<PAGE>
UNITED STATES
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 10, 1998
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FIRST USA BANK, NATIONAL ASSOCIATION
(AS SUCCESSOR TO FIRST NATIONAL BANK OF COMMERCE)
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(Exact name of registrant as specified in its charter)
(AS SERVICER ON BEHALF OF FIRST NBC CREDIT CARD MASTER TRUST)
UNITED STATES
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(State or other jurisdiction of incorporation)
333-24023 76-0039224
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(Commission File Number) (IRS Employer Identification Number)
201 NORTH WALNUT STREET, WILMINGTON, DELAWARE 19801
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(Address of principal executive offices) (Zip Code)
(302) 594--4117
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Registrant's telephone number, including area code
N/A
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(Former name, former address and former fiscal year, if changed since
last report)
<PAGE>
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits.
EXHIBIT NO. DOCUMENT DESCRIPTION
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(20.1) Monthly Servicer's Certificate, Series 1997-1
(20.2) Monthly Holders' Statement, Series 1997-1
<PAGE>
SIGNATURE
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.
FIRST USA BANK, NATIONAL
ASSOCIATION, AS SERVICER, ON BEHALF
OF FIRST NBC CREDIT CARD MASTER
TRUST,
By: /s/ Tracie H. Klein
--------------------------------
Name: Tracie H. Klein
Title: Vice President
Date: December 23, 1998
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<TABLE>
<CAPTION>
INDEX TO EXHIBITS
EXHIBIT NO. DOCUMENT DESCRIPTION SEQUENTIAL PAGE NO.
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<S> <C> <C>
20.1 Monthly Servicer's Certificate, Series 1997-1 5
20.2 Monthly Holders' Statement, Series 1997-1 10
</TABLE>
<PAGE>
EXHIBIT 20.1
MONTHLY SERVICER'S CERTIFICATE
FIRST NATIONAL BANK OF COMMERCE
NEW ORLEANS, LOUISIANA
FIRST NBC CREDIT CARD MASTER TRUST
SERIES 1997-1
FOR THE DECEMBER 10, 1998 DETERMINATION DATE
FOR THE 16TH MONTHLY PERIOD
The undersigned, a duly authorized representative of First National Bank
of Commerce, as Servicer, pursuant to the Pooling and Servicing Agreement (the
"Pooling and Servicing Agreement"), dated as of August 1, 1997 by and between
First National Bank of Commerce and The First National Bank of Chicago, as
Trustee, does hereby certify as follows:
1 Capitalized terms used in this Certificate have their respective
meanings as set forth in the Pooling and Servicing Agreement; provided,
that the "preceding Monthly Period" shall mean the Monthly Period
immediately preceding the calendar month in which this Certificate is
delivered. This Certificate is delivered pursuant to subsection 3.4(b)
of the Pooling and Servicing Agreement. References herein to certain
sections and subsections are references to the respective sections and
subsections of the Pooling and Servicing Agreement, as amended by the
applicable Series Supplement.
2 First National Bank of Commerce is Servicer under the Pooling and
Servicing Agreement.
3 The undersigned is a Servicing Officer.
4 The date of this Certificate is December 10, 1998, which is a
Determination Date under the Pooling and Servicing Agreement.
5 The aggregate amount of Collections processed during the preceding
Monthly Period [equal to 5(a) plus 5(b)] was $116,339,877
(a) The aggregate amount of Collections of Finance Charge
Receivables collected during the preceding Monthly Period the
Collections of Finance Charge Receivables $15,823,946
(b) The aggregate amount of Collections of Principal Receivables
collected during the preceding Monthly Period the Collections
of Principal Receivables was $100,515,931
6 The aggregate amount of Receivables as of the end of the last day of the
preceding Monthly Period was $926,473,486
7 Included is an authentic copy of the statements required to be delivered
by the Servicer on the date of this Certificate to the Paying Agent
pursuant to Article V.
8 To the knowledge of the undersigned, there are no liens on any
Receivables in the Trust except as described below:
None.
9 The amount, if any, by which the sum of the balance of the Excess
Funding Account and the Aggregate Principal Receivables exceeds the
Minimum Aggregate Principal Receivables required to be maintained
pursuant to the Pooling and Servicing Agreement, is equal to
$209,638,072
10 The amount, if any, of the withdrawal of the Specified Deposit from the
Finance Charge Account required to be made by the Trustee pursuant to
subsection 4.3(a) of the Pooling and Servicing Agreement on the related
Transfer Date is $0.00
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Monthly Servicer's Certificate
Page 2 (all amounts in dollars except percentages)
<TABLE>
<CAPTION>
11 Monthly Period Trust Activity
(a) Trust Activity Total Trust
============================================== ====================
<S> <C> <C> <C> <C>
Beginning Aggregate Principal Receivables 912,530,635
Beginning Excess Funding Account Balance 0
Beginning Total Principal Balance 912,530,635
Collections of Finance Charge Receivables 15,823,946
Discount Percentage 0
Discount Option Receivables Collections 0
Net Recoveries 0
Total Collections of Finance Charge Receivables 15,823,946
Total Collections of Principal Receivables 100,515,931
Net Default Amount 3,099,975
Minimum Aggregate Principal Receivables Balance 700,000,000
Ending Aggregate Principal Receivables 909,638,072
Ending Excess Funding Account Balance 0
Ending Total Principal Balance 909,638,072
(b) Series Allocations Series 1997-1 Series 1998-1 All Series
============================================== ==========================================================
Group Number 1 2
Investor Interest 300,000,000 400,000,000 700,000,000
Adjusted Investor Interest 300,000,000 400,000,000 700,000,000
Principal Funding Account Balance 0 0 0
Minimum Transferor Interest 63,674,665
(c) Group I Allocations Series 1997-1 Total Group I
============================================== =====================================
Investor Finance Charge Collections 5,202,219 5,202,219
Investor Monthly Interest 1,533,393 1,533,393
Investor Monthly Fees (Servicing Fee) 500,000 500,000
Investor Default Amounts 1,019,136 1,019,136
Investor Additional Amounts 0 0
Total 3,052,529 3,052,529
Reallocated Investor Finance Charge Collections 5,202,219 5,202,219
Available Excess 2,149,690 2,149,690
12 Series 1997-1 Certificates
Series 1997-1 All Other Transferor's
(a) Investor/Transferor Allocations Trust Interest Series Interest
=========================================================================================================================
Beginning Investor/Transferor Amounts 912,530,635 300,000,000 400,000,000 212,530,635
Beginning Adjusted Investor Interest 912,530,635 300,000,000 400,000,000
Floating Investor Percentage 100.00000% 32.875609% 43.834145%
Fixed Investor Percentage 0.00000% 0.00000% 0.00000%
Collections of Finance Chg. Receivables 15,823,946 5,202,219 6,936,291
Collections of Principal Receivables 100,515,931 33,045,224 44,060,299
Net Default Amount 3,099,975 1,019,136 1,358,848
Ending Investor/Transferor Amounts 909,638,072 300,000,000 400,000,000 209,638,072
</TABLE>
<PAGE>
Monthly Servicer's Certificate
Page 3 (all amounts in dollars except percentages)
<TABLE>
<CAPTION>
Collateral
(b) Monthly Period Funding Requirements Class A Class B Interest Total
=========================================================================================================================
<S> <C> <C> <C> <C>
Principal Funding Account 0 0 0 0
Principal Funding Investment Proceeds 0 0 0 0
Withdrawal from Reserve Account 0 0 0 0
Available Reserve Account Amount 0 0 0 0
Required Reserve Account Amount 0 0 0 0
Coupon 6.15000% 6.35000% 5.87781% 6.14631%
Floating Investor Percentage 28.43740% 2.30129% 2.13691% 32.87561%
Fixed Investor Percentage 0 0 0 0
Investor Monthly Interest 1,329,938 111,125 92,331 1,533,393
Overdue Monthly Interest 0 0 0 0
Additional Interest 0 0 0 0
Total Interest Due 1,329,938 111,125 92,331 1,533,393
Investor Default Amounts 881,552 71,340 66,244 1,019,136
Investor Monthly Fees 432,500 35,000 32,500 500,000
Investor Additional Amounts 0 0 0 0
Total Due 2,643,990 217,465 191,074 3,052,529
Collateral
(c) Certificates - Balances and Distributions Class A Class B Interest Total
=========================================================================================================================
Beginning Investor Interest 259,500,000 21,000,000 19,500,000 300,000,000
Monthly Principal-Prin. Funding Account 0 0 0 0
Principal Payments 0 0 0 0
Interest Payments 1,329,938 111,125 92,331 1,533,393
Total Payments 1,329,938 111,125 92,331 1,533,393
Ending Investor Interest 259,500,000 21,000,000 19,500,000 300,000,000
(d) Information regarding Payments in respect of the Class A Certificates
(per $1,000 original certificate principal amount)
1. Total Payment 5.125000
2. Amount of Payment in respect of Class A Monthly Interest 5.125000
3. Amount of Payment in respect of Class A Overdue Monthly Interest 0
4. Amount of Payment in respect of Class A Additional Interest 0
5. Amount of Payment in respect of Class A Principal 0
(e) Class A Investor Charge-Offs/Reimbursement of Class A Investor
Charge-Offs
1. Total amount of Class A Investor Charge-Offs 0
2. Amount of Class A Investor Charge-Offs per $1,000 original certificate principal amount 0
3. Total amount reimbursed in respect of Class A Investor Charge-Offs 0
4. Amount reimbursed in respect of Class A Investor Charge-Offs per $1,000 original
principal amount 0
5. The amount, if any, by which the outstanding Principal Balance of the Class A
Certificates exceeds the Class A Adjusted Investor Interest after giving effect to all
transactions on such Distribution Date 0
(f) Information regarding Payments in respect of the Class B Certificates
(per $1,000 original certificate principal amount)
1. Total Payment 5.291667
2. Amount of Payment in respect of Class B Monthly Interest 5.291667
3. Amount of Payment in respect of Class B Overdue Monthly Interest 0
4. Amount of Payment in respect of Class B Additional Interest 0
5. Amount of Payment in respect of Class B Principal 0
</TABLE>
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Monthly Servicer's Certificate
Page 4 (all amounts in dollars except percentages)
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
(g) Amount of reductions in Class B Investor Interest pursuant to clauses
(c), (d) and (e) of the definition of Class B Investor Interest
1. Amount of reductions in Class B Investor Interest 0
2. Amount of reductions in Class B Investor Interest per $1,000 original certificate
principal amount 0
3. Total amount reimbursed in respect of reductions of Class B Investor Interest 0
4. Amount reimbursed in respect of reductions of Class B Investor Interest per
$1,000 original certificate principal amount 0
5. The amount, if any, by which the outstanding Principal Balance of the Class B
Certificates exceeds the Class B Investor Interest after giving effect to all
transactions on such Distribution Date 0
(h) Information regarding Distribution in respect of the Collateral Interest
1. Total distribution 4.734903
2. Amount of distribution in respect of Collateral Monthly Interest 4.734903
3. Amount of distribution in respect of Collateral Overdue Interest 0
4. Amount of distribution in respect of Collateral Monthly Principal 0
(i) Amount of reductions in Collateral Interest pursuant to clauses (c), (d)
and (e) of the definition of Collateral Interest
1. Amount of reductions in Collateral Interest 0
2. Total amount reimbursed in respect of reductions of Collateral Interest 0
(j) Application of Reallocated Investor Finance Charge Collections
1. Class A Available Funds 4,499,919
a. Class A Monthly Interest 1,329,938
b. Class A Overdue Monthly Interest 0
c. Class A Additional Interest 0
d. Class A Servicing Fee 432,500
e. Class A Investor Default Amount 881,552
f. Excess Spread 1,855,929
2. Class B Available Funds 364,155
a. Class B Monthly Interest 111,125
b. Class B Overdue Monthly Interest 0
c. Class B Additional Interest 0
d. Class B Servicing Fee 35,000
e. Excess Spread 218,030
3. Collateral Holder Available Funds 338,144
a. Excess Spread 338,144
4. Total Excess Spread 2,412,104
</TABLE>
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Monthly Servicer's Certificate
Page 5 (all amounts in dollars except percentages)
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
(k) Application of Excess Spread and Excess Finance Charge Collections Allocated to Series 1997-1
1. Beginning Excess Spread 2,412,104
2. Excess Finance Charge Collections 0
3. Applied to fund Class A Required Amount 0
4. Unreimbursed Class A Investor Charge-Offs 0
5. Applied to fund Class B Required Amount 71,340
6. Reductions of Class B Investor Interest treated as Available Principal Collections 0
7. Applied to Collateral Monthly Interest and unpaid Collateral Monthly Interest 92,331
8. Applied to Collateral Interest Servicing Fee and any overdue Collateral Interest Servicing Fee 32,500
9. Collateral Investor Default Amount treated as Available Principal Collections 66,244
10. Reductions of Collateral Interest treated as Available Principal Collections 0
11. Deposit to Reserve Account (if required) 0
12. Applied to other amounts owed to Collateral Interest Holder 0
13. Balance to constitute Excess Finance Charge Collections for other series 2,149,690
13 Trust Performance
(a) Delinquencies
1. 30-59 days 15,417,322
2. 60-89 days 9,558,144
3. 90 days and over 15,449,073
4. Total 30+ days delinquent 40,424,540
(b) Base Rate
a. Current Monthly Period 8.15%
b. Prior Monthly Period 8.15%
c. Second Prior Monthly Period 8.17%
(c) Three Month Average Base Rate 8.16%
(d) Portfolio Yield (gross portfolio yield less net defaults)
a. Current Monthly Period 16.73233%
b. Prior Monthly Period 16.79280%
c. Second Prior Monthly Period 16.36927%
(e) Three Month Average Portfolio Yield 16.63147%
(f) Excess Spread Percentage
a. Current Monthly Period 8.58602%
b. Prior Monthly Period 8.63800%
c. Second Prior Monthly Period 8.20268%
(g) Three Month Average Excess Spread Percentage 8.47557%
(h) Monthly Payment Rate (total collections/beginning aggregate principal receivables) 12.76939%
(i) Portfolio Adjusted Yield 8.08602%
</TABLE>
IN WITNESS WHEREOF, the undersigned has duly executed and delivered this
certificate this 10th day of December
First National Bank of Commerce, as Servicer
By: /S/ TRACIE KLEIN
-------------------------------------
Name: Tracie Klein
Title: Vice President
<PAGE>
EXHIBIT 20.2
MONTHLY HOLDERS' STATEMENT
FIRST NATIONAL BANK OF COMMERCE
NEW ORLEANS, LOUISIANA
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FIRST NBC CREDIT CARD MASTER TRUST
SERIES 1997-1
DECEMBER 10, 1998
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Under the Pooling and Servicing Agreement (the "Pooling and Servicing
Agreement") dated as of August 1, 1997 by and between First National Bank of
Commerce, as Seller and Servicer ("FNBC"), and The First National Bank of
Chicago, as Trustee, (the "Trustee"), as amended and supplemented by the Series
1997-1 Supplement dated as of August 1, 1997 by and between FNBC and the
Trustee, FNBC, as Servicer, is required to prepare certain information for each
Distribution Date regarding current distributions to Certificateholders and the
performance of the First NBC Credit Card Master Trust (the "Trust") during the
previous period. The information which is required to be prepared with respect
to the distribution on the December 15, 1998 Distribution Date, and with respect
to the performance of the Trust during the month of November 1 to November 30,
1998 is set forth below. Certain of the information is presented on the basis of
an original principal amount of $1,000 per Series 1997-1 Certificate (a
"Certificate"). Certain other information is presented based on the aggregate
amounts for the Trust as a whole. Capitalized terms used in this Monthly
Statement have their respective meanings set forth in the Pooling and Servicing
Agreement and the Supplement.
<TABLE>
<S> <C>
A Series 1997-1 Certificates
1 Information regarding Payments in respect of the Class A
Certificates (per $1,000 original certificate principal amount)
a Total Payment 5.125000
b Amount of Payment in respect of Class A Monthly Interest 5.125000
c Amount of Payment in respect of Class A Overdue Monthly Interest -
d Amount of Payment in respect of Class A Additional Interest -
e Amount of Payment in respect of Class A Principal -
2 Class A Investor Charge-Offs/Reimbursement of Class A Investor
Charge-Offs
a Total amount of Class A Investor Charge-Offs -
b Amount of Class A Investor Charge-Offs per $1,000 original certificate principal amount -
c Total amount reimbursed in respect of Class A Investor Charge-Offs -
d Amount reimbursed in respect of Class A Investor Charge-Offs per $1,000 original
principal amount -
e The amount, if any, by which the outstanding Principal Balance of the Class A
Certificates exceeds the Class A Adjusted Investor Interest after giving effect to all
transactions on such Distribution Date -
3 Information regarding Payments in respect of the Class B
Certificates (per $1,000 original certificate principal amount)
a Total Payment 5.291667
b Amount of Payment in respect of Class B Monthly Interest 5.291667
c Amount of Payment in respect of Class B Overdue Monthly Interest -
d Amount of Payment in respect of Class B Additional Interest -
e Amount of Payment in respect of Class B Principal -
4 Amount of reductions in Class B Investor Interest pursuant to
clauses (c), (d) and (e) of the definition of Class B Investor
Interest
a Amount of reductions in Class B Investor Interest -
b Amount of reductions in Class B Investor Interest per $1,000 original certificate
principal amount -
c Total amount reimbursed in respect of reductions of Class B Investor Interest -
d Amount reimbursed in respect of reductions of Class B Investor Interest per
$1,000 original certificate principal amount -
e The amount, if any, by which the outstanding Principal Balance of the Class B
Certificates exceeds the Class B Investor Interest after giving effect to all
transactions on such Distribution Date -
</TABLE>
<PAGE>
Monthly Holders' Statement
Page 2 (all amounts in dollars except percentages)
<TABLE>
<S> <C>
5 Information regarding Distribution in respect of the Collateral
Interest
a Total distribution 4.734903
b Amount of distribution in respect of Collateral Monthly Interest 4.734903
c Amount of distribution in respect of Collateral Overdue Interest -
d Amount of distribution in respect of Collateral Monthly Principal -
6 Amount of reductions in Collateral Interest pursuant to clauses
(c), (d) and (e) of the definition of Collateral Interest
a Amount of reductions in Collateral Interest -
b Total amount reimbursed in respect of reductions of Collateral Interest -
B Trust Performance
1 Delinquencies
a 30-59 days 15,417,322
b 60-89 days 9,558,144
c 90 days and over 15,449,073
d Total 30+ days delinquent 40,424,540
2 Base Rate
a Current Monthly Period 8.15%
b Prior Monthly Period 8.15%
c Second Prior Monthly Period 8.17%
3 Three Month Average Base Rate 8.16%
4 Portfolio Yield (gross portfolio yield less net defaults)
a Current Monthly Period 16.73233%
b Prior Monthly Period 16.79280%
c Second Prior Monthly Period 16.36927%
5 Three Month Average Portfolio Yield 16.63147%
6 Excess Spread Percentage
a Current Monthly Period 8.58602%
b Prior Monthly Period 8.63800%
c Second Prior Monthly Period 8.20268%
7 Three Month Average Excess Spread Percentage 8.47557%
8 Monthly Payment Rate (total collections/beginning aggregate principal receivables) 12.76939%
9 Portfolio Adjusted Yield 8.08602%
</TABLE>
First National Bank of Commerce, Servicer
By: /S/ Tracie Klein
--------------------------------------
Name: Tracie Klein
Title: Vice President
