-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, TVosng8FKaMqyosvEoWY4LncND7vj66XQVo3lZZjKGiD2h+1mB6m1ac5FEwnod3d tnus5yorLz9gC16ydqD3aA== /in/edgar/work/20000710/0000912057-00-031260/0000912057-00-031260.txt : 20000712 0000912057-00-031260.hdr.sgml : 20000712 ACCESSION NUMBER: 0000912057-00-031260 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 5 CONFORMED PERIOD OF REPORT: 20000710 ITEM INFORMATION: FILED AS OF DATE: 20000710 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TARGET RECEIVABLES CORP CENTRAL INDEX KEY: 0000946115 STANDARD INDUSTRIAL CLASSIFICATION: [6189 ] IRS NUMBER: 411812153 STATE OF INCORPORATION: MN FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 000-26930 FILM NUMBER: 669880 BUSINESS ADDRESS: STREET 1: 80 S EIGHTH ST STREET 2: 14TH FLOOR STE 1401 CITY: MINNEAPOLIS STATE: MN ZIP: 55402 BUSINESS PHONE: 6123706530 MAIL ADDRESS: STREET 1: 80 SOUTH 8TH STREET STREET 2: 14TH FLOOR STE 1401 CITY: MINNEAPOLIS STATE: MN ZIP: 55402 FORMER COMPANY: FORMER CONFORMED NAME: DAYTON HUDSON RECEIVABLES CORP DATE OF NAME CHANGE: 19950602 8-K 1 a8-k.htm FORM 8-K Prepared by MERRILL CORPORATION www.edgaradvantage.com QuickLinks -- Click here to rapidly navigate through this document


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:  July 10, 2000



TARGET RECEIVABLES CORPORATION
(Exact name of registrant as specified in its charter)

Minnesota
(State or other jurisdiction of incorporation)




0-26930 41-1812153
(Commission File Number) (I.R.S. Employer Identification Number)  





Target Receivables Corporation
80 South Eighth Street
14th Floor, Suite 1401
Minneapolis, Minnesota 55402
(612)370-6530
(Address, including Zip Code, and Telephone Number,
Including Area Code, of Registrant's Principal Executive Office)

Item 5:  Other Events



The Monthly Servicer's Certificates for the Monthly Period ended May 27, 2000 and the Monthly Certificateholders' Statements for the Monthly Period ended May 27, 2000, with respect to the Class A Asset Backed Certificates, 6.25% Series 1997-1, the Class B Asset Backed Certificates, Series 1997-1, the Class A Asset Backed Certificates, 5.90% Series 1998-1 and the Class B Asset Backed Certificates, Series 1998-1, issued by the Target Credit Card Master Trust, were delivered to the Trustee on June 21, 2000, and the Monthly Certificateholders' Statements were then distributed to Certificateholders on June 26, 2000.

The above described Monthly Servicer's Certificates are filed as Exhibits 20.1 and 20.3 to this Report. The above described Monthly Certificateholders' Statements are filed as Exhibits 20.2 and 20.4 to this Report.



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 thereunto duly authorized.

Dated:  July 10, 2000

    TARGET RECEIVABLES CORPORATION
 
 		  
 		  
 		  
 		  
 
 
 		  
 		  
By:		  
 		  
/s/ Stephen C. Kowalke                                 
 
 		  
 		  
Name:		  
 		  
Stephen C. Kowalke
    Title:   Vice President and Treasurer


EXHIBIT INDEX



Exhibit Number

   Description
20.1   Series 1997-1 Monthly Servicer's Certificate for the Monthly Period ended May 27, 2000.
 
20.2		  
 		  
Series 1997-1 Monthly Certificateholders' Statement for the Monthly Period ended May 27, 2000.
 
20.3		  
 		  
Series 1998-1 Monthly Servicer's Certificate for the Monthly Period ended May 27, 2000.
 
20.4		  
 		  
Series 1998-1 Monthly Certificateholders' Statement for the Monthly Period ended May 27, 2000.
 
 		  
 		  
 

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SIGNATURES
EXHIBIT INDEX
 EX-20.1 2 ex-20_1.htm EXHIBIT 20.1 Prepared by MERRILL CORPORATION www.edgaradvantage.com QuickLinks -- Click here to rapidly navigate through this document

Exhibit 20.1


MONTHLY SERVICER'S CERTIFICATE

RETAILERS NATIONAL BANK

TARGET CREDIT CARD MASTER TRUST
SERIES 1997-1

    

The undersigned, a duly authorized representative of Retailers National Bank, as Servicer ("RNB") pursuant to the Pooling and Servicing Agreement dated as of September 13, 1995 (as may be amended, from time to time, the "Agreement") as supplemented by the Series 1997-1 Supplement (as amended and supplemented, the "Series Supplement"), among RNB, Target Receivables Corporation and Norwest Bank Minnesota, National Association, does hereby certify as follows:

1.   Capitalized terms used in this Certificate have their respective meanings as set forth in the Agreement or the Series Supplement, as applicable.    
 
2.		  
 		  
RNB is, as of the date hereof, the Servicer under the Agreement.		  
 		  
 
 
3.		  
 		  
The undersigned is a Servicing Officer.		  
 		  
 
 
4.		  
 		  
This certificate relates to the Distribution Date occuring on June 26, 2000.		  
 		  
 
 
5.		  
 		  
As of the date hereof, to the best knowledge of the undersigned, the Servicer has performed in all material respects all its obligations under the Agreement through the Monthly Period preceding such Distribution Date.		  
 		  
 
 
6.		  
 		  
As of the date hereof, to the best knowledge of the undersigned, no Early Amortization Event occurred on or prior to such Distribution Date.		  
 		  
 
 
7.		  
 		  
The aggregate amount of Collections processed for the preceding Monthly Period was equal to $457,811,661.37.		  
 		  
 
 
8.		  
 		  
The aggregate amount of Collections of Finance Charge Receivables (including Discounted Receivables) for the preceding Monthly Period was equal to $53,296,220.64.		  
 		  
 
 
9.		  
 		  
The aggregate amount of Collections of Principal Receivables for the preceding Monthly Period was equal to $404,515,440.73.		  
 		  
 
 
10.		  
 		  
The aggregate amount of the Defaulted Amount for the preceding Monthly Period was equal to $10,163,950.85.		  
 		  
 
 
11.		  
 		  
The aggregate amount of Recoveries for the preceding Monthly Period was equal to $4,310,508.91.		  
 		  
 
 
12.		  
 		  
The Portfolio Yield for the preceding Monthly Period was equal to 23.47%.		  
 		  
 
 
13.		  
 		  
The Base Rate for the preceding Monthly Period was equal to 6.78%.		  
 		  
 
 
14.		  
 		  
The aggregate amount of Receivables as of the end of the last day of the preceding Monthly Period was equal to $2,420,430,357.87.		  
 		  
 
 
15.		  
 		  
The balance on deposit in the Collection Account with respect to Collections processed as of the end of the last day of the preceding Monthly Period was equal to $2,083,333.34.		  
 		  
 
 

 		 
 		  
 		  
 		  
 
 
16.		  
 		  
The aggregate amount of Adjustments for the preceding Monthly Period was equal to $42,045,975.73.		  
 		  
 
 
17.		  
 		  
The aggregate amount of withdrawals, drawings or payments under any Enhancement to be made with respect to the preceding Monthly Period is equal to $0.00.		  
 		  
 
 
18.		  
 		  
The total amount to be distributed to Investor Certificateholders on the Distribution Date is equal to $2,083,333.34.		  
 		  
 
 
19.		  
 		  
The amount to be distributed to Investor Certificateholders on the Distribution Date per $1,000 original principal amount is equal to:		  
 		  
 
 
 		  
 		  
                              Class A          5.208		  
 		  
 
 
20.		  
 		  
The amount of such distribution allocable to principal is equal to $0.00.		  
 		  
 
 
21.		  
 		  
The amount of such distribution allocable to principal per $1,000 original principal amount is equal to:		  
 		  
 
 
 		  
 		  
                              Class A          0.000		  
 		  
 
 
22.		  
 		  
The amount of such distribution allocable to interest is equal to $2,083,333.34.		  
 		  
 
 
23.		  
 		  
The amount of such distribution allocable to interest per $1,000 original principal amount is equal to:		  
 		  
 
 
 		  
 		  
                              Class A          5.208		  
 		  
 
 
 
 		  
 
 		  
 
 		  
 
 		  
 
 
 
 		  
 		  
IN WITNESS WHEREOF, the undersigned has duly executed and delivered this Servicer's Certificate this 21st day of June, 2000.		  
 		  
 
 
 
 		  
 
 		  
 
 		  
 
 		  
 
 
 
 		  
 		  
 RETAILERS NATIONAL BANK,
  as servicer
 
  
 		  
 
 
 
 		  
 
 		  
 
By:  /s/ Thomas A. Swanson   
    Name: Thomas A. Swanson
    Title: Vice President & Cashier		  
 
 		  
 
 
 
 		  
 		  
 		  
 		  
 

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 EX-20.2 3 ex-20_2.htm EXHIBIT 20.2 Prepared by MERRILL CORPORATION www.edgaradvantage.com QuickLinks -- Click here to rapidly navigate through this document

Exhibit 20.2


MONTHLY CERTIFICATEHOLDERS' STATEMENT
RETAILERS NATIONAL BANK
TARGET CREDIT CARD MASTER TRUST
SERIES 1997-1

    

Pursuant to the Pooling and Servicing Agreement, dated as of September 13, 1995 (as may be amended, from time to time, the "Agreement"), as supplemented by the Series 1997-1 Supplement (as amended and Supplemented, the "Series Supplement"), each among Retailers National Bank, as Servicer, Target Receivables Corporation, as Transferor, and Norwest Bank Minnesota, National Association, as Trustee, the Servicer is required to prepare certain information each month regarding distributions to Certificateholders and the performance of the Trust. The information with respect to the applicable Distribution Date and Monthly Period is set forth below.

 
 		  
 		  
 		  
 		  
 
    Monthly Period:   May 2000
    Distribution Date:   June 26, 2000
    No. of Days in Period:   28
A.   ORIGINAL DEAL PARAMETERS          
 
(a)		  
 		  
Class A Initial Invested Amount		  
 		  
$		  
400,000,000.00		  
 		  
76.50%
(b)   Class B Initial Invested Amount     122,875,817.00   23.50%
       
   
(c)   Total Initial Invested Amount   $ 522,875,817.00    
       
   
(d)   Class A Certificate Rate     6.25%    
(e)   Class B Certificate Rate     0.00%    
 
(f)		  
 		  
Servicing Fee Rate		  
 		  
 		  
2.00%		  
 		  
 
(g)   Discount Percentage     0.00%    
 
 		  
 		  
 		  
 		  
 		  
 		  
 		  
 
 
 		  
 		  
 		  
 		  
 		  
 		  
 		  
 
I.   RECEIVABLES IN THE TRUST          
 
(a)		  
 		  
Beginning of the Period Principal Receivables		  
 		  
$		  
2,362,746,754.75		  
 		  
 
(b)   Beginning of the Period Finance Charge Receivables     65,768,819.27    
(c)   Beginning of the Period Discounted Receivables     -        
       
   
(d)   Beginning of the Period Total Receivables (a + b + c)   $ 2,428,515,574.02    
       
   
 
(e)		  
 		  
Removed Principal Receivables		  
 		  
$		  
- -    		  
 		  
 
(f)   Removed Finance Charge Receivables     -        
       
   
(g)   Removed Total Receivables (e + f)   $ -        
       
   
 
(h)		  
 		  
Supplemental Principal Receivables		  
 		  
$		  
- -    		  
 		  
 
(i)   Supplemental Finance Charge Receivables     -        
       
   
(j)   Supplemental Total Receivables (h + i)   $ -        
       
   
 
(k)		  
 		  
End of Period Principal Receivables		  
 		  
$		  
2,355,956,107.00		  
 		  
 
(l)   End of Period Finance Charge Receivables     64,474,250.87    
(m)   End of Period Discounted Receivables     -        
       
   
(n)   End of Period Total Receivables (k + l + m)   $ 2,420,430,357.87    
       
   

MONTHLY CERTIFICATEHOLDERS' STATEMENT
RETAILERS NATIONAL BANK
TARGET CREDIT CARD MASTER TRUST
SERIES 1997-1

    


II.   INVESTED AMOUNTS AND ALLOCATION PERCENTAGES    
 
(a)		  
 		  
Class A Initial Invested Amount		  
 		  
$		  
400,000,000.00		  
 		  
76.50%
(b)   Class B Initial Invested Amount     122,875,817.00   23.50%
       
   
(c)   Total Initial Invested Amount (a + b)   $ 522,875,817.00    
 
(d)		  
 		  
Class A Invested Amount (a - (X.a))		  
 		  
$		  
400,000,000.00		  
 		  
76.50%
(e)   Class B Invested Amount (b - (X.e))     122,875,817.00   23.50%
       
   
(f)   Total Invested Amount (d + e)   $ 522,875,817.00    
 
(g)		  
 		  
Class A Adjusted Invested Amount (a - (X.a)-(III.f))		  
 		  
$		  
400,000,000.00		  
 		  
76.50%
(h)   Class B Invested Amount (b - (X.e))     122,875,817.00   23.50%
       
   
(i)   Total Adjusted Invested Amount (g + h)   $ 522,875,817.00    
 
(j)		  
 		  
Floating Allocation Percentage		  
 		  
 		  
22.13%		  
 		  
 
(k)   Class A Floating Allocation Percentage     16.93%    
(l)   Class B Floating Allocation Percentage     5.20%    
 
(m)		  
 		  
Principal Allocation Percentage		  
 		  
 		  
22.13%		  
 		  
 
(n)   Class A Principal Allocation Percentage     16.93%    
(o)   Class B Principal Allocation Percentage     5.20%    
 
(p)		  
 		  
Servicing Fee		  
 		  
$		  
871,459.70		  
 		  
 
(q)   Investor Defaulted Amount (j * (IV.(m)))   $ 2,249,282.15    
 
 		  
 		  
 		  
 		  
 		  
 		  
 		  
 
III.   TRANSFEROR'S INTEREST, RETAINED INTEREST, SPECIAL FUNDING
ACCOUNT, AND PRINCIPAL FUNDING ACCOUNT
 
(a)		  
 		  
Transferor's Amount (end of month)		  
 		  
$		  
1,145,438,291.86		  
 		  
 
(b)   Required Retained Transferor Amount   $ 47,119,122.14    
(c)   Required Principal Balance   $ 1,210,517,815.14    
(e)   Funds on deposit in Special Funding Account (end of month)   $ -        
(f)   Principal on deposit in Principal Funding Account (beginning of month)   $ -        
(g)   Principal on deposit in Principal Funding Account (end of month)   $ -        

MONTHLY CERTIFICATEHOLDERS' STATEMENT
RETAILERS NATIONAL BANK
TARGET CREDIT CARD MASTER TRUST
SERIES 1997-1

    


IV.   PERFORMANCE SUMMARY          
 
 		  
 		  
COLLECTIONS:		  
 		  
 		  
 		  
 		  
 
(a)   Collections of Principal Receivables   $ 404,515,440.73    
(b)   Collections of Finance Charge Receivables (from cardholder payments)     46,766,907.42    
(c)   Collections of Finance Charge Receivables (from merchant fees, deferred billing fees, collection account interest)     6,529,313.22    
(d)   Collections of Discount Option Receivables     0.00    
       
   
(e)   Total Finance Charge Collections (b + c + d)   $ 53,296,220.64    
       
   
(f)   Total Collections (a + e)   $ 457,811,661.37    
       
   
 
 		  
 		  
DELINQUENCIES AND LOSSES:		  
 		  
 		  
 		  
 		  
 
(g)   2 missed payments   $ 47,659,261    
(h)   3 missed payments     28,752,922    
(i)   4 or more missed payments     62,567,753    
       
   
 
(j)		  
 		  
Total delinquencies (g + h + i)		  
 		  
$		  
138,979,936		  
 		  
 
       
   
 
(k)		  
 		  
Gross Charge-Offs during the month		  
 		  
$		  
14,474,459.76		  
 		  
 
(l)   Recoveries during the month   $ 4,310,508.91    
(m)   Net Charge-Offs during the month (k - l)   $ 10,163,950.85    
 
 V		  
 		  
NON-U.S. ACCOUNTS		  
 		  
 		  
 		  
 		  
 
 
(a)		  
 		  
Non-US Accounts at end of month		  
 		  
 		  
124,914		  
 		  
 
(b)   as a percentage of total (a / c)     0.38%    
 
(c)		  
 		  
Total number of Accounts in Trust (at end of month)		  
 		  
 		  
33,115,505		  
 		  
 

MONTHLY CERTIFICATEHOLDERS' STATEMENT
RETAILERS NATIONAL BANK
TARGET CREDIT CARD MASTER TRUST
SERIES 1997-1

    


VI   AVAILABLE SERIES 1997-1 FINANCE CHARGE COLLECTIONS AND APPLICATION OF FUNDS
 
(a)		  
 		  
Floating Allocation Percentage of Collections of Finance Charge Receivables		  
 		  
$		  
11,794,452.73		  
 		  
 
(b)   Investment earnings on Principal Funding Account     -        
(c)   Investment earnings in Reserve Account deposited in the Collection Account     -        
(d)   Reserve draw Amount deposited into the Collection Account     -        
       
   
(e)   Available Series 1997-1 Finance Charge Collections (a + b + c + d)   $ 11,794,452.73    
 
(i)		  
 		  
Class A Interest		  
 		  
 		  
2,083,333.34		  
 		  
 
 
(ii)		  
 		  
Servicing Fee		  
 		  
 		  
871,459.70		  
 		  
 
 
(iii)		  
 		  
Class A Investor Defaulted Amount ((IV.m * (II.k))		  
 		  
 		  
1,720,700.85		  
 		  
 
 
(iv)		  
 		  
Class B Investor Defaulted Amount ((IV.m * (II.l ))		  
 		  
 		  
528,581.31		  
 		  
 
 
(v)		  
 		  
Adjustment Payment Shortfalls		  
 		  
 		  
- -    		  
 		  
 
 
(vi)		  
 		  
Reimbursement of Class A Investor Charge-Offs		  
 		  
 		  
- -    		  
 		  
 
 
(vii)		  
 		  
Reimbursement of Class B Investor Charge-Offs and Reallocated Class B Principal Collections		  
 		  
 		  
- -    		  
 		  
 
 
(viii)		  
 		  
Class B Interest		  
 		  
 		  
- -    		  
 		  
 
 
(ix)		  
 		  
Reserve Account		  
 		  
 		  
- -    		  
 		  
 
 
(x)		  
 		  
Excess Finance Charge Collections
  (e-i-ii-iii-iv-v-vi-vii-viii-ix)		  
 		  
$		  
6,590,377.54		  
 		  
 

MONTHLY CERTIFICATEHOLDERS' STATEMENT
RETAILERS NATIONAL BANK
TARGET CREDIT CARD MASTER TRUST
SERIES 1997-1

    


VII   YIELD and BASE RATE        
 
 Base Rate		  
 		  
 		  
 		  
 
 
(a)		  
 		  
Base Rate (current month)		  
 		  
6.78%		  
 		  
 
(b)   Base Rate (prior month)   6.78%    
(c)   Base Rate (2 months ago)   6.78%    
 
(d)		  
 		  
3 Month Average Base Rate		  
 		  
6.78%		  
 		  
 
 
 Portfolio Yield		  
 		  
 		  
 		  
 
 
(e)		  
 		  
Portfolio Yield (current month)		  
 		  
23.47%		  
 		  
 
(f)   Portfolio Yield (prior month)   23.28%    
(g)   Portfolio Yield (2 months ago)   23.76%    
 
(h)		  
 		  
3 Month Average Portfolio Yield		  
 		  
23.50%		  
 		  
 
 
 VIII		  
 		  
PORTFOLIO PERFORMANCE RATES		  
 		  
 		  
 		  
 
 
(a)		  
 		  
Net Charge-Offs (annualized % of Principal Receivables at beginning of period)		  
 		  
5.53%		  
 		  
 
(b)   Monthly Payment Rate (% of Total Receivables at beginning of period (adjusted for number of days in period))   19.91%    
(c)   Trust Portfolio Yield (annualized)   29.00%    
(d)   Portfolio Yield (3 month average (annualized))   23.50%    
(e)   Base Rate (3 month average)   6.78%    
(f)   Excess Finance Charge Collections % (d - e)   16.72%    

MONTHLY CERTIFICATEHOLDERS' STATEMENT
RETAILERS NATIONAL BANK
TARGET CREDIT CARD MASTER TRUST
SERIES 1997-1

    

IX   PRINCIPAL COLLECTIONS          
 
(a)		  
 		  
Class A Principal Allocation Percentage		  
 		  
 		  
16.93%		  
 		  
 
(b)   Class A Principal   $ -        
(c)   Class B Principal Allocation Percentage     5.20%    
(d)   Class B Principal   $ -        
(e)   Total Principal (b + d)   $ -        
 
(f)		  
 		  
Reallocated Principal Collections		  
 		  
$		  
- -    		  
 		  
 
(g)   Shared Principal Collections allocable from other Series, Participation and Transferor Certificate   $ -        
 
 X		  
 		  
INVESTOR CHARGE-OFFS		  
 		  
 		  
 		  
 		  
 
 
 		  
 		  
CLASS A INVESTOR CHARGE-OFFS		  
 		  
 		  
 		  
 		  
 
(a)   Class A Investor Charge-Offs   $ -        
(b)   Class A Investor Charge-Offs per $1,000 original certificate principal amount   $ -        
(c)   Total amount reimbursed in respect of Class A Investor Charge-Offs   $ -        
(d)   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.   $ -        
 
 		  
 		  
CLASS B INVESTOR CHARGE-OFFS		  
 		  
 		  
 		  
 		  
 
(e)   Class B Investor Charge-Offs   $ -        
(f)   Class B Investor Charge-Offs per $1,000 original certificate principal amount   $ -        
(g)   Total amount reimbursed in respect of Class B Investor Charge-Offs   $ -        
(h)   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.   $ -        
 
 XI		  
 		  
AMORTIZATION		  
 		  
 		  
 		  
 		  
 
 
(a)		  
 		  
Class A Accumulation Period Length (months)		  
 		  
 		  
12		  
 		  
 
(b)   Controlled Accumulation Amount   $ 33,333,333.34    
(c)   Deficit Controlled Accumulation Amount   $ -        
(d)   Total Principal on deposit in Principal Funding Account for the benefit of Class A Certificateholders   $ -        
 
 		  
 		  
 		  
 		  
 		  
 		  
 		  
 
 
 		  
 		  
 		  
 		  
 		  
 		  
 		  
 
    RETAILERS NATIONAL BANK,
  as servicer		          
 
 		  
 		  
 		  
 		  
 		  
 		  
 		  
 
    By: /s/ Thomas A. Swanson
    Name: Thomas A. Swanson
    Title: Vice President & Cashier
          

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Exhibit 20.3


MONTHLY SERVICER'S CERTIFICATE

RETAILERS NATIONAL BANK

TARGET CREDIT CARD MASTER TRUST
SERIES 1998-1

    

The undersigned, a duly authorized representative of Retailers National Bank, as Servicer ("RNB") pursuant to the Pooling and Servicing Agreement dated as of September 13, 1995 (as may be amended, from time to time, the "Agreement") as supplemented by the Series 1998-1 Supplement (as amended and supplemented, the "Series Supplement"), among RNB, Target Receivables Corporation and Norwest Bank Minnesota, National Association, does hereby certify as follows:

1.   Capitalized terms used in this Certificate have their respective meanings as set forth in the Agreement or the Series Supplement, as applicable.    
 
2.		  
 		  
RNB is, as of the date hereof, the Servicer under the Agreement.		  
 		  
 
 
3.		  
 		  
The undersigned is a Servicing Officer.		  
 		  
 
 
4.		  
 		  
This certificate relates to the Distribution Date occuring on June 26, 2000.		  
 		  
 
 
5.		  
 		  
As of the date hereof, to the best knowledge of the undersigned, the Servicer has performed in all material respects all its obligations under the Agreement through the Monthly Period preceding such Distribution Date.		  
 		  
 
 
6.		  
 		  
As of the date hereof, to the best knowledge of the undersigned, no Early Amortization Event occurred on or prior to such Distribution Date.		  
 		  
 
 
7.		  
 		  
The aggregate amount of Collections processed for the preceding Monthly Period was equal to $457,811,661.37.		  
 		  
 
 
8.		  
 		  
The aggregate amount of Collections of Finance Charge Receivables (including Discounted Receivables) for the preceding Monthly Period was equal to $53,296,220.64.		  
 		  
 
 
9.		  
 		  
The aggregate amount of Collections of Principal Receivables for the preceding Monthly Period was equal to $404,515,440.73.		  
 		  
 
 
10.		  
 		  
The aggregate amount of the Defaulted Amount for the preceding Monthly Period was equal to $10,163,950.85.		  
 		  
 
 
11.		  
 		  
The aggregate amount of Recoveries for the preceding Monthly Period was equal to $4,310,508.91.		  
 		  
 
 
12.		  
 		  
The Portfolio Yield for the preceding Monthly Period was equal to 23.47%.		  
 		  
 
 
13.		  
 		  
The Base Rate for the preceding Monthly Period was equal to 6.51%.		  
 		  
 
 
14.		  
 		  
The aggregate amount of Receivables as of the end of the last day of the preceding Monthly Period was equal to $2,420,430,357.87.		  
 		  
 
 
15.		  
 		  
The balance on deposit in the Collection Account with respect to Collections processed as of the end of the last day of the preceding Monthly Period was equal to $1,966,666.67.		  
 		  
 
 

 		 
 		  
 		  
 		  
 
 
16.		  
 		  
The aggregate amount of Adjustments for the preceding Monthly Period was equal to $42,045,975.73.		  
 		  
 
 
17.		  
 		  
The aggregate amount of withdrawals, drawings or payments under any Enhancement to be made with respect to the preceding Monthly Period is equal to $0.00.		  
 		  
 
 
18.		  
 		  
The total amount to be distributed to Investor Certificateholders on the Distribution Date is equal to $1,966,666.67.		  
 		  
 
 
19.		  
 		  
The amount to be distributed to Investor Certificateholders on the Distribution Date per $1,000 original principal amount is equal to:		  
 		  
 
 
 		  
 		  
                              Class A          4.917		  
 		  
 
 
20.		  
 		  
The amount of such distribution allocable to principal is equal to $0.00.		  
 		  
 
 
21.		  
 		  
The amount of such distribution allocable to principal per $1,000 original principal amount is equal to:		  
 		  
 
 
 		  
 		  
                              Class A          0.000		  
 		  
 
 
22.		  
 		  
The amount of such distribution allocable to interest is equal to $1,966,666.67.		  
 		  
 
 
23.		  
 		  
The amount of such distribution allocable to interest per $1,000 original principal amount is equal to:		  
 		  
 
 
 		  
 		  
                              Class A          4.917		  
 		  
 
 
 
 		  
 
 		  
 
 		  
 
 		  
 
 
 
 		  
 		  
IN WITNESS WHEREOF, the undersigned has duly executed and delivered this Servicer's Certificate this 21st day of June, 2000.		  
 		  
 
 
 
 		  
 
 		  
 
 		  
 
 		  
 
 
 
 		  
 		  
 RETAILERS NATIONAL BANK,
  as servicer
 
  
 		  
 
 
 
 		  
 
 		  
 
By:  /s/ Thomas A. Swanson   
    Name: Thomas A. Swanson
    Title: Vice President & Cashier		  
 
 		  
 
 
 
 		  
 		  
 		  
 		  
 

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MONTHLY SERVICER'S CERTIFICATE RETAILERS NATIONAL BANK TARGET CREDIT CARD MASTER TRUST SERIES 1998-1
 EX-20.4 5 ex-20_4.htm EXHIBIT 20.4 Prepared by MERRILL CORPORATION www.edgaradvantage.com QuickLinks -- Click here to rapidly navigate through this document

Exhibit 20.4


MONTHLY CERTIFICATEHOLDERS' STATEMENT
RETAILERS NATIONAL BANK
TARGET CREDIT CARD MASTER TRUST
SERIES 1998-1

    

Pursuant to the Pooling and Servicing Agreement, dated as of September 13, 1995 (as may be amended, from time to time, the "Agreement"), as supplemented by the Series 1998-1 Supplement (as amended and Supplemented, the "Series Supplement"), each among Retailers National Bank, as Servicer, Target Receivables Corporation, as Transferor, and Norwest Bank Minnesota, National Association, as Trustee, the Servicer is required to prepare certain information each month regarding distributions to Certificateholders and the performance of the Trust. The information with respect to the applicable Distribution Date and Monthly Period is set forth below.

 
 		  
 		  
 		  
 		  
 
    Monthly Period:   May 2000
    Distribution Date:   June 26, 2000
    No. of Days in Period:   28
A.   ORIGINAL DEAL PARAMETERS          
 
(a)		  
 		  
Class A Initial Invested Amount		  
 		  
$		  
400,000,000.00		  
 		  
76.50%
(b)   Class B Initial Invested Amount     122,875,817.00   23.50%
       
   
(c)   Total Initial Invested Amount   $ 522,875,817.00    
       
   
 
(d)		  
 		  
Class A Certificate Rate		  
 		  
 		  
5.90%		  
 		  
 
(e)   Class B Certificate Rate     0.00%    
 
(f)		  
 		  
Servicing Fee Rate		  
 		  
 		  
2.00%		  
 		  
 
(g)   Discount Percentage     0.00%    
 
 		  
 		  
 		  
 		  
 		  
 		  
 		  
 
 
 		  
 		  
 		  
 		  
 		  
 		  
 		  
 
I.   RECEIVABLES IN THE TRUST          
 
(a)		  
 		  
Beginning of the Period Principal Receivables		  
 		  
$		  
2,362,746,754.75		  
 		  
 
(b)   Beginning of the Period Finance Charge Receivables     65,768,819.27    
(c)   Beginning of the Period Discounted Receivables     -        
       
   
(d)   Beginning of the Period Total Receivables (a + b + c)   $ 2,428,515,574.02    
       
   
 
(e)		  
 		  
Removed Principal Receivables		  
 		  
$		  
- -    		  
 		  
 
(f)   Removed Finance Charge Receivables     -        
       
   
(g)   Removed Total Receivables (e + f)   $ -        
       
   
 
(h)		  
 		  
Supplemental Principal Receivables		  
 		  
$		  
- -    		  
 		  
 
(i)   Supplemental Finance Charge Receivables     -        
       
   
(j)   Supplemental Total Receivables (h + i)   $ -        
       
   
 
(k)		  
 		  
End of Period Principal Receivables		  
 		  
$		  
2,355,956,107.00		  
 		  
 
(l)   End of Period Finance Charge Receivables     64,474,250.87    
(m)   End of Period Discounted Receivables     -        
       
   
(n)   End of Period Total Receivables (k + l + m)   $ 2,420,430,357.87    
       
   

MONTHLY CERTIFICATEHOLDERS' STATEMENT
RETAILERS NATIONAL BANK
TARGET CREDIT CARD MASTER TRUST
SERIES 1998-1

    


II.   INVESTED AMOUNTS AND ALLOCATION PERCENTAGES          
 
(a)		  
 		  
Class A Initial Invested Amount		  
 		  
$		  
400,000,000.00		  
 		  
76.50%
(b)   Class B Initial Invested Amount     122,875,817.00   23.50%
       
   
(c)   Total Initial Invested Amount (a + b)   $ 522,875,817.00    
 
(d)		  
 		  
Class A Invested Amount (a - (X.a))		  
 		  
$		  
400,000,000.00		  
 		  
76.50%
(e)   Class B Invested Amount (b - (X.e))     122,875,817.00   23.50%
       
   
(f)   Total Invested Amount (d + e)   $ 522,875,817.00    
 
(g)		  
 		  
Class A Adjusted Invested Amount (a - (X.a)-(III.f))		  
 		  
$		  
400,000,000.00		  
 		  
76.50%
(h)   Class B Invested Amount (b - (X.e))     122,875,817.00   23.50%
       
   
(i)   Total Adjusted Invested Amount (g + h)   $ 522,875,817.00    
 
(j)		  
 		  
Floating Allocation Percentage		  
 		  
 		  
22.13%		  
 		  
 
(k)   Class A Floating Allocation Percentage     16.93%    
(l)   Class B Floating Allocation Percentage     5.20%    
 
(m)		  
 		  
Principal Allocation Percentage		  
 		  
 		  
22.13%		  
 		  
 
(n)   Class A Principal Allocation Percentage     16.93%    
(o)   Class B Principal Allocation Percentage     5.20%    
 
(p)		  
 		  
Servicing Fee		  
 		  
$		  
871,459.70		  
 		  
 
(q)   Investor Defaulted Amount (j * (IV.(m)))   $ 2,249,282.15    
 
 		  
 		  
 		  
 		  
 		  
 		  
 		  
 
III.   TRANSFEROR'S INTEREST, RETAINED INTEREST, SPECIAL FUNDING
ACCOUNT, AND PRINCIPAL FUNDING ACCOUNT
 
(a)		  
 		  
Transferor's Amount (end of month)		  
 		  
$		  
1,145,438,291.86		  
 		  
 
(b)   Required Retained Transferor Amount (end of month)   $ 47,119,122.14    
(c)   Required Principal Balance (end of month)   $ 1,210,517,815.14    
(e)   Funds on deposit in Special Funding Account (end of month)   $ -        
(f)   Principal on deposit in Principal Funding Account (beginning of month)   $ -        
(g)   Principal on deposit in Principal Funding Account (end of month)   $ -        

MONTHLY CERTIFICATEHOLDERS' STATEMENT
RETAILERS NATIONAL BANK
TARGET CREDIT CARD MASTER TRUST
SERIES 1998-1

    


IV.   PERFORMANCE SUMMARY          
 
 		  
 		  
COLLECTIONS:		  
 		  
 		  
 		  
 		  
 
(a)   Collections of Principal Receivables   $ 404,515,440.73    
(b)   Collections of Finance Charge Receivables (from cardholder payments)     46,766,907.42    
(c)   Collections of Finance Charge Receivables (from merchant fees, deferred billing fees, collection account interest)     6,529,313.22    
(d)   Collections of Discount Option Receivables     0.00    
       
   
(e)   Total Finance Charge Collections (b + c + d)   $ 53,296,220.64    
       
   
(f)   Total Collections (a + e)   $ 457,811,661.37    
       
   
 
 		  
 		  
DELINQUENCIES AND LOSSES:		  
 		  
 		  
 		  
 		  
 
(g)   2 missed payments   $ 47,659,261    
(h)   3 missed payments     28,752,922    
(i)   4 or more missed payments     62,567,753    
       
   
 
(j)		  
 		  
Total delinquencies (g + h + i)		  
 		  
$		  
138,979,936		  
 		  
 
       
   
 
(k)		  
 		  
Gross Charge-Offs during the month		  
 		  
$		  
14,474,459.76		  
 		  
 
(l)   Recoveries during the month   $ 4,310,508.91    
(m)   Net Charge-Offs during the month (k - l)   $ 10,163,950.85    
 
 V		  
 		  
NON-U.S. ACCOUNTS		  
 		  
 		  
 		  
 		  
 
 
(a)		  
 		  
Non-US Accounts at end of month		  
 		  
 		  
124,914		  
 		  
 
(b)   as a percentage of total (a / c)     0.38%    
 
(c)		  
 		  
Total number of Accounts in Trust (at end of month)		  
 		  
 		  
33,115,505		  
 		  
 

MONTHLY CERTIFICATEHOLDERS' STATEMENT
RETAILERS NATIONAL BANK
TARGET CREDIT CARD MASTER TRUST
SERIES 1998-1

    


VI   AVAILABLE SERIES 1998-1 FINANCE CHARGE COLLECTIONS AND APPLICATION OF FUNDS
 
(a)		  
 		  
Floating Allocation Percentage of Collections of Finance Charge Receivables		  
 		  
$		  
11,794,452.73		  
 		  
 
(b)   Investment earnings on Principal Funding Account     -        
(c)   Investment earnings in Reserve Account deposited in the Collection Account     -        
(d)   Closing Date deposit into the Collection Account     -        
       
   
(e)   Available Series 1998-1 Finance Charge Collections (a + b + c + d)   $ 11,794,452.73    
 
(i)		  
 		  
Class A Interest		  
 		  
 		  
1,966,666.67		  
 		  
 
 
(ii)		  
 		  
Servicing Fee		  
 		  
 		  
871,459.70		  
 		  
 
 
(iii)		  
 		  
Class A Investor Defaulted Amount ((IV.m * (II.k))		  
 		  
 		  
1,720,700.85		  
 		  
 
 
(iv)		  
 		  
Class B Investor Defaulted Amount ((IV.m * (II.l ))		  
 		  
 		  
528,581.31		  
 		  
 
 
(v)		  
 		  
Adjustment Payment Shortfalls		  
 		  
 		  
- -    		  
 		  
 
 
(vi)		  
 		  
Reimbursement of Class A Investor Charge-Offs		  
 		  
 		  
- -    		  
 		  
 
 
(vii)		  
 		  
Reimbursement of Class B Investor Charge-Offs and Reallocated Class B Principal Collections		  
 		  
 		  
- -    		  
 		  
 
 
(viii)		  
 		  
Class B Interest		  
 		  
 		  
- -    		  
 		  
 
 
(ix)		  
 		  
Reserve Account		  
 		  
 		  
- -    		  
 		  
 
 
(x)		  
 		  
Excess Finance Charge Collections
  (e-i-ii-iii-iv-v-vi-vii-viii-ix)		  
 		  
$		  
6,707,044.21		  
 		  
 

MONTHLY CERTIFICATEHOLDERS' STATEMENT
RETAILERS NATIONAL BANK
TARGET CREDIT CARD MASTER TRUST
SERIES 1998-1

    


VII   YIELD and BASE RATE        
 
 Base Rate		  
 		  
 		  
 		  
 
 
(a)		  
 		  
Base Rate (current month)		  
 		  
6.51%		  
 		  
 
(b)   Base Rate (prior month)   6.51%    
(c)   Base Rate (2 months ago)   6.51%    
 
(d)		  
 		  
3 Month Average Base Rate		  
 		  
6.51%		  
 		  
 
 
 Portfolio Yield		  
 		  
 		  
 		  
 
 
(e)		  
 		  
Portfolio Yield (current month)		  
 		  
23.47%		  
 		  
 
(f)   Portfolio Yield (prior month)   23.28%    
(g)   Portfolio Yield (2 months ago)   23.76%    
 
(h)		  
 		  
3 Month Average Portfolio Yield		  
 		  
23.50%		  
 		  
 
 
 VIII		  
 		  
PORTFOLIO PERFORMANCE RATES		  
 		  
 		  
 		  
 
 
(a)		  
 		  
Net Charge-Offs (annualized % of Principal Receivables at beginning of period)		  
 		  
5.53%		  
 		  
 
(b)   Monthly Payment Rate (% of Total Receivables at beginning of period (adjusted for number of days in period))   19.91%    
(c)   Trust Portfolio Yield (annualized)   29.00%    
(d)   Portfolio Yield (3 month average (annualized))   23.50%    
(e)   Base Rate (3 month average)   6.51%    
(f)   Excess Finance Charge Collections % (d - e)   16.99%    

MONTHLY CERTIFICATEHOLDERS' STATEMENT
RETAILERS NATIONAL BANK
TARGET CREDIT CARD MASTER TRUST
SERIES 1998-1

    

IX   PRINCIPAL COLLECTIONS          
 
(a)		  
 		  
Class A Principal Allocation Percentage		  
 		  
 		  
16.93%		  
 		  
 
(b)   Class A Principal   $ -        
(c)   Class B Principal Allocation Percentage     5.20%    
(d)   Class B Principal   $ -        
(e)   Total Principal (b + d)   $ -        
 
(f)		  
 		  
Reallocated Principal Collections		  
 		  
$		  
- -    		  
 		  
 
(g)   Shared Principal Collections allocable from other Series and Participation   $ -        
 
 X		  
 		  
INVESTOR CHARGE-OFFS		  
 		  
 		  
 		  
 		  
 
 
 		  
 		  
CLASS A INVESTOR CHARGE-OFFS		  
 		  
 		  
 		  
 		  
 
(a)   Class A Investor Charge-Offs   $ -        
(b)   Class A Investor Charge-Offs per $1,000 original certificate principal amount   $ -        
(c)   Total amount reimbursed in respect of Class A Investor Charge-Offs   $ -        
(d)   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.   $ -        
 
 		  
 		  
CLASS B INVESTOR CHARGE-OFFS		  
 		  
 		  
 		  
 		  
 
(e)   Class B Investor Charge-Offs   $ -        
(f)   Class B Investor Charge-Offs per $1,000 original certificate principal amount   $ -        
(g)   Total amount reimbursed in respect of Class B Investor Charge-Offs   $ -        
(h)   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.   $ -        
 
 XI		  
 		  
AMORTIZATION		  
 		  
 		  
 		  
 		  
 
 
(a)		  
 		  
Class A Accumulation Period Length (months)		  
 		  
 		  
12		  
 		  
 
(b)   Controlled Accumulation Amount   $ 33,333,333.34    
(c)   Deficit Controlled Accumulation Amount   $ -        
(d)   Total Principal on deposit in Principal Funding Account for the benefit of Class A Certificateholders (end of month)   $ -        
 
 		  
 		  
 		  
 		  
 		  
 		  
 		  
 
 
 		  
 		  
 		  
 		  
 		  
 		  
 		  
 
    RETAILERS NATIONAL BANK,
  as servicer		          
 
 		  
 		  
 		  
 		  
 		  
 		  
 		  
 
    By: /s/ Thomas A. Swanson
    Name: Thomas A. Swanson
    Title: Vice President & Cashier
          

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MONTHLY CERTIFICATEHOLDERS' STATEMENT RETAILERS NATIONAL BANK TARGET CREDIT CARD MASTER TRUST SERIES 1998-1
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