EXHIBIT 20.1
MONTHLY SERVICER'S CERTIFICATE
First National Bank of Commerce
New Orleans, Louisiana
First NBC Credit Card Master Trust
Series 1997-1
For the 12/9/97 Determination Date
For the 5th Monthly Period
The undersigned, a duly authorized representative of First National Bank
of Commerce, as Servicer, pursuant to the Pooling and Servicing Agreement (the
"Pooling and Servicing Agreement"), dated as of August 1, 1997 by and between
First National Bank of Commerce and The First National Bank of Chicago, as
Trustee, does hereby certify as follows:
1 Capitalized terms used in this Certificate have their respective meanings
as set forth in the Pooling and Servicing Agreement; provided, that the
"preceding Monthly Period" shall mean the Monthly Period immediately
preceding the calendar month in which this Certificate is delivered. This
Certificate is delivered pursuant to subsection 3.4(b) of the Pooling and
Servicing Agreement. References herein to certain sections and subsections
are references to the respective sections and subsections of the Pooling
and Servicing Agreement, as amended by the applicable Series Supplement.
2 First National Bank of Commerce is Servicer under the Pooling and Servicing
Agreement.
3 The undersigned is a Servicing Officer.
4 The date of this Certificate is December 9, 1997, which is a Determination
Date under the Pooling and Servicing Agreement.
5 The aggregate amount of Collections processed during the preceding Monthly
Period [equal to 5(a) plus 5(b)] was $123,847,459.
(a) The aggregate amount of Collections of Finance Charge Receivables
collected during the preceding Monthly Period (the "Collections of
Finance Charge Receivables") was $13,759,892.
(b) The aggregate amount of Collections of Principal Receivables collected
during the preceding Monthly Period (the "Collections of Principal
Receivables") was $110,087,567.
6 The aggregate amount of Receivables as of the end of the last day of the
preceding Monthly Period was $829,340,999.
7 Included is an authentic copy of the statements required to be delivered
by the Servicer on the date of this Certificate to the Paying Agent
pursuant to Article V.
8 To the knowledge of the undersigned, there are no liens on any Receivables
in the Trust except as described below:
None.
9 The amount, if any, by which the sum of the balance of the Excess Funding
Account and the Aggregate Principal Receivables exceeds the Minimum
Aggregate Principal Receivables required to be maintained pursuant to the
Pooling and Servicing Agreement, is equal to $529,340,999.
10 The amount, if any, of the withdrawal of the Specified Deposit from the
Finance Charge Account required to be made by the Trustee pursuant to
subsection 4.3(a) of the Pooling and Servicing Agreement on the related
Transfer Date is $0.
Monthly Servicer's Certificate
Page 2 (all amounts in dollars except percentages)
11 Monthly Period Trust Activity
(a) Trust Activity Total Trust
================================================ =================
Beginning Aggregate Principal Receivables 827,805,633
Beginning Excess Funding Account Balance -
Beginning Total Principal Balance 827,805,633
Collections of Finance Charge Receivables 13,759,892
Discount Percentage -
Discount Option Receivables Collections -
Net Recoveries -
Total Collections of Finance Charge Receivables 13,759,892
Total Collections of Principal Receivables 110,087,567
Net Default Amount 4,473,505
Minimum Aggregate Principal Receivables Balance 300,000,000
Ending Aggregate Principal Receivables 829,340,999
Ending Excess Funding Account Balance -
Ending Total Principal Balance 829,340,999
(b) Series Allocations Series 1997-1 All Series
================================================ ==============================
Group Number 1
Investor Interest 300,000,000 300,000,000
Adjusted Investor Interest 300,000,000 300,000,000
Principal Funding Account Balance - -
Minimum Transferor Interest 58,053,870 58,053,870
(c) Group I Allocations Series 1997-1 Total Group I
================================================ ===============================
Investor Finance Charge Collections 4,986,640 4,986,640
Investor Monthly Interest 1,536,423 1,536,423
Investor Monthly Fees (Servicing Fee) 500,000 500,000
Investor Default Amounts 1,621,216 1,621,216
Investor Additional Amounts - -
Total 3,657,639 3,657,639
Reallocated Investor Finance Charge Collections 4,986,640 4,986,640
Available Excess 1,329,001 1,329,001
12 Series 1997-1 Certificates
Series 1997-1 Total Investor Transferor's
(a) Investor/Transferor Allocations Allocations Interest Interest
=========================================================================================
Beginning Investor/Transferor Amounts 827,805,633 300,000,000 527,805,633
Beginning Adjusted Investor Interest 827,805,633 300,000,000 527,805,633
Floating Investor Percentage 100.00000% 36.24040% 63.75960%
Fixed Investor Percentage - - -
Collections of Finance Chg. Receivables 13,759,892 4,986,640 8,773,252
Collections of Principal Receivables 110,087,567 39,896,175 70,191,392
Net Default Amount 4,473,505 1,621,216 2,852,289
Ending Investor/Transferor Amounts 829,340,999 300,000,000 529,340,999
Monthly Servicer's Certificate
Page 3 (all amounts in dollars except percentages)
Collateral
(b) Monthly Period Funding Requirements Class A Class B Interest Total
============================================================================================
Principal Funding Account - - - -
Principal Funding Investment Proceeds - - - -
Withdrawal from Reserve Account - - - -
Available Reserve Account Amount - - - -
Required Reserve Account Amount - - - -
Coupon October15 - November 14 6.15000% 6.35000% 6.28750% 6.17294%
Floating Investor Percentage 31.34794% 2.53683% 2.35563% 36.24040%
Fixed Investor Percentage - - - -
Investor Monthly Interest 1,329,938 111,125 95,360 1,536,423
Overdue Monthly Interest - - - -
Additional Interest - - - -
Total Interest Due 1,329,938 111,125 95,360 1,536,423
Investor Default Amounts 1,402,351 113,485 105,380 1,621,216
Investor Monthly Fees 432,500 35,000 32,500 500,000
Investor Additional Amounts - - - -
Total Due 3,164,789 259,610 233,240 3,657,639
(c) Certificates - Balances and Collateral
Distributions Class A Class B Interest Total
=============================================================================================
Beginning Investor Interest 259,500,000 21,000,000 19,500,000 300,000,000
Monthly Principal-Prin. Funding
Account - - - -
Principal Payments - - - -
Interest Payments 1,329,938 111,125 95,360 1,536,423
Total Payments 1,329,938 111,125 95,360 1,536,423
Ending Investor Interest 259,500,000 21,000,000 19,500,000 300,000,000
(d) Information regarding Payments in respect of the Class A Certificates
(per $1,000 original certificate principal amount)
1. Total Payment 5.125000
2. Amount of Payment in respect of Class A Monthly Interest 5.125000
3. Amount of Payment in respect of Class A Overdue Monthly Interest -
4. Amount of Payment in respect of Class A Additional Interest -
5. Amount of Payment in respect of Class A Principal -
(e) Class A Investor Charge-Offs/Reimbursement of Class A Investor Charge-Offs
1. Total amount of Class A Investor Charge-Offs -
2. Amount of Class A Investor Charge-Offs per $1,000 original certificate
principal amount -
3. Total amount reimbursed in respect of Class A Investor Charge-Offs -
4. Amount reimbursed in respect of Class A Investor Charge-Offs per $1,000
original principal amount -
5. The amount, if any, by which the outstanding Principal Balance of
the Class A Certificates exceeds the Class A Adjusted Investor
Interest after giving effect to all transactions on such
Distribution Date -
(f) Information regarding Payments in respect of the Class B Certificates
(per $1,000 original certificate principal amount)
1. Total Payment 5.291670
2. Amount of Payment in respect of Class B Monthly Interest 5.291670
3. Amount of Payment in respect of Class B Overdue Monthly Interest -
4. Amount of Payment in respect of Class B Additional Interest -
5. Amount of Payment in respect of Class B Principal -
Monthly Servicer's Certificate
Page 4 (all amounts in dollars except percentages)
(g) Amount of reductions in Class B Investor Interest pursuant to clauses
(c), (d) and (e) of the definition of Class B Investor Interest
1. Amount of reductions in Class B Investor Interest -
2. Amount of reductions in Class B Investor Interest per $1,000
original certificate principal amount -
3. Total amount reimbursed in respect of reductions of Class B
Investor Interest -
4. Amount reimbursed in respect of reductions of Class B Investor
Interest per $1,000 original certificate principal amount -
5. The amount, if any, by which the outstanding Principal Balance of the
Class B Certificates exceeds the Class B Investor Interest after
giving effect to all transactions on such Distribution Date -
(h) Information regarding Distribution in respect of the Collateral Interest
1. Total distribution 4.890260
2. Amount of distribution in respect of Collateral Monthly Interest 4.890260
3. Amount of distribution in respect of Collateral Overdue Interest -
4. Amount of distribution in respect of Collateral Monthly Principal -
(i) Amount of reductions in Collateral Interest pursuant to clauses
(c), (d) and (e) of the definition of Collateral Interest
1. Amount of reductions in Collateral Interest -
2. Total amount reimbursed in respect of reductions of Collateral Interest -
(j) Application of Reallocated Investor Finance Charge Collections
1. Class A Available Funds 4,313,443
a. Class A Monthly Interest 1,329,938
b. Class A Overdue Monthly Interest -
c. Class A Additional Interest -
d. Class A Servicing Fee 432,500
e. Class A Investor Default Amount 1,402,351
f. Excess Spread 1,148,654
2. Class B Available Funds 349,065
a. Class B Monthly Interest 111,125
b. Class B Overdue Monthly Interest -
c. Class B Additional Interest -
d. Class B Servicing Fee 35,000
e. Excess Spread 202,940
3. Collateral Holder Available Funds 324,132
a. Excess Spread 324,132
4. Total Excess Spread 1,675,726
Monthly Servicer's Certificate
Page 5 (all amounts in dollars except percentages)
(k) Application of Excess Spread and Excess Finance Charge
Collections Allocated to Series 1997-1
1. Beginning Excess Spread 1,675,726
2. Excess Finance Charge Collections -
3. Applied to fund Class A Required Amount -
4. Unreimbursed Class A Investor Charge-Offs -
5. Applied to fund Class B Required Amount 113,485
6. Reductions of Class B Investor Interest treated as Available
Principal Collections -
7. Applied to Collateral Monthly Interest and unpaid Collateral
Monthly Interest 95,360
8. Applied to Collateral Interest Servicing Fee and any overdue
Collateral Interest Servicing Fee 32,500
9. Collateral Investor Default Amount treated as Available
Principal Collections 105,380
10. Reductions of Collateral Interest treated as Available Principal
Collections -
11. Deposit to Reserve Account (if required) -
12. Applied to other amounts owed to Collateral Interest Holder -
13. Balance to constitute Excess Finance Charge Collections for
other series 1,329,001
13 Trust Performance
(a) Delinquencies
1. 31-59 days 15,589,833
2. 60-89 days 10,366,132
3. 90 days and over 15,728,065
4. Total 30+ days delinquent 41,684,030
(b) Base Rate
a. Current Monthly Period 8.173%
b. Prior Monthly Period 8.169%
c. Second Prior Monthly Period 8.171%
(c) Three Month Average Base Rate 8.171%
(d) Portfolio Yield (gross portfolio yield less net defaults)
a. Current Monthly Period 13.46170%
b. Prior Monthly Period 14.09164%
c. Second Prior Monthly Period 15.40304%
(e) Three Month Average Portfolio Yield 14.31879%
(f) Excess Spread Percentage
a. Current Monthly Period 5.28870%
b. Prior Monthly Period 5.92264%
c. Second Prior Monthly Period 7.23204%
(g) Three Month Average Excess Spread Percentage 6.14779%
(h) Monthly Payment Rate (total collections/beginning aggregate principal
receivables) 14.96093%
(i) Portfolio Adjusted Yield 4.78870%
IN WITNESS WHEREOF, the undersigned has duly executed and delivered this
certificate this 9th day of December, 1997.
First National Bank of Commerce, as Servicer
By: /s/ Anne M. Lacourrege
-------------------------
Name: Anne M. Lacourrege
Title: Vice President