-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, DNrAZSojNwGYox1GWtjQOuKVQHfYndgCK6fA9diQFM9Ojtn6C/7oZP/1dcYBqYz5 VAY9DELRNa45utqYDUwsSg== 0001144204-05-026327.txt : 20050819 0001144204-05-026327.hdr.sgml : 20050819 20050819125552 ACCESSION NUMBER: 0001144204-05-026327 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20050815 ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20050819 DATE AS OF CHANGE: 20050819 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CHASE CREDIT CARD MASTER TRUST CENTRAL INDEX KEY: 0001004988 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] IRS NUMBER: 222382028 STATE OF INCORPORATION: NY FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-28338-03 FILM NUMBER: 051037891 BUSINESS ADDRESS: STREET 1: WHITE CLAY CENTER, BUILDING 200 CITY: NEWARK STATE: DE ZIP: 19711 BUSINESS PHONE: 3025755000 MAIL ADDRESS: STREET 1: WHITE CLAY CENTER, BUILDING 200 CITY: NEWARK STATE: DE ZIP: 19711 FORMER COMPANY: FORMER CONFORMED NAME: CHEMICAL MASTER CREDIT CARD TRUST I DATE OF NAME CHANGE: 19951219 FILER: COMPANY DATA: COMPANY CONFORMED NAME: JPMorgan Chase Bank, National Association CENTRAL INDEX KEY: 0000835271 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] IRS NUMBER: 134994650 STATE OF INCORPORATION: NY FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-28338-09 FILM NUMBER: 051037892 BUSINESS ADDRESS: STREET 1: 270 PARK AVE CITY: NEW YORK STATE: NY ZIP: 10017 BUSINESS PHONE: 2122706000 MAIL ADDRESS: STREET 1: 270 PARK AVE CITY: NEW YORK STATE: NY ZIP: 10017 FORMER COMPANY: FORMER CONFORMED NAME: CHASE MANHATTAN BANK /NY/ DATE OF NAME CHANGE: 19960911 FORMER COMPANY: FORMER CONFORMED NAME: CHEMICAL BANK DATE OF NAME CHANGE: 19930521 8-K 1 v024357_8-k.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): August 15, 2005 CHASE CREDIT CARD MASTER TRUST (formerly known as "Chemical Master Credit Card Trust I") Series 1996-2 and Series 1996-3 (Issuer of Securities) JPMORGAN CHASE BANK, NATIONAL ASSOCIATION (formerly known as "Chemical Bank") (Sponsor of the Trust) - -------------------------------------------------------------------------------- (Exact name of registrant as specified in its charter) United States 033-94190 13-4994650 - ------------------------------ --------------------- -------------------- (State or other jurisdiction (Commission (IRS Employer of incorporation) File Number) Identification No.) 1111 Polaris Parkway Columbus, Ohio 43240 - ------------------------------------ ------------------ (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (800) 992-7169 - -------------------------------------------------------------- (Former name or former address, if changed since last report.) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): |_| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |_| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |_| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |_| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Section 8 - Other Events Item 8.01 Other Events. Chase Credit Card Master Trust, which was formerly known as Chemical Master Credit Card Trust I, is the issuer of a number of outstanding series of asset backed certificates. The asset backed certificates are serviced in accordance with the Third Amended and Restated Pooling and Servicing Agreement, dated as of November 15, 1999, as amended (the "Pooling and Servicing Agreement"). The parties to the Pooling and Servicing Agreement are JPMorgan Chase Bank, National Association (f/k/a The Chase Manhattan Bank), as transferor prior to June 1, 1996, Chase Bank USA, National Association (f/k/a Chase Manhattan Bank USA, National Association) ("Chase USA"), as transferor on and after June 1, 1996, and as servicer, and The Bank of New York, as trustee. On or about August 15, 2005, Chase USA, as servicer, distributed monthly payments to the holders of the Series 1996-2 and Series 1996-3 certificates. Chase USA furnished copies of monthly certificateholders' reports for each of those series as required by the Pooling and Servicing Agreement. Copies of those monthly certificateholders' reports are being filed as an exhibit to this Current Report on Form 8-K. The Office of the Comptroller of the Currency ("OCC") has recently provided new interpretive guidance to Chase USA and other OCC regulated banks that will result in an increase in the minimum payments due on a portion of the accounts in Chase USA's servicing portfolio when fully implemented by Chase USA. The OCC guidance is intended to be responsive to concerns raised by the Federal Financial Institutions Examination Council that minimum payment requirements currently used by credit card lenders increase credit risk and mask portfolio quality and that credit card lenders ought to require minimum payments that amortize outstanding account balances over a reasonable period of time. Chase USA expects to implement the increased minimum payment requirement in stages commencing in the third quarter of 2005 with full implementation expected by the end of the first quarter of 2006. Chase USA expects that such change in the minimum payment requirement is likely to result in an increase in delinquencies and charge-offs in the accounts in each of the First USA Credit Card Master Trust, the Chase Credit Card Master Trust and the Chase Issuance Trust, although Chase USA is unable to predict at this time the magnitude of any such increase. Section 9 - Financial Statements and Exhibits Item 9.01 Financial Statements and Exhibits. (c) Exhibits. Exhibit No. Description - ----------- ----------- 99.1 Monthly Reports with respect to the August 15, 2005 distribution. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. CHASE BANK USA, NATIONAL ASSOCIATION, as Servicer By: /s/ Patricia M. Garvey ------------------------------ Name: Patricia M. Garvey Title: Vice President Date: August 19, 2005 INDEX TO EXHIBITS Exhibit No. Description - ----------- ----------- 99.1 Monthly Reports with respect to the distribution to certificateholders on August 15, 2005. EX-99.1 2 v024357_ex99-1.txt Chase Bank USA, N.A. Monthly Certificateholder's Statement Chase Credit Card Master Trust Series 1996-2 Distribution Date: 8/15/2005
Section 5.2 - Supplement Class A Class B Collateral Total - ----------------------------------------------------------------------------------------------------------------------------- (i) Monthly Principal Distributed 0.00 0.00 0.00 0.00 (ii) Monthly Interest Distributed 2,740,833.33 160,416.67 155,898.30 3,057,148.30 Deficiency Amounts 0.00 0.00 0.00 Additional Interest 0.00 0.00 0.00 Accrued and Unpaid Interest 0.00 0.00 (iii) Collections of Principal Receivables 83,760,831.14 4,759,138.13 6,662,793.39 95,182,762.66 (iv) Collections of Finance Charge Receivables 8,023,954.06 455,906.48 638,269.07 9,118,129.61 (v) Aggregate Amount of Principal Receivables 32,553,647,159.43 Investor Interest 550,000,000.00 31,250,000.00 43,750,000.00 625,000,000.00 Adjusted Interest 550,000,000.00 31,250,000.00 43,750,000.00 625,000,000.00 Series Floating Investor Percentage 1.92% 88.00% 5.00% 7.00% 100.00% Fixed Investor Percentage 1.92% 88.00% 5.00% 7.00% 100.00% (vi) Receivables Delinquent (As % of Total Receivables) Current 95.92% 30 to 59 days 1.29% 60 to 89 days 0.90% 90 or more days 1.89% ------------------ Total Receivables 100.00% (vii) Investor Default Amount 3,385,345.45 192,349.17 269,288.84 3,846,983.47 (viii) Investor Charge-Offs 0.00 0.00 0.00 0.00 (ix) Reimbursed Investor Charge-Offs/Reductions 0.00 0.00 0.00 0.00 (x) Net Servicing Fee 458,333.33 26,041.67 36,458.33 520,833.33 (xi) Portfolio Yield (Net of Defaulted Receivables) 9.80% (xii) Portfolio Supplemented Yield 9.80% (xiii) Reallocated Monthly Principal 0.00 0.00 0.00 (xiv) Closing Investor Interest (Class A Adjusted) 550,000,000.00 31,250,000.00 43,750,000.00 625,000,000.00 (xv) LIBOR 3.38813% (xvi) Principal Funding Account Balance 0.00 (xvii) Accumulation Shortfall 0.00 (xviii)Principal Funding Investment Proceeds 0.00 (xix) Principal Investment Funding Shortfall 0.00 (xx) Available Funds 7,572,843.87 429,864.81 601,810.74 8,604,519.42 (xxi) Certificate Rate 5.98000% 6.16000% 4.13813% - -----------------------------------------------------------------------------------------------------------------------------
By: --------------------------- Name: Patricia M. Garvey Title: Vice President Chase Bank USA, N.A. Monthly Certificateholder's Statement Chase Credit Card Master Trust Series 1996-3 Distribution Date: 8/15/2005
Section 5.2 - Supplement Class A Class B Collateral Total - ------------------------------------------------------------------------------------------------------------------------------------ (i) Monthly Principal Distributed 0.00 0.00 0.00 0.00 (ii) Monthly Interest Distributed 2,434,132.89 141,813.47 116,780.98 2,692,727.34 Deficiency Amounts 0.00 0.00 0.00 Additional Interest 0.00 0.00 0.00 Accrued and Unpaid Interest 0.00 0.00 (iii) Collections of Principal Receivables 62,741,888.18 3,564,860.97 4,990,994.34 71,297,743.49 (iv) Collections of Finance Charge Receivables 6,010,423.03 341,499.48 478,117.38 6,830,039.89 (v) Aggregate Amount of Principal Receivables 32,553,647,159.43 Investor Interest 411,983,000.00 23,408,000.00 32,772,440.86 468,163,440.86 Adjusted Interest 411,983,000.00 23,408,000.00 32,772,440.86 468,163,440.86 Series Floating Investor Percentage 1.44% 88.00% 5.00% 7.00% 100.00% Fixed Investor Percentage 1.44% 88.00% 5.00% 7.00% 100.00% (vi) Receivables Delinquent (As % of Total Receivables) Current 95.92% 30 to 59 days 1.29% 60 to 89 days 0.90% 90 or more days 1.89% ------------------ Total Receivables 100.00% (vii) Investor Default Amount 2,535,826.87 144,080.30 201,720.06 2,881,627.23 (viii) Investor Charge-Offs 0.00 0.00 0.00 0.00 (ix) Reimbursed Investor Charge-Offs/Reductions 0.00 0.00 0.00 0.00 (x) Net Servicing Fee 343,319.17 19,506.67 27,310.37 390,136.20 (xi) Portfolio Yield (Net of Defaulted Receivables) 9.80% (xii) Portfolio Supplemented Yield 10.79% (xiii) Reallocated Monthly Principal 0.00 0.00 0.00 (xiv) Closing Investor Interest (Class A Adjusted) 411,983,000.00 23,408,000.00 32,772,440.86 468,163,440.86 (xv) LIBOR 3.38813% (xvi) Principal Funding Account Balance 0.00 (xvii) Accumulation Shortfall 0.00 (xviii)Principal Funding Investment Proceeds 0.00 (xix) Principal Investment Funding Shortfall 0.00 (xx) Available Funds 5,672,510.82 321,992.82 450,807.01 6,445,310.65 (xxi) Certificate Rate 7.09000% 7.27000% 4.13813% - ------------------------------------------------------------------------------------------------------------------------------------
By: ------------------------------------- Name: Patricia M. Garvey Title: Vice President -----END PRIVACY-ENHANCED MESSAGE-----