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FORM 8-K
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20529
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.
Date of Report: July 14, 1999
MBNA AMERICA BANK, NATIONAL ASSOCIATION
ON BEHALF OF THE
MBNA MASTER CREDIT CARD TRUST
(Exact name of registrant as specified in its charter)
33-64244
United States 51-0331454
- ----------------- ----------------------------- --------------
(State or other (Commission File (IRS Employer
jurisdiction of Number) Identification No.)
incorporation)
Wilmington, DE. 19884-0781
- -----------------------------------------------------------------------------
- -
(Address of principal executive office)
Registrant's telephone number, including area code (800) 362-6255.
---------------
<PAGE>
ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS
In accordance with Section 2.07 of the MBNA Master Credit Card Trust Pooling
and Servicing Agreement, $879,291,359.33 of Principal Receivables were
removed from MBNA Master Credit Card Trust and reassigned to MBNA America
Bank, National Association on June 16, 1999. The amount of Investor
Certificates remained unchanged at $637,500,000.00.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION, AND EXHIBITS
The following are filed as Exhibits to this Report under Exhibit 20:
20.1. Series 1994-1 (File No. 33-64244) Certificateholders'Statement
for the month ended June 30, 1999.
20.2. Series 1994-2 (File No. 33-64244) Certificateholders'Statement
for the month ended June 30, 1999.
<PAGE>
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION, AND EXHIBITS
The following are filed as Exhibits to this Report under Exhibit 99:
99.1. Series 1994-1 (File No. 33-64244) Key Performance Factors for the
month ended June 30, 1999.
99.2. Series 1994-2 (File No. 33-64244) Key Performance Factors for the
month ended June 30, 1999.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Dated: July 14, 1999
MBNA AMERICA BANK, NATIONAL ASSOCIATION
By: /s/David Martini
----------------------------------
Name: David Martini
Title: Vice President
CUSIP 55262N AJ5 Exhibit 20.1
FORM OF MONTHLY CERTIFICATEHOLDERS' STATEMENT
MBNA AMERICA BANK, N.A.
- -------------------------------------------
MBNA MASTER CREDIT CARD TRUST SERIES 1994-1
- -------------------------------------------
Under Section 5.02 of the Pooling and Servicing
Agreement dated as of September 25, 1991 and the Series 1994-1
Supplement dated February 25, 1994 (collectively, the "Pooling
and Servicing Agreement") by and between MBNA AMERICA BANK, N.A.
("MBNA") and Bankers Trust Company, as trustee (the "Trustee")
MBNA, as Servicer is required to prepare certain information
each month regarding current distributions to Series 1994-1
Certificateholders and the performance of the MBNA Master
Credit Card Trust (the "Trust") during the previous month.
The information which is required to be prepared with
respect to the Distribution Date of July 15, 1999 and with
respect to the performance of the Trust during the
month of June, 1999 is set forth below.
Certain of the information is presented on the basis of an
original principal amount of $1,000 per Series 1994-1
Certificate (a "Certificate"). Certain other information
is presented based on the aggregate amounts for the Trust
as a whole. Capitalized terms used in this statement
have their respective meanings set forth in the Pooling
and Servicing Agreement.
A. Information Regarding the Current Monthly
Distribution (Stated on the Basis of
$1,000 Original Certificate Principal Amount).
1. The total amount of the distribution
to Certificateholders on the Distribution
Date, per $1,000 original
certificate principal amount $84.406250
-------------------
2. The amount of the distribution set
forth in paragraph 1 above in
respect of interest on the Certifi-
cates, per $1,000 original
certificate principal amount $1.072917
-------------------
3. The amount of the distribution set
forth in paragraph 1 above in
respect of principal of the Cer-
tificates, per $1,000 original
certificate principal amount $83.333333
-------------------
B. Information Regarding the Performance of the Trust.
1. Collection of Principal Receivables.
The aggregate amount of Collections on
Principal Receivables processed during
the preceding Monthly Period which were
allocated in respect of the Certificates $63,771,858.14
-------------------
2. The Economic Pay Out Amount, if any,
distributable with respect to the
Certificates in connection with the
Economic Pay Out Event occurring in
the preceding Monthly Period $ 0.00
-------------------
3. Principal Receivables in the Trust
(a) The aggregate amount of Principal
Receivables in the Trust as of the
end of the last day of the preceding
Monthly Period (which reflects the
Principal Receivables represented by
the Seller Interest and by the
Aggregate Investor Interest) $2,088,028,693.56
-------------------
(b) The amount of Principal Receivables
in the Trust represented by the Investor
Interest of Series 1994-1 as of the last
day of the preceding Monthly Period (the
last day of the month) $187,500,000.00
-------------------
(c) The Investor Interest of Series 1994-1
set forth in paragraph 3(b) above as a
percentage of the aggregate amount of
Principal Receivables set forth
in paragraph 3(a) above 8.98%
-------------------
4. Delinquent Balances.
The aggregate amount of outstanding balances
in the Accounts which were delinquent as of
the end of the last day of the preceding
Monthly Period:
Percentage Aggregate
of Total Account
Receivables Balance
(a) 30 - 59 days: 2.11% $45,106,067.07
------ --------------
(b) 60 - 89 days: 0.99% $21,277,493.30
------ --------------
(c) 90 - 119 days: 0.66% $14,215,052.12
------ --------------
(d) 120 - 149 days: 0.61% $13,145,394.08
------ --------------
(e) 150 or more days: 0.99% $20,907,805.66
------ --------------
Total 5.36% $114,651,812.23
------ -------------
5. Investor Default Amount.
The aggregate amount of all de-
faulted Principal Receivables
written off as uncollectable dur-
ing the preceding Monthly Period
allocable to the Investor
Interest of Series 1994-1 (the "Aggre-
gate Investor Default Amount") $938,129.17
-------------------
6. Investor Charge Offs
(a) The excess of the Aggregate Inves-
tor Default Amount set forth in
paragraph 5 above, over the
amount of the withdrawals from
the Cash Collateral Account made
to reimburse the Trust for such
amount written off and reductions to
the Enhancement Invested Amount
if any (an "Investor Charge Off") $ 0.00
-------------------
(b) The amount of the Investor
Charge Offs set forth in para-
graph 6(a) above, per $1,000
original certificate princi-
pal amount (which will have
the effect of reducing, pro
rata, the amount of each
Certificateholder's investment) $ 0.00
-------------------
(c) The aggregate amount of
Investor Charge Offs reimbursed
on the Transfer Date immediately
preceding such Distribution Date $ 0.00
-------------------
(d) The amount of the reimbursed
Investor Charge Offs set forth
in paragraph 6(c) above, per
$1,000 original certificate
principal amount $ 0.00
-------------------
7. Investor Servicing Fee.
The amount of the Investor Monthly
Servicing Fee payable by the Trust
to the Servicer for the preceding
Monthly Period $312,500.00
-------------------
8. Available Cash Collateral Amount.
The amount available to be withdrawn
from the Cash Collateral Account as of
the close of business on July 14, 1999
(the "Transfer Date"), after giving effect
to all withdrawals, deposits and payments
to be made in respect of the preceding
month $22,500,000.00
------------------
9. The Required Cash Collateral Amount on
the Transfer Date $22,500,000.00
-------------------
10. Enhancement Invested Amount $ 0.00
-------------------
11. Deficit Controlled Amortization
Amount. With respect to the next
succeeding Monthly Period, the amount,
if any, by which the Controlled
Distribution Amount exceeds
the amount distributed to the
Certificateholders pursuant to
Section 4.08(b). $ 0.00
-------------------
12. Collection of Finance Charge Receivables
The aggregate amount of Collections on
Finance Charge Receivables and Annual
Membership Fees processed during the
preceding Monthly Period which were
allocated in respect of the Certificates $3,264,569.66
-------------------
13. The Portfolio Yield for the preceding
Monthly Period. 14.89%
-------------------
C. The Pool Factor.
The Pool Factor for the preceding
Record Date (which represents the
ratio of the amount of the Inves-
tor Interest for Series 1994-1 as
of such Record Date (adjusted after
taking into account any reduction
in the Investor Interest which will
occur on the following Distribution
Date) to the Initial Investor Inter-
est for Series 1994-1). The amount of
a Certificateholder's pro rata share
of the Investor Interest for Series
1994-1 can be determined by
multiplying the original denomination
of the Certificateholder's
Certificate by the Pool Factor 0.166667
-------------------
D. LIBOR
LIBOR for the Interest Period stated below
June 15, 1999 through July 14, 1999 5.0000%
-----------
MBNA AMERICA BANK, N.A.
Servicer
By: David Martini
_______________________________
Name: David Martini
Title: Vice President
1
CUSIP 55262N AK2 Exhibit 20.2
FORM OF MONTHLY CERTIFICATEHOLDERS' STATEMENT
MBNA AMERICA BANK, N.A.
- -------------------------------------------
MBNA MASTER CREDIT CARD TRUST SERIES 1994-2
- -------------------------------------------
Under Section 5.02 of the Pooling and Servicing
Agreement dated as of September 25, 1991 and the Series 1994-2
Supplement dated May 26, 1994 (collectively, the "Pooling
and Servicing Agreement") by and between MBNA AMERICA BANK, N.A.
("MBNA") and Bankers Trust Company, as trustee (the "Trustee")
MBNA, as Servicer is required to prepare certain information
each month regarding current distributions to Series 1994-2
Certificateholders and the performance of the MBNA Master
Credit Card Trust (the "Trust") during the previous month.
The information which is required to be prepared with
respect to the Distribution Date of July 15, 1999 and
with respect to the performance of the Trust during the
month of June, 1999 is set forth below.
Certain of the information is presented on the basis of an
original principal amount of $1,000 per Series 1994-2
Certificate (a "Certificate"). Certain other information
is presented based on the aggregate amounts for the Trust
as a whole. Capitalized terms used in this statement
have their respective meanings set forth in the Pooling
and Servicing Agreement.
A. Information Regarding the Current Monthly
Distribution (Stated on the Basis of
$1,000 Original Certificate Principal Amount).
1. The total amount of the distribution
to Certificateholders on the Distribution
Date, per $1,000 original
certificate principal amount $85.504166
-------------------
2. The amount of the distribution set
forth in paragraph 1 above in
respect of interest on the Certifi-
cates, per $1,000 original
certificate principal amount $ 2.170833
-------------------
3. The amount of the distribution set
forth in paragraph 1 above in
respect of principal of the Cer-
tificates, per $1,000 original
certificate principal amount $83.333333
-------------------
B. Information Regarding the Performance of the Trust.
1. Collection of Principal Receivables.
The aggregate amount of Collections on
Principal Receivables processed during
the preceding Monthly Period which were
allocated in respect of the Certificates $76,488,393.55
-------------------
2. The Economic Pay Out Amount, if any,
distributable with respect to the
Certificates in connection with the
Economic Pay Out Event occurring in
the preceding Monthly Period $ 0.00
-------------------
3. Principal Receivables in the Trust
(a) The aggregate amount of Principal
Receivables in the Trust as of the
end of the last day of the preceding
Monthly Period (which reflects the
Principal Receivables represented by the
Seller Interest and by the
Aggregate Investor Interest) $2,088,028,693.56
-------------------
(b) The amount of Principal Receivables
in the Trust represented by the
Investor Interest of Series 1994-2 as
of the last day of the preceding Monthly
Period (the last day of the month) $450,000,000.00
-------------------
(c) The Investor Interest of Series
1994-2 set forth in paragraph
3(b) above as a percentage of the
aggregate amount of Principal
Receivables set forth in paragraph
3(a) above 21.55%
-------------------
4. Delinquent Balances.
The aggregate amount of outstanding
balances in the Accounts which were
delinquent as of the end of the last
day of the preceding Monthly Period:
Percentage Aggregate
of Total Account
Receivables Balance
(a) 30 - 59 days: 2.11% $45,106,067.07
------ --------------
(b) 60 - 89 days: 0.99% $21,277,493.30
------ --------------
(c) 90 - 119 days: 0.66% $14,215,052.12
------ --------------
(d) 120 - 149 days: 0.61% $13,145,394.08
------ --------------
(e) 150 or more days: 0.99% $20,907,805.66
------ --------------
Total 5.36% $114,651,812.23
------ -------------
5. Investor Default Amount.
The aggregate amount of all de-
faulted Principal Receivables
written off as uncollectable dur-
ing the preceding Monthly Period
allocable to the Investor
Interest of Series 1994-2 (the "Aggre-
gate Investor Default Amount") $1,970,071.30
-------------------
6. Investor Charge Offs
(a) The excess of the Aggregate Inves-
tor Default Amount set forth in
paragraph 5 above, over the
amount of the withdrawals from
the Cash Collateral Account made
to reimburse the Trust for such
amount written off and reductions to
the Enhancement Invested Amount,
if any (an "Investor Charge
Off") $ 0.00
-------------------
(b) The amount of the Investor
Charge Offs set forth in para-
graph 6(a) above, per $1,000
original certificate princi-
pal amount (which will have
the effect of reducing, pro
rata, the amount of each
Certificateholder's invest-
ment) $ 0.00
-------------------
(c) The aggregate amount of
Investor Charge Offs reimbursed
on the Transfer Date immediately
preceding such Distribution Date $ 0.00
-------------------
(d) The amount of the reimbursed
Investor Charge Offs set forth
in paragraph 6(c) above, per
$1,000 original certificate
principal amount $ 0.00
-------------------
7. Investor Servicing Fee.
The amount of the Investor Monthly
Servicing Fee payable by the Trust
to the Servicer for the preceding
Monthly Period $750,000.00
-------------------
8. Available Cash Collateral Amount.
The amount available to be withdrawn from
the Cash Collateral Account as of the close
of business on July 14, 1999 the "Transfer
Date"), after giving effect to all
withdrawals, deposits and payments to be
made in respect of the preceding month $47,250,000.00
------------------
9. The Required Cash Collateral Amount on
the Transfer Date $47,250,000.00
-------------------
10. Enhancement Invested Amount $ 0.00
-------------------
11. Deficit Controlled Amortization
Amount. With respect to the next
succeeding Monthly Period, the amount,
if any, by which the Controlled
Distribution Amount exceeds
the amount distributed to the
Certificateholders pursuant to
Section 4.08(b). $ 0.00
-------------------
12. Collection of Finance Charge Receivables
The aggregate amount of Collections on
Finance Charge Receivables and Annual
Membership Fees processed during the
preceding Monthly Period which were
allocated in respect of the Certificates $6,859,995.09
-------------------
13. The Portfolio Yield for the preceding
Monthly Period. 13.04%
-------------------
C. The Pool Factor.
The Pool Factor for the preceding
Record Date (which represents the
ratio of the amount of the Inves-
tor Interest for Series 1994-2 as
of such Record Date (adjusted after
taking into account any reduction
in the Investor Interest which will
occur on the following Distribution
Date) to the Initial Investor Inter-
est for Series 1994-2). The amount of
a Certificateholder's pro rata share
of the Investor Interest for Series
1994-2 can be determined by
multiplying the original denomination
of the Certificateholder's
Certificate by the Pool Factor 0.416667
-------------------
D. LIBOR
LIBOR for the Interest Period stated below
June 15, 1999 through July 14, 1999 5.0000%
- -----------
MBNA AMERICA BANK, N.A.
Servicer
By: David Martini
_______________________________
Name: David Martini
Title: Vice President
1
Exhibit 99.1
MBNA MASTER CREDIT CARD TRUST 1994-1
KEY PERFORMANCE FACTORS
June 30, 1999
Scheduled Maturity 9/15/99
Coupon 5.1500%
Excess Protection Level
3 Month Average 9.29%
June, 1999 7.74%
May, 1999 12.18%
April, 1999 7.97%
Cash Yield 20.89%
Investor Charge Offs 6.00%
Base Rate 7.15%
Over 30 Day Delinquency 5.36%
Seller's Interest 69.47%
Total Payment Rate 9.48%
Total Principal Balance $2,088,028,693.56
Investor Participation Amount $187,500,000.00
Seller Participation Amount $1,450,528,693.56
Exhibit 99.2
MBNA MASTER CREDIT CARD TRUST 1994-2
KEY PERFORMANCE FACTORS
June, 1999
Scheduled Maturity 12/15/99
Coupon 5.2100%
Excess Protection Level
3 Month Average 7.76%
June, 1999 5.83%
May, 1999 10.50%
April, 1999 6.95%
Cash Yield 18.29%
Investor Charge Offs 5.25%
Base Rate 7.21%
Over 30 Day Delinquency 5.36%
Seller's Interest 69.47%
Total Payment Rate 9.48%
Total Principal Balance $2,088,028,693.56
Investor Participation Amount $450,000,000.00
Seller Participation Amount $1,450,528,693.5
