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): May 15, 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
5.75% Asset-Backed Certificates, Series 1993-2
Remarketed Asset-Backed Certificates, Series 1993-3
6.90% Asset-Backed Certificates, Series 1994-1
Floating Rate Asset-Backed Certificates, Series 1995-1
6.05% Asset-Backed Certificates, Series 1995-2
Floating Rate Asset-Backed Certificates, Series 1996-1
Floating Rate Asset-Backed Certificates, Series 1997-1
Floating Rate Asset-Backed Certificates, Series 1997-2)
-------------------------------------------------------
(Exact name of registrant as specified in charter)
33-59922
33-84844
33-99462
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.
Exhibit 19.1 Monthly Statement for the 5.75% Asset-Backed Certificates,
Series 1993-2 with respect to the May 15, 1997 Distribution Date.
Exhibit 19.2 Monthly Statement for the 6.90% Asset-Backed Certificates,
Series 1994-1 with respect to the May 15, 1997 Distribution Date.
Exhibit 19.3 Monthly Statement for the Floating Rate Asset-Backed
Certificates, Series 1995-1 with respect to the May 15,
1997 Distribution Date.
Exhibit 19.4 Monthly Statement for the 6.05% Asset-Backed Certificates,
Series 1995-2 with respect to the May 15, 1997
Distribution Date.
Exhibit 19.5 Monthly Statement for the Floating Rate Asset-Backed
Certificates, Series 1996-1 with respect to the May 15,
1997 Distribution Date.
Exhibit 19.6 Monthly Statement for the Floating Rate Asset-Backed
Certificates, Series 1997-1 with respect to the May 15,
1997 Distribution Date.
Exhibit 19.7 Monthly Statement for the Floating Rate Asset-Backed
Certificates, Series 1997-2 with respect to the May 15,
1997 Distribution Date.
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/ Robert W. Molke
------------------------------
Robert W. Molke
Vice President
Date: May 15, 1997
----------------
EXHIBIT INDEX
Exhibit No.
19.1 Monthly Statement for the 5.75% Asset-Backed Certificates,
Series 1993- 2 with respect to the May 15, 1997 Distribution
Date.
19.2 Monthly Statement for the 6.90% Asset-Backed Certificates,
Series 1994- 1 with respect to the May 15, 1997 Distribution
Date.
19.3 Monthly Statement for the Floating Rate Asset-Backed
Certificates, Series 1995-1 with respect to the May 15, 1997
Distribution Date.
19.4 Monthly Statement for the 6.05% Asset-Backed Certificates,
Series 1995- 2 with respect to the May 15, 1997 Distribution
Date.
19.5 Monthly Statement for the Floating Rate Asset-Backed
Certificates, Series 1996-1 with respect to the May 15, 1997
Distribution Date.
19.6 Monthly Statement for the Floating Rate Asset-Backed
Certificates, Series 1997-1 with respect to the May 15, 1997
Distribution Date.
19.7 Monthly Statement for the Floating Rate Asset-Backed
Certificates, Series 1997-2 with respect to the May 15, 1997
Distribution Date.
MONTHLY STATEMENT
---------------------------------------------
PROVIDIAN MASTER TRUST
SERIES 1993-2
---------------------------------------------
Pursuant to the Pooling and Servicing Agreement dated as of June 1, 1993
(as amended and supplemented, the "Agreement"), as supplemented by the Series
1993-2 Supplement (as amended and supplemented, the "Series Supplement"), among
First Deposit National Bank, Seller and Servicer ("First Deposit"), Providian
National Bank (formerly First Deposit National Credit Card Bank), Seller, and
Bankers Trust Company, Trustee, First Deposit as Servicer is required to prepare
certain information each month regarding current distributions to Investor
Certificateholders and the performance of the First Deposit Master Trust (the
"Trust") during the previous month. The information which is required to be
prepared for the Series 1993-2 Certificates with respect to the Distribution
Date occurring on May 15, 1997, and with respect to the performance of the Trust
during the month of April is set forth below. Certain of the information is
presented on the basis of an original principal amount of $1,000 per Investor
Certificate (a "Certificate"). Certain other information is presented based on
the aggregate amounts for the Trust as a whole. Capitalized terms used in this
Certificate have their respective meanings set forth in the Agreement or Series
Supplement, as applicable.
A) Information Regarding the Current Monthly Distribution for the Series
1993-2 Certificates (stated on the basis of $1,000 original certificate
principal amount)
(1) The total amount distributed to Series 1993-2 Certificateholders
per $1,000 original certificate principal amount $4.791667
(2) The amount set forth in A (1) above distributed to Series 1993-2
Certificateholders with respect to interest per $1,000 original
certificate principal amount $4.791667
(3) The amount set forth in A (1) above distributed to Series
1993-2 Certificateholders with respect to principal per $1,000
original certificate principal amount $0.000000
B) Information Regarding the Performance of the Trust
(1) Allocation of Receivables Collections to the Series 1993-2 Certificates
(a) The aggregate amount of Finance Charge Receivables collected during the
Monthly Period immediately preceding the Distribution
Date $86,158,502.90
(b) The aggregate amount of Principal Receivables collected during the Monthly
Period immediately preceding the Distribution
Date $390,835,649.02
(c) The Floating Allocation Percentage with respect to the Series
1993-2 Certificates for the Monthly Period immediately
preceding the Distribution Date 9.063868%
(d) The Principal Allocation Percentage with respect to the
Series 1993-2 Certificates for the Monthly Period
immediately preceding the Distribution Date 9.063868%
(e) The Finance Charge Receivables collected and allocated to
the Series 1993-2 Certificates for the Monthly Period
immediately preceding the Distribution Date $7,809,293.36
(f) The Principal Receivables collected and allocated to the
Series 1993-2 Certificates for the Monthly Period
immediately preceding the Distribution Date $35,424,829.06
(2) Available Finance Charge Collections for Series 1993-2 for the Monthly
Period immediately preceding the Distribution Date
(a) The Finance Charge Receivables collected and allocated to
the Series 1993-2 Certificates $7,809,293.36
(b) Collection Account and Special Funding Account investment
earnings allocated to the Series 1993-2 Certificates $126,091.11
(c) Additional Finance Charges from other Series allocated to
the Series 1993-2 Certificates $0.00
(d) Principal Funding Account Investment Proceeds $150,277.68
(e) Reserve Account withdrawals $0.00
(f) Available Finance Charge Collections for Series 1993-2
(total of (a), (b), (c), (d) and (e) above) $8,085,662.15
(3) Available Principal Collections for Series 1993-2 for the Monthly Period
immediately preceding the Distribution Date
(a) The Principal Receivables collected and allocated to the
Series 1993-2 Certificates $35,424,829.06
(b) Shared Principal Collections from other Series allocated to
the Series 1993-2 Certificates $0.00
(c) Additional amounts to be treated as Available Principal
Collections pursuant to the Series Supplement $3,407,474.43
(d) Available Principal Collections for Series 1993-2 (total of
(a), (b) and (c) above) $38,832,303.49
(4) Delinquent Balances in the Trust
The aggregate outstanding balance of the Accounts which were delinquent as
of the close of business on the last day of the Monthly Period immediately
preceding the Distribution Date.
(a) 31-60 days $ 87,461,962
(b) 61-90 days 55,062,335
(c) 91 or more days 97,292,967
-----------
(d) Total Delinquencies $ 239,817,264
(5) Defaulted Amount
(a) The aggregate amount of Defaulted Receivables with respect
to the Trust for the Monthly Period immediately preceding
the Distribution Date $41,430,147.75
(b) The aggregate amount of Recoveries of Defaulted
Receivables processed during the Monthly Period
immediately preceding the Distribution Date $3,836,106.68
(c) The Defaulted Amount for the Monthly Period immediately
preceding the Distribution Date [Defaulted Receivables
minus Recoveries] $37,594,041.07
(d) The Defaulted Amount for the Monthly Period immediately
preceding the Distribution Date allocable to the Series
1993-2 Certificates (the "Investor Default Amount") $3,407,474.43
(6) Investor Charge-Offs
(a) The amount withdrawn, if any, under the Series
Enhancement $0.00
(b) The excess of the Investor Default Amount over the sum of
(i) the Available Finance Charge Collections applied to
such Investor Default Amount and (ii) the amount of the withdrawal,
if any, under the Series Enhancement applied to such Investor Default
Amount (an "Investor Charge-Off") $0.00
(c) The amount of the Investor Charge-Off set forth in
item 6(b) above, per $1,000 original certificate
principal amount (which will have the effect of
reducing, pro rata, the amount of each Series 1993-2 Certificateholder's
investment) $0.000000
(d) The total amount reimbursed to the Trust for such
Distribution Date in respect of Investor Charge-Offs for prior
Distribution Dates $0.00
(e) The amount set forth in item 6(d) above per $1,000
original certificate principal amount (which will have
the effect of increasing, pro rata, the amount of each
Series 1993-2 Certificateholder's investment) $0.000000
(f) The amount, if any, by which the outstanding principal
balance of the Series 1993-2 Certificates exceeds the
Series 1993-2 Invested Amount as of the Distribution
Date, after giving effect to all deposits, withdrawals
and distributions on such Distribution Date $0.00
(7) Investor Monthly Servicing Fee
The amount of the Series 1993-2 Monthly Servicing Fee payable to
the Servicer on the Distribution Date $680,555.56
(8) Available Series Enhancement Amount
(a) The Available Cash Collateral Amount for the Series
1993-2 Certificateholders as of the close of business
on the Distribution Date, after giving effect to all
deposits, withdrawals and distributions on such
Distribution Date and the related Transfer Date 93,333,333.33
(b) The percentage of the Available Cash Collateral Amount to
the Invested Amount of the Series 1993-2 Certificates as of
the close of business on the Distribution Date, after giving
effect to all deposits, withdrawals and distributions on such
Distribution Date and the related Transfer Date 20.00%
(c) The amount of the Enhancement Invested Amount, if any, as
of the close of business on the Distribution Date, after giving
effect to all deposits, withdrawals and distributions on such
Distribution Date and the related Transfer Date $0.00
(9) Principal Funding Account Amount
(a) The amount on deposit in the Principal Funding Account as
of the close of business on the Distribution Date, after giving
effect to all deposits, withdrawals and distributions on such
Distribution Date and the related Transfer Date $66,666,666.66
(b) Deposits in the Principal Funding Account are
currently scheduled to commence on the Distribution
Date occurring in April, 1997. (The initial funding
date for the Principal Funding Account may be modified
in certain circumstances in accordance with the terms
of the Series Supplement.)
(10) Deficit Controlled Accumulation Amount
The Deficit Controlled Accumulation Amount for the Distribution Date, after
giving effect to all deposits, withdrawals and distributions on such
Distribution Date and the related Transfer Date $0.00
(11) Reserve Account
(a) The amount on deposit in the Reserve Account as of the
close of business on the Distribution Date, after giving effect
to all deposits, withdrawals and distributions on such
Distribution Date and the related Transfer Date $5,000,000.00
(b) The Required Reserve Account Amount is currently
calculated to be $5,000,000.00
(c) Deposits in the Reserve Account commenced on the
Distribution Date occurring in January, 1997. (The initial
funding date for the Reserve Account may be modified in
certain circumstances in accordance with the terms of the
Series Supplement.)
C) Invested Amount
(1) The Invested Amount of the Series 1993-2 Certificates on the date
of issuance (the "Initial Invested Amount") $500,000,000.00
(2) The Invested Amount of the Series 1993-2 Certificates on the
Distribution Date, after giving effect to all deposits, withdrawals
and distributions on such Distribution Date $500,000,000.00
(3) The Pool Factor for the Distribution Date (which represents the
ratio of the Invested Amount of the Series 1993-2 Certificates as of
such Distribution Date, after giving effect to any adjustment in the
Invested Amount of the 1993-2 Certificates on such date, to the
Initial Invested Amount of the Series 1993-2 Certificates). The
amount of a Certificateholder's pro rata share of the Invested
Amount can be determined by multiplying the original
denomination of the Certificateholder's Certificate by the Pool
Factor 1.000000
D) Receivables Balances
(1) The aggregate amount of Principal Receivables in the Trust at the
close of business on the last day of the immediately preceding
Monthly Period $5,412,660,752
(2) The aggregate amount of Finance Charge Receivables in the Trust
at the close of business on the last day of the immediately
preceding Monthly Period $96,527,092
E) Annualized Percentages
(1) The Gross Yield (Available Finance Charge Collections for the
Series 1993-2 Certificates for the preceding Monthly Period
divided by the Invested Amount of the Series 1993-2
Certificates as of the last day of the next preceding Monthly
Period, multiplied by 12) 19.41%
(2) The Net Loss Rate (the Investor Default Amount for the 1993-2
Certificates for the preceding Monthly Period divided by the
Invested Amount of the Series 1993-2 Certificates as of the
last day of the next preceding Monthly Period, multiplied
by 12) 8.18%
(3) The Portfolio Yield (the Gross Yield minus the Net Loss Rate for
the Series 1993-2 Certificates for the preceding Monthly
Period) 11.23%
(4) The Base Rate (Monthly Interest plus Monthly Servicing Fee for
the preceding Monthly Period divided by the Invested Amount of
the Series 1993-2 Certificates as of the last day of the next
preceding Monthly Period, multiplied by 12) 7.38%
(5) The Net Spread (the Portfolio Yield minus the Base Rate for the
Series 1993-2 Certificates for the preceding Monthly Period) 3.85%
(6) The Monthly Payment Rate (Collections of Principal Receivables
and Finance Charge Receivables with respect to all Receivables
in the Trust for the preceding Monthly Period divided by the
amount of Receivables in the Trust as of the last day of the
next preceding Monthly Period) 8.51%
F) Series 1993-2 Information for the Last Three Distribution Dates
1) Gross Yield
a) 5/15/97 19.41%
b) 4/15/97 22.00%
c) 3/17/97 23.81%
2) Net Loss Rate
a) 5/15/97 8.18%
b) 4/15/97 8.56%
c) 3/17/97 8.31%
3) Net Spread (Portfolio Yield Minus Base Rate)
a) 5/15/97 3.85%
b) 4/15/97 5.94%
c) 3/17/97 8.00%
Three Month Average 5.93%
4) Monthly Payment Rate
a) 5/15/97 8.51%
b) 4/15/97 9.21%
c) 3/17/97 10.29%
FIRST DEPOSIT NATIONAL BANK,
Servicer
By: /s/ David J. Petrini
----------------------------
Name: David J. Petrini
Title Senior Vice President and
Chief Financial Officer
MONTHLY STATEMENT
---------------------------------------------
PROVIDIAN MASTER TRUST
SERIES 1994-1
---------------------------------------------
Pursuant to the Pooling and Servicing Agreement dated as of June 1,
1993 (as amended and supplemented, the "Agreement"), as supplemented by the
Series 1994-1 Supplement dated as of May 1, 1994 (as amended and supplemented,
the "Series Supplement"), among First Deposit National Bank, Seller and Servicer
("First Deposit"), Providian National Bank (formerly First Deposit National
Credit Card Bank), Seller, and Bankers Trust Company, Trustee, First Deposit as
Servicer is required to prepare certain information each month regarding current
distributions to Investor Certificateholders and the performance of the First
Deposit Master Trust (the "Trust") during the previous month. The information
which is required to be prepared for the Series 1994-1 Certificates with respect
to the Distribution Date occurring on May 15, 1997, and with respect to the
performance of the Trust during the month of April is set forth below. Certain
of the information is presented on the basis of an original principal amount of
$1,000 per Investor Certificate (a "Certificate"). Certain other information is
presented based on the aggregate amounts for the Trust as a whole. Capitalized
terms used in this Certificate have their respective meanings set forth in the
Agreement or Series Supplement, as applicable.
A) Information Regarding the Current Monthly Distribution for the Series
1994-1 Certificates (stated on the basis of $1,000 original certificate
principal amount)
(1) The total amount distributed to Series 1994-1 Certificateholders per
$1,000 original certificate principal amount $5.750000
(2) The amount set forth in A (1) above distributed to Series 1994-1
Certificateholders with respect to interest per $1,000 original certificate
principal amount $5.750000
(3) The amount set forth in A (1) above distributed to Series 1994-1
Certificateholders with respect to principal per $1,000 original
certificate principal amount $0.000000
B) Information Regarding the Performance of the Trust
(1) Allocation of Receivables Collections to the Series 1994-1 Certificates
(a) The aggregate amount of Finance Charge Receivables collected during the
Monthly Period immediately preceding the Distribution Date $86,158,502.90
(b) The aggregate amount of Principal Receivables collected during the
Monthly Period immediately preceding the Distribution
Date $390,835,649.02
(c) The Floating Allocation Percentage with respect to the Series 1994-1
Certificates for the Monthly Period immediately preceding the Distribution
Date 4.305338%
(d) The Principal Allocation Percentage with respect to the Series
1994-1 Certificates for the Monthly Period immediately preceding
the Distribution Date 8.610675%
(e) The Finance Charge Receivables collected and allocated to the Series 1994-
1 Certificates for the Monthly Period immediately preceding the
Distribution Date $3,709,414.34
(f) The Principal Receivables collected and allocated to the Series 1994-1
Certificates for the Monthly Period immediately preceding the Distribution
Date $33,653,587.60
(2) Available Finance Charge Collections for Series 1994-1 for the Monthly
Period immediately preceding the Distribution Date
(a) The Finance Charge Receivables collected and allocated to the Series 1994-1
Certificates $3,709,414.34
(b) Collection Account and Special Funding Account investment earnings
allocated to the Series 1994-1 Certificates $124,795.75
(c) Additional Finance Charges from other Series allocated to the Series 1994-1
Certificates $0.00
(d) Principal Funding Account Investment Proceeds $1,460,735.04
(e) Reserve Account withdrawals $0.00
(f) Available Finance Charge Collections for Series 1994-1 (total of (a),
(b), (c), (d) and (e) above) $5,294,945.13
(3) Available Principal Collections for Series 1994-1 for the Monthly Period
immediately preceding the Distribution Date
(a) The Principal Receivables collected and allocated to the Series 1994-1
Certificates $33,653,587.60
(b) Shared Principal Collections from other Series allocated to the Series
1994-1 Certificates $43,894,528.71
(c) Additional amounts to be treated as Available Principal Collections
pursuant to the Series Supplement $1,618,550.35
(d) Available Principal Collections for Series 1994-1 (total of (a), (b) and
(c) above) $79,166,666.66
(4) Delinquent Balances in the Trust
The aggregate outstanding balance of the Accounts which were
delinquent as of the close of business on the last day of the Monthly
Period immediately preceding the Distribution Date.
(a) 31-60 days $87,461,962
(b) 61-90 days 55,062,335
(c) 91 or more days 97,292,967
----------
(d) Total Delinquencies $239,817,264
(5) Defaulted Amount
(a) The aggregate amount of Defaulted Receivables with respect to the
Trust for the Monthly Period immediately preceding the Distribution
Date $41,430,147.75
(b) The aggregate amount of Recoveries of Defaulted Receivables processed
during the Monthly Period immediately preceding the Distribution
Date $3,836,106.68
(c) The Defaulted Amount for the Monthly Period immediately preceding the
Distribution Date [Defaulted Receivables minus
Recoveries] $37,594,041.07
(d) The Defaulted Amount for the Monthly Period immediately preceding the
Distribution Date allocable to the Series 1994-1 Certificates (the
"Investor Default Amount") $1,618,550.35
(6) Investor Charge-Offs
(a) The amount withdrawn,if any, under the Series Enhancement $0.00
(b) The excess of the Investor Default Amount over the sum of
(i) the Available Finance Charge Collections applied to such
Investor Default Amount and (ii) the amount of the withdrawal,
if any, under the Series Enhancement applied to such Investor
Default Amount (an "Investor Charge-Off") $0.00
(c) The amount of the Investor Charge-Off set forth in item
6(b) above, per $1,000 original certificate principal amount
(which will have the effect of reducing, pro rata, the amount
of each Series 1994-1 Certificateholder's investment) $0.000000
(d) The total amount reimbursed to the Trust for such Distribution Date in
respect of Investor Charge-Offs for prior Distribution
Dates $0.00
(e) The amount set forth in item 6(d) above per $1,000
original certificate principal amount (which will have the
effect of increasing, pro rata, the amount of each Series
1994-1 Certificateholder's investment) $0.000000
(f) The amount, if any, by which the outstanding principal
balance of the Series 1994-1 Certificates exceeds the Series
1994-1 Invested Amount as of the Distribution Date, after
giving effect to all deposits, withdrawals and distributions
on such Distribution Date $0.00
(7) Investor Monthly Servicing Fee
The amount of the Series 1994-1 Monthly Servicing Fee payable to the
Servicer on the Distribution Date $230,902.78
(8) Available Series Enhancement Amount
(a) The Available Cash Collateral Amount for the Series 1994-1
Certificateholders as of the close of business on the
Distribution Date, after giving effect to all deposits,
withdrawals and distributions on such Distribution Date and
the related Transfer Date $31,666,666.67
(b) The percentage of the Available Cash Collateral Amount to
the amount by which the Invested Amount as of the immediately
preceding Record Date exceeds the Principal Funding Account
Balance on such Record Date 20.00%
(c) The amount of the Enhancement Invested Amount, if any, as
of the close of business on the Distribution Date, after
giving effect to all deposits, withdrawals and distributions
on such Distribution Date and the related Transfer Date $0.00
(9) Principal Funding Account Amount
(a) The amount on deposit in the Principal Funding Account as
of the close of business on the Distribution Date, after
giving effect to all deposits, withdrawals and distributions
on such Distribution Date and the related Transfer
Date $395,833,333.33
(b) Deposits in the Principal Funding Account commenced on the Distribution
Date occurring in January, 1997.
(10) Deficit Controlled Accumulation Amount
The Deficit Controlled Accumulation Amount for the Distribution Date,
after giving effect to all deposits, withdrawals and distributions on
such Distribution Date and the related Transfer Date $0.00
(11) Reserve Account
(a) The amount on deposit in the Reserve Account as of the
close of business on the Distribution Date, after giving
effect to all deposits, withdrawals and distributions on such
Distribution Date and the related Transfer Date $2,137,500.00
(b) The Required Reserve Account Amount (which may vary in accordance with
the terms of the Series Supplement) is currently
calculated to be $2,137,500.00
(c) Deposits in the Reserve Account commenced on the Distribution Date
occurring in December, 1996.
C) Invested Amount
(1) The Invested Amount of the Series 1994-1 Certificates on the date of
issuance (the "Initial Invested Amount") $475,000,000.00
(2) The Invested Amount of the Series 1994-1 Certificates on the Distribution
Date, after giving effect to all deposits, withdrawals and distributions
on such Distribution Date $475,000,000.00
(3) The Pool Factor for the Distribution Date (which represents the ratio
of the Invested Amount of the Series 1994-1 Certificates as of such
Distribution Date, after giving effect to any adjustment in the Invested
Amount of the 1994-1 Certificates on such date, to the Initial Invested
Amount of the Series 1994-1 Certificates). The amount of a
Certificateholder's pro rata share of the Invested Amount can be
determined by multiplying the original denomination of the
Certificateholder's Certificate by the Pool Factor 1.000000
D) Receivables Balances
(1) The aggregate amount of Principal Receivables in the Trust at the
close of business on the last day of the immediately preceding
Monthly Period $5,412,660,752
(2) The aggregate amount of Finance Charge Receivables in the Trust at the
close of business on the last day of the immediately preceding
Monthly Period $96,527,092
E) Annualized Percentages
(1) The Gross Yield (Available Finance Charge Collections for the Series
1994-1 Certificates for the preceding Monthly Period divided by the
Invested Amount of the Series 1994-1 Certificates as of the last day
of the next preceding Monthly Period, multiplied
by 12) 13.38%
(2) The Net Loss Rate (the Investor Default Amount for the 1994-1
Certificates for the preceding Monthly Period divided by the Invested
Amount of the Series 1994-1 Certificates as of the last day of the
next preceding Monthly Period, multiplied by 12) 4.09%
(3) The Portfolio Yield (the Gross Yield minus the Net Loss Rate for the
Series 1994-1 Certificates for the preceding Monthly Period) 9.29%
(4) The Base Rate (Monthly Interest plus Monthly Servicing Fee for the
preceding Monthly Period divided by the Invested Amount of the
Series 1994-1 Certificates as of the last day of the next preceding
Monthly Period, multiplied by 12) 7.48%
(5) The Net Spread (the Portfolio Yield minus the Base Rate for the Series
1994-1 Certificates for the preceding Monthly Period) 1.81%
(6) The Monthly Payment Rate (Collections of Principal Receivables and
Finance Charge Receivables with respect to all Receivables in the Trust
for the preceding Monthly Period divided by the amount of Receivables
in the Trust as of the last day of the next preceding
Monthly Period) 8.51%
F) Series 1994-1 Information for the Last Three Distribution Dates
1) Gross Yield
a) 5/15/97 13.38%
b) 4/15/97 17.53%
c) 3/17/97 21.55%
2) Net Loss Rate
a) 5/15/97 4.09%
b) 4/15/97 5.71%
c) 3/17/97 6.93%
3) Net Spread (Portfolio Yield Minus Base Rate)
a) 5/15/97 1.81%
b) 4/15/97 4.04%
c) 3/17/97 6.55%
Three Month Average 4.13%
4) Monthly Payment Rate
a) 5/15/97 8.51%
b) 4/15/97 9.21%
c) 3/17/97 10.29%
FIRST DEPOSIT NATIONAL BANK,
Servicer
By: /s/ David J. Petrini
---------------------------------
Name: David J. Petrini
Title: Senior Vice President and Chief Financial Officer
MONTHLY STATEMENT
---------------------------------------------
PROVIDIAN MASTER TRUST
SERIES 1995-1
---------------------------------------------
Pursuant to the Pooling and Servicing Agreement dated as of June 1,
1993 (as amended and supplemented, the "Agreement"), as supplemented by the
Series 1995-1 Supplement dated as of June 1, 1995 (as amended and supplemented,
the "Series Supplement"), among First Deposit National Bank ("FDNB"), Seller and
Servicer, Providian National Bank, Seller, and Bankers Trust Company, Trustee,
FDNB as Servicer is required to prepare certain information each month regarding
current distributions to Senior Certificateholders and the Collateral Interest
Holder and the performance of the First Deposit Master Trust (the "Trust")
during the previous month. The information which is required to be prepared for
the Series 1995-1 Certificates with respect to the Distribution Date occurring
on May 15, 1997, and with respect to the performance of the Trust during the
month of April is set forth below. Certain of the information is presented on
the basis of an original principal amount of $1,000 per Investor Certificate.
Certain other information is presented based on the aggregate amounts for the
Trust as a whole. Capitalized terms used in this Certificate have their
respective meanings set forth in the Agreement or Series Supplement, as
applicable.
A) Information Regarding the Current Monthly Distribution for the Series
1995-1 Senior Certificates (stated on the basis of $1,000 original
certificate principal amount)
(1) The total amount distributed to Senior Certificateholders per $1,000
original certificate principal amount $4.897917
(2) The amount set forth in A(1) above distributed to Senior
Certificateholders with respect to interest per $1,000 original
certificate principal amount $4.897917
(3) The amount set forth in A(1) above distributed to Senior
Certificateholders with respect to principal per $1,000 original
certificate principal amount $0.000000
B) Information Regarding the Performance of the Trust
(1) Allocation of Receivables Collections to the Series 1995-1 Certificates
(a) The aggregate amount of Finance Charge Receivables collected during
the Monthly Period immediately preceding the Distribution
Date $84,359,152.90
(b) The aggregate amount of Interchange collected and allocated to the Trust
for the Monthly Period immediately preceding the Distribution
Date $1,799,350.00
(c) The aggregate amount of Principal Receivables collected during the Monthly
Period immediately preceding the Distribution Date $390,835,649.02
(d) The Floating Allocation Percentage with respect to the Series 1995-1
Certificates for the Monthly Period immediately preceding the
Distribution Date 17.221350%
(e) The Principal Allocation Percentage with respect to the Series 1995-1
Certificates for the Monthly Period immediately preceding the
Distribution Date 17.221350%
(f) The Finance Charge Receivables and Interchange collected and allocated
to the Series 1995-1 Certificates for the Monthly Period immediately
preceding the Distribution Date $14,837,657.38
(g) The Principal Receivables collected and allocated to the Series 1995-1
Certificates for the Monthly Period immediately preceding the
Distribution Date $67,307,175.21
(2) Available Finance Charge Collections and Reallocated Principal
Collections for Series 1995-1 for the Monthly Period immediately
preceding the Distribution Date
(a) The Finance Charge Receivables and Interchange collected and allocated
to the Series 1995-1 Certificates $14,837,657.38
(b) Collection Account and Special Funding Account investment earnings
allocated to the Series 1995-1 Certificates $103,334.97
(c) PrincipalFunding Account Investment Proceeds $0.00
(d) Prefunding Account Investment Proceeds $0.00
(e) Reserve Account withdrawals, if applicable $0.00
(f) Additional Finance Charges from other Series allocated to the
Series 1995-1 Certificate $7,009,993.14
(g) Payments, if any, on deposit as of the Determination Date received
from any Interest Rate Protection Agreements $0.00
(h) Reallocated Principal Collections $0.00
(i) Total Available Finance Charge Collections and Reallocated
Principal Collections for Series 1995-1 (total of (a), (b), (c),
(d), (e), (f), (g) and (h) above) $21,950,985.49
(3) Available Principal Collections for Series 1995-1 for the Monthly Period
immediately preceding the Distribution Date
(a) The Principal Receivables collected and allocated to the Series 1995-1
Certificates $67,307,175.21
(b) Shared Principal Collections from other Series allocated to the Series
1995-1 Certificates $0.00
(c) Additional amounts to be treated as Available Principal Collections
pursuant to the Series Supplement 6,474,201.41
(d) Reallocated Principal Collections $0.00
(e) Available Principal Collections for Series 1995-1 (total of (a), (b) and
(c) minus (d) above) $73,781,376.62
(4) Delinquent Balances in the Trust
The aggregate outstanding balance of the Accounts which were delinquent
as of the close of business on the last day of the Monthly Period
immediately preceding the Distribution Date.
(a) 31-60 days $87,461,962
(b) 61-90 days 55,062,335
(c) 91 or more days 97,292,967
-----------
(d) Total Delinquencies $239,817,264
(5) Defaulted Amount
(a) The aggregate amount of Defaulted Receivables with respect to the Trust
for the Monthly Period immediately preceding the Distribution
Date $41,430,147.75
(b) The aggregate amount of Recoveries of Defaulted Receivables processed
during the Monthly Period immediately preceding the Distribution
Date $3,836,106.68
(c) The Defaulted Amount for the Monthly Period immediately preceding the
Distribution Date [Defaulted Receivables minus
Recoveries] $37,594,041.07
(d) The Defaulted Amount for the Monthly Period immediately preceding
the Distribution Date allocable to the Series 1995-1 Certificates
(the "Series 1995-1 Defaulted Amount") $6,474,201.41
(e) The Senior Defaulted Amount [Series 1995-1 Defaulted Amount multiplied
by the Senior Percentage] $5,114,619.11
(6) Senior Charge-Offs
(a) The excess, if any, of the Senior Defaulted Amount over the
sum of (i) Available Finance Charge Collections applied to such
Senior Defaulted Amount, (ii) Reallocated Principal Collections and
(iii) the amount by which the Collateral Invested Amount has been
reduced in respect of such Senior Defaulted Amount
(a "Senior Charge-Off") $0.00
(b) The amount of the Senior Charge-Off set forth in item 6(a) above,
per $1,000 original certificate principal amount (which will
have the effect of reducing, pro rata, the amount of each Senior
Certificateholder's investment) $0.000000
(c) The total amount reimbursed on the Distribution Date in respect of
Senior Charge-Offs for prior Distribution Dates $0.00
(d) The amount set forth in item 6(c) above per $1,000 original certificate
principal amount (which will have the effect of increasing,
pro rata, the amount of each Senior Certificateholder's
investment) $0.000000
(e) The amount,if any, by which the outstanding principal balance of the
Senior Certificates exceeds the Senior Invested Amount and the Senior
Initial Percentage of the Prefunding Account Balance, if any, as of the
Distribution Date, after giving effect to all deposits, withdrawals and
distributions on such Distribution Date $0.00
(7) Reductions in the Collateral Interest
(a) The excess, if any, of the Collateral Defaulted Amount over Available
Finance Charge Collections applied to such Collateral Defaulted
Amount $0.00
(b) The amount by which the Collateral Invested Amount has been reduced on the
Distribution Date in respect of Reallocated Principal
Collections $0.00
(c) The amount by which the Collateral Invested Amount has been reduced on the
Distribution Date in respect of the unpaid Required Amount $0.00
(d) The total amount by which the Collateral Invested Amount has been
reduced on the Distribution Date as set forth in items 7(a), (b)
and (c) $0.00
(e) The total amount reimbursed on the Distribution Date in respect of
reductions in the Collateral Invested Amount on prior Distribution
Dates $0.00
(f) The amount, if any, by which the outstanding principal balance
of the Collateral Interest exceeds the Collateral Invested Amount
and the Collateral Percentage of the Prefunding Account Balance, if any,
as of the Distribution Date, after giving effect to all deposits,
withdrawals and distributions on the Distribution Date $0.00
(8) Investor Monthly Servicing Fee
The amount of the Series 1995-1 Monthly Servicing Fee payable to the
Servicer on the Distribution Date $1,385,416.67
(9) Prefunding Account
(a) The Prefunding Account Balance on the Distribution Date $0.00
(b) The Senior Percentage of the Prefunding Account Balance
on the Distribution Date $0.00
(c) The Collateral Percentage of the Prefunding Account Balance on the
Distribution Date $0.00
(10) Senior Monthly Interest
(a) Senior Monthly Interest payable on the Distribution Date 3,675,886.46
(11) Principal Funding Account Amount
(a) The amount on deposit in the Principal Funding Account on the
Distribution Date, after giving effect to all deposits, withdrawals
and distributions on such Distribution Date $0.00
(b) Deposits to the Principal Funding Account are currently scheduled to
commence on the Distribution Date occurring in January, 2000. (The
initial funding date for the Principal Funding Account may be modified
in certain circumstances in accordance with the terms of the Series
Supplement.)
(12) Deficit Controlled Accumulation Amount
The Deficit Controlled Accumulation Amount for the Distribution Date,
after giving effect to all deposits, withdrawals and distributions on
such Distribution Date $0.00
(13) Reserve Account (if applicable)
(a) The amount on deposit in the Reserve Account, if funded, on the
Distribution Date, after giving effect to all deposits, withdrawals and
distributions on such Distribution Date and the related Transfer
Date N/A
(b) The Required Reserve Account Amount, if any, selected by the
Servicer N/A
C) Senior Invested Amount
(1) The Senior Invested Amount and the Senior Percentage of the Prefunding
Account Balance on the date of issuance (the "Senior Initial
Amount") $750,500,000.00
(2) The Senior Invested Amount and the Senior Percentage of the Prefunding
Account Balance, if any, on the Distribution Date, after giving effect
to all deposits, withdrawals and distributions on such Distribution
Date $750,500,000.00
(3) The Pool Factor for the Distribution Date (which represents the ratio of
the Senior Invested Amount and the Senior Percentage of the Prefunding
Account Balance, if any, as of such Distribution Date, after giving effect
to any adjustment in the Senior Invested Amount on such Distribution Date,
to the Senior Initial Amount). The amount of a Senior Certificateholder's
pro rate share of the Senior Invested Amount and the Prefunding Account
Balance, if any, can be determined by multiplying the original denomination
of the Senior Certificateholder's Certificate by the Pool
Factor 1.000000
D) Collateral Invested Amount
(1) The Collateral Invested Amount and the Collateral Percentage of the
Prefunding Account Balance on the date of
issuance $199,500,000.00
(2) The Collateral Invested Amount and the Collateral Percentage of the
Prefunding Account Balance, if any, on the Distribution Date, after giving
effect to all deposits, withdrawals and distributions on such
Distribution Date $199,500,000.00
(3) The Collateral Invested Amount as a percentage of the sum of the
Collateral Invested Amount and the Senior Invested Amount on such
Distribution Date 21.00%
E) Receivables Balances
(1) The aggregate amount of Principal Receivables in the Trust at the close
of business on the last day of the immediately preceding Monthly
Period $5,412,660,752
(2) The aggregate amount of Finance Charge Receivables in the Trust at the
close of business on the last day of the immediately preceding Monthly
Period $96,527,092
F) Annualized Percentages
(1) The Gross Yield (Available Finance Charge Collections for the Series
1995-1 Certificates for the preceding Monthly Period (excluding
payments received from Interest Rate Protection Agreements) divided by
the Invested Amount of the Series 1995-1 Certificates and the
Prefunding Account balance, if any, as of the last day of the next
preceding Monthly Period, multiplied by 12) 27.73%
(2) The Net Loss Rate (the Series 1995-1 Defaulted Amount for the preceding
Monthly Period divided by the Invested Amount of the Series 1995-1
Certificates and the Prefunding Account balance, if any, as of the last
day of the next preceding Monthly Period, multiplied by
12) 8.18%
(3) The Portfolio Yield (the Gross Yield minus the Net Loss Rate for the
Series 1995-1 Certificates for the preceding Monthly Period) 19.55%
(4) The Base Rate (Monthly Interest plus Monthly Servicing Fee (based on
an assumed Servicing Fee Rate of 2% per annum) for the preceding
Monthly Period with respect to the related Distribution Date,
divided by the Invested Amount of the Series 1995-1 Certificates and
the Prefunding Account Balance, if any, as of the last
day of the next preceding Monthly Period, multiplied by 12) 7.94%
(5) The Net Spread (the Portfolio Yield minus the Base Rate for the
Series 1995-1 Certificates for the preceding Monthly Period) 11.61%
(6) The Monthly Payment Rate (Collections of Principal Receivables and
Finance Charge Receivables with respect to all Receivables in the Trust
for the preceding Monthly Period divided by the amount of Receivables
in the Trust as of the last day of the next preceding Monthly
Period) 8.51%
G) Series 1995-1 Information for the Last Three Distribution Dates
1) Gross Yield
a) 5/15/97 27.73%
b) 4/15/97 21.85%
c) 3/17/97 23.81%
2) Net Loss Rate
a) 5/15/97 8.18%
b) 4/15/97 8.56%
c) 3/17/97 8.31%
3) Net Spread (Portfolio Yield Minus Base Rate)
a) 5/15/97 11.61%
b) 4/15/97 5.78%
c) 3/17/97 8.39%
Three Month Average 8.59%
4) Monthly Payment Rate
a) 5/15/97 8.51%
b) 4/15/97 9.21%
c) 3/17/97 10.29%
FIRST DEPOSIT NATIONAL BANK,
Servicer
By: /s/ David J. Petrini
---------------------------------
Name: David J. Petrini
Title: Senior Vice President and Chief
Financial Officer
MONTHLY STATEMENT
---------------------------------------------
PROVIDIAN MASTER TRUST
SERIES 1995-2
---------------------------------------------
Pursuant to the Pooling and Servicing Agreement dated as of June 1,
1993 (as amended and supplemented, the "Agreement"), as supplemented by the
Series 1995-2 Supplement dated as of June 1, 1995 (as amended and supplemented,
the "Series Supplement"), among First Deposit National Bank ("FDNB"), Seller and
Servicer, Providian National Bank, Seller, and Bankers Trust Company, Trustee,
FDNB as Servicer is required to prepare certain information each month regarding
current distributions to Senior Certificateholders and the Collateral Interest
Holder and the performance of the First Deposit Master Trust (the "Trust")
during the previous month. The information which is required to be prepared for
the Series 1995-2 Certificates with respect to the Distribution Date occurring
on May 15, 1997, and with respect to the performance of the Trust during the
month of April is set forth below. Certain of the information is presented
on the basis of an original principal amount of $1,000 per Investor Certificate.
Certain other information is presented based on the aggregate amounts for the
Trust as a whole. Capitalized terms used in this Certificate have their
respective meanings set forth in the Agreement or Series Supplement, as
applicable.
A) Information Regarding the Current Monthly Distribution for the Series
1995-2 Senior Certificates (stated on the basis of $1,000 original
certificate principal amount)
(1) The total amount distributed to Senior Certificateholders per $1,000
original certificate principal amount $5.041667
(2) The amount set forth in A(1) above distributed to Senior
Certificateholders with respect to interest per $1,000 original
certificate principal amount $5.041667
(3) The amount set forth in A(1) above distributed to Senior
Certificateholders with respect to principal per $1,000 original
certificate principal amount $0.000000
B) Information Regarding the Performance of the Trust
(1) Allocation of Receivables Collections to the Series 1995-2 Certificates
(a) The aggregate amount of Finance Charge Receivables collected
during the Monthly Period immediately preceding the
Distribution Date $84,359,152.90
(b) The aggregate amount of Interchange collected and allocated to
the Trust for the Monthly Period immediately preceding the
Distribution Date $1,799,350.00
(c) The aggregate amount of Principal Receivables collected
during the Monthly Period immediately preceding the
Distribution Date $390,835,649.02
(d) The Floating Allocation Percentage with respect to the Series
1995-2 Certificates for the Monthly Period immediately
preceding the Distribution Date 9.970255%
(e) The Principal Allocation Percentage with respect to the Series
1995-2 Certificates for the Monthly Period immediately
preceding the Distribution Date 9.970255%
(f) The Finance Charge Receivables and Interchange collected and
allocated to the Series 1995-2 Certificates for the Monthly
Period immediately preceding the Distribution Date $8,590,222.69
(g) The Principal Receivables collected and allocated to the Series
1995-2 Certificates for the Monthly Period immediately
preceding the Distribution Date $38,967,311.96
(2) Available Finance Charge Collections and Reallocated Principal Collections
for Series 1995-2 for the Monthly Period immediately preceding the
Distribution Date
(a) The Finance Charge Receivables and Interchange collected and
allocated to the Series 1995-2 Certificates $8,590,222.69
(b) Collection Account and Special Funding Account investment
earnings allocated to the Series 1995-2 Certificates $59,156.30
(c) Principal Funding Account Investment Proceeds $0.00
(d) Reserve Account withdrawals $0.00
(e) Additional Finance Charges from other Series allocated to the
Series 1995-2 Certificates $1,378,181.42
(f) Payments, if any, on deposit as of the Determination Date
received from any Interest Rate Protection Agreements $0.00
(g) Reallocated Principal Collections $0.00
(h) Total Available Finance Charge Collections and Reallocated
Principal Collections for Series 1995-2 (total of (a), (b), (c),
(d), (e), (f) and (g) above) $10,027,560.41
(3) Available Principal Collections for Series 1995-2 for the Monthly Period
immediately preceding the Distribution Date
(a) The Principal Receivables collected and allocated to the Series
1995-2 Certificates $38,967,311.96
(b) Shared Principal Collections from other Series allocated to the
Series 1995-2 Certificates $0.00
(c) Additional amounts to be treated as Available Principal
Collections pursuant to the Series Supplement $3,748,221.86
(d) Reallocated Principal Collections $0.00
(e) Available Principal Collections for Series 1995-2 (total of (a),
(b) and (c) minus (d) above) $42,715,533.82
(4) Delinquent Balances in the Trust
The aggregate outstanding balance of the Accounts which were
delinquent as of the close of business on the last day of the
Monthly Period immediately preceding the Distribution Date.
(a) 31-60 days $87,461,962
(b) 61-90 days 55,062,335
(c) 91 or more days 97,292,967
----------
(d) Total Delinquencies $239,817,264
(5) Defaulted Amount
(a) The aggregate amount of Defaulted Receivables with respect to
the Trust for the Monthly Period immediately preceding the
Distribution Date $41,430,147.75
(b) The aggregate amount of Recoveries of Defaulted Receivables
processed during the Monthly Period immediately preceding
the Distribution Date $3,836,106.68
(c) The Defaulted Amount for the Monthly Period immediately
preceding the Distribution Date [Defaulted Receivables minus
Recoveries] $37,594,041.07
(d) The Defaulted Amount for the Monthly Period immediately
preceding the Distribution Date allocable to the Series 1995-2
Certificates (the "Series 1995-2 Defaulted Amount") $3,748,221.86
(e) The Senior Defaulted Amount [Series 1995-2 Defaulted Amount
multiplied by the Senior Percentage] $3,036,059.71
(6) Senior Charge-Offs
(a) The excess, if any, of the Senior Defaulted Amount
over the sum of (i) Available Finance Charge
Collections applied to such Senior Defaulted Amount,
(ii) Reallocated Principal Collections and (iii) the
amount by which the Collateral Invested Amount has
been reduced in respect of such Senior
Defaulted Amount (a "Senior Charge-Off") $0.00
(b) The amount of the Senior Charge-Off set forth in item 6(a)
above, per $1,000 original certificate principal amount (which
will have the effect of reducing, pro rata, the amount of each
Senior Certificateholder's investment) $0.000000
(c) The total amount reimbursed on the Distribution Date in
respect of Senior Charge-Offs for prior Distribution Dates $0.00
(d) The amount set forth in item 6(c) above per $1,000
original certificate principal amount (which will
have the effect of increasing, pro rata, the amount
of each Senior Certificateholder's investment) $0.000000
(e) The amount, if any, by which the outstanding principal balance
of the Senior Certificates exceeds the Senior Invested Amount
as of the Distribution Date, after giving effect to all deposits,
withdrawals and distributions on such Distribution Date $0.00
(7) Reductions in the Collateral Interest
(a) The excess, if any, of the Collateral Defaulted Amount over
Available Finance Charge Collections applied to such
Collateral Defaulted Amount $0.00
(b) The amount by which the Collateral Invested Amount has been
reduced on the Distribution Date in respect of Reallocated
Principal Collections $0.00
(c) The amount by which the Collateral Invested Amount has been
reduced on the Distribution Date in respect of the unpaid
Required Amount $0.00
(d) The total amount by which the Collateral Invested Amount has
been reduced on the Distribution Date as set forth in items 7(a),
(b) and (c) $0.00
(e) The total amount reimbursed on the Distribution Date in
respect of reductions in the Collateral Invested Amount on
prior Distribution Dates $0.00
(f) The amount, if any, by which the outstanding principal balance
of the Collateral Interest exceeds the Collateral Invested
Amount as of the Distribution Date, after giving effect to all
deposits, withdrawals and distributions on the Distribution
Date $0.00
(8) Investor Monthly Servicing Fee
The amount of the Series 1995-2 Monthly Servicing Fee payable to the
Servicer on the Distribution Date $802,083.33
(9) Senior Monthly Interest
(a) Senior Monthly Interest payable on the Distribution Date $2,246,062.50
(10) Principal Funding Account Amount
(a) The amount on deposit in the Principal Funding Account on the
Distribution Date, after giving effect to all deposits,
withdrawals and distributions on such Distribution Date $0.00
(b) Deposits to the Principal Funding Account are
currently scheduled to commence on the Distribution
Date occurring in January 1998. (The initial funding
date for the Principal Funding Account may be
modified in certain circumstances in accordance with
the terms of the Series Supplement.)
(11) Deficit Controlled Accumulation Amount
The Deficit Controlled Accumulation Amount for the Distribution
Date, after giving effect to all deposits, withdrawals and distributions
on such Distribution Date $0.00
(12) Reserve Account
(a) The amount on deposit in the Reserve Account on the
Distribution Date, after giving effect to all deposits,
withdrawals and distributions on such Distribution Date and
the related Transfer Date $0.00
(b) The Required Reserve Account Amount (which may vary in
accordance with the terms of the Series Supplement) is
currently calculated to be $0.00
(c) Deposits to the Reserve Account are currently
scheduled to commence on the Distribution Date
occurring in December 1997. (The initial funding date
for the Reserve Account may be modified in certain
circumstances in accordance with the terms of the
Series Supplement.)
C) Senior Invested Amount
(1) The Senior Invested Amount on the date of issuance (the "Senior
Initial Invested Amount") $445,500,000.00
(2) The Senior Invested Amount on the Distribution Date, after giving
effect to all deposits, withdrawals and distributions on such
Distribution Date $445,500,000.00
(3) The Pool Factor for the Distribution Date (which represents the ratio of
the Senior Invested Amount as of such Distribution Date, after giving
effect to any adjustment in the Senior Invested Amount on such
Distribution Date, to the Senior Initial Invested Amount). The amount
of a Senior Certificateholder's pro rate share of the Senior Invested
Amount can be determined by multiplying the original denomination
of the Senior Certificateholder's Certificate by the Pool
Factor 1.000000
D) Collateral Invested Amount
(1) The Collateral Invested Amount on the date of issuance $104,500,000.00
(2) The Collateral Invested Amount on the Distribution Date, after giving
effect to all deposits, withdrawals and distributions on such
Distribution Date $104,500,000.00
(3) The Collateral Invested Amount as a percentage of the sum of the
Collateral Invested Amount and the Senior Invested Amount on such
Distribution Date 19.00%
E) Receivables Balances
(1) The aggregate amount of Principal Receivables in the Trust at the
close of business on the last day of the immediately preceding Monthly
Period $5,412,660,752
(2) The aggregate amount of Finance Charge Receivables in the Trust at
the close of business on the last day of the immediately preceding
Monthly Period $96,527,092
F) Annualized Percentages
(1) The Gross Yield (Available Finance Charge Collections for the Series
1995-2 Certificates for the preceding Monthly Period (excluding
payments received from Interest Rate Protection Agreements) divided
by the Invested Amount of the Series 1995-2 Certificates as of the last
day of the next preceding Monthly Period, multiplied by 12) 21.88%
(2) The Net Loss Rate (the Series 1995-2 Defaulted Amount for the
preceding Monthly Period divided by the Invested Amount of the
Series 1995-2 Certificates as of the last day of the next
preceding Monthly Period, multiplied by 12) 8.18%
(3) The Portfolio Yield (the Gross Yield minus the Net Loss Rate for the
Series 1995-2 Certificates for the preceding Monthly Period) 13.70%
(4) The Base Rate (Monthly Interest plus Monthly Servicing Fee
(based on an assumed Servicing Fee Rate of 2% per annum) for
the preceding Monthly Period divided by the Invested Amount of
the Series 1995-2 Certificates as of the last day of the next
preceding Monthly Period, multiplied by 12) 8.06%
(5) The Net Spread (the Portfolio Yield minus the Base Rate for the Series
1995-2 Certificates for the preceding Monthly Period) 5.64%
(6) The Monthly Payment Rate (Collections of Principal Receivables
and Finance Charge Receivables with respect to all Receivables
in the Trust for the preceding Monthly Period divided by the
amount of Receivables in the Trust as of the last day of the
next preceding Monthly Period) 8.51%
G) Series 1995-2 Information for the Last Three Distribution Dates
1) Gross Yield
a) 5/15/97 21.88%
b) 4/15/97 21.84%
c) 3/17/97 23.81%
2) Net Loss Rate
a) 5/15/97 8.18%
b) 4/15/97 8.56%
c) 3/17/97 8.31%
3) Net Spread (Portfolio Yield Minus Base Rate)
a) 5/15/97 5.64%
b) 4/15/97 5.30%
c) 3/17/97 7.60%
Three Month Average 6.18%
4) Monthly Payment Rate
a) 5/15/97 8.51%
b) 4/15/97 9.21%
c) 3/17/97 10.29%
FIRST DEPOSIT NATIONAL BANK,
Servicer
By: /s/ David J. Petrini
---------------------------------
Name: David J. Petrini
Title: Senior Vice President and Chief Financial Officer
MONTHLY STATEMENT
---------------------------------------------
PROVIDIAN MASTER TRUST
SERIES 1996-1
---------------------------------------------
Pursuant to the Pooling and Servicing Agreement dated as of June 1,
1993 (as amended and supplemented, the "Agreement"), as supplemented by the
Series 1996-1 Supplement dated as of June 1, 1996 (as amended and supplemented,
the "Series Supplement"), among First Deposit National Bank ("FDNB"), Seller and
Servicer, Providian National Bank, Seller, and Bankers Trust Company, Trustee,
FDNB as Servicer is required to prepare certain information each month regarding
current distributions to Senior Certificateholders and the Collateral Interest
Holder and the performance of the First Deposit Master Trust (the "Trust")
during the previous month. The information which is required to be prepared for
the Series 1996-1 Certificates with respect to the Distribution Date occurring
on May 15, 1997, and with respect to the performance of the Trust during the
month of April is set forth below. Certain of the information is presented on
the basis of an original principal amount of $1,000 per Investor Certificate.
Certain other information is presented based on the aggregate amounts for the
Trust as a whole. Capitalized terms used in this Certificate have their
respective meanings set forth in the Agreement or Series Supplement, as
applicable.
A) Information Regarding the Current Monthly Distribution for the Series
1996-1 Senior Certificates (stated on the basis of $1,000 original
certificate principal amount)
(1) The total amount distributed to Senior Certificateholders per $1,000
original certificate principal amount $4.881250
(2) The amount set forth in A(1) above distributed to Senior
Certificateholders with respect to interest per $1,000 original
certificate principal amount $4.881250
(3) The amount set forth in A(1) above distributed to Senior
Certificateholders with respect to principal per $1,000 original
certificate principal amount $0.000000
B) Information Regarding the Performance of the Trust
(1) Allocation of Receivables Collections to the Series 1996-1 Certificates
(a) The aggregate amount of Finance Charge Receivables collected during
the Monthly Period immediately preceding the Distribution
Date $84,359,152.90
(b) The aggregate amount of Interchange collected and allocated to
the Trust for the Monthly Period immediately preceding the
Distribution Date $1,799,350.00
(c) The aggregate amount of Principal Receivables collected during the
Monthly Period immediately preceding the Distribution
Date $390,835,649.02
(d) The Floating Allocation Percentage with respect to the Series
1996-1 Certificates for the Monthly Period immediately
preceding the Distribution Date 17.221350%
(e) The Principal Allocation Percentage with respect to the Series 1996-1
Certificates for the Monthly Period immediately preceding the
Distribution Date 17.221350%
(f) The Finance Charge Receivables and Interchange collected and
allocated to the Series 1996-1 Certificates for the Monthly
Period immediately preceding the Distribution Date $14,837,657.38
(g) The Principal Receivables collected and allocated to the Series
1996-1 Certificates for the Monthly Period immediately
preceding the Distribution Date $67,307,175.21
(2) Available Finance Charge Collections and Reallocated Principal Collections
for Series 1996-1 for the Monthly Period immediately preceding the
Distribution Date
(a) The Finance Charge Receivables and Interchange collected and
allocated to the Series 1996-1 Certificates $14,837,657.38
(b) Collection Account and Special Funding Account investment
earnings allocated to the Series 1996-1 Certificates $103,366.63
(c) Principal Funding Account Investment Proceeds $0.00
(d) Prefunding Account Investment Proceeds $0.00
(e) Reserve Account withdrawals, if applicable $0.00
(f) Additional Finance Charges from other Series allocated to the Series
1996-1 Certificates $0.00
(g) Payments, if any, on deposit as of the Determination Date
received from any Interest Rate Protection Agreements $0.00
(h) Reallocated Principal Collections $0.00
(i) Total Available Finance Charge Collections and Reallocated Principal
Collections for Series 1996-1 (total of (a), (b), (c), (d), (e), (f), (g)
and (h) above) $14,941,024.01
(3) Available Principal Collections for Series 1996-1 for the Monthly Period
immediately preceding the Distribution Date
(a) The Principal Receivables collected and allocated to the Series 1996-1
Cerrtificates $67,307,175.21
(b) Shared Principal Collections from other Series allocated to the
Series 1996-1 Certificates $0.00
(c) Additional amounts to be treated as Available Principal Collections
pursuant to the Series Supplement $6,474,201.41
(d) Reallocated Principal Collections $0.00
(e) Available Principal Collections for Series 1996-1 (total of (a), (b) and
(c) minus (d) above) $73,781,376.62
(4) Delinquent Balances in the Trust
The aggregate outstanding balance of the Accounts which were
delinquent as of the close of business on the last day of the
Monthly Period immediately preceding the Distribution Date.
(a) 31-60 days $87,461,962
(b) 61-90 days 55,062,335
(c) 91 or more days 97,292,967
----------
(d) Total Delinquencies $239,817,264
(5) Defaulted Amount
(a) The aggregate amount of Defaulted Receivables with respect to the
Trust for the Monthly Period immediately preceding the
Distribution Date $41,430,147.75
(b) The aggregate Amount of Recoveries of Defaulted Receivables
processed during the Monthly Period immediately preceding the
Distribution Date $3,836,106.68
(c) The Defaulted Amount for the Monthly Period immediately preceding
the Distribution Date [Defaulted Receivables minus
Recoveries] $37,594,041.07
(d) The Defaulted Amount for the Monthly Period immediately
preceding the Distribution Date allocable to the Series 1996-1
Certificates (the "Series 1996-1 Defaulted Amount") $6,474,201.41
(e) The Senior Defaulted Amount [Series 1996-1 Defaulted Amount
multiplied by the Senior Percentage] $5,114,619.11
(6) Senior Charge-Offs
(a) The excess, if any, of the Senior Defaulted Amount
over the sum of (i) Available Finance Charge
Collections applied to such Senior Defaulted Amount,
(ii) Reallocated Principal Collections and (iii) the
amount by which the Collateral Invested Amount has
been reduced in respect of such Senior Defaulted
Amount (a "Senior Charge-Off") $0.00
(b) The amount of the Senior Charge-Off set forth in item 6(a)
above, per $1,000 original certificate principal amount (which
will have the effect of reducing, pro rata, the amount of each
Senior Certificateholder's investment) $0.00
(c) The total amount reimbursed on the Distribution Date in respect of
Senior Charge-Offs for prior Distribution Dates $0.00
(d) The amount set forth in item 6(c) above per $1,000
original certificate principal amount (which will
have the effect of increasing, pro rata, the amount
of each Senior Certificateholder's investment) $0.00
e) The amount, if any, by which the outstanding principal balance of the
Senior Certificates exceeds the Senior Invested Amount and the
Senior Initial Percentage of the Prefunding Account Balance, if
any, as of the Distribution Date, after giving effect to all
deposits, withdrawals and distributions on such Distribution
Date $0.00
(7) Reductions in the Collateral Interest
(a) The excess, if any, of the Collateral Defaulted Amount over Available
Finance Charge Collections applied to such Collateral Defaulted
Amount $0.00
(b) The amount by which the Collateral Invested Amount has been
reduced on the Distribution Date in respect of Reallocated
Principal Collections $0.00
(c) The amount by which the Collateral Invested Amount has been
reduced on the Distribution Date in respect of the unpaid
Required Amount $0.00
(d) The total amount by which the Collateral Invested Amount has
been reduced on the Distribution Date as set forth in items 7(a),
(b) and (c) $0.00
(e) The total amount reimbursed on the Distribution Date in respect of
reductions in the Collateral Invested Amount on prior
Distribution Dates $0.00
(f) The amount, if any, by which the outstanding principal balance of the
Collateral Interest exceeds the Collateral Invested Amount and
the Collateral Percentage of the Prefunding Account Balance,
if any, as of the Distribution Date, after giving effect to all
deposits, withdrawals and distributions on the Distribution
Date $0.00
(8) Investor Monthly Servicing Fee
The amount of the Series 1996-1 Monthly Servicing Fee payable to the
Servicer on the Distribution Date $1,385,416.67
(9) Prefunding Account
(a) The Prefunding Account Balance on the Distribution
Date $0.00
(b) The Senior Percentage of the Prefunding Account Balance
on the Distribution Date $0.00
(c) The Collateral Percentage of the Prefunding Account Balance on the
Distribution Date $0.00
(10) Senior Monthly Interest
(a) Senior Monthly Interest payable on the Distribution Date $3,663,378.13
(11) Principal Funding Account Amount
(a) The amount on deposit in the Principal Funding Account on the
Distribution Date, after giving effect to all deposits,
withdrawals and distributions on such Distribution Date $0.00
(b) Deposits to the Principal Funding Account are
currently scheduled to commence on the Distribution
Date occurring in April, 2002. (The initial funding
date for the Principal Funding Account may be
modified in certain circumstances in accordance with
the terms of the Series Supplement.)
(12) Deficit Controlled Accumulation Amount
The Deficit Controlled Accumulation Amount for the Distribution Date,
after giving effect to all deposits, withdrawals and distributions on
such Distribution Date $0.00
(13) Reserve Account (if applicable)
(a) The amount on deposit in the Reserve Account, if
funded, on the Distribution Date, after giving effect
to all deposits, withdrawals and distributions on
such Distribution Date and the related Transfer Date N/A
(b) The Required Reserve Account Amount, if any, selected by the
Servicer N/A
C) Senior Invested Amount
(1) The Senior Invested Amount and the Senior Percentage of the
Prefunding Account Balance on the date of issuance (the "Senior Initial
Amount") $750,500,000.00
(2) The Senior Invested Amount and the Senior Percentage of the
Prefunding Account Balance, if any, on the Distribution Date,
after giving effect to all deposits, withdrawals and
distributions on such Distribution Date $750,500,000.00
(3) The Pool Factor for the Distribution Date (which represents the ratio
of the Senior Invested Amount and the Senior Percentage of the
Prefunding Account Balance, if any, as of such Distribution Date, after
giving effect to any adjustment in the Senior Invested Amount on such
Distribution Date, to the Senior Initial Amount). The amount of a
Senior Certificateholder's pro rate share of the Senior Invested Amount
and the Prefunding Account Balance, if any, can be determined by
multiplying the original denomination of the Senior Certificateholder's
Certificate by the Pool Factor 1.000000
D) Collateral Invested Amount
(1) The Collateral Invested Amount and the Collateral Percentage of the
Prefunding Account Balance on the date of issuance $199,500,000.00
(2) The Collateral Invested Amount and the Collateral Percentage
of the Prefunding Account Balance, if any, on the Distribution Date,
after giving effect to all deposits, withdrawals and distributions
on such Distribution Date $199,500,000.00
(3) The Collateral Invested Amount as a percentage of the sum of the
Collateral Invested Amount and the Senior Invested Amount on such
Distribution Date 21.00%
E) Receivables Balances
(1) The aggregate amount of Principal Receivables in the Trust at the close
of business on the last day of the immediately preceding Monthly
Period $5,412,660,752
(2) The aggregate amount of Finance Charge Receivables in the Trust at
the close of business on the last day of the immediately preceding
Monthly Period $96,527,092
F) Annualized Percentages
(1) The Gross Yield (Available Finance Charge Collections for the
Series 1996-1 Certificates for the preceding Monthly Period
(excluding payments received from Interest Rate Protection
Agreements) divided by the Invested Amount of the Series
1996-1 Certificates and the Prefunding Account balance, if
any, as of the last day of the next preceding Monthly Period,
multiplied by 12) 18.87%
(2) The Net Loss Rate (the Series 1996-1 Defaulted Amount for the
preceding Monthly Period divided by the Invested Amount of the
Series 1996-1 Certificates and the Prefunding Account balance,
if any, as of the last day of the next preceding Monthly
Period, multiplied by
12) 8.18%
(3) The Portfolio Yield (the Gross Yield minus the Net Loss Rate for the
Series 1996-1 Certificates for the preceding Monthly Period 10.69%
(4) The Base Rate (Monthly Interest plus Monthly Servicing Fee
(based on an assumed Servicing Fee Rate of 2% per annum) for
the preceding Monthly Period with respect to the related
Distribution Date, divided by the Invested Amount of the
Series 1996-1 Certificates and the Prefunding Account Balance,
if any, as of the last day of the next preceding Monthly Period,
multiplied by 12) 7.95%
(5) The Net Spread (the Portfolio Yield minus the Base Rate for the Series
1996-1 Certificates for the preceding Monthly Period) 2.74%
(6) The Monthly Payment Rate (Collections of Principal Receivables and
Finance Charge Receivables with respect to all Receivables in the Trust
for the preceding Monthly Period divided by the amount of Receivables
in the Trust as of the last day of the next preceding Monthly
Period) 8.51%
G) Series 1996-1 Information for the Last Three Distribution Dates
1) Gross Yield
a) 5/15/97 18.87%
b) 4/15/97 21.85%
c) 3/17/97 23.81%
2) Net Loss Rate
a) 5/15/97 8.18%
b) 4/15/97 8.56%
c) 3/17/97 8.31%
3) Net Spread (Portfolio Yield Minus Base Rate)
a) 5/15/97 2.74%
b) 4/15/97 5.78%
c) 3/17/97 8.38%
Three Month Average 5.63%
4) Monthly Payment Rate
a) 5/15/97 8.51%
b) 4/15/97 9.21%
c) 3/17/97 10.29%
FIRST DEPOSIT NATIONAL BANK
Servicer
By: /s/ David J. Petrini
---------------------------------
Name: David J. Petrini
Title: Senior Vice President and
Chief Financial Officer
MONTHLY STATEMENT
---------------------------------------------
PROVIDIAN MASTER TRUST
SERIES 1997-1
---------------------------------------------
Pursuant to the Pooling and Servicing Agreement dated as of
June 1, 1993 (as amended and supplemented, the "Agreement"), as supplemented by
the Series 1997-1 Supplement dated March 1, 1997 (as amended and supplemented,
the "Series Supplement"), among First Deposit National Bank ("FDNB"), Seller and
Servicer, Providian National Bank, Seller, and Bankers Trust Company, Trustee,
FDNB as Servicer is required to prepare certain information each month regarding
current distributions to Class A Certificateholders, Class B Certificateholders
and the Collateral Interest Holder and the performance of the Providian Master
Trust (the "Trust") during the previous month. The information which is required
to be prepared for the Series 1997-1 Certificates with respect to the
Distribution Date occurring on May 15, 1997, and with respect to the performance
of the Trust during the month of April, 1997 is set forth below. Certain of the
information is presented on the basis of an original principal amount of $1,000
per Investor Certificate. Certain other information is presented based on the
aggregate amounts for the Trust as a whole. Capitalized terms used in this
Certificate have their respective meanings set forth in the Agreement or Series
Supplement, as applicable.
A) Information Regarding the Current Monthly Distribution for the Series
1997-1 Class A Certificates and Class B Certificates (stated on the basis
of $1,000 original certificate principal amount)
(1) The total amount distributed to Class A Certificateholders per $1,000
original certificate principal amount $4.814583
(2) The amount set forth in A(1) above distributed to Class A
Certificateholders with respect to interest per $1,000 original
certificate principal amount $4.814583
(3) The amount set forth in A(1) above distributed to Class A
Certificateholders with respect to principal per $1,000 original
certificate principal amount $0.000000
(4) The total amount distributed to Class B Certificateholders per $1,000
original certificate principal amount $4.972917
(5) The amount set forth in A(4) above distributed to Class B
Certificateholders with respect to interest per $1,000 original
certificate principal amount $4.972917
6) The amount set forth in A(4) above distributed to Class B
Certificateholders with respect to principal per $1,000 original
certificate principal amount $0.000000
B) Information Regarding the Performance of the Trust
(1) Allocation of Receivables Collections to the Series 1997-1 Certificates
(a) The aggregate amount of Finance Charge Receivables collected
during the Monthly Period immediately preceding the Distribution
Date $84,359,152.90
(b) The aggregate amount of Interchange collected and allocated to the
Trust for the Monthly Period immediately preceding the
Distribution Date $1,799,350.00
(c) The aggregate amount of Principal Receivables collected during the
Monthly Period immediately preceding the Distribution
Date $390,835,649.02
(d) The Floating Allocation Percentage with respect to the Series
1997-1 Certificates for the Monthly Period immediately preceding
the Distribution Date 10.876642%
(e) The Principal Allocation Percentage with respect to the Series
1997-1 Certificates for the Monthly Period immediately preceding
the Distribution Date 10.876642%
(f) The Finance Charge Receivables and Interchange collected and
allocated to the Series 1997-1 Certificates for the Monthly Period
immediately preceding the Distribution Date $9,371,152.03
(g) The Principal Receivables collected and allocated to the Series
1997-1 Certificates for the Monthly Period immediately preceding
the Distribution Date $42,509,794.87
(2) Available Finance Charge Collections, Required Draw Amount and
Reallocated Principal Collections for Series 1997-1 for the Monthly Period
immediately preceding the Distribution Date
(a) The Finance Charge Receivables and Interchange collected and
allocated to the Series 1997-1 Certificates $9,371,152.03
(b) Collection Account and Special Funding Account investment
earnings allocated to the Series 1997-1 Certificates $65,190.24
`(c) Principal Funding Account Investment Proceeds $0.00
(d) Cash Collateral Account Investment Proceeds $83,136.03
(e) Reserve Draw Amount, if applicable $0.00
(f) Additional Finance Charges from other Series allocated to the
Series 1997-1 Certificates $0.00
(g) Payments, if any, on deposit as of the Determination Date received
from any Interest Rate Protection Agreements $0.00
(h) Required Draw Amount, if applicable $0.00
(i) Reallocated Collateral Principal Collections $0.00
(j) Reallocated Class B Principal Collections $0.00
(k) Total Available Finance Charge Collections and Reallocated
Principal Collections for Series 1997-1 (total of (a), (b), (c),
(d), (e), (f), (g), (h), (i) and (j) above) $9,519,478.30
(3) Available Principal Collections for Series 1997-1 for the Monthly Period
immediately preceding the Distribution Date
(a) The Principal Receivables collected and allocated to the Series
1997-1 Certificates $42,509,794.87
(b) Shared Principal Collections from other Series allocated to the
Series 1997-1 Certificates $0.00
(c) Additional amounts to be treated as Available Principal Collections
pursuant to the Series Supplement $4,088,969.31
(d) Reallocated Collateral Principal Collections $0.00
(e) Reallocated Class B Principal Collections $0.00
(f) Available Principal Collections for Series 1997-1 (total of (a), (b)
and (c) minus (d) and (e) above) $46,598,764.18
(4) Delinquent Balances in the Trust
The aggregate outstanding balance of the Accounts
which were delinquent as of the close of business on
the last day of the Monthly Period immediately
preceding the Distribution Date.
(a) 31-60 days $ 87,461,962
(b) 61-90 days $ 55,062,335
(c) 91 or more days $ 97,292,967
----------
(d) Total Delinquencies $239,817,264
(5) Defaulted Amount
(a) The aggregate amount of Defaulted Receivables with respect to the
Trust for the Monthly Period immediately preceding the
Distribution Date $41,430,147.75
(b) The aggregate Amount of Recoveries of Defaulted Receivables
processed during the Monthly Period immediately preceding the
Distribution Date $3,836,106.68
(c) The Defaulted Amount for the Monthly Period immediately
preceding the Distribution Date [Defaulted Receivables minus
Recoveries] $37,594,041.07
(d) The Defaulted Amount for the Monthly Period immediately
preceding the Distribution Date allocable to the Series 1997-1
Certificates (the "Series 1997-1 Defaulted Amount") $4,088,969.31
(e) The Class A Defaulted Amount [Series 1997-1 Defaulted Amount
multiplied by the Class A Percentage] $3,332,509.99
(f) The Class B Defaulted Amount [Series 1997-1 Defaulted Amount
multiplied by the Class B Percentage] $388,452.08
(6) Class A Charge-Offs
(a) The excess, if any, of the Class A Defaulted Amount over the sum
of (i) Available Finance Charge Collections applied to such
Class A Defaulted Amount, (ii) the Available Cash Collateral
Amount applied to such Class A Defaulted Amount, (iii)
Reallocated Principal Collections applied to such Class A
Defaulted Amount, (iv) the amount by which the Collateral
Invested Amount has been reduced in respect of such Class A
Defaulted Amount and (v) the amount by which the Class B
Invested Amount has been reduced in respect of such Class A
Defaulted Amount (a "Class A Charge-Off") $0.00
(b) The amount of the Class A Charge-Off set forth in item 6(a)
above, per $1,000 original certificate principal amount (which will
have the effect of reducing, pro rata, the amount of each Class A
Certificateholder's investment) $0.00
(c) The total amount reimbursed on the Distribution Date in respect of
Class A Charge-Offs for prior Distribution Dates $0.00
(d) The amount set forth in item 6(c) above per $1,000 original
certificate principal amount (which will have the effect of
increasing, pro rata, the amount of each Class A
Certificateholder's investment) $0.00
(e) The amount, if any, by which the outstanding principal balance of
the Class A Certificates exceeds the Class A Invested Amount if
any, as of the Distribution Date, after giving effect to all deposits,
withdrawals and distributions on such Distribution Date $0.00
(7) Class B Charge-Offs
(a) The excess, if any, of the Class B Defaulted Amount over the sum
of (i) Available Finance Charge Collections applied to such Class
B Defaulted Amount, (ii) the Available Cash Collateral Amount
applied to such Class B Defaulted Amount, (iii) Reallocated
Collateral Principal Collections applied to such Class B Defaulted
Amount and (iv) the amount by which the Collateral Invested
Amount has been reduced in respect of such Class B Defaulted
Amount $0.00
(b) The amount by which the Class B Invested Amount has been
reduced on the Distribution Date in respect of Reallocated Class B
Principal Collections $0.00
(c) The amount by which the Class B Invested Amount has been
reduced on the Distribution Date in respect of item 6(a) (together
with item 7(a), "Class B Charge-Offs") $0.00
(d) The total amount by which the Class B Invested Amount has been
reduced on the Distribution Date as set forth in items 7(a), (b) and
(c) $0.00
(e) The amount set forth in item 7(d) above per $1,000 original
certificate principal amount (which will have the effect of reducing,
pro rata, the amount of each Class B Certificateholder's
investment) $0.00
(f) The total amount reimbursed on the Distribution Date in respect of
reductions in the Class B Invested Amount on prior Distribution
Dates $0.00
(g) The amount set forth in item 7(f) above per $1,000 original
certificate principal amount (which will have the effect of
increasing, pro rata, the amount of each Class B Certificateholder's
investment) $0.00
(h) The amount, if any, by which the outstanding principal balance of
the Class B Certificates exceeds the Class B Invested Amount if
any, as of the Distribution Date, after giving effect to all deposits,
withdrawals and distributions on such Distribution Date $0.00
(8) Reductions in the Collateral Interest
(a) The excess, if any, of the Collateral Defaulted Amount over
Available Finance Charge Collections applied to such Collateral
Defaulted Amount $0.00
(b) The amount by which the Collateral Invested Amount has been
reduced on the Distribution Date in respect of Reallocated
Principal Collections $0.00
(c) The amount by which the Collateral Invested Amount has been
reduced on the Distribution Date in respect of items 6(a) and 7(a)
above $0.00
(d) The total amount by which the Collateral Invested Amount has
been reduced on the Distribution Date as set forth in items 8(a), (b)
and (c) $0.00
(e) The total amount reimbursed on the Distribution Date in respect of
reductions in the Collateral Invested Amount on prior Distribution
Dates $0.00
(f) The amount, if any, by which the outstanding principal balance of
the Collateral Interest exceeds the Collateral Invested Amount, if
any, as of the Distribution Date, after giving effect to all deposits,
withdrawals and distributions on the Distribution Date $0.00
(9) Investor Monthly Servicing Fee
(a) The amount of the Series 1997-1 Monthly Servicing Fee payable to
the Servicer on the Distribution Date $875,000.00
(10) Cash Collateral Account
(a) The Available Cash Collateral Amount on the Distribution Date,
after giving effect to all deposits, withdrawals and distributions on
such Distribution Date $18,000,000.00
(11) Class A Monthly Interest
(a) Class A Monthly Interest payable on the Distribution
Date $2,354,331.25
(12) Class B Monthly Interest
(a) Class B Monthly Interest payable on the Distribution Date $283,456.25
(13) Principal Funding Account Amount
(a) The amount on deposit in the Principal Funding Account on the
Distribution Date, after giving effect to all deposits, withdrawals
and distributions on such Distribution Date $0.00
(b) Deposits to the Principal Funding Account are currently scheduled
to commence on the Distribution Date occurring in October, 2001.
(The initial funding date for the Principal Funding Account may be
modified in certain circumstances in accordance with the
terms of the Series Supplement.)
(14) Deficit Controlled Accumulation Amount
The Deficit Controlled Accumulation Amount for the Distribution Date,
after giving effect to all deposits, withdrawals and distributions on
such Distribution Date $0.00
(15) Reserve Account (if applicable)
(a) The amount on deposit in the Reserve Account, if funded, on the
Distribution Date, after giving effect to all deposits, withdrawals
and distributions on such Distribution Date and the related
Transfer Date $0.00
(b) The Required Reserve Account Amount, if any, selected by the
Servicer $0.00
C) Class A Invested Amount
(1) The Class A Initial Invested Amount $489,000,000.00
(2) The Class A Invested Amount on the Distribution Date, after giving effect
to all deposits, withdrawals and distributions on such Distribution
Date $489,000,000.00
(3) The Pool Factor for the Distribution Date (which represents the ratio of
the Class A Invested Amount, as of such Distribution Date, after giving
effect to any adjustment in the Class A Invested Amount on such
Distribution Date, to the Class A Initial Invested Amount). The amount of
a Class A Certificateholder's pro rata share of the Class A Invested
Amount can be determined by multiplying the original denomination of the
Class A Certificateholder's Certificate by the Pool Factor 1.000000
D) Class B Invested Amount
(1) The Class B Initial Invested Amount $57,000,000.00
(2) The Class B Invested Amount on the Distribution Date, after giving effect
to all deposits, withdrawals and distributions on such Distribution
Date $57,000,000.00
(3) The Pool Factor for the Distribution Date (which represents the ratio of
the Class B Invested Amount, as of such Distribution Date, after giving
effect to any adjustment in the Class B Invested Amount on such
Distribution Date, to the Class B Initial Invested Amount). The amount of
a Class B Certificateholder's pro rata share of the Class B Invested
Amount can be determined by multiplying the original denomination of the
Class B Certificateholder's Certificate by the Pool Factor 1.000000
E) Collateral Invested Amount
(1) The Collateral Initial Invested Amount $54,000,000.00
(2) The Collateral Invested Amount on the Distribution Date, after giving
effect to all deposits, withdrawals and distributions on such Distribution
Date $54,000,000.00
(3) The Collateral Invested Amount as a percentage of the Invested Amount
on such Distribution Date 9.00%
F) Receivables Balances
(1) The aggregate amount of Principal Receivables in the Trust at the close of
business on the last day of the immediately preceding Monthly
Period $5,412,660,752
(2) The aggregate amount of Finance Charge Receivables in the Trust at the
close of business on the last day of the immediately preceding Monthly
Period $96,527,092
G) Annualized Percentages
(1) The Gross Yield (Available Finance Charge Collections for the Series
1997-1 Certificates for the preceding Monthly Period (excluding payments
received from Interest Rate Protection Agreements) divided by the
Invested Amount of the Series 1997-1 Certificates as of the last day of the
next preceding Monthly Period, multiplied by
12) 19.04%
(2) The Net Loss Rate (the Series 1997-1 Defaulted Amount for the preceding
Monthly Period divided by the Invested Amount of the Series 1997-1
Certificates as of the last day of the next preceding Monthly Period,
multiplied by 12) 8.18%
(3) The Portfolio Yield (the Gross Yield minus the Net Loss Rate for the
Series 1997-1 Certificates for the preceding Monthly Period) 10.86%
(4) The Base Rate (Monthly Interest plus Monthly Servicing Fee (based on an
assumed Servicing Fee Rate of 2% per annum) for the preceding Monthly
Period with respect to the related Distribution Date, divided by the
Invested Amount of the Series 1997-1 Certificates as of the last day of the
next preceding Monthly Period, multiplied by 12) 7.85%
(5) The Net Spread (the Portfolio Yield minus the Base Rate for the Series
1997-1 Certificates for the preceding Monthly Period) 3.01%
(6) The Monthly Payment Rate (Collections of Principal Receivables and
Finance Charge Receivables with respect to all Receivables in the Trust
for the preceding Monthly Period divided by the amount of Receivables in
the Trust as of the last day of the next preceding Monthly Period) 8.51%
H) Series 1997-1 Information for the Last Three Distribution Dates
1) Gross Yield
a) 5/15/97 19.04%
b) 4/15/97 21.98%
c) 3/17/97 N/A
2) Net Loss Rate
a) 5/15/97 8.18%
b) 4/15/97 8.56%
c) 3/17/97 N/A
3) Net Spread (Portfolio Yield Minus Base Rate)
a) 5/15/97 3.01%
b) 4/15/97 7.71%
c) 3/17/97 N/A
Three Month Average 5.36%
4) Monthly Payment Rate
a) 5/15/97 8.51%
b) 4/15/97 9.21%
c) 3/17/97 N/A
FIRST DEPOSIT NATIONAL BANK
Servicer
By: /s/ David J. Petrini
---------------------------------
Name: David Petrini
Title: Senior Vice President and Chief
Financial Officer
MONTHLY STATEMENT
---------------------------------------------
PROVIDIAN MASTER TRUST
SERIES 1997-2
---------------------------------------------
Pursuant to the Pooling and Servicing Agreement dated as of June 1, 1993
(as amended and supplemented, the "Agreement"), as supplemented by the Series
1997-2 Supplement dated March 1, 1997 (as amended and supplemented, the "Series
Supplement"), among First Deposit National Bank ("FDNB"), Seller and Servicer,
ProvidianNational Bank, Seller, and Bankers Trust Company, Trustee, FDNB as
Servicer is required to prepare certain information each month regarding current
distributions to Class A Certificateholders, Class B Certificateholders and the
Collateral Interest Holder and the performance of the Providian Master Trust
(the "Trust") during the previous month. The information which is required to be
prepared for the Series 1997-2 Certificates with respect to the Distribution
Date occurring on May 15, 1997, and with respect to the performance of the Trust
during the month of April, 1997, is set forth below. Certain of the information
is presented on the basis of an original principal amount of $1,000 per Investor
Certificate. Certain other information is presented based on the aggregate
amounts for the Trust as a whole. Capitalized terms used in this Certificate
have their respective meanings set forth in the Agreement or Series Supplement,
as applicable.
A) Information Regarding the Current Monthly Distribution for the Series
1997-2 Class A Certificates and Class B Certificates (stated on the basis
of $1,000 original certificate principal amount)
(1) The total amount distributed to Class A Certificateholders per $1,000
original certificate principal amount $4.831250
(2) The amount set forth in A(1) above distributed to Class A
Certificateholders with respect to interest per $1,000 original
certificate principal amount $4.831250
(3) The amount set forth in A(1) above distributed to Class A
Certificateholders with respect to principal per $1,000 original
certificate principal amount $0.000000
(4) The total amount distributed to Class B Certificateholders per $1,000
original certificate principal amount $4.997917
(5) The amount set forth in A(4) above distributed to Class B
Certificateholders with respect to interest per $1,000 original
certificate principal amount $4.997917
(6) The amount set forth in A(4) above distributed to Class B
Certificateholders with respect to principal per $1,000 original
certificate principal amount $0.000000
B) Information Regarding the Performance of the Trust
(1) Allocation of Receivables Collections to the Series 1997-2 Certificates
(a) The aggregate amount of Finance Charge Receivables collected
during the Monthly Period immediately preceding the Distribution
Date $84,359,152.90
(b) The aggregate amount of Interchange collected and allocated to the
Trust for the Monthly Period immediately preceding the Distribution
Date $1,799,350.00
(c) The aggregate amount of Principal Receivables collected during the
Monthly Period immediately preceding the Distribution
Date $390,835,649.02
(d) The Floating Allocation Percentage with respect to the Series 1997-2
Certificates for the Monthly Period immediately preceding the
Distribution Date 12.689416%
(e) The Principal Allocation Percentage with respect to the Series 1997-
2 Certificates for the Monthly Period immediately preceding the
Distribution Date 12.689416%
(f) The Finance Charge Receivables and Interchange collected and
allocated to the Series 1997-2 Certificates for the Monthly Period
immediately preceding the Distribution Date $10,933,010.70
(g) The Principal Receivables collected and allocated to the Series 1997-
2 Certificates for the Monthly Period immediately preceding the
Distribution Date $49,594,760.68
(2) Available Finance Charge Collections, Required Draw Amount and
Reallocated Principal Collections for Series 1997-2 for the Monthly Period
immediately preceding the Distribution Date
(a) The Finance Charge Receivables and Interchange collected and
allocated to the Series 1997-2 Certificates $10,933,010.70
(b) Collection Account and Special Funding Account investment
earnings allocated to the Series 1997-2 Certificates $76,067.46
`(c) Principal Funding Account Investment Proceeds $0.00
(d) Cash Collateral Account Investment Proceeds $96,576.67
(e) Reserve Draw Amount, if applicable $0.00
(f) Additional Finance Charges from other Series allocated to the Series
1997-2 Certificates $0.00
(g) Payments, if any, on deposit as of the Determination Date received
from any Interest Rate Protection Agreements $0.00
(h) Required Draw Amount, if applicable $0.00
(i) Reallocated Collateral Principal Collections $0.00
(j) Reallocated Class B Principal Collections $0.00
(k) Total Available Finance Charge Collections and Reallocated
Principal Collections for Series 1997-2 (total of (a), (b), (c),
(d), (e), (f), (g), (h), (i) and (j) above) $11,105,654.83
(3) Available Principal Collections for Series 1997-2 for the Monthly Period
immediately preceding the Distribution Date
(a) The Principal Receivables collected and allocated to the Series 1997-
2 Certificates $49,594,760.68
(b) Shared Principal Collections from other Series allocated to the Series
1997-2 Certificates $0.00
(c) Additional amounts to be treated as Available Principal Collections
pursuant to the Series Supplement $4,770,464.20
(d) Reallocated Collateral Principal Collections $0.00
(e) Reallocated Class B Principal Collections $0.00
(f) Available Principal Collections for Series 1997-2 (total of (a), (b)
and (c) minus (d) and (e) above) $54,365,224.88
(4) Delinquent Balances in the Trust
The aggregate outstanding balance of the Accounts
which were delinquent as of the close of business on
the last day of the Monthly Period immediately
preceding the Distribution Date.
(a) 31-60 days $87,461,962
(b) 61-90 days $55,062,335
(c) 91 or more days $97,292,967
-----------
(d) Total Delinquencies $239,817,264
(5) Defaulted Amount
(a) The aggregate amount of Defaulted Receivables with respect to the
Trust for the Monthly Period immediately preceding the
Distribution Date $41,430,147.75
(b) The aggregate Amount of Recoveries of Defaulted Receivables
processed during the Monthly Period immediately preceding the
Distribution Date $3,836,106.68
(c) The Defaulted Amount for the Monthly Period immediately
preceding the Distribution Date [Defaulted Receivables minus
Recoveries] $37,594,041.07
(d) The Defaulted Amount for the Monthly Period immediately
preceding the Distribution Date allocable to the Series 1997-2
Certificates (the "Series 1997-2 Defaulted Amount") $4,770,464.20
(e) The Class A Defaulted Amount [Series 1997-2 Defaulted Amount
multiplied by the Class A Percentage] $3,887,928.32
(f) The Class B Defaulted Amount [Series 1997-2 Defaulted Amount
multiplied by the Class B Percentage] $453,194.10
(6) Class A Charge-Offs
(a) The excess, if any, of the Class A Defaulted Amount over the sum of
(i) Available Finance Charge Collections applied to such Class A
Defaulted Amount, (ii) the Available Cash Collateral Amount
applied to such Class A Defaulted Amount, (iii) Reallocated
Principal Collections applied to such Class A Defaulted Amount,
(iv) the amount by which the Collateral Invested Amount has been
reduced in respect of such Class A Defaulted Amount and (v) the
amount by which the Class B Invested Amount has been reduced in
respect of such Class A Defaulted Amount (a "Class A
Charge-Off") $0.00
(b) The amount of the Class A Charge-Off set forth in item 6(a) above,
per $1,000 original certificate principal amount (which will have the
effect of reducing, pro rata, the amount of each Class A
Certificateholder's investment) $0.00
(c) The total amount reimbursed on the Distribution Date in respect of
Class A Charge-Offs for prior Distribution Dates $0.00
(d) The amount set forth in item 6(c) above per $1,000 original
certificate principal amount (which will have the effect of increasing,
pro rata, the amount of each Class A Certificateholder's
investment) $0.00
(e) The amount, if any, by which the outstanding principal balance of
the Class A Certificates exceeds the Class A Invested Amount if any,
as of the Distribution Date, after giving effect to all deposits,
withdrawals and distributions on such Distribution Date $0.00
(7) Class B Charge-Offs
(a) The excess, if any, of the Class B Defaulted Amount over the sum of
(i) Available Finance Charge Collections applied to such Class B
Defaulted Amount applied to such Class B Defaulted Amount, (ii)
the Available Cash Collateral Amount, (iii) Reallocated
Collateral Principal Collections applied to such Class B Defaulted
Amount and (iv) the amount by which the Collateral Invested
Amount has been reduced in respect of such Class B Defaulted
Amount $0.00
(b) The amount by which the Class B Invested Amount has been
reduced on the Distribution Date in respect of Reallocated Class B
Principal Collections $0.00
(c) The amount by which the Class B Invested Amount has been
reduced on the Distribution Date in respect of item 6(a) (together
with item 7(a), "Class B Charge-Offs") $0.00
(d) The total amount by which the Class B Invested Amount has been
reduced on the Distribution Date as set forth in items 7(a), (b) and
(c) $0.00
(e) The amount set forth in item 7(d) above per $1,000 original
certificate principal amount (which will have the effect of reducing,
pro rata, the amount of each Class B Certificateholder's
investment) $0.00
(f) The total amount reimbursed on the Distribution Date in respect of
reductions in the Class B Invested Amount on prior Distribution
Date $0.00
(g) The amount set forth in item 7(f) above per $1,000 original
certificate principal amount (which will have the effect of increasing,
pro rata, the amount of each Class B Certificateholder's
investment) $0.00
(h) The amount, if any, by which the outstanding principal balance of
the Class B Certificates exceeds the Class B Invested Amount if any,
as of the Distribution Date, after giving effect to all deposits,
withdrawals and distributions on such Distribution Date $0.00
(8) Reductions in the Collateral Interest
(a) The excess, if any, of the Collateral Defaulted Amount over
Available Finance Charge Collections applied to such Collateral
Defaulted Amount $0.00
(b) The amount by which the Collateral Invested Amount has been
reduced on the Distribution Date in respect of Reallocated Principal
Collections $0.00
(c) The amount by which the Collateral Invested Amount has been
reduced on the Distribution Date in respect of items 6(a) and 7(a)
above $0.00
(d) The total amount by which the Collateral Invested Amount has been
reduced on the Distribution Date as set forth in items 8(a), (b) and
(c) $0.00
(e) The total amount reimbursed on the Distribution Date in respect of
reductions in the Collateral Invested Amount on prior Distribution
Dates $0.00
(f) The amount, if any, by which the outstanding principal balance of
the Collateral Interest exceeds the Collateral Invested Amount, if
any, as of the Distribution Date, after giving effect to all deposits,
withdrawals and distributions on the Distribution Date $0.00
(9) Investor Monthly Servicing Fee
(a) The amount of the Series 1997-2 Monthly Servicing Fee payable to
the Servicer on the Distribution Date $1,020,833.33
(10) Cash Collateral Account
(a) The Available Cash Collateral Amount on the Distribution Date,
after giving effect to all deposits, withdrawals and distributions on
such Distribution Date $21,000,000.00
(11) Class A Monthly Interest
(a) Class A Monthly Interest payable on the Distribution
Date $2,756,228.13
(12) Class B Monthly Interest
(a) Class B Monthly Interest payable on the Distribution
Date $332,361.46
(13) Principal Funding Account Amount
(a) The amount on deposit in the Principal Funding Account on the
Distribution Date, after giving effect to all deposits, withdrawals and
distributions on such Distribution Date $0.00
(b) Deposits to the Principal Funding Account
are currently scheduled to commence on the
Distribution Date occurring in December
2002. (The initial funding date for the
Principal Funding Account may be modified in
certain circumstances in accordance with the
terms of the Series Supplement.)
(14) Deficit Controlled Accumulation Amount
The Deficit Controlled Accumulation Amount for the Distribution Date,
after giving effect to all deposits, withdrawals and distributions on such
Distribution Date $0.00
(15) Reserve Account (if applicable)
(a) The amount on deposit in the Reserve Account, if funded, on the
Distribution Date, after giving effect to all deposits, withdrawals and
distributions on such Distribution Date and the related Transfer
Date $0.00
(b) The Required Reserve Account Amount, if any, selected by the
Servicer $0.00
C) Class A Invested Amount
(1) The Class A Initial Invested Amount $570,500,000.00
(2) The Class A Invested Amount on the Distribution Date, after giving effect
to all deposits, withdrawals and distributions on such Distribution
Date $570,500,000.00
(3) The Pool Factor for the Distribution Date (which represents the ratio of
the Class A Invested Amount, as of such Distribution Date, after giving
effect to any adjustment in the Class A Invested Amount on such
Distribution Date, to the Class A Initial Invested Amount). The amount
of a Class A Certificateholder's pro rata share of the Class A Invested
Amount can be determined by multiplying the original denomination of
the Class A Certificateholder's Certificate by the Pool
Factor 1.000000
D) Class B Invested Amount
(1) The Class B Initial Invested Amount $66,500,000.00
(2) The Class B Invested Amount on the Distribution Date, after giving effect
to all deposits, withdrawals and distributions on such Distribution
Date $66,500,000.00
(3) The Pool Factor for the Distribution Date (which represents the ratio
of the Class B Invested Amount, as of such Distribution Date, after
giving effect to any adjustment in the Class B Invested Amount on such
Distribution Date, to the Class B Initial Invested Amount). The amount
of a Class B Certificateholder's pro rata share of the Class B Invested
Amount can be determined by multiplying the original denomination of
the Class B Certificateholder's Certificate by the Pool
Factor 1.000000
E) Collateral Invested Amount
(1) The Collateral Initial Invested Amount $63,000,000.00
(2) The Collateral Invested Amount on the Distribution Date, after giving
effect to all deposits, withdrawals and distributions on such
Distribution Date $63,000,000.00
(3) The Collateral Invested Amount as a percentage of the sum of the Invested
Amount on such Distribution Date 9.00%
F) Receivables Balances
(1) The aggregate amount of Principal Receivables in the Trust at the close of
business on the last day of the immediately preceding Monthly
Period $5,412,660,752
(2) The aggregate amount of Finance Charge Receivables in the Trust at the
close of business on the last day of the immediately preceding Monthly
Period $96,527,092
G) Annualized Percentages
(1) The Gross Yield (Available Finance Charge Collections for the Series 1997-
2 Certificates for the preceding Monthly Period (excluding payments
received from Interest Rate Protection Agreements) divided by the Invested
Amount of the Series 1997-2 Certificates as of the last day of the next
preceding Monthly Period, multiplied by 12) 19.04%
(2) The Net Loss Rate (the Series 1997-2 Defaulted Amount for the preceding
Monthly Period divided by the Invested Amount of the Series 1997-2
Certificates as of the last day of the next preceding Monthly Period,
multiplied by 12) 8.18%
(3) The Portfolio Yield (the Gross Yield minus the Net Loss Rate for the Series
1997-2 Certificates for the preceding Monthly Period) 10.86%
(4) The Base Rate (Monthly Interest plus Monthly Servicing Fee (based on an
assumed Servicing Fee Rate of 2% per annum) for the preceding Monthly
Period with respect to the related Distribution Date, divided by the
Invested Amount of the Series 1997-2 Certificates as of the last day
of the next preceding Monthly Period, multiplied by 12) 7.87%
(5) The Net Spread (the Portfolio Yield minus the Base Rate for the Series
1997-2 Certificates for the preceding Monthly Period) 2.99%
(6) The Monthly Payment Rate (Collections of Principal Receivables and
Finance Charge Receivables with respect to all Receivables in the Trust for
the preceding Monthly Period divided by the amount of Receivables in the
Trust as of the last day of the next preceding Monthly Period) 8.51%
H) Series 1997-2 Information for the Last Three Distribution Dates
1) Gross Yield
a) 5/15/97 19.04%
b) 4/15/97 21.98%
c) 3/17/97 N/A
2) Net Loss Rate
a) 5/15/97 8.18%
b) 4/15/97 8.56%
c) 3/17/97 N/A
3) Net Spread (Portfolio Yield Minus Base Rate)
a) 5/15/97 2.99%
b) 4/15/97 7.70%
c) 3/17/97 N/A
Three Month Average 5.35%
4) Monthly Payment Rate
a) 5/15/97 8.51%
b) 4/15/97 9.21%
c) 3/17/97 N/A
FIRST DEPOSIT NATIONAL BANK
Servicer
By: /s/ David J. Petrini
---------------------------
David J. Petrini
Senior Vice President and Chief
Financial Officer
