-----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, JLbpGewxzFNvG1eYeTcjO5SylE3Hc07NCpN0tsf2c4p7Mr8jqsVs+IbXL0z7yGt1 1X940xDUMBVBocq4nW+6gw== 0001104659-05-029159.txt : 20050622 0001104659-05-029159.hdr.sgml : 20050622 20050622091001 ACCESSION NUMBER: 0001104659-05-029159 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20050622 ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20050622 DATE AS OF CHANGE: 20050622 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: 05909122 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 a05-11096_18k.htm 8-K

 

UNITED STATES
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:  June 22, 2005

 

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)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 


 

Item 8.01:  Other Events

 

The Monthly Servicer’s Certificate for the Monthly Period ended May 28, 2005 and the Monthly Certificateholders’ Statement for the Monthly Period ended May 28, 2005, with respect to 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 June 22, 2005, and the Monthly Certificateholders’ Statement will be distributed to Certificateholders on June 27, 2005.

 

The above described Monthly Servicer’s Certificate is filed as Exhibit 20.1 to this Report. The above described Monthly Certificateholders’ Statement is filed as Exhibit 20.2 to this Report.

 

The information on Net Charge-Offs found in Section VIII(a) of the Monthly Certificateholders’ Statement for Series 2002-1 reflects the inclusion of proceeds from the sale of certain previously charged-off accounts receivable, which occurred during the Monthly Period ended May 28, 2005.  Without the inclusion of such proceeds, Net Charge-Offs for the Series for this monthly period would have been 8.32%.

 

Item 9.01:  Financial Statements and Exhibits

 

(c)                                          Exhibits

 

20.1                                                                           Series 2002-1 Monthly Servicer’s Certificate for the Monthly Period ended May 28, 2005.

 

20.2                                                                           Series 2002-1 Monthly Certificateholders’ Statement for the Monthly Period ended May 28, 2005.

 

SIGNATURES

 

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

 

Dated:  June 22, 2005

 

 

TARGET RECEIVABLES CORPORATION

 

 

 

 

 

 

 

By:

/s/ Terrence J. Scully

 

 

 

 

 

Name:

Terrence J. Scully

 

Title:

Vice President

 


 

EXHIBIT INDEX

 

 

Exhibit

 

 

 

Description

 

 

 

Method of
Filing

 

 

20.1

 

Series 2002-1 Monthly Servicer’s Certificate for the Monthly Period ended May 28, 2005.

 

Filed
Electronically

 

 

 

 

 

20.2

 

Series 2002-1 Monthly Certificateholders’ Statement for the Monthly Period ended May 28, 2005.

 

Filed
Electronically

 

 EX-20.1 2 a05-11096_1ex20d1.htm EX-20.1

Exhibit 20.1

 

MONTHLY SERVICER’S CERTIFICATE

 

TARGET NATIONAL BANK (FORMERLY RETAILERS NATIONAL BANK)

 

TARGET CREDIT CARD MASTER TRUST

SERIES 2002-1

 

 

The undersigned, a duly authorized representative of Target National Bank, as Servicer (“TNB”) 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 TNB, Target Receivables Corporation and Wells Fargo Bank, 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.

 

TNB is, as of the date hereof, the Servicer under the Agreement.

 

 

 

3.

 

The undersigned is a Servicing Officer.

 

 

 

4.

 

This certificate relates to the Distribution Date occuring on June 27, 2005.

 

 

 

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 $837,591,145.67.

 

 

 

8.

 

The aggregate amount of Collections of Finance Charge Receivables (including Discounted Receivables) for the preceding Monthly Period was equal to $100,032,493.34.

 

 

 

9.

 

The aggregate amount of Collections of Principal Receivables for the preceding Monthly Period was equal to $737,558,652.33.

 

 

 

10.

 

The aggregate amount of the Defaulted Amount for the preceding Monthly Period was equal to $33,264,897.32.

 

 

 

11.

 

The aggregate amount of Recoveries for the preceding Monthly Period was equal to $6,151,724.42.

 

 

 

12.

 

The Portfolio Yield for the preceding Monthly Period was equal to 17.50%.

 

 

 

13.

 

The Base Rate for the preceding Monthly Period was equal to 4.41%.

 

 

 

14.

 

The aggregate amount of Receivables as of the end of the last day of the preceding Monthly Period was equal to $5,208,802,006.81.

 


 

Exhibit 20.1

 

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 $39,719,523.42.

 

 

 

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 $6,296,041.67.

 

 

 

19.

 

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

 

 

 

 

 

Class A                                                      8.395

 

 

 

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 $6,296,041.67.

 

 

 

23.

 

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

 

 

 

 

 

Class A                                                      8.395

 

 

 

 

 

 

 

 

IN WITNESS WHEREOF, the undersigned has duly executed and delivered this Servicer’s Certificate this 22nd day of June, 2005.

 

 

 

 

 

 

 

 

TARGET NATIONAL BANK,
as servicer

 

 

 

 

 

 

 

 

By:  /s/ Thomas A. Swanson

 

 

 

Name:  Thomas A. Swanson

 

 

Title:  Vice President & Cashier

 

 EX-20.2 3 a05-11096_1ex20d2.htm EX-20.2

Exhibit 20.2

 

MONTHLY CERTIFICATEHOLDERS’ STATEMENT

TARGET NATIONAL BANK (FORMERLY 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 Target National Bank, as Servicer, Target Receivables Corporation, as Transferor, and Wells Fargo Bank, National Association, as Trustee, the Servicer is required to prepare certain information each month regarding distributions to Certificateholders and the performance of the Trust. The information with respect to the applicable Distribution Date and Monthly Period is set forth below.

 

 

 

Monthly Period:

 

May 2005

 

 

 

 

Distribution Date:

 

June 27, 2005

 

 

 

 

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

 

3.22%

 

 

 

(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

 

$

5,068,401,200.29

 

 

 

(b)

 

Beginning of the Period Finance Charge Receivables

 

118,357,611.60

 

 

 

(c)

 

Beginning of the Period Discounted Receivables

 

-

 

 

 

(d)

 

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

 

$

5,186,758,811.89

 

 

 

 

 

 

 

 

 

 

 

 

(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

 

$

5,088,238,353.29

 

 

 

(l)

 

End of Period Finance Charge Receivables

 

120,563,653.52

 

 

 

(m)

 

End of Period Discounted Receivables

 

-

 

 

 

(n)

 

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

 

$

5,208,802,006.81

 

 

 

 


 

Exhibit 20.2

 

MONTHLY CERTIFICATEHOLDERS’ STATEMENT

TARGET NATIONAL BANK (FORMERLY RETAILERS NATIONAL BANK)

TARGET CREDIT CARD MASTER TRUST

SERIES 2002-1

 

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

 

19.73%

 

 

 

(k)

 

Class A Floating Allocation Percentage

 

14.80%

 

 

 

(l)

 

Class B Floating Allocation Percentage

 

4.93%

 

 

 

 

 

 

 

 

 

 

 

(m)

 

Principal Allocation Percentage

 

19.73%

 

 

 

(n)

 

Class A Principal Allocation Percentage

 

14.80%

 

 

 

(o)

 

Class B Principal Allocation Percentage

 

4.93%

 

 

 

 

 

 

 

 

 

 

 

(p)

 

Servicing Fee

 

$

1,666,666.67

 

 

 

(q)

 

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

 

$

6,563,193.40

 

 

 

 

 

 

 

 

 

 

 

III.

 

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

 

 

 

 

 

 

 

 

 

 

 

(a)

 

Transferor’s Amount (end of month)

 

$

3,986,473,586.22

 

 

 

(b)

 

Required Retained Transferor Amount (end of month)

 

$

101,764,767.07

 

 

 

(c)

 

Required Principal Balance (end of month)

 

$

1,101,764,767.07

 

 

 

(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)

 

$

4,085,729.17

 

 

 

 


 

Exhibit 20.2

 

MONTHLY CERTIFICATEHOLDERS’ STATEMENT

TARGET NATIONAL BANK (FORMERLY RETAILERS NATIONAL BANK)

TARGET CREDIT CARD MASTER TRUST

SERIES 2002-1

 

 

IV.

 

PERFORMANCE SUMMARY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

COLLECTIONS:

 

 

 

 

 

(a)

 

Collections of Principal Receivables

 

$

737,558,652.33

 

 

 

(b)

 

Collections of Finance Charge Receivables (from cardholder payments)

 

86,203,038.95

 

 

 

(c)

 

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

 

13,829,454.39

 

 

 

(d)

 

Collections of Discount Option Receivables

 

 

0.00

 

 

 

(e)

 

Total Finance Charge Collections (b + c + d)

 

$

100,032,493.34

 

 

 

(f)

 

Total Collections (a + e)

 

$

837,591,145.67

 

 

 

 

 

 

 

 

 

 

 

 

 

DELINQUENCIES AND LOSSES:

 

 

 

 

 

(g)

 

2 missed payments

 

$

73,712,620

 

 

 

(h)

 

3 missed payments

 

47,930,934

 

 

 

(i)

 

4 or more missed payments

 

106,053,398

 

 

 

 

 

 

 

 

 

 

 

(j)

 

Total delinquencies (g + h + i)

 

$

227,696,953

 

 

 

 

 

 

 

 

 

 

 

(k)

 

Gross Charge-Offs during the month

 

$

39,416,621.74

 

 

 

(l)

 

Recoveries during the month

 

$

6,151,724.42

 

 

 

(m)

 

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

 

$

33,264,897.32

 

 

 

 

 

 

 

 

 

 

 

V.

 

NON-U.S. ACCOUNTS

 

 

 

 

 

 

 

 

 

 

 

 

 

(a)

 

Non-US Accounts at end of month

 

86,054

 

 

 

(b)

 

as a percentage of total (a / c)

 

0.29%

 

 

 

 

 

 

 

 

 

 

 

(c)

 

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

 

29,529,047

 

 

 

 


 

Exhibit 20.2

 

MONTHLY CERTIFICATEHOLDERS’ STATEMENT

TARGET NATIONAL BANK (FORMERLY RETAILERS NATIONAL BANK)

TARGET CREDIT CARD MASTER TRUST

SERIES 2002-1

 

VI.

 

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

 

 

 

 

 

 

 

 

(a)

 

Floating Allocation Percentage of Collections of Finance Charge Receivables

 

$

19,736,498.63

 

 

 

(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

 

$

16,063.93

 

 

 

(e)

 

Closing Date deposit into the Collection Account

 

 

$

-

 

 

 

(f)

 

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

 

$

19,752,562.56

 

 

 

 

 

 

 

 

 

 

 

(i)

 

Class A Interest

 

2,210,312.50

 

 

 

 

 

 

 

 

 

 

 

(ii)

 

Servicing Fee

 

1,666,666.67

 

 

 

 

 

 

 

 

 

 

 

(iii)

 

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

 

4,922,395.05

 

 

 

 

 

 

 

 

 

 

 

(iv)

 

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

 

1,640,798.35

 

 

 

 

 

 

 

 

 

 

 

(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)

 

$

9,312,389.99

 

 

 

 


 

Exhibit 20.2

 

MONTHLY CERTIFICATEHOLDERS’ STATEMENT

TARGET NATIONAL BANK (FORMERLY RETAILERS NATIONAL BANK)

TARGET CREDIT CARD MASTER TRUST

SERIES 2002-1

 

 

VII.

 

YIELD and BASE RATE

 

 

 

 

 

 

 

 

 

 

 

 

 

Base Rate

 

 

 

 

 

 

 

 

 

 

 

 

 

(a)

 

Base Rate (current month)

 

4.41%

 

 

 

(b)

 

Base Rate (prior month)

 

4.41%

 

 

 

(c)

 

Base Rate (2 months ago)

 

4.41%

 

 

 

 

 

 

 

 

 

 

 

(d)

 

3 Month Average Base Rate

 

4.41%

 

 

 

 

 

 

 

 

 

 

 

Portfolio Yield

 

 

 

 

 

 

 

 

 

 

 

 

 

(e)

 

Portfolio Yield (current month)

 

17.50%

 

 

 

(f)

 

Portfolio Yield (prior month)

 

15.30%

 

 

 

(g)

 

Portfolio Yield (2 months ago)

 

18.94%

 

 

 

 

 

 

 

 

 

 

 

(h)

 

3 Month Average Portfolio Yield

 

17.25%

 

 

 

 

 

 

 

 

 

 

 

VIII.

 

PORTFOLIO PERFORMANCE RATES

 

 

 

 

 

 

 

 

 

 

 

 

 

(a)

 

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

 

7.88%

 

 

 

(b)

 

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

 

17.02%

 

 

 

(c)

 

Trust Portfolio Yield (annualized)

 

25.38%

 

 

 

(d)

 

Portfolio Yield (3 month average (annualized))

 

17.25%

 

 

 

(e)

 

Base Rate (3 month average)

 

4.41%

 

 

 

(f)

 

Excess Finance Charge Collections % (d - e)

 

12.84%

 

 

 

 


 

Exhibit 20.2

 

MONTHLY CERTIFICATEHOLDERS’ STATEMENT

TARGET NATIONAL BANK (FORMERLY RETAILERS NATIONAL BANK)

TARGET CREDIT CARD MASTER TRUST

SERIES 2002-1

 

 

IX.

 

PRINCIPAL COLLECTIONS

 

 

 

 

 

 

 

 

 

 

 

 

 

(a)

 

Class A Principal Allocation Percentage

 

14.80

%

 

 

(b)

 

Class A Principal

 

$

-

 

 

 

(c)

 

Class B Principal Allocation Percentage

 

4.93

%

 

 

(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)

 

$

-

 

 

 

 

 

 

 

TARGET NATIONAL BANK,
as servicer

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

By:  /s/ Thomas A. Swanson

 

 

 

 

 

 

 

 

 Name: Thomas A. Swanson

 

 

 

 

 

 

 

 Title: Vice President & Cashier

 

 

 

 

 

 

 -----END PRIVACY-ENHANCED MESSAGE-----