-----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, WjJrSRvcqY/W4wIh78wJoA2jH+fyQNo1fw4UcOHpJTjkLVwx8SsMAxsuf2O6OoFg GvuDc+7fGatE712KDl9pgQ== 0001193125-08-006557.txt : 20080115 0001193125-08-006557.hdr.sgml : 20080115 20080115112504 ACCESSION NUMBER: 0001193125-08-006557 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20080115 ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20080115 DATE AS OF CHANGE: 20080115 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: 08530307 BUSINESS ADDRESS: STREET 1: WHITE CLAY CENTER, BUILDING 200 STREET 2: ROUTE 273 CITY: NEWARK STATE: DE ZIP: 19711 BUSINESS PHONE: 3025755000 MAIL ADDRESS: STREET 1: WHITE CLAY CENTER, BUILDING 200 STREET 2: ROUTE 273 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: CHASE BANK USA, NATIONAL ASSOCIATION CENTRAL INDEX KEY: 0000869090 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] IRS NUMBER: 222382028 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-19191 FILM NUMBER: 08530308 BUSINESS ADDRESS: STREET 1: WHITE CLAY CENTER BUILDING 200 STREET 2: ROUTE 273 CITY: NEWARK STATE: DE ZIP: 19711 BUSINESS PHONE: 3025755000 MAIL ADDRESS: STREET 1: WHITE CLAY CENTER BUILDING 200 STREET 2: ROUTE 273 CITY: NEWARK STATE: DE ZIP: 19711 FORMER COMPANY: FORMER CONFORMED NAME: CHASE BANK USA DATE OF NAME CHANGE: 20050316 FORMER COMPANY: FORMER CONFORMED NAME: CHASE MANHATTAN BANK USA DATE OF NAME CHANGE: 19950307 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: X1 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-28338-09 FILM NUMBER: 08530309 BUSINESS ADDRESS: STREET 1: 1111 POLARIS PARKWAY CITY: COLUMBUS STATE: OH ZIP: 43240 BUSINESS PHONE: 8009927169 MAIL ADDRESS: STREET 1: 1111 POLARIS PARKWAY CITY: COLUMBUS STATE: OH ZIP: 43240 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 d8k.htm FORM 8-K Form 8-K

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): January 15, 2008

 

CHASE CREDIT CARD MASTER TRUST

Series 2002-3, Series 2003-2, Series 2003-3,

Series 2003-4, Series 2003-5, and Series 2003-6

(Issuer of Securities)

 

CHASE BANK USA, NATIONAL ASSOCIATION

(Sponsor of the Trust)

(Exact name of registrant as specified in its charter)

 

 

United States   000-28338-03   22-2382028

(State or other jurisdiction

of incorporation)

  

(Commission File

Number.)

  

(IRS Employer

Identification No.)

 

White Clay Center Building 200, Route 273  
Newark, Delaware   19711
(Address of principal executive offices)   (Zip Code)

Registrant’s telephone number, including area code: (302) 575-5000

N/A

(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 Fourth Amended and Restated Pooling and Servicing Agreement, dated as of March 14, 2006, 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 January 15, 2008, Chase USA, as servicer, distributed monthly payments to the holders of the Series 2002-3, Series 2003-2, Series 2003-3, Series 2003-4, Series 2003-5, and Series 2003-6 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.

Section 9 - Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

 

Exhibit No.   

Description

99.1    Excess Spread Analysis
99.2    Monthly Reports with respect to the January 15, 2008 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: January 15, 2008

INDEX TO EXHIBITS

 

Exhibit No.   

Description

99.1    Excess Spread Analysis
99.2    Monthly Reports with respect to the distribution to certificateholders on January 15, 2008
 EX-99.1 2 dex991.htm EXCESS SPREAD ANALYSIS Excess Spread Analysis

Exhibit 99.1

Chase Credit Card Master Trust

Excess Spread Analysis - December 2007

 

Series

Deal Size

Expected Maturity

    2002-3
$1,500MM
6/15/2009		     2003-2
$1,340MM
4/15/2008		     2003-3
$1,425MM
7/15/2008		     2003-4
$725MM
10/15/2013		     2003-5
$1,000MM
10/15/2008		     2003-6
$2,000MM
11/15/2008		  
Yield (1)    20.12 %   20.12 %   20.12 %   20.12 %   20.12 %   20.12 %
Less: Coupon    5.24 %   5.21 %   5.19 %   5.34 %   5.18 %   5.17 %

Servicing Fee

    1.50 %   1.50 %   1.50 %   1.50 %   1.50 %   1.50 %

Net Credit Losses

    4.07 %   4.07 %   4.07 %   4.07 %   4.07 %   4.07 %
Excess Spread (1):             

December-07

    9.31 %   9.34 %   9.36 %   9.21 %   9.37 %   9.38 %

November-07

    10.99 %   11.02 %   11.04 %   10.89 %   11.05 %   11.06 %

October-07

    6.66 %   6.70 %   6.71 %   6.57 %   6.72 %   6.74 %
Three Month Average Excess Spread    8.99 %   9.02 %   9.04 %   8.89 %   9.05 %   9.06 %
Delinquency:             

30 to 59 Days

    0.99 %   0.99 %   0.99 %   0.99 %   0.99 %   0.99 %

60 to 89 Days

    0.77 %   0.77 %   0.77 %   0.77 %   0.77 %   0.77 %

90+ Days

    1.60 %   1.60 %   1.60 %   1.60 %   1.60 %   1.60 %

Total

    3.36 %   3.36 %   3.36 %   3.36 %   3.36 %   3.36 %
Principal Payment Rate    17.74 %   17.74 %   17.74 %   17.74 %   17.74 %   17.74 %

Footnote:

 

(1) Yield and Excess Spread reflect a change in payment allocation in November 2007 between certain fees and account balances. This change has resulted in a one-time increase in cash yield which will be realized in the months of November and December.
EX-99.2 3 dex992.htm MONTHLY REPORTS WITH RESPECT TO THE JANUARY 15, 2008 DISTRIBUTION Monthly reports with respect to the January 15, 2008 distribution

Exhibit 99.2

Chase Bank USA, N.A.

Monthly Certificateholder’s Statement

Chase Credit Card Master Trust

Series 2002-3

 

Section 5.2 - Supplement         Distribution Date:    01/15/2008  
           Period Type:    Revolving  
(i)    Monthly Principal Distributed    0.00        0.00  
(ii)    Monthly Interest Distributed        
   Class A Note Interest Requirement    5,275,462.50       
   Class B Note Interest Requirement    463,305.21       
   Net Class C Note Interest Requirement    597,122.30        6,335,890.01  
(iii)    Collections of Principal Receivables         266,061,893.18  
(iv)    Collections of Finance Charge Receivables         26,168,641.85  
(v)    Aggregate Amount of Principal Receivables         18,758,787,600.61  
  

Investor Interest

         1,500,000,000.00  
  

Adjusted Interest

         1,500,000,000.00  
   Floating Investor Percentage         8.00 %
   Fixed Investor Percentage         8.00 %
(vi)    Receivables Delinquent (As % of Total Receivables)        
  

Current to 29 days

         96.64 %
  

30 to 59 days

         0.99 %
  

60 to 89 days

         0.77 %
  

90 or more days

         1.60 %
                 
  

Total Receivables

         100.00 %
(vii)    Investor Default Amount         5,619,370.45  
(viii)    Investor Charge-Offs         0.00  
(ix)    Reimbursed Investor Charge-Offs         0.00  
(x)    Net Investor Servicing Fee         625,000.00  
(xi)    Portfolio Yield (Net of Defaulted Receivables)         16.05 %
(xii)    Reallocated Principal Collections         0.00  
(xiii)    Accumulation Shortfall         0.00  
(xiv)    Principal Funding Investment Proceeds         0.00  
(xv)    Principal Funding Investment Shortfall         0.00  
(xvi)    Available Investor Finance Charge Collections         24,918,641.85  
(xvii)    Note Rate            Class A    5.19750 %     
              Class B    5.47750 %     
              Class C    6.05750 %     
(xviii)    Spread Account            15,000,000.00  

 

  By:   /s/     PATRICIA M. GARVEY
  Name:   Patricia M. Garvey
  Title:   Vice President

Note: Yield and Excess Spread reflect a change in payment allocation in November 2007 between certain fees and account balances. This change has resulted in a one-time increase in cash yield which will be realized in the months of November and December.

Chase Bank USA, N.A.

Monthly Certificateholder’s Statement

Chase Credit Card Master Trust

Series 2003-2

 

Section 5.2 - Supplement         Distribution Date:    1/15/2008  
           Period Type:    Revolving  
(i)    Monthly Principal Distributed    0.00        0.00  
(ii)    Monthly Interest Distributed        
   Class A Note Interest Requirement    4,658,342.50       
   Class B Note Interest Requirement    406,329.88       
   Net Class C Note Interest Requirement    559,659.78        5,624,332.16  
(iii)    Collections of Principal Receivables         237,681,957.90  
(iv)    Collections of Finance Charge Receivables         23,377,320.05  
(v)    Aggregate Amount of Principal Receivables         18,758,787,600.61  
  

Investor Interest

         1,340,000,000.00  
  

Adjusted Interest

         1,340,000,000.00  
   Floating Investor Percentage         7.14 %
   Fixed Investor Percentage         7.14 %
(vi)    Receivables Delinquent (As % of Total Receivables)        
  

Current to 29 days

         96.64 %
  

30 to 59 days

         0.99 %
  

60 to 89 days

         0.77 %
  

90 or more days

         1.60 %
                 
  

Total Receivables

         100.00 %
(vii)    Investor Default Amount         5,019,970.93  
(viii)    Investor Charge-Offs         0.00  
(ix)    Reimbursed Investor Charge-Offs         0.00  
(x)    Net Investor Servicing Fee         558,333.33  
(xi)    Portfolio Yield (Net of Defaulted Receivables)         16.05 %
(xii)    Reallocated Principal Collections         0.00  
(xiii)    Accumulation Shortfall         0.00  
(xiv)    Principal Funding Investment Proceeds         0.00  
(xv)    Principal Funding Investment Shortfall         0.00  
(xvi)    Available Investor Finance Charge Collections         22,260,653.38  
(xvii)    Note Rate            Class A    5.13750 %     
              Class B    5.37750 %     
              Class C    6.32750 %     
(xviii)    Spread Account            13,400,000.00  

 

  By:   /s/     PATRICIA M. GARVEY
  Name:   Patricia M. Garvey
  Title:   Vice President

Note: Yield and Excess Spread reflect a change in payment allocation in November 2007 between certain fees and account balances. This change has resulted in a one-time increase in cash yield which will be realized in the months of November and December.

Chase Bank USA, N.A.

Monthly Certificateholder’s Statement

Chase Credit Card Master Trust

Series 2003-3

 

Section 5.2 - Supplement         Distribution Date:    1/15/2008  
           Period Type:    Revolving  
(i)    Monthly Principal Distributed    0.00        0.00  
(ii)    Monthly Interest Distributed        
   Class A Note Interest Requirement    4,953,834.38       
   Class B Note Interest Requirement    432,104.53       
   Net Class C Note Interest Requirement    572,431.82        5,958,370.73  
(iii)    Collections of Principal Receivables         252,758,798.53  
(iv)    Collections of Finance Charge Receivables         24,860,209.76  
(v)    Aggregate Amount of Principal Receivables         18,758,787,600.61  
  

Investor Interest

         1,425,000,000.00  
  

Adjusted Interest

         1,425,000,000.00  
   Floating Investor Percentage         7.60 %
   Fixed Investor Percentage         7.60 %
(vi)    Receivables Delinquent (As % of Total Receivables)        
  

Current to 29 days

         96.64 %
  

30 to 59 days

         0.99 %
  

60 to 89 days

         0.77 %
  

90 or more days

         1.60 %
                 
  

Total Receivables

         100.00 %
(vii)    Investor Default Amount         5,338,401.93  
(viii)    Investor Charge-Offs         0.00  
(ix)    Reimbursed Investor Charge-Offs         0.00  
(x)    Net Investor Servicing Fee         593,750.00  
(xi)    Portfolio Yield (Net of Defaulted Receivables)         16.05 %
(xii)    Reallocated Principal Collections         0.00  
(xiii)    Accumulation Shortfall         0.00  
(xiv)    Principal Funding Investment Proceeds         0.00  
(xv)    Principal Funding Investment Shortfall         0.00  
(xvi)    Available Investor Finance Charge Collections         23,672,709.76  
(xvii)    Note Rate            Class A    5.13750 %     
              Class B    5.37750 %     
              Class C    6.10750 %     
(xviii)    Spread Account            14,250,000.00  

 

  By:   /s/     PATRICIA M. GARVEY
  Name:   Patricia M. Garvey
  Title:   Vice President

Note: Yield and Excess Spread reflect a change in payment allocation in November 2007 between certain fees and account balances. This change has resulted in a one-time increase in cash yield which will be realized in the months of November and December.

Chase Bank USA, N.A.

Monthly Certificateholder’s Statement

Chase Credit Card Master Trust

Series 2003-4

 

 

 

Section 5.2 - Supplement

      Distribution Date:
Period Type:		    01/15/2008

Revolving

  

 

(i)

    Monthly Principal Distributed    0.00        0.00  

(ii)

    Monthly Interest Distributed        
   Class A Note Interest Requirement    2,584,147.71       
   Class B Note Interest Requirement    232,107.24       
   Net Class C Note Interest Requirement    300,172.87        3,116,427.82  

(iii)

    Collections of Principal Receivables         128,596,581.70  

(iv)

    Collections of Finance Charge Receivables         12,648,176.89  

(v)

    Aggregate Amount of Principal Receivables         18,758,787,600.61  
  

Investor Interest

         725,000,000.00  
  

Adjusted Interest

         725,000,000.00  
   Floating Investor Percentage         3.86 %
   Fixed Investor Percentage         3.86 %

(vi)

    Receivables Delinquent (As % of Total Receivables)        
  

Current to 29 days

         96.64 %
  

30 to 59 days

         0.99 %
  

60 to 89 days

         0.77 %
  

90 or more days

         1.60 %
              
  

Total Receivables

         100.00 %

(vii)

    Investor Default Amount         2,716,029.05  

(viii)

    Investor Charge-Offs         0.00  

(ix)

    Reimbursed Investor Charge-Offs         0.00  

(x)

    Net Investor Servicing Fee         302,083.33  

(xi)

    Portfolio Yield (Net of Defaulted Receivables)         16.05 %

(xii)

    Reallocated Principal Collections         0.00  

(xiii)

    Accumulation Shortfall         0.00  

(xiv)

    Principal Funding Investment Proceeds         0.00  

(xv)

    Principal Funding Investment Shortfall         0.00  

(xvi)

    Available Investor Finance Charge Collections         12,044,010.22  

(xvii)

    Note Rate            Class A    5.26750 %     
              Class B    5.67750 %     
              Class C    6.27750 %     

(xviii)

    Spread Account         7,250,000.00  

 

 
  By:   /S/    PATRICIA M. GARVEY
  Name:   Patricia M. Garvey
  Title:   Vice President

 

Note: Yield and Excess Spread reflect a change in payment allocation in November 2007 between certain fees and account balances. This change has resulted in a one-time increase in cash yield which will be realized in the months of November and December.

Chase Bank USA, N.A.

Monthly Certificateholder’s Statement

Chase Credit Card Master Trust

Series 2003-5

 

Section 5.2 - Supplement         Distribution Date:    1/15/2008  
           Period Type:    Revolving  
(i)    Monthly Principal Distributed    0.00        0.00  
(ii)    Monthly Interest Distributed        
   Class A Note Interest Requirement    3,483,141.67       
   Class B Note Interest Requirement    302,103.47       
   Net Class C Note Interest Requirement    390,106.54        4,175,351.68  
(iii)    Collections of Principal Receivables         177,374,595.45  
(iv)    Collections of Finance Charge Receivables         17,445,761.23  
(v)    Aggregate Amount of Principal Receivables         18,758,787,600.61  
  

Investor Interest

         1,000,000,000.00  
  

Adjusted Interest

         1,000,000,000.00  
   Floating Investor Percentage         5.33 %
   Fixed Investor Percentage         5.33 %
(vi)    Receivables Delinquent (As % of Total Receivables)        
  

Current to 29 days

         96.64 %
  

30 to 59 days

         0.99 %
  

60 to 89 days

         0.77 %
  

90 or more days

         1.60 %
                 
  

Total Receivables

         100.00 %
(vii)    Investor Default Amount         3,746,246.97  
(viii)    Investor Charge-Offs         0.00  
(ix)    Reimbursed Investor Charge-Offs         0.00  
(x)    Net Investor Servicing Fee         416,666.67  
(xi)    Portfolio Yield (Net of Defaulted Receivables)         16.05 %
(xii)    Reallocated Principal Collections         0.00  
(xiii)    Accumulation Shortfall         0.00  
(xiv)    Principal Funding Investment Proceeds         0.00  
(xv)    Principal Funding Investment Shortfall         0.00  
(xvi)    Available Investor Finance Charge Collections         16,612,427.90  
(xvii)    Note Rate            Class A    5.14750 %     
              Class B    5.35750 %     
              Class C    5.94750 %     
(xviii)    Spread Account            10,000,000.00  

 

  By:   /s/     PATRICIA M. GARVEY
  Name:   Patricia M. Garvey
  Title:   Vice President

Note: Yield and Excess Spread reflect a change in payment allocation in November 2007 between certain fees and account balances. This change has resulted in a one-time increase in cash yield which will be realized in the months of November and December.

Chase Bank USA, N.A.

Monthly Certificateholder’s Statement

Chase Credit Card Master Trust

Series 2003-6

 

Section 5.2 - Supplement         Distribution Date:    01/15/2008  
           Period Type:    Revolving  
(i)    Monthly Principal Distributed    0.00        0.00  
(ii)    Monthly Interest Distributed        
   Class A Note Interest Requirement    6,952,750.00       
   Class B Note Interest Requirement    606,462.50       
   Net Class C Note Interest Requirement    762,813.00        8,322,025.60  
(iii)    Collections of Principal Receivables         354,749,190.90  
(iv)    Collections of Finance Charge Receivables         34,891,522.46  
(v)    Aggregate Amount of Principal Receivables         18,758,787,600.61  
  

Investor Interest

         2,000,000,000.00  
  

Adjusted Interest

         2,000,000,000.00  
   Floating Investor Percentage         10.66 %
   Fixed Investor Percentage         10.66 %
(vi)    Receivables Delinquent (As % of Total Receivables)        
  

Current to 29 days

         96.64 %
  

30 to 59 days

         0.99 %
  

60 to 89 days

         0.77 %
  

90 or more days

         1.60 %
                 
  

Total Receivables

         100.00 %
(vii)    Investor Default Amount         7,492,493.93  
(viii)    Investor Charge-Offs         0.00  
(ix)    Reimbursed Investor Charge-Offs         0.00  
(x)    Net Investor Servicing Fee         833,333.33  
(xi)    Portfolio Yield (Net of Defaulted Receivables)         16.05 %
(xii)    Reallocated Principal Collections         0.00  
(xiii)    Accumulation Shortfall         0.00  
(xiv)    Principal Funding Investment Proceeds         0.00  
(xv)    Principal Funding Investment Shortfall         0.00  
(xvi)    Available Investor Finance Charge Collections         33,224,855.79  
(xvii)    Note Rate            Class A    5.13750 %     
              Class B    5.37750 %     
              Class C    5.82750 %     
(xviii)    Spread Account            20,000,000.00  

 

  By:   /s/     PATRICIA M. GARVEY
  Name:   Patricia M. Garvey
  Title:   Vice President

Note: Yield and Excess Spread reflect a change in payment allocation in November 2007 between certain fees and account balances. This change has resulted in a one-time increase in cash yield which will be realized in the months of November and December.

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