CHASE BANK USA, NATIONAL ASSOCIATION - FORM 8-K - April 24, 2013

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EX-10.1 - EX-10.1 - CHASE BANK USA, NATIONAL ASSOCIATIONd524142dex101.htm

 

 

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) April 23, 2013

 

 

Central Index Key Number of depositor: 0000869090

CHASE BANK USA, NATIONAL ASSOCIATION

(Depositor into the Issuer described herein)

 

 

Central Index Key Number of issuing entity: 0001004988

CHASE CREDIT CARD MASTER TRUST

(Issuer)

 

 

 

Laws of the United States  

333-170794-01

333-145109

333-131327

   22-2382028

(State or other jurisdiction of

incorporation or organization)

  

(Commission

File Number)

  

(IRS Employer

Identification Number)

 

Chase Bank USA, National Association

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) 634-1000

 

 

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:

 

¨ 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

On April 23, 2013, Chase Bank USA, National Association, a national banking association (the “Bank”), entered into Assignment No. 34 of Receivables in Additional Accounts (“Assignment No. 34 of Receivables in Additional Accounts”), with The Bank of New York Mellon, a banking corporation organized and existing under the laws of the State of New York, as trustee (the “Trustee”) of Chase Credit Card Master Trust (the “Trust”).

Pursuant to Assignment No. 34 of Receivables in Additional Accounts, the Bank designated accounts with an initial approximate aggregate amount of credit card receivables of $950,000,000 as of March 31, 2013 to be added to the Trust.

The foregoing description of Assignment No. 34 of Receivables in Additional Accounts does not purport to be complete and is qualified in its entirety by reference to Assignment No. 34 of Receivables in Additional Accounts, which is attached hereto as Exhibit 10.1 and is incorporated by reference herein.

The Bank services the receivables that are included in Assignment No. 34 of Receivables in Additional Accounts and will continue to service the accounts associated with such receivables following the assignment.

As of March 31, 2013, the composition of the Trust receivables (which reflects the Assignment No. 34 of Receivables in Additional Accounts on April 23, 2013) is summarized below:

 

  •  

there are 1,097,511 accounts in the Trust;

 

  •  

the Trust receivables included $2,118,654,277 in total receivables;

 

  •  

the accounts in the Trust had an average total receivables balance of $1,930, including accounts with a zero balance and an average credit limit of $12,618;

 

  •  

the percentage of the aggregate total receivables balance in the Trust receivables to the aggregate total credit limit was 15.3%; and

 

  •  

the average age of the accounts, the receivables of which are in the Trust receivables, was approximately 208 months.

The following tables summarize the receivables in the Trust by various criteria as of March 31, 2013 (which reflects the Assignment No. 34 of Receivables in Additional Accounts on April 23, 2013). Receivables in the following tables include principal, finance charge and fee receivables held directly by the Trust. Because the composition of the Trust receivables may change over time, these tables are not necessarily indicative of the composition of the receivables in the Trust at any future time.

Composition of Accounts by Geographic Region

 

State

    Percentage  of
Total
Number
of Accounts		  

California

      12.1 % 

New York

      10.9   

Texas

      8.1   

Florida

      6.7   

New Jersey

      5.8   

Illinois

      5.0   

All Other (1)

      51.4   
  

 

 

  

Total

      100.0 % 
  

 

 

  

 

(1) No other single state accounts for more than 5% of the accounts in the Chase Credit Card Master Trust.

Composition by Account Balance

 

Account Balance Range

    Number
of
Accounts		      Percentage  of
Total
Number
of Accounts		     Amount of
Receivables		     Percentage of
Total  Amount
of Receivables		  

Credit Balance

      6,172         0.6 %    $ (1,317,037 )      (0.1 )% 

No Balance

      549,714         50.0        0       0.0   

$0.01 to $5,000.00

      401,344         36.6        533,671,500        25.2   

$5,000.01 to $10,000.00

      76,398         7.0        546,606,660        25.8   

$10,000.01 to $15,000.00

      33,937         3.1        415,271,074        19.6   

$15,000.01 to $20,000.00

      16,951         1.5        291,573,762        13.8   

$20,000.01 to $25,000.00

      8,328         0.8        185,420,156        8.8   

$25,000.01 to $50,000.00

      4,530         0.4        138,251,780        6.5   

$50,000.01 or More

      137         0.0        9,176,382        0.4   
  

 

 

     

 

 

    

 

 

    

 

 

  

Total

      1,097,511         100.0 %    $ 2,118,654,277        100.0 % 
  

 

 

     

 

 

    

 

 

    

 

 

  

Composition by Credit Limit

 

Credit Limit Range

    Number
of
Accounts		      Percentage of
Total
Number
of Accounts		     Amount of
Receivables		      Percentage of
Total  Amount
of Receivables		  

$0.00 to $5,000.00

      287,371         26.2 %    $ 85,374,529         4.0 % 

$5,000.01 to $10,000.00

      195,428         17.8        242,102,198         11.4   

$10,000.01 to $15,000.00

      208,875         19.0        357,750,981         16.9   

$15,000.01 to $20,000.00

      168,109         15.3        416,058,107         19.6   

$20,000.01 to $25,000.00

      121,526         11.1        441,414,220         20.8   

$25,000.01 to $50,000.00

      114,762         10.5        555,818,749         26.3   

$50,000.01 or More

      1,440         0.1        20,135,493         1.0   
  

 

 

     

 

 

    

 

 

     

 

 

  

Total

      1,097,511         100.0 %    $ 2,118,654,277         100.0 % 
  

 

 

     

 

 

    

 

 

     

 

 

  

Composition by Period of Delinquency

 

Payment Status (Days Contractually Delinquent)

    Number of
Accounts		      Percentage of
Total Number
of Accounts		     Amount of
Receivables		      Percentage of
Total Amount
of Receivables		  

Not Delinquent

      1,087,853         99.1 %    $ 2,057,631,429         97.2 % 

Up to 29 Days

      5,797         0.5        30,272,959         1.4   

30 to 59 Days

      1,328         0.1        8,871,076         0.4   

60 to 89 Days

      835         0.1        6,693,747         0.3   

90 to 119 Days

      735         0.1        6,192,810         0.3   

120 to 149 Days

      561         0.1        5,073,084         0.2   

150 to 179 Days

      400         0.0        3,912,541         0.2   

180 or More Days

      2         0.0        6,631         0.0   
  

 

 

     

 

 

    

 

 

     

 

 

  

Total

      1,097,511         100.0 %    $ 2,118,654,277         100.0 % 
  

 

 

     

 

 

    

 

 

     

 

 

  

Composition by Account Age

 

Age Range

    Number of
Accounts 		     Percentage of
Total Number
of Accounts		     Amount of
Receivables 		     Percentage of
Total  Amount
of Receivables		  

Less than or equal to 6 Months

      0        0.0 %    $ 0        0.0 % 

Over 6 Months to 12 Months

      0        0.0        0        0.0   

Over 12 Months to 24 Months

      0         0.0        0        0.0   

Over 24 Months to 36 Months

      0         0.0        0        0.0   

Over 36 Months to 48 Months

      0         0.0        0         0.0   

Over 48 Months to 60 Months

      0         0.0        0         0.0   

Over 60 Months to 120 Months

      63,059         5.7        116,703,169         5.5   

Over 120 Months

      1,034,452         94.3        2,001,951,108         94.5   
  

 

 

     

 

 

    

 

 

     

 

 

  

Total

      1,097,511         100.0 %    $ 2,118,654,277         100.0 % 
  

 

 

     

 

 

    

 

 

     

 

 

  

Section 9 – Financial Statements and Exhibits

 

Item 9.01 Financial Statement and Exhibits.

The following exhibit is filed as a part of this report:

 

(10.1) Assignment No. 34 of Receivables, dated as of April 23, 2013, by and between Chase Bank USA, National Association and The Bank of New York Mellon.

SIGNATURE

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 thereunto duly authorized.

 

CHASE BANK USA, NATIONAL ASSOCIATION
as Depositor, Transferor and Servicer of the Chase Credit Card Master Trust
By:  

/s/ Patricia M. Garvey

  Name:   Patricia M. Garvey
  Title:   Vice President

Date: April 23, 2013