-----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, K+bB5g87xH3/FS84wNu2oNmkH7ulDvFbLE+h5r4GIhSjsgiGCthORc60DllTVEIM LENvMSaKzk1edOF8FRjl7Q== 0001047469-03-009459.txt : 20030320 0001047469-03-009459.hdr.sgml : 20030320 20030320171416 ACCESSION NUMBER: 0001047469-03-009459 CONFORMED SUBMISSION TYPE: 10-K PUBLIC DOCUMENT COUNT: 12 CONFORMED PERIOD OF REPORT: 20030104 FILED AS OF DATE: 20030320 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: 10-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-26930 FILM NUMBER: 03610977 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 10-K 1 a2106044z10-k.htm FORM 10-K
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-K

ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended January 4, 2003

Commission file number 0-26930

TARGET CREDIT CARD MASTER TRUST
(Issuer of the Certificates)

TARGET RECEIVABLES CORPORATION
(Originator of the Trust Described Herein)
(Exact name of Registrant as Specified in its Charter)

Minnesota   41-1812153
(State of Incorporation)   (I.R.S. Employer ID No.)

1000 Nicollet Mall, 31st Floor, Suite 3136
 
 
Minneapolis, Minnesota   55403
(Address of principal executive offices)   (Zip Code)

Registrant's telephone number, including area code: 612/696-3102
Securities registered pursuant to Section 12(b) of the Act:    None
Securities registered pursuant to Section 12(g) of the Act:

6.25% Class A Asset Backed Certificates, Series 1997-1
5.90% Class A Asset Backed Certificates, Series 1998-1
Floating Rate Class A Asset Backed Certificates, Series 2001-1
Floating Rate Class A Asset Backed Certificates, Series 2002-1
(Title of Class)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No     

Indicate by check mark whether the registrant is an accelerated filer (as defined in Exchange Act Rule 12b-2). Yes      No X

The registrant has no voting stock or non-voting common equity held by non-affiliates and meets the conditions set forth in General Instruction I(1)(a) and (b) of Form 10-K. Disclosure pursuant to Item 405 of Regulation S-K is not required.

DOCUMENTS INCORPORATED BY REFERENCE

        1. The sections of the Registrant's Registration Statement (Registration No. 333-103371) filed on February 21, 2003 set forth below:

    a.
    "Risk Factors" on pages S-13 through S-20 of the prospectus supplement;

    b.
    "Retailers National Bank's Credit Card Business" on pages S-21 through S-24 of the prospectus supplement; and

    c.
    the prospectus


PART I

Item 1. Business.

    Target Credit Card Master Trust (the "Trust") was formed pursuant to a Pooling and Servicing Agreement dated as of September 13, 1995 (as amended, modified or supplemented, the "Pooling and Servicing Agreement"), by and among Retailers National Bank, as servicer ("Servicer"), Target Receivables Corporation, as transferor ("Transferor"), and Wells Fargo Bank Minnesota, National Association, as trustee ("Trustee"). The Trust's only business is to act as a passive conduit to permit investments in a pool of Transferor's consumer accounts receivable. The Transferor is a wholly-owned subsidiary of a corporation that is wholly-owned by Target Corporation.


Item 2. Properties.

    The assets of the Trust (the "Trust Assets") include a portfolio of receivables (the "Receivables") generated from time to time in a portfolio of consumer open-end credit card accounts (the "Accounts"), funds collected or to be collected in respect of the Receivables, monies on deposit in certain accounts of the Trust, any participation interests included in the Trust, funds collected or to be collected with respect to such participation interests and any enhancement with respect to a particular series or class. The Trust Assets are expected to change over the life of the Trust as receivables in consumer open-end credit card accounts and other open-end credit accounts and related assets are included in the Trust and as Receivables in Accounts included in the Trust are charged-off or removed.

    Exhibits 99.02, 99.03, 99.04, and 99.05 to this Report set forth certain information relating to the Transferor's fiscal year ended January 4, 2003. Such information, which was derived from the monthly settlement statements relating to such period as delivered to the Trustee pursuant to the Pooling and Servicing Agreement, is incorporated herein by reference.


Item 3. Legal Proceedings.

    None.


Item 4. Submission of Matters to a Vote of Security Holders.

    Not applicable.


PART II

Item 5. Market for Registrant's Common Equity and Related Stockholder Matters.

    In August 1996, the Trust issued Series 1996-1 Class A Variable Funding Certificates in a private transaction (the "Series 1996 Certificates"). The principal amount of the Series 1996 Certificates fluctuates and currently may not exceed $100 million. In October 1997, the Trust issued $400,000,000 of five year 6.25% Class A Certificates to the public (the "Series 1997 Certificates"). The Series 1997 Certificates were repaid in full and canceled in October 2002 and are no longer outstanding. In August 1998, the Trust issued $400,000,000 of five year 5.90% Class A Certificates to the public (the "Series 1998 Certificates"). In July 2001, the Trust issued $750,000,000 of seven year floating rate Class A Certificates to the public (the "Series 2001 Certificates"). In July 2002, the Trust issued $750,000,000 of five year floating rate Class A Certificates to the public (the "Series 2002-1 Certificates").

    Although they trade in the over-the-counter market to a limited extent, there is currently no established public trading market for the Series 1998 Certificates, the Series 2001 Certificates, or the Series 2002 Certificates. The Series 1998 Certificates, the Series 2001 Certificates, and the Series 2002 Certificates are held and delivered in book-entry form through the facilities of The Depository Trust Company ("DTC"), a "clearing agency" registered pursuant to the provisions of Section 17A of the Securities Exchange Act of 1934, as amended. The definitive Series 1998 Certificates, the Series 2001 Certificates, and the Series 2002 Certificates are held by Cede & Co., the nominee of DTC.

    The undivided interests in the Trust, other than those represented by the Series 1996 Certificates, the Series 1998 Certificates, the Series 2001 Certificates, and the Series 2002 Certificates are owned by the Transferor and the Servicer.


Item 6. Selected Financial Data.

    Not applicable.


Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations.

    Not applicable.


Item 7A. Quantitative and Qualitative Disclosures About Market Risk.

    Not applicable.


Item 8. Financial Statements and Supplementary Data.

    Not applicable.


Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.

    None.


PART III

Item 10. Directors and Executive Officers of the Registrant.

    Not applicable.


Item 11. Executive Compensation.

    Not applicable.


Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.

    Not applicable.


Item 13. Certain Relationships and Related Transactions.

    Not applicable.


Item 14. Controls and Procedures.

    Not applicable.


PART IV

Item 15. Exhibits, Financial Statement Schedules, and Reports on Form 8-K.

    a.
    The following documents are filed as part of this Report.

    3.
    Exhibits

 
 
99.01
 
Annual Servicer's Certificate for the year ended January 4, 2003, Series 1997-1, Series 1998-1, Series 2001-1, and Series 2002-1.

 
 
 
 
 

 
 
99.02
 
Annual Certificateholders' Statement for the year ended January 4, 2003, Series 1997-1.

 
 
99.03
 
Annual Certificateholders' Statement for the year ended January 4, 2003, Series 1998-1.

 
 
99.04
 
Annual Certificateholders' Statement for the year ended January 4, 2003, Series 2001-1.

 
 
99.05
 
Annual Certificateholders' Statement for the year ended January 4, 2003, Series 2002-1.

 
 
99.06
 
Report of Independent Accountants.

 
 
99.07
 
Report of Independent Accountants on the Monthly Certificateholders' Statements, Series 1997-1.

 
 
99.08
 
Report of Independent Accountants on the Monthly Certificateholders' Statements, Series 1998-1.

 
 
99.09
 
Report of Independent Accountants on the Monthly Certificateholders' Statements, Series 2001-1.

 
 
99.10
 
Report of Independent Accountants on the Monthly Certificateholders' Statements, Series 2002-1.
    b.
    Reports on Form 8-K and Form 8 filed with respect to fiscal 2002.

      Each month the Transferor files a Current Report on Form 8-K which includes, as exhibits, copies of the Monthly Servicer's Certificates and the Monthly Certificateholders' Statements relating to the preceding monthly period, which certificates are required to be delivered to the Trustee under the terms of the Pooling and Servicing Agreement.


SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) 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.

        TARGET RECEIVABLES CORPORATION

Dated:
 
March 20, 2003
 
By
 
        /s/ Douglas A. Scovanner
                    Douglas A. Scovanner,
                    President and Director

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of Target Receivables Corporation and in the capacities and on the dates indicated.

Signature
   Title
   Date

/s/ Douglas A. Scovanner
Douglas A. Scovanner
 
President and Director (Principal Accounting Officer)
 
March 20, 2003

/s/ Stephen C. Kowalke
Stephen C. Kowalke
 
Vice President, Treasurer and Director (Principal Financial Officer)
 
March 20, 2003

/s/ Terrence J. Scully
Terrence J. Scully
 
Vice President and Director
 
March 20, 2003


CERTIFICATION

I, Terrence J. Scully, certify that:

1.    I have reviewed this annual report on Form 10-K, and all reports on Form 8-K containing distribution or servicing reports filed in respect of periods included in the year covered by this annual report, of Target Receivables Corporation;

2.    Based on my knowledge, the information in these reports, taken as a whole, does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading as of the last day of the period covered by this annual report;

3.    Based on my knowledge, the distribution or servicing information required to be provided to the trustee by the servicer under the pooling and servicing, or similar, agreement, for inclusion in these reports is included in these reports;

4.    I am responsible for reviewing the activities performed by the servicer under the pooling and servicing, or similar, agreement and based upon my knowledge and the annual compliance review required under that agreement, and except as disclosed in the reports, the servicer has fulfilled its obligations under that agreement; and

5.    The reports disclose all significant deficiencies relating to the servicer's compliance with the minimum servicing standards based upon the report provided by an independent public accountant, after conducting a review in compliance with the Uniform Single Attestation Program for Mortgage Bankers or similar procedure, as set forth in the pooling and servicing, or similar, agreement, that is included in these reports.

Dated:   March 20, 2003   By           /s/ Terrence J. Scully
                    Terrence J. Scully,
                    Vice President and Director


EXHIBIT INDEX

Exhibit No.
   Exhibit

99.01
 
Annual Servicer's Certificate for the year ended January 4, 2003, Series 1997-1, Series 1998-1, Series 2001-1, and Series 2002-1

99.02
 
Annual Certificateholders' Statement for the year ended January 4, 2003, Series 1997-1

99.03
 
Annual Certificateholders' Statement for the year ended January 4, 2003, Series 1998-1

99.04
 
Annual Certificateholders' Statement for the year ended January 4, 2003, Series 2001-1

99.05
 
Annual Certificateholders' Statement for the year ended January 4, 2003, Series 2002-1

99.06
 
Report of Independent Accountants

99.07
 
Report of Independent Accountants on the Monthly Certificateholders' Statements, Series 1997-1

99.08
 
Report of Independent Accountants on the Monthly Certificateholders' Statements, Series 1998-1

99.09
 
Report of Independent Accountants on the Monthly Certificateholders' Statements, Series 2001-1

99.10
 
Report of Independent Accountants on the Monthly Certificateholders' Statements, Series 2002-1



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PART I
PART II
PART III
PART IV
SIGNATURES
CERTIFICATION
EXHIBIT INDEX
 EX-99.01 3 a2106044zex-99_01.htm EXHIBIT 99.01
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Exhibit 99.01


ANNUAL SERVICER'S CERTIFICATE

RETAILERS NATIONAL BANK

TARGET CREDIT CARD MASTER TRUST

       

        The undersigned, a duly authorized representative of Retailers National Bank, as Servicer ("RNB"), pursuant to the Amended and Restated Pooling and Servicing Agreement dated as of April 28, 2000, as supplemented by the Series 1996-1 Supplement, the Series 1997-1 Supplement, the Series 1998-1 Supplement, the Series 2001-1 Supplement, and the Series 2002-1 Supplement (as may be amended and supplemented from time to time, the "Agreement"), among Target Receivables Corporation, asTransferor, RNB, as Servicer, and Wells Fargo Bank Minnesota, National Association, as Trustee, does hereby certify that:

    1.   RNB is, as of the date hereof, the Servicer under the Agreement. Capitalized terms used in this Certificate have their respective meanings as set forth in the Agreement.
    2.   The undersigned is a Servicing Officer who is duly authorized pursuant to the Agreement to execute and deliver this certificate to the Trustee.
    3.   A review of the activities of the Servicer during the fiscal year ended January 4, 2003, and of its performance under the Agreement was conducted under my supervision.
    4.   Based on such review, the Servicer has, to the best of my knowledge, performed in all material respects its obligations under the Agreement throughout such year and no default in the performance of such obligations has occurred or is continuing except as set forth in paragraph 5 below.
    5.   The following is a description of each default in the performance of the Servicer's obligations under the provisions of the Agreement known to me to have been made by the Servicer during the fiscal year ended January 4, 2003 which sets forth in detail (i) the nature of each default, (ii) the action taken by the Servicer, if any, to remedy each such default and (iii) the current status of each such default: None.
       

IN WITNESS WHEREOF, the undersigned has duly executed this Certificate as of the 20th day of March, 2003.
                RETAILERS NATIONAL BANK,
as Servicer,
            By:           /s/ Stephen C. Kowalke
        Name: Stephen C. Kowalke
        Title: Assistant Treasurer



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 EX-99.02 4 a2106044zex-99_02.htm EXHIBIT 99.02
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Exhibit 99.02


ANNUAL CERTIFICATEHOLDERS' STATEMENT
TARGET RECEIVABLES CORPORATION
TARGET CREDIT CARD MASTER TRUST (SERIES 1997-1)

       

        Pursuant to the Amended and Restated Pooling and Servicing Agreement dated as of April 28, 2000 (as may be amended and supplemented from time to time, the "Agreement") 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 annually regarding distributions to and the performance of the Trust during the Monthly Periods for the Calendar year. The information which is required to be prepared with respect to the performance of the Trust during the period January 1, 2002 through December 31, 2002 is set forth below. Certain information is based on the Transferor's fiscal year end, ending January 4, 2003. Certain information is presented on the basis of an original principal amount of $1,000 per Certificate. Certain other information is presented based on the aggregate amounts for the Trust as a whole.

A)   Information Regarding Interest and Principal Distributed (Stated on the Basis of $1,000 Original Principal Amount) for this series.    

 
 
(1)
 
The total amount of interest and principal distributed to Class A Certificateholder's for the period January 1, 2002 through December 31, 2002 per $1,000 original principal amount
 
$1,046.88

 
 
(2)
 
The portion of the amount set forth in paragraph 1 above in respect of interest distributed on the Class A Certificates for the period January 1, 2002 through December 31, 2002 per $1,000 original principal amount
 
$46.88

 
 
(3)
 
The portion of the amount set forth in paragraph 1 above in respect of principal distributed for the period January 1, 2002 through December 31, 2002 for the Class A Certificates, per $1,000 original principal amount
 
$1,000

B)
 
Information Regarding the Performance of the Trust.

 
 
(1)
 
Collection of Principal Receivables.
 
 

 
 
 
 
(a)
 
The aggregate amount of Collections of Principal Receivables processed January 6, 2002 through January 4, 2003 which were allocated in respect of the Series 1997-1 Class A Certificates
 
$641,674,008.46

 
 
 
 
(b)
 
The aggregate amount of Collections of Principal Receivables processed January 6, 2002 through January 4, 2003 which were allocated in respect of the Series 1997-1 Class B Certificates
 
$197,115,545.09

 
 
(2)
 
Collection of Finance Charge Receivables.
 
 

 
 
 
 
(a)
 
The aggregate amount of Collections of Finance Charge Receivables processed January 6, 2002 through January 4, 2003 which were allocated in respect of the Series 1997-1 Class A Ceritificates
 
$89,223,990.60

 
 
 
 
 
 
 
 
 

 
 
 
 
(b)
 
The aggregate amount of Collections of Finance Charge Receivables processed January 6, 2002 through January 4, 2003 which were allocated in respect of the Series 1997-1 Class B Certificates
 
$27,408,676.85

 
 
(3)
 
Recoveries.
 
 

 
 
 
 
(a)
 
The aggregate amount of Collections processed January 6, 2002 through January 4, 2003 that constitute Recoveries on Defaulted Receivables which were allocated in respect of the Series 1997-1 Class A Certificates
 
$3,690,721.80

 
 
 
 
(b)
 
The aggregate amount of Collections processed January 6, 2002 through January 4, 2003 that constitute Recoveries on Defaulted Receivables which were allocated in respect of the Series 1997-1 Class B Certificates
 
$1,133,751.14

 
 
(4)
 
Principal Receivables in the Trust.
 
 

 
 
 
 
(a)
 
The aggregate amount of Principal Receivables in the Trust as of the end of the day on January 4, 2003 (which reflects the Principal Receivables represented by the Transferors Interest in the Trust and by the Investor Certificates)
 
N/A

 
 
 
 
(b)
 
The amount of Principal Receivables in the Trust represented by the Series 1997-1 Certificates (the "Invested Amount") as of the end of the day on January 4, 2003
 
$0.00

 
 
 
 
(c)
 
The amount of Principal Receivables in the Trust represented by the Series 1997-1 Class A Certificates (the "Class A Invested Amount") as of the end of the day on January 4, 2003
 
$0.00

 
 
 
 
(d)
 
The amount of Principal Receivables in the Trust represented by the Series 1997-1 Class B Certificates (the "Class B invested Amount") as of the end of the day on January 4, 2003
 
$0.00

 
 
 
 
(e)
 
The Floating Allocation Percentage (during the Revolving Period) or the Fixed/Floating Allocation Percentage (during the Amortization Period) with respect to the Principal Receivables in the Trust as of the end of the day January 4, 2003
 
0.00%

 
 
 
 
 
 
 
 
 

 
 
(5)
 
Delinquent Balances.
 
 

 
 
 
 
 
 
The aggregate amount of outstanding balances in the Accounts which were 2 or more monthly payments contractually delinquent as of the end of the day on January 4, 2003:
 
 

 
 
 
 
 
 
 
 
Aggregate
Account Balance

 
 
 
 
 
 
2 Missed Monthly Payments
 
N/A

 
 
 
 
 
 
3 Missed Monthly Payments
 
N/A

 
 
 
 
 
 
4 or More Missed Monthly Payments
 
N/A

 
 
(6)
 
Investor Defaulted Amount.
 
 

 
 
 
 
(a)
 
This aggregate amount of all defaulted Principal Receivables written off as uncollectible for the period January 6, 2002 through January 4, 2003 allocable to the Series 1997-1 Class A Certificates (the "Series 1997-1 Class A Investor Defaulted Amount")
 
$20,774,955.13

 
 
 
 
(b)
 
The aggregate amount of all defaulted Principal Receivables written off as uncollectible for the period January 6, 2002 through January 4, 2003 allocable to the Series 1997-1 Class B Certificates (the "Series 1997-1 Class B Investor Defaulted Amount")
 
$6,809,009.83

 
 
 
 
(c)
 
The aggregate amount of all defaulted Principal Receivables written off as uncollectible for the period January 6, 2002 through January 4, 2003 allocable to the Series 1997-1 Investor Certificates (the "Investor Defaulted Amount")
 
$27,583,964.96

 
 
(7)
 
Investor Charge Offs: Reimbursement of Charge Offs.
 
 

 
 
 
 
(a)
 
The amount of the Investor Charge Off per $1,000 original principal amount (which will have the effect of reducing, pro rata, the amount of Series 1997-1 Class A Certificateholder's investment)
 
$0

 
 
 
 
(b)
 
The amount of the Investor Charge Off per $1,000 original principal amount (which will have the effect of reducing, pro rata, the amount of Series 1997-1 Class B Certificateholder's investment)
 
$0

 
 
 
 
(c)
 
The total amount reimbursed to the Trust from January 6, 2002 through January 4, 2003 in respect of Investor Charge Offs in prior months
 
$0

 
 
 
 
(d)
 
The amount set forth immediately above per $1,000 original principal amount (which will have the effect of increasing pro rata, the amount of each Series 1997-1 Certificateholder's investment)
 
$0

 
 
(8)
 
Investor Servicing Fee.
 
 

 
 
 
 
(a)
 
The amount of the Series 1997-1 Class A Investor Monthly Servicing Fee payable by the Trust to the Servicer from January 6, 2002 through January 4, 2003
 
$6,333,333.37

 
 
 
 
 
 
 
 
 

 
 
 
 
(b)
 
The amount of the Series 1997-1 Class B Investor Monthly Servicing Fee payable by the Trust to the Servicer from January 6, 2002 through January 4, 2003
 
$2,047,930.29

 
 
(9)
 
The amount of Series 1997-1 Reallocated Principal Collections from January 6, 2002 through January 4, 2003
 
$0

 
 
(10)
 
The Pool Factor.
 
 

 
 
 
 
The Pool Factor (which represents the ratio of the Series 1997-1 Class A Adjusted Invested Amount as of the end of the day on January 4, 2003 to the Class A Invested Amount as of the Closing Date). The Amount of a Series 1997-1 Class A Invested Amount can be determined by multiplying the original denomination of the holder's Certificate by the Series 1997-1 Class A Pool Factor
 
0.0000000

 
 
 
 
The Pool Factor (which represents the ratio of the Series 1997-1 Class B Invested Amount as of the end of the day on September 13, 1995 to the Series Class B Invested Amount as of the Closing Date). The amount of a Certificateholder's pro rata share of the Class B Invested Amount can be determined by multiplying the original denomination of the holder's Series 1997-1 Class B Certificate by the Series 1997-1 Class B Pool Factor
 
0.0000000

   


 
 
 
 
RETAILERS NATIONAL BANK
as Servicer
    By:           /s/ Thomas A. Swanson
        Name: Thomas A. Swanson
        Title: Vice President & Cashier



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 EX-99.03 5 a2106044zex-99_03.htm EXHIBIT 99.03
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Exhibit 99.03


ANNUAL CERTIFICATEHOLDERS' STATEMENT
TARGET RECEIVABLES CORPORATION
TARGET CREDIT CARD MASTER TRUST (SERIES 1998-1)

       

        Pursuant to the Amended and Restated Pooling and Servicing Agreement dated as of April 28, 2000 (as may be amended and supplemented from time to time, the "Agreement") 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 annually regarding distributions to and the performance of the Trust during the Monthly Periods for the Calendar year. The information which is required to be prepared with respect to the performance of the Trust during the period January 1, 2002 through December 31, 2002 is set forth below. Certain information is based on the Transferor's fiscal year end, ending January 4, 2003. Certain information is presented on the basis of an original principal amount of $1,000 per Certificate. Certain other information is presented based on the aggregate amounts for the Trust as a whole.

A)   Information Regarding Interest and Principal Distributed (Stated on the Basis of $1,000 Original Principal Amount) for this series.    

 
 
(1)
 
The total amount of interest and principal distributed to Class A Certificateholder's for the period January 1, 2002 through December 31, 2002 per $1,000 original principal amount
 
$59.00

 
 
(2)
 
The portion of the amount set forth in paragraph 1 above in respect of interest distributed on the Class A Certificates for the period January 1, 2002 through December 31, 2002 per $1,000 original principal amount
 
$59.00

 
 
(3)
 
The portion of the amount set forth in paragraph 1 above in respect of principal distributed for the period January 1, 2002 through December 31, 2002 for the Class A Certificates, per $1,000 original principal amount
 
$0

B)
 
Information Regarding the Performance of the Trust.

 
 
(1)
 
Collection of Principal Receivables.
 
 

 
 
 
 
(a)
 
The aggregate amount of Collections of Principal Receivables processed January 6, 2002 through January 4, 2003 which were allocated in respect of the Series 1998-1 Class A Certificates
 
$764,723,132.80

 
 
 
 
(b)
 
The aggregate amount of Collections of Principal Receivables processed January 6, 2002 through January 4, 2003 which were allocated in respect of the Series 1998-1 Class B Certificates
 
$234,914,949.30

 
 
(2)
 
Collection of Finance Charge Receivables.
 
 

 
 
 
 
(a)
 
The aggregate amount of Collections of Finance Charge Receivables processed January 6, 2002 through January 4, 2003 which were allocated in respect of the Series 1998-1 Class A Ceritificates
 
$107,077,885.53

 
 
 
 
 
 
 
 
 

 
 
 
 
(b)
 
The aggregate amount of Collections of Finance Charge Receivables processed January 6, 2002 through January 4, 2003 which were allocated in respect of the Series 1998-1 Class B Certificates
 
$32,893,206.67

 
 
(3)
 
Recoveries.
 
 

 
 
 
 
(a)
 
The aggregate amount of Collections processed January 6, 2002 through January 4, 2003 that constitute Recoveries on Defaulted Receivables which were allocated in respect of the Series 1998-1 Class A Certificates
 
$4,380,080.98

 
 
 
 
(b)
 
The aggregate amount of Collections processed January 6, 2002 through January 4, 2003 that constitute Recoveries on Defaulted Receivables which were allocated in respect of the Series 1998-1 Class B Certificates
 
$1,345,515.07

 
 
(4)
 
Principal Receivables in the Trust.
 
 

 
 
 
 
(a)
 
The aggregate amount of Principal Receivables in the Trust as of the end of the day on January 4, 2003 (which reflects the Principal Receivables represented by the Transferors Interest in the Trust and by the Investor Certificates)
 
$6,029,390,204.85

 
 
 
 
(b)
 
The amount of Principal Receivables in the Trust represented by the Series 1998-1 Certificates (the "Invested Amount") as of the end of the day on January 4, 2003
 
$522,875,817.00

 
 
 
 
(c)
 
The amount of Principal Receivables in the Trust represented by the Series 1998-1 Class A Certificates (the "Class A Invested Amount") as of the end of the day on January 4, 2003
 
$400,000,000.00

 
 
 
 
(d)
 
The amount of Principal Receivables in the Trust represented by the Series 1998-1 Class B Certificates (the "Class B invested Amount") as of the end of the day on January 4, 2003
 
$122,875,817.00

 
 
 
 
(e)
 
The Floating Allocation Percentage (during the Revolving Period) or the Fixed/Floating Allocation Percentage (during the Amortization Period) with respect to the Principal Receivables in the Trust as of the end of the day January 4, 2003
 
9.68%

 
 
 
 
 
 
 
 
 

 
 
(5)
 
Delinquent Balances.
 
 

 
 
 
 
 
 
The aggregate amount of outstanding balances in the Accounts which were 2 or more monthly payments contractually delinquent as of the end of the day on January 4, 2003:
 
 

 
 
 
 
 
 
 
 
Aggregate
Account Balance

 
 
 
 
 
 
2 Missed Monthly Payments
 
$107,653,731

 
 
 
 
 
 
3 Missed Monthly Payments
 
$75,258,831

 
 
 
 
 
 
4 or More Missed Monthly Payments
 
$152,048,164

 
 
(6)
 
Investor Defaulted Amount.
 
 

 
 
 
 
(a)
 
This aggregate amount of all defaulted Principal Receivables written off as uncollectible for the period January 6, 2002 through January 4, 2003 allocable to the Series 1998-1 Class A Certificates (the "Series 1998-1 Class A Investor Defaulted Amount")
 
$27,945,164.59

 
 
 
 
(b)
 
The aggregate amount of all defaulted Principal Receivables written off as uncollectible for the period January 6, 2002 through January 4, 2003 allocable to the Series 1998-1 Class B Certificates (the "Series 1998-1 Class B Investor Defaulted Amount")
 
$8,584,462.33

 
 
 
 
(c)
 
The aggregate amount of all defaulted Principal Receivables written off as uncollectible for the period January 6, 2002 through January 4, 2003 allocable to the Series 1998-1 Investor Certificates (the "Investor Defaulted Amount")
 
$36,529,626.92

 
 
(7)
 
Investor Charge Offs: Reimbursement of Charge Offs.
 
 

 
 
 
 
(a)
 
The amount of the Investor Charge Off per $1,000 original principal amount (which will have the effect of reducing, pro rata, the amount of Series 1998-1 Class A Certificateholder's investment)
 
$0

 
 
 
 
(b)
 
The amount of the Investor Charge Off per $1,000 original principal amount (which will have the effect of reducing, pro rata, the amount of Series 1998-1 Class B Certificateholder's investment)
 
$0

 
 
 
 
(c)
 
The total amount reimbursed to the Trust from January 6, 2002 through January 4, 2003 in respect of Investor Charge Offs in prior months
 
$0

 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 

 
 
 
 
(d)
 
The amount set forth immediately above per $1,000 original principal amount (which will have the effect of increasing pro rata, the amount of each Series 1998-1 Certificateholder's investment)
 
$0

 
 
(8)
 
Investor Servicing Fee.
 
 

 
 
 
 
(a)
 
The amount of the Series 1998-1 Class A Investor Monthly Servicing Fee payable by the Trust to the Servicer from January 6, 2002 through January 4, 2003
 
$8,000,000.05

 
 
 
 
(b)
 
The amount of the Series 1998-1 Class B Investor Monthly Servicing Fee payable by the Trust to the Servicer from January 6, 2002 through January 4, 2003
 
$2,457,516.35

 
 
(9)
 
The amount of Series 1998-1 Reallocated Principal Collections from January 6, 2002 through January 4, 2003
 
$0

 
 
(10)
 
The Pool Factor.
 
 

 
 
 
 
The Pool Factor (which represents the ratio of the Series 1998-1 Class A Adjusted Invested Amount as of the end of the day on January 4, 2003 to the Class A Invested Amount as of the Closing Date). The Amount of a Series 1998-1 Class A Invested Amount can be determined by multiplying the original denomination of the holder's Certificate by the Series 1998-1 Class A Pool Factor
 
1.0000000

 
 
 
 
The Pool Factor (which represents the ratio of the Series 1998-1 Class B Invested Amount as of the end of the day on September 13, 1995 to the Series Class B Invested Amount as of the Closing Date). The amount of a Certificateholder's pro rata share of the Class B Invested Amount can be determined by multiplying the original denomination of the holder's Series 1998-1 Class B Certificate by the Series 1998-1 Class B Pool Factor
 
1.0000000

       

        RETAILERS NATIONAL BANK
as Servicer
    By:           /s/ Thomas A. Swanson
        Name: Thomas A. Swanson
        Title: Vice President & Cashier



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ANNUAL CERTIFICATEHOLDERS' STATEMENT TARGET RECEIVABLES CORPORATION TARGET CREDIT CARD MASTER TRUST (SERIES 1998-1)
 EX-99.04 6 a2106044zex-99_04.htm EXHIBIT 99.04
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Exhibit 99.04


ANNUAL CERTIFICATEHOLDERS' STATEMENT
TARGET RECEIVABLES CORPORATION
TARGET CREDIT CARD MASTER TRUST (SERIES 2001-1)

        Pursuant to the Amended and Restated Pooling and Servicing Agreement dated as of April 28, 2000 (as may be amended and supplemented from time to time, the "Agreement") 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 annually regarding distributions to and the performance of the Trust during the Monthly Periods for the Calendar year. The information which is required to be prepared with respect to the performance of the Trust during the period January 1, 2002 through December 31, 2002 is set forth below. Certain information is based on the Transferor's fiscal year end, ending January 4, 2003. Certain information is presented on the basis of an original principal amount of $1,000 per Certificate. Certain other information is presented based on the aggregate amounts for the Trust as a whole.


A)
 
Information Regarding Interest and Principal Distributed (Stated on the Basis of $1,000 Original Principal Amount) for this series.
 
 

 
 
(1)
 
The total amount of interest and principal distributed to Class A Certificateholder's for the period January 1, 2002 through December 31, 2002 per $1,000 original principal amount
 
$19.05

 
 
(2)
 
The portion of the amount set forth in paragraph 1 above in respect of interest distributed on the Class A Certificates for the period January 1, 2002 through December 31, 2002 per $1,000 original principal amount
 
$19.05

 
 
(3)
 
The portion of the amount set forth in paragraph 1 above in respect of principal distributed for the period January 1, 2002 through December 31, 2002 for the Class A Certificates, per $1,000 original principal amount
 
$0

B)
 
Information Regarding the Performance of the Trust.
 
 

 
 
(1)
 
Collection of Principal Receivables.
 
 

 
 
 
 
(a)
 
The aggregate amount of Collections of Principal Receivables processed January 6, 2002 through January 4, 2003 which were allocated in respect of the Series 2001-1 Class A Certificates
 
$1,433,855,873.99

 
 
 
 
(b)
 
The aggregate amount of Collections of Principal Receivables processed January 6, 2002 through January 4, 2003 which were allocated in respect of the Series 2001-1 Class B Certificates
 
$477,951,958.00

 
 
 
 
 
 
 
 
 

 
 
(2)
 
Collection of Finance Charge Receivables.
 
 

 
 
 
 
(a)
 
The aggregate amount of Collections of Finance Charge Receivables processed January 6, 2002 through January 4, 2003 which were allocated in respect of the Series 2001-1 Class A Ceritificates
 
$200,771,035.36

 
 
 
 
(b)
 
The aggregate amount of Collections of Finance Charge Receivables processed January 6, 2002 through January 4, 2003 which were allocated in respect of the Series 2001-1 Class B Certificates
 
$66,923,678.45

 
 
(3)
 
Recoveries.
 
 

 
 
 
 
(a)
 
The aggregate amount of Collections processed January 6, 2002 through January 4, 2003 that constitute Recoveries on Defaulted Receivables which were allocated in respect of the Series 2001-1 Class A Certificates
 
$8,212,651.83

 
 
 
 
(b)
 
The aggregate amount of Collections processed January 6, 2002 through January 4, 2003 that constitute Recoveries on Defaulted Receivables which were allocated in respect of the Series 2001-1 Class B Certificates
 
$2,737,550.61

 
 
(4)
 
Principal Receivables in the Trust.
 
 

 
 
 
 
(a)
 
The aggregate amount of Principal Receivables in the Trust as of the end of the day on January 4, 2003 (which reflects the Principal Receivables represented by the Transferors Interest in the Trust and by the Investor Certificates)
 
$6,029,390,204.85

 
 
 
 
(b)
 
The amount of Principal Receivables in the Trust represented by the Series 2001-1 Certificates (the "Invested Amount") as of the end of the day on January 4, 2003
 
$1,000,000,000.00

 
 
 
 
(c)
 
The amount of Principal Receivables in the Trust represented by the Series 2001-1 Class A Certificates (the "Class A Invested Amount") as of the end of the day on January 4, 2003
 
$750,000,000.00

 
 
 
 
(d)
 
The amount of Principal Receivables in the Trust represented by the Series 2001-1 Class B Certificates (the "Class B invested Amount") as of the end of the day on January 4, 2003
 
$250,000,000.00

 
 
 
 
(e)
 
The Floating Allocation Percentage (during the Revolving Period) or the Fixed/Floating Allocation Percentage (during the Amortization Period) with respect to the Principal Receivables in the Trust as of the end of the day January 4, 2003
 
18.52%

 
 
 
 
 
 
 
 
 

 
 
(5)
 
Delinquent Balances.
 
 

 
 
 
 
 
 
The aggregate amount of outstanding balances in the Accounts which were 2 or more monthly payments contractually delinquent as of the end of the day on January 4, 2003:
 
 

 
 
 
 
 
 
 
 
Aggregate
Account Balance

 
 
 
 
 
 
2 Missed Monthly Payments
 
$107,653,731

 
 
 
 
 
 
3 Missed Monthly Payments
 
$75,258,831

 
 
 
 
 
 
4 or More Missed Monthly Payments
 
$152,048,164

 
 
(6)
 
Investor Defaulted Amount.
 
 

 
 
 
 
(a)
 
This aggregate amount of all defaulted Principal Receivables written off as uncollectible for the period January 6, 2002 through January 4, 2003 allocable to the Series 2001-1 Class A Certificates (the "Series 2001-1 Class A Investor Defaulted Amount")
 
$52,397,183.61

 
 
 
 
(b)
 
The aggregate amount of all defaulted Principal Receivables written off as uncollectible for the period January 6, 2002 through January 4, 2003 allocable to the Series 2001-1 Class B Certificates (the "Series 2001-1 Class B Investor Defaulted Amount")
 
$17,465,727.87

 
 
 
 
(c)
 
The aggregate amount of all defaulted Principal Receivables written off as uncollectible for the period January 6, 2002 through January 4, 2003 allocable to the Series 2001-1 Investor Certificates (the "Investor Defaulted Amount")
 
$69,862,911.48

 
 
(7)
 
Investor Charge Offs: Reimbursement of Charge Offs.
 
 

 
 
 
 
(a)
 
The amount of the Investor Charge Off per $1,000 original principal amount (which will have the effect of reducing, pro rata, the amount of Series 2001-1 Class A Certificateholder's investment)
 
$0

 
 
 
 
(b)
 
The amount of the Investor Charge Off per $1,000 original principal amount (which will have the effect of reducing, pro rata, the amount of Series 2001-1 Class B Certificateholder's investment)
 
$0

 
 
 
 
(c)
 
The total amount reimbursed to the Trust from January 6, 2002 through January 4, 2003 in respect of Investor Charge Offs in prior months
 
$0

 
 
 
 
 
 
 
 
 

 
 
 
 
(d)
 
The amount set forth immediately above per $1,000 original principal amount (which will have the effect of increasing pro rata, the amount of each Series 2001-1 Certificateholder's investment)
 
$0

 
 
(8)
 
Investor Servicing Fee.
 
 

 
 
 
 
(a)
 
The amount of the Series 2001-1 Class A Investor Monthly Servicing Fee payable by the Trust to the Servicer from January 6, 2002 through January 4, 2003
 
$15,000,000.03

 
 
 
 
(b)
 
The amount of the Series 2001-1 Class B Investor Monthly Servicing Fee payable by the Trust to the Servicer from January 6, 2002 through January 4, 2003
 
$5,000,000.01

 
 
(9)
 
The amount of Series 2001-1 Reallocated Principal Collections from January 6, 2002 through January 4, 2003
 
$0

 
 
(10)
 
The Pool Factor.
 
 

 
 
 
 
The Pool Factor (which represents the ratio of the Series 2001-1 Class A Adjusted Invested Amount as of the end of the day on January 4, 2003 to the Class A Invested Amount as of the Closing Date). The Amount of a Series 2001-1 Class A Invested Amount can be determined by multiplying the original denomination of the holder's Certificate by the Series 2001-1 Class A Pool Factor
 
1.0000000

 
 
 
 
The Pool Factor (which represents the ratio of the Series 2001-1 Class B Invested Amount as of the end of the day on September 13, 1995 to the Series Class B Invested Amount as of the Closing Date). The amount of a Certificateholder's pro rata share of the Class B Invested Amount can be determined by multiplying the original denomination of the holder's Series 2001-1 Class B Certificate by the Series 2001-1 Class B Pool Factor
 
1.0000000

       

        RETAILERS NATIONAL BANK
as Servicer
    By:           /s/ Thomas A. Swanson
        Name: Thomas A. Swanson
        Title: Vice President & Cashier



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ANNUAL CERTIFICATEHOLDERS' STATEMENT TARGET RECEIVABLES CORPORATION TARGET CREDIT CARD MASTER TRUST (SERIES 2001-1)
 EX-99.05 7 a2106044zex-99_05.htm EXHIBIT 99.05
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Exhibit 99.05


ANNUAL CERTIFICATEHOLDERS' STATEMENT
TARGET RECEIVABLES CORPORATION
TARGET CREDIT CARD MASTER TRUST (SERIES 2002-1)

        Pursuant to the Amended and Restated Pooling and Servicing Agreement, dated as of April 28, 2000 (as may be amended and supplemented from time to time, the "Agreement"), 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 annually regarding distributions to and the performance of the Trust during the Monthly Periods for the Calendar year. The information which is required to be prepared with respect to the performance of the Trust during the period January 1, 2002 through December 31, 2002 is set forth below. Certain information is based on the Transferor's fiscal year end, ending January 4, 2003. Certain information is presented on the basis of an original principal amount of $1,000 per Certificate. Certain other information is presented based on the aggregate amounts for the Trust as a whole.


A)
 
Information Regarding Interest and Principal Distributed (Stated on the Basis of $1,000 Original Principal Amount) for this series.
 
 

 
 
(1)
 
The total amount of interest and principal distributed to Class A Certificateholder's for the period January 1, 2002 through December 31, 2002 per $1,000 original principal amount
 
$10.95

 
 
(2)
 
The portion of the amount set forth in paragraph 1 above in respect of interest distributed on the Class A Certificates for the period January 1, 2002 through December 31, 2002 per $1,000 original principal amount
 
$10.95

 
 
(3)
 
The portion of the amount set forth in paragraph 1 above in respect of principal distributed for the period January 1, 2002 through December 31, 2002 for the Class A Certificates, per $1,000 original principal amount
 
$0

B)
 
Information Regarding the Performance of the Trust.
 
 

 
 
(1)
 
Collection of Principal Receivables.
 
 

 
 
 
 
(a)
 
The aggregate amount of Collections of Principal Receivables processed July 2, 2002 through January 4, 2003 which were allocated in respect of the Series 2002-1 Class A Certificates
 
$689,026,601.48

 
 
 
 
(b)
 
The aggregate amount of Collections of Principal Receivables processed July 2, 2002 through January 4, 2003 which were allocated in respect of the Series 2002-1 Class B Certificates
 
$229,675,533.83

 
 
 
 
 
 
 
 
 
 
 

 
 
(2)
 
Collection of Finance Charge Receivables.
 
 

 
 
 
 
(a)
 
The aggregate amount of Collections of Finance Charge Receivables processed July 2, 2002 through January 4, 2003 which were allocated in respect of the Series 2002-1 Class A Ceritificates
 
$101,962,845.12

 
 
 
 
(b)
 
The aggregate amount of Collections of Finance Charge Receivables processed July 2, 2002 through January 4, 2003 which were allocated in respect of the Series 2002-1 Class B Certificates
 
$33,987,615.04

 
 
(3)
 
Recoveries.
 
 

 
 
 
 
(a)
 
The aggregate amount of Collections processed July 2, 2002 through January 4, 2003 that constitute Recoveries on Defaulted Receivables which were allocated in respect of the Series 2002-1 Class A Certificates
 
$4,035,928.21

 
 
 
 
(b)
 
The aggregate amount of Collections processed July 2, 2002 through January 4, 2003 that constitute Recoveries on Defaulted Receivables which were allocated in respect of the Series 2002-1 Class B Certificates
 
$1,345,309.40

 
 
(4)
 
Principal Receivables in the Trust.
 
 

 
 
 
 
(a)
 
The aggregate amount of Principal Receivables in the Trust as of the end of the day on January 4, 2003 (which reflects the Principal Receivables represented by the Transferors Interest in the Trust and by the Investor Certificates)
 
$6,029,390,204.85

 
 
 
 
(b)
 
The amount of Principal Receivables in the Trust represented by the Series 2002-1 Certificates (the "Invested Amount") as of the end of the day on January 4, 2003
 
$1,000,000,000.00

 
 
 
 
(c)
 
The amount of Principal Receivables in the Trust represented by the Series 2002-1 Class A Certificates (the "Class A Invested Amount") as of the end of the day on January 4, 2003
 
$750,000,000.00

 
 
 
 
(d)
 
The amount of Principal Receivables in the Trust represented by the Series 2002-1 Class B Certificates (the "Class B invested Amount") as of the end of the day on January 4, 2003
 
250,000,000.00

 
 
 
 
(e)
 
The Floating Allocation Percentage (during the Revolving Period) or the Fixed/Floating Allocation Percentage (during the Amortization Period) with respect to the Principal Receivables in the Trust as of the end of the day January 4, 2003
 
18.52%

 
 
 
 
 
 
 
 
 
 
 

 
 
(5)
 
Delinquent Balances.
 
 

 
 
 
 
 
 
The aggregate amount of outstanding balances in the Accounts which were 2 or more monthly payments contractually delinquent as of the end of the day on January 4, 2003:
 
 

 
 
 
 
 
 
 
 
 
 
Aggregate
Account Balance

 
 
 
 
 
 
2 Missed Monthly Payments
 
$107,653,731

 
 
 
 
 
 
3 Missed Monthly Payments
 
$75,258,831

 
 
 
 
 
 
4 or More Missed Monthly Payments
 
$152,048,164

 
 
(6)
 
Investor Defaulted Amount.
 
 

 
 
 
 
(a)
 
This aggregate amount of all defaulted Principal Receivables written off as uncollectible for the period July 2, 2002 through January 4, 2003 allocable to the Series 2002-1 Class A Certificates (the "Series 2002-1 Class A Investor Defaulted Amount")
 
$30,905,155.98

 
 
 
 
(b)
 
The aggregate amount of all defaulted Principal Receivables written off as uncollectible for the period July 2, 2002 through January 4, 2003 allocable to the Series 2002-1 Class B Certificates (the "Series 2002-1 Class B Investor Defaulted Amount")
 
$10,301,718.66

 
 
 
 
(c)
 
The aggregate amount of all defaulted Principal Receivables written off as uncollectible for the period July 2, 2002 through January 4, 2003 allocable to the Series 2002-1 Investor Certificates (the "Investor Defaulted Amount")
 
$41,206,874.64

 
 
(7)
 
Investor Charge Offs: Reimbursement of Charge Offs.
 
 

 
 
 
 
(a)
 
The amount of the Investor Charge Off per $1,000 original principal amount (which will have the effect of reducing, pro rata, the amount of Series 2002-1 Class A Certificateholder's investment)
 
$0

 
 
 
 
(b)
 
The amount of the Investor Charge Off per $1,000 original principal amount (which will have the effect of reducing, pro rata, the amount of Series 2002-1 Class B Certificateholder's investment)
 
$0

 
 
 
 
(c)
 
The total amount reimbursed to the Trust from July 2, 2002 through January 4, 2003 in respect of Investor Charge Offs in prior months
 
$0

 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
(d)
 
The amount set forth immediately above per $1,000 original principal amount (which will have the effect of increasing pro rata, the amount of each Series 2002-1 Certificateholder's investment)
 
$0

 
 
(8)
 
Investor Servicing Fee.
 
 

 
 
 
 
(a)
 
The amount of the Series 2002-1 Class A Investor Monthly Servicing Fee payable by the Trust to the Servicer from July 2, 2002 through January 4, 2003
 
$7,678,572.02

 
 
 
 
(b)
 
The amount of the Series 2002-1 Class B Investor Monthly Servicing Fee payable by the Trust to the Servicer from July 2, 2002 through January 4, 2003
 
$2,559,524.01

 
 
(9)
 
The amount of Series 2002-1 Reallocated Principal Collections from July 2, 2002 through January 4, 2003
 
$0

 
 
(10)
 
The Pool Factor.
 
 

 
 
 
 
The Pool Factor (which represents the ratio of the Series 2002-1 Class A Adjusted Invested Amount as of the end of the day on January 4, 2003 to the Class A Invested Amount as of the Closing Date). The Amount of a Series 2002-1 Class A Invested Amount can be determined by multiplying the original denomination of the holder's Certificate by the Series 2002-1 Class A Pool Factor
 
1.0000000

 
 
 
 
The Pool Factor (which represents the ratio of the Series 2002-1 Class B Invested Amount as of the end of the day on September 13, 1995 to the Series Class B Invested Amount as of the Closing Date). The amount of a Certificateholder's pro rata share of the Class B Invested Amount can be determined by multiplying the original denomination of the holder's Series 2002-1 Class B Certificate by the Series 2002-1 Class B Pool Factor
 
1.0000000

       

        RETAILERS NATIONAL BANK
as Servicer
    By:           /s/ Thomas A. Swanson
        Name: Thomas A. Swanson
        Title: Vice President & Cashier



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ANNUAL CERTIFICATEHOLDERS' STATEMENT TARGET RECEIVABLES CORPORATION TARGET CREDIT CARD MASTER TRUST (SERIES 2002-1)
 EX-99.06 8 a2106044zex-99_06.htm EXHIBIT 99.06
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Exhibit 99.06

        [Letterhead]


Report of Independent Accountants

Target Corporation,
Its Officers and Directors
        and
Target Receivables Corporation,
Its Officers and Directors
As Transferor
        and
Retailers National Bank,
Its Officers and Directors
As Servicer
        and
Wells Fargo Bank, National Association
As Trustee

We have audited, in accordance with auditing standards generally accepted in the United States, the statements of financial condition of Retailers National Bank (the Bank) as of December 31, 2002 and 2001, and the related statements of income, stockholders' equity, and cash flows for the years then ended and have issued our report thereon dated January 24, 2003.

Our audit, referred to in the preceding paragraph, included procedures applied to the documents and records relating to the servicing of credit card receivables under the Amended and Restated Target Credit Card Master Trust Pooling and Servicing Agreement (the Pooling and Servicing Agreement), dated as of August 22, 2001. Our procedures were as follows:

Documents and records relating to the servicing of credit card receivables under the Pooling and Servicing Agreement:

    1.
    Using an audit software application applied to the servicing portfolio as of August 3 through August 5, 2002 (based on billing cycles), we clerically tested the summarization of credit card receivables by credit card label, by billing cycle, individually, and in total for the sample of periods in 2002 through August 3, 2002.

    2.
    We documented the process of sales that generate credit card receivables and tested the related controls. Per subsequent inquiry of Target Corporation and Bank management, we were informed that no significant changes occurred in the related systems, controls, or process through our report date.

    3.
    We confirmed a sample of 49 proprietary credit card receivables as of August 3, 2002. Two responses noting differences were appropriately resolved by Ernst & Young through verification to the credit system. Additionally, we confirmed a sample of 22 Target Visa credit card receivables as of August 3, 2002. Two responses noting differences were appropriately resolved by Ernst & Young through verification to the credit system.

    4.
    We selected a sample of 25 accounts which had an amount shown as finance charges as of a billing cycle prior to August 31, 2002. We recalculated the finance charges for the applicable billing cycle by using the beginning balance from the previous cycle, average daily balance, and all transactions occurring in the billing cycle. We compared the recalculated finance charge to the corresponding amounts shown on the customer billing statement and noted no exceptions.

    5.
    We read documentation of the Bank's internal audit procedures related to new account application and setup processes, portfolio management, fraud, remittance processing, monthly statement processing, account maintenance, collections, and credit card receivables curing. We also examined documentation of the write-off practices to determine compliance with

    applicable Office of the Comptroller of the Currency regulations and accounting principles generally accepted in the United States.

    6.
    We documented the process used by the Bank to prepare the migration analysis to support the allowance for credit losses. We performed clerical tests of the underlying formulas and traced aging information to supporting cycle documentation. We also assessed the adequacy of the allowance for credit losses.

    7.
    We analytically reviewed allowance-related ratios (i.e., allowance as a percentage of total credit card receivables, year-to-date write-offs as a percentage of the allowance, and year-to-date write-offs as a percentage of average loan balances), comparing the ratios for the periods referred to in the introductory paragraph of this letter.

The results of the procedures described above provided satisfactory evidential matter for the purposes of our audit of the financial statements, referred to in the introductory paragraph of this letter, taken as a whole. The administration and servicing appear to be conducted in compliance with Article III, Article IV, and Section 8.8 of the Pooling and Servicing Agreement insofar as such articles and section relate to accounting matters.

This report is intended solely for the use of the specified users listed above and should not be used by those who have not agreed to the procedures and taken responsibility for the sufficiency of the procedures for their purposes. However, this report is a matter of public record, as a result of its inclusion as an exhibit to the Annual Report on Form 10-K filed by Target Receivables Corporation on behalf of the Trust, and its distribution is not limited.

SIGNATURE

January 24, 2003



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Report of Independent Accountants
 EX-99.07 9 a2106044zex-99_07.htm EXHIBIT 99.07
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Exhibit 99.07

        [Letterhead]


Report of Independent Accountants

Target Corporation,
Its Officers and Directors
        and
Target Receivables Corporation,
Its Officers and Directors
As Transferor
        and
Retailers National Bank,
Its Officers and Directors
As Servicer
        and
Wells Fargo Bank, National Association
As Trustee

At your request, we have applied certain agreed-upon procedures, described below, agreed to by Target Corporation (the Company), Target Receivables Corporation, as Transferor, and Retailers National Bank, as Servicer, each of their respective Officers and Directors, and Wells Fargo Bank, National Association, as Trustee, to the Monthly Certificateholders' Statements (the Statements), issued pursuant to the Target Credit Card Master Trust (the Trust) Amended and Restated Pooling and Servicing Agreement (the Pooling and Servicing Agreement), dated as of April 28, 2000, as supplemented by the Series 1997-1 Supplement to the Pooling and Servicing Agreement, dated as of October 15, 1997, for Series 1997-1 for the months of February 2002, April 2002, and September 2002. An example of a Statement, prepared by the Company, is provided as Attachment I. The specific procedures performed on each of the Statements are cross-referenced to Attachment I for each item or group of items. Only those items with balances on the Statements were cross-referenced. Our procedures were applied as indicated with respect to the letters explained below:

    A.
    Compared amounts and percentages to the Target Credit Card Master Trust Prospectus Supplement for Series 1997-1 dated October 8, 1997 (the Prospectus Supplement) and found them to be in agreement.

    B.
    Compared the dollar and other amounts not derived directly from the Prospectus Supplement to amounts in the Company's accounting records to the extent such amounts could be so compared directly and found them to be in agreement. Examples of those accounting records used are listed below.

    C.
    Compared the dollar and other amounts not derived directly from the Prospectus Supplement, or that could not be compared directly to the Company's accounting records, to amounts within the Monthly Certificateholders' Statement and found them to be in agreement.

    D.
    Proved the arithmetic accuracy of the percentages or amounts based on the data in the above-mentioned Prospectus Supplement and accounting records. Differences may exist due to rounding of certain amounts or percentages used in the calculation but are not reported for purposes of this letter.

Accounting records for purposes of this letter include the following reports or records: Data Summary Sheet; Breakout of Finance Charge Receivable and Principal Receivable; Finance Charge Receivable Payments as a Percentage of Total Month Payments; Receivable Aging by Dollar Balance; Month End Accounts Receivable Aging Summary Reports; Purified Net Write-Off Reports; Monthly Sales Returns; Credits and Adjustments Reports; Bank Sales Reports; Account Totals by Delinquency Level Reports; Geographic Distribution of Accounts and Receivables Reports; Miscellaneous Payment Instructions Report; and Monthly Collection Account Earnings. All monthly reports are generated by management of Target Corporation or Retailers National Bank. Additionally, for all the applicable Target Visa accounts, all monthly reports are generated by an external vendor.

There were no exceptions noted as a result of our procedures performed.

We were not engaged to, and did not, perform an audit, the objective of which would be the expression of an opinion on the Monthly Certificateholders' Statements. Accordingly, we do not express such an opinion. Had we performed additional procedures, other matters might have come to our attention that would have been reported to you.

This report is intended solely for the use of the specified users listed above and should not be used by those who have not agreed to the procedures and taken responsibility for the sufficiency of the procedures for their purposes. However, this report is a matter of public record, as a result of inclusion as an exhibit to the Annual Report on Form 10-K filed by Target Receivables Corporation on behalf of the Trust, and its distribution is not limited.


 
 
 
 
SIGNATURE

January 24, 2003		        


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:
Distribution Date:
No. of Days in Period:		   September 2002
October 25, 2002
35		      
 
A.   ORIGINAL DEAL PARAMETERS  

(a)
 
Class A Initial Invested Amount
$
400,000,000.00
(A)
76.50%
(D)
(b)   Class B Initial Invested Amount   122,875,817.00 (A) 23.50% (D)
         
     
(c)   Total Initial Invested Amount $ 522,875,817.00 (D)    
         
     
(d)   Class A Certificate Rate   6.25% (A)    
(e)   Class B Certificate Rate   0.00%      

(f)
 
Servicing Fee Rate
 
2.00%
(A)
 
 
(g)   Discount Percentage   0.00%      
 

 
 
 
 
 
 
 
 
 
 
I.   RECEIVABLES IN THE TRUST  
 
(a)   Beginning of the Period Principal Receivables $ 4,746,518,498.08 (B)    
(b)   Beginning of the Period Finance Charge Receivables   117,489,248.48 (B)    
(c)   Beginning of the Period Discounted Receivables   -          
         
     
(d)   Beginning of the Period Total Receivables (a + b + c) $ 4,864,007,746.56 (D)    
         
     
(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 $ 4,894,603,503.26 (B)    
(l)   End of Period Finance Charge Receivables   121,292,304.22 (B)    
(m)   End of Period Discounted Receivables   -          
         
     
(n)   End of Period Total Receivables (k + l + m) $ 5,015,895,807.48 (D)    
         
     
II.   INVESTED AMOUNTS AND ALLOCATION PERCENTAGES  
 
(a)   Class A Initial Invested Amount $ 400,000,000.00 (A) 76.50% (D)
(b)   Class B Initial Invested Amount   122,875,817.00 (A) 23.50% (D)
         
     
(c)   Total Initial Invested Amount (a + b) $ 522,875,817.00 (D)    
         
     
(d)   Class A Invested Amount (a - (X.a)) $ 400,000,000.00 (D) 76.50% (D)
(e)   Class B Invested Amount (b - (X.e))   122,875,817.00 (D) 23.50% (D)
         
     
(f)   Total Invested Amount (d + e) $ 522,875,817.00 (D)    
         
     

(g)
 
Class A Adjusted Invested Amount (a - (X.a)-(III.f))
$
400,000,000.00
(D)
76.50%
(D)
(h)   Class B Invested Amount (b - (X.e))   122,875,817.00 (D) 23.50% (D)
         
     
(i)   Total Adjusted Invested Amount (g + h) $ 522,875,817.00 (D)    
         
     

(j)
 
Floating Allocation Percentage
 
11.02%
(D)
 
 
(k)   Class A Floating Allocation Percentage   8.43% (D)    
(l)   Class B Floating Allocation Percentage   2.59% (D)    

(m)
 
Principal Allocation Percentage
 
11.02%
(D)
 
 
(n)   Class A Principal Allocation Percentage   8.43% (D)    
(o)   Class B Principal Allocation Percentage   2.59% (D)    

(p)
 
Servicing Fee
$
871,459.70
(D)
 
 
(q)   Investor Defaulted Amount (j * (IV.(m))) $ 3,310,672.47 (D)    

 
 
 
 
 
 
 
 
 
 
III.   TRANSFEROR'S INTEREST, RETAINED INTEREST, SPECIAL FUNDING ACCOUNT, AND PRINCIPAL FUNDING ACCOUNT  
 
(a)   Transferor's Amount (end of month) $ 1,633,312,740.19 (B)    
(b)   Required Retained Transferor Amount $ 97,892,070.07 (B)    
(c)   Required Principal Balance $ 3,261,290,763.07 (B)    
(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) $ 200,000,000.00 (B)    

 
 
 
 
 
 
 
 
 
 
IV.   PERFORMANCE SUMMARY  
 

 
 
 
 
 
 
 
 
 
 
    COLLECTIONS:              
(a)   Collections of Principal Receivables $ 820,325,960.75 (B)    
(b)   Collections of Finance Charge Receivables (from cardholder payments)   105,370,484.05 (B)    
(c)   Collections of Finance Charge Receivables (from merchant fees, deferred billing fees, collection account interest, interchange fees)   15,226,064.99 (B)    
(d)   Collections of Discount Option Receivables   0.00      
         
     
(e)   Total Finance Charge Collections (b + c + d) $ 120,596,549.04 (D)    
         
     
(f)   Total Collections (a + e) $ 940,922,509.79 (D)    
         
     
    DELINQUENCIES AND LOSSES:          
(g)   2 missed payments $ 98,333,850 (B)    
(h)   3 missed payments   67,463,365 (B)    
(i)   4 or more missed payments   131,652,285 (B)    
         
     
(j)   Total delinquencies (g + h + i) $ 297,449,499 (D)    
         
     
(k)   Gross Charge-Offs during the month $ 34,386,942.60 (B)    
(l)   Recoveries during the month $ 4,333,596.10 (B)    
         
     
(m)   Net Charge-Offs during the month (k - l) $ 30,053,346.50 (D)    
         
     

 
 
 
 
 
 
 
 
 
 

V.
 
NON-U.S. ACCOUNTS
 
 
(a)   Non-US Accounts at end of month   160,069 (B)    
(b)   as a percentage of total (a / c)   0.36% (D)    

(c)
 
Total number of Accounts in Trust (at end of month)
 
44,437,287
(B)
 
 

 
 
 
 
 
 
 
 
 
 
VI.   AVAILABLE SERIES 1997-1 FINANCE CHARGE COLLECTIONS AND APPLICATION OF FUNDS  
 
(a)   Floating Allocation Percentage of Collections of Finance Charge Receivables $ 13,284,899.05 (D)    
(b)   Investment earnings on Principal Funding Account   272,661.14 (D)    
(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) $ 13,557,560.19 (D)    
         
     
(i)   Class A Interest   2,083,333.34 (D)    
(ii)   Servicing Fee   871,459.70 (C)    
(iii)   Class A Investor Defaulted Amount ((IV.m * (II.k))   2,532,664.44 (D)    
(iv)   Class B Investor Defaulted Amount ((IV.m * (II.l))   778,008.03 (D)    
(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)		 $ 7,292,094.69 (D)    
         
     

 
 
 
 
 
 
 
 
 
 
VII.   YIELD and BASE RATE          
 
Base Rate          
(a)   Base Rate (current month)   6.78% (D)    
(b)   Base Rate (prior month)   6.78% (B)    
(c)   Base Rate (2 months ago)   6.78% (B)    
(d)   3 Month Average Base Rate   6.78% (D)    

Portfolio Yield
 
 
 
 
 
(e)   Portfolio Yield (current month)   20.16% (D)    
(f)   Portfolio Yield (prior month)   17.22% (B)    
(g)   Portfolio Yield (2 months ago)   18.37% (B)    
(h)   3 Month Average Portfolio Yield   18.58% (D)    

VIII.
 
PORTFOLIO PERFORMANCE RATES
 
 
(a)   Net Charge-Offs (annualized % of Principal Receivables at beginning of period)   6.51% (D)    
(b)   Monthly Payment Rate (% of Total Receivables at beginning of period (adjusted for number of days in period))   16.31% (D)    
(c)   Trust Portfolio Yield (annualized)   26.13% (D)    
(d)   Portfolio Yield (3 month average (annualized))   18.58% (D)    
(e)   Base Rate (3 month average)   6.78% (D)    
         
     
(f)   Excess Finance Charge Collections % (d - e)   11.80% (D)    
         
     

 
 
 
 
 
 
 
 
 
 
IX.   PRINCIPAL COLLECTIONS  
 
(a)   Class A Principal Allocation Percentage   8.43% (D)    
(b)   Class A Principal $ 69,130,750.13 (D)    
(c)   Class B Principal Allocation Percentage   2.59% (D)    
(d)   Class B Principal $ 21,236,243.51 (D)    
         
     
(e)   Total Principal (b + d) $ 90,366,993.64 (D)    
         
     

(f)
 
Reallocated Principal Collections
$
- -    
 
 
 
(g)   Shared Principal Collections allocable from other Series, Participation and Transferor Certificate $ 130,869,249.87 (B)    

 
 
 
 
 
 
 
 
 
 
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 (A)    
(b)   Controlled Accumulation Amount $ 200,000,000.00 (A)    
(c)   Deficit Controlled Accumulation Amount $ -          
(d)   Total Principal on deposit in Principal Funding Account for the benefit of Class A Certificateholders $ 200,000,000.00 (B)    

       

    RETAILERS NATIONAL BANK,
        As Servicer
      

 
 
 
 
 
 
 
 
    By:  /s/  TERRENCE J. SCULLY      
        Name: Terrence J. Scully
        Title: Vice President		      



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Exhibit 99.08

        [Letterhead]


Report of Independent Accountants

Target Corporation,
Its Officers and Directors
        and
Target Receivables Corporation,
Its Officers and Directors
As Transferor
        and
Retailers National Bank,
Its Officers and Directors
As Servicer
        and
Wells Fargo Bank, National Association
As Trustee

At your request, we have applied certain agreed-upon procedures, described below, agreed to by Target Corporation (the Company), Target Receivables Corporation, as Transferor, and Retailers National Bank, as Servicer, each of their respective Officers and Directors, and Wells Fargo Bank, National Association, as Trustee, to the Monthly Certificateholders' Statements (the Statements), issued pursuant to the Target Credit Card Master Trust (the Trust) Amended and Restated Pooling and Servicing Agreement (the Pooling and Servicing Agreement), dated as of April 28, 2000, as supplemented, by the Series 1998-1 Supplement to the Pooling and Servicing Agreement, dated as of August 12, 1998, for Series 1998-1 for the months of February 2002, May 2002, August 2002, and November 2002. An example of a Statement, prepared by the Company, is provided as Attachment I. The specific procedures performed on each of the Statements are cross-referenced to Attachment I for each item or group of items. Only those items with balances on the Statements were cross-referenced. Our procedures were applied, as indicated, with respect to the letters explained below:

    A.
    Compared amounts and percentages to the Target Credit Card Master Trust Prospectus Supplement for Series 1998-1 dated August 5, 1998 (the Prospectus Supplement) and found them to be in agreement.

    B.
    Compared the dollar and other amounts not derived directly from the Prospectus Supplement to amounts in the Company's accounting records to the extent such amounts could be so compared directly and found them to be in agreement. Examples of those accounting records used are listed below.

    C.
    Compared the dollar and other amounts not derived directly from the Prospectus Supplement, or that could not be compared directly to the Company's accounting records, to amounts within the Monthly Certificateholders' Statement and found them to be in agreement.

    D.
    Proved the arithmetic accuracy of the percentages or amounts based on the data in the above-mentioned Prospectus Supplement and accounting records. Differences may exist due to rounding of certain amounts or percentages used in the calculation but are not reported for purposes of this letter.

Accounting records for purposes of this letter include the following reports or records: Data Summary Sheet; Breakout of Finance Charge Receivable and Principal Receivable; Finance Charge Receivable Payments as a Percentage of Total Month Payments; Receivable Aging by Dollar Balance; Month End Accounts Receivable Aging Summary Reports; Purified Net Write-Off Reports; Monthly Sales Returns; Credits and Adjustments Reports; Bank Sales Reports; Account Totals by Delinquency Level Reports; Geographic Distribution of Accounts and Receivables Reports; Miscellaneous Payment Instructions Report; and Monthly Collection Account Earnings. All monthly reports are generated by management of Target Corporation or Retailers National Bank. Additionally, for the applicable Target Visa accounts, all monthly reports are generated by an external vendor.

There were no findings noted as a result of our procedures performed.

We were not engaged to, and did not perform an audit, the objective of which would be the expression of an opinion on the Monthly Certificateholders' Statements. Accordingly, we do not express such an opinion. Had we performed additional procedures, other matters might have come to our attention that would have been reported to you.

This report is intended solely for the use of the specified users listed above and should not be used by those who have not agreed to the procedures and taken responsibility for the sufficiency of the procedures for their purposes. However, this report is a matter of public record, as a result of inclusion as an exhibit to the Annual Report on Form 10-K filed by Target Receivables Corporation on behalf of the Trust, and its distribution is not limited.

    SIGNATURE    

January 24, 2003


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:
Distribution Date:
No. of Days in Period:		   November 2002
December 26, 2002
28		      
 
A.   ORIGINAL DEAL PARAMETERS  

(a)
 
Class A Initial Invested Amount
$
400,000,000.00
(A)
76.50%
(D)
(b)   Class B Initial Invested Amount   122,875,817.00 (A) 23.50% (D)
         
     
(c)   Total Initial Invested Amount $ 522,875,817.00 (D)    
         
     
(d)   Class A Certificate Rate   5.90% (A)    
(e)   Class B Certificate Rate   0.00%      

(f)
 
Servicing Fee Rate
 
2.00%
(A)
 
 
(g)   Discount Percentage   0.00%      
 

 
 
 
 
 
 
 
 
 
 
I.   RECEIVABLES IN THE TRUST  
 
(a)   Beginning of the Period Principal Receivables $ 5,110,957,024.40 (B)    
(b)   Beginning of the Period Finance Charge Receivables   124,187,848.22 (B)    
(c)   Beginning of the Period Discounted Receivables   -          
         
     
(d)   Beginning of the Period Total Receivables (a + b + c) $ 5,235,144,872.62 (D)    
         
     
(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 $ 5,400,343,673.01 (B)    
(l)   End of Period Finance Charge Receivables   134,306,699.09 (B)    
(m)   End of Period Discounted Receivables   -          
         
     
(n)   End of Period Total Receivables (k + l + m) $ 5,534,650,372.10 (D)    
         
     

 
 
 
 
 
 
 
 
 
 
II.   INVESTED AMOUNTS AND ALLOCATION PERCENTAGES          
 
(a)   Class A Initial Invested Amount $ 400,000,000.00 (A) 76.50% (D)
(b)   Class B Initial Invested Amount   122,875,817.00 (A) 23.50% (D)
         
     
(c)   Total Initial Invested Amount (a + b) $ 522,875,817.00 (D)    
         
     

(d)
 
Class A Invested Amount (a - (X.a))
$
400,000,000.00
(D)
76.50%
(D)
(e)   Class B Invested Amount (b - (X.e))   122,875,817.00 (D) 23.50% (D)
         
     
(f)   Total Invested Amount (d + e) $ 522,875,817.00 (D)    
         
     

(g)
 
Class A Adjusted Invested Amount (a - (X.a)-(III.f))
$
400,000,000.00
(D)
76.50%
(D)
(h)   Class B Invested Amount (b - (X.e))   122,875,817.00 (D) 23.50% (D)
         
     
(i)   Total Adjusted Invested Amount (g + h) $ 522,875,817.00 (D)    
         
     
(j)   Floating Allocation Percentage   10.23% (D)    
(k)   Class A Floating Allocation Percentage   7.83% (D)    
(l)   Class B Floating Allocation Percentage   2.40% (D)    

(m)
 
Principal Allocation Percentage
 
10.23%
(D)
 
 
(n)   Class A Principal Allocation Percentage   7.83% (D)    
(o)   Class B Principal Allocation Percentage   2.40% (D)    

(p)
 
Servicing Fee
$
871,459.70
(D)
 
 
(q)   Investor Defaulted Amount (j * (IV.(m))) $ 3,896,295.39 (D)    

 
 
 
 
 
 
 
 
 
 
III.   TRANSFEROR'S INTEREST, RETAINED INTEREST, SPECIAL FUNDING ACCOUNT, AND PRINCIPAL FUNDING ACCOUNT  
 
(a)   Transferor's Amount (end of month) $ 2,651,813,923.55 (B)    
(b)   Required Retained Transferor Amount (end of month) $ 108,006,873.46 (B)    
(c)   Required Principal Balance (end of month) $ 2,748,529,749.46 (B)    
(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 $ 696,751,424.39 (B)    
(b)   Collections of Finance Charge Receivables (from cardholder payments)   88,941,838.23 (B)    
(c)   Collections of Finance Charge Receivables (from merchant fees, deferred billing fees, collection account interest, interchange fees)   14,394,357.26 (B)    
(d)   Collections of Discount Option Receivables   0.00      
         
     
(e)   Total Finance Charge Collections (b + c + d) $ 103,336,195.49 (D)    
         
     
(f)   Total Collections (a + e) $ 800,087,619.88 (D)    
         
     

 
 
 
 
 
 
 
 
 
 
    DELINQUENCIES AND LOSSES:              
(g)   2 missed payments $ 103,387,089 (B)    
(h)   3 missed payments   71,076,100 (B)    
(i)   4 or more missed payments   147,610,530 (B)    
         
     
(j)   Total delinquencies (g + h + i) $ 322,073,719 (D)    
         
     
(k)   Gross Charge-Offs during the month $ 42,814,524.23 (B)    
(l)   Recoveries during the month $ 4,729,384.95 (B)    
         
     
(m)   Net Charge-Offs during the month (k - l) $ 38,085,139.28 (D)    
         
     

 
 
 
 
 
 
 
 
 
 
V.   NON-U.S. ACCOUNTS  
 
(a)   Non-US Accounts at end of month   163,094 (B)    
(b)   as a percentage of total (a / c)   0.36% (D)    

(c)
 
Total number of Accounts in Trust (at end of month)
 
45,470,773
(B)
 
 

 
 
 
 
 
 
 
 
 
 
VI.   AVAILABLE SERIES 1998-1 FINANCE CHARGE COLLECTIONS AND APPLICATION OF FUNDS  
 
(a)   Floating Allocation Percentage of Collections of Finance Charge Receivables $ 10,571,796.51 (D)    
(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) $ 10,571,796.51 (D)    
         
     
(i)   Class A Interest   1,966,666.67 (D)    
(ii)   Servicing Fee   871,459.70 (C)    
(iii)   Class A Investor Defaulted Amount ((IV.m * (II.k))   2,980,665.98 (D)    
(iv)   Class B Investor Defaulted Amount ((IV.m * (II.l))   915,629.42 (D)    
(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)		 $ 3,837,374.75 (D)    
         
     

 
 
 
 
 
 
 
 
 
 
VII.   YIELD and BASE RATE          
 
Base Rate          
(a)   Base Rate (current month)   6.51% (D)    
(b)   Base Rate (prior month)   6.51% (B)    
(c)   Base Rate (2 months ago)   6.51% (B)    
(d)   3 Month Average Base Rate   6.51% (D)    

Portfolio Yield
 
 
 
 
 
 
 
(e)   Portfolio Yield (current month)   16.41% (D)    
(f)   Portfolio Yield (prior month)   17.27% (B)    
(g)   Portfolio Yield (2 months ago)   19.62% (B)    
(h)   3 Month Average Portfolio Yield   17.77% (D)    

 
 
 
 
 
 
 
 
 
 
VIII.   PORTFOLIO PERFORMANCE RATES  
 
(a)   Net Charge-Offs (annualized % of Principal Receivables at beginning of period)   9.58% (D)    
(b)   Monthly Payment Rate (% of Total Receivables at beginning of period (adjusted for number of days in period))   16.08% (D)    
(c)   Trust Portfolio Yield (annualized)   26.00% (D)    
(d)   Portfolio Yield (3 month average (annualized))   17.77% (D)    
(e)   Base Rate (3 month average)   6.51% (D)    
         
     
(f)   Excess Finance Charge Collections % (d - e)   11.26% (D)    
         
     

 
 
 
 
 
 
 
 
 
 
IX.   PRINCIPAL COLLECTIONS  
 
(a)   Class A Principal Allocation Percentage   7.83% (D)    
(b)   Class A Principal $ -          
(c)   Class B Principal Allocation Percentage   2.40% (D)    
(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)   2 (A)    
(b)   Controlled Accumulation Amount $ 200,000,000.00 (A)    
(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		      



QuickLinks

Report of Independent Accountants
MONTHLY CERTIFICATEHOLDERS' STATEMENT RETAILERS NATIONAL BANK TARGET CREDIT CARD MASTER TRUST SERIES 1998-1
 EX-99.09 11 a2106044zex-99_09.htm EXHIBIT 99.09
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Exhibit 99.09

        [Letterhead]


Report of Independent Accountants

Target Corporation,
Its Officers and Directors
        and
Target Receivables Corporation,
Its Officers and Directors
As Transferor
        and
Retailers National Bank,
Its Officers and Directors
As Servicer
        and
Wells Fargo Bank, National Association
As Trustee

At your request, we have applied certain agreed-upon procedures, described below, agreed to by Target Corporation (the Company), Target Receivables Corporation, as Transferor, and Retailers National Bank, as Servicer, each of their respective Officers and Directors, and Wells Fargo Bank, National Association, as Trustee, to the Monthly Certificateholders' Statements (the Statements), issued pursuant to the Target Credit Card Master Trust (the Trust) Amended and Restated Pooling and Servicing Agreement (the Pooling and Servicing Agreement), dated as of April 28, 2000, as supplemented by the Series 2001-1 Supplement to the Pooling and Servicing Agreement dated as of August 22, 2001, for Series 2001-1 for the months of January 2002, June 2002, July 2002, and October 2002. An example of a Statement, prepared by the Company, is provided as Attachment I. The specific procedures performed on each of the Statements are cross-referenced to Attachment I for each item or group of items. Only those items with balances on the Statements were cross-referenced. Our procedures were applied as indicated with respect to the letters explained below:

    A.
    Compared amounts and percentages to the Target Credit Card Master Trust Prospectus Supplement for Series 2001-1 dated August 15, 2001 (the Prospectus Supplement) and found them to be in agreement.

    B.
    Compared the dollar and other amounts not derived directly from the Prospectus Supplement to amounts in the Company's accounting records to the extent such amounts could be so compared directly and found them to be in agreement. Examples of those accounting records used are listed below.

    C.
    Compared the dollar and other amounts not derived directly from the Prospectus Supplement, or that could not be compared directly to the Company's accounting records, to amounts within the Monthly Certificateholders' Statement and found them to be in agreement.

    D.
    Proved the arithmetic accuracy of the percentages or amounts based on the data in the above-mentioned Prospectus Supplement and accounting records. Differences may exist due to rounding of certain amounts or percentages used in the calculation but are not reported for purposes of this letter.

Accounting records for purposes of this letter include the following reports or records: Data Summary Sheet; Breakout of Finance Charge Receivable and Principal Receivable; Finance Charge Receivable Payments as a Percentage of Total Month Payments; Receivable Aging by Dollar Balance; Month End Accounts Receivable Aging Summary Reports; Purified Net Write-Off Reports; Monthly Sales Returns; Credits and Adjustments Reports; Bank Sales Reports; Account Totals by Delinquency Level Reports; Geographic Distribution of Accounts and Receivables Reports; Miscellaneous Payment Instructions Report; and Monthly Collection Account Earnings. All monthly reports are generated by management of Target Corporation or Retailers National Bank. Additionally, for all the applicable Target Visa accounts, all monthly reports are generated by an external vendor.

There were no exceptions noted as a result of our procedures performed.

We were not engaged to, and did not, perform an audit, the objective of which would be the expression of an opinion on the Monthly Certificateholders' Statements. Accordingly, we do not express such an opinion. Had we performed additional procedures, other matters might have come to our attention that would have been reported to you.

This report is intended solely for the use of the specified users listed above and should not be used by those who have not agreed to the procedures and taken responsibility for the sufficiency of the procedures for their purposes. However, this report is a matter of public record, as a result of inclusion as an exhibit to the Annual Report on Form 10-K filed by Target Receivables Corporation on behalf of the Trust, and its distribution is not limited.

        SIGNATURE

January 24, 2003		        


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:
Distribution Date:
No. of Days in Period:		   October 2002
November 25, 2002
28		  
 
A.   ORIGINAL DEAL PARAMETERS              

(a)
 
Class A Initial Invested Amount
 
 
$
750,000,000.00
(A)
75.00%
(D)
(b)   Class B Initial Invested Amount       250,000,000.00 (A) 25.00% (D)
         
     

(c)
 
Total Initial Invested Amount
 
 
$
1,000,000,000.00
(D)
 
 
         
     
(d)   Class A Certificate Rate       1.94% (A)    
(e)   Class B Certificate Rate       0.00%      

(f)
 
Servicing Fee Rate
 
 
 
2.00%
(A)
 
 
(g)   Discount Percentage       0.00%      
 

I.
 
RECEIVABLES IN THE TRUST
 
 
 
 
 
 
 
 
(a)   Beginning of the Period Principal Receivables $ 4,894,603,503.26 (B)    
(b)   Beginning of the Period Finance Charge Receivables   121,292,304.22 (B)    
(c)   Beginning of the Period Discounted Receivables   -      
         
     
(d)   Beginning of the Period Total Receivables (a + b + c) $ 5,015,895,807.48 (D)    
         
     

(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
 
 
$
5,110,957,024.40
(B)
 
 
(l)   End of Period Finance Charge Receivables       124,187,848.22 (B)    
(m)   End of Period Discounted Receivables       -      
         
     
(n)   End of Period Total Receivables (k + l + m) $ 5,235,144,872.62 (D)    
         
     

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

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

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

(j)
 
Floating Allocation Percentage
 
 
 
20.43%
(D)
 
 
(k)   Class A Floating Allocation Percentage       15.32% (D)    
(l)   Class B Floating Allocation Percentage       5.11% (D)    

(m)
 
Principal Allocation Percentage
 
 
 
20.43%
(D)
 
 
(n)   Class A Principal Allocation Percentage       15.32% (D)    
(o)   Class B Principal Allocation Percentage       5.11% (D)    

(p)
 
Servicing Fee
 
 
$
1,666,666.67
(D)
 
 
(q)   Investor Defaulted Amount (j * (IV.(m))) $ 6,952,724.80 (D)    

III.
 
TRANSFEROR'S INTEREST, RETAINED INTEREST, SPECIAL FUNDING ACCOUNT, AND PRINCIPAL FUNDING ACCOUNT
 
 
 
 
 
 
(a)   Transferor's Amount (end of month) $ 2,368,215,007.91 (B)    
(b)   Required Retained Transferor Amount (end of month) $ 102,219,140.49 (B)    
(c)   Required Principal Balance (end of month) $ 2,742,742,016.49 (B)    
(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     $ 657,644,763.34 (B)    
(b)   Collections of Finance Charge Receivables (from cardholder payments)   84,654,520.99 (B)    
(c)   Collections of Finance Charge Receivables (from merchant fees, deferred billing fees, collection account interest, interchange fees)   15,134,633.92 (B)    
(d)   Collections of Discount Option Receivables   0.00      
         
     
(e)   Total Finance Charge Collections (b + c + d) $ 99,789,154.91 (D)    
         
     
(f)   Total Collections (a + e) $ 757,433,918.25 (D)    
         
     
    DELINQUENCIES AND LOSSES:          
(g)   2 missed payments     $ 98,866,540 (B)    
(h)   3 missed payments       68,901,526 (B)    
(i)   4 or more missed payments       141,066,231 (B)    
         
     
(j)   Total delinquencies (g + h + i) $ 308,834,297 (D)    
         
     
(k)   Gross Charge-Offs during the month $ 37,655,415.03 (B)    
(l)   Recoveries during the month     $ 3,624,583.87 (B)    
         
     
(m)   Net Charge-Offs during the month (k - l) $ 34,030,831.16 (D)    
         
     

V.
 
NON-U.S. ACCOUNTS
 
 
 
 
 
 
 
 
(a)   Non-US Accounts at end of month       161,224 (B)    
(b)   as a percentage of total (a / c)       0.36% (D)    

(c)
 
Total number of Accounts in Trust (at end of month)
 
44,914,812
(B)
 
 

VI.
 
AVAILABLE SERIES 2001-1 FINANCE CHARGE COLLECTIONS AND APPLICATION OF FUNDS
 
 
 
 
 
 
(a)   Floating Allocation Percentage of Collections of Finance Charge Receivables $ 20,387,587.03 (D)    
(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) $ 20,387,587.03 (D)    
         
     

(i)
 
Class A Interest
 
 
 
1,252,916.67
(D)
 
 
(ii)   Servicing Fee       1,666,666.67 (C)    
(iii)   Class A Investor Defaulted Amount ((IV.m * (II.k))   5,214,543.60 (D)    
(iv)   Class B Investor Defaulted Amount ((IV.m * (II.l))   1,738,181.20 (D)    
(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)
$
10,515,278.89
(D)
 
 
         
     

VII.
 
YIELD and BASE RATE
 
 
 
 
 
 
 
 
Base Rate              
(a)   Base Rate (current month)       3.46% (D)    
(b)   Base Rate (prior month)       3.44% (B)    
(c)   Base Rate (2 months ago)       3.44% (B)    
(d)   3 Month Average Base Rate       3.45% (D)    

Portfolio Yield
 
 
 
 
 
 
 
(e)   Portfolio Yield (current month)       17.27% (D)    
(f)   Portfolio Yield (prior month)       19.62% (B)    
(g)   Portfolio Yield (2 months ago)       17.22% (B)    
(h)   3 Month Average Portfolio Yield       18.04% (D)    

VIII.
 
PORTFOLIO PERFORMANCE RATES
 
 
 
 
 
 
(a)   Net Charge-Offs (annualized % of Principal Receivables at beginning
of period)		   8.94% (D)    
(b)   Monthly Payment Rate (% of Total Receivables at beginning of
period (adjusted for number of days in period))		   15.86% (D)    
(c)   Trust Portfolio Yield (annualized)       26.21% (D)    
(d)   Portfolio Yield (3 month average (annualized))   18.04% (D)    
(e)   Base Rate (3 month average)       3.45% (D)    
         
     
(f)   Excess Finance Charge Collections % (d - e)       14.59% (D)    
         
     

IX.
 
PRINCIPAL COLLECTIONS
 
 
 
 
 
 
 
 
(a)   Class A Principal Allocation Percentage       15.32% (D)    
(b)   Class A Principal     $ -      
(c)   Class B Principal Allocation Percentage       5.11% (D)    
(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 (A)    
(b)   Controlled Accumulation Amount $ 62,500,000.00 (A)    
(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		      



QuickLinks

Report of Independent Accountants
MONTHLY CERTIFICATEHOLDERS' STATEMENT RETAILERS NATIONAL BANK TARGET CREDIT CARD MASTER TRUST SERIES 2001-1
 EX-99.10 12 a2106044zex-99_10.htm EXHIBIT 99.10
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Exhibit 99.10

        [Letterhead]


Report of Independent Accountants

Target Corporation,
Its Officers and Directors
        and
Target Receivables Corporation,
Its Officers and Directors
As Transferor
        and
Retailers National Bank,
Its Officers and Directors
As Servicer
        and
Wells Fargo Bank, National Association
As Trustee

At your request, we have applied certain agreed-upon procedures, described below, agreed to by Target Corporation (the Company), Target Receivables Corporation, as Transferor, and Retailers National Bank, as Servicer, each of their respective Officers and Directors, and Wells Fargo Bank, National Association, as Trustee to the Monthly Certificateholders' Statements (the Statements), issued pursuant to the Target Credit Card Master Trust (the Trust) Amended and Restated Pooling and Servicing Agreement (the Pooling and Servicing Agreement), dated as of April 28, 2000, as supplemented by the Series 2002-1 Supplement to the Pooling and Servicing Agreement, dated as of July 2, 2002, for Series 2002-1 for the months of June 2002, July 2002, and December 2002. An example of a Statement, prepared by the Company, is provided as Attachment I. The specific procedures performed on each of the Statements are cross-referenced to Attachment I for each item or group of items. Only those items with balances on the Statements were cross-referenced. Our procedures were applied, as indicated, with respect to the letters explained below:

    A.
    Compared amounts and percentages to the Target Credit Card Master Trust Prospectus Supplement for Series 2002-1 dated July 2, 2002 (the Prospectus Supplement) and found them to be in agreement.

    B.
    Compared the dollar and other amounts not derived directly from the Prospectus Supplement to amounts in the Company's accounting records to the extent such amounts could be so compared directly and found them to be in agreement. Examples of those accounting records used are listed below.

    C.
    Compared the dollar and other amounts not derived directly from the Prospectus Supplement, or that could not be compared directly to the Company's accounting records, to amounts within the Monthly Certificateholders' Statement and found them to be in agreement.

    D.
    Proved the arithmetic accuracy of the percentages or amounts based on the data in the above-mentioned Prospectus Supplement and accounting records. Differences may exist due to rounding of certain amounts or percentages used in the calculation but are not reported for purposes of this letter.

Accounting records for purposes of this letter include the following reports or records: Data Summary Sheet; Breakout of Finance Charge Receivable and Principal Receivable; Finance Charge Receivable Payments as a Percentage of Total Month Payments; Receivable Aging by Dollar Balance; Month End Accounts Receivable Aging Summary Reports; Purified Net Write-Off Reports; Monthly Sales Returns; Credits and Adjustments Reports; Bank Sales Reports; Account Totals by Delinquency Level Reports; Geographic Distribution of Accounts and Receivables Reports; Miscellaneous Payment Instructions Report; and Monthly Collection Account Earnings. All monthly reports are generated by management of Target Corporation or Retailers National Bank. Additionally, for the applicable Target Visa accounts, all monthly reports are generated by an external vendor.

There were no exceptions noted as a result of our procedures performed.

We were not engaged to, and did not, perform an audit, the objective of which would be the expression of an opinion on the Monthly Certificateholders' Statements. Accordingly, we do not express such an opinion. Had we performed additional procedures, other matters might have come to our attention that would have been reported to you.

This report is intended solely for the use of the specified users listed above and should not be used by those who have not agreed to the procedures and taken responsibility for the sufficiency of the procedures for their purposes. However, this report is a matter of public record, as a result of inclusion as an exhibit to the Annual Report on Form 10-K filed by Target Receivables Corporation on behalf of the Trust, and its distribution is not limited.

        SIGNATURE

January 24, 2003		        


MONTHLY CERTIFICATEHOLDERS' STATEMENT
RETAILERS NATIONAL BANK
TARGET CREDIT CARD MASTER TRUST
SERIES 2002-1

Pursuant to the Amended and Restated Pooling and Servicing Agreement, dated as of April 28, 2000 (as may be amended, from time to time, the "Agreement"), as supplemented by the Series 2002-1 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:
Distribution Date:
No. of Days in Period:		   December 2002
January 27, 2003
35		      
 
A.   ORIGINAL DEAL PARAMETERS  

(a)
 
Class A Initial Invested Amount
$
750,000,000.00
(A)
75.00%
(D)
(b)   Class B Initial Invested Amount   250,000,000.00 (A) 25.00% (D)
         
     
(c)   Total Initial Invested Amount $ 1,000,000,000.00 (D)    
         
     
(d)   Class A Certificate Rate   1.53% (A)    
(e)   Class B Certificate Rate   0.00%      

(f)
 
Servicing Fee Rate
 
2.00%
(A)
 
 
(g)   Discount Percentage   0.00%      
 

 
 
 
 
 
 
 
 
 
 
I.   RECEIVABLES IN THE TRUST  
 
(a)   Beginning of the Period Principal Receivables $ 5,400,343,673.01 (B)    
(b)   Beginning of the Period Finance Charge Receivables   134,306,699.09 (B)    
(c)   Beginning of the Period Discounted Receivables   -        
         
     
(d)   Beginning of the Period Total Receivables (a + b + c) $ 5,534,650,372.10 (D)    
         
     
(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 $ 6,029,390,204.85 (B)    
(l)   End of Period Finance Charge Receivables   137,027,054.18 (B)    
(m)   End of Period Discounted Receivables   -          
         
     
(n)   End of Period Total Receivables (k + l + m) $ 6,166,417,259.03 (D)    
         
     

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

(d)
 
Class A Invested Amount (a - (X.a))
$
750,000,000.00
(D)
75.00%
(D)
(e)   Class B Invested Amount (b - (X.e))   250,000,000.00 (D) 25.00% (D)
         
     
(f)   Total Invested Amount (d + e) $ 1,000,000,000.00 (D)    
         
     
(g)   Class A Adjusted Invested Amount (a - (X.a) - (III.f)) $ 750,000,000.00 (D) 75.00% (D)
(h)   Class B Invested Amount (b - (X.e))   250,000,000.00 (D) 25.00% (D)
         
     
(i)   Total Adjusted Invested Amount (g + h) $ 1,000,000,000.00 (D)    
         
     
(j)   Floating Allocation Percentage   18.52% (D)    
(k)   Class A Floating Allocation Percentage   13.89% (D)    
(l)   Class B Floating Allocation Percentage   4.63% (D)    
(m)   Principal Allocation Percentage   18.52% (D)    
(n)   Class A Principal Allocation Percentage   13.89% (D)    
(o)   Class B Principal Allocation Percentage   4.63% (D)    
(p)   Servicing Fee $ 1,666,666.67 (D)    
(q)   Investor Defaulted Amount (j * (IV.(m))) $ 6,997,496.32 (D)    

 
 
 
 
 
 
 
 
 
 
III.   TRANSFEROR'S INTEREST, RETAINED INTEREST, SPECIAL FUNDING ACCOUNT, PRINCIPAL FUNDING ACCOUNT, AND INTEREST FUNDING ACCOUNT  
 
(a)   Transferor's Amount (end of month) $ 3,268,279,524.75 (B)    
(b)   Required Retained Transferor Amount (end of month) $ 120,587,804.10 (B)    
(c)   Required Principal Balance (end of month) $ 2,761,110,680.10 (B)    
(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) $ -          
(h)   Funds on deposit in Interest Funding Account (end of month) $ -          

 
 
 
 
 
 
 
 
 
 
IV.   PERFORMANCE SUMMARY  
 
    COLLECTIONS:              
(a)   Collections of Principal Receivables $ 925,066,829.21 (B)    
(b)   Collections of Finance Charge Receivables (from cardholder payments)   113,218,524.59 (B)    
(c)   Collections of Finance Charge Receivables (from merchant fees, deferred billing fees, collection account interest, interchange fees)   18,637,219.65 (B)    
(d)   Collections of Discount Option Receivables   0.00      
         
     
(e)   Total Finance Charge Collections (b + c + d) $ 131,855,744.24 (D)    
         
     
(f)   Total Collections (a + e) $ 1,056,922,573.45 (D)    
         
     

 
 
 
 
 
 
 
 
 
 
    DELINQUENCIES AND LOSSES:              
(g)   2 missed payments $ 107,653,731 (B)    
(h)   3 missed payments   75,258,831 (B)    
(i)   4 or more missed payments   152,048,164 (B)    
         
     
(j)   Total delinquencies (g + h + i) $ 334,960,725 (D)    
         
     
(k)   Gross Charge-Offs during the month $ 42,098,659.51 (B)    
(l)   Recoveries during the month $ 4,309,774.51 (B)    
         
     
(m)   Net Charge-Offs during the month (k - l) $ 37,788,885.00 (D)    
         
     

 
 
 
 
 
 
 
 
 
 
V.   NON-U.S. ACCOUNTS              
 
(a)   Non-US Accounts at end of month   163,559 (B)    
(b)   as a percentage of total (a / c)   0.35% (D)    

 
 
 
 
 
 
 
 
 
 
(c)   Total number of Accounts in Trust (at end of month)   46,123,186 (B)    

 
 
 
 
 
 
 
 
 
 
VI.   AVAILABLE SERIES 2002-1 FINANCE CHARGE COLLECTIONS AND APPLICATION OF FUNDS  
 
(a)   Floating Allocation Percentage of Collections of Finance Charge Receivables $ 24,416,176.49 (D)    
(b)   Investment earnings on Principal Funding Account   -          
(c)   Investment earnings in Reserve Account deposited in the Collection Account   -          
(d)   Investment earnings on Interest Funding Account $ -          
(e)   Closing Date deposit into the Collection Account $ -          
         
     
(f)   Available Series 2002-1 Finance Charge Collections (a + b + c + d + e) $ 24,416,176.49 (D)    
         
     
(i)   Class A Interest   1,016,666.67 (D)    

(ii)
 
Servicing Fee
 
1,666,666.67
(C)
 
 
(iii)   Class A Investor Defaulted Amount ((IV.m * (II.k))   5,248,122.24 (D)    
(iv)   Class B Investor Defaulted Amount ((IV.m * (II.l))   1,749,374.08 (D)    
(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
        (f-i-ii-iii-iv-v-vi-vii-viii-ix)
$
14,735,346.83
(D)
 
 
         
     

 
 
 
 
 
 
 
 
 
 
VII.   YIELD and BASE RATE  
 
Base Rate          
(a)   Base Rate (current month)   3.14% (D)    
(b)   Base Rate (prior month)   3.44% (B)    
(c)   Base Rate (2 months ago)   3.44% (B)    
(d)   3 Month Average Base Rate   3.34% (D)    

Portfolio Yield
 
 
 
 
 
 
 
(e)   Portfolio Yield (current month)   17.92% (D)    
(f)   Portfolio Yield (prior month)   16.41% (B)    
(g)   Portfolio Yield (2 months ago)   17.27% (B)    
(h)   3 Month Average Portfolio Yield   17.20% (D)    

 
 
 
 
 
 
 
 
 
 
VIII.   PORTFOLIO PERFORMANCE RATES  
 
(a)   Net Charge-Offs (annualized % of Principal Receivables at beginning of period)   7.20% (D)    
(b)   Monthly Payment Rate (% of Total Receivables at beginning of period (adjusted for number of days in period))   16.08% (D)    
(c)   Trust Portfolio Yield (annualized)   25.11% (D)    
(d)   Portfolio Yield (3 month average (annualized))   17.20% (D)    
(e)   Base Rate (3 month average)   3.34% (D)    
         
     
(f)   Excess Finance Charge Collections % (d - e)   13.86% (D)    
         
     

 
 
 
 
 
 
 
 
 
 
IX.   PRINCIPAL COLLECTIONS              
 
(a)   Class A Principal Allocation Percentage   13.89% (D)    
(b)   Class A Principal $ -          
(c)   Class B Principal Allocation Percentage   4.63% (D)    
(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 (A)    
(b)   Controlled Accumulation Amount $ 62,500,000.00 (A)    
(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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Report of Independent Accountants
MONTHLY CERTIFICATEHOLDERS' STATEMENT RETAILERS NATIONAL BANK TARGET CREDIT CARD MASTER TRUST SERIES 2002-1
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