MONTHLY STATEMENT
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PROVIDIAN MASTER TRUST
SERIES 1997-1
---------------------------------------------
Pursuant to the Pooling and Servicing Agreement dated as of June 1, 1993
(as amended and restated on February 5, 2002, the "Agreement"), as supplemented
by the Series 1997-1 Supplement dated as of March 1, 1997 (as amended and
supplemented, the "Series Supplement"), between Card Acquisition Funding LLC, as
Transferor, Chase Manhattan Bank USA, National Association as Servicer, and
Bankers Trust Company, as Trustee, the Servicer is required to prepare certain
information each month regarding current distributions to Class A
Certificateholders, Class B Certificateholders and the Collateral Interest
Holder and the performance of the Providian Master Trust (the "Trust") during
the previous month. The information which is required to be prepared for the
Series 1997-1 Certificates with respect to the Distribution Date occurring on
May 15, 2002, and with respect to the performance of the Trust during the month
of April, is set forth below. Certain other information is presented on the
basis of an original principal amount of $1,000 per Investor Certificate.
Certain other information is presented based on the aggregate amounts for the
Trust as a whole. Capitalized terms used in this Certificate have their
respective meanings set forth in the Agreement or Series Supplement, as
applicable.
A) Information Regarding the Current Monthly Distribution for the Series
1997-1 Class A Certificates and Class B Certificates (stated on the basis
of $1,000 original certificate principal amount)
(1) The total amount distributed to Class A Certificateholders per $1,000
original certificate principal amount........................$0.000000
(2) The amount set forth in A(1) above distributed to Class A
Certificateholders with respect to interest per $1,000 original
certificate principal amount.................................$0.000000
(3) The amount set forth in A(1) above distributed to Class A
Certificateholders with respect to principal per $1,000 original
certificate principal amount.................................$0.000000
(4) The total amount distributed to Class B Certificateholders per $1,000
original certificate principal amount....................$1,001.783333
(5) The amount set forth in A(4) above distributed to Class B
Certificateholders with respect to interest per $1,000 original
certificate principal amount.................................$1.783333
(6) The amount set forth in A(4) above distributed to Class B
Certificateholders with respect to principal per $1,000 original
certificate principal amount.............................$1,000.000000
B) Information Regarding the Performance of the Trust
(1) Allocation of Receivables Collections to the Series 1997-1
Certificates
(a) The aggregate amount of Finance Charge Receivables collected
during the Monthly Period immediately preceding the Distribution
Date..............................................$104,577,561.60
(b) The aggregate amount of Interchange collected and allocated to
the Trust for the Monthly Period immediately preceding the
Distribution Date...................................$5,991,141.00
(c) The aggregate amount of Principal Receivables collected during
the Monthly Period immediately preceding the Distribution
Date..............................................$571,440,762.50
(d) The Floating Allocation Percentage with respect to the Series
1997-1 Certificates for the Monthly Period immediately preceding
the Distribution Date...................................1.545432%
(e) The Principal Allocation Percentage with respect to the Series
1997-1 Certificates for the Monthly Period immediately preceding
the Distribution Date...................................8.353685%
(f) The Finance Charge Receivables and Interchange collected and
allocated to the Series 1997-1 Certificates for the Monthly
Period immediately preceding the Distribution
Date................................................$1,708,763.76
(g) The Principal Receivables collected and allocated to the Series
1997-1 Certificates for the Monthly Period immediately preceding
the Distribution Date..............................$47,736,359.85
(2) Available Finance Charge Collections, Required Draw Amount and
Reallocated Principal Collections for Series 1997-1 for the Monthly
Period immediately preceding the Distribution Date
(a) The Finance Charge Receivables and Interchange collected and
allocated to the Series 1997-1 Certificates.........$1,708,763.76
(b) Collection Account and Special Funding Account investment
earnings allocated to the Series 1997-1 Certificates........$0.00
(c) Principal Funding Account Investment Proceeds..........$22,254.49
(d) Cash Collateral Account Investment Proceeds............$26,438.13
(e) Reserve Draw Amount, if applicable..........................$0.00
(f) Additional Finance Charges from other Series allocated to the
Series 1997-1 Certificates..................................$0.00
(g) Payments, if any, on deposit as of the Determination Date
received from any Interest Rate Protection Agreements.......$0.00
(h) Required Draw Amount, if applicable.........................$0.00
(i) Reallocated Collateral Principal Collections................$0.00
(j) Reallocated Class B Principal Collections...................$0.00
(k) Total Available Finance Charge Collections and Reallocated
Principal Collections for Series 1997-1 (total of (a), (b), (c),
(d), (e), (f), (g), (h), (i) and (j) above).........$1,757,456.38
(3) Available Principal Collections for Series 1997-1 for the Monthly
Period immediately preceding the Distribution Date
(a) The Principal Receivables collected and allocated to the Series
1997-1 Certificates................................$47,736,359.85
(b) Shared Principal Collections from other Series allocated to the
Series 1997-1 Certificates........................$18,883,176.56
(c) Additional amounts to be treated as Available Principal
Collections pursuant to the Series Supplement.........$880,463.59
(d) Reallocated Collateral Principal Collections................$0.00
(e) Reallocated Class B Principal Collections...................$0.00
(f) Available Principal Collections for Series 1997-1 (total of (a),
(b) and (c) minus (d) and (e) above)...............$67,500,000.00
(4) Delinquent Balances in the Trust
The aggregate outstanding balance of the Accounts which were
delinquent as of the close of business on the last day of the Monthly
Period immediately preceding the Distribution Date.
(a) 30-59 days $126,476,510
(b) 60-89 days 88,801,399
(c) 90 or more days 181,121,474
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(d) Total Delinquencies $396,399,383
(5) Defaulted Amount
(a) The aggregate amount of Defaulted Receivables with respect to the
Trust for the Monthly Period immediately preceding the
Distribution Date..................................$65,594,298.29
(b) The aggregate Amount of Recoveries of Defaulted Receivables
processed during the Monthly Period immediately preceding the
Distribution Date...................................$8,622,281.92
(c) The Defaulted Amount for the Monthly Period immediately preceding
the Distribution Date [Defaulted Receivables minus
Recoveries]........................................$56,972,016.37
(d) The Defaulted Amount for the Monthly Period immediately preceding
the Distribution Date allocable to the Series 1997-1 Certificates
(the "Series 1997-1 Defaulted Amount")................$880,463.59
(e) The Class A Defaulted Amount [Series 1997-1 Defaulted Amount
multiplied by the Class A Percentage].......................$0.00
(f) The Class B Defaulted Amount [Series 1997-1 Defaulted Amount
multiplied by the Class B Percentage].................$452,129.95
(6) Class A Charge-Offs
(a) The excess, if any, of the Class A Defaulted Amount over the sum
of (i) Available Finance Charge Collections applied to such Class
A Defaulted Amount, (ii) the Available Cash Collateral Amount
applied to such Class A Defaulted Amount, (iii) Reallocated
Principal Collections applied to such Class A Defaulted Amount,
(iv) the amount by which the Collateral Invested Amount has been
reduced in respect of such Class A Defaulted Amount and (v) the
amount by which the Class B Invested Amount has been reduced in
respect of such Class A Defaulted Amount (a "Class A
Charge-Off")................................................$0.00
(b) The amount of the Class A Charge-Off set forth in item 6(a)
above, per $1,000 original certificate principal amount (which
will have the effect of reducing, pro rata, the amount of each
Class A Certificateholder's investment).................$0.000000
(c) The total amount reimbursed on the Distribution Date in respect
of Class A Charge-Offs for prior Distribution Dates.........$0.00
(d) The amount set forth in item 6(c) above per $1,000 original
certificate principal amount (which will have the effect of
increasing, pro rata, the amount of each Class A
Certificateholder's investment).........................$0.000000
(e) The amount, if any, by which the outstanding principal balance of
the Class A Certificates exceeds the Class A Invested Amount if
any, as of the Distribution Date, after giving effect to all
deposits, withdrawals and distributions on such Distribution
Date........................................................$0.00
(7) Class B Charge-Offs
(a) The excess, if any, of the Class B Defaulted Amount over the sum
of (i) Available Finance Charge Collections applied to such Class
B Defaulted Amount, (ii) the Available Cash Collateral Amount
applied to such Class B Defaulted Amount, (iii) Reallocated
Collateral Principal Collections applied to such Class B
Defaulted Amount and (iv) the amount by which the Collateral
Invested Amount has been reduced in respect of such Class B
Defaulted Amount............................................$0.00
(b) The amount by which the Class B Invested Amount has been reduced
on the Distribution Date in respect of Reallocated Class B
Principal Collections.......................................$0.00
(c) The amount by which the Class B Invested Amount has been reduced
on the Distribution Date in respect of item 6(a) (together with
item 7(a), "Class B Charge-Offs")...........................$0.00
(d) The total amount by which the Class B Invested Amount has been
reduced on the Distribution Date as set forth in items 7(a), (b),
and (c).....................................................$0.00
(e) The amount set forth in item 7(d) above per $1,000 original
certificate principal amount (which will have the effect of
reducing, pro rata, the amount of each Class B
Certificateholder's investment).........................$0.000000
(f) The total amount reimbursed on the Distribution Date in respect
of reductions in the Class B Invested Amount on prior
Distribution Dates..........................................$0.00
(g) The amount set forth in item 7(f) above per $1,000 original
certificate principal amount (which will have the effect of
increasing, pro rata, the amount of each Class B
Certificateholder's investment).........................$0.000000
(h) The amount, if any, by which the outstanding principal balance of
the Class B Certificates exceeds the Class B Invested Amount, if
any, as of the Distribution Date, after giving effect to all
deposits, withdrawals and distributions on such Distribution
Date........................................................$0.00
(8) Reductions in the Collateral Interest
(a) The excess, if any, of the Collateral Defaulted Amount over
Available Finance Charge Collections applied to such Collateral
Defaulted Amount............................................$0.00
(b) The amount by which the Collateral Invested Amount has been
reduced on the Distribution Date in respect of Reallocated
Principal Collections.......................................$0.00
(c) The amount by which the Collateral Invested Amount has been
reduced on the Distribution Date in respect of items 6(a) and
7(a) above..................................................$0.00
(d) The total amount by which the Collateral Invested Amount has been
reduced on the Distribution Date as set forth in items 8(a), (b)
and (c).....................................................$0.00
(e) The total amount reimbursed on the Distribution Date in respect
of reductions in the Collateral Invested Amount on prior
Distribution Dates..........................................$0.00
(f) The amount, if any, by which the outstanding principal balance of
the Collateral Interest exceeds the Collateral Invested Amount,
if any, as of the Distribution Date, after giving effect to all
deposits, withdrawals and distributions on the Distribution
Date........................................................$0.00
(9) Investor Monthly Servicing Fee
(a) The amount of the Series 1997-1 Monthly Servicing Fee payable to
the Servicer on the Distribution Date.................$112,500.00
(10) Cash Collateral Account
(a) The Available Cash Collateral Amount on the Distribution Date,
after giving effect to all deposits, withdrawals and
distributions on such Distribution Date.....................$0.00
(11) Class A Monthly Interest
(a) Class A Monthly Interest payable on the Distribution
Date........................................................$0.00
(12) Class B Monthly Interest
(a) Class B Monthly Interest payable on the Distribution
Date..................................................$101,650.00
(13) Principal Funding Account Amount
(a) The amount on deposit in the Principal Funding Account on the
Distribution Date, after giving effect to all deposits,
withdrawals and distributions on such Distribution
Date........................................................$0.00
(b) Deposits to the Principal Funding Account commenced on the
Distribution Date occurring in October, 2001. (The initial
funding date for the Principal Funding Account may be modified in
certain circumstances in accordance with the terms of the Series
Supplement.)
(14) Deficit Controlled Accumulation Amount
The Deficit Controlled Accumulation Amount for the Distribution Date,
after giving effect to all deposits, withdrawals and distributions on
such Distribution Date...........................................$0.00
(15) Reserve Account (if applicable)
(a) The amount on deposit in the Reserve Account, if funded, on the
Distribution Date, after giving effect to all deposits,
withdrawals and distributions on such Distribution Date and the
related Transfer Date.......................................$0.00
(b) The Required Reserve Account Amount, if any, selected by the
Servicer....................................................$0.00
C) Class A Invested Amount
(1) The Class A Initial Invested Amount....................$489,000,000.00
(2) The Class A Invested Amount on the Distribution Date, after giving
effect to all deposits, withdrawals and distributions on such
Distribution Date................................................$0.00
(3) The Pool Factor for the Distribution Date (which represents the ratio
of the Class A Invested Amount, as of such Distribution Date, after
giving effect to any adjustment in the Class A Invested Amount on such
Distribution Date, to the Class A Initial Invested Amount). The amount
of a Class A Certificateholder's pro rata share of the Class A
Invested Amount can be determined by multiplying the original
denomination of the Class A Certificateholder's Certificate by the
Pool Factor.....................................................0.0000
D) Class B Invested Amount
(1) The Class B Initial Invested Amount.....................$57,000,000.00
(2) The Class B Invested Amount on the Distribution Date, after giving
effect to all deposits, withdrawals and distributions on such
Distribution Date................................................$0.00
(3) The Pool Factor for the Distribution Date (which represents the ratio
of the Class B Invested Amount, as of such Distribution Date, after
giving effect to any adjustment in the Class B Invested Amount on such
Distribution Date, to the Class B Initial Invested Amount). The amount
of a Class B Certificateholder's pro rata share of the Class B
Invested Amount can be determined by multiplying the original
denomination of the Class B Certificateholder's Certificate by the
Pool Factor.....................................................0.0000
E) Collateral Invested Amount
(1) The Collateral Initial Invested Amount..................$54,000,000.00
(2) The Collateral Invested Amount on the Distribution Date, after giving
effect to all deposits, withdrawals and distributions on such
Distribution Date................................................$0.00
(3) The Collateral Invested Amount as a percentage of the Invested Amount
on such Distribution Date........................................0.00%
F) Receivables Balances
(1) The aggregate amount of Principal Receivables in the Trust at the
close of business on the last day of the immediately preceding Monthly
Period..................................................$6,997,715,602
(2) The aggregate amount of Finance Charge Receivables in the Trust at the
close of business on the last day of the immediately preceding Monthly
Period....................................................$151,936,777
G) Annualized Percentages
(1) The Gross Yield (Available Finance Charge Collections for the Series
1997-1 Certificates for the preceding Monthly Period (excluding
payments received from Interest Rate Protection Agreements) divided by
the Invested Amount of the Series 1997-1 Certificates as of the last
day of the next preceding Monthly Period, multiplied by 12).....19.00%
(2) The Net Loss Rate (the Series 1997-1 Defaulted Amount for the
preceding Monthly Period divided by the Invested Amount of the Series
1997-1 Certificates as of the last day of the next preceding Monthly
Period, multiplied by 12)........................................9.52%
(3) The Portfolio Yield (the Gross Yield minus the Net Loss Rate for the
Series 1997-1 Certificates for the preceding Monthly Period).....9.48%
(4) The Base Rate (Monthly Interest plus Monthly Servicing Fee (based on
an assumed Servicing Fee Rate of 2% per annum) for the preceding
Monthly Period with respect to the related Distribution Date, divided
by the Invested Amount of the Series 1997-1 Certificates as of the
last day of the next preceding Monthly Period, multiplied
by 12)...........................................................3.23%
(5) The Net Spread (the Portfolio Yield minus the Base Rate for the Series
1997-1 Certificates for the preceding Monthly Period)............6.25%
(6) The Monthly Payment Rate (Collections of Principal Receivables and
Finance Charge Receivables with respect to all Receivables in the
Trust for the preceding Monthly Period divided by the amount of
Receivables in the Trust as of the last day of the next preceding
Monthly Period)..................................................9.29%
H) Series 1997-1 Information for the Last Three Distribution Dates
(1) Gross Yield
(a) 05/15/02 19.00%
(b) 04/15/02 6.55%
(c) 03/15/02 8.85%
(2) Net Loss Rate
(a) 05/15/02 9.52%
(b) 04/15/02 3.00%
(c) 03/15/02 4.03%
(3) Net Spread (Portfolio Yield Minus Base Rate)
(a) 05/15/02 6.25%
(b) 04/15/02 2.72%
(c) 03/15/02 2.30%
Three Month Average 3.76%
(4) Monthly Payment Rate
(a) 05/15/02 9.29%
(b) 04/15/02 9.25%
(c) 03/15/02 8.32%
CHASE MANHATTAN BANK USA,
NATIONAL ASSOCIATION
Servicer
By: /s/ Patricia Garvey
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Name: Patricia Garvey
Title: Vice President