SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 27, 1997
First Deposit National Bank on behalf of the Providian Master Trust
(formerly the First Deposit Master Trust)
(Issuer in respect of the Providian Master Trust
Asset-Backed Certificates, Series 1997-4)
(Exact name of registrant as specified in charter)
United States of America 333-22131 02-0118519
- ------------------------ ----------- -------------------
(State or other jurisdiction of (Commission (I.R.S. Employer
incorporation or organization) File No.) Identification No.)
295 Main Street
Tilton, New Hampshire 03276
--------------------------------------- ----------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (603) 286-4348
Not Applicable
- ------------------------------------------------------------
(Former name or former address, if changed since last report)
Item 5. Other Events.
On October 27, 1997, the registrant made available to prospective investors
a series term sheet setting forth a description of the collateral pool and the
proposed structure of $501,000,000 aggregate principal amount of Class A
Asset Backed Certificates, Series 1997-4 and $48,000,000 aggregate principal
amount of Class B Asset Backed Certificates, Series 1997-4 of the Providian
Master Trust. The series term sheet is attached hereto as Exhibit 99.1.
Item 7. Exhibits
Exhibit 99.1 Series Term Sheet dated October 27, 1997, with respect to the
proposed issuance of the Class A Asset Backed
Certificates, Series 1997-4 and the Class B Asset Backed
Certificates, Series 1997-4 of the Providian Master Trust.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has caused this report to be signed on behalf of the
Providian Master Trust by the undersigned hereunto duly authorized.
PROVIDIAN MASTER TRUST
By: FIRST DEPOSIT NATIONAL BANK,
Servicer
By: /s/ Daniel Sanford
---------------------------
Daniel Sanford
Vice President
Dated: October 29, 1997
EXHIBIT INDEX
Exhibit No.
99.1 Series Term Sheet dated October 27, 1997, with respect to the
proposed issuance of the Class A Asset Backed Certificates,
Series 1997-4 and the Class B Asset Backed Certificates,
Series 1997-4 of the Providian Master Trust.
SUBJECT TO REVISION
SERIES TERM SHEET DATED OCTOBER 27, 1997
$549,000,000
Providian Master Trust
$501,000,000 ___% Class A Asset Backed Certificates, Series 1997-4
$48,000,000 ___% Class B Asset Backed Certificates, Series 1997-4
First Deposit National Bank
Seller and Servicer
Providian National Bank
Seller
THE CLASS A CERTIFICATES AND THE CLASS B CERTIFICATES WILL REPRESENT INTERESTS
IN THE TRUST ONLY AND WILL NOT REPRESENT INTERESTS IN OR OBLIGATIONS OF EITHER
BANK OR ANY AFFILIATE OF EITHER BANK. NEITHER THE CLASS A CERTIFICATES, THE
CLASS B CERTIFICATES NOR THE UNDERLYING ACCOUNTS OR RECEIVABLES OR ANY
COLLECTIONS THEREON ARE INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE
CORPORATION OR ANY OTHER GOVERNMENTAL AGENCY OR INSTRUMENTALITY.
THIS SERIES TERM SHEET CONTAINS STRUCTURAL AND COLLATERAL INFORMATION WITH
RESPECT TO THE CLASS A CERTIFICATES AND THE CLASS B CERTIFICATES; HOWEVER, THIS
SERIES TERM SHEET DOES NOT CONTAIN COMPLETE INFORMATION WITH RESPECT TO THE
OFFERING OF THE CLASS A CERTIFICATES AND THE CLASS B CERTIFICATES. THE
INFORMATION HEREIN IS PRELIMINARY AND WILL BE SUPERSEDED BY THE INFORMATION
CONTAINED IN THE PROSPECTUS SUPPLEMENT AND THE PROSPECTUS. ADDITIONAL
INFORMATION WILL BE CONTAINED IN THE PROSPECTUS SUPPLEMENT AND THE PROSPECTUS.
PURCHASERS ARE URGED TO READ BOTH THE PROSPECTUS SUPPLEMENT AND THE PROSPECTUS.
THESE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE SECURITIES AND
EXCHANGE COMMISSION OR ANY STATE SECURITIES COMMISSION NOR HAS THE SECURITIES
AND EXCHANGE COMMISSION OR ANY STATE SECURITIES COMMISSION PASSED UPON THE
ACCURACY OR ADEQUACY OF THIS SERIES TERM SHEET. ANY REPRESENTATION TO THE
CONTRARY IS A CRIMINAL OFFENSE.
THIS SERIES TERM SHEET SHALL NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION
OF AN OFFER TO BUY, NOR SHALL THERE BE ANY SALE OF THESE SECURITIES IN ANY
JURISDICTION IN WHICH SUCH OFFER, SOLICITATION OR SALE WOULD BE UNLAWFUL PRIOR
TO REGISTRATION OR QUALIFICATION UNDER THE LAWS OF ANY SUCH JURISDICTION. SALES
OF THE CLASS A CERTIFICATES AND THE CLASS B CERTIFICATES MAY NOT BE CONSUMMATED
UNLESS THE PURCHASER HAS RECEIVED THE PROSPECTUS SUPPLEMENT AND THE PROSPECTUS.
Underwriters of the Class A Certificates
Credit Suisse First Boston
Chase Securities Inc.
Citicorp Securities, Inc.
Goldman, Sachs & Co.
Lehman Brothers
Merrill Lynch & Co.
Underwriters of the Class B Certificates
Credit Suisse First Boston Lehman Brothers
SUMMARY OF SERIES TERMS
This Series Terms sheet will be superseded in its entirety by the
information contained in the Prospectus, Prospectus Supplement and the Series
1997-4 Supplement to the Pooling and Servicing Agreement dated as of June 1,
1993, as amended, among First Deposit National Bank ("FDNB"), as seller and
servicer, Providian National Bank, as seller, and Bankers Trust Company, as
trustee.
Issuer ............................. Providian Master Trust (the "Trust).
Title of Securities ................ $501,000,000 ___% Class A Asset Backed
Certificates, Series 1997-4 (the
"Class A Certificates"), and
$48,000,000 ___% Class B Asset Backed
Certificates, Series 1997-4 (the "Class
B Certificates").
Class A Initial Invested Amount .... $501,000,000.
Class B Initial Invested Amount .... $48,000,000.
Class A Certificate Rate ........... ___% per annum, calculated on the basis
of a 360-day year of twelve 30-day
months.
Class B Certificate Rate ........... ___% per annum, calculated on the basis
of a 360-day year of twelve 30-day
months.
Interest Payment Dates ............. Interest on the Class A Certificates and
the Class B Certificates will be
distributed on the 15th day of each
month or, if any such 15th day is not a
business day, the next succeeding
business day (each, a "Distribution
Date"), commencing December 15, 1997.
Class A Expected Final Payment
Date ............................... The November 2002 Distribution Date. The
principal of the Class A Certificates is
scheduled to be paid on the Class A
Expected Final Payment Date but may be
paid earlier or later under certain
circumstances.
Class B Expected Final Payment
Date ............................... The January 2003 Distribution Date. The
principal of the Class B Certificates is
scheduled to be paid on the Class B
Expected Final Payment Date but may be
paid earlier or later under certain
circumstances.
Series Cut-Off Date ................ October 31, 1997.
Series Termination Date ............ The June 2007 Distribution Date.
Trust Assets ....................... The assets of the Trust (the "Trust
Assets") include receivables (the
"Receivables") arising under a portfolio
of consumer revolving credit card
accounts and other consumer revolving
credit accounts (the "Accounts") included
in the Trust from time to time, funds
collected or to be collected from
accountholders in respect of the
Receivables, the right to receive
certain interchange fees attributable to
accountholder charges for merchandise and
services in certain of the Accounts,
certain amounts recovered with respect to
Accounts in which the Receivables have
been charged-off as uncollectible, monies
on deposit in certain accounts of the
Trust and any credit enhancement with
respect to a particular Series or Class.
The aggregate amount of Receivables in
the Accounts as of September 30, 1997
(including approximately $446,000,000 of
Receivables in Accounts added to the
Trust after September 30, 1997 and on
or prior to November 7, 1997 (the "Series
Issuance Date")) was $6,247,743,423 of
which $6,127,253,740 were Principal
Receivables and $120,489,683 were
Finance Charge Receivables (which
amounts include overdue Principal
Receivables and overdue Finance
Charge Receivables, respectively).
Collateral Initial Invested
Amount ............................. $51,000,000.
Cash Collateral Account ............ A cash collateral account (the "Cash
Collateral Account") will be held in the
name of the Trustee, on behalf of the
Trust, for the benefit of the Class A
Certificateholders and the Class B
Certificateholders. The Cash Collateral
Account will have a beginning balance of
$15,000,000, which amount represents 2.5%
of the sum of the Class A Initial
Invested Amount, the Class B Initial
Invested Amount and the Collateral
Initial Invested Amount (the "Initial
Invested Amount").
Subordination ...................... The Class B Certificates will be
subordinated to the extent necessary to
fund certain payments with respect to the
Class A Certificates. In addition, the
Collateral Interest, Series 1997-4 (the
"Collateral Interest"), an undivided
interest in certain Trust Assets to be
issued concurrently with the Class A
Certificates and the Class B
Certificates, will be subordinated to the
extent necessary to fund certain payments
with respect to the Class A Certificates
and the Class B Certificates.
Class A Credit Enhancement ......... On each Distribution Date, the Class B
Certificates (initially 8.0% of the
Initial Invested Amount), the Collateral
Interest (initially 8.5% of the Initial
Invested Amount) and the amount on
deposit in the Cash Collateral Account
(initially 2.5% of the Initial Invested
Amount) will constitute the credit
enhancement for the Class A Certificates.
Class B Credit Enhancement ......... On each Distribution Date, the Collateral
Interest (initially 8.5% of the Initial
Invested Amount) and the amount on
deposit in the Cash Collateral Account
(initially 2.5% of the Initial Invested
Amount) will, after application to fund
certain amounts with respect to the Class
A Certificates, constitute the credit
enhancement for the Class B Certificates.
Sharing of Additional Finance
Charges ............................ Upon the issuance of the Series 1997-4
Certificates, nine Series issued by the
Trust will be outstanding as of the
Series Issuance Date and will be included
in a group of Series designated as
"Group One". Group One is expected to
include additional Series issued from
time to time. Subject to certain
limitations, unapplied collections of
Finance Charge Receivables, if any, with
respect to any Series included in Group
One will be applied to cover any
shortfalls with respect to amounts
payable from collections of Finance
Charge Receivables allocable to any other
Series in Group One, pro rata based upon
the amount of the shortfall, if any, with
respect to each other Series in Group
One.
Series Servicing Fee Percentage .... For so long as FDNB is the Servicer,
1.75% per annum or, if a successor
Servicer is appointed, a percentage
determined by the Trustee, which will
not exceed 2.00% per annum.
ERISA Eligibility .................. The Class A Certificates may be eligible
for purchase by Benefit Plans. The Class
B Certificates are not expected to be
eligible for purchase by Benefit Plans.
See "ERISA Considerations" in the
Prospectus.
Class A Certificate Rating.......... It is a condition to the issuance of the
Class A Certificates that they be rated
in the highest rating category by at
least one nationally recognized
statistical rating agency.
Class B Certificate Rating ......... It is a condition to the issuance of the
Class B Certificates that they be rated
in one of the three highest rating
categories by at least one nationally
recognized statistical rating agency.
THE PROVIDIAN PORTFOLIO
General
Set forth below is certain information with respect to the credit card and
revolving line accounts under management by the Banks or their affiliates (the
"Providian Portfolio"). There can be no assurance that the yield, loss and
delinquency experience with respect to the Receivables will be comparable to
that set forth below with respect to the entire Providian Portfolio.
Accountholder Monthly Payment Rates
The following table sets forth the highest and lowest accountholder monthly
payment rates for the Providian Portfolio during any month in the period shown
and the average accountholder monthly payment rates for all months during the
periods shown, in each case calculated as a percentage of total opening monthly
account balances during the applicable months. Payments shown in the table
consist of amounts that would be deemed payments of Principal Receivables and
Finance Charge Receivables with respect to the Accounts.
ACCOUNTHOLDER MONTHLY PAYMENT RATES
PROVIDIAN PORTFOLIO
<TABLE>
<CAPTION>
Nine Months Year Ended December 31,
Ended ----------------------------------
September 30,
1997 1996 1995 1994
------------ ---- ---- ----
<S> <C> <C> <C> <C>
Lowest..................................... 8.66% 7.84% 7.31% 7.29%
Highest.................................... 10.14% 9.35% 8.95% 8.98%
Monthly Average............................ 9.26% 8.47% 8.01% 8.20%
</TABLE>
Revenue Experience
Gross revenues from periodic finance charges and fees billed to
accountholders on accounts contained in the Providian Portfolio for the nine
months ended September 30, 1997 and for each of the three years ended December
31, 1996, 1995 and 1994 are set forth in the following table. Revenue from the
Receivables will depend on the types of fees and charges assessed on the
Accounts, and could be adversely affected by future changes made by the Banks or
the Servicer in such fees and charges or by other factors.
REVENUE EXPERIENCE
PROVIDIAN PORTFOLIO
<TABLE>
<CAPTION>
Nine Months Year Ended December 31,
Ended -------------------------------------
September 30,
1997 1996 1995 1994
-------- ---- ---- ----
(Dollars in Thousands)
<S> <C> <C> <C> <C>
Average Receivables
Outstanding(1).................... $7,611,693 $6,646,608 $4,810,220 $3,567,940
Finance Charge and
Fee Income(2)..................... 1,119,146 1,233,457 975,434 743,553
Average Revenue Yields(3)(4)......... 19.66% 18.56% 20.28% 20.84%
</TABLE>
(1) Average Receivables Outstanding for any period is equal to the average
of the Average Daily Balance for each month in such period. The Average
Daily Balance for a month is equal to the average of the Receivables
outstanding on each day in such month. Receivables outstanding on any day
are the sum of Principal Receivables and Finance Charge Receivables on
such day.
(2) Finance Charge and Fee Income includes Interchange and is reduced by
purchase rebates with respect to certain accounts.
(3) Average Revenue Yield is the result of dividing Finance Charge and Fee
Income by Average Receivables Outstanding during the periods indicated.
(4) The percentage for the nine months ended September 30, 1997 is an annualized
figure.
Loss and Delinquency Experience
The following tables set forth the delinquency and loss experience with
respect to payments by accountholders on the Providian Portfolio for each of the
periods shown. There can be no assurance, however, that the loss and
delinquency experience for the Receivables will be similar to the historical
experience for the Providian Portfolio set forth below.
DELINQUENCY EXPERIENCE
PROVIDIAN PORTFOLIO
<TABLE>
<CAPTION>
At September At December 31,
30, ---------------------------------------------------------------------------------
1997 1996 1995 1994
-------------------------- --------------------------- --------------------------- -----------------------
Delinquent Delinquent Delinquent Delinquent
Amount Percentage(1) Amount Percentage(1) Amount Percentage(1) Amount Percentage(1)
---------- ------------- ---------- ------------- ---------- ------------- ---------- -------------
(Dollars in Thousands)
<S> <C> <C> <C> <C> <C> <C> <C> <C>
31-60 days......... $118,734 1.54% $127,322 1.63% $ 81,933 1.45% $ 54,160 1.34%
61-90 days......... 71,939 0.93 71,890 0.92 44,170 0.78 29,000 0.72
91 days or more 121,337 1.58 120,571 1.55 57,579 1.02 38,278 0.95
--------- ---- -------- ---- -------- ---- -------- ----
Total $312,010 4.05% $319,783 4.10% $183,682 3.25% $121,438 3.01%
</TABLE>
(1) The percentages are the result of dividing the Delinquent Amount by the
aggregate Receivables outstanding at the dates indicated. The aggregate
Receivables outstanding at September 30, 1997 and at December 31, 1996,
1995, and 1994 were $7,701,630, $7,790,346, $5,637,675, and $4,040,238,
respectively. Receivables outstanding on any day are the sum of Principal
Receivables and Finance Charge Receivables on such day.
LOSS EXPERIENCE
PROVIDIAN PORTFOLIO
<TABLE>
<CAPTION>
Nine Months Year Ended December 31,
Ended -----------------------------------
September 30,
1997 1996 1995 1994
------------ ---- ---- ----
(Dollars in Thousands)
<S> <C> <C> <C> <C>
Average Receivables
Outstanding(1).................... $7,611,693 $6,646,608 $4,810,220 $3,567,940
Gross Charge-offs(2)................. 450,737 410,614 253,367 197,936
Recoveries........................... 41,999 44,570 35,555 28,283
Net Charge-offs(3)................... 408,738 366,044 217,812 169,653
Net Charge-offs as a Percentage
of Average Receivables(4)......... 7.18% 5.51% 4.53% 4.75%
</TABLE>
(1) Average Receivables Outstanding for any period is equal to the average of
the Average Daily Balance for each month in such period. The Average
Daily Balance for a month is equal to the average of the Receivables
outstanding on each day in such month. Receivables outstanding on any day
are the sum of Principal Receivables and Finance Charge Receivables on
such day.
(2) Gross Charge-offs are Receivables charged off as uncollectible in
accordance with the Banks' customary practices (excludes reductions due to
fraud, returned goods and customer disputes for all periods shown).
(3) Gross Charge-offs less the total amount of recoveries on previously
Charged-off Accounts.
(4) The percentage for the nine months ended September 30, 1997 is an
annualized figure.
COMPOSITION OF THE ACCOUNTS
The Receivables in the Accounts as of September 30, 1997 (including
approximately $446,000,000 of Receivables in Accounts added to the Trust after
September 30, 1997 and on or prior to the Series Issuance Date, which Accounts
are included in all figures set forth in this paragraph) included $120,489,683
of Finance Charge Receivables and $6,127,253,740 of Principal Receivables (which
amounts include overdue Finance Charge Receivables and overdue Principal
Receivables, respectively). As of September 30, 1997, there were 4,366,067
Accounts (including 1,597,047 closed Accounts with a zero balance and 352,623
charged-off Accounts). As of September 30, 1997, the Accounts had an average
total Principal Receivables balance of $4,218 (excluding 2,911,224 Accounts with
a zero or credit balance and charged-off Accounts) and an average credit limit
of $6,866 (excluding 1,949,670 closed Accounts with a zero balance and
charged-off Accounts). As of September 30, 1997, the average total Principal
Receivables balance in the Accounts as a percentage of the average credit limit
with respect to the Accounts (excluding 2,911,224 Accounts with a zero or credit
balance and charged-off Accounts in the case of average total Principal
Receivables balance, and with respect to average credit limit, excluding
1,949,670 closed Accounts with a zero balance and charged-off Accounts) was
approximately 61.4%. As of September 30, 1997, the weighted average age of the
Accounts was 36.1 months.
The following tables summarize the Accounts by various criteria as of
September 30, 1997. References to "Receivables Outstanding" in the following
tables include both Finance Charge Receivables and Principal Receivables.
Because the composition of the Accounts will change in the future, these tables
are not necessarily indicative of the future composition of the Accounts.
COMPOSITION OF ACCOUNTS BY ACCOUNT BALANCE
(As of September 30, 1997)(1)
<TABLE>
<CAPTION>
Percentage Percentage
of Total of Total
Number of Number Receivables Receivables
Account Balance Accounts(2) of Accounts Outstanding(2) Outstanding
- --------------- ----------- ----------- -------------- -----------
(Dollars in Thousands)
<S> <C> <C> <C> <C>
Credit Balance(3).......................... 54,866 2.27% $ (8,644) (0.14)%
No Balance(4).............................. 906,688 37.52 -- --
$0.01 to $1,499.99......................... 437,609 18.11 197,821 3.17
$1,500.00 to $2,999.99..................... 203,030 8.40 469,876 7.52
$3,000.00 to $4,499.99..................... 218,283 9.03 813,983 13.03
$4,500.00 to $5,999.99..................... 247,112 10.23 1,269,426 20.32
$6,000.00 to $7,499.99..................... 106,083 4.39 711,593 11.39
$7,500.00 to $8,999.99..................... 72,029 2.98 588,824 9.42
$9,000.00 to $10,499.99.................... 50,684 2.10 492,053 7.88
$10,500.00 and above....................... 120,013 4.97 1,712,811 27.41
--------- ------ --------- -----
Total................................... 2,416,397 100.00% $6,247,743 100.00%
========= ====== ========== ======
</TABLE>
(1) Includes approximately $446,000,000 of Receivables in Accounts added to
the Trust after September 30, 1997 and on or prior to the Series Issuance
Date.
(2) Receivables outstanding are the sum of Principal Receivables and Finance
Charge Receivables. Does not include 1,597,047 closed Accounts with a
zero balance and 352,623 charged-off Accounts. The Receivables of the
charged-off Accounts are valued at zero. However, for purposes of
realizing recoveries, the Receivables of such Accounts have been assigned
to the Trust.
(3) Credit Balances are a result of accountholder payments and credit
adjustments applied in excess of an Account's unpaid balance. Accounts
with a credit balance are included, as Receivables may be generated with
respect thereto in the future.
(4) Accounts with no balance are included, as Receivables may be generated
with respect thereto in the future.
COMPOSITION OF ACCOUNTS BY CREDIT LIMIT
(As of September 30, 1997)(1)
<TABLE>
<CAPTION>
Percentage Percentage
of Total of Total
Number of Number Receivables Receivables
Credit Limit Accounts(2) of Accounts Outstanding(2) Outstanding
- ------------ ----------- ----------- -------------- -----------
(Dollars in Thousands)
<S> <C> <C> <C> <C>
$0.01 to $1,499.99......................... 2,600 0.11% $ 395 0.01%
$1,500.00 to $2,999.99..................... 8,589 0.36 8,537 0.13
$3,000.00 to $4,499.99..................... 198,681 8.22 303,251 4.85
$4,500.00 to $5,999.99..................... 1,048,882 43.41 1,309,251 20.96
$6,000.00 to $7,499.99..................... 465,250 19.25 1,021,045 16.34
$7,500.00 to $8,999.99..................... 209,345 8.66 657,589 10.53
$9,000.00 to $10,499.99.................... 210,946 8.73 642,320 10.28
$10,500.00 and above....................... 272,104 11.26 2,305,355 36.90
--------- ----- --------- -----
Total................................... 2,416,397 100.00% $6,247,743 100.00%
========= ====== ========== ======
</TABLE>
(1) Includes approximately $446,000,000 of Receivables in Accounts added to
the Trust after September 30, 1997 and on or prior to the Series
Issuance Date.
(2) Receivables outstanding are the sum of Principal Receivables and Finance
Charge Receivables. Does not include 1,597,047 closed Accounts with a zero
balance and 352,623 charged-off Accounts. The Receivables of the
charged-off Accounts are valued at zero. However, for purposes of
realizing recoveries, the Receivables of such Accounts have been assigned
to the Trust.
COMPOSITION OF ACCOUNTS BY PAYMENT STATUS
(As of September 30, 1997)(1)
<TABLE>
<CAPTION>
Percentage Percentage
of Total of Total
Number of Number Receivables Receivables
Payment Status Accounts (2) of Accounts Outstanding(2) Outstanding
- -------------- ------------ ----------- -------------- -----------
(Dollars in Thousands)
<S> <C> <C> <C> <C>
Current(3)................................. 2,375,232 98.30% $5,983,818 95.78%
31-60 Days Delinquent...................... 16,502 0.68 100,995 1.62
61-90 Days Delinquent...................... 9,359 0.39 60,649 0.97
91 Days Delinquent or more................. 15,304 0.63 102,281 1.63
--------- ----- ---------- -------
Total................................... 2,416,397 100.00% $6,247,743 100.00%
========= ====== ========== ======
</TABLE>
(1) Includes approximately $446,000,000 of Receivables in Accounts added to the
Trust after September 30, 1997 and on or prior to the Series Issuance Date.
(2) Receivables outstanding are the sum of Principal Receivables and Finance
Charge Receivables. Does not include 1,597,047 closed Accounts with a zero
balance and 352,623 charged-off Accounts. The Receivables of the
charged-off Accounts are valued at zero. However, for purposes of
realizing recoveries, the Receivables of such Accounts have been assigned
to the Trust.
(3) Includes Accounts on which the minimum payment has not been received prior
to the second billing date following issuance of the related billing
statement.
COMPOSITION OF ACCOUNTS BY ACCOUNT AGE
(As of September 30, 1997)(1)
<TABLE>
<CAPTION>
Percentage Percentage
of Total of Total
Number of Number Receivables Receivables
Account Age Accounts(2) of Accounts Outstanding (2) Outstanding
- ----------- ----------- ----------- --------------- -----------
(Dollars in Thousands)
<S> <C> <C> <C> <C>
0 to 6 months old.......................... 300,353 12.43% $ 593,503 9.50%
Over 6 to 12 months........................ 388,995 16.10 892,451 14.28
Over 12 to 24 months....................... 533,496 22.08 1,530,638 24.50
Over 24 to 36 months....................... 342,495 14.17 1,111,085 17.79
Over 36 to 48 months....................... 219,251 9.07 562,233 9.00
Over 48 months............................. 631,807 26.15 1,557,833 24.93
--------- ------- --------- -----
Total................................... 2,416,397 100.00% $6,247,743 100.00%
========= ====== ========= ======
</TABLE>
(1) Includes approximately $446,000,000 of Receivables in Accounts added to
the Trust after September 30, 1997 and on or prior to the Series Issuance
Date.
(2) Receivables outstanding are the sum of Principal Receivables and Finance
Charge Receivables. Does not include 1,597,047 closed Accounts with a zero
balance and 352,623 charged-off Accounts. The Receivables of the
charged-off Accounts are valued at zero. However, for purposes of
realizing recoveries, the Receivables of such Accounts have
been assigned to the Trust.
COMPOSITION OF ACCOUNTS BY GEOGRAPHIC DISTRIBUTION(1)
(As of September 30, 1997)(2)
<TABLE>
<CAPTION>
Percentage Percentage
of Total of Total
Number of Number Receivables Receivables
State Accounts(3) of Accounts Outstanding(3) Outstanding
- ----- ----------- ----------- -------------- -----------
(Dollars in Thousands)
<S> <C> <C> <C> <C>
California................................. 319,385 13.22% $ 791,206 12.66%
Texas...................................... 176,884 7.32 472,130 7.56
New York................................... 169,412 7.01 414,369 6.63
Florida.................................... 134,918 5.58 321,609 5.15
Pennsylvania............................... 110,975 4.59 267,680 4.28
Illinois................................... 104,189 4.31 265,348 4.25
Ohio....................................... 95,896 3.97 258,510 4.14
North Carolina............................. 69,838 2.89 209,188 3.35
Michigan................................... 79,201 3.28 203,334 3.25
New Jersey................................. 82,594 3.42 188,436 3.02
Georgia.................................... 59,679 2.47 175,156 2.80
Indiana.................................... 60,884 2.52 164,744 2.64
Washington................................. 55,409 2.29 144,274 2.31
Virginia................................... 48,949 2.03 142,623 2.28
Missouri................................... 53,004 2.19 140,202 2.24
Tennessee.................................. 46,537 1.93 132,857 2.13
Massachusetts.............................. 58,713 2.43 131,623 2.11
Others(4)(5)............................... 689,930 28.55 1,824,454 29.20
--------- ------ --------- ------
Total................................... 2,416,397 100.00% $6,247,743 100.00%
========= ====== ========= ======
</TABLE>
(1) Determined on the basis of accountholders' telephone area codes.
(2) Includes approximately $446,000,000 of Receivables in Accounts added to
the Trust after September 30, 1997 and on or prior to the Series Issuance
Date.
(3) Receivables outstanding are the sum of Principal Receivables and Finance
Charge Receivables. Does not include 1,597,047 closed Accounts with a
zero balance and 352,623 charged-off Accounts. The Receivables of the
charged-off Accounts are valued at zero. However, for purposes of
realizing recoveries, the Receivables of such Accounts have been assigned
to the Trust.
(4) No state other than those listed has more than 2.00% of the total
Receivables Outstanding, excluding Accounts for which computer records
show "unknown" in the state field.
(5) Includes Accounts representing 0.01% of the total Receivables Outstanding
for which computer records show "unknown" in the state field.
