Exhibit 99.3
KPMG LLP
1601 Market Street
Philadelphia, PA 19103-2499
Independent Accountants’ Report
Bank One, Delaware, National Association
Wilmington Trust Company
Wells Fargo Bank Minnesota, National Association:
We have examined the accompanying management assertion, that Bank One, Delaware, National Association (the “Servicer”), complied with the requirements of Sections 2.12, 2.13, 2.15, 3.01, 3.05, 3.06, 3.07(a), 4.01, 4.04, 4.05, 4.06 of the Transfer and Servicing Agreement dated as of May 1, 2002, as amended (the “Agreement”), Sections 3.2, 3.3, 3.4 and 5.1 (a)(i) of the Asset Pool One Supplement dated as of May 1, 2002 (the “Supplement”), and for the respective Agreement Supplements, noted in Attachment A (the “Supplements”), related to each Tranche of the Bank One Issuance Trust listed, as amended from time to time (together, the “Agreements”) between the Servicer and Wells Fargo Bank Minnesota, National Association, as Trustee (the “Trustee”) of the Bank One Issuance Trust, during the period January 1, 2003 through December 31, 2003. Management is responsible for the Servicer’s compliance with those requirements. Our responsibility is to express an opinion on management’s assertion about the Servicer’s compliance based on our examination.
Our examination was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants and, accordingly, included examining, on a test basis, evidence about the Servicer’s compliance with those requirements and performing such other procedures as we considered necessary in the circumstances. We believe that our examination provides a reasonable basis for our opinion. Our examination does not provide a legal determination on the Servicer’s compliance with specified requirements.
In performing this examination, we have assumed the accuracy of the reports prepared by the Servicer’s third party credit card processor and did not extend our assessment to the relevant aspects of the Servicer’s compliance that are the responsibility of the third party credit card processor. Accordingly, and in accordance with Section 4.06(a) of the Agreement, our assessment does not extend to these aspects of the Servicer’s compliance that are the responsibility of the third party credit card processor, and we do not express any form of assurance on those compliance aspects.
In our opinion, management’s assertion that the Servicer complied with the aforementioned requirements during the year ended December 31, 2003 is fairly stated, in all material respects.
This report is intended solely for the information and use of the specified addressees, and is not intended to be and should not be used by anyone other than these specified parties.
March 8, 2004
Bank One Card Services
Mail Code DE1-1001
201 North Walnut Street
Wilmington, DE 19801
ASSERTION BY BANK ONE, DELAWARE, NATIONAL ASSOCIATION
The management of Bank One, Delaware, National Association (the “Servicer”) is responsible for complying with the requirements of Sections 2.12, 2.13, 2.15, 3.01, 3.05, 3.06, 3.07(a) , 4.01, 4.04, 4-05, 4.06 of the Transfer and Servicing Agreement dated as of May 1, 2002, as amended (the “Agreement”), and Sections 3.2, 3.3, 3.4, and 5.1 (a)(i) of the Asset Pool One Supplement dated as of May I, 2002 (the “Supplement”), and for the respective Agreement Supplements, noted in Attachment A (the “Supplements”), related to each Tranche of the Bank One Issuance Trust listed, as amended from time to time (together, the “Agreements”) between the Servicer and Wells Fargo Bank Minnesota, National Association, as Trustee (the “Trustee”).
Management has performed an evaluation of the Servicer’s compliance with the Agreements and based on this evaluation management believes that the Servicer has complied with the requirements of the sections of the Agreements referred to above during the year ended December 31,2003.
In providing this assertion on compliance, we have assumed the accuracy of the reports prepared by the Servicer’s third party credit card processor and did not extend our assessment to the relevant aspects of the Servicer’s compliance that are the responsibility of the third party credit card processor. Accordingly, and in accordance with Section 4.06(a) of the Agreement, our assessment does not extend to these aspects of the Servicer’s compliance that are the responsibility of the third party credit card processor, and we do not express any form of assurance on these compliance aspects.
| /s/ MICHAEL LOONEY | ||||||||
Michael Looney Executive Vice President-Operations | ||||||||
| /s/ DAVID PENKROT | /s/ RANDY REDCAY | |||||||
David Penkrot Senior Vice President and Controller | Randy Redcay First Vice President | |||||||
Attachment A
Pooling and Servicing Agreement Supplements
Bank One Issuance Trust Tranches | Issuance Date | Period Outstanding During Compliance Period | ||
Class A (2002-1) Notes | 05/22/02 | 01/01/03 to 12/31/03 | ||
Class A (2002-2) Notes | 05/30/02 | 01/01/03 to 12/31/03 | ||
Class A (2002-3) Notes | 09/17/02 | 01/01/03 to 12/31/03 | ||
Class A (2002-4) Notes | 10/23/02 | 01/01/03 to 12/31/03 | ||
Class A (2002-5) Notes | 11/06/02 | 01/01/03 to 12/31/03 | ||
Class A (2002-6) Notes | 11/08/02 | 01/01/03 to 12/31/03 | ||
Class A (2003-1) Notes | 02/05/03 | 02/05/03 to 12/31/03 | ||
Class A (2003-2) Notes | 03/04/03 | 03/04/03 to 12/31/03 | ||
Class A (2003-3) Notes | 04/16/03 | 04/16/03 to 12/31/03 | ||
Class A (2003-4) Notes | 05/22/03 | 05/22/03 to 12/31/03 | ||
Class A (2003-5) Notes | 06/16/03 | 06/16/03 to 12/31/03 | ||
Class A (2003-6) Notes | 06/16/03 | 06/16/03 to 12/31/03 | ||
Class A (2003-7) Notes | 07/30/03 | 07/30/03 to 12/31/03 | ||
Class A (2003-8) Notes | 09/16/03 | 09/16/03 to 12/31/03 | ||
Class A (2003-9) Notes | 10/24/03 | 10/24/03 to 12/31/03 | ||
Class A (2003-10) Notes | 10/24/03 | 10/24/03 to 12/31/03 | ||
Class B (2002-1) Notes | 05/01/02 | 01/01/03 to 12/31/03 | ||
Class B (2002-2) Notes | 10/08/02 | 01/01/03 to 12/31/03 | ||
Class B (2002-3) Notes | 12/23/02 | 01/01/03 to 12/31/03 | ||
Class B (2003-1) Notes | 04/15/03 | 04/15/03 to 12/31/03 | ||
Class B (2003-2) Notes | 07/03/03 | 07/03/03 to 12/31/03 | ||
Class B (2003-3) Notes | 09/16/03 | 09/16/03 to 12/31/03 | ||
Class C (2002-1) Notes | 05/01/02 | 01/01/03 to 12/31/03 | ||
Class C (2002-2) Notes | 10/08/02 | 01/01/03 to 12/31/03 | ||
Class C (2002-3) Notes | 12/27/02 | 01/01/03 to 12/31/03 | ||
Class C (2003-1) Notes | 02/06/03 | 02/06/03 to 12/31/03 | ||
Class C (2003-2) Notes | 05/06/03 | 05/06/03 to 12/31/03 | ||
Class C (2003-3) Notes | 06/18/03 | 06/18/03 to 12/31/03 | ||
Class C (2003-4) Notes | 06/18/03 | 06/18/03 to 12/31/03 |