================================================================================
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
---------
[ ] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the Fiscal Year Ended December 31, 1997
[X] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from July 1, 1997 to December 31, 1997
Commission file number 33-99362
----------------------------
FIRST USA BANK
(Exact name of registrant as specified in charter)
(As Servicer on behalf of First USA Credit Card Master Trust)
DELAWARE 76-0039224
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
201 NORTH WALNUT STREET 19801
WILMINGTON, DELAWARE (ZIP CODE)
(Address of principal executive offices)
REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: (302) 594-4117
Securities registered to Section 12(g) of the Act: NONE
Securities registered pursuant to Section 12(b) of the Act:
Series 1993-1, Floating Rate Asset Backed Certificates
Series 1993-3, Floating Rate Asset Backed Certificates
Series 1994-4, Class A Floating Rate Asset Backed Certificates and Class B
Floating Rate Asset Backed Certificates
Series 1994-6, Class A Floating Rate Asset Backed Certificates and Class B
Floating Rate Asset Backed Certificates
Series 1994-7, Class A Floating Rate Asset Backed Certificates and Class B
Floating Rate Asset Backed Certificates
Series 1994-8, Class A Floating Rate Asset Backed Certificates and Class B
Floating Rate Asset Backed Certificates
Series 1995-1, Class A Floating Rate Asset Backed Certificates
Series 1995-2, Class A Floating Rate Asset Backed Certificates
Series 1995-3, Class A Floating Rate Asset Backed Certificates and Class B
Floating Rate Asset Backed Certificates
Series 1995-4, Class A Floating Rate Asset Backed Certificates and Class B
Floating Rate Asset Backed Certificates
Series 1995-5, Class A Floating Rate Asset Backed Certificates and Class B
Floating Rate Asset Backed Certificates
Series 1995-6, Class A Floating Rate Asset Backed Certificates and Class B
Floating Rate Asset Backed Certificates
Series 1996-1, Class A Floating Rate Asset Backed Certificates and Class B
Floating Rate Asset Backed Certificates
Series 1996-2, Class A Floating Rate Asset Backed Certificates and Class B
Floating Rate Asset Backed Certificates
Series 1996-4, Class A Floating Rate Asset Backed Certificates and Class B
Floating Rate Asset Backed Certificates
Series 1996-6, Class A Floating Rate Asset Backed Certificates and Class B
Floating Rate Asset Backed Certificates
Series 1996-8, Class A Floating Rate Asset Backed Certificates and Class B
Floating Rate Asset Backed Certificates
Series 1997-1, Class A Floating Rate Asset Backed Certificates and Class B
Floating Rate Asset Backed Certificates
Series 1997-2, Class A Floating Rate Asset Backed Certificates and Class B
Floating Rate Asset Backed Certificates
Series 1997-3, Class A Floating Rate Asset Backed Certificates and Class B
Floating Rate Asset Backed Certificates
Series 1997-4, Class A Floating Rate Asset Backed Certificates and Class B
Floating Rate Asset Backed Certificates
Series 1997-5, Class A Floating Rate Asset Backed Certificates and Class B
Floating Rate Asset Backed Certificates
Series 1997-6, 6.42% Class A Asset Backed Certificates and 6.58% Class B Asset
Backed Certificates
Series 1997-7, Class A Floating Rate Asset Backed Certificates and Class B
Floating Rate Asset Backed Certificates
Series 1997-8, Class A Floating Rate Asset Backed Certificates and Class B
Floating Rate Asset Backed Certificates
Series 1997-9, Class A Floating Rate Asset Backed Certificates and Class B
Floating Rate Asset Backed Certificates
Series 1997-10, Class A Floating Rate Asset Backed Certificates and Class B
Floating Rate Asset Backed Certificates
Indicate by check mark whether the Registrant: (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or such shorter period that the Registrant
was required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.
YES [X] NO [ ]
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405
of Regulation S-K is not contained herein, and will not be contained, to the
best of registrant's knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-K or any amendment to this
Form 10-K. [ ]
Not Applicable.
State the aggregate market value of the voting stock held by non-affiliates of
the Registrant. The aggregate market value shall be computed by reference to
the price at which the stock was sold, or the average bid and asked prices of
such stock, as of a specified date within 60 days prior to the date of filing.
Not Applicable.
Indicate the number shares outstanding of each of the Registrant's class of
common stock, as of the latest practicable date.
Not Applicable.
DOCUMENTS INCORPORATED BY REFERENCE: NONE
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1
FIRST USA BANK
FIRST USA CREDIT CARD MASTER TRUST
1997 FORM 10-K ANNUAL REPORT
TABLE OF CONTENTS
PART I
PAGE
----
ITEM 1. Business....................................................... 5
ITEM 2. Properties..................................................... 5
ITEM 3. Legal Proceedings.............................................. 8
ITEM 4. Submission of Matters to a Vote of Security Holders............ 9
PART II
ITEM 5. Market for Registrant's Common Equity and Related
Stockholder Matters............................................ 10
ITEM 6. Selected Financial Data........................................ 12
ITEM 7. Management's Discussion and Analysis of Financial Condition
and Results of Operations...................................... 12
ITEM 8. Financial Statements and Supplementary Data.................... 12
ITEM 9. Changes in and Disagreements with Accountants on Accounting
and Financial Disclosure....................................... 12
PART III
ITEM 10. Directors and Executive Officers of the Registrant............. 13
ITEM 11. Executive Compensation......................................... 13
ITEM 12. Security Ownership of Certain Beneficial Owners
and Management................................................. 13
ITEM 13. Certain Relationships and Related Transactions................. 42
PART IV
ITEM 14. Exhibits, Financial Statement Schedules and Reports
on Form 8-K..................................................... 43
SIGNATURES
Signatures................................................................ 44
2
INTRODUCTORY NOTE
-----------------
First USA Bank (the "Bank") is the transferor and servicer (in such capacities,
the "Transferor" and the "Servicer") under the Pooling and Servicing Agreement
(the "Agreement"), dated as of September 1, 1992, and the following series
supplements (the "Supplements"):
SUPPLEMENT DATED AS OF
---------- -----------
1993-1 May 1, 1993
1993-3 October 1, 1993
1994-4 June 1, 1994
1994-6 July 30, 1994
1994-7 November 8, 1994
1994-8 November 8, 1994
1995-1 March 1, 1995
1995-2 March 1, 1995
1995-3 May 16, 1995
1995-4 September 14, 1995
1995-5 September 14, 1995
1995-6 December 7, 1995
1996-1 March 6, 1996
1996-2 June 4, 1996
1996-4 August 6, 1996
1996-6 November 13, 1996
1996-8 December 11, 1996
1997-1 February 4, 1997
1997-2 May 8, 1997
1997-3 June 10, 1997
1997-4 June 10, 1997
1997-5 August 7, 1997
1997-6 September 9, 1997
1997-7 September 9, 1997
1997-8 September 23, 1997
1997-9 October 9, 1997
1997-10 December 23, 1997
The Agreement and Supplements are by and between the Bank and The Bank of New
York (Delaware) as trustee (the "Trustee"), providing for the issuance of First
USA Credit Card Master Trust Asset Backed Certificates (the "Certificates").
The Bank is the originator of the First USA Credit Card Master Trust (the
"Registrant"). The Certificates do not represent obligations of or interests in
the Bank. Lomas Bank USA, the predecessor of the Bank, applied for an exemption
from certain reporting requirements pursuant to Section 12(h) of the Securities
and Exchange Act of 1934. The Securities and Exchange Commission granted Lomas
Bank USA an exemption from certain reporting requirements pursuant to an Order
of the Securities and Exchange Commission dated March 28, 1989. The Bank is
relying on such order in not responding to various items of Form 10-K. Such
items are designated herein as "Not Applicable."
Pursuant to an Agreement and Plan of Merger dated as of January 19, 1997, and
amended as of April 23, 1997, between First USA, Inc. ("FUSA") and BANC ONE
CORPORATION ("BANC ONE"), FUSA was merged with and into BANC ONE on June 27,
1997 (the "Merger") at which time the separate corporate existence of FUSA
ceased. As a result of the Merger, the Bank is now an indirect, wholly owned
subsidiary of BANC ONE.
3
In connection with the Merger, the Bank changed its fiscal year from June 30 to
December 31 to align its fiscal year with that of BANC ONE.
In addition, the Bank changed its charge-off policy to align it with that of
BANC ONE. The Bank will now generally charge off an account immediately prior
to the end of the sixth billing cycle after having become contractually past due
unless a payment has been received in an amount sufficient to bring the account
into a different delinquency category or to bring the account current. The
Bank's prior policy was generally to charge off an account immediately prior to
the end of the seventh billing cycle after having become contractually past due.
For the Trust, this change in charge-off policy was implemented over the course
of a six-month period which began in July 1997 and ended in December 1997.
Charge-offs may occur earlier in some circumstances, as in the case of bankrupt
cardholders.
In addition to the issuance of the Certificates described above, the First USA
Credit Card Master Trust has issued the following interests in the Trust:
* Asset Backed Variable Funding Certificate issued pursuant to the Agreement
and the Series 1994-2 Supplement dated as of April 14, 1994 as amended from
time to time.
* Class B Floating Rate Asset Backed Certificates, Series 1995-1, issued
pursuant to the Agreement and the Series 1995-1 Supplement dated as of
March 1, 1995.
* Class B Floating Rate Asset Backed Certificates, Series 1995-2, issued
pursuant to the Agreement and the Series 1995-2 Supplement dated as of
March 1, 1995.
* Floating Rate Asset Backed Certificates, Series 1996-E1, issued pursuant to
the Agreement and the Series 1996-E1 Supplement dated May 2, 1996.
* Class A Floating Rate Asset Backed Certificates and Class B Floating Rate
Asset Backed Certificates issued pursuant to the Agreement and the Series
1996-3 Supplement dated as of June 6, 1996.
* Class A Floating Rate Asset Backed Certificates and Class B Floating Rate
Asset Backed Certificates issued pursuant to the Agreement and the Series
1996-7 Supplement dated as of December 11, 1996.
* Collateral Invested Amounts and CIA Certificates which represent credit
enhancement to certain series and were issued pursuant to the Agreement and
the related series Supplements.
* The final payment with respect to Series 1994-3 Asset Backed Certificates
and the Series 1994-5 Asset Backed Certificates issued by the First USA
Credit Card Master Trust were made on July 15, 1997 and September 15, 1997,
respectively, and therefore information with respect to such Certificates
is not included in this report.
4
PART I
ITEM 1. BUSINESS
Not applicable
ITEM 2. PROPERTIES
The property of the First USA Credit Card Master Trust (the "Trust") includes
and will include receivables (the "Receivables") arising under certain
VISA/(R)/ and MasterCard/(R)/ revolving credit card accounts (the "Accounts")
selected by the Transferor from a portfolio of VISA and MasterCard accounts
owned by First USA Bank (the "Transferor"), all monies due or to become due in
payment of the Receivables, all proceeds of the Receivables and all monies on
deposit in certain bank accounts of the Trust (other than certain investment
earnings on such amounts), all amounts received by the Transferor or the
Servicer with respect to Receivables in accounts which are written off as
uncollectible ("Recoveries) and any Enhancement issued with respect to any
undivided ownership interest in the assets of the Trust issued from time to time
in one or more Series ("Series"). The term "Enhancement" means, with respect to
any Series, any letter of credit, cash collateral account, cash collateral
guaranty, collateral invested amount, guaranteed rate agreement, maturity
guaranty facility, tax protection agreement, interest rate swap or other
contract or agreement for the benefit of certificateholders of such Series.
The Transferor originally conveyed to the Trust all Receivables existing under
certain Accounts that were selected by the Transferor from the portfolio of VISA
and MasterCard accounts owned by the Transferor (the "Bank Portfolio"), based on
criteria provided in the Pooling and Servicing Agreement as applied on August
21, 1992 (the "Cut Off Date"). Since the Cut Off Date, the Transferor has
transferred to the Trust the Receivables in certain Additional Accounts in
accordance with the provisions of the Pooling and Servicing Agreement. The
Transferor expects from time to time (subject to certain limitations and
conditions), and in certain circumstances will be obligated, to designate
Additional Accounts the Receivables in which will be included in the Trust. The
Transferor will transfer to the Trust all Receivables in such Additional
Accounts, whether such Receivables are then existing or thereafter created. The
addition to the Trust of Receivables in Additional Accounts will be subject to
certain conditions including, among others, that (a) the Transferor will have
received notice from the applicable rating agencies that the inclusion of such
accounts as Additional Accounts will not result in the reduction or withdrawal
by such Rating Agency of its then existing rating of any class of certificates
of any Series then outstanding, (b) each such Additional Account must be an
eligible account at the time of its designation for inclusion in the Trust and
(c) no selection procedure believed by the Transferor to be materially adverse
to the interests of the holders of any Series of certificates will have been
used in selecting such Additional Accounts.
The Receivables conveyed to the Trust arise in Accounts selected from the Bank
Portfolio on the basis of criteria set forth in the Pooling and Servicing
Agreement (The "Trust Portfolio"). The Receivables in the Trust Portfolio, as of
the close of business on December 31, 1997, (including the Additional Accounts
added to the Trust on January 12, 1998 and February 5, 1998), consisted of
$27,400,736,937 of Principal Receivables and $431,529,121 of Finance Charge
Receivables. As of December 31, 1997, Cardholders whose Accounts are included in
the Trust Portfolio, including Additional Accounts, had billing addresses in 50
states, the District of Columbia and other United States territories and
possessions.
- ------------------------
* VISA/(R)/ AND MASTERCARD/(R)/ AND ARE REGISTERED TRADEMARKS OF VISA USA
INCORPORATED AND MASTERCARD INTERNATIONAL INCORPORATED, RESPECTIVELY.
5
The following tables summarize the Trust Portfolio by various criteria as of the
close of business on December 31, 1997 (including the Additional Accounts added
to the Trust on January 12, 1998 and February 5, 1998). Because the future
composition of the Trust Portfolio may change over time, these tables are not
necessarily indicative of the composition of the Trust Portfolio at any
subsequent time.
COMPOSITION BY ACCOUNT BALANCE
TRUST PORTFOLIO
PERCENTAGE PERCENTAGE OF
OF TOTAL TOTAL AMOUNT
ACCOUNT NUMBER OF NUMBER OF AMOUNT OF OF
BALANCE RANGE ACCOUNTS ACCOUNTS RECEIVABLES RECEIVABLES
- -------------------------------------------------- ------------ ----------- ------------------ --------------
Credit Balance.................................... 223,925 1.6% ($52,234,666) (0.2)%
No Balance........................................ 4,721,629 33.5
-------- --------
$0.01 to $2,000.00................................ 4,635,622 32.9 3,157,496,060 11.3
$2,000.01 to $5,000.00............................ 2,525,962 18.0 8,891,384,931 32.0
$5,000.01 to $10,000.00........................... 1,614,970 11.5 11,220,529,266 40.3
$10,000.01 or More................................ 352,513 2.5 4,615,090,467 16.6
================================================================================================================
TOTAL................................... 14,074,621 100.0% $27,832,266,058 100.0%
================================================================================================================
COMPOSITION BY CREDIT LIMIT
TRUST PORTFOLIO
PERCENTAGE
OF TOTAL PERCENTAGE OF
CREDIT NUMBER OF NUMBER OF AMOUNT OF TOTAL AMOUNT OF
LIMIT RANGE ACCOUNTS ACCOUNTS RECEIVABLES RECEIVABLES
----------- -------- -------- ----------- -----------
$0.00 to $2,000.00................................ 1,037,643 7.4% 563,715,314 2.0%
$2,000.01 to $5,000.00............................ 3,596,824 25.5 5,877,693,366 21.1
$5,000.01 to $10,000.00........................... 5,290,933 37.6 11,199,948,291 40.3
$10,000.01 or More................................ 4,149,221 29.5 10,190,909,087 36.6
================================================================================================================
TOTAL................................... 14,074,621 100.0% $27,832,266,058 100.0%
================================================================================================================
COMPOSITION BY PERIOD OF DELINQUENCY
TRUST PORTFOLIO
PERCENTAGE
PERIOD OF DELINQUENCY OF TOTAL PERCENTAGE OF
(DAYS CONTRACTUALLY NUMBER OF NUMBER OF AMOUNT OF TOTAL AMOUNT OF
Delinquent) ACCOUNTS ACCOUNTS RECEIVABLES RECEIVABLES
----------- -------- -------- ----------- -----------
Not Delinquent.................................. 13,387,387 95.1% $24,795,699,544 89.1%
Up to 34 Days................................... 449,437 3.2 1,775,404,207 6.4
35 to 64 Days................................... 93,542 0.7 415,008,968 1.5
65 to 94 Days................................... 55,348 0.4 269,871,419 1.0
95 or More Days................................. 88,907 0.6 576,281,920 2.0
================================================================================================================
TOTAL................................. 14,074,621 100.0% $27,832,266,058 100.0%
================================================================================================================
- --------------------------
(1) A change in the Bank's charge-off policy, which was implemented over a six-
month period beginning in July 1997, resulted in a decrease in the number of
accounts and amount of receivables delinquent 95 or more days but also
resulted in an increase in Default Amounts during such period.
6
COMPOSITION OF ACCOUNTS BY AGE
TRUST PORTFOLIO
PERCENTAGE
OF TOTAL PERCENTAGE OF
NUMBER OF NUMBER OF AMOUNT OF TOTAL AMOUNT OF
AGE ACCOUNTS ACCOUNTS RECEIVABLES RECEIVABLES
--- -------- -------- ----------- -----------
Less than or equal to 6 Months.................. 2,146,253 15.2% $ 4,727,836,527 17.0%
Over 6 Months to 12 Months...................... 2,444,518 17.4 4,434,298,813 15.9
Over 12 Months to 24 Months..................... 2,890,935 20.5 5,725,958,452 20.6
Over 24 Months to 36 Months..................... 2,631,127 18.7 5,599,534,792 20.1
Over 36 Months to 48 Months..................... 1,913,828 13.6 3,721,485,273 13.4
Over 48 Months to 60 Months..................... 848,292 6.0 1,515,001,198 5.4
Over 60 Months.................................. 1,199,668 8.6 2,108,151,003 7.6
===============================================================================================================
TOTAL................................. 14,074,621 100.0% $27,832,266,058 100.0%
===============================================================================================================
COMPOSITION BY GEOGRAPHIC DISTRIBUTION
TRUST PORTFOLIO
PERCENTAGE
OF TOTAL PERCENTAGE OF
NUMBER OF NUMBER OF AMOUNT OF TOTAL AMOUNT OF
State Accounts Accounts Receivables Receivables
----- -------- -------- ----------- -----------
Alabama......................................... 153,477 1.1% $ 321,005,669 1.2%
Alaska.......................................... 33,745 0.2 81,972,096 0.3
Arizona......................................... 243,608 1.7 500,889,547 1.8
Arkansas........................................ 118,026 0.8 221,984,522 0.8
California...................................... 1,724,959 12.3 3,792,313,769 13.6
Colorado........................................ 239,614 1.7 477,930,584 1.7
Connecticut..................................... 206,790 1.5 418,851,601 1.5
Delaware........................................ 43,202 0.3 72,308,899 0.3
District of Columbia............................ 27,168 0.2 59,774,624 0.2
Florida......................................... 933,378 6.6 1,836,412,997 6.6
Georgia......................................... 323,172 2.3 710,636,790 2.6
Hawaii.......................................... 64,287 0.4 143,242,986 0.5
Idaho........................................... 63,075 0.4 124,369,306 0.4
Illinois........................................ 661,366 4.7 1,227,297,894 4.4
Indiana......................................... 205,514 1.5 380,265,432 1.4
Iowa............................................ 16,278 0.1 28,381,407 0.1
Kansas.......................................... 135,937 1.0 258,828,312 0.9
Kentucky........................................ 151,597 1.1 273,098,822 1.0
Louisiana....................................... 280,537 2.0 506,320,165 1.8
Maine........................................... 57,635 0.4 103,880,991 0.4
Maryland........................................ 324,604 2.3 682,391,611 2.5
Massachusetts................................... 446,576 3.2 789,372,490 2.8
Michigan........................................ 466,944 3.3 926,315,701 3.3
Minnesota....................................... 181,273 1.3 305,347,825 1.1
Mississippi..................................... 95,193 0.7 186,599,954 0.7
Missouri........................................ 263,329 1.9 485,546,375 1.7
Montana......................................... 53,764 0.4 101,818,188 0.4
Nebraska........................................ 89,055 0.6 143,729,107 0.5
Nevada.......................................... 112,097 0.8 254,344,093 0.9
7
PERCENTAGE
OF TOTAL PERCENTAGE OF
NUMBER OF NUMBER OF AMOUNT OF TOTAL AMOUNT OF
State Accounts Accounts Receivables Receivables
----- -------- -------- ----------- -----------
New Hampshire................................... 65,010 0.4% 124,072,783 0.4%
New Jersey...................................... 557,029 4.0 1,040,670,574 3.7
New Mexico...................................... 91,625 0.7 178,539,949 0.6
New York........................................ 1,030,547 7.3 2,024,584,623 7.3
North Carolina.................................. 287,080 2.0 577,110,604 2.1
North Dakota.................................... 30,944 0.2 50,039,575 0.2
Ohio............................................ 557,094 4.0 1,046,984,799 3.8
Oklahoma........................................ 228,290 1.6 422,920,554 1.5
Oregon.......................................... 196,588 1.4 398,933,243 1.4
Pennsylvania.................................... 615,513 4.4 1,017,418,865 3.7
Rhode Island.................................... 61,911 0.4 111,877,577 0.4
South Carolina.................................. 139,364 1.0 270,067,797 1.0
South Dakota.................................... 33,035 0.2 59,864,551 0.2
Tennessee....................................... 158,765 1.1 308,431,983 1.1
Texas........................................... 1,293,864 9.2 2,704,639,411 9.7
Utah............................................ 93,416 0.7 172,215,199 0.6
Vermont......................................... 29,058 0.2 52,556,037 0.2
Virginia........................................ 369,530 2.6 777,404,592 2.8
Washington...................................... 336,514 2.4 739,300,343 2.7
West Virginia................................... 79,479 0.6 148,724,744 0.5
Wisconsin....................................... 38,980 0.3 66,440,666 0.2
Wyoming......................................... 27,529 0.2 49,947,791 0.2
Other U.S. territories and possessions.......... 37,256 0.3 74,288,041 0.3
===============================================================================================================
TOTAL................................. 14,074,621 100.0% $27,832,266,058 100.0%
===============================================================================================================
Since the largest number of cardholders (based on billing addresses) whose
accounts were included in the Trust as of December 31, 1997, were in California,
Texas, New York, Florida and Illinois, adverse changes in the economic
conditions in these areas could have a direct impact on the timing and amount of
payments on the Certificates.
The aggregate amount of Receivables written off during the six-month reporting
period was $687,135,035 and represented approximately 2.93% of the average
Receivables balance outstanding during such period. The investor percentage of
Principal Receivables written off (the "Investor Default Amount") during the
reporting period was $623,470,882. The Investor Default Amount as a percentage
of the average invested amount outstanding during the reporting period was
approximately 2.91%.
ITEM 3. LEGAL PROCEEDINGS
The Bank was named a defendant in a class action lawsuit filed on December 19,
1995 in the United States District Court for the Northern District of California
by a former cardmember of the Bank. In this action, the plaintiff contends that
she and all other similarly situated are entitled to equitable relief and
compensatory and statutory damages for alleged violations by the Bank of the
Federal Truth-in-Lending Act, the California unfair business practices statutes,
breach of contract, negligent misrepresentation and fraud and deceit. The Bank
believes that the plaintiff's claims are not valid and has answered the
plaintiff's complaint, denying all liability. A settlement with the plaintiff
class has been reached and was approved by the U.S. District Court at a hearing
on November 13, 1997. The Bank believes that any liability arising from this
matter will not have a material adverse effect on the Transferor's business or
on the Receivables in the Trust.
8
The Bank also was named a defendant in a class action lawsuit filed on or about
September 8, 1997 in the Circuit Court of Multnomah County, Oregon by a
cardmember of the Bank. In this action, the plaintiff contends that she and
others similarly situated are entitled to equitable relief for alleged
violations of the Delaware Consumer Fraud Act, breach of contract, breach of the
covenant of good faith and fraud. Subsequently, on September 15, October 21 and
November 24, 1997 in the United States District Court for the Western District
of Washington, the Superior Court of the State of Delaware, New Castle County
and the 14th District Court of Dallas County, Texas, respectively, the Bank was
named a defendant in similar class action lawsuits. The Bank believes that
these claims are without merit and intends to vigorously defend against all
claims. While it is impossible to predict the outcome of these matters, the
Bank believes that any liability arising from these matters will not have a
material adverse effect on the Transferor's business or on the Receivables in
the Trust.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
Not applicable
9
PART II
ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED
STOCKHOLDER MATTERS
As of December 31, 1997, the number of holders of record identified by the
Depository Trust Company for the respective Series is as follows:
INVESTOR CERTIFICATE DESCRIPTION RECORD HOLDERS
- -----------------------------------------------------------------------
Series 1993-1 14
Series 1993-3 13
Series 1994-4 Class A 26
Series 1994-4 Class B 3
Series 1994-6 Class A 25
Series 1994-6 Class B 4
Series 1994-7 Class A 16
Series 1994-7 Class B 5
Series 1994-8 Class A 13
Series 1994-8 Class B 3
Series 1995-1 Class A 19
Series 1995-2 Class A 23
Series 1995-3 Class A 1
Series 1995-3 Class B 1
Series 1995-4 Class A 13
Series 1995-4 Class B 2
Series 1995-5 Class A 18
Series 1995-5 Class B 2
Series 1995-6 Class A 2
Series 1995-6 Class B 5
Series 1996-1 Class A 9
Series 1996-1 Class B 11
Series 1996-2 Class A 30
Series 1996-2 Class B 3
Series 1996-4 Class A 14
Series 1996-4 Class B 5
Series 1996-6 Class A 15
Series 1996-6 Class B 7
Series 1996-8 Class A 11
Series 1996-8 Class B 4
Series 1997-1 Class A 19
Series 1997-1 Class B 5
10
INVESTOR CERTIFICATE DESCRIPTION RECORD HOLDERS
- -----------------------------------------------------------------------
Series 1997-2 Class A 10
Series 1997-2 Class B 6
Series 1997-3 Class A 8
Series 1997-3 Class B 1
Series 1997-4 Class A 10
Series 1997-4 Class B 3
Series 1997-5 Class A 16
Series 1997-5 Class B 2
Series 1997-6 Class A 64
Series 1997-6 Class B 41
Series 1997-7 Class A 3
Series 1997-7 Class B 3
Series 1997-8 Class A 8
Series 1997-8 Class B 2
Series 1997-9 Class A 4
Series 1997-9 Class B 1
Series 1997-10 Class A 16
Series 1997-10 Class B 2
11
ITEM 6. SELECTED FINANCIAL DATA
Not applicable
ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
Not applicable
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
Not applicable
ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
FINANCIAL DISCLOSURE
Not applicable
12
PART III
ITEM 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT
Not applicable
ITEM 11. EXECUTIVE COMPENSATION
Not applicable
ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT
The following sets forth certain information believed by the Registrant to be
accurate based on information provided to it concerning the beneficial ownership
of investor certificates. Number of certificates identifies the number of
$1,000 minimum denomination certificates beneficially owned by each such
investor.
Beneficial owners of more than 5% of the SERIES 1993-1 investor certificates as
of December 31, 1997, are as follows:
NUMBER OF % OF
CERTIFICATES OWNERSHIP
------------ ---------
Chase Manhattan Bank 177,970 35.59%
4 New York Plaza
Proxy Department 13th Floor
New York, NY 10004
Prudential Securities Custody 40,000 8.00%
111 8th Avenue, 4th Floor
New York, NY 10011
Bank of New York (The) 66,650 13.33%
925 Patterson Plank Rd.
Secaucus, NJ 07094
SSB Custodian 73,750 14.75%
Global Proxy Unit, A5NW
P.O. Box 1631
Boston, MA 02105-1631
Chase Manhattan Bank/Chemical 45,000 9.00%
4 New York Plaza
Proxy Department 13th Floor
New York, NY 10004
13
Bankers Trust Company 32,130 6.43%
c/o BT Services Tennessee Inc.
648 Grassmere Park Drive
Nashville, TN 37211
- -----------------------------------
Beneficial owners of more than 5% of the SERIES 1993-3 investor certificates as
of December 31, 1997, are as follows:
Bank of New York (The) 266,740 35.57%
925 Patterson Plank Road
Secaucus, NJ 07094
Chase Manhattan Bank 218,555 29.14%
4 New York Plaza
Proxy Department 13th Floor
New York, NY 10004
Chase Manhattan Bank/Chemical 41,000 5.47%
4 New York Plaza
Proxy Department 13th Floor
New York, NY 10004
SSB-Custodian 119,590 15.95%
Global Proxy Unit, A5NW
P.O. Box 1631
Boston, MA 02105-1631
- -----------------------------------
Beneficial owners of more than 5% of the SERIES 1994-4 CLASS A AND CLASS B
investor certificates as of December 31, 1997, are as follows:
CLASS A
- -------
Chase Manhattan Bank/Chemical 54,800 7.54%
4 New York Plaza
Proxy Department 13th Floor
New York, NY 10004
14
Boston Safe Deposit and Trust Company 119,735 16.48%
c/o Mellon Bank N.A.
Three Mellon Bank Center
Room 153-3015
Pittsburgh, PA 15259
Bankers Trust Company 42,590 5.86%
c/o BT Services Tennessee Inc.
648 Grassmere Park Drive
Nashville, TN 37211
Chase Manhattan Bank 139,670 19.23%
4 New York Plaza
Proxy Department 13th Floor
New York, NY 10004
SSB - Custodian 119,500 16.45%
Global Proxy Unit, A5NW
P.O. Box 1631
Boston, MA 02105-1631
CLASS B
- -------
Citibank, N.A. 21,600 38.20%
P.O. Box 30576
Tampa, FL 33630-3576
Boston Safe Deposit and Trust Company 25,000 44.21%
c/o Mellon Bank N.A.
Three Mellon Bank Center
Room 153-3015
Pittsburgh, PA 15259
Bankers Trust / Investment Account 9,950 17.59%
16 Wall Street, 5th Floor
New York, NY 10005
- -----------------------------------
15
Beneficial owners of more than 5% of the SERIES 1994-6 CLASS A AND CLASS B
investor certificates as of December 31, 1997, are as follows:
CLASS A
- -------
Chase Manhattan Bank/Chemical 73,000 9.73%
4 New York Plaza
Proxy Department 13th Floor
New York, NY 10004
Chase Manhattan Bank 157,400 20.99%
4 New York Plaza
Proxy Department 13th Floor
New York, NY 10004
Bank of New York (The) 89,600 11.95%
925 Patterson Plank Road
Secaucus, NJ 07094
SSB-Custodian 51,600 6.88%
Global Proxy Unit, A5NW
P.O. Box 1631
Boston, MA 02105-1631
Citibank, N.A. 63,000 8.40%
P.O. Box 30576
Tampa, FL 33630-3576
Boston Safe Deposit and Trust Company 90,800 12.11%
c/o Mellon Bank N.A.
Three Mellon Bank Center
Room 153-3015
Pittsburgh, PA 15259
Northern Trust Company 71,800 9.57%
801 S. Canal C-IN
Chicago, IL 60607
16
CLASS B
- -------
Boston Safe Deposit and Trust Company 6,480 11.10%
c/o Mellon Bank N.A.
Three Mellon Bank Center
Room 153-3015
Pittsburgh, PA 15259
Citibank, N.A. 31,600 54.13%
P.O. Box 30576
Tampa, FL 33630-3576
PNC Bank, National Association 18,300 31.35%
1835 Market Street
11 Penn Center, 15th Floor
Philadelphia, PA 19103
- -----------------------------------
Beneficial owners of more than 5% of the SERIES 1994-7 CLASS A AND CLASS B
investor certificates as of December 31, 1997, are as follows:
CLASS A
- -------
Bank of New York (The) 318,000 42.40%
925 Patterson Plank Rd.
Secaucus, NJ 07094
SSB-Custodian 206,350 27.51%
Global Proxy Unit, A5NW
P.O. Box 1631
Boston, MA 02105-1631
Bankers Trust Company 56,500 7.53%
c/o BT Services Tennessee Inc.
648 Grassmere Park Drive
Nashville, TN 37211
Citibank, N.A. 37,750 5.03%
P.O. Box 30576
Tampa, FL 33630-3576
17
Chase Manhattan Bank/Chemical 42,150 5.62%
4 New York Plaza
Proxy Department 13th Floor
New York, NY 10004
CLASS B
- -------
Fuji Bank and Trust Company (The) 25,000 42.57%
2 World Trade Center
81st Floor
New York, NY 10048
Chase Manhattan Bank/Chemical 5,000 8.51%
4 New York Plaza
Proxy Department 13th Floor
New York, NY 10004
Bankers Trust Company 18,735 31.90%
c/o BT Services Tennessee Inc.
648 Grassmere Park Drive
Nashville, TN 37211
Harris Trust & Savings Bank 5,000 8.51%
Proxy Operations
111 West Monroe St., 1130
Chicago, IL 60603
PNC Bank, National Association 5,000 8.51%
1835 Market Street
11 Penn Center, 15th Floor
Philadelphia, PA 19103
- -----------------------------------
18
Beneficial owners of more than 5% of the SERIES 1994-8 CLASS A AND CLASS B
investor certificates as of December 31, 1997, are as follows:
CLASS A
- -------
Chase Manhattan Bank 168,200 33.64%
4 New York Plaza
Proxy Department 13th Floor
New York, NY 10004
Citibank, N.A. 52,000 10.40%
P.O. Box 30576
Tampa, FL 33630-3576
Fuji Bank and Trust Company (The) 35,000 7.00%
2 World Trade Center
81st Floor
New York, NY 10048
Bank of New York (The) 56,500 11.30%
925 Patterson Plank Rd.
Secaucus, NJ 07094
Chase Manhattan Bank/Chemical 50,000 10.00%
4 New York Plaza
Proxy Department 13th Floor
New York, NY 10004
Northern Trust Company 25,000 5.00%
801 S. Canal C-IN
Chicago, IL 60607
Goldman Sachs & Co. 43,175 8.64%
One New York Plaza, 45th Floor
New York, NY 10004
Bank of New York (The) /Barclays 33,750 6.75%
De Zoete Wedd Securities
One Wall Street, 4th Floor
New York, NY 10286
19
CLASS B
- -------
PNC Bank, National Association 18,000 45.97%
1835 Market Street
11 Penn Center, 15th Floor
Philadelphia, PA 19103
Boston Safe Deposit and Trust Company 14,157 36.15%
c/o Mellon Bank N.A.
Three Mellon Bank Center
Room 153-3015
Pittsburgh, PA 15259
Citibank, N.A. 7,000 17.88%
P.O. Box 30576
Tampa, FL 33630-3576
- -----------------------------------
Beneficial owners of more than 5% of the SERIES 1995-1 CLASS A investor
certificates as of December 31, 1997, are as follows:
CLASS A
- -------
Chase Manhattan Bank 372,825 37.28%
4 New York Plaza
Proxy Department 13th Floor
New York, NY 10004
SSB-Custodian 181,995 18.20%
Global Proxy Unit, A5NW
P.O. Box 1631
Boston, MA 02105-1631
Bank of New York (The) 52,500 5.25%
925 Patterson Plank Rd.
Secaucus, NJ 07094
Northern Trust Company 95,000 9.50%
801 S. Canal C-IN
Chicago, IL 60607
20
Chase Manhattan Bank/Chemical 73,500 7.35%
4 New York Plaza
Proxy Department 13th Floor
New York, NY 10004
Prudential Securities Custody 100,000 10.00%
111 8th Avenue, 4th Floor
New York, NY 10011
- --------------------------------
Beneficial owners of more than 5% of the SERIES 1995-2 CLASS A investor
certificates as of December 31, 1997, are as follows:
CLASS A
- -------
Chase Manhattan Bank/Chemical 35,080 5.32%
4 New York Plaza
Proxy Department 13th Floor
New York, NY 10004
Chase Manhattan Bank 123,030 18.64%
4 New York Plaza
Proxy Department 13th Floor
New York, NY 10004
Harris Trust & Savings Bank 50,000 7.58%
Proxy Operations
111 West Monroe Street, 1130
Chicago, IL 60603
Boston Safe Deposit and Trust Company 64,000 9.70%
c/o Mellon Bank N.A.
Three Mellon Bank Center
Room 153-3015
Pittsburgh, PA 15259
Dai-Ichi Kangyo Bank (The) 40,000 6.06%
Ltd., New York Branch
1 World Trade Center, Suite 4911
New York, NY 10048
21
Fuji Bank and Trust Company (The) 40,000 6.06%
2 World Trade Center, 81st Floor
New York, NY 10048
Bank of New York (The) 75,930 11.50%
925 Patterson Plank Rd.
Secaucus, NJ 07094
Bankers Trust Company 86,000 13.03%
c/o BT Services Tennessee Inc.
648 Grassmere Park Drive
Nashville, TN 37211
- -----------------------------------
Beneficial owners of more than 5% of the SERIES 1995-3 CLASS A AND CLASS B
investor certificates as of December 31, 1997, are as follows:
CLASS A
- -------
Bank of New York (The) 830,000 100.00%
925 Patterson Plank Road
Secaucus, NJ 07094
CLASS B
- -------
Chase Manhattan Bank 65,000 100.00%
4 New York Plaza
Proxy Department 13th Floor
New York, NY 10004
- -------------------------------
22
Beneficial owners of more than 5% of the SERIES 1995-4 CLASS A AND CLASS B
investor certificates as of December 31, 1997, are as follows:
CLASS A
- -------
Chase Manhattan Bank, Trust 100,000 13.33%
4 New York Plaza
Proxy Department, 13th Floor
New York, NY 10004
Chase Manhattan Bank 79,500 10.60%
4 New York Plaza
Proxy Department 13th Floor
New York, NY 10004
Bank of New York (The) 176,000 23.47%
925 Patterson Plank Rd.
Secaucus, NJ 07094
Northern Trust Company 102,000 13.60%
801 S. Canal C-IN.
Chicago, IL 60607
SSB-Custodian 163,000 21.73%
Global Proxy Unit, A5NW
P.O. Box 1631
Boston, MA 02105-1631
Bankers Trust Company 40,000 5.33%
c/o BT Services Tennessee Inc.
648 Grassmere Park Drive
Nashville, TN 37211
Citibank N.A. 51,000 6.80%
P.O. Box 30576
Tampa, FL 33630-3576
23
CLASS B
- -------
Chase Manhattan Bank 44,770 66.06%
4 New York Plaza
Proxy Department 13th Floor
New York, NY 10004
Bankers Trust /Investment Account 23,000 33.94%
16 Wall Street, 5th Floor
New York, NY 10005
- ---------------------------------
Beneficial owners of more than 5% of the SERIES 1995-5 CLASS A AND CLASS B
investor certificates as of December 31, 1997, are as follows:
CLASS A
- -------
SSB-Custodian 45,086 9.02%
Global Proxy Unit, A5NW
P.O. Box 1631
Boston, MA 02105-1631
Chase Manhattan Bank 53,580 10.72%
4 New York Plaza
Proxy Department 13th Floor
New York, NY 10004
Bank of New York (The) 170,500 34.10%
925 Patterson Plank Rd.
Secaucus, NJ 07094
Chase Manhattan Bank/Chemical 47,875 9.58%
4 New York Plaza
Proxy Department 13th Floor
New York, NY 10004
Bankers Trust Company 71,275 14.26%
c/o BT Services Tennessee Inc.
648 Grassmere Park Drive
Nashville, TN 37211
24
Citibank N.A. 50,500 10.10%
P.O. Box 30576
Tampa, FL 33630-3576-3576
CLASS B
- -------
NDB Bank Municipal Bond Department 35,000 77.47%
Attention: Securities Department
611 Woodward Avenue
Detroit, MI 48226
Chase Manhattan Bank 10,180 22.53%
4 New York Plaza
Proxy Department 13th Floor
New York, NY 10004
- -----------------------------------
Beneficial owners of more than 5% of the SERIES 1995-6 CLASS A AND CLASS B
investor certificates as of December 31, 1997, are as follows:
CLASS A
- -------
Bank of New York (The) 538,000 43.21%
925 Patterson Plank Rd.
Secaucus, NJ 07094
Chase Manhattan Bank 707,000 56.79%
4 New York Plaza
Proxy Department 13th Floor
New York, NY 10004
CLASS B
- -------
Swiss American Securities Inc. 33,000 29.33%
100 Wall Street
New York, NY 10005
Chase Manhattan Bank 46,000 40.89%
4 New York Plaza
Proxy Department 13th Floor
New York, NY 10004
25
NDB Bank Municipal Bond Department 25,000 22.22%
Attention: Securities Department
611 Woodward Avenue
Detroit, MI 48226
- ----------------------------------
Beneficial owners of more than 5% of the SERIES 1996-1 CLASS A AND CLASS B
investor certificates as of December 31, 1997, are as follows:
CLASS A
- -------
Bank of New York (The) 233,715 31.16%
925 Patterson Plank Rd.
Secaucus, NJ 07094
Bankers Trust Company 114,775 15.30%
c/o BT Services Tennessee Inc.
648 Grassmere Park Drive
Nashville, TN 37211
Chase Manhattan Bank 204,000 27.20%
4 New York Plaza
Proxy Department 13th Floor
New York, NY 10004
Citibank, N.A. 50,000 6.67%
P.O. Box 30576
Tampa, FL 33630-3576
SSB-Custodian 107,510 14.33%
Global Proxy Unit, A5NW
P.O. Box 1631
Boston, MA 02105-1631
CLASS B
- -------
Chase Manhattan Bank 3,720 5.49%
4 New York Plaza
Proxy Department 13th Floor
New York, NY 10004
26
Bankers Trust Company/Corporate Clearance 25,000 36.89%
Corporate Clearance A/C #16
130 Liberty Street
New York, NY 10006
Chase Manhattan Bank/Chemical 20,000 29.51%
4 New York Plaza
Proxy Department 13th Floor
New York, NY 10004
Harris Trust & Savings Bank 5,000 7.38%
Proxy Operations
111 West Monroe Street, 1130
Chicago, IL 60603
PNC Bank, National Association 5,000 7.38%
1835 Market Street
11 Penn Center, 15th Floor
Philadelphia, PA 19103
- ----------------------------------
Beneficial owners of more than 5% of the SERIES 1996-2 CLASS A AND CLASS B
investor certificates as of December 31, 1997, are as follows:
CLASS A
- -------
Chase Manhattan Bank/Chemical 87,195 14.53%
4 New York Plaza
Proxy Department 13th Floor
New York, NY 10004
Chase Manhattan Bank, Trust 300,000 50.00%
4 New York Plaza
Proxy Department, 13th Floor
New York, NY 10004
BNY/ITC-Dealers Clearance Special 40,000 6.67%
c/o N.A. Schapiro & Co. In.
One Chase Manhattan Plaza, 58th Floor
New York, NY 10005
27
CLASS B
- -------
Citibank, N.A. 5,000 9.21%
P.O. Box 30576
Tampa, FL 33630-3576
Brown Brothers Harriman & Co. 20,000 36.83%
63 Wall Street, 8th Floor
New York, NY 10005
Boston Safe Deposit and Trust Company 29,300 53.96%
c/o Mellon Bank N.A.
Three Mellon Bank Center
Room 153-3015
Pittsburgh, PA 15259
- ----------------------------------
Beneficial owners of more than 5% of the SERIES 1996-4 CLASS A AND CLASS B
investor certificates as of December 31, 1997, are as follows:
CLASS A
- -------
Bank of New York (The) 115,590 23.12%
925 Patterson Plank Rd.
Secaucus, NJ 07094
Chase Manhattan Bank/Chemical 27,500 5.50%
4 New York Plaza
Proxy Department 13th Floor
New York, NY 10004
Citibank, N.A. 40,000 8.00%
P.O. Box 30576
Tampa, FL 33630-3576
Dai-Ichi Kangyo Bank (The), 50,000 10.00%
Ltd., New York Branch
One World Trade Center, Suite 4911
New York, NY 10048
28
French American Banking Corporation 49,000 9.80%
200 Liberty, 20th Floor
New York, NY 10281
Deutsche Morgan Grenfell Inc. 46,700 9.34%
1251 6th Avenue, 26th Floor
New York, NY 10020
Harris Trust & Savings Bank 69,300 13.86%
Proxy Operations
111 West Monroe Street, 1130
Chicago, IL 60603
CLASS B
- -------
Boston Safe Deposit and Trust Company 16,050 35.52%
c/o Mellon Bank N.A.
Three Mellon Bank Center
Room 153-3015
Pittsburgh, PA 15259
PNC Bank, National Association 13,250 29.33%
1835 Market Street
11 Penn Center, 15th Floor
Philadelphia, PA 19103
LBI-Lehman Government Securities Inc. (LBI) 2,500 5.53%
200 Vesey Street
New York, NY 10285
Bankers Trust Company/Corporate Clearance 11,180 24.75%
Corporate Clearance A/C #16
130 Liberty Street
New York, NY 10006
- ------------------------------
29
Beneficial owners of more than 5% of the SERIES 1996-6 CLASS A AND CLASS B
investor certificates as of December 31, 1997, are as follows:
CLASS A
- -------
Bank of New York (The) 75,500 8.75%
925 Patterson Plank Rd.
Secaucus, NJ 07094
Bankers Trust Company 58,400 6.77%
c/o BT Services Tennessee Inc.
648 Grassmere Park Road
Nashville, TN 37211
Chase Manhattan Bank 63,000 7.30%
4 New York Plaza
Proxy Department 13th Floor
New York, NY 10004
Texas Commerce Bank National 340,650 39.49%
Association
P.O. Box 2558
Houston, TX 77252-2558
Chase Manhattan Bank/Chemical 106,500 12.35%
4 New York Plaza
Proxy Department 13th Floor
New York, NY 10004
PNC Bank, National Association 130,000 15.07%
1835 Market Street
11 Penn Center, 15th Floor
Philadelphia, PA 19103
CLASS B
- -------
Chase Manhattan Bank/Chemical 15,000 19.23%
4 New York Plaza
Proxy Department 13th Floor
New York, NY 10004
30
Citicorp Securities, Inc. 20,000 25.64%
One Court Square, 45th Floor
L.I.C., NY 11120
NDB Bank Municipal Bond Department 5,000 6.41%
Attention: Securities Department
611 Woodward Avenue
Detroit, MI 48226
Nomura International Trust Company 12,800 16.41%
10 Exchange Place, Suite 1606
Jersey City, NJ 07302
Swiss American Securities Inc. 23,000 29.49%
100 Wall Street, Suite 1606
New York, NY 10005
- ----------------------------------
Beneficial owners of more than 5% of the SERIES 1996-8 CLASS A AND CLASS B
investor certificates as of December 31, 1997, are as follows:
CLASS A
- -------
Bank of New York (The) /Barclays 109,500 27.38%
De Zoete Wedd Securities
One Wall Street, 4th Floor
New York, NY 10286
Chase Manhattan Bank 211,500 52.88%
4 New York Plaza
Proxy Dept., 13th Floor
New York, NY 10004
Dresdner Securities (USA) Inc. 23,000 5.75%
c/o ADP Proxy Services
51 Mercedes Way
Edgewood, NY 11717
CLASS B
- -------
Bank of New York (The) 20,400 56.35%
925 Patterson Plank Road
Secaucus, NJ 07094
31
Boston Safe Deposit and Trust Company 4,800 13.26%
c/o Mellon Bank N.A.
Three Mellon Bank Center
Room 153-3015
Pittsburgh, PA 15259
Brown Brothers Harriman & Co. 6,000 16.58%
63 Wall Street, 8th Floor
New York, NY 10005
Citibank, N.A. 5,000 13.81%
P.O. Box 30576
Tampa, FL 33630-3576
- ----------------------------------
Beneficial owners of more than 5% of the SERIES 1997-1 CLASS A AND CLASS B
investor certificates as of December 31, 1997, are as follows:
CLASS A
- -------
Bankers Trust Company 50,000 6.67%
c/o BT Services Tennessee Inc.
648 Grassmere Park Road
Nashville, TN 37211
PNC Bank, National Association 252,300 33.64%
1835 Market Street
11 Penn Center, 15th Floor
Philadelphia, PA 19103
Chase Manhattan Bank 122,500 16.33%
4 New York Plaza
Proxy Department 13th Floor
New York, NY 10004
32
Citibank, N.A. 147,500 19.67%
P.O. Box 30576
Tampa, FL 33630-3576
CLASS B
- -------
Chase Manhattan Bank 20,000 29.51%
4 New York Plaza
Proxy Department 13th Floor
New York, NY 10004
Chase Manhattan Bank/Chemical 5,000 7.38%
4 New York Plaza
Proxy Department 13th Floor
New York, NY 10004
Bankers Trust Company 27,490 40.56%
c/o BT Services Tennessee Inc.
648 Grassmere Park Road
Nashville, TN 37211
Nomura International Trust Company 14,530 21.44%
10 Exchange Place, Suite 1606
Jersey City, NJ 07302
- ---------------------------------
Beneficial owners of more than 5% of the SERIES 1997-2 CLASS A AND CLASS B
investor certificates as of December 31, 1997, are as follows:
CLASS A
- -------
Chase Manhattan Bank 97,000 19.40%
4 New York Plaza
Proxy Department 13th Floor
New York, NY 10004
Bank of New York (The) 80,000 16.00%
925 Patterson Plank Rd.
Secaucus, NJ 07094
33
PNC Bank, National Association 57,000 11.40%
1835 Market Street
11 Penn Center, 15th Floor
Philadelphia, PA 19103
Marine/Treasury Investments 40,000 8.00%
140 Broadway, Level A
New York, NY 10015
Citibank, N.A. 117,000 23.40%
P.O. Box 30576
Tampa, FL 33630-3576
SSB-Custodian 61,000 12.20%
Global Proxy Unit A5NW
P.O. Box 1631
Boston, MA 02105-1631
CLASS B
- -------
Bankers Trust Company 28,630 63.37%
c/o BT Services Tennessee Inc.
648 Grassmere Park Drive
Nashville, TN 37211
Nomura International Trust Company 4,000 8.85%
10 Exchange Place, Suite 1606
Jersey City, NJ 07302
Bankers Trust Company/Corporate Clearance 10,000 22.13%
Corporate Clearance A/C #16
130 Liberty Street
New York, NY 10006
- ----------------------------------
34
Beneficial owners of more than 5% of the SERIES 1997-3 CLASS A AND CLASS B
investor certificates as of December 31, 1997, are as follows:
CLASS A
- -------
Northern Trust Company 105,000 21.00%
801 S. Canal C-IN
Chicago, IL 60607
Chase Manhattan Bank/Chemical 53,500 10.70%
4 New York Plaza
Proxy Department 13th Floor
New York, NY 10004
Citibank, N.A. 49,000 9.80%
P.O. Box 30576
Tampa, FL 33630-3576
Bear, Stearns Securities Corp. 41,000 8.20%
One Metrotech Center North
4th Floor
Brooklyn, NY 11201-3862
SSB - Custodian 230,836 46.17%
Global Proxy Unit, A5NW
P.O. Box 1631
Boston, MA 02105-1631
CLASS B
- -------
Chase Manhattan Bank/Chemical 45,180 100.00%
4 New York Plaza
Proxy Department 13th Floor
New York, NY 10004
- -----------------------------
35
Beneficial owners of more than 5% of the SERIES 1997-4 CLASS A AND CLASS B
investor certificates as of December 31, 1997, are as follows:
CLASS A
- -------
Chase Manhattan Bank 30,000 6.00%
4 New York Plaza
Proxy Department 13th Floor
New York, NY 10004
Chase Manhattan Bank/Chemical 100,000 20.00%
4 New York Plaza
Proxy Department 13th Floor
New York, NY 10004
Deutsche Morgan Grenfell Inc. 52,000 10.40%
1251 6th Avenue, 26th Floor
New York, NY 10020
PNC Bank, National Association 133,500 26.70%
1835 Market Street
11 Penn Center, 15th Floor
Philadelphia, PA 19103
Texas Commerce Bank National Association 142,500 28.50%
P.O. Box 2558
Houston, TX 77252-2558
CLASS B
- -------
Bankers Trust Company 20,000 44.27%
c/o BT Services Tennessee Inc.
648 Grassmere Park Drive
Nashville, TN 37211
Chase Manhattan Bank 20,180 44.66%
4 New York Plaza
Proxy Department 13th Floor
New York, NY 10004
Citibank, N.A. 5,000 11.07%
P.O. Box 30576
Tampa, FL 33630-3576
36
Beneficial owners of more than 5% of the SERIES 1997-5 CLASS A AND CLASS B
investor certificates as of December 31, 1997, are as follows:
CLASS A
- -------
Chase Manhattan Bank 57,000 8.77%
4 New York Plaza
Proxy Department 13th Floor
New York, NY 10004
Bank of New York (The) 120,495 18.54%
925 Patterson Plank Rd.
Secaucus, NJ 07094
SSB - Custodian 71,650 11.02%
Global Proxy Unit, A5NW
P.O. Box 1631
Boston, MA 02105-1631
Chase Manhattan Bank/Chemical 44,000 6.77%
4 New York Plaza
Proxy Department 13th Floor
New York, NY 10004
Citibank, N.A. 92,000 14.15%
P.O. Box 30576
Tampa, FL 33630-3576
LBI - Lehman Government Securities 54,530 8.39%
Inc. (LBI)
200 Vesey Street
New York, NY 10285
Texas Commerce Bank National 99,225 15.27%
Association
P.O. Box 2558
Houston, TX 77252
CLASS B
- -------
Chase Manhattan Bank/Chemical 36,000 61.29%
4 New York Plaza
Proxy Department 13th Floor
New York, NY 10004
37
Boston Safe Deposit and Trust Company 22,735 38.71%
c/o Mellon Bank N.A.
Three Mellon Bank Center
Room 153-3015
Pittsburgh, PA 15259
- ----------------------------------
Beneficial owners of more than 5% of the SERIES 1997-6 CLASS A AND CLASS B
investor certificates as of December 31, 1997, are as follows:
CLASS A
- -------
Chase Manhattan Bank 251,865 19.37%
4 New York Plaza
Proxy Department 13th Floor
New York, NY 10004
Bank of New York (The) 204,235 15.71%
925 Patterson Plank Rd.
Secaucus, NJ 07094
SSB - Custodian 203,885 15.68%
Global Proxy Unit, A5NW
P.O. Box 1631
Boston, MA 02105-1631
Bankers Trust Company 135,700 10.44%
c/o BT Services Tennessee Inc.
648 Grassmere Park Drive
Nashville, TN 37211
Boston Safe Deposit and Trust Company 145,370 11.18%
c/o Mellon Bank N.A.
Three Mellon Bank Center
Room 153-3015
Pittsburgh, PA 15259
38
CLASS B
- -------
Chase Manhattan Bank 10,775 9.17%
4 New York Plaza
Proxy Department 13th Floor
New York, NY 10004
Bank of New York (The) 53,806 45.80%
925 Patterson Plank Rd.
Secaucus, NJ 07094
Bankers Trust Company 5,909 5.03%
c/o BT Services Tennessee Inc.
648 Grassmere Park Drive
Nashville, TN 37211
JP Morgan Securities Inc.-Asset Backed 7,148 6.08%
60 Wall Street, 6th Floor
New York, NY 10260-0060
- ------------------------------------
Beneficial owners of more than 5% of the SERIES 1997-7 CLASS A AND CLASS B
investor certificates as of December 31, 1997, are as follows:
CLASS A
- -------
Bank of New York (The) 350,000 70.00%
925 Patterson Plank Rd.
Secaucus, NJ 07094
Merrill Lynch, Pierce, Fenner & Smith, 147,000 29.40%
Incorporated
4 Corporate Place
Corporate Park 287
Piscataway, NJ 08855
CLASS B
- -------
Chase Manhattan Bank 9,000 19.92%
4 New York Plaza
Proxy Department 13th Floor
New York, NY 10004
39
Bankers Trust Company/Corporate Clearance 35,930 79.53%
Corporate Clearance A/C #16
130 Liberty Street
New York, NY 10006
- ----------------------------------
Beneficial owners of more than 5% of the SERIES 1997-8 CLASS A AND CLASS B
investor certificates as of December 31, 1997, are as follows:
CLASS A
- -------
Chase Manhattan Bank 60,000 7.69%
4 New York Plaza
Proxy Department 13th Floor
New York, NY 10004
Deutsche Morgan Grenfell Inc. 77,800 9.97%
1251 6th Avenue, 26th Floor
New York, NY 10020
Chase Manhattan Bank, Trust 370,500 47.50%
4 New York Plaza
Proxy Department 13th Floor
New York, NY 10004
Texas Commerce Bank 206,200 26.44%
National Association
P.O. Box 2558
Houston, TX 77252-2558
CLASS B
- ----------
SSB-Custodian 20,000 28.38%
Global Proxy Unit, A5NW
P.O. Box 1631
Boston, MA 02105-1631
Bankers Trust Company 50,482 71.62%
c/o BT Services Tennessee Inc.
648 Grassmere Park Drive
Nashville, TN 37211
40
Beneficial owners of more than 5% of the SERIES 1997-9 CLASS A AND CLASS B
investor certificates as of December 31, 1997, are as follows:
CLASS A
- -------
Bank of New York (The) 345,155 69.03%
925 Patterson Plank Rd.
Secaucus, NJ 07094
Chase Manhattan Bank/Chemical 34,000 6.80%
4 New York Plaza
Proxy Department 13th Floor
New York, NY 10004
Bankers Trust Company 70,000 14.00%
c/o BT Services Tennessee Inc.
648 Grassmere Park Drive
Nashville, TN 37211
Bear, Stearns Securities Corp. 50,845 10.17%
One Metrotech Center North
4th Floor
Brooklyn, NY 11201-3862
CLASS B
- -------
Bankers Trust Company 45,180 100.00%
c/o BT Services Tennessee Inc.
648 Grassmere Park Drive
Nashville, TN 37211
- --------------------------------
Beneficial owners of more than 5% of the SERIES 1997-10 CLASS A AND CLASS B
investor certificates as of December 31, 1997, are as follows:
CLASS A
- -------
SSB-Custodian 217,175 31.03%
Global Proxy Unit, A5NW
P.O. Box 1631
Boston, MA 02105-1631
41
Chase Manhattan Bank/Chemical 60,000 8.57%
4 New York Plaza
Proxy Department 13th Floor
New York, NY 10004
Citibank, N.A. 50,000 7.14%
P.O. Box 30576
Tampa, FL 33630-3576
Bankers Trust Company 165,205 23.60%
c/o BT Services Tennessee Inc.
648 Grassmere Park Drive
Nashville, TN 37211
Northern Trust Company 76,500 10.93%
801 S. Canal C-IN
Chicago, IL 60607
JP Morgan Securities Inc.- Asset Backed 64,000 9.14%
60 Wall Street
6th Floor
New York, NY 10260-0060
CLASS B
- -------
Chase Manhattan Bank 10,000 15.81%
4 New York Plaza
Proxy Department 13th Floor
New York, NY 10004
Swiss American Securities Inc. 53,253 84.19%
100 Wall Street
New York, NY 10005
ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
Not applicable
42
PART IV
ITEM 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS
ON FORM 10-K
(a) The following documents are filed as part of this Report:
3. Exhibits:
99.00 Independent Accountants' Report of Coopers & Lybrand L.L.P. on
Management's Assertions. The Annual Independent Accountants'
Servicing Reports relate to compliance with the requirements of
Section 3.06 of the Pooling and Servicing Agreement (the
"Agreement") dated as of September 1, 1992 between First USA
Bank (the "Bank"), as transferor and servicer, and The Bank of
New York (Delaware), as trustee (the Trustee). The report
required by Section 3.06(b), known generally as the Agreed Upon
Procedures Report, is not being filed with this report because
of a change in AICPA's Professional Standards (SAS#75) which
governs the preparation and distribution of such report. In
general, SAS#75 limits the usage of this report unless the
users take responsibility for the specific procedures to be
performed. However, a report, required by section 3.06(a),
issued by a firm of independent certified public accountants to
the effect that (i) such accountants' have examined the
assertions made by the Bank's management that, as of December
31, 1997, the Bank maintained effective internal controls over
the service of the receivables and (ii) such assertion is
fairly stated in all material respects is being filed as part
of this report .
(b) Not applicable
(c) See item 14(a)3 above
(d) Not applicable
43
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly authorized.
FIRST USA BANK,
As Servicer
By: /s/ Randy Christofferson
------------------------
Randy Christofferson
President
Pursuant to the requirements of the Securities Exchange Act of 1934, this
report has been signed below by the following persons on behalf of the
registrant and in the capacities indicated on March 23, 1998.
Signature Title
--------- -----
/s/ Richard W. Vague Chairman of Board and Chief Executive Officer
------------------------- (Principal Executive Officer)
Richard W. Vague
/s/ Randy Christofferson President and Director
-------------------------
Randy Christofferson
/s/ George P. Hubley Executive Vice President, Chief Financial
------------------------- Officer and Director
George P. Hubley
/s/ Gary J. Marino Executive Vice President and Director
-------------------------
Gary J. Marino
/s/ Roger Deacon Senior Vice President and Director
-------------------------
Roger Deacon
44