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): September 16, 2013
Central Index Key Number of issuing entity: 0001004988
CHASE CREDIT CARD MASTER TRUST
Series 2003-4
(Issuer of Securities)
Central Index Key Number of registrant: 0000869090
CHASE BANK USA, NATIONAL ASSOCIATION
(Sponsor of the Trust)
(Exact name of registrant as specified in its charter)
| United States |
000-28338-03, 333-103210 |
22-2382028 | ||
| (State or other jurisdiction of incorporation) |
(Commission File Number.) | (IRS Employer Identification No.) | ||
| 201 North Walnut Street Wilmington, Delaware |
19801 | |||
| (Address of principal executive offices) | (Zip Code) | |||
Registrant’s telephone number, including area code: (302) 282-3000
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 Fifth Amended and Restated Pooling and Servicing Agreement, dated as of December 19, 2007, 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 Mellon (formerly known as The Bank of New York), as trustee.
On or about September 16, 2013, Chase USA, as servicer, distributed monthly payments to the holders of the Series 2003-4 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.
Chase Bank USA, National Association (CIK # 0000869090 ) has no repurchase activity to report for the period from August 1, 2013 to August 31, 2013 for the Chase Credit Card Master Trust.
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 September 16, 2013 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: September 16, 2013
INDEX TO EXHIBITS
| Exhibit No. |
Description | |
| 99.1 | Excess Spread Analysis | |
| 99.2 | Monthly Reports with respect to the distribution to certificateholders on September 16, 2013 | |
Exhibit 99.1
Chase Credit Card Master Trust
Excess Spread Analysis – August 2013
| Series |
2003-4 | |||
| Deal Size |
$ | 725MM | ||
| Expected Maturity |
10/15/2013 | |||
| Yield |
9.00% | |||
| Less: Coupon |
0.54% | |||
| Servicing Fee |
0.49% | |||
| Net Credit Losses |
1.42% | |||
| Excess Spread : |
||||
| August-13 |
6.55% | |||
| July-13 |
8.97% | |||
| June-13 |
10.71% | |||
| Three Month Average Excess Spread |
8.74% | |||
| Delinquency: |
||||
| 30 to 59 Days |
0.43% | |||
| 60 to 89 Days |
0.31% | |||
| 90+ Days |
0.73% | |||
| Total |
1.47% | |||
| Principal Payment Rate |
24.91% | |||
| Note: |
The Controlled Accumulation period for Series 2003-4 commenced at the close of business on March 31, 2013. The performance statistics for Series 2003-4 reflect the impact of principal accumulation. |
1
Exhibit 99.2
Chase Bank USA, N.A.
Monthly Certificateholder’s Statement
Chase Credit Card Master Trust
Series 2003-4
| Section 5.2 – Supplement |
Distribution Date: | 09/16/2013 | ||
| Period Type: | Accumulation |
| (i) |
Monthly Principal Distributed |
609,000,000 | 609,000,000.00 | |||||||
| (ii) |
Monthly Interest Distributed |
|||||||||
| Class A Note Interest Requirement |
229,557.81 | |||||||||
| Class B Note Interest Requirement |
37,625.37 | |||||||||
| Net Class C Note Interest Requirement |
82,805.96 | 349,989.14 | ||||||||
| (iii) |
Collections of Principal Receivables |
180,579,494.26 | ||||||||
| (iv) |
Collections of Finance Charge Receivables |
5,491,279.35 | ||||||||
| (v) |
Aggregate Amount of Principal Receivables |
2,003,336,529.40 | ||||||||
| Investor Interest |
725,000,000.00 | |||||||||
| Adjusted Interest |
359,600,000.00 | |||||||||
| Floating Investor Percentage |
17.95% | |||||||||
| Fixed Investor Percentage |
36.19% | |||||||||
| (vi) |
Receivables Delinquent (As % of Total Receivables) |
|||||||||
| Current to 29 days |
98.53% | |||||||||
| 30 to 59 days |
0.43% | |||||||||
| 60 to 89 days |
0.31% | |||||||||
| 90 or more days |
0.73% | |||||||||
|
| ||||||||||
| Total Receivables |
100.00% | |||||||||
| (vii) |
Investor Default Amount |
988,659.59 | ||||||||
| (viii) |
Investor Charge-Offs |
0.00 | ||||||||
| (ix) |
Reimbursed Investor Charge-Offs |
0.00 | ||||||||
| (x) |
Net Investor Servicing Fee |
99,083.33 | ||||||||
| (xi) |
Portfolio Yield (Net of Defaulted Receivables) |
7.58% | ||||||||
| (xii) |
Reallocated Principal Collections |
0.00 | ||||||||
| (xiii) |
Accumulation Shortfall |
0.00 | ||||||||
| (xiv) |
Principal Funding Investment Proceeds |
23,202.70 | ||||||||
| (xv) |
Principal Funding Investment Shortfall |
160,443.55 | ||||||||
| (xvi) |
Available Investor Finance Charge Collections |
5,476,991.74 | ||||||||
| (xvii) |
Note Rate | Class A |
0.42406% | |||||||
| Class B |
0.83406% | |||||||||
| Class C |
1.43406% | |||||||||
| (xviii) |
Spread Account | 7,250,000.00 | ||||||||
| By: | /s/ Patricia M. Garvey | |
| Name: | Patricia M. Garvey | |
| Title: | Vice President |