SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report September 15, 1996
PBT MASTER CREDIT CARD TRUST SERIES B
(Exact name of registrant as specified in Department of the
Treasury, Internal Revenue Service Form SS-4)
THE PRUDENTIAL BANK AND TRUST COMPANY
(Servicer of the Trust)
(Exact name as specified in Servicer's charter)
Georgia 33-47311 58-0513395
(State or other juris- (Commission File Number (IRS Employer
diction of incorporation of Registrant) Identification
of Master Servicer) Number of
Registrant)
One Ravinia Drive, Suite 1000, Atlanta, Georgia 30346
(Address of principal executive offices of (Zip Code)
Master Servicer)
Servicer's telephone number, including area code 770-604-7033
Item 5. Other Events.
On or about September 15, 1996, principal and interest in
accordance with the Pooling and Servicing Agreement dated as of
June 1, 1992 (the "Agreement"), among The Prudential Bank and Trust
Company, as trustee (the "Trustee"), were distributed to holders
("Certificateholders") of the 6.25% Credit Card Receivables
Certificates evidencing undivided fractional interests in PBT
Master Credit Card Trust in accordance with the Agreement.
A copy of the monthly Certificateholders' Statement, as
defined in the Agreement, was furnished to each Certificateholder
in accordance with the Agreement. A copy of the Monthly
Certificateholders' Statement is being filed as Exhibit 99 to this
Current Report on Form 8-K.
Item 7(c). Exhibits
Exhibit No.
99 Monthly Certificateholders Statement with respect to
the September 15, 1996 distribution.
SIGNATURES
Pursuant to the requirements of the Securities Exchange
Act of 1934, the registrant has caused this report to be
signed on its behalf by the undersigned hereunto duly authorized.
Date: September 15, 1996
PBT MASTER CREDIT CARD TRUST SERIES B
By: THE PRUDENTIAL BANK AND TRUST COMPANY, as Servicer
by:
Name: Richard C. Keene
Title: Vice President
INDEX TO EXHIBITS
Exhibit No. Description Page
99 Monthly Certificateholders 1
Statement with respect to the
September 15, 1996 distribution.
EXHIBIT B
MONTHLY PAYMENT INSTRUCTIONS AND
NOTIFICATION TO THE TRUSTEE
THE PRUDENTIAL BANK AND TRUST COMPANY
PB&T MASTER CREDIT CARD TRUST
SERIES 1992-B
The undersigned, a duly authorized representative of The
Prudential Bank and Trust Company ("PB&T"), as
Servicer pursuant to the Pooling and Servicing Agreement
dated as of June 1, 1992, the Series 1992-A Supplement
dated as of June 1, 1992, and the Series 1992-B
Supplementdated April 17, 1995 (collectively, the
"Pooling and Servicing Agreement") by and between
PB&T and Chemical Bank as trustee, (the "Trustee"), does
hereby certify as follows:
A) Capitalized terms used in this notice have
their respective meanings set forth in the
Pooling and Servicing Agreement; provided, that
the "Preceding Monthly Period" shall mean the
Monthly Period immediately preceding the calendar month in
which this notice is delivered. References herein to certain
sections and subsections are references to the respective
sections and subsections of the Pooling and Servicing
Agreement. This notice is delivered pursuant to Section 4.06
of the Pooling and Servicing Agreement.
B) PB&T is the Servicer under the Pooling and Servicing
Agreement.
C) The undersigned is a Servicing Officer.
D) The date of this notice is a Determination Date under the
Pooling and Servicing Agreement.
I. INSTRUCTION TO MAKE A WITHDRAWAL
Pursuant to Section 4.06, the Servicer does hereby instruct the
Trustee (i) to make a withdrawal from the Series Finance Charge
Account on September 13, 1996 which date is a Transfer
Date under thePooling and Servicing Agreement, in an
aggregate amount as set forthbelow in respect to the
following amounts and (ii) to apply the
proceeds of such withdrawal in accordance with Section 4.06:
A) Pursuant to subsection 4.06 (a):
(1) Interest at the Certificate Rate
for the preceding Monthly Period on
the Investor Interest ....................$887,431.94
(2) Deficiency Amounts ...................... $0.00
B) Pursuant to subsection 4.06(b):
(1) The Investor Monthly Servicing Fees
for the preceding Monthly Period ............$316,666.67
(2) Accrued and unpaid Investor
Monthly Servicing Fees ......................$0.00
C) Pursuant to subsection 4.06 (c):
(1) The Operating Expense Fee for the
preceding Monthly Period.....................$9,816.67
(2) Accrued and unpaid Operating Expense Fees .... $0.00
D) Pursuant to subsection 4.06 (d):
(1) The Monthly Enhancement Fee for the
preceding Monthly Period.....................$9,424.69
(2) Accrued and unpaid Enhancement Fees ...$0.00
E) Pursuant to subsection 4.06 (e):
(1) The Program Fee for the
preceding Monthly Period.....................$40,232.24
(2) Accrued and unpaid Program Fees ...................$0.00
F) Pursuant to subsection 4.06 (f):
Aggregate Investor Default Amount for
the preceding Monthly Period ................$1,096,577.86
G) Pursuant to subsection 4.06 (g):
Unreimbursed Investor Chargeoffs ............$0.00
H) Pursuant to subsection 4.06(h):
(1) Pay to the LOC Issuer for application in
accordance with the Reimbursement Agreement..$421,793.97
(2) Pay remaining Excess Spread to the
Holder of the Exchangeable Seller
Certificate .................................$0.00
B-2
I) Pursuant to subsection 4.13(i):
(1) Pay to the LOC Issuer persuant to
4.13 (a).....................................$0.00
(2) Deposit in the Cash Collateral Account
persuant to 4.13 (b).........................$0.00
(3) Pay to the Seller the excess, if any,
of amounts received by the Trustee persuant
to the Loan Agreement over the sum of (1)
and (2) above................................$0.00
Total .......................................$421,793.97
Pursuant to Section 4.08, during an Amortization
Period, the Servicer does hereby instruct the Trustee
(i) to make a withdrawal from the Series Principal
Account on 09/13/96, which is a Transfer Date under
the Pooling and Servicing Agreement, in an aggregate
amount as set forth below in respect of the following
amounts and (ii) to apply the proceeds of such withdrawal
in accordance with Section 4.08:
A) During General Amortization Period:
(1) Monthly Total Percentage Allocation
for preceding Monthly Period ................ $0.00
II. NOTIFICATION TO MAKE WITHDRAWALS FROM THE
CASH COLLATERAL ACCOUNT
Pursuant to Section 4.06 and subsection 4.09(c),
the Servicer hereby notifies the Trustee to
make withdrawals on 09/13/96, the Transfer
date of the current calendar month, from the
Cash Collateral Account in an aggregate amount
as set forth in C. below and to deposit such
amount in the Finance Charge Account:
A. (i) The applicable Investor Percentages of
Collections of Finance Charge Receivables,
(ii) amounts deposited with respect to
Cardholder Fees, Recoveries, Discount Option
Receivables, Ineligible Finance Charge
Receivables, Interchange Interest on Cash
CollateralAccount and (iii) interest on amounts
in collection accounts, allocatedto the
Series Finance Charge Account for the preceding
Monthly Period .......$2,781,944.04
B-3
B. The sum of (a) Certificate Interest accrued
during the preceding Monthly Period (plus any
past due Certificate Interest), plus (b) the
Investor Monthly Servicing Fee for the
preceding Monthly Period (plus any past due
Investor Monthly Servicing Fee), plus (c)
the Operating Fee Expense (plus any past due
Operating Fee Expense), plus (d) the Monthly
Enhancement Fee (plus any past due Monthly
Enhancement Fee), plus (e) the Program Fee
(plus any past due Program Fees), plus (f)
the Aggregate Investor Default Amount,
if any, for the preceding
Monthly Period ........................$2,360,150.07
C. The excess, if any, of B over A (the "Total
Withdrawal Amount") ...........................$0.00
D. The excess, if any, of A over B (the Excess
Deposits due to Seller) .......................$421,793.97
III. ACCRUED AND UNPAID AMOUNTS
After giving effect to the withdrawals and
transfers to be made in accordance with this notice,
the following amounts will be accrued and unpaid
with respect to all Monthly Periods preceding the current
calendar month:
A) Subsection 4.06 (a):
The aggregate amount of all Deficiency
Amounts .....................................$0.00
B) Subsection 4.06 (b):
The aggregate amount of all accrued and
unpaid Investor Monthly Servicing Fees ......$0.00
C) Subsection 4.06 (c):
The aggregate amount of all accrued and
unpaid Operating Fee Expenses..........................$0.00
B-4
D) Subsection 4.06(d):
The aggregate amount of all accrued and
Monthly Enhancement Fees.................$0.00
E) Subsection 4.06 (e):
The aggregate amount of all accrued and
unpaid Program Fees....................$0.00
F) Subsection 4.06 (f):
The aggregate amount of all unreimbursed
Investor Chargeoffs....................$0.00
IN WITNESS WHEREOF, the undersigned has duly
executed this certificate this 9th day of
September, 1996.
THE PRUDENTIAL BANK AND TRUST COMPANY,
Servicer
By:
Name: Joel Rosenberg Tom Mason
Title: Senior Vice President
EXHIBIT A to Reimbursement Agreement
MONTHLY PAYMENT CERTIFICATE
PRUDENTIAL BANK AND TRUST COMPANY
PBT&T MASTER CREDIT CARD TRUST SERIES 1992-B, CLASS I
The undersigned is a duly authorized representative of The
Prudential Bank & Trust Company ("PB&T"), as Servicer
under the Loan Agreement dated as of June 30, 1992
(The "Loan Agreement") among Chemical Bank, as Trustee
(the "Trustee"), PB&T, and Swiss Bank Corporation, New York
Branch, as Agent (the "Agent") and as a bank (the "Bank" and,
as collectively with the Asignees, the "Banks") does
hereby certify as follows:
(a) Capitalized terms used in this certificate have the
respective meanings set forth in the Loan Agreement, and
references herein to certain sections and subsections
are references to the respective sections and subsections
of the Loan Agreement.
(b) PB&T is the Servicer under the Reimbursement Agreement.
(c) The undersigned is duly authorized by PB&T, as Servicer,
to instruct the Trustee to make the payments designated herein.
(d) The total amount of Available Funds and Earnings equals: $421,793.97
I. Fees, Expenses and Other Amounts.
Pursuant to Section 2.11, the Servicer hereby directs the Trustee
to make the following payments to the Agent for application to
the Banks out of the total amount of
Available Funds and Earnings (see (d) above):
(1) Amounts payable to the Banks under Section 2.4.
(A) Interest and principal on L/C draws $0.00
(B) Unpaid Monthly L/C Fee $0.00
(C) Cash Collateral Account Deficiencies $0.00
(D) Other Amounts owed the L/C Bank $421,793.97
(E) L/C Commitment Fee $0.00
(F) Total amount payable
(A + B + C + D + E) $421,793.97
(6) Remaining Available Funds and Earnings
((d) - (I.F)) $0.00
II. Finance Charge Shortfall Amounts
(1) Available Funds and Earnings to support other Finance
Charge Sharing Series in Group One. $0.00
(2) Finance Charge Shortfalls in other Finance Charge Sharing
Series in Group One. N/A
(3) If a Finance Charge Shortfall exists in 1992-B, Available
Funds and Earnings from other Finance Charge
Sharing Series N/A
(4) Allocable Finance Charge Percentage 100%
(5) Remaining Available Funds and Earnings $0.00
III. Principal Shortfall Amounts
(1) Available Funds and Earnings to support other Principal
Sharing Series in Group One. $0.00
(2) Princicpal Shortfalls in other Principal Sharing
Series in Group One. N/A
(3) If a Principal Shortfall exists in 1992-B,
Available Funds and Earnings from other
Principal Sharing Series N/A
(4) Allocable Principal Shortfall Percentage 100%
(5) Remaining Available Funds and Earnings $0.00
IV. Remaining Amount
(1) Remaining Available Funds
and Earnings payable to PB&T
(see (II) (4)) $0.00
THE PRUDENTIAL BANK AND TRUST COMPANY,
Servicer
By:
Name: Tom Mason
Title: Senior Vice President
The Prudential Bank and Trust Company
For Monthly Period ended: 8/31/96
Interest Period (# of days): 31
Date of this Report: 9/9/96
Period (Revolving, Controlled Amortization or
Rapid Amortization):
Revolving
A. Excess Spread Calculation (per Reimbursement Agreement):
1 Collections of Finance Charge Receivables (excluding $2,320,234.89
Interchange and Recoveries)
(Schedule to the Monthly Servicer's Certificate 2.a.)
2 Cardholder Fees (Schedule to the Monthly Servicer's $248,623.75
Certificate 3.)
3 Ineligible Finance Charge Receivables (Schedule $0.00
to the Monthly Servicer Certificate 4.)
4 Discount Option Receivables (Schedule to the $0.00
Monthly Servicer Certificate 5.)
5 Interchange (Schedule to the Monthly Servicer $158,326.59
Certificate 2.b.)
6 Recoveries (Schedule to the Monthly Servicer $42,015.40
Certificate 2.c.)
6.A Interest Rate Cap Amounts Payable $0.00
6.B Finance Charge Inflow $0.00
6.C Earnings on Cash Collateral Account $12,743.40
7 Sum of all spread components (A1 + A2 + A3 + A4 + $2,781,944.03
A5 + A6 + A6.A + A.6B +A.6C)
8 Certificate Interest to be paid on Distribution $887,431.94
Date (Schedule to the Monthly Servicer Certificate 17.)
9 Investor Monthly Servicing Fee (Monthly Certificate- $316,666.67
holders' Statement 7.)
10 Operating Expense Fee (Monthly Payment Instructions $9,816.67
and Notification C(1))
11 Monthly Enhancement Fee (Monthly Payment Instructions $9,424.69
and Notification D(1))
12 Program Fee (Monthly Payment Instructions $40,232.24
and Notification E(1))
13 Aggregate Investor Default Amount (Monthly $1,096,577.86
Certificate holders' Statement B.5)
14 Reimbursement of Investor Charge Offs (Monthly $0.00
Certificate holders' Statement B.6.c.)
16 Sum of all expenses (A8 + A9 + A10 + A11 + A12 + $2,360,150.07
A13 + A14 )
17 Excess spread (A7 - A16) $421,793.97
18 Excess spread Percentage for Monthly Period 2.66%
(A17/B1 * 12)
B. Spread Account Cap
1 Investor Interest on the first day of the Monthly Period $190,000,000.00
2 Investor Interest on the last day of the Monthly Period $190,000,000.00
3 Average Excess Spread Percentage for three preceding 1.57%
Monthly Periods
4 Average Excess Spread Percentage for twelve preceding 3.07%
Monthly Periods
5 Spread Account Cap for preceding Monthly Period $8,075,000.00
6 Spread Account Trigger
Upward Trigger (Monthly):
a) If B3 <= 3.0% but B3 >= 2.25%, then B7= $3,800,000
b) If B3 <= 2.25% but B3 >= 2.00%,then B7= $7,600,000
c) If B3 < 2.00%, then B7 = $8,075,000
7 Applicable Spread Account Cap for next succeeding $8,075,000.00
Transfer Date (B6a, B6b,B6c if applicable,
otherwise B5)
8 Required Cash Collateral Amount , or $8,075,000.00
a) if Payout Commencement Date
(the greater of 12.0% * B2 and 2% B1)
9 Cash Collateral Amount as of the last Transfer Date $4,007,415.15
10 Cash Collateral Amount on the next succeeding Transfer Date $6,634,680.50
11 Seller's Collateral Account Deficiency (B8 - B10) $1,440,319.50
12 Stated Amount of LOC $16,165,319.50
13 Maximum LOC Amount $24,200,000.00
14 Less Drawings $0.00
15 Unutilized LOC amount as of the last Transfer $8,034,680.50
Date
C. Calculation of Minimum Seller Interest
1 Minimum Aggregate Principal Receivables $204,301,075.23
(107.5268817% * aggregate Initial Investor Interest)
2 Minimum Seller Interest (7.00% * C1) $14,301,075.27
3 Lowest Average Seller Interest for any fifteen-day $145,812,135.37
period during the preceding Monthly Period
(computed on the Schedule 1 to Exhibit A)
4 Breach of Minimum Seller Interest during the No
preceding Monthly Period ("Yes" or "No")
5 Deficiency in Minimum Seller Interest (C2 - C3) 0.00
C. Remaining Amount
L/C Commitment Fee $0.00
Remaining Available Funds
and Earnings $0.00
3 Month Avg. 12 Month Avg.
Reporting Excess Spread Excess Spread Excess Spread
Period Excess Spread Percentage Percentage Percentage
Sep-95 59,416.29 2.85%
Oct-95 131,691.16 3.16%
Nov-95 285,547.03 4.57% 3.53%
Dec-95 353,064.79 4.24% 3.99%
Jan-96 436,532.69 4.19% 4.33%
Feb-96 272,846.48 2.18% 3.54%
Mar-96 650,055.76 4.46% 3.61%
Apr-96 682,205.50 4.31% 3.65%
May-96 348,859.03 2.20% 3.66%
Jun-96 -171,027.12 -1.08% 1.81%
Jul-96 496,034.69 3.13% 1.42%
Aug-96 421,793.96 2.66% 1.57% 3.07%
ADDITIONAL MONTHLY PAYMENT INSTRUCTIONS AND
NOTIFICATION TO THE TRUSTEE
THE PRUDENTIAL BANK AND TRUST COMPANY
PB&T MASTER CREDIT CARD TRUST
SERIES 1992-B
The undersigned, a duly authorized representative of The
Prudential Bank and Trust Company ("PB&T"), as Servicer
pursuant to the Pooling and Servicing Agreement dated
as of June 30, 1992 and the Series 1992-A Supplement
dated as of June 30, 1992 and the Series 1992-B Supplement
dated April 17, 1995 (collectively, the "Pooling and Servicing
Agreement") by and between PB&T and Chemical Bank as
trustee, (the "Trustee"), does hereby cerify as follows:
A) PB&T is the Servicer under the Pooling and Servicing
Agreement.
B) The undersigned is a Servicing Officer.
C) The date of this notice is a Determination Date under the
Pooling and Servicing Agreement.
I. INSTRUCTION TO MAKE A WITHDRAWAL
The Servicer does hereby instruct the Trustee (i) to make a
withdrawal from the Series Finance Charge Account
on September 13, 1996 which date is a Transfer Date
and (ii) to pay to PB&T the excess deposits from the
preceding Monthly Period after making
distributions pursuant to Section 4.06 as scheduled below:
Total deposits from the preceding Monthly
Period .................................... $2,362,250.29
Interest at the Certificate Rate for the
preceding Monthly period on the Investor
Interest................................... $887,431.94
Payment pursuant to subsection 4.06 (f)
and in accordance with Section 2.11 of
the Loan Agreement ........................ $421,793.97
Excess deposits due to PB&T................ $1,053,024.38
IN WITNESS WHEREOF, the undersigned has duly executed
this certificate this 9th day of September, 1996.
THE PRUDENTIAL BANK AND TRUST COMPANY,
By:
Name: Tom Mason
Title: Senior Vice President
