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 January 21, 1997
HOUSEHOLD PRIVATE LABEL CREDIT CARD MASTER TRUST II
(Exact name of registrant as specified in Department of the
Treasury, Internal Revenue Service Form SS-4)
HOUSEHOLD FINANCE CORPORATION
(Servicer of the Trust)
(Exact name as specified in Servicer's charter)
Delaware 33-83234 Not Applicable
(State or other juris- (Commission File Number (IRS Employer
diction of incorporation of Registrant) Identification
of Master Servicer) Number of
Registrant)
2700 Sanders Road, Prospect Heights, Illinois 60070
(Address of principal executive offices of (Zip Code)
Master Servicer)
Servicer's telephone number, including area code 847/564-5000
Exhibit Index appears on page 5 <PAGE>
Item 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits
99(a) Monthly Servicing Report to Trustee dated
January 21, 1997 pursuant to Section 3.04(b)
of the Pooling and Servicing Agreement dated
as of October 1, 1994 (the "Pooling and
Servicing Agreement") among HRSI Funding,
Inc. as Seller, Household Finance
Corporation, as Servicer, and First Trust of
New York, N.A. (as successor in interest to
BankAmerica National Trust Company), as
Trustee, with respect to the Class A
Certificates and the Class B Certificates,
Series 1994-1.
99(b) Monthly Servicing Report to Trustee dated
January 21, 1997 pursuant to Section 3.04(b)
of the Pooling and Servicing Agreement dated
as of October 1, 1994 (the "Pooling and
Servicing Agreement") among HRSI Funding,
Inc. as Seller, Household Finance
Corporation, as Servicer, and Fist Trust of
New York (as successor in interest to
BankAmerica National Trust Company), as
Trustee, with respect to the Class A
Certificates and the Class B Certificates,
Series 1994-2.
-2-
<PAGE>
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act
of 1934, the Servicer has duly caused this report to be signed on
behalf of the Private Label Credit Card Master Trust II by the
undersigned hereunto duly authorized.
HOUSEHOLD FINANCE CORPORATION,
as Servicer of and on behalf of the
HOUSEHOLD PRIVATE LABEL CREDIT CARD
MASTER TRUST II
(Registrant)
By: /s/ J. W. Blenke
J. W. Blenke, Authorized Representative
Dated: January 21, 1997
- 3 -<PAGE>
EXHIBIT INDEX
Exhibit
Number Exhibit Page
99(a) Monthly Servicing Report to Trustee dated January 21, 5
1997 pursuant to Section 3.04(b) of the Pooling
and Servicing Agreement dated as of October 1, 1994
(the "Pooling and Servicing Agreement") among HRSI
Funding, Inc. as Seller, Household Finance
Corporation, as Servicer, and First Trust of New
York, N.A. (as successor in interest to BankAmerica
National Trust Company), as Trustee, with respect
to the Class A Certificates and the Class B
Certificates, Series 1994-1.
99(b) Monthly Servicing Report to Trustee dated January 21, 1997
pursuant to Section 3.04(b) of the Pooling and Servicing
Agreement dated as of October 1, 1994 (the "Pooling and
Servicing Agreement") among HRSI Funding, Inc. as Seller,
Household Finance Corporation, as Servicer, and First Trust
of New York, N.A. (as successor in interest to BankAmerica
National Trust Company), as Trustee, with respect to the
Class A Certificates and the Class B Certificates, Series
1994-2.
- 4 -
**************************************************************************
Household Finance Corporation
HRSI Funding, Inc. Dec-96
Household Private Label Credit Card Master Trust II, Series 1994-1 21-Jan-97
***************************************************************************
*** Trust Portfolio Activity Summary ***
<TABLE>
Performance Ratios (expressed as a percentage of Principal Receivables)
<S> <C>
Payment Rate 7.047%
Annualized Gross Cash Yield 19.405%
Annualized Default Rate 6.048%
Annualized Portfolio Yield 13.358%
Delinquency status of accounts: (Gross/Gross)
<C> <C> <C> <S> <C> <C>
30 - 59 days (Del Stat 1) ($) 53,983,716.83
30 - 59 days (Del Stat 1) (%) 3.93%
60 - 89 days (Del Stat 2) ($) 26,938,177.96
60 - 89 days (Del Stat 2) (%) 1.96%
90+ days (Del Stat 3+)($) 91,095,676.06
90+ days (Del Stat 3+)(%) 6.64%
<S> <C> <C>
Total ($) 172,017,570.85
Total (%) 12.53%
Collections
Principal (discount applied) 71,240,126.14
Finance Charge & Fees (discount applied) 20,267,572.53
Other 0.00
Allocated Recoveries 729,929.49
Total 92,237,628.16
Aggregate Principal Shortfalls for Group 1 0.00
Adjustment Payments 0.00
Transfer Deposit Amount 0.00
Charge-Off Activity
Defaulted Receivables 6,544,000.25
Defaulted Receivables Repurchased Pursuant to Article 2.07 0.00
Defaulted Receivables Repurchased Pursuant to Article 3.03 0.00
Defaulted Amount 6,544,000.25
*** Reallocated Investor Finance Charge and Administrative Collections ***
Reallocated Investor Finance Charge and Administrative Collections 2,596,883.16
Investor Defaulted Amount 862,642.66
Series Adjusted Portfolio Yield 12.158%
*** Class A Invested Percentage Allocations ***
Class A Invested Percentage 72.1600000%
Fixed Class A Invested Percentage 82.0000000%
Class A Monthly Interest (Due) [Section 4.08(a)] 610,729.17
<S> <C> <C> <C> <C>
Overdue Class A Monthly Interest (Due) [Section 4.08(a)] 0.00
Class A Additional Interest (Due) [Section 4.08(a)] 0.00
Overdue Class A Additional Interest (Due) [Section 4.08(a)] 0.00
Class A Investor Default Amount 622,482.94
Allocable Servicing Fee (Due) [Section 3] 285,274.62
Previously unpaid Allocable Servicing Fee 0.00
Class A Required Amount [Section 4.10 (a)] 0.00
Funding of Class A Required Amount:
From Excess Reallocated FC&A to Pay Req. Amount [Section 4.13(a) 0.00
From Cash Collateral Account Withdrawls [Section 4.14(b)] 0.00
From Subordinated Principal Collections [Section 4.15(a)] 0.00
Total ("Funded Class A Required Amount") 0.00
Class A Invested Percentage of Reallocated FC&A [Section 4.11(a)] 1,873,910.89
Amount that constitutes Excess FC&A [Section 4.11(a)(iv)] 355,424.16
Funded Class A Required Amount 0.00
Excess Reallocated FC&A to cover previously unpaid Allocated Servicin 0.00
Total Available for Class A Invested Percentage Allocations 1,518,486.73
Class A Monthly Interest (Paid) 610,729.17
Overdue Class A Monthly Interest (Paid) 0.00
Class A Additional Interest (Paid) 0.00
Overdue Class A Additional Interest (Paid) 0.00
Reimb. of Class A Investor Default Amount (Paid) 622,482.94
Allocable Servicing Fee (Paid) 285,274.62
Previously unpaid Allocable Servicing Fee (Paid) 0.00
Class A Interest Shortfall 0.00
Class A Additional Interest Shortfall 0.00
*** Class B Invested Percentage Allocations ***
Class B Invested Percentage 15.8400000%
Fixed Class B Invested Percentage 6.0000000%
Class B Monthly Interest (Due) [Section 4.08(b)] 141,562.50
Overdue Class B Monthly Interest (Due) [Section 4.08(b)] 0.00
Class B Additional Interest (Due) [Section 4.08(b)] 0.00
Overdue Class B Additional Interest (Due) [Section 4.08(b)] 0.00
Class B Investor Default Amount 136,642.60
Excess current or overdue Class B Monthly Interest,
Class B Additional Interest or the cumulative Excess Interest 0.00
Funding of Excess current or overdue Class B Monthly Interest,
Class B Additional Interest or the cumulative Excess Interest:
From Excess Reallocated FC&A [Section 4.13(c)] 0.00
From Cash Collateral Account Withdrawl [Section 4.14(b)] 0.00
From Subordinated Principal Collections allocable to the Collate 0.00
Total Funded 0.00
Funding of Class B Investor Default Amount
From Excess Reallocated FC&A [Section 4.13(d)] 136,642.60
From Cash Collateral Account Withdrawl [Section 4.14(b)] 0.00
From Subordinated Principal Collections allocable to the Collate 0.00
Total Funded 136,642.60
Class B Invested Percentage of Reallocated FC&A [Section 4.11(b)] 411,346.29
Amount that constitutes Excess FC&A [Section 4.11(b)(ii)] 269,783.79
Funded Excess current or overdue Class B Monthly Interest,
Class B Additional Interest or the cumulative Excess Interest: 0.00
Funded Class B Default Amount 136,642.60
Total Available for Class B Floating Allocations 278,205.10
Class B Monthly Interest (Paid) 141,562.50
Overdue Class B Monthly Interest (Paid) 0.00
Class B Additional Interest (Paid) 0.00
Overdue Class B Additional Interest (Paid) 0.00
Reimbursement Class B Investor Default Amount (Paid) 136,642.60
Class B Interest Shortfall 0.00
Class B Addtional Interest Shortfall 0.00
*** Collateral Invested Percentage Allocations ***
Collateral Invested Percentage 12.0000000%
Fixed Collateral Invested Percentage 12.0000000%
Collateral Monthly Interest (Due) [Section 4.08(c)] 100,674.70
Overdue Collateral Monthly Interest (Due) [Section 4.08(c)] 0.00
Collateral Additional Interest (Due) [Section 4.08(c)] 0.00
Overdue Collateral Additional Interest (Due) [Section 4.08(c)] 0.00
Collateral Investor Default Amount 103,517.12
Collateral Invested Percentage of Reallocated FC&A [Section 4.11(b-1) 311,625.98
Amount that constitutes Excess FC&A [Section 4.11(b-1)] 311,625.98
From Excess Reallocated FC&A to Fund Collateral Investor Default Amou 103,517.12
Total Available for Collateral Invested Percentage Allocations 103,517.12
Collateral Monthly Interest (Paid) 100,674.70
Overdue Collateral Monthly Interest (Paid) 0.00
Collateral Additional Interest (Paid) 0.00
Overdue Collateral Additional Interest (Paid) 0.00
Reimbursement of Collateral Default Amount (Paid) 103,517.12
Collateral Interest Shortfall 0.00
Collateral Additional Interest Shortfall 0.00
Series 1994-1 Monthly Interest
Collateral Rate Cap 6.6445300%
Collateral Monthly Interest (Subject to Collat. Rate Cap) 100,674.70
Series 1994-1 Monthly Interest 852,966.37
*** Reimbursement of Shortfalls ***
Excess Reallocated FC&A Collections
Sources of Excess Reallocated FC&A Collections
Excess Class A Reallocated FC&A [Section 4.11(a)(iv)] 355,424.16
Excess Class B Reallocated FC&A [Section 4.11(b)(ii)] 269,783.79
Excess Collateral Interest Reallocated FC&A [Section 4.11(b-1)] 311,625.98
Total 936,833.93
Uses of Excess Reallocated FC&A Collections [Section 4.13]
Allocated to Class A Required Amount [Section 4.13(a)] 0.00
Allocated to reimburse Class A Investor Charge-Offs [Section 4.13 0.00
Allocated to pay current or overdue Class B Monthly
Interest, Class B Additional Interest or the Cumulative
Excess Interest Amount [Section 4.13(c)] 0.00
Allocated to fund the Class B Investor Default Amount [Section 4. 136,642.60
Allocated to reimburse Class B Invested Amount reductions [Sectio 0.00
Allocated to Collateral Monthly Interest [Section 4.13(f)] 100,674.70
Allocated to unpaid Allocated Servicing Fee from previous periods 0.00
Allocated to fund the Collateral Default Amount [Section 4.13(h)] 103,517.12
Allocated to reimburse Collateral Invested Amount reductions [Sec 0.00
Allocated to the Cash Collateral Account [Section 4.13(j)] 0.00
Allocated pursuant to the Collateral Agreement [Section 4.13(k)] 595,999.51
Subordinated Principal Collections [Section 4.15] 5,727,939.42
Allocated to Class A Required Amount [Section 4.15(a)] 0.00
Allocated to pay current or overdue Class B Monthly
Interest, Class B Additional Interest or the Cumulative
Excess Interest Amount [Section 4.15(b)] 0.00
Allocated to fund the Class B Investor Default Amount [Section 4. 0.00
*** Amortization Allocations ***
Accumulation Period Determination
Required Aggregate Accumulation Amount 0.00
Accumulation Period Amount N/A
Accumulation Period Length N/A
Accumulation Period? NO
Amortization Events
Three Month Average Series Adjusted Portfolio Yield Test Not Triggered
Other Amortization Events Not Triggered
Transaction Period CONT. AMORT.
Principal Allocation Percentage 57.7609731%
Available Investor Principal Collections
Investor Principal Collections 18,864,681.17
Subordinated Principal Collections 0.00
Series Allocable Miscellaneous Payments 0.00
Series 1994-1 Excess Principal Collections 7,682,180.49
[Subordinated Series Reallocated Principal Collections] 0.00
Available Investor Principal Collections 26,546,861.66
Collateral Principal Collections 2,572,456.52
Class A Controlled Amortization Amount 25,625,000.00
Class A Controlled Distribution Amount 25,625,000.00
Class A Monthly Principal (Due) [Section 4.09(a)] 25,625,000.00
Class A Monthly Principal (Paid) 25,625,000.00
Class A Deficit Controlled Amortization Amount 0.00
Total Available to Pay Class B Monthly Principal 921,861.66
Class B Controlled Amortization Amount 0.00
Class B Controlled Distribution Amount 0.00
Class B Monthly Principal (Due) [Section 4.09(b)] 0.00
Class B Monthly Principal (Paid) 0.00
Class B Deficit Controlled Amortization Amount 0.00
Available Investor Prin. Collecions (after paying A &B) 921,861.66
Collateral Monthly Principal (Due) [Section 4.09(c)] 3,494,318.19
Collateral Monthly Principal (Paid) 3,494,318.18
Series 1994-1 Principal Shortfall 7,682,180.49
Trust Excess Principal Collections 0.00
*** Funding Accounts ***
Principal Funding Account deposit 0.00
Withdraw of Funded Deficit Controlled Amortization Amount 0.00
Withdraw of Excess (Paid to Seller) 0.00
Principal Funding Account Balance 0.00
Funded Deficit Controlled Amortization Amount 0.00
[ Class B Principal Funding Account deposits 0.00
Principal Distributed to Class B Certificateholders 0.00
Class B Principal Funding Account Balance N/A
Class A Interest Payment/Deposit
from Collection Account 610,729.17
from Principal Funding Account 0.00
Paid to Class A Certificateholders 610,729.17
Interest Funding Account Balance 0.00
Class B Interest Payment/Deposit
from Collection Account 141,562.50
from Principal Funding Account 0.00
Paid to Class B Certificateholders 141,562.50
Interest Funding Account Balance] 0.00
Class A Investor Charge-Offs 0.00
Reimbursement of Class A Investor Charge-Offs 0.00
Cumulative Unreimbursed Class A Investor Charge-Offs 0.00
Reduction of Class B Invested Amount (Other than Class B ICO) 0.00
Class B Investor Charge-Offs 0.00
Reimbursement of Class B Investor Charge-Offs 0.00
Cumulative Unreimbursed Class B Investor Charge-Offs and Reductions 0.00
Reduction of the Collateral Invested Amount (Other than Collateral CO 0.00
Collateral Charge-Offs 0.00
Reimbursement of Collateral Invested Amount reductions 0.00
Cumulative Unreimbursed Collateral Invested Amount Reductions 0.00
Previous month's ending Collateral Invested Amount 17,045,454.55
Current Month's ending Collateral Invested Amount 13,551,136.37
Unpaid current Allocated Servicing Fee 0.00
Reimbursement of unpaid Allocated Servicing Fee 0.00
Cumulative unreimbursed unpaid Allocated Serving Fee 0.00
Total Distributions to Class A, B, CIA (principal and interest and d 30,834,927.21
*** Receivables Outstanding & Invested Amounts ***
Principal Receivables outstanding [Last Month] 1,110,429,993.16
Average Principal outstanding based upon additional accounts 1,298,454,579.61
Principal Receivables outstanding [End of Month] 1,254,885,329.03
Finance Charge and Administrative Receivables outstanding 117,933,954.18
Class A Invested Amount 76,875,000.00
Class B Invested Amount 22,500,000.00
Collateral Invested Amount 13,551,136.37
Invested Amount 112,926,136.37
Series Adjusted Invested Amount 375,000,000.00
Revolving or Accumulation Period 375,000,000.00
Controlled Amortization Period 375,000,000.00
Seller Specified Numerator 0.00
125% Amount 0.00
Early Amortization Period N/A
Series Required Seller Amount 37,500,000.00
Required Collateral Amount 13,551,136.36
Available Collateral Amount 13,551,136.37
Class A Certificate Balance 76,875,000.00
Class B Certificate Balance 22,500,000.00
*** Cash Collateral Account ***
Cash Collateral Account [Section 4.14]
Begin Balance 0.00
Deposit of Excess Collections 0.00
Withdrawal Amounts [Section 4.14 (b)]
For Class A Required Amount 0.00
To reimburse Class A Investor Charge-Offs 0.00
To pay current or overdue Class B Monthly
Interest, Class B Additional Interest or the Cumulative
Excess Interest Amount 0.00
To fund the Class B Investor Default Amount 0.00
To reimburse Class B Invested Amount reductions 0.00
Total 0.00
Deposit of Collateral Monthly Principal 3,494,318.18
Net Available 3,494,318.18
Required Cash Collateral Amount (0.01)
Collateral Surplus 3,494,318.19
Cash Collateral Account Surplus 3,494,318.18
End Balance 0.00
Collateral Surplus (Prime) 0.00
Cash Collateral Account Surplus (Prime) 0.00
*** Application of Funds Pursuant to the Collateral Agreement ***
Available Funds
Available Funds
Collateral Interest (Libor + 1.00%) 100,674.70
Excess from allocation model 595,999.51
Earnings on Cash Collateral Account 0.00
Earnings on Spread Account, principal retention, 0.00
Available Non-Principal Funds 696,674.21
Available Principal Funds 3,494,318.18
Interest Due on the CA Investor Principal Balance (rate in fee letter 91,583.79
Fees, expenses and other amounts due 0.00
Application of Available Funds
Application of Available Non-Principal Funds [CA Section 2.10(a)]
Payment of Interest [CA Section 2.10(a)(i)] 91,583.79
Payment of CA Investor Charge-offs [CA Section 2.10(a)(ii)] 0.00
Payment of fees, expenses and other amounts [CA Section 2.1 0.00
Payment to reduce CA Investor Princ. Bal. to Target Amount, 0.00
Deposit to Non-Principal Retention Account [CA Section 2.10 0.00
Allocated to cover the Spread Account Deficiency [CA Sectio 0.00
Remaining Funds to be Paid to HRSI Funding (CA Residual Int 605,090.42
Application of Available Principal Funds [CA Section 2.10(b)]
Payment to reduce CA Investor Principal Balance [CA Section 3,494,318.18
Payment cover remaining CA Investor Charge-offs [CA Section 0.00
Payment cover deficiencies of Non-Principal Applications, pursuant to CA Sec
Payment of unpaid Interest 0.00
Payment of unpaid CA Investor Charge-offs 0.00
Payment of unpaid fees, expenses and other amounts 0.00
Deposit to the Principal Retention Account (during early am 0.00
Remaining Funds to be Paid to HRSI Funding (CA Residual Int 0.00
Withdrawls from the Spread Account, pursuant to Section 2.11(b)
Payment of Interest 0.00
Payment of CA Investor Charge-offs 0.00
Payment of fees, expenses and other amounts 0.00
Payment to reduce CA Investor Princ. Balance to Target Amou 0.00
Excess Spread Amount over Spread Cap 0.00
Current Excess Spread 605,090.42
Monthly Excess Spread Percentage 5.11%
Bi-Monthly Excess Spread Percentage 6.55%
Quarterly Excess Spread Percentage 7.15%
Semi-Annual Excess Spread Percentage 8.33%
CA Investor Interest 17,045,454.55
CA Investor Target Invested Amount 13,551,136.37
CA Investor Principal Balance 13,551,136.37
CA Investor Invested Amount 13,551,136.37
CA Investor Charge-offs 0.00
CA Investor Percentage (after dist. this month) 100.00%
CA Residual Interest (after dist. this month) 0.00
CA Residual Invested Amount (after dist. this month) 0.00
CA Residual Target 0.00
Spread Account
Overall Spread Account Cap 0.00
Merchant Concentration Spread Account Cap 0.00
Quarterly Excess Spread Cap 0.00
Spread Account Withdrawls 0.00
Spread Account Deposits - calculated 0.00
Spread Account Amount - calculated 0.00
Spread Account Deficiency 0.00
Spread Account Amount (actual deposit/withdrawal based on old model)
Cumulative Difference between Actual Deposit/Withdrawal and What S
Spread Account Deposit/Withdrawal Adjustment
Spread Account Amount (based on old incorrect model)
Principal Retention Account 0.00
Non-Principal Retention Account 0.00
************************************************************************
Household Finance Corporation
HRSI Funding, Inc.
Household Private Label Credit Card Master Trust II, Series 1994-1 21-Jan-97
*************************************************************************
CLASS A CERTIFICATEHOLDER'S STATEMENT
A. Information Regarding Distributions
<C> <S> <C> <S> <C>
1. Total distribution per $1,000 interest 85.319444
2. Principal distribution per $1,000 interest 83.333333
3. Interest distribution per $1,000 interest
B. Performance of Trust
1. Collections of Receivables
(a) Total Collections 92,237,628.16
(b) Collections of Finance Charge & Administrative Receivables 20,997,502.02
(c) Collections of Principal 71,240,126.14
2. Allocation of Receivables
(a) Class A Invested Percentage 72.1600000%
(b) Principal Allocation Percentage 57.7609731%
3. Class A Principal
(a) Total Amount Paid / Deposited to
Principal Funding Account 0.000000
(b) Total amount on deposit in Principal
Funding Account 0.000000
<C> <S> <C>
4. Delinquent Balances (Gross/Gross)
(a) 30 - 59 days (Del Stat 1) -- ($) 53,983,716.83
(%) 3.93%
(b) 60 - 89 days (Del Stat 2) -- ($) 26,938,177.96
(%) 1.96%
(c) 90+ days (Del Stat 3+) -- ($) 91,095,676.06
(%) 6.64%
5. Class A Investor Default Amount 622,482.94
CLASS A CERTIFICATEHOLDER'S STATEMENT
6. Class A Investor Charge-Offs;
Reimbursement of Charge-Offs.
(a) Class A Investor Charge-Offs, if any, for the Distribution
Date(s) with respect to the Payment Date 0.00
(b) The amount of Item 6(a) per $1,000 interest 0.00
(c) Total reimbursed to Trust in respect of Class A
Investor Charge-Offs 0.00
(d) The amount of Item 6(c) per $1,000 interest 0.00
(e) The amount, if any, by which the outstanding principal
balance of the Class A Certificates exceeds the Class A
Invested Amount as of the end of such Payment Date 0.00
7. Allocable Servicing Fee paid for the Distribution
Date(s) with respect to the Payment Date 285,274.62
8. Deficit Controlled Amortization Amount for such Payment Date 0.00
C. Class A Pool Factor 0.250000000
D. Receivables Balances
1. Principal Receivables as of close of business on the last day
of the preceding Due Period 1,254,885,329.03
2. Finance Charge and Administrative Receivables as of the close
of business on the last day of the preceding Due Period 117,933,954.18
E. Class B Certificates
1. Class B Invested Amount as of the end of the Payment Date 22,500,000.00
2. Available Collateral Invested Amount as of the end of the Payme 13,551,136.37
****************************************************************************
Household Finance Corporation
HRSI Funding, Inc.
Household Private Label Credit Card Master Trust II, Series 1994-1
***************************************************************************
CLASS B CERTIFICATEHOLDER'S STATEMENT
A. Information Regarding Distributions
1. Total distribution per $1,000 interest 6.2916667
2. Principal distribution per $1,000 interest 0.0000000
3. Interest distribution per $1,000 interest 6.2916667
B. Performance of Trust
1. Collections of Receivables
(a) Total Collections 92,237,628.16
(b) Collections of FC&A 20,997,502.02
(c) Collections of Principal 71,240,126.14
2. Allocation of Receivables
(a) Class B Invested Percentage 15.8400000%
(b) Principal Allocation Percentage 57.7609731%
3. Class B Principal
(a) Total Amount Paid / Deposited to
the Principal Funding Account NA
(b) Total amount on deposit in Principal
Funding Account NA
4. Delinquent Balances (Gross/Gross)
(a) 30 - 59 days (Del Stat 1) -- ($) 53,983,716.83
(%) 3.93%
(b) 60 - 89 days (Del Stat 2) -- ($) 26,938,177.96
(%) 1.96%
(c) 90+ days (Del Stat 3+) -- ($) 91,095,676.06
(%) 6.64%
5. Class B Investor Default Amount 136,642.60
CLASS B CERTIFICATEHOLDER'S STATEMENT
6. Class B Investor Charge-Offs;
Reimbursement of Charge-Offs.
(a) Class B Investor Charge-Offs and other reductions, if any,
for the Distribution Date(s) with respect to the
Payment Date 0.00
(b) The amount of Item 6(a) per $1,000 interest 0.00
(c) Total reimbursed to Trust in respect of Class B
Investor Charge-Offs and other reductions 0.00
(d) The amount of Item 6(c) per $1,000 interest 0.00
(e) The amount, if any, by which the outstanding principal
balance of of the Class B Certificates exceeds the Class B
Invested Amount as of the end of such Payment Date 0.00
7. Available Cash Collateral Amount
(a) Available Cash Collateral Amount at close of business
on the Payment Date 0.00
(b) Available Cash Collateral Amount as a percent of the
Class B Invested Amount, each at close of business on the
Payment Date 0.00%
8. Available Collateral Invested Amount 13,551,136.37
9. Deficit Controlled Amortization Amount for such Payment Date 0.00
C. Class B Pool Factor 1.00000000
D. Receivables Balances
1. Principal Receivables as of close of business on the last day
of the preceding Due Period 1,254,885,329.03
2. Finance Charge and Administrative Receivables as of the close
of business on the last day of the preceding Due Period 117,933,954.18
***************************************************************************
Household Finance Corporation
HRSI Funding, Inc. Dec-96
Household Private Label Credit Card Master Trust II, Series 1994-2 21-Jan-97
****************************************************************************
*** Trust Portfolio Activity Summary ***
Performance Ratios (expressed as a percentage of Principal Receivables)
Payment Rate 7.047%
Annualized Gross Cash Yield 19.405%
Annualized Default Rate 6.048%
Annualized Portfolio Yield 13.358%
Delinquency status of accounts: (Gross/Gross)
30 - 59 days (Del Stat 1) ($) 53,983,716.83
30 - 59 days (Del Stat 1) (%) 3.93%
60 - 89 days (Del Stat 2) ($) 26,938,177.96
60 - 89 days (Del Stat 2) (%) 1.96%
90+ days (Del Stat 3+)($) 91,095,676.06
90+ days (Del Stat 3+)(%) 6.64%
Total ($) 172,017,570.85
Total (%) 12.53%
Collections
Principal (discount applied) 71,240,126.14
Finance Charge (discount applied) 20,267,572.53
Other 0.00
Allocated Recoveries 729,929.49
Total 92,237,628.16
Aggregate Principal Shortfalls for Group 1 0.00
Adjustment Payments 0.00
Transfer Deposit Amount 0.00
Charge-Off Activity
Defaulted Receivables 6,544,000.25
Defaulted Receivables Repurchased Pursuant to Article 2.07 0.00
Defaulted Receivables Repurchased Pursuant to Article 3.03 0.00
Defaulted Amount 6,544,000.25
*** Reallocated Investor Finance Charge and Administrative Collections ***
Reallocated Investor Finance Charge and Administrative Collections 6,235,228.56
Investor Defaulted Amount 1,889,939.11
Series Adjusted Portfolio Yield 13.905%
*** Class A Invested Percentage Allocations ***
Class A Invested Percentage 82.0000000%
Fixed Class A Invested Percentage 82.0000000%
Class A Monthly Interest (Due) [Section 4.08(a)] 1,998,750.00
Overdue Class A Monthly Interest (Due) [Section 4.08(a)] 0.00
Class A Additional Interest (Due) [Section 4.08(a)] 0.00
Overdue Class A Additional Interest (Due) [Section 4.08(a)] 0.00
Class A Investor Default Amount 1,549,750.07
Allocable Servicing Fee (Due) [Section 3] 625,000.00
Previously unpaid Allocable Servicing Fee 0.00
Class A Required Amount [Section 4.10 (a)] 0.00
Funding of Class A Required Amount:
From Excess Reallocated FC&A to Pay Req. Amount [Section 4.13(a) 0.00
From Cash Collateral Account Withdrawls [Section 4.14(b)] 0.00
From Subordinated Principal Collections [Section 4.15(a)] 0.00
Total ("Funded Class A Required Amount") 0.00
Class A Invested Percentage of Reallocated FC&A [Section 4.11(a)] 5,112,887.42
Amount that constitutes Excess FC&A [Section 4.11(a)(iv)] 939,387.35
Funded Class A Required Amount 0.00
Excess Reallocated FC&A to cover previously unpaid Allocated Servicin 0.00
Total Available for Class A Invested Percentage Allocations 4,173,500.07
Class A Monthly Interest (Paid) 1,998,750.00
Overdue Class A Monthly Interest (Paid) 0.00
Class A Additional Interest (Paid) 0.00
Overdue Class A Additional Interest (Paid) 0.00
Reimb. of Class A Investor Default Amount (Paid) 1,549,750.07
Allocable Servicing Fee (Paid) 625,000.00
Previously unpaid Allocable Servicing Fee (Paid) 0.00
Class A Interest Shortfall 0.00
Class A Additional Interest Shortfall 0.00
0.00%
*** Class B Invested Percentage Allocations ***
Class B Invested Percentage 6.0000000%
Fixed Class B Invested Percentage 6.0000000%
Class B Monthly Interest (Due) [Section 4.08(b)] 150,000.00
Overdue Class B Monthly Interest (Due) [Section 4.08(b)] 0.00
Class B Additional Interest (Due) [Section 4.08(b)] 0.00
Overdue Class B Additional Interest (Due) [Section 4.08(b)] 0.00
Class B Investor Default Amount 113,396.35
Excess current or overdue Class B Monthly Interest,
Class B Additional Interest or the cumulative Excess Interest 0.00
Funding of Excess current or overdue Class B Monthly Interest,
Class B Additional Interest or the cumulative Excess Interest:
From Excess Reallocated FC&A [Section 4.13(c)] 0.00
From Cash Collateral Account Withdrawl [Section 4.14(b)] 0.00
From Subordinated Principal Collections allocable to the Collate 0.00
Total Funded 0.00
Funding of Class B Investor Default Amount
From Excess Reallocated FC&A [Section 4.13(d)] 113,396.35
From Cash Collateral Account Withdrawl [Section 4.14(b)] 0.00
From Subordinated Principal Collections allocable to the Collate 0.00
Total Funded 113,396.35
0
Class B Invested Percentage of Reallocated FC&A [Section 4.11(b)] 374,113.71
Amount that constitutes Excess FC&A [Section 4.11(b)(ii)] 224,113.71
Funded Excess current or overdue Class B Monthly Interest,
Class B Additional Interest or the cumulative Excess Interest: 0.00
Funded Class B Default Amount 113,396.35
Total Available for Class B Floating Allocations 263,396.35
Class B Monthly Interest (Paid) 150,000.00
Overdue Class B Monthly Interest (Paid) 0.00
Class B Additional Interest (Paid) 0.00
Overdue Class B Additional Interest (Paid) 0.00
Reimbursement Class B Investor Default Amount (Paid) 113,396.35
Class B Interest Shortfall 0.00
Class B Addtional Interest Shortfall 0.00
*** Collateral Invested Percentage Allocations ***
Collateral Invested Percentage 12.0000000%
Fixed Collateral Invested Percentage 12.0000000%
Collateral Monthly Interest (Due) [Section 4.08(c)] 265,781.20
Overdue Collateral Monthly Interest (Due) [Section 4.08(c)] 0.00
Collateral Additional Interest (Due) [Section 4.08(c)] 0.00
Overdue Collateral Additional Interest (Due) [Section 4.08(c)] 0.00
Collateral Investor Default Amount 226,792.69
Collateral Invested Percentage of Reallocated FC&A [Section 4.11(b-1) 748,227.43
Amount that constitutes Excess FC&A [Section 4.11(b-1)] 748,227.43
From Excess Reallocated FC&A to Fund Collateral Investor Default Amou 226,792.69
Total Available for Collateral Invested Percentage Allocations 226,792.69
Collateral Monthly Interest (Paid) 265,781.20
Overdue Collateral Monthly Interest (Paid) 0.00
Collateral Additional Interest (Paid) 0.00
Overdue Collateral Additional Interest (Paid) 0.00
Reimbursement of Collateral Default Amount (Paid) 226,792.69
Collateral Interest Shortfall 0.00
Collateral Additional Interest Shortfall 0.00
Series 1994-2 Monthly Interest
Collateral Rate Cap 6.6445300%
Collateral Monthly Interest (Subject to Collat. Rate Cap) 265,781.20
Series 1994-2 Monthly Interest 2,414,531.20
*** Reimbursement of Shortfalls ***
Excess Reallocated FC&A Collections
Sources of Excess Reallocated FC&A Collections
Excess Class A Reallocated FC&A [Section 4.11(a)(iv)] 939,387.35
Excess Class B Reallocated FC&A [Section 4.11(b)(ii)] 224,113.71
Excess Collateral Interest Reallocated FC&A [Section 4.11(b-1)] 748,227.43
Total 1,911,728.49
Uses of Excess Reallocated FC&A Collections [Section 4.13]
Allocated to Class A Required Amount [Section 4.13(a)] 0.00
Allocated to reimburse Class A Investor Charge-Offs [Section 4.13 0.00
Allocated to pay current or overdue Class B Monthly
Interest, Class B Additional Interest or the Cumulative
Excess Interest Amount [Section 4.13(c)] 0.00
Allocated to fund the Class B Investor Default Amount [Section 4. 113,396.35
Allocated to reimburse Class B Invested Amount reductions [Sectio 0.00
Allocated to Collateral Monthly Interest [Section 4.13(f)] 265,781.20
Allocated to unpaid Allocated Servicing Fee from previous periods 0.00
Allocated to fund the Collateral Default Amount [Section 4.13(h)] 226,792.69
Allocated to reimburse Collateral Invested Amount reductions [Sec 0.00
Allocated to the Cash Collateral Account [Section 4.13(j)] 0.00
Allocated pursuant to the Collateral Agreement [Section 4.13(k)] 1,305,758.25
Subordinated Principal Collections [Section 4.15] 3,703,409.11
Allocated to Class A Required Amount [Section 4.15(a)] 0.00
Allocated to pay current or overdue Class B Monthly
Interest, Class B Additional Interest or the Cumulative
Excess Interest Amount [Section 4.15(b)] 0.00
Allocated to fund the Class B Investor Default Amount [Section 4. 0.00
*** Amortization Allocations ***
Accumulation Period Determination
Required Aggregate Accumulation Amount N/A
Accumulation Period Amount N/A
Accumulation Period Length N/A
Accumulation Period? NO
Amortization Events
Three Month Average Series Adjusted Portfolio Yield Test Not Triggered
Other Amortization Events Not Triggered
Transaction Period REVOLVING
Principal Allocation Percentage 57.7609731%
Available Investor Principal Collections
Investor Principal Collections 19,768,702.05
Subordinated Principal Collections 0.00
Series Allocable Miscellaneous Payments 0.00
Series 1994-2 Excess Principal Collections 0.00
[Subordinated Series Reallocated Principal Collections] 0.00
Available Investor Principal Collections 19,768,702.05
Collateral Principal Collections 2,695,732.09
Class A Controlled Amortization Amount 0.00
Class A Controlled Distribution Amount 0.00
Class A Monthly Principal (Due) [Section 4.09(a)] 0.00
Class A Monthly Principal (Paid) 0.00
Class A Deficit Controlled Amortization Amount 0.00
Total Available to Pay Class B Monthly Principal 19,768,702.05
Class B Controlled Amortization Amount 0.00
Class B Controlled Distribution Amount 0.00
Class B Monthly Principal (Due) [Section 4.09(b)] 0.00
Class B Monthly Principal (Paid) 0.00
Class B Deficit Controlled Amortization Amount 0.00
Available Investor Prin. Collecions (after paying A &B) 19,768,702.05
Collateral Monthly Principal (Due) [Section 4.09(c)] 0.00
Collateral Monthly Principal (Paid) 0.00
Series 1994-2 Principal Shortfall 0.00
Trust Excess Principal Collections 22,464,434.14
*** Funding Accounts ***
Principal Funding Account deposit 0.00
Withdraw of Funded Deficit Controlled Amortization Amount 0.00
Withdraw of Excess (Paid to Seller) 0.00
Principal Funding Account Balance 0.00
Funded Deficit Controlled Amortization Amount 0.00
[ Class B Principal Funding Account deposits 0.00
Principal Distributed to Class B Certificateholders 0.00
Class B Principal Funding Account Balance N/A
Class A Interest Payment/Deposit
from Collection Account 1,998,750.00
from Principal Funding Account 0.00
Paid to Class A Certificateholders 1,998,750.00
Interest Funding Account Balance 0.00
Class B Interest Payment/Deposit
from Collection Account 150,000.00
from Principal Funding Account 0.00
Paid to Class B Certificateholders 150,000.00
Interest Funding Account Balance] 0.00
Class A Investor Charge-Offs 0.00
Reimbursement of Class A Investor Charge-Offs 0.00
Cumulative Unreimbursed Class A Investor Charge-Offs 0.00
Reduction of Class B Invested Amount (Other than Class B ICO) 0.00
Class B Investor Charge-Offs 0.00
Reimbursement of Class B Investor Charge-Offs 0.00
Cumulative Unreimbursed Class B Investor Charge-Offs and Reductions 0.00
Reduction of the Collateral Invested Amount (Other than Collateral CO 0.00
Collateral Charge-Offs 0.00
Reimbursement of Collateral Invested Amount reductions 0.00
Cumulative Unreimbursed Collateral Invested Amount Reductions 0.00
Previous month's ending Collateral Invested Amount 45,000,000.00
Current Month's ending Collateral Invested Amount 45,000,000.00
Unpaid current Allocated Servicing Fee 0.00
Reimbursement of unpaid Allocated Servicing Fee 0.00
Cumulative unreimbursed unpaid Allocated Serving Fee 0.00
Total Distributions to Class A, B, CIA (principal and interest and d 4,304,470.31
*** Receivables Outstanding & Invested Amounts ***
Principal Receivables outstanding [Last Month] 1,110,429,993.16
Average Principal outstanding based upon additional accounts 1,298,454,579.61
Principal Receivables outstanding [End of Month] 1,254,885,329.03
Finance Charge and Administrative Receivables outstanding 117,933,954.18
Class A Invested Amount 307,500,000.00
Class B Invested Amount 22,500,000.00
Collateral Invested Amount 45,000,000.00
Invested Amount 375,000,000.00
Series Adjusted Invested Amount 375,000,000.00
Revolving or Accumulation Period 375,000,000.00
Controlled Amortization Period N/A
Seller Specified Numerator 0.00
125% Amount 0.00
Early Amortization Period N/A
Series Required Seller Amount 37,500,000.00
Required Collateral Amount 45,000,000.00
Available Collateral Amount 45,000,000.00
Class A Certificate Balance 307,500,000.00
Class B Certificate Balance 22,500,000.00
*** Cash Collateral Account ***
Cash Collateral Account [Section 4.14]
Begin Balance 0.00
Deposit of Excess Collections 0.00
Withdrawal Amounts [Section 4.14 (b)]
For Class A Required Amount 0.00
To reimburse Class A Investor Charge-Offs 0.00
To pay current or overdue Class B Monthly
Interest, Class B Additional Interest or the Cumulative
Excess Interest Amount 0.00
To fund the Class B Investor Default Amount 0.00
To reimburse Class B Invested Amount reductions 0.00
Total 0.00
Deposit of Collateral Monthly Principal 0.00
Net Available 0.00
Required Cash Collateral Amount 0.00
Collateral Surplus 0.00
Cash Collateral Account Surplus 0.00
End Balance 0.00
Collateral Surplus (Prime) 0.00
Cash Collateral Account Surplus (Prime) 0.00
*** Application of Funds Pursuant to the Collateral Agreement ***
Available Funds
Available Funds
Collateral Interest (Libor + 1.00%) 265,781.20
Excess from allocation model 1,305,758.25
Earnings on Cash Collateral Account 0.00
Earnings on Spread Account, principal retention, 0.00
Available Non-Principal Funds 1,571,539.45
Available Principal Funds 0.00
Interest Due on the CA Investor Principal Balance (rate in fee letter 247,781.20
Fees, expenses and other amounts due 0.00
Application of Available Funds
Application of Available Non-Principal Funds [CA Section 2.10(a)]
Payment of Interest [CA Section 2.10(a)(i)] 247,781.20
Payment of CA Investor Charge-offs [CA Section 2.10(a)(ii)] 0.00
Payment of fees, expenses and other amounts [CA Section 2.10(a)(iii)]
Payment to reduce CA Investor Princ. Bal. to Target Amount, pursuant to CA
Deposit to Non-Principal Retention Account [CA Section 2.10 (a) (iv)]
Allocated to cover the Spread Account Deficiency [CA Section 2.10(a)(v)]
Remaining Funds to be Paid to HRSI Funding (CA Residual Int 1,323,758.25
Application of Available Principal Funds [CA Section 2.10(b)]
Payment to reduce CA Investor Principal Balance [CA Section 0.00
Payment cover remaining CA Investor Charge-offs [CA Section 0.00
Payment cover deficiencies of Non-Principal Applications, pursuant to CA Sec
Payment of unpaid Interest 0.00
Payment of unpaid CA Investor Charge-offs 0.00
Payment of unpaid fees, expenses and other amounts 0.00
Deposit to the Principal Retention Account (during early am 0.00
Remaining Funds to be Paid to HRSI Funding (CA Residual Int 0.00
Withdrawls from the Spread Account, pursuant to Section 2.11(b)
Payment of Interest 0.00
Payment of CA Investor Charge-offs 0.00
Payment of fees, expenses and other amounts 0.00
Payment to reduce CA Investor Princ. Balance to Target Amou 0.00
Excess Spread Amount over Spread Cap 0.00
Current Excess Spread 1,323,758.25
Monthly Excess Spread Percentage 4.24%
Bi-Monthly Excess Spread Percentage 5.53%
Quarterly Excess Spread Percentage 6.11%
Semi-Annual Excess Spread Percentage 7.33%
CA Investor Interest 45,000,000.00
CA Investor Target Invested Amount 45,000,000.00
CA Investor Principal Balance 45,000,000.00
CA Investor Invested Amount 45,000,000.00
CA Investor Charge-offs 0.00
CA Investor Percentage (after dist. this month) 100.00%
CA Residual Interest (after dist. this month) 0.00
CA Residual Invested Amount (after dist. this month) 0.00
CA Residual Target 0.00
Spread Account
Overall Spread Account Cap 0.00
Merchant Concentration Spread Account Cap 0.00
Quarterly Excess Spread Cap 0.00
Spread Account Withdrawls 0.00
Spread Account Deposits - calculated 0.00
Spread Account Amount - calculated 0.00
Spread Account Deficiency 0.00
Spread Account Amount (actual deposit/withdrawal based on old model)
Cumulative Difference between Actual Deposit/Withdrawal and What Should Have Been D
Spread Account Deposit/Withdrawal Adjustment
Spread Account Amount (based on old incorrect model)
Principal Retention Account 0.00
Non-Principal Retention Account 0.00
****************************************************************************
Household Finance Corporation
HRSI Funding, Inc.
Household Private Label Credit Card Master Trust II, Series 1994-2 21-Jan-97
****************************************************************************
CLASS A CERTIFICATEHOLDER'S STATEMENT
A. Information Regarding Distributions
1. Total distribution per $1,000 interest 6.500000
2. Principal distribution per $1,000 interest 0.000000
3. Interest distribution per $1,000 interest 6.500000
B. Performance of Trust
1. Collections of Receivables
(a) Total Collections 92,237,628.16
(b) Collections of Finance Charge & Administrative Receivables 20,997,502.02
(c) Collections of Principal 71,240,126.14
2. Allocation of Receivables
(a) Class A Invested Percentage 82.0000000%
(b) Principal Allocation Percentage N/A
3. Class A Principal
(a) Total Amount Paid / Deposited to
Principal Funding Account N/A
(b) Total amount on deposit in Principal
Funding Account N/A
4. Delinquent Balances (Gross/Gross)
(a) 30 - 59 days (Del Stat 1) -- ($) 53,983,716.83
(%) 3.93%
(b) 60 - 89 days (Del Stat 2) -- ($) 26,938,177.96
(%) 1.96%
(c) 90+ days (Del Stat 3+) -- ($) 91,095,676.06
(%) 6.64%
5. Class A Investor Default Amount 1,549,750.07
CLASS A CERTIFICATEHOLDER'S STATEMENT
6. Class A Investor Charge-Offs;
Reimbursement of Charge-Offs.
(a) Class A Investor Charge-Offs, if any, for the Distribution
Date(s) with respect to the Payment Date 0.000000
(b) The amount of Item 6(a) per $1,000 interest 0.000000
(c) Total reimbursed to Trust in respect of Class A
Investor Charge-Offs 0.000000
(d) The amount of Item 6(c) per $1,000 interest 0.000000
(e) The amount, if any, by which the outstanding principal
balance of the Class A Certificates exceeds the Class A
Invested Amount as of the end of such Payment Date 0.000000
7. Allocable Servicing Fee paid for the Distribution
Date(s) with respect to the Payment Date 625,000.00
8. Deficit Controlled Amortization Amount for such Payment Date 0.00
C. Class A Pool Factor 1.00000000
D. Receivables Balances
1. Principal Receivables as of close of business on the last day
of the preceding Due Period 1,254,885,329.03
2. Finance Charge and Administrative Receivables as of the close
of business on the last day of the preceding Due Period 117,933,954.18
E. Class B Certificates
1. Class B Invested Amount as of the end of the Payment Date 22,500,000.00
2. Available Collateral Invested Amount as of the end of the Payme 45,000,000.00
***************************************************************************
Household Finance Corporation
HRSI Funding, Inc.
Household Private Label Credit Card Master Trust II, Series 1994-2
***************************************************************************
CLASS B CERTIFICATEHOLDER'S STATEMENT
A. Information Regarding Distributions
1. Total distribution per $1,000 interest 6.666667
2. Principal distribution per $1,000 interest 0.000000
3. Interest distribution per $1,000 interest 6.666667
B. Performance of Trust
1. Collections of Receivables
(a) Total Collections 92,237,628.16
(b) Collections of FC&A 20,997,502.02
(c) Collections of Principal 71,240,126.14
2. Allocation of Receivables
(a) Class B Invested Percentage 6.0000000%
(b) Principal Allocation Percentage N/A
3. Class B Principal
(a) Total Amount Paid / Deposited to
the Principal Funding Account NA
(b) Total amount on deposit in Principal
Funding Account NA
4. Delinquent Balances (Gross/Gross)
(a) 30 - 59 days (Del Stat 1) -- ($) 53,983,716.83
(%) 3.93%
(b) 60 - 89 days (Del Stat 2) -- ($) 26,938,177.96
(%) 1.96%
(c) 90+ days (Del Stat 3+) -- ($) 91,095,676.06
(%) 6.64%
5. Class B Investor Default Amount 113,396.35
CLASS B CERTIFICATEHOLDER'S STATEMENT
6. Class B Investor Charge-Offs;
Reimbursement of Charge-Offs.
(a) Class B Investor Charge-Offs and other reductions, if any,
for the Distribution Date(s) with respect to the
Payment Date 0.000000
(b) The amount of Item 6(a) per $1,000 interest 0.000000
(c) Total reimbursed to Trust in respect of Class B
Investor Charge-Offs and other reductions 0.000000
(d) The amount of Item 6(c) per $1,000 interest 0.000000
(e) The amount, if any, by which the outstanding principal
balance of of the Class B Certificates exceeds the Class B
Invested Amount as of the end of such Payment Date 0.000000
7. Available Cash Collateral Amount
(a) Available Cash Collateral Amount at close of business
on the Payment Date 0.000000
(b) Available Cash Collateral Amount as a percent of the
Class B Invested Amount, each at close of business on the
Payment Date 0.00%
8. Available Collateral Invested Amount 45,000,000.00
9. Deficit Controlled Amortization Amount for such Payment Date 0.00
C. Class B Pool Factor 1.00000000
D. Receivables Balances
1. Principal Receivables as of close of business on the last day
of the preceding Due Period 1,254,885,329.03
2. Finance Charge and Administrative Receivables as of the close
of business on the last day of the preceding Due Period 117,933,954.18
</TABLE>
