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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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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, 1997
Tiers Asset-Backed Securities, Series CHAMT Trust 1997-7
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(Exact name of registrant as specified in its charter)
DELAWARE 33-55860 52-6880113
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(State or other jurisdiction (Commission (I.R.S. employer
of incorporation) file number) identification no.)
c/o Delaware Trust Capital Management, Inc.
c/o Corestates Bank
FCS-4-2-6, 3 Beaver Valley Road
Wilmington, Delaware 19803
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(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code (302)-421-7307
N/A
(Former name or former address, if changed since last report)
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Item 1. Changes in Control of Registrant.
Not Applicable.
Item 2. Acquisition or Disposition of Assets.
Not Applicable.
Item 3. Bankruptcy or Receivership.
Not Applicable.
Item 4. Changes in Registrant's Certifying Accountant.
Not Applicable.
Item 5. Other Events.
Not Applicable.
Item 6. Resignations of Registrant's Directors.
Not Applicable.
Item 7. Financial Statements, Pro-Forma Financial Information and Exhibits.
(a) Not Applicable.
(b) Not Applicable.
(c) Exhibits.
1. Indenture Trustee's Monthly Report in respect of the December 15, 1997
Distribution Date
2. Administrator's Report in respect of the December 15, 1997 Distribution Date
Item 8. Change in Fiscal Year.
Not Applicable.
2
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
TIERS Asset-Backed Securities
Series CHAMT Trust 1997-7
By: Delaware Trust Capital Management, Inc.,
not in its individual capacity,
but solely as Owner Trustee on behalf of
TIERS Asset-Backed Securities,
Series CHAMT Trust 1997-7
By: /s/ Richard N. Smith
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Name: Richard N. Smith
Title: Vice President
Dated: December 15, 1997
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EXHIBIT INDEX
Exhibit Page
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1. Indenture Trustee's Report in respect of the December 15,
1997 Distribution Date 5
2. Administrator's Report in respect of the December 15, 1997
Distribution Date 6
4
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Exhibit 1
To the Holders of
TIERS Asset-Backed Securities,
Series CHAMT Trust 1997-7
Fixed Rate Notes, Class A
CUSIP: 871928AR8
Pursuant to Section 9(c) of the Series Trust Indenture dated September 15, 1997
between TIERS Asset-Backed Securities, Series CHAMT Trust 1997-7 and First Trust
of New York, National Association, as Indenture Trustee, First Trust of New
York, National Association hereby gives notice with respect to the Distribution
occurring on December 15, 1997 (the "Distribution Date") as follows:
(i) The amount of the distribution to holders of the Fixed Rate Notes Class A
allocable to principal of and premium, if any, and interest and the amount of
aggregate unpaid interest accrued, if any, as of the Distribution Date,
expressed as a dollar amount per $1,000 original face amount thereof, were as
follows:
Fixed Rate Notes, Class A
Principal $0.00
Premium, if any $0.00
Interest Paid $5.57333333
Interest Accrued and not paid $0.00
(ii) No compensation has been paid to the Administrator or Trustee from
Available Funds under the TIERS Asset-Backed Securities, Series CHAMT Trust
1997-7.
(iii) The aggregate stated principal amount of the Chase Credit Card Master
Trust Class A Floating Rate Certificates, Series 1996-4 (the "Deposited Assets")
is $363,900,000 and the notional amount is the same.
(iv) The Deposited Assets will bear interest at a rate of 5.755% for the
period from December 15, 1997 through January 15, 1998.
(v) The Eligible Investments held by the Issuer as of the Distribution Date
were as follows: None.
(vi) No PSA Index Rate was determined with respect to the Distribution Date by
the Swap Counterparty, since the first Principal Prepayment will not occur until
February 15, 2000.
(vii) The aggregate outstanding principal balance of, Notional Amount
attributable to and the Current Factor applicable to each class of Securities as
of the close of business on the Distribution Date were as follows:
<TABLE>
<CAPTION>
Fixed Rate Notes, Class A Floating Rate Certificates
Class B
<S> <C> <C>
Aggregate Outstanding $352,980,000.00 $10,920,000.00
Principal Balance
Notional Amount $352,980,000.00 $10,920,000.00
Current Factor 1.00000000 1.00000000
</TABLE>
First Trust of New York, National Association, as Indenture Trustee
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Exhibit 2
To the Holders of
TIERS Asset-Backed Securities,
Series CHAMT Trust 1997-7
Floating Rate Certificates, Class B
CUSIP: 8712928AS8
Pursuant to Section 4.2 of the Base Trust Agreement dated September 15, 1997
between Structured Products Corporation and Delaware Trust Capital Management,
Inc. , First Trust of New York, National Association, as Administrator, hereby
gives notice with respect to the Distribution occurring on December 15, 1997
(the "Distribution Date") as follows:
(i) The amount of the distribution to holders of each Class of Securities
allocable to principal of and premium, if any, and interest and the amount of
aggregate unpaid interest accrued, if any, as of the Distribution Date,
expressed as a dollar amount per $1,000 original face amount thereof, were as
follows:
<TABLE>
<CAPTION>
Fixed Rate Notes, Class A Floating Rate Certificates,
Class B
<S> <C> <C>
Principal $0.00 $0.00
Premium, if any $0.00 $0.00
Interest Paid $5.57333333 $4.579167
Interest Accrued and not paid $0.00 $0.00
</TABLE>
(ii) The Floating Rate Pass Through Rate applicable to the Floating Rate Class
B Certificates for the period from November 17, 1997 through December 15, 1997
and payable on the Distribution Date, as calculated by the Calculation
Agent is 5.8875%.
(iii) No compensation has been paid to the Administrator or the Trustee from
Available Funds under the TIERS Asset Backed Securities, Series CHAMT Trust
1997-7.
(iv) The aggregate stated principal amount of the Chase Credit Card Master
Trust Class A Floating Rate Certificates, Series 1996-4 (the "Deposited Assets")
is $363,900,000 and the notional amount is the same.
(v) The Deposited Assets will bear interest at a rate of 5.755% for the
period from December 15, 1997 through January 15, 1998.
(vi) The last notice received by the undersigned stated that the Deposited
Assets are rated AAA by Standard & Poors and Aaa by Moody's Investors Service .
(vii) The Eligible Investments held by the Issuer as of the Distribution Date
were as follows: None.
(viii) No PSA Index Rate was determined with respect to the Distribution Date by
the Swap Counterparty, since the first Principal Prepayment will not occur until
February 15, 2000.
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(ix) The aggregate outstanding principal balance of, Notional Amount
attributable to and the Current Factor applicable to each class of Securities as
of the close of business on the Distribution Date were as follows:
<TABLE>
<CAPTION>
Fixed Rate Notes, Class A Floating Rate Certificates,
Class B
<S> <C> <C>
Aggregate Amount Outstanding $352,980,000 $10,920,000
Principal Balance
Notional Amount $352,980,000 $10,920,000
Current Factor 1.000000 1.000000
</TABLE>
First Trust of New York, National Association, as Administrator
on behalf of Delaware Trust Capital Management, Inc., not in its individual
capacity but solely as Owner Trustee
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