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 OCTOBER 8, 1998 DETERMINATION DATE
FOR THE 14TH 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 October 8,1998, 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 $122,443,575.
(a) The aggregate amount of Collections of Finance Charge Receivables
collected during the preceding Monthly Period the Collections of
Finance Charge Receivables $13,376,664.
(b) The aggregate amount of Collections of Principal Receivables
collected during the preceding Monthly Period the Collections of
Principal Receivables was $109,066,911.
6 The aggregate amount of Receivables as of the end of the last day of
the preceding Monthly Period was $913,386,001.
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
$213,386,001.
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 $0.00
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 823,251,323
Beginning Excess Funding Account Balance 0.00
Beginning Total Principal Balance 823,251,323
Collections of Finance Charge Receivables 13,376,664
Discount Percentage 0.00
Discount Option Receivables Collections 0.00
Net Recoveries 0.00
Total Collections of Finance Charge Receivables 13,376,664
Total Collections of Principal Receivables 109,066,911
Net Default Amount 2,146,648
Minimum Aggregate Principal Receivables Balance 700,000,000
Ending Aggregate Principal Receivables 913,386,001
Ending Excess Funding Account Balance 0.00
Ending Total Principal Balance 913,386,001
(b) Series Allocations Series 1997-1 Series 1998-1 All Series
=========================================== =================================================
Group Number 1 2
Investor Interest 300,000,000 400,000,000 700,000,000
Adjusted Investor Interest 300,000,000 400,000,000 700,000,000
Principal Funding Account Balance 0.00 0.00 0.00
Minimum Transferor Interest 0.00 0.00 63,937,020
(c) Group I Allocations Series 1997-1 Total Group I
=========================================== ==================================
Investor Finance Charge Collections 4,874,574 4,874,574
Investor Monthly Interest 1,541,648 1,541,648
Investor Monthly Fees (Servicing Fee) 500,000 500,000
Investor Default Amounts 782,257 782,257
Investor Additional Amounts 0.00 0.00
Total 2,823,905 2,823,905
Reallocated Investor Finance Charge Collections 4,874,574 4,874,574
Available Excess 2,050,668 2,050,668
12 Series 1997-1 Certificates
Series 1997-1 All Other Transferor's
(a) Investor/Transferor Allocations Trust Interest Series Interest
=========================================================================================================================
Beginning Investor/Transferor Amounts 823,251,323 300,000,000 400,000,000 123,251,323
Beginning Adjusted Investor Interest 823,251,323 300,000,000 400,000,000 123,251,323
Floating Investor Percentage 100.00000% 36.44088% 48.58784% 14.97129%
Fixed Investor Percentage 0.00000% 0.00000% 0.00000% 0.00000%
Collections of Finance Chg. Receivables 13,376,664 4,874,574 1,299,886 7,202,204
Collections of Principal Receivables 109,066,911 39,744,939 10,598,650 58,723,322
Net Default Amount 2,146,648 782,257 208,602 1,155,788
Ending Investor/Transferor Amounts 913,386,001 300,000,000 400,000,000 213,386,001
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 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% 6.18984% 6.16659%
Floating Investor Percentage 31.52136% 2.55086% 2.36866% 36.44088%
Fixed Investor Percentage 0.00 0.00 0.00 0.00
Investor Monthly Interest 1,329,938 111,125 100,585 1,541,648
Overdue Monthly Interest 0.00 0.00 0.00 0.00
Additional Interest 0.00 0.00 0.00 0.00
Total Interest Due 1,329,938 111,125 100,585 1,541,648
Investor Default Amounts 676,653 54,758 50,847 782,257
Investor Monthly Fees 432,500 35,000 32,500 500,000
Investor Additional Amounts 0.00 0.00 0.00 0.00
Total Due 2,439,091 200,883 183,932 2,823,905
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 0.00 0.00 0.00 0.00
Principal Payments 0.00 0.00 0.00 0.00
Interest Payments 1,329,938 111,125 100,585 1,541,648
Total Payments 1,329,938 111,125 100,585 1,541,648
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 0.00
4. Amount of Payment in respect of Class A Additional Interest 0.00
5. Amount of Payment in respect of Class A Principal 0.00
(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 0.00
4. Amount of Payment in respect of Class B Additional Interest 0.00
5. Amount of Payment in respect of Class B Principal 0.00
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 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 5.158200
2. Amount of distribution in respect of Collateral Monthly Interest 5.158200
3. Amount of distribution in respect of Collateral Overdue Interest 0.00
4. Amount of distribution in respect of Collateral Monthly Principal 0.00
(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 4,216,506
a. Class A Monthly Interest 1,329,938
b. Class A Overdue Monthly Interest 0.00
c. Class A Additional Interest 0.00
d. Class A Servicing Fee 432,500
e. Class A Investor Default Amount 676,653
f. Excess Spread 1,777,416
2. Class B Available Funds 341,220
a. Class B Monthly Interest 111,125
b. Class B Overdue Monthly Interest 0.00
c. Class B Additional Interest 0.00
d. Class B Servicing Fee 35,000
e. Excess Spread 195,095
3. Collateral Holder Available Funds 316,847
a. Excess Spread 316,847
4. Total Excess Spread 2,289,358
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 2,289,358
2. Excess Finance Charge Collections 0.00
3. Applied to fund Class A Required Amount 0.00
4. Unreimbursed Class A Investor Charge-Offs 0.00
5. Applied to fund Class B Required Amount 54,758
6. Reductions of Class B Investor Interest treated as Available Principal Collections -
7. Applied to Collateral Monthly Interest and unpaid Collateral Monthly Interest 100,585
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 50,847
10. Reductions of Collateral Interest treated as Available Principal Collections 0.00
11. Deposit to Reserve Account (if required) 0.00
12. Applied to other amounts owed to Collateral Interest Holder 0.00
13. Balance to constitute Excess Finance Charge Collections for other series 2,050,668
13 Trust Performance
(a) Delinquencies
1. 31-59 days 17,708,147
2. 60-89 days 9,869,649
3. 90 days and over 14,185,214
4. Total 30+ days delinquent 41,763,010
(b) Base Rate
a. Current Monthly Period 8.167%
b. Prior Monthly Period 8.170%
c. Second Prior Monthly Period 8.171%
(c) Three Month Average Base Rate 8.169%
(d) Portfolio Yield (gross portfolio yield less net defaults)
a. Current Monthly Period 16.36927%
b. Prior Monthly Period 15.66961%
c. Second Prior Monthly Period 13.42732%
(e) Three Month Average Portfolio Yield 15.15540%
(f) Excess Spread Percentage
a. Current Monthly Period 8.20268%
b. Prior Monthly Period 7.48613%
c. Second Prior Monthly Period 5.24285%
(g) Three Month Average Excess Spread Percentage 6.97722%
(h) Monthly Payment Rate (total collections/beginning aggregate principal receivables) 14.87317%
(i) Portfolio Adjusted Yield 7.70268%
IN WITNESS WHEREOF, the undersigned has duly executed and delivered this
certificate this day of .
First National Bank of Commerce, as Servicer
By: /s/ Tracie Klein
------------------------------------------------
Name: Tracie Klein