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Previous: TARRANT APPAREL GROUP, 10-Q, 1999-05-10 |
Next: HOSPITALITY PROPERTIES TRUST, 10-Q, 1999-05-10 |
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 April 20, 1999
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 0-36050 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
April 20, 1999 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:
J. W. Blenke, Authorized Representative
Dated: April 26, 1999
- 3 -<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: April 26, 1999
- 3 -<PAGE>
EXHIBIT INDEX
Exhibit
Number Exhibit Page
99(a) 5
Monthly Servicing Report to Trustee dated April 20, 1999
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. Mar-99
Household Private Label Credit Card Master Trust 20-Apr-99
II, Series 1994-2
* *
*** Trust Portfolio Activity Summary ***
Performance Ratios (expressed as a percentage of
Principal Receivables)
Payment Rate 9.825%
Annualized Gross Cash Yield 24.694%
Annualized Default Rate 6.880%
Annualized Portfolio Yield 17.814%
Delinquency status of accounts:
(Gross/Gross)
30 - 59 days (Del Stat 1) ($) 35,205,848.76
30 - 59 days (Del Stat 1) (%) 2.50%
60 - 89 days (Del Stat 2) ($) 22,264,914.96
60 - 89 days (Del Stat 2) (%) 1.58%
90+ days (Del Stat 3+)($) 76,216,891.46
90+ days (Del Stat 3+)(%) 5.41%
Total ($) 133,687,655.18
Total (%) 9.49%
Collections
Principal (discount applied) 106,723,926.01
Finance Charge (discount applied) 27,778,916.45
Other 0.00
Allocated Recoveries 393,904.42
Total 134,896,746.88
Aggregate Principal Shortfalls for Group 1 0.00
Adjustment Payments 0.00
Transfer Deposit Amount 0.00
Charge-Off Activity
Defaulted Receivables 7,849,331.71
Defaulted Receivables Repurchased Pursuant to 0.00
Article 2.07
Defaulted Receivables Repurchased Pursuant to 0.00
Article 3.03
Defaulted Amount 7,849,331.71
*** Reallocated Investor Finance Charge and
Administrative Collections ***
Reallocated Investor Finance Charge and 2,596,085.80
Administrative Collections
Investor Defaulted Amount 703,101.12
Series Adjusted Portfolio Yield 18.523%
*** Class A Invested Percentage Allocations ***
Class A Invested Percentage 69.6525097%
Fixed Class A Invested Percentage 82.0000000%
Class A Monthly Interest (Due) [Section 4.08(a)] 444,166.67
Overdue Class A Monthly Interest (Due) [Section 0.00
4.08(a)]
Class A Additional Interest (Due) [Section 0.00
4.08(a)]
Overdue Class A Additional Interest (Due) 0.00
[Section 4.08(a)]
Class A Investor Default Amount 489,727.58
Allocable Servicing Fee (Due) [Section 3] 204,387.63
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. 0.00
Amount [Section 4.13(a)]
From Cash Collateral Account Withdrawls 0.00
[Section 4.14(b)]
From Subordinated Principal Collections 0.00
[Section 4.15(a)]
Total ("Funded Class A Required Amount") 0.00
Class A Invested Percentage of Reallocated FC&A 1,808,238.91
[Section 4.11(a)]
Amount that constitutes Excess FC&A [Section 669,957.03
4.11(a)(iv)]
Funded Class A Required Amount 0.00
Excess Reallocated FC&A to cover previously 0.00
unpaid Allocated Servicing Fee [Section 4.13(g)]
Total Available for Class A Invested Percentage 1,138,281.88
Allocations
Class A Monthly Interest (Paid) 444,166.67
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) 489,727.58
Allocable Servicing Fee (Paid) 204,387.63
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 18.3474903%
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 0.00
4.08(b)]
Class B Additional Interest (Due) [Section 0.00
4.08(b)]
Overdue Class B Additional Interest (Due) 0.00
[Section 4.08(b)]
Class B Investor Default Amount 129,001.41
Excess current or overdue Class B Monthly
Interest,
Class B Additional Interest or the cumulative 0.00
Excess Interest
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 0.00
4.13(c)]
From Cash Collateral Account Withdrawl 0.00
[Section 4.14(b)]
From Subordinated Principal Collections 0.00
allocable to the Collateral Invested Amount
[Section 4.15(b)]
Total Funded 0.00
Funding of Class B Investor Default Amount
From Excess Reallocated FC&A [Section 129,001.41
4.13(d)]
From Cash Collateral Account Withdrawl 0.00
[Section 4.14(b)]
From Subordinated Principal Collections 0.00
allocable to the Collateral Invested Amount
[Section 4.15(b)]
Total Funded 129,001.41
0
Class B Invested Percentage of Reallocated FC&A 476,316.59
[Section 4.11(b)]
Amount that constitutes Excess FC&A [Section 326,316.59
4.11(b)(ii)]
Funded Excess current or overdue Class B Monthly
Interest,
Class B Additional Interest or the cumulative 0.00
Excess Interest:
Funded Class B Default Amount 129,001.41
Total Available for Class B Floating Allocations 279,001.41
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 129,001.41
(Paid)
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 59,215.77
4.08(c)]
Overdue Collateral Monthly Interest (Due) 0.00
[Section 4.08(c)]
Collateral Additional Interest (Due) [Section 0.00
4.08(c)]
Overdue Collateral Additional Interest (Due) 0.00
[Section 4.08(c)]
Collateral Investor Default Amount 84,372.13
Collateral Invested Percentage of Reallocated 311,530.30
FC&A [Section 4.11(b-1)]
Amount that constitutes Excess FC&A [Section 311,530.30
4.11(b-1)]
From Excess Reallocated FC&A to Fund Collateral 143,587.90
Investor Default Amount [Section 4.13(h)]
Total Available for Collateral Invested 143,587.90
Percentage Allocations
Collateral Monthly Interest (Paid) 59,215.77
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 84,372.13
(Paid)
Collateral Interest Shortfall 0.00
Collateral Additional Interest Shortfall 0.00
Series 1994-2 Monthly Interest
Collateral Rate Cap 9.1033639%
Collateral Monthly Interest (Subject to 59,215.77
Collat. Rate Cap)
Series 1994-2 Monthly Interest 653,382.44
*** Reimbursement of Shortfalls ***
Excess Reallocated FC&A Collections
Sources of Excess Reallocated FC&A Collections
Excess Class A Reallocated FC&A [Section 669,957.03
4.11(a)(iv)]
Excess Class B Reallocated FC&A [Section 326,316.59
4.11(b)(ii)]
Excess Collateral Interest Reallocated 311,530.30
FC&A [Section 4.11(b-1)]
Total 1,307,803.92
Uses of Excess Reallocated FC&A Collections
[Section 4.13]
Allocated to Class A Required Amount 0.00
[Section 4.13(a)]
Allocated to reimburse Class A Investor 0.00
Charge-Offs [Section 4.13(b)]
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 129,001.41
Default Amount [Section 4.13(d)]
Allocated to reimburse Class B Invested 0.00
Amount reductions [Section 4.13(e)]
Allocated to Collateral Monthly Interest 59,215.77
[Section 4.13(f)]
Allocated to unpaid Allocated Servicing Fee 0.00
from previous periods [Section 4.13(g)]
Allocated to fund the Collateral Default 84,372.13
Amount [Section 4.13(h)]
Allocated to reimburse Collateral Invested 0.00
Amount reductions [Section 4.13(i)]
Allocated to the Cash Collateral Account 0.00
[Section 4.13(j)]
Allocated pursuant to the Collateral 1,035,214.61
Agreement [Section 4.13(k)]
Subordinated Principal Collections [Section 8,871,460.00
4.15]
Allocated to Class A Required Amount [Section 0.00
4.15(a)]
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 0.00
Default Amount [Section 4.15(c)]
*** Amortization Allocations ***
Accumulation Period Determination
Required Aggregate Accumulation Amount 20,000,000.00
Accumulation Period Amount 0.00
Accumulation Period Length 2.00
Accumulation Period? NO
Amortization Events
Three Month Average Series Adjusted Portfolio Not Triggered
Yield Test
Other Amortization Events Not Triggered
Transaction Period Cont. Amort.
Principal Allocation Percentage 82.9212411%
Available Investor Principal Collections
Investor Principal Collections 26,343,705.64
Subordinated Principal Collections 0.00
Series Allocable Miscellaneous Payments 0.00
Series 1994-2 Excess Principal Collections 0.00
[Subordinated Series Reallocated Principal 0.00
Collections]
Available Investor Principal Collections 26,343,705.64
Collateral Principal Collections 3,592,323.49
Class A Controlled Amortization Amount 17,083,333.33
Class A Controlled Distribution Amount 17,083,333.33
Class A Monthly Principal (Due) [Section 17,083,333.33
4.09(a)]
Class A Monthly Principal (Paid) 17,083,333.33
Class A Deficit Controlled Amortization Amount 0.00
Total Available to Pay Class B Monthly Principal 31,716,332.16
Class B Controlled Amortization Amount 0.00
Class B Controlled Distribution Amount 0.00
Class B Monthly Principal (Due) [Section 0.00
4.09(b)]
Class B Monthly Principal (Paid) 0.00
Class B Deficit Controlled Amortization Amount 0.00
Available Investor Prin. Collecions (after 9,260,372.31
paying A &B)
Collateral Monthly Principal (Due) [Section 1,136,363.64
4.09(c)]
Collateral Monthly Principal (Paid) 1,136,363.64
Series 1994-2 Principal Shortfall 0.00
Trust Excess Principal Collections 11,716,332.16
*** Funding Accounts ***
Principal Funding Account deposit 0.00
Withdraw of Funded Deficit Controlled 0.00
Amortization Amount
Withdraw of Excess (Paid to Seller) 0.00
Principal Funding Account Balance 20,000,000.00
Funded Deficit Controlled Amortization Amount 0.00
[ Class B Principal Funding Account deposits 0.00
Principal Distributed to Class B 0.00
Certificateholders
Class B Principal Funding Account Balance N/A
Class A Interest Payment/Deposit
from Collection Account 444,166.67
from Principal Funding Account 0.00
Paid to Class A Certificateholders 444,166.67
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- 0.00
Offs
Reduction of Class B Invested Amount (Other than 0.00
Class B ICO)
Class B Investor Charge-Offs 0.00
Reimbursement of Class B Investor Charge-Offs 0.00
Cumulative Unreimbursed Class B Investor Charge- 0.00
Offs and Reductions
Reduction of the Collateral Invested Amount 0.00
(Other than Collateral CO)
Collateral Charge-Offs 0.00
Reimbursement of Collateral Invested Amount 0.00
reductions
Cumulative Unreimbursed Collateral Invested 0.00
Amount Reductions
Previous month's ending Collateral Invested 12,386,363.64
Amount
Current Month's ending Collateral Invested 11,250,000.00
Amount
Unpaid current Allocated Servicing Fee 0.00
Reimbursement of unpaid Allocated Servicing Fee 0.00
Cumulative unreimbursed unpaid Allocated Serving 0.00
Fee
Total Distributions to Class A, B, CIA 19,576,180.53
(principal and interest and defaults)
*** Receivables Outstanding & Invested Amounts
***
Principal Receivables outstanding [Last Month] 1,369,054,521.19
Average Principal outstanding based upon 1,369,054,521.19
additional accounts
Principal Receivables outstanding [End of Month] 1,283,682,424.86
Finance Charge and Administrative Receivables 124,321,670.17
outstanding
Class A Invested Amount 51,250,000.03
Class B Invested Amount 22,500,000.00
Collateral Invested Amount 11,250,000.00
Invested Amount 85,000,000.03
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 11,250,000.00
Available Collateral Amount 11,250,000.00
Class A Certificate Balance 51,250,000.03
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 0.00
Amount
To reimburse Class B Invested Amount 0.00
reductions
Total 0.00
Deposit of Collateral Monthly Principal 1,136,363.64
Net Available 1,136,363.64
Required Cash Collateral Amount 0.00
Collateral Surplus 1,136,363.64
Cash Collateral Account Surplus 1,136,363.64
End Balance 0.00
Collateral Surplus (Prime) 0.00
Cash Collateral Account Surplus (Prime) 0.00
*' *'
Household Finance Corporation
HRSI Funding, Inc.
Household Private Label Credit Card Master Trust 20-Apr-99
II, Series 1994-2
* *
CLASS A CERTIFICATEHOLDER'S STATEMENT
A. Information Regarding Distributions
1. Total distribution per $1,000 interest 57.000000
2. Principal distribution per $1,000 interest 55.555556
3. Interest distribution per $1,000 interest 1.444444
B. Performance of Trust
1. Collections of Receivables
(a) Total Collections 134,896,746.88
(b) Collections of Finance Charge & 28,172,820.87
Administrative Receivables
(c) Collections of Principal 106,723,926.01
2. Allocation of Receivables
(a) Class A Invested Percentage 69.6525097%
(b) Principal Allocation Percentage 82.9212411%
3. Class A Principal
(a) Total Amount Paid / Deposited to
Principal Funding Account 0.00
(b) Total amount on deposit in Principal
Funding Account 20,000,000.00
4. Delinquent Balances
(Gross/Gross)
(a) 30 - 59 days (Del Stat 1) -- ($) 35,205,848.76
(%) 2.50%
(b) 60 - 89 days (Del Stat 2) -- ($) 22,264,914.96
(%) 1.58%
(c) 90+ days (Del Stat 3+) -- ($) 76,216,891.46
5.41%
(%)
5. Class A Investor Default Amount 489,727.58
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 0.000000
Date
(b) The amount of Item 6(a) per $1,000 0.000000
interest
(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 0.000000
interest
(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 0.000000
Payment Date
7. Allocable Servicing Fee paid for the
Distribution
Date(s) with respect to the Payment Date 204,387.63
8. Deficit Controlled Amortization Amount for 0.00
such Payment Date
C. Class A Pool Factor 0.16666667
D. Receivables Balances
1. Principal Receivables as of close of
business on the last day
of the preceding Due Period 1,283,682,424.86
2. Finance Charge and Administrative
Receivables as of the close
of business on the last day of the 124,321,670.17
preceding Due Period
E. Class B Certificates
1. Class B Invested Amount as of the end of 22,500,000.00
the Payment Date
2. Available Collateral Invested Amount as of 11,250,000.00
the end of the Payment Date
* *
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 $1,000 interest 6.666667
B. Performance of Trust
1. Collections of Receivables
(a) Total Collections 134,896,746.88
(b) Collections of FC&A 28,172,820.87
(c) Collections of Principal 106,723,926.01
2. Allocation of Receivables
(a) Class B Invested Percentage 18.3474903%
(b) Principal Allocation Percentage 82.9212411%
3. Class B Principal
(a) Total Amount Paid / Deposited to
the Principal Funding Account +1994 2:BE627
(b) Total amount on deposit in Principal
Funding Account +1994 2:BE629
4. Delinquent Balances
(Gross/Gross)
(a) 30 - 59 days (Del Stat 1) -- ($) 35,205,848.76
(%) 2.50%
(b) 60 - 89 days (Del Stat 2) -- ($) 22,264,914.96
(%) 1.58%
(c) 90+ days (Del Stat 3+) -- ($) 76,216,891.46
5.41%
(%)
5. Class B Investor Default Amount 129,001.41
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 0.000000
interest
(c) Total reimbursed to Trust in respect
of Class B
Investor Charge-Offs and other 0.000000
reductions
(d) The amount of Item 6(c) per $1,000 0.000000
interest
(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 0.000000
Payment Date
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 11,250,000.00
9. Deficit Controlled Amortization Amount for 0.00
such Payment Date
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 1,283,682,424.86
2. Finance Charge and Administrative
Receivables as of the close
of business on the last day of the 124,321,670.17
preceding Due Period
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