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) November 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
Oct. 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 November 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
November 17, 1999 with
respect to the
Universal Card Master Trust
Series 1995-2.
Exhibit 20.2 Monthly Servicing Report dated
November 17, 1999 with
respect to the
Universal Card Master Trust
Series 1995-3.
Exhibit 20.3 Monthly Servicing Report dated
November 17, 1999 with
respect to the
Universal Card Master Trust
Series 1996-1.
Exhibit 20.4 Monthly Servicing Report dated
November 17, 1999 with
respect to the
Universal Card Master Trust
Series 1996-3.
Exhibit 20.5 Monthly Servicing Report dated
November 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
November 17, 1999 with respect to the
Universal Card Master Trust Series 1995-2.
20.2 Monthly Servicing Report dated
November 17, 1999 with respect to the
Universal Card Master Trust Series 1995-3.
20.3 Monthly Servicing Report dated
November 17, 1999 with respect to the
Universal Card Master Trust Series 1996-1.
20.4 Monthly Servicing Report dated
November 17, 1999 with respect to the
Universal Card Master Trust Series 1996-3.
20.5 Monthly Servicing Report dated
November 17, 1999 with respect to the
Universal Card Master Trust Series 1997-1.
3
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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-Oct-99
Distribution Date 17-Nov-99
Monthly Trust Activity Class A Class B
------------------------------------------------------------------------
Beginning Principal Receivables
Balance
Special Funding Account Balance
Beginning 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 9,709,046.52 512,421.90
Total Yield
Trust Portfolio Yield
Principal Collections 100,816,414.84 5,320,866.34
Discount Percentage
Discount Option Receivable 0.00 0.00
Collections
Monthly Payment Rate
Defaults 2,499,292.43 131,907.10
Monthly Default Rate
Net Monthly Default Rate
Recoveries 327,574.91 17,288.68
Adjustments
New Receivables
Ending Principal Receivables
Balance
Minimum Series Required Balance
Special Funding Account Balance
Ending Total Principal Balance
Reallocated Principal 0.00
Charged-Off Principal 0.00 0.00
Reimbursed Principal 0.00 0.00
Ending Invested/Transferor Amounts 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 5.94702% 0.0000%
Investor Finance Charge 11,151,801.58 0.00
Collections
Investor Principal Collections 112,018,238.71 0.00
Investor Default Amount Due 2,776,991.59 0.00
Investor Monthly Interest Due 3,716,886.72 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 2,499,292.43 131,907.10
Investor Monthly Fees Due 1,051,875.00 55,515.63
Investor Additional Fees Due 0.00 0.00
Total 6,898,042.43 368,516.48
------------------------------------------------------------------------
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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 10,038,219.59 529,710.58
Monthly Interest Paid 3,346,875.00 181,093.75
Investor Default Amount Paid 2,499,292.43 0.00
Excess Spread 4,192,052.16 348,616.83
------------------------------------------------------------------------
Monthly Interest Shortfall 0.00 0.00
Investor Default Amount Shortfall 0.00 131,907.10
Required Amount 0.00 131,907.10
------------------------------------------------------------------------
Monthly Interest Paid 0.00 0.00
Investor Default Paid 0.00 131,907.10
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 241,839 63,636
Balance of Accounts 597,178,928 172,552,623
31+Days Delinquency Rate 3.4186%
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
Beginning 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% 82.3762374%
Principal Allocation Percentage 5.2500000% 82.3762374%
Finance Charge Collections 566,361.05 10,787,829.46
Total Yield
Trust Portfolio Yield
Principal Collections 5,880,957.53 112,018,238.71
Discount Percentage
Discount Option Receivable 0.00 0.00
Collections
Monthly Payment Rate
Defaults 145,792.06 2,776,991.59
Monthly Default Rate
Net Monthly Default Rate
Recoveries 19,108.54 363,972.12
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
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 5.75750%
Investor Monthly Interest Due 188,917.97 3,716,886.72
Investor Outstanding Interest Due 0.00 0.00
Investor Additional Interest Due 0.00 0.00
Investor Total Interest Due 188,917.97 3,716,886.72
Investor Default Amount Due 145,792.06 2,776,991.59
Investor Monthly Fees Due 61,359.38 1,168,750.00
Investor Additional Fees Due 0.00 0.00
Total 396,069.40 7,662,628.31
------------------------------------------------------------------------
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Reallocated Investor Finance 11,151,801.58
Charge Collections
Interest/Principal/Spread 1,598.17
Investment Proceeds/Reserve Draw
Series Adjusted Portfolio Yield 13.40%
Base Rate 7.82%
------------------------------------------------------------------------
Application of Collections CIA Investor Total
Available Funds 585,469.58 11,153,399.75
Monthly Interest Paid 0.00 3,527,968.75
Investor Default Amount Paid 0.00 2,499,292.43
Excess Spread 585,469.58 5,126,138.57
------------------------------------------------------------------------
Monthly Interest Shortfall 0.00
Investor Default Amount Shortfall 131,907.10
Required Amount 131,907.10
------------------------------------------------------------------------
Monthly Interest Paid 188,917.97 188,917.97
Investor Default Paid 145,792.06 277,699.16
Investor Additional Amounts Paid 0.00 0.00
Servicing Fee Paid 1,168,750.00
Excess Finance Charge Collections 3,490,771.44
------------------------------------------------------------------------
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 188,917.97 3,716,886.72
Principal Distribution 0.00 0.00
Total Distribution 188,917.97 3,716,886.72
Ending Certificate Balance 39,375,000.00 750,000,000.00
Pool Factor 100.000000%
Total Distribution Per 1,000 4.7979
Certificate
------------------------------------------------------------------------
Interest Distribution Per 1,000 4.7979
Certificate
Principal Distribution Per 1,000 0.0000
Certificate
Delinquencies 61-90 91-120
Number of Accounts 37,065 25,508
Balance of Accounts 115,283,195 81,513,079
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
Beginning Total Principal Balance
Series Allocation Percentage 6.38%
Beginning Invested /Transferor 160,456,733.01 910,456,733.01
Amount
Adjusted Invested /Transferor 160,456,733.01 910,456,733.01
Amount
Floating Allocation Percentage 17.6237626% 100.0000000%
Principal Allocation Percentage 17.6237626% 100.0000000%
Finance Charge Collections 2,307,973.16 13,095,802.63
Total Yield
Trust Portfolio Yield
Principal Collections 23,965,440.83 135,983,679.54
Discount Percentage
Discount Option Receivable 0.00 0.00
Collections
Monthly Payment Rate
Defaults 594,116.00 3,371,107.59
Monthly Default Rate
Net Monthly Default Rate
Recoveries 77,869.04 441,841.15
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 132,402,146.00 882,402,146.00
------------------------------------------------------------------------
Group II Information Group Total
Invested Amount 750,000,000.00
Average Rate 5.94702%
Investor Finance Charge 11,151,801.58
Collections
Investor Principal Collections 112,018,238.71
Investor Default Amount Due 2,776,991.59
Investor Monthly Interest Due 3,716,886.72
Investor Monthly Fees Due 1,168,750.00
Investor Additional Amounts Due 0.00
------------------------------------------------------------------------
Delinquencies 121+ Total
Number of Accounts 35,433 403,481
Balance of Accounts 118,267,153 1,084,794,976.62
31+Days Delinquency Rate
Change in Account Owner Retained
Interest
Prior Month Account Owner
Retained Interest Factor
Current Month Account Owner
Retained Interest Factor
8
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Monthly Trust Activity Trust
------------------------------------------------------------------------
Totals
Beginning Principal Receivables 14,263,822,150.45
Balance
Special Funding Account Balance 0.00
Beginning Total Principal Balance 14,263,822,150.45
Series Allocation Percentage
Beginning Invested /Transferor
Amount
Adjusted Invested /Transferor
Amount
Floating Allocation Percentage
Principal Allocation Percentage
Finance Charge Collections 205,167,574.47
Total Yield 17.26%
Trust Portfolio Yield 13.40%
Principal Collections 2,130,410,979.42
Discount Percentage 0.00%
Discount Option Receivable 0.00
Collections
Monthly Payment Rate 14.94%
Defaults 52,814,018.94
Monthly Default Rate 4.44%
Net Monthly Default Rate 3.86%
Recoveries 6,922,178.07
Adjustments 22,665,040.99
New Receivables 1,766,368,176.24
Ending Principal Receivables 13,824,300,287.34
Balance
Minimum Series Required Balance 802,500,000.00
Special Funding Account Balance 0.00
Ending Total Principal Balance 13,824,300,287.34
Reallocated Principal
Charged-Off Principal
Reimbursed Principal
Ending Invested/Transferor Amounts 13,824,300,287.34
------------------------------------------------------------------------
9
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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 11/17/99 with respect to the performance of the Trust during the month
of 10/01/99 to 10/31/99 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 $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 $188,917.97
(2) The amount distributed to the
Collateral Interest Holder in
respect
of principal on the Collateral
Invested Amount $0.00
F) Amount of reductions in Collateral
Invested Amount pursuant to
clauses
(c), (d), and (e) of the
definition of
Collateral Invested Amount
(1) The amount of reductions in the
Collateral Invested Amount
pursuant to
clauses (c), (d), and (e) of the
definition of Collateral Invested
Amount $0.00
(2) The total amount reimbursed in
respect of such reductions in the
Collateral Invested Amount $0.00
UNIVERSAL CARD SERVICES CORP.,
Servicer
By: /s/ Dori Broglino
------------------
Name: Dori Broglino
Title: Servicing Officer
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RECEIVABLES ---
Beginning of the Month Principal $14,263,822,150.45
Receivables:
Beginning of the Month Finance $399,429,637.29
Charge Receivables:
Beginning of the Month Discounted $0.00
Receivables:
Beginning of the Month Premium $0.00
Receivables:
Beginning of the Month Total $14,663,251,787.74
Receivables:
Removed Principal Receivables: $0.00
Removed Finance Charge $0.00
Receivables:
Removed Total Receivables: $0.00
Additional Principal Receivables: $0.00
Additional Finance Charge $0.00
Receivables:
Additional Total Receivables: $0.00
Discounted Receivables Generated $0.00
this Period:
Premium Receivables Generated $0.00
this Period:
End of the Month Principal $13,824,300,287.34
Receivables:
End of the Month Finance Charge $411,682,824.37
Receivables:
End of the Month Discounted $0.00
Receivables:
End of the Month Premium $0.00
Receivables:
End of the Month Total $14,235,983,111.71
Receivables:
Special Funding Account Balance $0.00
Aggregate Invested Amount (all $11,750,000,000.00
Master Trust Series)
End of the Month Total Transferor $2,485,983,111.71
Amount
DELINQUENCIES AND LOSSES ---
RECEIVABLES
End of the Month Delinquencies:
31-60 Days Delinquent $172,552,622.82
61-90 Days Delinquent $115,283,194.60
91+ Days Delinquent $199,780,231.37
Total 31+ Days Delinquent $487,616,048.79
Defaulted Accounts During the $52,814,018.94
Month
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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 $2,776,991.59
GROUP II INFORMATION
WEIGHTED AVERAGE CERTIFICATE RATE FOR ALL SERIES 5.94702%
IN GROUP II
GROUP II INVESTOR FINANCE CHARGE COLLECTIONS $11,151,801.58
GROUP II INVESTOR ADDITIONAL $0.00
AMOUNTS
GROUP II INVESTOR DEFAULT AMOUNT $2,776,991.59
GROUP II INVESTOR MONTHLY FEES $1,168,750.00
GROUP II INVESTOR MONTHLY INTEREST $3,716,886.72
SERIES 1995-2 INFORMATION
SERIES 1995-2 ALLOCATION 6.38%
PERCENTAGE
SERIES 1995-2 ALLOCABLE FINANCE $13,095,802.63
CHARGE
COLLECTIONS
SERIES 1995-2 ADDITIONAL AMOUNTS $0.00
SERIES 1995-2 ALLOCABLE DEFAULTED $3,371,107.59
AMOUNT
SERIES 1995-2 MONTHLY FEES $1,168,750.00
SERIES 1995-2 ALLOCABLE PRINCIPAL COLLECTIONS $135,983,679.54
SERIES 1995-2 REQUIRED TRANSFEROR $52,500,000.00
AMOUNT
FLOATING ALLOCATION PERCENTAGE 82.38%
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INVESTOR FINANCE CHARGE $10,787,829.46
COLLECTIONS
INVESTOR DEFAULT AMOUNT $2,776,991.59
REALLOCATED INVESTOR FINANCE CHARGE COLLECTIONS $11,151,801.58
PRINCIPAL ALLOCATIONS PERCENTAGE 82.38%
AVAILABLE PRINCIPAL COLLECTIONS $112,018,238.71
CLASS A AVAILABLE FUNDS ---
CLASS A FLOATING PERCENTAGE 90.00%
Class A Floating Percentage $10,038,219.59
of Reallocated
Investor Finance Charge
Collections
Other Amounts $0.00
TOTAL CLASS A AVAILABLE FUNDS $10,038,219.59
Class A Monthly Interest $3,346,875.00
Class A Servicing Fee (if $0.00
applicable)
Class A Investor Default Amount $2,499,292.43
TOTAL CLASS A EXCESS SPREAD $4,192,052.16
CLASS A REQUIRED AMOUNT $0.00
CLASS B AVAILABLE FUNDS ---
CLASS B FLOATING PERCENTAGE 4.75%
CLASS B AVAILABLE FUNDS $529,710.58
Class B Monthly Interest $181,093.75
Class B Servicing Fee (if $0.00
applicable)
TOTAL CLASS B EXCESS SPREAD $348,616.83
COLLATERAL AVAILABLE FUNDS --
COLLATERAL FLOATING PERCENTAGE 5.25%
COLLATERAL AVAILABLE FUNDS $585,469.58
Collateral Interest Servicing $0.00
Fee (if applicable)
TOTAL COLLATERAL EXCESS SPREAD $585,469.58
EXCESS SPREAD ---
TOTAL EXCESS SPREAD $5,126,138.57
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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 $131,907.10
Required Amount
Excess Spread Applied to $0.00
Reductions of Class B
Invested Amount pursuant to
clauses (c), (d) and (e)
Excess Spread Applied to $188,917.97
Collateral Monthly
Interest
Excess Spread Applied to Unpaid $1,168,750.00
Monthly
Servicing Fee
Excess Spread Applied Collateral $145,792.06
Default Amount
Excess Spread Applied to $0.00
Reductions of
Collateral Invested Amount
Pursuant to Clauses
(c), (d) and (e)
Excess Spread Applied to Reserve $0.00
Account
Excess Spread Applied to Other $0.00
Amounts Owed to
Collateral Interest Holder
TOTAL EXCESS FINANCE CHARGE COLLECTIONS ELIGIBLE
FOR OTHER EXCESS ALLOCATION SERIES $3,490,771.44
EXCESS FINANCE CHARGES COLLECTIONS
TOTAL EXCESS FINANCE CHARGE $54,797,048.87
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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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) 7.83% 1
Base Rate (Two Months Ago) 7.82% 1
THREE MONTH AVERAGE BASE RATE 7.82%
Series Adj Portfolio Yield (Curr Month) 13.40%
OCT : (21 posting days / 4 Mondays)
Series Adj Portfolio Yield (Prior Month) 12.46%
SEP : (22 posting days / 4 Mondays)
Series Adj Port Yield (Two Months Ago) 13.14%
AUG : (22 posting days / 5 Mondays)
THREE MONTH AVERAGE SERIES ADJUSTED PORTFOLIO 13.00%
YIELD
PRINCIPAL COLLECTIONS---
CLASS A PRINCIPAL PERCENTAGE 90.00%
Class A Principal Collections $100,816,414.84
CLASS B PRINCIPAL PERCENTAGE 4.75%
Class B Principal Collections $5,320,866.34
COLLATERAL PRINCIPAL PERCENTAGE 5.25%
Collateral Principal $5,880,957.53
Collections
AVAILABLE PRINCIPAL COLLECTIONS $112,018,238.71
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 $0.00
Amount
CONTROLLED DEPOSIT AMOUNT $0.00
PRINCIPAL FUNDING ACCOUNT BALANCE $0.00
SHARED PRINCIPAL COLLECTIONS ELIGIBLE FOR OTHER $112,018,238.71
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 $0.00
REIMBURSED
PREVIOUS CLASS B INVESTED AMOUNT REDUCTIONS $0.00
REIMBURSED
PREVIOUS COLLATERAL INVESTED AMOUNT REDUCTIONS $0.00
REIMBURSED
UNIVERSAL CARD SERVICES CORP.,
as Servicer
By: / s/ Dori
-------------------------------------
Name: Dori Broglino
Title: Servicing Officer
18
<PAGE>
Exhibit 20.2
Universal Bank, N.A.
Credit Card Asset Backed
Securities
Universal Card Master Trust
Series 1995-3
Monthly Report 31-Oct-99
Distribution Date 17-Nov-99
- -----------------------------------------------------------------------------
Monthly Trust Activity Class A Class B
Beginning Principal Receivables
Balance
Special Funding Account Balance
Beginning 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 9,385,411.63 647,269.77
Total Yield
Trust Portfolio Yield
Principal Collections 97,455,867.68 6,721,094.32
Discount Percentage
Discount Option Receivable 0.00 0.00
Collections
Monthly Payment Rate
Defaults 2,415,982.69 166,619.50
Monthly Default Rate
Net Monthly Default Rate
Recoveries 316,655.74 21,838.33
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 6.33954% 6.28329%
Investor Finance Charge 11,151,801.58 14,869,068.77
Collections
Investor Principal Collections 112,018,238.71 149,357,651.61
Investor Default Amount Due 2,776,991.59 3,702,655.46
Investor Monthly Interest Due 3,962,210.94 5,236,072.92
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 6.37625% 6.48625%
Investor Monthly Interest Due 3,467,085.94 243,234.38
Investor Outstanding Interest Due 0.00 0.00
Investor Additional Interest Due 0.00 0.00
Investor Total Interest Due 3,467,085.94 243,234.38
Investor Default Amount Due 2,415,982.69 166,619.50
Investor Monthly Fees Due 1,016,812.50 70,125.00
Investor Additional Fees Due 0.00 0.00
Total 6,899,881.12 479,978.87
------------------------------------------------------------------------
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 9,949,168.85 684,056.34
Monthly Interest Paid 3,467,085.94 243,234.38
Investor Default Amount Paid 2,415,982.69 0.00
Excess Spread 4,066,100.23 440,821.97
------------------------------------------------------------------------
Monthly Interest Shortfall 0.00 0.00
Investor Default Amount Shortfall 0.00 166,619.50
Required Amount 0.00 166,619.50
------------------------------------------------------------------------
Monthly Interest Paid 0.00 0.00
Investor Default Paid 0.00 166,619.50
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 3,467,085.94 243,234.38
2nd Collection Accounts Deposit 0.00 0.00
3rd Collection Accounts Deposit 0.00 0.00
Quarterly Interest Distribution 3,467,085.94 243,234.38
Delinquencies 1-30 31-60
Number of Accounts 241,839 63,636
Balance of Accounts 597,178,928 172,552,623
31+Days Delinquency Rate 3.4186%
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
Beginning 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% 82.3762374%
Principal Allocation Percentage 7.0000000% 82.3762374%
Finance Charge Collections 755,148.06 10,787,829.46
Total Yield
Trust Portfolio Yield
Principal Collections 7,841,276.71 112,018,238.71
Discount Percentage
Discount Option Receivable 0.00 0.00
Collections
Monthly Payment Rate
Defaults 194,389.41 2,776,991.59
Monthly Default Rate
Net Monthly Default Rate
Recoveries 25,478.05 363,972.12
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
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 5.64913% 5.59138%
Investor Finance Charge 14,869,068.77 14,869,068.77
Collections
Investor Principal Collections 149,357,651.61 149,357,651.61
Investor Default Amount Due 3,702,655.46 3,702,655.46
Investor Monthly Interest Due 4,707,604.17 4,659,479.17
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 5.75750%
Investor Monthly Interest Due 251,890.63 3,962,210.94
Investor Outstanding Interest Due 0.00 0.00
Investor Additional Interest Due 0.00 0.00
Investor Total Interest Due 251,890.63 3,962,210.94
Investor Default Amount Due 194,389.41 2,776,991.59
Investor Monthly Fees Due 81,812.50 1,168,750.00
Investor Additional Fees Due 0.00 0.00
Total 528,092.54 7,907,952.53
------------------------------------------------------------------------
21
<PAGE>
Reallocated Investor Finance 11,400,939.08
Charge Collections
Interest/Principal/Spread 30,351.85
Investment Proceeds/Reserve Draw
Series Adjusted Portfolio Yield 13.85%
Base Rate 8.21%
------------------------------------------------------------------------
Application of Collections CIA Investor Total
Available Funds 798,065.74 11,431,290.93
Monthly Interest Paid 0.00 3,710,320.31
Investor Default Amount Paid 0.00 2,415,982.69
Excess Spread 798,065.74 5,304,987.93
------------------------------------------------------------------------
Monthly Interest Shortfall 0.00
Investor Default Amount Shortfall 166,619.50
Required Amount 166,619.50
------------------------------------------------------------------------
Monthly Interest Paid 251,890.63 251,890.63
Investor Default Paid 194,389.41 361,008.91
Investor Additional Amounts Paid 0.00 0.00
Servicing Fee Paid 1,168,750.00
Excess Finance Charge Collections 3,523,338.40
------------------------------------------------------------------------
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 251,890.63 251,890.63
Principal Distribution 0.00 0.00
Total Distribution 251,890.63 251,890.63
Ending Certificate Balance 52,500,000.00 750,000,000.00
Pool Factor 100.000000%
Total Distribution Per 1,000 4.7979
Certificate
Interest Distribution Per 1,000 4.7979
Certificate
Principal Distribution Per 1,000 0.0000
Certificate
1st Collection Accounts Deposit 3,710,320.31
2nd Collection Accounts Deposit 0.00
3rd Collection Accounts Deposit 0.00
Quarterly Interest Distribution 3,710,320.31
Delinquencies 61-90 91-120
Number of Accounts 37,065 25,508
Balance of Accounts 115,283,195 81,513,079
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
22
<PAGE>
Monthly Trust Activity Transferor Series
Interest Allocations
Beginning Principal Receivables
Balance
Special Funding Account Balance
Beginning Total Principal Balance
Series Allocation Percentage 6.38%
Beginning Invested /Transferor 160,456,733.01 910,456,733.01
Amount
Adjusted Invested /Transferor 160,456,733.01 910,456,733.01
Amount
Floating Allocation Percentage 17.6237626% 100.0000000%
Principal Allocation Percentage 17.6237626% 100.0000000%
Finance Charge Collections 2,307,973.16 13,095,802.63
Total Yield
Trust Portfolio Yield
Principal Collections 23,965,440.83 135,983,679.54
Discount Percentage
Discount Option Receivable 0.00 0.00
Collections
Monthly Payment Rate
Defaults 594,116.00 3,371,107.59
Monthly Default Rate
Net Monthly Default Rate
Recoveries 77,869.04 441,841.15
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 132,402,146.00 882,402,146.00
------------------------------------------------------------------------
Delinquencies 121+ Total
Number of Accounts 35,433 403,481
Balance of Accounts 118,267,153 1,084,794,976.62
31+Days Delinquency Rate
23
<PAGE>
Monthly Trust Activity Trust
Totals
Beginning Principal Receivables 14,263,822,150.45
Balance
Special Funding Account Balance 0.00
Beginning Total Principal Balance 14,263,822,150.45
Series Allocation Percentage
Beginning Invested /Transferor
Amount
Adjusted Invested /Transferor
Amount
Floating Allocation Percentage
Principal Allocation Percentage
Finance Charge Collections 205,167,574.47
Total Yield 17.26%
Trust Portfolio Yield 13.40%
Principal Collections 2,130,410,979.42
Discount Percentage 0.00%
Discount Option Receivable 0.00
Collections
Monthly Payment Rate 14.94%
Defaults 52,814,018.94
Monthly Default Rate 4.44%
Net Monthly Default Rate 3.86%
Recoveries 6,922,178.07
Adjustments 22,665,040.99
New Receivables 1,766,368,176.24
Ending Principal Receivables 13,824,300,287.34
Balance
Minimum Series Required Balance 802,500,000.00
Special Funding Account Balance 0.00
Ending Total Principal Balance 13,824,300,287.34
Reallocated Principal
Charged-Off Principal
Reimbursed Principal
Ending Invested/Transferor Amounts 13,824,300,287.34
-----------------------------------------------------
Group I Information Group Total
Invested Amount 3,750,000,000.00
Average Rate 5.94092%
Investor Finance Charge 55,759,007.90
Collections
Investor Principal Collections 560,091,193.55
Investor Default Amount Due 13,884,957.97
Investor Monthly Interest Due 18,565,367.19
Investor Monthly Fees Due 5,843,750.00
Investor Additional Amounts Due 0.00
-----------------------------------------------------
Delinquencies
Number of Accounts
Balance of Accounts
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 11/17/99 with respect to the
performance of the Trust during the month of 10/01/99 to 10/31/99 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 $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 $251,890.63
(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/ Dori Broglino
------------------
Name: Dori Broglino
Title: Servicing Officer
C-3
27
<PAGE>
RECEIVABLES ---
Beginning of the Month Principal $14,263,822,150.45
Receivables:
Beginning of the Month Finance $399,429,637.29
Charge Receivables:
Beginning of the Month Discounted $0.00
Receivables:
Beginning of the Month Premium $0.00
Receivables:
Beginning of the Month Total $14,663,251,787.74
Receivables:
Removed Principal Receivables: $0.00
Removed Finance Charge $0.00
Receivables:
Removed Total Receivables: $0.00
Additional Principal Receivables: $0.00
Additional Finance Charge $0.00
Receivables:
Additional Total Receivables: $0.00
Discounted Receivables Generated $0.00
this Period:
Premium Receivables Generated $0.00
this Period:
End of the Month Principal $13,824,300,287.34
Receivables:
End of the Month Finance Charge $411,682,824.37
Receivables:
End of the Month Discounted $0.00
Receivables:
End of the Month Premium $0.00
Receivables:
End of the Month Total $14,235,983,111.71
Receivables:
Special Funding Account Balance $0.00
Aggregate Invested Amount (all $11,750,000,000.00
Master Trust Series)
End of the Month Total Transferor $2,485,983,111.71
Amount
DELINQUENCIES AND LOSSES ---
RECEIVABLES
End of the Month Delinquencies:
31-60 Days Delinquent $172,552,622.82
61-90 Days Delinquent $115,283,194.60
91+ Days Delinquent $199,780,231.37
Total 31+ Days Delinquent $487,616,048.79
Defaulted Accounts During the $52,814,018.94
Month
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 $2,776,991.59
GROUP 1 INFORMATION
WEIGHTED AVERAGE CERTIFICATE RATE FOR ALL SERIES 5.94092%
IN GROUP 1
GROUP 1 INVESTOR FINANCE CHARGE COLLECTIONS $55,759,007.90
GROUP 1 INVESTOR ADDITIONAL $0.00
AMOUNTS
GROUP 1 INVESTOR DEFAULT AMOUNT $13,884,957.97
GROUP 1 INVESTOR MONTHLY FEES $5,843,750.00
GROUP 1 INVESTOR MONTHLY INTEREST $18,565,367.19
SERIES 1995-3 INFORMATION
SERIES 1995-3 ALLOCATION 6.38%
PERCENTAGE
SERIES 1995-3 ALLOCABLE FINANCE $13,095,802.63
CHARGE
COLLECTIONS
SERIES 1995-3 ADDITIONAL AMOUNTS $0.00
SERIES 1995-3 ALLOCABLE $3,371,107.59
DEFAULTED AMOUNT
SERIES 1995-3 MONTHLY FEES $1,168,750.00
SERIES 1995-3 ALLOCABLE PRINCIPAL COLLECTIONS $135,983,679.54
SERIES 1995-3 REQUIRED $52,500,000.00
TRANSFEROR AMOUNT
FLOATING ALLOCATION PERCENTAGE 82.38%
C-5
INVESTOR FINANCE CHARGE $10,787,829.46
COLLECTIONS
INVESTOR DEFAULT AMOUNT $2,776,991.59
REALLOCATED INVESTOR FINANCE CHARGE COLLECTIONS $11,400,939.08
PRINCIPAL ALLOCATIONS PERCENTAGE 82.38%
AVAILABLE PRINCIPAL COLLECTIONS $112,018,238.71
CLASS A AVAILABLE FUNDS ---
CLASS A FLOATING PERCENTAGE 87.00%
Class A Floating Percentage $9,949,168.85
of Reallocated
Investor Finance Charge
Collections
Other Amounts $0.00
TOTAL CLASS A AVAILABLE FUNDS $9,949,168.85
Class A Monthly Interest $3,467,085.94
Class A Servicing Fee (if $0.00
applicable)
Class A Investor Default Amount $2,415,982.69
TOTAL CLASS A EXCESS SPREAD $4,066,100.23
CLASS A REQUIRED AMOUNT $0.00
CLASS B AVAILABLE FUNDS ---
CLASS B FLOATING PERCENTAGE 6.00%
CLASS B AVAILABLE FUNDS $684,056.34
Class B Monthly Interest $243,234.38
Class B Servicing Fee (if $0.00
applicable)
TOTAL CLASS B EXCESS SPREAD $440,821.97
COLLATERAL AVAILABLE FUNDS --
COLLATERAL FLOATING PERCENTAGE 7.00%
COLLATERAL AVAILABLE FUNDS $798,065.74
Collateral Interest Servicing $0.00
Fee (if applicable)
TOTAL COLLATERAL EXCESS SPREAD $798,065.74
EXCESS SPREAD ---
TOTAL EXCESS SPREAD $5,304,987.93
C-6
29
<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 $166,619.50
Required Amount
Excess Spread Applied to $0.00
Reductions of Class B
Invested Amount pursuant to
clauses (c), (d) and (e)
Excess Spread Applied to $251,890.63
Collateral Monthly
Interest
Excess Spread Applied to Unpaid $1,168,750.00
Monthly
Servicing Fee
Excess Spread Applied Collateral $194,389.41
Default Amount
Excess Spread Applied to $0.00
Reductions of
Collateral Invested Amount
Pursuant to Clauses
(c), (d) and (e)
Excess Spread Applied to Reserve $0.00
Account
Excess Spread Applied to Other $0.00
Amounts Owed to
Collateral Interest Holder
TOTAL EXCESS FINANCE CHARGE COLLECTIONS ELIGIBLE
FOR OTHER EXCESS ALLOCATION SERIES $3,523,338.40
EXCESS FINANCE CHARGES COLLECTIONS
TOTAL EXCESS FINANCE CHARGE $54,797,048.87
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
30
<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) 8.21% 1
Base Rate (Prior Month) 7.58% 1
Base Rate (Two Months Ago) 7.57% 1
THREE MONTH AVERAGE BASE RATE 7.79%
Series Adj Portfolio Yield (Curr Month)
OCT : (21 posting days / 4 Mondays) 13.85%
Series Adj Portfolio Yield (Prior Month)
SEP : (22 posting days / 4 Mondays) 12.44%
Series Adj Port Yield (Two Months Ago)
AUG : (22 posting days / 5 Mondays) 13.19%
THREE MONTH AVERAGE SERIES ADJUSTED PORTFOLIO 13.16%
YIELD
PRINCIPAL COLLECTIONS---
CLASS A PRINCIPAL PERCENTAGE 87.00%
Class A Principal Collections $97,455,867.68
CLASS B PRINCIPAL PERCENTAGE 6.00%
Class B Principal Collections $6,721,094.32
COLLATERAL PRINCIPAL PERCENTAGE 7.00%
Collateral Principal $7,841,276.71
Collections
AVAILABLE PRINCIPAL COLLECTIONS $112,018,238.71
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
31
<PAGE>
ACCUMULATION ---
Controlled Accumulation Amount $0.00
Deficit Controlled Accumulation $0.00
Amount
CONTROLLED DEPOSIT AMOUNT $0.00
PRINCIPAL FUNDING ACCOUNT BALANCE $0.00
SHARED PRINCIPAL COLLECTIONS ELIGIBLE FOR OTHER $112,018,238.71
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 $0.00
REIMBURSED
PREVIOUS CLASS B INVESTED AMOUNT REDUCTIONS $0.00
REIMBURSED
PREVIOUS COLLATERAL INVESTED AMOUNT REDUCTIONS $0.00
REIMBURSED
UNIVERSAL CARD SERVICES CORP.,
as Servicer
By: /s/ Dori Broglino
------------------
Name: Dori Broglino
Title: Servicing Officer
32
<PAGE>
Exhibit 20.3
Universal Bank, N.A.
Credit Card Asset Backed
Securities
Universal Card Master Trust
Series 1996-1
Monthly Report 31-Oct-99
Distribution Date 17-Nov-99
Monthly Trust Activity Class A Class B
------------------------------------------------------------------------
Beginning Principal Receivables
Balance
Special Funding Account Balance
Beginning 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 12,226,206.72 1,150,701.81
Total Yield
Trust Portfolio Yield
Principal Collections 126,954,003.87 11,948,612.13
Discount Percentage
Discount Option Receivable 0.00 0.00
Collections
Monthly Payment Rate
Defaults 3,147,257.14 296,212.44
Monthly Default Rate
Net Monthly Default Rate
Recoveries 412,501.73 38,823.69
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 6.33954% 6.28329%
Investor Finance Charge 11,151,801.58 14,869,068.77
Collections
Investor Principal Collections 112,018,238.71 149,357,651.61
Investor Default Amount Due 2,776,991.59 3,702,655.46
Investor Monthly Interest Due 3,962,210.94 5,236,072.92
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 6.31125% 6.44625%
Investor Monthly Interest Due 4,470,468.75 429,750.00
Investor Outstanding Interest Due 0.00 0.00
Investor Additional Interest Due 0.00 0.00
Investor Total Interest Due 4,470,468.75 429,750.00
Investor Default Amount Due 3,147,257.14 296,212.44
Investor Monthly Fees Due 1,324,583.33 124,666.67
Investor Additional Fees Due 0.00 0.00
Total 8,942,309.22 850,629.10
------------------------------------------------------------------------
33
<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 12,921,251.09 1,212,350.17
Monthly Interest Paid 4,470,468.75 429,750.00
Investor Default Amount Paid 3,147,257.14 0.00
Excess Spread 5,303,525.20 782,600.17
------------------------------------------------------------------------
Monthly Interest Shortfall 0.00 0.00
Investor Default Amount Shortfall 0.00 296,212.44
Required Amount 0.00 296,212.44
------------------------------------------------------------------------
Monthly Interest Paid 0.00 0.00
Investor Default Paid 0.00 296,212.44
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 4,470,468.75 429,750.00
2nd Collection Accounts Deposit 0.00 0.00
3rd Collection Accounts Deposit 0.00 0.00
Quarterly Interest Distribution 4,470,468.75 429,750.00
Delinquencies 1-30 31-60
Number of Accounts 241,839 63,636
Balance of Accounts 597,178,928 172,552,623
31+Days Delinquency Rate 3.4186%
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
34
<PAGE>
Investor
Monthly Trust Activity CIA Investor Interest
------------------------------------------------------------------------
Beginning Principal Receivables
Balance
Special Funding Account Balance
Beginning 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% 82.3762374%
Principal Allocation Percentage 7.0000000% 82.3762374%
Finance Charge Collections 1,006,864.08 14,383,772.62
Total Yield
Trust Portfolio Yield
Principal Collections 10,455,035.61 149,357,651.61
Discount Percentage
Discount Option Receivable 0.00 0.00
Collections
Monthly Payment Rate
Defaults 259,185.88 3,702,655.46
Monthly Default Rate
Net Monthly Default Rate
Recoveries 33,970.73 485,296.16
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 5.64913% 5.59138%
Investor Finance Charge 14,869,068.77 14,869,068.77
Collections
Investor Principal Collections 149,357,651.61 149,357,651.61
Investor Default Amount Due 3,702,655.46 3,702,655.46
Investor Monthly Interest Due 4,707,604.17 4,659,479.17
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 5.75750%
Investor Monthly Interest Due 335,854.17 5,236,072.92
Investor Outstanding Interest Due 0.00 0.00
Investor Additional Interest Due 0.00 0.00
Investor Total Interest Due 335,854.17 5,236,072.92
Investor Default Amount Due 259,185.88 3,702,655.46
Investor Monthly Fees Due 109,083.33 1,558,333.33
Investor Additional Fees Due 0.00 0.00
Total 704,123.38 10,497,061.71
------------------------------------------------------------------------
35
<PAGE>
Reallocated Investor Finance 15,154,377.11
Charge Collections
Interest/Principal/Spread 40,030.55
Investment Proceeds/Reserve Draw
Series Adjusted Portfolio Yield 13.79%
Base Rate 8.15%
------------------------------------------------------------------------
Application of Collections CIA Investor Total
Available Funds 1,060,806.40 15,194,407.66
Monthly Interest Paid 0.00 4,900,218.75
Investor Default Amount Paid 0.00 3,147,257.14
Excess Spread 1,060,806.40 7,146,931.77
------------------------------------------------------------------------
Monthly Interest Shortfall 0.00
Investor Default Amount Shortfall 296,212.44
Required Amount 296,212.44
------------------------------------------------------------------------
Monthly Interest Paid 335,854.17 335,854.17
Investor Default Paid 259,185.88 555,398.32
Investor Additional Amounts Paid 0.00 0.00
Servicing Fee Paid 1,558,333.33
Excess Finance Charge Collections 4,697,345.95
------------------------------------------------------------------------
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 335,854.17 335,854.17
Principal Distribution 0.00 0.00
Total Distribution 335,854.17 335,854.17
Ending Certificate Balance 70,000,000.00 1,000,000,000.00
Pool Factor 100.000000%
Total Distribution Per 1,000 4.7979
Certificate
Interest Distribution Per 1,000 4.7979
Certificate
Principal Distribution Per 1,000 0.0000
Certificate
1st Collection Account Deposit 4,900,218.75
2nd Collection Accounts Deposit 0.00
3rd Collection Accounts Deposit 0.00
Quarterly Interest Distribution 4,900,218.75
Delinquencies 61-90 91-120
Number of Accounts 37,065 25,508
Balance of Accounts 115,283,195 81,513,079
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
36
<PAGE>
Transferor Series
Monthly Trust Activity Interest Allocations
------------------------------------------------------------------------
Beginning Principal Receivables
Balance
Special Funding Account Balance
Beginning Total Principal Balance
Series Allocation Percentage 8.51%
Beginning Invested /Transferor 213,942,310.68 1,213,942,310.68
Amount
Adjusted Invested /Transferor 213,942,310.68 1,213,942,310.68
Amount
Floating Allocation Percentage 17.6237626% 100.0000000%
Principal Allocation Percentage 17.6237626% 100.0000000%
Finance Charge Collections 3,077,297.55 17,461,070.17
Total Yield
Trust Portfolio Yield
Principal Collections 31,953,921.10 181,311,572.72
Discount Percentage
Discount Option Receivable 0.00 0.00
Collections
Monthly Payment Rate
Defaults 792,154.66 4,494,810.12
Monthly Default Rate
Net Monthly Default Rate
Recoveries 103,825.38 589,121.54
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 176,536,194.67 1,176,536,194.67
------------------------------------------------------------------------
Delinquencies 121+ Total
Number of Accounts 35,433 403,481
Balance of Accounts 118,267,153 1,084,794,976.62
31+Days Delinquency Rate
Change in Account Owner Retained
Interest
Prior Month Account Owner
Retained Interest Factor
Current Month Account Owner
Retained Interest Factor
37
<PAGE>
Trust
Monthly Trust Activity Totals
------------------------------------------------------------------------
Beginning Principal Receivables 14,263,822,150.45
Balance
Special Funding Account Balance 0.00
Beginning Total Principal Balance 14,263,822,150.45
Series Allocation Percentage
Beginning Invested /Transferor
Amount
Adjusted Invested /Transferor
Amount
Floating Allocation Percentage
Principal Allocation Percentage
Finance Charge Collections 205,167,574.47
Total Yield 17.26%
Trust Portfolio Yield 13.40%
Principal Collections 2,130,410,979.42
Discount Percentage 0.00%
Discount Option Receivable 0.00
Collections
Monthly Payment Rate 14.94%
Defaults 52,814,018.94
Monthly Default Rate 4.44%
Net Monthly Default Rate 3.86%
Recoveries 6,922,178.07
Adjustments 22,665,040.99
New Receivables 1,766,368,176.24
Ending Principal Receivables 13,824,300,287.34
Balance
Minimum Series Required Balance 1,070,000,000.00
Special Funding Account Balance 0.00
Ending Total Principal Balance 13,824,300,287.34
Reallocated Principal
Charged-Off Principal
Reimbursed Principal
Ending Invested/Transferor Amounts 13,824,300,287.34
-----------------------------------
-------------------
Group I Information Group Total
Invested Amount 3,750,000,000.00
Average Rate 5.94092%
Investor Finance Charge 55,759,007.90
Collections
Investor Principal Collections 560,091,193.55
Investor Default Amount Due 13,884,957.97
Investor Monthly Interest Due 18,565,367.19
Investor Monthly Fees Due 5,843,750.00
Investor Additional Amounts Due 0.00
----------------------------------- -------------------
31+Days Delinquency Rate
Change in Account Owner Retained
Interest
Prior Month Account Owner
Retained Interest Factor
Current Month Account Owner
Retained Interest Factor
38
<PAGE>
Group 1
Group: Series 1996-1
Series:
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 11/17/99 with respect to the performance of the Trust during the month
of 10/01/99 to 10/31/99 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
39
<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
ClassA 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
40
<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 $335,854.17
(2) The amount distributed to the
Collateral Interest Holder in
respect
of principal on the Collateral
Invested Amount $0.00
F) Amount of reductions in Collateral
Invested Amount pursuant to
clauses
(c), (d), and (e) of the
definition of
Collateral Invested Amount
(1) The amount of reductions in the
Collateral Invested Amount
pursuant to
clauses (c), (d), and (e) of the
definition of Collateral Invested
Amount $0.00
(2) The total amount reimbursed in
respect of such reductions in the
Collateral Invested Amount $0.00
UNIVERSAL CARD SERVICES CORP.,
Servicer
By: /s/ Dori Broglino
-------------------------------------
Name: Dori Broglino
Title: Servicing Officer
C-3
41
<PAGE>
RECEIVABLES ---
Beginning of the Month Principal $14,263,822,150.45
Receivables:
Beginning of the Month Finance $399,429,637.29
Charge Receivables:
Beginning of the Month Discounted $0.00
Receivables:
Beginning of the Month Premium $0.00
Receivables:
Beginning of the Month Total $14,663,251,787.74
Receivables:
Removed Principal Receivables: $0.00
Removed Finance Charge $0.00
Receivables:
Removed Total Receivables: $0.00
Additional Principal Receivables: $0.00
Additional Finance Charge $0.00
Receivables:
Additional Total Receivables: $0.00
Discounted Receivables Generated $0.00
this Period:
Premium Receivables Generated $0.00
this Period:
End of the Month Principal $13,824,300,287.34
Receivables:
End of the Month Finance Charge $411,682,824.37
Receivables:
End of the Month Discounted $0.00
Receivables:
End of the Month Premium $0.00
Receivables:
End of the Month Total $14,235,983,111.71
Receivables:
Special Funding Account Balance $0.00
Aggregate Invested Amount (all $11,750,000,000.00
Master Trust Series)
End of the Month Total Transferor $2,485,983,111.71
Amount
DELINQUENCIES AND LOSSES ---
RECEIVABLES
End of the Month Delinquencies:
31-60 Days Delinquent $172,552,622.82
61-90 Days Delinquent $115,283,194.60
91+ Days Delinquent $199,780,231.37
Total 31+ Days Delinquent $487,616,048.79
Defaulted Accounts During the $52,814,018.94
Month
C-4
42
<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 $3,702,655.46
GROUP 1 INFORMATION
WEIGHTED AVERAGE CERTIFICATE RATE FOR ALL SERIES 5.94092%
IN GROUP 1
GROUP 1 INVESTOR FINANCE CHARGE COLLECTIONS $55,759,007.90
GROUP 1 INVESTOR ADDITIONAL $0.00
AMOUNTS
GROUP 1 INVESTOR DEFAULT AMOUNT $13,884,957.97
GROUP 1 INVESTOR MONTHLY FEES $5,843,750.00
GROUP 1 INVESTOR MONTHLY INTEREST $18,565,367.19
SERIES 1996-1 INFORMATION
SERIES 1996-1 ALLOCATION 8.51%
PERCENTAGE
SERIES 1996-1 ALLOCABLE FINANCE $17,461,070.17
CHARGE
COLLECTIONS
SERIES 1996-1 ADDITIONAL AMOUNTS $0.00
SERIES 1996-1 ALLOCABLE DEFAULTED $4,494,810.12
AMOUNT
SERIES 1996-1 MONTHLY FEES $1,558,333.33
SERIES 1996-1 ALLOCABLE PRINCIPAL COLLECTIONS $181,311,572.72
SERIES 1996-1 REQUIRED TRANSFEROR $70,000,000.00
AMOUNT
FLOATING ALLOCATION PERCENTAGE 82.38%
43
<PAGE>
INVESTOR FINANCE CHARGE $14,383,772.62
COLLECTIONS
INVESTOR DEFAULT AMOUNT $3,702,655.46
REALLOCATED INVESTOR FINANCE CHARGE COLLECTIONS $15,154,377.11
PRINCIPAL ALLOCATIONS PERCENTAGE 82.38%
AVAILABLE PRINCIPAL COLLECTIONS $149,357,651.61
CLASS A AVAILABLE FUNDS ---
CLASS A FLOATING PERCENTAGE 85.00%
Class A Floating Percentage $12,921,251.09
of Reallocated
Investor Finance Charge
Collections
Other Amounts $0.00
TOTAL CLASS A AVAILABLE FUNDS $12,921,251.09
Class A Monthly Interest $4,470,468.75
Class A Servicing Fee (if $0.00
applicable)
Class A Investor Default Amount $3,147,257.14
TOTAL CLASS A EXCESS SPREAD $5,303,525.20
CLASS A REQUIRED AMOUNT $0.00
CLASS B AVAILABLE FUNDS ---
CLASS B FLOATING PERCENTAGE 8.00%
CLASS B AVAILABLE FUNDS $1,212,350.17
Class B Monthly Interest $429,750.00
Class B Servicing Fee (if $0.00
applicable)
TOTAL CLASS B EXCESS SPREAD $782,600.17
COLLATERAL AVAILABLE FUNDS --
COLLATERAL FLOATING PERCENTAGE 7.00%
COLLATERAL AVAILABLE FUNDS $1,060,806.40
Collateral Interest Servicing $0.00
Fee (if applicable)
TOTAL COLLATERAL EXCESS SPREAD $1,060,806.40
EXCESS SPREAD ---
TOTAL EXCESS SPREAD $7,146,931.77
44
<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 $296,212.44
Required Amount
Excess Spread Applied to $0.00
Reductions of Class B
Invested Amount pursuant to
clauses (c), (d) and (e)
Excess Spread Applied to $335,854.17
Collateral Monthly
Interest
Excess Spread Applied to Unpaid $1,558,333.33
Monthly
Servicing Fee
Excess Spread Applied Collateral $259,185.88
Default Amount
Excess Spread Applied to $0.00
Reductions of
Collateral Invested Amount
Pursuant to Clauses
(c), (d) and (e)
Excess Spread Applied to Reserve $0.00
Account
Excess Spread Applied to Other $0.00
Amounts Owed to
Collateral Interest Holder
TOTAL EXCESS FINANCE CHARGE COLLECTIONS ELIGIBLE
FOR OTHER EXCESS ALLOCATION SERIES $4,697,345.95
EXCESS FINANCE CHARGES COLLECTIONS
TOTAL EXCESS FINANCE CHARGE $54,797,048.87
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
45
<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) 8.15% 1
Base Rate (Prior Month) 7.52% 1
Base Rate (Two Months Ago) 7.51% 1
THREE MONTH AVERAGE BASE RATE 7.73%
Series Adj Portfolio Yield (Curr Month) 13.79%
OCT : (21 posting days / 4 Mondays)
Series Adj Portfolio Yield (Prior Month) 12.38%
SEP : (22 posting days / 4 Mondays)
Series Adj Port Yield (Two Months Ago) 13.13%
AUG : (22 posting days / 5 Mondays)
THREE MONTH AVERAGE SERIES ADJUSTED PORTFOLIO 13.10%
YIELD
PRINCIPAL COLLECTIONS---
CLASS A PRINCIPAL PERCENTAGE 85.00%
Class A Principal Collections $126,954,003.87
CLASS B PRINCIPAL PERCENTAGE 8.00%
Class B Principal Collections $11,948,612.13
COLLATERAL PRINCIPAL PERCENTAGE 7.00%
Collateral Principal $10,455,035.61
Collections
AVAILABLE PRINCIPAL COLLECTIONS $149,357,651.61
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
46
<PAGE>
ACCUMULATION ---
Controlled Accumulation Amount $0.00
Deficit Controlled Accumulation $0.00
Amount
CONTROLLED DEPOSIT AMOUNT $0.00
PRINCIPAL FUNDING ACCOUNT BALANCE $0.00
SHARED PRINCIPAL COLLECTIONS ELIGIBLE FOR OTHER $149,357,651.61
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 $0.00
REIMBURSED
PREVIOUS CLASS B INVESTED AMOUNT REDUCTIONS $0.00
REIMBURSED
PREVIOUS COLLATERAL INVESTED AMOUNT REDUCTIONS $0.00
REIMBURSED
UNIVERSAL CARD SERVICES CORP.,
as Servicer
By: /s/ Dori Broglino
-------------------------------------
Name: Dori Broglino
Title: Servicing Officer
47
<PAGE>
Exhibit 20.4
Universal Bank, N.A.
Credit Card Asset Backed
Securities
Universal Card Master Trust
Series 1996-3
Monthly Report 31-Oct-99
Distribution Date 17-Nov-99
Monthly Trust Activity Class A Class B
------------------------------------------------------------------------
Beginning Principal Receivables
Balance
Special Funding Account Balance
Beginning 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 12,226,206.72 1,150,701.81
Total Yield
Trust Portfolio Yield
Principal Collections 126,954,003.87 11,948,612.13
Discount Percentage
Discount Option Receivable 0.00 0.00
Collections
Monthly Payment Rate
Defaults 3,147,257.14 296,212.44
Monthly Default Rate
Net Monthly Default Rate
Recoveries 412,501.73 38,823.69
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 6.33954% 6.28329%
Investor Finance Charge 11,151,801.58 14,869,068.77
Collections
Investor Principal Collections 112,018,238.71 149,357,651.61
Investor Default Amount Due 2,776,991.59 3,702,655.46
Investor Monthly Interest Due 3,962,210.94 5,236,072.92
Investor Monthly Fees Due 1,168,750.00 1,558,333.33
Investor Additional Amounts Due 0.00 0.00
------------------------------------------------------------------------
Monthly Funding Requirements Class A Class B
Investor Coupon 5.62000% 5.82000%
Investor Monthly Interest Due 3,980,833.33 388,000.00
Investor Outstanding Interest Due 0.00 0.00
Investor Additional Interest Due 0.00 0.00
Investor Total Interest Due 3,980,833.33 388,000.00
Investor Default Amount Due 3,147,257.14 296,212.44
Investor Monthly Fees Due 1,324,583.33 124,666.67
Investor Additional Fees Due 0.00 0.00
Total 8,452,673.81 808,879.10
------------------------------------------------------------------------
48
<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 12,434,110.01 1,170,072.67
Monthly Interest Paid 3,980,833.33 388,000.00
Investor Default Amount Paid 3,147,257.14 0.00
Excess Spread 5,306,019.54 782,072.67
------------------------------------------------------------------------
Monthly Interest Shortfall 0.00 0.00
Investor Default Amount Shortfall 0.00 296,212.44
Required Amount 0.00 296,212.44
------------------------------------------------------------------------
Monthly Interest Paid 0.00 0.00
Investor Default Paid 0.00 296,212.44
Investor Additional Amounts Paid 0.00 0.00
Servicing Fee Paid
Excess Finance Charge Collections
------------------------------------------------------------------------
Reallocated Principal 0.00
Monthly Interest Paid 0.00 0.00
Investor Default Paid 0.00 0.00
------------------------------------------------------------------------
Outstanding Monthly Interest 0.00 0.00
Principal Charge-Offs 0.00 0.00
------------------------------------------------------------------------
Principal Funding
Controlled Accumulation Amount 0.00 0.00
Principal Funding Account Deposit
Principal Funding Account Balance
------------------------------------------------------------------------
Certificates Class A Class B
Beginning Certificates Balance 850,000,000.00 80,000,000.00
Interest Distribution 0.00 0.00
Principal Distribution 0.00 0.00
Total Distribution 0.00 0.00
Ending Certificate Balance 850,000,000.00 80,000,000.00
Pool Factor 100.000000% 100.000000%
Total Distribution Per 1,000 0.0000 0.0000
Certificate
Interest Distribution Per 1,000 0.0000 0.0000
Certificate
Principal Distribution Per 1,000 0.0000 0.0000
Certificate
1st Collection Account Deposit 4,113,527.78 400,933.33
2nd Collection Accounts Deposit 3,980,833.33 388,000.00
3rd Collection Accounts Deposit 0.00 0.00
Quarterly Interest Distribution 8,094,361.11 788,933.33
Delinquencies 1-30 31-60
Number of Accounts 241,839 63,636
Balance of Accounts 597,178,928 172,552,623
31+Days Delinquency Rate 3.4186%
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
49
<PAGE>
Investor
Monthly Trust Activity CIA Investor Interest
------------------------------------------------------------------------
Beginning Principal Receivables
Balance
Special Funding Account Balance
Beginning 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% 82.3762374%
Principal Allocation Percentage 7.0000000% 82.3762374%
Finance Charge Collections 1,006,864.08 14,383,772.62
Total Yield
Trust Portfolio Yield
Principal Collections 10,455,035.61 149,357,651.61
Discount Percentage
Discount Option Receivable 0.00 0.00
Collections
Monthly Payment Rate
Defaults 259,185.88 3,702,655.46
Monthly Default Rate
Net Monthly Default Rate
Recoveries 33,970.73 485,296.16
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 5.64913% 5.59138%
Investor Finance Charge 14,869,068.77 14,869,068.77
Collections
Investor Principal Collections 149,357,651.61 149,357,651.61
Investor Default Amount Due 3,702,655.46 3,702,655.46
Investor Monthly Interest Due 4,707,604.17 4,659,479.17
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 5.80750%
Investor Monthly Interest Due 338,770.83 4,707,604.17
Investor Outstanding Interest Due 0.00 0.00
Investor Additional Interest Due 0.00 0.00
Investor Total Interest Due 338,770.83 4,707,604.17
Investor Default Amount Due 259,185.88 3,702,655.46
Investor Monthly Fees Due 109,083.33 1,558,333.33
Investor Additional Fees Due 0.00 0.00
Total 707,040.05 9,968,592.96
------------------------------------------------------------------------
50
<PAGE>
Reallocated Investor Finance 14,625,908.36
Charge Collections
Interest/Principal/Spread 2,087.91
Investment Proceeds/Reserve Draw
Series Adjusted Portfolio Yield 13.11%
Base Rate 7.52%
------------------------------------------------------------------------
Application of Collections CIA Investor Total
Available Funds 1,023,813.59 14,627,996.27
Monthly Interest Paid 0.00 4,368,833.33
Investor Default Amount Paid 0.00 3,147,257.14
Excess Spread 1,023,813.59 7,111,905.79
------------------------------------------------------------------------
Monthly Interest Shortfall 0.00
Investor Default Amount Shortfall 296,212.44
Required Amount 296,212.44
------------------------------------------------------------------------
Monthly Interest Paid 338,770.83 338,770.83
Investor Default Paid 259,185.88 555,398.32
Investor Additional Amounts Paid 0.00 0.00
Servicing Fee Paid 1,558,333.33
Excess Finance Charge Collections 4,659,403.31
------------------------------------------------------------------------
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 338,770.83 338,770.83
Principal Distribution 0.00 0.00
Total Distribution 338,770.83 338,770.83
Ending Certificate Balance 70,000,000.00 1,000,000,000.00
Pool Factor 100.000000%
Total Distribution Per 1,000 4.8396
Certificate
Interest Distribution Per 1,000 4.8396
Certificate
Principal Distribution Per 1,000 0.0000
Certificate
1st Collection Account Deposit 4,514,461.11
2nd Collection Accounts Deposit 4,368,833.33
3rd Collection Accounts Deposit 0.00
Quarterly Interest Distribution 8,883,294.44
Delinquencies 61-90 91-120
Number of Accounts 37,065 25,508
Balance of Accounts 115,283,195 81,513,079
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
51
<PAGE>
Transferor Series
Monthly Trust Activity Interest Allocations
------------------------------------------------------------------------
Beginning Principal Receivables
Balance
Special Funding Account Balance
Beginning Total Principal Balance
Series Allocation Percentage 8.51%
Beginning Invested /Transferor 213,942,310.68 1,213,942,310.68
Amount
Adjusted Invested /Transferor 213,942,310.68 1,213,942,310.68
Amount
Floating Allocation Percentage 17.6237626% 100.0000000%
Principal Allocation Percentage 17.6237626% 100.0000000%
Finance Charge Collections 3,077,297.55 17,461,070.17
Total Yield
Trust Portfolio Yield
Principal Collections 31,953,921.10 181,311,572.72
Discount Percentage
Discount Option Receivable 0.00 0.00
Collections
Monthly Payment Rate
Defaults 792,154.66 4,494,810.12
Monthly Default Rate
Net Monthly Default Rate
Recoveries 103,825.38 589,121.54
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 176,536,194.67 1,176,536,194.67
------------------------------------------------------------------------
Delinquencies 121+ Total
Number of Accounts 35,433 403,481
Balance of Accounts 118,267,153 1,084,794,976.62
31+Days Delinquency Rate
Change in Account Owner Retained
Interest
Prior Month Account Owner
Retained Interest Factor
Current Month Account Owner
Retained Interest Factor
52
<PAGE>
Trust
Monthly Trust Activity Totals
------------------------------------------------------------------------
14,263,822,150.45
Beginning Principal Receivables 0.00
Balance
Special Funding Account Balance 14,263,822,150.45
Beginning Total Principal Balance
Series Allocation Percentage
Beginning Invested /Transferor
Amount
Adjusted Invested /Transferor
Amount
Floating Allocation Percentage
Principal Allocation Percentage 205,167,574.47
Finance Charge Collections 17.26%
Total Yield 13.40%
Trust Portfolio Yield 2,130,410,979.42
Principal Collections 0.00%
Discount Percentage 0.00
Discount Option Receivable 14.94%
Collections
Monthly Payment Rate 52,814,018.94
Defaults 4.44%
Monthly Default Rate 3.86%
Net Monthly Default Rate 6,922,178.07
Recoveries 22,665,040.99
Adjustments 1,766,368,176.24
New Receivables 13,824,300,287.34
Ending Principal Receivables 1,070,000,000.00
Balance
Minimum Series Required Balance 0.00
Special Funding Account Balance 13,824,300,287.34
Ending Total Principal Balance
Reallocated Principal
Charged-Off Principal
Reimbursed Principal 13,824,300,287.34
-------------------
Ending Invested/Transferor Amounts Group Total
-----------------------------------
Group I Information 3,750,000,000.00
Invested Amount 5.94092%
Average Rate 55,759,007.90
Investor Finance Charge 560,091,193.55
Collections
Investor Principal Collections 13,884,957.97
Investor Default Amount Due 18,565,367.19
Investor Monthly Interest Due 5,843,750.00
Investor Monthly Fees Due 0.00
-------------------
Investor Additional Amounts Due
-----------------------------------
53
<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 11/17/99 with respect to the performance of the Trust during the month
of 10/01/99 to 10/31/99 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 $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
54
<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
55
<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 $338,770.83
(2) The amount distributed to the
Collateral Interest Holder in
respect
of principal on the Collateral
Invested Amount $0.00
F) Amount of reductions in Collateral
Invested Amount pursuant to
clauses
(c), (d), and (e) of the
definition of
Collateral Invested Amount
(1) The amount of reductions in the
Collateral Invested Amount
pursuant to
clauses (c), (d), and (e) of the
definition of Collateral Invested
Amount $0.00
(2) The total amount reimbursed in
respect of such reductions in the
Collateral Invested Amount $0.00
UNIVERSAL CARD SERVICES CORP.,
Servicer
By: /s/ Dori Broglino
-------------------------------------
Name: Dori Broglino
Title: Servicing Officer
C-3
56
<PAGE>
RECEIVABLES ---
Beginning of the Month Principal $14,263,822,150.45
Receivables:
Beginning of the Month Finance Charge $399,429,637.29
Receivables:
Beginning of the Month Discounted $0.00
Receivables:
Beginning of the Month Premium $0.00
Receivables:
Beginning of the Month Total $14,663,251,787.74
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: $13,824,300,287.34
End of the Month Finance Charge $411,682,824.37
Receivables:
End of the Month Discounted $0.00
Receivables:
End of the Month Premium Receivables: $0.00
End of the Month Total Receivables: $14,235,983,111.71
Special Funding Account Balance $0.00
Aggregate Invested Amount (all Master $11,750,000,000.00
Trust Series)
End of the Month Total Transferor $2,485,983,111.71
Amount
DELINQUENCIES AND LOSSES ---
RECEIVABLES
End of the Month Delinquencies:
31-60 Days Delinquent $172,552,622.82
61-90 Days Delinquent $115,283,194.60
91+ Days Delinquent $199,780,231.37
Total 31+ Days Delinquent $487,616,048.79
Defaulted Accounts During the Month $52,814,018.94
C-4
57
<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 $3,702,655.46
GROUP 1 INFORMATION
WEIGHTED AVERAGE CERTIFICATE RATE FOR ALL SERIES 5.94092%
IN GROUP 1
GROUP 1 INVESTOR FINANCE CHARGE $55,759,007.90
COLLECTIONS
GROUP 1 INVESTOR ADDITIONAL AMOUNTS $0.00
GROUP 1 INVESTOR DEFAULT AMOUNT $13,884,957.97
GROUP 1 INVESTOR MONTHLY FEES $5,843,750.00
GROUP 1 INVESTOR MONTHLY INTEREST $18,565,367.19
SERIES 1996-3 INFORMATION
SERIES 1996-3 ALLOCATION PERCENTAGE 8.51%
SERIES 1996-3 ALLOCABLE FINANCE CHARGE $17,461,070.17
COLLECTIONS
SERIES 1996-3 ADDITIONAL AMOUNTS $0.00
SERIES 1996-3 ALLOCABLE DEFAULTED $4,494,810.12
AMOUNT
SERIES 1996-3 MONTHLY FEES $1,558,333.33
SERIES 1996-3 ALLOCABLE PRINCIPAL $181,311,572.72
COLLECTIONS
SERIES 1996-3 REQUIRED TRANSFEROR $70,000,000.00
AMOUNT
FLOATING ALLOCATION PERCENTAGE 82.38%
C-5
58
<PAGE>
INVESTOR FINANCE CHARGE COLLECTIONS $14,383,772.62
INVESTOR DEFAULT AMOUNT $3,702,655.46
REALLOCATED INVESTOR FINANCE CHARGE COLLECTIONS $14,625,908.36
PRINCIPAL ALLOCATIONS PERCENTAGE 82.38%
AVAILABLE PRINCIPAL COLLECTIONS $149,357,651.61
CLASS A AVAILABLE FUNDS ---
CLASS A FLOATING PERCENTAGE 85.00%
Class A Floating Percentage of $12,434,110.01
Reallocated
Investor Finance Charge Collections
Other Amounts $0.00
TOTAL CLASS A AVAILABLE FUNDS $12,434,110.01
Class A Monthly Interest $3,980,833.33
Class A Servicing Fee (if $0.00
applicable)
Class A Investor Default Amount $3,147,257.14
TOTAL CLASS A EXCESS SPREAD $5,306,019.54
CLASS A REQUIRED AMOUNT $0.00
CLASS B AVAILABLE FUNDS ---
CLASS B FLOATING PERCENTAGE 8.00%
CLASS B AVAILABLE FUNDS $1,170,072.67
Class B Monthly Interest $388,000.00
Class B Servicing Fee (if $0.00
applicable)
TOTAL CLASS B EXCESS SPREAD $782,072.67
COLLATERAL AVAILABLE FUNDS --
COLLATERAL FLOATING PERCENTAGE 7.00%
COLLATERAL AVAILABLE FUNDS $1,023,813.59
Collateral Interest Servicing Fee $0.00
(if applicable)
TOTAL COLLATERAL EXCESS SPREAD $1,023,813.59
EXCESS SPREAD ---
TOTAL EXCESS SPREAD $7,111,905.79
C-6
59
<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 $296,212.44
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 $338,770.83
Monthly
Interest
Excess Spread Applied to Unpaid $1,558,333.33
Monthly
Servicing Fee
Excess Spread Applied Collateral $259,185.88
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 $0.00
Account
Excess Spread Applied to Other Amounts $0.00
Owed to
Collateral Interest Holder
TOTAL EXCESS FINANCE CHARGE COLLECTIONS ELIGIBLE
FOR OTHER EXCESS ALLOCATION SERIES $4,659,403.31
EXCESS FINANCE CHARGES COLLECTIONS
TOTAL EXCESS FINANCE CHARGE $54,797,048.87
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
60
<PAGE>
Excess Finance Charge Collections $0.00
Applied to
Reductions of Collateral Invested
Amount
Pursuant to Clauses (c), (d) and (e)
Excess Finance Charge Collections $0.00
Applied to
Reserve Account
Excess Finance Charge Collections $0.00
Applied to
Other Amounts Owed to Collateral
Interest Holder
YIELD AND BASE RATE---
Base Rate (Current Month) 7.52% 1
Base Rate (Prior Month) 7.71% 1
Base Rate (Two Months Ago) 7.35% 1
THREE MONTH AVERAGE BASE RATE 7.53%
Series Adj Portfolio Yield (Curr Month) 13.11%
OCT : (21 posting days / 4 Mondays)
Series Adj Portfolio Yield (Prior 12.59%
Month)
SEP : (22 posting days / 4 Mondays)
Series Adj Port Yield (Two Months Ago) 12.99%
AUG : (22 posting days / 5 Mondays)
THREE MONTH AVERAGE SERIES ADJUSTED 12.90%
PORTFOLIO
YIELD
PRINCIPAL COLLECTIONS---
CLASS A PRINCIPAL PERCENTAGE 85.00%
Class A Principal Collections $126,954,003.87
CLASS B PRINCIPAL PERCENTAGE 8.00%
Class B Principal Collections $11,948,612.13
COLLATERAL PRINCIPAL PERCENTAGE 7.00%
Collateral Principal Collections $10,455,035.61
AVAILABLE PRINCIPAL COLLECTIONS $149,357,651.61
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
61
<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 $149,357,651.61
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/ Dori Broglino
-------------------------------------
Name: Dori Broglino
Title: Servicing Officer
62
<PAGE>
Exhibit 20.5
Universal Bank, N.A.
Credit Card Asset Backed
Securities
Universal Card Master Trust Monthly Report 31-Oct-99
Series 1997-1 Distribution Date 17-Nov-99
Monthly Trust Activity Class A Class B
------------------------------------------------------------------------
Beginning Principal Receivables
Balance
Special Funding Account Balance
Beginning 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 12,226,206.72 1,150,701.81
Total Yield
Trust Portfolio Yield
Principal Collections 126,954,003.87 11,948,612.13
Discount Percentage
Discount Option Receivable 0.00 0.00
Collections
Monthly Payment Rate
Defaults 3,147,257.14 296,212.44
Monthly Default Rate
Net Monthly Default Rate
Recoveries 412,501.73 38,823.69
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 6.33954% 6.28329%
Investor Finance Charge 11,151,801.58 14,869,068.77
Collections
Investor Principal Collections 112,018,238.71 149,357,651.61
Investor Default Amount Due 2,776,991.59 3,702,655.46
Investor Monthly Interest Due 3,962,210.94 5,236,072.92
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 3,934,791.67 383,000.00
Investor Outstanding Interest Due 0.00 0.00
Investor Additional Interest Due 0.00 0.00
Investor Total Interest Due 3,934,791.67 383,000.00
Investor Default Amount Due 3,147,257.14 296,212.44
Investor Monthly Fees Due 1,324,583.33 124,666.67
Investor Additional Fees Due 0.00 0.00
Total 8,406,632.14 803,879.10
63
<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 12,413,225.23 1,166,222.67
Monthly Interest Paid 3,934,791.67 383,000.00
Investor Default Amount Paid 3,147,257.14 0.00
Excess Spread 5,331,176.43 783,222.67
Monthly Interest Shortfall 0.00 0.00
Investor Default Amount Shortfall 0.00 296,212.44
Required Amount 0.00 296,212.44
Monthly Interest Paid 0.00 0.00
Investor Default Paid 0.00 296,212.44
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 12,066,694.45 1,174,533.34
Principal Distribution 0.00 0.00
Total Distribution 12,066,694.45 1,174,533.34
Ending Certificate Balance 850,000,000.00 80,000,000.00
Pool Factor 100.000000% 100.000000%
Total Distribution Per 1,000 14.1961 14.6817
Certificate
Interest Distribution Per 1,000 14.1961 14.6817
Certificate
Principal Distribution Per 1,000 0.0000 0.0000
Certificate
1st Collection Account Deposit 4,065,951.39 395,766.67
2nd Collection Accounts Deposit 4,065,951.39 395,766.67
3rd Collection Accounts Deposit 3,934,791.67 383,000.00
Quarterly Interest Distribution 12,066,694.45 1,174,533.34
Delinquencies 1-30 31-60
Number of Accounts 241,839 63,636
Balance of Accounts 597,178,928 172,552,623
31+Days Delinquency Rate 3.4186%
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
64
<PAGE>
Monthly Trust Activity CIA Investor Investor
Interest
------------------------------------------------------------------------
Beginning Principal Receivables
Balance
Special Funding Account Balance
Beginning 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% 82.3762374%
Principal Allocation Percentage 7.0000000% 82.3762374%
Finance Charge Collections 1,006,864.08 14,383,772.62
Total Yield
Trust Portfolio Yield
Principal Collections 10,455,035.61 149,357,651.61
Discount Percentage
Discount Option Receivable 0.00 0.00
Collections
Monthly Payment Rate
Defaults 259,185.88 3,702,655.46
Monthly Default Rate
Net Monthly Default Rate
Recoveries 33,970.73 485,296.16
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 5.64913% 5.59138%
Investor Finance Charge 14,869,068.77 14,869,068.77
Collections
Investor Principal Collections 149,357,651.61 149,357,651.61
Investor Default Amount Due 3,702,655.46 3,702,655.46
Investor Monthly Interest Due 4,707,604.17 4,659,479.17
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 5.85750%
Investor Monthly Interest Due 341,687.50 4,659,479.17
Investor Outstanding Interest Due 0.00 0.00
Investor Additional Interest Due 0.00 0.00
Investor Total Interest Due 341,687.50 4,659,479.17
Investor Default Amount Due 259,185.88 3,702,655.46
Investor Monthly Fees Due 109,083.33 1,558,333.33
Investor Additional Fees Due 0.00 0.00
Total 709,956.72 9,920,467.96
65
<PAGE>
Reallocated Investor Finance 14,577,783.36
Charge Collections
Interest/Principal/Spread 22,109.38
Investment Proceeds/Reserve Draw
Series Adjusted Portfolio Yield 13.08%
Base Rate 7.46%
Application of Collections CIA Investor Total
Available Funds 1,020,444.84 14,599,892.74
Monthly Interest Paid 0.00 4,317,791.67
Investor Default Amount Paid 0.00 3,147,257.14
Excess Spread 1,020,444.84 7,134,843.93
Monthly Interest Shortfall 0.00
Investor Default Amount Shortfall 296,212.44
Required Amount 296,212.44
Monthly Interest Paid 341,687.50 341,687.50
Investor Default Paid 259,185.88 555,398.32
Investor Additional Amounts Paid 0.00 0.00
Servicing Fee Paid 1,558,333.33
Excess Finance Charge Collections 4,679,424.78
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 341,687.50 13,582,915.28
Principal Distribution 0.00 0.00
Total Distribution 341,687.50 13,582,915.28
Ending Certificate Balance 70,000,000.00 1,000,000,000.00
Pool Factor 100.000000%
Total Distribution Per 1,000 4.8813
Certificate
Interest Distribution Per 1,000 4.8813
Certificate
Principal Distribution Per 1,000 0.0000
Certificate
1st Collection Account Deposit 4,461,718.06
2nd Collection Accounts Deposit 4,461,718.06
3rd Collection Accounts Deposit 4,317,791.67
Quarterly Interest Distribution 8,923,436.12
Delinquencies 61-90 91-120
Number of Accounts 37,065 25,508
Balance of Accounts 115,283,195 81,513,079
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
66
<PAGE>
Monthly Trust Activity Transferor Series
Interest Allocations
------------------------------------------------------------------------
Beginning Principal Receivables
Balance
Special Funding Account Balance
Beginning Total Principal Balance
Series Allocation Percentage 8.51%
Beginning Invested /Transferor 213,942,310.68 1,213,942,310.68
Amount
Adjusted Invested /Transferor 213,942,310.68 1,213,942,310.68
Amount
Floating Allocation Percentage 17.6237626% 100.0000000%
Principal Allocation Percentage 17.6237626% 100.0000000%
Finance Charge Collections 3,077,297.55 17,461,070.17
Total Yield
Trust Portfolio Yield
Principal Collections 31,953,921.10 181,311,572.72
Discount Percentage
Discount Option Receivable 0.00 0.00
Collections
Monthly Payment Rate
Defaults 792,154.66 4,494,810.12
Monthly Default Rate
Net Monthly Default Rate
Recoveries 103,825.38 589,121.54
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 176,536,194.67 1,176,536,194.67
Delinquencies 121+ Total
Number of Accounts 35,433 403,481
Balance of Accounts 118,267,153 1,084,794,976.62
31+Days Delinquency Rate
Change in Account Owner Retained
Interest
Prior Month Account Owner
Retained Interest Factor
Current Month Account Owner
Retained Interest Factor
67
<PAGE>
Monthly Trust Activity Trust
Totals
------------------------------------------------------------------------
Beginning Principal Receivables 14,263,822,150.45
Balance
Special Funding Account Balance 0.00
Beginning Total Principal Balance 14,263,822,150.45
Series Allocation Percentage
Beginning Invested /Transferor
Amount
Adjusted Invested /Transferor
Amount
Floating Allocation Percentage
Principal Allocation Percentage
Finance Charge Collections 205,167,574.47
Total Yield 17.26%
Trust Portfolio Yield 13.40%
Principal Collections 2,130,410,979.42
Discount Percentage 0.00%
Discount Option Receivable 0.00
Collections
Monthly Payment Rate 14.94%
Defaults 52,814,018.94
Monthly Default Rate 4.44%
Net Monthly Default Rate 3.86%
Recoveries 6,922,178.07
Adjustments 22,665,040.99
New Receivables 1,766,368,176.24
Ending Principal Receivables 13,824,300,287.34
Balance
Minimum Series Required Balance 1,070,000,000.00
Special Funding Account Balance 0.00
Ending Total Principal Balance 13,824,300,287.34
Reallocated Principal
Charged-Off Principal
Reimbursed Principal
Ending Invested/Transferor Amounts 13,824,300,287.34
Group I Information Group Total
Invested Amount 3,750,000,000.00
Average Rate 5.94092%
Investor Finance Charge 55,759,007.90
Collections
Investor Principal Collections 560,091,193.55
Investor Default Amount Due 13,884,957.97
Investor Monthly Interest Due 18,565,367.19
Investor Monthly Fees Due 5,843,750.00
Investor Additional Amounts Due 0.00
68
<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 11/17/99 with respect to the performance of the Trust during the month
of 10/01/99 to 10/31/99 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 $14.19611111
(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 $14.19611111
(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
69
<PAGE>
B) Class A Investor Charge Offs and
Reimbursement of Charge Offs
(1) The amount of Class A Investor
Charge Offs $0.00
(2) The amount of Class A Investors
Charge Offs set forth in
paragraph 1
above, per $1,000 original
certificate
principal amount $0.00
(3) The total amount reimbursed in
respect of Class A Investor Charge
Offs $0.00
(4) The amount set forth in paragraph
3 above, per $1,000 original
certificate principal amount $0.00
(5) The amount, if any, by which the
outstanding principal balance of
the
Class A Certificates exceeds the
Class
A Invested Amount after giving
effect
to all transactions on such
Distribution Date $0.00
C) Information regarding
distributions in
respect of the Class B
Certificates,
per $1,000 original certificate
principal amount
(1) The total amount of the
distribution in respect of Class B
Certificates, per $1,000 original
certificate principal amount $14.68166671
(2) The amount of the distribution
set forth in paragraph 1 above in
respect of interest on the Class B
Certificates, per $1,000 original
certificate principal amount $14.68166671
(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
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<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 $341,687.50
(2) The amount distributed to the
Collateral Interest Holder in
respect
of principal on the Collateral
Invested Amount $0.00
F) Amount of reductions in Collateral
Invested Amount pursuant to
clauses
(c), (d), and (e) of the
definition of
Collateral Invested Amount
(1) The amount of reductions in the
Collateral Invested Amount
pursuant to
clauses (c), (d), and (e) of the
definition of Collateral Invested
Amount $0.00
(2) The total amount reimbursed in
respect of such reductions in the
Collateral Invested Amount $0.00
UNIVERSAL CARD SERVICES CORP.,
Servicer
By: /s/ Dori Broglino
-------------------------------------
Name: Dori Broglino
Title: Servicing Officer
C-3
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<PAGE>
RECEIVABLES ---
Beginning of the Month Principal $14,263,822,150.45
Receivables:
Beginning of the Month Finance Charge $399,429,637.29
Receivables:
Beginning of the Month Discounted $0.00
Receivables:
Beginning of the Month Premium $0.00
Receivables:
Beginning of the Month Total $14,663,251,787.74
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: $13,824,300,287.34
End of the Month Finance Charge $411,682,824.37
Receivables:
End of the Month Discounted $0.00
Receivables:
End of the Month Premium Receivables: $0.00
End of the Month Total Receivables: $14,235,983,111.71
Special Funding Account Balance $0.00
Aggregate Invested Amount (all Master $11,750,000,000.00
Trust Series)
End of the Month Total Transferor $2,485,983,111.71
Amount
DELINQUENCIES AND LOSSES ---
RECEIVABLES
End of the Month Delinquencies:
31-60 Days Delinquent $172,552,622.82
61-90 Days Delinquent $115,283,194.60
91+ Days Delinquent $199,780,231.37
Total 31+ Days Delinquent $487,616,048.79
Defaulted Accounts During the Month $52,814,018.94
C-4
72
<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 $3,702,655.46
GROUP 1 INFORMATION
WEIGHTED AVERAGE CERTIFICATE RATE FOR ALL SERIES 5.94092%
IN GROUP 1
GROUP 1 INVESTOR FINANCE CHARGE $55,759,007.90
COLLECTIONS
GROUP 1 INVESTOR ADDITIONAL AMOUNTS $0.00
GROUP 1 INVESTOR DEFAULT AMOUNT $13,884,957.97
GROUP 1 INVESTOR MONTHLY FEES $5,843,750.00
GROUP 1 INVESTOR MONTHLY INTEREST $18,565,367.19
SERIES 1997-1 INFORMATION
SERIES 1997-1 ALLOCATION PERCENTAGE 8.51%
SERIES 1997-1 ALLOCABLE FINANCE CHARGE $17,461,070.17
COLLECTIONS
SERIES 1997-1 ADDITIONAL AMOUNTS $0.00
SERIES 1997-1 ALLOCABLE DEFAULTED $4,494,810.12
AMOUNT
SERIES 1997-1 MONTHLY FEES $1,558,333.33
SERIES 1997-1 ALLOCABLE PRINCIPAL $181,311,572.72
COLLECTIONS
SERIES 1997-1 REQUIRED TRANSFEROR $70,000,000.00
AMOUNT
FLOATING ALLOCATION PERCENTAGE 82.38%
C-5
73
<PAGE>
INVESTOR FINANCE CHARGE COLLECTIONS $14,383,772.62
INVESTOR DEFAULT AMOUNT $3,702,655.46
REALLOCATED INVESTOR FINANCE CHARGE COLLECTIONS $14,577,783.36
PRINCIPAL ALLOCATIONS PERCENTAGE 82.38%
AVAILABLE PRINCIPAL COLLECTIONS $149,357,651.61
CLASS A AVAILABLE FUNDS ---
CLASS A FLOATING PERCENTAGE 85.00%
Class A Floating Percentage of $12,413,225.23
Reallocated
Investor Finance Charge Collections
Other Amounts $0.00
TOTAL CLASS A AVAILABLE FUNDS $12,413,225.23
Class A Monthly Interest $3,934,791.67
Class A Servicing Fee (if $0.00
applicable)
Class A Investor Default Amount $3,147,257.14
TOTAL CLASS A EXCESS SPREAD $5,331,176.43
CLASS A REQUIRED AMOUNT $0.00
CLASS B AVAILABLE FUNDS ---
CLASS B FLOATING PERCENTAGE 8.00%
CLASS B AVAILABLE FUNDS $1,166,222.67
Class B Monthly Interest $383,000.00
Class B Servicing Fee (if $0.00
applicable)
TOTAL CLASS B EXCESS SPREAD $783,222.67
COLLATERAL AVAILABLE FUNDS --
COLLATERAL FLOATING PERCENTAGE 7.00%
COLLATERAL AVAILABLE FUNDS $1,020,444.84
Collateral Interest Servicing Fee $0.00
(if applicable)
TOTAL COLLATERAL EXCESS SPREAD $1,020,444.84
EXCESS SPREAD ---
TOTAL EXCESS SPREAD $7,134,843.93
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<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 $296,212.44
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 $341,687.50
Monthly
Interest
Excess Spread Applied to Unpaid $1,558,333.33
Monthly
Servicing Fee
Excess Spread Applied Collateral $259,185.88
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 $0.00
Account
Excess Spread Applied to Other Amounts $0.00
Owed to
Collateral Interest Holder
TOTAL EXCESS FINANCE CHARGE COLLECTIONS ELIGIBLE
FOR OTHER EXCESS ALLOCATION SERIES $4,679,424.78
EXCESS FINANCE CHARGES COLLECTIONS
TOTAL EXCESS FINANCE CHARGE $54,797,048.87
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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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) 7.46% 1
Base Rate (Prior Month) 7.65% 1
Base Rate (Two Months Ago) 7.64% 1
THREE MONTH AVERAGE BASE RATE 7.58%
Series Adj Portfolio Yield (Curr Month) 13.08%
OCT : (21 posting days / 4 Mondays)
Series Adj Portfolio Yield (Prior Month) 12.49%
SEP : (22 posting days / 4 Mondays)
Series Adj Port Yield (Two Months Ago) 13.30%
AUG : (22 posting days / 5 Mondays)
THREE MONTH AVERAGE SERIES ADJUSTED PORTFOLIO 12.96%
YIELD
PRINCIPAL COLLECTIONS---
CLASS A PRINCIPAL PERCENTAGE 85.00%
Class A Principal Collections $126,954,003.87
CLASS B PRINCIPAL PERCENTAGE 8.00%
Class B Principal Collections $11,948,612.13
COLLATERAL PRINCIPAL PERCENTAGE 7.00%
Collateral Principal Collections $10,455,035.61
AVAILABLE PRINCIPAL COLLECTIONS $149,357,651.61
REALLOCATED PRINCIPAL COLLECTIONS $0.00
SERIES 1997-1 PRINCIPAL SHORTFALL $0.00
SHARED PRINCIPAL COLLECTIONS ALLOCABLE FROM OTHER $0.00
PRINCIPAL SHARING SERIES
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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 $149,357,651.61
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/ Dori Broglino
-------------------------------------
Name: Dori Broglino
Title: Servicing Officer
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