UNIVERSAL BANK NA
10-K, 2000-02-22
ASSET-BACKED SECURITIES
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                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                  ------------

                                    FORM 10-K

                        FOR ANNUAL AND TRANSITION REPORTS
                     PURSUANT TO SECTION 13 OR 15(d) OF THE
                         SECURITIES EXCHANGE ACT OF 1934

(MARK ONE)

X        ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
         EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 1999

                                       OR

         TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
         EXCHANGE ACT OF 1934

For the transition period from ________ to ___________

                         Commission File Numbers 33-93806
                                                 333-2878
                                                 333-9309
                                                 333-79497

<TABLE>
<S>                                                      <C>                              <C>
UNIVERSAL CARD MASTER TRUST                                       New York
(Issuer of Securities)

UNIVERSAL CARD SERVICES CORP.                                     Delaware                     22-3013787
(successor by merger to the Originator
of the Trust and the original Transferor)

UNIVERSAL BANK, NATIONAL ASSOCIATION                        United States of America           58-1885168
(Transferor to the Trust described herein)
- -----------------------------------------------------    ----------------------------     ----------------------
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)   (STATE OR OTHER JURISDICTION       (I.R.S. EMPLOYER
                                                               OF ORGANIZATION)           IDENTIFICATION NUMBER)
</TABLE>

 200 Brookstone Centre, Suite 110
           Columbus, GA                                            31904
- --------------------------------------                         -------------
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICE)                          (ZIP CODE)

REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: (706) 257-1700


SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT:


Title of each class                    Name of each exchange on which registered

   Not Applicable


SECURITIES REGISTERED PURSUANT TO SECTION 12(g) OF THE ACT:

             Class A Series 1995-2 5.95% Asset Backed Certificates
             Class B Series 1995-2 6.10% Asset Backed Certificates
         Class A Series 1995-3 Floating Rate Asset Backed Certificates
         Class B Series 1995-3 Floating Rate Asset Backed Certificates
         Class A Series 1996-1 Floating Rate Asset Backed Certificates
         Class B Series 1996-1 Floating Rate Asset Backed Certificates
         Class A Series 1996-2 Floating Rate Asset Backed Certificates
         Class B Series 1996-2 Floating Rate Asset Backed Certificates
         Class A Series 1996-3 Floating Rate Asset Backed Certificates
         Class B Series 1996-3 Floating Rate Asset Backed Certificates
         Class A Series 1997-1 Floating Rate Asset Backed Certificates
         Class B Series 1997-1 Floating Rate Asset Backed Certificates
                       (collectively, the "Certificates")
             -----------------------------------------------------
                                (Title of class)

Indicate by check mark whether the registrant: (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. Yes   X    No
                                              -----     -----

Documents Incorporated by Reference:  None



                                       1

<PAGE>


                                     PART I


Items 1. Business.

         Not Applicable.


Item 2.  Properties.

         Pursuant to Section 3.04(b) of the Amended and Restated Pooling and
Servicing Agreement (the "Pooling and Servicing Agreement"), dated as of April
24, 1998 relating to the Universal Card Master Trust (the "Trust") among
Universal Bank, National Association, as Transferor, Universal Card Services
Corp., as Servicer, and Bankers Trust Company, as Trustee, Universal Card
Services Corp., as Servicer, is required to deliver to the Trustee a monthly
servicer certificate (the "Monthly Report") for each outstanding series of
investor certificates. Exhibits 99.1, 99.2, 99.3, 99.4, 99.5 and 99.6 contain
the Annual Statement for Series 1995-2, Series 1995-3, Series 1996-1, Series
1996-2, Series 1996-3, and Series 1997-1 aggregating the information for each
such series contained in the Monthly Reports for calendar year 1999.


Item 3.  Legal Proceedings.

         The registrant knows of no material pending legal proceedings with
respect to the Trust, involving the Trust, the Trustee, the Servicer, the Trust
Assets or Universal Bank, National Association other than ordinary routine
litigation incidental to the duties of the Trustee, the Servicer or Universal
Bank, National Association under the Pooling and Servicing Agreement.


Item 4.  Submission of Matters to a vote of Security-Holders.

         No matter was submitted during the fiscal year covered by this report
to a vote of Certificateholders.



                                        2

<PAGE>


                                     PART II


Item 5.  Market for Registrant's Common Equity and Related Stockholders Matters.

         Each class of Certificates is represented by one or more certificates
registered in the name of Cede & Co., the nominee of the Depository Trust
Company.

         To the best knowledge of the registrant, there is no established public
trading market for the Certificates.


Item 6.  Selected Financial Data.

         Not Applicable.


Item 7.  Management's Discussion and Analysis of Financial Condition and Results
         of Operations.

         Not Applicable.


Item 7A  Quantitative and Qualitative Disclosures About Market Risk.

         Not Applicable.


Item 8.  Financial Statements and Supplementary Data.

         Exhibits 99.1 through 99.6 filed as part of this report and listed in
Item 14(a) below are also filed as part of this report under this Item 8.


Item 9.  Changes in and Disagreements With Accountants on Accounting and
         Financial Disclosure.

         Not Applicable.



                                       3

<PAGE>


                                    PART III


Item 10. Directors and Executive Officers of the Registrant.

         Not Applicable.


Item 11. Executive Compensation.

         Not Applicable.


Item 12. Security Ownership of Certain Beneficial Owners and Management.

         (a) Each class of Certificates is represented by one or more
Certificates registered in the name of Cede & Co., the nominee of The Depository
Trust Company ("DTC"), and an investor holding an interest in the Trust is not
entitled to receive a certificate representing such interest except in certain
limited circumstances. Accordingly, Cede & Co. is the sole holder of record of
Certificates, which it held on behalf of brokers, dealers, banks and other
direct participants in the DTC system at December 31, 1999. Such direct
participants may hold Certificates for their own accounts or for the accounts of
their customers. At December 31, 1999, the following direct DTC participants
held positions in the Certificates representing interests in the Trust equal to
or exceeding 5% of the total principal amount of each class of Certificates on
that date:



                                       4

<PAGE>


SERIES 1995-2

<TABLE>
<CAPTION>
                  Participant                                 Quantity          Percentage
                  ----------                                  --------          ----------
<S>               <C>                                       <C>                     <C>
Class A
                  Bankers Trust Company                     $101,785,000            15.08%
                  Boston Safe Deposit and Trust Co.          $49,245,000             7.30%
                  Chase Manhattan Bank                      $144,980,000            21.48%
                  Citibank, N.A.                             $62,100,000             9.20%
                  Northern Trust Company                     $57,618,000             8.54%
                  State Street Bank and Trust Co.            $83,920,000            12.43%

Class B
                  Bank of New York                           $10,000,000            28.07%
                  Chase Manhattan Bank                       $20,125,000            56.49%
                  SSB - Bank Portfolio                        $5,000,000            14.04%
</TABLE>


SERIES 1995-3

<TABLE>
<CAPTION>
                  Participant                                 Quantity          Percentage
                  ----------                                  --------          ----------
<S>               <C>                                       <C>                     <C>
Class A
                  Bank of New York                           $48,500,000             7.43%
                  Boston Safe Deposit and Trust Co.          $36,400,000             5.58%
                  Chase Manhattan Bank                      $307,050,000            47.06%
                  Citibank, N.A.                             $78,300,000            12.00%
                  State Street Bank and Trust Co.           $160,900,000            24.66%

Class B
                  Bank One Trust Company, N.A.               $20,000,000            44.44%
                  Fuji Bank &Trust Company                   $25,000,000            55.56%
</TABLE>


SERIES 1996-1

<TABLE>
<CAPTION>
                  Participant                                 Quantity          Percentage
                  ----------                                  --------          ----------
<S>               <C>                                       <C>                     <C>
Class A
                  Bank of New York                           $70,275,000             8.27%
                  Bankers Trust Company                      $47,890,000             5.63%
                  Boston Safe Deposit and Trust Co.          $54,960,000             6.47%
                  Citibank, N.A.                            $203,710,000            23.97%
                  State Street Bank and Trust Co.           $351,950,000            41.41%

Class B
                  Bankers Trust Company                      $47,900,000            59.88%
                  Citibank, N.A.                             $31,850,000            39.81%
</TABLE>



                                       5

<PAGE>


SERIES 1996-2

      The Class A and Class B Series 1996-2 Floating Rate Asset Backed
Certificates matured on June 17, 1999. Accordingly, there are no holders at
December 31, 1999.


SERIES 1996-3

<TABLE>
<CAPTION>
                  Participant                                 Quantity          Percentage
                  ----------                                  --------          ----------
<S>               <C>                                       <C>                     <C>
Class A
                  Bank of New York                           $65,870,000             7.75%
                  Boston Safe Deposit and Trust Co.          $56,785,000             6.68%
                  Chase Manhattan                           $145,975,000            17.17%
                  Citibank, N.A.                            $247,380,000            29.10%
                  State Street Bank and Trust Co.           $206,910,000            24.34%

Class B
                  Chase Manhattan Bank                       $12,000,000            15.00%
                  Citibank, N.A.                             $58,000,000            72.50%
                  SSB - Bank Portfolio                       $10,000,000            12.50%
</TABLE>


SERIES 1997-1

<TABLE>
<CAPTION>
                  Participant                                 Quantity          Percentage
                  ----------                                  --------          ----------
<S>               <C>                                       <C>                     <C>
Class A
                  Bankers Trust Company                      $75,897,000             8.93%
                  Boston Safe Deposit and Trust Co.          $61,280,000             7.21%
                  Chase Manhattan                           $201,300,000            23.68%
                  Citibank, N.A.                             $44,500,000             5.24%
                  Investors Bank & Trust/M.F. Custody        $95,070,000            11.18%
                  State Street Bank and Trust Co.           $274,863,000            32.34%

Class B
                  Bankers Trust Company                      $26,000,000            32.50%
                  Bank One Trust Company, N.A.               $10,000,000            12.50%
                  Boston Safe Deposit and Trust Co.           $6,000,000             7.50%
                  Chase Manhattan Bank                       $14,000,000            17.50%
                  Citibank, N.A.                             $17,000,000            21.25%
                  State Street Bank and Trust Co.             $7,000,000             8.75%
</TABLE>


                  The address of each above participant is:

                           c/o      The Depository Trust Company
                                    55 Water Street
                                    New York, New York  10041

                  (b) Not Applicable.

                  (c) Not Applicable.



                                       6

<PAGE>


Item 13. Certain Relationships and Related Transactions.

         (a) The registrant knows of no transaction or series of transactions
during 1999, or any currently proposed transaction or series of transactions, in
an amount exceeding $60,000, involving the Trust in which any Certificateholder
identified in item 12(a) or any other beneficial owner of more than five percent
of the Certificates known to the registrant had or will have a direct or
indirect material interest. There are no persons of the types described in Item
404(a)(1), (2) and (4) of Regulation S-K.

         (b) Not Applicable.

         (c) Not Applicable.



                                       7

<PAGE>


                                   PART IV


Item 14. Exhibits, Financial Statement Schedules, and Reports on Form 8-K.

         (a) The following are filed as part of this report.


         Exhibit 99.1    Annual Statement for the Period Ending December 31,
                         1999 with respect to the Universal Card Master Trust
                         Series 1995-2.

         Exhibit 99.2    Annual Statement for the Period Ending December 31,
                         1999 with respect to the Universal Card Master Trust
                         Series 1995-3.

         Exhibit 99.3    Annual Statement for the Period Ending December 31,
                         1999 with respect to the Universal Card Master Trust
                         Series 1996-1.

         Exhibit 99.4    Annual Statement for the Period Ending December 31,
                         1999 with respect to the Universal Card Master Trust
                         Series 1996-2.

         Exhibit 99.5    Annual Statement for the Period Ending December 31,
                         1999 with respect to the Universal Card Master Trust
                         Series 1996-3.

         Exhibit 99.6    Annual Statement for the Period Ending December 31,
                         1999 with respect to the Universal Card Master Trust
                         Series 1997-1.

         Exhibit 99.7    Universal Card Services Corp. Officers Certificate
                         dated February 15, 2000.

         Exhibit 99.8    Report, dated January 21, 2000, issued by KPMG LLP.



                                       8

<PAGE>


         (b)      The following Current Reports on Form 8-K were filed by the
                  registrant during 1999 and through the date hereof:


                  Current Report on Form 8-K dated December 17, 1998
                  Current Report on Form 8-K dated January 19, 1999
                  Current Report on Form 8-K dated February 17, 1999
                  Current Report on Form 8-K dated March 17, 1999
                  Current Report on Form 8-K dated April 19, 1999
                  Current Report on Form 8-K dated May 17, 1999
                  Current Report on Form 8-K dated June 17, 1999
                  Current Report on Form 8-K dated July 19, 1999
                  Current Report on Form 8-K dated August 17, 1999
                  Current Report on Form 8-K dated September 17, 1999
                  Current Report on Form 8-K dated October 18, 1999
                  Current Report on Form 8-K dated November 17, 1999
                  Current Report on Form 8-K dated December 17, 1999
                  Current Report on Form 8-K dated January 18, 2000



                                       9

<PAGE>


                                   SIGNATURES

                  Pursuant to the requirements of Section 13 or 15(d) of the
Securities Exchange Act of 1934, the registrant has duly caused this report to
be signed on its behalf by the undersigned hereunto duly authorized on this 22nd
day of February, 2000.

                                    UNIVERSAL CARD MASTER TRUST

                                    BY:  UNIVERSAL CARD SERVICES CORP.,
                                         Servicer


                                    By:  /s/    Andrew Lubliner
                                         ------------------------------
                                         Name:  Andrew Lubliner
                                         Title: Servicing Officer



                                       10

<PAGE>


EXHIBIT           DESCRIPTION
- -------           -----------


Exhibit 99.1      Annual Statement for the Period Ending December
                  31, 1999 with respect to the Universal Card
                  Master Trust Series 1995-2.

Exhibit 99.2      Annual Statement for the Period Ending December
                  31, 1999 with respect to the Universal Card
                  Master Trust Series 1995-3.

Exhibit 99.3      Annual Statement for the Period Ending December
                  31, 1999 with respect to the Universal Card
                  Master Trust Series 1996-1.

Exhibit 99.4      Annual Statement for the Period Ending December
                  31, 1999 with respect to the Universal Card
                  Master Trust Series 1996-2.

Exhibit 99.5      Annual Statement for the Period Ending December
                  31, 1999 with respect to the Universal Card
                  Master Trust Series 1996-3.

Exhibit 99.6      Annual Statement for the Period Ending December
                  31, 1999 with respect to the Universal Card
                  Master Trust Series 1997-1.

Exhibit 99.7      Universal Card Services Corp. Officers
                  Certificate dated February 15, 2000.

Exhibit 99.8      Report, dated January 21, 2000, issued by KPMG LLP.



                                       11




                                                                    EXHIBIT 99.1


                           UNIVERSAL CARD MASTER TRUST
                                ANNUAL STATEMENT
                                  SERIES 1995-2
                     FOR THE PERIOD ENDING DECEMBER 31, 1999


      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. ("UB"),
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, UB 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 year. The information which is required to be prepared
with respect to the performance of the Trust during the period of 1/01/99 -
12/31/99 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 Annual
Statement have their respective meanings set forth in the Pooling and Servicing
Agreement and the Supplement.


<TABLE>
 <S>    <C>                                                                                <C>
 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                                                        $59.50000000
                                                                                            ------------
        (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                                                                    $59.50000000
                                                                                            ------------
        (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                                                                           $0.00
                                                                                                   -----
</TABLE>



                                       1

<PAGE>


<TABLE>
 <S>    <C>                                                                                 <C>
 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                                                        $61.00000000
                                                                                            ------------
        (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                                                        $61.00000000
                                                                                            ------------
        (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
                                                                                                   -----
        (2) The amount of reductions in the Class B
        Invested Amount set forth in paragraph 1
        above, per $1,000 original certificate
        principal amount                                                                           $0.00
                                                                                                   -----
</TABLE>



                                       2

<PAGE>


<TABLE>
 <S>    <C>                                                                                <C>

        (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                                                         $2,226,498.95
                                                                                           -------------
        (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
                                                                                                   -----
</TABLE>


                                 UNIVERSAL CARD SERVICES CORP.,
                                 Servicer

                                 By: /s/    Andrew Lubliner
                                    ----------------------------
                                    Name:   Andrew Lubliner
                                    Title:  Servicing Officer



                                       3

<PAGE>


<TABLE>
<CAPTION>
RECEIVABLES  ---

<S>                                                                                   <C>
Beginning of the Period Principal Receivables (01/01/99):                             $14,274,783,458.43
                                                                                      ------------------
Beginning of the Period Finance Charge Receivables (01/01/99):                           $261,689,225.87
                                                                                         ---------------
Beginning of the Period Discounted Receivables:                                                    $0.00
                                                                                                   -----
Beginning of the Period Premium Receivables:                                                       $0.00
                                                                                                   -----
Beginning of the Period Total Receivables (01/01/99):                                 $14,536,472,684.30
                                                                                      ------------------


Removed Principal Recievables:                                                                     $0.00
                                                                                                   -----
Removed Finance Charge Receivables:                                                                $0.00
                                                                                                   -----
Removed Total Receivables:                                                                         $0.00
                                                                                                   -----


Additional Principal Receivables: (2/99, 6/99, 11/99)                                  $3,945,316,989.21
                                                                                       -----------------
Additional Finance Charge Receivables: (2/99, 6/99, 11/99)                                $29,828,724.13
                                                                                          --------------
Additional Total Receivables:                                                          $3,975,145,713.34
                                                                                       -----------------


Discounted Receivables Generated this Period:                                                      $0.00
                                                                                                   -----
Premium Receivables Generated this Period:                                                         $0.00
                                                                                                   -----
End of the Period Principal Receivables (12/31/99):                                   $14,807,315,323.25
                                                                                      ------------------
End of the Period Finance Charge Receivables (12/31/99):                                 $450,154,822.17
                                                                                         ---------------
End of the Period Discounted Receivables:                                                          $0.00
                                                                                                   -----
End of the Period Premium Receivables:                                                             $0.00
                                                                                                   -----
End of the Period Total Receivables (12/31/99):                                       $15,257,470,145.42
                                                                                      ------------------


Special Funding Account Balance                                                                    $0.00
                                                                                                   -----
Aggregate Invested Amount (all Master Trust Series)                                   $11,750,000,000.00
                                                                                      ------------------


End of the Period Transferor Amount (12/31/99)                                         $3,507,470,145.42
                                                                                       -----------------


DELINQUENCIES AND LOSSES ---
                                                                                          RECEIVABLES
                                                                                          -----------
End of the Period Delinquencies: (12/31/99)

   31-60 Days Delinquent                                                                 $161,214,718.16
                                                                                         ---------------
   61-90 Days Delinquent                                                                 $112,931,806.48
                                                                                         ---------------
   91+ Days Delinquent                                                                   $202,926,847.84
                                                                                         ---------------

   Total 31+ Days Delinquent                                                             $477,073,372.48
                                                                                         ---------------

Defaulted Accounts During the Period                                                     $667,186,622.20
                                                                                         ---------------
</TABLE>



                                       4

<PAGE>

<TABLE>
<CAPTION>
INVESTED AMOUNTS ---

<S>                                                               <C>                  <C>
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
                                                                                            ------------


ANNUAL SERVICING FEE                                                                      $14,593,750.00
                                                                                          --------------


INVESTOR DEFAULT AMOUNT                                                                   $34,420,720.48
                                                                                          --------------


GROUP 2 INFORMATION


WEIGHTED AVERAGE CERTIFICATE RATE FOR ALL SERIES                                                    5.94%
IN GROUP 2                                                                                          -----


GROUP 2 INVESTOR FINANCE CHARGE COLLECTIONS                                              $131,346,842.04
                                                                                         ---------------
GROUP 2 INVESTOR ADDITIONAL AMOUNTS                                                                $0.00
                                                                                                   -----
GROUP 2 INVESTOR DEFAULT AMOUNT                                                           $34,420,720.48
                                                                                          --------------
GROUP 2 INVESTOR ANNUAL FEES                                                              $14,593,750.00
                                                                                          --------------
GROUP 2 INVESTOR ANNUAL INTEREST                                                          $44,562,123.95
                                                                                          --------------


SERIES 1995-2 INFORMATION
SERIES 1995-2 ALLOCATION PERCENTAGE                                                                 6.30%
                                                                                                    -----
SERIES 1995-2 ALLOCABLE FINANCE CHARGE                                                   $155,586,948.28
COLLECTIONS                                                                              ---------------

SERIES 1995-2 ADDITIONAL AMOUNTS                                                                   $0.00
                                                                                                   -----
SERIES 1995-2 ALLOCABLE DEFAULTED AMOUNT                                                  $42,013,027.28
                                                                                          --------------
SERIES 1995-2 ANNUAL FEES                                                                 $14,593,750.00
                                                                                          --------------
SERIES 1995-2 ALLOCABLE PRINCIPAL COLLECTIONS                                          $1,688,182,564.23
                                                                                       -----------------
SERIES 1995-2 REQUIRED TRANSFEROR AMOUNT                                                  $52,500,000.00
                                                                                          --------------
FLOATING ALLOCATION PERCENTAGE                                                                     82.00%
                                                                                                   ------


INVESTOR FINANCE CHARGE COLLECTIONS                                                      $127,460,998.43
                                                                                         ---------------
INVESTOR DEFAULT AMOUNT                                                                   $34,420,720.48
                                                                                          --------------
REALLOCATED INVESTOR FINANCE CHARGE COLLECTIONS                                          $131,346,842.04
                                                                                         ---------------
PRINCIPAL ALLOCATIONS PERCENTAGE                                                                   82.00%
                                                                                                   ------
AVAILABLE PRINCIPAL COLLECTIONS                                                        $1,382,759,827.76
                                                                                       -----------------
</TABLE>



                                       5
<PAGE>


<TABLE>
<CAPTION>
CLASS A  AVAILABLE FUNDS ---

<S>                                                               <C>                    <C>
CLASS A FLOATING PERCENTAGE                                                                        90.00%
                                                                                                   ------

   Class A Floating Percentage of Reallocated                     $118,233,284.58
                                                                  ---------------
   Investor Finance Charge Collections
   Other Amounts                                                            $0.00
                                                                            -----
TOTAL CLASS A AVAILABLE FUNDS                                                            $118,233,284.58
                                                                                         ---------------

   Class A Annual Interest                                         $40,162,500.00
                                                                   --------------
   Class A Servicing Fee (if applicable)                                    $0.00
                                                                            -----
   Class A Investor Default Amount                                 $30,978,648.43
                                                                   --------------
TOTAL CLASS A EXCESS SPREAD                                                               $47,092,136.14
                                                                                          --------------

CLASS A REQUIRED AMOUNT                                                                            $0.00
                                                                                                   -----

CLASS B AVAILABLE FUNDS ---


CLASS B FLOATING PERCENTAGE                                                                         4.75%
                                                                                                    -----

CLASS B AVAILABLE FUNDS                                                                    $6,238,975.00
                                                                                           -------------

   Class B Annual Interest                                          $2,173,125.00
                                                                    -------------
   Class B Servicing Fee (if applicable)                                    $0.00
                                                                            -----
TOTAL CLASS B EXCESS SPREAD                                                                $4,065,850.00
                                                                                           -------------

COLLATERAL AVAILABLE FUNDS --


COLLATERAL FLOATING PERCENTAGE                                                                      5.25%
                                                                                                    -----

COLLATERAL AVAILABLE FUNDS                                                                 $6,895,709.20
                                                                                           -------------
   Collateral Interest Servicing Fee (if  applicable)                                              $0.00
                                                                                                   -----
TOTAL COLLATERAL EXCESS SPREAD                                                             $6,895,709.20
                                                                                           -------------

EXCESS SPREAD ---


TOTAL EXCESS SPREAD                                                                       $58,053,695.34
                                                                                          --------------
</TABLE>



                                       6

<PAGE>


<TABLE>
<S>                                                                                      <C>
Excess Spread Applied to Class A Required Amount                                                   $0.00
                                                                                                   -----
Excess Spread Applied to Class A Investor Chargeoffs                                               $0.00
                                                                                                   -----

Excess Spread Applied to Class B Required Amount                                           $1,634,984.22
                                                                                           -------------
Excess Spread Applied to Reductions of Class B                                                     $0.00
Invested Amount pursuant to clauses (c), (d) and (e)                                               -----


Excess Spread Applied to Collateral Annual                                                 $2,226,498.95
Interest                                                                                   -------------

Excess Spread Applied to Unpaid Annual                                                    $14,593,750.00
Servicing Fee                                                                             --------------

Excess Spread Applied Collateral Default Amount                                            $1,807,087.83
                                                                                           -------------
Excess Spread Applied to Reductions of                                                             $0.00
Collateral Invested Amount Pursuant to Clauses                                                     -----
(c), (d) and (e)

Excess Spread Applied to Reserve Account                                                           $0.00
                                                                                                   -----
Excess Spread Applied to Other Amounts Owed to                                                     $0.00
Collateral Interest Holder                                                                         -----


TOTAL EXCESS FINANCE CHARGE COLLECTIONS ELIGIBLE
FOR OTHER EXCESS ALLOCATION SERIES                                                        $37,791,374.35
                                                                                          --------------

EXCESS FINANCE CHARGES COLLECTIONS


TOTAL EXCESS FINANCE CHARGE COLLECTIONS                                                  $643,403,578.42
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 Applied to                                                       $0.00
Class A Required Amount                                                                            -----

Excess Finance Charge Collections Applied to                                                       $0.00
Class A Investor Charge Offs                                                                       -----

Excess Finance Charge Collections Applied to                                                       $0.00
Class B Required Amount                                                                            -----

Excess Finance Charge Collections Applied to                                                       $0.00
Reductions of Class B Invested Amount Pursuant                                                     -----
to Clauses (c), (d) and (e)

Excess Finance Charge Collections Applied to                                                       $0.00
Collateral Annual Interest                                                                         -----

Excess Finance Charge Collections Applied to                                                       $0.00
Unpaid Annual Servicing Fee                                                                        -----

Excess Finance Charge Collections Applied to                                                       $0.00
Collateral Default Amount                                                                          -----
</TABLE>



                                       7

<PAGE>

<TABLE>
<S>                                                             <C>                                <C>
Excess Finance Charge Collections Applied to                                                       $0.00
Reductions of Collateral Invested Amount                                                           -----
Pursuant to Clauses (c), (d) and (e)

Excess Finance Charge Collections Applied to                                                       $0.00
Reserve Account                                                                                    -----

Excess Finance Charge Collections Applied to                                                       $0.00
Other Amounts Owed to Collateral Interest Holder                                                   -----


YIELD, BASE, AND EXCESS SPREAD RATE---


AVERAGE BASE RATE FOR THE PERIOD                                                                    7.89%
                                                                                                    -----

AVERAGE SERIES ADJUSTED PORTFOLIO                                                                   2.93%
YIELD FOR THE PERIOD                                                                                -----


AVERAGE EXCESS SPREAD RATE FOR THE PERIOD                                                           5.04%
                                                                                                    -----

PRINCIPAL COLLECTIONS---


CLASS A PRINCIPAL PERCENTAGE                                                                       90.00%
                                                                                                   ------
   Class A Principal Collections                                $1,244,483,844.97
                                                                -----------------

CLASS B PRINCIPAL PERCENTAGE                                                                        4.75%
                                                                                                    -----
   Class B Principal Collections                                   $65,681,091.82
                                                                   --------------

COLLATERAL PRINCIPAL PERCENTAGE                                                                    5.25%
                                                                                                   -----
   Collateral Principal Collections                                $72,594,890.95
                                                                   --------------

AVAILABLE PRINCIPAL COLLECTIONS                                 $1,382,759,827.75
                                                                -----------------

REALLOCATED PRINCIPAL COLLECTIONS                                                                  $0.00
                                                                                                   -----

SERIES 1995-2 PRINCIPAL SHORTFALL                                                                  $0.00
                                                                                                   -----

SHARED PRINCIPAL COLLECTIONS ALLOCABLE FROM OTHER                                                  $0.00
PRINCIPAL SHARING SERIES                                                                           -----
</TABLE>



                                       8

<PAGE>

<TABLE>
<CAPTION>
ACCUMULATION ---

<S>                                                                         <C>        <C>
Controlled Accumulation Amount                                              $0.00
                                                                            -----
Deficit Controlled Accumulation Amount                                      $0.00
                                                                            -----
CONTROLLED DEPOSIT AMOUNT                                                                          $0.00
                                                                                                   -----

PRINCIPAL FUNDING ACCOUNT BALANCE                                                                  $0.00
                                                                                                   -----

SHARED PRINCIPAL COLLECTIONS ELIGIBLE FOR OTHER                                        $1,382,759,827.75
PRINCIPAL SHARING SERIES                                                               -----------------


INVESTOR CHARGE OFFS AND REIMBURSEMENTS--


CLASS A INVESTOR CHARGE OFFS                                                                       $0.00
                                                                                                   -----
REDUCTIONS IN CLASS B INVESTED AMOUNT  (OTHER THAN                                                 $0.00
BY PRINCIPAL PAYMENTS)                                                                             -----

REDUCTIONS IN COLLATERAL INVESTED AMOUNT (OTHER                                                    $0.00
THAN BY PRINCIPAL PAYMENTS)                                                                        -----


PREVIOUS CLASS A CHARGE OFFS REIMBURSED                                                            $0.00
                                                                                                   -----
PREVIOUS CLASS B INVESTED AMOUNT REDUCTIONS                                                        $0.00
REIMBURSED                                                                                         -----


PREVIOUS COLLATERAL INVESTED AMOUNT REDUCTIONS                                                     $0.00
REIMBURSED                                                                                         -----
</TABLE>


                                 UNIVERSAL CARD SERVICES CORP.,
                                 Servicer

                                 By: /s/    Andrew Lubliner
                                    ----------------------------
                                    Name:   Andrew Lubliner
                                    Title:  Servicing Officer



                                       9





                                                                    EXHIBIT 99.2


                           UNIVERSAL CARD MASTER TRUST
                                ANNUAL STATEMENT
                                  SERIES 1995-3
                     FOR THE PERIOD ENDING DECEMBER 31, 1999


      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. ("UB"),
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, UB 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 year. The information which is required to be prepared
with respect to the performance of the Trust during the period of 1/01/99 -
12/31/99 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 Annual
Statement have their respective meanings set forth in the Pooling and Servicing
Agreement and the Supplement.


<TABLE>
 <S>    <C>                                                                                <C>
 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                                                        $56.21640556
                                                                                            ------------
        (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                                                                    $56.21640556
                                                                                            ------------
        (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                                                                           $0.00
                                                                                                   -----
</TABLE>



                                       1

<PAGE>

<TABLE>
 <S>    <C>                                                                                 <C>
 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                                                                    $57.32862800
                                                                                            ------------
        (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                                                        $57.32862800
                                                                                            ------------
        (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
                                                                                                   -----
        (2) The amount of reductions in the Class B
        Invested Amount set forth in paragraph 1 above,
        per $1,000 original certificate principal amount                                           $0.00
                                                                                                   -----
</TABLE>



                                       2

<PAGE>


<TABLE>
 <S>    <C>                                                                                <C>
        (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                                                                    $2,968,665.26
                                                                                           -------------
        (2) The amount distributed to the
        Collateral Interest Holder in respect
        of principal on the Collateral
        Invested Amount                                                                            $0.00
                                                                                                   -----

 F)     Amount of reductions in Collateral
        Invested Amount pursuant to clauses
        (c), (d), and (e) of the definition of
        Collateral Invested Amount

        (1) The amount of reductions in the
        Collateral Invested Amount pursuant to
        clauses (c), (d), and (e) of the
        definition of Collateral Invested
        Amount                                                                                     $0.00
                                                                                                   -----
        (2) The total amount reimbursed in
        respect of such reductions in the
        Collateral Invested Amount                                                                 $0.00
                                                                                                   -----
</TABLE>


                                 UNIVERSAL CARD SERVICES CORP.,
                                 Servicer

                                 By: /s/    Andrew Lubliner
                                    ----------------------------
                                    Name:   Andrew Lubliner
                                    Title:  Servicing Officer



                                       3

<PAGE>


<TABLE>
<CAPTION>
RECEIVABLES  ---

<S>                                                                                   <C>
Beginning of the Period Principal Receivables (01/01/99):                             $14,274,783,458.43
                                                                                      ------------------
Beginning of the Period Finance Charge Receivables (01/01/99):                           $261,689,225.87
                                                                                         ---------------
Beginning of the Period Discounted Receivables:                                                    $0.00
                                                                                                   -----
Beginning of the Period Premium Receivables:                                                       $0.00
                                                                                                   -----
Beginning of the Period Total Receivables (01/01/99):                                 $14,536,472,684.30
                                                                                      ------------------


Removed Principal Recievables:                                                                     $0.00
                                                                                                   -----
Removed Finance Charge Receivables:                                                                $0.00
                                                                                                   -----
Removed Total Receivables:                                                                         $0.00
                                                                                                   -----


Additional Principal Receivables: (2/99, 6/99, 11/99)                                  $3,945,316,989.21
                                                                                       -----------------
Additional Finance Charge Receivables: (2/99, 6/99, 11/99)                                $29,828,724.13
                                                                                          --------------
Additional Total Receivables:                                                          $3,975,145,713.34
                                                                                       -----------------


Discounted Receivables Generated this Period:                                                      $0.00
                                                                                                   -----
Premium Receivables Generated this Period:                                                         $0.00
                                                                                                   -----
End of the Period Principal Receivables (12/31/99):                                   $14,807,315,323.25
                                                                                      ------------------
End of the Period Finance Charge Receivables (12/31/99):                                 $450,154,822.17
                                                                                         ---------------
End of the Period Discounted Receivables:                                                          $0.00
                                                                                                   -----
End of the Period Premium Receivables:                                                             $0.00
                                                                                                   -----
End of the Period Total Receivables (12/31/99):                                       $15,257,470,145.42
                                                                                      ------------------


Special Funding Account Balance                                                                    $0.00
                                                                                                   -----
Aggregate Invested Amount (all Master Trust Series)                                   $11,750,000,000.00
                                                                                      ------------------
End of the Period Transferor Amount                                                    $3,507,470,145.42
                                                                                       -----------------


DELINQUENCIES AND LOSSES ---
                                                                                          RECEIVABLES
                                                                                          -----------
End of the Period Delinquencies:

   31-60 Days Delinquent                                                                 $161,214,718.16
                                                                                         ---------------
   61-90 Days Delinquent                                                                 $112,931,806.48
                                                                                         ---------------
   91+ Days Delinquent                                                                   $202,926,847.84
                                                                                         ---------------

   Total 31+ Days Delinquent                                                             $477,073,372.48
                                                                                         ---------------

Defaulted Accounts During the Period                                                     $667,186,622.20
                                                                                         ---------------
</TABLE>



                                       4

<PAGE>


<TABLE>
<CAPTION>
INVESTED AMOUNTS ---

<S>                                                                  <C>               <C>
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
                                                                     ------------
Class B Invested Amount                                               $45,000,000
                                                                      -----------
Collateral Invested Amount                                            $52,500,000
                                                                      -----------
INVESTED AMOUNT                                                                             $750,000,000
                                                                                            ------------

Class A Adjusted Invested Amount                                     $652,500,000
                                                                     ------------
Class B Adjusted Invested Amount                                      $45,000,000
                                                                      -----------
Collateral Invested Amount                                            $52,500,000
                                                                      -----------
ADJUSTED INVESTED AMOUNT                                                                    $750,000,000
                                                                                            ------------

ANNUAL SERVICING FEE                                                                      $14,593,750.00
                                                                                          --------------

INVESTOR DEFAULT AMOUNT                                                                   $34,420,720.48
                                                                                          --------------

GROUP 1 INFORMATION


WEIGHTED AVERAGE CERTIFICATE RATE FOR ALL SERIES                                                    5.48%
IN GROUP 1                                                                                          -----


GROUP 1 INVESTOR FINANCE CHARGE COLLECTIONS                                              $729,746,263.74
                                                                                         ---------------
GROUP 1 INVESTOR ADDITIONAL AMOUNTS                                                                $0.00
                                                                                                   -----
GROUP 1 INVESTOR DEFAULT AMOUNT                                                          $191,938,075.36
                                                                                         ---------------
GROUP 1 INVESTOR ANNUAL FEES                                                              $81,302,083.34
                                                                                          --------------
GROUP 1 INVESTOR ANNUAL INTEREST                                                         $229,138,225.91
                                                                                         ---------------

SERIES 1995-3  INFORMATION

SERIES 1995-3  ALLOCATION PERCENTAGE                                                                6.30%
                                                                                                    -----
SERIES 1995-3  ALLOCABLE FINANCE CHARGE                                                  $155,586,948.28
COLLECTIONS                                                                              ---------------

SERIES 1995-3  ADDITIONAL AMOUNTS                                                                  $0.00
                                                                                                   -----
SERIES 1995-3  ALLOCABLE DEFAULTED AMOUNT                                                 $42,013,027.28
                                                                                          --------------
SERIES 1995-3  ANNUAL FEES                                                                $14,593,750.00
                                                                                          --------------
SERIES 1995-3  ALLOCABLE PRINCIPAL COLLECTIONS                                         $1,688,182,564.23
                                                                                       -----------------
SERIES 1995-3  REQUIRED TRANSFEROR AMOUNT                                                 $52,500,000.00
                                                                                          --------------
FLOATING ALLOCATION PERCENTAGE                                                                     82.00%
                                                                                                   ------

INVESTOR FINANCE CHARGE COLLECTIONS                                                      $127,460,998.43
                                                                                         ---------------
INVESTOR DEFAULT AMOUNT                                                                   $34,420,720.48
                                                                                          --------------
REALLOCATED INVESTOR FINANCE CHARGE COLLECTIONS                                          $132,020,353.68
                                                                                         ---------------
PRINCIPAL ALLOCATIONS PERCENTAGE                                                                   82.00%
                                                                                                   ------
AVAILABLE PRINCIPAL COLLECTIONS                                                        $1,382,759,827.76
                                                                                       -----------------
</TABLE>



                                       5
<PAGE>


<TABLE>
<CAPTION>
CLASS A  AVAILABLE FUNDS ---

<S>                                                                <C>                   <C>
CLASS A FLOATING PERCENTAGE                                                                        87.00%
                                                                                                   ------

    Class A Floating Percentage of Reallocated                    $115,041,963.79
                                                                  ---------------
    Investor Finance Charge Collections
    Other Amounts                                                           $0.00
                                                                            -----
TOTAL CLASS A AVAILABLE FUNDS                                                            $115,041,963.79
                                                                                         ---------------

   Class A Annual Interest                                         $36,681,204.63
                                                                   --------------
   Class A Servicing Fee (if applicable)                                    $0.00
                                                                            -----
   Class A Investor Default Amount                                 $29,946,026.82
                                                                   --------------
TOTAL CLASS A EXCESS SPREAD                                                               $48,414,732.35
                                                                                          --------------

CLASS A REQUIRED AMOUNT                                                                            $0.00
                                                                                                   -----

CLASS B AVAILABLE FUNDS ---


CLASS B FLOATING PERCENTAGE                                                                         6.00%
                                                                                                    -----

CLASS B AVAILABLE FUNDS                                                                    $7,921,221.22
                                                                                           -------------

   Class B Annual Interest                                          $2,579,788.25
                                                                    -------------
   Class B Servicing Fee (if applicable)                                    $0.00
                                                                            -----
TOTAL CLASS B EXCESS SPREAD                                                                $5,341,432.97
                                                                                           -------------

COLLATERAL AVAILABLE FUNDS --


COLLATERAL FLOATING PERCENTAGE                                                                      7.00%
                                                                                                    -----

COLLATERAL AVAILABLE FUNDS                                                                 $9,241,424.76
                                                                                           -------------
   Collateral Interest Servicing Fee (if  applicable)                                              $0.00
                                                                                                   -----
TOTAL COLLATERAL EXCESS SPREAD                                                             $9,241,424.76
                                                                                           -------------

EXCESS SPREAD ---


TOTAL EXCESS SPREAD                                                                       $62,997,590.08
                                                                                          --------------
</TABLE>



                                       6

<PAGE>


<TABLE>
<S>                                                                                      <C>
Excess Spread Applied to Class A Required Amount                                                   $0.00
                                                                                                   -----
Excess Spread Applied to Class A Investor Charge                                                   $0.00
Offs                                                                                               -----

Excess Spread Applied to Class B Required Amount                                           $2,065,243.22
                                                                                           -------------
Excess Spread Applied to Reductions of Class B                                                     $0.00
Invested Amount pursuant to clauses (c), (d) and (e)                                               -----

Excess Spread Applied to Collateral Annual                                                 $2,968,665.26
Interest                                                                                   -------------

Excess Spread Applied to Unpaid Annual                                                    $14,593,750.00
Servicing Fee                                                                             --------------

Excess Spread Applied Collateral Default Amount                                            $2,409,450.43
                                                                                           -------------
Excess Spread Applied to Reductions of                                                             $0.00
Collateral Invested Amount Pursuant to Clauses                                                     -----
(c), (d) and (e)

Excess Spread Applied to Reserve Account                                                           $0.00
                                                                                                   -----
Excess Spread Applied to Other Amounts Owed to                                                     $0.00
Collateral Interest Holder                                                                         -----


TOTAL EXCESS FINANCE CHARGE COLLECTIONS ELIGIBLE
FOR OTHER EXCESS ALLOCATION SERIES                                                        $40,960,481.16
                                                                                          --------------

EXCESS FINANCE CHARGES COLLECTIONS


TOTAL EXCESS FINANCE CHARGE COLLECTIONS                                                  $643,403,578.42
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 Applied to                                                       $0.00
Class A Required Amount                                                                            -----

Excess Finance Charge Collections Applied to                                                       $0.00
Class A Investor Charge Offs                                                                       -----

Excess Finance Charge Collections Applied to                                                       $0.00
Class B Required Amount                                                                            -----

Excess Finance Charge Collections Applied to                                                       $0.00
Reductions of Class B Invested Amount Pursuant                                                     -----
to Clauses (c), (d) and (e)

Excess Finance Charge Collections Applied to                                                       $0.00
Collateral Annual Interest                                                                         -----

Excess Finance Charge Collections Applied to                                                       $0.00
Unpaid Annual Servicing Fee                                                                        -----

Excess Finance Charge Collections Applied to                                                       $0.00
Collateral Default Amount                                                                          -----
</TABLE>



                                       7

<PAGE>

<TABLE>
<S>                                                             <C>                                <C>
Excess Finance Charge Collections Applied to                                                       $0.00
Reductions of Collateral Invested Amount                                                           -----
Pursuant to Clauses (c), (d) and (e)

Excess Finance Charge Collections Applied to                                                       $0.00
Reserve Account                                                                                    -----

Excess Finance Charge Collections Applied to                                                       $0.00
Other Amounts Owed to Collateral Interest Holder                                                   -----


YIELD, BASE, AND EXCESS SPREAD RATE---


AVERAGE BASE RATE FOR THE PERIOD                                                                    7.58%
                                                                                                    -----

AVERAGE SERIES ADJUSTED PORTFOLIO                                                                  13.04%
YIELD FOR THE PERIOD                                                                               ------


AVERAGE EXCESS SPREAD RATE FOR THE PERIOD                                                           5.46%
                                                                                                    -----

PRINCIPAL COLLECTIONS---


CLASS A PRINCIPAL PERCENTAGE                                                                       87.00%
                                                                                                   ------
   Class A Principal Collections                                $1,203,001,050.15
                                                                -----------------

CLASS B PRINCIPAL PERCENTAGE                                                                        6.00%
                                                                                                    -----
   Class B Principal Collections                                   $82,965,589.67
                                                                   --------------

COLLATERAL PRINCIPAL PERCENTAGE                                                                     7.00%
                                                                                                    -----
   Collateral Principal Collections                                $96,793,187.94
                                                                   --------------

AVAILABLE PRINCIPAL COLLECTIONS                                 $1,382,759,827.76
                                                                -----------------

REALLOCATED PRINCIPAL COLLECTIONS                                                                  $0.00
                                                                                                   -----

SERIES 1995-3  PRINCIPAL SHORTFALL                                                                 $0.00
                                                                                                   -----

SHARED PRINCIPAL COLLECTIONS ALLOCABLE FROM OTHER                                                  $0.00
PRINCIPAL SHARING SERIES                                                                           -----
</TABLE>



                                       8

<PAGE>


<TABLE>
<CAPTION>
ACCUMULATION ---

<S>                                                                         <C>        <C>
Controlled Accumulation Amount                                              $0.00
                                                                            -----
Deficit Controlled Accumulation Amount                                      $0.00
                                                                            -----
CONTROLLED DEPOSIT AMOUNT                                                                          $0.00
                                                                                                   -----

PRINCIPAL FUNDING ACCOUNT BALANCE                                                                  $0.00
                                                                                                   -----

SHARED PRINCIPAL COLLECTIONS ELIGIBLE FOR OTHER                                        $1,382,759,827.75
PRINCIPAL SHARING SERIES                                                               -----------------


INVESTOR CHARGE OFFS AND REIMBURSEMENTS--


CLASS A INVESTOR CHARGE OFFS                                                                       $0.00
                                                                                                   -----
REDUCTIONS IN CLASS B INVESTED AMOUNT  (OTHER THAN                                                 $0.00
BY PRINCIPAL PAYMENTS)                                                                             -----

REDUCTIONS IN COLLATERAL INVESTED AMOUNT (OTHER                                                    $0.00
THAN BY PRINCIPAL PAYMENTS)                                                                        -----


PREVIOUS CLASS A CHARGE OFFS REIMBURSED                                                            $0.00
                                                                                                   -----
PREVIOUS CLASS B INVESTED AMOUNT REDUCTIONS                                                        $0.00
REIMBURSED                                                                                         -----


PREVIOUS COLLATERAL INVESTED AMOUNT REDUCTIONS                                                     $0.00
REIMBURSED                                                                                         -----
</TABLE>


                                 UNIVERSAL CARD SERVICES CORP.,
                                 Servicer

                                 By: /s/    Andrew Lubliner
                                    ----------------------------
                                    Name:   Andrew Lubliner
                                    Title:  Servicing Officer



                                       9





                                                                    EXHIBIT 99.3


                           UNIVERSAL CARD MASTER TRUST
                                ANNUAL STATEMENT
                                  SERIES 1996-1
                     FOR THE PERIOD ENDING DECEMBER 31, 1999


      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. ("UB"),
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, UB and the Trustee, as Servicer is required to prepare
certain information each Period regarding current distributions to the Series
1996-1 Certificateholders and the performance of the Universal Card Master Trust
(the "Trust") during the year. The information which is required to be prepared
with respect to the performance of the Trust during the period of 1/01/99 -
12/31/99 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 Annual
Statement have their respective meanings set forth in the Pooling and Servicing
Agreement and the Supplement.


<TABLE>
 <S>                                                                                       <C>
 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                                                        $55.55918334
                                                                                            ------------
        (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                                                                    $55.55918334
                                                                                            ------------
        (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                                                                           $0.00
                                                                                                   -----
</TABLE>



                                       1

<PAGE>


<TABLE>
 <S>                                                                                         <C>
 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                                                                     56.92418339
                                                                                             -----------
        (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                                                         56.92418339
                                                                                             -----------
        (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
                                                                                                   -----
        (2) The amount of reductions in the
        Class B Invested Amount set forth in
        paragraph 1 above, per $1,000
        original certificate principal amount                                                      $0.00
                                                                                                   -----
</TABLE>



                                       2

<PAGE>


<TABLE>
 <S>                                                             <C>                   <C>
        (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                                                                             $3,958,220.35
                                                                                           -------------
        (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
                                                                                                   -----
</TABLE>


                                 UNIVERSAL CARD SERVICES CORP.,
                                 Servicer

                                 By: /s/    Andrew Lubliner
                                    ----------------------------
                                    Name:   Andrew Lubliner
                                    Title:  Servicing Officer



                                       3

<PAGE>


<TABLE>
<CAPTION>
RECEIVABLES  ---

<S>                                                                                   <C>
Beginning of the Period Principal Receivables (01/01/99):                             $14,274,783,458.43
                                                                                      ------------------
Beginning of the Period Finance Charge Receivables (01/01/99):                           $261,689,225.87
                                                                                         ---------------
Beginning of the Period Discounted Receivables:                                                    $0.00
                                                                                                   -----
Beginning of the Period Premium Receivables:                                                       $0.00
                                                                                                   -----
Beginning of the Period Total Receivables (01/01/99):                                 $14,536,472,684.30
                                                                                      ------------------


Removed Principal Recievables:                                                                     $0.00
                                                                                                   -----
Removed Finance Charge Receivables:                                                                $0.00
                                                                                                   -----
Removed Total Receivables:                                                                         $0.00
                                                                                                   -----


Additional Principal Receivables: (2/99, 6/99, 11/99)                                  $3,945,316,989.21
                                                                                       -----------------
Additional Finance Charge Receivables: (2/99, 6/99, 11/99)                                $29,828,724.13
                                                                                          --------------
Additional Total Receivables:                                                          $3,975,145,713.34
                                                                                       -----------------


Discounted Receivables Generated this Period:                                                      $0.00
                                                                                                   -----
Premium Receivables Generated this Period:                                                         $0.00
                                                                                                   -----
End of the Period Principal Receivables (12/31/99):                                   $14,807,315,323.25
                                                                                      ------------------
End of the Period Finance Charge Receivables (12/31/99):                                 $450,154,822.17
                                                                                         ---------------
End of the Period Discounted Receivables:                                                          $0.00
                                                                                                   -----
End of the Period Premium Receivables:                                                             $0.00
                                                                                                   -----
End of the Period Total Receivables (12/31/99):                                       $15,257,470,145.42
                                                                                      ------------------


Special Funding Account Balance                                                                    $0.00
                                                                                                   -----
Aggregate Invested Amount (all Master Trust Series)                                   $11,750,000,000.00
                                                                                      ------------------

End of the Period Transferor Amount (12/31/99)                                         $3,507,470,145.42
                                                                                       -----------------


DELINQUENCIES AND LOSSES ---
                                                                                          RECEIVABLES
                                                                                          -----------
End of the Period Delinquencies:  (12/31/99)

   31-60 Days Delinquent                                                                 $161,214,718.16
                                                                                         ---------------
   61-90 Days Delinquent                                                                 $112,931,806.48
                                                                                         ---------------
   91+ Days Delinquent                                                                   $202,926,847.84
                                                                                         ---------------

   Total 31+ Days Delinquent                                                             $477,073,372.48
                                                                                         ---------------

Defaulted Accounts During the Period                                                     $667,186,622.20
                                                                                         ---------------
</TABLE>



                                       4

<PAGE>


<TABLE>
<CAPTION>
INVESTED AMOUNTS ---

<S>                                                               <C>                  <C>
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
                                                                                          --------------


ANNUAL SERVICING FEE                                                                      $19,458,333.33
                                                                                          --------------

INVESTOR DEFAULT AMOUNT                                                                   $45,894,293.98
                                                                                          --------------

GROUP 1 INFORMATION


WEIGHTED AVERAGE CERTIFICATE RATE FOR ALL SERIES                                                    5.48%
IN GROUP 1                                                                                          -----


GROUP 1 INVESTOR FINANCE CHARGE COLLECTIONS                                              $729,746,263.74
                                                                                         ---------------
GROUP 1 INVESTOR ADDITIONAL AMOUNTS                                                                $0.00
                                                                                                   -----
GROUP 1 INVESTOR DEFAULT AMOUNT                                                          $191,938,075.36
                                                                                         ---------------
GROUP 1 INVESTOR ANNUAL FEES                                                              $81,302,083.34
                                                                                          --------------
GROUP 1 INVESTOR ANNUAL INTEREST                                                         $229,138,225.91
                                                                                         ---------------


SERIES 1996-1 INFORMATION

SERIES 1996-1 ALLOCATION PERCENTAGE                                                                 8.40%
                                                                                                    -----
SERIES 1996-1 ALLOCABLE FINANCE CHARGE                                                   $207,449,264.38
COLLECTIONS                                                                              ---------------

SERIES 1996-1 ADDITIONAL AMOUNTS                                                                   $0.00
                                                                                                   -----
SERIES 1996-1 ALLOCABLE DEFAULTED AMOUNT                                                  $56,017,369.71
                                                                                          --------------
SERIES 1996-1 ANNUAL FEES                                                                 $19,458,333.33
                                                                                          --------------
SERIES 1996-1 ALLOCABLE PRINCIPAL COLLECTIONS                                          $2,250,910,085.64
                                                                                       -----------------
SERIES 1996-1 REQUIRED TRANSFEROR AMOUNT                                                  $70,000,000.00
                                                                                          --------------
FLOATING ALLOCATION PERCENTAGE                                                                     82.00%
                                                                                                   ------


INVESTOR FINANCE CHARGE COLLECTIONS                                                      $169,947,997.91
                                                                                         ---------------
INVESTOR DEFAULT AMOUNT                                                                   $45,894,293.98
                                                                                          --------------
REALLOCATED INVESTOR FINANCE CHARGE COLLECTIONS                                          $175,458,388.24
                                                                                         ---------------
PRINCIPAL ALLOCATIONS PERCENTAGE                                                                   82.00%
                                                                                                   ------
AVAILABLE PRINCIPAL COLLECTIONS                                                        $1,843,679,770.34
                                                                                       -----------------
</TABLE>



                                       5

<PAGE>


<TABLE>
<CAPTION>
CLASS A  AVAILABLE FUNDS ---

<S>                                                               <C>                    <C>
CLASS A FLOATING PERCENTAGE                                                                        85.00%
                                                                                                   ------

    Class A Floating Percentage of Reallocated                    $149,382,731.78
                                                                  ---------------
    Investor Finance Charge Collections
    Other Amounts                                                           $0.00
                                                                            -----
TOTAL CLASS A AVAILABLE FUNDS                                                            $149,382,731.78
                                                                                         ---------------

   Class A Annual Interest                                         $47,225,305.84
                                                                   --------------
   Class A Servicing Fee (if applicable)                                    $0.00
                                                                            -----
   Class A Investor Default Amount                                 $39,010,149.88
                                                                   --------------
TOTAL CLASS A EXCESS SPREAD                                                               $63,147,276.07
                                                                                          --------------

CLASS A REQUIRED AMOUNT                                                                            $0.00
                                                                                                   -----

CLASS B AVAILABLE FUNDS ---


CLASS B FLOATING PERCENTAGE                                                                         8.00%
                                                                                                    -----

CLASS B AVAILABLE FUNDS                                                                   $14,036,671.06
                                                                                          --------------

   Class B Annual Interest                                          $4,553,934.66
                                                                    -------------
   Class B Servicing Fee (if applicable)                                    $0.00
                                                                            -----
TOTAL CLASS B EXCESS SPREAD                                                                $9,482,736.40
                                                                                           -------------

COLLATERAL AVAILABLE FUNDS --


COLLATERAL FLOATING PERCENTAGE                                                                      7.00%
                                                                                                    -----

COLLATERAL AVAILABLE FUNDS                                                                $12,282,087.18
                                                                                          --------------
   Collateral Interest Servicing Fee (if  applicable)                                              $0.00
                                                                                                   -----
TOTAL COLLATERAL EXCESS SPREAD                                                            $12,282,087.18
                                                                                          --------------

EXCESS SPREAD ---


TOTAL EXCESS SPREAD                                                                       $84,912,099.64
                                                                                          --------------
</TABLE>



                                       6

<PAGE>


<TABLE>
<S>                                                                                      <C>
Excess Spread Applied to Class A Required Amount                                                   $0.00
                                                                                                   -----
Excess Spread Applied to Class A Investor Charge                                                   $0.00
Offs                                                                                               -----

Excess Spread Applied to Class B Required Amount                                           $3,671,543.52
                                                                                           -------------
Excess Spread Applied to Reductions of Class B                                                     $0.00
Invested Amount pursuant to clauses (c), (d) and (e)                                               -----

Excess Spread Applied to Collateral Annual                                                 $3,958,220.35
Interest                                                                                   -------------

Excess Spread Applied to Unpaid Annual                                                    $19,458,333.34
Servicing Fee                                                                             --------------

Excess Spread Applied Collateral Default Amount                                            $3,212,600.57
                                                                                           -------------
Excess Spread Applied to Reductions of                                                             $0.00
Collateral Invested Amount Pursuant to Clauses                                                     -----
(c), (d) and (e)

Excess Spread Applied to Reserve Account                                                           $0.00
                                                                                                   -----
Excess Spread Applied to Other Amounts Owed to                                                     $0.00
Collateral Interest Holder                                                                         -----


TOTAL EXCESS FINANCE CHARGE COLLECTIONS ELIGIBLE
FOR OTHER EXCESS ALLOCATION SERIES                                                        $54,611,401.86
                                                                                          --------------

EXCESS FINANCE CHARGES COLLECTIONS


TOTAL EXCESS FINANCE CHARGE COLLECTIONS                                                  $643,403,578.42
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 Applied to                                                       $0.00
Class A Required Amount                                                                            -----

Excess Finance Charge Collections Applied to                                                       $0.00
Class A Investor Charge Offs                                                                       -----

Excess Finance Charge Collections Applied to                                                       $0.00
Class B Required Amount                                                                            -----

Excess Finance Charge Collections Applied to                                                       $0.00
Reductions of Class B Invested Amount Pursuant                                                     -----
to Clauses (c), (d) and (e)

Excess Finance Charge Collections Applied to                                                       $0.00
Collateral Annual Interest                                                                         -----

Excess Finance Charge Collections Applied to                                                       $0.00
Unpaid Annual Servicing Fee                                                                        -----

Excess Finance Charge Collections Applied to                                                       $0.00
Collateral Default Amount                                                                          -----
</TABLE>



                                       7

<PAGE>


<TABLE>
<S>                                                             <C>                                <C>
Excess Finance Charge Collections Applied to                                                       $0.00
Reductions of Collateral Invested Amount                                                           -----
Pursuant to Clauses (c), (d) and (e)

Excess Finance Charge Collections Applied to                                                       $0.00
Reserve Account                                                                                    -----

Excess Finance Charge Collections Applied to                                                       $0.00
Other Amounts Owed to Collateral Interest Holder                                                   -----


YIELD, BASE, EXCESS SPREAD RATE---


AVERAGE BASE RATE FOR THE PERIOD                                                                    7.52%
                                                                                                    -----

AVERAGE SERIES ADJUSTED PORTFOLIO                                                                  12.98%
YIELD FOR THE PERIOD                                                                               ------


AVERAGE EXCESS SPREAD RATE FOR THE PERIOD                                                           5.46%
                                                                                                    -----

PRINCIPAL COLLECTIONS---


CLASS A PRINCIPAL PERCENTAGE                                                                       85.00%
                                                                                                   ------
   Class A Principal Collections                                $1,567,127,804.79
                                                                -----------------

CLASS B PRINCIPAL PERCENTAGE                                                                        8.00%
                                                                                                    -----
   Class B Principal Collections                                  $147,494,381.62
                                                                  ---------------

COLLATERAL PRINCIPAL PERCENTAGE                                                                     7.00%
                                                                                                    -----
   Collateral Principal Collections                               $129,057,583.92
                                                                  ---------------

AVAILABLE PRINCIPAL COLLECTIONS                                 $1,843,679,770.33
                                                                -----------------

REALLOCATED PRINCIPAL COLLECTIONS                                                                  $0.00
                                                                                                   -----

SERIES 1996-1 PRINCIPAL SHORTFALL                                                                  $0.00
                                                                                                   -----

SHARED PRINCIPAL COLLECTIONS ALLOCABLE FROM OTHER                                                  $0.00
PRINCIPAL SHARING SERIES                                                                           -----
</TABLE>



                                       8

<PAGE>


<TABLE>
<CAPTION>
ACCUMULATION ---

<S>                                                                         <C>        <C>
Controlled Accumulation Amount                                              $0.00
                                                                            -----
Deficit Controlled Accumulation Amount                                      $0.00
                                                                            -----
CONTROLLED DEPOSIT AMOUNT                                                                          $0.00
                                                                                                   -----

PRINCIPAL FUNDING ACCOUNT BALANCE                                                                  $0.00
                                                                                                   -----

SHARED PRINCIPAL COLLECTIONS ELIGIBLE FOR OTHER                                        $1,843,679,770.34
PRINCIPAL SHARING SERIES                                                               -----------------


INVESTOR CHARGE OFFS AND REIMBURSEMENTS--


CLASS A INVESTOR CHARGE OFFS                                                                       $0.00
                                                                                                   -----
REDUCTIONS IN CLASS B INVESTED AMOUNT  (OTHER THAN                                                 $0.00
BY PRINCIPAL PAYMENTS)                                                                             -----

REDUCTIONS IN COLLATERAL INVESTED AMOUNT (OTHER                                                    $0.00
THAN BY PRINCIPAL PAYMENTS)                                                                        -----


PREVIOUS CLASS A CHARGE OFFS REIMBURSED                                                            $0.00
                                                                                                   -----
PREVIOUS CLASS B INVESTED AMOUNT REDUCTIONS                                                        $0.00
REIMBURSED                                                                                         -----


PREVIOUS COLLATERAL INVESTED AMOUNT REDUCTIONS                                                     $0.00
REIMBURSED                                                                                         -----
</TABLE>


                                 UNIVERSAL CARD SERVICES CORP.,
                                 Servicer

                                 By: /s/    Andrew Lubliner
                                    ----------------------------
                                    Name:   Andrew Lubliner
                                    Title:  Servicing Officer



                                       9




                                                                    EXHIBIT 99.4


                           UNIVERSAL CARD MASTER TRUST
                                ANNUAL STATEMENT
                                  SERIES 1996-2
                     FOR THE PERIOD ENDING DECEMBER 31, 1999


      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. ("UB"),
as Transferor, and Bankers Trust Company, as trustee (the 'Trustee'), as
supplemented by the Series 1996-2 Supplement dated as of 06/30/96 (the
"Supplement") among UCS, UB and the Trustee, as Servicer is required to prepare
certain information each Period regarding current distributions to the Series
1996-2 Certificateholders and the performance of the Universal Card Master Trust
(the "Trust") during the year. The information which is required to be prepared
with respect to the performance of the Trust during the period of 1/01/99 -
12/31/99 is set forth below. Certain of the information is presented on the
basis of an original principal amount of $1,000 per Series 1996-2 Certificate (a
"Certificate"). Certain other information is presented based on the aggregate
amounts for the Trust as a whole. Capitalized terms used in this Annual
Statement have their respective meanings set forth in the Pooling and Servicing
Agreement and the Supplement.


<TABLE>
 <S>                                                                                     <C>
 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                                                     $1,020.90876666
                                                                                         ---------------
        (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                                                                    $20.90876666
                                                                                            ------------
        (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                                                                       $1,000.00
                                                                                               ---------
</TABLE>



                                       1

<PAGE>


<TABLE>
 <S>                                                                                      <C>
 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                                                                  1,021.48821115
                                                                                          --------------
        (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                                                         21.48821115
                                                                                             -----------
        (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                                                           $1,000.00
                                                                                               ---------

 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
                                                                                                   -----
        (2) The amount of reductions in the
        Class B Invested Amount set forth in
        paragraph 1 above, per $1,000
        original certificate principal amount                                                      $0.00
                                                                                                   -----
</TABLE>



                                       2

<PAGE>


<TABLE>
 <S>                                                                                       <C>
        (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                                                                    $1,544,950.91
                                                                                           -------------
        (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
                                                                                                   -----

</TABLE>


                                 UNIVERSAL CARD SERVICES CORP.,
                                 Servicer

                                 By: /s/    Andrew Lubliner
                                    ----------------------------
                                    Name:   Andrew Lubliner
                                    Title:  Servicing Officer



                                       3

<PAGE>


<TABLE>
<CAPTION>
RECEIVABLES  ---

<S>                                                                                   <C>
Beginning of the Period Principal Receivables (01/01/99):                             $14,274,783,458.43
                                                                                      ------------------
Beginning of the Period Finance Charge Receivables (01/01/99):                           $261,689,225.87
                                                                                         ---------------
Beginning of the Period Discounted Receivables:                                                    $0.00
                                                                                                   -----
Beginning of the Period Premium Receivables:                                                       $0.00
                                                                                                   -----
Beginning of the Period Total Receivables (01/01/99):                                 $14,536,472,684.30
                                                                                      ------------------


Removed Principal Recievables:                                                                     $0.00
                                                                                                   -----
Removed Finance Charge Receivables:                                                                $0.00
                                                                                                   -----
Removed Total Receivables:                                                                         $0.00
                                                                                                   -----


Additional Principal Receivables: (2/99)                                               $2,003,285,777.71
                                                                                       -----------------
Additional Finance Charge Receivables: (2/99)                                              $9,610,074.94
                                                                                           -------------
Additional Total Receivables:                                                          $2,012,895,852.65
                                                                                       -----------------


Discounted Receivables Generated this Period:                                                      $0.00
                                                                                                   -----
Premium Receivables Generated this Period:                                                         $0.00
                                                                                                   -----
End of the Period Principal Receivables (05/31/99):                                   $14,183,564,363.99
                                                                                      ------------------
End of the Period Finance Charge Receivables (05/31/99):                                 $306,144,889.07
                                                                                         ---------------
End of the Period Discounted Receivables:                                                          $0.00
                                                                                                   -----
End of the Period Premium Receivables:                                                             $0.00
                                                                                                   -----
End of the Period Total Receivables (05/31/99):                                       $14,489,709,253.06
                                                                                      ------------------


Special Funding Account Balance                                                                    $0.00
                                                                                                   -----
Aggregate Invested Amount (05/31/99 -all Master Trust Series)                         $12,053,750,000.00
                                                                                      ------------------
End of the Period Transferor Amount (05/31/99)                                         $2,435,959,253.06
                                                                                       -----------------


DELINQUENCIES AND LOSSES ---
                                                                                          RECEIVABLES
                                                                                          -----------
End of the Period Delinquencies:  (05/31/99)

   31-60 Days Delinquent                                                                 $149,025,055.57
                                                                                         ---------------
   61-90 Days Delinquent                                                                  $99,944,067.29
                                                                                          --------------
   91+ Days Delinquent                                                                   $174,657,288.65
                                                                                         ---------------

   Total 31+ Days Delinquent                                                             $423,626,411.51
                                                                                         ---------------

Defaulted Accounts During the Period                                                     $287,378,637.13
                                                                                         ---------------
</TABLE>



                                       4

<PAGE>


<TABLE>
<CAPTION>
INVESTED AMOUNTS ---

<S>                                                               <C>                    <C>
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
                                                                                          --------------

ANNUAL SERVICING FEE                                                                       $8,333,333.33
                                                                                           -------------

INVESTOR DEFAULT AMOUNT                                                                   $19,834,472.95
                                                                                          --------------

GROUP 1 INFORMATION


WEIGHTED AVERAGE CERTIFICATE RATE FOR ALL SERIES                                                    5.16%
IN GROUP 1                                                                                          -----


GROUP 1 INVESTOR FINANCE CHARGE COLLECTIONS                                              $346,807,254.20
                                                                                         ---------------
GROUP 1 INVESTOR ADDITIONAL AMOUNTS                                                                $0.00
                                                                                                   -----
GROUP 1 INVESTOR DEFAULT AMOUNT                                                           $94,213,746.53
                                                                                          --------------
GROUP 1 INVESTOR ANNUAL FEES                                                              $39,583,333.34
                                                                                          --------------
GROUP 1 INVESTOR ANNUAL INTEREST                                                         $101,448,093.62
                                                                                         ---------------


SERIES 1996-2 INFORMATION

SERIES 1996-2 ALLOCATION PERCENTAGE                                                                 8.24%
                                                                                                    -----
SERIES 1996-2 ALLOCABLE FINANCE CHARGE                                                    $84,183,435.44
COLLECTIONS                                                                               --------------

SERIES 1996-2 ADDITIONAL AMOUNTS                                                                   $0.00
                                                                                                   -----
SERIES 1996-2 ALLOCABLE DEFAULTED AMOUNT                                                  $23,693,285.87
                                                                                          --------------
SERIES 1996-2 ANNUAL FEES                                                                  $8,333,333.34
                                                                                           -------------
SERIES 1996-2 ALLOCABLE PRINCIPAL COLLECTIONS                                            $926,187,722.73
                                                                                         ---------------
SERIES 1996-2 REQUIRED TRANSFEROR AMOUNT                                                  $70,000,000.00
                                                                                          --------------
FLOATING ALLOCATION PERCENTAGE                                                                     83.95%
                                                                                                   ------


INVESTOR FINANCE CHARGE COLLECTIONS                                                       $70,585,061.91
                                                                                          --------------
INVESTOR DEFAULT AMOUNT                                                                   $19,834,472.95
                                                                                          --------------
REALLOCATED INVESTOR FINANCE CHARGE COLLECTIONS                                           $72,691,019.59
                                                                                          --------------
PRINCIPAL ALLOCATIONS PERCENTAGE                                                                   83.95%
                                                                                                   ------
AVAILABLE PRINCIPAL COLLECTIONS                                                          $776,309,205.53
                                                                                         ---------------
</TABLE>



                                       5

<PAGE>


<TABLE>
<CAPTION>
CLASS A  AVAILABLE FUNDS ---

<S>                                                                <C>                    <C>
CLASS A FLOATING PERCENTAGE                                                                        85.00%
                                                                                                   ------
    Class A Floating Percentage of Reallocated                     $61,882,238.63
                                                                   --------------
    Investor Finance Charge Collections
    Other Amounts                                                           $0.00
                                                                            -----
TOTAL CLASS A AVAILABLE FUNDS                                                             $61,882,238.63
                                                                                          --------------

   Class A Annual Interest                                         $17,772,451.66
                                                                   --------------
   Class A Servicing Fee (if applicable)                                    $0.00
                                                                            -----
   Class A Investor Default Amount                                 $16,859,302.01
                                                                   --------------
TOTAL CLASS A EXCESS SPREAD                                                               $27,250,484.96
                                                                                          --------------

CLASS A REQUIRED AMOUNT                                                                            $0.00
                                                                                                   -----

CLASS B AVAILABLE FUNDS ---


CLASS B FLOATING PERCENTAGE                                                                         8.00%
                                                                                                    -----

CLASS B AVAILABLE FUNDS                                                                    $5,815,281.57
                                                                                           -------------

   Class B Annual Interest                                          $1,719,056.89
                                                                    -------------
   Class B Servicing Fee (if applicable)                                    $0.00
                                                                            -----
TOTAL CLASS B EXCESS SPREAD                                                                $4,096,224.68
                                                                                           -------------

COLLATERAL AVAILABLE FUNDS --


COLLATERAL FLOATING PERCENTAGE                                                                      7.00%
                                                                                                    -----

COLLATERAL AVAILABLE FUNDS                                                                 $5,088,371.37
                                                                                           -------------
   Collateral Interest Servicing Fee (if  applicable)                                              $0.00
                                                                                                   -----
TOTAL COLLATERAL EXCESS SPREAD                                                             $5,088,371.37
                                                                                           -------------

EXCESS SPREAD ---


TOTAL EXCESS SPREAD                                                                       $36,435,081.01
                                                                                          --------------
</TABLE>



                                       6

<PAGE>


<TABLE>
<S>                                                                                      <C>
Excess Spread Applied to Class A Required Amount                                                   $0.00
                                                                                                   -----
Excess Spread Applied to Class A Investor Charge                                                   $0.00
Offs                                                                                               -----

Excess Spread Applied to Class B Required Amount                                           $1,586,757.83
                                                                                           -------------
Excess Spread Applied to Reductions of Class B                                                     $0.00
Invested Amount pursuant to clauses (c), (d) and (e)                                               -----


Excess Spread Applied to Collateral Annual                                                 $1,544,950.90
Interest                                                                                   -------------

Excess Spread Applied to Unpaid Annual                                                     $8,333,333.34
Servicing Fee                                                                              -------------

Excess Spread Applied Collateral Default Amount                                            $1,388,413.10
                                                                                           -------------
Excess Spread Applied to Reductions of                                                             $0.00
Collateral Invested Amount Pursuant to Clauses                                                     -----
(c), (d) and (e)

Excess Spread Applied to Reserve Account                                                           $0.00
                                                                                                   -----
Excess Spread Applied to Other Amounts Owed to                                                     $0.00
Collateral Interest Holder                                                                         -----


TOTAL EXCESS FINANCE CHARGE COLLECTIONS ELIGIBLE
FOR OTHER EXCESS ALLOCATION SERIES                                                        $23,581,625.83
                                                                                          --------------

EXCESS FINANCE CHARGES COLLECTIONS


TOTAL EXCESS FINANCE CHARGE COLLECTIONS                                                  $643,403,578.42
FOR ALL ALLOCATION SERIES                                                                ---------------


SERIES 1996-2 EXCESS FINANCE CHARGE COLLECTIONS ---


EXCESS FINANCE CHARGE COLLECTIONS                                                                  $0.00
ALLOCATED TO SERIES 1996-2                                                                         -----


Excess Finance Charge Collections Applied to                                                       $0.00
Class A Required Amount                                                                            -----

Excess Finance Charge Collections Applied to                                                       $0.00
Class A Investor Charge Offs                                                                       -----

Excess Finance Charge Collections Applied to                                                       $0.00
Class B Required Amount                                                                            -----

Excess Finance Charge Collections Applied to                                                       $0.00
Reductions of Class B Invested Amount Pursuant                                                     -----
to Clauses (c), (d) and (e)

Excess Finance Charge Collections Applied to                                                       $0.00
Collateral Annual Interest                                                                         -----

Excess Finance Charge Collections Applied to                                                       $0.00
Unpaid Annual Servicing Fee                                                                        -----

Excess Finance Charge Collections Applied to                                                       $0.00
Collateral Default Amount                                                                          -----
</TABLE>



                                       7

<PAGE>


<TABLE>
<S>                                                               <C>                              <C>
Excess Finance Charge Collections Applied to                                                       $0.00
Reductions of Collateral Invested Amount                                                           -----
Pursuant to Clauses (c), (d) and (e)

Excess Finance Charge Collections Applied to                                                       $0.00
Reserve Account                                                                                    -----

Excess Finance Charge Collections Applied to                                                       $0.00
Other Amounts Owed to Collateral Interest Holder                                                   -----


YIELD, BASE, EXCESS SPREAD RATE---


AVERAGE BASE RATE FOR THE PERIOD                                                                    7.05%
                                                                                                    -----

AVERAGE SERIES ADJUSTED PORTFOLIO                                                                  12.71%
YIELD FOR THE PERIOD                                                                               ------


AVERAGE EXCESS SPREAD RATE FOR THE PERIOD                                                           5.66%
                                                                                                    -----

PRINCIPAL COLLECTIONS---


CLASS A PRINCIPAL PERCENTAGE                                                                       85.00%
                                                                                                   ------
   Class A Principal Collections                                  $659,862,824.70
                                                                  ---------------

CLASS B PRINCIPAL PERCENTAGE                                                                        8.00%
                                                                                                    -----
   Class B Principal Collections                                   $62,104,736.44
                                                                   --------------

COLLATERAL PRINCIPAL PERCENTAGE                                                                     7.00%
                                                                                                    -----
   Collateral Principal Collections                                $54,341,644.38
                                                                   --------------

AVAILABLE PRINCIPAL COLLECTIONS                                   $776,309,205.52
                                                                  ---------------

REALLOCATED PRINCIPAL COLLECTIONS                                                                  $0.00
                                                                                                   -----

SERIES 1996-2 PRINCIPAL SHORTFALL                                                                  $0.00
                                                                                                   -----

SHARED PRINCIPAL COLLECTIONS ALLOCABLE FROM OTHER                                                  $0.00
PRINCIPAL SHARING SERIES                                                                           -----
</TABLE>



                                       8

<PAGE>


<TABLE>
<CAPTION>
ACCUMULATION ---

<S>                                                                         <C>          <C>
Controlled Accumulation Amount                                              $0.00
                                                                            -----
Deficit Controlled Accumulation Amount                                      $0.00
                                                                            -----
CONTROLLED DEPOSIT AMOUNT                                                                          $0.00
                                                                                                   -----

PRINCIPAL FUNDING ACCOUNT BALANCE                                                                  $0.00
                                                                                                   -----

SHARED PRINCIPAL COLLECTIONS ELIGIBLE FOR OTHER                                          $776,309,205.53
PRINCIPAL SHARING SERIES                                                                 ---------------


INVESTOR CHARGE OFFS AND REIMBURSEMENTS--


CLASS A INVESTOR CHARGE OFFS                                                                       $0.00
                                                                                                   -----
REDUCTIONS IN CLASS B INVESTED AMOUNT  (OTHER THAN                                                 $0.00
BY PRINCIPAL PAYMENTS)                                                                             -----

REDUCTIONS IN COLLATERAL INVESTED AMOUNT (OTHER                                                    $0.00
THAN BY PRINCIPAL PAYMENTS)                                                                        -----


PREVIOUS CLASS A CHARGE OFFS REIMBURSED                                                            $0.00
                                                                                                   -----
PREVIOUS CLASS B INVESTED AMOUNT REDUCTIONS                                                        $0.00
REIMBURSED                                                                                         -----


PREVIOUS COLLATERAL INVESTED AMOUNT REDUCTIONS                                                     $0.00
REIMBURSED                                                                                         -----
</TABLE>


                                 UNIVERSAL CARD SERVICES CORP.,
                                 Servicer

                                 By: /s/    Andrew Lubliner
                                    ----------------------------
                                    Name:   Andrew Lubliner
                                    Title:  Servicing Officer



                                       9






                                                                    EXHIBIT 99.5


                           UNIVERSAL CARD MASTER TRUST
                                ANNUAL STATEMENT
                                  SERIES 1996-3
                     FOR THE PERIOD ENDING DECEMBER 31, 1999


      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. ("UB"),
as Transferor, and Bankers Trust Company, as trustee (the 'Trustee'), as
supplemented by the Series 1996-3 Supplement dated as of 09/17/96 (the
"Supplement") among UCS, UB and the Trustee, as Servicer is required to prepare
certain information each Period regarding current distributions to the Series
1996-3 Certificateholders and the performance of the Universal Card Master Trust
(the "Trust") during the year. The information which is required to be prepared
with respect to the performance of the Trust during the period of 1/01/99 -
12/31/99 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 Annual
Statement have their respective meanings set forth in the Pooling and Servicing
Agreement and the Supplement.


<TABLE>
 <S>   <C>                                                                                  <C>
 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                                                         $53.96733888
                                                                                            ------------
       (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                                                                     $53.96733888
                                                                                            ------------
       (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                                                                            $0.00
                                                                                                   -----
</TABLE>



                                       1

<PAGE>


<TABLE>
 <S>   <C>                                                                                   <C>
 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                                          55.99511658
                                                                                             -----------
       (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                                                          55.99511658
                                                                                             -----------
       (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
                                                                                                   -----
       (2) The amount of reductions in the
       Class B Invested Amount set forth in
       paragraph 1 above, per $1,000
       original certificate principal amount                                                       $0.00
                                                                                                   -----
</TABLE>



                                        2

<PAGE>


<TABLE>
 <S>   <C>                                                                                 <C>
       (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                                                                     $3,993,609.24
                                                                                           -------------
       (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
                                                                                                   -----
</TABLE>


                                 UNIVERSAL CARD SERVICES CORP.,
                                 Servicer

                                 By: /s/    Andrew Lubliner
                                    ----------------------------
                                    Name:   Andrew Lubliner
                                    Title:  Servicing Officer



                                       3

<PAGE>


<TABLE>
<CAPTION>
RECEIVABLES  ---

<S>                                                                                   <C>
Beginning of the Period Principal Receivables (01/01/99):                             $14,274,783,458.43
                                                                                      ------------------
Beginning of the Period Finance Charge Receivables (01/01/99):                           $261,689,225.87
                                                                                         ---------------
Beginning of the Period Discounted Receivables:                                                    $0.00
                                                                                                   -----
Beginning of the Period Premium Receivables:                                                       $0.00
                                                                                                   -----
Beginning of the Period Total Receivables (01/01/99):                                 $14,536,472,684.30
                                                                                      ------------------


Removed Principal Recievables:                                                                     $0.00
                                                                                                   -----
Removed Finance Charge Receivables:                                                                $0.00
                                                                                                   -----
Removed Total Receivables:                                                                         $0.00
                                                                                                   -----


Additional Principal Receivables: (2/99, 6/99, 11/99)                                  $3,945,316,989.21
                                                                                       -----------------
Additional Finance Charge Receivables: (2/99, 6/99, 11/99)                                $29,828,724.13
                                                                                          --------------
Additional Total Receivables:                                                          $3,975,145,713.34
                                                                                       -----------------


Discounted Receivables Generated this Period:                                                      $0.00
                                                                                                   -----
Premium Receivables Generated this Period:                                                         $0.00
                                                                                                   -----
End of the Period Principal Receivables (12/31/99):                                   $14,807,315,323.25
                                                                                      ------------------
End of the Period Finance Charge Receivables (12/31/99):                                 $450,154,822.17
                                                                                         ---------------
End of the Period Discounted Receivables:                                                          $0.00
                                                                                                   -----
End of the Period Premium Receivables:                                                             $0.00
                                                                                                   -----
End of the Period Total Receivables (12/31/99):                                       $15,257,470,145.42
                                                                                      ------------------


Special Funding Account Balance                                                                    $0.00
                                                                                                   -----
Aggregate Invested Amount (all Master Trust Series)                                   $11,750,000,000.00
                                                                                      ------------------
End of the Period Transferor Amount (12/31/99)                                         $3,507,470,145.42
                                                                                       -----------------


DELINQUENCIES AND LOSSES ---
                                                                                          RECEIVABLES
                                                                                          -----------

End of the Period Delinquencies:  (12/31/99)

   31-60 Days Delinquent                                                                 $161,214,718.16
                                                                                         ---------------
   61-90 Days Delinquent                                                                 $112,931,806.48
                                                                                         ---------------
   91+ Days Delinquent                                                                   $202,926,847.84
                                                                                         ---------------

   Total 31+ Days Delinquent                                                             $477,073,372.48
                                                                                         ---------------

Defaulted Accounts During the Period                                                     $667,186,622.20
                                                                                         ---------------
</TABLE>



                                       4

<PAGE>


<TABLE>
<CAPTION>
INVESTED AMOUNTS ---

<S>                                                               <C>                  <C>
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
                                                                                          --------------


ANNUAL SERVICING FEE                                                                      $19,458,333.33
                                                                                          --------------

INVESTOR DEFAULT AMOUNT                                                                   $45,894,293.98
                                                                                          --------------

GROUP 1 INFORMATION


WEIGHTED AVERAGE CERTIFICATE RATE FOR ALL SERIES                                                    5.48%
IN GROUP 1                                                                                          -----


GROUP 1 INVESTOR FINANCE CHARGE COLLECTIONS                                              $729,746,263.74
                                                                                         ---------------
GROUP 1 INVESTOR ADDITIONAL AMOUNTS                                                                $0.00
                                                                                                   -----
GROUP 1 INVESTOR DEFAULT AMOUNT                                                          $191,938,075.36
                                                                                         ---------------
GROUP 1 INVESTOR ANNUAL FEES                                                              $81,302,083.34
                                                                                          --------------
GROUP 1 INVESTOR ANNUAL INTEREST                                                         $229,138,225.91
                                                                                         ---------------


SERIES 1996-3 INFORMATION


SERIES 1996-3 ALLOCATION PERCENTAGE                                                                 8.40%
                                                                                                    -----
SERIES 1996-3 ALLOCABLE FINANCE CHARGE                                                   $207,449,264.38
COLLECTIONS                                                                              ---------------

SERIES 1996-3 ADDITIONAL AMOUNTS                                                                   $0.00
                                                                                                   -----
SERIES 1996-3 ALLOCABLE DEFAULTED AMOUNT                                                  $56,017,369.71
                                                                                          --------------
SERIES 1996-3 ANNUAL FEES                                                                 $19,458,333.33
                                                                                          --------------
SERIES 1996-3 ALLOCABLE PRINCIPAL COLLECTIONS                                          $2,250,910,085.64
                                                                                       -----------------
SERIES 1996-3 REQUIRED TRANSFEROR AMOUNT                                                  $70,000,000.00
                                                                                          --------------
FLOATING ALLOCATION PERCENTAGE                                                                     82.00%
                                                                                                   ------

INVESTOR FINANCE CHARGE COLLECTIONS                                                      $169,947,997.91
                                                                                         ---------------
INVESTOR DEFAULT AMOUNT                                                                   $45,894,293.98
                                                                                          --------------
REALLOCATED INVESTOR FINANCE CHARGE COLLECTIONS                                          $174,689,568.12
                                                                                         ---------------
PRINCIPAL ALLOCATIONS PERCENTAGE                                                                   82.00%
                                                                                                   ------
AVAILABLE PRINCIPAL COLLECTIONS                                                        $1,843,679,770.34
                                                                                       -----------------
</TABLE>



                                       5

<PAGE>


<TABLE>
<CAPTION>
CLASS A  AVAILABLE FUNDS ---

<S>                                                               <C>                    <C>
CLASS A FLOATING PERCENTAGE                                                                        85.00%
                                                                                                   ------

    Class A Floating Percentage of Reallocated                    $148,726,496.90
                                                                  ---------------
    Investor Finance Charge Collections
    Other Amounts                                                           $0.00
                                                                            -----
TOTAL CLASS A AVAILABLE FUNDS                                                            $148,726,496.90
                                                                                         ---------------

   Class A Annual Interest                                         $46,442,221.13
                                                                   --------------
   Class A Servicing Fee (if applicable)                                    $0.00
                                                                            -----
   Class A Investor Default Amount                                 $39,010,149.88
                                                                   --------------
TOTAL CLASS A EXCESS SPREAD                                                               $63,274,125.88
                                                                                          --------------

CLASS A REQUIRED AMOUNT                                                                            $0.00
                                                                                                   -----

CLASS B AVAILABLE FUNDS ---


CLASS B FLOATING PERCENTAGE                                                                         8.00%
                                                                                                    -----

CLASS B AVAILABLE FUNDS                                                                   $13,975,165.45
                                                                                          --------------

   Class B Annual Interest                                          $4,532,810.36
                                                                    -------------
   Class B Servicing Fee (if applicable)                                    $0.00
                                                                            -----
TOTAL CLASS B EXCESS SPREAD                                                                $9,442,355.09
                                                                                           -------------

COLLATERAL AVAILABLE FUNDS --


COLLATERAL FLOATING PERCENTAGE                                                                      7.00%
                                                                                                    -----

COLLATERAL AVAILABLE FUNDS                                                                $12,228,269.77
                                                                                          --------------
   Collateral Interest Servicing Fee (if  applicable)                                              $0.00
                                                                                                   -----
TOTAL COLLATERAL EXCESS SPREAD                                                            $12,228,269.77
                                                                                          --------------

EXCESS SPREAD ---


TOTAL EXCESS SPREAD                                                                       $84,944,750.74
                                                                                          --------------
</TABLE>



                                       6

<PAGE>


<TABLE>
<S>                                                                                      <C>
Excess Spread Applied to Class A Required Amount                                                   $0.00
                                                                                                   -----
Excess Spread Applied to Class A Investor Charge                                                   $0.00
Offs                                                                                               -----

Excess Spread Applied to Class B Required Amount                                           $3,671,543.52
                                                                                           -------------
Excess Spread Applied to Reductions of Class B                                                     $0.00
Invested Amount pursuant to clauses (c), (d) and (e)                                               -----


Excess Spread Applied to Collateral Annual                                                 $3,993,609.24
Interest                                                                                   -------------

Excess Spread Applied to Unpaid Annual                                                    $19,458,333.34
Servicing Fee                                                                             --------------

Excess Spread Applied Collateral Default Amount                                            $3,212,600.57
                                                                                           -------------
Excess Spread Applied to Reductions of                                                             $0.00
Collateral Invested Amount Pursuant to Clauses                                                     -----
(c), (d) and (e)

Excess Spread Applied to Reserve Account                                                           $0.00
                                                                                                   -----
Excess Spread Applied to Other Amounts Owed to                                                     $0.00
Collateral Interest Holder                                                                         -----


TOTAL EXCESS FINANCE CHARGE COLLECTIONS ELIGIBLE
FOR OTHER EXCESS ALLOCATION SERIES                                                        $54,608,664.08
                                                                                          --------------

EXCESS FINANCE CHARGES COLLECTIONS


TOTAL EXCESS FINANCE CHARGE COLLECTIONS                                                  $643,403,578.42
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 Applied to                                                       $0.00
Class A Required Amount                                                                            -----

Excess Finance Charge Collections Applied to                                                       $0.00
Class A Investor Charge Offs                                                                       -----

Excess Finance Charge Collections Applied to                                                       $0.00
Class B Required Amount                                                                            -----

Excess Finance Charge Collections Applied to                                                       $0.00
Reductions of Class B Invested Amount Pursuant                                                     -----
to Clauses (c), (d) and (e)

Excess Finance Charge Collections Applied to                                                       $0.00
Collateral Annual Interest                                                                         -----

Excess Finance Charge Collections Applied to                                                       $0.00
Unpaid Annual Servicing Fee                                                                        -----

Excess Finance Charge Collections Applied to                                                       $0.00
Collateral Default Amount                                                                          -----
</TABLE>



                                       7

<PAGE>


<TABLE>
<S>                                                             <C>                                <C>
Excess Finance Charge Collections Applied to                                                       $0.00
Reductions of Collateral Invested Amount                                                           -----
Pursuant to Clauses (c), (d) and (e)

Excess Finance Charge Collections Applied to                                                       $0.00
Reserve Account                                                                                    -----

Excess Finance Charge Collections Applied to                                                       $0.00
Other Amounts Owed to Collateral Interest Holder                                                   -----


YIELD, BASE, EXCESS SPREAD RATE---


AVERAGE BASE RATE FOR THE PERIOD                                                                    7.44%
                                                                                                    -----

AVERAGE SERIES ADJUSTED PORTFOLIO                                                                  12.90%
YIELD FOR THE PERIOD                                                                               ------


AVERAGE EXCESS SPREAD RATE FOR THE PERIOD                                                           5.46%
                                                                                                    -----

PRINCIPAL COLLECTIONS---


CLASS A PRINCIPAL PERCENTAGE                                                                       85.00%
                                                                                                   ------
   Class A Principal Collections                                $1,567,127,804.79
                                                                -----------------

CLASS B PRINCIPAL PERCENTAGE                                                                        8.00%
                                                                                                    -----
   Class B Principal Collections                                  $147,494,381.62
                                                                  ---------------

COLLATERAL PRINCIPAL PERCENTAGE                                                                     7.00%
                                                                                                    -----
   Collateral Principal Collections                               $129,057,583.92
                                                                  ---------------

AVAILABLE PRINCIPAL COLLECTIONS                                 $1,843,679,770.33
                                                                -----------------

REALLOCATED PRINCIPAL COLLECTIONS                                                                  $0.00
                                                                                                   -----

SERIES 1996-3 PRINCIPAL SHORTFALL                                                                  $0.00
                                                                                                   -----

SHARED PRINCIPAL COLLECTIONS ALLOCABLE FROM OTHER                                                  $0.00
PRINCIPAL SHARING SERIES                                                                           -----
</TABLE>



                                       8

<PAGE>


<TABLE>
<CAPTION>
ACCUMULATION ---

<S>                                                                         <C>        <C>
Controlled Accumulation Amount                                              $0.00
                                                                            -----
Deficit Controlled Accumulation Amount                                      $0.00
                                                                            -----
CONTROLLED DEPOSIT AMOUNT                                                                          $0.00
                                                                                                   -----

PRINCIPAL FUNDING ACCOUNT BALANCE                                                                  $0.00
                                                                                                   -----

SHARED PRINCIPAL COLLECTIONS ELIGIBLE FOR OTHER                                        $1,843,679,770.24
PRINCIPAL SHARING SERIES                                                               -----------------


INVESTOR CHARGE OFFS AND REIMBURSEMENTS--


CLASS A INVESTOR CHARGE OFFS                                                                       $0.00
                                                                                                   -----
REDUCTIONS IN CLASS B INVESTED AMOUNT  (OTHER THAN                                                 $0.00
BY PRINCIPAL PAYMENTS)                                                                             -----

REDUCTIONS IN COLLATERAL INVESTED AMOUNT (OTHER                                                    $0.00
THAN BY PRINCIPAL PAYMENTS)                                                                        -----


PREVIOUS CLASS A CHARGE OFFS REIMBURSED                                                            $0.00
                                                                                                   -----
PREVIOUS CLASS B INVESTED AMOUNT REDUCTIONS                                                        $0.00
REIMBURSED                                                                                         -----


PREVIOUS COLLATERAL INVESTED AMOUNT REDUCTIONS                                                     $0.00
REIMBURSED                                                                                         -----
</TABLE>


                                 UNIVERSAL CARD SERVICES CORP.,
                                 Servicer

                                 By: /s/    Andrew Lubliner
                                    ----------------------------
                                    Name:   Andrew Lubliner
                                    Title:  Servicing Officer



                                       9





                                                                    EXHIBIT 99.6


                           UNIVERSAL CARD MASTER TRUST
                                ANNUAL STATEMENT
                                  SERIES 1997-1
                     FOR THE PERIOD ENDING DECEMBER 31, 1999


      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. ("UB"),
as Transferor, and Bankers Trust Company, as trustee (the 'Trustee'), as
supplemented by the Series 1997-1 Supplement dated as of 05/14/97 (the
"Supplement") among UCS, UB and the Trustee, as Servicer is required to prepare
certain information each Period regarding current distributions to the Series
1997-1 Certificateholders and the performance of the Universal Card Master Trust
(the "Trust") during the year. The information which is required to be prepared
with respect to the performance of the Trust during the period of 1/01/99 -
12/31/99 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 Annual
Statement have their respective meanings set forth in the Pooling and Servicing
Agreement and the Supplement.


<TABLE>
 <S>    <C>                                                                                 <C>
 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                                                        $53.82348001
                                                                                            ------------
        (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                                                                    $53.82348001
                                                                                            ------------
        (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                                                                           $0.00
                                                                                                   -----
</TABLE>



                                       1

<PAGE>

<TABLE>
 <S>    <C>                                                                                  <C>
 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                                                                     55.74986893
                                                                                             -----------
        (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                                                         55.74986893
                                                                                             -----------
        (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
                                                                                                   -----
        (2) The amount of reductions in the Class B
        Invested Amount set forth in paragraph 1
        above, per $1,000 original certificate
        principal amount                                                                           $0.00
                                                                                                   -----
</TABLE>



                                       2

<PAGE>


<TABLE>
 <S>    <C>                                                                                <C>
        (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                                                                             $4,028,998.13
                                                                                           -------------
        (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
                                                                                                   -----
</TABLE>


                                 UNIVERSAL CARD SERVICES CORP.,
                                 Servicer

                                 By: /s/    Andrew Lubliner
                                    ----------------------------
                                    Name:   Andrew Lubliner
                                    Title:  Servicing Officer



                                       3

<PAGE>


<TABLE>
<CAPTION>
RECEIVABLES  ---

<S>                                                                                   <C>
Beginning of the Period Principal Receivables (01/01/99):                             $14,274,783,458.43
                                                                                      ------------------
Beginning of the Period Finance Charge Receivables (01/01/99):                           $261,689,225.87
                                                                                         ---------------
Beginning of the Period Discounted Receivables:                                                    $0.00
                                                                                                   -----
Beginning of the Period Premium Receivables:                                                       $0.00
                                                                                                   -----
Beginning of the Period Total Receivables (01/01/99):                                 $14,536,472,684.30
                                                                                      ------------------


Removed Principal Recievables:                                                                     $0.00
                                                                                                   -----
Removed Finance Charge Receivables:                                                                $0.00
                                                                                                   -----
Removed Total Receivables:                                                                         $0.00
                                                                                                   -----


Additional Principal Receivables: (2/99, 6/99, 11/99)                                  $3,945,316,989.21
                                                                                       -----------------
Additional Finance Charge Receivables: (2/99, 6/99, 11/99)                                $29,828,724.13
                                                                                          --------------
Additional Total Receivables:                                                          $3,975,145,713.34
                                                                                       -----------------


Discounted Receivables Generated this Period:                                                      $0.00
                                                                                                   -----
Premium Receivables Generated this Period:                                                         $0.00
                                                                                                   -----
End of the Period Principal Receivables (12/31/99):                                   $14,807,315,323.25
                                                                                      ------------------
End of the Period Finance Charge Receivables (12/31/99):                                 $450,154,822.17
                                                                                         ---------------
End of the Period Discounted Receivables:                                                          $0.00
                                                                                                   -----
End of the Period Premium Receivables:                                                             $0.00
                                                                                                   -----
End of the Period Total Receivables (12/31/99):                                       $15,257,470,145.42
                                                                                      ------------------


Special Funding Account Balance                                                                    $0.00
                                                                                                   -----
Aggregate Invested Amount (all Master Trust Series)                                   $11,750,000,000.00
                                                                                      ------------------
End of the Period Transferor Amount (12/31/99)                                         $3,507,470,145.42
                                                                                       -----------------


DELINQUENCIES AND LOSSES ---
                                                                                          RECEIVABLES
                                                                                          -----------
End of the Period Delinquencies:  (12/31/99)

   31-60 Days Delinquent                                                                 $161,214,718.16
                                                                                         ---------------
   61-90 Days Delinquent                                                                 $112,931,806.48
                                                                                         ---------------
   91+ Days Delinquent                                                                   $202,926,847.84
                                                                                         ---------------

   Total 31+ Days Delinquent                                                             $477,073,372.48
                                                                                         ---------------

Defaulted Accounts During the Period                                                     $667,186,622.20
                                                                                         ---------------
</TABLE>



                                       4

<PAGE>


<TABLE>
<CAPTION>
INVESTED AMOUNTS ---

<S>                                                               <C>                  <C>
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
                                                                                          --------------

ANNUAL SERVICING FEE                                                                      $19,458,333.33
                                                                                          --------------

INVESTOR DEFAULT AMOUNT                                                                   $45,894,293.98
                                                                                          --------------

GROUP 1 INFORMATION


WEIGHTED AVERAGE CERTIFICATE RATE FOR ALL SERIES                                                    5.48%
IN GROUP 1                                                                                          -----


GROUP 1 INVESTOR FINANCE CHARGE COLLECTIONS                                              $729,746,263.74
                                                                                         ---------------
GROUP 1 INVESTOR ADDITIONAL AMOUNTS                                                                $0.00
                                                                                                   -----
GROUP 1 INVESTOR DEFAULT AMOUNT                                                          $191,938,075.36
                                                                                         ---------------
GROUP 1 INVESTOR ANNUAL FEES                                                              $81,302,083.34
                                                                                          --------------
GROUP 1 INVESTOR ANNUAL INTEREST                                                         $229,138,225.91
                                                                                         ---------------

SERIES 1997-1 INFORMATION

SERIES 1997-1 ALLOCATION PERCENTAGE                                                                 8.40%
                                                                                                    -----
SERIES 1997-1 ALLOCABLE FINANCE CHARGE                                                   $207,449,264.38
COLLECTIONS                                                                              ---------------

SERIES 1997-1 ADDITIONAL AMOUNTS                                                                   $0.00
                                                                                                   -----
SERIES 1997-1 ALLOCABLE DEFAULTED AMOUNT                                                  $56,017,369.71
                                                                                          --------------
SERIES 1997-1 ANNUAL FEES                                                                 $19,458,333.33
                                                                                          --------------
SERIES 1997-1 ALLOCABLE PRINCIPAL COLLECTIONS                                          $2,250,910,085.64
                                                                                       -----------------
SERIES 1997-1 REQUIRED TRANSFEROR AMOUNT                                                  $70,000,000.00
                                                                                          --------------
FLOATING ALLOCATION PERCENTAGE                                                                     82.00%
                                                                                                   ------
</TABLE>



                                       5

<PAGE>


<TABLE>
<S>                                                               <C>                  <C>
INVESTOR FINANCE CHARGE COLLECTIONS                                                      $169,947,997.91
                                                                                         ---------------
INVESTOR DEFAULT AMOUNT                                                                   $45,894,293.98
                                                                                          --------------
REALLOCATED INVESTOR FINANCE CHARGE COLLECTIONS                                          $174,886,934.12
                                                                                         ---------------
PRINCIPAL ALLOCATIONS PERCENTAGE                                                                   82.00%
                                                                                                   ------
AVAILABLE PRINCIPAL COLLECTIONS                                                        $1,843,679,770.34
                                                                                       -----------------

CLASS A  AVAILABLE FUNDS ---


CLASS A FLOATING PERCENTAGE                                                                        85.00%
                                                                                                   ------

    Class A Floating Percentage of Reallocated                    $148,893,352.46
                                                                  ---------------
    Investor Finance Charge Collections
    Other Amounts                                                           $0.00
                                                                            -----
TOTAL CLASS A AVAILABLE FUNDS                                                            $148,893,352.46
                                                                                         ---------------

   Class A Annual Interest                                         $46,597,657.81
                                                                   --------------
   Class A Servicing Fee (if applicable)                                    $0.00
                                                                            -----
   Class A Investor Default Amount                                 $39,010,149.88
                                                                   --------------
TOTAL CLASS A EXCESS SPREAD                                                               $63,285,544.77
                                                                                          --------------

CLASS A REQUIRED AMOUNT                                                                            $0.00
                                                                                                   -----

CLASS B AVAILABLE FUNDS ---


CLASS B FLOATING PERCENTAGE                                                                         8.00%
                                                                                                    -----

CLASS B AVAILABLE FUNDS                                                                   $13,990,954.73
                                                                                          --------------

   Class B Annual Interest                                          $4,539,350.80
                                                                    -------------
   Class B Servicing Fee (if applicable)                                    $0.00
                                                                            -----
TOTAL CLASS B EXCESS SPREAD                                                                $9,451,603.93
                                                                                           -------------

COLLATERAL AVAILABLE FUNDS --


COLLATERAL FLOATING PERCENTAGE                                                                      7.00%
                                                                                                    -----

COLLATERAL AVAILABLE FUNDS                                                                $12,242,085.38
                                                                                          --------------
   Collateral Interest Servicing Fee (if  applicable)                                              $0.00
                                                                                                   -----
TOTAL COLLATERAL EXCESS SPREAD                                                            $12,242,085.38
                                                                                          --------------

EXCESS SPREAD ---


TOTAL EXCESS SPREAD                                                                       $84,979,234.08
                                                                                          --------------
</TABLE>



                                       6

<PAGE>


<TABLE>
<S>                                                                                      <C>
Excess Spread Applied to Class A Required Amount                                                   $0.00
                                                                                                   -----
Excess Spread Applied to Class A Investor Charge                                                   $0.00
Offs                                                                                               -----

Excess Spread Applied to Class B Required Amount                                           $3,671,543.52
                                                                                           -------------
Excess Spread Applied to Reductions of Class B                                                     $0.00
Invested Amount pursuant to clauses (c), (d) and (e)                                               -----


Excess Spread Applied to Collateral Annual                                                 $4,028,998.13
Interest                                                                                   -------------

Excess Spread Applied to Unpaid Annual                                                    $19,458,333.34
Servicing Fee                                                                             --------------

Excess Spread Applied Collateral Default Amount                                            $3,212,600.57
                                                                                           -------------
Excess Spread Applied to Reductions of                                                             $0.00
Collateral Invested Amount Pursuant to Clauses                                                     -----
(c), (d) and (e)

Excess Spread Applied to Reserve Account                                                           $0.00
                                                                                                   -----
Excess Spread Applied to Other Amounts Owed to                                                     $0.00
Collateral Interest Holder                                                                         -----


TOTAL EXCESS FINANCE CHARGE COLLECTIONS ELIGIBLE
FOR OTHER EXCESS ALLOCATION SERIES                                                        $54,607,758.53
                                                                                          --------------

EXCESS FINANCE CHARGES COLLECTIONS


TOTAL EXCESS FINANCE CHARGE COLLECTIONS                                                  $643,403,578.42
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 Applied to                                                       $0.00
Class A Required Amount                                                                            -----

Excess Finance Charge Collections Applied to                                                       $0.00
Class A Investor Charge Offs                                                                       -----

Excess Finance Charge Collections Applied to                                                       $0.00
Class B Required Amount                                                                            -----

Excess Finance Charge Collections Applied to                                                       $0.00
Reductions of Class B Invested Amount Pursuant                                                     -----
to Clauses (c), (d) and (e)

Excess Finance Charge Collections Applied to                                                       $0.00
Collateral Annual Interest                                                                         -----

Excess Finance Charge Collections Applied to                                                       $0.00
Unpaid Annual Servicing Fee                                                                        -----

Excess Finance Charge Collections Applied to                                                       $0.00
Collateral Default Amount                                                                          -----
</TABLE>



                                       7

<PAGE>


<TABLE>
<S>                                                             <C>                                <C>
Excess Finance Charge Collections Applied to                                                       $0.00
Reductions of Collateral Invested Amount                                                           -----
Pursuant to Clauses (c), (d) and (e)

Excess Finance Charge Collections Applied to                                                       $0.00
Reserve Account                                                                                    -----

Excess Finance Charge Collections Applied to                                                       $0.00
Other Amounts Owed to Collateral Interest Holder                                                   -----


YIELD, BASE, EXCESS SPREAD RATE---


AVERAGE BASE RATE FOR THE PERIOD                                                                    7.46%
                                                                                                    -----

AVERAGE SERIES ADJUSTED PORTFOLIO                                                                  12.92%
YIELD FOR THE PERIOD                                                                               ------


AVERAGE EXCESS SPREAD RATE FOR THE PERIOD                                                           5.46%
                                                                                                    -----

PRINCIPAL COLLECTIONS---


CLASS A PRINCIPAL PERCENTAGE                                                                       87.00%
                                                                                                   ------
   Class A Principal Collections                                $1,567,127,804.79
                                                                -----------------

CLASS B PRINCIPAL PERCENTAGE                                                                        6.00%
                                                                                                    -----
   Class B Principal Collections                                  $147,494,381.62
                                                                  ---------------

COLLATERAL PRINCIPAL PERCENTAGE                                                                     7.00%
                                                                                                    -----
   Collateral Principal Collections                               $129,057,583.92
                                                                  ---------------


AVAILABLE PRINCIPAL COLLECTIONS                                 $1,843,679,770.33
                                                                -----------------

REALLOCATED PRINCIPAL COLLECTIONS                                                                  $0.00
                                                                                                   -----

SERIES 1997-1 PRINCIPAL SHORTFALL                                                                  $0.00
                                                                                                   -----

SHARED PRINCIPAL COLLECTIONS ALLOCABLE FROM OTHER                                                  $0.00
PRINCIPAL SHARING SERIES                                                                           -----
</TABLE>



                                       8

<PAGE>


<TABLE>
<CAPTION>
ACCUMULATION ---

<S>                                                                         <C>        <C>
Controlled Accumulation Amount                                              $0.00
                                                                            -----
Deficit Controlled Accumulation Amount                                      $0.00
                                                                            -----
CONTROLLED DEPOSIT AMOUNT                                                                          $0.00
                                                                                                   -----

PRINCIPAL FUNDING ACCOUNT BALANCE                                                                  $0.00
                                                                                                   -----

SHARED PRINCIPAL COLLECTIONS ELIGIBLE FOR OTHER                                        $1,843,679,770.34
PRINCIPAL SHARING SERIES                                                               -----------------


INVESTOR CHARGE OFFS AND REIMBURSEMENTS--


CLASS A INVESTOR CHARGE OFFS                                                                       $0.00
                                                                                                   -----
REDUCTIONS IN CLASS B INVESTED AMOUNT  (OTHER THAN                                                 $0.00
BY PRINCIPAL PAYMENTS)                                                                             -----

REDUCTIONS IN COLLATERAL INVESTED AMOUNT (OTHER                                                    $0.00
THAN BY PRINCIPAL PAYMENTS)                                                                        -----


PREVIOUS CLASS A CHARGE OFFS REIMBURSED                                                            $0.00
                                                                                                   -----
PREVIOUS CLASS B INVESTED AMOUNT REDUCTIONS                                                        $0.00
REIMBURSED                                                                                         -----


PREVIOUS COLLATERAL INVESTED AMOUNT REDUCTIONS                                                     $0.00
REIMBURSED                                                                                         -----
</TABLE>


                                 UNIVERSAL CARD SERVICES CORP.,
                                 Servicer

                                 By: /s/    Andrew Lubliner
                                    ----------------------------
                                    Name:   Andrew Lubliner
                                    Title:  Servicing Officer



                                       9




                                                                    EXHIBIT 99.7


February 15, 2000

Moody's Investor Service
ABS Monitoring - Fourth Floor
99 Church Street
New York, NY 10007

Fitch IBCA, Inc.
One State Street Plaza
New York, NY 10004

Standard & Poor's Corporation
ABS Surveillance: Credit Cards
55 Water Street
New York, NY 10041

Bankers Trust Company
4 Albany Street
New York, NY 10006


                          UNIVERSAL CARD SERVICES CORP.

         The undersigned, a duly authorized representative of Universal Card
Services Corp., as Servicer ("UCS"), pursuant to the Amended and Restated
Pooling and Servicing Agreement dated as of April 24, 1998 (as amended and
supplemented, the "Agreement"), among Universal Bank, National Association, as
Transferor, UCS, and Bankers Trust Company, as Trustee, does hereby certify
that:

         1. UCS is, as of the date hereof, the Servicer under the Agreement.
Capitalized terms used in this Certificate have their respective meanings as set
forth in the Agreement.

         2. The undersigned is a Servicing Officer who is duly authorized
pursuant to the Agreement to execute and deliver this Certificate to the
Trustee.

         3. A review of the activities of the Servicer during the year ended
December 31, 1999, and of its performance under the Agreement was conducted
under my supervision.

         4. Based on such review, the Servicer has, to the best of my knowledge,
performed in all material respects its obligations under the Agreement
throughout such year and no default in the performance of such obligations has
occurred or is continuing.

         IN WITNESS WHEREOF, the undersigned has duly executed this Certificate
as of the date first written above.


                              UNIVERSAL CARD SERVICES CORP.,
                                as Servicer,


                              By  /s/    Andrew Lubliner
                                  -----------------------
                                  Name:  Andrew Lubliner
                                  Title: Servicing Officer






                                                                    Exhibit 99.8


                            [Letterhead of KPMG LLP]


                         Independent Accountant's Report



To the Shareholder and
Board of Directors of
Universal Card Services Corp.:

We have examined management's assertion, included in the accompanying Assertion
by Universal Card Services Corp., that, as of December 31, 1999, Universal Card
Services Corp. (the "Servicer") maintained effective internal control over the
servicing of credit card loans for the Universal Card Master Trust (the
"Trust"), based upon criteria established in Internal Control - Integrated
Framework issued by the Committee of Sponsoring Organizations of the Treadway
Commission ("COSO"). Management is responsible for establishing and maintaining
effective internal control over the servicing of credit card loans for the
Trust. Our responsibility is to express an opinion on management's assertion
about the internal control over the servicing of credit card loans for the Trust
based on our examination.

Our examination was made in accordance with standards established by the
American Institute of Certified Public Accountants and, accordingly, included
obtaining an understanding of the internal control over the loan servicing
process, testing and evaluating the design and operating effectiveness of the
internal control, and such other procedures as we considered necessary in the
circumstances. We believe that our examination provides a reasonable basis for
our opinion.

As discussed in management's assertion, in providing the assertion on internal
control, management has accepted an independent examination of the internal
control structure of the third party processor, Total Systems Services, Inc.
Accordingly, our examination did not extend to the internal control of the
Servicer's third party processor, and we do not express an opinion or any other
form of assurance on the internal control of the processor.

Because of inherent limitations in any internal control, misstatements due to
error or fraud may occur and not be detected. Also, projections of any
evaluation of the internal control over the loan servicing process to future
periods are subject to the risk that the internal control may become inadequate
because of changes in conditions, or that the degree of compliance with the
policies and procedures may deteriorate.

In our opinion, management's assertion that the Servicer maintained effective
internal control over the servicing of credit card loans for the Trust as of
December 31, 1999, is fairly stated, in all material respects, based upon
criteria established in Internal Control - Integrated Framework issued by COSO.


/s/ KPMG LLP


Jacksonville, Florida
January 21, 2000



<PAGE>


January 21st, 2000


Assertion by Universal Card Services Corp.


Universal Card Services Corp. services the credit card loans for the Universal
Card Master Trust (the Trust). Management is responsible for establishing and
maintaining effective internal control over the servicing of credit card loans
for the Trust. Management has performed an evaluation of Universal Card Services
Corp. internal control over the servicing for the Trust as of December 31, 1999,
based upon criteria established in Internal Control - Integrated Framework
issued by the Committee of Sponsoring Organizations of the Treadway Commission
(COSO).

We have accepted an independent examination of the internal control structure of
the third party processor, Total System Services, Inc. The examination was
performed in accordance with the standards established by the American Institute
of Certified Public Accountants.

Based upon our evaluation, management believes that, as of December 31, 1999,
Universal Card Services Corp., as servicer, has maintained effective internal
control over the servicing of credit card loans for the Trust based upon
criteria established in Internal Control - Integrated Framework issued by COSO.


UNIVERSAL CARD SERVICES CORP.,
Servicer



By /s/ Richard Garside                   By /s/ Michael Gehlen
   -----------------------------            -----------------------------
   Richard Garside                          Michael Gehlen
   President & Chief Executive Officer      Vice President & Chief Financial
                                            Officer

By /s/ Leslie Palmer                     By /s/ Dori Broglino
   -----------------------------            -----------------------------
   Leslie Palmer                            Dori Broglino
   Senior Vice President &                  Assistant Treasurer
   Chief Information Officer




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