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Previous: US BRIDGE OF NEW YORK INC, 10QSB/A, 1997-11-21 |
Next: NUVEEN TAX EXEMPT UNIT TRUST SERIES 816, 485BPOS, 1997-11-21 |
<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: November 12, 1997
MERCANTILE CREDIT CARD MASTER TRUSTS
(Exact name of registrant as specified in its charter)
New York 33-89380-01 37-0152681
- ---------------------------- ------------------------ ----------------------
(State or other jurisdiction (Commission File Number) (IRS Employer
of incorporation) Identification Number)
Mercantile Bank of Illinois
National Association
140 West Hawthorne
Hartford, Illinois 62048
- ---------------------------------------- ----------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code:
(618) 251-2035
<PAGE> 2
ITEM 5. OTHER EVENTS.
-------------
The October 1997 Monthly Report to investors was delivered to the
trustee of the Mercantile Credit Card Master Trust on November 12,
1997.
ITEM 7. EXHIBITS.
---------
The following is filed as an exhibit to this Report.
Exhibit 1 Monthly Report to Floating Rate Credit Card
Participation Certificates, Series 1995-1, investors
for the month of October 1997.
<PAGE> 3
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 thereunto duly authorized.
Mercantile Bank of Illinois
National Association, Servicer
By: \s\ Jeffrey D. Cary
Name: Jeffrey D. Cary
Title: Vice President
Date: November 19, 1997
<PAGE> 4
<TABLE>
INDEX TO EXHIBITS
-----------------
<CAPTION>
Exhibit
Number Exhibits
- ------- --------
<C> <S>
1 Monthly Report to Floating Rate
Credit Card Participation Certificates,
Series 1995-1, investors for the month
of October, 1997.
</TABLE>
<PAGE> 1
MONTHLY PAYMENT INSTRUCTIONS AND
NOTIFICATION TO THE TRUSTEE
MERCANTILE BANK NATIONAL ASSOCIATION
MERCANTILE CREDIT CARD MASTER TRUST SERIES 1995-1
OCTOBER 1997
The undersigned, a duly authorized representative of Mercantile Bank National
Association (the "Bank"), as Seller and Servicer pursuant to the Pooling and
Servicing Agreement dated as of May 10, 1995 (the "Master Agreement"), as
supplemented by the Series 1995-1 Supplement dated as of May 10, 1995
(the "Supplement," and together with the Master Agreement, the "Agreement"),
each by and between the Bank and Chase Manhattan Bank, as trustee (the
"Trustee"), does hereby certify as follows:
A) Capitalized terms used in this Certificate have their respective
meanings set forth in the Agreement. References herein to certain
sections are references to the respective sections of the
Agreement.
B) The Bank is Servicer under the Agreement.
C) The undersigned is a Servicing Officer.
D) The date of this notice is a Determination Date under the
Agreement.
I. APPLICATION OF CLASS A AVAILABLE FUNDS, CLASS B AVAILABLE FUNDS,
----------------------------------------------------------------
COLLATERAL AVAILABLE FUNDS, AVAILABLE INVESTOR PRINCIPAL COLLECTIONS,
---------------------------------------------------------------------
AND COLLATERAL PRINCIPAL COLLECTION.
------------------------------------
Pursuant to the Supplement, the Servicer does hereby instruct the
Trustee (i) to make the following withdrawals from the Collection
Account with respect to the Distribution Date and (ii) to apply the
proceeds of such withdrawals in accordance with reference Sections of
the Supplement:
<TABLE>
<S> <C>
A) Class A Available Funds [Section 4.5(a)]:
-----------------------------------------
(1) Class A Monthly Interest $1,727,055
-----------
(2) Overdue Class A Monthly Interest $0
-----------
(3) Class A Additional Interest $0
-----------
(4) Class A Servicing Fee $540,000
-----------
(5) Overdue Class A Monthly Servicing Fee $0
-----------
(6) Class A Investor Default Amount $2,597,092
-----------
(7) Excess Spread $1,917,169
-----------
B) Class B Available Funds [Section 4.5(b)]:
-----------------------------------------
(1) Class B Monthly Interest $218,717
-----------
(2) Overdue Class B Monthly Interest $0
-----------
(3) Class B Additional Interest $0
-----------
(4) Class B Servicing Fee $66,667
-----------
(5) Overdue Class B Monthly Servicing Fee $0
-----------
(6) Excess Spread $551,816
-----------
1
<PAGE> 2
<CAPTION>
MONTHLY PAYMENT INSTRUCTIONS AND
NOTIFICATION TO THE TRUSTEE
MERCANTILE BANK NATIONAL ASSOCIATION
MERCANTILE CREDIT CARD MASTER TRUST SERIES 1995-1
OCTOBER 1997
<S> <C>
C) Collateral Available Funds [Section 4.5(c)]:
--------------------------------------------
(1) Collateral Monthly Interest $205,425
-----------
(2) Overdue Collateral Monthly Interest $0
-----------
(3) Collateral Additional Interest $0
-----------
(4) Collateral Servicing Fee $0
-----------
(5) Overdue Collateral Servicing Fee $0
-----------
(6) Excess Spread $548,055
-----------
D) Available Investor Principal Collections [Section 4.5(d)
and (f)]:
--------------------------------------------------------
(1) Class A Monthly Principal $0
-----------
(2) Class B Monthly Principal $0
-----------
(3) Collateral Monthly Principal $0
-----------
(4) Shared Principal Collections
(available for other Series in Group One) $35,666,120
-----------
E) Collateral Principal Collections [Section 4.5(e)]:
--------------------------------------------------
(1) Collateral Monthly Principal $0
-----------
(2) To be treated as Available Principal Collections $3,209,951
-----------
F) Excess Spread [Section 4.7]:
----------------------------
(1) Class A Required Amount $0
-----------
(2) Class A Investor Charge Offs $0
-----------
(3) Portion of Class B Required Amount $0
-----------
(4) Remaining Portion of Class B Required Amount $320,629
-----------
(5) Reimbursement of prior reductions in Class B
Invested Amount $0
-----------
(6) Collateral Servicing Fee $60,000
-----------
(7) Collateral Default Amount $288,566
-----------
(8) Excess of Required Cash Collateral Amount over
Available Cash Collateral Amount $0
-----------
(9) Aggregate of other amounts Payable to Collateral
Interest Holder $0
-----------
(10) Excess Finance Charges $2,347,845
-----------
(11) Earnings to be returned to Servicer $34,969
-----------
(12) Spread Account Excess to be returned to Mercantile $0
-----------
2
<PAGE> 3
<CAPTION>
MONTHLY PAYMENT INSTRUCTIONS AND
NOTIFICATION TO THE TRUSTEE
MERCANTILE BANK NATIONAL ASSOCIATION
MERCANTILE CREDIT CARD MASTER TRUST SERIES 1995-1
OCTOBER 1997
<S> <C>
G) Reallocated Principal Collections [Section 4.8]:
-----------------------------------------------
(1) Payable in Respect of Class A Required Amount $0
-----------
(2) Payable in Respect of Class B Required Amount $0
-----------
(3) Balance $6,167,368
-----------
H) Excess Finance Charges [Section 4.9]:
------------------------------------
(1) Finance Charge Shortfall for Series 1995-1 $0
-----------
(2) Excess Finance Charges from other series in Group
One allocated to Series 1995-1 $0
-----------
I) Shared Principal Collections [Section 4.10]:
-------------------------------------------
(1) Principal Shortfall for Series 1995-1 $0
-----------
(2) Shared Principal Collections from other Series in
Group One allocated to Series 1995-1 $0
-----------
II. YIELD SUPPLEMENT ACCOUNT
------------------------
Pursuant to Section 4.12 of the Supplement, the Servicer hereby
instructs the Trustee (i) to make the following withdrawal from
the Yield Supplement Account and (ii) to apply the proceeds of
such withdrawal in accordance with Section 4.12 of the
Supplement.
(1) Interest and other investment income on amounts on
deposit in the Yield Supplement Account $0
-----------
(2) One-Seventh of the Yield Supplement Account $0
-----------
III. NOTIFICATION OF WITHDRAWALS FROM THE CASH COLLATERAL ACCOUNT
------------------------------------------------------------
Pursuant to Section 4.13 of the Supplement, the Servicer hereby
instructs the Trustee (i) to make the following withdrawals from
the Cash Collateral Account with respect to the Distribution
Date and (ii) to apply the proceeds of such withdrawals in
accordance with Section 4.13 of the Supplement.
(1) Required Draw Amount $0
-----------
(2) Cash Enhancement Surplus $0
-----------
</TABLE>
IN WITNESS WHEREOF, the undersigned has duly executed this certificate
this [ 12th ] day of [November], [1997].
MERCANTILE BANK NATIONAL ASSOCIATION
as Servicer
By: /s/ Jeffrey D. Cary
---------------------------------------
Vice President
3
<PAGE> 4
MONTHLY CERTIFICATEHOLDER'S STATEMENT
MERCANTILE BANK NATIONAL ASSOCIATION
MERCANTILE CREDIT CARD MASTER TRUST SERIES 1995-1
OCTOBER 1997
Under the Amended and Restated Pooling and Servicing Agreement dated as of May
10, 1995 (the "Master Agreement"), by and between Mercantile Bank National
Association ("Mercantile"), as Seller and Servicer, and Chase Manhattan Bank,
as trustee, as supplemented by the Series 1995-1 Supplement dated as of May
10, 1995 (the "Supplement," and together with the Master Agreement, the
"Agreement"), between Mercantile and the Trustee, Mercantile, as Servicer, is
required to prepare certain information each month regarding current
distributions to all Series 1995-1 Certificateholders. This relates to the
Distribution Date (the "Distribution Date") and the performance of the
Mercantile Credit Card Master Trust (the "Trust") during the prior Monthly
Period (the "Monthly Period"). Certain of the information is presented on the
basis of an original principal amount of $1,000 per Series 1995-1 Certificate.
Certain other information is presented based on the aggregate amounts for the
Trust as a whole. All capitalized terms used herein shall have the respective
meanings set forth in the Agreement.
<TABLE>
<S> <C>
1) The total amount of the distribution on the Distribution
Date per $1,000 original principal amount of the Class A
Certificates $5.33
------------
2) The total amount of the distribution on the Distribution
Date per $1,000 original principal amount of the Class B
Certificates $5.47
------------
3) The amount of the distribution set forth in paragraph 1
above in respect of principal per $1,000 original principal
amount of the Class A Certificates $0.00
------------
4) The amount of the distribution set forth in paragraph 2
above in respect of principal per $1,000 original principal
amount of the Class B Certificates $0.00
------------
5) The amount of distribution set forth in paragraph 1 above
in respect of interest per $1,000 original principal amount
of the Class A Certificates $5.33
------------
6) The amount of distribution set forth in paragraph 2 above
in respect of interest per $1,000 original principal amount
of the Class B Certificates $5.47
------------
7) The aggregate principal receivables for the Trust as of
the end of the last day of the preceding monthly period $574,945,155
------------
8) The aggregate receivables for the Trust as of the end of
the last day of the preceding monthly period $609,280,912
------------
9) The aggregate collections for the Trust with respect
to the prior monthly period $59,519,714
------------
10) The aggregate principal collections for the Trust with
respect to the prior monthly period $47,316,028
------------
11) The aggregate finance charges collections for the Trust
with respect to the prior monthly period $12,203,685
------------
12) The aggregate purchases made for the Trust with respect
to the prior monthly period $46,171,765
------------
13) The aggregate default of receivables for the Trust with
respect to the prior monthly period $4,673,738
------------
14) The aggregate credit recoveries for the Trust with
respect to the prior monthly period $264,592
------------
15) The aggregate amount of Collections of Receivables
processed for the prior Monthly Period which were
allocated in respect of the Series 1995-1 Certificates $40,831,828
------------
16) The aggregate amount of Collections of Principal
Receivables processed during the prior Monthly Period
and allocated in respect of the Series 1995-1
Certificates $32,459,833
------------
1
<PAGE> 5
<CAPTION>
MONTHLY CERTIFICATEHOLDER'S STATEMENT
MERCANTILE BANK NATIONAL ASSOCIATION
MERCANTILE CREDIT CARD MASTER TRUST SERIES 1995-1
OCTOBER 1997
<S> <C>
17) The aggregate amount of Reallocated Principal
Collections with respect to the prior Monthly Period $0
------------
18) The aggregate amount of Collections of Finance Charge
Receivables processed during the prior Monthly Period
and allocated in respect of the Class A Certificates $6,781,317
------------
19) The aggregate amount of Collections of Finance Charge
Receivables processed during the prior Monthly Period and
allocated in respect of the Class B Certificates $837,200
------------
20) The Principal Percentage(s) during the prior
Monthly Period (Class A) 81.00%
------------
(Class B) 10.00%
------------
21) The Floating Allocation Percentage(s) during
the prior Monthly Period (Class A) 55.57%
------------
(Class B) 6.86%
------------
22) The aggregate outstanding balances of Accounts
that are delinquent as of the end of the prior
Monthly Period are
(1 - 29 days) $30,975,818
------------
(30 - 59 days) $13,183,653
------------
(60 - 89 days) $7,515,226
------------
(90 - 119 days) $5,047,817
------------
(120 - 149 days) $4,072,434
------------
(150 - 179 days) $3,242,715
------------
(180 or more) $9,552
------------
23) The Class A Investor Default Amount for the
prior Monthly Period is $2,597,092
------------
24) The Class B Investor Default Amount for the
prior Monthly Period is $320,629
------------
25) The aggregate amount of Class A Investor Charge-Offs
for the prior Monthly Period is $0
------------
26) The aggregate amount of Class B Investor Charge-Offs
for the prior Monthly Period is $0
------------
27) The aggregate amount of Class A Investor Charge-Offs
reimbursed on the Distribution Date is $0
------------
28) The aggregate amount of Class B Investor Charge-Offs
reimbursed on the Distribution Date is $0
------------
29) The amount of Class A Servicing Fee for the prior Monthly
Period is $540,000
------------
30) The amount of Class B Servicing Fee for the prior Monthly
Period is $66,667
------------
31) The Class A Pool Factor as of the Record Date for the
Distribution Date 1.0000000
------------
32) The Class B Pool Factor as of the Record Date for the
Distribution Date 1.0000000
------------
33) The Class A Invested Amount after giving effect to any
payments on the Distribution Date is $324,000,000
------------
34) The Class B Invested Amount after giving effect to any
payments on the Distribution Date is $40,000,000
------------
35) The amount, if any, by which the outstanding principal
balance of the Class A Certificates exceeds the Class A
Invested Amount after giving effect to any activity on
the Distribution Date is $0
------------
2
<PAGE> 6
<CAPTION>
MONTHLY CERTIFICATEHOLDER'S STATEMENT
MERCANTILE BANK NATIONAL ASSOCIATION
MERCANTILE CREDIT CARD MASTER TRUST SERIES 1995-1
OCTOBER 1997
<S> <C>
36) The amount, if any, by which the outstanding
principal balance of the Class B Certificates exceeds
the Class B Invested Amount after giving effect to
any activity on the Distribution Date is $0
------------
37) The Available Cash Collateral Amount as of the close of
business on the Distribution Date is $0
------------
38) The Collateral Invested Amount as of the close of
business on the Distribution Date is $36,000,000
------------
39) The Available Enhancement Amount as of the close of
business on the Distribution Date is $36,000,000
------------
40) The amount by which the Net Portfolio Yield for the
prior Monthly Period exceeds the Base Rate for such
Monthly Period 7.0435%
------------
41) The amount of Interchange with respect to the prior
Monthly Period is $434,107
------------
42) The Deficit Controlled Amortization Amount is $0
------------
</TABLE>
MERCANTILE BANK NATIONAL ASSOCIATION
as Servicer
By: /s/ Jeffrey D. Cary
---------------------------------
Title: Vice President
3
<PAGE> 7
MONTHLY APPLICATION OF FUNDS CERTIFICATE
MERCANTILE BANK NATIONAL ASSOCIATION
MERCANTILE CREDIT CARD MASTER TRUST SERIES 1995-1
OCTOBER 1997
<TABLE>
<S> <C>
31-Oct-97
17-Nov-97
Collateral Initial Interest: $36,000,000
- ---------------------------- ------------
CA Investor Interest:
- ---------------------
CA Investor Principal Balance $36,000,000
------------
Collateral Invested Amount $36,000,000
------------
Reduction of Collateral Invested Amount $0
------------
Available Funds:
- ----------------
Available Non-Principal Funds $2,588,239
------------
Available Principal Funds $0
------------
Amounts Available in Spread Account $8,000,000
------------
Available Funds $10,588,239
------------
Application of Available Funds:
- -------------------------------
Application of Available Non-Principal Funds: $2,588,239
------------
(1) Interest to CA Investors: $205,425
------------
(a) Based on CA Investor Principal Balance $205,425
------------
(b) Based on CA Investor Principal Charge-Offs $0
------------
(2) Fees, Expenses and other amounts $0
------------
(3) Net Available Non-Principal Funds to Spread Account $0
------------
(4) Remaining Funds to Mercantile $2,382,814
------------
Application of Available Principal Funds and Spread Account:
(1) Prior to payment in full of Class B Invested
Amount, excess of CA Investor Principal Balance
over Required Enhancement Amount paid to CA Investor $0
------------
(2) Amount paid to CA Investors after payment in
full of Class B Invested Amount $0
------------
(3) Allocation of remaining amounts to other
series requiring Excess Principal Collections $35,666,120
------------
(4) Remaining Funds to Mercantile $35,666,120
------------
1
<PAGE> 8
<CAPTION>
MONTHLY APPLICATION OF FUNDS CERTIFICATE
MERCANTILE BANK NATIONAL ASSOCIATION
MERCANTILE CREDIT CARD MASTER TRUST SERIES 1995-1
OCTOBER 1997
<S> <C>
Spread Account:
- ---------------
Beginning Spread Account Amount $8,000,000
------------
Plus Net Available Non-Principal Funds $0
------------
Less Payments to CA Investors
(1) Interest Deficiency $0
------------
(2) Deficiencies in Fees, Expenses and other amounts $0
------------
Total to CA Investor $0
------------
Less Excess of Spread Account over Spread Account Cap Paid to
Mercantile $2,382,814
------------
Less Spread Account reduction Paid to Mercantile $0
------------
Ending Spread Account Amount $8,000,000
------------
Trigger Events:
- ---------------
Quarterly Excess Funds Percentage 6.34%
------------
Month 1 Excess Funds $1,833,321
------------
Month 2 Excess Funds $2,126,087
------------
Month 3 Excess Funds $2,382,814
------------
Average Invested Amount $400,000,000
------------
Month 1 Invested Amount $400,000,000
------------
Month 2 Invested Amount $400,000,000
------------
Month 3 Invested Amount $400,000,000
------------
Average Monthly Principal Payment Percentage 7.79%
------------
Month 1 Payment Percentage 7.29%
------------
Month 2 Payment Percentage 7.96%
------------
Month 3 Payment Percentage 8.11%
------------
Spread Account Increase Notice (1 for Yes and 0 for No) 0
------------
</TABLE>
2
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