SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
--------------------------------
FORM 10-K
FOR ANNUAL AND TRANSITION REPORTS
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
(Mark One)
|X| ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934.
For the Fiscal Year Ended: December 31, 2003
OR
___ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934.
For the transition period from _____ to _____
Commission file numbers
333-22131
333-55817
333-39856
Chase Manhattan Bank, USA National Association on behalf of the
Chase USA Master Trust
(formerly the Providian Master Trust)
(Exact name of registrant as specified in its charter)
United States 22-2382028
- ------------------------------- ------------------------------------
(State or Other Jurisdiction of (IRS Employer Identification Number)
Incorporation or Organization)
White Clay Center, Building 200, Newark, DE 19711
- ------------------------------------------- ----------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (302) 575-5000
Securities Registered pursuant to Section 12(b) of the Act: None
Securities Registered pursuant to Section 12(g) of the Act:
The following Chase USA Master Trust Asset-Backed Certificates
(collectively, the "Certificates"):
Floating Rate Class A Asset-Backed Certificates, Series 1997-2
Floating Rate Class B Asset-Backed Certificates, Series 1997-2
Floating Rate Class A Asset-Backed Certificates, Series 1999-1
6.80% Class B Asset-Backed Certificates, Series 1999-1
Floating Rate Class A Asset-Backed Certificates, Series 2000-1
Floating Rate Class B Asset-Backed Certificates, Series 2000-1
Floating Rate Class A Asset-Backed Certificates, Series 2000-2
Floating Rate Class B Asset-Backed Certificates, Series 2000-2
Floating Rate Class A Asset-Backed Certificates, Series 2000-3
Floating Rate Class B Asset-Backed Certificates, Series 2000-3
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Act during the preceding 12
months (or for such shorter period that the registration 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 fillers 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. [ X ]
State the aggregate market value of the voting and non-voting common
equity held by non-affiliates of the registrant. The aggregate market value
shall be computed by reference to the price at which the common equity was sold,
or the average bid and asked prices of such common equity, as of a specified
date within 60 days prior to the date of filing. (See definition of affiliate in
Rule 405.)
The registrant has no voting or non-voting common equity outstanding as
of the date of this report.
The registrant is a trust that has issued certificates of beneficial
interest in the trust assets.
DOCUMENTS INCORPORATED BY REFERNCE.
List hereunder the following documents if incorporated by reference and
the Part of the Form 10-K (e.g., Part I, Part II, etc.) into which the document
is incorporated: (1) any annual report to security holders; (2) any proxy or
information statement; and (3) any prospectus filed pursuant to Rule 424(b) or
(c) under the Securities Act of 1933. The listed documents should be clearly
described for identification purposes.
None.
Introductory Note
Chase USA Master Trust, formerly known as Providian Master Trust (the
"Trust"), was formed pursuant to a Pooling and Servicing Agreement dated as of
June 1, 1993 (as amended and restated on February 5, 2002, the ("Agreement"),
between Chase Manhattan Bank USA, National Association as Servicer (the
"Servicer"), Card Acquisition Funding LLC as Transferor, The Bank of New York,
as Trustee, (the "Trustee")). The Trust files reports pursuant to Section 13,
15(d) and 16 of the Securities Exchange Act of 1934, as amended (the "Exchange
Act"), in the manner described in "no-action" letters, submitted to the Office
of the Chief Counsel on behalf of the originators of the Trust. Accordingly,
responses to certain Items have been omitted from or modified in this Annual
Report on Form 10-K.
The Chase USA Master Trust is the Issuer of Asset Backed Certificates,
Series 1996-1, Series 1997-2, Series 1997-4, Series 1999-1, Series 2000-1,
Series 2000-2 and Series 2000-3. The Series 1996-1 and Series 1997-4
Certificates are no longer outstanding as of the date hereof.
* On December 23, 1993, Providian National Bank, the former servicer of the
Chase USA Master Trust (the "Former Servicer"), was issued a no-action letter
(the "No-Action Letter") by the Securities and Exchange Commission with respect
to certain of the reporting requirements relating to the Chase USA Master Trust
(the "Trust") pursuant to Section 13 or 15(d) of the Securities Exchange Act of
1934.
PART I
Item 1. Business
Omitted pursuant to the No-Action Letter.
Item 2. Properties
The Trust is the holder of the Chase USA Master Trust Asset Backed
Certificates, Series 1997-2, 1999-1, 2000-1, 2000-2 and 2000-3, pursuant to the
Chase USA Master Trust Pooling and Servicing Agreement dated as of June 1, 1993,
as amended (the "Pooling Agreement").
The aggregate Investor Default Amount for the year ended December 31,
2003 was $255,360,483.00. As of December 31, 2003, Accounts designated for the
Master Trust having an aggregate balance of $105,701,405.00, or 1.85% of all
Receivables, were delinquent 30 - 60 days; Accounts having an aggregate balance
of $79,008,330.00, or 1.31% of all Receivables, were delinquent 60 - 90 days;
and Accounts having an aggregate balance of $154,156,577.00, or 2.70% of all
Receivables, were delinquent 90 days or more.
Item 3. Legal Proceedings
The registrant knows of no material pending legal proceedings with
respect to the Trust involving either the Trust, the Trustee, or the Servicer.
Item 4. Submission of Matters to a Vote of Security Holders
None.
PART II
Item 5. Market for Registrant's Common Equity and Related Stockholder Matters
(a) To the best knowledge of the registrant, there is no
established public trading market for the Certificates.
(b) As of December 31, 2003, each class of Certificates is
represented by one or more certificates registered in the name
of Cede & Co., the nominee of The Depository Trust Company
(the "DTC").
(c) The records provided to the Trust by DTC indicate that as of
December 31, 2003, the number of holders of record for each
class of Certificates issued by the Trust was as follows:
Series No. of Holders
------ --------------
1997-2 10
1999-1 5
2000-1 65
2000-2 17
2000-3 9
Item 6. Selected Financial Data
Omitted pursuant to the No-Action Letter.
Item 7. Management's Discussion and Analysis of Financial Condition and Results
of Operation
Omitted pursuant to the No-Action Letter.
Item 8. Financial Statements and Supplementary Data
Omitted pursuant to the No-Action Letter.
Item 9. Changes in and Disagreements with Accountants on Accounting and
Financial Disclosure
None.
PART III
Item 10. Directors and Executive Officers of the Registrant
Omitted pursuant to the No-Action Letter.
Item 11. Executive Compensation
Omitted pursuant to the No-Action Letter.
Item 12. Security Ownership of Certain Beneficial Owners and Management
The records of DTC indicate that as of December 31, 2003, there were
the following holders of record with more than 5% of each class of the
Certificates:
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Original Certificate
Series/Class Name & Address of Participant Principal Balance % Class
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Series 1997-2
- ------------------------------------------------------------------------------------------------------------
Class A State Street Bank and Trust Company $ 354,050,000 62.06%
1776 Heritage Dr.
Global Corporate Action Unit JAB 5NW
No. Quincy, MA 02171
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The Northern Trust Company $ 62,450,000 10.95%
801 S. Canal C-IN
Chicago, IL 60607
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JPMorgan Chase Bank $ 41,000,000 7.19%
Proxy/Class Actions/Bankruptcy
14201 Dallas Pkwy
Dallas, TX 75254
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Mellon Trust of New England, NA $ 39,096,000 6.85%
525 William Penn Place, Suite 3148
Pittsburgh, PA 15259
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Merrill, Lynch, Pierce Fenner & Smith $ 34,000,000 5.96%
Safekeeping
4 Corporate Place
Piscataway, NJ 08854
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Class B JPMorgan Chase Bank $ 46,250,000 69.55%
Proxy/Class Actions/Bankruptcy
14201 Dallas Pkwy
Dallas, TX 75254
- ------------------------------------------------------------------------------------------------------------
Citibank, N.A. $ 20,250,000 30.45%
3800 Citibank Center B3-15
Tampa, FL 33610
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Series 1999-1
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Class A State Street Bank and Trust Company $ 450,000,000 90.00%
1776 Heritage Dr.
Global Corporate Action Unit JAB 5NW
No. Quincy, MA 02171
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The Bank of New York $ 50,000,000 10.00%
One Wall Street
New York, NY 10286
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Class B Citibank, N.A. $ 33,705,000 51.30%
3800 Citibank Center B3-15
Tampa, FL 33610
- ------------------------------------------------------------------------------------------------------------
JPMorgan Chase Bank $ 22,000,000 33.48%
Proxy/Class Actions/Bankruptcy
14201 Dallas Pkwy
Dallas, TX 75254
- ------------------------------------------------------------------------------------------------------------
The Bank of New York $ 10,000,000 15.22%
One Wall Street
New York, NY 10286
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Original Certificate
Series/Class Name & Address of Participant Principal Balance % Class
- ------------------------------------------------------------------------------------------------------------
Series 2000-1
- ------------------------------------------------------------------------------------------------------------
Class A State Street Bank and Trust Company $ 138,205,000 32.91%
1776 Heritage Dr.
Global Corporate Action Unit JAB 5NW
No. Quincy, MA 02171
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Merrill Lynch, Pierce, Fennder & Smith, Inc. $ 69,445,000 16.53%
101 Hudson Street - 9th Floor
Jersey City, NJ 07302
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Mellon Trust of New England, NA $ 37,900,000 9.02%
525 William Penn Place, Suite 3148
Pittsburgh, PA 15259
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Wachovia Bank N.A. - Phila. Main $ 36,795,000 8.76%
530 Walnut Street, 1st Floor
Philadelphia, PA 19101
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Morgan Stanley & Co. Incorporated $ 22,800,000 5.43%
One Pierrepont Plaza
Brooklyn, NY 11201
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Class B Morgan Stanley & Co. Incorporated $ 20,250,000 42.86%
One Pierrepont Plaza
Brooklyn, NY 11201
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Mellon Trust of New England, NA $ 7,100,000 15.03%
525 William Penn Place, Suite 3148
Pittsburgh, PA 15259
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Citibank, N.A. $ 5,000,000 10.58%
3800 Citibank Center B3-15
Tampa, FL 33610
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Deutsche Bank Trust Company Americas $ 5,000,000 10.58%
648 Grassmere Park Road
Nashville, TN 37211
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JPMorgan Chase Bank $ 5,000,000 10.58%
Proxy/Class Actions/Bankruptcy
14201 Dallas Pkwy
Dallas, TX 75254
- ------------------------------------------------------------------------------------------------------------
State Street Bank and Trust Company $ 2,900,000 6.14%
1776 Heritage Dr.
Global Corporate Action Unit JAB 5NW
No. Quincy, MA 02171
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- ------------------------------------------------------------------------------------------------------------
Original Certificate
Series/Class Name & Address of Participant Principal Balance % Class
- ------------------------------------------------------------------------------------------------------------
Series 2000-2
- ------------------------------------------------------------------------------------------------------------
Class A State Street Bank and Trust Company $ 331,664,000 73.70%
1776 Heritage Dr.
Global Corporate Action Unit JAB 5NW
No. Quincy, MA 02171
- ------------------------------------------------------------------------------------------------------------
Merrill, Lynch, Pierce Fenner & Smith $ 55,000,000 12.22%
Safekeeping
4 Corporate Place
Piscataway, NJ 08854
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Class B JPMorgan Chase Bank $ 49,300,000 83.14%
Proxy/Class Actions/Bankruptcy
14201 Dallas Pkwy
Dallas, TX 75254
- ------------------------------------------------------------------------------------------------------------
The Bank of New York $ 10,000,000 16.86%
One Wall Street
New York, NY 10286
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Class C JPMorgan Chase Bank $ 31,200,000 63.41%
Proxy/Class Actions/Bankruptcy
14201 Dallas Pkwy
Dallas, TX 75254
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The Bank of New York $ 15,000,000 30.49%
One Wall Street
New York, NY 10286
- ------------------------------------------------------------------------------------------------------------
Citibank, N.A. $ 3,000,000 6.10%
3800 Citibank Center B3-15
Tampa, FL 33610
- ------------------------------------------------------------------------------------------------------------
Series 2000-3
- ------------------------------------------------------------------------------------------------------------
Class B JPMorgan Chase Bank $ 49,250,000 68.64%
Proxy/Class Actions/Bankruptcy
14201 Dallas Pkwy
Dallas, TX 75254
- ------------------------------------------------------------------------------------------------------------
Deutsche Bank Trust Company Americas $ 22,500,000 31.36%
648 Grassmere Park Road
Nashville, TN 37211
- ------------------------------------------------------------------------------------------------------------
Class C JPMorgan Chase Bank $ 20,500,000 34.45%
Proxy/Class Actions/Bankruptcy
14201 Dallas Pkwy
Dallas, TX 75254
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Wachovia Securities, LLC/Custody $ 18,860,000 31.70%
One New York Plaza
New York, NY 10292
- ------------------------------------------------------------------------------------------------------------
Mellon Trust of New England, NA $ 11,000,000 18.49%
525 William Penn Place, Suite 3148
Pittsburgh, PA 15259
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Mercantile Safe Deposit & Trust $ 5,000,000 8.40%
Securities Lending
770 Old Hammond Ferry Road
Linthicum, MD 21090
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State Street Bank and Trust Company $ 3,315,000 5.57%
1776 Heritage Dr.
Global Corporate Action Unit JAB 5NW
No. Quincy, MA 02171
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Item 13. Certain Relationships and Related Transactions
None.
PART IV
Item 14. Exhibits, Financial Statement Schedules, and Reports on Form 8-K
(a) Exhibits. The following documents are filed as part of this
Annual Report on Form 10-K.
Exhibit Number: Description:
--------------- ------------
99.1 Annual Servicer's Certificate pursuant to
Section 3.05 of the Agreement.
99.2 Management Report on Internal Controls.
99.3 Annual Independent Accountants Report
pursuant to Section 3.06 of the Agreement.
99.4 Certification pursuant to Section
302 of the Sarbanes-Oxley Act of 2002.
(b) Reports on Form 8-K.
The following reports were filed on Form 8-K during the last
quarter of 2003:
Date Items Reported Financial Statements
---- -------------- --------------------
09/16/2003 5, 7 Monthly report to Noteholders
dated 09/15/2003
10/17/2003 5, 7 Monthly report to Noteholders
dated 10/15/2003
11/19/2003 5, 7 Monthly report to Noteholders
dated 11/17/2003
12/18/2003 5, 7 Monthly report to Noteholders
dated 12/15/2003
SIGNATURES
Pursuant to the requirements of the Section 13 and 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.
Date: March 30, 2004
CHASE MANHATTAN BANK USA,
NATIONAL ASSOCIATION,
as Servicer
By: /s/ Patricia M. Garvey
------------------------------
Name: Patricia M. Garvey
Title: Vice President
SUPPLEMENTAL INFORMATION TO BE FURNISHED WITH REPORTS FILED PURSUANT TO SECTION
15(d) OF THE ACT BY REGISTRANTS WHICH HAVE NOT REGISTERED SECURITIES PURSUANT TO
SECTION 12 OF THE ACT.
No annual report, proxy statement, form of proxy or other proxy soliciting
material has been sent to Noteholders during the period covered by this Annual
Report on Form 10-K and the registrant does not intend to furnish such materials
to Noteholders subsequent to the filing of this report.
INDEX TO EXHIBITS
Exhibit Number: Description:
- --------------- ------------
99.1 Annual Servicer's Certificate pursuant to Section 3.05
of the Agreement.
99.2 Management Report on Internal Controls.
99.3 Annual Independent Accountants Report pursuant to Section
3.06 of the Agreement.
99.4 Certification pursuant to Section 302 of the Sarbanes-Oxley
Act of 2002.