-----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, E5htwgvk0MF32iMywesjLSoLQU2L7jPc5LW85eS7WSkLE1HTsj400925BHDf6tXM hxCHvb57laBdz8ludJ2/Cg== 0000912057-02-003807.txt : 20020414 0000912057-02-003807.hdr.sgml : 20020414 ACCESSION NUMBER: 0000912057-02-003807 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 7 CONFORMED PERIOD OF REPORT: 20020125 ITEM INFORMATION: Other events FILED AS OF DATE: 20020204 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TARGET RECEIVABLES CORP CENTRAL INDEX KEY: 0000946115 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] IRS NUMBER: 411812153 STATE OF INCORPORATION: MN FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-26930 FILM NUMBER: 02525790 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 a2068963z8-k.htm FORM 8-K Prepared by MERRILL CORPORATION
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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: January 25, 2002

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
1000 Nicollet Mall
31st Floor, Suite 3136
Minneapolis, Minnesota 55403
(612) 696-3102
(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 January 5, 2002 and the Monthly Certificateholders' Statements for the Monthly Period ended January 5, 2002, 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, the Floating Rate Class A Asset Backed Certificates, Series 2001-1, and the Class B Asset Backed Certificates, Series 2001-1, issued by the Target Credit Card Master Trust, were delivered to the Trustee on January 22, 2002, and the Monthly Certificateholders' Statements were then distributed to Certificateholders on January 25, 2002.

The above described Monthly Servicer's Certificates are filed as Exhibits 20.1, 20.3 and 20.5 to this Report. The above described Monthly Certificateholders' Statements are filed as Exhibits 20.2, 20.4 and 20.6 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: February 4, 2002        

 
 
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 January 5, 2002.

20.2
 
Series 1997-1 Monthly Certificateholders' Statement for the Monthly Period ended January 5, 2002.

20.3
 
Series 1998-1 Monthly Servicer's Certificate for the Monthly Period ended January 5, 2002.

20.4
 
Series 1998-1 Monthly Certificateholders' Statement for the Monthly Period ended January 5, 2002.

20.5
 
Series 2001-1 Monthly Servicer's Certificate for the Monthly Period ended January 5, 2002.

20.6
 
Series 2001-1 Monthly Certificateholders' Statement for the Monthly Period ended January 5, 2002.



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SIGNATURES
EXHIBIT INDEX
 EX-20.1 3 a2068963zex-20_1.htm EXHIBIT 20.1 Prepared by MERRILL CORPORATION
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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 Wells Fargo 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 January 25, 2002.

 
 
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 $774,151,850.85.

 
 
8.
 
The aggregate amount of Collections of Finance Charge Receivables (including Discounted Receivables) for the preceding Monthly Period was equal to $90,952,379.55.

 
 
9.
 
The aggregate amount of Collections of Principal Receivables for the preceding Monthly Period was equal to $683,199,471.30.

 
 
10.
 
The aggregate amount of the Defaulted Amount for the preceding Monthly Period was equal to $19,254,586.16.

 
 
11.
 
The aggregate amount of Recoveries for the preceding Monthly Period was equal to $2,827,688.11.

 
 
12.
 
The Portfolio Yield for the preceding Monthly Period was equal to 22.55%.

 
 
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 $4,182,272,086.62.

 
 
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 $0.00.

 
 
16.
 
The aggregate amount of Adjustments for the preceding Monthly Period was equal to $180,088,347.82.

 
 
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 22nd day of January, 2002.

 
 
 
 
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 1997-1
 EX-20.2 4 a2068963zex-20_2.htm EXHIBIT 20.2 Prepared by MERRILL CORPORATION
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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 Wells Fargo 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:   December 2001    
    Distribution Date:   January 25, 2002    
    No. of Days in Period:   35    
 
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   $ 3,270,331,365.34      
(b)   Beginning of the Period Finance Charge Receivables     90,608,966.21      
(c)   Beginning of the Period Discounted Receivables     —      
       
     
(d)   Beginning of the Period Total Receivables (a + b + c)   $ 3,360,940,331.55      
       
     

(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
 
$
4,085,092,747.69
 
 
 
(l)   End of Period Finance Charge Receivables     97,179,338.93      
(m)   End of Period Discounted Receivables     —      
       
     
(n)   End of Period Total Receivables (k + l + m)   $ 4,182,272,086.62      
       
     

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
 
 
15.99%
 
 
 
(k)   Class A Floating Allocation Percentage     12.23%      
(l)   Class B Floating Allocation Percentage     3.76%      

(m)
 
Principal Allocation Percentage
 
 
15.99%
 
 
 
(n)   Class A Principal Allocation Percentage     12.23%      
(o)   Class B Principal Allocation Percentage     3.76%      

(p)
 
Servicing Fee
 
$
871,459.70
 
 
 
(q)   Investor Defaulted Amount (j * (IV.(m)))   $ 3,078,512.95      

III.
 
TRANSFEROR'S INTEREST, RETAINED INTEREST, SPECIAL FUNDING ACCOUNT, AND PRINCIPAL FUNDING ACCOUNT
 
 
(a)   Transferor's Amount (end of month)   $ 1,839,992,199.74      
(b)   Required Retained Transferor Amount   $ 81,701,854.95      
(c)   Required Principal Balance   $ 2,245,100,547.95      
(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)   $ —      

IV.
 
PERFORMANCE SUMMARY
 
 
 
 
 
 
 
    COLLECTIONS:            
(a)   Collections of Principal Receivables   $ 683,199,471.30      
(b)   Collections of Finance Charge Receivables (from cardholder payments)     71,032,967.80      
(c)   Collections of Finance Charge Receivables (from merchant fees, deferred billing fees, collection account interest, interchange fees)     19,919,411.75      
(d)   Collections of Discount Option Receivables     0.00      
(e)   Total Finance Charge Collections (b + c + d)   $ 90,952,379.55      
       
     
(f)   Total Collections (a + e)   $ 774,151,850.85      
       
     

 
 
DELINQUENCIES AND LOSSES:
 
 
 
 
 
 
(g)   2 missed payments   $ 66,267,000      
(h)   3 missed payments     41,694,298      
(i)   4 or more missed payments     91,287,897      
       
     
(j)   Total delinquencies (g + h + i)   $ 199,249,195      
       
     

(k)
 
Gross Charge-Offs during the month
 
$
22,082,274.27
 
 
 
(l)   Recoveries during the month   $ 2,827,688.11      
(m)   Net Charge-Offs during the month (k - l)   $ 19,254,586.16      

V
 
NON-U.S. ACCOUNTS
 
 
 
 
 
 
 
(a)   Non-US Accounts at end of month     150,797      
(b)   as a percentage of total (a / c)     0.37%      

(c)
 
Total number of Accounts in Trust (at end of month)
 
 
41,180,541
 
 
 

VI
 
AVAILABLE SERIES 1997-1 FINANCE CHARGE COLLECTIONS AND APPLICATION OF FUNDS
 
 
(a)   Floating Allocation Percentage of Collections of Finance Charge Receivables   $ 14,541,890.24      
(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)   $ 14,541,890.24      

(i)
 
Class A Interest
 
 
2,083,333.34
 
 
 

(ii)
 
Servicing Fee
 
 
871,459.70
 
 
 

(iii)
 
Class A Investor Defaulted Amount ((IV.m * (II.k))
 
 
2,355,062.41
 
 
 

(iv)
 
Class B Investor Defaulted Amount ((IV.m * (II.l))
 
 
723,450.54
 
 
 

(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)
 
$
8,508,584.25
 
 
 

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)
 
 
22.55%
 
 
 
(f)   Portfolio Yield (prior month)     22.58%      
(g)   Portfolio Yield (2 months ago)     21.84%      

(h)
 
3 Month Average Portfolio Yield
 
 
22.32%
 
 
 

VIII
 
PORTFOLIO PERFORMANCE RATES
 
 
(a)   Net Charge-Offs (annualized % of Principal Receivables at beginning of period     6.06%      
(b)   Monthly Payment Rate (% of Total Receivables at beginning of period (adjusted for number of days in period))     19.24%      
(c)   Trust Portfolio Yield (annualized)     28.61%      
(d)   Portfolio Yield (3 month average (annualized))     22.32%      
(e)   Base Rate (3 month average)     6.78%      
(f)   Excess Finance Charge Collections % (d - e)     15.54%      

IX
 
PRINCIPAL COLLECTIONS
 
 
 
 
 
 
 
(a)   Class A Principal Allocation Percentage     12.23%      
(b)   Class A Principal   $ —      
(c)   Class B Principal Allocation Percentage     3.76%      
(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)     2      
(b)   Controlled Accumulation Amount   $ 200,000,000.00      
(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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MONTHLY CERTIFICATEHOLDERS' STATEMENT RETAILERS NATIONAL BANK TARGET CREDIT CARD MASTER TRUST SERIES 1997-1
 EX-20.3 5 a2068963zex-20_3.htm EXHIBIT 20.3 Prepared by MERRILL CORPORATION
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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 Wells Fargo 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 January 25, 2002.

 
 
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 $774,151,850.85.

 
 
8.
 
The aggregate amount of Collections of Finance Charge Receivables (including Discounted Receivables) for the preceding Monthly Period was equal to $90,952,379.55.

 
 
9.
 
The aggregate amount of Collections of Principal Receivables for the preceding Monthly Period was equal to $683,199,471.30.

 
 
10.
 
The aggregate amount of the Defaulted Amount for the preceding Monthly Period was equal to $19,254,586.16.

 
 
11.
 
The aggregate amount of Recoveries for the preceding Monthly Period was equal to $2,827,688.11.

 
 
12.
 
The Portfolio Yield for the preceding Monthly Period was equal to 22.55%.

 
 
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 $4,182,272,086.62.

 
 
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 $0.00.

 
 
16.
 
The aggregate amount of Adjustments for the preceding Monthly Period was equal to $180,088,347.82.

 
 
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 22nd day of January, 2002.

 
 
 
 
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 6 a2068963zex-20_4.htm EXHIBIT 20.4 Prepared by MERRILL CORPORATION
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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 Wells Fargo 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:   December 2001    
    Distribution Date:   January 25, 2002    
    No. of Days in Period:   35    
 
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   $ 3,270,331,365.34      
(b)   Beginning of the Period Finance Charge Receivables     90,608,966.21      
(c)   Beginning of the Period Discounted Receivables     —      
       
     
(d)   Beginning of the Period Total Receivables (a + b + c)   $ 3,360,940,331.55      
       
     

(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
 
$
4,085,092,747.69
 
 
 
(l)   End of Period Finance Charge Receivables     97,179,338.93      
(m)   End of Period Discounted Receivables     —      
       
     
(n)   End of Period Total Receivables (k + l + m)   $ 4,182,272,086.62      
       
     

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
 
 
15.99%
 
 
 
(k)   Class A Floating Allocation Percentage     12.23%      
(l)   Class B Floating Allocation Percentage     3.76%      

(m)
 
Principal Allocation Percentage
 
 
15.99%
 
 
 
(n)   Class A Principal Allocation Percentage     12.23%      
(o)   Class B Principal Allocation Percentage     3.76%      

(p)
 
Servicing Fee
 
$
871,459.70
 
 
 
(q)   Investor Defaulted Amount (j * (IV.(m)))   $ 3,078,512.95      

III.
 
TRANSFEROR'S INTEREST, RETAINED INTEREST, SPECIAL FUNDING ACCOUNT, AND PRINCIPAL FUNDING ACCOUNT
 
 
(a)   Transferor's Amount (end of month)   $ 1,839,992,199.74      
(b)   Required Retained Transferor Amount (end of month)   $ 81,701,854.95      
(c)   Required Principal Balance (end of month)   $ 2,245,100,547.95      
(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)   $ —      

IV.
 
PERFORMANCE SUMMARY
 
 
 
 
 
 
 
    COLLECTIONS:            
(a)   Collections of Principal Receivables   $ 683,199,471.30      
(b)   Collections of Finance Charge Receivables (from cardholder payments)     71,032,967.80      
(c)   Collections of Finance Charge Receivables (from merchant fees, deferred billing fees, collection account interest, interchange fees)     19,919,411.75      
(d)   Collections of Discount Option Receivables     0.00      
(e)   Total Finance Charge Collections (b + c + d)   $ 90,952,379.55      
       
     
(f)   Total Collections (a + e)   $ 774,151,850.85      
       
     

 
 
DELINQUENCIES AND LOSSES:
 
 
 
 
 
 
(g)   2 missed payments   $ 66,267,000      
(h)   3 missed payments     41,694,298      
(i)   4 or more missed payments     91,287,897      
       
     
(j)   Total delinquencies (g + h + i)   $ 199,249,195      
       
     

(k)
 
Gross Charge-Offs during the month
 
$
22,082,274.27
 
 
 
(l)   Recoveries during the month   $ 2,827,688.11      
(m)   Net Charge-Offs during the month (k - l)   $ 19,254,586.16      

V
 
NON-U.S. ACCOUNTS
 
 
 
 
 
 
 
(a)   Non-US Accounts at end of month     150,797      
(b)   as a percentage of total (a / c)     0.37%      

(c)
 
Total number of Accounts in Trust (at end of month)
 
 
41,180,541
 
 
 

VI
 
AVAILABLE SERIES 1998-1 FINANCE CHARGE COLLECTIONS AND APPLICATION OF FUNDS
 
 
(a)   Floating Allocation Percentage of Collections of Finance Charge Receivables   $ 14,541,890.24      
(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)   $ 14,541,890.24      

(i)
 
Class A Interest
 
 
1,966,666.67
 
 
 

(ii)
 
Servicing Fee
 
 
871,459.70
 
 
 

(iii)
 
Class A Investor Defaulted Amount ((IV.m * (II.k))
 
 
2,355,062.41
 
 
 

(iv)
 
Class B Investor Defaulted Amount ((IV.m * (II.l))
 
 
723,450.54
 
 
 

(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)
 
$
8,625,250.92
 
 
 

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)
 
 
22.55%
 
 
 
(f)   Portfolio Yield (prior month)     22.58%      
(g)   Portfolio Yield (2 months ago)     21.84%      

(h)
 
3 Month Average Portfolio Yield
 
 
22.32%
 
 
 

VIII
 
PORTFOLIO PERFORMANCE RATES
 
 
 
 
 
 
 
(a)   Net Charge-Offs (annualized % of Principal Receivables at beginning of period)     6.06%      
(b)   Monthly Payment Rate (% of Total Receivables at beginning of period (adjusted for number of days in period))     19.24%      
(c)   Trust Portfolio Yield (annualized)     28.61%      
(d)   Portfolio Yield (3 month average (annualized))     22.32%      
(e)   Base Rate (3 month average)     6.51%      
(f)   Excess Finance Charge Collections % (d - e)     15.81%      

IX
 
PRINCIPAL COLLECTIONS
 
 
 
 
 
 
 
(a)   Class A Principal Allocation Percentage     12.23%      
(b)   Class A Principal   $ —      
(c)   Class B Principal Allocation Percentage     3.76%      
(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
 EX-20.5 7 a2068963zex-20_5.htm EXHIBIT 20.5 Prepared by MERRILL CORPORATION
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Exhibit 20.5


MONTHLY SERVICER'S CERTIFICATE

RETAILERS NATIONAL BANK

TARGET CREDIT CARD MASTER TRUST
SERIES 2001-1

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 2001-1 Supplement (as amended and supplemented, the "Series Supplement"), among RNB, Target Receivables Corporation and Wells Fargo 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 January 25, 2002.

 
 
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 $774,151,850.85.

 
 
8.
 
The aggregate amount of Collections of Finance Charge Receivables (including Discounted Receivables) for the preceding Monthly Period was equal to $90,952,379.55.

 
 
9.
 
The aggregate amount of Collections of Principal Receivables for the preceding Monthly Period was equal to $683,199,471.30.

 
 
10.
 
The aggregate amount of the Defaulted Amount for the preceding Monthly Period was equal to $19,254,586.16.

 
 
11.
 
The aggregate amount of Recoveries for the preceding Monthly Period was equal to $2,827,688.11.

 
 
12.
 
The Portfolio Yield for the preceding Monthly Period was equal to 22.55%.

 
 
13.
 
The Base Rate for the preceding Monthly Period was equal to 3.53%.

 
 
14.
 
The aggregate amount of Receivables as of the end of the last day of the preceding Monthly Period was equal to $4,182,272,086.62.

 
 
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 $0.00.

 
 
16.
 
The aggregate amount of Adjustments for the preceding Monthly Period was equal to $180,088,347.82.

 
 
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 $1,275,000.00.

 
 
19.
 
The amount to be distributed to Investor Certificateholders on the Distribution Date per $1,000 original principal amount is equal to:

 
 
Class A                        1.700

 
 
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 $1,275,000.00.

 
 
23.
 
The amount of such distribution allocable to interest per $1,000 original principal amount is equal to:

 
 
Class A                        1.700

 
 
 
 
IN WITNESS WHEREOF, the undersigned has duly executed and delivered this Servicer's Certificate this 22nd day of January, 2002.

 
 
 
 
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 2001-1
 EX-20.6 8 a2068963zex-20_6.htm EXHIBIT 20.6 Prepared by MERRILL CORPORATION
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Exhibit 20.6

MONTHLY CERTIFICATEHOLDERS' STATEMENT
RETAILERS NATIONAL BANK
TARGET CREDIT CARD MASTER TRUST
SERIES 2001-1

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 2001-1 Supplement (as amended and Supplemented, the "Series Supplement"), each among Retailers National Bank, as Servicer, Target Receivables Corporation, as Transferor, and Wells Fargo 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:   December 2001    
    Distribution Date:   January 25, 2002    
    No. of Days in Period:   35    
 
A.   ORIGINAL DEAL PARAMETERS            

(a)
 
Class A Initial Invested Amount
 
$
750,000,000.00
 
75.00
%
(b)   Class B Initial Invested Amount     250,000,000.00   25.00 %
(c)   Total Initial Invested Amount   $ 1,000,000,000.00      
       
     
(d)   Class A Certificate Rate     2.04%      
(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   $ 3,270,331,365.34      
(b)   Beginning of the Period Finance Charge Receivables     90,608,966.21      
(c)   Beginning of the Period Discounted Receivables     —      
       
     
(d)   Beginning of the Period Total Receivables (a + b + c)   $ 3,360,940,331.55      
       
     

(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
 
$
4,085,092,747.69
 
 
 
(l)   End of Period Finance Charge Receivables     97,179,338.93      
(m)   End of Period Discounted Receivables     —      
       
     
(n)   End of Period Total Receivables (k + l + m)   $ 4,182,272,086.62      
       
     

II.
 
INVESTED AMOUNTS AND ALLOCATION PERCENTAGES
 
 
(a)   Class A Initial Invested Amount   $ 750,000,000.00   75.00 %
(b)   Class B Initial Invested Amount     250,000,000.00   25.00 %
       
     
(c)   Total Initial Invested Amount (a + b)   $ 1,000,000,000.00      

(d)
 
Class A Invested Amount (a - (X.a))
 
$
750,000,000.00
 
75.00
%
(e)   Class B Invested Amount (b - (X.e))     250,000,000.00   25.00 %
       
     
(f)   Total Invested Amount (d + e)   $ 1,000,000,000.00      

(g)
 
Class A Adjusted Invested Amount (a - (X.a)-(III.f))
 
$
750,000,000.00
 
75.00
%
(h)   Class B Invested Amount (b - (X.e))     250,000,000.00   25.00 %
(i)   Total Adjusted Invested Amount (g + h)   $ 1,000,000,000.00      

(j)
 
Floating Allocation Percentage
 
 
30.58%
 
 
 
(k)   Class A Floating Allocation Percentage     22.93%      
(l)   Class B Floating Allocation Percentage     7.64%      

(m)
 
Principal Allocation Percentage
 
 
30.58%
 
 
 
(n)   Class A Principal Allocation Percentage     22.93%      
(o)   Class B Principal Allocation Percentage     7.64%      

(p)
 
Servicing Fee
 
$
1,666,666.67
 
 
 
(q)   Investor Defaulted Amount (j * (IV.(m)))   $ 5,887,656.02      

III.
 
TRANSFEROR'S INTEREST, RETAINED INTEREST, SPECIAL FUNDING ACCOUNT, AND PRINCIPAL FUNDING ACCOUNT
 
 
(a)   Transferor's Amount (end of month)   $ 1,839,992,199.74      
(b)   Required Retained Transferor Amount (end of month)   $ 81,701,854.95      
(c)   Required Principal Balance (end of month)   $ 2,245,100,547.95      
(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)   $ —      

IV.
 
PERFORMANCE SUMMARY
 
 
 
 
 
 
 
    COLLECTIONS:            
(a)   Collections of Principal Receivables   $ 683,199,471.30      
(b)   Collections of Finance Charge Receivables (from cardholder payments)     71,032,967.80      
(c)   Collections of Finance Charge Receivables (from merchant fees, deferred billing fees, collection account interest, interchange fees)     19,919,411.75      
(d)   Collections of Discount Option Receivables     0.00      
(e)   Total Finance Charge Collections (b + c + d)   $ 90,952,379.55      
       
     
(f)   Total Collections (a + e)   $ 774,151,850.85      
       
     

 
 
DELINQUENCIES AND LOSSES:
 
 
 
 
 
 
(g)   2 missed payments   $ 66,267,000      
(h)   3 missed payments     41,694,298      
(i)   4 or more missed payments     91,287,897      
       
     
(j)   Total delinquencies (g + h + i)   $ 199,249,195      
       
     

(k)
 
Gross Charge-Offs during the month
 
$
22,082,274.27
 
 
 
(l)   Recoveries during the month   $ 2,827,688.11      
(m)   Net Charge-Offs during the month (k - l)   $ 19,254,586.16      

V
 
NON-U.S. ACCOUNTS
 
 
 
 
 
 
 
(a)   Non-US Accounts at end of month     150,797      
(b)   as a percentage of total (a / c)     0.37%      

(c)
 
Total number of Accounts in Trust (at end of month)
 
 
41,180,541
 
 
 

VI
 
AVAILABLE SERIES 2001-1 FINANCE CHARGE COLLECTIONS AND APPLICATION OF FUNDS
 
 
(a)   Floating Allocation Percentage of Collections of Finance Charge Receivables   $ 27,811,365.08      
(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 2001-1 Finance Charge Collections (a + b + c + d)   $ 27,811,365.08      

(i)
 
Class A Interest
 
 
1,275,000.00
 
 
 

(ii)
 
Servicing Fee
 
 
1,666,666.67
 
 
 

(iii)
 
Class A Investor Defaulted Amount ((IV.m * (II.k))
 
 
4,415,742.02
 
 
 

(iv)
 
Class B Investor Defaulted Amount ((IV.m * (II.l))
 
 
1,471,914.01
 
 
 

(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)
 
$
18,982,042.39
 
 
 

VII
 
YIELD and BASE RATE
 
 
 
 
 
 
 
Base Rate            

(a)
 
Base Rate (current month)
 
 
3.53%
 
 
 
(b)   Base Rate (prior month)     3.66%      
(c)   Base Rate (2 months ago)     3.90%      

(d)
 
3 Month Average Base Rate
 
 
3.70%
 
 
 

Portfolio Yield
 
 
 
 
 
 

(e)
 
Portfolio Yield (current month)
 
 
22.55%
 
 
 
(f)   Portfolio Yield (prior month)     22.58%      
(g)   Portfolio Yield (2 months ago)     21.84%      

(h)
 
3 Month Average Portfolio Yield
 
 
22.32%
 
 
 

VIII
 
PORTFOLIO PERFORMANCE RATES
 
 
(a)   Net Charge-Offs (annualized % of Principal Receivables at beginning of period)     6.06%      
(b)   Monthly Payment Rate (% of Total Receivables at beginning of period (adjusted for number of days in period))     19.24%      
(c)   Trust Portfolio Yield (annualized)     28.61%      
(d)   Portfolio Yield (3 month average (annualized))     22.32%      
(e)   Base Rate (3 month average)     3.70%      
(f)   Excess Finance Charge Collections % (d - e)     18.63%      

IX
 
PRINCIPAL COLLECTIONS
 
 
 
 
 
 
 
(a)   Class A Principal Allocation Percentage     22.93%      
(b)   Class A Principal   $ —      
(c)   Class B Principal Allocation Percentage     7.64%      
(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   $ 62,500,000.00      
(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 2001-1
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