UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
| Date of Report (Date of earliest event reported) | June 20, 2003 |
BANC ONE HELOC TRUST 1998-1
(Exact name of registrant as specified in its charter)
Laws of the United States | 333-03911-10 | 36-1248602 | ||
(State or other jurisdiction of incorporation or organization) | (Commission File Number) | (IRS Employer Identification Number) |
C/O Bank One, NA Global Corporate Trust Services 55 West Monroe St. IL1-0481 Chicago, IL | 60670-0126 | |
| (Address of principal executive offices) | (Zip Code) |
312-336-9730
Registrant’s telephone number, including area code
N/A
(Former name, former address and former fiscal year, if changed since last report)
Item 5. Other Events
On behalf of Banc One HELOC Trust 1998-1, a Trust created pursuant to the Pooling Agreement, dated Auguist 31, 1998, the Paying Agent has caused to be filed with the Commision, the Monthly Report dated June 20, 2003. The Monthly Report is filed pursuant to and in accordance with (1) numerous no-action letters (2) current Commission policy in the area. The filing of the Monthly Report will occur subsequent to each monthly distribution to the holders of the Trust’s Investor Certificates.
| A. | Monthly Report Information: Aggregate distribution information for the current distribution information for the current distribution date June 20, 2003. |
| Principal | Interest | Ending Balance | |||||||
Cede & Co. | $ | 7,149,071.01 | $ | 273,385.95 | $ | 216,654,157.97 | |||
| B. | No delinquency in payment under the Transferor Certificate, or the MBIA Insurnace Policy has occurred. |
| C. | Have any deficiencies occurred? No. Date: Amount: |
| D. | Were any amounts paid or are any amounts payable under MBIA Insurance Policy? NO Amount: |
| E. | Are there any developments with respect to the MBIA Insurance Policy? NONE. |
| F. | Item 1: Legal Proceedings: NONE |
| G. | Item 2: Changes in Securities: NONE |
| H. | Item 4: Submission of Matters to a vote of Security Holders: NONE |
| I. | Item 5: Other Information-Items 1, 2, 4, 5 if applicable: NOT APPLICABLE |
Item 7. Financial Statements and Exhibits.
| The | following exhibits are filed as a part of this report: |
| Exhibit | Description | |
| No. 1 | Monthly Statement to Certificateholders dated June 20, 2003 | |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
BANC ONE HELOC TRUST 1998-1 | ||
By: | /s/ Michael J. Grubb | |
Name: Michael J. Grubb Title: First Vice President | ||
Date:June 20, 2003
ABS Corporation | Page 1 |
Banc One Home Equity Loan Trust 1998-1
| P & S Agreement Date: | August 31, 1998 | |||||
| Original Settlement Date: | September 24, 1998 | |||||
| Series Number of Certificates: | ||||||
| Original Collateral Sale Balance | $867,346,931.20 | |||||
| Statement to Certificateholders (Page 1 of 2) | |||
Distribution Date: | 6/20/03 | ||
INVESTOR CERTIFICATES DISTRIBUTION SUMMARY (PER $1000 ORIGINAL PRINCIPAL AMOUNT) | |||
A. INTEREST & PRINCIPAL DISTRIBUTIONS TO INVESTORS | |||
Investor Certificate Interest Distributed | 0.321631 | ||
Investor Certificate Interest Shortfall Distributed | 0.000000 | ||
Remaining Unpaid Investor Certificate Interest Shortfall | 0.000000 | ||
Managed Amortization Period ? (Yes=1; No=0) | 1 | ||
Investors Certificate Principal Distributed | 8.410672 | ||
Principal Distribution Amount | 8.491702 | ||
Maximum Principal Payment | 13.208560 | ||
Alternative Principal Payment | 8.491702 | ||
Principal Collections less Additional Balances | 8.491702 | ||
Investor Loss Amount Distributed to Investors | 0.112566 | ||
Accelerated Principal Distribution Amount | -0.193596 | ||
Credit Enhancement Draw Amount | 0.00 | ||
Total Amount Distributed to Certificateholders (P & I) | 8.732302 | ||
B. INVESTOR CERTIFICATE PRINCIPAL BALANCE | |||
Beginning Investor Certificate Balance | 202,457,996.14 | ||
Ending Investor Certificate Balance | 195,308,925.13 | ||
Beginning Invested Amount | 207,118,154.62 | ||
Ending Invested Amount | 199,804,526.99 | ||
Investor Certificateholder Floating Allocation Percentage | 92.4735 | % | |
Pool Factor | 0.2297752 | ||
Liquidation Loss Amount for Liquidated Loans | 103,468.19 | ||
Unreimbursed Liquidation Loss Amount | 0.00 | ||
C. POOL INFORMATION | |||
Beginning Pool Balance | 223,975,573.09 | ||
Ending Pool Balance | 216,654,157.97 | ||
Servicing Fee | 93,323.16 | ||
D. INVESTOR CERTIFICATE RATE | |||
Investor Certificate Rate | 1.568130 | % | |
LIBOR Rate | 1.318130 | % | |
Maximum Rate | 4.449871 | % | |
E DELINQUENCY & REO STATUS | |||
Delinquent 30-59 days | |||
No. of Accounts | 105 | ||
Trust Balances | 3,382,242.93 | ||
Delinquent 60-89 days | |||
No. of Accounts | 49 | ||
Trust Balances | 1,192,672.59 | ||
Delinquent 90+ days | |||
No. of Accounts | 139 | ||
Trust Balances | 4,891,855.29 | ||
Delinquent 9+ Months | |||
No. of Accounts | 0 | ||
Trust Balances | 0 | ||
REO | |||
No. of Accounts | 0 | ||
Trust Balances | 0.00 | ||
ABS Corporation | Page 2 |
Banc One Home Equity Loan Trust 1998-1
| P & S Agreement Date: | August 31, 1998 | |||||
| Original Settlement Date: | September 24, 1998 | |||||
| Series Number of Certificates: | ||||||
| Original Collateral Sale Balance | $867,346,931.20 | |||||
| Statement to Certificateholders (Page 2 of 2) | ||
Distribution Date: | 6/20/03 | |
IN WITNESS WHEREOF, the undersigned has caused this Certificate to be duly executed and certifies to the
best of his knowledge and belief that information is true and correct this 17th day of June 2003
Bank One, N.A.
as Servicer
/s/ Michael J. Grubb
Michael J. Grubb
First Vice President
Distribution List:
Keith Richardson—Bank One, N.A.
