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): January 17th, 2002
------------------------------------------------------------------------------
CITIBANK (SOUTH DAKOTA), NATIONAL ASSOCIATION
ON BEHALF OF
UNIVERSAL CARD MASTER TRUST
(Issuer of the Asset Backed Certificates)
-------------------------------------------------------------------------------
(Exact Name of Registrant as Specified in Charter)
UNITED STATES OF AMERICA
------------------------------------------------------
(State or other jurisdiction of incorporation)
33-93806
333-02878
333-09309
333-79497
-------------------------
(Commission File Numbers)
46-0358360
-------------------------
(IRS Employer Identification Number)
701 EAST 60TH STREET, NORTH
SIOUX FALLS, SOUTH DAKOTA 57117
- ------------------------------------------------ -------------
(Address of principal executive office) (Zip Code)
Registrants telephone number, including area code (605) 331-2626
Not Applicable
-------------------------------------------------------------
(Former Name or Former Address, if Changed Since Last Report)
INFORMATION TO BE INCLUDED IN THE REPORT
Items 1-4. Not Applicable
Item 5. The Certificateholder Statements for the month ending
December 31, 2001 for the Universal Card Master Trust
Series 1995-3 and Series 1997-1 Certificates were
distributed on January 17, 2002.
Item 6. Not Applicable.
Item 7. Exhibits.
The following are filed as Exhibits to this Report under Exhibits 20.1 and 20.4.
Exhibit 20.1 Monthly Servicing Report dated
January 17, 2002 with respect to the
Universal Card Master Trust
Series 1995-3.
Exhibit 20.4 Monthly Servicing Report dated
January 17, 2002 with respect to the
Universal Card Master Trust
Series 1997-1.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
CITIBANK (SOUTH DAKOTA), NATIONAL ASSOCIATION
As Servicer (Registrant)
By: /s/ Douglas Morrison
-----------------------------
Name: Douglas Morrison
Title: Chief Financial Officer
Universal Bank, N.A., Transferor
Universal Card Services Corp., Servicer
==============================================================================
Universal Card Master Trust
For the Due Period Ending December 31, 2001
==============================================================================
This Certificate relates to the Due Period ending Dec 31, 2001 and the related
Distribution Date.
<table>
<Caption>
A. Information Regarding the Total Trust
-------------------------------------
1. Trust Portfolio Yield .................................. 11.22%
Total Yield Component ............................. 16.52%
Net Credit Loss Component ......................... 5.30%
Recoveries ......................................... 0.32%
2. Principal Purchase Rate ............................... 15.76%
3. Principal Payment Rate ............................... 13.59%
4. Aggregate Amount of Principal Receivables in the Trust :
Beginning of Due Period ............................ $ 12,894,272,123
Weighted Average (used for mid-month addition) ..... $ 0
Lump Sum Addition .................................. $ 0
End of Due Period .................................. $ 13,089,208,171
Transferor's Interest .............................. $ 6,486,208,171
Aggregate Invested Amount of all Series: ............ $ 6,603,000,000
</table>
5. Delinquencies (Aggregate outstanding balances in the Accounts that
were delinquent by the time periods listed below as of the close of
business of the month preceding the Distribution Date, as a percentage
of aggregate Receivables as of the last day of the Due Period) :
<table>
<Caption>
Current .......................................... $ 12,364,880,679
5-34 days delinquent ........................... $ 582,954,298
35-64 days delinquent ........................... $ 194,582,490
65-94 days delinquent ........................... $ 132,503,948
95-124 days delinquent ........................... $ 97,732,381
125-154 days delinquent ........................... $ 75,533,979
155-184 days delinquent ........................... $ 63,099,765
</table>
<table>
<Caption>
Current ........................................... 91.52%
5-34 days delinquent ........................... 4.31%
35-64 days delinquent ........................... 1.44%
65-94 days delinquent ........................... 0.98%
95-124 days delinquent ........................... 0.72%
125-154 days delinquent ........................... 0.56%
155-184 days delinquent ........................... 0.47%
35+ days delinquent ................................ 4.17%
</table>
Page 4
Universal Bank, N.A., Transferor
Universal Card Services Corp., Servicer
==============================================================================
Universal Card Master Trust
For the Due Period Ending December 31, 2001
==============================================================================
B. Information Regarding Group 1
-----------------------------
<table>
<Caption>
(Percentage Basis)
1. Portfolio Yield 11.22%
2. Weighted Average Certificate Rate 2.38%
3. Weighted Average Investor Fee Rates 1.87%
</table>
C. Information Regarding Group 1
-----------------------------
<table>
<Caption>
(Dollars Basis)
1. Total Investor Collections $ 261,827,989
Principal Collections $ 237,739,534
Finance Charge Collections $ 24,088,456
2. Investor Default Amount $ 7,729,487
3. Investor Monthly Interest $ 3,588,475
4. Investor Monthly Fees $ 2,727,083
</table>
Page 5
Universal Bank, N.A., Transferor
Universal Card Services Corp., Servicer
==============================================================================
Universal Card Master Trust, Series 1995-3
For the Due Period Ending December 31, 2001
==============================================================================
This Certificate relates to the Due Period ending Dec 31, 2001 and the related
Distribution Date.
<table>
<Caption>
C2. Information Regarding Series 1995-3
------------------------------------
1. Total Investor Collections $ 112,354,249
Principal Collections $ 101,888,372
Reallocated Finance Charge Collections $ 10,465,878
2. Investor Default Amount $ 3,312,637
3. Investor Monthly Interest $ 1,680,172
4. Investor Monthly Servicing Fee $ 1,168,750
5. Excess Finance Charge Collections $ 4,306,792
</table>
*Finance charges have been reallocated based on sharing mechanics within the
Group, this amount also includes investment proceeds due to Series.
C3. Information Regarding Trigger Level
------------------------------------
<table>
<Caption>
Current Month
1. Series Adjusted Portfolio Yield - current month 11.45%
2. Base Rate - current month 4.56%
Coupon Component 2.69%
Servicing Component 1.87%
3. Excess Spread Percentage - current month 6.89%
</table>
<table>
<Caption>
3 Month Averages
4. Series Adjusted Portfolio Yield - 3 month average 11.44%
5. Base Rate - 3 month average 4.55%
Coupon Component 2.68%
Servicing Component 1.87%
6. Excess Spread Percentage - 3 month average 6.89%
</table>
Page 4
Universal Bank, N.A., Transferor
Universal Card Services Corp., Servicer
==============================================================================
Universal Card Master Trust, Series 1995-3
For the Due Period Ending December 31, 2001
==============================================================================
This Certificate relates to the Due Period ending Dec 31, 2001 and the related
Distribution Date.
<table>
<Caption>
D. Information Regarding Series 1995-3
- --------------------------------------
1a. Class A Invested Amount $ 652,500,000
1b. Class B Invested Amount $ 45,000,000
1c. CIA Invested Amount $ 52,500,000
2a. Class A Monthly Interest $ 1,472,815
2b. Class B Monthly Interest $ 105,836
2c. CIA Monthly Interest $ 101,521
3a. Balance in the Class A Interest Funding Account $ 4,370,934
3b. Balance in the Class B Interest Funding Account $ 314,094
3c. Balance in the CIA Interest Funding Account $ 101,521
4a. Class A Investor Charge-offs $ 0
4b. Class B Investor Charge-offs $ 0
4c. CIA Investor Charge-offs $ 0
5. Required Amount $ 0
6a. Class A Principal Deposit to PFA (2) $ 0
6b. Class B Principal Deposit to PFA (2) $ 0
6c. CIA Principal Deposit to PFA (2) $ 0
7a. Balance in Class A Principal Funding Account (2) $ 0
7b. Balance in Class B Principal Funding Account (2) $ 0
7c. Balance in CIA Principal Funding Account (2) $ 0
</table>
- --------------------------------------------------------------------------
(2) Applicable during the Accumulation Period and any Early Amortization Period
Page 5
Universal Bank, N.A., Transferor
Universal Card Services Corp., Servicer
==============================================================================
Universal Card Master Trust, Series 1995-3
For the Due Period Ending December 31, 2001
==============================================================================
This Certificate relates to the Due Period ending Dec 31, 2001 and the related
Distribution Date.
<table>
<Caption>
E. Information Regarding Charge-offs and Distributions to Certificateholders(3)
- ------------------------------------------------------------------------------
1a. The total amount of the distribution to Class A
Certificateholders on the Payment Date $ 4,370,934
1b. The total amount of the distribution to Class B
Certificateholders on the Payment Date $ 314,094
1c. The total amount of the distribution to CIA provider
on the Payment Date $ 101,521
2a. The amount of the distribution set forth in item 1(a) above
in respect of principal on the Class A Certificates $ 0
2b. The amount of the distribution set forth in item 1(b) above
in respect of principal on the Class B Certificates $ 0
2c. The amount of the distribution set forth in item 1(c) above
in respect of principal on the CIA $ 0
3a. The amount of the distribution set forth in item 1(a) above
in respect of interest on the Class A Certificates $ 4,370,934
3b. The amount of the distribution set forth in item 1(b) above
in respect of interest on the Class B Certificates $ 314,094
3c. The amount of the distribution set forth in item 1(c) above
in respect of interest on the CIA $ 101,521
4a. The amount, if any, by which the outstanding principal
balance of the Class A Certificates exceeds the Class A
Invested Amount as of the end of the Record Date with
respect to the Payment Date $ 0
4b. The amount, if any, by which the outstanding principal
balance of the Class B Certificates exceeds the Class B
Invested Amount as of the end of the Record Date with
respect to the Payment Date $ 0
4c. The amount, if any, by which the outstanding principal
balance of the CIA exceeds the CIA
Invested Amount as of the end of the Record Date with
respect to the Payment Date $ 0
</table>
----------------------------------------------------------
(3) The following information, as applicable, is included
only on Payment Date.
Page 6
Universal Bank, N.A., Transferor
Universal Card Services Corp., Servicer
==============================================================================
Universal Card Master Trust, Series 1995-3
For the Due Period Ending December 31, 2001
==============================================================================
This Certificate relates to the Due Period ending Dec 31, 2001 and the related
Distribution Date.
The undersigned, a duly authorized representative of Universal Card Services
Corp.('UCS'), as a Servicer pursuant to the Pooling and Servicing Agreement
dated as of August 1, 1995 (as amended and supplemented, the 'Pooling And
Servicing Agreement'), among UCS, Universal Bank, N.A., as Transferor and
Bankers Trust Company, as Trustee (the 'Trustee'), does hereby certify the
information set forth below.
1. Capitalized terms used in the Certificate have their
respective meanings as set forth in the Agreement or Series
Supplement, as applicable.
2. Universal Card Services Corp. is, as of the date hereof, the
Servicer under the Agreement.
3. The undersigned is a Servicing Officer.
4. This Certificate relates to the Distribution Date
occurring on January 17, 2002
5. As of the date hereof, to the best knowledge of
the undersigned, the Servicer has performed in
all material respects all its obligations under
the Agreement through the Due Period preceeding
such Distribution Date.
6. As of the date hereof, to the best knowledge of the
undersigned, no Amortization Event has been deemed
to have occurred on or prior to such Distribution Date.
7. As of date hereof, to the best knowledge of the
undersigned, no Lien has been placed on any of the
Receivables other than pursuant to the Agreement.
IN WITNESS WHEREOF, the undersigned has duly
executed and delivered this Certificate this 22 day of
January 2002
Universal Card Services Corp.,
Servicer
By: /s/ Andrew Lubliner
__________________________________________
Name: Andrew Lubliner
Title: Servicing Officer
Page 7
Universal Bank, N.A., Transferor
Universal Card Services Corp., Servicer
==============================================================================
Universal Card Master Trust, Series 1997-1
For the Due Period Ending December 31, 2001
==============================================================================
This Certificate relates to the Due Period ending Dec 31, 2001 and the related
Distribution Date.
<table>
<Caption>
C2. Information Regarding Series 1997-1
------------------------------------
1. Total Investor Collections $ 149,473,740
Principal Collections $ 135,851,162
Reallocated Finance Charge Collections $ 13,622,578
2. Investor Default Amount $ 4,416,850
3. Investor Monthly Interest $ 1,908,303
4. Investor Monthly Servicing Fee $ 1,558,333
5. Excess Finance Charge Collections $ 5,739,308
</table>
*Finance charges have been reallocated based on sharing mechanics within the
Group, this amount also includes investment proceeds due to Series.
C3. Information Regarding Trigger Level
------------------------------------
<table>
<Caption>
Current Month
1. Series Adjusted Portfolio Yield - current month 11.05%
2. Base Rate - current month 4.16%
Coupon Component 2.29%
Servicing Component 1.87%
3. Excess Spread Percentage - current month 6.89%
</table>
<table>
<Caption>
3 Month Averages
4. Series Adjusted Portfolio Yield - 3 month average 11.55%
5. Base Rate - 3 month average 4.65%
Coupon Component 2.78%
Servicing Component 1.87%
6. Excess Spread Percentage - 3 month average 6.89%
</table>
Page 8
Universal Bank, N.A., Transferor
Universal Card Services Corp., Servicer
==============================================================================
Universal Card Master Trust, Series 1997-1
For the Due Period Ending December 31, 2001
==============================================================================
This Certificate relates to the Due Period ending Dec 31, 2001 and the related
Distribution Date.
<table>
<Caption>
D. Information Regarding Series 1997-1
- --------------------------------------
1a. Class A Invested Amount $ 850,000,000
1b. Class B Invested Amount $ 80,000,000
1c. CIA Invested Amount $ 70,000,000
2a. Class A Monthly Interest $ 1,602,958
2b. Class B Monthly Interest $ 163,956
2c. CIA Monthly Interest $ 141,389
3a. Balance in the Class A Interest Funding Account $ 3,050,792
3b. Balance in the Class B Interest Funding Account $ 312,044
3c. Balance in the CIA Interest Funding Account $ 141,389
4a. Class A Investor Charge-offs $ 0
4b. Class B Investor Charge-offs $ 0
4c. CIA Investor Charge-offs $ 0
5. Required Amount $ 0
6a. Class A Principal Deposit to PFA (2) $ 0
6b. Class B Principal Deposit to PFA (2) $ 0
6c. CIA Principal Deposit to PFA (2) $ 0
7a. Balance in Class A Principal Funding Account (2) $ 0
7b. Balance in Class B Principal Funding Account (2) $ 0
7c. Balance in CIA Principal Funding Account (2) $ 0
</table>
- --------------------------------------------------------------------------
(2) Applicable during the Accumulation Period and any Early Amortization Period
Page 9
Universal Bank, N.A., Transferor
Universal Card Services Corp., Servicer
==============================================================================
Universal Card Master Trust, Series 1997-1
For the Due Period Ending December 31, 2001
==============================================================================
This Certificate relates to the Due Period ending Dec 31, 2001 and the related
Distribution Date.
<table>
<Caption>
E. Information Regarding Charge-offs and Distributions to Certificateholders(3)
- ------------------------------------------------------------------------------
1a. The total amount of the distribution to Class A
Certificateholders on the Payment Date $ 0
1b. The total amount of the distribution to Class B
Certificateholders on the Payment Date $ 0
1c. The total amount of the distribution to CIA provider
on the Payment Date $ 141,389
2a. The amount of the distribution set forth in item 1(a) above
in respect of principal on the Class A Certificates $ 0
2b. The amount of the distribution set forth in item 1(b) above
in respect of principal on the Class B Certificates $ 0
2c. The amount of the distribution set forth in item 1(c) above
in respect of principal on the CIA $ 0
3a. The amount of the distribution set forth in item 1(a) above
in respect of interest on the Class A Certificates $ 0
3b. The amount of the distribution set forth in item 1(b) above
in respect of interest on the Class B Certificates $ 0
3c. The amount of the distribution set forth in item 1(c) above
in respect of interest on the CIA $ 141,389
4a. The amount, if any, by which the outstanding principal
balance of the Class A Certificates exceeds the Class A
Invested Amount as of the end of the Record Date with
respect to the Payment Date $ 0
4b. The amount, if any, by which the outstanding principal
balance of the Class B Certificates exceeds the Class B
Invested Amount as of the end of the Record Date with
respect to the Payment Date $ 0
4c. The amount, if any, by which the outstanding principal
balance of the CIA exceeds the CIA
Invested Amount as of the end of the Record Date with
respect to the Payment Date $ 0
</table>
----------------------------------------------------------
(3) The following information, as applicable, is included
only on Payment Date.
Page 10
Universal Bank, N.A., Transferor
Universal Card Services Corp., Servicer
==============================================================================
Universal Card Master Trust, Series 1997-1
For the Due Period Ending December 31, 2001
==============================================================================
This Certificate relates to the Due Period ending Dec 31, 2001 and the related
Distribution Date.
The undersigned, a duly authorized representative of Universal Card Services
Corp.('UCS'), as a Servicer pursuant to the Pooling and Servicing Agreement
dated as of August 1, 1995 (as amended and supplemented, the 'Pooling And
Servicing Agreement'), among UCS, Universal Bank, N.A., as Transferor and
Bankers Trust Company, as Trustee (the 'Trustee'), does hereby certify the
information set forth below.
1. Capitalized terms used in the Certificate have their
respective meanings as set forth in the Agreement or Series
Supplement, as applicable.
2. Universal Card Services Corp. is, as of the date hereof, the
Servicer under the Agreement.
3. The undersigned is a Servicing Officer.
4. This Certificate relates to the Distribution Date
occurring on January 17, 2002
5. As of the date hereof, to the best knowledge of
the undersigned, the Servicer has performed in
all material respects all its obligations under
the Agreement through the Due Period preceeding
such Distribution Date.
6. As of the date hereof, to the best knowledge of the
undersigned, no Amortization Event has been deemed
to have occurred on or prior to such Distribution Date.
7. As of date hereof, to the best knowledge of the
undersigned, no Lien has been placed on any of the
Receivables other than pursuant to the Agreement.
IN WITNESS WHEREOF, the undersigned has duly
executed and delivered this Certificate this 22 day of
January 2002
Universal Card Services Corp.,
Servicer
By: /s/ Andrew Lubliner
__________________________________________
Name: Andrew Lubliner
Title: Servicing Officer
Page 11