MONTHLY STATEMENT
---------------------------------------------
CHASE USA MASTER TRUST (FORMERLY KNOWN AS PROVIDIAN MASTER TRUST)
SERIES 1997-2
---------------------------------------------
Pursuant to the Pooling and Servicing Agreement dated as of June 1,
1993 (as amended and restated on February 5, 2002, "the Agreement"), as
supplemented by the Series 1997-2 Supplement dated as of March 1, 1997 (as
amended and supplemented, the "Series Supplement"), between Card Acquisition
Funding LLC as Transferor, Chase Manhattan Bank USA, National Association as
Servicer, and The Bank of New York, Trustee, Chase Manhattan Bank USA, National
Association as Servicer is required to prepare certain information each month
regarding current distributions to Class A Certificateholders, Class B
Certificateholders and the Collateral Interest Holder and the performance of the
Chase USA Master Trust (the "Trust") during the previous month. The information
which is required to be prepared for the Series 1997-2 Certificates with respect
to the Distribution Date occurring on May 17, 2004, and with respect to the
performance of the Trust during the month of April is set forth below. Certain
of the information is presented on the basis of an original principal amount of
$1,000 per Investor Certificate. Certain other information is presented based on
the aggregate amounts for the Trust as a whole. Capitalized terms used in this
Certificate have their respective meanings set forth in the Agreement or Series
Supplement as applicable.
A) Information Regarding the Current Monthly Distribution
for the Series 1997-2 Class A Certificates and Class B
Certificates (stated on the basis of $1,000 original
certificate principal amount)
(1) The total amount distributed to Class A
Certificateholders per $1,000 original certificate
principal amount $0.000000
(2) The amount set forth in A(1) above distributed to
Class A Certificateholders with respect to
interest per $1,000 original certificate principal
amount $0.000000
(3) The amount set forth in A(1) above distributed to
Class A Certificateholders with respect to
principal per $1,000 original certificate
principal amount $0.000000
(4) The total amount distributed to Class B
Certificateholders per $1,000 original certificate
principal amount $1,001.253333
(5) The amount set forth in A(4) above distributed to
Class B Certificateholders with respect to
interest per $1,000 original certificate
principal amount $1.253333
(6) The amount set forth in A(4) above distributed to
Class B Certificateholders with respect to
principal per $1,000 original certificate
principal amount $1,000.000000
B) Information Regarding the Performance of the Trust
(1) Allocation of Receivables Collections to the Series
1997-2 Certificates
(a) The aggregate amount of Finance Charge
Receivables collected during the Monthly
Period immediately preceding the
Distribution Date $64,909,555.27
(b) The aggregate amount of Interchange collected
and allocated to the Trust for the Monthly
Period immediately preceding the Distribution
Date $5,239,507.34
1
-------------------------------------
Series 1997-2 Monthly Statement
May 17, 2004 Distribution Date
-------------------------------------
(c) The aggregate amount of Principal Receivables
collected during the Monthly Period
immediately preceding the Distribution Date $445,849,738.43
(d) The Floating Allocation Percentage with
respect to the Series 1997-2 Certificates for
the Monthly Period immediately preceding the
Distribution Date 0.646213%
(e) The Principal Allocation Percentage with
respect to the Series 1997-2 Certificates for
the Monthly Period immediately preceding the
Distribution Date 13.604487%
(f) The Finance Charge Receivables and
Interchange collected and allocated to the
Series 1997-2 Certificates for the Monthly
Period immediately preceding the Distribution
Date $453,312.46
(g) The Principal Receivables collected and
allocated to the Series 1997-2 Certificates
for the Monthly Period immediately preceding
the Distribution Date $60,655,569.89
(2) Available Finance Charge Collections, Required
Draw Amount and Reallocated Principal Collections
for Series 1997-2 for the Monthly Period
immediately preceding the Distribution Date
(a) The Finance Charge Receivables and
Interchange collected and allocated to the
Series 1997-2 Certificates $453,312.46
(b) Collection Account and Special Funding
Account investment earnings allocated to the
Series 1997-2 Certificates $0.00
(c) Principal Funding Account Investment Proceeds $21,592.47
(d) Cash Collateral Account Investment Proceeds $14,792.93
(e) Reserve Draw Amount, if applicable $20,080.86
(f) Additional Finance Charges from other Series
allocated to the Series 1997-2 Certificates $0.00
(g) Payments, if any, on deposit as of the
Determination Date received from any Interest
Rate Protection Agreements $0.00
(h) Required Draw Amount, if applicable $0.00
(i) Reallocated Collateral Principal Collections $0.00
(j) Reallocated Class B Principal Collections $0.00
(k) Total Available Finance Charge Collections
and Reallocated Principal Collections for
Series 1997-2 (total of (a), (b), (c), (d),
(e), (f), (g), (h), (i) and (j) above) $509,778.72
2
-------------------------------------
Series 1997-2 Monthly Statement
May 17, 2004 Distribution Date
-------------------------------------
(3) Available Principal Collections for Series 1997-2
for the Monthly Period immediately preceding the
Distribution Date
(a) The Principal Receivables collected and
allocated to the Series 1997-2 Certificates $60,655,569.89
(b) Shared Principal Collections from other
Series allocated to the Series 1997-2
Certificates $0.00
(c) Additional amounts to be treated as Available
Principal Collections pursuant to the Series
Supplement $200,664.76
(d) Reallocated Collateral Principal Collections $0.00
(e) Reallocated Class B Principal Collections $0.00
(f) Available Principal Collections for Series
1997-2 (total of (a), (b) and (c) minus (d)
and (e) above) $60,856,234.65
(4) Delinquent Balances in the Trust
The aggregate outstanding balance of the Accounts
which were delinquent as of the close of business
on the last day of the Monthly Period immediately
preceding the Distribution Date.
(a) 30-59 days $80,440,392
(b) 60-89 days 63,927,759
(c) 90 or more days 135,025,102
------------
(d) Total Delinquencies $279,393,253
(5) Defaulted Amount
(a) The aggregate amount of Defaulted Receivables
with respect to the Trust for the Monthly
Period immediately preceding the Distribution
Date $37,713,454.01
(b) The aggregate Amount of Recoveries of
Defaulted Receivables processed during the
Monthly Period immediately preceding the
Distribution Date $6,661,042.08
(c) The Defaulted Amount for the Monthly Period
immediately preceding the Distribution Date
[Defaulted Receivables minus Recoveries] $31,052,411.93
(d) The Defaulted Amount for the Monthly Period
immediately preceding the Distribution Date
allocable to the Series 1997-2 Certificates
(the "Series 1997-2 Defaulted Amount") $200,664.76
(e) The Class A Defaulted Amount [Series 1997-2
Defaulted Amount multiplied by the Class A
Percentage] $0.00
(f) The Class B Defaulted Amount [Series 1997-2
Defaulted Amount multiplied by the Class B
Percentage] $200,664.76
3
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Series 1997-2 Monthly Statement
May 17, 2004 Distribution Date
-------------------------------------
(6) Class A Charge-Offs
(a) The excess, if any, of the Class A Defaulted
Amount over the sum of (i) Available Finance
Charge Collections applied to such Class A
Defaulted Amount, (ii) the Available Cash
Collateral Amount applied to such Class A
Defaulted Amount, (iii) Reallocated Principal
Collections applied to such Class A Defaulted
Amount, (iv) the amount by which the
Collateral Invested Amount has been reduced
in respect of such Class A Defaulted Amount
and (v) the amount by which the Class B
Invested Amount has been reduced in respect
of such Class A Defaulted Amount (a "Class A
Charge-Off") $0.00
(b) The amount of the Class A Charge-Off set
forth in item 6(a) above, per $1,000 original
certificate principal amount (which will have
the effect of reducing, pro rata, the amount
of each Class A Certificateholder's
investment) $0.000000
(c) The total amount reimbursed on the
Distribution Date in respect of Class A
Charge-Offs for prior Distribution Dates $0.00
(d) The amount set forth in item 6(c) above per
$1,000 original certificate principal amount
(which will have the effect of increasing,
pro rata, the amount of each Class A
Certificateholder's investment) $0.000000
(e) The amount, if any, by which the outstanding
principal balance of the Class A Certificates
exceeds the Class A Invested Amount if any,
as of the Distribution Date, after giving
effect to all deposits, withdrawals and
distributions on such Distribution Date $0.00
(7) Class B Charge-Offs
(a) The excess, if any, of the Class B Defaulted
Amount over the sum of (i) Available Finance
Charge Collections applied to such Class B
Defaulted Amount applied to such Class B
Defaulted Amount, (ii) the Available Cash
Collateral Amount, (iii) Reallocated
Collateral Principal Collections applied to
such Class B Defaulted Amount and (iv) the
amount by which the Collateral Invested
Amount has been reduced in respect of such
Class B Defaulted Amount $0.00
(b) The amount by which the Class B Invested
Amount has been reduced on the Distribution
Date in respect of Reallocated Class B
Principal Collections $0.00
(c) The amount by which the Class B Invested
Amount has been reduced on the Distribution
Date in respect of item 6(a) (together with
item 7(a), "Class B Charge-Offs") $0.00
(d) The total amount by which the Class B
Invested Amount has been reduced on the
Distribution Date as set forth in items 7(a),
(b) and (c) $0.00
(e) The amount set forth in item 7(d) above per
$1,000 original certificate principal amount
(which will have the effect of reducing, pro
rata, the amount of each Class B
Certificateholder's investment) $0.000000
4
-------------------------------------
Series 1997-2 Monthly Statement
May 17, 2004 Distribution Date
-------------------------------------
(f) The total amount reimbursed on the
Distribution Date in respect of reductions
in the Class B Invested Amount on prior
Distribution Date $0.00
(g) The amount set forth in item 7(f) above per
$1,000 original certificate principal amount
(which will have the effect of increasing,
pro rata, the amount of each Class B
Certificateholder's investment) $0.000000
(h) The amount, if any, by which the outstanding
principal balance of the Class B Certificates
exceeds the Class B Invested Amount if any,
as of the Distribution Date, after giving
effect to all deposits, withdrawals and
distributions on such Distribution Date $0.00
(8) Reductions in the Collateral Interest
(a) The excess, if any, of the Collateral
Defaulted Amount over Available Finance
Charge Collections applied to such Collateral
Defaulted Amount $0.00
(b) The amount by which the Collateral Invested
Amount has been reduced on the Distribution
Date in respect of Reallocated Principal
Collections $0.00
(c) The amount by which the Collateral Invested
Amount has been reduced on the Distribution
Date in respect of items 6(a) and 7(a) above $0.00
(d) The total amount by which the Collateral
Invested Amount has been reduced on the
Distribution Date as set forth in items 8(a),
(b) and (c) $0.00
(e) The total amount reimbursed on the
Distribution Date in respect of reductions in
the Collateral Invested Amount on prior
Distribution Dates $0.00
(f) The amount, if any, by which the outstanding
principal balance of the Collateral Interest
exceeds the Collateral Invested Amount, if
any, as of the Distribution Date, after
giving effect to all deposits, withdrawals
and distributions on the Distribution Date $0.00
(9) Investor Monthly Servicing Fee
(a) The amount of the Series 1997-2 Monthly
Servicing Fee payable to the Servicer on the
Distribution Date $55,416.67
(10) Cash Collateral Account
(a) The Available Cash Collateral Amount on the
Distribution Date, after giving effect to all
deposits, withdrawals and distributions on
such Distribution Date $0.00
(11) Class A Monthly Interest
(a) Class A Monthly Interest payable on the
Distribution Date $0.00
5
-------------------------------------
Series 1997-2 Monthly Statement
May 17, 2004 Distribution Date
-------------------------------------
(12) Class B Monthly Interest
(a) Class B Monthly Interest payable on the
Distribution Date $83,346.67
(13) Principal Funding Account Amount
(a) The amount on deposit in the Principal
Funding Account on the Distribution Date,
after giving effect to all deposits,
withdrawals and distributions on such
Distribution Date $0.00
(b) Deposits to the Principal Funding Account are
currently scheduled to commence on the
Distribution Date occurring in June 2003.
(The initial funding date for the Principal
Funding Account may be modified in certain
circumstances in accordance with the terms of
the Series Supplement.)
(14) Deficit Controlled Accumulation Amount
The Deficit Controlled Accumulation Amount for the
Distribution Date, after giving effect to all
deposits, withdrawals and distributions on such
Distribution Date $0.00
(15) Reserve Account (if applicable)
(a) The amount on deposit in the Reserve Account,
if funded, on the Distribution Date, after
giving effect to all deposits, withdrawals
and distributions on such Distribution Date
and the related Transfer Date $0.00
(b) The Required Reserve Account Amount, if any,
selected by the Servicer $0.00
(C) Class A Invested Amount
(1) The Class A Initial Invested Amount $570,500,000.00
(2) The Class A Invested Amount on the Distribution
Date, after giving effect to all deposits,
withdrawals and distributions on such
Distribution Date $0.00
(3) The Pool Factor for the Distribution Date (which
represents the ratio of the Class A Invested
Amount, as of such Distribution Date, after giving
effect to any adjustment in the Class A Invested
Amount on such Distribution Date, to the Class A
Initial Invested Amount). The amount of a Class A
Certificateholder's pro rata share of the Class A
Invested Amount can be determined by multiplying
the original denomination of the Class A
Certificateholder's Certificate by the Pool Factor 0.000000
D) Class B Invested Amount
(1) The Class B Initial Invested Amount $66,500,000.00
(2) The Class B Invested Amount on the Distribution
Date, after giving effect to all deposits,
withdrawals and distributions on such
Distribution Date $0.00
6
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Series 1997-2 Monthly Statement
May 17, 2004 Distribution Date
-------------------------------------
(3) The Pool Factor for the Distribution Date (which
represents the ratio of the Class B Invested
Amount, as of such Distribution Date, after giving
effect to any adjustment in the Class B Invested
Amount on such Distribution Date, to the Class B
Initial Invested Amount). The amount of a Class B
Certificateholder's pro rata share of the Class B
Invested Amount can be determined by multiplying
the original denomination of the Class B
Certificateholder's Certificate by the Pool Factor 0.0000
E) Collateral Invested Amount
(1) The Collateral Initial Invested Amount $63,000,000.00
(2) The Collateral Invested Amount on the Distribution
Date, after giving effect to all deposits,
withdrawals and distributions on such
Distribution Date $0.00
(3) The Collateral Invested Amount as a percentage
of the sum of the Invested Amount on such
Distribution Date 0.00%
F) Receivables Balances
(1) The aggregate amount of Principal Receivables in
the Trust at the close of business on the last day
of the immediately preceding Monthly Period $5,048,984,286
(2) The aggregate amount of Finance Charge Receivables
in the Trust at the close of business on the last
day of the immediately preceding Monthly Period $228,280,581
G) Annualized Percentages
(1) The Gross Yield (Available Finance Charge
Collections for the Series 1997-2 Certificates for
the preceding Monthly Period (excluding payments
received from Interest Rate Protection Agreements)
divided by the Invested Amount of the Series
1997-2 Certificates as of the last day of the next
preceding Monthly Period, multiplied by 366 days
divided by number of calendar days in the month.)
Effective November 2002 monthly period. 9.35%
(2) The Net Loss Rate (the Series 1997-2 Defaulted
Amount for the preceding Monthly Period divided by
the Invested Amount of the Series 1997-2
Certificates as of the last day of the next
preceding Monthly Period, multiplied by 12) 3.62%
(3) The Portfolio Yield (the Gross Yield minus the Net
Loss Rate for the Series 1997-2 Certificates for
the preceding Monthly Period) 5.73%
(4) The Base Rate (Monthly Interest plus Monthly
Servicing Fee (based on an assumed Servicing Fee
Rate of 2% per annum) for the preceding Monthly
Period with respect to the related Distribution
Date, divided by the Invested Amount of the Series
1997-2 Certificates as of the last day of the next
preceding Monthly Period, multiplied by 12) 2.50%
(5) The Net Spread (the Portfolio Yield minus the Base
Rate for the Series 1997-2 Certificates for the
preceding Monthly Period) 3.23%
7
-------------------------------------
Series 1997-2 Monthly Statement
May 17, 2004 Distribution Date
-------------------------------------
(6) The Monthly Payment Rate (Collections of Principal
Receivables and Finance Charge Receivables with
respect to all Receivables in the Trust for the
preceding Monthly Period divided by the amount of
Receivables in the Trust as of the last day of the
next preceding Monthly Period) 9.60%
H) Series 1997-2 Information for the Last Three Distribution Dates
1) Gross Yield
a) 05/17/04 9.35%
b) 04/15/04 17.31%
c) 03/15/04 4.12%
2) Net Loss Rate
a) 05/17/04 3.62%
b) 04/15/04 6.36%
c) 03/15/04 1.47%
3) Net Spread (Portfolio Yield Minus Base Rate)
a) 05/17/04 3.23%
b) 04/15/04 7.50%
c) 03/15/04 1.16%
Three Month Average 3.96%
4) Monthly Payment Rate
a) 05/17/04 9.60%
b) 04/15/04 10.35%
c) 03/15/04 8.85%
CHASE MANHATTAN BANK USA, NATIONAL ASSOCIATION
Servicer
By: _________________________________
Name: Patricia Garvey
Vice
Title: President
8
MONTHLY STATEMENT
---------------------------------------------
CHASE USA MASTER TRUST (FORMERLY KNOWN AS PROVIDIAN MASTER TRUST)
SERIES 1999-1
---------------------------------------------
Pursuant to the Pooling and Servicing Agreement dated as of June 1,
1993 (as amended and restated on February 5, 2002, the "Agreement"), as
supplemented by the Series 1999-1 Supplement dated as of June 1, 1999 (as
amended and supplemented, the "Series Supplement"), between Card Acquisition
Funding LLC as Transferor, Chase Manhattan Bank USA, National Association as
Servicer, and The Bank of New York, as Trustee, Chase Manhattan Bank USA,
Nationial Association as Servicer is required to prepare certain information
each month regarding current distributions to Class A Certificateholders, Class
B Certificateholders, Collateral Interest Holder and the Class D
Interest Holder and the performance of the Chase USA Master Trust (the "Trust")
during the previous month. The information which is required to be prepared for
the Series 1999-1 Certificates with respect to the Distribution Date occurring
on May 17, 2004, and with respect to the performance of the Trust during the
month of April is set forth below. Certain of the information is presented on
the basis of an original principal amount of $1,000 per Investor Certificate.
Certain other information is presented based on the aggregate amounts for the
Trust as a whole. Capitalized terms used in this Certificate have their
respective meanings set forth in the Agreement or Series Supplement, as
applicable.
A) Information Regarding the Current Monthly Distribution
for the Series 1999-1 Class A Certificates and Class B
Certificates (stated on the basis of $1,000 original
certificate principal amount)
(1) The total amount distributed to Class A
Certificateholders per $1,000 original
certificate principal amount $1.182222
(2) The amount set forth in A(1) above distributed to
Class A Certificateholders with respect to
interest per $1,000 original certificate
principal amount $1.182222
(3) The amount set forth in A(1) above distributed to
Class A Certificateholders with respect to
principal per $1,000 original certificate
principal amount $0.000000
(4) The total amount distributed to Class B
Certificateholders per $1,000 original
certificate principal amount $5.666667
(5) The amount set forth in A (4) above distributed to
Class B Certificateholder with respect to interest
per $1,000 original certificate principal amount $5.666667
(6) The amount set forth in A (4) above distributed to
Class B Cerfiticateholder with respect to
principal per $1,000 original certificate
principal amount $0.000000
B) Information Regarding the Performance of the Trust
(1) Allocation of Receivables Collections to the
Series 1999-1 Certificates
(a) The aggregate amount of Finance Charge
Receivables collected during the Monthly
Period immediately preceding the
Distribution Date $64,909,555.27
(b) The aggregate amount of Interchange collected
and allocated to the Trust for the Monthly
Period immediately preceding the Distribution
Date $5,239,507.34
(c) The aggregate amount of Principal Receivables
collected during the Monthly Period
immediately preceding the Distribution Date $445,849,738.43
1
-------------------------------
Series 1999-1 Monthly Statement
May 17, 2004 Distribution Date
-------------------------------
(d) The Floating Allocation Percentage with
respect to the Series 1999-1 Certificates for
the Monthly Period immediately preceding the
Distribution Date 4.360413%
(e) The Principal Allocation Percentage with
respect to the Series 1999-1 Certificates for
the Monthly Period immediately preceding the
Distribution Date 12.458321%
(f) The Finance Charge Receivables and
Interchange collected and allocated to the
Series 1999-1 Certificates for the Monthly
Period immediately preceding the
Distribution Date $3,058,788.52
(g) The Principal Receivables collected and
allocated to the Series 1999-1 Certificates
for the Monthly Period immediately preceding
the Distribution Date $55,545,393.76
(2) Available Finance Charge Collections and
Reallocated Principal Collections for Series
1999-1 for the Monthly Period immediately
preceding the Distribution Date.
(a) The Finance Charge Receivables and
Interchange collected and allocated to the
Series 1999-1 Certificates $3,058,788.52
(b) Collection Account and Special Funding
Account investment earnings allocated to the
Series 1999-1 Certificates $0.00
(c) Principal Funding Account Investment Proceeds $291,065.36
(d) Reserve Draw Amount $201,527.23
(e) Additional Finance Charges from other Series
allocated to the Series 1999-1 Certificates $0.00
(f) Payments, if any, on deposit as of the
Determination Date received from any Interest
Rate Protection Agreements $0.00
(g) Reallocated Class D Principal Collections $0.00
(h) Reallocated Collateral Principal Collections $0.00
(i) Reallocated Class B Principal Collections $0.00
(j) Total Available Finance Charge Collections
and Reallocated Principal Collections for
Series 1999-1 (total of (a), (b), (c), (d),
(e), (f), (g), (h), and (i) above) $3,551,381.11
2
-------------------------------
Series 1999-1 Monthly Statement
May 17, 2004 Distribution Date
-------------------------------
(3) Available Principal Collections for Series 1999-1
for the Monthly Period immediately preceding the
Distribution Date
(a) The Principal Receivables collected and
allocated to the Series 1999-1 Certificates $55,545,393.76
(b) Shared Principal Collections from other
Series allocated to the Series 1999-1
Certificates $0.00
(c) Additional amounts to be treated as Available
Principal Collections pursuant to the Series
Supplement $1,354,013.26
(d) Reallocated Class D Principal Collections $0.00
(e) Reallocated Collateral Principal Collections $0.00
(f) Reallocated Class B Principal Collections $0.00
(g) Available Principal Collections for Series
1999-1 (total of (a), (b) and (c) minus (d),
(e) and (f) above) $56,899,407.02
(4) Delinquent Balances in the Trust
The aggregate outstanding balance of the Accounts
which were delinquent as of the close of business on the
last day of the Monthly Period immediately preceding the
Distribution Date.
(a) 31-60 days $80,440,392
(b) 61-90 days 63,927,759
(c) 91 or more days 135,025,102
------------
(d) Total Delinquencies $279,393,253
(5) Defaulted Amount
(a) The aggregate amount of Defaulted Receivables
with respect to the Trust for the Monthly
Period immediately preceding the Distribution
Date $37,713,454.01
(b) The aggregate Amount of Recoveries of
Defaulted Receivables processed during the
Monthly Period immediately preceding the
Distribution Date $6,661,042.08
(c) The Defaulted Amount for the Monthly Period
immediately preceding the Distribution Date
[Defaulted Receivables minus Recoveries] $31,052,411.93
(d) The Defaulted Amount for the Monthly Period
immediately preceding the Distribution Date
allocable to the Series 1999-1 Certificates
(the "Series 1999-1 Defaulted Amount") $1,354,013.26
(e) The Class A Defaulted Amount [Series 1999-1
Defaulted Amount multiplied by the Class A
Percentage] $502,919.21
3
-------------------------------
Series 1999-1 Monthly Statement
May 17, 2004 Distribution Date
-------------------------------
(f) The Class B Defaulted Amount [Series 1999-1
Defaulted Amount multiplied by the Class B
Percentage] $396,531.68
(6) Class A Charge-Offs
(a) The excess, if any, of the Class A Defaulted
Amount over the sum of (i) Available Finance
Charge Collections applied to such Class A
Defaulted Amount, (ii) Reallocated Principal
Collections applied to such Class A Defaulted
Amount, (iii) the amount by which the Class D
Invested Amount has been reduced in respect
of such Class A Defaulted Amount, (iv) the
amount by which the Collateral Invested
Amount has been reduced in respect of such
Class A Defaulted Amount and (v) the amount
by which the Class B Invested Amount has been
reduced in respect of such Class A Defaulted
Amount (a "Class A Charge-Off") $0.00
(b) The amount of the Class A Charge-Off set
forth in item 6(a) above, per $1,000 original
certificate principal amount (which will have
the effect of reducing, pro rata, the amount
of each Class A Certificateholder's
investment) $0.00
(c) The total amount reimbursed on the
Distribution Date in respect of Class A
Charge-Offs for prior Distribution Dates $0.00
(d) The amount set forth in item 6(c) above per
$1,000 original certificate principal amount
(which will have the effect of increasing,
pro rata, the amount of each Class A
Certificateholder's investment) $0.000000
(e) The amount, if any, by which the outstanding
principal balance of the Class A Certificates
exceeds the Class A Invested Amount if any,
as of the Distribution Date, after giving
effect to all deposits, withdrawals and
distributions on such Distribution Date $0.00
(7) Class B Charge-Offs
(a) The excess, if any, of the Class B Defaulted
Amount over the sum of (i) Available Finance
Charge Collections applied to such Class B
Defaulted Amount, (ii) Reallocated Class D
Principal Collections applied to such Class B
Defaulted Amount, (iii) Reallocated
Collateral Principal Collections applied to
such Class B Defaulted Amount, (iv) the
amount by which the Class D Invested Amount
has been reduced in respect of such Class B
Defaulted Amount and (v) the amount by which
the Collateral Invested Amount has been
reduced in respect of such Class B Defaulted
Amount $0.00
(b) The amount by which the Class B Invested
Amount has been reduced on the Distribution
Date in respect of Reallocated Class B
Principal Collections $0.00
4
-------------------------------
Series 1999-1 Monthly Statement
May 17, 2004 Distribution Date
-------------------------------
(c) The amount by which the Class B Invested
Amount has been reduced on the Distribution
Date in respect of item 6(a) (together with
item 7(a), "Class B Charge-Offs") $0.00
(d) The total amount by which the Class B
Invested Amount has been reduced on the
Distribution Date as set forth in items 7(a),
(b) and (c) $0.00
(e) The amount set forth in item 7(d) above per
$1,000 original certificate principal amount
(which will have the effect of reducing, pro
rata, the amount of each Class B
Certificateholder's investment) $0.000000
(f) The total amount reimbursed on the
Distribution Date in respect of reductions in
the Class B Invested Amount on prior
Distribution Dates $0.00
(g) The amount set forth in item 7(f) above per
$1,000 original certificate principal amount
(which will have the effect of increasing,
pro rata, the amount of each Class B
Certificateholder's investment) $0.000000
(h) The amount, if any, by which the outstanding
principal balance of the Class B Certificates
exceeds the Class B Invested Amount if any,
as of the Distribution Date, after giving
effect to all deposits, withdrawals and
distributions on such Distribution Date $0.00
(8) Reductions in the Collateral Interest
(a) The excess, if any, of the Collateral
Defaulted Amount over the sum of (i)
Available Finance Charge Collections applied
to such Collateral Defaulted Amount, (ii)
Reallocated Class D Principal Collections
applied to such Collateral Defaulted Amount
and (iii) the Amount by which the Class D
Invested Amount has been reduced in respect
of such Collateral Defaulted Amount $0.00
(b) The amount by which the Collateral Invested
Amount has been reduced the Distribution Date
in respect of Reallocated Collateral
Principal Collections $0.00
(c) The amount by which the Collateral Invested
Amount has been reduced on the Distribution
Date in respect of items 6(a) and 7(a) above $0.00
(d) The total amount by which the Collateral
Invested Amount has been reduced on the
Distribution Date as set forth in items 8(a),
(b) and (c) $0.00
(e) The total amount reimbursed on the
Distribution Date in respect of reductions in
the Collateral Invested Amount on prior
Distribution Dates $0.00
(f) The amount, if any, by which the outstanding
principal balance of the Collateral Interest
exceeds the Collateral Invested Amount, if
any, as of the Distribution Date, after
giving effect to all deposits, withdrawals
and distributions on the Distribution Date $0.00
5
-------------------------------
Series 1999-1 Monthly Statement
May 17, 2004 Distribution Date
-------------------------------
(9) Reductions in the Class D Interest
(a) The excess, if any, of the Class D Defaulted
Amount over Available Finance Charge
Collections applied to such Class D Defaulted
Amount $0.00
(b) The amount by which the Class D Invested
Amount has been reduced on the Distribution
Date in respect of Reallocated Principal
Collections $0.00
(c) The amount by which the Class D Invested
Amount has been reduced on the Distribution
Date in respect of items 6(a), 7(a) and 8(a)
above $0.00
(d) The total amount by which the Class D
Invested Amount has been reduced on the
Distribution Date as set forth in items 9(a),
(b) and (c) $0.00
(e) The total amount reimbursed on the
Distribution Date in respect of reductions in
the Class D Invested Amount on prior
Distribution Dates $0.00
(f) The amount, if any, by which the outstanding
principal balance of the Class D Interest
exceeds the Class D Invested Amount, if any,
as of the Distribution Date, after giving
effect to all deposits, withdrawals and
distributions on the Distribution Date $0.00
(10) Investor Monthly Servicing Fee
(a) The amount of the Series 1999-1 Monthly
Servicing Fee payable to the Servicer on the
Distribution Date $327,190.17
(11) Class A Monthly Interest
(a) Class A Monthly Interest payable on the
Distribution Date $591,111.11
(12) Class B Monthly Interest
(a) Class B Monthly Interest payable on the
Distribution Date $372,328.33
(13) Principal Funding Account Amount
(a) The amount on deposit in the Principal
Funding Account on the Distribution Date,
after giving effect to all deposits,
withdrawals and distributions on such
Distribution Date $458,333,333.37
(b) Deposits to the Principal Funding Account are
currently scheduled to commence on the
Distribution Date occurring in October 2003
(The initial funding date for the Principal
Funding Account may be modified in certain
circumstances in accordance with the terms of
the Series Supplement.)
6
-------------------------------
Series 1999-1 Monthly Statement
May 17, 2004 Distribution Date
-------------------------------
(14) Deficit Controlled Accumulation Amount
The Deficit Controlled Accumulation Amount for the
Distribution Date, after giving effect to all
deposits, withdrawals and distributions on such
Distribution Date $0.00
(15) Reserve Account
(a) The amount on deposit in the Reserve Account
on the Distribution Date, after giving effect
to all deposits, withdrawals and
distributions on such Distribution Date and
the related Transfer Date $2,664,262.50
(b) The Required Reserve Account Amount $2,664,262.50
C) Class A Invested Amount
(1) The Class A Initial Invested Amount $500,000,000.00
(2) The Class A Invested Amount on the Distribution
Date, after giving effect to all deposits,
withdrawals and distributions on such
Distribution Date $500,000,000.00
(3) The Pool Factor for the Distribution Date (which
represents the ratio of the Class A Invested
Amount, as of such Distribution Date, after giving
effect to any adjustment in the Class A Invested
Amount on such Distribution Date, to the Class A
Initial Invested Amount). The amount of a Class A
Certificateholder's pro rata share of the Class A
Invested Amount can be determined by multiplying
the original denomination of the Class A
Certificateholder's Certificate by the Pool Factor 1.00000
D) Class B Invested Amount
(1) The Class B Initial Invested Amount $65,705,000.00
(2) The Class B Invested Amount on the
Distribution Date, after giving effect to all
deposits, withdrawals and distributions on
such Distribution Date $65,705,000.00
(3) The Pool Factor for the Distribution Date
(which represents the ratio of the Class B
Invested Amount, as of such Distribution
Date, after giving effect to any adjustment
in the Class B Invested Amount on such
Distribution Date, to the Class B Initial
Invested Amount). The amount of a Class B
Certificateholder's pro rata share of the
Class B Invested Amount can be determined by
multiplying the original denomination of the
Class B Certificateholder's Certificate by
the Pool Factor 1.000000
E) Collateral Invested Amount
(1) The Collateral Initial Invested Amount $52,884,000.00
(2) The Collateral Invested Amount on the
Distribution Date, after giving effect to all
deposits, withdrawals and distributions on
such Date $52,884,000.00
7
-------------------------------
Series 1999-1 Monthly Statement
May 17, 2004 Distribution Date
-------------------------------
(3) The Collateral Invested Amount as a
percentage of the sum of the Invested Amount
on such Distribution Date 8.25%
F) Class D Invested Amount
(1) The Class D Initial Invested Amount $22,436,642.00
(2) The Class D Invested Amount on the
Distribution Date, after giving effect to all
deposits, withdrawals and distributions on
such Distribution Date $22,436,642.00
(3) The Class D Invested Amount as a percentage
of the sum of the Invested Amount on such
Distribution Date 3.50%
G) Receivables Balances
(1) The aggregate amount of Principal Receivables
in the Trust at the close of business on the
last day of the immediately preceding Monthly
Period $5,048,984,286
(2) The aggregate amount of Finance Charge
Receivables in the Trust at the close of
business on the last day of the immediately
preceding Monthly Period $228,280,581
H) Annualized Percentages
(1) The Gross Yield (Available Finance Charge
Collections for the Series 1999-1
Certificates for the preceding Monthly Period
(excluding payments received from Interest
Rate Protection Agreements) divided by the
Invested Amount of the Series 1999-1
Certificates as of the last day of the next
preceding Monthly Period, multiplied by 366
days divided by number of days in calendar
month.) Effective November 2002 monthly period. 6.76%
(2) The Net Loss Rate (the Series 1999-1
Defaulted Amount for the preceding Monthly
Period divided by the Invested Amount of the
Series 1999-1 Certificates as of the last day
of the next preceding Monthly Period,
multiplied by 12) 2.53%
(3) The Portfolio Yield (the Gross Yield minus
the Net Loss Rate for the Series 1999-1
Certificates for the preceding Monthly Period) 4.23%
(4) The Base Rate (Monthly Interest plus Monthly
Servicing Fee (based on an assumed Servicing
Fee Rate of 2% per annum) for the preceding
Monthly Period with respect to the related
Distribution Date, divided by the Invested
Amount of the Series 1999-1 Certificates as
of the last day of the next preceding Monthly
Period, multiplied by 12) 3.11%
(5) The Net Spread (the Portfolio Yield minus the
Base Rate for the Series 1999-1 Certificates
for the preceding Monthly Period) 1.12%
8
-------------------------------
Series 1999-1 Monthly Statement
May 17, 2004 Distribution Date
-------------------------------
(6) The Monthly Payment Rate (Collections of
Principal Receivables and Finance Charge
Receivables with respect to all Receivables
in the Trust for the preceding Monthly Period
divided by the amount of Receivables in the
Trust as of the last day of the next
preceding Monthly Period) 9.60%
I) Series 1999-1 Information for the Last Three
Distribution Dates
1) Gross Yield
a) 05/17/04 6.76%
b) 04/15/04 7.75%
c) 03/15/04 8.51%
2) Net Loss Rate
a) 05/17/04 2.53%
b) 04/15/04 2.64%
c) 03/15/04 3.65%
3) Net Spread (Portfolio Yield
Minus Base Rate)
a) 05/17/04 1.12%
b) 04/15/04 1.91%
c) 03/15/04 1.67%
Three Month Average 1.57%
4) Monthly Payment Rate
a) 05/17/04 9.60%
b) 04/15/04 10.35%
c) 03/15/04 8.85%
CHASE MANHATTAN BANK USA,
NATIONAL ASSOCIATION
Servicer
By: _________________________________
Name: Patricia Garvey
Title: Vice President
9
MONTHLY STATEMENT
---------------------------------------------
CHASE USA MASTER TRUST (FORMERLY KNOWN AS PROVIDIAN MASTER TRUST)
SERIES 2000-1
---------------------------------------------
Pursuant to the Pooling and Servicing Agreement dated as of June 1,
1993 (as amended and supplemented, the "Agreement"), as supplemented by the
Series 2000-1 Supplement dated as of February 1, 2000 (as amended and
restated on February 5, 2002, the "Series Supplement"), between Card Acquisition
Funding LLC, Transferor, Chase Manhattan Bank USA, National Association as
Servicer, and The Bank of New York, as Trustee, Chase Manhattan Bank USA,
National Association as Servicer is required to prepare certain information each
month regarding current distributions to Class A Certificateholders, Class B
Certificateholders, Collateral Interest Holder and the Class D Interest Holder
and the performance of the Chase USA Master Trust (the "Trust") during the
previous month. The information which is required to be prepared for the Series
2000-1 Certificates with respect to the Distribution Date occurring on May 17,
2004,and with respect to the performance of the Trust during the month of April
is set forth below. Certain of the information is presented on the basis of an
original principal amount of $1,000 per Investor Certificate. Certain other
information is presented based on the aggregate amounts for the Trust as a
whole. Capitalized terms used in this Certificate have their respective meanings
set forth in the Agreement or Series Supplement, as applicable.
A) Information Regarding the Current Monthly Distribution
for the Series 2000-1 Class A Certificates and Class B
Certificates (stated on the basis of $1,000 original
certificate principal amount)
(1) The total amount distributed to Class A
Certificateholders per $1,000 original certificate
principal amount $6.241667
(2) The amount set forth in A(1) above distributed to
Class A Certificateholders with respect to
interest per $1,000 original certificate principal
amount $6.241667
(3) The amount set forth in A(1) above distributed to
Class A Certificateholders with respect to
principal per $1,000 original certificate
principal amount $0.000000
(4) The total amount distributed to Class B
Certificateholders per $1,000 original certificate
principal amount $1.404444
(5) The amount set forth in A(4) above distributed to
Class B Certificateholders with respect to
interest per $1,000 original certificate principal
amount $1.404444
(6) The amount set forth in A(4) above distributed to
Class B Certificateholders with respect to
principal per $1,000 original certificate
principal amount $0.000000
B) Information Regarding the Performance of the Trust
(1) Allocation of Receivables Collections to the
Series 2000-1 Certificates
(a) The aggregate amount of Finance Charge
Receivables collected during the Monthly
Period immediately preceding the
Distribution Date $64,909,555.27
(b) The aggregate amount of Interchange collected
and allocated to the Trust for the Monthly
Period immediately preceding the
Distribution Date $5,239,507.34
1
---------------------------------
Series 2000-1 Monthly Statement
May 17, 2004 Distribution Date
---------------------------------
(c) The aggregate amount of Principal Receivables
collected during the Monthly Period
immediately preceding the Distribution Date $445,849,738.43
(d) The Floating Allocation Percentage with
respect to the Series 2000-1 Certificates for
the Monthly Period immediately preceding the
Distribution Date 10.203365%
(e) The Principal Allocation Percentage with
respect to the Series 2000-1 Certificates for
the Monthly Period immediately preceding the
Distribution Date 10.203365%
(f) The Finance Charge Receivables and
Interchange collected and allocated to the
Series 2000-1 Certificates for the Monthly
Period immediately preceding the
Distribution Date $7,157,565.10
(g) The Principal Receivables collected and
allocated to the Series 2000-1 Certificates
for the Monthly Period immediately preceding
the Distribution Date $45,491,677.42
(2) Available Finance Charge Collections and
Reallocated Principal Collections for Series
2000-1 for the Monthly Period immediately
preceding the Distribution Date.
(a) The Finance Charge Receivables and
Interchange collected and allocated to the
Series 2000-1 Certificates $7,157,565.10
(b) Collection Account and Special Funding
Account investment earnings allocated to the
Series 2000-1 Certificates $0.00
(c) Principal Funding Account Investment Proceeds $0.00
(d) Class A Reserve Draw Amount $0.00
(e) Class B Reserve Draw Amount $0.00
(f) Additional Finance Charges from other Series
allocated to the Series 2000-1 Certificates $0.00
(g) Payments, if any, on deposit as of the
Determination Date received from any Interest
Rate Protection Agreements $0.00
(h) Reallocated Class D Principal Collections $0.00
(i) Reallocated Collateral Principal Collections $0.00
(j) Reallocated Class B Principal Collections $0.00
(k) Total Available Finance Charge Collections
and Reallocated Principal Collections for
Series 2000-1 (total of (a), (b), (c), (d),
(e), (f), (g), (h), (i) and (j) above) $7,157,565.10
2
---------------------------------
Series 2000-1 Monthly Statement
May 17, 2004 Distribution Date
---------------------------------
(3) Available Principal Collections for Series 2000-1
for the Monthly Period immediately preceding the
Distribution Date
(a) The Principal Receivables collected and
allocated to the Series 2000-1 Certificates $45,491,677.42
(b) Shared Principal Collections from other
Series allocated to the Series 2000-1
Certificates $0.00
(c) Additional amounts to be treated as Available
Principal Collections pursuant to the Series
Supplement $3,168,391.02
(d) Reallocated Class D Principal Collections $0.00
(e) Reallocated Collateral Principal Collections $0.00
(f) Reallocated Class B Principal Collections $0.00
(g) Available Principal Collections for Series
2000-1 (total of (a), (b) and ( c) minus (d),
(e) and (f) above) $48,660,068.44
(4) Delinquent Balances in the Trust
The aggregate outstanding balance of the Accounts which were
delinquent as of the close of business on the last day of
the Monthly Period immediately preceding the Distribution
Date.
(a) 31-60 days $80,440,392
(b) 61-90 days 63,927,759
(c) 91 or more days 135,025,102
------------
(d) Total Delinquencies $279,393,253
(5) Defaulted Amount
(a) The aggregate amount of Defaulted Receivables
with respect to the Trust for the Monthly
Period immediately preceding the Distribution
Date $37,713,454.01
(b) The aggregate Amount of Recoveries of
Defaulted Receivables processed during the
Monthly Period immediately preceding the
Distribution Date $6,661,042.08
(c) The Defaulted Amount for the Monthly Period
immediately preceding the Distribution Date
[Defaulted Receivables minus Recoveries] $31,052,411.93
(d) The Defaulted Amount for the Monthly Period
immediately preceding the Distribution Date
allocable to the Series 2000-1 Certificates
(the "Series 2000-1 Defaulted Amount") $3,168,391.02
(e) The Class A Defaulted Amount [Series 2000-1
Defaulted Amount multiplied by the Class A
Percentage] $2,534,712.81
(f) The Class B Defaulted Amount [Series 2000-1
Defaulted Amount multiplied by the Class B
Percentage] $285,155.19
3
---------------------------------
Series 2000-1 Monthly Statement
May 17, 2004 Distribution Date
---------------------------------
(6) Class A Charge-Offs
(a) The excess, if any, of the Class A Defaulted
Amount over the sum of (i) Available Finance
Charge Collections applied to such Class A
Defaulted Amount, (ii) Reallocated Principal
Collections applied to such Class A Defaulted
Amount, (iii) the amount by which the Class D
Invested Amount has been reduced in respect
of such Class A Defaulted Amount, (iv) the
amount by which the Collateral Invested
Amount has been reduced in respect of such
Class A Defaulted Amount and (v) the amount
by which the Class B Invested Amount has been
reduced in respect of such Class A Defaulted
Amount (a "Class A Charge-Off") $0.00
(b) The amount of the Class A Charge-Off set
forth in item 6(a) above, per $1,000 original
certificate principal amount (which will have
the effect of reducing, pro rata, the amount
of each Class A Certificateholder's
investment) $0.000000
(c) The total amount reimbursed on the
Distribution Date in respect of Class A
Charge-Offs for prior Distribution Dates $0.00
(d) The amount set forth in item 6(c) above per
$1,000 original certificate principal amount
(which will have the effect of increasing,
pro rata, the amount of each Class A
Certificateholder's investment) $0.0000000
(e) The amount, if any, by which the outstanding
principal balance of the Class A Certificates
exceeds the Class A Invested Amount if any,
as of the Distribution Date, after giving
effect to all deposits, withdrawals and
distributions on such Distribution Date $0.00
(7) Class B Charge-Offs
(a) The excess, if any, of the Class B Defaulted
Amount over the sum of (i) Available Finance
Charge Collections applied to such Class B
Defaulted Amount, (ii) Reallocated Class D
Principal Collections applied to such Class B
Defaulted Amount, (iii) Reallocated
Collateral Principal Collections applied to
such Class B Defaulted Amount, (iv) the
amount by which the Class D Invested Amount
has been reduced in respect of such Class B
Defaulted Amount and (v) the amount by which
the Collateral Invested Amount has been
reduced in respect of such Class B Defaulted Amount $0.00
(b) The amount by which the Class B Invested
Amount has been reduced on the Distribution
Date in respect of Reallocated Class B
Principal Collections $0.00
(c) The amount by which the Class B Invested
Amount has been reduced on the Distribution
Date in respect of item 6(a) (together with
item 7(a), "Class B Charge-Offs") $0.00
(d) The total amount by which the Class B
Invested Amount has been reduced on the
Distribution Date as set forth in items 7(a),
(b) and (c) $0.00
4
---------------------------------
Series 2000-1 Monthly Statement
May 17, 2004 Distribution Date
---------------------------------
(e) The amount set forth in item 7(d) above per
$1,000 original certificate principal amount
(which will have the effect of reducing, pro
rata, the amount of each Class B
Certificateholder's investment) $0.000000
(f) The total amount reimbursed on the
Distribution Date in respect of reductions in
the Class B Invested Amount on prior
Distribution Dates $0.00
(g) The amount set forth in item 7(f) above per
$1,000 original certificate principal amount
(which will have the effect of increasing,
pro rata, the amount of each Class B
Certificateholder's investment) $0.000000
(h) The amount, if any, by which the outstanding
principal balance of the Class B Certificates
exceeds the Class B Invested Amount if any,
as of the Distribution Date, after giving
effect to all deposits, withdrawals and
distributions on such Distribution Date $0.00
(8) Reductions in the Collateral Interest
(a) The excess, if any, of the Collateral
Defaulted Amount over the sum of (i)
Available Finance Charge Collections applied
to such Collateral Defaulted Amount, (ii)
Reallocated Class D Principal Collections
applied to such Collateral Defaulted Amount
and (iii) the amount by which the Class D
Invested Amount has been reduced in respect
of such Collateral Defaulted Amount $0.00
(b) The amount by which the Collateral Invested
Amount has been reduced on the Distribution
Date in respect of Reallocated Collateral
Principal Collections $0.00
(c) The amount by which the Collateral Invested
Amount has been reduced on the Distribution
Date in respect of items 6(a) and 7(a) above $0.00
(d) The total amount by which the Collateral
Invested Amount has been reduced on the
Distribution Date as set forth in items 8(a),
(b) and (c) $0.00
(e) The total amount reimbursed on the
Distribution Date in respect of reductions in
the Collateral Invested Amount on prior
Distribution Dates $0.00
(f) The amount, if any, by which the outstanding
principal balance of the Collateral Interest
exceeds the Collateral Invested Amount, if
any, as of the Distribution Date, after
giving effect to all deposits, withdrawals
and distributions on the Distribution Date $0.00
(9) Reductions in the Class D Interest
(a) The excess, if any, of the Class D Defaulted
Amount over Available Finance Charge
Collections applied to such Class D Defaulted Amount $0.00
(b) The amount by which the Class D Invested
Amount has been reduced on the Distribution
Date in respect of Reallocated Principal
Collections $0.00
(c) The amount by which the Class D Invested
Amount has been reduced on the Distribution
Date in respect of items 6(a), 7(a) and 8 (a) above $0.00
5
---------------------------------
Series 2000-1 Monthly Statement
May 17, 2004 Distribution Date
---------------------------------
(d) The total amount by which the Class D
Invested Amount has been reduced on the
Distribution Date as set forth in items 9(a),
(b) and (c) $0.00
(e) The total amount reimbursed on the
Distribution Date in respect of reductions in
the Class D Invested Amount on prior
Distribution Dates $0.00
(f) The amount, if any, by which the outstanding
principal balance of the Class D Interest
exceeds the Class D Invested Amount, if any,
as of the Distribution Date, after giving
effect to all deposits, withdrawals and
distributions on the Distribution Date $0.00
(10) Investor Monthly Servicing Fee
(a) The amount of the Series 2000-1 Monthly
Servicing Fee payable to the Servicer on the
Distribution Date $765,625.00
(11) Class A Monthly Interest
(a) Class A Monthly Interest payable on the
Distribution Date $2,621,500.00
(12) Class B Monthly Interest
(a) Class B Monthly Interest payable on the
Distribution Date $66,360.00
(13) Principal Funding Account Amount
(a) The amount on deposit in the Principal
Funding Account on the Distribution Date,
after giving effect to all deposits,
withdrawals and distributions on such
Distribution Date $46,666,666.67
(b) Deposits to the Principal Funding Account are
currently scheduled to commence on the
Distribution Date occurring in May 2004 (The
initial funding date for the Principal
Funding Account may be modified in certain
circumstances in accordance with the terms of
the Series Supplement.)
(14) Deficit Controlled Accumulation Amount
The Deficit Controlled Accumulation Amount for the
Distribution Date, after giving effect to all
deposits, withdrawals and distributions on such
Distribution Date $0.00
(15) Class A Reserve Account
(a) The amount on deposit in the Class A Reserve
Account on the Distribution Date, after
giving effect to all deposits, withdrawals
and distributions on such Distribution Date
and the related Transfer Date $2,100,000.00
(b) The Class A Required Reserve Account Amount $2,100,000.00
6
---------------------------------
Series 2000-1 Monthly Statement
May 17, 2004 Distribution Date
---------------------------------
(16) Class B Reserve Account
(a) The amount on deposit in the Class B Reserve
Account on the Distribution Date, after
giving effect to all deposits, withdrawals
and distributions on such Distribution Date
and the related Transfer Date $118,125.00
(b) The Class B Required Reserve Account Amount $118,125.00
C) Class A Invested Amount
(1) The Class A Initial Invested Amount $420,000,000.00
(2) The Class A Invested Amount on the Distribution
Date, after giving effect to all deposits,
withdrawals and distributions on such
Distribution Date $420,000,000.00
(3) The Pool Factor for the Distribution Date (which
represents the ratio of the Class A Invested
Amount, as of such Distribution Date, after giving
effect to any adjustment in the Class A Invested
Amount on such Distribution Date, to the Class A
Initial Invested Amount). The amount of a Class A
Certificateholder's pro rata share of the Class A
Invested Amount can be determined by multiplying
the original denomination of the Class A
Certificateholder's Certificate by the Pool Factor 1.000000
D) Class B Invested Amount
(1) The Class B Initial Invested Amount $47,250,000.00
(2) The Class B Invested Amount on the Distribution
Date, after giving effect to all deposits,
withdrawals and distributions on such
Distribution Date $47,250,000.00
(3) The Pool Factor for the Distribution Date (which
represents the ratio of the Class B Invested
Amount, as of such Distribution Date, after giving
effect to any adjustment in the Class B Invested
Amount on such Distribution Date, to the Class B
Initial Invested Amount). The amount of a Class B
Certificateholder's pro rata share of the Class B
Invested Amount can be determined by multiplying
the original denomination of the Class B
Certificateholder's Certificate by the Pool Factor 1.000000
E) Collateral Invested Amount
(1) The Collateral Initial Invested Amount $42,000,000.00
(2) The Collateral Invested Amount on the Distribution
Date, after giving effect to all deposits,
withdrawals and distributions on such
Distribution Date $42,000,000.00
(3) The Collateral Invested Amount as a percentage of
the Invested Amount on such Distribution Date 8.00%
7
---------------------------------
Series 2000-1 Monthly Statement
May 17, 2004 Distribution Date
---------------------------------
F) Class D Invested Amount
(1) The Class D Initial Invested Amount $15,750,000.00
(2) The Class D Invested Amount on the Distribution
Date, after giving effect to all deposits,
withdrawals and distributions on such
Distribution Date $15,750,000.00
(3) The Class D Invested Amount as a percentage of the
Invested Amount on such Distribution Date 3.00%
G) Receivables Balances
(1) The aggregate amount of Principal Receivables in
the Trust at the close of business on the last day
of the immediately preceding Monthly Period $5,048,984,286
(2) The aggregate amount of Finance Charge Receivables
in the Trust at the close of business on the last
day of the immediately preceding Monthly Period $228,280,581
H) Annualized Percentages
(1) The Gross Yield (Available Finance Charge
Collections for the Series 2000-1 Certificates for
the preceding Monthly Period (excluding payments
received from Interest Rate Protection Agreements)
divided by the Invested Amount of the Series
2000-1 Certificates as of the last day of the next
preceding Monthly Period, multiplied by 366
divided by number of days in the calendar month.)
Effective November 2002 monthly period. 16.63%
(2) The Net Loss Rate (the Series 2000-1 Defaulted
Amount for the preceding Monthly Period divided by
the Invested Amount of the Series 2000-1
Certificates as of the last day of the next
preceding Monthly Period, multiplied by 12) 7.24%
(3) The Portfolio Yield (the Gross Yield minus the Net
Loss Rate for the Series 2000-1 Certificates for
the preceding Monthly Period) 9.39%
(4) The Base Rate (Monthly Interest plus Monthly
Servicing Fee (based on an assumed Servicing Fee
Rate of 2% per annum) for the preceding Monthly
Period with respect to the related Distribution
Date, divided by the Invested Amount of the Series
2000-1 Certificates as of the last day of the next
preceding Monthly Period, multiplied by 12) 8.34%
(5) The Net Spread (the Portfolio Yield minus the Base
Rate for the Series 2000-1 Certificates for the
preceding Monthly Period) 1.05%
(6) The Monthly Payment Rate (Collections of Principal
Receivables and Finance Charge Receivables with
respect to all Receivables in the Trust for the
preceding Monthly Period divided by the amount of
Receivables in the Trust as of the last day of the
next preceding Monthly Period) 9.60%
8
---------------------------------
Series 2000-1 Monthly Statement
May 17, 2004 Distribution Date
---------------------------------
I) Series 2000-1 Information for the Last Three Distribution Dates
1) Gross Yield
a) 05/17/04 16.63%
b) 04/15/04 16.79%
c) 03/15/04 16.97%
2) Net Loss Rate
a) 05/17/04 7.24%
b) 04/15/04 6.36%
c) 03/15/04 7.60%
3) Net Spread (Portfolio Yield Minus Base Rate)
a) 05/17/04 1.05%
b) 04/15/04 2.11%
c) 03/15/04 1.09%
Three Month Average 1.42%
4) Monthly Payment Rate
a) 05/17/04 9.60%
b) 04/15/04 10.35%
c) 03/15/04 8.85%
CHASE MANHATTAN BANK USA,
NATIONAL ASSOCIATION
Servicer
By: _________________________________
Name: Patricia Garvey
Title: Vice President
9
MONTHLY STATEMENT
---------------------------------------------
CHASE USA MASTER TRUST (FORMERLY KNOWN AS PROVIDIAN MASTER TRUST)
SERIES 2000-2
---------------------------------------------
Pursuant to the Pooling and Servicing Agreement dated as of June 1,
1993 (as amended and restated on February 5, 2002, the "Agreement"), as
supplemented by the Series 2000-2 Supplement dated as of August 1, 2000 (as
amended and supplemented, the "Series Supplement"), between Card Acquisition
Funding LLC as Transferor, Chase Manhattan Bank USA, National Association as
Servicer, and The Bank of New York as Trustee, Chase Manhattan Bank USA,
National Association as Servicer is required to prepare certain information each
month regarding current distributions to Class A Certificateholders, Class B
Certificateholders, Collateral Interest Holder and the performance of the Chase
USA Master Trust (the "Trust") during the previous month. The information which
is required to be prepared for the Series 2000-2 Certificates with respect to
the Distribution Date occurring on May 17, 2004 and with respect to the
performance of the Trust during the month of April is set forth below. Certain
of the information is presented on the basis of an original principal amount of
$1,000 per Investor Certificate. Certain other information is presented based on
the aggregate amounts for the Trust as a whole. Capitalized terms used in this
Certificate have their respective meanings set forth in the Agreement or Series
Supplement, as applicable.
A) Information Regarding the Current Monthly Distribution
for the Series 2000-2 Class A Certificates and Class B
Certificates (stated on the basis of $1,000 original
certificate principal amount)
(1) The total amount distributed to Class A
Certificateholders per $1,000 original
certificate principal amount $1.128889
(2) The amount set forth in A(1) above distributed to
Class A Certificateholders with respect to
interest per $1,000 original certificate
principal amount $1.128889
(3) The amount set forth in A(1) above distributed to
Class A Certificateholders with respect to
principal per $1,000 original certificate
principal amount $0.000000
(4) The total amount distributed to Class B
Certificateholders per $1,000 original
certificate principal amount $1.431111
(5) The amount set forth in A(4) above distributed to
Class B Certificateholders with respect to
interest per $1,000 original certificate principal
amount $1.431111
(6) The amount set forth in A(4) above distributed to
Class B Certificateholders with respect to
principal per $1,000 original certificate
principal amount $0.000000
B) Information Regarding the Performance of the Trust
(1) Allocation of Receivables Collections to the
Series 2000-2 Certificates
(a) The aggregate amount of Finance Charge
Receivables collected during the Monthly
Period immediately preceding the
Distribution Date $64,909,555.27
1
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Series 2000-2 Monthly Statement
May 17, 2004 Distribution Date
--------------------------------------
(b) The aggregate amount of Interchange collected
and allocated to the Trust for the Monthly
Period immediately preceding the Distribution
Date $5,239,507.34
(c) The aggregate amount of Principal Receivables
collected during the Monthly Period
immediately preceding the Distribution Date $445,849,738.43
(d) The Floating Allocation Percentage with
respect to the Series 2000-2 Certificates for
the Monthly Period immediately preceding the
Distribution Date 11.248967%
(e) The Principal Allocation Percentage with
respect to the Series 2000-2 Certificates for
the Monthly Period immediately preceding the
Distribution Date 11.248967%
(f) The Finance Charge Receivables and
Interchange collected and allocated to the
Series 2000-2 Certificates for the Monthly
Period immediately preceding the
Distribution Date $7,891,045.10
(g) The Principal Receivables collected and
allocated to the Series 2000-2 Certificates
for the Monthly Period immediately preceding
the Distribution Date $50,153,491.22
(2) Available Finance Charge Collections and
Reallocated Principal Collections for Series
2000-2 for the Monthly Period immediately
preceding the Distribution Date.
(a) The Finance Charge Receivables and
Interchange collected and allocated to the
Series 2000-2 Certificates $7,891,045.10
(b) Collection Account and Special Funding
Account investment earnings allocated to the
Series 2000-2 Certificates $0.00
(c) Principal Funding Account Investment Proceeds $0.00
(d) Class A Reserve Draw Amount $0.00
(e) Class B Reserve Draw Amount $0.00
(f) Additional Finance Charges from other Series
allocated to the Series 2000-2 Certificates $0.00
(g) Payments, if any, on deposit as of the
Determination Date received from any Interest
Rate Protection Agreements $0.00
(h) Reallocated Class D Principal Collections $0.00
(i) Reallocated Collateral Principal Collections $0.00
2
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Series 2000-2 Monthly Statement
May 17, 2004 Distribution Date
--------------------------------------
(j) Reallocated Class B Principal Collections $0.00
(k) Total Available Finance Charge Collections
and Reallocated Principal Collections for
Series 2000-2 (total of (a), (b), (c), (d),
(e), (f), (g), (h), (i) and (j) above) $7,891,045.10
(3) Available Principal Collections for Series 2000-2
for the Monthly Period immediately preceding the
Distribution Date
(a) The Principal Receivables collected and
allocated to the Series 2000-2 Certificates $50,153,491.22
(b) Shared Principal Collections from other
Series allocated to the Series 2000-2
Certificates $0.00
(c) Additional amounts to be treated as Available
Principal Collections pursuant to the Series
Supplement $3,493,075.66
(d) Reallocated Class D Principal Collections $0.00
(e) Reallocated Collateral Principal Collections $0.00
(f) Reallocated Class B Principal Collections $0.00
(g) Available Principal Collections for Series
2000-2 (total of (a), (b) and ( c) minus (d),
(e) and (f) above) $53,646,566.88
(4) Delinquent Balances in the Trust
The aggregate outstanding balance of the Accounts
which were delinquent as of the close of business
on the last day of the Monthly Period immediately
preceding the Distribution Date.
(a) 31-60 days $80,440,392
(b) 61-90 days 63,927,759
(c) 91 or more days 135,025,102
------------
(d) Total Delinquencies $279,393,253
(5) Defaulted Amount
(a) The aggregate amount of Defaulted Receivables
with respect to the Trust for the Monthly
Period immediately preceding the Distribution
Date $37,713,454.01
(b) The aggregate Amount of Recoveries of
Defaulted Receivables processed during the
Monthly Period immediately preceding the
Distribution Date $6,661,042.08
3
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Series 2000-2 Monthly Statement
May 17, 2004 Distribution Date
--------------------------------------
(c) The Defaulted Amount for the Monthly Period
immediately preceding the Distribution Date
[Defaulted Receivables minus Recoveries] $31,052,411.93
(d) The Defaulted Amount for the Monthly Period
immediately preceding the Distribution Date
allocable to the Series 2000-2 Certificates
(the "Series 2000-2 Defaulted Amount") $3,493,075.66
(e) The Class A Defaulted Amount [Series 2000-2
Defaulted Amount multiplied by the Class A
Percentage] $2,715,763.73
(f) The Class B Defaulted Amount [Series 2000-2
Defaulted Amount multiplied by the Class B
Percentage] $357,877.31
(6) Class A Charge-Offs
(a) The excess, if any, of the Class A Defaulted
Amount over the sum of (i) Available Finance
Charge Collections applied to such Class A
Defaulted Amount, (ii) Reallocated Principal
Collections applied to such Class A Defaulted
Amount, (iii) the amount by which the Class D
invested Amount has been reduced in respect
of such Class A Defaulted Amount, (iv) the
amount by which the Collateral Invested
Amount has been reduced in respect of such
Class A Defaulted Amount and (v) the amount
by which the Class B Invested Amount has been
reduced in respect of such Class A Defaulted
Amount (a"Class A Charge-Off") $0.00
(b) The amount of the Class A Charge-Off set
forth in item 6(a) above, per $1,000 original
certificate principal amount (which will have
the effect of reducing, pro rata, the amount
of each Class A Certificateholder's
investment) $0.000000
(c) The total amount reimbursed on the
Distribution Date in respect of Class A
Charge-Offs for prior Distribution Dates $0.00
(d) The amount set forth in item 6(c) above per
$1,000 original certificate principal amount
(which will have the effect of increasing,
pro rata, the amount of each Class A
Certificateholder's investment) $0.000000
(e) The amount, if any, by which the outstanding
principal balance of the Class A Certificates
exceeds the Class A Invested Amount if any,
as of the Distribution Date, after giving
effect to all deposits, withdrawals and
distributions on such Distribution Date $0.00
4
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Series 2000-2 Monthly Statement
May 17, 2004 Distribution Date
--------------------------------------
(7) Class B Charge-Offs
(a) The excess, if any, of the Class B Defaulted
Amount over the sum of (i) Available Finance
Charge Collections applied to such Class B
Defaulted Amount, (ii) Reallocated Class D
Principal Collections applied to such Class B
Defaulted Amount, (iii) Reallocated
Collateral Principal Collections applied to
such Class B Defaulted Amount, (iv) the
amount by which the Class D Invested Amount
has been reduced in respect of such Class B
Defaulted Amount and (v) the amount by which
the Collateral Invested Amount has been reduced
in respect of such Class B Defaulted Amount $0.00
(b) The amount by which the Class B Invested
Amount has been reduced on the Distribution
Date in respect of Reallocated Class B
Principal Collections $0.00
(c) The amount by which the Class B Invested
Amount has been reduced on the Distribution
Date in respect of item 6(a) (together with
item 7(a), "Class B Charge-Offs") $0.00
(d) The total amount by which the Class B
Invested Amount has been reduced on the
Distribution Date as set forth in items 7(a),
(b) and (c) $0.00
(e) The amount set forth in item 7(d) above per
$1,000 original certificate principal amount
(which will have the effect of reducing, pro
rata, the amount of each Class B
Certificateholder's investment) $0.000000
(f) The total amount reimbursed on the
Distribution Date in respect of reductions in
the Class B Invested Amount on prior
Distribution Dates $0.00
(g) The amount set forth in item 7(f) above per
$1,000 original certificate principal amount
(which will have the effect of increasing,
pro rata, the amount of each Class B
Certificateholder's investment) $0.000000
(h) The amount, if any, by which the outstanding
principal balance of the Class B Certificates
exceeds the Class B Invested Amount if any,
as of the Distribution Date, after giving
effect to all deposits, withdrawals and
distributions on such Distribution Date $0.00
(8) Reductions in the Collateral Interest
(a) The excess, if any, of the Collateral
Defaulted Amount over the sum of (i)
Available Finance Charge Collections applied
to such Collateral Defaulted Amount, (ii)
Reallocated Class D Principal Collections
applied to such Collateral Defaulted Amount
and (iii) the amount by which the Class D
Invested Amount has been reduced in respect
of such Collateral Defaulted Amount $0.00
5
--------------------------------------
Series 2000-2 Monthly Statement
May 17, 2004 Distribution Date
--------------------------------------
(b) The amount by which the Collateral Invested
Amount has been reduced on the Distribution
Date in respect of Reallocated Collateral
Principal Collections $0.00
(c) The amount by which the Collateral Invested
Amount has been reduced on the Distribution
Date in respect of items 6(a) and 7(a) above $0.00
(d) The total amount by which the Collateral
Invested Amount has been reduced on the
Distribution Date as set forth in items 8(a),
(b) and (c) $0.00
(e) The total amount reimbursed on the
Distribution Date in respect of reductions in
the Collateral Invested Amount on prior
Distribution Dates $0.00
(f) The amount, if any, by which the outstanding
principal balance of the Collateral Interest
exceeds the Collateral Invested Amount, if
any, as of the Distribution Date, after
giving effect to all deposits, withdrawals
and distributions on the Distribution Date $0.00
(9) Reductions in the Class D Interest
(a) The excess, if any, of the Class D Defaulted
Amount over Available Finance Charge
Collections applied to such Class D
Defaulted Amount $0.00
(b) The amount by which the Class D Invested
Amount has been reduced on the Distribution
Date in respect of Reallocated Principal
Collections $0.00
(c) The amount by which the Class D Invested
Amount has been reduced on the Distribution
Date in respect of items 6(a), 7(a) and 8 (a)
above $0.00
(d) The total amount by which the Class D
Invested Amount has been reduced on the
Distribution Date as set forth in items 9(a),
(b) and (c) $0.00
(e) The total amount reimbursed on the
Distribution Date in respect of reductions in
the Class D Invested Amount on prior
Distribution Dates $0.00
(f) The amount, if any, by which the outstanding
principal balance of the Class D Interest
exceeds the Class D Invested Amount, if any,
as of the Distribution Date, after giving
effect to all deposits, withdrawals and
distributions on the Distribution Date $0.00
(10) Investor Monthly Servicing Fee
(a) The amount of the Series 2000-2 Monthly
Servicing Fee payable to the Servicer on the
Distribution Date $844,083.33
6
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Series 2000-2 Monthly Statement
May 17, 2004 Distribution Date
--------------------------------------
(11) Class A Monthly Interest
(a) Class A Monthly Interest payable on the
Distribution Date $508,000.00
(12) Class B Monthly Interest
(a) Class B Monthly Interest payable on the
Distribution Date $84,864.89
(13) Principal Funding Account Amount
(a) The amount on deposit in the Principal
Funding Account on the Distribution Date,
after giving effect to all deposits,
withdrawals and distributions on such
Distribution Date $0.00
(b) Deposits to the Principal Funding Account are
currently scheduled to commence on the
Distribution Date occurring in August 2004
(The initial funding date for the Principal
Funding Account may be modified in certain
circumstances in accordance with the terms of
the Series Supplement.)
(14) Deficit Controlled Accumulation Amount
The Deficit Controlled Accumulation Amount for the
Distribution Date, after giving effect to all
deposits, withdrawals and distributions on such
Distribution Date $0.00
(15) Class A Reserve Account
(a) The amount on deposit in the Class A Reserve
Account on the Distribution Date, after
giving effect to all deposits, withdrawals
and distributions on such Distribution Date
and the related Transfer Date $0.00
(b) The Class A Required Reserve Account Amount $0.00
(16) Class B Reserve Account
(a) The amount on deposit in the Class B Reserve
Account on the Distribution Date, after
giving effect to all deposits, withdrawals
and distributions on such Distribution Date
and the related Transfer Date $0.00
(b) The Class B Required Reserve Account Amount $0.00
7
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Series 2000-2 Monthly Statement
May 17, 2004 Distribution Date
--------------------------------------
C) Class A Invested Amount
(1) The Class A Initial Invested Amount $450,000,000.00
(2) The Class A Invested Amount on the
Distribution Date, after giving effect to all
deposits, withdrawals and distributions on
such Distribution Date $450,000,000.00
(3) The Pool Factor for the Distribution Date
(which represents the ratio of the Class A
Invested Amount, as of such Distribution
Date, after giving effect to any adjustment
in the Class A Invested Amount on such
Distribution Date, to the Class A Initial
Invested Amount). The amount of a Class A
Certificateholder's pro rata share of the
Class A Invested Amount can be determined by
multiplying the original denomination of the
Class A Certificateholder's Certificate by
the Pool Factor 1.000000
D) Class B Invested Amount
(1) The Class B Initial Invested Amount $59,300,000.00
(2) The Class B Invested Amount on the
Distribution Date, after giving effect to all
deposits, withdrawals and distributions on
such Distribution Date $59,300,000.00
(3) The Pool Factor for the Distribution Date
(which represents the ratio of the Class B
Invested Amount, as of such Distribution
Date, after giving effect to any adjustment
in the Class B Invested Amount on such
Distribution Date, to the Class B Initial
Invested Amount). The amount of a Class B
Certificateholder's pro rata share of the
Class B Invested Amount can be determined by
multiplying the original denomination of the
Class B Certificateholder's Certificate by
the Pool Factor. 1.000000
E) Collateral Invested Amount
(1) The Collateral Initial Invested Amount $49,200,000.00
(2) The Collateral Invested Amount on the
Distribution Date, after giving effect to all
deposits, withdrawals and distributions on
such Distribution Date $49,200,000.00
(3) The Collateral Invested Amount as a
percentage of the Invested Amount on such
Distribution Date 8.50%
F) Class D Invested Amount
(1) The Class D Initial Invested Amount $20,300,000.00
(2) The Class D Invested Amount on the
Distribution Date, after giving effect to all
deposits, withdrawals and distributions on
such Distribution Date $20,300,000.00
8
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Series 2000-2 Monthly Statement
May 17, 2004 Distribution Date
--------------------------------------
(3) The Class D Invested Amount as a percentage
of the Invested Amount on such Distribution
Date 3.51%
G) Receivables Balances
(1) The aggregate amount of Principal Receivables
in the Trust at the close of business on the
last day of the immediately preceding Monthly
Period $5,048,984,286
(2) The aggregate amount of Finance Charge
Receivables in the Trust at the close of
business on the last day of the immediately
preceding Monthly Period $228,280,581
H) Annualized Percentages
(1) The Gross Yield (Available Finance Charge
Collections for the Series 2000-2
Certificates for the preceding Monthly Period
(excluding payments received from Interest
Rate Protection Agreements) divided by the
Invested Amount of the Series 2000-2
Certificates as of the last day of the next
preceding Monthly Period, multiplied by 366
divided by the number of days in the calendar
month) Effective November 2002 monthly
period. 16.63%
(2) The Net Loss Rate (the Series 2000-2
Defaulted Amount for the preceding Monthly
Period divided by the Invested Amount of the
Series 2000-2 Certificates as of the last day
of the next preceding Monthly Period,
multiplied by 12) 7.24%
(3) The Portfolio Yield (the Gross Yield minus
the Net Loss Rate for the Series 2000-2
Certificates for the preceding Monthly
Period) 9.39%
(4) The Base Rate (Monthly Interest plus Monthly
Servicing Fee (based on an assumed Servicing
Fee Rate of 2% per annum) for the preceding
Monthly Period with respect to the related
Distribution Date, divided by the Invested
Amount of the Series 2000-2 Certificates as
of the last day of the next preceding Monthly
multiplied by 12) 3.91%
(5) The Net Spread (the Portfolio Yield minus the
Base Rate for the Series 2000-2 Certificates
for the preceding Monthly Period) 5.48%
(6) The Monthly Payment Rate (Collections of
Principal Receivables and Finance Charge
Receivables with respect to all Receivables
in the Trust for the preceding Monthly Period
divided by the amount of Receivables in the
Trust as of the last day of the next
preceding Monthly Period) 9.60%
9
--------------------------------------
Series 2000-2 Monthly Statement
May 17, 2004 Distribution Date
--------------------------------------
I) Series 2000-2 Information for the Last Three Distribution Dates
1) Gross Yield
a) 05/17/04 16.63%
b) 04/15/04 16.79%
c) 03/15/04 19.57%
2) Net Loss Rate
a) 05/17/04 7.24%
b) 04/15/04 6.36%
c) 03/15/04 7.60%
3) Net Spread (Portfolio Yield Minus Base Rate)
a) 05/17/04 5.48%
b) 04/15/04 6.57%
c) 03/15/04 8.26%
Three Month Average 6.77%
4) Monthly Payment Rate
a) 05/17/04 9.60%
b) 04/15/04 10.35%
c) 03/15/04 8.85%
CHASE MANHATTAN BANK USA,
NATIONAL ASSOCIATION,
Servicer
By: _____________________________
Name: Patricia Garvey
Title: Vice President
10