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EXHIBIT 7.1
First of America Credit Card Master Trust Series 1995-1
Collection Period: 03/01/1999 to
03/31/1999
Distribution Date: 04/15/1999
Transfer Date: 04/12/1999
Pursuant to the Pooling and Servicing Agreement dated as of June 1, 1995 (the
"Pooling and Servicing Agreement"), among First of America Bank, N.A., as
Seller and Servicer (in its capacity as Servicer, "FOABM"), First of America
Bank - Illinois, N.A., as Seller, and the Bank of New York, as trustee (the
"Trustee"), as supplemented by the Series 1995-1 Supplement, dated as of June
1, 1995, FOABM as Servicer is required to prepare certain information each
month regarding current distributions to Certificateholders and the performance
of the First of America Credit Card Master Trust (the "Trust") during the
previous month. The information which is required to be prepared with respect
to the Distribution Date of April 15, 1999, and with respect to the performance
of the Trust during the month of March is set forth below. Certain of the
information is presented on the basis of an original principal amount of $1,000
per Series 1995-1 Certificate (a "Certificate"). Certain other information is
presented based on the aggregate amounts for the Trust as a whole. Capitalized
terms used in this Monthly Statement have their respective meanings set forth
in the Pooling and Servicing Agreement and the Series 1995-1 Supplement.
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A. Information Regarding Distributions to the Class A Certificateholders
1. The total amount of the distribution to Class A Certificateholders per
$1,000 original certificate principal amount $ 4.4078125
2. The amount of the distribution set forth in paragraph 1 above in
respect of interest on the Class A Certificates, per $1,000 original
certificate principal amount $ 4.4078125
3. The amount of the distribution set forth in paragraph 1 above in
respect of principal on the Class A Certificates, per $1,000 original
certificate principal amount $ 0.0000000
B. Class A Investor Charge-Offs and Reimbursement of Charge-Offs
1. The Amount of Class A Investor Charge-Offs $ 0.0000000
2. The amount of Class A Investor Charge-Offs set forth in paragraph 1
above, per $1,000 original certificate principal amount $ 0.0000000
3. The total amount reimbursed in respect of Class A Investor Charge-Offs $ 0.0000000
4. The amount set forth in paragraph 3 above, per $1,000 original
certificate principal amount $ 0.0000000
5. The amount, if any, by which the outstanding principal balance of the
Class A Certificates exceeds the Class A Invested Amount after giving
effect to all transactions on such Distribution Date $ 0.0000000
C. Information Regarding Distributions to the Class B Certificateholders
1. The total amount of the distribution to Class B Certificateholders per
$1,000 original certificate principal amount $ 4.5111458
2. The amount of the distribution set forth in paragraph 1 above in
respect of interest on the Class B Certificates, per $1,000 original
certificate principal amount $ 4.5111458
3. The amount of the distribution set forth in paragraph 1 above in
respect of principal on the Class B Certificates, per $1,000 original
certificate principal amount $ 0.0000000
D. Class B Investor Charge-Offs and Reimbursement of Charge-Offs
1. The Amount of Class B Investor Charge-Offs $ 0.0000000
2. The amount of Class B Investor Charge-Offs set forth in paragraph 1
above, per $1,000 original certificate principal amount $ 0.0000000
3. The total amount reimbursed in respect of Class B Investor Charge-Offs $ 0.0000000
4. The amount set forth in paragraph 3 above, per $1,000 original
certificate principal amount $ 0.0000000
5. The amount, if any, by which the outstanding principal balance of the
Class B Certificates exceeds the Class B Invested Amount after giving
effect to all transactions on such Distribution Date $ 0.0000000
IN WITNESS WHEREOF, the undersigned has duly executed this Certificate
this 12th day of April, 1999.
FIRST OF AMERICA BANK, N.A.,
as Seller and Servicer
By: NATIONAL CITY CORPORATION
as Authorized Agent
By: /s/ Xxxxxx X. Xxxxxxxx
-----------------------------
Name: Xxxxxx X. Xxxxxxxx
Title: Vice President - Credit Card Finance
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RECEIVABLES
Beginning of the Month Principal Receivables $641,390,292.87
Beginning of the Month Finance Charge Receivables $ 10,513,650.84
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Beginning of the Month Total Receivables $651,903,943.71
Removed Principal Receivables $ 0.00
Removed Finance Charge Receivables $ 0.00
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Removed Total Receivables $ 0.00
Additional Principal Receivables $ 0.00
Additional Finance Charge Receivables $ 0.00
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Additional Total Receivables $ 0.00
End of the Month Principal Receivables $617,226,039.14
End of the Month Finance Charge Receivables $ 8,623,442.00
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End of the Month Total Receivables $625,849,481.14
Special Funding Account Balance $ 0.00
Aggregate Invested Amount (all Master Trust Series) $500,000,000.00
End of Month Seller Amount $117,226,039.14
End of Month Seller Percentage 23.45%
DELINQUENCIES AND LOSSES
Total end of the Month Delinquencies RECEIVABLES
---------------
30 - 59 Days Delinquent $ 8,375,545.44
60 - 89 Days Delinquent $ 7,465,131.07
90+ Days Delinquent $ 4,602,287.40
---------------
Total 30+ Days Delinquent $ 20,442,963.91
Defaulted Amounts During the Month $ 2,780,276.46
INVESTED AMOUNTS
Class A Initial Invested Amount $470,000,000.00
Class B Initial Invested Amount $ 30,000,000.00
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Total Initial Invested Amount $500,000,000.00
Class A Invested Amount $470,000,000.00
Class B Invested Amount $ 30,000,000.00
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Total Invested Amount $500,000,000.00
Floating Allocation Percentage 77.9557%
Principal Allocation Percentage 77.9557%
Servicer Interchange Amount $ 416,666.67
Monthly Servicing Fee $ 416,666.67
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Total Servicing Compensation $ 833,333.34
Investor Default Amount $ 2,167,383.98
CLASS A AVAILABLE FUNDS
Class A Floating Percentage 94.00%
Class A Finance Charge Collections $ 8,091,153.28
Other Amounts $ 0.00
Total Class A Available Funds $ 8,091,153.28
Class A Monthly Interest $ 2,071,671.88
Class A Servicing Fee $ 391,666.67
Class A Investor Default Amount $ 2,037,340.94
Total Class A Excess Spread $ 3,590,473.79
Required Amount $ 0.00
CLASS B AVAILABLE FUNDS
Class B Floating Percentage 6.00%
Class B Finance Charge Collections $ 516,456.59
Other Amounts $ 0.00
Total Class B Available Funds $ 516,456.59
Class B Monthly Interest $ 135,334.38
Class B Servicing Fee $ 25,000.00
Class B Investor Default Amount $ 130,043.04
Total Class B Excess Spread $ 226,079.17
Total Class B Items $ 0.00
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EXCESS SPREAD
Total Excess Spread $3,816,552.96
Excess Spread Applied to the Required Amount $0.00
Excess Spread Applied to Class A Investor Charge-Offs $0.00
Excess Spread Applied to Class B Items $0.00
Excess Spread Applied to Class B Investor Charge-Offs $0.00
Excess Spread Applied to Cash Collateral Account $0.00
Excess Spread Applied to Monthly Cash Collateral Fee $ 14,660.42
Excess Spread Applied to other amounts required under the Loan Agmt $0.00
Total Excess Spread Eligible for Group 1 $3,801,892.54
SERIES 1995-1 EXCESS FINANCE CHARGE COLLECTIONS
Excess Finance Charge Collections Allocated to Series 1995-1
Excess Finance Charge Collections Applied to the Required Amount $0.00
Excess Finance Charge Collections Applied to Class A Investor Charge-Offs $0.00
Excess Finance Charge Collections Applied to Class B Items $0.00
Excess Finance Charge Collections Applied to Class B Investor Charge-Offs $0.00
Excess Finance Charge Collections Applied to Cash Collateral Account $0.00
Excess Finance Charge Collections Applied to Monthly Cash Collateral Fee $0.00
Excess Finance Charge Collections Applied to other amounts owed Cash $0.00
Collateral Depositor $0.00
Total Excess Finance Charge Collections Eligible for Group 1 $0.00
YIELD AND BASE RATE
Base Rate (Current Month) 6.1260%
Base Rate (Prior Month) 6.1228%
Base Rate (Two Months Ago) 6.1872%
Three Month Average Base Rate 6.1453%
Portfolio Yield (Current Month) 15.1657%
Portfolio Yield (Prior Month) 13.6556%
Portfolio Yield (Two Months Ago) 17.6749%
Three Month Average Portfolio Yield 15.4987%
PRINCIPAL COLLECTIONS
Class A Principal Percentage 94.00%
Class A Principal Collections $ 86,052,209.49
Class B Principal Percentage 6.00%
Class B Principal Collections $ 5,492,694.22
Total Principal Collections $ 91,544,903.71
Reallocated Principal Collections $ 0.00
Shared Principal Collections Allocable from other Series $ 0.00
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CLASS A AMORTIZATION
Controlled Amortization Amount $ 0.00
Deficit Controlled Amortization Amount $ 0.00
Controlled Distribution Amount $ 0.00
CLASS B AMORTIZATION
Controlled Amortization Amount $ 0.00
Deficit Controlled Amortization Amount $ 0.00
Controlled Distribution Amount $ 0.00
INVESTOR CHARGE-OFFS
Class A Investor Charge-Offs $ 0.00
Class B Investor Charge-Offs $ 0.00
Previous Class A Charge-Offs Reimbursed $ 0.00
Previous Class B Charge-Offs Reimbursed $ 0.00
CASH COLLATERAL ACCOUNT
Required Cash Collateral Amount $32,500,000.00
Available Cash Collateral Amount $32,500,000.00
FIRST OF AMERICA BANK, N.A.,
as Seller and Servicer
By: NATIONAL CITY CORPORATION
as Authorized Agent
By: /s/ Xxxxxx X. Xxxxxxxx
--------------------------------
Name: Xxxxxx X. Xxxxxxxx
Title: Vice President - Credit Card Finance
