-----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, PGGYDskXFGva/WPkl+3S0/CxRmXm4Ao8rob9asYYNdlnWd4/6p28uOZ5456dtCJd 3rIctnPV2AwOx2Tqlp+e9A== 0000839947-96-000060.txt : 19961125 0000839947-96-000060.hdr.sgml : 19961125 ACCESSION NUMBER: 0000839947-96-000060 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19961028 ITEM INFORMATION: Changes in control of registrant FILED AS OF DATE: 19961122 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: CITIBANK SOUTH DAKOTA N A CENTRAL INDEX KEY: 0000839947 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] IRS NUMBER: 460358360 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-17797 FILM NUMBER: 96670797 BUSINESS ADDRESS: STREET 1: 701 E 60TH ST N CITY: SIOUX FALLS STATE: SD ZIP: 57117 BUSINESS PHONE: 6053312626 MAIL ADDRESS: STREET 1: CITIBANK N A LEGAL AFFAIRS OFFICE STREET 2: 425 PARK AVENUE 2ND FLOOR CITY: NEW YORK STATE: NY ZIP: 10043 8-K 1 CHOICE CREDIT CARD MASTER TRUST I 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): November 15, 1996 ------------------------------------ CITIBANK (SOUTH DAKOTA), N.A. ON BEHALF OF CHOICE CREDIT CARD MASTER TRUST I (Issuer in respect of the Choice Credit Card Master Trust I Floating Rate Class A Credit Card Participation Certificates, Series 1992-2 7.20% Class B Credit Card Participation Certificates, Series 1992-2 (collectively, the "Certificates")) (Exact name of registrant as specified in charter) UNITED STATES OF AMERICA 33-55268 (State or other jurisdiction of (Commission File No.) incorporation) 46-0358360 (I.R.S. Employer Identification No.) 701 EAST 60TH STREET, NORTH SIOUX FALLS, SOUTH DAKOTA 57117 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (605) 331-2626 NOT APPLICABLE (Former name or former address, if changed since last report) 1 ITEM 5. OTHER EVENTS. Set forth below is the monthly report and servicer's certificate (the "Monthly Report") relating to the Distribution Date occurring on November 15, 1996 and the related Due Period delivered pursuant to Section 5.02 of the Series 1992-2 Supplement to the Pooling and Servicing Agreement, each dated as of December 15, 1992 (together, the "Agreement"), relating to Choice Credit Card Master Trust I, among Citibank (South Dakota), N.A. (the "Bank"), as successor to Citibank (Maryland), National Association, as Seller, the Bank, as Servicer, and Norwest Bank Minnesota, National Association, as Trustee. The Monthly Report contains information relating to the distribution to Certificateholders on the referenced Distribution Date as well as information relating to the Receivables and the Accounts from which the Receivables have arisen. Capitalized terms used but not defined herein have the meanings set forth in the Agreement. 2 CITIBANK (SOUTH DAKOTA), N.A. ================================================================================ CHOICE CREDIT CARD MASTER TRUST I For the Due Period Ending October 28, 1996 ================================================================================ This Certificate relates to the Distribution Date occurring on November 15, 1996 and the related Due Period. A. Information Regarding the Portfolio ----------------------------------- 1. Portfolio Yield......................................... 9.57% Yield Component....................................... 14.83% Credit Loss Component................................. 5.26% 2. New Purchase Rate....................................... 10.05% 3. Total Payment Rate...................................... 10.50% 4. Principal Payment Rate.................................. 9.31% 5. Aggregate Amount of Principal Receivables in the Trust: Beginning of Due Period..............................$ 4,019,258,954 Average..............................................$ 4,028,770,909 Lump Sum Addition....................................$ 0 End of Due Period....................................$ 4,039,056,338 6. Delinquencies (Aggregate outstanding balances in the Accounts that were delinquent by the time periods listed below as of the close of business of the month preceding the Distribution Date,as a percentage of aggregate Receivables as of the last day of the Due Period): Current............................................$ 3,712,484,585 5-34 days delinquent............................$ 220,263,325 35-64 days delinquent............................$ 68,794,911 65-94 days delinquent............................$ 39,058,583 95-124 days delinquent............................$ 26,474,712 125-154 days delinquent............................$ 22,103,696 155-184 days delinquent............................$ 17,152,725 Current............................................. 90.41% 5-34 days delinquent............................. 5.36% 35-64 days delinquent............................. 1.68% 65-94 days delinquent............................. 0.95% 95-124 days delinquent............................. 0.64% 125-154 days delinquent............................. 0.54% 155-184 days delinquent............................. 0.42% 3 CITIBANK (SOUTH DAKOTA), N.A. ================================================================================ CHOICE CREDIT CARD MASTER TRUST I - GROUP 1 For the Due Period Ending October 28, 1996 ================================================================================ Current Due Current Due Period on an Period on a Actual Basis(1) Standard Basis(1) B. Information Regarding Group 1 ----------------------------- (Percentage Basis) 1. Portfolio Yield 9.57% 9.57% 2. Weighted Average Certificate Rate 5.62% 5.62% 3. Weighted Average Investor Fee Rates Fixed Servicing Fee 0.77% 0.77% Others 0.18% 0.18% 4. Surplus Finance Charge Collections 3.00% 3.00% 5. Required Surplus Finance Charge Amount 0.00% 0.00% 6. Aggregate Surplus Finance Charge Amount 3.00% 3.00% minus Required Surplus Finance Charge Amount C. Information Regarding Group 1 ----------------------------- (Dollar Basis) 1. Total Investor Collections $ 115,998,084 $ 115,998,084 Principal Collections $ 102,650,771 $ 102,650,771 Finance Charge Collections $ 13,347,313 $ 13,347,313 2. Investor Default Amount $ 4,696,974 $ 4,696,974 3. Investor Monthly Interest $ 4,774,037 $ 4,774,037 4. Investor Monthly Fees Fixed Servicing Fees $ 635,820 $ 635,820 Others $ 152,414 $ 152,414 5. Surplus Finance Charge Collections $ 3,088,068 $ 3,088,068 6. Required Surplus Finance Charge Collections$ 0 $ 0 7. Aggregate Surplus Finance Charge Amount $ 3,088,068 $ 3,088,068 minus Required Surplus Finance Charge Amount (1) Values for "Current Due Period on an Actual Basis" reflect, in the case of a first due period close of a series, activity from the series cut-off or close dates until the first due period end, or, as in the case of Investor Monthly Interest and certain fees, until the first distribution date. Values for "Current Due Period on a Standard Basis" reflect activity for the entire current period, as if all series had already been outstanding prior to the first day of such period. All percents are based on actual cash revenue or expense for the period, converted to an annualized percent using daycounts appropriate for the item, either 30/360, actual/360, or actual/actual. Depending on the item, cash expenses may accrue from September 26, 1996 to October 28, 1996, 33 days, or October 15, 1996 to November 14, 1996, 31 days (standard basis) 4 CITIBANK (SOUTH DAKOTA), N.A. ================================================================================ Choice Credit Card Master Trust I, Series 1992-2 For the Due Period Ending October 28, 1996 ================================================================================ The undersigned, a duly authorized representative of Citibank (South Dako- ta), N.A., as Servicer ("Citibank (South Dakota)"), pursuant to the Pooling and Servicing Agreement dated as of December 15, 1992, (as amended and supplemented, the "Agreement"), as supplemented by the Series 1992-2 Supplement (as amended and supplemented, the "Series Supplement"), between Citibank (South Dakota), Seller and Servicer, and Norwest Bank Minnesota, National Association, Trustee, does hereby certify the information set forth below. Capitalized terms used in this Certificate have their respective meanings as set forth in the Agreement or Series Supplement, as applicable. D. Information Regarding Series 1992-2 ------------------------------------ 1a. Class A Invested Amount ......................$ 777,777,778 1b. Class B Invested Amount ......................$ 102,000,000 2a. Class A Monthly Interest .............................$ 4,162,037 2b. Class B Monthly Interest .............................$ 612,000 3a. Balance in the Class A Interest Funding Account.......$ 14,822,222 3b. Balance in the Class B Interest Funding Account.......$ 3,672,000 4a. Available Cash Collateral Amount......................$ 77,140,000 4b. Percent of Class B Invested Amount ............ 75.63% 5a. Class A Investor Charge-offs..........................$ 0 5b. Class B Investor Charge-offs..........................$ 0 6. Required Amount.......................................$ 0 7. Draw on Cash Collateral Account.......................$ 0 8a. Class A Monthly Principal for the Distribution Date(2)$ 55,555,556 8b. Class B Monthly Principal for the Distribution Date(2)$ 0 9a. Balance in the Class A Principal Funding Account(2)...$ 222,222,222 9b. Balance in the Class B Principal Funding Account(2)...$ 0 ------------------------------------------------------- (2) Applicable during the Accumulation Period and any Early Amortization Period. 5 CITIBANK (SOUTH DAKOTA), N.A. ================================================================================ Choice Credit Card Master Trust I, Series 1992-2 For the Due Period Ending October 28, 1996 ================================================================================ E. Information Regarding Charge-offs and Distributions to Certificateholders(3) ------------------------------------------------------------------------- 1a. The total amount of the distribution to Class A Certificateholders on the Payment Date....................$ 14,822,222 1b. The total amount of the distribution to Class B Certificateholders on the Payment Date....................$ 3,672,000 2a. The amount of the distribution set forth in item 1(a) above in respect of principal on the Class A Certificates.......$ 0 2b. The amount of the distribution set forth in item 1(b) above in respect of principal on the Class B Certificates.......$ 0 3a. The amount of the distribution set forth in item 1(a) above in respect of interest on the Class A Certificates........$ 14,822,222 3b. The amount of the distribution set forth in item 1(b) above in respect of interest on the Class B Certificates........$ 3,672,000 4a. The amount, if any, by which the outstanding principal balance of the Class A Certificates exceeds the Class A Invested Amount as of the end of the Record Date with respect to the Payment Date...............................$ 222,222,222 4b. The amount, if any, by which the outstanding principal balance of the Class B Certificates exceeds the Class B Invested Amount as of the end of the Record Date with respect to the Payment Date...............................$ 0 ---------------------------------------------------------- (3) The following information, as applicable, is included only on Payment Date. 6 CITIBANK (SOUTH DAKOTA), N.A. ================================================================================ Choice Credit Card Master Trust I, Series 1992-2 For the Due Period Ending October 28, 1996 ================================================================================ The undersigned, a duly authorized representative of Citibank (South Dakota), N.A., as Servicer ("Citibank (South Dakota)"), pursuant to the Pooling and Servicing Agreement dated as of December 15, 1992, (as amended and supplemented, the "Agreement"), as supplemented by the Series 1992-2 Supplement (as amended and supplemented, the "Series Supplement"), between Citibank (South Dakota), N.A., Seller and Servicer, and Norwest Bank Minnesota, National Association, Trustee, does hereby certify as follows: 1. Capitalized terms used in this Certificate have their respective meanings as set forth in the Agreement or Series Supplement, as applicable. 2. Citibank (South Dakota) is, as of the date hereof, the Servicer under the Agreement. 3. The undersigned is a Servicing Officer. 4. This Certificate relates to the Distribution Date occurring on November 15, 1996. 5. As of the date hereof, to the best knowledge of the undersigned, the Servicer has performed in all material respects all its obligations under the Agreement through the Due Period preceeding such Distribution Date. 6. As of the date hereof, to the best knowledge of the undersigned, no Amortization Event has been deemed to have occurred on or prior to such Distribution Date. 7. As of the date hereof, to the best knowledge of the undersigned, no Lien has been placed on any of the Receivables other than pursuant to the Agreement. IN WITNESS WHEREOF, the undersigned has duly executed and delivered this Certificate this 8th day of November 1996. CITIBANK (SOUTH DAKOTA), N.A. Servicer, By:/s/Susan Sexton ---------------- Name:Susan Sexton Title:Vice President 7 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. CITIBANK (SOUTH DAKOTA), N.A., as Servicer Choice Credit Card Master Trust I By: /s/ Eugene D. Rowenhorst ---------------------------------- Eugene D. Rowenhorst Senior Vice President Dated: November 18, 1996 8 -----END PRIVACY-ENHANCED MESSAGE-----