HSBC Private Label Credit Card Master Note Trust Inactive
Filed: 27 Nov 06, 12:00am
Exhibit 99(a) | ||||||
MONTHLY SERVICING STATEMENT | ||||||
HSBC FINANCE CORPORATION, successor by merger to Household | ||||||
HSBC PRIVATE LABEL CREDIT CARD MASTER NOTE TRUST (USA) I | ||||||
This Certificate relates to the Distribution Date occurring on November 15, 2006 | ||||||
1. | Pool One Information | |||||
(a) | The aggregate amount of Collections processed for the Due Period | |||||
preceding such Distribution Date was equal to | $921,141,491.87 | |||||
(b) | The aggregate amount of such Collections with respect to Principal | |||||
Receivables for the Due Period preceding such Distribution Date was | ||||||
equal to | $771,526,335.87 | |||||
(i) | The total payment rate, [ ( (b) + (c)(ii) + (c)(iii) ) / (h) ], is | 12.79% | ||||
(c) | The aggregate amount of such Collections with respect to Finance | |||||
Charge and Administrative Receivables for the Due Period preceding | ||||||
such Distribution Date was equal to | $149,615,156.00 | |||||
(i) | The gross cash yield, [ ((ii)+(iii)+(iv)+(v)) * 12 / (h) ], is | 24.47% | ||||
(ii) | The amount of such aggregate with respect to Finance Charge was equal to | $113,189,698.02 | ||||
(iii) | The amount of such aggregate with respect to fees was equal to | $31,007,920.86 | ||||
(iv) | The amount of such aggregate with respect to Interchange was equal to | N/A | ||||
(v) | The amount of such aggregate with respect to other recoveries was equal to | $1,787,787.25 | ||||
(vi) | The amount of such aggregate with respect to principal recoveries was equal to | $3,629,749.87 | ||||
(d) | The Gross Defaulted Amount for the preceding Due Period is | $23,858,299.81 | ||||
(i) | The annualized default rate, (d) *12 / (h), is | 4.00% | ||||
(ii) | The annualized net default rate, [(d)-(c)(vi)] *12 / (h), is | 3.39% | ||||
(e) | The Portfolio Yield for such Distribution Date [c(i) - d(ii)] | 21.08% | ||||
(f) | The total amount of Principal Receivables in Pool One at the beginning | |||||
of the preceding Due Period or, if there were Additions or Removals during the Due | ||||||
Period, the average balance for such Due Period is equal to | $7,159,209,169.78 | |||||
(g) | The total amount of Principal Receivables in Pool One as of the last day of the | |||||
preceding Due Period is | $6,773,004,553.40 | |||||
(h) | The total amount of Principal Receivables in Pool One at the beginning | |||||
of the preceding Due Period | $7,159,209,169.78 | |||||
(i) | The total amount of Finance Charge and Administrative Receivables in | |||||
Pool One as of the last day of the preceding Due Period is | $231,557,087.61 | |||||
(j) | The aggregate outstanding gross balance of the Accounts which were | |||||
30-59 days delinquent as of the close of business on the last | ||||||
day of the calendar month preceding such Distribution Date was equal to | $91,729,738.57 | |||||
(k) | The aggregate outstanding gross balance of the Accounts which were | |||||
60-89 days delinquent as of the close of business on the last | ||||||
day of the calendar month preceding such Distribution Date was equal to | $54,549,792.28 | |||||
(l) | The aggregate outstanding gross balance of the Accounts which were | |||||
90+ days delinquent as of the close of business on the last | ||||||
day of the calendar month preceding such Distribution Date was equal to | $113,737,684.78 | |||||
(m) | Transferor Amount | $5,730,354,553.40 | ||||
(n) | Transferor Interest Percentage (Transferor Amount/aggregate Series Adjusted Invested Amount) | 549.60% | ||||
2. | Series 2002-1 Information | |||||
(a) | The average rate (the weighted average Class A Note Interest Rate, Class B | |||||
Note Interest Rate and Class C Note Interest Rate reduced to take into account | ||||||
the non-interest bearing over-collateralization invested amount) is equal to | 5.4334% | |||||
(b) | Total investor Collections is equal to | $60,653,739.43 | ||||
(c) | Investor percentage of Principal Collections is equal to | $55,268,294.58 | ||||
(d) | The Floating Investor Percentage for the Due Period preceding such | |||||
Distribution Date was equal to | 3.60% | |||||
(e) | Investor Finance Charge and Administrative Collections is equal to | $5,385,444.85 | ||||
(f) | Investor Defaulted Amount is equal to | $858,787.05 | ||||
(g) | The Monthly Servicing Fee is equal to | $429,496.66 | ||||
(h) | The Series Portfolio Yield for the Due Period preceding such | |||||
Distribution Date was equal to | 13.9734% | |||||
3. | Determination of Monthly Interest | |||||
(a) | The number of days in the Interest Period for Class B and Class C is equal to | 30 | ||||
(b) | Class A Note Principal Balance - Beginning of the Due Period | $400,000,000.00 | ||||
(c) | The Class A Note Interest Rate for the Interest Period with respect to | |||||
such Distribution Date is equal to | 5.5000% | |||||
(d) | Class A Monthly Interest is equal to | $1,833,333.33 | ||||
(e) | Class B Note Principal Balance - Beginning of the Due Period | $53,850,000.00 | ||||
(f) | The Class B Note Interest Rate for the Interest Period with respect to | |||||
such Distribution Date is equal to | 5.8700% | |||||
(g) | Class B Monthly Interest is equal to | $263,416.25 | ||||
(h) | Class C Note Principal Balance - Beginning of the Due Period | $30,775,000.00 | ||||
(i) | The Class C Note Interest Rate for the Interest Period with respect to | |||||
such Distribution Date is equal to | 6.5200% | |||||
(j) | Class C Monthly Interest is equal to | 167,210.83 | ||||
4.04 | Application of Available Funds | |||||
(a) | Available Investor Finance Charge and Administrative Collections | $6,681,143.65 | ||||
(i) | The amount of Class A Monthly Interest for such Distribution Date is | |||||
equal to | $1,833,333.33 | |||||
The amount of any Class A Monthly Interest previously due but not | ||||||
distributed on a prior Distribution Date is equal to | $0.00 | |||||
The amount of Class A Additional Interest for such Distribution Date | ||||||
is equal to | $0.00 | |||||
The amount of any Class A Additional Interest previously due but not | ||||||
distributed on a prior Distribution Date is equal to | $0.00 | |||||
(ii) | The amount of Class B Monthly Interest for such Distribution Date is | |||||
equal to | $263,416.25 | |||||
The amount of any Class B Monthly Interest previously due but not | ||||||
distributed on a prior Distribution Date is equal to | $0.00 | |||||
The amount of Class B Additional Interest for such Distribution Date | ||||||
is equal to | $0.00 | |||||
The amount of any Class B Additional Interest previously due but not | ||||||
distributed on a prior Distribution Date is equal to | $0.00 | |||||
(iii) | The amount of Class C Monthly Interest for such Distribution Date is | |||||
equal to | $167,210.83 | |||||
The amount of any Class C Monthly Interest previously due but not | ||||||
distributed on a prior Distribution Date is equal to | $0.00 | |||||
The amount of Class C Additional Interest for such Distribution Date | ||||||
is equal to | $0.00 | |||||
The amount of any Class C Additional Interest previously due but not | ||||||
distributed on a prior Distribution Date is equal to | $0.00 | |||||
(iv) | ||||||
(A) | If HSBC Finance or an Affiliate of HSBC Finance is no longer the Servicer, the Monthly Servicing Fee | $0.00 | ||||
(v) | The Investor Defaulted Amount for such Distribution Date is equal to | $858,787.05 | ||||
(vi) | The amount of Investor Charge-offs reimbursed on such Distribution Date is equal to | $0.00 | ||||
The amount of Subordinated Principal Collections reimbursed on such Distribution | ||||||
date is equal to | $0.00 | |||||
(vii) | The amount applied to accelerate Principal pursuant to Section 503 is equal to | $0.00 | ||||
(viii) | If HSBC Finance or an Affiliate of HSBC Finance is the Servicer, the Monthly Servicing Fee | |||||
for such Distribution Date and due but not paid for a prior Distribution Date | $429,496.66 | |||||
(x) | The Excess of the Required Reserve Account Amount over the Available Reserve | |||||
Account Amount, to be deposited into the Reserve Account is equal to | $189,691.45 | |||||
(xi) | the balance, if any, to be distributed to the Transferor | $2,939,208.08 | ||||
5. | Other Information | |||||
(a) | The Investor Percentage for Principal Collections is equal to | 7.16% | ||||
(b) | The Series 2002-1 Principal Shortfall is equal to | $0.00 | ||||
(c) | The Pool One Shared Principal Collections are equal to | $0.00 | ||||
(d) | The total amount to be distributed to Class A Noteholders on | |||||
such Distribution Date in payment of principal is equal to | $0.00 | |||||
(e) | The total amount to be distributed to Class B Noteholders on | |||||
such Distribution Date in payment of principal is equal to | $0.00 | |||||
(f) | The total amount to be distributed to Class C Noteholders on | |||||
such Distribution Date in payment of principal is equal to | $0.00 | |||||
(g) | The total amount to be distributed to the O/C Holder on such Distribution Date in | |||||
payment of Excess O/C Amount is equal to | $0.00 | |||||
(h) | The Monthly Subordination Amount with respect to such | |||||
Distribution Date is equal to | $0.00 | |||||
(i) | The amount applied at 404(a)(vi) to reimburse previous Monthly | |||||
Subordination Amounts | $0.00 | |||||
(j) | The amount of Investor Charge-Offs for such Distribution | |||||
Date is equal to | $0.00 | |||||
(k) | The total amount of reimbursements of Investor Charge-Offs | |||||
for such Distribution Date is equal to | $0.00 | |||||
(l) | The Invested Amount at the close of business on such | |||||
Distribution Date (after giving effect to all payments and adjustments | ||||||
on such Distribution Date) will be equal to | $500,010,500.00 | |||||
(m) | The Principal Funding Account Balance at the close of business on such Distribution Date | $323,083,336.00 | ||||
(n) | The Class A Note Principal Balance at the close of business on such | |||||
Distribution Date (after giving effect to all payments and adjustments | ||||||
on such Distribution Date) will be equal to | $400,000,000.00 | |||||
(o) | The Class B Note Principal Balance at the close of business on such | |||||
Distribution Date (after giving effect to all payments and adjustments | ||||||
on such Distribution Date) will be equal to | $53,850,000.00 | |||||
(p) | The Class C Note Principal Balance at the close of business on such | |||||
Distribution Date (after giving effect to all payments and adjustments | ||||||
on such Distribution Date) will be equal to | $30,775,000.00 | |||||
(q) | The Required O/C Amount at the close of business on such Distribution Date (after | |||||
giving effect to all payments and adjustments on such Distribution Date) will be | ||||||
equal to | $15,385,500.00 | |||||
(r) | The O/C Amount at the close of business on such Distribution Date ( after giving | |||||
effect to all payments and adjustments on such Distribution Date) will be equal to | $15,385,500.00 | |||||
(s) | Total amount to be on deposit in the Collection Account (after giving effect to | |||||
allocations required to be made pursuant to the terms of all other Series now | ||||||
outstanding and to the payment of the Servicer's fee and funding of | ||||||
investor default amounts) prior to making distributions on such Distribution Dates is equal to | $45,588,585.49 | |||||
(t) | The total amount to be distributed from the Collection Account to the Transferor | |||||
on such Distribution Date (after taking into consideration the amounts which | ||||||
have been netted with respect to all Series against deposits to the Collection | ||||||
Account) after making distributions is equal to | $2,939,208.08 | |||||
Controlled Accumulation | ||||||
The Controlled Accumulation Period Length in Due Periods | 12 | |||||
The commencement date of the Controlled Accumulation Period at the close of business | February 28, 2006 | |||||
The Controlled Accumulation Amount with respect to each Due Period | 40,385,417 | |||||
_____________________________________________________________________________________ | ||||||
HSBC FINANCE CORPORATION, successor by merger to Household HSBC PRIVATE LABEL CREDIT CARD MASTER NOTE TRUST (USA) I | ||||||
The undersigned, a duly authorized representative of HSBC Finance Corporation, successor by merger to Household Finance Corporation ("HSBC Finance"), as Servicer (the "Servicer"), pursuant to the Amended and Restated Transfer and Servicing Agreement, dated as of August 11, 2006 (the "Transfer and Servicing Agreement"), by and among HSBC Funding (USA) Inc V, as Transferor, the Servicer, and Wilmington Trust Company, as Owner Trustee, does hereby certify with respect to the information set forth below as follows: | ||||||
None | ||||||
As of the date hereof, to the best knowledge of the undersigned, no Lien has been placed on any of the Receivables other than pursuant to the Indenture (or, if there is a Lien, such Lien consists of : _________________________) | ||||||
HSBC FINANCE CORPORATION | ||||||