Item 2. Properties
The information set forth in the Current Reports on Form 8-K dated February 15, 1996 through January 15, 1997, as filed by the Registrant, is incorporated herein by reference. For the monthly period ending December 31, 1996, approximately 2.08% of the accounts and 4.58% of the receivables were 30 days or more delinquent. The aggregate outstanding balance of such delinquent accounts was $102,367,993. Set forth below is certain information with respect to the Class A-1 5.95% Fixed Rate Asset Backed Certificates, Series 92-3 ("Series 92-3 Class A-1"), the Class A-2 Floating Rate Asset Backed Certificates, Series 92-3 ("Series 92-3 Class A-2"), the Floating Rate Asset Backed Certificates, Series 93-2 ("Series 93-2"), the Floating Rate Asset Backed Certificates, Series 93-4 ("Series 93-4"), the Floating Rate Asset Backed Certificates, Series 94-1, Class A, ("Series 94-1 Class A") and the Floating Rate Asset Backed Certificates, Series 94-1, Class B, ("Series 94-1 Class B").
(Certain terms used but not defined in this Form 10-K Annual Report have the meanings defined in the Amended and Restated Master Pooling and Servicing Agreement dated as of April 1, 1992, filed with the Securities and Exchange Commission on August 19, 1992 as Exhibit 4.1 with Amendment No. 1 to the Registrant's Registration Statement on Form S-1 (No. 33-49602)).
Item 3.
Item 3. Legal Proceedings
There are no material pending legal proceedings with respect to the Trust, involving either the Trust, the Trustee or the Registrant, other than ordinary or routine litigation incidental to the Trustee's or the Registrant's duties under the Pooling and Servicing Agreement.
Item 4.
Item 4. Submission of Matters to a Vote of Security Holders
Not applicable.
PART II
Item 5.
Item 5. Market for the Registrant's Common Equity and Related Stockholder Matters
(a) There is no established public trading market for the Certificates.
(b) At February 28, 1997 there were twenty-two (22) holders of record of the Series 92-3 Class A-1 Certificates, seven (7) holders of record of the Series 92-3 Class A-2 Certificates, sixteen (16) holders of record of the Series 93-2 Certificates, sixteen (16) holders of record of the Series 93-4 Certificates, seventeen (17) holders of record of the Series 94-1 Class A Certificates and three (3) holders of record of the Series 94-1 Class B Certificates.
(c) Not applicable.
Item 6.
Item 6. Selected Financial Data
Not applicable.
Item 7.
Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations
Not applicable.
Item 8.
Item 8. Financial Statements and Supplementary Data
See the Supplementary Trust Data relating to the performance of the Trust filed as Exhibit 99 under Item l4(a) hereof.
Item 9.
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
Not applicable.
PART III
Item l0. Directors and Executive Officers of the Registrant
Not applicable.
Item ll. Executive Compensation
Not applicable.
Item l2. Security Ownership of Certain Beneficial Owners and Management
(a)(i) Each holder of record at February 28, 1997 of more than five percent (5%) of the Series 92-3 Class A-1 Certificates is indicated below:
Dollar Amount of Percent Certificates of Certificates Held Name and Address of Holder Held (in $1,000's) - --------------------------------------------------------------------------------
Bank of New York 28.03% $70,097 925 Patterson Plank Road Secaucus, NJ 07094
Bankers Trust Company 25.55% $63,875 c/o BT Services Tennessee, Inc. 648 Grassmere Park Drive Nashville, TN 37211
Chase Manhattan 22.21% $55,525 1 Chase Manhattan Plaza 3B-Proxy Dept. New York, NY 10081
Citibank, NA 7.20% $18,000 111 Wall Street 20th Floor, Zone 9 New York, NY 10043
Investors Fiduciary Trust Co./ 5.58% $13,960 SSB Securities Processing-A5W P.O. Box 1631 Boston, MA 02105-1631
(a)(ii) Each holder of record at February 28, 1997 of more than five percent (5%) of the Series 92-3 Class A-2 Certificates is indicated below:
Dollar Amount of Percent Certificates of Certificates Held Name and Address of Holder Held (in $1,000's) - --------------------------------------------------------------------------------
Chemical Bank 16.00% $40,000 Auto Settle Dept. 4 New York Plaza, 4th Floor New York, NY 10004
Chase Manhattan Bank N.A. (The) 14.00% $35,000 1 Chase Manhattan Plaza 3B-Proxy Dept. New York, NY 10081
Bank of New York 55.64% $139,100 925 Patterson Plank Road Secaucus, NJ 07094
Chemical Bank Correspondent 5.96% $14,900 Clearing Services 4 New York Plaza, 11th Floor New York, NY 10014
(a)(iii) Each holder of record at February 28, 1997 of more than five percent (5%) of the Series 93-2 Certificates is indicated below:
Dollar Amount of Percent Certificates of Certificates Held Name and Address of Holder Held (in $1,000's) - --------------------------------------------------------------------------------
Bank of New York 18.59% $ 74,380 925 Patterson Plank Road Secaucus, NJ 07094
SSB-Custodian 13.00% $ 52,000 c/o ADP Proxy Services 51 Mercedes Way Edgewood, NY 11717
Chase Manhattan Bank, N.A. (The) 42.01% $168,050 1 Chase Manhattan Plaza 3B - Proxy Department New York, NY 10081
Chemical Bank 5.50% $ 22,000 Auto Settle Dept. 4 New York Plaza, 4th Floor New York, NY 10004
Citibank, N.A. 5.90% $ 23,600 111 Wall Street 20th Floor, Zone 9 New York, NY 10004
(a)(iv) Each holder of record at February 28, 1997 of more than five percent (5%) of the Series 93-4 Certificates is indicated below:
Dollar Amount of Percent Certificates of Certificates Held Name and Address of Holder Held (in $1,000's) - --------------------------------------------------------------------------------
Bank of New York 25.24% $100,980 925 Patterson Plank Road Secaucus, NJ 07094
Chase Manhattan Bank, N.A. (The) 19.82% $ 79,300 1 Chase Manhattan Plaza 3B-Proxy Dept. New York, NY 10081
Chemical Bank 9.50% $ 38,000 Auto Settle Dept. 4 New York Plaza, 4th Floor New York, NY 10004
SSB-Custodian 7.47% $ 29,880 c/o ADP Proxy Services 51 Mercedes Way Edgewood, NY 11717
Bankers Trust 9.04% $ 36,190 c/o BT Services Tennessee, Inc. 648 Grassmere Park Road Nashville, TN 37211
Swiss Bank Corp. 7.42% $ 29,710 222 Broadway New York, NY 10038
USB Securities, Inc. 6.25% $ 25,000 299 Park Avenue, 8th Floor New York, NY 10171-0026
(a)(v) Each holder of record at February 28, 1997 of more than five percent (5%) of the series 94-1 Class A Certificates is indicated below.
Dollar Amount of Percent Certificates of Certificates Held Name and Address of Holder Held (in $1,000's) - --------------------------------------------------------------------------------
Bankers Trust Company 10.64% $ 40,000 c/o BT Svcs Tennessee Inc. 648 Grassmere Park Drive Nashville, TN 37211
Chase Manhattan Bank, N.A. (The) 45.49% $171,061 1 Chase Manhattan Plaza 3B - Proxy Department New York, NY 10081
National Financial Services, Inc. 23.94% $ 90,000 c/o ADP Proxy Services 51 Mercedes Way Edgewood, NY 11717
(a)(vi) Each holder of record at February 28, 1997 of more than five percent (5%) of the Series 94-1 Class B Certificates is indicated below:
Dollar Amount of Percent Certificates of Certificates Held Name and Address of Holder Held (in $1,000's) - --------------------------------------------------------------------------------
Citibank, N.A. 41.66% $10,000 111 Wall Street 20th Floor, Zone 9 New York, NY 10043
Smith 54.16% $13,000 c/o ADP Proxy Services 51 Mercedes Way Edgewood, NY 11717
(b) Not applicable.
(c) Not applicable.
Item 13.
Item 13. Certain Relationships and Related Transactions
Not applicable.
PART IV
Item 14.
Item 14. Exhibits, Financial Statement Schedules, and Reports on Form 8-K
(a) Supplementary Trust Data relating to performance of the Trust is being filed herewith as Exhibit 99.
(b) See Item 2.
(c) Exhibits
Exhibit No. Description of Exhibit ----------- ---------------------------- 24 Powers of Attorney (included on signature page)
99 Supplementary Trust Data
(d) Not applicable. No annual report or proxy material has been sent to security holders.
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) 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.
ADVANTA MASTER CREDIT CARD TRUST BY: Advanta National Bank USA, as Owner/Servicer
Dated: March 28, 1997 BY: /s/James J. Allhusen -------------------- James J. Allhusen President and Chief Executive Officer
KNOW ALL MEN BY THESE PRESENTS, that each of the undersigned does hereby constitute and appoint Dennis Alter, William A. Rosoff, Alex W. Hart, James J. Allhusen, John J. Calamari, David D. Wesselink and Gene S. Schneyer, or any of them (with full power to each of them to act alone), his or her true and lawful attorney-in-fact and agent, with full power of substitution, for him or her and on his or her behalf to sign, execute and file an Annual Report on Form 10-K under the Securities Exchange Act of 1934, as amended, for the fiscal year ended December 31, 1996 relating to ADVANTA Master Credit Card Trust and any or all amendments thereto, with all exhibits and any and all documents required to be filed with respect thereto, with the Securities and Exchange Commission or any regulatory authority, granting unto such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises in order to effectuate the same as fully to all intents and purposes as he or she might or could do if personally present, hereby ratifying and confirming all that such attorneys-in-fact and agents, or any of them, or their substitute or substitutes, may lawfully do or cause to be done.
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed by the following persons on behalf of Advanta National Bank USA, as Owner/Servicer for the ADVANTA Master Credit Card Trust and in the capacities indicated on the 28th day of March, 1997.
Signature Title --------- -----
/s/James J. Allhusen President, Chief Executive - ------------------------------- Officer and Director James J. Allhusen
/s/William A. Rosoff Vice Chairman and Director - ------------------------------- William A. Rosoff
/s/Alex W. Hart Executive Vice Chairman - ------------------------------- and Director Alex W. Hart
/s/David D. Wesselink Senior Vice President, Chief - ------------------------------- Financial Officer and Director David D. Wesselink
/s/Jeffrey D. Beck Senior Vice President, Treasurer - ------------------------------- and Director Jeffrey D. Beck
/s/John J. Calamari Vice President, Finance, - ------------------------------- Chief Accounting Officer and Director John J. Calamari
INDEX TO EXHIBITS
Exhibit Description of Sequential Page Number Exhibit Number - ---------------------- ------------------------------ ------------------- 24 Powers of Attorney 9 (included on signature page)
99 Supplementary Trust Data 11