<PAGE>
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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
---------
[X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the Fiscal Year Ended December 31, 1999
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
Commission file number 0-25636
------------------------------
FIRST USA BANK, NATIONAL ASSOCIATION
(As Successor to BANK ONE, N.A.)
(Exact name of Registrant as specified in its Charter)
(As Servicer on behalf of Banc One Credit Card Master Trust)
Laws of the United States 51-0269396
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
201 North Walnut Street 19801
Wilmington, Delaware (Zip Code)
(Address of principal executive offices)
Registrant's telephone number, including area code: (302) 594-4000
Securities registered pursuant to Section 12(b) of the Act: NONE
Securities registered pursuant to Section 12(g) of the Act:
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
Indicate by check mark whether the Registrant: (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
Registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.
YES [X] NO [ ]
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405
of Regulation S-K is not contained herein, and will not be contained, to the
best of Registrant's knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-K or any amendment to this
Form 10-K.
Not Applicable.
State the aggregate market value of the voting stock held by non-affiliates of
the Registrant. The aggregate market value shall be computed by reference to
the price at which the stock was sold, or the average bid and asked prices of
such stock, as of a specified date within 60 days prior to the date of filing.
Not Applicable.
Indicate the number shares outstanding of each of the Registrant's class of
common stock, as of the latest practicable date.
Not Applicable.
DOCUMENTS INCORPORATED BY REFERENCE: NONE
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<PAGE>
Introductory Note
-----------------
This Annual Report on Form 10-K is filed in accordance with a letter, dated May
26, 1995 issued by the Office of Chief Counsel, Division of Corporation Finance
of the Securities and Exchange Commission stating that the Division will not
object if the Registrant files reports pursuant to Sections 13 and 15(d) of the
Securities Exchange Act of 1934, as amended (the "Exchange Act"), in the manner
described in a letter dated May 24, 1995 to the Office of Chief Counsel on
behalf of the Registrant. Accordingly, certain items have been omitted from or
modified in this Annual Report on Form 10-K.
First USA Bank, National Association (the "Bank"), a direct wholly owned
subsidiary of BANK ONE CORPORATION ("BANK ONE"), is the Seller and the Servicer
under the Pooling and Servicing Agreement (the "Agreement") dated as of November
1, 1994 between the Bank, as Seller and Servicer, and Bankers Trust Company, as
Trustee, pursuant to which Banc One Credit Card Master Trust (the "Trust") was
formed.
Effective September 17, 1999, the Bank, was merged with and into FCC National
Bank, an affiliated national banking association, and the surviving entity. The
surviving entity was renamed "First USA Bank, National Association".
In addition to the Certificates listed on page 1, the Banc One Credit Card
Master Trust has issued the following interests in the Trust:
. Asset Backed Certificates, Series 1997-1, issued pursuant to the Agreement
and the Series 1997-1 Supplement dated as of September 23, 1997.
. Asset Backed Certificates, Series 1997-2, issued pursuant to the Agreement
and the Series 1997-2 Supplement dated as of December 17, 1997.
PART I
ITEM 1. BUSINESS
Omitted.
ITEM 2. PROPERTIES
The property of Banc One Credit Card Master Trust (the "Trust") consists solely
of credit card receivables. Information about such property is contained in the
Annual Servicer's Certificate filed as Exhibit 99.1 hereto. Information
relating to the performance of the Trust for the year ended December 31, 1999 is
contained in the Annual Statement prepared by the Servicer and filed as Exhibit
99.3 hereto.
ITEM 3. LEGAL PROCEEDINGS
There are no material pending legal proceedings with respect to the Trust,
involving the Trust, the Trustee or the Registrant. The Bank is a defendant in
various lawsuits, including certain class actions, generally arising out of its
normal course of business.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
No matters were submitted to Certificateholders for a vote during the fiscal
year covered by this Annual Report.
2
<PAGE>
PART II
ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER MATTERS
Investor Certificates are held and delivered in book-entry form through the
facilities of the Depository Trust Company ("DTC"), a "clearing agency"
registered pursuant to the provisions of Section 17A of the Securities Exchange
Act of 1934, as amended. The Investor Certificates are held by Cede & Co., the
nominee of DTC.
The records of DTC indicate that, at December 31, 1999, there were: (i) thirty-
eight (38) DTC Participants holding a position in the 6.15% Class A Asset Backed
Certificates, Series 1995-A; (ii) one (1) DTC Participant holding a position in
the 6.30% Class B Asset Backed Certificates, Series 1995-A; (iii) twenty-seven
(27) DTC Participants holding a position in the 6.30% Class A Asset Backed
Certificates, Series 1995-B; (iv) two (2) DTC Participants holding a position in
the 6.45% Class B Asset Backed Certificates, Series 1995-B; (v) fifteen (15) DTC
Participants holding a position in the Floating Rate Class A Asset Backed
Certificates, Series 1996-A; and (vi) one (1) DTC Participant holding a position
in the Floating Rate Class B Asset Backed Certificates, Series 1996-A. At
December 31, 1999, the Bank, owned 100% of the Seller Certificate, which
represents beneficial ownership of residual interest in the assets of the Trust.
There is no established public market in which the Certificates are traded.
ITEM 6. SELECTED FINANCIAL DATA
Omitted.
ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
Throughout 1999, BANK ONE executed project plans to assure Year 2000 readiness.
These plans included verifying the readiness of internal information technology
systems and equipment, and working with external entities, including customers,
vendors, utilities and governmental agencies, to verify that they had
appropriately addressed Year 2000 readiness issues. Specific business
continuity and event plans were designed to address potential disruption and
ensure that BANK ONE was positioned to rapidly respond to issues.
BANK ONE had estimated total Year 2000 readiness costs to reach $350 million
over the life of the project, and incurred total costs of approximately $343
million.
BANK ONE had an uneventful transition to the Year 2000. BANK ONE's systems,
equipment and facilities continued and continue to function normally through the
transition and into Year 2000. Normal products and services of BANK ONE have
been available to customers throughout such time, and BANK ONE experienced no
significant impact from Year 2000 readiness status of external entities. To
meet potential Year 2000 contingencies and potential liquidity needs, BANK ONE
increased the value of loans pledged to the Federal Reserve for discount window
borrowing.
On an ongoing basis, BANK ONE will continue to monitor its systems, equipment
and facilities throughout 2000 and beyond.
3
<PAGE>
ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Not applicable.
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
Information regarding the property of the Trust and the activities of the
Servicer during the year ended December 31, 1999 is contained in (i) the Annual
Servicer's Certificate filed as Exhibit 99.1 hereto and (ii) the Independent
Accountants' Report of Arthur Andersen LLP on Management's Assertions filed as
Exhibit 99.2 hereto. Information relating to the performance of the Trust for
the period ending December 31, 1999 is contained in the Annual Statement
prepared by the Servicer and filed as Exhibit 99.3 hereto.
ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
FINANCIAL DISCLOSURE
None.
PART III
ITEM 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT
Omitted.
ITEM 11. EXECUTIVE COMPENSATION
Omitted.
ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT
At December 31, 1999, (i) the Seller Certificate was registered in the name of
First USA Bank, National Association and (ii) all of the Investor Certificates
were registered in the name of Cede & Co., as nominee for DTC. The records of
DTC indicate that the DTC Participants listed below were holders of record of
more than five percent of any class of Investor Certificates at December 31,
1999.
<TABLE>
<CAPTION>
(3) Amount and
(2) Name and Address of Nature of Beneficial (4) Percent
(1) Title of Class Beneficial Owners Ownership $(000's) of Class
------------------ ----------------- ------------------ ------------------
<S> <C> <C> <C>
6.15% Class A Asset Bank of America, National Association $24,115 6.75%
Backed Certificates, 1401 Elm Street, 16th Floor
Series 1995-A Dallas, TX 75202
Bank of New York (The) $111,019 31.08%
925 Patterson Plank Road
Secaucus, NJ 07094
</TABLE>
4
<PAGE>
<TABLE>
<S> <C> <C> <C>
Bankers Trust Company $32,031 8.97%
c/o BT Services Tennessee, Inc.
648 Grassmere Park Road
Nashville, TN 37211
Chase Manhattan Bank $83,130 23.27%
4 New York Plaza
13th Floor
New York, NY 10004
Citibank, N.A. $21,230 5.94%
P.O. Box 30576
Tampa, FL 33630-3576
Firstar Bank, N.A. $19,845 5.56%
777 E. Wisconsin Avenue
Milwaukee, WI 53202
6.30% Class B Asset Chase Manhattan Bank $22,800 100.00%
Backed Certificates, 4 New York Plaza
Series 1995-A 13th Floor
New York, NY 10004
6.30% Class A Asset Bank of New York (The) $45,020 12.60%
Backed Certificates, 925 Patterson Plank Road
Series 1995-B Secaucus, NJ 07094
Chase Manhattan Bank $84,675 23.71%
4 New York Plaza
13th Floor
New York, NY 10004
CIBC World Markets Corp. $33,500 9.38%
200 Liberty Street, 6th Floor
New York, NY 10281
Citibank, N.A. $55,000 15.40%
P.O. Box 30576
Tampa, FL 33630-3576
SSB - Bank Portfolio $27,000 7.56%
Global Corporate Action Unit JAB
5NW
1776 Heritage Dr.
No. Quincy, MA 02171
</TABLE>
5
<PAGE>
<TABLE>
<S> <C> <C> <C>
6.45% Class B Asset Chase Manhattan Bank $6,000 26.32%
Backed Certificates, 4 New York Plaza
Series 1995-B 13th Floor
New York, NY 10004
SSB - Bank Portfolio $16,800 73.68%
Global Corporate Action Unit JAB 5NW
1776 Heritage Dr.
No. Quincy, MA 02171
Floating Rate Class A Bankers Trust Company $47,505 10.22%
Asset Backed c/o BT Services Tennessee, Inc.
Certificates, Series 648 Grassmere Park Drive
1996-A Nashville, TN 37211
Chase Manhattan Bank $200,100 43.03%
4 New York Plaza
13th Floor
New York, NY 10004
Citibank, N.A. $30,110 6.48%
P.O. Box 30576
Tampa, FL 33630-3576
Fuji Bank & Trust Company (The) $25,000 5.38%
2 World Trade Center
81st Floor
New York, NY 10048
Harris Trust & Savings Bank $50,000 10.75%
Proxy Operations
111 West Monroe Street LLE
Chicago, IL 60603
State Street Bank and Trust Company $53,250 11.45%
Global Corporate Action Unit JAB 5NW
1776 Heritage Dr.
No. Quincy, MA 02171
Floating Rate Class B Swiss American Securities, Inc $35,000 100.00%
Asset Backed 100 Wall Street
Certificates, Series New York, NY 10005
1996-A
</TABLE>
6
<PAGE>
ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
None.
PART IV
ITEM 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS ON
FORM 8-K
(a) Exhibits. The following documents are filed as part of this Annual
Report on Form 10-K.
(i) Not applicable.
(ii) Not applicable.
(iii) Exhibits
Exhibit Number Description
-------------- -----------
99.1 Annual Servicer's Certificate
99.2 Independent Accountants' Report of Arthur
Andersen LLP on Management's Assertions
99.3 Annual Statement prepared by Servicer
(b) Reports on Form 8-K
(i) Reports on Form 8-K, containing the monthly statements and
other information reflecting the Trust's activities.
Dated: Items Reported:
------ ---------------
February 16, 1999 5 and 7
March 15, 1999 5 and 7
April 15, 1999 5 and 7
May 17, 1999 5 and 7
June 15, 1999 5 and 7
July 15, 1999 5 and 7
August 16, 1999 5 and 7
September 15, 1999 5 and 7
October 15, 1999 5 and 7
November 15, 1999 5 and 7
December 15, 1999 5 and 7
January 18, 2000 5 and 7
(c) See item 14(a)(iii) above.
(d) Not applicable.
7
<PAGE>
SIGNATURE
Pursuant to the requirements of Section 13 or 15(d) 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.
FIRST USA BANK, NATIONAL ASSOCIATION as Servicer,
on behalf of BANC ONE CREDIT CARD MASTER TRUST
By: /s/Tracie H. Klein
----------------------------------------------
Name: Tracie H. Klein
Title: First Vice President
Date: March 24, 2000
--------------
8
<PAGE>
INDEX OF EXHIBITS
Exhibit Number Exhibit Description Page
- -------------- ------------------- ----
99.1 Annual Servicer's Certificate 10
99.2 Independent Accountants' Report of 11 - 13
Arthur Andersen LLP on Management's Assertions
99.3 Annual Statement Prepared by Servicer 14
9
<PAGE>
EXHIBIT 99.1
ANNUAL SERVICER'S CERTIFICATE
FIRST USA BANK, NATIONAL ASSOCIATION
BANC ONE CREDIT CARD MASTER TRUST
The undersigned, duly authorized representatives of First USA Bank, National
Association ("First USA"), as Servicer, pursuant to the Pooling and Servicing
Agreement dated as of November 1, 1994 (as may be amended and supplemented, the
"Agreement"), between First USA, as Seller and Servicer, and Bankers Trust
Company, as Trustee, do hereby certify as follows:
1. First USA is, as of the date hereof, Servicer under the Agreement.
Capitalized terms used in this Certificate have their respective meanings
as set forth in the Agreement.
2. The undersigned are Servicing Officers who are duly authorized pursuant to
the Agreement to execute and deliver this Certificate to the Trustee.
3. A review of the activities of Servicer during the fiscal year ended
December 31, 1999, and of its performance under the Agreement was conducted
under our supervision.
4. Based on such review, the Servicer has, to the best of our knowledge,
performed in all material respects its obligations under the Agreement
throughout such year and no default in the performance of such obligations
has occurred or is continuing except as set forth in paragraph 5.
5. The following is a description of each default in the performance of the
Servicer's obligations under the provisions of the Agreement known to us to
have been made during the fiscal year ended December 31, 1999, which sets
forth in detail (i) the nature of each such default, (ii) the action taken
by the Servicer, if any, to remedy each such default and (iii) the current
status of each such default:
During the twelve months ended December 31, 1999, the Servicer
experienced delays in the timely posting of payments to customer
accounts due to backlogs that occurred at a third party processor.
The relationship with this processor has since been terminated and as
of December 31, 1999, payments are being processed internally and in
accordance with Bank policy and usual and customary servicing
procedures. Management is working diligently to reimburse in full,
cardholders affected by the above delays, for any and all fees and
finance charges incurred as a result of the delays.
6. The report required to be delivered to the Servicer by the independent
certified public accountants pursuant to subsection 3.06(b) of the Pooling
and Servicing Agreement has been delivered to the Servicer, and such report
contains no exceptions, except for such exceptions as the independent
certified public accountants believe to be immaterial and as set forth in
paragraph 7 below.
7. The following is each exception set forth in the report required to be
delivered to the Servicer by the independent certified public accountants
pursuant to subsection 3.06(b) of the Pooling and Servicing Agreement: None
IN WITNESS WHEREOF, the undersigned have duly executed this Certificate this
24th day of March, 2000.
- ---- ----- ----
FIRST USA BANK, NATIONAL ASSOCIATION
as Servicer
By: /s/ Tracie H. Klein By: /s/ Jeffrey Rigg
--------------------------- --------------------------------
Name: Tracie H. Klein Name: Jeffrey Rigg
Title: First Vice President Title: Senior Vice President-Accounting
<PAGE>
EXHIBIT 99.2
[LETTERHEAD OF ARTHUR ANDERSEN]
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
We have examined the accompanying management's assertion about First USA Bank,
N.A.'s (the "Servicer"), compliance with the covenants and conditions of
Sections 3.02, 3.04, 3.09, 4.02, 4.03, 4.04, 4.05 and 8.08 of the Banc One
Credit Card Master Trust Pooling and Servicing Agreement dated as of November 1,
1994 (the "Agreement") and the Supplements thereto for Series 1995-A, Series
1995-B, Series 1996-A, Series 1997-1 and Series 1997-2 (the "Supplements"), as
amended, between the Servicer and the Bankers Trust Company (as Trustee for the
various Certficateholders and Enhancement Providers of Banc One Credit Card
Master Trust) (together, the "Agreements"), for the twelve months ended December
31, 1999. Management is responsible for the Servicer's compliance with the
Agreements. Our responsibility is to express an opinion on management's
assertion about the Servicer's compliance based on our examination.
Our examination was made in accordance with standards established by the
American Institute of Certified Public Accountants and, accordingly, included
examining, on a test basis, evidence about the Servicer's compliance with those
requirements and performing such other procedures as we considered necessary in
the circumstances. We believe that our examination provides a reasonable basis
for our opinion.
As discussed in management's assertion, management, in providing its assertion
on compliance, assumed the accuracy of the reports prepared by the Servicer's
third party credit card processor and did not extend its assessment to the
relevant aspects of the Servicer's compliance that are the responsibility of the
third party credit card processor. Accordingly, our examination did not extend
to these aspects of the Servicer's compliance that are the responsibility of the
third party credit card processor, and we do not express an opinion or any other
form of assurance on these compliance aspects.
As discussed in management's assertion, during the twelve months ended December
31, 1999, the Servicer experienced delays in the timely posting of payments to
customer accounts due to backlogs that occurred at a third party processor. The
Servicer's relationship with this processor has since been terminated and as of
December 31, 1999, payments are being processed internally and in accordance
with Bank policy and usual and customary servicing procedures.
<PAGE>
In our opinion, management's assertion that except for the matter discussed in
the preceding paragragh, the Servicer complied with the covenants and conditions
of the sections of the Agreements referred to in the first paragraph during the
twelve months ended December 31, 1999, is fairly stated, in all material
respects.
/s/ Arthur Andersen LLP
Chicago, Illinois
March 08, 2000
<PAGE>
ASSERTION BY FIRST USA BAK, N.A.
The management of First USA Bank, N.A. (the "Servicer") is responsible for
complying with the covenants and conditions of Sections 3.02, 3.04, 3.09, 4.02,
4.03, 4.04, 4.05 and 8.08 of the Banc One Credit Card Master Trust Pooling and
Servicing Agreement dated as of November 1, 1994 (the "Agreement") and the
Supplements thereto for Series 1995-A, Series 1995-B, Series 1996-A, Series
1997-1 and Series 1997-2 (the "Supplements"), as amended, between the Servicer
and the Bankers Trust Company (as Trustee for the various Certficateholders and
Enhancement Providers of Banc One Credit Card Master Trust) (together, the
"Agreements").
During the twelve months ended December 31, 1999, the Servicer experienced
delays in the timely posting of payments to customer accounts due to backlogs
that occurred at a third party processor. The relationship with this processor
has since been terminated and as of December 31, 1999, payments are being
processed internally and in accordance with Bank policy and usual and customary
servicing procedures. Management is working diligently to reimburse in full
cardholders affected by the above delays for any and all fees and finance
charges incurred as a result of the delays.
Management has performed an evaluation of the Servicer's compliance with the
Agreements and based on this evaluation management believes that except for the
matter discussed in the preceding paragraph, the Servicer has complied with the
covenants and conditions of sections of the Agreements referred to above during
the twelve months ended December 31, 1999.
In providing this assertion on compliance, we have assumed the accuracy of the
reports prepared by the Servicer's third party credit card processor and did not
extend our assessment to the relevant aspects of the Servicer's compliance that
are the responsibility of the third party credit card processor. Accordingly,
our assessment does not extend to these aspects of the Servicer's compliance
that are the responsibility of the third party credit card processor, and we do
not express any form of assurance on these compliance aspects.
/s/ MICHAEL LOONEY /s/ TRACIE KLEIN
- ------------------------------------- -----------------------------------
Michael Looney Tracie H. Klein
Executive Vice President - Operations First Vice President
/s/ JEFFREY RIGG
- -------------------------------------
Jeffrey Rigg
Senior Vice President - Accounting
<PAGE>
EXHIBIT 99.3
<TABLE>
<CAPTION>
Banc One Credit Card Master Trust
Annual Statement
December 31, 1999
Series Series Series Series Series
1995-A 1995-B 1996-A 1997-1 1997-2
------ ------ ------ ------ ------
<S> <C> <C> <C> <C> <C> <C>
1. Amounts distributed to Certificateholders
during 1999:
(a) Principal 0.00 0.00 0.00 0.00 0.00
(b) Interest 23,404,200.00 23,974,200.00 27,990,930.69 89,053,472.30 51,159,109.00
(c) Total 23,404,200.00 23,974,200.00 27,990,930.69 89,053,472.30 51,159,109.00
2. As of December 31, 1999, the amount 0.00 0.00 0.00 0.00 0.00
that the unpaid principal amount of the
Certificates exceeded the invested amount.
3. As of December 31, 1999:
(a) Trust Principal Receivables
(b) Trust Finance Charge Receivables
(c) Total
4. Invested Amount as of December 31, 1999:
(a) Class A 357,200,000.00 357,200,000.00 465,000,000.00 1,700,000,000.00 900,000,000.00
(b) Class B 22,800,000.00 22,800,000.00 35,000,000.00 n/a n/a
(c) Total 380,000,000.00 380,000,000.00 500,000,000.00 1,700,000,000.00 900,000,000.00
5. As of December 31, 1999:
(a) Principal Allocation Percentage 8.92% 8.92% 11.73% 39.88% 21.12%%
(b) Floating Allocation Percentage 7.52% 8.92% 11.73% 39.88% 21.12%%
6. During 1999:
(a) Principal Collected 540,951,018.16 540,951,018.16 711,777,655.48 2,174,386,639.13 1,281,199,779.86
(b) Finance Charges Collected 78,946,182.87 78,946,182.87 103,876,556.41 319,361,135.94 186,977,801.53
7. Shared Principal Collected 524,771,826.91 571,799,780.20 752,368,131.83 2,298,239,505.34 1,354,262,637.31
8. Excess Finance Charge during 1999 20,844,146.56 20,274,146.56 30,636,482.70 85,780,779.16 50,597,695.10
9. Delinquencies as of December 31, 1999:
(a) 30 - 59 days
(b) 60 - 89 days
(c) 90 days +
10. Defaulted Amount during 1999 30,848,762.03 30,848,762.03 40,590,476.36 123,852,866.21 73,062,857.44
11. During 1999:
(a) Class A Investor Charge-offs 0.00 0.00 0.00 0.00 0.00
(b) Class B Investor Charge-offs 0.00 0.00 0.00 0.00 0.00
12. 1999 Servicing Fee 5,700,000.00 5,700,000.00 7,500,000.00 23,000,000.00 13,500,000.00
13. Portfolio Yield (average year to date)
14. Series Enhancement Available as of
December 31, 1999:
(a) Available to Class A 34,200,000.00 34,200,000.00 50,000,000.00 216,750,000.00 114,750,000.00
(b) Available to Class B 3,800,000.00 3,800,000.00 n/a n/a n/a
(c) Total 38,000,000.00 38,000,000.00 50,000,000.00 216,750,000.00 114,750,000.00
15. The amount of Series Enhancement used
during 1999:
(a) To fund Class A Required Amount 0.00 0.00 0.00 0.00 0.00
(b) To fund Class B Required Amount 0.00 0.00 0.00 0.00 0.00
16. Series Enhancement Fees paid in 1999 170,915.55 188,978.22 319,444.45 808,618.06 447,500.00
17. Reallocated Principal Collections in 1999 0.00 0.00 0.00 0.00 0.00
</TABLE>
<TABLE>
<CAPTION>
Investor's Interest Seller's
All Series Interest Total Trust
----------- -------- -----------
<S> <C> <C> <C> <C>
1. Amounts distributed to Certificateholders
during 1999:
(a) Principal 0.00
(b) Interest 215,581,911.99
(c) Total 215,581,911.99
2. As of December 31, 1999, the amount 0.00
that the unpaid principal amount of the
Certificates exceeded the invested amount.
3. As of December 31, 1999:
(a) Trust Principal Receivables 4,262,262,576.82
(b) Trust Finance Charge Receivables 156,019,466.52
(c) Total 4,418,282,043.34
4. Invested Amount as of December 31, 1999:
(a) Class A 3,779,400,000.00
(b) Class B 80,600,000.00
(c) Total 3,860,000,000.00
5. As of December 31, 1999:
(a) Principal Allocation Percentage 90.56% 9.44% 100.00%
(b) Floating Allocation Percentage 89.17% 10.83% 100.00%
6. During 1999:
(a) Principal Collected 5,249,266,110.80 862,704,930.09 6,111,971,040.89
(b) Finance Charges Collected 768,107,859.62 124,630,973.87 892,738,833.49
7. Shared Principal Collected 5,501,441,881.58
8. Excess Finance Charge during 1999 208,133,250.08
9. Delinquencies as of December 31, 1999:
(a) 30 - 59 days 90,789,014.28
(b) 60 - 89 days 66,841,307.25
(c) 90 days + 137,585,577.82
10. Defaulted Amount during 1999 299,203,724.07 49,896,062.97 349,099,787.04
11. During 1999:
(a) Class A Investor Charge-offs 0.00
(b) Class B Investor Charge-offs 0.00
12. 1999 Servicing Fee 55,400,000.00
13. Portfolio Yield (average year to date) 14.09%
14. Series Enhancement Available as of
December 31, 1999:
(a) Available to Class A
(b) Available to Class B
(c) Total
15. The amount of Series Enhancement used
during 1999:
(a) To fund Class A Required Amount 0.00
(b) To fund Class B Required Amount 0.00
16. Series Enhancement Fees paid in 1999 1,935,456.28
17. Reallocated Principal Collections in 1999
</TABLE>
