-----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, SVz+AwrItz0XLCMdQCZSkiim4c31qsmryKRhHD0nfZBX+hJnkD6h5yFUaGy73AoL gjuwMqgKRx8V2jYO2hNAsA== 0001104659-04-008057.txt : 20040322 0001104659-04-008057.hdr.sgml : 20040322 20040322112753 ACCESSION NUMBER: 0001104659-04-008057 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 5 CONFORMED PERIOD OF REPORT: 20040322 ITEM INFORMATION: Other events FILED AS OF DATE: 20040322 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TARGET RECEIVABLES CORP CENTRAL INDEX KEY: 0000946115 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] IRS NUMBER: 411812153 STATE OF INCORPORATION: MN FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-26930 FILM NUMBER: 04681489 BUSINESS ADDRESS: STREET 1: 1000 NICOLLET MALL STREET 2: 31ST FLOOR STE 3136 CITY: MINNEAPOLIS STATE: MN ZIP: 55403 BUSINESS PHONE: 6123706530 MAIL ADDRESS: STREET 1: 1000 NICOLLET MALL STREET 2: 31ST FLOOR STE 3136 CITY: MINNEAPOLIS STATE: MN ZIP: 55403 FORMER COMPANY: FORMER CONFORMED NAME: DAYTON HUDSON RECEIVABLES CORP DATE OF NAME CHANGE: 19950602 8-K 1 a04-3629_18k.htm 8-K

 

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

Current Report Pursuant to
Section 13 or 15(d) of the
Securities Exchange Act of 1934

 

Date of Report:  March 22, 2004

 

TARGET RECEIVABLES CORPORATION

(Exact name of registrant as specified in its charter)

 

Minnesota

(State or other jurisdiction of incorporation)

 

 

 

0-26930

 

41-1812153

(Commission File Number)

 

(I.R.S. Employer Identification Number)

 

Target Receivables Corporation
1000 Nicollet Mall
31st Floor, Suite 3136
Minneapolis, Minnesota 55403
(612) 696-3102

(Address, including Zip Code, and Telephone Number,

Including Area Code, of Registrant’s Principal Executive Office)

 

 

 

Item 5:  Other Events

 

The Monthly Servicer’s Certificates for the Monthly Period ended February 28, 2004 and the Monthly Certificateholders’ Statements for the Monthly Period ended February 28, 2004, with respect to the Floating Rate Class A Asset Backed Certificates, Series 2001-1, the Class B Asset Backed Certificates, Series 2001-1, the Floating Rate Class A Asset Backed Certificates, Series 2002-1, and the Class B Asset Backed Certificates, Series 2002-1, issued by the Target Credit Card Master Trust (the “Trust”), were delivered to the Trustee on March 22, 2004, and the Monthly Certificateholders’ Statements will be distributed to Certificateholders on March 25, 2004.

 

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

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

Dated:  March 22, 2004

 

 

 

 

TARGET RECEIVABLES CORPORATION

 

 

 

 

 

By:

/s/ Terrence J. Scully

 

 

 

 

 

Name:

Terrence J. Scully

 

Title:

Vice President

 

2

 

EXHIBIT INDEX

 

 

Exhibit Number

 

Description

 

 

 

20.1

 

Series 2001-1 Monthly Servicer’s Certificate for the Monthly Period ended February 28, 2004.

 

 

 

20.2

 

Series 2001-1 Monthly Certificateholders’ Statement for the Monthly Period ended February 28, 2004.

 

 

 

20.3

 

Series 2002-1 Monthly Servicer’s Certificate for the Monthly Period ended February 28, 2004.

 

 

 

20.4

 

Series 2002-1 Monthly Certificateholders’ Statement for the Monthly Period ended February 28, 2004.

 

3

 EX-20.1 3 a04-3629_1ex20d1.htm EX-20.1

Exhibit 20.1

 

MONTHLY SERVICER’S CERTIFICATE

 

RETAILERS NATIONAL BANK

 

TARGET CREDIT CARD MASTER TRUST
SERIES 2001-1

 

The undersigned, a duly authorized representative of Retailers National Bank, as Servicer (“RNB”) pursuant to the 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 2001-1 Supplement (as amended and supplemented, the “Series Supplement”), among RNB, Target Receivables Corporation and Wells Fargo Bank Minnesota, National Association, does hereby certify as follows:

 

1.                                       Capitalized terms used in this Certificate have their respective meanings as set forth in the Agreement or the Series Supplement, as applicable.

 

2.                                       RNB is, as of the date hereof, the Servicer under the Agreement.

 

3.                                       The undersigned is a Servicing Officer.

 

4.                                       This certificate relates to the Distribution Date occuring on March 25, 2004.

 

5.                                       As of the date hereof, to the best knowledge of the undersigned, the Servicer has performed in all material respects all its obligations under the Agreement through the Monthly Period preceding such Distribution Date.

 

6.                                       As of the date hereof, to the best knowledge of the undersigned, no Early Amortization Event occurred on or prior to such Distribution Date.

 

7.                                       The aggregate amount of Collections processed for the preceding Monthly Period was equal to $1,014,313,700.81.

 

8.                                       The aggregate amount of Collections of Finance Charge Receivables (including Discounted Receivables) for the preceding Monthly Period was equal to $121,082,488.59.

 

9.                                       The aggregate amount of Collections of Principal Receivables for the preceding Monthly Period was equal to $893,231,212.22.

 

10.                                 The aggregate amount of the Defaulted Amount for the preceding Monthly Period was equal to $43,717,235.29.

 

11.                                 The aggregate amount of Recoveries for the preceding Monthly Period was equal to $4,498,446.02.

 

12.                                 The Portfolio Yield for the preceding Monthly Period was equal to 17.11%.

 

13.                                 The Base Rate for the preceding Monthly Period was equal to 2.90%.

 

14.                                 The aggregate amount of Receivables as of the end of the last day of the preceding Monthly Period was equal to $5,979,303,821.13.

 

 

15.                                 The balance on deposit in the Collection Account with respect to Collections processed as of the end of the last day of the preceding Monthly Period was equal to $0.00.

 

16.                                 The aggregate amount of Adjustments for the preceding Monthly Period was equal to $55,133,073.29.

 

17.                                 The aggregate amount of withdrawals, drawings or payments under any Enhancement to be made with respect to the preceding Monthly Period is equal to $0.00.

 

18.                                 The total amount to be distributed to Investor Certificateholders on the Distribution Date is equal to $725,000.00.

 

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

 

Class A

 

0.967

 

20.                                 The amount of such distribution allocable to principal is equal to $0.00.

 

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

 

Class A

 

0.000

 

22.                                 The amount of such distribution allocable to interest is equal to $725,000.00.

 

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

 

Class A

 

0.967

 

IN WITNESS WHEREOF, the undersigned has duly executed and delivered this Servicer’s Certificate this 22nd day of March, 2004.

 

 

RETAILERS NATIONAL BANK,

 

as servicer

 

 

 

 

 

By:  /s/ Thomas A. Swanson

 

 

Name:  Thomas A. Swanson

 

Title:  Vice President & Cashier

 

 

 EX-20.2 4 a04-3629_1ex20d2.htm EX-20.2

Exhibit 20.2

 

MONTHLY CERTIFICATEHOLDER'S STATEMENT

RETAILERS NATIONAL BANK

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, 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:

 

February 2004

 

 

 

 

 

 

Distribution Date:

 

March 25, 2004

 

 

 

 

 

 

No. of Days in Period:

 

28

 

 

 

 

A.

 

ORIGINAL DEAL PARAMETERS

 

 

 

 

 

 

(a)

 

Class A Initial Invested Amount

 

$

750,000,000.00

 

75.00

%

(b)

 

Class B Initial Invested Amount

 

250,000,000.00

 

25.00

%

(c)

 

Total Initial Invested Amount

 

$

1,000,000,000.00

 

 

 

 

 

 

 

 

 

 

 

(d)

 

Class A Certificate Rate

 

1.20

%

 

 

(e)

 

Class B Certificate Rate

 

0.00

%

 

 

 

 

 

 

 

 

 

 

(f)

 

Servicing Fee Rate

 

2.00

%

 

 

(g)

 

Discount Percentage

 

0.00

%

 

 

 

I.

 

RECEIVABLES IN THE TRUST

 

 

 

 

 

 

(a)

 

Beginning of the Period Principal Receivables

 

$

6,033,361,074.07

 

 

 

(b)

 

Beginning of the Period Finance Charge Receivables

 

153,784,647.43

 

 

 

(c)

 

Beginning of the Period Discounted Receivables

 

—

 

 

 

(d)

 

Beginning of the Period Total Receivables (a + b + c)

 

$

6,187,145,721.50

 

 

 

 

 

 

 

 

 

 

 

(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

 

$

5,823,596,471.50

 

 

 

(l)

 

End of Period Finance Charge Receivables

 

155,707,349.63

 

 

 

(m)

 

End of Period Discounted Receivables

 

—

 

 

 

(n)

 

End of Period Total Receivables (k + l + m)

 

$

5,979,303,821.13

 

 

 

 

1

 

II.

 

INVESTED AMOUNTS AND ALLOCATION PERCENTAGES

 

 

 

 

 

 

(a)

 

Class A Initial Invested Amount

 

$

750,000,000.00

 

75.00

%

(b)

 

Class B Initial Invested Amount

 

250,000,000.00

 

25.00

%

(c)

 

Total Initial Invested Amount (a + b)

 

$

1,000,000,000.00

 

 

 

 

 

 

 

 

 

 

 

(d)

 

Class A Invested Amount (a - (X.a))

 

$

750,000,000.00

 

75.00

%

(e)

 

Class B Invested Amount (b - (X.e))

 

250,000,000.00

 

25.00

%

(f)

 

Total Invested Amount (d + e)

 

$

1,000,000,000.00

 

 

 

 

 

 

 

 

 

 

 

(g)

 

Class A Adjusted Invested Amount (a - (X.a)-(III.f))

 

$

750,000,000.00

 

75.00

%

(h)

 

Class B Invested Amount (b - (X.e))

 

250,000,000.00

 

25.00

%

(i)

 

Total Adjusted Invested Amount (g + h)

 

$

1,000,000,000.00

 

 

 

 

 

 

 

 

 

 

 

(j)

 

Floating Allocation Percentage

 

16.57

%

 

 

(k)

 

Class A Floating Allocation Percentage

 

12.43

%

 

 

(l)

 

Class B Floating Allocation Percentage

 

4.14

%

 

 

 

 

 

 

 

 

 

 

(m)

 

Principal Allocation Percentage

 

16.57

%

 

 

(n)

 

Class A Principal Allocation Percentage

 

12.43

%

 

 

(o)

 

Class B Principal Allocation Percentage

 

4.14

%

 

 

 

 

 

 

 

 

 

 

(p)

 

Servicing Fee

 

$

1,666,666.67

 

 

 

(q)

 

Investor Defaulted Amount (j * (IV.(m)))

 

$

7,245,917.28

 

 

 

 

 

III.

 

TRANSFEROR’S INTEREST, RETAINED INTEREST, SPECIAL FUNDING ACCOUNT, AND PRINCIPAL FUNDING ACCOUNT

 

 

(a)

 

Transferor’s Amount (end of month)

 

$

3,707,124,542.07

 

 

 

(b)

 

Required Retained Transferor Amount (end of month)

 

$

116,471,929.43

 

 

 

(c)

 

Required Principal Balance (end of month)

 

$

2,116,471,929.43

 

 

 

(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)

 

$

—

 

 

 

 

2

 

IV.

 

PERFORMANCE SUMMARY

 

 

 

 

 

 

 

 

COLLECTIONS:

 

 

 

 

 

(a)

 

Collections of Principal Receivables

 

$

893,231,212.22

 

 

 

(b)

 

Collections of Finance Charge Receivables (from cardholder payments)

 

109,216,515.14

 

 

 

(c)

 

Collections of Finance Charge Receivables (from merchant fees, deferred billing fees, collection account interest, interchange fees)

 

11,865,973.45

 

 

 

(d)

 

Collections of Discount Option Receivables

 

0.00

 

 

 

(e)

 

Total Finance Charge Collections (b + c + d)

 

$

121,082,488.59

 

 

 

(f)

 

Total Collections (a + e)

 

$

1,014,313,700.81

 

 

 

 

 

 

 

 

 

 

 

 

 

DELINQUENCIES AND LOSSES:

 

 

 

 

 

(g)

 

2 missed payments

 

$

108,339,567

 

 

 

(h)

 

3 missed payments

 

73,886,349

 

 

 

(i)

 

4 or more missed payments

 

166,234,269

 

 

 

 

 

 

 

 

 

 

 

(j)

 

Total delinquencies (g + h + i)

 

$

348,460,185

 

 

 

 

 

 

 

 

 

 

 

(k)

 

Gross Charge-Offs during the month

 

$

48,215,681.31

 

 

 

(l)

 

Recoveries during the month

 

$

4,498,446.02

 

 

 

(m)

 

Net Charge-Offs during the month (k - l)

 

$

43,717,235.29

 

 

 

 

V.

 

NON-U.S. ACCOUNTS

 

 

 

 

 

 

(a)

 

Non-US Accounts at end of month

 

155,728

 

 

 

(b)

 

as a percentage of total (a / c)

 

0.35

%

 

 

 

 

 

 

 

 

 

 

(c)

 

Total number of Accounts in Trust (at end of month)

 

44,713,936

 

 

 

 

3

 

VI.

 

AVAILABLE SERIES 2001-1 FINANCE CHARGE COLLECTIONS AND APPLICATION OF FUNDS

 

 

(a)

 

Floating Allocation Percentage of Collections of Finance Charge Receivables

 

$

20,068,828.49

 

 

 

(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)

 

$

20,068,828.49

 

 

 

 

 

 

 

 

 

 

 

(i)

 

Class A Interest

 

725,000.00

 

 

 

 

 

 

 

 

 

 

 

(ii)

 

Servicing Fee

 

1,666,666.67

 

 

 

 

 

 

 

 

 

 

 

(iii)

 

Class A Investor Defaulted Amount ((IV.m * (II.k))

 

5,434,437.96

 

 

 

 

 

 

 

 

 

 

 

(iv)

 

Class B Investor Defaulted Amount ((IV.m * (II.l))

 

1,811,479.32

 

 

 

 

 

 

 

 

 

 

 

(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)

 

$

10,431,244.53

 

 

 

 

4

 

VII.

 

YIELD and BASE RATE

 

 

 

 

 

 

Base Rate

 

 

 

 

 

 

 

 

 

 

 

 

 

(a)

 

Base Rate (current month)

 

2.90

%

 

 

(b)

 

Base Rate (prior month)

 

2.91

%

 

 

(c)

 

Base Rate (2 months ago)

 

2.94

%

 

 

 

 

 

 

 

 

 

 

(d)

 

3 Month Average Base Rate

 

2.92

%

 

 

 

 

 

 

 

 

 

 

Portfolio Yield

 

 

 

 

 

 

 

 

 

 

 

 

 

(e)

 

Portfolio Yield (current month)

 

17.11

%

 

 

(f)

 

Portfolio Yield (prior month)

 

16.86

%

 

 

(g)

 

Portfolio Yield (2 months ago)

 

14.59

%

 

 

 

 

 

 

 

 

 

 

(h)

 

3 Month Average Portfolio Yield

 

16.19

%

 

 

 

VIII.

 

PORTFOLIO PERFORMANCE RATES

 

 

 

 

 

 

(a)

 

Net Charge-Offs (annualized % of Principal Receivables at beginning of period)

 

8.70

%

 

 

(b)

 

Monthly Payment Rate (% of Total Receivables at beginning of period (adjusted for number of days in period))

 

17.36

%

 

 

(c)

 

Trust Portfolio Yield (annualized)

 

25.80

%

 

 

(d)

 

Portfolio Yield (3 month average (annualized))

 

16.19

%

 

 

(e)

 

Base Rate (3 month average)

 

2.92

%

 

 

(f)

 

Excess Finance Charge Collections % (d - e)

 

13.27

%

 

 

 

5

 

IX.

 

PRINCIPAL COLLECTIONS

 

 

 

 

 

 

(a)

 

Class A Principal Allocation Percentage

 

12.43

%

 

 

(b)

 

Class A Principal

 

$

—

 

 

 

(c)

 

Class B Principal Allocation Percentage

 

4.14

%

 

 

(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

 

 

 

(b)

 

Controlled Accumulation Amount

 

$

375,000,000.00

 

 

 

(c)

 

Deficit Controlled Accumulation Amount

 

$

—

 

 

 

(d)

 

Total Principal on deposit in Principal Funding Account for the benefit of Class A Certificateholders (end of month)

 

$

—

 

 

 

 

 

 

RETAILERS NATIONAL BANK,

 

as servicer

 

 

 

 

 

By:  /s/ Thomas A. Swanson

 

 

Name:  Thomas A. Swanson

 

Title:  Vice President & Cashier

 

6

 EX-20.3 5 a04-3629_1ex20d3.htm EX-20.3

Exhibit 20.3

 

MONTHLY SERVICER’S CERTIFICATE

 

RETAILERS NATIONAL BANK

 

TARGET CREDIT CARD MASTER TRUST

SERIES 2002-1

 

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 may be amended, from time to time, the “Agreement”), as supplemented by the Series 2002-1 Supplement (as amended and supplemented, the “Series Supplement”), among RNB, Target Receivables Corporation and Wells Fargo Bank Minnesota, National Association, does hereby certify as follows:

 

1.                                       Capitalized terms used in this Certificate have their respective meanings as set forth in the Agreement or the Series Supplement, as applicable.

 

2.                                       RNB is, as of the date hereof, the Servicer under the Agreement.

 

3.                                       The undersigned is a Servicing Officer.

 

4.                                       This certificate relates to the Distribution Date occuring on March 25, 2004.

 

5.                                       As of the date hereof, to the best knowledge of the undersigned, the Servicer has performed in all material respects all its obligations under the Agreement through the Monthly Period preceding such Distribution Date.

 

6.                                       As of the date hereof, to the best knowledge of the undersigned, no Early Amortization Event occurred on or prior to such Distribution Date.

 

7.                                       The aggregate amount of Collections processed for the preceding Monthly Period was equal to $1,014,313,700.81.

 

8.                                       The aggregate amount of Collections of Finance Charge Receivables (including Discounted Receivables) for the preceding Monthly Period was equal to $121,082,488.59.

 

9.                                       The aggregate amount of Collections of Principal Receivables for the preceding Monthly Period was equal to $893,231,212.22.

 

10.                                 The aggregate amount of the Defaulted Amount for the preceding Monthly Period was equal to $43,717,235.29.

 

11.                                 The aggregate amount of Recoveries for the preceding Monthly Period was equal to $4,498,446.02.

 

12.                                 The Portfolio Yield for the preceding Monthly Period was equal to 17.11%.

 

13.                                 The Base Rate for the preceding Monthly Period was equal to 2.97%.

 

14.                                 The aggregate amount of Receivables as of the end of the last day of the preceding Monthly Period was equal to $5,979,303,821.13.

 

 

15.                                 The balance on deposit in the Collection Account with respect to Collections processed as of the end of the last day of the preceding Monthly Period was equal to $0.00.

 

16.                                 The aggregate amount of Adjustments for the preceding Monthly Period was equal to $55,133,073.29.

 

17.                                 The aggregate amount of withdrawals, drawings or payments under any Enhancement to be made with respect to the preceding Monthly Period is equal to $0.00.

 

18.                                 The total amount to be distributed to Investor Certificateholders on the Distribution Date is equal to $2,428,125.00.

 

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

 

Class A

 

3.238

 

20.                                 The amount of such distribution allocable to principal is equal to $0.00.

 

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

 

Class A

 

0.000

 

22.                                 The amount of such distribution allocable to interest is equal to $2,428,125.00.

 

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

 

Class A

 

3.238

 

 

IN WITNESS WHEREOF, the undersigned has duly executed and delivered this Servicer’s Certificate this 22nd day of March, 2004.

 

 

 

RETAILERS NATIONAL BANK,
as servicer

 

 

 

 

 

By:  /s/ Thomas A. Swanson

 

 

Name:  Thomas A. Swanson

 

Title:  Vice President & Cashier

 

 EX-20.4 6 a04-3629_1ex20d4.htm EX-20.4

Exhibit 20.4

 

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:

February 2004

 

 

 

 

 

 

Distribution Date:

March 25, 2004

 

 

 

 

 

 

No. of Days in Period:

28

 

 

 

 

A.

 

ORIGINAL DEAL PARAMETERS

 

 

 

 

 

 

(a)

 

Class A Initial Invested Amount

 

$

750,000,000.00

 

75.00

%

(b)

 

Class B Initial Invested Amount

 

250,000,000.00

 

25.00

%

(c)

 

Total Initial Invested Amount

 

$

1,000,000,000.00

 

 

 

 

 

 

 

 

 

 

 

(d)

 

Class A Certificate Rate

 

1.30

%

 

 

(e)

 

Class B Certificate Rate

 

0.00

%

 

 

 

 

 

 

 

 

 

 

(f)

 

Servicing Fee Rate

 

2.00

%

 

 

(g)

 

Discount Percentage

 

0.00

%

 

 

 

I.

 

RECEIVABLES IN THE TRUST

 

 

 

 

 

 

(a)

 

Beginning of the Period Principal Receivables

 

$

6,033,361,074.07

 

 

 

(b)

 

Beginning of the Period Finance Charge Receivables

 

153,784,647.43

 

 

 

(c)

 

Beginning of the Period Discounted Receivables

 

—

 

 

 

(d)

 

Beginning of the Period Total Receivables (a + b + c)

 

$

6,187,145,721.50

 

 

 

 

 

 

 

 

 

 

 

(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

 

$

5,823,596,471.50

 

 

 

(l)

 

End of Period Finance Charge Receivables

 

155,707,349.63

 

 

 

(m)

 

End of Period Discounted Receivables

 

—

 

 

 

(n)

 

End of Period Total Receivables (k + l + m)

 

$

5,979,303,821.13

 

 

 

 

1

 

II.

 

INVESTED AMOUNTS AND ALLOCATION PERCENTAGES

 

 

 

 

 

 

(a)

 

Class A Initial Invested Amount

 

$

750,000,000.00

 

75.00

%

(b)

 

Class B Initial Invested Amount

 

250,000,000.00

 

25.00

%

(c)

 

Total Initial Invested Amount (a + b)

 

$

1,000,000,000.00

 

 

 

 

 

 

 

 

 

 

 

(d)

 

Class A Invested Amount (a - (X.a))

 

$

750,000,000.00

 

75.00

%

(e)

 

Class B Invested Amount (b - (X.e))

 

250,000,000.00

 

25.00

%

(f)

 

Total Invested Amount (d + e)

 

$

1,000,000,000.00

 

 

 

 

 

 

 

 

 

 

 

(g)

 

Class A Adjusted Invested Amount (a - (X.a)-(III.f))

 

$

750,000,000.00

 

75.00

%

(h)

 

Class B Invested Amount (b - (X.e))

 

250,000,000.00

 

25.00

%

(i)

 

Total Adjusted Invested Amount (g + h)

 

$

1,000,000,000.00

 

 

 

 

 

 

 

 

 

 

 

(j)

 

Floating Allocation Percentage

 

16.57

%

 

 

(k)

 

Class A Floating Allocation Percentage

 

12.43

%

 

 

(l)

 

Class B Floating Allocation Percentage

 

4.14

%

 

 

 

 

 

 

 

 

 

 

(m)

 

Principal Allocation Percentage

 

16.57

%

 

 

(n)

 

Class A Principal Allocation Percentage

 

12.43

%

 

 

(o)

 

Class B Principal Allocation Percentage

 

4.14

%

 

 

 

 

 

 

 

 

 

 

(p)

 

Servicing Fee

 

$

1,666,666.67

 

 

 

(q)

 

Investor Defaulted Amount (j * (IV.(m)))

 

$

7,245,917.28

 

 

 

 

III.

 

TRANSFEROR'S INTEREST, RETAINED INTEREST, SPECIAL FUNDING ACCOUNT, PRINCIPAL FUNDING ACCOUNT, AND INTEREST FUNDING ACCOUNT

 

(a)

 

Transferor's Amount (end of month)

 

$

3,707,124,542.07

 

 

 

(b)

 

Required Retained Transferor Amount (end of month)

 

$

116,471,929.43

 

 

 

(c)

 

Required Principal Balance (end of month)

 

$

2,116,471,929.43

 

 

 

(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)

 

$

1,645,729.17

 

 

 

 

2

 

IV.

 

PERFORMANCE SUMMARY

 

 

 

 

 

 

 

 

COLLECTIONS:

 

 

 

 

 

(a)

 

Collections of Principal Receivables

 

$

893,231,212.22

 

 

 

(b)

 

Collections of Finance Charge Receivables (from cardholder payments)

 

109,216,515.14

 

 

 

(c)

 

Collections of Finance Charge Receivables (from merchant fees, deferred billing fees, collection account interest, interchange fees)

 

11,865,973.45

 

 

 

(d)

 

Collections of Discount Option Receivables

 

0.00

 

 

 

(e)

 

Total Finance Charge Collections (b + c + d)

 

$

121,082,488.59

 

 

 

(f)

 

Total Collections (a + e)

 

$

1,014,313,700.81

 

 

 

 

 

 

 

 

 

 

 

 

 

DELINQUENCIES AND LOSSES:

 

 

 

 

 

(g)

 

2 missed payments

 

$

108,339,567

 

 

 

(h)

 

3 missed payments

 

73,886,349

 

 

 

(i)

 

4 or more missed payments

 

166,234,269

 

 

 

 

 

 

 

 

 

 

 

(j)

 

Total delinquencies (g + h + i)

 

$

348,460,185

 

 

 

 

 

 

 

 

 

 

 

(k)

 

Gross Charge-Offs during the month

 

$

48,215,681.31

 

 

 

(l)

 

Recoveries during the month

 

$

4,498,446.02

 

 

 

(m)

 

Net Charge-Offs during the month (k - l)

 

$

43,717,235.29

 

 

 

 

V.

 

NON-U.S. ACCOUNTS

 

 

 

 

 

 

(a)

 

Non-US Accounts at end of month

 

155,728

 

 

 

(b)

 

as a percentage of total (a / c)

 

0.35

%

 

 

 

 

 

 

 

 

 

 

(c)

 

Total number of Accounts in Trust (at end of month)

 

44,713,936

 

 

 

 

3

 

VI.

 

AVAILABLE SERIES 2002-1 FINANCE CHARGE COLLECTIONS AND APPLICATION OF FUNDS

 

(a)

 

Floating Allocation Percentage of Collections of Finance Charge Receivables

 

$

20,068,828.49

 

 

 

(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

 

$

1,860.88

 

 

 

(e)

 

Closing Date deposit into the Collection Account

 

$

—

 

 

 

(f)

 

Available Series 2002-1 Finance Charge Collections (a + b + c + d + e)

 

$

20,070,689.37

 

 

 

 

 

 

 

 

 

 

 

(i)

 

Class A Interest

 

782,395.83

 

 

 

 

 

 

 

 

 

 

 

(ii)

 

Servicing Fee

 

1,666,666.67

 

 

 

 

 

 

 

 

 

 

 

(iii)

 

Class A Investor Defaulted Amount ((IV.m * (II.k))

 

5,434,437.96

 

 

 

 

 

 

 

 

 

 

 

(iv)

 

Class B Investor Defaulted Amount ((IV.m * (II.l))

 

1,811,479.32

 

 

 

 

 

 

 

 

 

 

 

(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)

 

$

10,375,709.58

 

 

 

 

4

 

VII.

 

YIELD and BASE RATE

 

 

 

 

 

 

Base Rate

 

 

 

 

 

 

 

 

 

 

 

 

 

(a)

 

Base Rate (current month)

 

2.97

%

 

 

(b)

 

Base Rate (prior month)

 

2.97

%

 

 

(c)

 

Base Rate (2 months ago)

 

2.97

%

 

 

 

 

 

 

 

 

 

 

(d)

 

3 Month Average Base Rate

 

2.97

%

 

 

 

 

 

 

 

 

 

 

Portfolio Yield

 

 

 

 

 

 

 

 

 

 

 

 

 

(e)

 

Portfolio Yield (current month)

 

17.11

%

 

 

(f)

 

Portfolio Yield (prior month)

 

16.86

%

 

 

(g)

 

Portfolio Yield (2 months ago)

 

14.59

%

 

 

 

 

 

 

 

 

 

 

(h)

 

3 Month Average Portfolio Yield

 

16.19

%

 

 

 

VIII.

 

PORTFOLIO PERFORMANCE RATES

 

 

 

 

 

 

(a)

 

Net Charge-Offs (annualized % of Principal Receivables at beginning of

 

8.70

%

 

 

 

 

period)

 

 

 

 

 

(b)

 

Monthly Payment Rate (% of Total Receivables at beginning of period

 

17.36

%

 

 

 

 

(adjusted for number of days in period))

 

 

 

 

 

(c)

 

Trust Portfolio Yield (annualized)

 

25.80

%

 

 

(d)

 

Portfolio Yield (3 month average (annualized))

 

16.19

%

 

 

(e)

 

Base Rate (3 month average)

 

2.97

%

 

 

(f)

 

Excess Finance Charge Collections% (d - e)

 

13.22

%

 

 

 

5

 

IX.

 

PRINCIPAL COLLECTIONS

 

 

 

 

 

 

(a)

 

Class A Principal Allocation Percentage

 

12.43

%

 

 

(b)

 

Class A Principal

 

$

—

 

 

 

(c)

 

Class B Principal Allocation Percentage

 

4.14

%

 

 

(d)

 

Class B Principal

 

$

—

 

 

 

(e)

 

Total Principal (b + d)

 

$

—

 

 

 

 

 

 

 

 

 

 

 

(f)

 

Reallocated Principal Collections

 

$

—

 

 

 

(g)

 

Shared Principal Collections allocable from other Series and Participation

 

$

—

 

 

 

 

X.

 

INVESTOR CHARGE-OFFS

 

 

 

 

 

 

 

 

CLASS A INVESTOR CHARGE-OFFS

 

 

 

 

 

(a)

 

Class A Investor Charge-Offs

 

$

—

 

 

 

(b)

 

Class A Investor Charge-Offs per $1,000 original certificate principal amount

 

$

—

 

 

 

(c)

 

Total amount reimbursed in respect of Class A Investor Charge-Offs

 

$

—

 

 

 

(d)

 

The amount, if any, by which the outstanding principal balance of the Class  A Certificates exceeds the Class A Invested Amount after giving effect to all transactions on such Distribution Date.

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

CLASS B INVESTOR CHARGE-OFFS

 

 

 

 

 

(e)

 

Class B Investor Charge-Offs

 

$

—

 

 

 

(f)

 

Class B Investor Charge-Offs per $1,000 original certificate principal amount

 

$

—

 

 

 

(g)

 

Total amount reimbursed in respect of Class B Investor Charge-Offs

 

$

—

 

 

 

(h)

 

The amount, if any, by which the outstanding principal balance of the Class B Certificates exceeds the Class B Invested Amount after giving effect to all transactions on such Distribution Date.

 

$

 —

 

 

 

 

XI.

 

AMORTIZATION

 

 

 

 

 

 

(a)

 

Class A Accumulation Period Length (months)

 

12

 

 

 

(b)

 

Controlled Accumulation Amount

 

$

62,500,000.00

 

 

 

(c)

 

Deficit Controlled Accumulation Amount

 

$

—

 

 

 

(d)

 

Total Principal on deposit in Principal Funding Account for the benefit of Class A Certificateholders (end of month)

 

$

—

 

 

 

 

 

 

RETAILERS NATIONAL BANK,
as servicer

 

 

 

 

 

By:  /s/ Thomas A. Swanson

 

 

Name:  Thomas A. Swanson

 

Title:  Vice President & Cashier

 

6

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