Correct: Fitch Rates Bank One Issuance Trust ONEseries Class C 2003-4 'BBB'.Business Editors NEW YORK--(BUSINESS WIRE)--June 19, 2003 (This is an amended a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. version of an earlier press release which includes the correct dollar amount of issuance for ONEseries class C 2003-4) Bank One Issuance Trust's issuance of $150 million ONEseries class C (2003-4) notes are rated 'BBB' by Fitch Ratings Fitch Ratings An international rating agency for financial institutions, insurance companies, and corporate, sovereign, and municipal debt. Fitch Ratings has headquarters in New York and London and is wholly owned by FIMALAC of Paris. . The class C (2003-4) notes accrue To increase; to augment; to come to by way of increase; to be added as an increase, profit, or damage. Acquired; falling due; made or executed; matured; occurred; received; vested; was created; was incurred. interest at one-month LIBOR LIBOR See: London Interbank Offered Rate LIBOR See London interbank offered rate (LIBOR). plus 1.03% payable monthly with an expected maturity date of June June: see month. 16, 2008. The notes issued by Bank One Issuance Trust are secured by the collateral certificate, series 2002-CC, issued by First USA Credit Card Master Trust and the collection account, the excess funding account, and any other supplemental accounts in asset pool one, including interest funding account, the principal funding account and the class C reserve account for the ONEseries. The rating reflects the credit quality of the collateral certificate, which is based on the quality of the receivables Receivables An asset designation applicable to all debts, unsettled transactions or other monetary obligations owed to a company by its debtors or customers. Receivables are recorded by a company's accountants and reported on the balance sheet, and they and include all debts owed that make up First USA Credit Card Master Trust, the required credit enhancement Credit Enhancement A method whereby a company attempts to improve its debt or credit worthiness. Notes: Credit enhancements take many different forms. An example of a credit enhancement would be conversion rights added on to a debt instrument in order to lower the issuing , the servicing expertise of Bank One, Delaware Delaware, state, United States Delaware (dĕl`əwâr, –wər), one of the Middle Atlantic states of the United States, the country's second smallest state (after Rhode Island). , National Association, and the transaction's sound legal and financial structures. ONEseries is a multiple tranche Tranche One of several related securities offered at the same time. Tranches from the same offering usually have different risk, reward, and/or maturity characteristics. tranche A class of bonds. series which consists of class A, class B and class C notes, with subclasses that may be offered independently and have differing terms, issuance dates and maturities. All of the subclasses of subordinated notes in a multiple tranche series support the senior classes of that series. Although notes of a multiple tranche series can be offered on any date, senior notes may only be offered to the extent the required subordinate amount is outstanding at that time, without regard to the expected maturity of the subordinated notes. For a multiple tranche series, class A or class B notes can be offered only to the extent that the required subordinated amount is outstanding. The class C notes can be offered only if required funds have been deposited in the class C notes spread account. The required subordinated amount for the issuance of class A notes, expressed as a percentage of the adjusted outstanding dollar principal amount of class A notes, is approximately 8.47953% of class B notes and 8.47953% of class C notes. The required subordinated amount for the issuance of class B notes, expressed as a percentage of the adjusted outstanding dollar principal amount of class B notes, is 7.81671% of class C notes. These subordination levels provide loss protection equivalent to 14.5% and 7.25% credit enhancement for a traditional single issuance series. As noted above, the master owner trust will establish a class C reserve account to provide credit enhancement for the holders of the class C notes. The class C reserve account initially will not be funded, but will be funded if the three-month average of the excess spread percentage falls below set levels. For historical trust performance on First USA Credit Card Master Trust please refer to Fitch Ratings asset-backed surveillance available on the Fitch Ratings web site at 'www.fitchratings.com'. |
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