8-K 1 at073103.txt ASSOCIATES MONTHLY 8-K 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): August 18th, 2003 ------------------------------------------------------------------------------- CITIBANK (SOUTH DAKOTA), NATIONAL ASSOCIATION ON BEHALF OF ASSOCIATES CREDIT CARD MASTER NOTE TRUST (Exact name of registrant as specified in its charter) UNITED STATES OF AMERICA ------------------------------------------------------ (State or other jurisdiction of incorporation) 333-9486701 ------------------------- (Commission File Numbers) 46-0358360 ------------------------- (IRS Employer Identification Number) 701 EAST 60TH STREET, NORTH SIOUX FALLS, SOUTH DAKOTA 57117 ------------------------------------------------ ------------- (Address of principal executive office) (Zip Code) Registrants telephone number, including area code (605) 331-2626 Item 5. Other Events The monthly statements for the month of July 2003 were distributed to Noteholders on August 18, 2003. Item 7 (C). Exhibits. Exhibit No. Description 20.1 Series 2000-2 monthly statement for the month of July 2003. SIGNATURES 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 hereunto duly authorized. CITIBANK (SOUTH DAKOTA), NATIONAL ASSOCIATION AS SERVICER By: /s/ Doug Morrison ----------------------- Douglas Morrison Chief Financial Officer
File: July_03_8k-sec CONFIDENTIAL Servicer's Report Date of Report: 8/19/2003 Interest Period: July 17, 2003 to August 17, 2003, pay on August 18, 2003. Associates Credit Card Master Note Trust, Series 2000-2 ----------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------- Transferor Trust Interest Totals ------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------ Beginning Principal Receivables Balance 4,997,994,206.13 Beginning Fin. Chrg. Receivables Balance 174,360,898.48 Beginning Total Receivables Balance 5,172,355,104.61 Beginning Special Funding Accnt Balance 0.00 Beginning Spread Account Balance 0.00 Beginning Reserve Account Balance 0.00 Beginning Period Invested Amount 4,775,954,372.80 Ending Period Invested Amount 4,761,398,704.59 Class A Class B Class C Total Series Monthly Master Note Trust Activities Note Note Note Note --------------------------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------------------------- Initial Invested Amount 600,000,000.00 80,921,000.00 108,553,000.00 789,474,000.00 Beginning Period Invested Amount 100,000,000.00 13,486,833.33 108,553,000.00 222,039,833.33 Principal Deposit to PFA on D.D. 50,000,000.00 6,743,416.67 - 56,743,416.67 Principal Funding Acct (PFA) Balance 550,000,000.00 74,177,583.33 - 624,177,583.33 Note Principal Balance Increase 0.00 0.00 0.00 0.00 Note Principal Balance Decrease 0.00 0.00 0.00 0.00 Reductions in Invested Amount this Period (Other than by Principal Payments) 0.00 0.00 0.00 0.00 Previous Reductions in Invested Amount Reimbursed this Period 0.00 0.00 0.00 0.00 Ending Special Funding Accnt Balance Ending Spread Account Balance Ending Reserve Account Balance Ending Period Invested Amount 50,000,000.00 6,743,416.67 108,553,000.00 165,296,416.67
------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------- Group I Information Series 2000-2 ------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------- Beginning Invested Amount 222,039,833.33 Average Rate 1.53% Allocable Finance Charge Collections 3,902,530.74 Allocable Principal Collections 64,428,860.89 Allocable Default Amount Due 2,229,689.82 Allocable Monthly Interest Due 302,685.90 Monthly Interest on PFA Balance 620,279.55 Allocable Monthly Servicing Fees Due 370,066.39 Ending Invested Amount 165,296,416.67
----------------------------------------- ----------------------------------------- Payout Event Tests ----------------------------------------- ----------------------------------------- Base Rate Trigger 3 Month Average Portfolio Yield 9.27% 3 Month Average Base Rate 3.56% Spread 5.71% Trigger Pass Test: If Spread is >0, "Yes" Yes Transferor's Interest Trigger Required Transferor Interest 344,868,658.49 Transferor Interest 4,761,398,704.59 Trigger Pass Test Yes
ASSOCIATES CREDIT CARD MASTER NOTE TRUST Series 2000-2 Pursuant to the Master Indenture dated as of April 1, 2000 (as amended and supplemented, the "Master Indenture"), between Associates Credit Card Master Note Trust (the "Trust) and the Bank of New York, as indenture trustee (the Indenture Trustee), as supplemented by the Series 2000-2 Indenture Supplement, dated as of June 13, 2000 (the "Indenture Supplement"), between the Trust and the Indenture Trustee, Citibank (South Dakota), National Association("CBSD"), as Servicer (the "Servicer") under the Transfer and Servicing Agreement, dated as of April 1, 2000 (the "Transfer and Servicing Agreement") between Citibank (South Dakota) National Association, as Transferor & Servicer, and the Trust, is required to prepare certain information each month regarding current distributions to the Series 2000-2 Noteholders and the performance of the Trust during the previous month. The information which is required to be prepared with respect to the Distribution Date of August 18, 2003, and with respect to the performance of the Trust during the month of July is set forth below. Capitalized terms used in this Monthly Statement have their respective meanings set forth in the Master Indenture and the Indenture Supplement. Current Transaction Period: Amortization Period Any Cash Flow Shortfalls this Period No Any Cash Flow Shortfalls from Previous Period No Payout Event this Period: No Group I Participants: Series 2000-2
MASTER NOTE TRUST RECEIVABLES YIELD AND BASE RATE -- July: (31 posting days)
Yield Defaults Total Portfolio Yield (Current Month) 20.41% 11.66% 8.75% Portfolio Yield (Prior Month) 19.08% 10.21% 8.87% Portfolio Yield (Two Months Ago) 22.21% 12.02% 10.19% THREE MONTH AVERAGE PORTFOLIO YIELD 9.27% --------------------- ---------------------
Servicing Coupon Total Base Rate (Current Month) 2.00% 1.53% 3.53% Base Rate (Prior Month) 2.00% 1.51% 3.51% Base Rate (Two Months Ago) 2.00% 1.65% 3.65% THREE MONTH AVERAGE BASE RATE 3.56% --------------------- ---------------------
Beginning Period Principal Receivables 4,997,994,206.13 Beginning Period Finance Charge Receivables 174,360,898.48 Beginning Period Discounted Receivables 0.00 Beginning Period Total Receivables 5,172,355,104.61 Removed Principal Receivables 0.00 Removed Finance Charge Receivables 0.00 Removed Total Receivables 0.00 Discounted Receivables Generated this Period 0.00 Additional Principal Receivables 0.00 Additional Finance Charge Receivables 0.00 Additional Total Receivables 0.00 Total Principal Collections this Period 407,885,596.56 Total Defaulted Principal Receivables this Period 50,189,088.38 Total Receivables Adjustments this Period 12,643,315.86 Total Finance Charge Collections this Period 87,843,814.83 Total Discounted Receivables this Period 0.00 Ending Period Principal Receivables 4,926,695,121.26 Ending Period Finance Charge Receivables 170,833,106.07 Ending Period Discounted Receivables 0.00 Ending Period Total Receivables 5,097,528,227.33 0 DELINQUENCY INFORMATION End of the Month Principal Delinquencies: 31-60 Days Delinquent 110,483,421.43 61-90 Days Delinquent 73,546,650.21 91+ Days Delinquent 139,318,221.71 --------------------- --------------------- Total 31+ Days Delinquent 323,348,293.35 --------------------- ---------------------
ASSOCIATES CREDIT CARD MASTER NOTE TRUST CASH FLOW ALLOCATIONS SERIES 2000-2 Floating Investor Percentage 4.4426% Floating Allocation Percentage 4.4426% Fixed Investor Percentage 4.4426% Series Allocation Percetage 100.0000% Principal Allocation Percentage 15.7958%
FINANCE CHARGE ALLOCATIONS Total --------------------------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------------------------- AVAILABLE FUNDS Total Trust Finance Charge Collections 87,843,814.83 Investor Percentage 4.4426% Investor Finance Charge Collections 3,902,530.74 3,902,530.74 Excess Finance Charge Collections allocated to Series 0.00 0.00 Available Finance Charge Collections 3,902,530.74 3,902,530.74
CASH FLOW ALLOCATIONS
Class A Distributions (1)Class A Monthly Interest 106,777.78 (2)Class A Monthly Interest Previously Due 0.00 (3)Class A Monthly Additional Interest 0.00 (4)Class A Monthly Additional Interest Previously Due 0.00 Total Class A Monthly Interest 106,777.78 Class B Distributions (5)Class B Monthly Interest 17,278.13 (6)Class B Monthly Interest Previously Due 0.00 (7)Class B Monthly Additional Interest 0.00 (8)Class B Monthly Additional Interest Previously Due 0.00 Total Class B Monthly Interest 17,278.13 (9)Total Monthly Servicing Fee for Series 370,066.39 (10)Total Servicing Fee for Series Previously Due 0.00 (11)Class A Prepayable Increase Amount Interest 0.00 (12)Class B Prepayable Increase Amount Interest 0.00 (13)Investor Default Amount 2,229,689.82 (14)Investor Charge-Offs 0.00 (15)Reallocated Principal Collections Previously Due 0.00 Class C Distributions (16)Class C Monthly Interest 178,629.99 (21)Funds Required per Note Agreement under Sections 2.07, 2.08 & 2.09 0.00 (22)Funds Required per Note Agreement under Sections 2.04 (e) & 7.01 0.00 Spread Account Distributions (23)Class C Spread Account Required Deposit 0.00 TOTAL EXCESS SPREAD ELIGIBLE FOR OTHER SERIES' ALLOCATIONS 1,000,088.62 EXCESS SPREAD ALLOCATED TO OTHER SERIES' 0.00 EXCESS SPREAD RELEASED TO TRANSFEROR 1,000,088.62
PRINCIPAL ALLOCATIONS -------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------- AVAILABLE FUNDS Total Trust Principal Collections 407,885,596.56 Series Allocation Percentage 100.0000% Principal Allocation Percentage 15.7958% Investor Principal Collections - Series Level 64,428,860.89 Total Investor Principal Collections - Series Level 64,428,860.89 Class A Class B Class C Total --------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------- Class Prin Percentages(A & B) 88.12% 11.88% 0.00% 100.00000% Class Principal Collections 56,772,102.10 7,656,758.79 0.00% 64,428,860.89 Class Prin Bal at end of Rev Prd 600,000,000.00 80,921,000.00 108,553,000.00 789,474,000 Monthly Deposit to PFA. 50,000,000.00 6,743,416.67 56,743,416.67 Shared Prin Collect for Oth Series 6,772,102.10 913,342.12 - 7,685,444 Prin Pmt for Class C from Oth Series - - - 0 Net (User)/Provider of Prin Collect 6,772,102.10 913,342.12 - 7,685,444.23 Monthly Principal Payment to PFA 50,000,000.00 6,743,416.67 - 56,743,416.67 Bullet Prin Payment at Maturity - - - 0.00 Total Distribution:Interest + Prin 106,777.78 17,278.13 178,629.99 302,685.90
ASSOCIATES CREDIT CARD MASTER NOTE TRUST
Group 1 Coupon Rate Balance Interest Payments -------------------- --------------------- --------------------- -------------------- --------------------- --------------------- Series 2000-2, Class A 1.20% $ 100,000,000.00 $ 106,777.78 8 Series 2000-2, Class B 1.44% $ 13,486,833.33 $ 17,278.13 13 Series 2000-2, Class C 1.85% $ 108,553,000.00 $ 178,629.99 9
Series 2000-2 --------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------- Class A Class B Class C Total -------------------- --------------------- --------------------- --------------------- -------------------- --------------------- --------------------- --------------------- Prin Distr Reqd Amount @ Maturity $ - $ - - $ - - $-- Int Dist Reqd From Master Trust $ 106,777.78 $ 17,278.13 $ 178,629.99 $ 302,685.90 PFA Int Shortfall Funded by CBSD $ 150,957.24 $ 34,745.31 $ - $ 185,702.55 PFA Int Funded by CP $ 382,931.65 $ 51,645.35 $ - $ 434,577.00 Principal Deposit to PFA $ 50,000,000.00 $ 6,743,416.6 $ - $ 56,743,416.67 Servicing Fee $ 370,066.39 $ 370,066.39 -------------------- --------------------- --------------------- --------------------- -------------------- --------------------- --------------------- --------------------- Total $ 50,640,666.67 $ 6,847,085.46 $ 548,696.38 $ 58,036,448.518 ==================== ===================== ===================== ===================== ==================== ===================== ===================== ===================== Total Cpn Dist to Class A +B+C $ 640,666.67 $ 103,668.79 $ 178,629.99 $ 922,965.45 9 Total Cpn Dist to Class A + B $ 744,335.46