<PAGE> 1
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 (Date of earliest event reported):
February 18, 1997
Banc One Credit Card Master Trust
(Exact name of registrant as specified in its charter)
New York
(State or other jurisdiction of incorporation)
0-25636 31-4148768
(Commission File Number) (IRS Employer Identification Number)
c/o Bank One, Columbus, N.A., as Administrator, 800 Brooksedge Blvd.,
Attn: Thomas Ferree, Westerville, Ohio 43081
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code:
(614) 248-3404
<PAGE> 2
ITEM 5. OTHER EVENTS
(a) On February 18, 1997, the Banc One Credit Card Master Trust (the "Trust")
made a regular monthly distribution of principal and/or interest to holders
of the following Certificates issued by the Trust, each of which is included
in Group One and is a Principal Sharing Series:
7.55% Class A Asset Backed Certificates, Series 1994-B
7.75% Class B Asset Backed Certificates, Series 1994-B
7.80% Class A Asset Backed Certificates, Series 1994-C
8.00% Class B Asset Backed Certificates, Series 1994-C
6.15% Class A Asset Backed Certificates, Series 1995-A
6.30% Class B Asset Backed Certificates, Series 1995-A
6.30% Class A Asset Backed Certificates, Series 1995-B
6.45% Class B Asset Backed Certificates, Series 1995-B
Floating Rate Class A Asset Backed Certificates, Series 1996-A
Floating Rate Class B Asset Backed Certificates, Series 1996-A
(b) On February 18, 1997, BANC ONE CORPORATION issued its press release titled
"Banc One Affirms Plans to Support Master Trust Securities." A copy of such
press release is filed herein as Exhibit 99.3 and incorporated by reference
herein.
ITEM 7. EXHIBITS
See page 4 for Exhibit Index.
<PAGE> 3
EXHIBIT INDEX
<TABLE>
<CAPTION>
Exhibit Description Page
- ------- ----------- ----
<S> <C> <C>
99.1 The Monthly Statements and other information reflecting the Trust's
Activities for the Monthly Period ending January 31, 1997................. 5-17
99.2 Monthly Servicer's Certificates........................................... 18-21
99.3 BANC ONE CORPORATION press release dated February 18, 1997 titled "Banc
One Affirms Plans to Support Master Trust Securities."
</TABLE>
<PAGE> 4
SIGNATURE
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 hereunto duly authorized.
BANC ONE CREDIT CARD MASTER TRUST
Date: February 12, 1997 By: /s/ Thomas Ferree
------------------------ ------------------------------
Name: Thomas Ferree
----------------------------
Title: Senior Vice President
---------------------------
BANK ONE, COLUMBUS, NA
<PAGE> 1
BANC ONE CREDIT CARD MASTER TRUST - SERIES ALLOCATION REPORT
<TABLE>
<S> <C> <C> <C> <C>
Distribution Date of: 18-Feb-97 For the Monthly Period Ending: 31-Jan-87 Days in Interest Period (30/360) 30
Determined as of: 12-Feb-97 Monthly Period 27 Days in Interest Period (Act/360) 34
<CAPTION>
Beginning Total Trust Investor Interest Series 1994-A
- ------------------------------ ------------ ----------------- --------------
<S> <C> <C> <C>
Pool Balance (Principal) 4,407,210,123.43
Finance Charges O/S 88,183,622.59
Excess Funding Account 0.00
Initial Invested Amount 2,660,000,000.00 0.00
Invested Amount 2,660,000,000.00 0.00
Class A Invested Amount 0.00
Class B Invested Amount 0.00
Principal Funding Account 0.00 0.00
Adjusted Invested Amount 2,660,000,000.00 0.00
Class A Adjusted Invested Amt 0.00
Class B Adjusted Invested Amt 0.00
Enhancement Invested Amount 0.00 0.00
Principal Allocation Pct 100.00% 60.36% 0.00%
Principal Collections 505,977,799.80 305,386,153.55 0.00
Floating Allocation Pct 100.00% 60.36% 0.00%
Finance Charge Collections 62,795,147.61 37,900,414.99 0.00
Defaulted Amount 33,004,630.81 19,920,157.08 0.00
Interchange Collections 4,525,707.75 2,731,520.00 0.00
Servicer Interchange 2,731,520.00 0.00
Shared Principal Collections 325,306,310.63 0.00
<CAPTION>
Beginning Series 1994-B Series 1994-C Series 1995-A Series 1995-B
- ------------------------------ -------------- -------------- -------------- --------------
<S> <C> <C> <C> <C>
Pool Balance (Principal)
Finance Charges O/S
Excess Funding Account
Initial Invested Amount 950,000,000.00 450,000,000.00 380,000,000.00 380,000,000.00
Invested Amount 950,000,000.00 450,000,000.00 380,000,000.00 380,000,000.00
Class A Invested Amount 893,000,000.00 423,000,000.00 357,200,000.00 357,200,000.00
Class B Invested Amount 57,000,000.00 27,000,000.00 22,800,000.00 22,800,000.00
Principal Funding Account 0.00 0.00 0.00 0.00
Adjusted Invested Amount 950,000,000.00 450,000,000.00 380,000,000.00 380,000,000.00
Class A Adjusted Invested Amt 893,000,000.00 423,000,000.00 357,200,000.00 357,200,000.00
Class B Adjusted Invested Amt 57,000,000.00 27,000,000.00 22,800,000.00 22,800,000.00
Enhancement Invested Amount 0.00 0.00 0.00 0.00
Principal Allocation Pct 21.56% 10.21% 8.62% 8.62%
Principal Collections 109,066,483.41 51,663,071.09 43,626,593.36 43,626,593.36
Floating Allocation Pct 21.56% 10.21% 8.62% 8.62%
Finance Charge Collections 13,535,862.50 6,411,724.34 5,414,345.00 5,414,345.00
Defaulted Amount 7,114,341.82 3,369,951.39 2,845,736.73 2,845,736.73
Interchange Collections 975,542.86 462,099.25 390,217.14 390,217.14
Servicer Interchange 975,542.86 462,099.25 390,217.14 390,217.14
Shared Principal Collections 116,180,825.22 55,033,022.47 46,472,330.09 46,472,330.09
<CAPTION>
Beginning Series 1996-A Seller Interest
- ------------------------------ -------------- ---------------
<S> <C> <C>
Pool Balance (Principal)
Finance Charges O/S
Excess Funding Account
Initial Invested Amount 500,000,000.00
Invested Amount 500,000,000.00
Class A Invested Amount 465,000,000.00
Class B Invested Amount 35,000,000.00
Principal Funding Account 0.00
Adjusted Invested Amount 500,000,000.00 1,747,210,123.43
Class A Adjusted Invested Amt 465,000,000.00 NA
Class B Adjusted Invested Amt 35,000,000.00 NA
Enhancement Invested Amount 0.00 NA
Principal Allocation Pct 11.35% 39.64%
Principal Collections 57,403,412.32 200,591,646.25
Floating Allocation Pct 11.35% 39.64%
Finance Charge Collections 7,124,138.16 24,894,732.62
Defaulted Amount 3,744,390.43 13,084,473.73
Interchange Collections 513,443.61
Servicer Interchange 513,443.61
Shared Principal Collections 61,147,802.75
<CAPTION>
Ending Total Trust Investor Interest Series 1994-A
---------- ------------ ----------------- --------------
<S> <C> <C> <C>
Pool Balance (Principal) 4,304,369,113.78
Finance Charges O/S 92,806,668.77
Excess Funding Account 0.00
Initial Invested Amount 2,660,000,000.00 0.00
Invested Amount 2,660,000,000.00 0.00
Class A Invested Amount 0.00
Class B Invested Amount 0.00
Principal Funding Account 0.00 0.00
Adjusted Invested Amount 2,660,000,000.00 0.00
Class A Adjusted Invested Amt 0.00
Class B Adjusted Invested Amt 0.00
Enhancement Invested Amount 0.00 0.00
Principal Allocation Pct 100.00% 61.80% 0.00%
Floating Allocation Pct 100.00% 61.80% 0.00%
<CAPTION>
Ending Series 1994-B Series 1994-C Series 1995-A Series 1995-B
---------- -------------- -------------- -------------- --------------
<S> <C> <C> <C> <C>
Pool Balance (Principal)
Finance Charges O/S
Excess Funding Account
Initial Invested Amount 950,000,000.00 450,000,000.00 380,000,000.00 380,000,000.00
Invested Amount 950,000,000.00 450,000,000.00 380,000,000.00 380,000,000.00
Class A Invested Amount 893,000,000.00 423,000,000.00 357,200,000.00 357,200,000.00
Class B Invested Amount 57,000,000.00 27,000,000.00 22,800,000.00 22,800,000.00
Principal Funding Account 0.00 0.00 0.00 0.00
Adjusted Invested Amount 950,000,000.00 450,000,000.00 380,000,000.00 380,000,000.00
Class A Adjusted Invested Amt 893,000,000.00 423,000,000.00 357,200,000.00 357,200,000.00
Class B Adjusted Invested Amt 57,000,000.00 27,000,000.00 22,800,000.00 22,800,000.00
Enhancement Invested Amount 0.00 0.00 0.00 0.00
Principal Allocation Pct 22.07% 10.45% 8.83% 8.83%
Floating Allocation Pct 22.07% 10.45% 8.83% 8.83%
<CAPTION>
Ending Series 1996-A Seller Interest
---------- -------------- ---------------
<S> <C> <C>
Pool Balance (Principal)
Finance Charges O/S
Excess Funding Account
Initial Invested Amount 500,000,000.00
Invested Amount 500,000,000.00
Class A Invested Amount 465,000,000.00
Class B Invested Amount 35,000,000.00
Principal Funding Account 0.00
Adjusted Invested Amount 500,000,000.00 1,644,369,113.78
Class A Adjusted Invested Amt 465,000,000.00 NA
Class B Adjusted Invested Amt 35,000,000.00 NA
Enhancement Invested Amount 0.00 NA
Principal Allocation Pct 11.62% 38.20%
Floating Allocation Pct 11.62% 38.20%
</TABLE>
<PAGE> 2
BANC ONE CREDIT CARD MASTER TRUST - SERIES ALLOCATION REPORT
<TABLE>
<S> <C> <C> <C> <C>
Distribution Date of: 18-Feb-97 For the Monthly Period Ending: 31-Jan-87 Days in Interest Period (30/360) 30
Determined as of: 12-Feb-97 Monthly Period 27 Days in Interest Period (Act/360) 34
<CAPTION>
Minimum Balance Requirement
- ---------------------------
<S> <C>
Trust Initial Invested Amount 2,660,000,000.00
Trust PFA 0.00
Ending Portfolio Principal Balance 4,304,369,113.78
Beginning Excess Funding Acct Bal 0.00
Required Excess Funding Account Deposit 0.00
Excess Funding Account Withdrawal 0.00
Seller's Participation Amt (w/o EFA) 1,644,369,113.78
Required Seller's Interest 301,305,837.96
Required Excess Funding Account Balance 0.00
Seller's Participation Amount 1,644,369,113.78
<CAPTION>
Gross Balances of
Accounts Delinquent: (%) ($)
- -------------------- ----- ----------------
<S> <C> <C>
30 - 59 days 2.22% 97,680,427.58
60 - 89 days 1.38% 60,803,526.62
90 days + 2.80% 122,911,124.09
Total 30 days + 6.40% 281,395,078.29
Gross Credit Losses 9.61% 35,312,361.64
Net Credit Losses 8.99% 33,004,630.81
Discount Option Receivables 0
Discount Percentage 0.00%
Finance Charge Billed - pool 60,859,817.63
Fees Billed - pool 6,529,516.84
Required Principal Balance 2,660,000,000.00
EFA + Receivables + PFA 4,304,369,113.78
</TABLE>
<PAGE> 3
BANC ONE CREDIT CARD MASTER TRUST - SUMMARY REPORT
Series 1994-B
Distribution Date of: 18-Feb-97
Determined as of: 12-Feb-97
For the Monthly Period Ending: 31-Jan-97
Days in Interest Period (30/360) 30
Days in Interest Period (Actual/360) 34
<TABLE>
<Caption
Beginning Ending Change
--------- ------ ------
<S> <C> <C> <C> <C>
Pool Balance (Principal) 4,407,210,123.43 4,304,369,113.78 (102,841,009.65)
Excess Funding Account 0.00 0.00 0.00
Invested Amount 950,000,000.00 950,000,000.00 0.00
Class A Invested Amount 893,000,000.00 893,000,000.00 0.00
Class B Invested Amount 57,000,000.00 57,000,000.00 0.00
Principal Funding Account 0.00 0.00 0.00
Adjusted Invested Amount 950,000,000.00 950,000,000.00 0.00
Class A Adjusted Invested Amount 893,000,000.00 893,000,000.00 0.00
Class B Adjusted Invested Amount 57,000,000.00 57,000,000.00 0.00
Enhancement Invested Amount 0.00 0.00 0.00
Reserve Account 0.00 0.00 0.00
1,104,819.72
Available Cash Collateral Amount 51,578,723.37 50,473,903.65 (1,104,819.72) 1,104,819.72
Available Shared Collateral Amount 42,078,723.37 40,973,903.65 (1,104,819.72)
Spread Account 28,500,000.00 28,500,000.00 0.00 0.00
Servicing Base Amount 950,000,000.00 950,000,000.00 0.00
Allocation Percentages
- ----------------------
Floating Allocation Pct 21.56%
Principal Allocation Pct 21.56%
Class A Floating Pct 94.00%
Class B Floating Pct 6.00%
Class A Principal Pct 94.00%
Class B Principal Pct 6.00%
<CAPTION>
Series
Allocations Trust 1994-B Class A Class B
- ----------- -------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Principal Collections 505,977,799.80 109,066,483.41 102,522,494.41 6,543,989.00
Finance Charge Collections 62,795,147.61 13,535,862.50 12,723,710.75 812,151.75
PFA Investment Proceeds NA 0.00 0.00 0.00
Reserve Account Draw NA 0.00 0.00 0.00
--------------------------------------------------------
Available Funds 13,535,862.50 12,723,710.75 812,151.75
Monthly Investor Obligations
- ----------------------------
Servicer Interchange 975,542.86 917,010.29 58,532.57
Monthly Interest 5,986,583.33 5,618,458.33 368,125.00
Monthly Servicing Fee 593,750.00 558,125.00 35,625.00
Defaulted Amounts 33,004,630.81 7,114,341.82 6,687,481.31 426,860.51
--------------------------------------------------------
14,670,218.01 13,781,074.93 889,143.08
Excess Spread 0.00 0.00 0.00
Required Amount 1,134,355.51 1,057,364.18 76,991.33
Cash Collateral Account
- -----------------------
Cash Collateral Fee 10,093.75
Risk-Free Fee 8,075.00
Interest on CCA Draw 2,998.60
Total Fees - Interest 21,167.35
</TABLE>
<PAGE> 4
<TABLE>
<CAPTION>
Cash Collateral Account (continued)
- ------------------------------------
<S> <C>
Quarterly Excess Spread Percentage -0.02%
Principal Payment Rate Calculation 11.05%
Base Spread Account Cap 3.00%
Spread Account Cap Adjustment 0.00%
Spread Account Cap Percentage 3.00%
Beginning Cash Collateral Amount 51,578,723.37
Required Cash Collateral Amount 52,250,000.00
Cash Collateral Account Draw 1,104,819.72
Cash Collateral Account Surplus 0.00
Beginning Spread Account Balance 28,500,000.00
Required Spread Account Amount 28,500,000.00
Required Spread Account Draw 0.00
Required Spread Account Deposit 0.00
Spread Account Surplus 0.00
Monthly Principal & Controlled Deposit Amount
- ---------------------------------------------
Month of Accumulation 0
Controlled Accumulation Amount 223,250,000.00
Required PFA Balance 0.00
Beginning PFA Balance 0.00
Controlled Deposit Amount 0.00
Available Investor Principal Collections 116,180,825.22
Principal Shortfall 0.00
Shared Principal to Other Series 116,180,825.22
Shared Principal from Other Series 0.00
Class A Monthly Principal 0.00
Class B Monthly Principal 0.00
Monthly Principal 0.00
PFA Deposit 0.00
PFA Withdrawal 0.00
Ending PFA Balance 0.00
Principal to Investors 0.00
Ending Class A Invested Amount 893,000,000.00
Ending Class B Invested Amount 57,000,000.00
Class A Accumulation Period Length
- ----------------------------------
Min 12 Month Historical Prin Pmt Rate 10.38%
Revolving Investor Interest 2,660,000,000.00
Class A Invested Amount 893,000,000.00
Available Principal 276,066,609.21
Class A Accumulation Period Length 4
Reserve Account
- ---------------
Available Reserve Account Amount 0.00
Covered Amount 0.00
Reserve Draw Amount 0.00
Portfolio Yield 10.59%
Reserve Account Factor 33.33%
Portfolio Adjusted Yield 0.92%
Reserve Account Funding Period Length 4
Reserve Account Funding Date 15-Apr-97
Weighted Average Coupon 7.56%
Required Reserve Account Amount 0.00
Reserve Account Surplus 0.00
Required Reserve Account Deposit 0.00
Portfolio Yield - 3 month average 10.57%
Base Rate - 3 month average 9.56%
(Portfolio Yield 3 mo avg) - (Base Rate 3 mo avg) 1.02%
</TABLE>
<PAGE> 5
BANC ONE CREDIT CARD MASTER TRUST - SUMMARY REPORT
Series 1994-C
Distribution Date of: 18-Feb-97
Determined as of: 12-Feb-97
For the Monthly Period Ending: 31-Jan-97
Days in Interest Period (30/360) 30
Days in Interest Period (Actual/360) 34
<TABLE>
<CAPTION>
Beginning Ending Change
--------- ------ ------
<S> <C> <C> <C> <C>
Pool Balance (Principal) 4,407,210,123.43 4,304,369,113.78 (102,841,009.65)
Excess Funding Account 0.00 0.00 0.00
Invested Amount 450,000,000.00 450,000,000.00 0.00
Class A Invested Amount 423,000,000.00 423,000,000.00 0.00
Class B Invested Amount 27,000,000.00 27,000,000.00 0.00
Principal Funding Account 0.00 0.00 0.00
Adjusted Invested Amount 450,000,000.00 450,000,000.00 0.00
Class A Adjusted Invested Amount 423,000,000.00 423,000,000.00 0.00
Class B Adjusted Invested Amount 27,000,000.00 27,000,000.00 0.00
Enhancement Invested Amount 0.00 0.00 0.00
Reserve Account 0.00 0.00 0.00
612,644.69
Available Cash Collateral Amount 26,504,284.40 25,891,639.71 (612,644.69) 612,644.69
Available Shared Collateral Amount 22,004,284.40 21,391,639.71 (612,644.69)
Spread Account 13,500,000.00 13,500,000.00 0.00 0.00
Servicing Base Amount 450,000,000.00 450,000,000.00 0.00
Allocation Percentages
- ----------------------
Floating Allocation Pct 10.21%
Principal Allocation Pct 10.21%
Class A Floating Pct 94.00%
Class B Floating Pct 6.00%
Class A Principal Pct 94.00%
Class B Principal Pct 6.00%
<CAPTION>
Series
Allocations Trust 1994-C Class A Class B
----------------------------------------------------------------------
<S> <C> <C> <C> <C>
Principal Collections 505,977,799.80 51,663,071.09 48,563,286.82 3,099,784.27
Finance Charge Collections 62,795,147.61 6,411,724.34 6,027,020.88 384,703.46
PFA Investment Proceeds NA 0.00 0.00 0.00
Reserve Account Draw NA 0.00 0.00 0.00
-------------------------------------------------------
Available Funds 6,411,724.34 6,027,020.88 384,703.46
Monthly Investor Obligations
- ----------------------------
Servicer Interchange 462,099.25 434,373.29 27,725.95
Monthly Interest 2,929,500.00 2,749,500.00 180,000.00
Monthly Servicing Fee 281,250.00 264,375.00 16,875.00
Defaulted Amounts 33,004,630.81 3,369,951.39 3,167,754.30 202,197.08
-------------------------------------------------------
7,042,800.63 6,616,002.60 426,798.04
Excess Spread 0.00 0.00 0.00
Required Amount 631,076.29 588,981.72 42,094.58
Cash Collateral Account
- -----------------------
Cash Collateral Fee 6,375.00
Risk-Free Fee 3,825.00
Interest on CCA Draw 2,214.37
Total Fees - Interest 12,414.37
</TABLE>
<PAGE> 6
<TABLE>
<CAPTION>
Cash Collateral Account (continued)
- ------------------------------------
<S> <C>
Quarterly Excess Spread Percentage -0.03%
Principal Payment Rate Calculation 11.05%
Base Spread Account Cap 3.00%
Spread Account Cap Adjustment 0.00%
Spread Account Cap Percentage 3.00%
Beginning Cash Collateral Amount 26,504,284.40
Required Cash Collateral Amount 27,000,000.00
Cash Collateral Account Draw 612,644.69
Cash Collateral Account Surplus 0.00
Beginning Spread Account Balance 13,500,000.00
Required Spread Account Amount 13,500,000.00
Required Spread Account Draw 0.00
Required Spread Account Deposit 0.00
Spread Account Surplus 0.00
Monthly Principal & Controlled Deposit Amount
- ---------------------------------------------
Month of Accumulation 0
Controlled Accumulation Amount 141,000,000.00
Required PFA Balance 0.00
Beginning PFA Balance 0.00
Controlled Deposit Amount 0.00
Available Investor Principal Collections 55,033,022.47
Principal Shortfall 0.00
Shared Principal to Other Series 55,033,022.47
Shared Principal from Other Series 0.00
Class A Monthly Principal 0.00
Class B Monthly Principal 0.00
Monthly Principal 0.00
PFA Deposit 0.00
PFA Withdrawal 0.00
Ending PFA Balance 0.00
Principal to Investors 0.00
Ending Class A Invested Amount 423,000,000.00
Ending Class B Invested Amount 27,000,000.00
Class A Accumulation Period Length
- ----------------------------------
Min 12 Month Historical Prin Pmt Rate 10.38%
Revolving Investor Interest 1,710,000,000.00
Class A Invested Amount 423,000,000.00
Available Principal 177,471,391.64
Class A Accumulation Period Length 3
Reserve Account
- ---------------
Available Reserve Account Amount 0.00
Covered Amount 0.00
Reserve Draw Amount 0.00
Portfolio Yield 10.59%
Reserve Account Factor 25.00%
Portfolio Adjusted Yield 0.67%
Reserve Account Funding Period Length 3
Reserve Account Funding Date 15-Jun-98
Weighted Average Coupon 7.81%
Required Reserve Account Amount 0.00
Reserve Account Surplus 0.00
Required Reserve Account Deposit 0.00
Portfolio Yield - 3 month average 10.57%
Base Rate - 3 month average 9.81%
(Portfolio Yield 3 mo avg) - (Base Rate 3 mo avg) 0.77%
</TABLE>
<PAGE> 7
BANC ONE CREDIT CARD MASTER TRUST - SUMMARY REPORT
Series 1995-A
Distribution Date of: 18-Feb-97
Determined as of: 12-Feb-97
For the Monthly Period Ending: 31-Jan-97
Days in Interest Period (30/360) 30
Days in Interest Period (Actual/360) 34
<TABLE>
<CAPTION>
Beginning Ending Change
--------- ------ ------
<S> <C> <C> <C> <C>
Pool Balance (Principal) 4,407,210,123.43 4,304,369,113.78 (102,841,009.65)
Excess Funding Account 0.00 0.00 0.00
Invested Amount 380,000,000.00 380,000,000.00 0.00
Class A Invested Amount 357,200,000.00 357,200,000.00 0.00
Class B Invested Amount 22,800,000.00 22,800,000.00 0.00
Principal Funding Account 0.00 0.00 0.00
Adjusted Invested Amount 380,000,000.00 380,000,000.00 0.00
Class A Adjusted Invested Amount 357,200,000.00 357,200,000.00 0.00
Class B Adjusted Invested Amount 22,800,000.00 22,800,000.00 0.00
Enhancement Invested Amount 0.00 0.00 0.00
Reserve Account 0.00 0.00 0.00
0.00
Available Cash Collateral Amount 20,900,000.00 20,900,000.00 0.00 0.00
Available Shared Collateral Amount 17,100,000.00 17,100,000.00 0.00
Spread Account 8,900,559.62 9,030,237.95 129,678.33 129,678.33
Servicing Base Amount 380,000,000.00 380,000,000.00 0.00
Allocation Percentages
- ----------------------
Floating Allocation Pct 8.62%
Principal Allocation Pct 8.62%
Class A Floating Pct 94.00%
Class B Floating Pct 6.00%
Class A Principal Pct 94.00%
Class B Principal Pct 6.00%
<CAPTION>
Series
Allocations Trust 1995-A Class A Class B
- ----------- -------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Principal Collections 505,977,799.80 43,626,593.36 41,008,997.76 2,617,595.60
Finance Charge Collections 62,795,147.61 5,414,345.00 5,089,484.30 324,860.70
PFA Investment Proceeds NA 0.00 0.00 0.00
Reserve Account Draw NA 0.00 0.00 0.00
---------------------------------------------------------
Available Funds 5,414,345.00 5,089,484.30 324,860.70
Monthly Investor Obligations
- ----------------------------
Servicer Interchange 390,217.14 366,804.11 23,413.03
Monthly Interest 1,950,350.00 1,830,650.00 119,700.00
Monthly Servicing Fee 237,500.00 223,250.00 14,250.00
Defaulted Amounts 33,004,630.81 2,845,736.73 2,674,992.52 170,744.20
---------------------------------------------------------
5,423,803.87 5,095,696.64 328,107.23
Excess Spread 161,285.33 0.00 167,497.67
Required Amount 0.00 6,212.34 0.00
Cash Collateral Account
- ------------------------
Cash Collateral Fee 5,666.40
Risk-Free Fee 2,521.83
Interest on CCA Draw 0.00
Monthly Cash Collateral Fee 8,188.23
</TABLE>
<PAGE> 8
<TABLE>
<CAPTION>
Cash Collateral Account (continued)
- ------------------------------------
<S> <C>
Quarterly Excess Spread Percentage 0.61%
Principal Payment Rate Calculation 11.05%
Base Spread Account Cap 4.00%
Spread Account Cap Adjustment 0.00%
Spread Account Cap Percentage 4.00%
Beginning Cash Collateral Amount 20,900,000.00
Required Cash Collateral Amount 20,900,000.00
Cash Collateral Account Draw 0.00
Cash Collateral Account Surplus 0.00
Beginning Spread Account Balance 8,900,559.62
Required Spread Account Amount 15,200,000.00
Required Spread Account Draw 0.00
Required Spread Account Deposit 6,299,440.38
Spread Account Surplus 0.00
Monthly Principal & Controlled Deposit Amount
- ---------------------------------------------
Month of Accumulation 0
Controlled Accumulation Amount 119,066,666.67
Required PFA Balance 0.00
Beginning PFA Balance 0.00
Controlled Deposit Amount 0.00
Available Investor Principal Collections 46,472,330.09
Principal Shortfall 0.00
Shared Principal to Other Series 46,472,330.09
Shared Principal from Other Series 0.00
Class A Monthly Principal 0.00
Class B Monthly Principal 0.00
Monthly Principal 0.00
PFA Deposit 0.00
PFA Withdrawal 0.00
Ending PFA Balance 0.00
Principal to Investors 0.00
Ending Class A Invested Amount 357,200,000.00
Ending Class B Invested Amount 22,800,000.00
Class A Accumulation Period Length
- ----------------------------------
Min 12 Month Historical Prin Pmt Rate 10.38%
Revolving Investor Interest 1,260,000,000.00
Class A Invested Amount 357,200,000.00
Available Principal 130,768,393.84
Class A Accumulation Period Length 3
Reserve Account
- ---------------
Available Reserve Account Amount 0.00
Covered Amount 0.00
Reserve Draw Amount 0.00
Portfolio Yield 10.59%
Reserve Account Factor 25.00%
Portfolio Adjusted Yield 2.32%
Reserve Account Funding Period Length 3
Reserve Account Funding Date 15-Jan-2000
Weighted Average Coupon 6.16%
Required Reserve Account Amount 0.00
Reserve Account Surplus 0.00
Required Reserve Account Deposit 0.00
Portfolio Yield - 3 month average 10.57%
Base Rate - 3 month average 8.15%
(Portfolio Yield 3 mo avg) - (Base Rate 3 mo avg) 2.42%
</TABLE>
<PAGE> 9
BANC ONE CREDIT CARD MASTER TRUST - SUMMARY REPORT
Series 1995-B
Distribution Date of: 18-Feb-97
Determined as of: 12-Feb-97
For the Monthly Period Ending: 31-Jan-97
Days in Interest Period (30/360) 30
Days in Interest Period (Actual/360) 34
<TABLE>
<CAPTION>
Beginning Ending Change
--------- ------ ------
<S> <C> <C> <C> <C>
Pool Balance (Principal) 4,407,210,123.43 4,304,369,113.78 (102,841,009.65)
Excess Funding Account 0.00 0.00 0.00
Invested Amount 380,000,000.00 380,000,000.00 0.00
Class A Invested Amount 357,200,000.00 357,200,000.00 0.00
Class B Invested Amount 22,800,000.00 22,800,000.00 0.00
Principal Funding Account 0.00 0.00 0.00
Adjusted Invested Amount 380,000,000.00 380,000,000.00 0.00
Class A Adjusted Invested Amount 357,200,000.00 357,200,000.00 0.00
Class B Adjusted Invested Amount 22,800,000.00 22,800,000.00 0.00
Enhancement Invested Amount 0.00 0.00 0.00
Reserve Account 0.00 0.00 0.00
56,027.16
Available Cash Collateral Amount 20,900,000.00 20,843,972.84 (56,027.16) 56,027.16
Available Shared Collateral Amount 17,100,000.00 17,043,972.84 (56,027.16)
Spread Account 14,250,000.00 14,250,000.00 0.00 0.00
Servicing Base Amount 380,000,000.00 380,000,000.00 0.00
Allocation Percentages
- ----------------------
Floating Allocation Pct 8.62%
Principal Allocation Pct 8.62%
Class A Floating Pct 94.00%
Class B Floating Pct 6.00%
Class A Principal Pct 94.00%
Class B Principal Pct 6.00%
<CAPTION>
Series
Allocations Trust 1995-B Class A Class B
- ----------- ---------------------------------------------------------------------
<S> <C> <C> <C> <C>
Principal Collections 505,977,799.80 43,626,593.36 41,008,997.76 2,617,595.60
Finance Charge Collections 62,795,147.61 5,414,345.00 5,089,484.30 324,860.70
PFA Investment Proceeds NA 0.00 0.00 0.00
Reserve Account Draw NA 0.00 0.00 0.00
-----------------------------------------------------
Available Funds 5,414,345.00 5,089,484.30 324,860.70
Monthly Investor Obligations
- ----------------------------
Servicer Interchange 390,217.14 366,804.11 23,413.03
Monthly Interest 1,997,850.00 1,875,300.00 122,550.00
Monthly Servicing Fee 237,500.00 223,250.00 14,250.00
Defaulted Amounts 33,004,630.81 2,845,736.73 2,674,992.52 170,744.20
-----------------------------------------------------
5,471,303.87 5,140,346.64 330,957.23
Excess Spread 113,785.33 0.00 164,647.67
Required Amount 0.00 50,862.34 0.00
Cash Collateral Account
- -----------------------
Cash Collateral Fee 2,889.06
Risk-Free Fee 4,037.50
Interest on CCA Draw 0.00
Monthly Cash Collateral Fee 6,926.56
</TABLE>
<PAGE> 10
<TABLE>
<CAPTION>
Cash Collateral Account (continued)
- ------------------------------------
<S> <C>
Quarterly Excess Spread Percentage 0.52%
Principal Payment Rate Calculation 11.05%
Base Spread Account Cap 3.75%
Spread Account Cap Adjustment 0.00%
Spread Account Cap Percentage 3.75%
Beginning Cash Collateral Amount 20,900,000.00
Required Cash Collateral Amount 20,900,000.00
Cash Collateral Account Draw 56,027.16
Cash Collateral Account Surplus 0.00
Beginning Spread Account Balance 14,250,000.00
Required Spread Account Amount 14,250,000.00
Required Spread Account Draw 0.00
Required Spread Account Deposit 0.00
Spread Account Surplus 0.00
Monthly Principal & Controlled Deposit Amount
- ---------------------------------------------
Month of Accumulation 0
Controlled Accumulation Amount 89,300,000.00
Required PFA Balance 0.00
Beginning PFA Balance 0.00
Controlled Deposit Amount 0.00
Available Investor Principal Collections 46,472,330.09
Principal Shortfall 0.00
Shared Principal to Other Series 46,472,330.09
Shared Principal from Other Series 0.00
Class A Monthly Principal 0.00
Class B Monthly Principal 0.00
Monthly Principal 0.00
PFA Deposit 0.00
PFA Withdrawal 0.00
Ending PFA Balance 0.00
Principal to Investors 0.00
Ending Class A Invested Amount 357,200,000.00
Ending Class B Invested Amount 22,800,000.00
Class A Accumulation Period Length
- ----------------------------------
Min 12 Month Historical Prin Pmt Rate 10.38%
Revolving Investor Interest 880,000,000.00
Class A Invested Amount 357,200,000.00
Available Principal 91,330,306.81
Class A Accumulation Period Length 4
Reserve Account
- ---------------
Available Reserve Account Amount 0.00
Covered Amount 0.00
Reserve Draw Amount 0.00
Portfolio Yield 10.59%
Reserve Account Factor 33.33%
Portfolio Adjusted Yield 2.17%
Reserve Account Funding Period Length 3
Reserve Account Funding Date 15-Mar-2000
Weighted Average Coupon 6.31%
Required Reserve Account Amount 0.00
Reserve Account Surplus 0.00
Required Reserve Account Deposit 0.00
Portfolio Yield - 3 month average 10.57%
Base Rate - 3 month average 8.30%
(Portfolio Yield 3 mo avg) - (Base Rate 3 mo avg) 2.27%
</TABLE>
<PAGE> 11
BANC ONE CREDIT CARD MASTER TRUST - SUMMARY REPORT
Series 1996-A
Distribution Date of: 18-Feb-97
Determined as of: 12-Feb-97
For the Monthly Period Ending: 31-Jan-97
Days in Interest Period (30/360) 30
Days in Interest Period (Actual/360) 34
<TABLE>
<CAPTION>
Beginning Ending Change
--------- ------ ------
<S> <C> <C> <C> <C>
Pool Balance (Principal) 4,407,210,123.43 4,304,369,113.78 (102,841,009.65)
Excess Funding Account 0.00 0.00 0.00
Invested Amount 500,000,000.00 500,000,000.00 0.00
Class A Invested Amount 465,000,000.00 465,000,000.00 0.00
Class B Invested Amount 35,000,000.00 35,000,000.00 0.00
Principal Funding Account 0.00 0.00 0.00
Adjusted Invested Amount 500,000,000.00 500,000,000.00 0.00
Class A Adjusted Invested Amount 465,000,000.00 465,000,000.00 0.00
Class B Adjusted Invested Amount 35,000,000.00 35,000,000.00 0.00
Enhancement Invested Amount 0.00 0.00 0.00
Reserve Account 0.00 0.00 0.00
58,802.70
Available Cash Collateral Amount 40,000,000.00 39,941,197.30 (58,802.70) 58,802.70
Available Shared Collateral Amount 40,000,000.00 39,941,197.30 (58,802.70)
Spread Account 17,364,585.44 17,431,795.95 67,210.51 67,210.51
Servicing Base Amount 500,000,000.00 500,000,000.00 0.00
Allocation Percentages
- ----------------------
Floating Allocation Pct 11.35%
Principal Allocation Pct 11.35%
Class A Floating Pct 93.00%
Class B Floating Pct 7.00%
Class A Principal Pct 93.00%
Class B Principal Pct 7.00%
<CAPTION>
Series
Allocations Trust 1996-A Class A Class B
- ----------- --------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Principal Collections 505,977,799.80 57,403,412.32 53,385,173.46 4,018,238.86
Finance Charge Collections 62,795,147.61 7,124,138.16 6,625,448.49 498,689.67
PFA Investment Proceeds NA 0.00 0.00 0.00
Reserve Account Draw NA 0.00 0.00 0.00
----------------------------------------------------------
Available Funds 7,124,138.16 6,625,448.49 498,689.67
Monthly Investor Obligations
- ----------------------------
Servicer Interchange 513,443.61 477,502.56 35,941.05
Monthly Interest 2,697,866.94 2,505,173.55 192,693.39
Monthly Servicing Fee 312,500.00 290,625.00 21,875.00
Defaulted Amounts 33,004,630.81 3,744,390.43 3,482,283.10 262,107.33
----------------------------------------------------------
7,268,200.98 6,755,584.21 512,616.78
Excess Spread 118,044.50 0.00 248,180.22
Required Amount 0.00 130,135.72 0.00
1 Month Libor Rate 5.48%
- ------------------
Cash Collateral Account
- -----------------------
Cash Collateral Fee 18,888.89
Interest on CCA Draw 0.00
Total 18,888.89
</TABLE>
<PAGE> 12
<TABLE>
<CAPTION>
Cash Collateral Account (continued)
- ------------------------------------
<S> <C>
Quarterly Excess Spread Percentage 0.83%
Principal Payment Rate Calculation 11.05%
Base Spread Account Cap 4.50%
Spread Account Cap Adjustment 0.00%
Spread Account Cap Percentage 4.50%
Beginning Cash Collateral Amount 40,000,000.00
Required Cash Collateral Amount 40,000,000.00
Cash Collateral Account Draw 58,802.70
Cash Collateral Account Surplus 0.00
Beginning Spread Account Balance 17,364,585.44
Required Spread Account Amount 22,500,000.00
Required Spread Account Draw 0.00
Required Spread Account Deposit 5,135,414.56
Spread Account Surplus 0.00
Monthly Principal & Controlled Deposit Amount
- ---------------------------------------------
Month of Accumulation 0
Controlled Accumulation Amount 51,666,666.67
Required PFA Balance 0.00
Beginning PFA Balance 0.00
Controlled Deposit Amount 0.00
Available Investor Principal Collections 61,147,802.75
Principal Shortfall 0.00
Shared Principal to Other Series 61,147,802.75
Shared Principal from Other Series 0.00
Class A Monthly Principal 0.00
Class B Monthly Principal 0.00
Monthly Principal 0.00
PFA Deposit 0.00
PFA Withdrawal 0.00
Ending PFA Balance 0.00
Principal to Investors 0.00
Ending Class A Invested Amount 465,000,000.00
Ending Class B Invested Amount 35,000,000.00
Class A Accumulation Period Length
- ----------------------------------
Min 12 Month Historical Prin Pmt Rate 10.38%
Revolving Investor Interest 500,000,000.00
Class A Invested Amount 465,000,000.00
Available Principal 51,892,219.78
Class A Accumulation Period Length 9
Reserve Account
- ---------------
Available Reserve Account Amount 0.00
Covered Amount 0.00
Reserve Draw Amount 0.00
Portfolio Yield 10.59%
Reserve Account Factor 75.00%
Portfolio Adjusted Yield 2.45%
Reserve Account Funding Period Length 5
Reserve Account Funding Date 15-Mar-2002
Weighted Average Coupon 6.47%
Required Reserve Account Amount 0.00
Reserve Account Surplus 0.00
Required Reserve Account Deposit 0.00
Portfolio Yield - 3 month average 10.57%
Base Rate - 3 month average 8.03%
(Portfolio Yield 3 mo avg) - (Base Rate 3 mo avg) 2.55%
</TABLE>
<PAGE> 1
MONTHLY SERVICER'S CERTIFICATE
BANK ONE, COLUMBUS, NA
BANC ONE CREDIT CARD MASTER TRUST
SERIES 1994-B
The undersigned, a duly authorized representative of BANK ONE,
COLUMBUS, NA, as Servicer ("Bank One"), pursuant to the Pooling and Servicing
Agreement dated as of November 1, 1994 (as amended and supplemented, the
"Agreement"), as supplemented by the Series 1994-B Supplement (as amended and
supplemented, the "Series Supplement"), between Bank One, as Seller and
Servicer, and Bankers Trust Company, as Trustee, does hereby certify as follows:
1. Capitalized terms used in this Certificate have their respective
meanings as set forth in the Agreement or Series Supplement, as applicable.
2. Bank One is, as of the date hereof, the Servicer under the Agreement.
3. The undersigned is a Servicing Officer.
4. This Certificate relates to the Distribution Date occuring on
18-Feb-97.
------------
5. As of the date hereof, to the best knowledge of the undersigned, the
Servicer has performed in all material respects all its obligations under the
Agreement through the Monthly Period preceding such Distribution Date.
[Or if there has been a default in the performance of any such obligation, set
forth in detail the (i) nature of such default, (ii) the action taken by the
Seller and Servicer, if any, to remedy such default and (iii) the current status
of each such default.].
6. As of the date hereof, to the best knowledge of the undersigned, no Pay
Out Event occurred on or prior to such Distribution Date.
7. As of the date hereof, to the best knowledge of the undersigned, no Lien
has been placed on any of the Receivables other pursuant to the Agreement.
[or, if there is a Lien, such Lien consists of ]
IN WITNESS WHEREOF, the undersigned has duly executed and delivered this
Certificate this 12th day of February 1997 .
------ --------------------------
BANK ONE, COLUMBUS, NA
as Servicer
By: /s/ Thomas Ferree
-----------------------------------------
Name: Thomas Ferree
Title: Senior Vice President
<PAGE> 2
MONTHLY SERVICER'S CERTIFICATE
BANK ONE, COLUMBUS, NA
BANC ONE CREDIT CARD MASTER TRUST
SERIES 1994-C
The undersigned, a duly authorized representative of BANK ONE,
COLUMBUS, NA, as Servicer ("Bank One"), pursuant to the Pooling and Servicing
Agreement dated as of November 1, 1994 (as amended and supplemented, the
"Agreement"), as supplemented by the Series 1994-C Supplement (as amended and
supplemented, the "Series Supplement"), between Bank One, as Seller and
Servicer, and Bankers Trust Company, as Trustee, does hereby certify as follows:
1. Capitalized terms used in this Certificate have their respective
meanings as set forth in the Agreement or Series Supplement, as applicable.
2. Bank One is, as of the date hereof, the Servicer under the Agreement.
3. The undersigned is a Servicing Officer.
4. This Certificate relates to the Distribution Date occuring on
18-Feb-97.
------------
5. As of the date hereof, to the best knowledge of the undersigned, the
Servicer has performed in all material respects all its obligations under the
Agreement through the Monthly Period preceding such Distribution Date.
[Or if there has been a default in the performance of any such obligation, set
forth in detail the (i) nature of such default, (ii) the action taken by the
Seller and Servicer, if any, to remedy such default and (iii) the current status
of each such default.].
6. As of the date hereof, to the best knowledge of the undersigned, no Pay
Out Event occurred on or prior to such Distribution Date.
7. As of the date hereof, to the best knowledge of the undersigned, no Lien
has been placed on any of the Receivables other pursuant to the Agreement.
[or, if there is a Lien, such Lien consists of ]
IN WITNESS WHEREOF, the undersigned has duly executed and delivered this
Certificate this 12th day of February 1997 .
------ --------------------------
BANK ONE, COLUMBUS, NA
as Servicer
By: /s/ Thomas Ferree
-----------------------------------------
Name: Thomas Ferree
Title: Senior Vice President
<PAGE> 3
MONTHLY SERVICER'S CERTIFICATE
BANK ONE, COLUMBUS, NA
BANC ONE CREDIT CARD MASTER TRUST
SERIES 1995-A
The undersigned, a duly authorized representative of BANK ONE,
COLUMBUS, NA, as Servicer ("Bank One"), pursuant to the Pooling and Servicing
Agreement dated as of November 1, 1994 (as amended and supplemented, the
"Agreement"), as supplemented by the Series 1995-A Supplement (as amended and
supplemented, the "Series Supplement"), between Bank One, as Seller and
Servicer, and Bankers Trust Company, as Trustee, does hereby certify as follows:
1. Capitalized terms used in this Certificate have their respective
meanings as set forth in the Agreement or Series Supplement, as applicable.
2. Bank One is, as of the date hereof, the Servicer under the Agreement.
3. The undersigned is a Servicing Officer.
4. This Certificate relates to the Distribution Date occuring on
18-Feb-97.
------------
5. As of the date hereof, to the best knowledge of the undersigned, the
Servicer has performed in all material respects all its obligations under the
Agreement through the Monthly Period preceding such Distribution Date.
[Or if there has been a default in the performance of any such obligation, set
forth in detail the (i) nature of such default, (ii) the action taken by the
Seller and Servicer, if any, to remedy such default and (iii) the current status
of each such default.].
6. As of the date hereof, to the best knowledge of the undersigned, no Pay
Out Event occurred on or prior to such Distribution Date.
7. As of the date hereof, to the best knowledge of the undersigned, no Lien
has been placed on any of the Receivables other pursuant to the Agreement.
[or, if there is a Lien, such Lien consists of ]
IN WITNESS WHEREOF, the undersigned has duly executed and delivered this
Certificate this 12th day of February 1997 .
------ --------------------------
BANK ONE, COLUMBUS, NA
as Servicer
By: /s/ Thomas Ferree
-----------------------------------------
Name: Thomas Ferree
Title: Senior Vice President
<PAGE> 4
MONTHLY SERVICER'S CERTIFICATE
BANK ONE, COLUMBUS, NA
BANC ONE CREDIT CARD MASTER TRUST
SERIES 1995-B
The undersigned, a duly authorized representative of BANK ONE,
COLUMBUS, NA, as Servicer ("Bank One"), pursuant to the Pooling and Servicing
Agreement dated as of November 1, 1994 (as amended and supplemented, the
"Agreement"), as supplemented by the Series 1995-B Supplement (as amended and
supplemented, the "Series Supplement"), between Bank One, as Seller and
Servicer, and Bankers Trust Company, as Trustee, does hereby certify as follows:
1. Capitalized terms used in this Certificate have their respective
meanings as set forth in the Agreement or Series Supplement, as applicable.
2. Bank One is, as of the date hereof, the Servicer under the Agreement.
3. The undersigned is a Servicing Officer.
4. This Certificate relates to the Distribution Date occuring on
18-Feb-97.
------------
5. As of the date hereof, to the best knowledge of the undersigned, the
Servicer has performed in all material respects all its obligations under the
Agreement through the Monthly Period preceding such Distribution Date.
[Or if there has been a default in the performance of any such obligation, set
forth in detail the (i) nature of such default, (ii) the action taken by the
Seller and Servicer, if any, to remedy such default and (iii) the current status
of each such default.].
6. As of the date hereof, to the best knowledge of the undersigned, no Pay
Out Event occurred on or prior to such Distribution Date.
7. As of the date hereof, to the best knowledge of the undersigned, no Lien
has been placed on any of the Receivables other pursuant to the Agreement.
[or, if there is a Lien, such Lien consists of ]
IN WITNESS WHEREOF, the undersigned has duly executed and delivered this
Certificate this 12th day of February 1997 .
------ --------------------------
BANK ONE, COLUMBUS, NA
as Servicer
By: /s/ Thomas Ferree
-----------------------------------------
Name: Thomas Ferree
Title: Senior Vice President
<PAGE> 5
MONTHLY SERVICER'S CERTIFICATE
BANK ONE, COLUMBUS, NA
BANC ONE CREDIT CARD MASTER TRUST
SERIES 1996-A
The undersigned, a duly authorized representative of BANK ONE,
COLUMBUS, NA, as Servicer ("Bank One"), pursuant to the Pooling and Servicing
Agreement dated as of November 1, 1994 (as amended and supplemented, the
"Agreement"), as supplemented by the Series 1996-A Supplement (as amended and
supplemented, the "Series Supplement"), between Bank One, as Seller and
Servicer, and Bankers Trust Company, as Trustee, does hereby certify as follows:
1. Capitalized terms used in this Certificate have their respective
meanings as set forth in the Agreement or Series Supplement, as applicable.
2. Bank One is, as of the date hereof, the Servicer under the Agreement.
3. The undersigned is a Servicing Officer.
4. This Certificate relates to the Distribution Date occuring on
18-Feb-97.
------------
5. As of the date hereof, to the best knowledge of the undersigned, the
Servicer has performed in all material respects all its obligations under the
Agreement through the Monthly Period preceding such Distribution Date.
[Or if there has been a default in the performance of any such obligation, set
forth in detail the (i) nature of such default, (ii) the action taken by the
Seller and Servicer, if any, to remedy such default and (iii) the current status
of each such default.].
6. As of the date hereof, to the best knowledge of the undersigned, no Pay
Out Event occurred on or prior to such Distribution Date.
7. As of the date hereof, to the best knowledge of the undersigned, no Lien
has been placed on any of the Receivables other pursuant to the Agreement.
[or, if there is a Lien, such Lien consists of ]
IN WITNESS WHEREOF, the undersigned has duly executed and delivered this
Certificate this 12th day of February 1997 .
------ --------------------------
BANK ONE, COLUMBUS, NA
as Servicer
By: /s/ Thomas Ferree
-----------------------------------------
Name: Thomas Ferree
Title: Senior Vice President
<PAGE> 1
BANC ONE CORPORATION
100 East Broad Street
Columbus, Ohio 43271-0240
News Release
[LOGO] For further information contact:
Jacqueline Spak (614) 248-1280
John Russell (614) 248-5989
FOR RELEASE: February 18, 1997
BANC ONE AFFIRMS PLANS TO SUPPORT MASTER TRUST SECURITIES
BANC ONE CORPORATION (NYSE: ONE) today confirmed that it has been meeting with
Moody's, Standard & Poor's and three banks which provide credit enhancement to
review alternative actions designed to avert early amortization or reduction in
the rating of outstanding investor certificates issued by Banc One Master
Trust. On January 24, 1997, Moody's Rating Update Review reported that Moody's
Investor Services placed on review $2.66 billion in securities backed by BANC
ONE credit card receivables as a result of increasing charge-offs being
experienced in the industry and by the master trust.
BANC ONE is fully committed to continued use of credit card securitizations as
a funding strategy and the credit card business as exemplified by the January
20, 1997, announcement to merge with First USA, Inc. (NYSE: FUS). Over the last
several weeks BANC ONE has been reviewing alternative actions that can be taken
to bolster investor and rating agency confidence and avert the possibility of
early amortization. While certain unilateral actions have already been taken or
are underway, others being considered may require permission and/or support
from the other parties involved.
Last week BANC ONE completed a review of these strategic alternatives with
Moody's and Standard & Poor's, as well as the three banks. These reviews, as
well as continuing discussions with the rating agencies and credit enhancing
banks, leave BANC ONE encouraged that a favorable resolution of the issues can
be achieved in the coming weeks.
At December 31, 1996, BANC ONE had a managed credit card portfolio of $12.6
billion of which $3.3 billion had been securitized. First USA Inc. manages a
credit card portfolio of $22.4 billion of which $17.2 billion had been
securitized. Completion of the merger transaction will make BANC ONE the third
largest bank credit card issuer in the United States serving over 32 million
customers.
