<PAGE> 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 JULY 17, 2000 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.
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<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 12,387,806
-------------------
4 The amount of the current monthly distribution in
respect of CLASS A MONTHLY INTEREST 5,578,267
-------------------
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 464,434
-------------------
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 761,580
-------------------
11 The amount of the current monthly distribution in
respect of any accrued and unpaid Collateral monthly interest 0
-------------------
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<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 89,588,730
-------------------
b) The aggregate amount of Principal Collections
processed during the preceding Monthly
Period which were allocated in respect of the
Class B Certificates 7,330,014
-------------------
c) The aggregate amount of Principal Collections
processed during the preceding Monthly Period
which were allocated in respect of the
Collateral Interest 11,673,686
-------------------
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) 1,915,560,381
-------------------
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
-------------------
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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 58.01%
-------------------
I) The Class A Floating Allocation with respect
to the preceding Monthly Period 47.85%
-------------------
j) The Class B Floating Allocation with respect
to the preceding Monthly Period 3.92%
-------------------
k) The Collateral Floating Allocation with respect
to the preceding Monthly Period 6.24%
-------------------
l) The Fixed Investor Percentage with respect to
the preceding Monthly Period 58.01%
-------------------
m) The Class A Fixed Allocation with respect to
the preceding Monthly Period 47.85%
-------------------
n) The Class B Fixed Allocation with respect to
the preceding Monthly Period 3.92%
-------------------
o) The Collateral Fixed Allocation with respect
to the preceding Monthly Period 6.24%
-------------------
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:
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<CAPTION>
Aggregate Percentage of
Account Total
Balance Receivables
<S> <C> <C>
a) 35-64 days 22,232,437 1.12%
------------------ -------------------
b) 65-94 days 12,253,261 0.62%
------------------ -------------------
c) 95-124 days 9,243,667 0.46%
------------------ -------------------
d) 125-154 days 7,293,263 0.37%
------------------ -------------------
e) 155 or more days 6,641,134 0.33%
------------------ -------------------
Total 57,663,762 2.90%
------------------ -------------------
4 CREDIT LOSS AMOUNT (ALLOCABLE TO SERIES 1996-1)
a) The Aggregate Credit Loss Amount for
the preceding Monthly Period 4,200,983
-------------------
b) The Class A Credit Loss Amount for
the preceding Monthly Period 3,465,810
-------------------
c) The Class B Credit Loss Amount for
the preceding Monthly Period 283,567
-------------------
d) The Collateral Credit Loss Amount for
the preceding Monthly Period 451,606
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<S> <C>
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
-------------------
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
-------------------
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<S> <C>
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 107,491,015
-------------------
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 17,393,987
-------------------
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 1,423,149
-------------------
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 2,266,490
-------------------
9 PRINCIPAL FUNDING ACCOUNT
a) The principal amount on deposit in the Principal
Funding Account on or before the related Transfer
Date
115,235,406
-------------------
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
-------------------
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<S> <C>
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 17,393,987
-------------------
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 1,423,149
-------------------
c) The amount of Collateral Available Funds on
deposit in the Finance Charge Account on the
preceding Transfer Date 2,266,490
-------------------
12 PORTFOLIO YIELD (YIELD MINUS CHARGE OFFS)
a) The Portfolio Yield for the preceding Monthly
Period 18.87%
-------------------
b) The Portfolio Adjusted Yield for the preceding
Monthly Period 9.44%
-------------------
C FLOATING RATE DETERMINATIONS
1 LIBOR for the Interest Period ending on this
Distribution Date 6.65125%
-------------------
2 Number of days in this interest period 32
-------------------
3 Interest Factor 0.7310757%
-------------------
D CUSIP Numbers
1 Class A 337365AA8
-------------------
2 Class B 337365AB6
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</TABLE>
FIRST UNION DIRECT BANK, N.A.
SERVICER
By: /s/ James H. Galbraith, II
-------------------------------------
James H. Gilbraith, II
Managing Director
First Union Direct Bank, N.A.