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<PAGE> 1
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: May 24 1996
CHEMICAL MASTER CREDIT CARD TRUST I
(SERIES 1995-1, 1995-2, 1995-3, 1996-1 and 1996-2)
(Issuer of Securities)
CHEMICAL BANK
(Sponsor of the Trust)
(Exact name of registrant as
specified in its charter)
New York 33-94190 13-4994650
- ---------------------- ---------------- -------------------
(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
270 Park Avenue, New York 10017
- -------------------------------------------- ----------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (212) 270-6000
Exhibit Index is on Page 4
Page 1 of 9 Pages
<PAGE> 2
Item 5. Other Events.
On or about May 15, 1996, Monthly Interest as defined in the
Pooling and Servicing Agreement dated as of October 19, 1995 (the "Agreement")
between Chemical Bank and The Bank of New York, as trustee (the "Trustee"), was
distributed to holders ("Certificateholders") of participations in the Chemical
Master Credit Card Trust I for Series 1995-1, 1995-2, 1995-3, 1996-1 and 1996-2
in accordance with the Agreement. A copy of the Monthly Report for the month
ended April 30, 1996, as defined in the Agreement, has been furnished to each
Certificateholder in accordance with the Agreement. A copy of that Monthly
Report is being filed as Exhibit 28 to this Current Report on Form 8-K.
Item 7(c). Exhibits.
<TABLE>
<CAPTION>
Exhibit No. Description
----------- -----------
<S> <C>
20.1 Monthly Reports for the month
ended April 30, 1996
for Series 1995-1,
Series 1995-2, Series 1995-3,
Series 1996-1 and 1996-2
</TABLE>
2
<PAGE> 3
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Dated: May 24 1996
CHEMICAL BANK, As Servicer
By: /s/Richard L. Craig
---------------------------------
Name: Richard L. Craig
Title: Managing Director
3
<PAGE> 4
INDEX TO EXHIBITS
<TABLE>
<CAPTION>
Exhibit No. Description Page
----------- ----------- ----
<S> <C> <C>
20.1 Monthly Reports for the month ended 5
April 30, 1996
for Series 1995-1,
Series 1995-2, Series 1995-3,
Series 1996-1 and Series 1996-2
</TABLE>
4
<PAGE> 1
EXHIBIT 20.1
<TABLE>
<CAPTION>
CHEMICAL BANK - RETAIL CARD SERVICES GROUP
Certificateholders' Statement Chemical Master Credit Card Trust I
Series 1995-1
Section 5.2 - Supplement Class A Class B Collateral
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
(i) Monthly Principal Distributed 0.00 0.00 0.00
(ii) Monthly Interest Distributed 3,512,500.00 298,958.33 214,445.69
Deficiency Amounts 0.00 0.00
Additional Interest 0.00 0.00
Accrued and Unpaid Interest 0.00
(iii) Collections of Principal Receivables 68,483,600.87 5,706,966.74 7,337,528.67
(iv) Collections of Finance Charge Receivables 11,239,753.95 936,646.16 1,204,259.35
(v) Aggregate Amount of Principal Receivables
Investor Interest 750,000,000.00 62,500,000.00 80,357,142.86
Adjusted Interest 750,000,000.00 62,500,000.00 80,357,142.86
Series
Floating Investor Percentage 17.65% 84.00% 7.00% 9.00%
Fixed Investor Percentage 17.65% 84.00% 7.00% 9.00%
(vi) Receivables Delinquent (As % of Total Receivables)
Current
30 to 59 days
60 to 89 days
90 or more days
Total Receivables
(vii) Investor Default Amount 7,400,783.87 616,731.99 0.00
(viii) Investor Charge-Offs 0.00 0.00 792,941.13
(ix) Reimbursed Investor Charge-Offs/Reductions 0.00 0.00 0.00
(x) Servicing Fee 625,000.00 52,083.33 0.00
(xi) Portfolio Yield (Net of Defaulted Receivables)
(xii) Reallocated Monthly Principal 0.00 0.00
(xiii) Closing Investor Interest (Class A Adjusted) 750,000,000.00 62,500,000.00 79,564,201.73
(xiv) LIBOR
(xv) Principal Funding Account Balance
(xvi) Accumulation Shortfall
(xvii) Principal Funding Investment Proceeds
(xviii)Principal Investment Funding Shortfall
(xix) Available Funds 10,614,753.95 884,562.83 1,137,295.07
(xx) Certificate Rate 5.6200% 5.7400% 5.8500%
Distribution Distribution Distribution Distribution
<CAPTION>
CHEMICAL BANK - RETAIL CARD SERVICES GROUP MONTHLY REPORT
Certificateholders' Statement
Section 5.2 - Supplement Total
- ------------------------------------------------------------------------------------------
<S> <C>
(i) Monthly Principal Distributed 0.00
(ii) Monthly Interest Distributed 4,025,904.02
Deficiency Amounts 0.00
Additional Interest 0.00
Accrued and Unpaid Interest 0.00
(iii) Collections of Principal Receivables 81,528,096.28
(iv) Collections of Finance Charge Receivables 13,380,659.47
(v) Aggregate Amount of Principal Receivables 5,058,227,568.12
Investor Interest 892,857,142.86
Adjusted Interest 892,857,142.86
Floating Investor Percentage 100.00%
Fixed Investor Percentage 100.00%
(vi) Receivables Delinquent (As % of Total Receivables)
Current 95.23%
30 to 59 days 1.49%
60 to 89 days 1.09%
90 or more days 2.19%
Total Receivables 100.00%
(vii) Investor Default Amount 8,017,515.86
(viii) Investor Charge-Offs 792,941.13
(ix) Reimbursed Investor Charge-Offs/Reductions
(x) Servicing Fee 677,083.33
(xi) Portfolio Yield (Net of Defaulted Receivables) #REF!
(xii) Reallocated Monthly Principal 0.00
(xiii) Closing Investor Interest (Class A Adjusted) 892,064,201.73
(xiv) LIBOR 5.5000%
(xv) Principal Funding Account Balance 0.00
(xvi) Accumulation Shortfall 0.00
(xvii) Principal Funding Investment Proceeds 0.00
(xviii)Principal Investment Funding Shortfall
================
(xix) Available Funds 12,636,611.85
(xx) Certificate Rate
----------------
Period Type 1
----------------
</TABLE>
1
<PAGE> 2
<TABLE>
<CAPTION>
CHEMICAL BANK - RETAIL CARD SERVICES GROUP
Certificateholders' Statement Chemical Master Credit Card Trust I
Series 1995-2
Section 5.2 - Supplement Class A Class B Collateral
- --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
(i) Monthly Principal Distributed 0.00 0.00 0.00
(ii) Monthly Interest Distributed 3,115,000.00 181,245.17 23,437.50
Deficiency Amounts 0.00 0.00
Additional Interest 0.00 0.00
Accrued and Unpaid Interest 0.00
(iii) Collections of Principal Receivables 54,786,880.70 3,112,807.94 4,358,130.34
(iv) Collections of Finance Charge Receivables 8,991,803.16 510,884.28 715,270.69
(v) Aggregate Amount of Principal Receivables
Investor Interest 600,000,000.00 34,090,000.00 47,728,181.82
Adjusted Interest 600,000,000.00 34,090,000.00 47,728,181.82
Series
Floating Investor Percentage 13.48% 88.00% 5.00% 7.00%
Fixed Investor Percentage 13.48% 88.00% 5.00% 7.00%
(vi) Receivables Delinquent (As % of Total Receivables)
Current
30 to 59 days
60 to 89 days
90 or more days
Total Receivables
(vii) Investor Default Amount 5,920,627.10 336,390.30 0.00
(viii)Investor Charge-Offs 0.00 0.00 470,967.94
(ix) Reimbursed Investor Charge-Offs/Reductions 0.00 0.00 0.00
(x) Servicing Fee 500,000.00 28,408.33 0.00
(xi) Portfolio Yield (Net of Defaulted Receivables)
(xii) Reallocated Monthly Principal 0.00 431,894.57
(xiii)Closing Investor Interest (Class A Adjusted) 600,000,000.00 34,090,000.00 46,825,319.30
(xiv) LIBOR
(xv) Principal Funding Account Balance
(xvi) Accumulation Shortfall
(xvii)Principal Funding Investment Proceeds
(xviii)Principal Investment Funding Shortfall
(xix) Available Funds 8,491,803.16 482,475.95 675,497.21
(xx) Certificate Rate 6.2300% 6.3800% 5.9000%
Distribution Distribution Distribution Distribution
<CAPTION>
CHEMICAL BANK - RETAIL CARD SERVICES GROUP MONTHLY REPORT
Certificateholders' Statement
Section 5.2 - Supplement Total
- ---------------------------------------------------------------------------------------------------
<S> <C>
(i) Monthly Principal Distributed 0.00
(ii) Monthly Interest Distributed 3,319,682.67
Deficiency Amounts 0.00
Additional Interest 0.00
Accrued and Unpaid Interest 0.00
(iii) Collections of Principal Receivables 62,257,818.97
(iv) Collections of Finance Charge Receivables 10,217,958.14
(v) Aggregate Amount of Principal Receivables 5,058,227,568.12
Investor Interest 681,818,181.82
Adjusted Interest 681,818,181.82
Floating Investor Percentage 100.00%
Fixed Investor Percentage 100.00%
(vi) Receivables Delinquent (As % of Total Receivables)
Current 95.23%
30 to 59 days 1.49%
60 to 89 days 1.09%
90 or more days 2.19%
----------------
Total Receivables 100.00%
(vii) Investor Default Amount 6,257,017.40
(viii)Investor Charge-Offs 470,967.94
(ix) Reimbursed Investor Charge-Offs/Reductions
(x) Servicing Fee 528,408.33
(xi) Portfolio Yield (Net of Defaulted Receivables) #REF!
(xii) Reallocated Monthly Principal 431,894.57
(xiii)Closing Investor Interest (Class A Adjusted) 680,915,319.30
(xiv) LIBOR 5.5000%
(xv) Principal Funding Account Balance 0.00
(xvi) Accumulation Shortfall 0.00
(xvii)Principal Funding Investment Proceeds 0.00
(xviii)Principal Investment Funding Shortfall
================
(xix) Available Funds 9,649,776.32
(xx) Certificate Rate
----------------
Period Type 1
----------------
</TABLE>
2
<PAGE> 3
<TABLE>
<CAPTION>
CHEMICAL BANK - RETAIL CARD SERVICES GROUP
Certificateholders' Statement Chemical Master Credit Card Trust I
Series 1995-3
Section 5.2 - Supplement Class A Class B Collateral
- ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
(i) Monthly Principal Distributed 0.00 0.00 0.00
(ii) Monthly Interest Distributed 2,336,250.00 136,149.60 0.00
Deficiency Amounts 0.00 0.00
Additional Interest 0.00 0.00
(iii) Collections of Principal Receivables 41,090,160.52 2,334,651.61 3,268,552.10
(iv) Collections of Finance Charge Receivables 6,743,852.37 383,170.71 536,445.53
(v) Aggregate Amount of Principal Receivables
Investor Interest 450,000,000.00 25,568,000.00 35,795,636.36
Adjusted Interest 450,000,000.00 25,568,000.00 35,795,636.36
Series
Floating Investor Percentage 10.11% 88.00% 5.00% 7.00%
Fixed Investor Percentage 10.11% 88.00% 5.00% 7.00%
(vi) Receivables Delinquent (As % of Total Receivables)
Current
30 to 59 days
60 to 89 days
90 or more days
Total Receivables
(vii) Investor Default Amount 4,440,470.32 252,297.66 0.00
(viii) Investor Charge-Offs 0.00 0.00 353,221.02
(ix) Reimbursed Investor Charge-Offs/Reductions 0.00 0.00 0.00
(x) Servicing Fee 375,000.00 21,306.67 0.00
(xi) Portfolio Yield (Net of Defaulted Receivables)
(xii) Reallocated Monthly Principal 0.00 324,142.01
(xiii) Closing Investor Interest (Class A Adjusted) 450,000,000.00 25,568,000.00 35,118,273.33
(xiv) LIBOR
(xv) Principal Funding Account Balance
(xvi) Accumulation Shortfall
(xvii) Principal Funding Investment Proceeds
(xviii)Principal Investment Funding Shortfall
(xix) Available Funds 6,368,852.37 361,864.04 506,615.83
(xx) Certificate Rate 6.2300% 6.3900% 6.0250%
<CAPTION>
CHEMICAL BANK - RETAIL CARD SERVICES GROUP MONTHLY REPORT
Certificateholders' Statement
Section 5.2 - Supplement Total
- ------------------------------------------------------------------------------------------------------
<S> <C>
(i) Monthly Principal Distributed 0.00
(ii) Monthly Interest Distributed 2,472,399.60
Deficiency Amounts 0.00
Additional Interest 0.00
(iii) Collections of Principal Receivables 46,693,364.23
(iv) Collections of Finance Charge Receivables 7,663,468.60
(v) Aggregate Amount of Principal Receivables 5,058,227,568.12
Investor Interest 511,363,636.36
Adjusted Interest 511,363,636.36
Floating Investor Percentage 100.00%
Fixed Investor Percentage 100.00%
(vi) Receivables Delinquent (As % of Total Receivables)
Current 95.23%
30 to 59 days 1.49%
60 to 89 days 1.09%
90 or more days 2.19%
----------------
Total Receivables 100.00%
(vii) Investor Default Amount 4,692,767.98
(viii) Investor Charge-Offs 353,221.02
(ix) Reimbursed Investor Charge-Offs/Reductions
(x) Servicing Fee 396,306.67
(xi) Portfolio Yield (Net of Defaulted Receivables) #REF!
(xii) Reallocated Monthly Principal 324,142.01
(xiii) Closing Investor Interest (Class A Adjusted) 510,686,273.33
(xiv) LIBOR 5.5000%
(xv) Principal Funding Account Balance 0.00
(xvi) Accumulation Shortfall 0.00
(xvii) Principal Funding Investment Proceeds 0.00
(xviii)Principal Investment Funding Shortfall
================
(xix) Available Funds 7,237,332.24
(xx) Certificate Rate
</TABLE>
3
<PAGE> 4
<TABLE>
<CAPTION>
CHEMICAL BANK - RETAIL CARD SERVICES GROUP
Certificateholders' Statement Chemical Master Credit Card Trust I
Series 1996-1
Section 5.2 - Supplement Class A Class B Collateral
- ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
(i) Monthly Principal Distributed 0.00 0.00 0.00
(ii) Monthly Interest Distributed 3,237,500.00 189,248.43 27,343.75
Deficiency Amounts 0.00 0.00
Additional Interest 0.00 0.00
Accrued and Unpaid Interest 0.00
(iii) Collections of Principal Receivables 63,918,027.48 3,631,639.70 5,084,454.96
(iv) Collections of Finance Charge Receivables 10,490,437.02 596,036.66 834,477.48
(v) Aggregate Amount of Principal Receivables
Investor Interest 700,000,000.00 39,772,000.00 55,682,545.45
Adjusted Interest 700,000,000.00 39,772,000.00 55,682,545.45
Series
Floating Investor Percentage 15.73% 88.00% 5.00% 7.00%
Fixed Investor Percentage 15.73% 88.00% 5.00% 7.00%
(vi) Receivables Delinquent (As % of Total Receivables)
Current
30 to 59 days
60 to 89 days
90 or more days
Total Receivables
(vii) Investor Default Amount 6,907,398.28 392,458.63 0.00
(viii)Investor Charge-Offs 0.00 0.00 549,459.31
(ix) Reimbursed Investor Charge-Offs/Reductions 0.00 0.00 0.00
(x) Servicing Fee 583,333.33 33,143.33 0.00
(xi) Portfolio Yield (Net of Defaulted Receivables)
(xii) Reallocated Monthly Principal 0.00 85,009.64
(xiii)Closing Investor Interest (Class A Adjusted) 700,000,000.00 39,772,000.00 55,048,076.49
(xiv) LIBOR
(xv) Principal Funding Account Balance
(xvi) Accumulation Shortfall
(xvii)Principal Funding Investment Proceeds
(xviiiPrincipal Investment Funding Shortfall
(xix) Available Funds 9,907,103.69 562,893.33 788,075.36
(xx) Certificate Rate 5.5500% 5.7100% 5.9000%
<CAPTION>
CHEMICAL BANK - RETAIL CARD SERVICES GROUP MONTHLY REPORT
Certificateholders' Statement
Section 5.2 - Supplement Total
- -------------------------------------------------------------------------------------------
<S> <C>
(i) Monthly Principal Distributed 0.00
(ii) Monthly Interest Distributed 3,454,092.18
Deficiency Amounts 0.00
Additional Interest 0.00
Accrued and Unpaid Interest 0.00
(iii) Collections of Principal Receivables 72,634,122.14
(iv) Collections of Finance Charge Receivables 11,920,951.16
(v) Aggregate Amount of Principal Receivables 5,058,227,568.12
Investor Interest 795,454,545.45
Adjusted Interest 795,454,545.45
Series
Floating Investor Percentage 100.00%
Fixed Investor Percentage 100.00%
(vi) Receivables Delinquent (As % of Total Receivables)
Current 95.23%
30 to 59 days 1.49%
60 to 89 days 1.09%
90 or more days 2.19%
----------------
Total Receivables 100.00%
(vii) Investor Default Amount 7,299,856.92
(viii)Investor Charge-Offs 549,459.31
(ix) Reimbursed Investor Charge-Offs/Reductions
(x) Servicing Fee 616,476.67
(xi) Portfolio Yield (Net of Defaulted Receivables) #REF!
(xii) Reallocated Monthly Principal 85,009.64
(xiii)Closing Investor Interest (Class A Adjusted) 794,820,076.49
(xiv) LIBOR 5.5000%
(xv) Principal Funding Account Balance 0.00
(xvi) Accumulation Shortfall 0.00
(xvii)Principal Funding Investment Proceeds 0.00
(xviiiPrincipal Investment Funding Shortfall
================
(xix) Available Funds 11,258,072.37
(xx) Certificate Rate
</TABLE>
4
<PAGE> 5
<TABLE>
<CAPTION>
CHEMICAL BANK - RETAIL CARD SERVICES GROUP
Certificateholders' Statement Chemical Master Credit Card Trust I
Series 1996-2
- -Section 5.2 - Supplement Class A Class B
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
(i) Monthly Principal Distributed 0.00 0.00
(ii) Monthly Interest Distributed 2,740,833.33 160,416.67
Deficiency Amounts 0.00 0.00
Additional Interest 0.00 0.00
Accrued and Unpaid Interest
(iii) Collections of Principal Receivables 50,221,307.31 2,853,483.37
(iv) Collections of Finance Charge Receivables 8,242,486.23 468,323.08
(v) Aggregate Amount of Principal Receivables
Investor Interest 550,000,000.00 31,250,000.00
Adjusted Interest 550,000,000.00 31,250,000.00
Series
Floating Investor Percentage 12.36% 88.00% 5.00%
Fixed Investor Percentage 12.36% 88.00% 5.00%
(vi) Receivables Delinquent (As % of Total Receivables)
Current
30 to 59 days
60 to 89 days
90 or more days
Total Receivables
(vii) Investor Default Amount 5,427,241.51 308,365.99
(viii)Investor Charge-Offs 0.00 0.00
(ix) Reimbursed Investor Charge-Offs/Reductions 0.00 0.00
(x) Servicing Fee 458,333.33 26,041.67
(xi) Portfolio Yield (Net of Defaulted Receivables)
(xii) Reallocated Monthly Principal 0.00
(xiii)Closing Investor Interest (Class A Adjusted) 550,000,000.00 31,250,000.00
(xiv) LIBOR
(xv) Principal Funding Account Balance
(xvi) Accumulation Shortfall
(xvii)Principal Funding Investment Proceeds
(xviiiPrincipal Investment Funding Shortfall
(xix) Available Funds 7,784,152.90 442,281.41
(xx) Certificate Rate 5.9800% 6.1600%
</TABLE>
<TABLE>
<CAPTION>
MONTHLY REPORT
Collateral Total
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
(i) Monthly Principal Distributed 0.00
(ii) Monthly Interest Distributed 2,922,734.38
Deficiency Amounts 21,484.38 0.00
Additional Interest 0.00
Accrued and Unpaid Interest 0.00
0.00
(iii) Collections of Principal Receivables 57,069,667.39
3,994,876.72
(iv) Collections of Finance Charge Receivables 9,366,461.63
655,652.31
(v) Aggregate Amount of Principal Receivables 5,058,227,568.12
Investor Interest 43,750,000.00 625,000,000.00
Adjusted Interest 43,750,000.00 625,000,000.00
Series
7.00% 100.00%
Floating Investor Percentage 7.00% 100.00%
Fixed Investor Percentage
(vi) Receivables Delinquent (As % of Total Receivables
Current 95.23%
30 to 59 days 1.49%
60 to 89 days 1.09%
90 or more days 2.19%
--------------
Total Receivables
100.00%
(vii) Investor Default Amount 5,735,607.50
0.00
(viii)Investor Charge-Offs 431,712.39
431,712.39
(ix) Reimbursed Investor Charge-Offs/Reductions
0.00
(x) Servicing Fee 484,375.00
0.00
(xi) Portfolio Yield (Net of Defaulted Receivables) #REF!
(xii) Reallocated Monthly Principal 275,604.21
275,604.21
(xiii)Closing Investor Interest (Class A Adjusted) 624,292,683.40
43,042,683.40
(xiv) LIBOR 5.5000%
(xv) Principal Funding Account Balance 0.00
(xvi) Accumulation Shortfall 0.00
(xvii)Principal Funding Investment Proceeds 0.00
(xviiiPrincipal Investment Funding Shortfall
=================
(xix) Available Funds 8,845,628.29
619,193.98
(xx) Certificate Rate
6.2500%
</TABLE>
5
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