MONTHLY SERVICERS CERTIFICATE
First National Bank of Commerce
New Orleans, Louisiana
First NBC Credit Card Master Trust
Series 1997-1
For the 6/11/98 Determination Date
For the 10th Monthly Period
The undersigned, a duly authorized representative of First National Bank
of Commerce, as Servicer, pursuant to 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 June 11, 1998, 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 $123,505,374.
(a) The aggregate amount of Collections of Finance Charge Receivables
collected during the preceding Monthly Period (the "Collections of
Finance Charge Receivables") was $13,427,969.
(b) The aggregate amount of Collections of Principal Receivables collected
during the preceding Monthly Period (the "Collections of Principal
Receivables") was $110,077,405.
6 The aggregate amount of Receivables as of the end of the last day of the
preceding Monthly Period was $821,768,441.
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 $521,768,441.
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.
11 Monthly Period Trust Activity
(a) Trust Activity Total Trust
============== ===========
Beginning Aggregate Principal Receivables 825,535,710
Beginning Excess Funding Account Balance 0
Beginning Total Principal Balance 825,535,710
Collections of Finance Charge Receivables 13,427,969
Discount Percentage 0
Discount Option Receivables Collections 0
Net Recoveries 0
Total Collections of Finance Charge Receivables 13,427,969
Total Collections of Principal Receivables 110,077,405
Net Default Amount 3,873,251
Minimum Aggregate Principal Receivables Balance 300,000,000
Ending Aggregate Principal Receivables 821,768,441
Ending Excess Funding Account Balance 0
Ending Total Principal Balance 821,768,441
(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 0 0
Minimum Transferor Interest 57,523,791 57,523,791
(c) Group I Allocations Series 1997-1 Total Group I
=================== ===========================
Investor Finance Charge Collections 4,879,728 4,879,728
Investor Monthly Interest 1,546,116 1,546,116
Investor Monthly Fees (Servicing Fee) 500,000 500,000
Investor Default Amounts 1,407,540 1,407,540
Investor Additional Amounts 0 0
Total 3,453,656 3,453,656
Reallocated Investor Finance Charge Collections 4,879,728 4,879,728
Available Excess 1,426,072 1,426,072
12 Series 1997-1 Certificates
Series 1997-1 Total Investor Transferor's
(a) Investor/Transferor Allocations Allocations Interest Interest
======================================================================================
Beginning Investor/Transferor Amounts 825,535,710 300,000,000 525,535,710
Beginning Adjusted Investor Interest 825,535,710 300,000,000 525,535,710
Floating Investor Percentage 100.00000% 36.34003% 63.65997%
Fixed Investor Percentage 0 0 0
Collections of Finance Chg. Receivables 13,427,969 4,879,728 8,548,241
Collections of Principal Receivables 110,077,405 40,002,162 70,075,243
Net Default Amount 3,873,251 1,407,540 2,465,711
Ending Investor/Transferor Amounts 821,768,441 300,000,000 521,768,441
Collateral
(b) Monthly Period Funding Requirements Class A Class B Interest Total
=========================================================================================
Principal Funding Account 0.00 0.00 0.00 0.00
Principal Funding Investment Proceeds 0.00 0.00 0.00 0.00
Withdrawal from Reserve Account 0.00 0.00 0.00 0.00
Available Reserve Account Amount 0.00 0.00 0.00 0.00
Required Reserve Account Amount 0.00 0.00 0.00 0.00
Coupon 6.15000% 6.35000% 6.25625% 6.17091%
Floating Investor Percentage 31.43413% 2.54380% 2.36210% 36.34003%
Fixed Investor Percentage 0.00 0.00 0.00 0.00
Investor Monthly Interest 1,329,938 111,125 105,053 1,546,116
Overdue Monthly Interest 0 0 0 0
Additional Interest 0 0 0 0
Total Interest Due 1,329,938 111,125 105,053 1,546,116
Investor Default Amounts 1,217,523 98,527 91,490 1,407,540
Investor Monthly Fees 432,500 35,000 32,500 500,000
Investor Additional Amounts 0 0 0 0
Total Due 2,979,961 244,652 229,043 3,453,656
Collateral
(c) Certificates - Balances and 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 0 0 0 0
Principal Payments 0 0 0 0
Interest Payments 1,329,938 111,125 105,053 1,546,116
Total Payments 1,329,938 111,125 105,053 1,546,116
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 0.000000
4. Amount of Payment in respect of Class A Additional Interest 0.000000
5. Amount of Payment in respect of Class A Principal 0.000000
(e) Class A Investor Charge-Offs/Reimbursement of Class A Investor Charge-Offs
1. Total amount of Class A Investor Charge-Offs 0.00
2. Amount of Class A Investor Charge-Offs per $1,000 original certificate principal amount 0.00
3. Total amount reimbursed in respect of Class A Investor Charge-Offs 0.00
4. Amount reimbursed in respect of Class A Investor Charge-Offs per $1,000 original
principal amount 0.00
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 0.00
(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 0.000000
4. Amount of Payment in respect of Class B Additional Interest 0.000000
5. Amount of Payment in respect of Class B Principal 0.000000
(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 0.00
2. Amount of reductions in Class B Investor Interest per $1,000 original certificate
principal amount 0.00
3. Total amount reimbursed in respect of reductions of Class B Investor Interest 0.00
4. Amount reimbursed in respect of reductions of Class B Investor Interest per
$1,000 original certificate principal amount 0.00
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 0.00
(h) Information regarding Distribution in respect of the Collateral Interest
1. Total distribution 5.387330
2. Amount of distribution in respect of Collateral Monthly Interest 5.387330
3. Amount of distribution in respect of Collateral Overdue Interest 0.000000
4. Amount of distribution in respect of Collateral Monthly Principal 0.000000
(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 0.00
2. Total amount reimbursed in respect of reductions of Collateral Interest 0.00
(j) Application of Reallocated Investor Finance Charge Collections
1. Class A Available Funds 4,220,965
a. Class A Monthly Interest 1,329,938
b. Class A Overdue Monthly Interest 0
c. Class A Additional Interest 0
d. Class A Servicing Fee 432,500
e. Class A Investor Default Amount 1,217,523
f. Excess Spread 1,241,004
2. Class B Available Funds 341,581
a. Class B Monthly Interest 111,125
b. Class B Overdue Monthly Interest 0
c. Class B Additional Interest 0
d. Class B Servicing Fee 35,000
e. Excess Spread 195,456
3. Collateral Holder Available Funds 317,182
a. Excess Spread 317,182
4. Total Excess Spread 1,753,642
(k) Application of Excess Spread and Excess Finance Charge Collections Allocated
to Series 1997-1
1. Beginning Excess Spread 1,753,642
2. Excess Finance Charge Collections 0
3. Applied to fund Class A Required Amount 0
4. Unreimbursed Class A Investor Charge-Offs 0
5. Applied to fund Class B Required Amount 98,527
6. Reductions of Class B Investor Interest treated as Available Principal Collections 0
7. Applied to Collateral Monthly Interest and unpaid Collateral Monthly Interest 105,053
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 91,490
10. Reductions of Collateral Interest treated as Available Principal Collections 0
11. Deposit to Reserve Account (if required) 0
12. Applied to other amounts owed to Collateral Interest Holder 0
13. Balance to constitute Excess Finance Charge Collections for other series 1,426,072
13 Trust Performance
(a) Delinquencies
1. 31-59 days 13,066,476
2. 60-89 days 8,364,749
3. 90 days and over 12,767,796
4. Total 30+ days delinquent 34,199,021
(b) Base Rate
a. Current Monthly Period 8.171%
b. Prior Monthly Period 8.171%
c. Second Prior Monthly Period 8.173%
(c) Three Month Average Base Rate 8.172%
(d) Portfolio Yield (gross portfolio yield less net defaults)
a. Current Monthly Period 13.88875%
b. Prior Monthly Period 13.86360%
c. Second Prior Monthly Period 14.80756%
(e) Three Month Average Portfolio Yield 14.18664%
(f) Excess Spread Percentage
a. Current Monthly Period 5.71784%
b. Prior Monthly Period 5.69260%
c. Second Prior Monthly Period 6.63456%
(g) Three Month Average Excess Spread Percentage 6.01500%
(h) Monthly Payment Rate (total collections/beginning aggregate principal
receivables) 14.96063%
(i) Portfolio Adjusted Yield 5.21784%
IN WITNESS WHEREOF, the undersigned has duly executed and delivered this
certificate this 11th day of June, 1998.
First National Bank of Commerce, as Servicer
By: /s/ Jane B. Truett
------------------
Name: Jane B. Truett
Title: Vice President and Controller