10-K 1 d10k.htm BANK ONE ISSUANCE TRUST - FORM 10-K Bank One Issuance Trust - Form 10-K

 

SECURITIES AND EXCHANGE COMMISSION

 

Washington, D.C. 20549

 

 

FORM 10-K

 

 

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

 

 

¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

Commission file number 333-103391

 

 

BANK ONE, DELAWARE, NATIONAL ASSOCIATION

(formerly FIRST USA BANK, NATIONAL ASSOCIATION)

on behalf of

Bank One Issuance Trust

(Issuer of the Notes)

(Exact name of registrant as specified in its charter)

 

 

Laws of the United States   51-0269396
(State or other jurisdiction of   (I.R.S. Employer
incorporation or organization)   Identification No.)
201 North Walnut Street   19801
Wilmington, Delaware   (Zip Code)
(Address of principal executive offices)    

 

 

Registrant’s telephone number, including area code: (302) 594-4000

 

Securities registered pursuant to Section 12(b) of the Act: NONE

 

Securities registered pursuant to Section 12(g) of the Act: NONE

 

 

Indicate by check mark whether the Registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

YES x    NO ¨

 

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.

Not Applicable.

 

Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Act).

YES ¨    NO x

 

State the aggregate market value of the voting stock held by non-affiliates of the Registrant. The aggregate market value shall be computed by reference to the price at which the stock was sold, or the average bid and asked prices of such stock, as of a specified date within 60 days prior to the date of filing.

 

Not Applicable.

 

Indicate the number shares outstanding of each of the Registrant’s class of common stock, as of the latest practicable date.

 

Not Applicable.

 

DOCUMENTS INCORPORATED BY REFERENCE:

 

1. The sections of the Registrant’s prospectus supplement (filed under Registration No. 333-103391) filed on February 24, 2004 set forth below:

 

  (a) “Risk Factors” on pages S-13 through S-16 of the prospectus supplement;

 

  (b) “Recent Developments” on page S-17 of the prospectus supplement;

 

  (c) “Bank One, Delaware, National Association” on page S-45 of the prospectus supplement; and

 

  (d) the prospectus.

BANK ONE, DELAWARE, NATIONAL ASSOCIATION

(Formerly FIRST USA BANK, NATIONAL ASSOCIATION)

BANK ONE ISSUANCE TRUST

2003 FORM 10-K ANNUAL REPORT

TABLE OF CONTENTS

 

          PAGE

Introductory Note

   3
PART I
          PAGE

ITEM 1.

    Business    4

ITEM 2.

    Properties    4

ITEM 3.

    Legal Proceedings    5

ITEM 4.

    Submission of Matters to a Vote of Security Holders    5
PART II

ITEM 5.

    Market for Registrant’s Common Equity and Related Stockholder Matters    6

ITEM 6.

    Selected Financial Data    6

ITEM 7.

    Management’s Discussion and Analysis of Financial Condition and Results of Operations    6

ITEM 7A.

    Quantitative and Qualitative Disclosures About Market Risk    6

ITEM 8.

    Financial Statements and Supplementary Data    7

ITEM 9.

    Changes in and Disagreements with Accountants on Accounting and Financial Disclosure    7
PART III

ITEM 10.

    Directors and Executive Officers of the Registrant    7

ITEM 11.

    Executive Compensation    7

ITEM 12.

    Security Ownership of Certain Beneficial Owners and Management    7

ITEM 13.

    Certain Relationships and Related Transactions    35

ITEM 14.

    Controls and Procedures    35
PART IV

ITEM 15.

    Exhibits, Financial Statement Schedules and Reports on Form 8-K    35
SIGNATURES
Signatures    36

Introductory Note

 

Bank One, Delaware, National Association (formerly First USA Bank, National Association) (the “Bank”) is the originator, transferor and servicer of the First USA Credit Card Master Trust (the “Master Trust”) under the Amended and Restated Pooling and Servicing Agreement (the “Pooling and Servicing Agreement”), dated as of March 28, 2002 and the Series 2002-CC Supplement dated as of May 1, 2002 (the “Series CC Supplement”) to the Pooling and Servicing Agreement. Pursuant to the terms of the Pooling and Servicing Agrement and the Series CC Supplement, the Master Trust issued the Series 2002-CC Certificate (the “Collateral Certificate”). The Bank is also the transferor of the Bank One Issuance Trust (the “Trust”), a Delaware statutory trust formed pursuant to the Amended and Restated Trust Agreement dated as of May 1, 2002 (the “Trust Agreement”), by and between the Bank, as transferor, and Wilmington Trust Company, as owner trustee (the “Owner Trustee”). The Trust has entered into a Transfer and Servicing Agreement, dated as of May 1, 2002 (the “Transfer and Servicing Agreement”), by and among the Bank, as transferor, servicer and administrator (in such capacities, the “Transferor” or the “Servicer”, as applicable), and Wells Fargo Bank, National Association, as indenture trustee and collateral agent (in such capacities, the “Indenture Trustee” or the “Collateral Agent”, as the case may be), whereby the Collateral Certificate has been transferred to the Trust by the Transferor. Pursuant to the terms of the Transfer and Servicing Agreement, the Transferor has also transferred certain credit card receivables to the Trust. The Trust has issued certain notes (the “Notes”) pursuant to the terms and conditions of (A) the Indenture, dated as of May 1, 2002 (the “Indenture”), between the Trust as issuer and the Indenture Trustee, (B) the ONESeries Indenture Supplement, dated as of May 1, 2002, between the Trust as issuer and the Indenture Trustee (the “ONESeries Indenture Supplement”), (C) the Asset Pool One Supplement, dated as of May 1, 2002, between the Trust, as issuer, the Indenture Trustee and the Collateral Agent (the “Asset Pool Supplement”), and (D) various terms documents or supplemental indentures (each, a “Terms Document” or “Supplemental Indenture”, as the case may be), each related to a particular tranche of notes issued by the Trust.

 

As of December 31, 2003, all outstanding Notes issued by the Trust are part of the ONESeries. As of December 31, 2003, the following tranches of ONESeries Notes were outstanding: Class A(2002-1), Class A(2002-2), Class A(2002-3), Class A(2002-4), Class A(2002-5), Class A(2002-6), Class A(2003-1), Class A(2003-2), Class A(2003-3), Class A(2003-4), Class A(2003-5), Class A(2003-6), Class A(2003-7), Class A(2003-8), Class A(2003-9), Class A(2003-10), Class B(2002-1), Class B(2002-2), Class B(2002-3), Class B(2003-1), Class B(2003-2), Class B(2003- 3), Class C(2002-1), Class C(2002-2), Class C(2002-3), Class C(2003-1), Class C(2003-2), Class C(2003-3) and Class C(2003-4).

 

The Registrant has previously filed the following documents with the Securities and Exchange Commission: the Pooling and Servicing Agreement, the Series CC Supplement, the Trust Agreement, the Transfer and Servicing Agreement, the Indenture, the ONESeries Indenture Supplement, the Asset Pool Supplement and each Terms Document or Supplemental Indenture relating to the Notes. Such filings were made on Form 8-K’s dated: June 17, 2002, November 1, 2002, November 15, 2002, and January 15, 2003, February 18, 2003, May 2, 2003, June 6, 2003, June 20, 2003, June 30, 2003, July 15, 2003, August 15, 2003, September 29, 2003, and October 29, 2003.

 

The Collateral Certificate and the Notes do not represent obligations of or interests in the Bank.

 

Lomas Bank USA, predecessor of the Bank, applied for exemptions from certain reporting requirements pursuant to Section 12(h) of the Securities and Exchange Act of 1934. The Securities and Exchange Commission granted Lomas Bank USA exemptions from certain reporting requirements pursuant to a “no action letter” dated March 28, 1989. The Bank is relying on such no action letter in not responding to various items of Form 10-K. Such items are designated herein as “Not Applicable.”

 

The Bank is a direct, wholly owned subsidiary of BANK ONE CORPORATION (“BANK ONE”). The Bank resulted from the merger, effective September 17, 1999, of First USA Bank, National Association, with and into FCC National Bank, an affiliated national banking association, and the

 

3

surviving entity. The surviving entity was renamed “First USA Bank, National Association”. Effective September 30, 2002, the name of the Bank was changed to “Bank One, Delaware, National Association”.

 

PART I

 

ITEM 1.    BUSINESS

 

Available Information: BANK ONE, the parent corporation of Bank One, Delaware, National Association, has an Internet website at www.bankone.com which includes certain Trust reports. Electronic copies of the Trust’s annual report on Form 10-K and current reports on Form 8-K are available free of charge by visiting the “Investor Relations” section of www.bankone.com. The reports can be found under “Asset Backed Securities” in the Investor Relations section of the website. These reports are posted as soon as reasonably practicable after they are electronically filed with the Securities and Exchange Commission.

 

ITEM 2.    PROPERTIES

 

The property of Bank One Issuance Trust (the “Trust”) includes and will include one or more collateral certificates and credit card receivables arising in consumer revolving credit card accounts owned by Bank One Delaware, National Association (the “Bank” or the “Registrant”) or by one of its affiliates. Each collateral certificate represents an undivided interest in a credit card master trust or other securitization special purpose entity, whose assets consist primarily of credit card receivables arising in consumer credit card accounts owned by the Bank or by one of its affiliates. As of the date hereof, the only collateral certificate owned by the Trust is the Collateral Certificate which was issued by the First USA Credit Card Master Trust (the “Master Trust”). This Collateral Certificate represents an undivided interest in the assets of the Master Trust. The Master Trust’s assets primarily include credit card receivables selected from MasterCard® and VISA®* consumer revolving credit card accounts that meet the eligibility criteria for inclusion in the Master Trust. The Trust also owns certain credit card receivables transferred into the Trust by the Bank. These credit card receivables arise in MasterCard® and VISA®* consumer revolving credit card accounts owned by the Bank and meet the eligibility criteria for inclusion in the Trust.

 

Each collateral certificate and credit card receivable transferred to the Trust will be designated for inclusion in a specific asset pool. Payments of principal and interest on each series, class or tranche of Notes will be secured primarily by the assets included in a particular asset pool. As of the date hereof, the only asset pool is Asset Pool One. The Collateral Certificate and all the credit card receivables in the Trust are included in Asset Pool One. Future issuances of Notes by the Trust may be secured by different asset pools.

 

The receivables included in the Master Trust (the “Master Trust Portfolio”), as of the close of business on December 31, 2003, consisted of $47,173,105,212 of Principal Receivables and $1,094,217,778 of Finance Charge Receivables. As of December 31, 2003, cardholders whose accounts are included in the Master Trust Portfolio, had billing addresses in 50 states, the District of Columbia and other United States territories and possessions.

 

The receivables included in the Trust (the “Trust Portfolio”), as of the close of business on December 31, 2003, consisted of $4,967,018,764 of Principal Receivables and $99,407,888 of Finance Charge Receivables. As of December 31, 2003, the invested amount of the First USA Credit Card Master Trust collateral certificate is expected to be $15,000,000,000. As of December 31, 2003, cardholders whose accounts are included in the Trust Portfolio had billing addresses in 50 states, the District of Columbia and other United States territories and possessions.

*MasterCard and VISA are registered trademarks of MasterCard International Incorporated and VISA USA Incorporated, respectively.

 

4

The following table summarizes the Composition by Period of Delinquency for the portfolio of MasterCard and VISA revolving credit cards owned by the Bank and its affiliates (the “Bank Servicing Portfolio”) as of the close of business on December 31, 2003. Because each of the Master Trust Portfolio and the Trust Portfolio represents only a portion of the Bank Servicing Portfolio, the actual delinquency experience of the Master Trust Portfolio or the Trust Portfolio may be different than that set forth below. Because the future composition of the Bank Servicing Portfolio may change over time, this table is not necessarily indicative of the composition of the Bank Servicing Portfolio at any subsequent time.

 

Composition by Period of Delinquency

Bank Servicing Portfolio

 

Period of Delinquency

(Days Contractually

Delinquent)

    Amount of
Receivables
    Percentage
of Total
Receivables
  

30 to 59 Days

    $ 923,833,856    1.21 %

60 to 89 Days

      641,153,989    0.84  

90 or More Days

      1,409,738,517    1.85  
    
  

Total

    $ 2,974,726,362    3.90 %
    
  

 

The aggregate amount of receivables written off during the twelve-month reporting period in the Bank Servicing Portfolio was $3,918,822,509. The investor amount of Principal Receivables written off in Asset Pool One allocated to the ONESeries (the “ONESeries Default Amount”) for 2003 was $714,439,706. The ONESeries Default Amount as a percentage of the average nominal liquidation amount of outstanding ONESeries Notes during the reporting period was approximately 5.54%.

 

ITEM 3.    LEGAL PROCEEDINGS

 

There are no material pending legal proceedings with respect to the Trust or the Master Trust involving the Trust, the Master Trust, the Indenture Trustee, the Owner Trustee or the Registrant. The Bank is a defendant in various lawsuits, including lawsuits seeking class action certification in both state and federal courts. These lawsuits challenge certain policies and practices of the Bank’s credit card business. A few of these lawsuits have been conditionally certified as class actions. The Bank has defended itself against claims in the past and intends to continue to do so in the future. While it is impossible to predict the outcome of any of these lawsuits, the Bank believes that any liability which might result from these lawsuits will not have a material adverse effect on the Trust.

 

ITEM 4.    SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

 

None.

 

5

PART II

 

ITEM 5.    MARKET FOR REGISTRANT’S COMMON EQUITY AND RELATED STOCKHOLDER MATTERS

 

As of December 31, 2003, the number of holders of record identified by the Depository Trust Company for the respective Series is as follows:

 

Investor Certificate Description

    Record Holders

ONEseries Class A(2002-1)

    14

ONEseries Class A(2002-2)

    54

ONEseries Class A(2002-3)

    70

ONEseries Class A(2002-4)

    51

ONEseries Class A(2002-5)

    16

ONEseries Class A(2002-6)

    6

ONEseries Class A(2003-1)

    21

ONEseries Class A(2003-2)

    38

ONEseries Class A(2003-3)

    14

ONEseries Class A(2003-4)

    6

ONEseries Class A(2003-5)

    28

ONEseries Class A(2003-6)

    15

ONEseries Class A(2003-7)

    35

ONEseries Class A(2003-8)

    9

ONEseries Class A(2003-9)

    28

ONEseries Class A(2003-10)

    4

ONEseries Class B(2002-1)

    23

ONEseries Class B(2002-2)

    9

ONEseries Class B(2002-3)

    8

ONEseries Class B(2003-1)

    11

ONEseries Class B(2003-2)

    6

ONEseries Class B(2003-3)

    8

ONEseries Class C(2002-1)

    12

ONEseries Class C(2002-2)

    7

ONEseries Class C(2002-3)

    9

ONEseries Class C(2003-1)

    16

ONEseries Class C(2003-2)

    20

ONEseries Class C(2003-3)

    22

ONEseries Class C(2003-4)

    11

 

ITEM 6.    SELECTED FINANCIAL DATA

 

Not applicable.

 

ITEM 7.    MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF

                   OPERATIONS

 

Not applicable.

 

ITEM 7A.    QUANTATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

 

Not applicable.

 

6

ITEM 8.    FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

 

Not applicable.

 

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

 

Not applicable.

 

ITEM 11.    EXECUTIVE COMPENSATION

 

Not applicable.

 

ITEM 12.    SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

 

(a)    The following sets forth certain information believed by the Registrant to be accurate based on information provided to it concerning the beneficial ownership of investor certificates. Number of certificates identifies the number of $1,000 minimum denomination certificates beneficially owned by each such investor.

 

Beneficial owners of more than 5% of the ONEseries Class A(2002-1) investor certificates as of December 31, 2003, are as follows:

 

    

NUMBER OF

CERTIFICATES

   

% OF

OWNERSHIP

  

Bank of New York (The)

Cecile Lamarco

One Wall Street

New York, NY 10286

    94,730    9.47 %

JP Morgan Chase Bank

Paula J. Dabner

Proxy/Class Actions/Bankruptcy

14201 Dallas Pkwy

Dallas, TX 75254

    289,600    28.96 %

Merrill Lynch, Pierce Fenner & Smith Safekeeping

Veronica O’Neill

4 Corporate Place

Piscataway, NJ 08854

    93,365    9.34 %

State Street Bank and Trust Company

Joseph Callahan

1776 Heritage Dr.

Global Corp. Action Unit JAB 5NW

No. Quincy, MA 02171

    372,565    37.26 %

Wells Fargo Bank Minnesota, N.A

Issuer Services

C/O ADP Proxy Services

51 Mercedes Way

Edgewood, NY 11717

    50,000    5.00 %

 

7

Beneficial owners of more than 5% of the ONEseries Class A(2002-2) investor certificates as of December 31, 2003, are as follows:

 

    

NUMBER OF

CERTIFICATES

   

% OF

OWNERSHIP

  

Bank of New York (The)

Cecile Lamarco

One Wall Street

New York, NY 10286

    188,795.465    15.10 %

Brown Brothers Harriman & Co.

Robert Davide

63 Wall Street, 8th Floor

New York, NY 10005

    63,335    5.07 %

JP Morgan Chase Bank

Paula J. Dabner

Proxy/Class Actions/Bankruptcy

14201 Dallas Pkwy

Dallas, TX 75254

    351,995    28.16 %

Mellon Trust of New England, NA

Melissa Tarasovich

525 William Penn Place

Pittsburgh, PA 15259

    104,800    8.38 %

Northern Trust Company (The)

801 S. Canal C-IN

Chicago, IL 60607

    65,220    5.22 %

State Street Bank and Trust Company

Joseph J. Callahan

1776 Heritage Dr.

Global Corp. Action Unit JAB 5NW

No. Quincy, MA 02171

    166,247.303    13.30 %

SSB-Bank Portfolio

Joe Callahan

1776 Heritage Dr.

Global Corp. Action Unit JAB 5NW

No. Quincy, MA 02171

    70,000    5.60 %

 

8

Beneficial owners of more than 5% of the ONEseries Class A(2002-3) investor certificates as of December 31, 2003, are as follows:

 

    

NUMBER OF

CERTIFICATES

   

% OF

OWNERSHIP

  

Bank of New York (The)

Cecile Lamarco

One Wall Street

New York, NY 10286

    120,719    24.14 %

Brown Brothers Harriman & Co.

Robert Davide

63 Wall Street, 8th Floor

New York, NY 10005

    30,200    6.04 %

Citibank, N.A.

David A. Leslie

3800 Citibank Center B3-15

Tampa, FL 33610

    33,596    6.72 %

Deutsche Bank Trust Company Americas

John Lasher

648 Grassmere Park Road

Nashville, TN 37211

    30,000    6.00 %

JP Morgan Chase Bank

Paula J. Dabner

Proxy/Class Actions/ Bankruptcy

Dallas, TX 75254

    83,595    16.72 %

Mellon Trust of New England, NA

Melissa Tarasovich

525 William Penn Place

Pittsburgh, PA 15259

    41,955    8.39 %

Northern Trust Company (The)

801 S. Canal C-IN

Chicago, IL 60607

    28,648    5.73 %

State Street Bank and Trust Company

Joseph J. Callahan

1776 Heritage Dr.

Global Corp. Action Unit JAB 5NW

No. Quincy, MA 02171

    56,423    11.28 %

 

9

Beneficial owners of more than 5% of the ONEseries Class A(2002-4) investor certificates as of December 31, 2003, are as follows:

 

    

NUMBER OF

CERTIFICATES

   

% OF

OWNERSHIP

  

Bank of New York (The)

Cecile Lamarco

One Wall Street

New York, NY 10286

    69,257.413    9.23 %

Brown Brothers Harriman & Co.

Robert Davide

63 Wall Street, 8th Floor

New York, NY 10005

    37,625    5.02 %

JPMorgan Chase Bank

Paula J. Dabner

c/o Proxy/Class Actions/Bankruptcy

14201 Dallas Parkway

Dallas, TX 75254

    182,224    24.30 %

Mellon Trust of New England, NA

Melissa Tarasovich

525 William Penn Place

Pittsburgh, PA 15259

    80,754.622    10.77 %

Northern Trust Company (The)

801 S. Canal C-IN

Chicago, IL 60607

    63,325.953    8.44 %

State Street Bank and Trust Company

Joseph J. Callahan

1776 Heritage Dr.

Global Corp. Action Unit JAB 5NW

No. Quincy, MA 02171

    91,614.283    12.22 %

U.S. Bank, N.A.

Keith Frohlicher

Attn: Securities Control

1555 N. Rivercenter Dr Ste 0300

Milwaukee, WI 53212

    60,169.430    8.02 %

 

10

Beneficial owners of more than 5% of the ONEseries Class A(2002-5) investor certificates as of December 31, 2003, are as follows:

 

    

NUMBER OF

CERTIFICATES

   

% OF

OWNERSHIP

  

Bank of New York (The)

Cecile Lamarco

One Wall Street

New York, NY 10286

    140,000    16.47 %

Brown Brothers Harriman & Co.

Robert Davide

63 Wall Street, 8th Floor

New York, NY 10005

    100,000    11.76 %

JPMorgan Chase Bank

Paula J. Dabner

c/o Proxy/Class Actions/Bankruptcy

14201 Dallas Parkway

Dallas, TX 75254

    175,500    20.65 %

State Street Bank and Trust Company

Joseph J. Callahan

1776 Heritage Dr.

Global Corp. Action Unit JAB 5NW

No. Quincy, MA 02171

    155,000    18.24 %

UBS Securities LLC

Carlos Lede

677 Washington Blvd

Stamford, CT 06901

    110,950    13.05 %

 

11

Beneficial owners of more than 5% of the ONEseries Class A(2002-6) investor certificates as of December 31, 2003, are as follows:

 

    

NUMBER OF

CERTIFICATES

   

% OF

OWNERSHIP

  

Bank of New York (The)

Cecile Lamarco

One Wall Street

New York, NY 10286

    175,000    35.00 %

Harris Trust & Savings Bank

Carol Montgomery

111 W. Monroe St

Chicago, IL 60603

    50,000    10.00 %

JPMorgan Chase Bank

Paula J. Dabner

c/o Proxy/Class Actions/Bankruptcy

14201 Dallas Parkway

Dallas, TX 75254

    70,000    14.00 %

JPMorgan Chase Bank/Correspondence Clearing Services 2

Paula J. Dabner

c/o Proxy/Class Actions/Bankruptcy

14201 Dallas Parkway

Dallas, TX 75254

    100,000    20.00 %

U.S. Bank, N.A.

Keith Frohlicher

Attn: Securities Control

1555 N. Rivercenter Dr Ste 0300

Milwaukee, WI 53212

    90,000    18.00 %

 

12

Beneficial owners of more than 5% of the ONEseries Class A(2003-1) investor certificates as of December 31, 2003, are as follows:

 

    

NUMBER OF

CERTIFICATES

   

% OF

OWNERSHIP

  

Bank of New York (The)

Cecile Lamarco

One Wall Street

New York, NY 10286

    375,120    37.51 %

Citibank, N.A.

David Leslie

3800 Citibank Center B3-15

Tampa, FL 33610

    105,000    10.50 %

Harris Trust and Savings Bank

Carol Montgomery

111 W. Monroe St. Mail Code3404

Chicago, IL 60603

    50,000    5.00 %

JPMorgan Chase Bank

Paula J. Dabner

c/o Proxy/Class Actions/Bankruptcy

14201 Dallas Parkway

Dallas, TX 75254

    192,500    19.25 %

Mellon Trust of New England, National Association

Melissa Tarasovich

525 William Penn Place

Pittsburgh, PA 15259

    99,225    9.92 %

State Street Bank and Trust Company

Joseph J. Callahan

1776 Heritage Dr.

Global Corp. Action Unit JAB 5NW

No. Quincy, MA 02171

    55,550    5.56 %

 

13

Beneficial owners of more than 5% of the ONEseries Class A(2003-2) investor certificates as of December 31, 2003, are as follows:

 

    

NUMBER OF

CERTIFICATES

   

% OF

OWNERSHIP

  

Bank of New York (The)

Cecile Lamarco

One Wall Street

New York, NY 10286

    238,928    15.93 %

The Bank of New York/ Wachovia Bank, N.A

Joe Winkhart

One Wall Street

New York, NY 10286

    111,790    7.45 %

Citibank, N.A.

David Leslie

3800 Citibank Center B3-15

Tampa, FL 33610

    97,216    6.48 %

JPMorgan Chase Bank

Paula J. Dabner

c/o Proxy/Class Actions/Bankruptcy

14201 Dallas Parkway

Dallas, TX 75254

    311,098    20.74 %

State Street Bank and Trust Company

Joseph J. Callahan

1776 Heritage Dr.

Global Corp. Action Unit JAB 5NW

No. Quincy, MA 02171

    386,656    25.78 %

 

14

Beneficial owners of more than 5% of the ONEseries Class A(2003-3) investor certificates as of December 31, 2003, are as follows:

 

    

NUMBER OF

CERTIFICATES

   

% OF

OWNERSHIP

  

Bank of New York (The)

Cecile Lamarco

One Wall Street

New York, NY 10286

    241,000    19.28 %

Citibank, N.A.

David Leslie

3800 Citibank Center B3-15

Tampa, FL 33610

    110,200    8.82 %

JPMorgan Chase Bank

Paula J. Dabner

c/o Proxy/Class Actions/Bankruptcy

14201 Dallas Parkway

Dallas, TX 75254

    529,875    42.39 %

State Street Bank and Trust Company

Joseph J. Callahan

1776 Heritage Dr.

Global Corp. Action Unit JAB 5NW

No. Quincy, MA 02171

    142,350    11.39 %

 

15

Beneficial owners of more than 5% of the ONEseries Class A(2003-4) investor certificates as of December 31, 2003, are as follows:

 

    

NUMBER OF

CERTIFICATES

   

% OF

OWNERSHIP

  

Bank of New York (The)

Cecile Lamarco

One Wall Street

New York, NY 10286

    250,000    50.00 %

DBTC Americas/Deutsche Bank Frankfurt

Scott Habura

14 Wall Street 5th Floor

Broker/ Dealer Clearance

New York, NY 10005

    150,000    30.00 %

JPMorgan Chase Bank/Correspondence Clearing Services 2

Paula J. Dabner

c/o Proxy/Class Actions/Bankruptcy

14201 Dallas Parkway

Dallas, TX 75254

    50,000    10.00 %

 

16

Beneficial owners of more than 5% of the ONEseries Class A(2003-5) investor certificates as of December 31, 2003, are as follows:

 

    

NUMBER OF

CERTIFICATES

   

% OF

OWNERSHIP

  

Bank of New York (The)

Cecile Lamarco

One Wall Street

New York, NY 10286

    281,500    28.15 %

JPMorgan Chase Bank

Paula J. Dabner

c/o Proxy/Class Actions/Bankruptcy

14201 Dallas Parkway

Dallas, TX 75254

    203,900    20.39 %

Mellon Trust of New England, National Association

Melissa Tarasovich

525 William Penn Place

Pittsburgh, PA 15259

    56,940    5.69 %

Northern Trust Company (The)

Amelia Henson

801 S. Canal C-IN

Chicago, IL 60607

    238,795    23.88 %

State Street Bank and Trust Company

Joseph J. Callahan

1776 Heritage Dr.

Global Corp. Action Unit JAB 5NW

No. Quincy, MA 02171

    85,960    8.60 %

 

17

Beneficial owners of more than 5% of the ONEseries Class A(2003-6) investor certificates as of December 31, 2003, are as follows:

 

    

NUMBER OF

CERTIFICATES

   

% OF

OWNERSHIP

  

Bank of New York (The)

Cecile Lamarco

One Wall Street

New York, NY 10286

    285,539.500    28.55 %

Citibank, N.A.

David Leslie

3800 Citibank Center B3-15

Tampa, FL 33610

    156,250    15.63 %

Citibank Dealer-Tax Exempt Operations

John Dellolio VP

One Court Square 45th Floor

L.I.C., NY 11120-0001

    50,000    5.00 %

Harris Trust and Savings Bank

Carol Montgomery

111 W. Monroe St. Mail Code3404

Chicago, IL 60603

    60,000    6.00 %

JPMorgan Chase Bank

Paula J. Dabner

c/o Proxy/Class Actions/Bankruptcy

14201 Dallas Parkway

Dallas, TX 75254

    230,000    23.00 %

Mellon Trust of New England, National Association

Melissa Tarasovich

525 William Penn Place

Pittsburgh, PA 15259

    143,450    14.35 %

State Street Bank and Trust Company

Joseph J. Callahan

1776 Heritage Dr.

Global Corp. Action Unit JAB 5NW

No. Quincy, MA 02171

    62,725    6.27 %

 

18

Beneficial owners of more than 5% of the ONEseries Class A(2003-7) investor certificates as of December 31, 2003, are as follows:

 

    

NUMBER OF

CERTIFICATES

   

% OF

OWNERSHIP

  

American Express Trust Company

Cindy Willis

929 AXP Financial Center

Minneapolis, MN 55474

    35,000    7.00 %

Bank of New York (The)

Cecile Lamarco

One Wall Street

New York, NY 10286

    147,254    29.45 %

The Bank of New York /Fifth Third Bank

Donna Steinman

One Wall Street

New York, NY 10286

    45,000    9.00 %

Citibank, N.A.

David Leslie

3800 Citibank Center B3-15

Tampa, FL 33610

    33,725    6.75 %

State Street Bank and Trust Company

Joseph J. Callahan

1776 Heritage Dr.

Global Corp. Action Unit JAB 5NW

No. Quincy, MA 02171

    61,960    12.39 %

Wells Fargo Bank Minnesota, NA

Issuer Services

C/O ADP Proxy Services

51 Mercedes Way

Edgewood, NY 11717

    27,506    5.50 %

 

19

Beneficial owners of more than 5% of the ONEseries Class A(2003-8) investor certificates as of December 31, 2003, are as follows:

 

    

NUMBER OF

CERTIFICATES

   

% OF

OWNERSHIP

  

Bank of New York (The)

Cecile Lamarco

One Wall Street

New York, NY 10286

    200,000    38.10 %

BNY/ITC –Dealers Clearance Special

Mike Smith

6th Floor

New York, NY 10286

    55,000    10.48 %

Citibank, N.A.

David Leslie

3800 Citibank Center B3-15

Tampa, FL 33610

    80,000    15.24 %

DBTC Americas/Deutsche Bank Frankfurt

Scott Habura

14 Wall Street 5th Floor

Broker/ Dealer Clearance

New York, NY 10005

    50,000    9.52 %

JPMorgan Chase Bank

Paula J. Dabner

c/o Proxy/Class Actions/Bankruptcy

14201 Dallas Parkway

Dallas, TX 75254

    80,000    15.24 %

 

20

Beneficial owners of more than 5% of the ONEseries Class A(2003-9) investor certificates as of December 31, 2003, are as follows:

 

    

NUMBER OF

CERTIFICATES

   

% OF

OWNERSHIP

  

Bank of New York (The)

Cecile Lamarco

One Wall Street

New York, NY 10286

    69,880    10.75 %

The Bank of New York /Fifth Third Bank

Donna Steinman

One Wall Street

New York, NY 10286

    48,000    7.38 %

JPMorgan Chase Bank

Paula J. Dabner

c/o Proxy/Class Actions/Bankruptcy

14201 Dallas Parkway

Dallas, TX 75254

    92,275    14.20 %

Mellon Trust of New England, National Association

Melissa Tarasovich

525 William Penn Place

Pittsburgh, PA 15259

    145,105    22.32 %

PNC Bank, N.A. /Pittsburgh

Barbara Skwarcha

One PNC Plaza, 9th Floor

Pittsburgh, PA 15222-7707

    35,000    5.38 %

State Street Bank and Trust Company

Joseph J. Callahan

1776 Heritage Dr.

Global Corp. Action Unit JAB 5NW

No. Quincy, MA 02171

    97,840    15.05 %

 

21

Beneficial owners of more than 5% of the ONEseries Class A(2003-10) investor certificates as of December 31, 2003, are as follows:

 

    

NUMBER OF

CERTIFICATES

   

% OF

OWNERSHIP

  

Mellon Trust of New England, National Association

Melissa Tarasovich

525 William Penn Place

Pittsburgh, PA 15259

    85,000    8.50 %

State Street Bank and Trust Company

Joseph J. Callahan

1776 Heritage Dr.

Global Corp. Action Unit JAB 5NW

No. Quincy, MA 02171

    860,000    86.00 %

 

22

Beneficial owners of more than 5% of the ONEseries Class B(2002-1) investor certificates as of December 31, 2003, are as follows:

 

    

NUMBER OF

CERTIFICATES

   

% OF

OWNERSHIP

  

Bank of New York (The)

Cecile Lamarco

One Wall Street

New York, NY 10286

    61,520    24.61 %

JPMorgan Chase Bank

Paula J. Dabner

c/o Proxy/Class Actions/Bankruptcy

14201 Dallas Parkway

Dallas, TX 75254

    63,165    25.27 %

JPMorgan Chase Bank/Correspondence Clearing Services 2

Paula J. Dabner

c/o Proxy/Class Actions/Bankruptcy

14201 Dallas Parkway

Dallas, TX 75254

    15,000    6.00 %

State Street Bank and Trust Company

Joseph J. Callahan

1776 Heritage Dr.

Global Corp. Action Unit JAB 5NW

No. Quincy, MA 02171

    84,660    33.86 %

 

23

Beneficial owners of more than 5% of the ONEseries Class B(2002-2) investor certificates as of December 31, 2003, are as follows:

 

    

NUMBER OF

CERTIFICATES

   

% OF

OWNERSHIP

  

Bank of New York (The)

Cecile Lamarco

One Wall Street

New York, NY 10286

    56,200    20.44 %

Barclays Global Investors N.A./

Investors Bank & Trust

McDaniel Koren

980 9th Street 6th Floor

Sacramento, CA 95814

    75,000    27.27 %

JPMorgan Chase Bank

Paula J. Dabner

c/o Proxy/Class Actions/Bankruptcy

14201 Dallas Parkway

Dallas, TX 75254

    28,000    10.18 %

JPMorgan Chase Bank/Correspondence Clearing Services 2

Paula J. Dabner

c/o Proxy/Class Actions/Bankruptcy

14201 Dallas Parkway

Dallas, TX 75254

    25,000    9.09 %

Mellon Trust of New England, National Association

Melissa Tarasovich

525 William Penn Place

Pittsburgh, PA 15259

    50,822    18.48 %

State Street Bank and Trust Company

Joseph J. Callahan

1776 Heritage Dr.

Global Corp. Action Unit JAB 5NW

No. Quincy, MA 02171

    15,878    5.77 %

 

24

Beneficial owners of more than 5% of the ONEseries Class B(2002-3) investor certificates as of December 31, 2003, are as follows:

 

    

NUMBER OF

CERTIFICATES

   

% OF

OWNERSHIP

  

Barclays Global Investors N.A./

Investors Bank & Trust

McDaniel Koren

980 9th Street 6th Floor

Sacramento, CA 95814

    100,000    20.00 %

Bank of Tokyo-Mitsubishi Trust Company

Herman Smith

Trust Operations Dept Plaza 3

5th Floor Harborside Fin’l Ctr

Jersey City, NJ 07311-1904

    50,000    10.00 %

Deutsche Bank Trust Company Americas

John Lasher

648 Grassmere Park Road

Nashville TN 37211

    140,000    28.00 %

JPMorgan Chase Bank

Paula J. Dabner

c/o Proxy/Class Actions/Bankruptcy

14201 Dallas Parkway

Dallas, TX 75254

    39,500    7.90 %

Mellon Trust of New England, National Association

Melissa Tarasovich

525 William Penn Place

Pittsburgh, PA 15259

    50,000    10.00 %

State Street Bank and Trust Company

Joseph J. Callahan

1776 Heritage Dr.

Global Corp. Action Unit JAB 5NW

No. Quincy, MA 02171

    85,000    17.00 %

SSB-Bank Portfolio

Joe Callahan

1776 Heritage Dr.

Global Corp. Action Unit JAB 5NW

No. Quincy, MA 02171

    35,000    7.00 %

 

25

Beneficial owners of more than 5% of the ONEseries Class B(2003-1) investor certificates as of December 31, 2003, are as follows:

 

    

NUMBER OF

CERTIFICATES

   

% OF

OWNERSHIP

  

Bank of New York (The)

Cecile Lamarco

One Wall Street

New York, NY 10286

    40,250    20.13 %

The Bank of New York/Banc One Capital Markets Inc.

Rosa Mendez

One Wall Street

New York, NY 10286

    15,000    7.50 %

Bank of Tokyo-Mitsubishi Trust Company

Herman Smith

Trust Operations Dept Plaza 3

5th Floor Harborside Fin’l Ctr

Jersey City, NJ 07311-1904

    50,000    25.00 %

JPMorgan Chase Bank

Paula J. Dabner

c/o Proxy/Class Actions/Bankruptcy

14201 Dallas Parkway

Dallas, TX 75254

    45,000    22.50 %

JPMorgan Chase Bank/Correspondence Clearing Services 2

Paula J. Dabner

c/o Proxy/Class Actions/Bankruptcy

14201 Dallas Parkway

Dallas, TX 75254

    10,000    5.00 %

Northern Trust Company (The)

Amelia Henson

801 S. Canal C-IN

Chicago, IL 60607

    15,250    7.63 %

Wells Fargo Bank Minnesota, N.A.

Issuer Services

C/O ADP Proxy Services

51 Mercedes Way

Edgewood, NY 11717

    15,000    7.50 %

 

26

Beneficial owners of more than 5% of the ONEseries Class B(2003-3) investor certificates as of December 31, 2003, are as follows:

 

    

NUMBER OF

CERTIFICATES

   

% OF

OWNERSHIP

  

The Bank of New York/Broker Dealer Omnibus

Cleola L. Moore

One Wall Street

New York, NY 10286

    100,000    36.36 %

Bank of Tokyo-Mitsubishi Trust Company

Herman Smith

Trust Operations Dept Plaza 3

5th Floor Harborside Fin’l Ctr

Jersey City, NJ 07311-1904

    150,000    54.55 %

Wachovia Bank N.A. – Phila. Main

Courtney Burton

530 Walnut Street 1st Floor

Philadelphia, PA 19101

    15,000    5.45 %

 

27

Beneficial owners of more than 5% of the ONEseries Class C(2002-1) investor certificates as of December 31, 2003, are as follows:

 

    

NUMBER OF

CERTIFICATES

   

% OF

OWNERSHIP

  

Bank of New York (The)

Cecile Lamarco

One Wall Street

New York, NY 10286

    19,119    7.65 %

Citibank, N.A.

David A. Leslie

3800 Citibank Center B3-15

Tampa, FL 33610

    52,233    20.89 %

JPMorgan Chase Bank

Paula J. Dabner

c/o Proxy/Class Actions/Bankruptcy

14201 Dallas Parkway

Dallas, TX 75254

    83,680    33.47 %

Mellon Trust of New England, National Association

Melissa Tarasovich

525 William Penn Place

Pittsburgh, PA 15259

    28,432    11.37 %

Wells Fargo Bank Minnesota, N.A.

Issuer Services

C/O ADP Proxy Services

51 Mercedes Way

Edgewood, NY 11717

    17,000    6.80 %

 

28

Beneficial owners of more than 5% of the ONEseries Class C(2002-2) investor certificates as of December 31, 2003, are as follows:

 

    

NUMBER OF

CERTIFICATES

   

% OF

OWNERSHIP

  

Bank of New York (The)

Cecile Lamarco

One Wall Street

New York, NY 10286

    29,000    12.89 %

Deutsche Bank Trust Company Americas

John Lasher

648 Grassmere Park Road

Nashville, TN 37211

    75,000    33.33 %

Deutsche Bank Securitites

Lou Pagnotta

1251 Avenue of the Americas

Edgewood, NY 11717

    100,000    44.44 %

 

29

Beneficial owners of more than 5% of the ONEseries Class C(2002-3) investor certificates as of December 31, 2003, are as follows:

 

    

NUMBER OF

CERTIFICATES

   

% OF

OWNERSHIP

  

Bank of New York (The)

Cecile Lamarco

One Wall Street

New York, NY 10286

    35,751    20.43 %

Deutsche Bank Trust Company Americas

John Lasher

648 Grassmere Park Road

Nashville, TN 37211

    10,000    5.71 %

JPMorgan Chase Bank

Paula J. Dabner

c/o Proxy/Class Actions/Bankruptcy

14201 Dallas Parkway

Dallas, TX 75254

    44,000    25.14 %

Northern Trust Company (THE)

801 S. Canal C-IN

Chicago, IL 60607

    31,809    18.18 %

State Street Bank and Trust Company

Joseph J. Callahan

1776 Heritage Dr.

Global Corp. Action Unit JAB 5NW

No. Quincy, MA 02171

    49,999    28.57 %

 

30

Beneficial owners of more than 5% of the ONEseries Class C(2003-1) investor certificates as of December 31, 2003, are as follows:

 

    

NUMBER OF

CERTIFICATES

   

% OF

OWNERSHIP

  

Bank of New York (The)

Cecile Lamarco

One Wall Street

New York, NY 10286

    65,848    32.92 %

Citibank, N.A.

David A. Leslie

3800 Citibank Center B3-15

Tampa, FL 33610

    31,270    15.64 %

JPMorgan Chase Bank

Paula J. Dabner

c/o Proxy/Class Actions/Bankruptcy

14201 Dallas Parkway

Dallas, TX 75254

    31,740    15.87 %

Mellon Trust of New England, National Association

Melissa Tarasovich

525 William Penn Place

Pittsburgh, PA 15259

    26,760    13.38 %

Morgan Stanley & Co. Incorporated

Colleen Corr

One Pierrepont Plaza

Brooklyn, NY 11201

    14,000    7.00 %

State Street Bank and Trust Company

Joseph J. Callahan

1776 Heritage Dr.

Global Corp. Action Unit JAB 5NW

No. Quincy, MA 02171

    10,770    5.39 %

 

31

Beneficial owners of more than 5% of the ONEseries Class C(2003-2) investor certificates as of December 31, 2003, are as follows:

 

    

NUMBER OF

CERTIFICATES

   

% OF

OWNERSHIP

  

Bank of New York (The)

Cecile Lamarco

One Wall Street

New York, NY 10286

    25,441    14.54 %

The Bank of New York/Broker Dealer Omnibus

Cleola L. Moore

One Wall Street

New York, NY 10286

    15,000    8.57 %

Citibank, N.A.

David A. Leslie

3800 Citibank Center B3-15

Tampa, FL 33610

    10,000    5.71 %

JPMorgan Chase Bank

Paula J. Dabner

c/o Proxy/Class Actions/Bankruptcy

14201 Dallas Parkway

Dallas, TX 75254

    100,000    57.14 %

 

32

Beneficial owners of more than 5% of the ONEseries Class C(2003-3) investor certificates as of December 31, 2003, are as follows:

 

    

NUMBER OF

CERTIFICATES

   

% OF

OWNERSHIP

  

Bank of New York (The)

Cecile Lamarco

One Wall Street

New York, NY 10286

    99,205    24.80 %

Citibank, N.A.

David A. Leslie

3800 Citibank Center B3-15

Tampa, FL 33610

    50,000    12.50 %

JPMorgan Chase Bank

Paula J. Dabner

c/o Proxy/Class Actions/Bankruptcy

14201 Dallas Parkway

Dallas, TX 75254

    37,260    9.32 %

Mellon Trust of New England, National Association

Melissa Tarasovich

525 William Penn Place

Pittsburgh, PA 15259

    47,600    11.90 %

Northern Trust Company (The)

801 S. Canal-C-IN

Chicago, IL 60607

    28,865    7.22 %

State Street Bank and Trust Company

Joseph J. Callahan

1776 Heritage Dr.

Global Corp. Action Unit JAB 5NW

No. Quincy, MA 02171

    49,360    12.34 %

UBS Securities LLC/CMO

Robert O’Malley

299 Park Avenue

New York, NY 10171

    63,750    15.94 %

 

33

Beneficial owners of more than 5% of the ONEseries Class C(2003-4) investor certificates as of December 31, 2003, are as follows:

 

    

NUMBER OF

CERTIFICATES

   

% OF

OWNERSHIP

  

The Bank of New York/Broker Dealer Omnibus

Cleola L. Moore

One Wall Street

New York, NY 10286

    100,000    66.67 %

JPMorgan Chase Bank/Correspondence Clearing Services 2

Paula J. Dabner

c/o Proxy/Class Actions/Bankruptcy

14201 Dallas Parkway

Dallas, TX 75254

    19,000    12.67 %

State Street Bank and Trust Company

Joseph J. Callahan

1776 Heritage Dr.

Global Corp. Action Unit JAB 5NW

No. Quincy, MA 02171

    12,690    8.46 %

 

(b) Not applicable.

 

(c) Not applicable.

 

34

ITEM 13.    CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

 

None.

 

ITEM 14.    CONTROLS AND PROCEDURES

 

Not applicable.

 

PART IV

 

ITEM 15.    EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS ON FORM 8-K

 

(a) The following documents are filed as part of this Report:

 

  3. Exhibits:

 

  31.1 Senior Officer for Securitization Servicing Certification Pursuant to Section 302 (a) of the Sarbanes-Oxley Act of 2002 Relating to Reports
  99.1 Annual Servicer’s Certificate.
  99.2 Independent Accountants’ Reports of KPMG LLP on Management’s Assertions with respect to the Bank One Issuance Trust.
  99.3 Independent Accountants’ Reports of KPMG LLP on Management’s Assertions with respect to the First USA Credit Master Trust.

 

(b) Not applicable.

 

(c) See item 14(a)3 above.

 

(d) Not applicable.

 

35

SIGNATURES

 

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, on March 12, 2004.

 

BANK ONE, DELAWARE, NATIONAL ASSOCIATION

(Formerly FIRST USA BANK, NATIONAL ASSOCIATION)

as Servicer

By:   /s/    WILLIAM I. CAMPBELL        
   
   

William I. Campbell

Principal Executive Officer

 

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities indicated on March 12, 2004.

 

Signature

   

Title

/s/    WILLIAM I. CAMPBELL        

William I. Campbell

   

Director and Principal Executive Officer

/s/    RAYMOND FISCHER        

Raymond Fischer

   

Director, Principal Financial Officer and Principal Accounting Officer

/s/    MICHAEL LOONEY        

Michael Looney

   

Director

/s/    M. CARTER FRANKE        

M. Carter Franke

   

Director

/s/    WILLIAM GARNER        

William Garner

   

Director

 

36