SCORE Trust Amortization Event Expected to Occur

TORONTO, March 15, 2013 /CNW/ - JPMorgan Chase Bank, N.A. Toronto Branch, 
("JPMorgan") the Administrative Agent for SCORE Trust (the "Trust") in 
respect of the Trust's $352,500,000 4.949% Credit Card Receivables-Backed 
Senior Notes, Series 2004-1 ("Series 2004-1 Senior Notes") and $22,500,000 
5.629% Credit Card Receivables-Backed Subordinated Notes, Series 2004-1 
("Series 2004-1 Subordinated Notes") (together, the "Series 2004-1 Notes") has 
declared an Accumulation Commencement Date of May 1, 2013, which marks the 
beginning of the accumulation period for the Trust to accumulate amounts to 
pay the Series 2004-1 Notes. The Targeted Principal Distribution Date for 
the Series 2004-1 Notes is February 20, 2014. The Series 2004-1 Notes are 
the only series of notes issued by the Trust that are currently outstanding. 
Pursuant to the terms of the transaction documents, during the accumulation 
period as the principal amount accumulates and is deposited in the Series 
2004-1 Notes Accumulations Account, the amount of service charge collections 
allocated to Series 2004-1 Notes to pay funding costs and trust expenses will 
decrease. Pursuant to the definition of Excess Spread Percentage in the 
transaction documents, the Administrative Agent expects that a decrease in the 
service charge collections allocated to the Series 2004-1 Notes during the 
accumulation period could result in an Excess Spread Percentage of less than 
3.00% (the "Excess Spread Trigger") for the September, 2013 settlement 
period or a later settlement period. A breach of the Excess Spread Trigger 
results in the automatic occurrence of an amortization event. If the Excess 
Spread Trigger is breached, an amortization event will occur on the first day 
of the calendar month following the month with respect to which the Excess 
Spread Trigger was breached. Based on the foregoing, it is possible an 
amortization event could occur as early as October 1, 2013. 
In 2005, in connection with JPMorgan's acquisition of substantially all of the 
assets of Sears Canada Bank, JPMorgan acquired the rights and obligations of 
the Sears Canada Bank credit card receivables and as Seller, Servicer and 
Administrative Agent of the Trust. Under the transaction documentation, 
there is no action that may be taken by the Trust or by JPMorgan in its 
capacity as Seller, Servicer, or Administrative Agent of the Trust, to remedy 
the breach described above, if it should occur. 
If an amortization event occurs and the amortization period commences, 
principal and interest will be paid on a monthly basis first to the holders of 
the Series 2004-1 Senior Notes and, when interest and principal has been paid 
in full to the holders of the Series 2004-1 Senior Notes, then principal and 
interest will be paid to the holders of the Series 2004-1 Subordinated 
Notes. If the amortization event occurs, it is anticipated that, based 
on forecasted collections on the Trust's receivables as determined by the 
Administrative Agent and amounts on deposit in the Series 2004-1 accumulation 
reserve account and Series 2004-1 reserve account, the Series 2004-1 Notes 
will be repaid in full by February 20, 2014.  However, there can be no 
certainty that the Series 2004-1 Notes will be repaid in full on such date 
and, depending on Trust collections, the Series 2004-1 Notes could be repaid 
on an earlier or later date should such amortization event occur. 
For further information regarding this amortization event and the repayment of 
the Series 2004-1 Notes that would occur as a result thereof, please refer to 
SCORE Trust's short form prospectus dated February 11, 2004 and the prospectus 
supplement thereto dated February 13, 2004 relating to the Series 2004-1 Notes. 
For more information, please contact: 
Eve Ngan Executive Director JPMorgan Chase Bank, N.A. (Toronto Branch), as 
Administrative Agent for  SCORE Trust Telephone:(212) 270-6358 
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ST: Ontario
-0- Mar/15/2013 20:45 GMT
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