Funds on deposit in the Finance
Charge Account on the preceding Transfer Date 2,283,245
------------------
13 PORTFOLIO YIELD (YIELD MINUS CHARGE OFFS)
a) The Portfolio Yield for the preceding Monthly Period 18.99%
------------------
b) The Portfolio Adjusted Yield for the preceding Monthly Period 7.94%
------------------
</TABLE>
<PAGE> 7
<TABLE>
<S> <C>
C FLOATING RATE DETERMINATIONS
1 LIBOR for the Interest Period ending on this Distribution Date 4.98750%
---------------
2 Number of days in this interest period 30
---------------
3 Interest Factor 0.520062%
---------------
D CUSIP Numbers
1 Class A 337365AA8
---------------
2 Class B 337365AB6
---------------
</TABLE>
FIRST UNION DIRECT BANK, N.A.
SERVICER
By: /s/ JAMES H. GILBRAITH, II
-------------------------------------
James H. Gilbraith, II
Managing Director
First Union Direct Bank, N.A.
<PAGE> 1
EXHIBIT 20.2
FIRST UNION MASTER CREDIT CARD TRUST
TRUST AND SERIES SUMMARY
JUNE 1999
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------------------
TOTAL TRUST JANUARY 1999 FEBRUARY 1999 MARCH-99
- --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
TOTAL ENDING BALANCE 2,106,949,039 2,060,152,370 2,040,450,131
ENDING PRINCIPAL BALANCE 2,030,489,343 1,985,733,515 1,970,193,055
ENDING NON-PRINCIPAL BALANCE 76,459,696 74,418,854 70,257,076
YIELD 36,403,948 21.08% 38,335,971 22.66% 41,748,720 25.23%
CHARGE-OFFS (8,107,740) -4.70% (8,908,248) -5.26% (8,056,359) -4.87%
NET YIELD: (YIELD - C/O) 28,296,208 16.38% 29,427,723 17.39% 33,692,361 20.36%
- --------------------------------------------------------------------------------------------------------------------------------
SERIES 1996-1 JANUARY 1999 FEBRUARY 1999 MARCH-99
- --------------------------------------------------------------------------------------------------------------------------------
MONTH-END INVESTOR BALANCE 1,115,151,821 1,115,151,821 1,115,151,821
INVESTOR PERCENTAGE 53.82% 54.92% 56.16%
-------- -------- --------
3-MONTH AVG. EXCESS SERVICING 10.91% 10.31% 10.88%
-------- -------- --------
YIELD 19,593,691 21.08% 21,054,249 22.66% 23,445,322 25.23%
CHARGE-OFFS (4,363,827) -4.70% (4,892,441) -5.26% (4,524,305) -4.87%
CERTIFICATE INTEREST (5,167,486) -5.56% (4,306,230) -4.63% (4,947,186) -5.32%
SERVICING FEE (1,858,586) -2.00% (1,858,586) -2.00% (1,858,586) -2.00%
EXCESS SERVICING 8,203,792 8.83% 9,996,992 10.76% 12,115,245 13.04%
- --------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------
TOTAL TRUST APRIL-99 MAY-99 JUN-99
- ----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
TOTAL ENDING BALANCE 2,044,381,980 2,036,087,213 2,050,224,358
ENDING PRINCIPAL BALANCE 1,973,090,573 1,963,822,921 1,978,731,197
ENDING NON-PRINCIPAL BALANCE 71,291,407 72,264,292 71,493,160
YIELD 35,887,835 21.86% 35,696,867 21.71% 38,630,890 23.61%
CHARGE-OFFS (7,752,758) -4.72% (8,306,577) -5.05% (7,558,656) -4.62%
NET YIELD: (YIELD - C/O) 28,135,077 17.14% 27,390,290 16.66% 31,072,234 18.99%
- ----------------------------------------------------------------------------------------------------------------------------
SERIES 1996-1 APRIL-99 MAY-99 JUN-99
- ----------------------------------------------------------------------------------------------------------------------------
MONTH-END INVESTOR BALANCE 1,115,151,821 1,115,151,821 1,115,151,821
INVESTOR PERCENTAGE 56.60% 56.52% 56.78%
-------- -------- --------
3-MONTH AVG. EXCESS SERVICING 11.15% 10.80% 10.39%
-------- -------- --------
YIELD 20,312,925 21.86% 20,175,164 21.71% 21,936,452 23.61%
CHARGE-OFFS (4,388,150) -4.72% (4,694,736) -5.05% (4,292,163) -4.62%
CERTIFICATE INTEREST (5,094,382) -5.48% (4,595,448) -4.95% (4,832,902) -5.20%
SERVICING FEE (1,858,586) -2.00% (1,858,586) -2.00% (1,858,586) -2.00%
EXCESS SERVICING 8,971,807 9.66% 9,026,394 9.71% 10,952,800 11.79%
- ----------------------------------------------------------------------------------------------------------------------------
</TABLE>
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