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) September 17, 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)
Registrant s telephone number, including area code (706) 562-2200
N/A
(Former Name or Former Address, if Changed Since Last Report)
1
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INFORMATION TO BE INCLUDED IN THE REPORT
Items 1-4. Not Applicable
Item 5. The Certificateholder Statements for the month ending
Aug. 31 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 September
17, 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
September 17, 1999 with respect to the
Universal Card Master Trust Series 1995-2.
Exhibit 20.2 Monthly Servicing Report dated
September 17, 1999 with respect to the
Universal Card Master Trust Series 1995-3.
Exhibit 20.3 Monthly Servicing Report dated
September 17, 1999 with respect to the
Universal Card Master Trust Series 1996-1.
Exhibit 20.4 Monthly Servicing Report dated
September 17, 1999 with respect to the
Universal Card Master Trust Series 1996-3.
Exhibit 20.5 Monthly Servicing Report dated
September 17, 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 & Chief
Operating Officer
2
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EXHIBIT INDEX
Exhibit Description Page
20.1 Monthly Servicing Report dated
September 17, 1999 with respect to the
Universal Card Master Trust Series 1995-2.
20.2 Monthly Servicing Report dated
September 17, 1999 with respect to the
Universal Card Master Trust Series 1995-3.
20.3 Monthly Servicing Report dated
September 17, 1999 with respect to the
Universal Card Master Trust Series 1996-1.
20.4 Monthly Servicing Report dated
September 17, 1999 with respect to the
Universal Card Master Trust Series 1996-3.
20.5 Monthly Servicing Report dated
September 17, 1999 with respect to the
Universal Card Master Trust Series 1997-1.
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Exhibit 20.1
Universal Bank, N.A.
Credit Card Asset Backed
Securities
Universal Card Master Trust
Series 1995-2
Monthly Report 31-Aug-99
Distribution Date 17-Sep-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 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 9,601,181.30 506,729.01
Total Yield
Trust Portfolio Yield
Principal Collections 106,377,237.99 5,614,354.23
Discount Percentage
Discount Option Receivable 0.00 0.00
Collections
Monthly Payment Rate
Defaults 2,443,420.80 128,958.32
Monthly Default Rate
Net Monthly Default Rate
Recoveries 230,881.83 12,185.43
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 5.94013% 0.0000%
Investor Finance Charge 10,924,514.59 0.00
Collections
Investor Principal Collections 118,196,931.10 0.00
Investor Default Amount Due 2,714,912.00 0.00
Investor Monthly Interest Due 3,718,733.79 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 2,443,420.80 128,958.32
Investor Monthly Fees Due 1,051,875.00 55,515.63
Investor Additional Fees Due 0.00 0.00
Total 6,842,170.80 365,567.69
------------------------------------------------------------------------
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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 9,832,600.06 518,914.44
Monthly Interest Paid 3,346,875.00 181,093.75
Investor Default Amount Paid 2,443,420.80 0.00
Excess Spread 4,042,304.26 337,820.69
------------------------------------------------------------------------
Monthly Interest Shortfall 0.00 0.00
Investor Default Amount Shortfall 0.00 128,958.32
Required Amount 0.00 128,958.32
------------------------------------------------------------------------
Monthly Interest Paid 0.00 0.00
Investor Default Paid 0.00 128,958.32
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 220,887 60,343
Balance of Accounts 535,383,107 159,544,670
31+Days Delinquency Rate 3.0516%
Change in Account Owner Retained 0.0000%
Interest
Prior Month Account Owner 0.0000%
Retained Interest Factor
Current Month Account Owner 0.0000%
Retained Interest Factor
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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% 79.1614430%
Principal Allocation Percentage 5.2500000% 79.1614430%
Finance Charge Collections 560,068.91 10,667,979.22
Total Yield
Trust Portfolio Yield
Principal Collections 6,205,338.88 118,196,931.10
Discount Percentage
Discount Option Receivable 0.00 0.00
Collections
Monthly Payment Rate
Defaults 142,532.88 2,714,912.00
Monthly Default Rate
Net Monthly Default Rate
Recoveries 13,468.11 256,535.37
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 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 5.62625%
Investor Monthly Interest Due 190,765.04 3,718,733.79
Investor Outstanding Interest Due 0.00 0.00
Investor Additional Interest Due 0.00 0.00
Investor Total Interest Due 190,765.04 3,718,733.79
Investor Default Amount Due 142,532.88 2,714,912.00
Investor Monthly Fees Due 61,359.38 1,168,750.00
Investor Additional Fees Due 0.00 0.00
Total 394,657.29 7,602,395.79
------------------------------------------------------------------------
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Reallocated Investor Finance 10,924,514.59
Charge Collections
Interest/Principal/Spread 536.93
Investment Proceeds/Reserve Draw
Series Adjusted Portfolio Yield 13.14%
Base Rate 7.82%
------------------------------------------------------------------------
Application of Collections CIA Investor Total
Available Funds 573,537.02 10,925,051.52
Monthly Interest Paid 0.00 3,527,968.75
Investor Default Amount Paid 0.00 2,443,420.80
Excess Spread 573,537.02 4,953,661.97
------------------------------------------------------------------------
Monthly Interest Shortfall 0.00
Investor Default Amount Shortfall 128,958.32
Required Amount 128,958.32
------------------------------------------------------------------------
Monthly Interest Paid 190,765.04 190,765.04
Investor Default Paid 142,532.88 271,491.20
Investor Additional Amounts Paid 0.00 0.00
Servicing Fee Paid 1,168,750.00
Excess Finance Charge Collections 3,322,655.73
------------------------------------------------------------------------
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 190,765.04 3,718,733.79
Principal Distribution 0.00 0.00
Total Distribution 190,765.04 3,718,733.79
Ending Certificate Balance 39,375,000.00 750,000,000.00
Pool Factor 100.000000%
Total Distribution Per 1,000 4.8448
Certificate
------------------------------------------------------------------------
Interest Distribution Per 1,000 4.8448
Certificate
Principal Distribution Per 1,000 0.0000
Certificate
Delinquencies 61-90 91-120
Number of Accounts 36,109 25,705
Balance of Accounts 107,610,897 79,907,870
31+Days Delinquency Rate 0.00 CIA Investor
Interest Reduced
Margin
Change in Account Owner Retained
Interest
Prior Month Account Owner
Retained Interest Factor
Current Month Account Owner
Retained Interest Factor
7
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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 197,430,935.00 947,430,935.00
Amount
Adjusted Invested /Transferor 197,430,935.00 947,430,935.00
Amount
Floating Allocation Percentage 20.8385570% 100.0000000%
Principal Allocation Percentage 20.8385570% 100.0000000%
Finance Charge Collections 2,808,252.15 13,476,231.37
Total Yield
Trust Portfolio Yield
Principal Collections 31,114,307.49 149,311,238.59
Discount Percentage
Discount Option Receivable 0.00 0.00
Collections
Monthly Payment Rate
Defaults 714,676.82 3,429,588.82
Monthly Default Rate
Net Monthly Default Rate
Recoveries 67,530.69 324,066.06
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 177,686,526.23 927,686,526.23
------------------------------------------------------------------------
Group II Information Group Total
Invested Amount 750,000,000.00
Average Rate 5.94013%
Investor Finance Charge 10,924,514.59
Collections
Investor Principal Collections 118,196,931.10
Investor Default Amount Due 2,714,912.00
Investor Monthly Interest Due 3,718,733.79
Investor Monthly Fees Due 1,168,750.00
Investor Additional Amounts Due 0.00
------------------------------------------------------------------------
Delinquencies 121+ Total
Number of Accounts 32,178 375,222
Balance of Accounts 105,893,478 988,340,021.72
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Monthly Trust Activity Trust
Totals
Beginning Principal Receivables 14,843,084,648.30
Balance
Special Funding Account Balance 0.00
Ending Total Principal Balance 14,843,084,648.30
Series Allocation Percentage
Beginning Invested /Transferor
Amount
Adjusted Invested /Transferor
Amount
Floating Allocation Percentage
Principal Allocation Percentage
Finance Charge Collections 211,127,624.83
Total Yield 17.07%
Trust Portfolio Yield 13.14%
Principal Collections 2,339,209,404.59
Discount Percentage 0.00%
Discount Option Receivable 0.00
Collections
Monthly Payment Rate 15.76%
Defaults 53,730,224.83
Monthly Default Rate 4.34%
Net Monthly Default Rate 3.93%
Recoveries 5,077,034.87
Adjustments 19,913,254.82
New Receivables 2,103,523,813.54
Ending Principal Receivables 14,533,755,577.60
Balance
Minimum Series Required Balance 802,500,000.00
Special Funding Account Balance 0.00
Ending Total Principal Balance 14,533,755,577.60
Reallocated Principal
Charged-Off Principal
Reimbursed Principal
Ending Invested/Transferor Amounts 14,533,755,577.60
-----------------------------------------------------
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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 09/17/99 with respect to the
performance of the Trust during the month of 08/01/99 to 08/31/99 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
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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
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(2) The amount of reductions in
the Class B Invested Amount set forth
in paragraph 1 above, per $1,000
original certificate principal amount $0.00
(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 $190,765.04
(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/ Thomas F. Donahue
-------------------------------------
Name: Thomas F. Donahue
Title: Servicing Officer
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RECEIVABLES ---
Beginning of the Month Principal $14,843,084,648.30
Receivables:
Beginning of the Month Finance Charge $356,594,723.57
Receivables:
Beginning of the Month Discounted $0.00
Receivables:
Beginning of the Month Premium $0.00
Receivables:
Beginning of the Month Total $15,199,679,371.87
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: $14,533,755,577.60
End of the Month Finance Charge $372,621,462.13
Receivables:
End of the Month Discounted Receivables: $0.00
End of the Month Premium Receivables: $0.00
End of the Month Total Receivables: $14,906,377,039.73
Special Funding Account Balance $0.00
Aggregate Invested Amount (all Master $11,750,000,000.00
Trust Series)
End of the Month Total Transferor Amount $3,156,377,039.73
DELINQUENCIES AND LOSSES ---
RECEIVABLES
End of the Month Delinquencies:
31-60 Days Delinquent $159,544,670.15
61-90 Days Delinquent $107,610,896.70
91+ Days Delinquent $185,801,347.76
Total 31+ Days Delinquent $452,956,914.61
Defaulted Accounts During the Month $53,730,224.83
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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 $2,714,912.00
GROUP II INFORMATION
WEIGHTED AVERAGE CERTIFICATE RATE FOR ALL SERIES 5.94013%
IN GROUP II
GROUP II INVESTOR FINANCE CHARGE $10,924,514.59
COLLECTIONS
GROUP II INVESTOR ADDITIONAL AMOUNTS $0.00
GROUP II INVESTOR DEFAULT AMOUNT $2,714,912.00
GROUP II INVESTOR MONTHLY FEES $1,168,750.00
GROUP II INVESTOR MONTHLY INTEREST $3,718,733.79
SERIES 1995-2 INFORMATION
SERIES 1995-2 ALLOCATION PERCENTAGE 6.38%
SERIES 1995-2 ALLOCABLE FINANCE CHARGE $13,476,231.37
COLLECTIONS
SERIES 1995-2 ADDITIONAL AMOUNTS $0.00
SERIES 1995-2 ALLOCABLE DEFAULTED AMOUNT $3,429,588.82
SERIES 1995-2 MONTHLY FEES $1,168,750.00
SERIES 1995-2 ALLOCABLE PRINCIPAL $149,311,238.59
COLLECTIONS
SERIES 1995-2 REQUIRED TRANSFEROR AMOUNT $52,500,000.00
FLOATING ALLOCATION PERCENTAGE 79.16%
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INVESTOR FINANCE CHARGE COLLECTIONS $10,667,979.22
INVESTOR DEFAULT AMOUNT $2,714,912.00
REALLOCATED INVESTOR FINANCE CHARGE COLLECTIONS $10,924,514.59
PRINCIPAL ALLOCATIONS PERCENTAGE 79.16%
AVAILABLE PRINCIPAL COLLECTIONS $118,196,931.10
CLASS A AVAILABLE FUNDS ---
CLASS A FLOATING PERCENTAGE 90.00%
Class A Floating Percentage of $9,832,600.06
Reallocated
Investor Finance Charge Collections
Other Amounts $0.00
TOTAL CLASS A AVAILABLE FUNDS $9,832,600.06
Class A Monthly Interest $3,346,875.00
Class A Servicing Fee (if applicable) $0.00
Class A Investor Default Amount $2,443,420.80
TOTAL CLASS A EXCESS SPREAD $4,042,304.26
CLASS A REQUIRED AMOUNT $0.00
CLASS B AVAILABLE FUNDS ---
CLASS B FLOATING PERCENTAGE 4.75%
CLASS B AVAILABLE FUNDS $518,914.44
Class B Monthly Interest $181,093.75
Class B Servicing Fee (if applicable) $0.00
TOTAL CLASS B EXCESS SPREAD $337,820.69
COLLATERAL AVAILABLE FUNDS --
COLLATERAL FLOATING PERCENTAGE 5.25%
COLLATERAL AVAILABLE FUNDS $573,537.02
Collateral Interest Servicing Fee $0.00
(if applicable)
TOTAL COLLATERAL EXCESS SPREAD $573,537.02
EXCESS SPREAD ---
TOTAL EXCESS SPREAD $4,953,661.97
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Excess Spread Applied to Class A $0.00
Required Amount
Excess Spread Applied to Class A $0.00
Investor Chargeoffs
Excess Spread Applied to Class B $128,958.32
Required Amount
Excess Spread Applied to Reductions of $0.00
Class B Invested Amount pursuant to clauses
(c), (d) and (e)
Excess Spread Applied to Collateral $190,765.04
Monthly Interest
Excess Spread Applied to Unpaid Monthly $1,168,750.00
Servicing Fee
Excess Spread Applied Collateral $142,532.88
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 Account $0.00
Excess Spread Applied to Other Amounts $0.00
Owed to Collateral Interest Holder
TOTAL EXCESS FINANCE CHARGE COLLECTIONS ELIGIBLE
FOR OTHER EXCESS ALLOCATION SERIES $3,322,655.73
EXCESS FINANCE CHARGES COLLECTIONS
TOTAL EXCESS FINANCE CHARGE $54,581,284.90
COLLECTIONS
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
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<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) 7.82% 1
Base Rate (Prior Month) 7.93% 1
Base Rate (Two Months Ago) 7.94% 1
THREE MONTH AVERAGE BASE RATE 7.90%
Series Adj Portfolio Yield (Curr Month) 13.14% 1
AUG : (22 posting days / 5 Mondays)
Series Adj Portfolio Yield (Prior Month) 12.56% 1
JULY : (22 posting days / 4 Mondays)
Series Adj Port Yield (Two Months Ago) 12.01% 1
JUNE : (22 posting days / 4 Mondays)
THREE MONTH AVERAGE SERIES ADJUSTED 12.57%
PORTFOLIO YIELD
PRINCIPAL COLLECTIONS---
CLASS A PRINCIPAL PERCENTAGE 90.00%
Class A Principal Collections $106,377,237.99
CLASS B PRINCIPAL PERCENTAGE 4.75%
Class B Principal Collections $5,614,354.23
COLLATERAL PRINCIPAL PERCENTAGE 5.25%
Collateral Principal Collections $6,205,338.88
AVAILABLE PRINCIPAL COLLECTIONS $118,196,931.10
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 $118,196,931.10
FOR OTHER
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 $0.00
REDUCTIONS
REIMBURSED
PREVIOUS COLLATERAL INVESTED AMOUNT REDUCTIONS $0.00
REIMBURSED
UNIVERSAL CARD SERVICES CORP.,
as Servicer
By: /s/ Thomas F. Donahue
-------------------------------------
Name: Thomas F. Donahue
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 31-Aug-99
Distribution Date 17-Sep-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 9,281,141.92 640,078.75
Total Yield
Trust Portfolio Yield
Principal Collections 102,831,330.05 7,091,815.87
Discount Percentage
Discount Option Receivable 0.00 0.00
Collections
Monthly Payment Rate
Defaults 2,361,973.44 162,894.72
Monthly Default Rate
Net Monthly Default Rate
Recoveries 223,185.77 15,392.12
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 5.51544% 5.45919%
Investor Finance Charge 10,924,514.59 14,566,019.45
Collections
Investor Principal Collections 118,196,931.10 157,595,908.13
Investor Default Amount Due 2,714,912.00 3,619,882.67
Investor Monthly Interest Due 3,562,053.39 4,700,967.01
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 2,361,973.44 162,894.72
Investor Monthly Fees Due 1,016,812.50 70,125.00
Investor Additional Fees Due 0.00 0.00
Total 6,469,098.44 450,407.22
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 9,535,443.68 657,583.53
Monthly Interest Paid 3,090,312.50 217,387.50
Investor Default Amount Paid 2,361,973.44 0.00
Excess Spread 4,083,157.74 440,196.03
------------------------------------------------------------------------
Monthly Interest Shortfall 0.00 0.00
Investor Default Amount Shortfall 0.00 162,894.72
Required Amount 0.00 162,894.72
------------------------------------------------------------------------
Monthly Interest Paid 0.00 0.00
Investor Default Paid 0.00 162,894.72
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 0.00 0.00
Principal Distribution 0.00 0.00
Total Distribution 0.00 0.00
Ending Certificate Balance 652,500,000.00 45,000,000.00
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 Accounts Deposit 2,890,937.50 203,362.50
2nd Collection Accounts Deposit 3,090,312.50 217,387.50
3rd Collection Accounts Deposit 0.00 0.00
Quarterly Interest Distribution 5,981,250.00 420,750.00
Delinquencies 1-30 31-60
Number of Accounts 220,887 60,343
Balance of Accounts 535,383,107 159,544,670
31+Days Delinquency Rate 3.0516%
Change in Account Owner Retained 0.0000%
Interest
Prior Month Account Owner 0.0000%
Retained Interest Factor
Current Month Account Owner 0.0000%
Retained Interest Factor
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% 79.1614430%
Principal Allocation Percentage 7.0000000% 79.1614430%
Finance Charge Collections 746,758.55 10,667,979.22
Total Yield
Trust Portfolio Yield
Principal Collections 8,273,785.18 118,196,931.10
Discount Percentage
Discount Option Receivable 0.00 0.00
Collections
Monthly Payment Rate
Defaults 190,043.84 2,714,912.00
Monthly Default Rate
Net Monthly Default Rate
Recoveries 17,957.48 256,535.37
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 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 5.30049% 5.58219%
Investor Finance Charge 14,566,019.45 14,566,019.45
Collections
Investor Principal Collections 157,595,908.13 157,595,908.13
Investor Default Amount Due 3,619,882.67 3,619,882.67
Investor Monthly Interest Due 4,564,308.68 4,806,883.68
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 5.62625%
Investor Monthly Interest Due 254,353.39 3,562,053.39
Investor Outstanding Interest Due 0.00 0.00
Investor Additional Interest Due 0.00 0.00
Investor Total Interest Due 254,353.39 3,562,053.39
Investor Default Amount Due 190,043.84 2,714,912.00
Investor Monthly Fees Due 81,812.50 1,168,750.00
Investor Additional Fees Due 0.00 0.00
Total 526,209.73 7,445,715.38
------------------------------------------------------------------------
Reallocated Investor Finance 10,959,725.42
Charge Collections
Interest/Principal/Spread 482.56
Investment Proceeds/Reserve Draw
Series Adjusted Portfolio Yield 13.19%
Base Rate 7.57%
------------------------------------------------------------------------
21
<PAGE>
Application of Collections CIA Investor Total
Available Funds 767,180.78 10,960,207.98
Monthly Interest Paid 0.00 3,307,700.00
Investor Default Amount Paid 0.00 2,361,973.44
Excess Spread 767,180.78 5,290,534.54
------------------------------------------------------------------------
Monthly Interest Shortfall 0.00
Investor Default Amount Shortfall 162,894.72
Required Amount 162,894.72
------------------------------------------------------------------------
Monthly Interest Paid 254,353.39 254,353.39
Investor Default Paid 190,043.84 352,938.56
Investor Additional Amounts Paid 0.00 0.00
Servicing Fee Paid 1,168,750.00
Excess Finance Charge Collections 3,514,492.60
------------------------------------------------------------------------
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 254,353.39 254,353.39
Principal Distribution 0.00 0.00
Total Distribution 254,353.39 254,353.39
Ending Certificate Balance 52,500,000.00 750,000,000.00
Pool Factor 100.000000%
Total Distribution Per 1,000 4.8448
Certificate
Interest Distribution Per 1,000 4.8448
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 0.00
Quarterly Interest Distribution 6,402,000.00
Delinquencies 61-90 91-120
Number of Accounts 36,109 25,705
Balance of Accounts 107,610,897 79,907,870
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 197,430,935.00 947,430,935.00
Amount
Adjusted Invested /Transferor 197,430,935.00 947,430,935.00
Amount
Floating Allocation Percentage 20.8385570% 100.0000000%
Principal Allocation Percentage 20.8385570% 100.0000000%
Finance Charge Collections 2,808,252.15 13,476,231.37
Total Yield
Trust Portfolio Yield
Principal Collections 31,114,307.49 149,311,238.59
Discount Percentage
Discount Option Receivable 0.00 0.00
Collections
Monthly Payment Rate
Defaults 714,676.82 3,429,588.82
Monthly Default Rate
Net Monthly Default Rate
Recoveries 67,530.69 324,066.06
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 177,686,526.23 927,686,526.23
------------------------------------------------------------------------
Delinquencies 121+ Total
Number of Accounts 32,178 375,222
Balance of Accounts 105,893,478 988,340,021.72
23
<PAGE>
Monthly Trust Activity Trust
Totals
Beginning Principal Receivables 14,843,084,648.30
Balance
Special Funding Account Balance 0.00
Ending Total Principal Balance 14,843,084,648.30
Series Allocation Percentage
Beginning Invested /Transferor
Amount
Adjusted Invested /Transferor
Amount
Floating Allocation Percentage
Principal Allocation Percentage
Finance Charge Collections 211,127,624.83
Total Yield 17.07%
Trust Portfolio Yield 13.14%
Principal Collections 2,339,209,404.59
Discount Percentage 0.00%
Discount Option Receivable 0.00
Collections
Monthly Payment Rate 15.76%
Defaults 53,730,224.83
Monthly Default Rate 4.34%
Net Monthly Default Rate 3.93%
Recoveries 5,077,034.87
Adjustments 19,913,254.82
New Receivables 2,103,523,813.54
Ending Principal Receivables 14,533,755,577.60
Balance
Minimum Series Required Balance 802,500,000.00
Special Funding Account Balance 0.00
Ending Total Principal Balance 14,533,755,577.60
Reallocated Principal
Charged-Off Principal
Reimbursed Principal
Ending Invested/Transferor Amounts 14,533,755,577.60
-----------------------------------------------------
Group I Information Group Total
Invested Amount 3,750,000,000.00
Average Rate 5.46092%
Investor Finance Charge 54,622,572.94
Collections
Investor Principal Collections 590,984,655.49
Investor Default Amount Due 13,574,560.00
Investor Monthly Interest Due 17,634,212.76
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 09/17/99 with respect to the performance of the Trust
during the month of 08/01/99 to 08/31/99 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 $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
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 $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
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 amount $0.00
(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 $254,353.39
(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/ Thomas F. Donahue
-------------------------------------
Name: Thomas F. Donahue
Title: Servicing Officer
C-3
27
<PAGE>
RECEIVABLES ---
Beginning of the Month Principal $14,843,084,648.30
Receivables:
Beginning of the Month Finance Charge $356,594,723.57
Receivables:
Beginning of the Month Discounted $0.00
Receivables:
Beginning of the Month Premium $0.00
Receivables:
Beginning of the Month Total $15,199,679,371.87
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: $14,533,755,577.60
End of the Month Finance Charge $372,621,462.13
Receivables:
End of the Month Discounted Receivables: $0.00
End of the Month Premium Receivables: $0.00
End of the Month Total Receivables: $14,906,377,039.73
Special Funding Account Balance $0.00
Aggregate Invested Amount (all Master $11,750,000,000.00
Trust Series)
End of the Month Total Transferor Amount $3,156,377,039.73
DELINQUENCIES AND LOSSES ---
RECEIVABLES
End of the Month Delinquencies:
31-60 Days Delinquent $159,544,670.15
61-90 Days Delinquent $107,610,896.70
91+ Days Delinquent $185,801,347.76
Total 31+ Days Delinquent $452,956,914.61
Defaulted Accounts During the Month $53,730,224.83
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 $2,714,912.00
GROUP 1 INFORMATION
WEIGHTED AVERAGE CERTIFICATE RATE FOR ALL SERIES 5.46092%
IN GROUP 1
GROUP 1 INVESTOR FINANCE CHARGE $54,622,572.94
COLLECTIONS
GROUP 1 INVESTOR ADDITIONAL AMOUNTS $0.00
GROUP 1 INVESTOR DEFAULT AMOUNT $13,574,560.00
GROUP 1 INVESTOR MONTHLY FEES $5,843,750.00
GROUP 1 INVESTOR MONTHLY INTEREST $17,634,212.76
SERIES 1995-3 INFORMATION
SERIES 1995-3 ALLOCATION PERCENTAGE 6.38%
SERIES 1995-3 ALLOCABLE FINANCE CHARGE $13,476,231.37
COLLECTIONS
SERIES 1995-3 ADDITIONAL AMOUNTS $0.00
SERIES 1995-3 ALLOCABLE DEFAULTED $3,429,588.82
AMOUNT
SERIES 1995-3 MONTHLY FEES $1,168,750.00
SERIES 1995-3 ALLOCABLE PRINCIPAL $149,311,238.59
COLLECTIONS
SERIES 1995-3 REQUIRED TRANSFEROR $52,500,000.00
AMOUNT
FLOATING ALLOCATION PERCENTAGE 79.16%
C-5
29
<PAGE>
INVESTOR FINANCE CHARGE COLLECTIONS $10,667,979.22
INVESTOR DEFAULT AMOUNT $2,714,912.00
REALLOCATED INVESTOR FINANCE CHARGE COLLECTIONS $10,959,725.42
PRINCIPAL ALLOCATIONS PERCENTAGE 79.16%
AVAILABLE PRINCIPAL COLLECTIONS $118,196,931.10
CLASS A AVAILABLE FUNDS ---
CLASS A FLOATING PERCENTAGE 87.00%
Class A Floating Percentage of $9,535,443.68
Reallocated
Investor Finance Charge Collections
Other Amounts $0.00
TOTAL CLASS A AVAILABLE FUNDS $9,535,443.68
Class A Monthly Interest $3,090,312.50
Class A Servicing Fee (if applicable) $0.00
Class A Investor Default Amount $2,361,973.44
TOTAL CLASS A EXCESS SPREAD $4,083,157.74
CLASS A REQUIRED AMOUNT $0.00
CLASS B AVAILABLE FUNDS ---
CLASS B FLOATING PERCENTAGE 6.00%
CLASS B AVAILABLE FUNDS $657,583.53
Class B Monthly Interest $217,387.50
Class B Servicing Fee (if applicable) $0.00
TOTAL CLASS B EXCESS SPREAD $440,196.03
COLLATERAL AVAILABLE FUNDS --
COLLATERAL FLOATING PERCENTAGE 7.00%
COLLATERAL AVAILABLE FUNDS $767,180.78
Collateral Interest Servicing Fee $0.00
(if applicable)
TOTAL COLLATERAL EXCESS SPREAD $767,180.78
EXCESS SPREAD ---
TOTAL EXCESS SPREAD $5,290,534.54
C-6
30
<PAGE>
Excess Spread Applied to Class A $0.00
Required Amount
Excess Spread Applied to Class A $0.00
Investor Charge Offs
Excess Spread Applied to Class B $162,894.72
Required Amount
Excess Spread Applied to Reductions of $0.00
Class B Invested Amount pursuant to clauses
(c), (d) and (e)
Excess Spread Applied to Collateral $254,353.39
Monthly Interest
Excess Spread Applied to Unpaid Monthly $1,168,750.00
Servicing Fee
Excess Spread Applied Collateral $190,043.84
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 Account $0.00
Excess Spread Applied to Other Amounts $0.00
Owed to Collateral Interest Holder
TOTAL EXCESS FINANCE CHARGE COLLECTIONS ELIGIBLE
FOR OTHER EXCESS ALLOCATION SERIES $3,514,492.60
EXCESS FINANCE CHARGES COLLECTIONS
TOTAL EXCESS FINANCE CHARGE $54,581,284.90
COLLECTIONS
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) 7.57% 1
Base Rate (Prior Month) 7.33% 1
Base Rate (Two Months Ago) 7.55% 1
THREE MONTH AVERAGE BASE RATE 7.48%
Series Adj Portfolio Yield (Curr Month) 13.19% 1
AUG : (22 posting days / 5 Mondays)
Series Adj Portfolio Yield (Prior Month) 12.76% 1
JULY : (22 posting days / 4 Mondays)
Series Adj Port Yield (Two Months Ago) 12.04% 1
JUNE : (22 posting days / 4 Mondays)
THREE MONTH AVERAGE SERIES ADJUSTED 12.66%
PORTFOLIO YIELD
PRINCIPAL COLLECTIONS---
CLASS A PRINCIPAL PERCENTAGE 87.00%
Class A Principal Collections $102,831,330.05
CLASS B PRINCIPAL PERCENTAGE 6.00%
Class B Principal Collections $7,091,815.87
COLLATERAL PRINCIPAL PERCENTAGE 7.00%
Collateral Principal Collections $8,273,785.18
AVAILABLE PRINCIPAL COLLECTIONS $118,196,931.10
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 $118,196,931.10
FOR OTHER
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 $0.00
REDUCTIONS
REIMBURSED
PREVIOUS COLLATERAL INVESTED AMOUNT REDUCTIONS $0.00
REIMBURSED
UNIVERSAL CARD SERVICES CORP.,
as Servicer
By: /s/ Thomas F. Donahue
-------------------------------------
Name: Thomas F. Donahue
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 31-Aug-99
Distribution Date 17-Sep-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 12,090,376.45 1,137,917.78
Total Yield
Trust Portfolio Yield
Principal Collections 133,956,521.91 12,607,672.65
Discount Percentage
Discount Option Receivable 0.00 0.00
Collections
Monthly Payment Rate
Defaults 3,076,900.27 289,590.61
Monthly Default Rate
Net Monthly Default Rate
Recoveries 290,740.08 27,363.77
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 5.51544% 5.45919%
Investor Finance Charge 10,924,514.59 14,566,019.45
Collections
Investor Principal Collections 118,196,931.10 157,595,908.13
Investor Default Amount Due 2,714,912.00 3,619,882.67
Investor Monthly Interest Due 3,562,053.39 4,700,967.01
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 3,076,900.27 289,590.61
Investor Monthly Fees Due 1,324,583.33 124,666.67
Investor Additional Fees Due 0.00 0.00
Total 8,379,601.66 797,968.39
------------------------------------------------------------------------
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 12,380,487.11 1,165,162.38
Monthly Interest Paid 3,978,118.06 383,711.11
Investor Default Amount Paid 3,076,900.27 0.00
Excess Spread 5,325,468.79 781,451.27
------------------------------------------------------------------------
Monthly Interest Shortfall 0.00 0.00
Investor Default Amount Shortfall 0.00 289,590.61
Required Amount 0.00 289,590.61
------------------------------------------------------------------------
Monthly Interest Paid 0.00 0.00
Investor Default Paid 0.00 289,590.61
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 3,721,465.28 358,955.56
2nd Collection Accounts Deposit 3,978,118.06 383,711.11
3rd Collection Accounts Deposit 0.00 0.00
Quarterly Interest Distribution 7,699,583.34 742,666.67
Delinquencies 1-30 31-60
Number of Accounts 220,887 60,343
Balance of Accounts 535,383,107 159,544,670
31+Days Delinquency Rate 3.0516%
Change in Account Owner Retained 0.0000%
Interest
Prior Month Account Owner 0.0000%
Retained Interest Factor
Current Month Account Owner 0.0000%
Retained Interest Factor
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% 79.1614430%
Principal Allocation Percentage 7.0000000% 79.1614430%
Finance Charge Collections 995,678.06 14,223,972.30
Total Yield
Trust Portfolio Yield
Principal Collections 11,031,713.57 157,595,908.13
Discount Percentage
Discount Option Receivable 0.00 0.00
Collections
Monthly Payment Rate
Defaults 253,391.79 3,619,882.67
Monthly Default Rate
Net Monthly Default Rate
Recoveries 23,943.30 342,047.15
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 5.30049% 5.58219%
Investor Finance Charge 14,566,019.45 14,566,019.45
Collections
Investor Principal Collections 157,595,908.13 157,595,908.13
Investor Default Amount Due 3,619,882.67 3,619,882.67
Investor Monthly Interest Due 4,564,308.68 4,806,883.68
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 5.62625%
Investor Monthly Interest Due 339,137.85 4,700,967.01
Investor Outstanding Interest Due 0.00 0.00
Investor Additional Interest Due 0.00 0.00
Investor Total Interest Due 339,137.85 4,700,967.01
Investor Default Amount Due 253,391.79 3,619,882.67
Investor Monthly Fees Due 109,083.33 1,558,333.33
Investor Additional Fees Due 0.00 0.00
Total 701,612.97 9,879,183.01
------------------------------------------------------------------------
36
<PAGE>
Reallocated Investor Finance 14,564,529.73
Charge Collections
Interest/Principal/Spread 636.84
Investment Proceeds/Reserve Draw
Series Adjusted Portfolio Yield 13.13%
Base Rate 7.51%
------------------------------------------------------------------------
Application of Collections CIA Investor Total
Available Funds 1,019,517.08 14,565,166.57
Monthly Interest Paid 0.00 4,361,829.17
Investor Default Amount Paid 0.00 3,076,900.27
Excess Spread 1,019,517.08 7,126,437.14
------------------------------------------------------------------------
Monthly Interest Shortfall 0.00
Investor Default Amount Shortfall 289,590.61
Required Amount 289,590.61
------------------------------------------------------------------------
Monthly Interest Paid 339,137.85 339,137.85
Investor Default Paid 253,391.79 542,982.40
Investor Additional Amounts Paid 0.00 0.00
Servicing Fee Paid 1,558,333.33
Excess Finance Charge Collections 4,685,983.56
------------------------------------------------------------------------
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 339,137.85 339,137.85
Principal Distribution 0.00 0.00
Total Distribution 339,137.85 339,137.85
Ending Certificate Balance 70,000,000.00 1,000,000,000.00
Pool Factor 100.000000%
Total Distribution Per 1,000 4.8448
Certificate
Interest Distribution Per 1,000 4.8448
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 0.00
Quarterly Interest Distribution 8,442,250.01
Delinquencies 61-90 91-120
Number of Accounts 36,109 25,705
Balance of Accounts 107,610,897 79,907,870
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 263,241,246.66 1,263,241,246.66
Amount
Adjusted Invested /Transferor 263,241,246.66 1,263,241,246.66
Amount
Floating Allocation Percentage 20.8385570% 100.0000000%
Principal Allocation Percentage 20.8385570% 100.0000000%
Finance Charge Collections 3,744,336.20 17,968,308.50
Total Yield
Trust Portfolio Yield
Principal Collections 41,485,743.33 199,081,651.45
Discount Percentage
Discount Option Receivable 0.00 0.00
Collections
Monthly Payment Rate
Defaults 952,902.43 4,572,785.09
Monthly Default Rate
Net Monthly Default Rate
Recoveries 90,040.92 432,088.07
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 236,915,368.31 1,236,915,368.31
------------------------------------------------------------------------
Delinquencies 121+ Total
Number of Accounts 32,178 375,222
Balance of Accounts 105,893,478 988,340,021.72
38
<PAGE>
Monthly Trust Activity Trust
Totals
Beginning Principal Receivables 14,843,084,648.30
Balance
Special Funding Account Balance 0.00
Ending Total Principal Balance 14,843,084,648.30
Series Allocation Percentage
Beginning Invested /Transferor
Amount
Adjusted Invested /Transferor
Amount
Floating Allocation Percentage
Principal Allocation Percentage
Finance Charge Collections 211,127,624.83
Total Yield 17.07%
Trust Portfolio Yield 13.14%
Principal Collections 2,339,209,404.59
Discount Percentage 0.00%
Discount Option Receivable 0.00
Collections
Monthly Payment Rate 15.76%
Defaults 53,730,224.83
Monthly Default Rate 4.34%
Net Monthly Default Rate 3.93%
Recoveries 5,077,034.87
Adjustments 19,913,254.82
New Receivables 2,103,523,813.54
Ending Principal Receivables 14,533,755,577.60
Balance
Minimum Series Required Balance 1,070,000,000.00
Special Funding Account Balance 0.00
Ending Total Principal Balance 14,533,755,577.60
Reallocated Principal
Charged-Off Principal
Reimbursed Principal
Ending Invested/Transferor Amounts 14,533,755,577.60
-----------------------------------
Group I Information Group Total
Invested Amount 3,750,000,000.00
Average Rate 5.46092%
Investor Finance Charge 54,622,572.94
Collections
Investor Principal Collections 590,984,655.49
Investor Default Amount Due 13,574,560.00
Investor Monthly Interest Due 17,634,212.76
Investor Monthly Fees Due 5,843,750.00
Investor Additional Amounts Due 0.00
-----------------------------------------------------
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 09/17/99 with respect to the
performance of the Trust during the month of 08/01/99 to 08/31/99 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 $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
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 $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
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 $339,137.85
(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/ Thomas F. Donahue
-------------------------------------
Name: Thomas F. Donahue
Title: Servicing Officer
C-3
42
<PAGE>
RECEIVABLES ---
Beginning of the Month Principal $14,843,084,648.30
Receivables:
Beginning of the Month Finance Charge $356,594,723.57
Receivables:
Beginning of the Month Discounted $0.00
Receivables:
Beginning of the Month Premium $0.00
Receivables:
Beginning of the Month Total $15,199,679,371.87
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: $14,533,755,577.60
End of the Month Finance Charge $372,621,462.13
Receivables:
End of the Month Discounted Receivables: $0.00
End of the Month Premium Receivables: $0.00
End of the Month Total Receivables: $14,906,377,039.73
Special Funding Account Balance $0.00
Aggregate Invested Amount (all Master $11,750,000,000.00
Trust Series)
End of the Month Total Transferor Amount $3,156,377,039.73
DELINQUENCIES AND LOSSES ---
RECEIVABLES
End of the Month Delinquencies:
31-60 Days Delinquent $159,544,670.15
61-90 Days Delinquent $107,610,896.70
91+ Days Delinquent $185,801,347.76
Total 31+ Days Delinquent $452,956,914.61
Defaulted Accounts During the Month $53,730,224.83
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 $3,619,882.67
GROUP 1 INFORMATION
WEIGHTED AVERAGE CERTIFICATE RATE FOR ALL SERIES 5.46092%
IN GROUP 1
GROUP 1 INVESTOR FINANCE CHARGE $54,622,572.94
COLLECTIONS
GROUP 1 INVESTOR ADDITIONAL AMOUNTS $0.00
GROUP 1 INVESTOR DEFAULT AMOUNT $13,574,560.00
GROUP 1 INVESTOR MONTHLY FEES $5,843,750.00
GROUP 1 INVESTOR MONTHLY INTEREST $17,634,212.76
SERIES 1996-1 INFORMATION
SERIES 1996-1 ALLOCATION PERCENTAGE 8.51%
SERIES 1996-1 ALLOCABLE FINANCE CHARGE $17,968,308.50
COLLECTIONS
SERIES 1996-1 ADDITIONAL AMOUNTS $0.00
SERIES 1996-1 ALLOCABLE DEFAULTED AMOUNT $4,572,785.09
SERIES 1996-1 MONTHLY FEES $1,558,333.33
SERIES 1996-1 ALLOCABLE PRINCIPAL $199,081,651.45
COLLECTIONS
SERIES 1996-1 REQUIRED TRANSFEROR AMOUNT $70,000,000.00
FLOATING ALLOCATION PERCENTAGE 79.16%
C-5
44
<PAGE>
INVESTOR FINANCE CHARGE COLLECTIONS $14,223,972.30
INVESTOR DEFAULT AMOUNT $3,619,882.67
REALLOCATED INVESTOR FINANCE CHARGE COLLECTIONS $14,564,529.73
PRINCIPAL ALLOCATIONS PERCENTAGE 79.16%
AVAILABLE PRINCIPAL COLLECTIONS $157,595,908.13
CLASS A AVAILABLE FUNDS ---
CLASS A FLOATING PERCENTAGE 85.00%
Class A Floating Percentage of $12,380,487.11
Reallocated
Investor Finance Charge Collections
Other Amounts $0.00
TOTAL CLASS A AVAILABLE FUNDS $12,380,487.11
Class A Monthly Interest $3,978,118.06
Class A Servicing Fee (if applicable) $0.00
Class A Investor Default Amount $3,076,900.27
TOTAL CLASS A EXCESS SPREAD $5,325,468.79
CLASS A REQUIRED AMOUNT $0.00
CLASS B AVAILABLE FUNDS ---
CLASS B FLOATING PERCENTAGE 8.00%
CLASS B AVAILABLE FUNDS $1,165,162.38
Class B Monthly Interest $383,711.11
Class B Servicing Fee (if applicable) $0.00
TOTAL CLASS B EXCESS SPREAD $781,451.27
COLLATERAL AVAILABLE FUNDS --
COLLATERAL FLOATING PERCENTAGE 7.00%
COLLATERAL AVAILABLE FUNDS $1,019,517.08
Collateral Interest Servicing Fee $0.00
(if applicable)
TOTAL COLLATERAL EXCESS SPREAD $1,019,517.08
EXCESS SPREAD ---
TOTAL EXCESS SPREAD $7,126,437.14
C-6
45
<PAGE>
Excess Spread Applied to Class A $0.00
Required Amount
Excess Spread Applied to Class A $0.00
Investor Charge Offs
Excess Spread Applied to Class B $289,590.61
Required Amount
Excess Spread Applied to Reductions of $0.00
Class B Invested Amount pursuant to clauses
(c), (d) and (e)
Excess Spread Applied to Collateral $339,137.85
Monthly Interest
Excess Spread Applied to Unpaid Monthly $1,558,333.33
Servicing Fee
Excess Spread Applied Collateral $253,391.79
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 Account $0.00
Excess Spread Applied to Other Amounts $0.00
Owed to Collateral Interest Holder
TOTAL EXCESS FINANCE CHARGE COLLECTIONS ELIGIBLE
FOR OTHER EXCESS ALLOCATION SERIES $4,685,983.56
EXCESS FINANCE CHARGES COLLECTIONS
TOTAL EXCESS FINANCE CHARGE $54,581,284.90
COLLECTIONS
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) 7.51% 1
Base Rate (Prior Month) 7.27% 1
Base Rate (Two Months Ago) 7.49% 1
THREE MONTH AVERAGE BASE RATE 7.42%
Series Adj Portfolio Yield (Curr Month) 13.13% 1
AUG : (22 posting days / 5 Mondays)
Series Adj Portfolio Yield (Prior Month) 12.71% 1
JULY : (22 posting days / 4 Mondays)
Series Adj Port Yield (Two Months Ago) 11.98% 1
JUNE : (22 posting days / 4 Mondays)
THREE MONTH AVERAGE SERIES ADJUSTED 12.61%
PORTFOLIO YIEDLD
PRINCIPAL COLLECTIONS---
CLASS A PRINCIPAL PERCENTAGE 85.00%
Class A Principal Collections $133,956,521.91
CLASS B PRINCIPAL PERCENTAGE 8.00%
Class B Principal Collections $12,607,672.65
COLLATERAL PRINCIPAL PERCENTAGE 7.00%
Collateral Principal Collections $11,031,713.57
AVAILABLE PRINCIPAL COLLECTIONS $157,595,908.13
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 $157,595,908.13
FOR OTHER
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 $0.00
REDUCTIONS
REIMBURSED
PREVIOUS COLLATERAL INVESTED AMOUNT REDUCTIONS $0.00
REIMBURSED
UNIVERSAL CARD SERVICES CORP.,
as Servicer
By: /s/ Thomas F. Donahue
-------------------------------------
Name: Thomas F. Donahue
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 31-Aug-99
Distribution Date 17-Sep-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 12,090,376.45 1,137,917.78
Total Yield
Trust Portfolio Yield
Principal Collections 133,956,521.91 12,607,672.65
Discount Percentage
Discount Option Receivable 0.00 0.00
Collections
Monthly Payment Rate
Defaults 3,076,900.27 289,590.61
Monthly Default Rate
Net Monthly Default Rate
Recoveries 290,740.08 27,363.77
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 5.51544% 5.45919%
Investor Finance Charge 10,924,514.59 14,566,019.45
Collections
Investor Principal Collections 118,196,931.10 157,595,908.13
Investor Default Amount Due 2,714,912.00 3,619,882.67
Investor Monthly Interest Due 3,562,053.39 4,700,967.01
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 5.25500% 5.45500%
Investor Monthly Interest Due 3,846,368.06 375,788.89
Investor Outstanding Interest Due 0.00 0.00
Investor Additional Interest Due 0.00 0.00
Investor Total Interest Due 3,846,368.06 375,788.89
Investor Default Amount Due 3,076,900.27 289,590.61
Investor Monthly Fees Due 1,324,583.33 124,666.67
Investor Additional Fees Due 0.00 0.00
Total 8,247,851.66 790,046.17
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 12,281,965.44 1,154,229.71
Monthly Interest Paid 3,846,368.06 375,788.89
Investor Default Amount Paid 3,076,900.27 0.00
Excess Spread 5,358,697.11 778,440.82
------------------------------------------------------------------------
Monthly Interest Shortfall 0.00 0.00
Investor Default Amount Shortfall 0.00 289,590.61
Required Amount 0.00 289,590.61
------------------------------------------------------------------------
Monthly Interest Paid 0.00 0.00
Investor Default Paid 0.00 289,590.61
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 11,415,027.78 1,115,244.44
Principal Distribution 0.00 0.00
Total Distribution 11,415,027.78 1,115,244.44
Ending Certificate Balance 850,000,000.00 80,000,000.00
Pool Factor 100.000000% 100.000000%
Total Distribution Per 1,000 13.4294 13.9406
Certificate
Interest Distribution Per 1,000 13.4294 13.9406
Certificate
Principal Distribution Per 1,000 0.0000 0.0000
Certificate
1st Collection Account Deposit 3,970,444.44 387,911.11
2nd Collection Accounts Deposit 3,598,215.28 351,544.44
3rd Collection Accounts Deposit 3,846,368.06 375,788.89
Quarterly Interest Distribution 11,415,027.78 1,115,244.44
Delinquencies 1-30 31-60
Number of Accounts 220,887 60,343
Balance of Accounts 535,383,107 159,544,670
31+Days Delinquency Rate 3.0516%
Change in Account Owner Retained 0.0000%
Interest
Prior Month Account Owner 0.0000%
Retained Interest Factor
Current Month Account Owner 0.0000%
Retained Interest Factor
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% 79.1614430%
Principal Allocation Percentage 7.0000000% 79.1614430%
Finance Charge Collections 995,678.06 14,223,972.30
Total Yield
Trust Portfolio Yield
Principal Collections 11,031,713.57 157,595,908.13
Discount Percentage
Discount Option Receivable 0.00 0.00
Collections
Monthly Payment Rate
Defaults 253,391.79 3,619,882.67
Monthly Default Rate
Net Monthly Default Rate
Recoveries 23,943.30 342,047.15
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 5.30049% 5.58219%
Investor Finance Charge 14,566,019.45 14,566,019.45
Collections
Investor Principal Collections 157,595,908.13 157,595,908.13
Investor Default Amount Due 3,619,882.67 3,619,882.67
Investor Monthly Interest Due 4,564,308.68 4,806,883.68
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 5.67625%
Investor Monthly Interest Due 342,151.74 4,564,308.68
Investor Outstanding Interest Due 0.00 0.00
Investor Additional Interest Due 0.00 0.00
Investor Total Interest Due 342,151.74 4,564,308.68
Investor Default Amount Due 253,391.79 3,619,882.67
Investor Monthly Fees Due 109,083.33 1,558,333.33
Investor Additional Fees Due 0.00 0.00
Total 704,626.86 9,742,524.68
------------------------------------------------------------------------
51
<PAGE>
Reallocated Investor Finance 14,427,871.40
Charge Collections
Interest/Principal/Spread 18,274.75
Investment Proceeds/Reserve Draw
Series Adjusted Portfolio Yield 12.99%
Base Rate 7.35%
------------------------------------------------------------------------
Application of Collections CIA Investor Total
Available Funds 1,009,951.00 14,446,146.15
Monthly Interest Paid 0.00 4,222,156.94
Investor Default Amount Paid 0.00 3,076,900.27
Excess Spread 1,009,951.00 7,147,088.93
------------------------------------------------------------------------
Monthly Interest Shortfall 0.00
Investor Default Amount Shortfall 289,590.61
Required Amount 289,590.61
------------------------------------------------------------------------
Monthly Interest Paid 342,151.74 342,151.74
Investor Default Paid 253,391.79 542,982.40
Investor Additional Amounts Paid 0.00 0.00
Servicing Fee Paid 1,558,333.33
Excess Finance Charge Collections 4,703,621.47
------------------------------------------------------------------------
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 342,151.74 12,872,423.95
Principal Distribution 0.00 0.00
Total Distribution 342,151.74 12,872,423.95
Ending Certificate Balance 70,000,000.00 1,000,000,000.00
Pool Factor 100.000000%
Total Distribution Per 1,000 4.8879
Certificate
Interest Distribution Per 1,000 4.8879
Certificate
Principal Distribution Per 1,000 0.0000
Certificate
1st Collection Account Deposit 4,358,355.55
2nd Collection Accounts Deposit 3,949,759.72
3rd Collection Accounts Deposit 4,222,156.94
Quarterly Interest Distribution 12,530,272.21
Delinquencies 61-90 91-120
Number of Accounts 36,109 25,705
Balance of Accounts 107,610,897 79,907,870
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 263,241,246.66 1,263,241,246.66
Amount
Adjusted Invested /Transferor 263,241,246.66 1,263,241,246.66
Amount
Floating Allocation Percentage 20.8385570% 100.0000000%
Principal Allocation Percentage 20.8385570% 100.0000000%
Finance Charge Collections 3,744,336.20 17,968,308.50
Total Yield
Trust Portfolio Yield
Principal Collections 41,485,743.33 199,081,651.45
Discount Percentage
Discount Option Receivable 0.00 0.00
Collections
Monthly Payment Rate
Defaults 952,902.43 4,572,785.09
Monthly Default Rate
Net Monthly Default Rate
Recoveries 90,040.92 432,088.07
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 236,915,368.31 1,236,915,368.31
------------------------------------------------------------------------
Delinquencies 121+ Total
Number of Accounts 32,178 375,222
Balance of Accounts 105,893,478 988,340,021.72
53
<PAGE>
Monthly Trust Activity Trust
Totals
Beginning Principal Receivables 14,843,084,648.30
Balance
Special Funding Account Balance 0.00
Ending Total Principal Balance 14,843,084,648.30
Series Allocation Percentage
Beginning Invested /Transferor
Amount
Adjusted Invested /Transferor
Amount
Floating Allocation Percentage
Principal Allocation Percentage
Finance Charge Collections 211,127,624.83
Total Yield 17.07%
Trust Portfolio Yield 13.14%
Principal Collections 2,339,209,404.59
Discount Percentage 0.00%
Discount Option Receivable 0.00
Collections
Monthly Payment Rate 15.76%
Defaults 53,730,224.83
Monthly Default Rate 4.34%
Net Monthly Default Rate 3.93%
Recoveries 5,077,034.87
Adjustments 19,913,254.82
New Receivables 2,103,523,813.54
Ending Principal Receivables 14,533,755,577.60
Balance
Minimum Series Required Balance 1,070,000,000.00
Special Funding Account Balance 0.00
Ending Total Principal Balance 14,533,755,577.60
Reallocated Principal
Charged-Off Principal
Reimbursed Principal
Ending Invested/Transferor Amounts 14,533,755,577.60
-----------------------------------
Group I Information Group Total
Invested Amount 3,750,000,000.00
Average Rate 5.46092%
Investor Finance Charge 54,622,572.94
Collections
Investor Principal Collections 590,984,655.49
Investor Default Amount Due 13,574,560.00
Investor Monthly Interest Due 17,634,212.76
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 09/17/99 with respect to the
performance of the Trust during the month of 08/01/99 to 08/31/99 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 $13.42944444
(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 $13.42944444
(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 $13.94055549
(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 $13.94055549
(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 $342,151.74
(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/ Thomas F.Donahue
-------------------------------------
Name: Thomas F. Donahue
Title: Servicing Officer
C-3
57
<PAGE>
RECEIVABLES ---
Beginning of the Month Principal $14,843,084,648.30
Receivables:
Beginning of the Month Finance Charge $356,594,723.57
Receivables:
Beginning of the Month Discounted $0.00
Receivables:
Beginning of the Month Premium $0.00
Receivables:
Beginning of the Month Total $15,199,679,371.87
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: $14,533,755,577.60
End of the Month Finance Charge $372,621,462.13
Receivables:
End of the Month Discounted Receivables: $0.00
End of the Month Premium Receivables: $0.00
End of the Month Total Receivables: $14,906,377,039.73
Special Funding Account Balance $0.00
Aggregate Invested Amount (all Master $11,750,000,000.00
Trust Series)
End of the Month Total Transferor Amount $3,156,377,039.73
DELINQUENCIES AND LOSSES ---
RECEIVABLES
End of the Month Delinquencies:
31-60 Days Delinquent $159,544,670.15
61-90 Days Delinquent $107,610,896.70
91+ Days Delinquent $185,801,347.76
Total 31+ Days Delinquent $452,956,914.61
Defaulted Accounts During the Month $53,730,224.83
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 $3,619,882.67
GROUP 1 INFORMATION
WEIGHTED AVERAGE CERTIFICATE RATE FOR ALL SERIES 5.46092%
IN GROUP 1
GROUP 1 INVESTOR FINANCE CHARGE $54,622,572.94
COLLECTIONS
GROUP 1 INVESTOR ADDITIONAL AMOUNTS $0.00
GROUP 1 INVESTOR DEFAULT AMOUNT $13,574,560.00
GROUP 1 INVESTOR MONTHLY FEES $5,843,750.00
GROUP 1 INVESTOR MONTHLY INTEREST $17,634,212.76
SERIES 1996-3 INFORMATION
SERIES 1996-3 ALLOCATION PERCENTAGE 8.51%
SERIES 1996-3 ALLOCABLE FINANCE CHARGE $17,968,308.50
COLLECTIONS
SERIES 1996-3 ADDITIONAL AMOUNTS $0.00
SERIES 1996-3 ALLOCABLE DEFAULTED AMOUNT $4,572,785.09
SERIES 1996-3 MONTHLY FEES $1,558,333.33
SERIES 1996-3 ALLOCABLE PRINCIPAL $199,081,651.45
COLLECTIONS
SERIES 1996-3 REQUIRED TRANSFEROR AMOUNT $70,000,000.00
FLOATING ALLOCATION PERCENTAGE 79.16%
C-5
59
<PAGE>
INVESTOR FINANCE CHARGE COLLECTIONS $14,223,972.30
INVESTOR DEFAULT AMOUNT $3,619,882.67
REALLOCATED INVESTOR FINANCE CHARGE COLLECTIONS $14,427,871.40
PRINCIPAL ALLOCATIONS PERCENTAGE 79.16%
AVAILABLE PRINCIPAL COLLECTIONS $157,595,908.13
CLASS A AVAILABLE FUNDS ---
CLASS A FLOATING PERCENTAGE 85.00%
Class A Floating Percentage of $12,281,965.44
Reallocated
Investor Finance Charge Collections
Other Amounts $0.00
TOTAL CLASS A AVAILABLE FUNDS $12,281,965.44
Class A Monthly Interest $3,846,368.06
Class A Servicing Fee (if applicable) $0.00
Class A Investor Default Amount $3,076,900.27
TOTAL CLASS A EXCESS SPREAD $5,358,697.11
CLASS A REQUIRED AMOUNT $0.00
CLASS B AVAILABLE FUNDS ---
CLASS B FLOATING PERCENTAGE 8.00%
CLASS B AVAILABLE FUNDS $1,154,229.71
Class B Monthly Interest $375,788.89
Class B Servicing Fee (if applicable) $0.00
TOTAL CLASS B EXCESS SPREAD $778,440.82
COLLATERAL AVAILABLE FUNDS --
COLLATERAL FLOATING PERCENTAGE 7.00%
COLLATERAL AVAILABLE FUNDS $1,009,951.00
Collateral Interest Servicing Fee $0.00
(if applicable)
TOTAL COLLATERAL EXCESS SPREAD $1,009,951.00
EXCESS SPREAD ---
TOTAL EXCESS SPREAD $7,147,088.93
C-6
60
<PAGE>
Excess Spread Applied to Class A $0.00
Required Amount
Excess Spread Applied to Class A $0.00
Investor Charge Offs
Excess Spread Applied to Class B $289,590.61
Required Amount
Excess Spread Applied to Reductions of $0.00
Class B
Invested Amount pursuant to clauses
(c), (d) and (e)
Excess Spread Applied to Collateral $342,151.74
Monthly Interest
Excess Spread Applied to Unpaid Monthly $1,558,333.33
Servicing Fee
Excess Spread Applied Collateral $253,391.79
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 Account $0.00
Excess Spread Applied to Other Amounts $0.00
Owed to Collateral Interest Holder
TOTAL EXCESS FINANCE CHARGE COLLECTIONS ELIGIBLE
FOR OTHER EXCESS ALLOCATION SERIES $4,703,621.47
EXCESS FINANCE CHARGES COLLECTIONS
TOTAL EXCESS FINANCE CHARGE $54,581,284.90
COLLECTIONS
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) 7.35% 1
Base Rate (Prior Month) 7.12% 1
Base Rate (Two Months Ago) 7.63% 1
THREE MONTH AVERAGE BASE RATE 7.37%
Series Adj Portfolio Yield (Curr Month) 12.99% 1
AUG : (22 posting days / 5 Mondays)
Series Adj Portfolio Yield (Prior Month) 12.51% 1
JULY : (22 posting days / 4 Mondays)
Series Adj Port Yield (Two Months Ago) 12.14% 1
JUNE : (22 posting days / 4 Mondays)
THREE MONTH AVERAGE SERIES ADJUSTED 12.55%
PORTFOLIO YIELD
PRINCIPAL COLLECTIONS---
CLASS A PRINCIPAL PERCENTAGE 85.00%
Class A Principal Collections $133,956,521.91
CLASS B PRINCIPAL PERCENTAGE 8.00%
Class B Principal Collections $12,607,672.65
COLLATERAL PRINCIPAL PERCENTAGE 7.00%
Collateral Principal Collections $11,031,713.57
AVAILABLE PRINCIPAL COLLECTIONS $157,595,908.13
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 $157,595,908.13
FOR OTHER
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 $0.00
REDUCTIONS
REIMBURSED
PREVIOUS COLLATERAL INVESTED AMOUNT REDUCTIONS $0.00
REIMBURSED
UNIVERSAL CARD SERVICES CORP.,
as Servicer
By: /s/ Thomas F. Donahue
-------------------------------------
Name: Thomas F. Donahue
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 31-Aug-99
Distribution Date 17-Sep-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 12,090,376.45 1,137,917.78
Total Yield
Trust Portfolio Yield
Principal Collections 133,956,521.91 12,607,672.65
Discount Percentage
Discount Option Receivable 0.00 0.00
Collections
Monthly Payment Rate
Defaults 3,076,900.27 289,590.61
Monthly Default Rate
Net Monthly Default Rate
Recoveries 290,740.08 27,363.77
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 5.51544% 5.45919%
Investor Finance Charge 10,924,514.59 14,566,019.45
Collections
Investor Principal Collections 118,196,931.10 157,595,908.13
Investor Default Amount Due 2,714,912.00 3,619,882.67
Investor Monthly Interest Due 3,562,053.39 4,700,967.01
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 3,076,900.27 289,590.61
Investor Monthly Fees Due 1,324,583.33 124,666.67
Investor Additional Fees Due 0.00 0.00
Total 8,467,434.99 810,023.95
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 12,504,215.73 1,173,635.71
Monthly Interest Paid 4,065,951.39 395,766.67
Investor Default Amount Paid 3,076,900.27 0.00
Excess Spread 5,361,364.07 777,869.04
Monthly Interest Shortfall 0.00 0.00
Investor Default Amount Shortfall 0.00 289,590.61
Required Amount 0.00 289,590.61
Monthly Interest Paid 0.00 0.00
Investor Default Paid 0.00 289,590.61
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 0.00 0.00
3rd Collection Accounts Deposit 0.00 0.00
Quarterly Interest Distribution 4,065,951.39 395,766.67
Delinquencies 1-30 31-60
Number of Accounts 220,887 60,343
Balance of Accounts 535,383,107 159,544,670
31+Days Delinquency Rate 3.0516%
Change in Account Owner Retained 0.0000%
Interest
Prior Month Account Owner 0.0000%
Retained Interest Factor
Current Month Account Owner 0.0000%
Retained Interest Factor
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% 79.1614430%
Principal Allocation Percentage 7.0000000% 79.1614430%
Finance Charge Collections 995,678.06 14,223,972.30
Total Yield
Trust Portfolio Yield
Principal Collections 11,031,713.57 157,595,908.13
Discount Percentage
Discount Option Receivable 0.00 0.00
Collections
Monthly Payment Rate
Defaults 253,391.79 3,619,882.67
Monthly Default Rate
Net Monthly Default Rate
Recoveries 23,943.30 342,047.15
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 5.30049% 5.58219%
Investor Finance Charge 14,566,019.45 14,566,019.45
Collections
Investor Principal Collections 157,595,908.13 157,595,908.13
Investor Default Amount Due 3,619,882.67 3,619,882.67
Investor Monthly Interest Due 4,564,308.68 4,806,883.68
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 5.72625%
Investor Monthly Interest Due 345,165.63 4,806,883.68
Investor Outstanding Interest Due 0.00 0.00
Investor Additional Interest Due 0.00 0.00
Investor Total Interest Due 345,165.63 4,806,883.68
Investor Default Amount Due 253,391.79 3,619,882.67
Investor Monthly Fees Due 109,083.33 1,558,333.33
Investor Additional Fees Due 0.00 0.00
Total 707,640.74 9,985,099.68
66
<PAGE>
Reallocated Investor Finance 14,670,446.40
Charge Collections
Interest/Principal/Spread 34,336.29
Investment Proceeds/Reserve Draw
Series Adjusted Portfolio Yield 13.30%
Base Rate 7.64%
Application of Collections CIA Investor Total
Available Funds 1,026,931.25 14,704,782.69
Monthly Interest Paid 0.00 4,461,718.06
Investor Default Amount Paid 0.00 3,076,900.27
Excess Spread 1,026,931.25 7,166,164.36
Monthly Interest Shortfall 0.00
Investor Default Amount Shortfall 289,590.61
Required Amount 289,590.61
Monthly Interest Paid 345,165.63 345,165.63
Investor Default Paid 253,391.79 542,982.40
Investor Additional Amounts Paid 0.00 0.00
Servicing Fee Paid 1,558,333.33
Excess Finance Charge Collections 4,719,683.01
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 345,165.63 345,165.63
Principal Distribution 0.00 0.00
Total Distribution 345,165.63 345,165.63
Ending Certificate Balance 70,000,000.00 1,000,000,000.00
Pool Factor 100.000000%
Total Distribution Per 1,000 4.9309
Certificate
Interest Distribution Per 1,000 4.9309
Certificate
Principal Distribution Per 1,000 0.0000
Certificate
1st Collection Account Deposit 4,461,718.06
2nd Collection Accounts Deposit 0.00
3rd Collection Accounts Deposit 0.00
Quarterly Interest Distribution 4,461,718.06
Delinquencies 61-90 91-120
Number of Accounts 36,109 25,705
Balance of Accounts 107,610,897 79,907,870
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 263,241,246.66 1,263,241,246.66
Amount
Adjusted Invested /Transferor 263,241,246.66 1,263,241,246.66
Amount
Floating Allocation Percentage 20.8385570% 100.0000000%
Principal Allocation Percentage 20.8385570% 100.0000000%
Finance Charge Collections 3,744,336.20 17,968,308.50
Total Yield
Trust Portfolio Yield
Principal Collections 41,485,743.33 199,081,651.45
Discount Percentage
Discount Option Receivable 0.00 0.00
Collections
Monthly Payment Rate
Defaults 952,902.43 4,572,785.09
Monthly Default Rate
Net Monthly Default Rate
Recoveries 90,040.92 432,088.07
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 236,915,368.31 1,236,915,368.31
Delinquencies 121+ Total
Number of Accounts 32,178 375,222
Balance of Accounts 105,893,478 988,340,021.72
68
<PAGE>
Monthly Trust Activity Trust
Totals
-----------------------------------------------------
Beginning Principal Receivables 14,843,084,648.30
Balance
Special Funding Account Balance 0.00
Ending Total Principal Balance 14,843,084,648.30
Series Allocation Percentage
Beginning Invested /Transferor
Amount
Adjusted Invested /Transferor
Amount
Floating Allocation Percentage
Principal Allocation Percentage
Finance Charge Collections 211,127,624.83
Total Yield 17.07%
Trust Portfolio Yield 13.14%
Principal Collections 2,339,209,404.59
Discount Percentage 0.00%
Discount Option Receivable 0.00
Collections
Monthly Payment Rate 15.76%
Defaults 53,730,224.83
Monthly Default Rate 4.34%
Net Monthly Default Rate 3.93%
Recoveries 5,077,034.87
Adjustments 19,913,254.82
New Receivables 2,103,523,813.54
Ending Principal Receivables 14,533,755,577.60
Balance
Minimum Series Required Balance 1,070,000,000.00
Special Funding Account Balance 0.00
Ending Total Principal Balance 14,533,755,577.60
Reallocated Principal
Charged-Off Principal
Reimbursed Principal
Ending Invested/Transferor Amounts 14,533,755,577.60
Group I Information Group Total
Invested Amount 3,750,000,000.00
Average Rate 5.46092%
Investor Finance Charge 54,622,572.94
Collections
Investor Principal Collections 590,984,655.49
Investor Default Amount Due 13,574,560.00
Investor Monthly Interest Due 17,634,212.76
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 09/17/99 with respect to the
performance of the Trust during the month of 08/01/99 to 08/31/99 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
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<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 $345,165.63
(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/ Thomas F. Donahue
-------------------------------------
Name: Thomas F. Donahue
Title: Servicing Officer
C-3
72
<PAGE>
RECEIVABLES ---
Beginning of the Month Principal $14,843,084,648.30
Receivables:
Beginning of the Month Finance Charge $356,594,723.57
Receivables:
Beginning of the Month Discounted $0.00
Receivables:
Beginning of the Month Premium $0.00
Receivables:
Beginning of the Month Total $15,199,679,371.87
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: $14,533,755,577.60
End of the Month Finance Charge $372,621,462.13
Receivables:
End of the Month Discounted Receivables: $0.00
End of the Month Premium Receivables: $0.00
End of the Month Total Receivables: $14,906,377,039.73
Special Funding Account Balance $0.00
Aggregate Invested Amount (all Master $11,750,000,000.00
Trust Series)
End of the Month Total Transferor Amount $3,156,377,039.73
DELINQUENCIES AND LOSSES ---
RECEIVABLES
End of the Month Delinquencies:
31-60 Days Delinquent $159,544,670.15
61-90 Days Delinquent $107,610,896.70
91+ Days Delinquent $185,801,347.76
Total 31+ Days Delinquent $452,956,914.61
Defaulted Accounts During the Month $53,730,224.83
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 $3,619,882.67
GROUP 1 INFORMATION
WEIGHTED AVERAGE CERTIFICATE RATE FOR ALL SERIES 5.46092%
IN GROUP 1
GROUP 1 INVESTOR FINANCE CHARGE $54,622,572.94
COLLECTIONS
GROUP 1 INVESTOR ADDITIONAL AMOUNTS $0.00
GROUP 1 INVESTOR DEFAULT AMOUNT $13,574,560.00
GROUP 1 INVESTOR MONTHLY FEES $5,843,750.00
GROUP 1 INVESTOR MONTHLY INTEREST $17,634,212.76
SERIES 1997-1 INFORMATION
SERIES 1997-1 ALLOCATION PERCENTAGE 8.51%
SERIES 1997-1 ALLOCABLE FINANCE CHARGE $17,968,308.50
COLLECTIONS
SERIES 1997-1 ADDITIONAL AMOUNTS $0.00
SERIES 1997-1 ALLOCABLE DEFAULTED AMOUNT $4,572,785.09
SERIES 1997-1 MONTHLY FEES $1,558,333.33
SERIES 1997-1 ALLOCABLE PRINCIPAL $199,081,651.45
COLLECTIONS
SERIES 1997-1 REQUIRED TRANSFEROR AMOUNT $70,000,000.00
FLOATING ALLOCATION PERCENTAGE 79.16%
C-5
74
<PAGE>
INVESTOR FINANCE CHARGE COLLECTIONS $14,223,972.30
INVESTOR DEFAULT AMOUNT $3,619,882.67
REALLOCATED INVESTOR FINANCE CHARGE COLLECTIONS $14,670,446.40
PRINCIPAL ALLOCATIONS PERCENTAGE 79.16%
AVAILABLE PRINCIPAL COLLECTIONS $157,595,908.13
CLASS A AVAILABLE FUNDS ---
CLASS A FLOATING PERCENTAGE 85.00%
Class A Floating Percentage of $12,504,215.73
Reallocated
Investor Finance Charge Collections
Other Amounts $0.00
TOTAL CLASS A AVAILABLE FUNDS $12,504,215.73
Class A Monthly Interest $4,065,951.39
Class A Servicing Fee (if applicable) $0.00
Class A Investor Default Amount $3,076,900.27
TOTAL CLASS A EXCESS SPREAD $5,361,364.07
CLASS A REQUIRED AMOUNT $0.00
CLASS B AVAILABLE FUNDS ---
CLASS B FLOATING PERCENTAGE 8.00%
CLASS B AVAILABLE FUNDS $1,173,635.71
Class B Monthly Interest $395,766.67
Class B Servicing Fee (if applicable) $0.00
TOTAL CLASS B EXCESS SPREAD $777,869.04
COLLATERAL AVAILABLE FUNDS --
COLLATERAL FLOATING PERCENTAGE 7.00%
COLLATERAL AVAILABLE FUNDS $1,026,931.25
Collateral Interest Servicing Fee $0.00
(if applicable)
TOTAL COLLATERAL EXCESS SPREAD $1,026,931.25
EXCESS SPREAD ---
TOTAL EXCESS SPREAD $7,166,164.36
C-6
75
<PAGE>
Excess Spread Applied to Class A $0.00
Required Amount
Excess Spread Applied to Class A $0.00
Investor Charge
Offs
Excess Spread Applied to Class B $289,590.61
Required Amount
Excess Spread Applied to Reductions of $0.00
Class B
Invested Amount pursuant to clauses
(c), (d) and (e)
Excess Spread Applied to Collateral $345,165.63
Monthly Interest
Excess Spread Applied to Unpaid Monthly $1,558,333.33
Servicing Fee
Excess Spread Applied Collateral $253,391.79
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 Account $0.00
Excess Spread Applied to Other Amounts $0.00
Owed to Collateral Interest Holder
TOTAL EXCESS FINANCE CHARGE COLLECTIONS ELIGIBLE
FOR OTHER EXCESS ALLOCATION SERIES $4,719,683.01
EXCESS FINANCE CHARGES COLLECTIONS
TOTAL EXCESS FINANCE CHARGE $54,581,284.90
COLLECTIONS
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
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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) 7.64% 1
Base Rate (Prior Month) 6.97% 1
Base Rate (Two Months Ago) 7.47% 1
THREE MONTH AVERAGE BASE RATE 7.36%
Series Adj Portfolio Yield (Curr Month) 13.30% 1
AUG : (22 posting days / 5 Mondays)
Series Adj Portfolio Yield (Prior Month) 12.39% 1
JULY : (22 posting days / 4 Mondays)
Series Adj Port Yield (Two Months Ago) 11.94% 1
JUNE : (22 posting days / 4 Mondays)
THREE MONTH AVERAGE SERIES ADJUSTED 12.54%
PORTFOLIO YIELD
PRINCIPAL COLLECTIONS---
CLASS A PRINCIPAL PERCENTAGE 85.00%
Class A Principal Collections $133,956,521.91
CLASS B PRINCIPAL PERCENTAGE 8.00%
Class B Principal Collections $12,607,672.65
COLLATERAL PRINCIPAL PERCENTAGE 7.00%
Collateral Principal Collections $11,031,713.57
AVAILABLE PRINCIPAL COLLECTIONS $157,595,908.13
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
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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 $157,595,908.13
FOR OTHER
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 $0.00
REDUCTIONS
REIMBURSED
PREVIOUS COLLATERAL INVESTED AMOUNT REDUCTIONS $0.00
REIMBURSED
UNIVERSAL CARD SERVICES CORP.,
as Servicer
By: /s/ Thomas F. Donahue
-------------------------------------
Name: Thomas F. Donahue
Title: Servicing Officer
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