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Previous: SEARS CREDIT ACCOUNT MASTER TRUST II, 8-K, EX-20, 2001-01-16 |
Next: CORAM HEALTHCARE CORP, 8-K, 2001-01-16 |
EXHIBIT 20(p)
Monthly Certificateholders' Statement
Sears Credit Account Master Trust II
Series 2000-4 Monthly Statement
Distribution Date: January 16, 2001 Due Period Ending: December 2000
Under the Series Supplements relating to the Pooling and Servicing Agreement dated
as of July 31,1994, as amended, by and among Sears, Roebuck and Co., SRFG, Inc.,
(formerly Sears Receivables Financing Group, Inc.) and Bank One, National Association
(formerly The First National Bank of Chicago) as Trustee, the Trustee is required
to prepare certain information each month regarding current distributions to
Certificateholders and the performance of the Trust. The information for the Due
Period and the Distribution Date listed above is set forth below:
1a. Payments or Allocations to 2000-4 Investors this Due Period
Series 2000-4 Total Interest Principal
Class A $3,093,333.33 $3,093,333.33 $0.00
Class B $260,640.00 $260,640.00 $0.00
Class C $0.00 $0.00 $0.00
1b. Applicable Interest Rate for this Interest Accrual Period
Class A 6.96000%
Class B 7.24000%
2. Principal Receivables at the end of the Due Period
(a) TOTAL PRINCIPAL RECEIVABLES IN THE TRUST $10,862,241,721.46
Aggregate Investor Interest $8,972,759,306.21
Seller Interest (1) $1,889,482,415.25
(b) INVESTOR INTEREST BY GROUPS
Group One Investor Interest $8,972,759,306.21
(c) INVESTOR INTEREST BY SERIES
Series 1995-1 Investor Interest $9,908,547.16
Series 1995-2 Investor Interest $49,455,625.99
Series 1995-3 Investor Interest $129,156,131.58
Series 1995-5 Investor Interest $588,250,000.00
Series 1996-1 Investor Interest $355,145,950.13
Series 1996-3 Investor Interest $588,240,000.00
Series 1996-4 Investor Interest $517,876,363.62
Series 1996-5 Investor Interest $628,931,000.00
Series 1997-1 Investor Interest $588,240,000.00
Series 1998-1 Investor Interest $368,155,687.73
Series 1998-2 Investor Interest $530,000,000.00
Series 1999-1 Investor Interest $588,250,000.00
Series 1999-2 Investor Interest $588,250,000.00
Series 1999-3 Investor Interest $470,650,000.00
Series 2000-1 Investor Interest $1,000,000,000.00
Series 2000-2 Investor Interest $588,250,000.00
Series 2000-3 Investor Interest $755,000,000.00
Series 2000-4 Investor Interest $629,000,000.00
(d) INVESTOR INTEREST BY CLASS (SERIES 2000-4)
Class A Investor Interest $500,000,000.00
Class B Investor Interest $40,500,000.00
Class C Investor Interest $88,500,000.00
TOTAL CLASS INVESTOR INTEREST $629,000,000.00
3. Allocation of Collections During the Due Period (2)
(a) TOTAL COLLECTIONS $684,991,776.00
Principal Receivables Collected $502,419,833.19
Finance Charge Receivables Collected $182,571,942.81
Recovered Amounts added as Additional Funds $19,208,658.92
Investment Income $1,368,552.49
Additional
Finance Charge Principal Allocable
Collections Collections Amounts
(b) ALLOCATION OF COLLECTIONS
WITH RESPECT TO THE INVESTOR
INTEREST AND THE SELLER INTEREST
Aggregate Investor Allocation
(Aggregate Investor Percentage
multiplied by total
Collections received
during the Due Period) $156,140,934.18 $429,684,325.53 $20,577,211.41
Seller Allocation
(Seller Percentage
multiplied by total
Collections received
during the Due Period) $26,431,008.63 $72,735,507.66 $0.00
(c) Group One Allocation $156,140,934.18 $429,684,325.53 $20,577,211.41
(d) Series 2000-4 Allocation $10,769,286.65 $29,636,006.08 $1,419,242.75
(e) Reallocations of Collections
to Series 2000-4 from other
series in Group One and
application of Charge-Off
reimbursements to Principal
payments. $0.00 $0.00 $0.00
4. Information Concerning Controlled Amortization Amount
Amount Distributed Total Distributions
this Due Period through this Due Period
SERIES 2000-4 BY CLASS:
Class A $0.00 $0.00
Class B $0.00 $0.00
Class C $0.00 $0.00
5. Information Concerning Controlled Accumulation Amount
Amount Deposited Total in the Series
this Distribution Period Principal Funding Account
SERIES 2000-4 BY CLASS:
Class A $0.00 $0.00
Class B $0.00 $0.00
Class C $0.00 $0.00
6. Investor Charged-Off Amounts
This Due Period
(a) Group One (the sum of the Series Investor
Charged-Off Amounts for all Series in
Group One) $55,622,312.95
(b) Series 2000-4(the sum of the Class
Investor Charged-Off Amounts for all
Classes in Series 2000-4) $3,836,358.71
(c) Series 2000-4 by Class:
Class A (Class A Percentage multiplied
by the Charged-Off Amount) $3,049,569.71
Class B (Class B Percentage multiplied
by the Charged-Off Amount) $247,015.13
Class C (Class C Percentage multiplied
by the Charged-Off Amount) $539,773.87
7. Investor Losses
Total
(a) Group One $0.00
(b) Series 2000-4 $0.00
(c) Series 2000-4 By Class:
Class A $0.00
Class B $0.00
Class C $0.00
8. Monthly Servicing Fee Payable This Due Period
SELLER SERVICING FEE $2,572,919.39
INVESTOR SERVICING FEE
(a) Group One $15,199,497.60
(b) Series 2000-4 $1,048,333.33
9. Performance Analysis
(a) Portfolio Yield (Finance Charge Collections during
the Due Period divided by Principal Receivables in
the Trust as of the first day of the Due Period) 20.55%
(b) Charge-Offs (Charged-Off Amounts during the Due
Period divided by Principal Receivables in the
Trust as of the first day of the Due Period) 7.32%
(c) Recoveries (Recovered Amounts added as Additional
Funds on the Distribution Date divided by Aggregate
Investor Interest in the Trust as of the first day 2.53%
of the Due Period)
(d) Investment Income Earned (added as Additional Allocable
Amounts on the Distribution Date divided by Aggregate Investor 0.18%
Interest in the Trust as of the first day of the Due Period)
(e) Investor Servicing Fee Percentage (weighted average
of Investor Servicing Fees for Series 2000-4) 2.00%
(f) Weighted Average Certificate Rate (weighted average
certificate rates for all classes of Series 2000-4) 6.00%
(g) Series Excess Servicing Percentage (the sum of Series
Finance Charge Collections, Investment Income and Recovered
Amounts minus the sum of Series Charge-Offs Amounts, the
Investor Servicing Fee and the Certificate Interest
divided by the Series Invested Amount) 7.94%
(h) Total Payment Rate (Aggregate Collections during
the Due Period divided by the aggregate amount of
Receivables in the Trust as of the first day of
the Due Period) 6.32%
10. Summary Delinquency Aging Information (3)
The Accounts in the Trust have the following delinquency distribution:
December 2000
Delinquencies as a % of balances
60 - 89 days past due 1.90
90 - 119 days past due 1.49
120 days or more past due 3.94
Total Delinquencies 7.33
The delinquency rate is calculated by dividing the delinquent balances as of
the end of the Due Period by the balance of receivables in the Trust at the
end of the Due Period. Sears and the Bank determine delinquency levels for
accounts using an aging methodology that is based on the number of completed
billing cycles during which the customer failed to make a required payment.
The delinquency data reflect the percentage of Account balances for which the
customer has failed to make a required payment in each of the last three, four
and five or more billing cycles, respectively.
(1) Seller Interest, reported in Item 2(a), has been adjusted to reflect the
change in methodology from a sum-of-cycles basis to a calendar month basis.
(2) Collections are reported for the calendar month of December. December
collections also included collections received in November that would have
been included in December collections on a sum-of-cycle basis. The Servicer
estimated the additional collections to have been approximately $330,000,000.
Although these collections were available to investors and the Seller, we have
excluded the additional collections from this report to provide investors
with more meaningful performance data.
(3) Delinquencies are reported for the calendar month of December. These reported
delinquencies reflect payments made after the end of the billing cycle but
before the end of the month, and are therefore lower than those that would
have been reported on a sum-of-cycles basis. Delinquencies reported on a monthly
basis are not comparable to delinquencies reported on a sum-of-cycles basis.
BANK ONE, NATIONAL ASSOCIATION,
as Trustee
By: /s/Diane Swanson
Assistant Vice President
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