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Previous: DXP ENTERPRISES INC, S-8, 1999-12-16 |
Next: IMRGLOBAL CORP, 8-K, 1999-12-16 |
<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) December 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)
600 Broad Street
Augusta, Georgia 30903
- --------------------------------------- ----------
(Address of Principal Executive Office) (Zip Code)
</TABLE>
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 November 1999 was
delivered to Certificateholders on December 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 December 15, 1999
Distribution Date.
Exhibit 20.2 Trust and Public Series Summary for the First Union
Master Credit Card Trust as of November 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
Exhibit Description
- ------- -----------
Exhibit 20.1 First Union Master Credit Card Trust, Series 1996-1
Certificateholders' Statement for the December 15, 1999
Distribution Date.
Exhibit 20.2 Trust and Public Series Summary for the First Union Master
Credit Card Trust as of November 1999.
4
<PAGE> 1
EXHIBIT 20.1
EXHIBIT C
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 DECEMBER 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 4,270,333
----------------------
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 356,919
----------------------
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 588,983
----------------------
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 89,210,220
----------------------
b) The aggregate amount of Principal Collections
processed during the preceding Monthly Period
which were allocated in respect of the Class
B Certificates 7,299,044
----------------------
c) The aggregate amount of Principal Collections
processed during the preceding Monthly Period
which were allocated in respect of the
Collateral Interest 11,624,365
----------------------
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) 1,954,237,717
----------------------
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 57.27%
----------------------
I) The Class A Floating Allocation with respect
to the preceding Monthly Period 47.25%
----------------------
j) The Class B Floating Allocation with respect
to the preceding Monthly Period 3.87%
----------------------
k) The Collateral Floating Allocation with respect
to the preceding Monthly Period 6.16%
----------------------
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
--------------------
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:
Aggregate Percentage of
Account Total
Balance Receivables
a) 35 - 64 days 24,804,597 1.22%
--------------- ----------------------
b) 65-94 days 15,372,154 0.76%
--------------- ----------------------
c) 95-124 days 13,311,767 0.66%
--------------- ----------------------
d) 125-154 days 9,907,616 0.49%
--------------- ----------------------
e) 155 or more days 7,561,791 0.37%
--------------- ----------------------
Total 70,957,925 3.50%
--------------- ----------------------
4 CREDIT LOSS AMOUNT (ALLOCABLE TO SERIES 1996-1)
a) The Aggregate Credit Loss Amount for
the preceding Monthly Period 3,916,314
----------------------
b) The Class A Credit Loss Amount for
the preceding Monthly Period 3,230,958
----------------------
c) The Class B Credit Loss Amount for
the preceding Monthly Period 264,352
----------------------
</TABLE>
<PAGE> 4
<TABLE>
<S> <C>
d) The Collateral Credit Loss Amount for
the preceding Monthly Period 421,004
----------------------
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>
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 17,298,654
----------------------
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 1,415,349
----------------------
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 2,254,068
----------------------
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>
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 17,298,654
----------------------
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 1,415,349
----------------------
c) The amount of Collateral Available Funds on
deposit in the Finance Charge Account on the
preceding Transfer Date 2,254,068
----------------------
12 PORTFOLIO YIELD (YIELD MINUS CHARGE OFFS)
a) The Portfolio Yield for the preceding Monthly
Period 19.10%
----------------------
b) The Portfolio Adjusted Yield for the preceding
Monthly Period 9.08%
----------------------
C FLOATING RATE DETERMINATIONS
1 LIBOR for the Interest Period ending on this
Distribution Date 5.40000%
----------------------
2 Number of days in this interest period 30
----------------------
3 Interest Factor 5.731670%
----------------------
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 AND SERIES SUMMARY
NOVEMBER-99
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------------
TOTAL TRUST JUN-99 JUL-99 AUG-99
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
TOTAL ENDING BALANCE 2,050,224,358 2,051,458,697 2,033,846,046
ENDING PRINCIPAL BALANCE 1,978,731,197 1,977,731,155 1,961,555,169
ENDING NON-PRINCIPAL BALANCE 71,493,160 73,727,542 72,290,877
YIELD 38,630,890 23.61% 34,950,879 21.20% 40,239,315 24.42%
CHARGE-OFFS (7,558,656) -4.62% (7,324,422) -4.44% (7,630,109) -4.63%
NET YIELD: (YIELD - C/O) 31,072,234 18.99% 27,626,456 16.75% 32,609,206 19.79%
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------------
SERIES 1996-1 JUN-99 JUL-99 AUG-99
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
MONTH-END INVESOR BALANCE 1,115,151,821 1,115,151,821 1,115,151,821
INVESTOR PERCENTAGE 56.78% ------ 56.36% ------ 56.39% ------
3-MONTH AVG. EXCESS SERVICING 10.41% 10.19% 11.03%
------ ------ ------
YIELD 21,936,452 23.61% 19,697,236 21.20% 22,689,103 24.42%
CHARGE-OFFS (4,292,163) -4.62% -4,127,818 -4.44% (4,302,268) -4.63%
CERTIFICATE INTEREST (4,832,902) -5.20% -5,345,910 -5.75% (5,094,266) -5.48%
SERVICING FEE (1,858,586) -2.00% -1,858,586 -2.00% (1,858,586) -2.00%
EXCESS SERVICING 10,952,800 11.79% 8,364,921 9.00% 11,433,982 12.30%
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------------
TOTAL TRUST SEP-99 OCT-99 NOV-99
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
TOTAL ENDING BALANCE 2,025,328,662 2,023,252,836 2,030,172,328
ENDING PRINCIPAL BALANCE 1,949,997,427 1,947,023,736 1,954,237,717
ENDING NON-PRINCIPAL BALANCE 75,331,235 76,229,100 75,934,611
YIELD 33,244,466 20.34% 35,411,885 21.79% 37,826,553 23.31%
CHARGE-OFFS (7,719,220) -4.72% (7,723,886) -4.75% (6,837,774) -4.21%
NET YIELD: (YIELD - C/O) 25,525,246 15.62% 27,687,999 17.04% 30,988,779 19.10%
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------------
SERIES 1996-1 SEP-99 OCT-99 NOV-99
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
MONTH-END INVESOR BALANCE 1,115,151,821 1,115,151,821 1,115,151,821
INVESTOR PERCENTAGE 56.85% ----- 57.19% ----- 57.27% -----
3-MONTH AVG. EXCESS SERVICING 9.78% 9.85% 9.58%
----- ----- -----
YIELD 18,899,637 20.34% 20,251,118 21.79% 21,665,041 23.31%
CHARGE-OFFS (4,388,407) -4.72% (4,417,086) -4.75% (3,916,314) -4.21%
CERTIFICATE INTEREST (5,197,650) -5.59% (5,396,112) -5.81% (5,216,235) -5.61%
SERVICING FEE (1,858,586) -2.00% (1,858,586) -2.00% (1,858,586) -2.00%
EXCESS SERVICING 7,454,994 8.02% 8,579,334 9.23% 10,673,906 11.49%
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
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