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): November 16, 1998
---------------
Providian National Bank (formerly First Deposit National Bank)
on behalf of the Providian Master Trust
(formerly the First Deposit Master Trust)
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(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
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (603) 286-4348
--------------
Not Applicable
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(Former name or former address, if changed since last report)
Item 5. Other Events.
Exhibit 19.1 Monthly Statement for the Asset-Backed Certificates,
Series 1995-1 with respect to the November 16, 1998
Distribution Date.
Exhibit 19.2 Monthly Statement for the Asset-Backed Certificates,
Series 1996-1 with respect to the November 16, 1998
Distribution Date.
Exhibit 19.3 Monthly Statement for the Asset-Backed Certificates,
Series 1997-1 with respect to the November 16, 1998
Distribution Date.
Exhibit 19.4 Monthly Statement for the Asset-Backed Certificates,
Series 1997-2 with respect to the November 16, 1998
Distribution Date.
Exhibit 19.5 Monthly Statement for the Asset-Backed Certificates,
Series 1997-3 with respect to the November 16, 1998
Distribution Date.
Exhibit 19.6 Monthly Statement for the Asset-Backed Certificates,
Series 1997-4 with respect to the November 16, 1998
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: PROVIDIAN NATIONAL BANK,
Servicer
By: /s/ Miranda Mengis
--------------------------------
Miranda Mengis
Vice President
Date: November 16, 1998
EXHIBIT INDEX
Exhibit No.
Exhibit 19.1 Monthly Statement for the Asset-Backed Certificates,
Series 1995-1 with respect to the November 16, 1998
Distribution Date.
Exhibit 19.2 Monthly Statement for the Asset-Backed Certificates,
Series 1996-1 with respect to the November 16, 1998
Distribution Date.
Exhibit 19.3 Monthly Statement for the Asset-Backed Certificates,
Series 1997-1 with respect to the November 16, 1998
Distribution Date.
Exhibit 19.4 Monthly Statement for the Asset-Backed Certificates,
Series 1997-2 with respect to the November 16, 1998
Distribution Date.
Exhibit 19.5 Monthly Statement for the Asset-Backed Certificates,
Series 1997-3 with respect to the November 16, 1998
Distribution Date.
Exhibit 19.6 Monthly Statement for the Asset-Backed Certificates,
Series 1997-4 with respect to the November 16, 1998
Distribution Date.
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"), between Providian National Bank ("PNB"), formerly known as
First Deposit National Bank, Seller and Servicer, and Bankers Trust Company,
Trustee, PNB 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 Providian 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 November 16, 1998, and with respect to the performance of the Trust during
the month of October 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............$4.976524
(2) The amount set forth in A(1) above distributed to Senior
Certificateholders with respect to interest per $1,000 original
certificate principal amount............................$4.976524
(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............................$120,145,068.15
(b) The aggregate amount of Interchange collected and allocated
to the Trust for the Monthly Period immediately preceding
the Distribution Date..........................$2,795,201.00
(c) The aggregate amount of Principal Receivables collected
during the Monthly Period immediately preceding the
Distribution Date............................$476,362,225.27
(d) The Floating Allocation Percentage with respect to the
Series 1995-1 Certificates for the Monthly Period
immediately preceding the Distribution Date.......14.520682%
(e) The Principal Allocation Percentage with respect to the
Series 1995-1 Certificates for the Monthly Period
immediately preceding the Distribution Date.......14.520682%
(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..........................................$17,851,765.87
(g) The Principal Receivables collected and allocated to the
Series 1995-1 Certificates for the Monthly Period
immediately preceding the Distribution Date...$69,171,045.20
(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...$17,851,765.87
(b) Collection Account and Special Funding Account investment
earnings allocated to the Series 1995-1
Certificates......................................$69,682.27
(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 1995-1 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 1995-1 (total of (a), (b),
(c), (d), (e), (f), (g) and (h) above)........$17,921,448.14
(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....................$69,171,045.20
(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..$7,412,654.38
(d) Reallocated Principal Collections......................$0.00
(e) Available Principal Collections for Series 1995-1 (total of
(a), (b) and (c) minus (d) above).............$76,583,699.58
(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 $109,497,369
(b) 61-90 days 65,992,102
(c) 91 or more days 118,169,848
------------
(d) Total Delinquencies $293,659,319
(5) Defaulted Amount
(a) The aggregate amount of Defaulted Receivables with respect
to the Trust for the Monthly Period immediately preceding
the Distribution Date.........................$55,584,205.05
(b) The aggregate amount of Recoveries of Defaulted Receivables
processed during the Monthly Period immediately preceding
the Distribution Date..........................$4,535,265.09
(c) The Defaulted Amount for the Monthly Period immediately
preceding the Distribution Date [Defaulted Receivables minus
Recoveries]...................................$51,048,939.96
(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").......................................$7,412,654.38
(e) The Senior Defaulted Amount [Series 1995-1 Defaulted Amount
multiplied by the Senior Percentage]...........$5,855,996.96
(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...........................................$3,734,881.60
(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.....................................$6,424,052,210
(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.............................$163,752,787
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)........................................................22.64%
(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)...........................................9.36%
(3) The Portfolio Yield (the Gross Yield minus the Net Loss Rate for
the Series 1995-1 Certificates for the preceding Monthly
Period)....................................................13.28%
(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).........................................................8.07%
(5) The Net Spread (the Portfolio Yield minus the Base Rate for the
Series 1995-1 Certificates for the preceding Monthly
Period).....................................................5.21%
(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)...................................8.95%
G) Series 1995-1 Information for the Last Three Distribution Dates
1) Gross Yield
a) 11/16/98 22.64%
b) 10/15/98 22.55%
c) 09/15/98 22.87%
2) Net Loss Rate
a) 11/16/98 9.36%
b) 10/15/98 7.82%
c) 09/15/98 5.17%
3) Net Spread (Portfolio Yield Minus Base Rate)
a) 11/16/98 5.21%
b) 10/15/98 6.88%
c) 09/15/98 10.00%
Three Month Average 7.36%
4) Monthly Payment Rate
a) 11/16/98 8.95%
b) 10/15/98 9.34%
c) 09/15/98 10.01%
PROVIDIAN NATIONAL BANK,
Servicer
/s/ Mimi Mengis
By: _________________________________
Name: Mimi Mengis
Title: Vice President, Funding
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"), between Providian National Bank ("PNB"), formerly known as
First Deposit National Bank, Seller and Servicer, and Bankers Trust Company,
Trustee, PNB 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 Providian 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 November 16, 1998, and with respect to the performance of the Trust during
the month of October 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............$4.958747
(2) The amount set forth in A(1) above distributed to Senior
Certificateholders with respect to interest per $1,000 original
certificate principal amount............................$4.958747
(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............................$120,145,068.15
(b) The aggregate amount of Interchange collected and allocated
to the Trust for the Monthly Period immediately preceding
the Distribution Date..........................$2,795,201.00
(c) The aggregate amount of Principal Receivables collected
during the Monthly Period immediately preceding the
Distribution Date............................$476,362,225.27
(d) The Floating Allocation Percentage with respect to the
Series 1996-1 Certificates for the Monthly Period
immediately preceding the Distribution Date.......14.520682%
(e) The Principal Allocation Percentage with respect to the
Series 1996-1 Certificates for the Monthly Period
immediately preceding the Distribution Date.......14.520682%
(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..........................................$17,851,765.87
(g) The Principal Receivables collected and allocated to the
Series 1996-1 Certificates for the Monthly Period
immediately preceding the Distribution Date...$69,171,045.20
(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..................................$17,851,765.87
(b) Collection Account and Special Funding Account investment
earnings allocated to the Series 1996-1
Certificates......................................$69,841.47
(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)........$17,921,607.34
(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 Certificates....................$69,171,045.20
(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.....................................$7,412,654.38
(d) Reallocated Principal Collections......................$0.00
(e) Available Principal Collections for Series 1996-1 (total of
(a), (b) and (c) minus (d) above).............$76,583,699.58
(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 $109,497,369
(b) 61-90 days 65,992,102
(c) 91 or more days 118,169,848
-------------
(d) Total Delinquencies $293,659,319
(5) Defaulted Amount
(a) The aggregate amount of Defaulted Receivables with respect
to the Trust for the Monthly Period immediately preceding
the Distribution Date.........................$55,584.205.05
(b) The aggregate Amount of Recoveries of Defaulted Receivables
processed during the Monthly Period immediately preceding
the Distribution Date..........................$4,535,265.09
(c) The Defaulted Amount for the Monthly Period immediately
preceding the Distribution Date [Defaulted Receivables minus
Recoveries]...................................$51,048,939.96
(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").......................................$7,412,654.38
(e) The Senior Defaulted Amount [Series 1996-1 Defaulted Amount
multiplied by the Senior Percentage]...........$5,855,996.96
(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...........................................$3,721,539.37
(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
August, 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.....................................$6,424,052,210
(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.............................$163,752,787
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)........................................................22.64%
(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)...........................................9.36%
(3) The Portfolio Yield (the Gross Yield minus the Net Loss Rate for
the Series 1996-1 Certificates for the preceding Monthly
Period)....................................................13.28%
(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).........................................................8.06%
(5) The Net Spread (the Portfolio Yield minus the Base Rate for the
Series 1996-1 Certificates for the preceding Monthly
Period).....................................................5.22%
(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)...................................8.95%
G) Series 1996-1 Information for the Last Three Distribution Dates
1) Gross Yield
a) 11/16/98 22.64%
b) 10/15/98 22.55%
c) 09/15/98 22.87%
2) Net Loss Rate
a) 11/16/98 9.36%
b) 10/15/98 7.82%
c) 09/15/98 5.17%
3) Net Spread (Portfolio Yield Minus Base Rate)
a) 11/16/98 5.22%
b) 10/15/98 6.87%
c) 09/15/98 9.98%
Three Month Average 7.36%
4) Monthly Payment Rate
a) 11/16/98 8.95%
b) 10/15/98 9.34%
c) 09/15/98 10.01%
PROVIDIAN NATIONAL BANK
Servicer
/s/ Mimi Mengis
By: ___________________________
Name: Mimi Mengis
Title: Vice President, Funding
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 as of March 1, 1997 (as amended and supplemented, the
"Series Supplement"), between Providian National Bank ("PNB"), formerly known as
First Deposit National Bank, Seller and Servicer, and Bankers Trust Company,
Trustee, PNB 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 November 16, 1998, and with respect to the
performance of the Trust during the month of October 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............$4.887636
(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............................$4.887636
(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............$5.056524
(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............................$5.056524
(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............................$120,145,068.15
(b) The aggregate amount of Interchange collected and allocated
to the Trust for the Monthly Period immediately preceding
the Distribution Date..........................$2,795,201.00
(c) The aggregate amount of Principal Receivables collected
during the Monthly Period immediately preceding the
Distribution Date............................$476,362,225.27
(d) The Floating Allocation Percentage with respect to the
Series 1997-1 Certificates for the Monthly Period
immediately preceding the Distribution Date........9.170957%
(e) The Principal Allocation Percentage with respect to the
Series 1997-1 Certificates for the Monthly Period
immediately preceding the Distribution Date9.......9.170957%
(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..........................................$11,274,799.50
(g) The Principal Receivables collected and allocated to the
Series 1997-1 Certificates for the Monthly Period
immediately preceding the Distribution Date...$43,686,975.92
(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...$11,274,799.50
(b) Collection Account and Special Funding Account investment
earnings allocated to the Series 1997-1
Certificates......................................$42,158.12
(c) Principal Funding Account Investment Proceeds..........$0.00
(d) Cash Collateral Account Investment Proceeds.......$80,606.67
(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)........................................$11,397,564.29
(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....................$43,686,975.92
(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..$4,681,676.45
(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).....$48,368,652.37
(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 $ 109,497,369
(b) 61-90 days 65,992,102
(c) 91 or more days 118,169,848
--------------
(d) Total Delinquencies $ 293,659,319
(5) Defaulted Amount
(a) The aggregate amount of Defaulted Receivables with respect
to the Trust for the Monthly Period immediately preceding
the Distribution Date.........................$55,584,205.05
(b) The aggregate Amount of Recoveries of Defaulted Receivables
processed during the Monthly Period immediately preceding
the Distribution Date..........................$4,535,265.09
(c) The Defaulted Amount for the Monthly Period immediately
preceding the Distribution Date [Defaulted Receivables minus
Recoveries]...................................$51,048,939.96
(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").......................................$4,681,676.45
(e) The Class A Defaulted Amount [Series 1997-1 Defaulted Amount
multiplied by the Class A Percentage]..........$3,815,566.30
(f) The Class B Defaulted Amount [Series 1997-1 Defaulted Amount
multiplied by the Class B Percentage]............$444,759.26
(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...........................................$2,390,053.79
(12) Class B Monthly Interest
(a) Class B Monthly Interest payable on the Distribution
Date.............................................$288,221.89
(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.....................................$6,424,052,210
(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.............................$163,752,787
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)..................................22.80%
(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).................9.36%
(3) The Portfolio Yield (the Gross Yield minus the Net Loss Rate for
the Series 1997-1 Certificates for the preceding Monthly
Period)....................................................13.44%
(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)...................................7.95%
(5) The Net Spread (the Portfolio Yield minus the Base Rate for the
Series 1997-1 Certificates for the preceding Monthly
Period).....................................................5.49%
(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)...................................8.95%
H) Series 1997-1 Information for the Last Three Distribution Dates
1) Gross Yield
a) 11/16/98 22.80%
b) 10/15/98 22.71%
c) 09/15/98 23.04%
2) Net Loss Rate
a) 11/16/98 9.36%
b) 10/15/98 7.82%
c) 09/15/98 5.17%
3) Net Spread (Portfolio Yield Minus Base Rate)
a) 11/16/98 5.49%
b) 10/15/98 7.13%
c) 09/15/98 10.26%
Three Month Average 7.63%
4) Monthly Payment Rate
a) 11/16/98 8.95%
b) 10/15/98 9.34%
c) 09/15/98 10.01%
PROVIDIAN NATIONAL BANK
Servicer
/s/ Mimi Mengis
By: ___________________________________
Name: Mimi Mengis
Title: Vice President, Funding
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 as of March 1, 1997 (as amended and supplemented, the
"Series Supplement"), between Providian National Bank ("PNB"), formerly known as
First Deposit National Bank, Seller and Servicer, and Bankers Trust Company,
Trustee, PNB 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 November 16, 1998 and with respect to the
performance of the Trust during the month of October 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............$4.905413
(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............................$4.905413
(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............$5.083191
(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............................$5.083191
(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............................$120,145,068.15
(b) The aggregate amount of Interchange collected and allocated
to the Trust for the Monthly Period immediately preceding
the Distribution Date..........................$2,795,201.00
(c) The aggregate amount of Principal Receivables collected
during the Monthly Period immediately preceding the
Distribution Date............................$476,362,225.27
(d) The Floating Allocation Percentage with respect to the
Series 1997-2 Certificates for the Monthly Period
immediately preceding the Distribution Date.......10.699450%
(e) The Principal Allocation Percentage with respect to the
Series 1997-2 Certificates for the Monthly Period
immediately preceding the Distribution Date.......10.699450%
(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..........................................$13,153,932.75
(g) The Principal Receivables collected and allocated to the
Series 1997-2 Certificates for the Monthly Period
immediately preceding the Distribution Date...$50,968,138.57
(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...$13,153,932.75
(b) Collection Account and Special Funding Account investment
earnings allocated to the Series 1997-2
Certificates......................................$49,307.67
(c) Principal Funding Account Investment Proceeds..........$0.00
(d) Cash Collateral Account Investment Proceeds.......$94,044.08
(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)........................................$13,297,284.50
(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....................$50,968,138.57
(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..$5,461,955.86
(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).....$56,430,094.43
(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 $ 109,497,369
(b) 61-90 days 65,992,102
(c) 91 or more days 118,169,848
-------------
(d) Total Delinquencies $ 293,659,319
(5) Defaulted Amount
(a) The aggregate amount of Defaulted Receivables with respect
to the Trust for the Monthly Period immediately preceding
the Distribution Date.........................$55,584,205.05
(b) The aggregate Amount of Recoveries of Defaulted Receivables
processed during the Monthly Period immediately preceding
the Distribution Date..........................$4,535,265.09
(c) The Defaulted Amount for the Monthly Period immediately
preceding the Distribution Date [Defaulted Receivables minus
Recoveries]...................................$51,048,939.96
(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").......................................$5,461,955.86
(e) The Class A Defaulted Amount [Series 1997-2 Defaulted Amount
multiplied by the Class A Percentage]..........$4,451,494.02
(f) The Class B Defaulted Amount [Series 1997-2 Defaulted Amount
multiplied by the Class B Percentage]............$518,885.81
(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)....................$0.000000
(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......................$0.000000
(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)..................................$0.000000
(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...........................................$2,798,538.31
(12) Class B Monthly Interest
(a) Class B Monthly Interest payable on the Distribution
Date.............................................$338,032.21
(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
April, 2003. (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.....................................$6,424,052,210
(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.............................$163,752,787
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)..................................22.80%
(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).................9.36%
(3) The Portfolio Yield (the Gross Yield minus the Net Loss Rate for
the Series 1997-2 Certificates for the preceding Monthly
Period)....................................................13.44%
(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)...................................7.96%
(5) The Net Spread (the Portfolio Yield minus the Base Rate for the
Series 1997-2 Certificates for the preceding Monthly
Period).....................................................5.48%
(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)...................................8.95%
H) Series 1997-2 Information for the Last Three Distribution Dates
1) Gross Yield
a) 11/16/98 22.80%
b) 10/15/98 22.71%
c) 09/15/98 23.04%
2) Net Loss Rate
a) 11/16/98 9.36%
b) 10/15/98 7.82%
c) 09/15/98 5.17%
3) Net Spread (Portfolio Yield Minus Base Rate)
a) 11/16/98 5.48%
b) 10/15/98 7.12%
c) 09/15/98 10.24%
Three Month Average 7.61%
4) Monthly Payment Rate
a) 11/16/98 8.95%
b) 10/15/98 9.34%
c) 09/15/98 10.01%
PROVIDIAN NATIONAL BANK
Servicer
/s/ Mimi Mengis
By: ____________________________
Name: Mimi Mengis
Title: Vice President, Funding
MONTHLY STATEMENT
---------------------------------------------
PROVIDIAN MASTER TRUST
SERIES 1997-3
---------------------------------------------
Pursuant to the Pooling and Servicing Agreement dated as of June 1, 1993
(as amended and supplemented, the "Agreement"), as supplemented by the Series
1997-3 Supplement dated as of June 1, 1997 (as amended and supplemented, the
"Series Supplement"), between Providian National Bank ("PNB"), formerly known as
First Deposit National Bank, Seller and Servicer, and Bankers Trust Company,
Trustee, PNB 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 1997-3 Certificates with respect
to the Distribution Date occurring on November 16, 1998, and with respect to the
performance of the Trust during the month of October 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
1997-3 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............$4.905413
(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............................$4.905413
(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............$5.083191
(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............................$5.083191
(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 1997-3
Certificates
(a) The aggregate amount of Finance Charge Receivables collected
during the Monthly Period immediately preceding the
Distribution Date............................$120,145,068.15
(b) The aggregate amount of Interchange collected and allocated
to the Trust for the Monthly Period immediately preceding
the Distribution Date..........................$2,795,201.00
(c) The aggregate amount of Principal Receivables collected
during the Monthly Period immediately preceding the
Distribution Date............................$476,362,225.27
(d) The Floating Allocation Percentage with respect to the
Series 1997-3 Certificates for the Monthly Period
immediately preceding the Distribution Date.......10.699450%
(e) The Principal Allocation Percentage with respect to the
Series 1997-3 Certificates for the Monthly Period
immediately preceding the Distribution Date.......10.699450%
(f) The Finance Charge Receivables and Interchange collected and
allocated to the Series 1997-3 Certificates for the Monthly
Period immediately preceding the Distribution
Date..........................................$13,153,932.75
(g) The Principal Receivables collected and allocated to the
Series 1997-3 Certificates for the Monthly Period
immediately preceding the Distribution Date...$50,968,138.57
(2) Available Finance Charge Collections, Required Draw Amount and
Reallocated Principal Collections for Series 1997-3 for the
Monthly Period immediately preceding the Distribution Date
(a) The Finance Charge Receivables and Interchange collected and
allocated to the Series 1997-3 Certificates...$13,153,932.75
(b) Collection Account and Special Funding Account investment
earnings allocated to the Series 1997-3
Certificates......................................$49,231.99
(c) Principal Funding Account Investment Proceeds..........$0.00
(d) Cash Collateral Account Investment Proceeds.......$94,044.08
(e) Reserve Draw Amount, if applicable.....................$0.00
(f) Additional Finance Charges from other Series allocated to
the Series 1997-3 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 1997-3 (total of (a), (b),
(c), (d), (e), (f), (g), (h), (i) and (j)
above)........................................$13,297,208.82
(3) Available Principal Collections for Series 1997-3 for the Monthly
Period immediately preceding the Distribution Date
(a) The Principal Receivables collected and allocated to the
Series 1997-3 Certificates....................$50,968,138.57
(b) Shared Principal Collections from other Series allocated to
the Series 1997-3 Certificates.........................$0.00
(c) Additional amounts to be treated as Available Principal
Collections pursuant to the Series Supplement..$5,461,955.86
(d) Reallocated Collateral Principal Collections...........$0.00
(e) Reallocated Class B Principal Collections..............$0.00
(f) Available Principal Collections for Series 1997-3 (total of
(a), (b) and (c) minus (d) and (e) above).....$56,430,094.43
(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 $ 109,497,369
(b) 61-90 days 65,992,102
(c) 91 or more days 118,169,848
-------------
(d) Total Delinquencies $ 293,659,319
(5) Defaulted Amount
(a) The aggregate amount of Defaulted Receivables with respect
to the Trust for the Monthly Period immediately preceding
the Distribution Date.........................$55,584,205.05
(b) The aggregate Amount of Recoveries of Defaulted Receivables
processed during the Monthly Period immediately preceding
the Distribution Date..........................$4,535,265.09
(c) The Defaulted Amount for the Monthly Period immediately
preceding the Distribution Date [Defaulted Receivables minus
Recoveries]...................................$51,048,939.96
(d) The Defaulted Amount for the Monthly Period immediately
preceding the Distribution Date allocable to the Series
1997-3 Certificates (the "Series 1997-3 Defaulted
Amount").......................................$5,461,955.86
(e) The Class A Defaulted Amount [Series 1997-3 Defaulted Amount
multiplied by the Class A Percentage]..........$4,451,494.02
(f) The Class B Defaulted Amount [Series 1997-3 Defaulted Amount
multiplied by the Class B Percentage]............$518,885.81
(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 1997-3 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...........................................$2,798,538.31
(12) Class B Monthly Interest
(a) Class B Monthly Interest payable on the Distribution
Date.............................................$338,032.21
(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
March 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...............$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.....................................$6,424,052,210
(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.............................$163,752,787
G) Annualized Percentages
(1) The Gross Yield (Available Finance Charge Collections for the
Series 1997-3 Certificates for the preceding Monthly Period
(excluding payments received from Interest Rate Protection
Agreements) divided by the Invested Amount of the Series 1997-3
Certificates as of the last day of the next preceding Monthly
Period, multiplied by 12).................................22.80%
(2) The Net Loss Rate (the Series 1997-3 Defaulted Amount for the
preceding Monthly Period divided by the Invested Amount of the
Series 1997-3 Certificates as of the last day of the next
preceding Monthly Period, multiplied by 12).................9.36%
(3) The Portfolio Yield (the Gross Yield minus the Net Loss Rate for
the Series 1997-3 Certificates for the preceding Monthly
Period)....................................................13.44%
(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 1997-3
Certificates 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 1997-3 Certificates for the preceding Monthly
Period).....................................................5.49%
(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)...................................8.95%
H) Series 1997-3 Information for the Last Three Distribution Dates
1) Gross Yield
a) 11/16/98 22.80%
b) 10/15/98 22.71%
c) 09/15/98 23.04%
2) Net Loss Rate
a) 11/16/98 9.36%
b) 10/15/98 7.82%
c) 09/15/98 5.17%
3) Net Spread (Portfolio Yield Minus Base Rate)
a) 11/16/98 5.49%
b) 10/15/98 7.13%
c) 09/15/98 10.25%
Three Month Average 7.62%
4) Monthly Payment Rate
a) 11/16/98 8.95%
b) 10/15/98 9.34%
c) 09/15/98 10.01%
PROVIDIAN NATIONAL BANK
Servicer
/s/ Mimi Mengis
By: _____________________________
Name: Mimi Mengis
Title: Vice President, Funding
MONTHLY STATEMENT
---------------------------------------------
PROVIDIAN MASTER TRUST
SERIES 1997-4
---------------------------------------------
Pursuant to the Pooling and Servicing Agreement dated as of June 1, 1993
(as amended and supplemented, the "Agreement"), as supplemented by the Series
1997-4 Supplement dated as of November 1, 1997 (as amended and supplemented, the
"Series Supplement"), between Providian National Bank ("PNB"), formerly known as
First Deposit National Bank, Seller and Servicer, and Bankers Trust Company,
Trustee, PNB 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 1997-4 Certificates with respect
to the Distribution Date occurring on November 16, 1998, and with respect to the
performance of the Trust during the month of October 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
1997-4 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............$5.208333
(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............................$5.208333
(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............$5.375000
(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............................$5.375000
(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 1997-4
Certificates
(a) The aggregate amount of Finance Charge Receivables collected
during the Monthly Period immediately preceding the
Distribution Date............................$120,145,068.15
(b) The aggregate amount of Interchange collected and allocated
to the Trust for the Monthly Period immediately preceding
the Distribution Date..........................$2,795,201.00
(c) The aggregate amount of Principal Receivables collected
during the Monthly Period immediately preceding the
Distribution Date............................$476,362,225.27
(d) The Floating Allocation Percentage with respect to the
Series 1997-4 Certificates for the Monthly Period
immediately preceding the Distribution Date........9.170957%
(e) The Principal Allocation Percentage with respect to the
Series 1997-4 Certificates for the Monthly Period
immediately preceding the Distribution Date........9.170957%
(f) The Finance Charge Receivables and Interchange collected and
allocated to the Series 1997-4 Certificates for the Monthly
Period immediately preceding the Distribution
Date..........................................$11,274,799.50
(g) The Principal Receivables collected and allocated to the
Series 1997-4 Certificates for the Monthly Period
immediately preceding the Distribution Date...$43,686,975.92
(2) Available Finance Charge Collections, Required Draw Amount and
Reallocated Principal Collections for Series 1997-4 for the
Monthly Period immediately preceding the Distribution Date
(a) The Finance Charge Receivables and Interchange collected and
allocated to the Series 1997-4 Certificates..$11,274,799.50
(b) Collection Account and Special Funding Account investment
earnings allocated to the Series 1997-4
Certificates......................................$41,450.38
(c) Principal Funding Account Investment Proceeds..........$0.00
(d) Cash Collateral Account Investment Proceeds.......$67,173.71
(e) Reserve Draw Amount, if applicable.....................$0.00
(f) Additional Finance Charges from other Series allocated to
the Series 1997-4 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 1997-4 (total of (a), (b),
(c), (d), (e), (f), (g), (h), (i) and (j)
above)........................................$11,383,423.59
(3) Available Principal Collections for Series 1997-4 for the Monthly
Period immediately preceding the Distribution Date
(a) The Principal Receivables collected and allocated to the
Series 1997-4 Certificates....................$43,686,975.92
(b) Shared Principal Collections from other Series allocated to
the Series 1997-4 Certificates.........................$0.00
(c) Additional amounts to be treated as Available Principal
Collections pursuant to the Series Supplement..$4,681,676.45
(d) Reallocated Collateral Principal Collections...........$0.00
(e) Reallocated Class B Principal Collections..............$0.00
(f) Available Principal Collections for Series 1997-4 (total of
(a), (b) and (c) minus (d) and (e)
above.........................................$48,368,652.37
(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 $ 109,497,369
(b) 61-90 days 65,992,102
(c) 91 or more days 118,169,848
--------------
(d) Total Delinquencies $ 293,659,319
(5) Defaulted Amount
(a) The aggregate amount of Defaulted Receivables with respect
to the Trust for the Monthly Period immediately preceding
the Distribution Date.........................$55,584,205.05
(b) The aggregate Amount of Recoveries of Defaulted Receivables
processed during the Monthly Period immediately preceding
the Distribution Date..........................$4,535,265.09
(c) The Defaulted Amount for the Monthly Period immediately
preceding the Distribution Date [Defaulted Receivables minus
Recoveries]...................................$51,048,939.96
(d) The Defaulted Amount for the Monthly Period immediately
preceding the Distribution Date allocable to the Series
1997-4 Certificates (the "Series 1997-4 Defaulted
Amount").......................................$4,681,676.45
(e) The Class A Defaulted Amount (Series 1997-4 Defaulted Amount
multiplied by the Class A Percentage)..........$3,909,199.83
(f) The Class B Defaulted Amount (Series 1997-4 Defaulted Amount
multiplied by the Class B Percentage)............$374,534.12
(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 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 1997-4 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.......$15,000,000.00
(11) Class A Monthly Interest
(a) Class A Monthly Interest payable on the Distribution
Date...........................................$2,609,375.00
(12) Class B Monthly Interest
(a) Class B Monthly Interest payable on the Distribution
Date.............................................$258,000.00
(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
May, 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...............$501,000,000.00
(2) The Class A Invested Amount on the Distribution Date, after
giving effect to all deposits, withdrawals and distributions on
such Distribution Date............................$501,000,000.00
(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................$48,000,000.00
(2) The Class B Invested Amount on the Distribution Date, after
giving effect to all deposits, withdrawals and distributions on
such Distribution Date.............................$48,000,000.00
(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.............$51,000,000.00
(2) The Collateral Invested Amount on the Distribution Date, after
giving effect to all deposits, withdrawals and distributions on
such Distribution Date.............................$51,000,000.00
(3) The Collateral Invested Amount as a percentage of the sum of the
Invested Amount on such Distribution Date...................8.50%
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.....................................$6,424,052,210
(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.............................$163,752,787
G) Annualized Percentages
(1) The Gross Yield (Available Finance Charge Collections for the
Series 1997-4 Certificates for the preceding Monthly Period
(excluding payments received from Interest Rate Protection
Agreements) divided by the Invested Amount of the Series 1997-4
Certificates as of the last day of the next preceding Monthly
Period, multiplied by 12)..................................22.77%
(2) The Net Loss Rate (the Series 1997-4 Defaulted Amount for the
preceding Monthly Period divided by the Invested Amount of the
Series 1997-4 Certificates as of the last day of the next
preceding Monthly Period, multiplied by 12).................9.36%
(3) The Portfolio Yield (the Gross Yield minus the Net Loss Rate for
the Series 1997-4 Certificates for the preceding Monthly
Period)....................................................13.41%
(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 1997-4
Certificates as of the last day of the next preceding Monthly
Period, multiplied by 12)...................................8.28%
(5) The Net Spread (the Portfolio Yield minus the Base Rate for the
Series 1997-4 Certificates for the preceding Monthly
Period).....................................................5.13%
(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)...................................8.95%
H) Series 1997-4 Information for the Last Three Distribution Dates
1) Gross Yield
a) 11/16/98 22.77%
b) 10/15/98 22.69%
c) 09/15/98 23.01%
2) Net Loss Rate
a) 11/16/98 9.36%
b) 10/15/98 7.82%
c) 09/15/98 5.17%
3) Net Spread (Portfolio Yield Minus Base Rate)
a) 11/16/98 5.13%
b) 10/15/98 6.60%
c) 09/15/98 9.59%
Three Month Average 7.11%
4) Monthly Payment Rate
a) 11/16/98 8.95%
b) 10/15/98 9.34%
c) 09/15/98 10.01%
PROVIDIAN NATIONAL BANK
Servicer
/s/ Mimi Mengis
By: _____________________________
Name: Mimi Mengis
Title: Vice President, Funding