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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) October 12, 1999
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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 51-0269396
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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)
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<PAGE>
Item 7. Financial Statements and Exhibits
(c) Exhibits.
Exhibit No. Document Description
----------- --------------------
(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
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Name: Tracie H. Klein
Title: First Vice President
Date: October 15, 1999
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<PAGE>
INDEX TO EXHIBITS
Exhibit No. Document Description Sequential Page No.
---------- -------------------- -------------------
20.1 Monthly Servicer's Certificate, Series 1997-1 5
20.2 Monthly Holders' Statement, Series 1997-1 10
Exhibit 20.1
MONTHLY SERVICER'S CERTIFICATE
First USA Bank, N.A.
First NBC Credit Card Master Trust
Series 1997-1
For the October 12, 1999 Determination Date
For the 26th Monthly Period
The undersigned, a duly authorized representative of First USA Bank, N.A., (the
"Bank"), pursuant to the Pooling and Servicing Agreement (the "Pooling and
Servicing Agreement"), dated as of August 1, 1997 by and between the Bank, as
successor Transferor and Servicer to Bank One Louisiana, N.A. (as successor to
the First National Bank of Commerce ("First NBC")) 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 USA Bank, N.A. is Servicer under the Pooling and Servicing
Agreement.
3 The undersigned is a Servicing Officer.
4 The date of this Certificate is October 12, 1999, 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 $116,365,367
(a) The aggregate amount of Collections of Finance Charge
Receivables collected during the preceding Monthly Period the
Collections of Finance Charge Receivables $12,387,476
(b) The aggregate amount of Collections of Principal Receivables
collected during the preceding Monthly Period the Collections
of Principal Receivables was $103,977,891
6 The aggregate amount of Receivables as of the end of the last day of the
preceding Monthly Period was $880,656,870
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
$165,474,708
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
<PAGE>
Monthly Servicer's Certificate
Page 2 (all amounts in dollars except percentages)
11 Monthly Period Trust Activity
<TABLE>
<CAPTION>
(a) Trust Activity Total Trust
================================================ ============
<S> <C>
Beginning Aggregate Principal Receivables 873,377,434
Beginning Excess Funding Account Balance 0
Beginning Total Principal Balance 873,377,434
Collections of Finance Charge Receivables 12,387,476
Discount Percentage 0
Discount Option Receivables Collections 0
Net Recoveries 0
Total Collections of Finance Charge Receivables 12,387,476
Total Collections of Principal Receivables 103,977,891
Net Default Amount 2,682,946
Minimum Aggregate Principal Receivables Balance 700,000,000
Ending Aggregate Principal Receivables 865,474,708
Ending Excess Funding Account Balance 0
Ending Total Principal Balance 865,474,708
</TABLE>
<TABLE>
<CAPTION>
(b) Series Allocations Series 1997-1 Series 1998-1 All Series
================================================ ==================================================
<S> <C> <C> <C>
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 60,583,230
</TABLE>
<TABLE>
<CAPTION>
(c) Group I Allocations Series 1997-1 Total Group I
================================================ ==============================
<S> <C> <C>
Investor Finance Charge Collections 4,255,025 4,255,025
Investor Monthly Interest 1,538,238 1,538,238
Investor Monthly Fees (Servicing Fee) 375,000 375,000
Investor Default Amounts 921,576 921,576
Investor Additional Amounts 0 0
Total 2,834,814 2,834,814
Reallocated Investor Finance Charge Collections 4,255,025 4,255,025
Available Excess 1,420,211 1,420,211
</TABLE>
12 Series 1997-1 Certificates
<TABLE>
<CAPTION>
Series 1997-1 All Other Transferor's
(a) Investor/Transferor Allocations Trust Interest Series Interest
========================================================================================================================
<S> <C> <C> <C> <C>
Beginning Investor/Transferor Amounts 873,377,434 300,000,000 400,000,000 173,377,434
Beginning Adjusted Investor Interest 873,377,434 300,000,000 400,000,000
Floating Investor Percentage 100.00000% 34.349411% 45.799214%
Fixed Investor Percentage 0.00000% 0.00000% 0.00000%
Collections of Finance Chg. Receivables 12,387,476 4,255,025 5,673,367
Collections of Principal Receivables 103,977,891 35,715,793 47,621,057
Net Default Amount 2,682,946 921,576 1,228,768
Ending Investor/Transferor Amounts 865,474,708 300,000,000 400,000,000 165,474,708
</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% 5.98000% 6.15295%
Floating Investor Percentage 29.71224% 2.40446% 2.23271% 34.34941%
Fixed Investor Percentage 0 0 0 0
Investor Monthly Interest 1,329,938 111,125 97,175 1,538,238
Overdue Monthly Interest 0 0 0 0
Additional Interest 0 0 0 0
Total Interest Due 1,329,938 111,125 97,175 1,538,238
Investor Default Amounts 797,163 64,510 59,902 921,576
Investor Monthly Fees 324,375 26,250 24,375 375,000
Investor Additional Amounts 0 0 0 0
Total Due 2,451,476 201,885 181,452 2,834,814
</TABLE>
<TABLE>
<CAPTION>
Collateral
(c) Certificates - Balances and Distributions Class A Class B Interest Total
========================================================================================================================
<S> <C> <C> <C> <C>
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 97,175 1,538,238
Total Payments 1,329,938 111,125 97,175 1,538,238
Ending Investor Interest 259,500,000 21,000,000 19,500,000 300,000,000
</TABLE>
<TABLE>
<S> <C>
(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>
<PAGE>
Monthly Servicer's Certificate
Page 4 (all amounts in dollars except percentages)
<TABLE>
<S> <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 4.983333
2. Amount of distribution in respect of Collateral Monthly Interest 4.983333
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 3,680,597
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 324,375
e. Class A Investor Default Amount 797,163
f. Excess Spread 1,229,121
2. Class B Available Funds 297,852
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 26,250
e. Excess Spread 160,477
3. Collateral Holder Available Funds 276,577
a. Excess Spread 276,577
4. Total Excess Spread 1,666,174
</TABLE>
<PAGE>
Monthly Servicer's Certificate
Page 5 (all amounts in dollars except percentages)
<TABLE>
<S> <C>
(k) Application of Excess Spread and Excess Finance Charge Collections Allocated to Series 1997-1
1. Beginning Excess Spread 1,666,174
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 64,510
6. Reductions of Class B Investor Interest treated as Available Principal Collections 0
7. Applied to Collateral Monthly Interest and unpaid Collateral Monthly Interest 97,175
8. Applied to Collateral Interest Servicing Fee and any overdue Collateral Interest Servicing Fee 24,375
9. Collateral Investor Default Amount treated as Available Principal Collections 59,902
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 1,420,211
13 Trust Performance
(a) Delinquencies
1. 30-59 days 13,648,671
2. 60-89 days 8,138,945
3. 90 days and over 13,372,807
4. Total 30+ days delinquent 35,160,423
(b) Base Rate
a. Current Monthly Period 8.15295%
b. Prior Monthly Period 8.14572%
c. Second Prior Monthly Period 8.16500%
(c) Three Month Average Base Rate 8.15456%
(d) Portfolio Yield (gross portfolio yield less net defaults)
a. Current Monthly Period 13.33379%
b. Prior Monthly Period 13.77069%
c. Second Prior Monthly Period 11.97922%
(e) Three Month Average Portfolio Yield 13.02790%
(f) Excess Spread Percentage
a. Current Monthly Period 5.68084%
b. Prior Monthly Period 6.12497%
c. Second Prior Monthly Period 4.31423%
(g) Three Month Average Excess Spread Percentage 5.37335%
(h) Monthly Payment Rate (total collections/beginning aggregate principal receivables) 13.32361%
(i) Portfolio Adjusted Yield 5.18084%
</TABLE>
IN WITNESS WHEREOF, the undersigned has duly executed and delivered this
certificate this 12th day of October
First USA Bank, N.A., as Servicer
By: /s/ Tracie Klein
-------------------------------------
Name: Tracie Klein
Title: First Vice President
Exhibit 20.2
MONTHLY HOLDERS' STATEMENT
First USA Bank, N.A.
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First NBC Credit Card Master Trust
Series 1997-1
October 12, 1999
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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 USA Bank, N.A. as
successor Transferor and Servicer to Bank One Louisiana, N.A. (as successor to
First National Bank of Commerce ("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 First USA Bank, N.A.
and the Trustee, First USA Bank, N.A., 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 of the October 15, 1999
Distribution Date, and with respect to the performance of the Trust during the
Month ending September-99 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> <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> <C>
5 Information regarding Distribution in respect of the Collateral Interest
a Total distribution 4.983333
b Amount of distribution in respect of Collateral Monthly Interest 4.983333
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 13,648,671
b 60-89 days 8,138,945
c 90 days and over 13,372,807
d Total 30+ days delinquent 35,160,423
2 Base Rate
a Current Monthly Period 8.15295%
b Prior Monthly Period 8.14572%
c Second Prior Monthly Period 8.16500%
3 Three Month Average Base Rate 8.15456%
4 Portfolio Yield (gross portfolio yield less net defaults)
a Current Monthly Period 13.33379%
b Prior Monthly Period 13.77069%
c Second Prior Monthly Period 11.97922%
5 Three Month Average Portfolio Yield 13.02790%
6 Excess Spread Percentage
a Current Monthly Period 5.68084%
b Prior Monthly Period 6.12497%
c Second Prior Monthly Period 4.31423%
7 Three Month Average Excess Spread Percentage 5.37335%
8 Monthly Payment Rate (total collections/beginning aggregate principal receivables) 13.32361%
9 Portfolio Adjusted Yield 5.18084%
</TABLE>
First USA Bank, N.A. as Servicer
By: /s/ Tracie Klein
----------------------------
Name: Tracie Klein
Title: First Vice President
