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): September 15, 1999
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 First Union Trust Co., N.A.
920 King Street, One Rodney Square, 1st Floor
WILMINGTON, DELAWARE 19801
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(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (ZIP CODE)
Registrant's telephone number, including area code (302)-888-7539
______________________________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 September 15, 1999
Distribution Date
2. Administrator's Report in respect of the September 15, 1999 Distribution
Date
Item 8. CHANGE IN FISCAL YEAR.
NOT APPLICABLE.
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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/STERLING C. CORREIA
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Name: Sterling C. Correia
Title: Vice President
Dated: September 15, 1999
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EXHIBIT INDEX
EXHIBIT PAGE
1. Indenture Trustee's Report in respect of the
September 15, 1999 Distribution Date 5-6
2. Administrator's Report in respect of the
September 15, 1999 Distribution 7-8
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 U.S.Bank
Trust National Association, formerly First Trust of New York, National
Association, as Indenture Trustee, U.S. Bank Trust National Association hereby
gives notice with respect to the Distribution occurring on September 15, 1999
(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 $10.011899
Premium, if any $0.00
Interest Paid $0.935899
Interest Accrued and not $0.00
paid
(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 5.39875% for the
period from August 16, 1999 through September 15, 1999.
(v) The Deposited Assets are rated AAA by Standard & Poors and Aaa by Moody's
Investors Service.
(vi) The Eligible Investments held by the Issuer as of the Distribution Date
were as follows:
None.
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(vii) The PSA Index Rate determined with respect to the Distribution Date by
Estdeutsche Landesbank Girozentrale, as Swap Counterparty is 7.12%.
(viii) 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:
Fixed Rate Notes, Class A Floating Rate
Certificates Class B
Aggregate Outstanding
Principal Balance $306,097,000.00 $10,920,000
Notional Amount $306,097,000.00 $10,920,000
Current Factor 1.000 1.00000000
U.S. BANK TRUST NATIONAL ASSOCIATION, AS INDENTURE TRUSTEE
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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., U.S. Bank Trust National Association, formerly First Trust of New York,
National Association, as Administrator, hereby gives notice with respect to the
Distribution occurring on September 15, 1999 (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:
Fixed Rate Notes, Floating Rate
Class A Certificates Class B
Principal $10.011899 $0.00
Premium, if any $0.00 $0.00
Interest Paid $0.935899 $4.557291
Interest Accrued
and not paid $0.00 $0.00
(ii) The Floating Rate Pass Through Rate applicable to the Floating Rate Class B
Certificates for the period from August 16, 1999 through September 15, 1999 and
payable on the Distribution Date, as calculated by Westdeutsche Landesbank
Girozentrale, the Calculation Agent is 5.28875%.
(iii) No compensation has been paid to the Administrator or 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
$363,900,000.00 and the notional amount is the same.
(v) The Deposited Assets will bear interest at a rate of 5.39875% for the period
from August 16, 1999 through September 15, 1999.
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(vi) 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 Distribtion Date
were as follows:
None.
(viii) The PSA Index Rate determined with respect to the Distribution Date by
Westdeutsche Landesbank Girozentrale, as Swap Counterparty is 7.12%.
(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:
Fixed Rate Notes, Class A Floating Rate
Certificates Class B
Aggregate Outstanding
Principal Balance $306,097,000.00 $10,920,000
Notional Amount $306,097,000.00 $10,920,000
Current Factor 1.000 1.00000000
U.S. BANK TRUST NATIONAL ASSOCIATION, AS ADMINISTRATOR
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