<PAGE>
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: MARCH 8, 2000
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
80 South Eighth Street
14th Floor, Suite 1401
Minneapolis, Minnesota 55402
(612)370-6530
(Address, including Zip Code, and Telephone Number,
Including Area Code, of Registrant's Principal Executive Office)
Page 1 of 19 Pages
The Exhibit Index Appears on Page 3
<PAGE>
ITEM 5: OTHER EVENTS
The Monthly Servicer's Certificates for the Monthly Period ended January 29,
2000 and the Monthly Certificateholders' Statements for the Monthly Period
ended January 29, 2000, with respect to the Class A Asset Backed
Certificates, 6.25% Series 1997-1, the Class B Asset Backed Certificates,
Series 1997-1, the Class A Asset Backed Certificates, 5.90% Series 1998-1 and
the Class B Asset Backed Certificates, Series 1998-1, issued by the Target
Credit Card Master Trust, were delivered to the Trustee on February 22, 2000,
and the Monthly Certificateholders' Statements were then distributed to
Certificateholders on February 25, 2000.
The above described Monthly Servicer's Certificates are filed as Exhibits 20.1
and 20.3 to this Report. The above described Monthly Certificateholders'
Statements are filed as Exhibits 20.2 and 20.4 to this Report.
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 thereunto duly authorized.
Dated: March 8, 2000
TARGET RECEIVABLES CORPORATION
By: /s/ Stephen C. Kowalke
----------------------------
Name: Stephen C. Kowalke
Title: Vice President and Treasurer
<PAGE>
EXHIBIT INDEX
<TABLE>
<CAPTION>
SEQUENTIALLY
EXHIBIT NUMBER DESCRIPTION NUMBERED PAGE
- -------------- ----------- -------------
<S> <C> <C>
20.1 Series 1997-1 Monthly Servicer's 4
Certificate for the Monthly
Period ended January 29, 2000.
20.2 Series 1997-1 Monthly 6
Certificateholders' Statement for
the Monthly Period ended January
29, 2000.
20.3 Series 1998-1 Monthly Servicer's 12
Certificate for the Monthly
Period ended January 29, 2000.
20.4 Series 1998-1 Monthly 14
Certificateholders' Statement for
the Monthly Period ended January
29, 2000.
</TABLE>
<PAGE>
MONTHLY SERVICER'S CERTIFICATE
RETAILERS NATIONAL BANK
TARGET CREDIT CARD MASTER TRUST
SERIES 1997-1
The undersigned, a duly authorized representative of Retailers National Bank, as
Servicer ("RNB") pursuant to the Pooling and Servicing Agreement dated as of
September 13, 1995 (as may be amended, from time to time, the "Agreement") as
supplemented by the Series 1997-1 Supplement (as amended and supplemented, the
"Series Supplement"), among RNB, Target Receivables Corporation and Norwest Bank
Minnesota, 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. RNB 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
February 25, 2000.
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 $584,824,800.97.
8. The aggregate amount of Collections of Finance Charge Receivables
(including Discounted Receivables) for the preceding Monthly Period
was equal to $67,301,231.55.
9. The aggregate amount of Collections of Principal Receivables for the
preceding Monthly Period was equal to $517,523,569.42.
10. The aggregate amount of the Defaulted Amount for the preceding
Monthly Period was equal to $15,479,513.56.
11. The aggregate amount of Recoveries for the preceding Monthly Period
was equal to $2,897,052.69.
12. The Portfolio Yield for the preceding Monthly Period was equal to
23.43%.
13. The Base Rate for the preceding Monthly Period was equal to 6.78%.
<PAGE>
14. The aggregate amount of Receivables as of the end of the last day of
the preceding Monthly Period was equal to $2,677,358,517.63.
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 $2,083,333.34.
16. The aggregate amount of Adjustments for the preceding Monthly Period
was equal to $44,710,429.60.
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 $2,083,333.34.
19. The amount to be distributed to Investor Certificateholders on the
Distribution Date per $1,000 original principal amount is equal to:
Class A 5.208
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
$2,083,333.34.
23. The amount of such distribution allocable to interest per $1,000
original principal amount is equal to:
Class A 5.208
IN WITNESS WHEREOF, the undersigned has duly executed and delivered
this Servicer's Certificate this 22nd day of February, 2000.
RETAILERS NATIONAL BANK,
AS SERVICER
BY: /s/ Terrence J. Scully
-----------------------------
NAME: TERRENCE J. SCULLY
TITLE: SECRETARY
<PAGE>
MONTHLY CERTIFICATEHOLDERS' STATEMENT
RETAILERS NATIONAL BANK
TARGET CREDIT CARD MASTER TRUST
SERIES 1997-1
Pursuant to the Pooling and Servicing Agreement, dated as of September 13,
1995 (as may be amended, from time to time, the "Agreement"), as supplemented
by the Series 1997-1 Supplement (as amended and Supplemented, the "Series
Supplement"), each among Retailers National Bank, as Servicer, Target
Receivables Corporation, as Transferor, and Norwest Bank Minnesota, 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.
<TABLE>
<CAPTION>
MONTHLY PERIOD: JANUARY 2000
DISTRIBUTION DATE: FEBRUARY 25, 2000
NO. OF DAYS IN PERIOD: 28
- ---------------------------------------------------------------------------------------------
<S> <C> <C> <C>
A. ORIGINAL DEAL PARAMETERS
(a) Class A Initial Invested Amount $ 400,000,000.00 76.50%
(b) Class B Initial Invested Amount 122,875,817.00 23.50%
---------------
(c) Total Initial Invested Amount $ 522,875,817.00
================
(d) Class A Certificate Rate 6.25%
(e) Class B Certificate Rate 0.00%
(f) Servicing Fee Rate 2.00%
(g) Discount Percentage 0.00%
- ---------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
I. RECEIVABLES IN THE TRUST
- --------------------------------------------------------------------------------
<S> <C> <C>
(a) Beginning of the Period Principal Receivables $2,843,897,654.78
(b) Beginning of the Period Finance Charge Receivables 74,234,562.47
(c) Beginning of the Period Discounted Receivables -
-----------------
(d) Beginning of the Period Total Receivables (a + b + c) $2,918,132,217.25
=================
(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 $2,602,674,984.24
(l) End of Period Finance Charge Receivables 74,683,533.39
(m) End of Period Discounted Receivables -
-----------------
(n) End of Period Total Receivables (k + l + m) $2,677,358,517.63
=================
</TABLE>
Page 1 of 6
<PAGE>
<TABLE>
<CAPTION>
II. INVESTED AMOUNTS AND ALLOCATION PERCENTAGES
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
(a) Class A Initial Invested Amount $ 400,000,000.00 76.50%
(b) Class B Initial Invested Amount 122,875,817.00 23.50%
----------------
(c) Total Initial Invested Amount (a + b) $ 522,875,817.00
(d) Class A Invested Amount (a - (X.a)) $ 400,000,000.00 76.50%
(e) Class B Invested Amount (b - (X.e)) 122,875,817.00 23.50%
----------------
(f) Total Invested Amount (d + e) $ 522,875,817.00
(g) Class A Adjusted Invested Amount (a - (X.a)-(III.f)) $ 400,000,000.00 76.50%
(h) Class B Invested Amount (b - (X.e)) 122,875,817.00 23.50%
-----------------
(i) Total Adjusted Invested Amount (g + h) $ 522,875,817.00
(j) Floating Allocation Percentage 18.39%
(k) Class A Floating Allocation Percentage 14.07%
(l) Class B Floating Allocation Percentage 4.32%
(m) Principal Allocation Percentage 18.39%
(n) Class A Principal Allocation Percentage 14.07%
(o) Class B Principal Allocation Percentage 4.32%
(p) Servicing Fee $ 871,459.70
(q) Investor Defaulted Amount (j * (IV.(m))) $ 2,846,045.91
</TABLE>
<TABLE>
<CAPTION>
III. TRANSFEROR'S INTEREST, RETAINED INTEREST, SPECIAL FUNDING
ACCOUNT, AND PRINCIPAL FUNDING ACCOUNT
- ----------------------------------------------------------------------------------------------------
<S> <C> <C>
(a) Transferor's Amount (end of month) $1,387,222,791.56
(b) Required Retained Transferor Amount $ 52,053,499.68
(c) Required Principal Balance $1,215,452,192.68
(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) $ -
</TABLE>
Page 2 of 6
<PAGE>
<TABLE>
<CAPTION>
IV. PERFORMANCE SUMMARY
- -----------------------------------------------------------------------------------------------
<S> <C> <C>
COLLECTIONS:
(a) Collections of Principal Receivables $ 517,523,569.42
(b) Collections of Finance Charge Receivables (from cardholder payments) 50,898,726.48
(c) Collections of Finance Charge Receivables (from merchant fees, 16,402,505.07
deferred billing fees, collection account interest)
(d) Collections of Discount Option Receivables 0.00
----
(e) Total Finance Charge Collections (b + c + d) $ 67,301,231.55
---------------
(f) Total Collections (a + e) $ 584,824,800.97
================
DELINQUENCIES AND LOSSES:
(g) 2 missed payments $ 62,665,322
(h) 3 missed payments 35,452,939
(i) 4 or more missed payments 80,865,417
----------
(j) Total delinquencies (g + h + i) $ 178,983,678
==============
(k) Gross Charge-Offs during the month $ 18,376,566.25
(l) Recoveries during the month $ 2,897,052.69
(m) Net Charge-Offs during the month (k - l) $ 15,479,513.56
</TABLE>
<TABLE>
<CAPTION>
V NON-U.S. ACCOUNTS
- -----------------------------------------------------------------------------------------------
<S> <C> <C>
(a) Non-US Accounts at end of month 119,427
(b) as a percentage of total (a / c) 0.37%
(c) Total number of Accounts in Trust (at end of month) 31,935,360
</TABLE>
Page 3 of 6
<PAGE>
<TABLE>
<CAPTION>
VI AVAILABLE SERIES 1997-1 FINANCE CHARGE COLLECTIONS AND APPLICATION OF FUNDS
- --------------------------------------------------------------------------------------------------------
<S> <C> <C>
(a) Floating Allocation Percentage of Collections of Finance Charge Receivables $ 12,373,928.57
(b) Investment earnings on Principal Funding Account -
(c) Investment earnings in Reserve Account deposited in the Collection Account -
(d) Reserve draw Amount deposited into the Collection Account -
---------------
(e) Available Series 1997-1 Finance Charge Collections (a + b + c + d) $ 12,373,928.57
(i) Class A Interest 2,083,333.34
(ii) Servicing Fee 871,459.70
(iii) Class A Investor Defaulted Amount ((IV.m * (II.k)) 2,177,225.12
(iv) Class B Investor Defaulted Amount ((IV.m * (II.l )) 668,820.79
(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 $ 6,573,089.61
(e-i-ii-iii-iv-v-vi-vii-viii-ix)
</TABLE>
Page 4 of 6
<PAGE>
<TABLE>
<CAPTION>
VII YIELD AND BASE RATE
- --------------------------------------------------------------------------------------------
<S> <C>
BASE RATE
(a) Base Rate (current month) 6.78%
(b) Base Rate (prior month) 6.78%
(c) Base Rate (2 months ago) 6.78%
(d) 3 Month Average Base Rate 6.78%
PORTFOLIO YIELD
(e) Portfolio Yield (current month) 23.43%
(f) Portfolio Yield (prior month) 19.31%
(g) Portfolio Yield (2 months ago) 20.95%
(h) 3 Month Average Portfolio Yield 21.23%
</TABLE>
<TABLE>
<CAPTION>
VIII PORTFOLIO PERFORMANCE RATES
- --------------------------------------------------------------------------------------------
<S> <C> <C>
(a) Net Charge-Offs (annualized % of Principal Receivables at beginning of 7.00%
period)
(b) Monthly Payment Rate (% of Total Receivables at beginning of period 20.87%
(adjusted for number of days in period))
(c) Trust Portfolio Yield (annualized) 30.43%
(d) Portfolio Yield (3 month average (annualized)) 21.23%
(e) Base Rate (3 month average) 6.78%
(f) Excess Finance Charge Collections % (d - e) 14.45%
</TABLE>
Page 5 of 6
<PAGE>
<TABLE>
<CAPTION>
IX PRINCIPAL COLLECTIONS
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C>
(a) Class A Principal Allocation Percentage 14.07%
(b) Class A Principal $ -
(c) Class B Principal Allocation Percentage 4.32%
(d) Class B Principal $ -
(e) Total Principal (b + d) $ -
(f) Reallocated Principal Collections $ -
(g) Shared Principal Collections allocable from other Series, Participation and $ -
Transferor Certificate
</TABLE>
<TABLE>
<CAPTION>
X INVESTOR CHARGE-OFFS
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C>
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.
</TABLE>
<TABLE>
<CAPTION>
XI AMORTIZATION
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C>
(a) Class A Accumulation Period Length (months) 12
(b) Controlled Accumulation Amount $ 33,333,333.34
(c) Deficit Controlled Accumulation Amount $ -
(d) Total Principal on deposit in Principal Funding Account for the benefit of Class $ -
A Certificateholders
</TABLE>
RETAILERS NATIONAL BANK,
AS SERVICER
BY: /s/ Terrence J. Scully
-----------------------------
NAME: TERRENCE J. SCULLY
TITLE: SECRETARY
Page 6 of 6
<PAGE>
MONTHLY SERVICER'S CERTIFICATE
RETAILERS NATIONAL BANK
TARGET CREDIT CARD MASTER TRUST
SERIES 1998-1
The undersigned, a duly authorized representative of Retailers National Bank,
as Servicer ("RNB") pursuant to the Pooling and Servicing Agreement dated as
of September 13, 1995 (as may be amended, from time to time, the "Agreement")
as supplemented by the Series 1998-1 Supplement (as amended and supplemented,
the "Series Supplement"), among RNB, Target Receivables Corporation and
Norwest Bank Minnesota, 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. RNB 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
February 25, 2000.
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 $584,824,800.97.
8. The aggregate amount of Collections of Finance Charge Receivables
(including Discounted Receivables) for the preceding Monthly Period
was equal to $67,301,231.55.
9. The aggregate amount of Collections of Principal Receivables for
the preceding Monthly Period was equal to $517,523,569.42.
10. The aggregate amount of the Defaulted Amount for the preceding
Monthly Period was equal to $15,479,513.56.
11. The aggregate amount of Recoveries for the preceding Monthly Period
was equal to $2,897,052.69.
12. The Portfolio Yield for the preceding Monthly Period was equal to
23.43%.
13. The Base Rate for the preceding Monthly Period was equal to 6.51%.
<PAGE>
14. The aggregate amount of Receivables as of the end of the last day
of the preceding Monthly Period was equal to $2,677,358,517.63.
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 $1,966,666.67.
16. The aggregate amount of Adjustments for the preceding Monthly
Period was equal to $44,710,429.60.
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 $1,966,666.67.
19. The amount to be distributed to Investor Certificateholders on the
Distribution Date per $1,000 original principal amount is equal to:
Class A 4.917
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
$1,966,666.67.
23. The amount of such distribution allocable to interest per $1,000
original principal amount is equal to:
Class A 4.917
IN WITNESS WHEREOF, the undersigned has duly executed and delivered
this Servicer's Certificate this 22nd day of February, 2000.
RETAILERS NATIONAL BANK,
AS SERVICER
BY: /s/ Terrence J. Scully
-----------------------------
NAME: TERRENCE J. SCULLY
TITLE: SECRETARY
<PAGE>
MONTHLY CERTIFICATEHOLDERS' STATEMENT
RETAILERS NATIONAL BANK
TARGET CREDIT CARD MASTER TRUST
SERIES 1998-1
Pursuant to the Pooling and Servicing Agreement, dated as of September 13,
1995 (as may be amended, from time to time, the "Agreement"), as supplemented
by the Series 1998-1 Supplement (as amended and Supplemented, the "Series
Supplement"), each among Retailers National Bank, as Servicer, Target
Receivables Corporation, as Transferor, and Norwest Bank Minnesota, 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.
<TABLE>
<CAPTION>
MONTHLY PERIOD: JANUARY 2000
DISTRIBUTION DATE: FEBRUARY 25, 2000
NO. OF DAYS IN PERIOD: 28
- ---------------------------------------------------------------------------------------------
<S> <C> <C> <C>
A. ORIGINAL DEAL PARAMETERS
(a) Class A Initial Invested Amount $ 400,000,000.00 76.50%
(b) Class B Initial Invested Amount 122,875,817.00 23.50%
---------------
(c) Total Initial Invested Amount $ 522,875,817.00
================
(d) Class A Certificate Rate 5.90%
(e) Class B Certificate Rate 0.00%
(f) Servicing Fee Rate 2.00%
(g) Discount Percentage 0.00%
- ---------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
I. RECEIVABLES IN THE TRUST
- ---------------------------------------------------------------------------------
<S> <C> <C>
(a) Beginning of the Period Principal Receivables $2,843,897,654.78
(b) Beginning of the Period Finance Charge Receivables 74,234,562.47
(c) Beginning of the Period Discounted Receivables -
-----------------
(d) Beginning of the Period Total Receivables (a + b + c) $2,918,132,217.25
=================
(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 $2,602,674,984.24
(l) End of Period Finance Charge Receivables 74,683,533.39
(m) End of Period Discounted Receivables -
-----------------
(n) End of Period Total Receivables (k + l + m) $2,677,358,517.63
=================
</TABLE>
Page 1 of 6
<PAGE>
<TABLE>
<CAPTION>
II. INVESTED AMOUNTS AND ALLOCATION PERCENTAGES
- ---------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
(a) Class A Initial Invested Amount $ 400,000,000.00 76.50%
(b) Class B Initial Invested Amount 122,875,817.00 23.50%
---------------
(c) Total Initial Invested Amount (a + b) $ 522,875,817.00
(d) Class A Invested Amount (a - (X.a)) $ 400,000,000.00 76.50%
(e) Class B Invested Amount (b - (X.e)) 122,875,817.00 23.50%
---------------
(f) Total Invested Amount (d + e) $ 522,875,817.00
(g) Class A Adjusted Invested Amount (a - (X.a)-(III.f)) $ 400,000,000.00 76.50%
(h) Class B Invested Amount (b - (X.e)) 122,875,817.00 23.50%
---------------
(i) Total Adjusted Invested Amount (g + h) $ 522,875,817.00
(j) Floating Allocation Percentage 18.39%
(k) Class A Floating Allocation Percentage 14.07%
(l) Class B Floating Allocation Percentage 4.32%
(m) Principal Allocation Percentage 18.39%
(n) Class A Principal Allocation Percentage 14.07%
(o) Class B Principal Allocation Percentage 4.32%
(p) Servicing Fee $ 871,459.70
(q) Investor Defaulted Amount (j * (IV.(m))) $ 2,846,045.91
</TABLE>
<TABLE>
<CAPTION>
III. TRANSFEROR'S INTEREST, RETAINED INTEREST, SPECIAL FUNDING
ACCOUNT, AND PRINCIPAL FUNDING ACCOUNT
- --------------------------------------------------------------------------------------------------
<S> <C> <C>
(a) Transferor's Amount (end of month) $1,387,222,791.56
(b) Required Retained Transferor Amount (end of month) $ 52,053,499.68
(c) Required Principal Balance (end of month) $1,215,452,192.68
(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) $ -
</TABLE>
Page 2 of 6
<PAGE>
<TABLE>
<CAPTION>
IV. PERFORMANCE SUMMARY
- -------------------------------------------------------------------------------------------------
<S> <C> <C>
COLLECTIONS:
(a) Collections of Principal Receivables $ 517,523,569.42
(b) Collections of Finance Charge Receivables (from cardholder payments) 50,898,726.48
(c) Collections of Finance Charge Receivables (from merchant fees, 16,402,505.07
deferred billing fees, collection account interest)
(d) Collections of Discount Option Receivables 0.00
----
(e) Total Finance Charge Collections (b + c + d) $ 67,301,231.55
----------------
(f) Total Collections (a + e) $ 584,824,800.97
================
DELINQUENCIES AND LOSSES:
(g) 2 missed payments $ 62,665,322
(h) 3 missed payments 35,452,939
(i) 4 or more missed payments 80,865,417
----------
(j) Total delinquencies (g + h + i) $ 178,983,678
================
(k) Gross Charge-Offs during the month $ 18,376,566.25
(l) Recoveries during the month $ 2,897,052.69
(m) Net Charge-Offs during the month (k - l) $ 15,479,513.56
</TABLE>
<TABLE>
<CAPTION>
V NON-U.S. ACCOUNTS
- -------------------------------------------------------------------------------------------------
<S> <C> <C>
(a) Non-US Accounts at end of month 119,427
(b) as a percentage of total (a / c) 0.37%
(c) Total number of Accounts in Trust (at end of month) 31,935,360
</TABLE>
Page 3 of 6
<PAGE>
<TABLE>
<CAPTION>
VI AVAILABLE SERIES 1998-1 FINANCE CHARGE COLLECTIONS AND APPLICATION OF FUNDS
- --------------------------------------------------------------------------------------------------------
<S> <C> <C>
(a) Floating Allocation Percentage of Collections of Finance Charge Receivables $12,373,928.57
(b) Investment earnings on Principal Funding Account -
(c) Investment earnings in Reserve Account deposited in the Collection Account -
(d) Closing Date deposit into the Collection Account -
--------------
(e) Available Series 1998-1 Finance Charge Collections (a + b + c + d) $12,373,928.57
(i) Class A Interest 1,966,666.67
(ii) Servicing Fee 871,459.70
(iii) Class A Investor Defaulted Amount ((IV.m * (II.k)) 2,177,225.12
(iv) Class B Investor Defaulted Amount ((IV.m * (II.l )) 668,820.79
(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 $ 6,689,756.28
(e-i-ii-iii-iv-v-vi-vii-viii-ix)
</TABLE>
Page 4 of 6
<PAGE>
<TABLE>
<CAPTION>
VII YIELD AND BASE RATE
- ---------------------------------------------------------------------------------------------------------------------
<S> <C>
BASE RATE
(a) Base Rate (current month) 6.51%
(b) Base Rate (prior month) 6.51%
(c) Base Rate (2 months ago) 6.51%
(d) 3 Month Average Base Rate 6.51%
PORTFOLIO YIELD
(e) Portfolio Yield (current month) 23.43%
(f) Portfolio Yield (prior month) 19.31%
(g) Portfolio Yield (2 months ago) 20.95%
(h) 3 Month Average Portfolio Yield 21.23%
</TABLE>
<TABLE>
<CAPTION>
VIII PORTFOLIO PERFORMANCE RATES
- ---------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
(a) Net Charge-Offs (annualized % of Principal Receivables at beginning of 7.00%
period)
(b) Monthly Payment Rate (% of Total Receivables at beginning of period 20.87%
(adjusted for number of days in period))
(c) Trust Portfolio Yield (annualized) 30.43%
(d) Portfolio Yield (3 month average (annualized)) 21.23%
(e) Base Rate (3 month average) 6.51%
(f) Excess Finance Charge Collections % (d - e) 14.72%
</TABLE>
Page 5 of 6
<PAGE>
<TABLE>
<CAPTION>
IX PRINCIPAL COLLECTIONS
- ---------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
(a) Class A Principal Allocation Percentage 14.07%
(b) Class A Principal $ -
(c) Class B Principal Allocation Percentage 4.32%
(d) Class B Principal $ -
(e) Total Principal (b + d) $ -
(f) Reallocated Principal Collections $ -
(g) Shared Principal Collections allocable from other Series and Participation $ -
</TABLE>
<TABLE>
<CAPTION>
X INVESTOR CHARGE-OFFS
- ---------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
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.
</TABLE>
<TABLE>
<CAPTION>
XI AMORTIZATION
- ---------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
(a) Class A Accumulation Period Length (months) 12
(b) Controlled Accumulation Amount $ 33,333,333.34
(c) Deficit Controlled Accumulation Amount $ -
(d) Total Principal on deposit in Principal Funding Account for the benefit of Class $ -
A Certificateholders (end of month)
</TABLE>
RETAILERS NATIONAL BANK,
AS SERVICER
BY: /s/ Terrence J. Scully
-----------------------------
NAME: TERRENCE J. SCULLY
TITLE: SECRETARY
Page 6 of 6
