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) October 18, 1999
Universal Bank, N.A.
(Originator of the Universal Card Master Trust)
Universal Card Master Trust
(Issuer of the Asset Backed Certificates)
(Exact name of registrant as specified in its charter)
United States of America 33-93806 58-1885168
(State or Other (Commission File (IRS Employer
Jurisdiction of Number) Identification
Incorporation) Number)
200 Brookstone Centre, Suite 110
Columbus, GA 31904 31904
(Address of Principal Executive Office) (Zip Code)
Registrants telephone number, including area code (706) 562-2200
N/A
(Former Name or Former Address, if Changed Since Last Report)
1
<PAGE>
INFORMATION TO BE INCLUDED IN THE REPORT
Items 1-4. Not Applicable
Item 5. The Certificateholder Statements for the month ending
Sep. 30, 1999 for the Universal Card Master Trust Series
1995-2, Series 1995-3, Series 1996-1, Series 1996-3, and
Series 1997-1 Certificates were distributed on October 18,
1999.
Item 6. Not Applicable.
Item 7. Exhibits.
The following are filed as Exhibits to this Report under Exhibits 20.1,
20.2, 20.3, 20.4, and 20.5.
Exhibit 20.1 Monthly Servicing Report dated
October 18, 1999 with respect
to the Universal Card Master Trust
Series 1995-2.
Exhibit 20.2 Monthly Servicing Report dated
October 18, 1999 with respect
to the Universal Card Master Trust
Series 1995-3.
Exhibit 20.3 Monthly Servicing Report dated
October 18, 1999 with respect
to the Universal Card Master Trust
Series 1996-1.
Exhibit 20.4 Monthly Servicing Report dated
October 18, 1999 with respect
to the Universal Card Master Trust
Series 1996-3.
Exhibit 20.5 Monthly Servicing Report dated
October 18, 1999 with respect
to the Universal Card Master Trust
Series 1997-1.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
UNIVERSAL BANK, N.A.
By: /s/Meridith Jarrell
Name: Meridith Jarrell
Title: President & ChiefOperating Officer
2
<PAGE>
EXHIBIT INDEX
Exhibit Description Page
20.1 Monthly Servicing Report dated
October 18, 1999 with respect to the
Universal Card Master Trust Series 1995-2.
20.2 Monthly Servicing Report dated
October 18, 1999 with respect to the
Universal Card Master Trust Series 1995-3.
20.3 Monthly Servicing Report dated
October 18, 1999 with respect to the
Universal Card Master Trust Series 1996-1.
20.4 Monthly Servicing Report dated
October 18, 1999 with respect to the
Universal Card Master Trust Series 1996-3.
20.5 Monthly Servicing Report dated
October 18, 1999 with respect to the
Universal Card Master Trust Series 1997-1.
3
<PAGE>
Exhibit 20.1
Universal Card Master Trust
Series 1995-2
Monthly Report 30-Sep-99
Distribution Date 18-Oct-99
Universal Bank, N.A.
Credit Card Asset Backed
Securities
------------------------------------------------------------------------
Monthly Trust Activity Class A Class B
Beginning Principal Receivables
Balance
Special Funding Account Balance
Ending Total Principal Balance
Series Allocation Percentage
Beginning Invested /Transferor 675,000,000.00 35,625,000.00
Amount
Adjusted Invested /Transferor 675,000,000.00 35,625,000.00
Amount
Floating Allocation Percentage 90.0000000% 4.7500000%
Principal Allocation Percentage 90.0000000% 4.7500000%
Finance Charge Collections 9,297,646.73 490,709.13
Total Yield
Trust Portfolio Yield
Principal Collections 100,533,085.47 5,305,912.84
Discount Percentage
Discount Option Receivable 0.00 0.00
Collections
Monthly Payment Rate
Defaults 2,505,662.20 132,243.28
Monthly Default Rate
Net Monthly Default Rate
Recoveries 213,670.15 11,277.04
Adjustments
New Receivables
Ending Principal Receivables
Balance
Minimum Series Required Balance
Special Funding Account Balance
Ending Total Principal Balance
Reallocated Principal 0.00
Charged-Off Principal 0.00 0.00
Reimbursed Principal 0.00 0.00
Ending Invested/Transferor Amounts 675,000,000.00 35,625,000.00
------------------------------------------------------------------------
Group II Information Series 1995-2 Series
Invested Amount 750,000,000.00 0.00
Average Rate 5.94564% 0.0000%
Investor Finance Charge 10,568,129.87 0.00
Collections
Investor Principal Collections 111,703,428.30 0.00
Investor Default Amount Due 2,784,069.12 0.00
Investor Monthly Interest Due 3,722,293.95 0.00
Investor Monthly Fees Due 1,168,750.00 0.00
Investor Additional Amounts Due 0.00 0.00
------------------------------------------------------------------------
Monthly Funding Requirements Class A Class B
Investor Coupon 5.95000% 6.10000%
Investor Monthly Interest Due 3,346,875.00 181,093.75
Investor Outstanding Interest Due 0.00 0.00
Investor Additional Interest Due 0.00 0.00
Investor Total Interest Due 3,346,875.00 181,093.75
Investor Default Amount Due 2,505,662.20 132,243.28
Investor Monthly Fees Due 1,051,875.00 55,515.63
Investor Additional Fees Due 0.00 0.00
Total 6,904,412.20 368,852.66
------------------------------------------------------------------------
4
<PAGE>
Reallocated Investor Finance Charge Collections
Interest/Principal/Spread Investment
Proceeds/Reserve Draw
Series Adjusted Portfolio Yield
Base Rate
------------------------------------------------------------------------
Application of Collections Class A Class B
Available Funds 9,511,843.74 501,986.17
Monthly Interest Paid 3,346,875.00 181,093.75
Investor Default Amount Paid 2,505,662.20 0.00
Excess Spread 3,659,306.54 320,892.42
------------------------------------------------------------------------
Monthly Interest Shortfall 0.00 0.00
Investor Default Amount Shortfall 0.00 132,243.28
Required Amount 0.00 132,243.28
------------------------------------------------------------------------
Monthly Interest Paid 0.00 0.00
Investor Default Paid 0.00 132,243.28
Investor Additional Amounts Paid 0.00 0.00
Servicing Fee Paid
Excess Finance Charge Collections
------------------------------------------------------------------------
Reallocated Principal 0.00
Monthly Interest Paid 0.00 0.00
Investor Default Paid 0.00 0.00
------------------------------------------------------------------------
Outstanding Monthly Interest 0.00 0.00
Principal Charge-Offs 0.00 0.00
------------------------------------------------------------------------
Principal Funding
Controlled Accumulation Amount 0.00 0.00
Principal Funding Account Deposit
Principal Funding Account Balance
------------------------------------------------------------------------
Certificates Class A Class B
Beginning Certificates Balance 675,000,000.00 35,625,000.00
Interest Distribution 3,346,875.00 181,093.75
Principal Distribution 0.00 0.00
Total Distribution 3,346,875.00 181,093.75
Ending Certificate Balance 675,000,000.00 35,625,000.00
Pool Factor 100.000000% 100.000000%
Total Distribution Per 1,000 4.9583 5.0833
Certificate
------------------------------------------------------------------------
Interest Distribution Per 1,000 4.9583 5.0833
Certificate
Principal Distribution Per 1,000 0.0000 0.0000
Certificate
Delinquencies 1-30 31-60
Number of Accounts 240,006 62,342
Balance of Accounts 590,762,043 169,203,338
31+Days Delinquency Rate 3.2643%
Change in Account Owner Retained 0.0000%
Interest
Prior Month Account Owner Retained Interest Factor 0.0000%
Current Month Account Owner Retained Interest Factor 0.0000%
5
<PAGE>
Monthly Trust Activity CIA Investor Investor
Interest
Beginning Principal Receivables
Balance
Special Funding Account Balance
Ending Total Principal Balance
Series Allocation Percentage
Beginning Invested /Transferor 39,375,000.00 750,000,000.00
Amount
Adjusted Invested /Transferor 39,375,000.00 750,000,000.00
Amount
Floating Allocation Percentage 5.2500000% 80.8462750%
Principal Allocation Percentage 5.2500000% 80.8462750%
Finance Charge Collections 542,362.73 10,330,718.59
Total Yield
Trust Portfolio Yield
Principal Collections 5,864,429.99 111,703,428.30
Discount Percentage
Discount Option Receivable 0.00 0.00
Collections
Monthly Payment Rate
Defaults 146,163.63 2,784,069.12
Monthly Default Rate
Net Monthly Default Rate
Recoveries 12,464.09 237,411.28
Adjustments
New Receivables
Ending Principal Receivables
Balance
Minimum Series Required Balance
Special Funding Account Balance
Ending Total Principal Balance
Reallocated Principal 0.00
Charged-Off Principal (0.00)
Reimbursed Principal 0.00
Ending Invested/Transferor Amounts 39,375,000.00 750,000,000.00
------------------------------------------------------------------------
Group II Information Series Series
Invested Amount 0.00 0.00
Average Rate 0.0000% 0.0000%
Investor Finance Charge 0.00 0.00
Collections
Investor Principal Collections 0.00 0.00
Investor Default Amount Due 0.00 0.00
Investor Monthly Interest Due 0.00 0.00
Investor Monthly Fees Due 0.00 0.00
Investor Additional Amounts Due 0.00 0.00
------------------------------------------------------------------------
Monthly Funding Requirements CIA Investor Total
Investor Coupon 5.73125%
Investor Monthly Interest Due 194,325.20 3,722,293.95
Investor Outstanding Interest Due 0.00 0.00
Investor Additional Interest Due 0.00 0.00
Investor Total Interest Due 194,325.20 3,722,293.95
Investor Default Amount Due 146,163.63 2,784,069.12
Investor Monthly Fees Due 61,359.38 1,168,750.00
Investor Additional Fees Due 0.00 0.00
Total 401,848.20 7,675,113.06
6
<PAGE>
------------------------------------------------------------------------
Reallocated Investor Finance Charge Collections 10,568,129.87
Interest/Principal/Spread 526.86
Investment Proceeds/Reserve Draw
Series Adjusted Portfolio Yield 12.46%
Base Rate 7.83%
------------------------------------------------------------------------
Application of Collections CIA Investor Total
Available Funds 554,826.82 10,568,656.73
Monthly Interest Paid 0.00 3,527,968.75
Investor Default Amount Paid 0.00 2,505,662.20
Excess Spread 554,826.82 4,535,025.77
------------------------------------------------------------------------
Monthly Interest Shortfall 0.00
Investor Default Amount Shortfall 132,243.28
Required Amount 132,243.28
------------------------------------------------------------------------
Monthly Interest Paid 194,325.20 194,325.20
Investor Default Paid 146,163.63 278,406.91
Investor Additional Amounts Paid 0.00 0.00
Servicing Fee Paid 1,168,750.00
Excess Finance Charge Collections 2,893,543.67
------------------------------------------------------------------------
Reallocated Principal 0.00 0.00
Monthly Interest Paid
Investor Default Paid 0.00
------------------------------------------------------------------------
Outstanding Monthly Interest 0.00
Principal Charge-Offs (0.00)
------------------------------------------------------------------------
Principal Funding
Controlled Accumulation Amount 0.00 0.00
Principal Funding Account Deposit 0.00
Principal Funding Account Balance 0.00
------------------------------------------------------------------------
Certificates CIA Investor Total
Beginning Certificates Balance 39,375,000.00 750,000,000.00
Interest Distribution 194,325.20 3,722,293.95
Principal Distribution 0.00 0.00
Total Distribution 194,325.20 3,722,293.95
Ending Certificate Balance 39,375,000.00 750,000,000.00
Pool Factor 100.000000%
Total Distribution Per 1,000 4.9352
Certificate
------------------------------------------------------------------------
Interest Distribution Per 1,000 4.9352
Certificate
Principal Distribution Per 1,000 0.0000
Certificate
Delinquencies 61-90 91-120
Number of Accounts 36,792 25,644
Balance of Accounts 111,629,531 81,434,901
31+Days Delinquency Rate 0.00 CIA Investor
Interest Reduced
Margin
7
<PAGE>
Monthly Trust Activity Transferor Series
Interest Allocations
Beginning Principal Receivables
Balance
Special Funding Account Balance
Ending Total Principal Balance
Series Allocation Percentage 6.38%
Beginning Invested /Transferor 177,686,526.23 927,686,526.23
Amount
Adjusted Invested /Transferor 177,686,526.23 927,686,526.23
Amount
Floating Allocation Percentage 19.1537250% 100.0000000%
Principal Allocation Percentage 19.1537250% 100.0000000%
Finance Charge Collections 2,447,506.00 12,778,224.59
Total Yield
Trust Portfolio Yield
Principal Collections 26,464,258.86 138,167,687.16
Discount Percentage
Discount Option Receivable 0.00 0.00
Collections
Monthly Payment Rate
Defaults 659,588.76 3,443,657.88
Monthly Default Rate
Net Monthly Default Rate
Recoveries 56,246.38 293,657.66
Adjustments
New Receivables
Ending Principal Receivables
Balance
Minimum Series Required Balance
Special Funding Account Balance
Ending Total Principal Balance
Reallocated Principal
Charged-Off Principal
Reimbursed Principal
Ending Invested/Transferor Amounts 160,456,733.01 910,456,733.01
------------------------------------------------------------------------
Group II Information Group Total
Invested Amount 750,000,000.00
Average Rate 5.94564%
Investor Finance Charge 10,568,129.87
Collections
Investor Principal Collections 111,703,428.30
Investor Default Amount Due 2,784,069.12
Investor Monthly Interest Due 3,722,293.95
Investor Monthly Fees Due 1,168,750.00
Investor Additional Amounts Due 0.00
------------------------------------------------------------------------
Delinquencies 121+ Total
Number of Accounts 33,883 398,667
Balance of Accounts 112,163,261 1,065,193,073.68
8
<PAGE>
Monthly Trust Activity Trust
Totals
Beginning Principal Receivables 14,533,755,577.60
Balance
Special Funding Account Balance 0.00
Ending Total Principal Balance 14,533,755,577.60
Series Allocation Percentage
Beginning Invested /Transferor
Amount
Adjusted Invested /Transferor
Amount
Floating Allocation Percentage
Principal Allocation Percentage
Finance Charge Collections 200,192,185.20
Total Yield 16.53%
Trust Portfolio Yield 12.45%
Principal Collections 2,164,627,098.88
Discount Percentage 0.00%
Discount Option Receivable 0.00
Collections
Monthly Payment Rate 14.89%
Defaults 53,950,640.06
Monthly Default Rate 4.45%
Net Monthly Default Rate 4.07%
Recoveries 4,600,636.66
Adjustments 21,405,913.16
New Receivables 1,970,050,224.95
Ending Principal Receivables 14,263,822,150.45
Balance
Minimum Series Required Balance 802,500,000.00
Special Funding Account Balance 0.00
Ending Total Principal Balance 14,263,822,150.45
Reallocated Principal
Charged-Off Principal
Reimbursed Principal
Ending Invested/Transferor Amounts 14,263,822,150.45
-----------------------------------------------------
9
<PAGE>
Group: Group II
Series: Series 1995-2
Supplement Date: 15-Nov-95
MONTHLY STATEMENT
UNIVERSAL CARD MASTER TRUST
SERIES 1995-2
Pursuant to the Pooling and Servicing Agreement dated as of August 1, 1995
(hereinafter as such agreement may have been or may be from time to time,
amended or otherwise modified, the "Pooling and Servicing Agreement"), among
Universal Card Services Corp. ("UCS") as Servicer, Universal Bank, N.A. as
Transferor, and Bankers Trust Company, as trustee (the 'Trustee'), as
supplemented by the Series 1995-2 Supplement dated as of 11/15/95 (the
"Supplement") among UCS, Universal Bank, N.A. and the Trustee, as Servicer is
required to prepare certain information each month regarding current
distributions to the Series 1995-2 Certificateholders and the performance of the
Universal Card Master Trust (the "Trust") during the previous month. The
information which is required to be prepared with respect to the Distribution
Date of 10/18/99 with respect to the performance of the Trust during the month
of 09/01/99 to 09/30/99 is set forth below. Certain of the information is
presented on the basis of an original principal amount of $1,000 per Series
1995-2 Certificate (a "Certificate"). Certain other information is presented
based on the aggregate amounts for the Trust as a whole. Capitalized terms used
in this Monthly Statement have their respective meanings set forth in the
Pooling and Servicing Agreement and the Supplement.
A) Information regarding
distribution in
respect of the Class A
Certificates
per $1,000 original certificate
principal amount.
(1) The total amount of the
distribution in respect of Class A
Certificates, per $1,000 original
certificate principal amount $4.95833333
(2) The amount of the distribution
set forth in paragraph 1 above in
respect of interest on the Class A
Certificates, per $1,000 original
certificate principal amount $4.95833333
(3) The amount of the distribution
set forth in paragraph 1 above in
respect of principal of the Class A
Certificates, per $1,000 original
certificate principal amount $0.00000000
C-1
10
<PAGE>
B) Class A Investor Charge Offs and
Reimbursement of Charge Offs
(1) The amount of Class A Investor
Charge Offs $0.00
(2) The amount of Class A Investors
Charge Offs set forth in paragraph 1
above, per $1,000 original certificate
principal amount $0.00
(3) The total amount reimbursed in
respect of Class A Investor Charge
Offs $0.00
(4) The amount set forth in paragraph
3 above, per $1,000 original
certificate principal amount $0.00
(5) 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 all transactions on such
Distribution Date $0.00
C) Information regarding
distributions in
respect of the Class B
Certificates,
per $1,000 original certificate
principal amount
(1) The total amount of the
distribution in respect of Class B
Certificates, per $1,000 original
certificate principal amount $5.08333333
(2) The amount of the distribution
set forth in paragraph 1 above in
respect of interest on the Class B
Certificates, per $1,000 original
certificate principal amount $5.08333333
(3) The amount of the distribution
set forth in paragraph 1 above in
respect of principal of the Class B
Certificates, per $1,000 original
certificate principal amount $0.00
D) Amount of reductions in Class B
Invested Amount pursuant to
clauses(c), (d), and (e) of the
definition of
Class B Invested Amount
(1) The amount of reductions in Class
B Invested Amount pursuant to
clauses(c), (d), and (e) of the
definition of
Class B Invested Amount $0.00
C-2
11
<PAGE>
(2) The amount of reductions in
the Class B Invested Amount set
forth in paragraph 1 above, per $1,000
original certificate principal $0.00
amount
(3) The total amount reimbursed in
respect of such reductions in the
Class B Invested Amount $0.00
(4) The amount set forth in paragraph
3 above, per $1,000 original
certificate principal amount $0.00
(5) 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 all transactions on such
Distribution Date $0.00
E) Information regarding certain
distributions to the Collateral
Interest Holder
(1) The amount distributed to the
Collateral Interest Holder in respect
of interest on the Collateral Invested
Amount $194,325.20
(2) The amount distributed to the
Collateral Interest Holder in
respect of principal on the Collateral
Invested Amount $0.00
F) Amount of reductions in Collateral
Invested Amount pursuant to
clauses (c), (d), and (e) of the
definition of
Collateral Invested Amount
(1) The amount of reductions in the
Collateral Invested Amount
pursuant to clauses (c), (d), and (e) of the
definition of Collateral Invested
Amount ($0.00)
(2) The total amount reimbursed in
respect of such reductions in the
Collateral Invested Amount $0.00
UNIVERSAL CARD SERVICES CORP.,
Servicer
By: /s/ Dori Broglino
Name: Dori Broglino
Title: Servicing Officer
C-3
12
<PAGE>
RECEIVABLES ---
Beginning of the Month Principal $14,533,755,577.60
Receivables:
Beginning of the Month Finance Charge Receivables: $372,621,462.13
Beginning of the Month Discounted $0.00
Receivables:
Beginning of the Month Premium $0.00
Receivables:
Beginning of the Month Total $14,906,377,039.73
Receivables:
Removed Principal Receivables: $0.00
Removed Finance Charge Receivables: $0.00
Removed Total Receivables: $0.00
Additional Principal Receivables: $0.00
Additional Finance Charge Receivables: $0.00
Additional Total Receivables: $0.00
Discounted Receivables Generated this $0.00
Period:
Premium Receivables Generated this $0.00
Period:
End of the Month Principal Receivables: $14,263,822,150.45
End of the Month Finance Charge $399,429,637.29
Receivables:
End of the Month Discounted $0.00
Receivables:
End of the Month Premium Receivables: $0.00
End of the Month Total Receivables: $14,663,251,787.74
Special Funding Account Balance $0.00
Aggregate Invested Amount (all Master Trust Series) $11,750,000,000.00
End of the Month Total Transferor $2,913,251,787.74
Amount
DELINQUENCIES AND LOSSES ---
RECEIVABLES
End of the Month Delinquencies:
31-60 Days Delinquent $169,203,338.40
61-90 Days Delinquent $111,629,530.91
91+ Days Delinquent $193,598,161.87
Total 31+ Days Delinquent $474,431,031.18
Defaulted Accounts During the Month $53,950,640.06
C-4
13
<PAGE>
INVESTED AMOUNTS ---
Class A Initial Invested Amount $675,000,000
Class B Initial Invested Amount $35,625,000
Collateral Initial Invested Amount $39,375,000
INITIAL INVESTED AMOUNT $750,000,000
Class A Invested Amount $675,000,000.00
Class B Invested Amount $35,625,000.00
Collateral Invested Amount $39,375,000.00
INVESTED AMOUNT $750,000,000
Class A Adjusted Invested Amount $675,000,000.00
Class B Adjusted Invested Amount $35,625,000.00
Collateral Invested Amount $39,375,000.00
ADJUSTED INVESTED AMOUNT $750,000,000
MONTHLY SERVICING FEE $1,168,750.00
INVESTOR DEFAULT AMOUNT $2,784,069.12
GROUP II INFORMATION
WEIGHTED AVERAGE CERTIFICATE RATE FOR ALL SERIES 5.94564%
IN GROUP II
GROUP II INVESTOR FINANCE CHARGE COLLECTIONS $10,568,129.87
GROUP II INVESTOR ADDITIONAL AMOUNTS $0.00
GROUP II INVESTOR DEFAULT AMOUNT $2,784,069.12
GROUP II INVESTOR MONTHLY FEES $1,168,750.00
GROUP II INVESTOR MONTHLY INTEREST $3,722,293.95
SERIES 1995-2 INFORMATION
SERIES 1995-2 ALLOCATION PERCENTAGE 6.38%
SERIES 1995-2 ALLOCABLE FINANCE CHARGE $12,778,224.59
COLLECTIONS
SERIES 1995-2 ADDITIONAL AMOUNTS $0.00
SERIES 1995-2 ALLOCABLE DEFAULTED AMOUNT $3,443,657.88
SERIES 1995-2 MONTHLY FEES $1,168,750.00
SERIES 1995-2 ALLOCABLE PRINCIPAL COLLECTIONS $138,167,687.16
SERIES 1995-2 REQUIRED TRANSFEROR AMOUNT $52,500,000.00
FLOATING ALLOCATION PERCENTAGE 80.85%
C-5
14
<PAGE>
INVESTOR FINANCE CHARGE COLLECTIONS $10,330,718.59
INVESTOR DEFAULT AMOUNT $2,784,069.12
REALLOCATED INVESTOR FINANCE CHARGE COLLECTIONS $10,568,129.87
PRINCIPAL ALLOCATIONS PERCENTAGE 80.85%
AVAILABLE PRINCIPAL COLLECTIONS $111,703,428.30
CLASS A AVAILABLE FUNDS ---
CLASS A FLOATING PERCENTAGE 90.00%
Class A Floating Percentage of $9,511,843.74
Reallocated
Investor Finance Charge Collections
Other Amounts $0.00
TOTAL CLASS A AVAILABLE FUNDS $9,511,843.74
Class A Monthly Interest $3,346,875.00
Class A Servicing Fee (if $0.00
applicable)
Class A Investor Default Amount $2,505,662.20
TOTAL CLASS A EXCESS SPREAD $3,659,306.54
CLASS A REQUIRED AMOUNT $0.00
CLASS B AVAILABLE FUNDS ---
CLASS B FLOATING PERCENTAGE 4.75%
CLASS B AVAILABLE FUNDS $501,986.17
Class B Monthly Interest $181,093.75
Class B Servicing Fee (if $0.00
applicable)
TOTAL CLASS B EXCESS SPREAD $320,892.42
COLLATERAL AVAILABLE FUNDS --
COLLATERAL FLOATING PERCENTAGE 5.25%
COLLATERAL AVAILABLE FUNDS $554,826.82
Collateral Interest Servicing Fee $0.00
(if applicable)
TOTAL COLLATERAL EXCESS SPREAD $554,826.82
EXCESS SPREAD ---
TOTAL EXCESS SPREAD $4,535,025.77
C-6
15
<PAGE>
Excess Spread Applied to Class A Required Amount $0.00
Excess Spread Applied to Class A Investor Chargeoffs $0.00
Excess Spread Applied to Class B Required Amount $132,243.28
Excess Spread Applied to Reductions of $0.00
Class B
Invested Amount pursuant to clauses (c), (d) and (e)
Excess Spread Applied to Collateral $194,325.20
Monthly Interest
Excess Spread Applied to Unpaid $1,168,750.00
Monthly Servicing Fee
Excess Spread Applied Collateral $146,163.63
Default Amount
Excess Spread Applied to Reductions of $0.00
Collateral Invested Amount Pursuant to
Clauses (c), (d) and (e)
Excess Spread Applied to Reserve $0.00
Account
Excess Spread Applied to Other Amounts Owed to $0.00
Collateral Interest Holder
TOTAL EXCESS FINANCE CHARGE COLLECTIONS ELIGIBLE
FOR OTHER EXCESS ALLOCATION SERIES $2,893,543.67
EXCESS FINANCE CHARGES COLLECTIONS
TOTAL EXCESS FINANCE CHARGE COLLECTIONS $46,163,404.55
FOR ALL ALLOCATION SERIES
SERIES 1995-2 EXCESS FINANCE CHARGE COLLECTIONS ---
EXCESS FINANCE CHARGE COLLECTIONS $0.00
ALLOCATED TO SERIES 1995-2
Excess Finance Charge Collections $0.00
Applied to
Class A Required Amount
Excess Finance Charge Collections $0.00
Applied to
Class A Investor Charge Offs
Excess Finance Charge Collections $0.00
Applied to
Class B Required Amount
Excess Finance Charge Collections $0.00
Applied to
Reductions of Class B Invested Amount
Pursuant
to Clauses (c), (d) and (e)
Excess Finance Charge Collections $0.00
Applied to
Collateral Monthly Interest
Excess Finance Charge Collections $0.00
Applied to
Unpaid Monthly Servicing Fee
Excess Finance Charge Collections $0.00
Applied to
Collateral Default Amount
C-7
16
<PAGE>
Excess Finance Charge Collections $0.00
Applied to
Reductions of Collateral Invested
Amount
Pursuant to Clauses (c), (d) and (e)
Excess Finance Charge Collections $0.00
Applied to
Reserve Account
Excess Finance Charge Collections $0.00
Applied to
Other Amounts Owed to Collateral
Interest Holder
YIELD AND BASE RATE---
Base Rate (Current Month) 7.83% 1
Base Rate (Prior Month) 7.82% 1
Base Rate (Two Months Ago) 7.93% 1
THREE MONTH AVERAGE BASE RATE 7.86%
Series Adj Portfolio Yield (Curr Month) 12.46% 1
SEP : (22 posting days / 4 Mondays)
Series Adj Portfolio Yield (Prior Month) 13.14% 1
AUG : (22 posting days / 5 Mondays)
Series Adj Port Yield (Two Months Ago) 12.56% 1
JULY : (22 posting days / 4 Mondays)
THREE MONTH AVERAGE SERIES ADJUSTED PORTFOLIO 12.72%
YIELD
PRINCIPAL COLLECTIONS---
CLASS A PRINCIPAL PERCENTAGE 90.00%
Class A Principal Collections $100,533,085.47
CLASS B PRINCIPAL PERCENTAGE 4.75%
Class B Principal Collections $5,305,912.84
COLLATERAL PRINCIPAL PERCENTAGE 5.25%
Collateral Principal Collections $5,864,429.99
AVAILABLE PRINCIPAL COLLECTIONS $111,703,428.30
REALLOCATED PRINCIPAL COLLECTIONS $0.00
SERIES 1995-2 PRINCIPAL SHORTFALL $0.00
SHARED PRINCIPAL COLLECTIONS ALLOCABLE FROM OTHER $0.00
PRINCIPAL SHARING SERIES
C-8
17
<PAGE>
ACCUMULATION ---
Controlled Accumulation Amount $0.00
Deficit Controlled Accumulation Amount $0.00
CONTROLLED DEPOSIT AMOUNT $0.00
PRINCIPAL FUNDING ACCOUNT BALANCE $0.00
SHARED PRINCIPAL COLLECTIONS ELIGIBLE FOR OTHER $111,703,428.30
PRINCIPAL SHARING SERIES
INVESTOR CHARGE OFFS AND REIMBURSEMENTS--
CLASS A INVESTOR CHARGE OFFS $0.00
REDUCTIONS IN CLASS B INVESTED AMOUNT (OTHER THAN $0.00
BY PRINCIPAL PAYMENTS)
REDUCTIONS IN COLLATERAL INVESTED AMOUNT (OTHER ($0.00)
THAN BY PRINCIPAL PAYMENTS)
PREVIOUS CLASS A CHARGE OFFS REIMBURSED $0.00
PREVIOUS CLASS B INVESTED AMOUNT REDUCTIONS $0.00
REIMBURSED
PREVIOUS COLLATERAL INVESTED AMOUNT REDUCTIONS $0.00
REIMBURSED
UNIVERSAL CARD SERVICES CORP.,
as Servicer
By: /s/ Dori Broglino
Name: Dori Broglino
Title: Servicing Officer
18
<PAGE>
Exhibit 20.2
Universal Bank, N.A.
Credit Card Asset Backed
Securities
Universal Card Master Trust
Series 1995-3
Monthly Report 30-Sep-99
Distribution Date 18-Oct-99
------------------------------------------------------------------------
Monthly Trust Activity Class A Class B
Beginning Principal Receivables
Balance
Special Funding Account Balance
Ending Total Principal Balance
Series Allocation Percentage
Beginning Invested /Transferor 652,500,000.00 45,000,000.00
Amount
Adjusted Invested /Transferor 652,500,000.00 45,000,000.00
Amount
Floating Allocation Percentage 87.0000000% 6.0000000%
Principal Allocation Percentage 87.0000000% 6.0000000%
Finance Charge Collections 8,987,725.17 619,843.12
Total Yield
Trust Portfolio Yield
Principal Collections 97,181,982.62 6,702,205.70
Discount Percentage
Discount Option Receivable 0.00 0.00
Collections
Monthly Payment Rate
Defaults 2,422,140.13 167,044.15
Monthly Default Rate
Net Monthly Default Rate
Recoveries 206,547.81 14,244.68
Adjustments
New Receivables
Ending Principal Receivables
Balance
Minimum Series Required Balance
Special Funding Account Balance
Ending Total Principal Balance
Reallocated Principal 0.00
Charged-Off Principal 0.00 0.00
Reimbursed Principal 0.00 0.00
Ending Invested/Transferor Amounts 652,500,000.00 45,000,000.00
------------------------------------------------------------------------
Group I Information Series 1995-3 Series 1996-1
Invested Amount 750,000,000.00 1,000,000,000.00
Average Rate 5.52279% 5.46654%
Investor Finance Charge 10,568,129.87 14,090,839.82
Collections
Investor Principal Collections 111,703,428.30 148,937,904.41
Investor Default Amount Due 2,784,069.12 3,712,092.15
Investor Monthly Interest Due 3,566,800.26 4,707,296.18
Investor Monthly Fees Due 1,168,750.00 1,558,333.33
Investor Additional Amounts Due 0.00 0.00
------------------------------------------------------------------------
Monthly Funding Requirements Class A Class B
Investor Coupon 5.50000% 5.61000%
Investor Monthly Interest Due 3,090,312.50 217,387.50
Investor Outstanding Interest Due 0.00 0.00
Investor Additional Interest Due 0.00 0.00
Investor Total Interest Due 3,090,312.50 217,387.50
Investor Default Amount Due 2,422,140.13 167,044.15
Investor Monthly Fees Due 1,016,812.50 70,125.00
Investor Additional Fees Due 0.00 0.00
Total 6,529,265.13 454,556.65
19
<PAGE>
------------------------------------------------------------------------
Reallocated Investor Finance Charge Collections
Interest/Principal/Spread Investment
Proceeds/Reserve Draw
Series Adjusted Portfolio Yield
Base Rate
------------------------------------------------------------------------
Application of Collections Class A Class B
Available Funds 9,188,458.40 632,692.79
Monthly Interest Paid 3,090,312.50 217,387.50
Investor Default Amount Paid 2,422,140.13 0.00
Excess Spread 3,676,005.77 415,305.29
------------------------------------------------------------------------
Monthly Interest Shortfall 0.00 0.00
Investor Default Amount Shortfall 0.00 167,044.15
Required Amount 0.00 167,044.15
------------------------------------------------------------------------
Monthly Interest Paid 0.00 0.00
Investor Default Paid 0.00 167,044.15
Investor Additional Amounts Paid 0.00 0.00
Servicing Fee Paid
Excess Finance Charge Collections
------------------------------------------------------------------------
Reallocated Principal 0.00
Monthly Interest Paid 0.00 0.00
Investor Default Paid 0.00 0.00
------------------------------------------------------------------------
Outstanding Monthly Interest 0.00 0.00
Principal Charge-Offs 0.00 0.00
------------------------------------------------------------------------
Principal Funding
Controlled Accumulation Amount 0.00 0.00
Principal Funding Account Deposit
Principal Funding Account Balance
------------------------------------------------------------------------
Certificates Class A Class B
Beginning Certificates Balance 652,500,000.00 45,000,000.00
Interest Distribution 9,071,562.50 638,137.50
Principal Distribution 0.00 0.00
Total Distribution 9,071,562.50 638,137.50
Ending Certificate Balance 652,500,000.00 45,000,000.00
Pool Factor 100.000000% 100.000000%
Total Distribution Per 1,000 13.9028 14.1808
Certificate
Interest Distribution Per 1,000 13.9028 14.1808
Certificate
Principal Distribution Per 1,000 0.0000 0.0000
Certificate
1st Collection Accounts Deposit 2,890,937.50 203,362.50
2nd Collection Accounts Deposit 3,090,312.50 217,387.50
3rd Collection Accounts Deposit 3,090,312.50 217,387.50
Quarterly Interest Distribution 9,071,562.50 638,137.50
Delinquencies 1-30 31-60
Number of Accounts 240,006 62,342
Balance of Accounts 590,762,043 169,203,338
31+Days Delinquency Rate 3.2643%
Change in Account Owner Retained 0.0000%
Interest
Prior Month Account Owner Retained Interest Factor 0.0000%
Current Month Account Owner Retained Interest Factor 0.0000%
20
<PAGE>
Monthly Trust Activity CIA Investor Investor
Interest
Beginning Principal Receivables
Balance
Special Funding Account Balance
Ending Total Principal Balance
Series Allocation Percentage
Beginning Invested /Transferor 52,500,000.00 750,000,000.00
Amount
Adjusted Invested /Transferor 52,500,000.00 750,000,000.00
Amount
Floating Allocation Percentage 7.0000000% 80.8462750%
Principal Allocation Percentage 7.0000000% 80.8462750%
Finance Charge Collections 723,150.30 10,330,718.59
Total Yield
Trust Portfolio Yield
Principal Collections 7,819,239.98 111,703,428.30
Discount Percentage
Discount Option Receivable 0.00 0.00
Collections
Monthly Payment Rate
Defaults 194,884.84 2,784,069.12
Monthly Default Rate
Net Monthly Default Rate
Recoveries 16,618.79 237,411.28
Adjustments
New Receivables
Ending Principal Receivables
Balance
Minimum Series Required Balance
Special Funding Account Balance
Ending Total Principal Balance
Reallocated Principal 0.00
Charged-Off Principal 0.00
Reimbursed Principal 0.00
Ending Invested/Transferor Amounts 52,500,000.00 750,000,000.00
------------------------------------------------------------------------
Group I Information Series 1996-3 Series 1997-1
Invested Amount 1,000,000,000.00 1,000,000,000.00
Average Rate 5.64729% 5.58954%
Investor Finance Charge 14,090,839.82 14,090,839.82
Collections
Investor Principal Collections 148,937,904.41 148,937,904.41
Investor Default Amount Due 3,712,092.15 3,712,092.15
Investor Monthly Interest Due 4,862,942.01 4,813,212.85
Investor Monthly Fees Due 1,558,333.33 1,558,333.33
Investor Additional Amounts Due 0.00 0.00
------------------------------------------------------------------------
Monthly Funding Requirements CIA Investor Total
Investor Coupon 5.73125%
Investor Monthly Interest Due 259,100.26 3,566,800.26
Investor Outstanding Interest Due 0.00 0.00
Investor Additional Interest Due 0.00 0.00
Investor Total Interest Due 259,100.26 3,566,800.26
Investor Default Amount Due 194,884.84 2,784,069.12
Investor Monthly Fees Due 81,812.50 1,168,750.00
Investor Additional Fees Due 0.00 0.00
Total 535,797.60 7,519,619.38
------------------------------------------------------------------------
Reallocated Investor Finance Charge Collections 10,544,879.87
Interest/Principal/Spread 14,412.92
Investment Proceeds/Reserve Draw
Series Adjusted Portfolio Yield 12.44%
Base Rate 7.58%
21
<PAGE>
------------------------------------------------------------------------
Application of Collections CIA Investor Total
Available Funds 738,141.59 10,559,292.79
Monthly Interest Paid 0.00 3,307,700.00
Investor Default Amount Paid 0.00 2,422,140.13
Excess Spread 738,141.59 4,829,452.66
------------------------------------------------------------------------
Monthly Interest Shortfall 0.00
Investor Default Amount Shortfall 167,044.15
Required Amount 167,044.15
------------------------------------------------------------------------
Monthly Interest Paid 259,100.26 259,100.26
Investor Default Paid 194,884.84 361,928.99
Investor Additional Amounts Paid 0.00 0.00
Servicing Fee Paid 1,168,750.00
Excess Finance Charge Collections 3,039,673.41
------------------------------------------------------------------------
Reallocated Principal 0.00 0.00
Monthly Interest Paid
Investor Default Paid 0.00
------------------------------------------------------------------------
Outstanding Monthly Interest 0.00
Principal Charge-Offs 0.00
------------------------------------------------------------------------
Principal Funding
Controlled Accumulation Amount 0.00 0.00
Principal Funding Account Deposit 0.00
Principal Funding Account Balance 0.00
------------------------------------------------------------------------
Certificates CIA Investor Total
Beginning Certificates Balance 52,500,000.00 750,000,000.00
Interest Distribution 259,100.26 9,968,800.26
Principal Distribution 0.00 0.00
Total Distribution 259,100.26 9,968,800.26
Ending Certificate Balance 52,500,000.00 750,000,000.00
Pool Factor 100.000000%
Total Distribution Per 1,000 4.9352
Certificate
Interest Distribution Per 1,000 4.9352
Certificate
Principal Distribution Per 1,000 0.0000
Certificate
1st Collection Accounts Deposit 3,094,300.00
2nd Collection Accounts Deposit 3,307,700.00
3rd Collection Accounts Deposit 3,307,700.00
Quarterly Interest Distribution 9,709,700.00
Delinquencies 61-90 91-120
Number of Accounts 36,792 25,644
Balance of Accounts 111,629,531 81,434,901
31+Days Delinquency Rate 0.00 CIA Investor
Interest Reduced
Margin
22
<PAGE>
Monthly Trust Activity Transferor Series
Interest Allocations
Beginning Principal Receivables
Balance
Special Funding Account Balance
Ending Total Principal Balance
Series Allocation Percentage 6.38%
Beginning Invested /Transferor 177,686,526.23 927,686,526.23
Amount
Adjusted Invested /Transferor 177,686,526.23 927,686,526.23
Amount
Floating Allocation Percentage 19.1537250% 100.0000000%
Principal Allocation Percentage 19.1537250% 100.0000000%
Finance Charge Collections 2,447,506.00 12,778,224.59
Total Yield
Trust Portfolio Yield
Principal Collections 26,464,258.86 138,167,687.16
Discount Percentage
Discount Option Receivable 0.00 0.00
Collections
Monthly Payment Rate
Defaults 659,588.76 3,443,657.88
Monthly Default Rate
Net Monthly Default Rate
Recoveries 56,246.38 293,657.66
Adjustments
New Receivables
Ending Principal Receivables
Balance
Minimum Series Required Balance
Special Funding Account Balance
Ending Total Principal Balance
Reallocated Principal
Charged-Off Principal
Reimbursed Principal
Ending Invested/Transferor Amounts 160,456,733.01 910,456,733.01
------------------------------------------------------------------------
Delinquencies 121+ Total
Number of Accounts 33,883 398,667
Balance of Accounts 112,163,261 1,065,193,073.68
23
<PAGE>
Monthly Trust Activity Trust
Totals
Beginning Principal Receivables 14,533,755,577.60
Balance
Special Funding Account Balance 0.00
Ending Total Principal Balance 14,533,755,577.60
Series Allocation Percentage
Beginning Invested /Transferor
Amount
Adjusted Invested /Transferor
Amount
Floating Allocation Percentage
Principal Allocation Percentage
Finance Charge Collections 200,192,185.20
Total Yield 16.53%
Trust Portfolio Yield 12.45%
Principal Collections 2,164,627,098.88
Discount Percentage 0.00%
Discount Option Receivable 0.00
Collections
Monthly Payment Rate 14.89%
Defaults 53,950,640.06
Monthly Default Rate 4.45%
Net Monthly Default Rate 4.07%
Recoveries 4,600,636.66
Adjustments 21,405,913.16
New Receivables 1,970,050,224.95
Ending Principal Receivables 14,263,822,150.45
Balance
Minimum Series Required Balance 802,500,000.00
Special Funding Account Balance 0.00
Ending Total Principal Balance 14,263,822,150.45
Reallocated Principal
Charged-Off Principal
Reimbursed Principal
Ending Invested/Transferor Amounts 14,263,822,150.45
-----------------------------------------------------
Group I Information Group Total
Invested Amount 3,750,000,000.00
Average Rate 5.55879%
Investor Finance Charge 52,840,649.33
Collections
Investor Principal Collections 558,517,141.52
Investor Default Amount Due 13,920,345.58
Investor Monthly Interest Due 17,950,251.30
Investor Monthly Fees Due 5,843,750.00
Investor Additional Amounts Due 0.00
-----------------------------------------------------
24
<PAGE>
Group: Group 1
Series: Series 1995-3
Supplement Date: 15-Nov-95
MONTHLY STATEMENT
UNIVERSAL CARD MASTER TRUST
SERIES 1995-3
Pursuant to the Pooling and Servicing Agreement dated as of August 1, 1995
(hereinafter as such agreement may have been or may be from time to time,
amended or otherwise modified, the "Pooling and Servicing Agreement"), among
Universal Card Services Corp. ("UCS") as Servicer, Universal Bank, N.A. as
Transferor, and Bankers Trust Company, as trustee (the 'Trustee'), as
supplemented by the Series 1995-3 Supplement dated as of 11/15/95 (the
"Supplement") among UCS, and the Trustee, as Servicer is required to prepare
certain information each month regarding current distributions to the Series
1995-3 Certificateholders and the performance of the Universal Card Master Trust
(the "Trust") during the previous month. The information which is required to be
prepared with respect to the Distribution Date of 10/18/99 with respect to the
performance of the Trust during the month of 09/01/99 to 09/30/99 is set forth
below. Certain of the information is presented on the basis of an original
principal amount of $1,000 per Series 1995-3 Certificate (a "Certificate").
Certain other information is presented based on the aggregate amounts for the
Trust as a whole. Capitalized terms used in this Monthly Statement have their
respective meanings set forth in the Pooling and Servicing Agreement and the
Supplement.
A) Information regarding
distribution in
respect of the Class A
Certificates
per $1,000 original certificate
principal amount.
(1) The total amount of the
distribution in respect of Class A
Certificates, per $1,000 original
certificate principal amount $13.90277778
(2) The amount of the distribution
set forth in paragraph 1 above in
respect of interest on the Class A
Certificates, per $1,000 original
certificate principal amount $13.90277778
(3) The amount of the distribution
set forth in paragraph 1 above in
respect of principal of the Class A
Certificates, per $1,000 original
certificate principal amount $0.00000000
C-1
25
<PAGE>
B) Class A Investor Charge Offs and
Reimbursement of Charge Offs
(1) The amount of Class A Investor
Charge Offs $0.00
(2) The amount of Class A Investors
Charge Offs set forth in
paragraph 1 above, per $1,000 original
certificate
principal amount $0.00
(3) The total amount reimbursed in
respect of Class A Investor Charge
Offs $0.00
(4) The amount set forth in paragraph
3 above, per $1,000 original
certificate principal amount $0.00
(5) 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 all transactions on such
Distribution Date $0.00
C) Information regarding
distributions in respect of the Class B
Certificates, per $1,000 original certificate
principal amount
(1) The total amount of the
distribution in respect of Class B
Certificates, per $1,000 original
certificate principal amount $14.18083333
(2) The amount of the distribution
set forth in paragraph 1 above in
respect of interest on the Class B
Certificates, per $1,000 original
certificate principal amount $14.18083333
(3) The amount of the distribution
set forth in paragraph 1 above in
respect of principal of the Class B
Certificates, per $1,000 original
certificate principal amount $0.00
D) Amount of reductions in Class B
Invested Amount pursuant to
clauses (c), (d), and (e) of the
definition of
Class B Invested Amount
(1) The amount of reductions in Class
B Invested Amount pursuant to
clauses (c), (d), and (e) of the
definition of
Class B Invested Amount $0.00
C-2
26
<PAGE>
(2) The amount of reductions in
the Class B Invested Amount set
forth in paragraph 1 above, per $1,000
original certificate principal $0.00
amount
(3) The total amount reimbursed in
respect of such reductions in the
Class B Invested Amount $0.00
(4) The amount set forth in paragraph
3 above, per $1,000 original
certificate principal amount $0.00
(5) 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 all transactions on such
Distribution Date $0.00
E) Information regarding certain
distributions to the Collateral
Interest Holder
(1) The amount distributed to the
Collateral Interest Holder in
respect of interest on the Collateral Invested
Amount $259,100.26
(2) The amount distributed to the
Collateral Interest Holder in
respect of principal on the Collateral
Invested Amount $0.00
F) Amount of reductions in Collateral
Invested Amount pursuant to
clauses (c), (d), and (e) of the
definition of
Collateral Invested Amount
(1) The amount of reductions in the
Collateral Invested Amount
pursuant to
clauses (c), (d), and (e) of the
definition of Collateral Invested
Amount $0.00
(2) The total amount reimbursed in
respect of such reductions in the
Collateral Invested Amount $0.00
UNIVERSAL CARD SERVICES CORP.,
Servicer
By: /s/ Dori Broglino
Name: Dori Broglino
Title: Servicing Officer
C-3
27
<PAGE>
RECEIVABLES ---
Beginning of the Month Principal $14,533,755,577.60
Receivables:
Beginning of the Month Finance Charge Receivables: $372,621,462.13
Beginning of the Month Discounted $0.00
Receivables:
Beginning of the Month Premium $0.00
Receivables:
Beginning of the Month Total $14,906,377,039.73
Receivables:
Removed Principal Receivables: $0.00
Removed Finance Charge Receivables: $0.00
Removed Total Receivables: $0.00
Additional Principal Receivables: $0.00
Additional Finance Charge Receivables: $0.00
Additional Total Receivables: $0.00
Discounted Receivables Generated this $0.00
Period:
Premium Receivables Generated this $0.00
Period:
End of the Month Principal Receivables: $14,263,822,150.45
End of the Month Finance Charge $399,429,637.29
Receivables:
End of the Month Discounted $0.00
Receivables:
End of the Month Premium Receivables: $0.00
End of the Month Total Receivables: $14,663,251,787.74
Special Funding Account Balance $0.00
Aggregate Invested Amount (all Master Trust Series) $11,750,000,000.00
End of the Month Total Transferor $2,913,251,787.74
Amount
DELINQUENCIES AND LOSSES ---
RECEIVABLES
End of the Month Delinquencies:
31-60 Days Delinquent $169,203,338.40
61-90 Days Delinquent $111,629,530.91
91+ Days Delinquent $193,598,161.87
Total 31+ Days Delinquent $474,431,031.18
Defaulted Accounts During the Month $53,950,640.06
C-4
28
<PAGE>
INVESTED AMOUNTS ---
Class A Initial Invested Amount $652,500,000
Class B Initial Invested Amount $45,000,000
Collateral Initial Invested Amount $52,500,000
INITIAL INVESTED AMOUNT $750,000,000
Class A Invested Amount $652,500,000.00
Class B Invested Amount $45,000,000.00
Collateral Invested Amount $52,500,000.00
INVESTED AMOUNT $750,000,000
Class A Adjusted Invested Amount $652,500,000.00
Class B Adjusted Invested Amount $45,000,000.00
Collateral Invested Amount $52,500,000.00
ADJUSTED INVESTED AMOUNT $750,000,000
MONTHLY SERVICING FEE $1,168,750.00
INVESTOR DEFAULT AMOUNT $2,784,069.12
GROUP 1 INFORMATION
WEIGHTED AVERAGE CERTIFICATE RATE FOR ALL SERIES 5.55879%
IN GROUP 1
GROUP 1 INVESTOR FINANCE CHARGE COLLECTIONS $52,840,649.33
GROUP 1 INVESTOR ADDITIONAL AMOUNTS $0.00
GROUP 1 INVESTOR DEFAULT AMOUNT $13,920,345.58
GROUP 1 INVESTOR MONTHLY FEES $5,843,750.00
GROUP 1 INVESTOR MONTHLY INTEREST $17,950,251.30
SERIES 1995-3 INFORMATION
SERIES 1995-3 ALLOCATION PERCENTAGE 6.38%
SERIES 1995-3 ALLOCABLE FINANCE CHARGE $12,778,224.59
COLLECTIONS
SERIES 1995-3 ADDITIONAL AMOUNTS $0.00
SERIES 1995-3 ALLOCABLE DEFAULTED AMOUNT $3,443,657.88
SERIES 1995-3 MONTHLY FEES $1,168,750.00
SERIES 1995-3 ALLOCABLE PRINCIPAL COLLECTIONS $138,167,687.16
SERIES 1995-3 REQUIRED TRANSFEROR AMOUNT $52,500,000.00
FLOATING ALLOCATION PERCENTAGE 80.85%
C-5
29
<PAGE>
INVESTOR FINANCE CHARGE COLLECTIONS $10,330,718.59
INVESTOR DEFAULT AMOUNT $2,784,069.12
REALLOCATED INVESTOR FINANCE CHARGE COLLECTIONS $10,544,879.87
PRINCIPAL ALLOCATIONS PERCENTAGE 80.85%
AVAILABLE PRINCIPAL COLLECTIONS $111,703,428.30
CLASS A AVAILABLE FUNDS ---
CLASS A FLOATING PERCENTAGE 87.00%
Class A Floating Percentage of $9,188,458.40
Reallocated
Investor Finance Charge Collections
Other Amounts $0.00
TOTAL CLASS A AVAILABLE FUNDS $9,188,458.40
Class A Monthly Interest $3,090,312.50
Class A Servicing Fee (if $0.00
applicable)
Class A Investor Default Amount $2,422,140.13
TOTAL CLASS A EXCESS SPREAD $3,676,005.77
CLASS A REQUIRED AMOUNT $0.00
CLASS B AVAILABLE FUNDS ---
CLASS B FLOATING PERCENTAGE 6.00%
CLASS B AVAILABLE FUNDS $632,692.79
Class B Monthly Interest $217,387.50
Class B Servicing Fee (if $0.00
applicable)
TOTAL CLASS B EXCESS SPREAD $415,305.29
COLLATERAL AVAILABLE FUNDS --
COLLATERAL FLOATING PERCENTAGE 7.00%
COLLATERAL AVAILABLE FUNDS $738,141.59
Collateral Interest Servicing Fee $0.00
(if applicable)
TOTAL COLLATERAL EXCESS SPREAD $738,141.59
EXCESS SPREAD ---
TOTAL EXCESS SPREAD $4,829,452.66
C-6
30
<PAGE>
Excess Spread Applied to Class A Required Amount $0.00
Excess Spread Applied to Class A Investor Charge $0.00
Offs
Excess Spread Applied to Class B Required Amount $167,044.15
Excess Spread Applied to Reductions of Class B $0.00
Invested Amount pursuant to clauses (c), (d) and (e)
Excess Spread Applied to Collateral $259,100.26
Monthly Interest
Excess Spread Applied to Unpaid $1,168,750.00
Monthly
Servicing Fee
Excess Spread Applied Collateral $194,884.84
Default Amount
Excess Spread Applied to Reductions of $0.00
Collateral Invested Amount Pursuant to
Clauses
(c), (d) and (e)
Excess Spread Applied to Reserve $0.00
Account
Excess Spread Applied to Other Amounts Owed to $0.00
Collateral Interest Holder
TOTAL EXCESS FINANCE CHARGE COLLECTIONS ELIGIBLE
FOR OTHER EXCESS ALLOCATION SERIES $3,039,673.41
EXCESS FINANCE CHARGES COLLECTIONS
TOTAL EXCESS FINANCE CHARGE COLLECTIONS $46,163,404.55
FOR ALL ALLOCATION SERIES
SERIES 1995-3 EXCESS FINANCE CHARGE COLLECTIONS ---
EXCESS FINANCE CHARGE COLLECTIONS $0.00
ALLOCATED TO SERIES 1995-3
Excess Finance Charge Collections $0.00
Applied to
Class A Required Amount
Excess Finance Charge Collections $0.00
Applied to
Class A Investor Charge Offs
Excess Finance Charge Collections $0.00
Applied to
Class B Required Amount
Excess Finance Charge Collections $0.00
Applied to
Reductions of Class B Invested Amount
Pursuant
to Clauses (c), (d) and (e)
Excess Finance Charge Collections $0.00
Applied to
Collateral Monthly Interest
Excess Finance Charge Collections $0.00
Applied to
Unpaid Monthly Servicing Fee
Excess Finance Charge Collections $0.00
Applied to
Collateral Default Amount
C-7
31
<PAGE>
Excess Finance Charge Collections $0.00
Applied to
Reductions of Collateral Invested
Amount
Pursuant to Clauses (c), (d) and (e)
Excess Finance Charge Collections $0.00
Applied to
Reserve Account
Excess Finance Charge Collections $0.00
Applied to
Other Amounts Owed to Collateral
Interest Holder
YIELD AND BASE RATE---
Base Rate (Current Month) 7.58% 1
Base Rate (Prior Month) 7.57% 1
Base Rate (Two Months Ago) 7.33% 1
THREE MONTH AVERAGE BASE RATE 7.49%
Series Adj Portfolio Yield (Curr Month) 12.44% 1
SEP : (22 posting days / 4 Mondays)
Series Adj Portfolio Yield (Prior Month) 13.19% 1
AUG : (22 posting days / 5 Mondays)
Series Adj Port Yield (Two Months Ago) 12.76% 1
JULY : (22 posting days / 4 Mondays)
THREE MONTH AVERAGE SERIES ADJUSTED PORTFOLIO 12.80%
YIELD
PRINCIPAL COLLECTIONS---
CLASS A PRINCIPAL PERCENTAGE 87.00%
Class A Principal Collections $97,181,982.62
CLASS B PRINCIPAL PERCENTAGE 6.00%
Class B Principal Collections $6,702,205.70
COLLATERAL PRINCIPAL PERCENTAGE 7.00%
Collateral Principal Collections $7,819,239.98
AVAILABLE PRINCIPAL COLLECTIONS $111,703,428.30
REALLOCATED PRINCIPAL COLLECTIONS $0.00
SERIES 1995-3 PRINCIPAL SHORTFALL $0.00
SHARED PRINCIPAL COLLECTIONS ALLOCABLE FROM OTHER $0.00
PRINCIPAL SHARING SERIES
C-8
32
<PAGE>
ACCUMULATION ---
Controlled Accumulation Amount $0.00
Deficit Controlled Accumulation Amount $0.00
CONTROLLED DEPOSIT AMOUNT $0.00
PRINCIPAL FUNDING ACCOUNT BALANCE $0.00
SHARED PRINCIPAL COLLECTIONS ELIGIBLE FOR OTHER $111,703,428.30
PRINCIPAL SHARING SERIES
INVESTOR CHARGE OFFS AND REIMBURSEMENTS--
CLASS A INVESTOR CHARGE OFFS $0.00
REDUCTIONS IN CLASS B INVESTED AMOUNT (OTHER THAN $0.00
BY PRINCIPAL PAYMENTS)
REDUCTIONS IN COLLATERAL INVESTED AMOUNT (OTHER $0.00
THAN BY PRINCIPAL PAYMENTS)
PREVIOUS CLASS A CHARGE OFFS REIMBURSED $0.00
PREVIOUS CLASS B INVESTED AMOUNT REDUCTIONS $0.00
REIMBURSED
PREVIOUS COLLATERAL INVESTED AMOUNT REDUCTIONS $0.00
REIMBURSED
UNIVERSAL CARD SERVICES CORP.,
as Servicer
By: /s/ Dori Broglino
Name: Dori Broglino
Title: Servicing Officer
33
<PAGE>
Exhibit 20.3
Universal Bank, N.A.
Credit Card Asset Backed
Securities
Universal Card Master Trust
Series 1996-1
Monthly Report 30-Sep-99
Distribution Date 18-Oct-99
------------------------------------------------------------------------
Monthly Trust Activity Class A Class B
Beginning Principal Receivables
Balance
Special Funding Account Balance
Ending Total Principal Balance
Series Allocation Percentage
Beginning Invested /Transferor 850,000,000.00 80,000,000.00
Amount
Adjusted Invested /Transferor 850,000,000.00 80,000,000.00
Amount
Floating Allocation Percentage 85.0000000% 8.0000000%
Principal Allocation Percentage 85.0000000% 8.0000000%
Finance Charge Collections 11,708,147.73 1,101,943.32
Total Yield
Trust Portfolio Yield
Principal Collections 126,597,218.75 11,915,032.35
Discount Percentage
Discount Option Receivable 0.00 0.00
Collections
Monthly Payment Rate
Defaults 3,155,278.33 296,967.37
Monthly Default Rate
Net Monthly Default Rate
Recoveries 269,066.12 25,323.87
Adjustments
New Receivables
Ending Principal Receivables
Balance
Minimum Series Required Balance
Special Funding Account Balance
Ending Total Principal Balance
Reallocated Principal 0.00
Charged-Off Principal 0.00 0.00
Reimbursed Principal 0.00 0.00
Ending Invested/Transferor Amounts 850,000,000.00 80,000,000.00
------------------------------------------------------------------------
Group I Information Series 1995-3 Series 1996-1
Invested Amount 750,000,000.00 1,000,000,000.00
Average Rate 5.52279% 5.46654%
Investor Finance Charge 10,568,129.87 14,090,839.82
Collections
Investor Principal Collections 111,703,428.30 148,937,904.41
Investor Default Amount Due 2,784,069.12 3,712,092.15
Investor Monthly Interest Due 3,566,800.26 4,707,296.18
Investor Monthly Fees Due 1,168,750.00 1,558,333.33
Investor Additional Amounts Due 0.00 0.00
------------------------------------------------------------------------
Monthly Funding Requirements Class A Class B
Investor Coupon 5.43500% 5.57000%
Investor Monthly Interest Due 3,978,118.06 383,711.11
Investor Outstanding Interest Due 0.00 0.00
Investor Additional Interest Due 0.00 0.00
Investor Total Interest Due 3,978,118.06 383,711.11
Investor Default Amount Due 3,155,278.33 296,967.37
Investor Monthly Fees Due 1,324,583.33 124,666.67
Investor Additional Fees Due 0.00 0.00
Total 8,457,979.72 805,345.15
------------------------------------------------------------------------
34
<PAGE>
Reallocated Investor Finance Charge Collections
Interest/Principal/Spread Investment
Proceeds/Reserve Draw
Series Adjusted Portfolio Yield
Base Rate
------------------------------------------------------------------------
Application of Collections Class A Class B
Available Funds 11,928,696.64 1,120,912.19
Monthly Interest Paid 3,978,118.06 383,711.11
Investor Default Amount Paid 3,155,278.33 0.00
Excess Spread 4,795,300.26 737,201.07
------------------------------------------------------------------------
Monthly Interest Shortfall 0.00 0.00
Investor Default Amount Shortfall 0.00 296,967.37
Required Amount 0.00 296,967.37
------------------------------------------------------------------------
Monthly Interest Paid 0.00 0.00
Investor Default Paid 0.00 296,967.37
Investor Additional Amounts Paid 0.00 0.00
Servicing Fee Paid
Excess Finance Charge Collections
------------------------------------------------------------------------
Reallocated Principal 0.00
Monthly Interest Paid 0.00 0.00
Investor Default Paid 0.00 0.00
------------------------------------------------------------------------
Outstanding Monthly Interest 0.00 0.00
Principal Charge-Offs 0.00 0.00
------------------------------------------------------------------------
Principal Funding
Controlled Accumulation Amount 0.00 0.00
Principal Funding Account Deposit
Principal Funding Account Balance
------------------------------------------------------------------------
Certificates Class A Class B
Beginning Certificates Balance 850,000,000.00 80,000,000.00
Interest Distribution 11,677,701.39 1,126,377.78
Principal Distribution 0.00 0.00
Total Distribution 11,677,701.39 1,126,377.78
Ending Certificate Balance 850,000,000.00 80,000,000.00
Pool Factor 100.000000% 100.000000%
Total Distribution Per 1,000 13.7385 14.0797
Certificate
Interest Distribution Per 1,000 13.7385 14.0797
Certificate
Principal Distribution Per 1,000 0.0000 0.0000
Certificate
1st Collection Account Deposit 3,721,465.28 358,955.56
2nd Collection Accounts Deposit 3,978,118.06 383,711.11
3rd Collection Accounts Deposit 3,978,118.06 383,711.11
Quarterly Interest Distribution 11,677,701.39 1,126,377.78
Delinquencies 1-30 31-60
Number of Accounts 240,006 62,342
Balance of Accounts 590,762,043 169,203,338
31+Days Delinquency Rate 3.2643%
Change in Account Owner Retained 0.0000%
Interest
Prior Month Account Owner Retained Interest Factor 0.0000%
Current Month Account Owner Retained Interest Factor 0.0000%
35
<PAGE>
Monthly Trust Activity CIA Investor Investor
Interest
Beginning Principal Receivables
Balance
Special Funding Account Balance
Ending Total Principal Balance
Series Allocation Percentage
Beginning Invested /Transferor 70,000,000.00 1,000,000,000.00
Amount
Adjusted Invested /Transferor 70,000,000.00 1,000,000,000.00
Amount
Floating Allocation Percentage 7.0000000% 80.8462750%
Principal Allocation Percentage 7.0000000% 80.8462750%
Finance Charge Collections 964,200.40 13,774,291.45
Total Yield
Trust Portfolio Yield
Principal Collections 10,425,653.31 148,937,904.41
Discount Percentage
Discount Option Receivable 0.00 0.00
Collections
Monthly Payment Rate
Defaults 259,846.45 3,712,092.15
Monthly Default Rate
Net Monthly Default Rate
Recoveries 22,158.39 316,548.37
Adjustments
New Receivables
Ending Principal Receivables
Balance
Minimum Series Required Balance
Special Funding Account Balance
Ending Total Principal Balance
Reallocated Principal 0.00
Charged-Off Principal 0.00
Reimbursed Principal 0.00
Ending Invested/Transferor Amounts 70,000,000.00 1,000,000,000.00
------------------------------------------------------------------------
Group I Information Series 1996-3 Series 1997-1
Invested Amount 1,000,000,000.00 1,000,000,000.00
Average Rate 5.64729% 5.58954%
Investor Finance Charge 14,090,839.82 14,090,839.82
Collections
Investor Principal Collections 148,937,904.41 148,937,904.41
Investor Default Amount Due 3,712,092.15 3,712,092.15
Investor Monthly Interest Due 4,862,942.01 4,813,212.85
Investor Monthly Fees Due 1,558,333.33 1,558,333.33
Investor Additional Amounts Due 0.00 0.00
------------------------------------------------------------------------
Monthly Funding Requirements CIA Investor Total
Investor Coupon 5.73125%
Investor Monthly Interest Due 345,467.01 4,707,296.18
Investor Outstanding Interest Due 0.00 0.00
Investor Additional Interest Due 0.00 0.00
Investor Total Interest Due 345,467.01 4,707,296.18
Investor Default Amount Due 259,846.45 3,712,092.15
Investor Monthly Fees Due 109,083.33 1,558,333.33
Investor Additional Fees Due 0.00 0.00
Total 714,396.80 9,977,721.67
36
<PAGE>
------------------------------------------------------------------------
Reallocated Investor Finance Charge Collections 14,011,402.32
Interest/Principal/Spread 19,004.67
Investment Proceeds/Reserve Draw
Series Adjusted Portfolio Yield 12.38%
Base Rate 7.52%
------------------------------------------------------------------------
Application of Collections CIA Investor Total
Available Funds 980,798.16 14,030,406.99
Monthly Interest Paid 0.00 4,361,829.17
Investor Default Amount Paid 0.00 3,155,278.33
Excess Spread 980,798.16 6,513,299.49
------------------------------------------------------------------------
Monthly Interest Shortfall 0.00
Investor Default Amount Shortfall 296,967.37
Required Amount 296,967.37
------------------------------------------------------------------------
Monthly Interest Paid 345,467.01 345,467.01
Investor Default Paid 259,846.45 556,813.82
Investor Additional Amounts Paid 0.00 0.00
Servicing Fee Paid 1,558,333.33
Excess Finance Charge Collections 4,052,685.32
------------------------------------------------------------------------
Reallocated Principal 0.00 0.00
Monthly Interest Paid
Investor Default Paid 0.00
------------------------------------------------------------------------
Outstanding Monthly Interest 0.00
Principal Charge-Offs 0.00
------------------------------------------------------------------------
Principal Funding
Controlled Accumulation Amount 0.00 0.00
Principal Funding Account Deposit 0.00
Principal Funding Account Balance 0.00
------------------------------------------------------------------------
Certificates CIA Investor Total
Beginning Certificates Balance 70,000,000.00 1,000,000,000.00
Interest Distribution 345,467.01 13,149,546.19
Principal Distribution 0.00 0.00
Total Distribution 345,467.01 13,149,546.19
Ending Certificate Balance 70,000,000.00 1,000,000,000.00
Pool Factor 100.000000%
Total Distribution Per 1,000 4.9352
Certificate
Interest Distribution Per 1,000 4.9352
Certificate
Principal Distribution Per 1,000 0.0000
Certificate
1st Collection Account Deposit 4,080,420.84
2nd Collection Accounts Deposit 4,361,829.17
3rd Collection Accounts Deposit 4,361,829.17
Quarterly Interest Distribution 12,804,079.17
Delinquencies 61-90 91-120
Number of Accounts 36,792 25,644
Balance of Accounts 111,629,531 81,434,901
31+Days Delinquency Rate 0.00 CIA Investor
Interest Reduced
Margin
37
<PAGE>
Monthly Trust Activity Transferor Series
Interest Allocations
Beginning Principal Receivables
Balance
Special Funding Account Balance
Ending Total Principal Balance
Series Allocation Percentage 8.51%
Beginning Invested /Transferor 236,915,368.31 1,236,915,368.31
Amount
Adjusted Invested /Transferor 236,915,368.31 1,236,915,368.31
Amount
Floating Allocation Percentage 19.1537250% 100.0000000%
Principal Allocation Percentage 19.1537250% 100.0000000%
Finance Charge Collections 3,263,341.33 17,037,632.78
Total Yield
Trust Portfolio Yield
Principal Collections 35,285,678.48 184,223,582.88
Discount Percentage
Discount Option Receivable 0.00 0.00
Collections
Monthly Payment Rate
Defaults 879,451.68 4,591,543.83
Monthly Default Rate
Net Monthly Default Rate
Recoveries 74,995.17 391,543.55
Adjustments
New Receivables
Ending Principal Receivables
Balance
Minimum Series Required Balance
Special Funding Account Balance
Ending Total Principal Balance
Reallocated Principal
Charged-Off Principal
Reimbursed Principal
Ending Invested/Transferor Amounts 213,942,310.68 1,213,942,310.68
------------------------------------------------------------------------
Delinquencies 121+ Total
Number of Accounts 33,883 398,667
Balance of Accounts 112,163,261 1,065,193,073.68
38
<PAGE>
Monthly Trust Activity Trust
Totals
Beginning Principal Receivables 14,533,755,577.60
Balance
Special Funding Account Balance 0.00
Ending Total Principal Balance 14,533,755,577.60
Series Allocation Percentage
Beginning Invested /Transferor
Amount
Adjusted Invested /Transferor
Amount
Floating Allocation Percentage
Principal Allocation Percentage
Finance Charge Collections 200,192,185.20
Total Yield 16.53%
Trust Portfolio Yield 12.45%
Principal Collections 2,164,627,098.88
Discount Percentage 0.00%
Discount Option Receivable 0.00
Collections
Monthly Payment Rate 14.89%
Defaults 53,950,640.06
Monthly Default Rate 4.45%
Net Monthly Default Rate 4.07%
Recoveries 4,600,636.66
Adjustments 21,405,913.16
New Receivables 1,970,050,224.95
Ending Principal Receivables 14,263,822,150.45
Balance
Minimum Series Required Balance 1,070,000,000.00
Special Funding Account Balance 0.00
Ending Total Principal Balance 14,263,822,150.45
Reallocated Principal
Charged-Off Principal
Reimbursed Principal
Ending Invested/Transferor Amounts 14,263,822,150.45
-----------------------------------
-------------------
Group I Information Group Total
Invested Amount 3,750,000,000.00
Average Rate 5.55879%
Investor Finance Charge 52,840,649.33
Collections
Investor Principal Collections 558,517,141.52
Investor Default Amount Due 13,920,345.58
Investor Monthly Interest Due 17,950,251.30
Investor Monthly Fees Due 5,843,750.00
Investor Additional Amounts Due 0.00
----------------------------------- -------------------
31+Days Delinquency Rate 0.00 CIA Investor
Interest Reduced
Margin
39
<PAGE>
Group: Group 1
Series: Series 1996-1
Supplement Date: 30-Apr-96
MONTHLY STATEMENT
UNIVERSAL CARD MASTER TRUST
SERIES 1996-1
Pursuant to the Pooling and Servicing Agreement dated as of August 1, 1995
(hereinafter as such agreement may have been or may be from time to time,
amended or otherwise modified, the "Pooling and Servicing Agreement"), among
Universal Card Services Corp. ("UCS") as Servicer, Universal Bank, N.A., as
Transferor, and Bankers Trust Company, as trustee (the 'Trustee'), as
supplemented by the Series 1996-1 Supplement dated as of 04/30/96 (the
"Supplement") among UCS, Universal Bank, N.A. and the Trustee, as Servicer is
required to prepare certain information each month regarding current
distributions to the Series 1996-1 Certificateholders and the performance of the
Universal Card Master Trust (the "Trust") during the previous month. The
information which is required to be prepared with respect to the Distribution
Date of 10/18/99 with respect to the performance of the Trust during the month
of 09/01/99 to 09/30/99 is set forth below. Certain of the information is
presented on the basis of an original principal amount of $1,000 per Series
1996-1 Certificate (a "Certificate"). Certain other information is presented
based on the aggregate amounts for the Trust as a whole. Capitalized terms used
in this Monthly Statement have their respective meanings set forth in the
Pooling and Servicing Agreement and the Supplement.
A) Information regarding
distribution in
respect of the Class A
Certificates
per $1,000 original certificate
principal amount.
(1) The total amount of the
distribution in respect of Class A
Certificates, per $1,000 original
certificate principal amount $13.73847222
(2) The amount of the distribution
set forth in paragraph 1 above in
respect of interest on the Class A
Certificates, per $1,000 original
certificate principal amount $13.73847222
(3) The amount of the distribution
set forth in paragraph 1 above in
respect of principal of the Class A
Certificates, per $1,000 original
certificate principal amount $0.00000000
C-1
40
<PAGE>
B) Class A Investor Charge Offs and
Reimbursement of Charge Offs
(1) The amount of Class A Investor
Charge Offs $0.00
(2) The amount of Class A Investors
Charge Offs set forth in
paragraph 1 above, per $1,000 original
certificate
principal amount $0.00
(3) The total amount reimbursed in
respect of Class A Investor Charge
Offs $0.00
(4) The amount set forth in paragraph
3 above, per $1,000 original
certificate principal amount $0.00
(5) 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 all transactions on such
Distribution Date $0.00
C) Information regarding
distributions in respect of the Class B
Certificates,
per $1,000 original certificate
principal amount
(1) The total amount of the
distribution in respect of Class B
Certificates, per $1,000 original
certificate principal amount $14.07972228
(2) The amount of the distribution
set forth in paragraph 1 above in
respect of interest on the Class B
Certificates, per $1,000 original
certificate principal amount $14.07972228
(3) The amount of the distribution
set forth in paragraph 1 above in
respect of principal of the Class B
Certificates, per $1,000 original
certificate principal amount $0.00
D) Amount of reductions in Class B
Invested Amount pursuant to
clauses (c), (d), and (e) of the
definition of
Class B Invested Amount
(1) The amount of reductions in Class
B Invested Amount pursuant to
clauses (c), (d), and (e) of the
definition of
Class B Invested Amount $0.00
C-2
41
<PAGE>
(2) The amount of reductions in
the Class B Invested Amount set
forth in paragraph 1 above, per $1,000
original certificate principal $0.00
amount
(3) The total amount reimbursed in
respect of such reductions in the
Class B Invested Amount $0.00
(4) The amount set forth in paragraph
3 above, per $1,000 original
certificate principal amount $0.00
(5) 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 all transactions on such
Distribution Date $0.00
E) Information regarding certain
distributions to the Collateral
Interest Holder
(1) The amount distributed to the
Collateral Interest Holder in
respect of interest on the Collateral
Invested Amount $345,467.01
(2) The amount distributed to the
Collateral Interest Holder in
respect of principal on the Collateral
Invested Amount $0.00
F) Amount of reductions in Collateral
Invested Amount pursuant to
clauses (c), (d), and (e) of the
definition of
Collateral Invested Amount
(1) The amount of reductions in the
Collateral Invested Amount
pursuant to clauses (c), (d), and (e) of the
definition of Collateral Invested
Amount $0.00
(2) The total amount reimbursed in
respect of such reductions in the
Collateral Invested Amount $0.00
UNIVERSAL CARD SERVICES CORP.,
Servicer
By: /s/ Doris Broglino
Name: Dori Broglino
Title: Servicing Officer
C-3
42
<PAGE>
RECEIVABLES ---
Beginning of the Month Principal $14,533,755,577.60
Receivables:
Beginning of the Month Finance Charge Receivables: $372,621,462.13
Beginning of the Month Discounted $0.00
Receivables:
Beginning of the Month Premium $0.00
Receivables:
Beginning of the Month Total $14,906,377,039.73
Receivables:
Removed Principal Receivables: $0.00
Removed Finance Charge Receivables: $0.00
Removed Total Receivables: $0.00
Additional Principal Receivables: $0.00
Additional Finance Charge Receivables: $0.00
Additional Total Receivables: $0.00
Discounted Receivables Generated this $0.00
Period:
Premium Receivables Generated this $0.00
Period:
End of the Month Principal Receivables: $14,263,822,150.45
End of the Month Finance Charge $399,429,637.29
Receivables:
End of the Month Discounted $0.00
Receivables:
End of the Month Premium Receivables: $0.00
End of the Month Total Receivables: $14,663,251,787.74
Special Funding Account Balance $0.00
Aggregate Invested Amount (all Master Trust Series) $11,750,000,000.00
End of the Month Total Transferor $2,913,251,787.74
Amount
DELINQUENCIES AND LOSSES ---
RECEIVABLES
End of the Month Delinquencies:
31-60 Days Delinquent $169,203,338.40
61-90 Days Delinquent $111,629,530.91
91+ Days Delinquent $193,598,161.87
Total 31+ Days Delinquent $474,431,031.18
Defaulted Accounts During the Month $53,950,640.06
C-4
43
<PAGE>
INVESTED AMOUNTS ---
Class A Initial Invested Amount $850,000,000
Class B Initial Invested Amount $80,000,000
Collateral Initial Invested Amount $70,000,000
INITIAL INVESTED AMOUNT $1,000,000,000
Class A Invested Amount $850,000,000.00
Class B Invested Amount $80,000,000.00
Collateral Invested Amount $70,000,000.00
INVESTED AMOUNT $1,000,000,000
Class A Adjusted Invested Amount $850,000,000.00
Class B Adjusted Invested Amount $80,000,000.00
Collateral Invested Amount $70,000,000.00
ADJUSTED INVESTED AMOUNT $1,000,000,000
MONTHLY SERVICING FEE $1,558,333.33
INVESTOR DEFAULT AMOUNT $3,712,092.15
GROUP 1 INFORMATION
WEIGHTED AVERAGE CERTIFICATE RATE FOR ALL SERIES 5.55879%
IN GROUP 1
GROUP 1 INVESTOR FINANCE CHARGE COLLECTIONS $52,840,649.33
GROUP 1 INVESTOR ADDITIONAL AMOUNTS $0.00
GROUP 1 INVESTOR DEFAULT AMOUNT $13,920,345.58
GROUP 1 INVESTOR MONTHLY FEES $5,843,750.00
GROUP 1 INVESTOR MONTHLY INTEREST $17,950,251.30
SERIES 1996-1 INFORMATION
SERIES 1996-1 ALLOCATION PERCENTAGE 8.51%
SERIES 1996-1 ALLOCABLE FINANCE CHARGE $17,037,632.78
COLLECTIONS
SERIES 1996-1 ADDITIONAL AMOUNTS $0.00
SERIES 1996-1 ALLOCABLE DEFAULTED AMOUNT $4,591,543.83
SERIES 1996-1 MONTHLY FEES $1,558,333.33
SERIES 1996-1 ALLOCABLE PRINCIPAL COLLECTIONS $184,223,582.88
SERIES 1996-1 REQUIRED TRANSFEROR AMOUNT $70,000,000.00
FLOATING ALLOCATION PERCENTAGE 80.85%
C-5
44
<PAGE>
INVESTOR FINANCE CHARGE COLLECTIONS $13,774,291.45
INVESTOR DEFAULT AMOUNT $3,712,092.15
REALLOCATED INVESTOR FINANCE CHARGE COLLECTIONS $14,011,402.32
PRINCIPAL ALLOCATIONS PERCENTAGE 80.85%
AVAILABLE PRINCIPAL COLLECTIONS $148,937,904.41
CLASS A AVAILABLE FUNDS ---
CLASS A FLOATING PERCENTAGE 85.00%
Class A Floating Percentage of $11,928,696.64
Reallocated
Investor Finance Charge Collections
Other Amounts $0.00
TOTAL CLASS A AVAILABLE FUNDS $11,928,696.64
Class A Monthly Interest $3,978,118.06
Class A Servicing Fee (if $0.00
applicable)
Class A Investor Default Amount $3,155,278.33
TOTAL CLASS A EXCESS SPREAD $4,795,300.26
CLASS A REQUIRED AMOUNT $0.00
CLASS B AVAILABLE FUNDS ---
CLASS B FLOATING PERCENTAGE 8.00%
CLASS B AVAILABLE FUNDS $1,120,912.19
Class B Monthly Interest $383,711.11
Class B Servicing Fee (if $0.00
applicable)
TOTAL CLASS B EXCESS SPREAD $737,201.07
COLLATERAL AVAILABLE FUNDS --
COLLATERAL FLOATING PERCENTAGE 7.00%
COLLATERAL AVAILABLE FUNDS $980,798.16
Collateral Interest Servicing Fee $0.00
(if applicable)
TOTAL COLLATERAL EXCESS SPREAD $980,798.16
EXCESS SPREAD ---
TOTAL EXCESS SPREAD $6,513,299.49
C-6
45
<PAGE>
Excess Spread Applied to Class A Required Amount $0.00
Excess Spread Applied to Class A Investor Charge $0.00
Offs
Excess Spread Applied to Class B Required Amount $296,967.37
Excess Spread Applied to Reductions of $0.00
Class B
Invested Amount pursuant to clauses (c), (d) and (e)
Excess Spread Applied to Collateral $345,467.01
Monthly Interest
Excess Spread Applied to Unpaid $1,558,333.33
Monthly Servicing Fee
Excess Spread Applied Collateral $259,846.45
Default Amount
Excess Spread Applied to Reductions of $0.00
Collateral Invested Amount Pursuant to
Clauses (c), (d) and (e)
Excess Spread Applied to Reserve $0.00
Account
Excess Spread Applied to Other Amounts Owed to $0.00
Collateral Interest Holder
TOTAL EXCESS FINANCE CHARGE COLLECTIONS ELIGIBLE
FOR OTHER EXCESS ALLOCATION SERIES $4,052,685.32
EXCESS FINANCE CHARGES COLLECTIONS
TOTAL EXCESS FINANCE CHARGE COLLECTIONS $46,163,404.55
FOR ALL ALLOCATION SERIES
SERIES 1996-1 EXCESS FINANCE CHARGE COLLECTIONS ---
EXCESS FINANCE CHARGE COLLECTIONS $0.00
ALLOCATED TO SERIES 1996-1
Excess Finance Charge Collections $0.00
Applied to
Class A Required Amount
Excess Finance Charge Collections $0.00
Applied to
Class A Investor Charge Offs
Excess Finance Charge Collections $0.00
Applied to
Class B Required Amount
Excess Finance Charge Collections $0.00
Applied to
Reductions of Class B Invested Amount
Pursuant
to Clauses (c), (d) and (e)
Excess Finance Charge Collections $0.00
Applied to
Collateral Monthly Interest
Excess Finance Charge Collections $0.00
Applied to
Unpaid Monthly Servicing Fee
Excess Finance Charge Collections $0.00
Applied to
Collateral Default Amount
C-7
46
<PAGE>
Excess Finance Charge Collections $0.00
Applied to
Reductions of Collateral Invested
Amount
Pursuant to Clauses (c), (d) and (e)
Excess Finance Charge Collections $0.00
Applied to
Reserve Account
Excess Finance Charge Collections $0.00
Applied to
Other Amounts Owed to Collateral
Interest Holder
YIELD AND BASE RATE---
Base Rate (Current Month) 7.52% 1
Base Rate (Prior Month) 7.51% 1
Base Rate (Two Months Ago) 7.27% 1
THREE MONTH AVERAGE BASE RATE 7.43%
Series Adj Portfolio Yield (Curr Month) 12.38% 1
SEP : (22 posting days / 4 Mondays)
Series Adj Portfolio Yield (Prior Month) 13.13% 1
AUG : (22 posting days / 5 Mondays)
Series Adj Port Yield (Two Months Ago) 12.71% 1
JULY : (22 posting days / 4 Mondays)
THREE MONTH AVERAGE SERIES ADJUSTED PORTFOLIO 12.74%
YIELD
PRINCIPAL COLLECTIONS---
CLASS A PRINCIPAL PERCENTAGE 85.00%
Class A Principal Collections $126,597,218.75
CLASS B PRINCIPAL PERCENTAGE 8.00%
Class B Principal Collections $11,915,032.35
COLLATERAL PRINCIPAL PERCENTAGE 7.00%
Collateral Principal Collections $10,425,653.31
AVAILABLE PRINCIPAL COLLECTIONS $148,937,904.41
REALLOCATED PRINCIPAL COLLECTIONS $0.00
SERIES 1996-1 PRINCIPAL SHORTFALL $0.00
SHARED PRINCIPAL COLLECTIONS ALLOCABLE FROM OTHER $0.00
PRINCIPAL SHARING SERIES
C-8
47
<PAGE>
ACCUMULATION ---
Controlled Accumulation Amount $0.00
Deficit Controlled Accumulation Amount $0.00
CONTROLLED DEPOSIT AMOUNT $0.00
PRINCIPAL FUNDING ACCOUNT BALANCE $0.00
SHARED PRINCIPAL COLLECTIONS ELIGIBLE FOR OTHER $148,937,904.41
PRINCIPAL SHARING SERIES
INVESTOR CHARGE OFFS AND REIMBURSEMENTS--
CLASS A INVESTOR CHARGE OFFS $0.00
REDUCTIONS IN CLASS B INVESTED AMOUNT (OTHER THAN $0.00
BY PRINCIPAL PAYMENTS)
REDUCTIONS IN COLLATERAL INVESTED AMOUNT (OTHER $0.00
THAN BY PRINCIPAL PAYMENTS)
PREVIOUS CLASS A CHARGE OFFS REIMBURSED $0.00
PREVIOUS CLASS B INVESTED AMOUNT REDUCTIONS $0.00
REIMBURSED
PREVIOUS COLLATERAL INVESTED AMOUNT REDUCTIONS $0.00
REIMBURSED
UNIVERSAL CARD SERVICES CORP.,
as Servicer
By: /s/ Doris Broglino
Name: Dori Broglino
Title: Servicing Officer
48
<PAGE>
Exhibit 20.4
Universal Bank, N.A.
Credit Card Asset Backed
Securities
Universal Card Master Trust
Series 1996-3
Monthly Report 30-Sep-99
Distribution Date 18-Oct-99
------------------------------------------------------------------------
Monthly Trust Activity Class A Class B
Beginning Principal Receivables
Balance
Special Funding Account Balance
Ending Total Principal Balance
Series Allocation Percentage
Beginning Invested /Transferor 850,000,000.00 80,000,000.00
Amount
Adjusted Invested /Transferor 850,000,000.00 80,000,000.00
Amount
Floating Allocation Percentage 85.0000000% 8.0000000%
Principal Allocation Percentage 85.0000000% 8.0000000%
Finance Charge Collections 11,708,147.73 1,101,943.32
Total Yield
Trust Portfolio Yield
Principal Collections 126,597,218.75 11,915,032.35
Discount Percentage
Discount Option Receivable 0.00 0.00
Collections
Monthly Payment Rate
Defaults 3,155,278.33 296,967.37
Monthly Default Rate
Net Monthly Default Rate
Recoveries 269,066.12 25,323.87
Adjustments
New Receivables
Ending Principal Receivables
Balance
Minimum Series Required Balance
Special Funding Account Balance
Ending Total Principal Balance
Reallocated Principal 0.00
Charged-Off Principal 0.00 0.00
Reimbursed Principal 0.00 0.00
Ending Invested/Transferor Amounts 850,000,000.00 80,000,000.00
------------------------------------------------------------------------
Group I Information Series 1995-3 Series 1996-1
Invested Amount 750,000,000.00 1,000,000,000.00
Average Rate 5.52279% 5.46654%
Investor Finance Charge 10,568,129.87 14,090,839.82
Collections
Investor Principal Collections 111,703,428.30 148,937,904.41
Investor Default Amount Due 2,784,069.12 3,712,092.15
Investor Monthly Interest Due 3,566,800.26 4,707,296.18
Investor Monthly Fees Due 1,168,750.00 1,558,333.33
Investor Additional Amounts Due 0.00 0.00
------------------------------------------------------------------------
Monthly Funding Requirements Class A Class B
Investor Coupon 5.62000% 5.82000%
Investor Monthly Interest Due 4,113,527.78 400,933.33
Investor Outstanding Interest Due 0.00 0.00
Investor Additional Interest Due 0.00 0.00
Investor Total Interest Due 4,113,527.78 400,933.33
Investor Default Amount Due 3,155,278.33 296,967.37
Investor Monthly Fees Due 1,324,583.33 124,666.67
Investor Additional Fees Due 0.00 0.00
Total 8,593,389.44 822,567.37
49
<PAGE>
------------------------------------------------------------------------
Reallocated Investor Finance Charge Collections
Interest/Principal/Spread Investment
Proceeds/Reserve Draw
Series Adjusted Portfolio Yield
Base Rate
------------------------------------------------------------------------
Application of Collections Class A Class B
Available Funds 12,080,066.54 1,133,363.85
Monthly Interest Paid 4,113,527.78 400,933.33
Investor Default Amount Paid 3,155,278.33 0.00
Excess Spread 4,811,260.43 732,430.52
------------------------------------------------------------------------
Monthly Interest Shortfall 0.00 0.00
Investor Default Amount Shortfall 0.00 296,967.37
Required Amount 0.00 296,967.37
------------------------------------------------------------------------
Monthly Interest Paid 0.00 0.00
Investor Default Paid 0.00 296,967.37
Investor Additional Amounts Paid 0.00 0.00
Servicing Fee Paid
Excess Finance Charge Collections
------------------------------------------------------------------------
Reallocated Principal 0.00
Monthly Interest Paid 0.00 0.00
Investor Default Paid 0.00 0.00
------------------------------------------------------------------------
Outstanding Monthly Interest 0.00 0.00
Principal Charge-Offs 0.00 0.00
------------------------------------------------------------------------
Principal Funding
Controlled Accumulation Amount 0.00 0.00
Principal Funding Account Deposit
Principal Funding Account Balance
------------------------------------------------------------------------
Certificates Class A Class B
Beginning Certificates Balance 850,000,000.00 80,000,000.00
Interest Distribution 0.00 0.00
Principal Distribution 0.00 0.00
Total Distribution 0.00 0.00
Ending Certificate Balance 850,000,000.00 80,000,000.00
Pool Factor 100.000000% 100.000000%
Total Distribution Per 1,000 0.0000 0.0000
Certificate
Interest Distribution Per 1,000 0.0000 0.0000
Certificate
Principal Distribution Per 1,000 0.0000 0.0000
Certificate
1st Collection Account Deposit 4,113,527.78 400,933.33
2nd Collection Accounts Deposit 0.00 0.00
3rd Collection Accounts Deposit 0.00 0.00
Quarterly Interest Distribution 4,113,527.78 400,933.33
Delinquencies 1-30 31-60
Number of Accounts 240,006 62,342
Balance of Accounts 590,762,043 169,203,338
31+Days Delinquency Rate 3.2643%
Change in Account Owner Retained 0.0000%
Interest
Prior Month Account Owner Retained Interest Factor 0.0000%
Current Month Account Owner Retained Interest Factor 0.0000%
50
<PAGE>
Monthly Trust Activity CIA Investor Investor
Interest
Beginning Principal Receivables
Balance
Special Funding Account Balance
Ending Total Principal Balance
Series Allocation Percentage
Beginning Invested /Transferor 70,000,000.00 1,000,000,000.00
Amount
Adjusted Invested /Transferor 70,000,000.00 1,000,000,000.00
Amount
Floating Allocation Percentage 7.0000000% 80.8462750%
Principal Allocation Percentage 7.0000000% 80.8462750%
Finance Charge Collections 964,200.40 13,774,291.45
Total Yield
Trust Portfolio Yield
Principal Collections 10,425,653.31 148,937,904.41
Discount Percentage
Discount Option Receivable 0.00 0.00
Collections
Monthly Payment Rate
Defaults 259,846.45 3,712,092.15
Monthly Default Rate
Net Monthly Default Rate
Recoveries 22,158.39 316,548.37
Adjustments
New Receivables
Ending Principal Receivables
Balance
Minimum Series Required Balance
Special Funding Account Balance
Ending Total Principal Balance
Reallocated Principal 0.00
Charged-Off Principal 0.00
Reimbursed Principal 0.00
Ending Invested/Transferor Amounts 70,000,000.00 1,000,000,000.00
------------------------------------------------------------------------
Group I Information Series 1996-3 Series 1997-1
Invested Amount 1,000,000,000.00 1,000,000,000.00
Average Rate 5.64729% 5.58954%
Investor Finance Charge 14,090,839.82 14,090,839.82
Collections
Investor Principal Collections 148,937,904.41 148,937,904.41
Investor Default Amount Due 3,712,092.15 3,712,092.15
Investor Monthly Interest Due 4,862,942.01 4,813,212.85
Investor Monthly Fees Due 1,558,333.33 1,558,333.33
Investor Additional Amounts Due 0.00 0.00
------------------------------------------------------------------------
Monthly Funding Requirements CIA Investor Total
Investor Coupon 5.78125%
Investor Monthly Interest Due 348,480.90 4,862,942.01
Investor Outstanding Interest Due 0.00 0.00
Investor Additional Interest Due 0.00 0.00
Investor Total Interest Due 348,480.90 4,862,942.01
Investor Default Amount Due 259,846.45 3,712,092.15
Investor Monthly Fees Due 109,083.33 1,558,333.33
Investor Additional Fees Due 0.00 0.00
Total 717,410.69 10,133,367.50
51
<PAGE>
------------------------------------------------------------------------
Reallocated Investor Finance Charge Collections 14,167,048.16
Interest/Principal/Spread 38,075.61
Investment Proceeds/Reserve Draw
Series Adjusted Portfolio Yield 12.59%
Base Rate 7.71%
------------------------------------------------------------------------
Application of Collections CIA Investor Total
Available Funds 991,693.37 14,205,123.77
Monthly Interest Paid 0.00 4,514,461.11
Investor Default Amount Paid 0.00 3,155,278.33
Excess Spread 991,693.37 6,535,384.32
------------------------------------------------------------------------
Monthly Interest Shortfall 0.00
Investor Default Amount Shortfall 296,967.37
Required Amount 296,967.37
------------------------------------------------------------------------
Monthly Interest Paid 348,480.90 348,480.90
Investor Default Paid 259,846.45 556,813.82
Investor Additional Amounts Paid 0.00 0.00
Servicing Fee Paid 1,558,333.33
Excess Finance Charge Collections 4,071,756.26
------------------------------------------------------------------------
Reallocated Principal 0.00 0.00
Monthly Interest Paid
Investor Default Paid 0.00
------------------------------------------------------------------------
Outstanding Monthly Interest 0.00
Principal Charge-Offs 0.00
------------------------------------------------------------------------
Principal Funding
Controlled Accumulation Amount 0.00 0.00
Principal Funding Account Deposit 0.00
Principal Funding Account Balance 0.00
------------------------------------------------------------------------
Certificates CIA Investor Total
Beginning Certificates Balance 70,000,000.00 1,000,000,000.00
Interest Distribution 348,480.90 348,480.90
Principal Distribution 0.00 0.00
Total Distribution 348,480.90 348,480.90
Ending Certificate Balance 70,000,000.00 1,000,000,000.00
Pool Factor 100.000000%
Total Distribution Per 1,000 4.9783
Certificate
Interest Distribution Per 1,000 4.9783
Certificate
Principal Distribution Per 1,000 0.0000
Certificate
1st Collection Account Deposit 4,514,461.11
2nd Collection Accounts Deposit 0.00
3rd Collection Accounts Deposit 0.00
Quarterly Interest Distribution 4,514,461.11
Delinquencies 61-90 91-120
Number of Accounts 36,792 25,644
Balance of Accounts 111,629,531 81,434,901
31+Days Delinquency Rate 0.00 CIA Investor
Interest Reduced
Margin
52
<PAGE>
Monthly Trust Activity Transferor Series
Interest Allocations
Beginning Principal Receivables
Balance
Special Funding Account Balance
Ending Total Principal Balance
Series Allocation Percentage 8.51%
Beginning Invested /Transferor 236,915,368.31 1,236,915,368.31
Amount
Adjusted Invested /Transferor 236,915,368.31 1,236,915,368.31
Amount
Floating Allocation Percentage 19.1537250% 100.0000000%
Principal Allocation Percentage 19.1537250% 100.0000000%
Finance Charge Collections 3,263,341.33 17,037,632.78
Total Yield
Trust Portfolio Yield
Principal Collections 35,285,678.48 184,223,582.88
Discount Percentage
Discount Option Receivable 0.00 0.00
Collections
Monthly Payment Rate
Defaults 879,451.68 4,591,543.83
Monthly Default Rate
Net Monthly Default Rate
Recoveries 74,995.17 391,543.55
Adjustments
New Receivables
Ending Principal Receivables
Balance
Minimum Series Required Balance
Special Funding Account Balance
Ending Total Principal Balance
Reallocated Principal
Charged-Off Principal
Reimbursed Principal
Ending Invested/Transferor Amounts 213,942,310.68 1,213,942,310.68
------------------------------------------------------------------------
Delinquencies 121+ Total
Number of Accounts 33,883 398,667
Balance of Accounts 112,163,261 1,065,193,073.68
31+Days Delinquency Rate
53
<PAGE>
Monthly Trust Activity Trust
Totals
Beginning Principal Receivables 14,533,755,577.60
Balance
Special Funding Account Balance 0.00
Ending Total Principal Balance 14,533,755,577.60
Series Allocation Percentage
Beginning Invested /Transferor
Amount
Adjusted Invested /Transferor
Amount
Floating Allocation Percentage
Principal Allocation Percentage
Finance Charge Collections 200,192,185.20
Total Yield 16.53%
Trust Portfolio Yield 12.45%
Principal Collections 2,164,627,098.88
Discount Percentage 0.00%
Discount Option Receivable 0.00
Collections
Monthly Payment Rate 14.89%
Defaults 53,950,640.06
Monthly Default Rate 4.45%
Net Monthly Default Rate 4.07%
Recoveries 4,600,636.66
Adjustments 21,405,913.16
New Receivables 1,970,050,224.95
Ending Principal Receivables 14,263,822,150.45
Balance
Minimum Series Required Balance 1,070,000,000.00
Special Funding Account Balance 0.00
Ending Total Principal Balance 14,263,822,150.45
Reallocated Principal
Charged-Off Principal
Reimbursed Principal
Ending Invested/Transferor Amounts 14,263,822,150.45
-----------------------------------
Group I Information Group Total
Invested Amount 3,750,000,000.00
Average Rate 5.55879%
Investor Finance Charge 52,840,649.33
Collections
Investor Principal Collections 558,517,141.52
Investor Default Amount Due 13,920,345.58
Investor Monthly Interest Due 17,950,251.30
Investor Monthly Fees Due 5,843,750.00
Investor Additional Amounts Due 0.00
-----------------------------------------------------
54
<PAGE>
Group: Group 1
Series: Series 1996-3
Supplement Date: 17-Sep-96
MONTHLY STATEMENT
UNIVERSAL CARD MASTER TRUST
SERIES 1996-3
Pursuant to the Pooling and Servicing Agreement dated as of August 1, 1995
(hereinafter as such agreement may have been or may be from time to time,
amended or otherwise modified, the "Pooling and Servicing Agreement"), among
Universal Card Services Corp. ("UCS") as Servicer, Universal Bank, N.A., as
Transferor, and Bankers Trust Company, as trustee (the 'Trustee'), as
supplemented by the Series 1996-3 Supplement dated as of 9/17/96 (the
"Supplement") among UCS, Universal Bank, N.A. and the Trustee, as Servicer is
required to prepare certain information each month regarding current
distributions to the Series 1996-3 Certificateholders and the performance of the
Universal Card Master Trust (the "Trust") during the previous month. The
information which is required to be prepared with respect to the Distribution
Date of 10/18/99 with respect to the performance of the Trust during the month
of 09/01/99 to 09/30/99 is set forth below. Certain of the information is
presented on the basis of an original principal amount of $1,000 per Series
1996-3 Certificate (a "Certificate"). Certain other information is presented
based on the aggregate amounts for the Trust as a whole. Capitalized terms used
in this Monthly Statement have their respective meanings set forth in the
Pooling and Servicing Agreement and the Supplement.
A) Information regarding
distribution in
respect of the Class A
Certificates
per $1,000 original certificate
principal amount.
(1) The total amount of the
distribution in respect of Class A
Certificates, per $1,000 original
certificate principal amount $0.00000000
(2) The amount of the distribution
set forth in paragraph 1 above in
respect of interest on the Class A
Certificates, per $1,000 original
certificate principal amount $0.00000000
(3) The amount of the distribution
set forth in paragraph 1 above in
respect of principal of the Class A
Certificates, per $1,000 original
certificate principal amount $0.00000000
C-1
55
<PAGE>
B) Class A Investor Charge Offs and
Reimbursement of Charge Offs
(1) The amount of Class A Investor
Charge Offs $0.00
(2) The amount of Class A Investors
Charge Offs set forth in
paragraph 1
above, per $1,000 original
certificate
principal amount $0.00
(3) The total amount reimbursed in
respect of Class A Investor Charge
Offs $0.00
(4) The amount set forth in paragraph
3 above, per $1,000 original
certificate principal amount $0.00
(5) 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 all transactions on such
Distribution Date $0.00
C) Information regarding
distributions in
respect of the Class B Certificates,
per $1,000 original certificate
principal amount
(1) The total amount of the
distribution in respect of Class B
Certificates, per $1,000 original
certificate principal amount $0.00000000
(2) The amount of the distribution
set forth in paragraph 1 above in
respect of interest on the Class B
Certificates, per $1,000 original
certificate principal amount $0.00000000
(3) The amount of the distribution
set forth in paragraph 1 above in
respect of principal of the Class B
Certificates, per $1,000 original
certificate principal amount $0.00
D) Amount of reductions in Class B
Invested Amount pursuant to
clauses (c), (d), and (e) of the
definition of
Class B Invested Amount
(1) The amount of reductions in Class
B Invested Amount pursuant to
clauses (c), (d), and (e) of the
definition of
Class B Invested Amount $0.00
C-2
56
<PAGE>
(2) The amount of reductions in
the Class B Invested Amount set
forth in paragraph 1 above, per $1,000
original certificate principal $0.00
amount
(3) The total amount reimbursed in
respect of such reductions in the
Class B Invested Amount $0.00
(4) The amount set forth in paragraph
3 above, per $1,000 original
certificate principal amount $0.00
(5) 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 all transactions on such
Distribution Date $0.00
E) Information regarding certain
distributions to the Collateral
Interest Holder
(1) The amount distributed to the
Collateral Interest Holder in
respect of interest on the Collateral
Invested Amount $348,480.90
(2) The amount distributed to the
Collateral Interest Holder in
respect
of principal on the Collateral
Invested Amount $0.00
F) Amount of reductions in Collateral
Invested Amount pursuant to
clauses (c), (d), and (e) of the
definition of
Collateral Invested Amount
(1) The amount of reductions in the
Collateral Invested Amount
pursuant to
clauses (c), (d), and (e) of the
definition of Collateral Invested
Amount $0.00
(2) The total amount reimbursed in
respect of such reductions in the
Collateral Invested Amount $0.00
UNIVERSAL CARD SERVICES CORP.,
Servicer
By: /s/ Dori Broglino
Name: Dori Broglino
Title: Servicing Officer
C-3
57
<PAGE>
RECEIVABLES ---
Beginning of the Month Principal $14,533,755,577.60
Receivables:
Beginning of the Month Finance Charge Receivables: $372,621,462.13
Beginning of the Month Discounted $0.00
Receivables:
Beginning of the Month Premium $0.00
Receivables:
Beginning of the Month Total $14,906,377,039.73
Receivables:
Removed Principal Receivables: $0.00
Removed Finance Charge Receivables: $0.00
Removed Total Receivables: $0.00
Additional Principal Receivables: $0.00
Additional Finance Charge Receivables: $0.00
Additional Total Receivables: $0.00
Discounted Receivables Generated this $0.00
Period:
Premium Receivables Generated this $0.00
Period:
End of the Month Principal Receivables: $14,263,822,150.45
End of the Month Finance Charge $399,429,637.29
Receivables:
End of the Month Discounted $0.00
Receivables:
End of the Month Premium Receivables: $0.00
End of the Month Total Receivables: $14,663,251,787.74
Special Funding Account Balance $0.00
Aggregate Invested Amount (all Master Trust Series) $11,750,000,000.00
End of the Month Total Transferor $2,913,251,787.74
Amount
DELINQUENCIES AND LOSSES ---
RECEIVABLES
End of the Month Delinquencies:
31-60 Days Delinquent $169,203,338.40
61-90 Days Delinquent $111,629,530.91
91+ Days Delinquent $193,598,161.87
Total 31+ Days Delinquent $474,431,031.18
Defaulted Accounts During the Month $53,950,640.06
C-4
58
<PAGE>
INVESTED AMOUNTS ---
Class A Initial Invested Amount $850,000,000
Class B Initial Invested Amount $80,000,000
Collateral Initial Invested Amount $70,000,000
INITIAL INVESTED AMOUNT $1,000,000,000
Class A Invested Amount $850,000,000.00
Class B Invested Amount $80,000,000.00
Collateral Invested Amount $70,000,000.00
INVESTED AMOUNT $1,000,000,000
Class A Adjusted Invested Amount $850,000,000.00
Class B Adjusted Invested Amount $80,000,000.00
Collateral Invested Amount $70,000,000.00
ADJUSTED INVESTED AMOUNT $1,000,000,000
MONTHLY SERVICING FEE $1,558,333.33
INVESTOR DEFAULT AMOUNT $3,712,092.15
GROUP 1 INFORMATION
WEIGHTED AVERAGE CERTIFICATE RATE FOR ALL SERIES 5.55879%
IN GROUP 1
GROUP 1 INVESTOR FINANCE CHARGE COLLECTIONS $52,840,649.33
GROUP 1 INVESTOR ADDITIONAL AMOUNTS $0.00
GROUP 1 INVESTOR DEFAULT AMOUNT $13,920,345.58
GROUP 1 INVESTOR MONTHLY FEES $5,843,750.00
GROUP 1 INVESTOR MONTHLY INTEREST $17,950,251.30
SERIES 1996-3 INFORMATION
SERIES 1996-3 ALLOCATION PERCENTAGE 8.51%
SERIES 1996-3 ALLOCABLE FINANCE CHARGE $17,037,632.78
COLLECTIONS
SERIES 1996-3 ADDITIONAL AMOUNTS $0.00
SERIES 1996-3 ALLOCABLE DEFAULTED AMOUNT $4,591,543.83
SERIES 1996-3 MONTHLY FEES $1,558,333.33
SERIES 1996-3 ALLOCABLE PRINCIPAL COLLECTIONS $184,223,582.88
SERIES 1996-3 REQUIRED TRANSFEROR AMOUNT $70,000,000.00
FLOATING ALLOCATION PERCENTAGE 80.85%
C-5
59
<PAGE>
INVESTOR FINANCE CHARGE COLLECTIONS $13,774,291.45
INVESTOR DEFAULT AMOUNT $3,712,092.15
REALLOCATED INVESTOR FINANCE CHARGE COLLECTIONS $14,167,048.16
PRINCIPAL ALLOCATIONS PERCENTAGE 80.85%
AVAILABLE PRINCIPAL COLLECTIONS $148,937,904.41
CLASS A AVAILABLE FUNDS ---
CLASS A FLOATING PERCENTAGE 85.00%
Class A Floating Percentage of $12,080,066.54
Reallocated
Investor Finance Charge Collections
Other Amounts $0.00
TOTAL CLASS A AVAILABLE FUNDS $12,080,066.54
Class A Monthly Interest $4,113,527.78
Class A Servicing Fee (if $0.00
applicable)
Class A Investor Default Amount $3,155,278.33
TOTAL CLASS A EXCESS SPREAD $4,811,260.43
CLASS A REQUIRED AMOUNT $0.00
CLASS B AVAILABLE FUNDS ---
CLASS B FLOATING PERCENTAGE 8.00%
CLASS B AVAILABLE FUNDS $1,133,363.85
Class B Monthly Interest $400,933.33
Class B Servicing Fee (if $0.00
applicable)
TOTAL CLASS B EXCESS SPREAD $732,430.52
COLLATERAL AVAILABLE FUNDS --
COLLATERAL FLOATING PERCENTAGE 7.00%
COLLATERAL AVAILABLE FUNDS $991,693.37
Collateral Interest Servicing Fee $0.00
(if applicable)
TOTAL COLLATERAL EXCESS SPREAD $991,693.37
EXCESS SPREAD ---
TOTAL EXCESS SPREAD $6,535,384.32
C-6
60
<PAGE>
Excess Spread Applied to Class A Required Amount $0.00
Excess Spread Applied to Class A Investor Charge $0.00
Offs
Excess Spread Applied to Class B Required Amount $296,967.37
Excess Spread Applied to Reductions of $0.00
Class B
Invested Amount pursuant to clauses (c), (d) and (e)
Excess Spread Applied to Collateral $348,480.90
Monthly Interest
Excess Spread Applied to Unpaid $1,558,333.33
Monthly Servicing Fee
Excess Spread Applied Collateral $259,846.45
Default Amount
Excess Spread Applied to Reductions of $0.00
Collateral Invested Amount Pursuant to
Clauses
(c), (d) and (e)
Excess Spread Applied to Reserve $0.00
Account
Excess Spread Applied to Other Amounts Owed to $0.00
Collateral Interest Holder
TOTAL EXCESS FINANCE CHARGE COLLECTIONS ELIGIBLE
FOR OTHER EXCESS ALLOCATION SERIES $4,071,756.26
EXCESS FINANCE CHARGES COLLECTIONS
TOTAL EXCESS FINANCE CHARGE COLLECTIONS $46,163,404.55
FOR ALL ALLOCATION SERIES
SERIES 1996-3 EXCESS FINANCE CHARGE COLLECTIONS ---
EXCESS FINANCE CHARGE COLLECTIONS $0.00
ALLOCATED TO SERIES 1996-3
Excess Finance Charge Collections $0.00
Applied to
Class A Required Amount
Excess Finance Charge Collections $0.00
Applied to
Class A Investor Charge Offs
Excess Finance Charge Collections $0.00
Applied to
Class B Required Amount
Excess Finance Charge Collections $0.00
Applied to
Reductions of Class B Invested Amount
Pursuant
to Clauses (c), (d) and (e)
Excess Finance Charge Collections $0.00
Applied to
Collateral Monthly Interest
Excess Finance Charge Collections $0.00
Applied to
Unpaid Monthly Servicing Fee
Excess Finance Charge Collections $0.00
Applied to
Collateral Default Amount
C-7
61
<PAGE>
Excess Finance Charge Collections $0.00
Applied to
Reductions of Collateral Invested
Amount
Pursuant to Clauses (c), (d) and (e)
Excess Finance Charge Collections $0.00
Applied to
Reserve Account
Excess Finance Charge Collections $0.00
Applied to
Other Amounts Owed to Collateral
Interest Holder
YIELD AND BASE RATE---
Base Rate (Current Month) 7.71% 1
Base Rate (Prior Month) 7.35% 1
Base Rate (Two Months Ago) 7.12% 1
THREE MONTH AVERAGE BASE RATE 7.39%
Series Adj Portfolio Yield (Curr Month) 12.59% 1
SEP : (22 posting days / 4 Mondays)
Series Adj Portfolio Yield (Prior Month) 12.99% 1
AUG : (22 posting days / 5 Mondays)
Series Adj Port Yield (Two Months Ago) 12.51% 1
JULY : (22 posting days / 4 Mondays)
THREE MONTH AVERAGE SERIES ADJUSTED PORTFOLIO 12.70%
YIELD
PRINCIPAL COLLECTIONS---
CLASS A PRINCIPAL PERCENTAGE 85.00%
Class A Principal Collections $126,597,218.75
CLASS B PRINCIPAL PERCENTAGE 8.00%
Class B Principal Collections $11,915,032.35
COLLATERAL PRINCIPAL PERCENTAGE 7.00%
Collateral Principal Collections $10,425,653.31
AVAILABLE PRINCIPAL COLLECTIONS $148,937,904.41
REALLOCATED PRINCIPAL COLLECTIONS $0.00
SERIES 1996-3 PRINCIPAL SHORTFALL $0.00
SHARED PRINCIPAL COLLECTIONS ALLOCABLE FROM OTHER $0.00
PRINCIPAL SHARING SERIES
C-8
62
<PAGE>
ACCUMULATION ---
Controlled Accumulation Amount $0.00
Deficit Controlled Accumulation Amount $0.00
CONTROLLED DEPOSIT AMOUNT $0.00
PRINCIPAL FUNDING ACCOUNT BALANCE $0.00
SHARED PRINCIPAL COLLECTIONS ELIGIBLE FOR OTHER $148,937,904.41
PRINCIPAL SHARING SERIES
INVESTOR CHARGE OFFS AND REIMBURSEMENTS--
CLASS A INVESTOR CHARGE OFFS $0.00
REDUCTIONS IN CLASS B INVESTED AMOUNT (OTHER THAN $0.00
BY PRINCIPAL PAYMENTS)
REDUCTIONS IN COLLATERAL INVESTED AMOUNT (OTHER $0.00
THAN BY PRINCIPAL PAYMENTS)
PREVIOUS CLASS A CHARGE OFFS REIMBURSED $0.00
PREVIOUS CLASS B INVESTED AMOUNT REDUCTIONS $0.00
REIMBURSED
PREVIOUS COLLATERAL INVESTED AMOUNT REDUCTIONS $0.00
REIMBURSED
UNIVERSAL CARD SERVICES CORP.,
as Servicer
By: /s/ Dori Broglino
Name: Dori Broglino
Title: Servicing Officer
63
<PAGE>
Exhibit 20.5
Universal Bank, N.A.
Credit Card Asset Backed
Securities
Universal Card Master Trust
Series 1997-1
Monthly Report 30-Sep-99
Distribution Date 18-Oct-99
------------------------------------------------------------------------
Monthly Trust Activity Class A Class B
Beginning Principal Receivables
Balance
Special Funding Account Balance
Ending Total Principal Balance
Series Allocation Percentage
Beginning Invested /Transferor 850,000,000.00 80,000,000.00
Amount
Adjusted Invested /Transferor 850,000,000.00 80,000,000.00
Amount
Floating Allocation Percentage 85.0000000% 8.0000000%
Principal Allocation Percentage 85.0000000% 8.0000000%
Finance Charge Collections 11,708,147.73 1,101,943.32
Total Yield
Trust Portfolio Yield
Principal Collections 126,597,218.75 11,915,032.35
Discount Percentage
Discount Option Receivable 0.00 0.00
Collections
Monthly Payment Rate
Defaults 3,155,278.33 296,967.37
Monthly Default Rate
Net Monthly Default Rate
Recoveries 269,066.12 25,323.87
Adjustments
New Receivables
Ending Principal Receivables
Balance
Minimum Series Required Balance
Special Funding Account Balance
Ending Total Principal Balance
Reallocated Principal 0.00
Charged-Off Principal 0.00 0.00
Reimbursed Principal 0.00 0.00
Ending Invested/Transferor Amounts 850,000,000.00 80,000,000.00
Group I Information Series 1995-3 Series 1996-1
Invested Amount 750,000,000.00 1,000,000,000.00
Average Rate 5.52279% 5.46654%
Investor Finance Charge 10,568,129.87 14,090,839.82
Collections
Investor Principal Collections 111,703,428.30 148,937,904.41
Investor Default Amount Due 2,784,069.12 3,712,092.15
Investor Monthly Interest Due 3,566,800.26 4,707,296.18
Investor Monthly Fees Due 1,168,750.00 1,558,333.33
Investor Additional Amounts Due 0.00 0.00
Monthly Funding Requirements Class A Class B
Investor Coupon 5.55500% 5.74500%
Investor Monthly Interest Due 4,065,951.39 395,766.67
Investor Outstanding Interest Due 0.00 0.00
Investor Additional Interest Due 0.00 0.00
Investor Total Interest Due 4,065,951.39 395,766.67
Investor Default Amount Due 3,155,278.33 296,967.37
Investor Monthly Fees Due 1,324,583.33 124,666.67
Investor Additional Fees Due 0.00 0.00
Total 8,545,813.05 817,400.71
64
<PAGE>
Reallocated Investor Finance Charge Collections
Interest/Principal/Spread Investment
Proceeds/Reserve Draw
Series Adjusted Portfolio Yield
Base Rate
Application of Collections Class A Class B
Available Funds 12,000,402.13 1,129,385.52
Monthly Interest Paid 4,065,951.39 395,766.67
Investor Default Amount Paid 3,155,278.33 0.00
Excess Spread 4,779,172.41 733,618.85
Monthly Interest Shortfall 0.00 0.00
Investor Default Amount Shortfall 0.00 296,967.37
Required Amount 0.00 296,967.37
Monthly Interest Paid 0.00 0.00
Investor Default Paid 0.00 296,967.37
Investor Additional Amounts Paid 0.00 0.00
Servicing Fee Paid
Excess Finance Charge Collections
Reallocated Principal 0.00
Monthly Interest Paid 0.00 0.00
Investor Default Paid 0.00 0.00
Outstanding Monthly Interest 0.00 0.00
Principal Charge-Offs 0.00 0.00
Principal Funding
Controlled Accumulation Amount 0.00 0.00
Principal Funding Account Deposit
Principal Funding Account Balance
Certificates Class A Class B
Beginning Certificates Balance 850,000,000.00 80,000,000.00
Interest Distribution 0.00 0.00
Principal Distribution 0.00 0.00
Total Distribution 0.00 0.00
Ending Certificate Balance 850,000,000.00 80,000,000.00
Pool Factor 100.000000% 100.000000%
Total Distribution Per 1,000 0.0000 0.0000
Certificate
Interest Distribution Per 1,000 0.0000 0.0000
Certificate
Principal Distribution Per 1,000 0.0000 0.0000
Certificate
1st Collection Account Deposit 4,065,951.39 395,766.67
2nd Collection Accounts Deposit 4,065,951.39 395,766.67
3rd Collection Accounts Deposit 0.00 0.00
Quarterly Interest Distribution 8,131,902.78 791,533.33
Delinquencies 1-30 31-60
Number of Accounts 240,006 62,342
Balance of Accounts 590,762,043 169,203,338
31+Days Delinquency Rate 3.2643%
Change in Account Owner Retained 0.0000%
Interest
Prior Month Account Owner Retained Interest Factor 0.0000%
Current Month Account Owner Retained Interest Factor 0.0000%
65
<PAGE>
Monthly Trust Activity CIA Investor Investor
Interest
Beginning Principal Receivables
Balance
Special Funding Account Balance
Ending Total Principal Balance
Series Allocation Percentage
Beginning Invested /Transferor 70,000,000.00 1,000,000,000.00
Amount
Adjusted Invested /Transferor 70,000,000.00 1,000,000,000.00
Amount
Floating Allocation Percentage 7.0000000% 80.8462750%
Principal Allocation Percentage 7.0000000% 80.8462750%
Finance Charge Collections 964,200.40 13,774,291.45
Total Yield
Trust Portfolio Yield
Principal Collections 10,425,653.31 148,937,904.41
Discount Percentage
Discount Option Receivable 0.00 0.00
Collections
Monthly Payment Rate
Defaults 259,846.45 3,712,092.15
Monthly Default Rate
Net Monthly Default Rate
Recoveries 22,158.39 316,548.37
Adjustments
New Receivables
Ending Principal Receivables
Balance
Minimum Series Required Balance
Special Funding Account Balance
Ending Total Principal Balance
Reallocated Principal 0.00
Charged-Off Principal 0.00
Reimbursed Principal 0.00
Ending Invested/Transferor Amounts 70,000,000.00 1,000,000,000.00
Group I Information Series 1996-3 Series 1997-1
Invested Amount 1,000,000,000.00 1,000,000,000.00
Average Rate 5.64729% 5.58954%
Investor Finance Charge 14,090,839.82 14,090,839.82
Collections
Investor Principal Collections 148,937,904.41 148,937,904.41
Investor Default Amount Due 3,712,092.15 3,712,092.15
Investor Monthly Interest Due 4,862,942.01 4,813,212.85
Investor Monthly Fees Due 1,558,333.33 1,558,333.33
Investor Additional Amounts Due 0.00 0.00
Monthly Funding Requirements CIA Investor Total
Investor Coupon 5.83125%
Investor Monthly Interest Due 351,494.79 4,813,212.85
Investor Outstanding Interest Due 0.00 0.00
Investor Additional Interest Due 0.00 0.00
Investor Total Interest Due 351,494.79 4,813,212.85
Investor Default Amount Due 259,846.45 3,712,092.15
Investor Monthly Fees Due 109,083.33 1,558,333.33
Investor Additional Fees Due 0.00 0.00
Total 720,424.58 10,083,638.34
66
<PAGE>
Reallocated Investor Finance Charge Collections 14,117,318.99
Interest/Principal/Spread 680.99
Investment Proceeds/Reserve Draw
Series Adjusted Portfolio Yield 12.49%
Base Rate 7.65%
Application of Collections CIA Investor Total
Available Funds 988,212.33 14,117,999.98
Monthly Interest Paid 0.00 4,461,718.06
Investor Default Amount Paid 0.00 3,155,278.33
Excess Spread 988,212.33 6,501,003.59
Monthly Interest Shortfall 0.00
Investor Default Amount Shortfall 296,967.37
Required Amount 296,967.37
Monthly Interest Paid 351,494.79 351,494.79
Investor Default Paid 259,846.45 556,813.82
Investor Additional Amounts Paid 0.00 0.00
Servicing Fee Paid 1,558,333.33
Excess Finance Charge Collections 4,034,361.64
Reallocated Principal 0.00 0.00
Monthly Interest Paid
Investor Default Paid 0.00
Outstanding Monthly Interest 0.00
Principal Charge-Offs 0.00
Principal Funding
Controlled Accumulation Amount 0.00 0.00
Principal Funding Account Deposit 0.00
Principal Funding Account Balance 0.00
Certificates CIA Investor Total
Beginning Certificates Balance 70,000,000.00 1,000,000,000.00
Interest Distribution 351,494.79 351,494.79
Principal Distribution 0.00 0.00
Total Distribution 351,494.79 351,494.79
Ending Certificate Balance 70,000,000.00 1,000,000,000.00
Pool Factor 100.000000%
Total Distribution Per 1,000 5.0214
Certificate
Interest Distribution Per 1,000 5.0214
Certificate
Principal Distribution Per 1,000 0.0000
Certificate
1st Collection Account Deposit 4,461,718.06
2nd Collection Accounts Deposit 4,461,718.06
3rd Collection Accounts Deposit 0.00
Quarterly Interest Distribution 8,923,436.11
Delinquencies 61-90 91-120
Number of Accounts 36,792 25,644
Balance of Accounts 111,629,531 81,434,901
31+Days Delinquency Rate 0.00 CIA Investor
Interest Reduced
Margin
67
<PAGE>
Monthly Trust Activity Transferor Series
Interest Allocations
Beginning Principal Receivables
Balance
Special Funding Account Balance
Ending Total Principal Balance
Series Allocation Percentage 8.51%
Beginning Invested /Transferor 236,915,368.31 1,236,915,368.31
Amount
Adjusted Invested /Transferor 236,915,368.31 1,236,915,368.31
Amount
Floating Allocation Percentage 19.1537250% 100.0000000%
Principal Allocation Percentage 19.1537250% 100.0000000%
Finance Charge Collections 3,263,341.33 17,037,632.78
Total Yield
Trust Portfolio Yield
Principal Collections 35,285,678.48 184,223,582.88
Discount Percentage
Discount Option Receivable 0.00 0.00
Collections
Monthly Payment Rate
Defaults 879,451.68 4,591,543.83
Monthly Default Rate
Net Monthly Default Rate
Recoveries 74,995.17 391,543.55
Adjustments
New Receivables
Ending Principal Receivables
Balance
Minimum Series Required Balance
Special Funding Account Balance
Ending Total Principal Balance
Reallocated Principal
Charged-Off Principal
Reimbursed Principal
Ending Invested/Transferor Amounts 213,942,310.68 1,213,942,310.68
Delinquencies 121+ Total
Number of Accounts 33,883 398,667
Balance of Accounts 112,163,261 1,065,193,073.68
68
<PAGE>
Monthly Trust Activity Trust
Totals
Beginning Principal Receivables 14,533,755,577.60
Balance
Special Funding Account Balance 0.00
Ending Total Principal Balance 14,533,755,577.60
Series Allocation Percentage
Beginning Invested /Transferor
Amount
Adjusted Invested /Transferor
Amount
Floating Allocation Percentage
Principal Allocation Percentage
Finance Charge Collections 200,192,185.20
Total Yield 16.53%
Trust Portfolio Yield 12.45%
Principal Collections 2,164,627,098.88
Discount Percentage 0.00%
Discount Option Receivable 0.00
Collections
Monthly Payment Rate 14.89%
Defaults 53,950,640.06
Monthly Default Rate 4.45%
Net Monthly Default Rate 4.07%
Recoveries 4,600,636.66
Adjustments 21,405,913.16
New Receivables 1,970,050,224.95
Ending Principal Receivables 14,263,822,150.45
Balance
Minimum Series Required Balance 1,070,000,000.00
Special Funding Account Balance 0.00
Ending Total Principal Balance 14,263,822,150.45
Reallocated Principal
Charged-Off Principal
Reimbursed Principal
Ending Invested/Transferor Amounts 14,263,822,150.45
Group I Information Group Total
Invested Amount 3,750,000,000.00
Average Rate 5.55879%
Investor Finance Charge 52,840,649.33
Collections
Investor Principal Collections 558,517,141.52
Investor Default Amount Due 13,920,345.58
Investor Monthly Interest Due 17,950,251.30
Investor Monthly Fees Due 5,843,750.00
Investor Additional Amounts Due 0.00
69
<PAGE>
Group: Group 1
Series: Series 1997-1
Supplement Date: 14-May-97
MONTHLY STATEMENT
UNIVERSAL CARD MASTER TRUST
SERIES 1997-1
Pursuant to the Pooling and Servicing Agreement dated as of August 1, 1995
(hereinafter as such agreement may have been or may be from time to time,
amended or otherwise modified, the "Pooling and Servicing Agreement"), among
Universal Card Services Corp. ("UCS") as Servicer, Universal Bank, N.A., as
Transferor, and Bankers Trust Company, as trustee (the 'Trustee'), as
supplemented by the Series 1997-1 Supplement dated as of 5/14/97 (the
"Supplement") among UCS, Universal Bank, N.A. and the Trustee, as Servicer is
required to prepare certain information each month regarding current
distributions to the Series 1997-1 Certificateholders and the performance of the
Universal Card Master Trust (the "Trust") during the previous month. The
information which is required to be prepared with respect to the Distribution
Date of 10/18/99 with respect to the performance of the Trust during the month
of 09/01/99 to 09/30/99 is set forth below. Certain of the information is
presented on the basis of an original principal amount of $1,000 per Series
1997-1 Certificate (a "Certificate"). Certain other information is presented
based on the aggregate amounts for the Trust as a whole. Capitalized terms used
in this Monthly Statement have their respective meanings set forth in the
Pooling and Servicing Agreement and the Supplement.
A) Information regarding
distribution in
respect of the Class A Certificates
per $1,000 original certificate
principal amount.
(1) The total amount of the
distribution in respect of Class A
Certificates, per $1,000 original
certificate principal amount $0.00000000
(2) The amount of the distribution
set forth in paragraph 1 above in
respect of interest on the Class A
Certificates, per $1,000 original
certificate principal amount $0.00000000
(3) The amount of the distribution
set forth in paragraph 1 above in
respect of principal of the Class A
Certificates, per $1,000 original
certificate principal amount $0.00000000
C-1
70
<PAGE>
B) Class A Investor Charge Offs and
Reimbursement of Charge Offs
(1) The amount of Class A Investor
Charge Offs $0.00
(2) The amount of Class A Investors
Charge Offs set forth in
paragraph 1 above, per $1,000 original
certificate
principal amount $0.00
(3) The total amount reimbursed in
respect of Class A Investor Charge
Offs $0.00
(4) The amount set forth in paragraph
3 above, per $1,000 original
certificate principal amount $0.00
(5) 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 all transactions on such
Distribution Date $0.00
C) Information regarding
distributions in
respect of the Class B Certificates,
per $1,000 original certificate
principal amount
(1) The total amount of the
distribution in respect of Class B
Certificates, per $1,000 original
certificate principal amount $0.00000000
(2) The amount of the distribution
set forth in paragraph 1 above in
respect of interest on the Class B
Certificates, per $1,000 original
certificate principal amount $0.00000000
(3) The amount of the distribution
set forth in paragraph 1 above in
respect of principal of the Class B
Certificates, per $1,000 original
certificate principal amount $0.00
D) Amount of reductions in Class B
Invested Amount pursuant to
clauses (c), (d), and (e) of the
definition of
Class B Invested Amount
(1) The amount of reductions in Class
B Invested Amount pursuant to
clauses (c), (d), and (e) of the
definition of
Class B Invested Amount $0.00
C-2
71
<PAGE>
(2) The amount of reductions in
the Class B Invested Amount set
forth in paragraph 1 above, per $1,000
original certificate principal $0.00
amount
(3) The total amount reimbursed in
respect of such reductions in the
Class B Invested Amount $0.00
(4) The amount set forth in paragraph
3 above, per $1,000 original
certificate principal amount $0.00
(5) 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 all transactions on such
Distribution Date $0.00
E) Information regarding certain
distributions to the Collateral
Interest Holder
(1) The amount distributed to the
Collateral Interest Holder in
respect of interest on the Collateral
Invested
Amount $351,494.79
(2) The amount distributed to the
Collateral Interest Holder in
respect
of principal on the Collateral
Invested Amount $0.00
F) Amount of reductions in Collateral
Invested Amount pursuant to
clauses (c), (d), and (e) of the
definition of
Collateral Invested Amount
(1) The amount of reductions in the
Collateral Invested Amount
pursuant to clauses (c), (d), and (e) of the
definition of Collateral Invested
Amount $0.00
(2) The total amount reimbursed in
respect of such reductions in the
Collateral Invested Amount $0.00
UNIVERSAL CARD SERVICES CORP.,
Servicer
By: /s/ Dori Broglino
Name: Dori Broglino
Title: Servicing Officer
C-3
72
<PAGE>
RECEIVABLES ---
Beginning of the Month Principal $14,533,755,577.60
Receivables:
Beginning of the Month Finance Charge Receivables: $372,621,462.13
Beginning of the Month Discounted $0.00
Receivables:
Beginning of the Month Premium $0.00
Receivables:
Beginning of the Month Total $14,906,377,039.73
Receivables:
Removed Principal Receivables: $0.00
Removed Finance Charge Receivables: $0.00
Removed Total Receivables: $0.00
Additional Principal Receivables: $0.00
Additional Finance Charge Receivables: $0.00
Additional Total Receivables: $0.00
Discounted Receivables Generated this $0.00
Period:
Premium Receivables Generated this $0.00
Period:
End of the Month Principal Receivables: $14,263,822,150.45
End of the Month Finance Charge $399,429,637.29
Receivables:
End of the Month Discounted $0.00
Receivables:
End of the Month Premium Receivables: $0.00
End of the Month Total Receivables: $14,663,251,787.74
Special Funding Account Balance $0.00
Aggregate Invested Amount (all Master Trust Series) $11,750,000,000.00
End of the Month Total Transferor $2,913,251,787.74
Amount
DELINQUENCIES AND LOSSES ---
RECEIVABLES
End of the Month Delinquencies:
31-60 Days Delinquent $169,203,338.40
61-90 Days Delinquent $111,629,530.91
91+ Days Delinquent $193,598,161.87
Total 31+ Days Delinquent $474,431,031.18
Defaulted Accounts During the Month $53,950,640.06
C-4
73
<PAGE>
INVESTED AMOUNTS ---
Class A Initial Invested Amount $850,000,000
Class B Initial Invested Amount $80,000,000
Collateral Initial Invested Amount $70,000,000
INITIAL INVESTED AMOUNT $1,000,000,000
Class A Invested Amount $850,000,000.00
Class B Invested Amount $80,000,000.00
Collateral Invested Amount $70,000,000.00
INVESTED AMOUNT $1,000,000,000
Class A Adjusted Invested Amount $850,000,000.00
Class B Adjusted Invested Amount $80,000,000.00
Collateral Invested Amount $70,000,000.00
ADJUSTED INVESTED AMOUNT $1,000,000,000
MONTHLY SERVICING FEE $1,558,333.33
INVESTOR DEFAULT AMOUNT $3,712,092.15
GROUP 1 INFORMATION
WEIGHTED AVERAGE CERTIFICATE RATE FOR ALL SERIES 5.55879%
IN GROUP 1
GROUP 1 INVESTOR FINANCE CHARGE COLLECTIONS $52,840,649.33
GROUP 1 INVESTOR ADDITIONAL AMOUNTS $0.00
GROUP 1 INVESTOR DEFAULT AMOUNT $13,920,345.58
GROUP 1 INVESTOR MONTHLY FEES $5,843,750.00
GROUP 1 INVESTOR MONTHLY INTEREST $17,950,251.30
SERIES 1997-1 INFORMATION
SERIES 1997-1 ALLOCATION PERCENTAGE 8.51%
SERIES 1997-1 ALLOCABLE FINANCE CHARGE $17,037,632.78
COLLECTIONS
SERIES 1997-1 ADDITIONAL AMOUNTS $0.00
SERIES 1997-1 ALLOCABLE DEFAULTED AMOUNT $4,591,543.83
SERIES 1997-1 MONTHLY FEES $1,558,333.33
SERIES 1997-1 ALLOCABLE PRINCIPAL COLLECTIONS $184,223,582.88
SERIES 1997-1 REQUIRED TRANSFEROR AMOUNT $70,000,000.00
FLOATING ALLOCATION PERCENTAGE 80.85%
C-5
74
<PAGE>
INVESTOR FINANCE CHARGE COLLECTIONS $13,774,291.45
INVESTOR DEFAULT AMOUNT $3,712,092.15
REALLOCATED INVESTOR FINANCE CHARGE COLLECTIONS $14,117,318.99
PRINCIPAL ALLOCATIONS PERCENTAGE 80.85%
AVAILABLE PRINCIPAL COLLECTIONS $148,937,904.41
CLASS A AVAILABLE FUNDS ---
CLASS A FLOATING PERCENTAGE 85.00%
Class A Floating Percentage of $12,000,402.13
Reallocated
Investor Finance Charge Collections
Other Amounts $0.00
TOTAL CLASS A AVAILABLE FUNDS $12,000,402.13
Class A Monthly Interest $4,065,951.39
Class A Servicing Fee (if $0.00
applicable)
Class A Investor Default Amount $3,155,278.33
TOTAL CLASS A EXCESS SPREAD $4,779,172.41
CLASS A REQUIRED AMOUNT $0.00
CLASS B AVAILABLE FUNDS ---
CLASS B FLOATING PERCENTAGE 8.00%
CLASS B AVAILABLE FUNDS $1,129,385.52
Class B Monthly Interest $395,766.67
Class B Servicing Fee (if $0.00
applicable)
TOTAL CLASS B EXCESS SPREAD $733,618.85
COLLATERAL AVAILABLE FUNDS --
COLLATERAL FLOATING PERCENTAGE 7.00%
COLLATERAL AVAILABLE FUNDS $988,212.33
Collateral Interest Servicing Fee $0.00
(if applicable)
TOTAL COLLATERAL EXCESS SPREAD $988,212.33
EXCESS SPREAD ---
TOTAL EXCESS SPREAD $6,501,003.59
C-6
75
<PAGE>
Excess Spread Applied to Class A Required Amount $0.00
Excess Spread Applied to Class A Investor Charge $0.00
Offs
Excess Spread Applied to Class B Required Amount $296,967.37
Excess Spread Applied to Reductions of $0.00
Class B
Invested Amount pursuant to clauses (c), (d) and (e)
Excess Spread Applied to Collateral $351,494.79
Monthly Interest
Excess Spread Applied to Unpaid $1,558,333.33
Monthly Servicing Fee
Excess Spread Applied Collateral $259,846.45
Default Amount
Excess Spread Applied to Reductions of $0.00
Collateral Invested Amount Pursuant to
Clauses (c), (d) and (e)
Excess Spread Applied to Reserve $0.00
Account
Excess Spread Applied to Other Amounts Owed to $0.00
Collateral Interest Holder
TOTAL EXCESS FINANCE CHARGE COLLECTIONS ELIGIBLE
FOR OTHER EXCESS ALLOCATION SERIES $4,034,361.64
EXCESS FINANCE CHARGES COLLECTIONS
TOTAL EXCESS FINANCE CHARGE COLLECTIONS $46,163,404.55
FOR ALL ALLOCATION SERIES
SERIES 1997-1 EXCESS FINANCE CHARGE COLLECTIONS ---
EXCESS FINANCE CHARGE COLLECTIONS $0.00
ALLOCATED TO SERIES 1997-1
Excess Finance Charge Collections $0.00
Applied to
Class A Required Amount
Excess Finance Charge Collections $0.00
Applied to
Class A Investor Charge Offs
Excess Finance Charge Collections $0.00
Applied to
Class B Required Amount
Excess Finance Charge Collections $0.00
Applied to
Reductions of Class B Invested Amount
Pursuant
to Clauses (c), (d) and (e)
Excess Finance Charge Collections $0.00
Applied to
Collateral Monthly Interest
Excess Finance Charge Collections $0.00
Applied to
Unpaid Monthly Servicing Fee
Excess Finance Charge Collections $0.00
Applied to
Collateral Default Amount
C-7
76
<PAGE>
Excess Finance Charge Collections $0.00
Applied to
Reductions of Collateral Invested
Amount
Pursuant to Clauses (c), (d) and (e)
Excess Finance Charge Collections $0.00
Applied to
Reserve Account
Excess Finance Charge Collections $0.00
Applied to
Other Amounts Owed to Collateral
Interest Holder
YIELD AND BASE RATE---
Base Rate (Current Month) 7.65% 1
Base Rate (Prior Month) 7.64% 1
Base Rate (Two Months Ago) 6.97% 1
THREE MONTH AVERAGE BASE RATE 7.42%
Series Adj Portfolio Yield (Curr Month) 12.49% 1
SEP : (22 posting days / 4 Mondays)
Series Adj Portfolio Yield (Prior Month) 13.30% 1
AUG : (22 posting days / 5 Mondays)
Series Adj Port Yield (Two Months Ago) 12.39% 1
JULY : (22 posting days / 4 Mondays)
THREE MONTH AVERAGE SERIES ADJUSTED PORTFOLIO 12.73%
YIELD
PRINCIPAL COLLECTIONS---
CLASS A PRINCIPAL PERCENTAGE 85.00%
Class A Principal Collections $126,597,218.75
CLASS B PRINCIPAL PERCENTAGE 8.00%
Class B Principal Collections $11,915,032.35
COLLATERAL PRINCIPAL PERCENTAGE 7.00%
Collateral Principal Collections $10,425,653.31
AVAILABLE PRINCIPAL COLLECTIONS $148,937,904.41
REALLOCATED PRINCIPAL COLLECTIONS $0.00
SERIES 1997-1 PRINCIPAL SHORTFALL $0.00
SHARED PRINCIPAL COLLECTIONS ALLOCABLE FROM OTHER $0.00
PRINCIPAL SHARING SERIES
C-8
77
<PAGE>
ACCUMULATION ---
Controlled Accumulation Amount $0.00
Deficit Controlled Accumulation Amount $0.00
CONTROLLED DEPOSIT AMOUNT $0.00
PRINCIPAL FUNDING ACCOUNT BALANCE $0.00
SHARED PRINCIPAL COLLECTIONS ELIGIBLE FOR OTHER $148,937,904.41
PRINCIPAL SHARING SERIES
INVESTOR CHARGE OFFS AND REIMBURSEMENTS--
CLASS A INVESTOR CHARGE OFFS $0.00
REDUCTIONS IN CLASS B INVESTED AMOUNT (OTHER THAN $0.00
BY PRINCIPAL PAYMENTS)
REDUCTIONS IN COLLATERAL INVESTED AMOUNT (OTHER $0.00
THAN BY PRINCIPAL PAYMENTS)
PREVIOUS CLASS A CHARGE OFFS REIMBURSED $0.00
PREVIOUS CLASS B INVESTED AMOUNT REDUCTIONS $0.00
REIMBURSED
PREVIOUS COLLATERAL INVESTED AMOUNT REDUCTIONS $0.00
REIMBURSED
UNIVERSAL CARD SERVICES CORP.,
as Servicer
By: /s/ Dori Broglino
Name: Dori Broglino
Title: Servicing Officer
78
<PAGE>
