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Previous: BOSTON CAPITAL TAX CREDIT FUND LTD PARTNERSHIP, NT 10-K, 1996-07-01 |
Next: SEI INTERNATIONAL TRUST, 497, 1996-07-01 |
<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: July 1, 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)
<TABLE>
<S> <C> <C>
New York 33-94190 13-4994650
------------------ --------------- -----------------
(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
</TABLE>
<TABLE>
<S> <C>
270 Park Avenue, New York 10017
----------------------------------------- -----------
(Address of principal executive offices) (Zip Code)
</TABLE>
Registrant's telephone number, including area code: (212) 270-6000
<PAGE> 2
Item 5. Other Events.
On or about June 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 May 31, 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 20.1 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 May 31, 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: July 1, 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
May 31, 1996
for Series 1995-1,
Series 1995-2, Series 1995-3,
Series 1996-1 and Series 1996-2
</TABLE>
4
<PAGE> 1
<TABLE>
<CAPTION>
Chemical Bank - Retail Card Services Group Monthly Report
Certificateholders' Statement Chemical Master Credit Card Trust I
Series 1995-1
Section 5.2 - Supplement Class A Class B Collateral Total
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
(i) Monthly Principal Distributed 0.00 0.00 0.00 0.00
(ii) Monthly Interest Distributed 3,815,411.88 324,825.99 425,736.09 4,565,973.96
Deficiency Amounts 0.00 0.00 0.00
Additional Interest 0.00 0.00 0.00
Accrued and Unpaid Interest 4,673.50 4,673.50
(iii) Collections of Principal Receivables 70,784,533.72 5,898,711.14 7,509,219.89 84,192,464.76
(iv) Collections of Finance Charge Receivables 11,457,455.33 954,787.94 1,215,471.05 13,627,714.32
(v) Aggregate Amount of Principal Receivables 5,121,019,268.23
Investor Interest 750,000,000.00 62,500,000.00 79,564,201.73 892,064,201.73
Adjusted Interest 750,000,000.00 62,500,000.00 79,564,201.73 892,064,201.73
Series
Floating Investor Percentage 17.42% 84.07% 7.01% 8.92% 100.00%
Fixed Investor Percentage 17.44% 84.00% 7.00% 9.00% 100.00%
(vi) Receivables Delinquent (As % of Total Receivables)
Current 95.21%
30 to 59 days 1.56%
60 to 89 days 1.03%
90 or more days 2.20%
Total Receivables 100.00%
(vii) Investor Default Amount 4,457,822.17 371,485.18 472,910.75 5,302,218.10
(viii) Investor Charge-Offs 0.00 0.00 0.00 0.00
(ix) Reimbursed Investor Charge-Offs/Reductions 0.00 0.00 792,941.13 792,941.13
(x) Servicing Fee 625,000.00 52,083.33 66,303.50 743,386.83
(xi) Portfolio Yield (Net of Defaulted Receivables) 11.20%
(xii) Reallocated Monthly Principal 0.00 0.00 0.00
(xiii) Closing Investor Interest (Class A Adjusted) 750,000,000.00 62,500,000.00 80,357,142.86 892,857,142.86
(xiv) LIBOR 5.4297%
(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 10,832,455.33 902,704.61 1,149,167.55 12,884,327.49
(xx) Certificate Rate 5.5497% 5.6697% 5.7797%
</TABLE>
1
<PAGE> 2
<TABLE>
<CAPTION>
Chemical Bank - Retail Card Services Group Monthly Report
Certificateholders' Statement Chemical Master Credit Card Trust I
Series 1995-2
Section 5.2 - Supplement Class A Class B Collateral Total
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
(i) Monthly Principal Distributed 0.00 0.00 0.00 0.00
(ii) Monthly Interest Distributed 3,115,000.00 181,245.17 255,053.80 3,551,298.96
Deficiency Amounts 0.00 0.00 0.00
Additional Interest 0.00 0.00 0.00
Accrued and Unpaid Interest 5,321.37 5,321.37
(iii) Collections of Principal Receivables 56,627,626.98 3,217,393.01 4,419,344.53 64,264,364.51
(iv) Collections of Finance Charge Receivables 9,165,964.26 520,779.54 715,332.01 10,402,075.81
(v) Aggregate Amount of Principal Receivables 5,121,019,268.23
Investor Interest 600,000,000.00 34,090,000.00 46,825,319.31 680,915,319.31
Adjusted Interest 600,000,000.00 34,090,000.00 46,825,319.31 680,915,319.31
Series
Floating Investor Percentage 13.30% 88.12% 5.01% 6.88% 100.00%
Fixed Investor Percentage 13.31% 88.00% 5.00% 7.00% 100.00%
(vi) Receivables Delinquent (As % of Total Receivables)
Current 95.21%
30 to 59 days 1.56%
60 to 89 days 1.03%
90 or more days 2.20%
---------------
Total Receivables 100.00%
(vii) Investor Default Amount 3,566,257.73 202,622.88 278,318.60 4,047,199.21
(viii) Investor Charge-Offs 0.00 0.00 0.00 0.00
(ix) Reimbursed Investor Charge-Offs/Reductions 0.00 0.00 902,862.51 902,862.51
(x) Servicing Fee 500,000.00 28,408.33 39,021.10 567,429.43
(xi) Portfolio Yield (Net of Defaulted Receivables) 11.20%
(xii) Reallocated Monthly Principal 0.00 0.00 0.00
(xiii) Closing Investor Interest (Class A Adjusted) 600,000,000.00 34,090,000.00 47,728,181.82 681,818,181.82
(xiv) LIBOR 5.4297%
(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 8,665,964.26 492,371.20 676,310.91 9,834,646.37
(xx) Certificate Rate 6.2300% 6.3800% 5.8297%
</TABLE>
2
<PAGE> 3
<TABLE>
<CAPTION>
Chemical Bank - Retail Card Services Group Monthly Report
Certificateholders' Statement Chemical Master Credit Card Trust I
Series 1995-3
Section 5.2 - Supplement Class A Class B Collateral Total
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
(i) Monthly Principal Distributed 0.00 0.00 0.00 0.00
(ii) Monthly Interest Distributed 2,336,250.00 136,149.60 195,389.26 2,667,788.86
Deficiency Amounts 0.00 0.00 0.00 0.00
Additional Interest 0.00 0.00 3,992.30 3,992.30
Accrued and Unpaid Interest 3,992.30 3,992.30
(iii) Collections of Principal Receivables 42,470,720.23 2,413,091.94 3,314,440.80 48,198,252.98
(iv) Collections of Finance Charge Receivables 6,874,473.20 390,592.29 536,488.06 7,801,553.55
(v) Aggregate Amount of Principal Receivables 5,121,019,268.23
Investor Interest 450,000,000.00 25,568,000.00 35,118,273.33 510,686,273.33
Adjusted Interest 450,000,000.00 25,568,000.00 35,118,273.33 510,686,273.33
Series
Floating Investor Percentage 9.97% 88.12% 5.01% 6.88% 100.00%
Fixed Investor Percentage 9.99% 88.00% 5.00% 7.00% 100.00%
(vi) Receivables Delinquent (As % of Total Receivables)
Current 95.21%
30 to 59 days 1.56%
60 to 89 days 1.03%
90 or more days 2.20%
--------------
Total Receivables 100.00%
(vii) Investor Default Amount 2,674,693.30 151,970.13 208,734.69 3,035,398.12
(viii) Investor Charge-Offs 0.00 0.00 0.00 0.00
(ix) Reimbursed Investor Charge-Offs/Reductions 0.00 0.00 677,363.03 677,363.03
(x) Servicing Fee 375,000.00 21,306.67 29,265.23 425,571.89
(xi) Portfolio Yield (Net of Defaulted Receivables) 11.20%
(xii) Reallocated Monthly Principal 0.00 0.00 0.00
(xiii) Closing Investor Interest (Class A Adjusted) 450,000,000.00 25,568,000.00 35,795,636.36 511,363,636.36
(xiv) LIBOR 5.4297%
(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 6,499,473.20 369,285.62 507,222.84 7,375,981.66
(xx) Certificate Rate 6.2300% 6.3900% 5.9547%
</TABLE>
3
<PAGE> 4
<TABLE>
<CAPTION>
Chemical Bank - Retail Card Services Group Monthly Report
Certificateholders' Statement Chemical Master Credit Card Trust I
Series 1995-4
Section 5.2 - Supplement Class A Class B Collateral Total
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
(i) Monthly Principal Distributed 0.00 0.00 0.00 0.00
(ii) Monthly Interest Distributed 0.00 0.00 165,410.70 165,410.70
Deficiency Amounts 0.00 0.00 0.00
Additional Interest 0.00 0.00 0.00
Accrued and Unpaid Interest 127,050.90 127,050.90
(iii) Collections of Principal Receivables 28,313,813.49 2,022,361.32 3,337,484.46 33,673,659.27
(iv) Collections of Finance Charge Receivables 4,582,982.13 327,347.14 540,218.00 5,450,547.27 5,450,547.27
(v) Aggregate Amount of Principal Receivables 5,121,019,268.23
Investor Interest 300,000,000.00 21,428,000.00 35,362,433.22 356,790,433.22
Adjusted Interest 300,000,000.00 21,428,000.00 35,362,433.22 356,790,433.22
Series
Floating Investor Percentage 6.97% 84.08% 6.01% 9.91% 100.00%
Fixed Investor Percentage 6.97% 84.00% 6.00% 10.00% 100.00%
(vi) Receivables Delinquent (As % of Total Receivables)
Current 95.21%
30 to 59 days 1.56%
60 to 89 days 1.03%
90 or more days 2.20%
Total Receivables 100.00%
(vii) Investor Default Amount 1,783,128.87 127,362.95 210,185.92 2,120,677.74
(viii) Investor Charge-Offs 0.00 0.00 0.00 0.00
(ix) Reimbursed Investor Charge-Offs/Reductions 0.00 0.00 352,423.92 352,423.92
(x) Servicing Fee 250,000.00 17,856.67 29,468.69 297,325.36
(xi) Portfolio Yield (Net of Defaulted Receivables) 11.20%
(xii) Reallocated Monthly Principal 0.00 0.00 0.00
(xiii) Closing Investor Interest (Class A Adjusted) 300,000,000.00 21,428,000.00 35,714,857.14 357,142,857.14
(xiv) LIBOR 5.4883%
(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) Interest Funding Account Investment Proceeds 0
==============
(xx) Available Funds 4,332,982.13 309,490.47 510,749.30 5,153,221.91
(xxi) Certificate Rate 5.6883% 5.8083% 5.9547%
</TABLE>
4
<PAGE> 5
<TABLE>
<CAPTION>
Chemical Bank - Retail Card Services Group Monthly Report
Certificateholders' Statement Chemical Master Credit Card Trust I
Series 1996-1
Section 5.2 - Supplement Class A Class B Collateral Total
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
(i) Monthly Principal Distributed 0.00 0.00 0.00 0.00
(ii) Monthly Interest Distributed 3,237,500.00 189,248.43 297,560.98 3,724,309.41
Deficiency Amounts 0.00 0.00 0.00
Additional Interest 0.00 0.00 0.00
Accrued and Unpaid Interest 3,739.49 3,739.49
(iii) Collections of Principal Receivables 66,065,564.81 3,753,656.63 5,195,403.24 75,014,624.68
(iv) Collections of Finance Charge Receivables 10,693,624.97 607,581.22 840,947.84 12,142,154.03
(v) Aggregate Amount of Principal Receivables 5,121,019,268.23
Investor Interest 700,000,000.00 39,772,000.00 55,048,076.50 794,820,076.50
Adjusted Interest 700,000,000.00 39,772,000.00 55,048,076.50 794,820,076.50
Series
Floating Investor Percentage 15.52% 88.07% 5.00% 6.93% 100.00%
Fixed Investor Percentage 15.53% 88.00% 5.00% 7.00% 100.00%
(vi) Receivables Delinquent (As % of Total Receivables)
Current 95.21%
30 to 59 days 1.56%
60 to 89 days 1.03%
90 or more days 2.20%
--------------
Total Receivables 100.00%
(vii) Investor Default Amount 4,160,634.02 236,395.34 327,192.71 4,724,222.08
(viii) Investor Charge-Offs 0.00 0.00 0.00 0.00
(ix) Reimbursed Investor Charge-Offs/Reductions 0.00 0.00 634,468.95 634,468.95
(x) Servicing Fee 583,333.33 33,143.33 45,873.40 662,350.06
(xi) Portfolio Yield (Net of Defaulted Receivables) 11.20%
(xii) Reallocated Monthly Principal 0.00 0.00 0.00
(xiii) Closing Investor Interest (Class A Adjusted) 700,000,000.00 39,772,000.00 55,682,545.45 795,454,545.45
(xiv) LIBOR 5.4297%
(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 10,110,291.64 574,437.88 795,074.44 11,479,803.97
(xx) Certificate Rate 5.5500% 5.7100% 5.8297%
</TABLE>
5
<PAGE> 6
<TABLE>
<CAPTION>
Chemical Bank - Retail Card Services Group Monthly Report
Certificateholders' Statement Chemical Master Credit Card Trust I
Series 1996-2
Section 5.2 - Supplement Class A Class B Collateral Total
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
(i) Monthly Principal Distributed 0.00 0.00 0.00 0.00
(ii) Monthly Interest Distributed 2,740,833.33 160,416.67 247,831.32 3,149,081.32
Deficiency Amounts 0.00 0.00 0.00
Additional Interest 0.00 0.00 0.00
Accrued and Unpaid Interest 4,168.84 4,168.84
(iii) Collections of Principal Receivables 51,908,658.06 2,949,355.57 4,062,341.70 58,920,355.33
(iv) Collections of Finance Charge Receivables 8,402,133.91 477,393.97 657,546.16 9,537,074.04
(v) Aggregate Amount of Principal Receivables 5,121,019,268.23
Investor Interest 550,000,000.00 31,250,000.00 43,042,683.40 624,292,683.40
Adjusted Interest 550,000,000.00 31,250,000.00 43,042,683.40 624,292,683.40
Series
Floating Investor Percentage 12.19% 88.10% 5.01% 6.89% 100.00%
Fixed Investor Percentage 12.20% 88.00% 5.00% 7.00% 100.00%
(vi) Receivables Delinquent (As % of Total Receivables)
Current 95.21%
30 to 59 days 1.56%
60 to 89 days 1.03%
90 or more days 2.20%
--------------
Total Receivables 100.00%
(vii) Investor Default Amount 3,269,069.59 185,742.59 255,835.50 3,710,647.68
(viii) Investor Charge-Offs 0.00 0.00 0.00 0.00
(ix) Reimbursed Investor Charge-Offs/Reductions 0.00 0.00 707,316.60 707,316.60
(x) Servicing Fee 458,333.33 26,041.67 35,868.90 520,243.90
(xi) Portfolio Yield (Net of Defaulted Receivables) 11.20%
(xii) Reallocated Monthly Principal 0.00 0.00 0.00
(xiii) Closing Investor Interest (Class A Adjusted) 550,000,000.00 31,250,000.00 43,750,000.00 625,000,000.00
(xiv) LIBOR 5.4297%
(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 7,943,800.58 451,352.31 621,677.26 9,016,830.14
(xx) Certificate Rate 5.9800% 6.1600% 6.1797%
</TABLE>
6
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