EXHIBIT 99.00
[Letterhead of Arthur Andersen LLP Appears Here]
Report of Independent Public Accountants
First USA Bank, National Association:
We have examined the accompanying management's assertion that, as of December
31, 2000, First USA Bank, National Association (the "Servicer") maintained
effective internal control over the servicing of receivables arising in consumer
credit card accounts for the First USA Credit Card Master Trust, based upon
criteria established by the Committee of Sponsoring Organizations of the
Treadway Commission (COSO) as described in Internal Control - Integrated
Framework. Such criteria and our testing of management's assertion included the
following:
Control Environment
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. Testing of controls in place to ensure the Pooling and Servicing Agreement
and related amendments have been approved by the appropriate parties.
. Testing of controls in place to ensure segregation of Master Trust loans
such to indicate appropriate ownership.
Risk Assessment
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. Testing of controls in place to ensure risk with respect to compliance with
the Pooling and Servicing Agreement is appropriately addressed in a timely
manner when either specifics with respect to a transaction or other issues
or concerns are identified.
Control Activities
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. Testing of controls in place to ensure approval of new additions to the
Master Trust by appropriate parties.
. Testing of controls in place to ensure changes with respect to the status
of an account are made by authorized personnel only.
. Testing of controls in place to ensure timely and accurate distribution of
payments to investors.
. Testing of controls in place to ensure adequate monitoring of triggers and
events of default
Information and Communication
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. Testing of controls in place to ensure accurate and complete reporting of
account information in the Monthly Servicer's Certificate.
Monitoring
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. Testing of controls in place to ensure daily account activity is
appropriately reflected in the Master Trust.
. Testing of controls in place to ensure appropriate review and approval of
the Monthly Servicer's Certificate.
Our examination was made in accordance with standards established by the
American Institute of Certified Public Accountants and, accordingly, included
obtaining an understanding of the internal control over the loan servicing
process, testing and evaluating the design and operating effectiveness of the
internal control, and such other procedures as we considered necessary in the
circumstances. We believe that our examination provides a reasonable basis for
our opinion.
Because of inherent limitations in any internal control, errors or
irregularities may occur and not be detected. Also, projections of any
evaluation of the internal control over the loan servicing process to future
periods are subject to the risk that the internal control may become inadequate
because of changes in conditions, or that the degree of compliance with the
policies and procedures may deteriorate.
In our opinion, management's assertion that the Servicer maintained effective
internal control over the servicing of receivables arising in consumer credit
card accounts for First USA Credit Card Master Trust as of December 31, 2000, is
fairly stated, in all material respects, based upon criteria established by the
Committee of Sponsoring Organizations of the Treadway Commission (COSO) as
described in Internal Control - Integrated Framework.
/s/ Arthur Andersen LLP
Chicago, Illinois
March 9, 2001
ASSERTION BY FIRST USA BANK, NATIONAL ASSOCIATION
The management of First USA Bank, National Association (the "Servicer") is
responsible for maintaining effective internal control over the loan servicing
for consumer credit card receivables in the First USA Credit Card Master Trust,
including ensuring adequate controls are in place to ensure:
. the Pooling and Servicing Agreement and related amendments have been approved
by the appropriate parties.
. segregation of Master Trust loans such to indicate appropriate ownership.
. risk with respect to compliance with the Pooling and Servicing Agreement is
appropriately addressed in a timely manner when either specifics with respect
to a transaction or other issues or concerns are identified.
. approval of new additions to the Master Trust by appropriate parties.
. changes with respect to the status of an account are made by authorized
personnel only.
. timely and accurate distribution of payments to investors.
. adequate monitoring of triggers and events of default
. accurate and complete reporting of account information in the Monthly
Servicer's Certificate.
. daily account activity is appropriately reflected in the Master Trust.
. appropriate review and approval of the Monthly Servicer's Certificate.
Management has performed an evaluation of the control environment and based on
this evaluation, management believes that the Servicer maintained effective
internal control over the loan servicing for consumer credit card receivables in
the First USA Credit Card Master Trust as of December 31, 2000, based upon
criteria established by the Committee of Sponsoring Organizations of the
Treadway Commission (COSO) as described in Internal Control - Integrated
Framework.
/s/ Michael Looney /s/ Tracie H. Klein
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Michael Looney Tracie H. Klein
Executive Vice President - Operations First Vice President
/s/ Jeffrey Rigg
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Jeffrey Rigg
Senior Vice President - Accounting
[Letterhead of Arthur Andersen LLP Appears Here]
Report of Independent Public Accountants
First USA Bank, National Association:
We have examined the accompanying management's assertion about First USA Bank,
National Association's (the "Servicer") compliance with the covenants and
conditions of Sections 2.06, 2.07, 2.08, 3.01(b), 3.04(a) and (b), 3.05, 3.06(a)
and (b), 4.02(a), (b), and (c), and 4.03 of the Pooling and Servicing Agreement
dated as of September 1, 1992, as amended (the "Agreement"), for the respective
Pooling and Servicing Agreement Supplements, noted in Attachment A (the
"Supplements"), related to each Credit Card Master Trust Series listed, as
amended from time to time (together, the "Agreements") between the Servicer and
The Bank of New York (Delaware) (as Trustee for the various Certificateholders
and Enhancement Providers of the First USA Credit Card Master Trust) during the
twelve months ended December 31, 2000. Management is responsible for the
Servicer's compliance with those requirements. Our responsibility is to express
an opinion on management's assertion about the Company's compliance based on our
examination.
Our examination was made in accordance with 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.
As discussed in management's assertion, management, in providing its assertion
on compliance, assumed the accuracy of the reports prepared by the Servicer's
third party credit card processor and did not extend its 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
3.06(a) of the Agreement, our examination did 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 an opinion or any other form of assurance on
these compliance aspects.
In our opinion, management's assertion that the Servicer complied with the
covenants and conditions of the sections of the Agreements referred to in the
first paragraph during the twelve months ended December 31, 2000, is fairly
stated, in all material respects.
/s/ Arthur Andersen LLP
Chicago, Illinois
March 9, 2001
Attachment A
Pooling and Servicing Agreement Supplements
Credit Card Master Trust Series Date Compliance Period
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First USA Credit Card Master Trust Series 1994-4 06/01/94 01/01/00 - 12/31/00
First USA Credit Card Master Trust Series 1994-6 07/30/94 01/01/00 - 12/31/00
First USA Credit Card Master Trust Series 1994-8 11/08/94 01/01/00 - 12/31/00
First USA Credit Card Master Trust Series 1995-2 03/01/95 01/01/00 - 12/31/00
First USA Credit Card Master Trust Series 1995-5 09/14/95 01/01/00 - 09/15/00
First USA Credit Card Master Trust Series 1995-6 12/07/95 01/01/00 - 11/10/00
First USA Credit Card Master Trust Series 1996-1 03/06/96 01/01/00 - 12/31/00
First USA Credit Card Master Trust Series 1996-2 06/04/96 01/01/00 - 12/31/00
First USA Credit Card Master Trust Series 1996-4 08/06/96 01/01/00 - 12/31/00
First USA Credit Card Master Trust Series 1996-6 11/13/96 01/01/00 - 12/31/00
First USA Credit Card Master Trust Series 1996-7 12/11/96 01/01/00 - 02/10/00
First USA Credit Card Master Trust Series 1996-8 12/11/96 01/01/00 - 12/31/00
First USA Credit Card Master Trust Series 1997-1 02/04/97 01/01/00 - 12/31/00
First USA Credit Card Master Trust Series 1997-2 05/08/97 01/01/00 - 12/31/00
First USA Credit Card Master Trust Series 1997-3 06/10/97 01/01/00 - 12/31/00
First USA Credit Card Master Trust Series 1997-4 06/10/97 01/01/00 - 12/31/00
First USA Credit Card Master Trust Series 1997-5 08/07/97 01/01/00 - 12/31/00
First USA Credit Card Master Trust Series 1997-6 09/09/97 01/01/00 - 12/31/00
First USA Credit Card Master Trust Series 1997-7 09/09/97 01/01/00 - 12/31/00
First USA Credit Card Master Trust Series 1997-8 09/23/97 01/01/00 - 12/31/00
First USA Credit Card Master Trust Series 1997-9 10/09/97 01/01/00 - 12/31/00
First USA Credit Card Master Trust Series 1997-10 12/23/97 01/01/00 - 12/31/00
First USA Credit Card Master Trust Series 1998-1 05/21/98 01/01/00 - 12/31/00
First USA Credit Card Master Trust Series 1998-2 05/21/98 01/01/00 - 12/31/00
First USA Credit Card Master Trust Series 1998-3 06/25/98 01/01/00 - 12/31/00
First USA Credit Card Master Trust Series 1998-4 07/22/98 01/01/00 - 12/31/00
First USA Credit Card Master Trust Series 1998-5 08/27/98 01/01/00 - 12/31/00
First USA Credit Card Master Trust Series 1998-6 08/27/98 01/01/00 - 12/31/00
First USA Credit Card Master Trust Series 1998-7 09/17/98 01/01/00 - 12/31/00
First USA Credit Card Master Trust Series 1998-8 09/17/98 01/01/00 - 12/31/00
First USA Credit Card Master Trust Series 1998-9 12/22/98 01/01/00 - 12/31/00
First USA Credit Card Master Trust Series 1999-1 02/24/99 01/01/00 - 12/31/00
First USA Credit Card Master Trust Series 1999-2 02/24/99 01/01/00 - 12/31/00
First USA Credit Card Master Trust Series 1999-3 05/04/99 01/01/00 - 12/31/00
First USA Credit Card Master Trust Series 1999-4 05/26/99 01/01/00 - 12/31/00
First USA Credit Card Master Trust Series 1999-A 06/28/99 01/01/00 - 12/31/00
First USA Credit Card Master Trust Series 1999-B 06/28/99 01/01/00 - 12/31/00
ASSERTION BY FIRST USA BANK, NATIONAL ASSOCIATION
The management of First USA Bank, National Association (the "Servicer") is
responsible for complying with the covenants and conditions of Sections 2.06,
2.07, 2.08, 3.01(b), 3.04(a) and (b), 3.05, 3.06(a) and (b), 4.02(a), (b), and
(c), and 4.03 of the Pooling and Servicing Agreement, dated as of September 1,
1992, as amended (the "Agreement") for the respective Pooling and Servicing
Agreement Supplements, noted in Attachment 1 (the "Supplements"), related to
each Credit Card Master Trust Series listed, as amended from time to time
(together, the "Agreements") between the Servicer and The Bank of New York
(Delaware) (as Trustee for the various Certificateholders and Enhancement
Providers of the First USA Credit Card Master Trust).
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 covenants and conditions of sections of the Agreements
referred to above during the twelve months ended December 31, 2000.
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 3.06(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 /s/ Tracie H. Klein
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Michael Looney Tracie H. Klein
Executive Vice President - Operations First Vice President
/s/ Jeffrey Rigg
- -------------------------------------
Jeffrey Rigg
Senior Vice President - Accounting