-----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, O0d8zJAFIOkq2wMNtRJQ77YDSlcOP+U7QHna7UC5JcRsPv1B7EmMqKW3gp60BT9Q ug9IxXiaVjMHrXTuR30LQA== 0001104659-07-049180.txt : 20070621 0001104659-07-049180.hdr.sgml : 20070621 20070621172137 ACCESSION NUMBER: 0001104659-07-049180 CONFORMED SUBMISSION TYPE: 8-K/A PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20070620 ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20070621 DATE AS OF CHANGE: 20070621 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Target Credit Card Owner Trust 2005-1 CENTRAL INDEX KEY: 0001337185 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 0131 FILING VALUES: FORM TYPE: 8-K/A SEC ACT: 1934 Act SEC FILE NUMBER: 333-127864-01 FILM NUMBER: 07934628 BUSINESS ADDRESS: STREET 1: 1000 NICOLLET MALL, SUITE 3136 CITY: MINNEAPOLIS STATE: MN ZIP: 55403 BUSINESS PHONE: 612-696-3102 MAIL ADDRESS: STREET 1: 1000 NICOLLET MALL, SUITE 3136 CITY: MINNEAPOLIS STATE: MN ZIP: 55403 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/A SEC ACT: 1934 Act SEC FILE NUMBER: 000-26930 FILM NUMBER: 07934627 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 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Target Credit Card Master Trust CENTRAL INDEX KEY: 0001337063 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] IRS NUMBER: 411844836 STATE OF INCORPORATION: DE FISCAL YEAR END: 0131 FILING VALUES: FORM TYPE: 8-K/A SEC ACT: 1934 Act SEC FILE NUMBER: 333-127864-02 FILM NUMBER: 07934626 BUSINESS ADDRESS: STREET 1: 1000 NICOLLET MALL STREET 2: SUITE 3136 CITY: MINNEAPOLIS STATE: MN ZIP: 55403 BUSINESS PHONE: 612-696-3102 MAIL ADDRESS: STREET 1: 1000 NICOLLET MALL STREET 2: SUITE 3136 CITY: MINNEAPOLIS STATE: MN ZIP: 55403 8-K/A 1 a07-16927_28ka.htm 8-K/A

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K/A

CURRENT REPORT

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

Date of Report (Date of Earliest Event Reported):  June 20, 2007

TARGET CREDIT CARD MASTER TRUST

(Issuing Entity for the Certificates)

TARGET CREDIT CARD OWNER TRUST 2005-1

(Issuing Entity for the Notes)

TARGET RECEIVABLES CORPORATION

(Depositor into the Issuing Entity for the Certificates)

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:

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

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

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

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



Item 8.01:  Other Events

On June 20, 2007, the Series 2005-1 Monthly Collateral Certificateholder’s Statement  for the Monthly Period ended June 2, 2007 (the “Statement”) was filed as Exhibit 20.2 to a Current Report on Form 8-K.  The Statement incorrectly reported the amount of “Excess Finance Charge Collections” as $14,008,090.61 instead of the actual amount of $12,320,939.30.  The Statement, as corrected, is attached hereto as Exhibit 20.2.

 

Item 9.01:  Financial Statements and Exhibits

(c)

Exhibits

 

 

 

 

 

 

 

 

 

 

20.2

Series 2005-1 Monthly Collateral Certificateholders’ Statement for the Monthly Period ended June 2, 2007.

 

 

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 21, 2007

TARGET RECEIVABLES CORPORATION

 

 

 

 

 

By:

/s/ Sara Ross

 

 

 

 

 

 

 

 

Name:

Sara Ross

 

Title:

Vice President and Assistant Treasurer

 



EXHIBIT INDEX

Exhibit

 

Description

 

Method of
Filing

 

 

 

 

 

20.2

 

Series 2005-1 Monthly Collateral Certificateholders’ Statement for the Monthly Period ended June 2, 2007.

 

Filed
Electronically

 


 EX-20.2 2 a07-16927_2ex20d2.htm EX-20.2

 

 

MONTHLY COLLATERAL CERTIFICATEHOLDERS’ STATEMENT

Exhibit 20.2

 

TARGET NATIONAL BANK

 

 

TARGET CREDIT CARD MASTER TRUST

 

 

SERIES 2005-1

 

 

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 2005-1 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, 2007

 

 

 

 

 

 

 

Distribution Date:

 

June 25, 2007

 

 

 

 

 

 

 

No. of Days in Period:

 

28

 

 

 

 

 

 

 

 

 

 

 

 

 

A.

 

ORIGINAL DEAL PARAMETERS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a)

 

Class A Note Initial Principal Balance

 

 

 

$

900,000,000.00

 

78.00

%

(b)

 

Subordinated Interest Initial Principal Balance

 

 

 

253,846,154.00

 

22.00

%

(c)

 

Total Initial Invested Amount

 

 

 

$

1,153,846,154.00

 

 

 

 

 

 

 

 

 

 

 

 

 

(d)

 

Class A Interest Rate

 

 

 

5.38000%

 

 

 

(e)

 

Subordinated Interest Rate

 

 

 

0.00000%

 

 

 

   

 

 

 

 

 

 

 

 

 

(f)

 

Servicing Fee Rate

 

 

 

2.00%

 

 

 

(g)

 

Discount Percentage

 

 

 

0.00%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

I.

 

RECEIVABLES IN THE TRUST

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a)

 

Beginning of the Period Principal Receivables

 

 

 

$

6,304,793,414.42

 

 

 

(b)

 

Beginning of the Period Finance Charge Receivables

 

 

 

140,389,409.82

 

 

 

(c)

 

Beginning of the Period Discounted Receivables

 

 

 

-   

 

 

 

(d)

 

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

 

 

 

$

6,445,182,824.24

 

 

 

  

 

 

 

 

 

 

 

 

 

(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

 

 

 

$

6,440,807,713.67

 

 

 

(l)

 

End of Period Finance Charge Receivables

 

 

 

142,959,456.73

 

 

 

(m)

 

End of Period Discounted Receivables

 

 

 

-   

 

 

 

(n)

 

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

 

 

 

$

6,583,767,170.40

 

 

 

 



 

 

 

MONTHLY COLLATERAL CERTIFICATEHOLDERS’ STATEMENT

Exhibit 20.2

 

TARGET NATIONAL BANK

 

 

TARGET CREDIT CARD MASTER TRUST

 

 

SERIES 2005-1

 

 

 

 

II.

 

INVESTED AMOUNTS AND ALLOCATION PERCENTAGES

 

 

 

 

 

 

 

 

 

 

(a)

 

Initial Invested Amount

 

 

 

$

1,153,846,154.00

 

 

 

 

 

 

 

 

 

 

 

 

 

(b)

 

Invested Amount

 

 

 

$

1,153,846,154.00

 

 

 

(c)

 

Class A Notes Outstanding

 

 

 

900,000,000.00

 

 

 

(d)

 

Subordinated Amount (b - c = not less than zero)

 

 

 

$

253,846,154.00

 

 

 

 

 

 

 

 

 

 

 

 

 

(e)

 

Adjusted Invested Amount

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(f)

 

Floating Allocation Percentage

 

 

 

$

1,153,846,154.00

 

 

 

 

 

 

 

 

 

 

 

 

 

(g)

 

Principal Allocation Percentage

 

 

 

18.30%

 

 

 

 

 

 

 

 

 

 

 

 

 

(h)

 

Servicing Fee

 

 

 

18.30%

 

 

 

(i)

 

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

 

 

 

 

 

 

 

   

 

 

 

 

 

$

1,923,076.92

 

 

 

 

 

 

 

 

 

$

5,132,227.17

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

III.

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a)

 

Transferor’s Amount (end of month)

 

 

 

$

3,267,322,620.40

 

 

 

(b)

 

Required Retained Transferor Amount (end of month)

 

$

136,316,154.27

 

 

 

(c)

 

Required Principal Balance (end of month)

 

 

 

$

3,548,485,093.27

 

 

 

(d)

 

Funds on deposit in Special Funding Account (end of month)

 

$

-  

 

 

 

(e)

 

Principal on deposit in Principal Funding Account (beginning of month)

 

$

-  

 

 

 

(f)

 

Principal on deposit in Principal Funding Account (end of month)

 

$

-  

 

 

 

 



 

 

 

MONTHLY COLLATERAL CERTIFICATEHOLDERS’ STATEMENT

Exhibit 20.2

 

TARGET NATIONAL BANK

 

 

TARGET CREDIT CARD MASTER TRUST

 

 

SERIES 2005-1

 

 

 

IV.

 

PERFORMANCE SUMMARY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

COLLECTIONS:

 

 

 

 

 

 

 

(a)

 

Collections of Principal Receivables

 

 

 

$

822,742,341.33

 

 

 

(b)

 

Collections of Finance Charge Receivables (from cardholder payments)

 

111,875,863.82

 

 

 

(c)

 

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

 

16,781,710.98

 

 

 

(d)

 

Collections of Discount Option Receivables

 

 

 

0.00

 

 

 

(e)

 

Total Finance Charge Collections (b + c + d)

 

 

 

$

128,657,574.80

 

 

 

(f)

 

Total Collections (a + e)

 

 

 

$

951,399,916.13

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

DELINQUENCIES AND LOSSES:

 

 

 

 

 

 

 

(g)

 

2 missed payments

 

 

 

$

116,261,144

 

 

 

(h)

 

3 missed payments

 

 

 

72,716,696

 

 

 

(i)

 

4 or more missed payments

 

 

 

138,184,908

 

 

 

   

 

 

 

 

 

 

 

 

 

(j)

 

Total delinquencies (g + h + i)

 

 

 

$

327,162,748

 

 

 

   

 

 

 

 

 

 

 

 

 

(k)

 

Gross Charge-Offs during the month

 

 

 

$

36,957,880.50

 

 

 

(l)

 

Recoveries during the month

 

 

 

$

8,914,599.37

 

 

 

(m)

 

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

 

 

 

$

28,043,281.13

 

 

 

 

 

 

 

 

 

 

 

 

 

V.

 

NON-U.S. ACCOUNTS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a)

 

Non-US Accounts at end of month

 

 

 

79,806

 

 

 

(b)

 

as a percentage of total (a / c)

 

 

 

0.30%

 

 

 

   

 

 

 

 

 

 

 

 

 

(c)

 

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

 

 

 

26,698,744

 

 

 

 



 

 

MONTHLY COLLATERAL CERTIFICATEHOLDERS’ STATEMENT

Exhibit 20.2

 

TARGET NATIONAL BANK

 

 

TARGET CREDIT CARD MASTER TRUST

 

 

SERIES 2005-1

 

 

 

 

VI.

 

AVAILABLE SERIES 2005-1 FINANCE CHARGE COLLECTIONS AND APPLICATION OF FUNDS

 

 

 

(a)

 

Floating Allocation Percentage of Total Finance Charge Collections

 

$

23,545,743.39

 

 

 

(b)

 

Investment earnings on Principal Funding Account

 

-   

 

 

 

(c)

 

Investment earnings in Reserve Account deposited in the Collection Account

 

-   

 

 

 

(d)

 

Excess Transforer Finance Charge Collections applied to cover Principal

Funding Investment Shortfalls

 

-   

 

 

 

(e)

 

Reserve Draw Amount

 

$

-   

 

 

 

(f)

 

Available Series 2005-1 Finance Charge Collections (a + b + c + d + e)

 

$

23,545,743.39

 

 

 

  

 

 

 

 

 

 

 

(i)

 

Class A Monthly Interest and Class A Carryover Interest

 

4,169,500.00

 

 

 

   

 

 

 

 

 

 

 

(ii)

 

Monthly Servicing Fee

 

1,923,076.92

 

 

 

   

 

 

 

 

 

 

 

(iii)

 

Investor Defaulted Amount (II.i)

 

5,132,227.17

 

 

 

   

 

 

 

 

 

 

 

(iv)

 

Reimbursement of Investor Charge-Offs

 

-   

 

 

 

   

 

 

 

 

 

 

 

(v)

 

Subordinated Monthly Interest

 

-   

 

 

 

    

 

 

 

 

 

 

 

(vi)

 

Reserve Account

 

-   

 

 

 

    

 

 

 

 

 

 

 

(vii)

 

Additional Amounts

 

-   

 

 

 

   

 

 

 

 

 

 

 

(x)

 

Excess Finance Charge Collections
(f-i-ii-iii-iv-v-vi-vii)

 

$

12,320,939.30

 

 

 

 



 

MONTHLY COLLATERAL CERTIFICATEHOLDERS’ STATEMENT

Exhibit 20.2

 

TARGET NATIONAL BANK

 

 

TARGET CREDIT CARD MASTER TRUST

 

 

SERIES 2005-1

 

 

 

 

 

 

VII.

 

YIELD and BASE RATE

 

 

 

 

 

 

 

 

 

 

 

 

 

Base Rate

 

 

 

 

 

 

 

 

 

 

 

 

 

(a)

 

Base Rate (current month)

 

6.20

%

 

 

(b)

 

Base Rate (prior month)

 

6.20

%

 

 

(c)

 

Base Rate (2 months ago)

 

6.20

%

 

 

 

 

 

 

 

 

 

 

(d)

 

3 Month Average Base Rate

 

6.20

%

 

 

 

 

 

 

 

 

 

 

Portfolio Yield

 

 

 

 

 

 

 

 

 

 

 

 

 

(e)

 

Portfolio Yield (current month)

 

20.90

%

 

 

(f)

 

Portfolio Yield (prior month)

 

19.95

%

 

 

(g)

 

Portfolio Yield (2 months ago)

 

22.20

%

 

 

 

 

 

 

 

 

 

 

(h)

 

3 Month Average Portfolio Yield

 

21.02

%

 

 

 

 

 

 

 

 

 

 

VIII.

 

PORTFOLIO PERFORMANCE RATES

 

 

 

 

 

 

 

 

 

 

 

 

 

(a)

 

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

period)

 

5.34

%

 

 

(b)

 

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

(adjusted for number of days in period))

 

15.54

%

 

 

(c)

 

Trust Portfolio Yield (annualized)

 

26.24

%

 

 

(d)

 

Portfolio Yield (3 month average (annualized))

 

21.02

%

 

 

(e)

 

Base Rate (3 month average)

 

6.20

%

 

 

(f)

 

Excess Finance Charge Collections % (d - e)

 

14.82

%

 

 

 



 

MONTHLY COLLATERAL CERTIFICATEHOLDERS’ STATEMENT

Exhibit 20.2

 

TARGET NATIONAL BANK

 

 

TARGET CREDIT CARD MASTER TRUST

 

 

SERIES 2005-1

 

 

 

IX.

 

PRINCIPAL COLLECTIONS

 

 

 

 

 

 

 

 

 

 

 

 

 

(a)

 

Series 2005-1 Principal

 

$                                  -   

 

 

 

 

 

 

 

 

 

 

 

(b)

 

Reallocated Principal Collections

 

$                                  -   

 

 

 

(c)

 

Shared Principal Collections allocable from other Series and Participation

 

$                                  -   

 

 

 

 

 

 

 

 

 

 

 

(d)

 

Shared Transforer Principal Collections

 

$                                  -   

 

 

 

 

 

 

 

 

 

 

 

X.

 

INVESTOR CHARGE-OFFS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INVESTOR CHARGE-OFFS

 

 

 

 

 

(a)

 

Investor Charge-Offs

 

$                                  -   

 

 

 

(b)

 

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

 

$                                  -   

 

 

 

(c)

 

Total amount reimbursed in respect of Investor Charge-Offs

 

$                                  -   

 

 

 

(d)

 

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

 

$                                  -   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

XI.

 

AMORTIZATION

 

 

 

 

 

 

 

 

 

 

 

 

 

(a)

 

Accumulation Period Length (months)

 

12

 

 

 

(b)

 

Class A Controlled Accumulation Amount

 

$               75,000,000.00

 

 

 

(c)

 

Class A Deficit Controlled Accumulation Amount

 

$                                  -   

 

 

 

(d)

 

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

 

$                                  -   

 

 

 

 

 

 

 

TARGET NATIONAL BANK,

 

 

 

 

 

 

as servicer

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

By:

/s/ Rob Barnhart

 

 

 

 

 

 

 

Name: Rob Barnhart

 

 

 

 

 

 

Title: Vice President

 

 

 

 


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