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Previous: MCY COM INC /DE/, S-8, 1999-10-27 |
Next: VAUGHAN NELSON SCARBOROUGH & MCCONNELL L P/TX, 13F-HR/A, 1999-10-27 |
<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) October 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 September 1999
was delivered to Certificateholders on October 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 October 15, 1999
Distribution Date.
Exhibit 20.2 Trust and Public Series Summary for the First Union
Master Credit Card Trust as of September 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 October 15, 1999
Distribution Date.
Exhibit 20.2 Trust and Public Series Summary for the First Union
Master Credit Card Trust as of September 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 OCTOBER 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> <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 4,255,000
-------------------
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 355,665
-------------------
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 586,985
-------------------
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> <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 84,922,408
-------------------
b) The aggregate amount of Principal Collections
processed during the preceding Monthly Period
which were allocated in respect of the Class B
Certificates 6,948,222
-------------------
c) The aggregate amount of Principal Collections
processed during the preceding Monthly Period
which were allocated in respect of the
Collateral Interest 11,065,650
-------------------
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) 1,949,997,427
-------------------
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> <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 56.85%
-------------------
I) The Class A Floating Allocation with respect to
the preceding Monthly Period 46.90%
-------------------
j) The Class B Floating Allocation with respect to
the preceding Monthly Period 3.84%
-------------------
k) The Collateral Floating Allocation with respect
to the preceding Monthly Period 6.11%
-------------------
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 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 32,093,806 1.58%
---------------------- ---------------------
b) 65-94 days 15,623,563 0.77%
---------------------- ---------------------
c) 95-124 days 10,933,797 0.54%
---------------------- ---------------------
d) 125-154 days 8,114,790 0.40%
---------------------- ---------------------
e) 155 or more days 6,581,857 0.32%
---------------------- ---------------------
Total 73,347,813 3.62%
---------------------- ---------------------
</TABLE>
4 CREDIT LOSS AMOUNT (ALLOCABLE TO SERIES 1996-1)
<TABLE>
<S> <C> <C> <C>
a) The Aggregate Credit Loss Amount for the
preceding Monthly Period 4,388,407
-------------------
b) The Class A Credit Loss Amount for the preceding
Monthly Period 3,620,435
-------------------
c) The Class B Credit Loss Amount for the preceding
Monthly Period 296,218
-------------------
</TABLE>
<PAGE> 4
<TABLE>
<S> <C> <C> <C>
d) The Collateral Credit Loss Amount for the
preceding Monthly Period 471,754
-------------------
5 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
-------------------
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
-------------------
</TABLE>
<PAGE> 5
<TABLE>
<S> <C> <C> <C>
6 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
-------------------
7 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
--------------------
8 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 15,017,173
-------------------
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 1,228,682
-------------------
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 1,956,784
-------------------
9 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
-------------------
</TABLE>
<PAGE> 6
<TABLE>
<S> <C> <C> <C>
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
-------------------
10 RESERVE DRAW AMOUNT
11 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
15,017,173
-------------------
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
1,228,682
-------------------
c) The amount of Collateral Available Funds on
deposit in the Finance Charge Account on the
preceding Transfer Date 1,956,784
-------------------
12 PORTFOLIO YIELD (YIELD MINUS CHARGE OFFS)
a) The Portfolio Yield for the preceding Monthly
Period 15.62%
-------------------
b) The Portfolio Adjusted Yield for the preceding
Monthly Period 9.28%
-------------------
C FLOATING RATE DETERMINATIONS
1 LIBOR for the Interest Period ending on this
Distribution Date 5.38000%
-------------------
2 Number of days in this interest period 30
-------------------
3 Interest Factor 0.559312%
-------------------
D CUSIP Numbers
1 Class A 337365AA8
-------------------
2 Class B 337365AB6
-------------------
</TABLE>
<PAGE> 7
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 & SERIES SUMMARY
SEP-99
<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%
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------------
TOTAL TRUST JUL-99 AUG-99 SEP-99
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
TOTAL ENDING BALANCE 2,051,458,697 2,033,846,046 2,025,328,662
ENDING PRINCIPAL BALANCE 1,977,731,155 1,961,555,169 1,949,997,427
ENDING NON-PRINCIPAL BALANCE 73,727,542 72,290,877 75,331,235
YIELD 34,950,879 21.20% 40,239,315 24.42% 33,244,466 20.34%
CHARGE-OFFS (7,324,422) -4.44% (7,630,109) -4.63% (7,719,220) -4.72%
NET YIELD: (YIELD-C/O) 27,626,456 16.75% 32,609,206 19.79% 25,525,246 15.62%
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------------
SERIES 1996-1 APRIL-99 MAY-99 JUN-99
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
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>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------------
SERIES 1996-1 JUL-99 AUG-99 SEP-99
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
MONTH-END INVESTOR BALANCE 1,115,151,821 1,115,151,821 1,115,151,821
INVESTOR PERCENTAGE 56.36% 56.39% 56.85%
3-MONTH AVG. EXCESS SERVICING 10.17% 11.03% 9.88%
YIELD 19,697,236 21.20% 22,689,103 24.42% 18,899,609 20.34%
CHARGE-OFFS -4,127,818 -4.44% (4,302,268) -4.63% (4,388,407) -4.72%
CERTIFICATE INTEREST -5,345,910 -5.75% (5,094,266) -5.48% (5,197,650) -5.59%
SERVICING FEE -1,858,586 -2.00% (1,858,586) -2.00% (1,858,586) -2.00%
EXCESS SERVICING 8,364,921 9.00% 11,433,982 12.30% 7,454,966 8.02%
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
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