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 (Date of earliest event reported): January 17th, 2002
-------------------------------------------------------------------------------
CITIBANK (SOUTH DAKOTA), NATIONAL ASSOCIATION
ON BEHALF OF
ASSOCIATES CREDIT CARD MASTER NOTE TRUST
(Exact name of registrant as specified in its charter)
UNITED STATES OF AMERICA
------------------------------------------------------
(State or other jurisdiction of incorporation)
333-9486701
-------------------------
(Commission File Numbers)
46-0358360
-------------------------
(IRS Employer Identification Number)
701 EAST 60TH STREET, NORTH
SIOUX FALLS, SOUTH DAKOTA 57117
- ------------------------------------------------ -------------
(Address of principal executive office) (Zip Code)
Registrants telephone number, including area code (605) 331-2626
Item 5. Other Events
The monthly statements for the month of
December 2001 were distributed to Noteholders
on January 17, 2002
Item 7 (C). Exhibits.
Exhibit No. Description
20.1 Series 2000-1 amended monthly statement for the month of December 2001.
20.2 Series 2000-2 amended monthly statement for the month of December 2001.
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 hereunto duly authorized.
CITIBANK (SOUTH DAKOTA), NATIONAL ASSOCIATION
AS SERVICER
By: /s/ Doug Morrison
-----------------------
Douglas Morrison
Chief Financial Officer
<table>
<caption>
File:December '018k_2000-1 CONFIDENTIAL
Servicer's Report Date of Report: 14-Jan-02
Interest Period: December 17, 2001 to January 16, 2002, Pay on January 17th
AMENDED DECEMBER DATA
Associates Credit Card Master Note Trust, Series 2000-1
- ----------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------
Transferor Trust
Interest Totals
- -----------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------
Beginning Principal Receivables Balance 6,600,244,870.30
Beginning Fin. Chrg. Receivables Balance 304,907,939.25
Beginning Total Receivables Balance 6,905,152,809.55
Beginning Special Funding Accnt Balance 0.00
Beginning Spread Account Balance 0.00
Beginning Reserve Account Balance 0.00
Beginning Period Invested Amount 1,164,324,136.97
Ending Period Invested Amount 1,380,439,163.12
<caption>
Class A Class B Class C Total Series
Monthly Master Note Trust Activities Note Note Note Note
- -------------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------------
Initial Invested Amount 760,000,000.00 102,500,000.00 137,500,000.00 1,000,000,000.00
Beginning Period Invested Amount 760,000,000.00 102,500,000.00 137,500,000.00 1,000,000,000.00
Note Principal Balance Increase 0.00 0.00 0.00 0.00
Note Principal Balance Decrease 0.00 0.00 0.00 0.00
Reductions in Invested Amount this Period
(Other than by Principal Payments) 0.00 0.00 0.00 0.00
Previous Reductions in Invested Amount
Reimbursed this Period 0.00 0.00 0.00 0.00
Ending Special Funding Accnt Balance
Ending Spread Account Balance
Ending Reserve Account Balance
Ending Period Invested Amount 760,000,000.00 102,500,000.00 137,500,000.00 1,000,000,000.00
</table>
<Table>
<Caption>
- ------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------
Group I Information Series 2000-1
- ------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------
Beginning Invested Amount 1,000,000,000.00
Average Rate 2.13%
Allocable Finance Charge Collections 19,263,437.00
Allocable Principal Collections 82,306,972.62
Allocable Default Amount Due 11,060,132.82
Allocable Monthly Interest Due 1,832,965.42
Allocable Monthly Servicing Fees Due 1,666,666.67
Ending Invested Amount 1,000,000,000.00
</table>
<table>
<caption>
- ----------------------------------------
- ----------------------------------------
Payout Event Tests
- ----------------------------------------
- ----------------------------------------
Base Rate Trigger
3 Month Average Portfolio Yield 10.74%
3 Month Average Base Rate 4.40%
Spread 6.34%
Trigger Pass Test: If Spread is >0, "Yes" Yes
<Caption>
Transferor's Interest Trigger
Required Transferor Interest 466,791,026.09
Transferor Interest 1,380,439,163.12
Trigger Pass Test Yes
</table>
ASSOCIATES CREDIT CARD MASTER NOTE TRUST
Series 2000-1
Pursuant to the Master Indenture dated as of April 1, 2000 (as amended and
supplemented, the "Master Indenture"), between Associates Credit Card Master
Note Trust (the "Trust) and the Bank of New York, as indenture trustee (the
Indenture Trustee), as supplemented by the Series 2000-1 Indenture Supplement,
dated as of June 13, 2000 (the "Indenture Supplement"), between the Trust and
the Indenture Trustee, Citibank (South Dakota), National Association("CBSD"), as
Servicer (the "Servicer") under the Transfer and Servicing Agreement, dated as
of April 1, 2000 (the "Transfer and Servicing Agreement") between Citibank
(South Dakota), National Association, as Transferor & Servicer, and the Trust,
is required to prepare certain information each month regarding current
distributions to the Series 2000-1 Noteholders and the performance of the Trust
during the previous month. The information which is required to be prepared with
respect to the Distribution Date of January 17,2002 and with respect to the
performance of the Trust during the month of December is set forth below.
Capitalized terms used in this Monthly Statement have their respective meanings
set forth in the Master Indenture and the Indenture Supplement.
<Table>
Current Transaction Period: Revolving Period
Any Cash Flow Shortfalls this Period No
Any Cash Flow Shortfalls from Previous Period No
Payout Event this Period: No
Group I Participants: Series 2000-1
</table>
MASTER NOTE TRUST RECEIVABLES
YIELD AND BASE RATE --
December: (31 posting days)
<table>
<caption>
Yield Defaults Total
Portfolio Yield (Current Month) 22.37% 12.84% 9.53%
Portfolio Yield (Prior Month) 22.80% 11.97% 10.83%
Portfolio Yield (Two Months Ago) 22.95% 11.09% 11.86%
THREE MONTH AVERAGE PORTFOLIO YIELD 10.74%
--------------------
--------------------
</table>
<table>
<caption>
Servicing Coupon Total
Base Rate (Current Month) 2.00% 2.13% 4.13%
Base Rate (Prior Month) 2.00% 2.33% 4.33%
Base Rate (Two Months Ago) 2.00% 2.75% 4.75%
THREE MONTH AVERAGE BASE RATE 4.40%
--------------------
--------------------
</table>
<table>
<caption>
Beginning Period Principal Receivables 6,600,244,870.30
Beginning Period Finance Charge Receivables 304,907,939.25
Beginning Period Discounted Receivables 0.00
Beginning Period Total Receivables 6,905,152,809.55
Removed Principal Receivables 0.00
Removed Finance Charge Receivables 0.00
Removed Total Receivables 0.00
Discounted Receivables Generated this Period 0.00
Additional Principal Receivables 0.00
Additional Finance Charge Receivables 0.00
Additional Total Receivables 0.00
Total Principal Collections this Period 543,246,173.80
Total Defaulted Principal Receivables this Period 72,999,584.94
Total Receivables Adjustments this Period 29,723,024.25
Total Finance Charge Collections this Period 127,143,401.21
Total Discounted Receivables this Period 0.00
Ending Period Principal Receivables 6,668,443,229.79
Ending Period Finance Charge Receivables 292,954,877.13
Ending Period Discounted Receivables 0.00
Ending Period Total Receivables 6,961,398,106.92
DELINQUENCY INFORMATION
End of the Month Principal Delinquencies:
31-60 Days Delinquent 161,683,108.46
61-90 Days Delinquent 105,976,956.77
91+ Days Delinquent 215,780,619.35
---------------------
---------------------
Total 31+ Days Delinquent 483,440,684.58
---------------------
---------------------
</table>
ASSOCIATES CREDIT CARD MASTER NOTE TRUST
CASH FLOW ALLOCATIONS
SERIES 2000-1
---------------------
---------------------
FLOATING INVESTOR PERCENTAGE 0.151510
FIXED INVESTOR PERCENTAGE 0.151510
---------------------
---------------------
<table>
<caption>
FINANCE CHARGE ALLOCATIONS Total
- -------------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------------
AVAILABLE FUNDS
Total Trust Finance Charge Collections 127,143,401.21
---------------------
---------------------
Investor Percentage 0.151510
---------------------
---------------------
Investor Finance Charge Collections 19,263,437.00 19,263,437.00
Excess Finance Charge Collections allocated to Series 0.00 0.00
Available Finance Charge Collections 19,263,437.00 19,263,437.00
</table>
CASH FLOW ALLOCATIONS
<table>
<caption>
Class A Distributions
(1)Class A Monthly Interest 1,322,390.08
(2)Class A Monthly Interest Previously Due 0.00
(3)Class A Monthly Additional Interest 0.00
(4)Class A Monthly Additional Interest Previously Due 0.00
Total Class A Monthly Interest 1,322,390.08
Class B Distributions
(5)Class B Monthly Interest 197,325.40
(6)Class B Monthly Interest Previously Due 0.00
(7)Class B Monthly Additional Interest 0.00
(8)Class B Monthly Additional Interest Previously Due 0.00
Total Class B Monthly Interest 197,325.40
(9)Total Monthly Servicing Fee for Series 1,666,666.67
(10)Total Servicing Fee for Series Previously Due 0.00
(11)Class A Prepayable Increase Amount Interest 0.00
(12)Class B Prepayable Increase Amount Interest 0.00
(13)Investor Default Amount 11,060,132.82
(14)Investor Charge-Offs 0.00
(15)Reallocated Principal Collections Previously Due 0.00
Class C Distributions
(16)Class C Monthly Interest 313,249.94
(21)Funds Required per Note Agreement under
Sections 2.07, 2.08 & 2.09 0.00
(22)Funds Required per Note Agreement under
Sections 2.04 (e) & 7.01 0
Spread Account Distributions
(23)Class C Spread Account Required Deposit 0.00
TOTAL EXCESS SPREAD ELIGIBLE FOR OTHER
SERIES' ALLOCATIONS 4,703,672.08
EXCESS SPREAD ALLOCATED TO OTHER SERIES' 0.00
EXCESS SPREAD RELEASED TO TRANSFEROR 4,703,672.08
</table>
<table>
<caption>
PRINCIPAL ALLOCATIONS Class A Class B
- -------------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------------
AVAILABLE FUNDS
Total Trust Principal Collections 543,246,173.80
---------------------
---------------------
Investor Percentage 0.151510
---------------------
---------------------
Investor Principal Collections 82,306,972.62
Shared Principal Collections from other Series' 460,939,201.18
Available Principal Collections 543,246,173.80
Controlled Amoritization Amount 0.00 0.00
Partial Amoritization Amount 0.00 0.00
Deficiency Controlled Amoritization Amount 0.00 0.00
Monthly Principal Amount 0.00 0.00
Principal Shortfall
Reallocated Principal to other Series' 0.00 0.00
Class C Total
------------------------------------------
------------------------------------------
Controlled Amoritization Amount 0.00 0.00
Partial Amoritization Amount 0.00 0.00
Deficiency Controlled Amoritization Amount 0.00 0.00
Monthly Principal Amount 0.00 0.00
Principal Shortfall
Reallocated Principal to other Series' 0.00
</table>
ASSOCIATES CREDIT CARD MASTER NOTE TRUST
<table>
<caption>
Group 1 Coupon Rate Balance Interest Payments
--------------------- --------------------- ---------------------
--------------------- --------------------- ---------------------
Series 2000-1, Class A 2.02% $ 760,000,000.00 $ 1,322,390.08
Series 2000-1, Class B 2.24% $ 102,500,000.00 $ 197,325.40 0
Series 2000-1, Class C 2.65% $ 137,500,000.00 $ 313,249.94 4
</table>
<table>
<caption>
Series 2000-1
--------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------
Class A Class B Class C Total
--------------------- --------------------- --------------------- --------------------
--------------------- --------------------- --------------------- --------------------
Principal Distribution Required Amt $ - $ - - $ - - $ -
Interest Distribution Required Amt $ 1,322,390.08 $ 197,325.40 $ 313,249.94 0 $ 1,832,965.42
Unpaid Principal Shortfalls paid $ - $ - - $ - - $ -
Unpaid Interest Shortfalls paid $ - $ - - $ - - $ -
Prepayable Interest $ - $ - - $ - - $ -
Servicing Fee $ 1,666,666.67 $ 1,666,666.67
--------------------- --------------------- --------------------- --------------------
--------------------- --------------------- --------------------- --------------------
Total Required Distribution $ 1,322,390.08 $ 197,325.40 $ 1,979,916.61 0 $ 3,499,632.09
===================== ===================== ===================== ====================
===================== ===================== ===================== ====================
</table>
<table>
<caption>
File:December'018k_2000-2 CONFIDENTIAL
Servicer's Report Date of Report: 14-Jan-02
Interest Period: December 17, 2001 to January 16, 2001, Pay on January 17th
AMENDED DECEMBER DATA
Associates Credit Card Master Note Trust, Series 2000-2
- ---------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------
Transferor Trust
Interest Totals
- ----------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------
Beginning Principal Receivables Balance 6,600,244,870.30
Beginning Fin. Chrg. Receivables Balance 304,907,939.25
Beginning Total Receivables Balance 6,905,152,809.55
Beginning Special Funding Accnt Balance 0.00
Beginning Spread Account Balance 0.00
Beginning Reserve Account Balance 0.00
Beginning Period Invested Amount 1,164,324,136.97
Ending Period Invested Amount 1,380,439,163.12
<caption>
Class A Class B Class C Total Series
Monthly Master Note Trust Activities Note Note Note Note
- -------------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------------
Initial Invested Amount 600,000,000.00 80,921,000.00 108,553,000.00 789,474,000.00
Beginning Period Invested Amount 600,000,000.00 80,921,000.00 108,553,000.00 789,474,000.00
Note Principal Balance Increase 0.00 0.00 0.00 0.00
Note Principal Balance Decrease 0.00 0.00 0.00 0.00
Reductions in Invested Amount this Period
(Other than by Principal Payments) 0.00 0.00 0.00 0.00
Previous Reductions in Invested Amount
Reimbursed this Period 0.00 0.00 0.00 0.00
Ending Special Funding Accnt Balance
Ending Spread Account Balance
Ending Reserve Account Balance
Ending Period Invested Amount 600,000,000.00 80,921,000.00 108,553,000.00 789,474,000.00
</table>
<Table>
<Caption>
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Group I Information Series 2000-2
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Beginning Invested Amount 789,474,000.00
Average Rate 2.11%
Allocable Finance Charge Collections 15,207,982.66
Allocable Principal Collections 64,979,214.90
Allocable Default Amount Due 8,731,687.30
Allocable Monthly Interest Due 1,434,162.03
Allocable Monthly Servicing Fees Due 1,315,790.00
Ending Invested Amount 789,474,000.00
</table>
<table>
<caption>
- ----------------------------------------
- ----------------------------------------
Payout Event Tests
- ----------------------------------------
- ----------------------------------------
Base Rate Trigger
3 Month Average Portfolio Yield 10.74%
3 Month Average Base Rate 4.39%
Spread 6.35%
Trigger Pass Test: If Spread is >0, "Yes" Yes
<Caption>
Transferor's Interest Trigger
Required Transferor Interest 466,791,026.09
Transferor Interest 1,380,439,163.12
Trigger Pass Test Yes
</table>
ASSOCIATES CREDIT CARD MASTER NOTE TRUST
Series 2000-2
Pursuant to the Master Indenture dated as of April 1, 2000 (as amended and
supplemented, the "Master Indenture"), between Associates Credit Card Master
Note Trust (the "Trust) and the Bank of New York, as indenture trustee (the
Indenture Trustee), as supplemented by the Series 2000-2 Indenture Supplement,
dated as of June 13, 2000 (the "Indenture Supplement"), between the Trust and
the Indenture Trustee, Citibank (South Dakota), National Association, as
Servicer (the "Servicer") under the Transfer and Servicing Agreement, dated as
of April 1, 2000 (the "Transfer and Servicing Agreement") between Citibank
(South Dakota) National Association, as Transferor & Servicer, and the Trust, is
required to prepare certain information each month regarding current
distributions to the Series 2000-2 Noteholders and the performance of the Trust
during the previous month. The information which is required to be prepared with
respect to the Distribution Date of January 17, 2002, and with respect to the
performance of the Trust during the month of December is set forth below.
Capitalized terms used in this Monthly Statement have their respective meanings
set forth in the Master Indenture and the Indenture Supplement.
<Table>
Current Transaction Period: Revolving Period
Any Cash Flow Shortfalls this Period No
Any Cash Flow Shortfalls from Previous Period No
Payout Event this Period: No
Group I Participants: Series 2000-2
</table>
MASTER NOTE TRUST RECEIVABLES
YIELD AND BASE RATE --
December : (31 posting days)
<table>
<caption>
Yield Defaults Total
Portfolio Yield (Current Month) 22.37% 12.84% 9.53%
Portfolio Yield (Prior Month) 22.80% 11.97% 10.83%
Portfolio Yield (Two Months Ago) 22.95% 11.09% 11.86%
THREE MONTH AVERAGE PORTFOLIO YIELD 10.74%
---------------------
---------------------
</table>
<table>
<caption>
Servicing Coupon Total
Base Rate (Current Month) 2.00% 2.11% 4.11%
Base Rate (Prior Month) 2.00% 2.31% 4.31%
Base Rate (Two Months Ago) 2.00% 2.73% 4.73%
THREE MONTH AVERAGE BASE RATE 4.39%
---------------------
---------------------
</table>
<table>
<caption>
Beginning Period Principal Receivables 6,600,244,870.30
Beginning Period Finance Charge Receivables 304,907,939.25
Beginning Period Discounted Receivables 0.00
Beginning Period Total Receivables 6,905,152,809.55
Removed Principal Receivables 0.00
Removed Finance Charge Receivables 0.00
Removed Total Receivables 0.00
Discounted Receivables Generated this Period 0.00
Additional Principal Receivables 0.00
Additional Finance Charge Receivables 0.00
Additional Total Receivables 0.00
Total Principal Collections this Period 543,246,173.80
Total Defaulted Principal Receivables this Period 72,999,584.94
Total Receivables Adjustments this Period 29,723,024.25
Total Finance Charge Collections this Period 127,143,401.21
Total Discounted Receivables this Period 0.00
Ending Period Principal Receivables 6,668,443,229.79
Ending Period Finance Charge Receivables 292,954,877.13
Ending Period Discounted Receivables 0.00
Ending Period Total Receivables 6,961,398,106.92
DELINQUENCY INFORMATION
End of the Month Principal Delinquencies:
31-60 Days Delinquent 161,683,108.46
61-90 Days Delinquent 105,976,956.77
91+ Days Delinquent 215,780,619.35
--------------------
--------------------
Total 31+ Days Delinquent 483,440,684.58
--------------------
--------------------
</table>
ASSOCIATES CREDIT CARD MASTER NOTE TRUST
CASH FLOW ALLOCATIONS
SERIES 2000-2
--------------------
--------------------
FLOATING INVESTOR PERCENTAGE 0.119613
FIXED INVESTOR PERCENTAGE 0.119613
--------------------
--------------------
<table>
<caption>
FINANCE CHARGE ALLOCATIONS Total
- -------------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------------
AVAILABLE FUNDS
Total Trust Finance Charge Collections 127,143,401.21
--------------------
--------------------
Investor Percentage 0.119613
--------------------
--------------------
Investor Finance Charge Collections 15,207,982.66 15,207,982.66
Excess Finance Charge Collections allocated to Series 0.00 0.00
Available Finance Charge Collections 15,207,982.66 15,207,982.66
</table>
CASH FLOW ALLOCATIONS
<table>
<caption>
Class A Distributions
(1)Class A Monthly Interest 1,031,075.50
(2)Class A Monthly Interest Previously Due 0.00
(3)Class A Monthly Additional Interest 0.00
(4)Class A Monthly Additional Interest Previously Due 0.00
Total Class A Monthly Interest 1,031,075.50
Class B Distributions
(5)Class B Monthly Interest 155,783.11
(6)Class B Monthly Interest Previously Due 0.00
(7)Class B Monthly Additional Interest 0.00
(8)Class B Monthly Additional Interest Previously Due 0.00
Total Class B Monthly Interest 155,783.11
(9)Total Monthly Servicing Fee for Series 1,315,790.00
(10)Total Servicing Fee for Series Previously Due 0.00
(11)Class A Prepayable Increase Amount Interest 0.00
(12)Class B Prepayable Increase Amount Interest 0.00
(13)Investor Default Amount 8,731,687.30
(14)Investor Charge-Offs 0.00
(15)Reallocated Principal Collections Previously Due 0.00
Class C Distributions
(16)Class C Monthly Interest 247,303.42
(21)Funds Required per Note Agreement under
Sections 2.07, 2.08 & 2.09 0.00
(22)Funds Required per Note Agreement under
Sections 2.04 (e) & 7.01 0.00
Spread Account Distributions
(23)Class C Spread Account Required Deposit 0.00
TOTAL EXCESS SPREAD ELIGIBLE FOR OTHER
SERIES' ALLOCATIONS 3,726,343.33
EXCESS SPREAD ALLOCATED TO OTHER SERIES' 0.00
EXCESS SPREAD RELEASED TO TRANSFEROR 3,726,343.33
</table>
<table>
<caption>
PRINCIPAL ALLOCATIONS Class A Class B
- -------------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------------
AVAILABLE FUNDS
Total Trust Principal Collections 543,246,173.80
--------------------
--------------------
Investor Percentage 0.119613
--------------------
--------------------
Investor Principal Collections 64,979,214.90
Shared Principal Collections from other Series' 478,266,958.90
Available Principal Collections 543,246,173.80
Controlled Amoritization Amount 0.00 0.00
Partial Amoritization Amount 0.00 0.00
Deficiency Controlled Amoritization Amount 0.00 0.00
Monthly Principal Amount 0.00 0.00
Principal Shortfall
Reallocated Principal to other Series' 0.00 0.00
Class C Total
------------------------------------------
------------------------------------------
Controlled Amoritization Amount 0.00 0.00
Partial Amoritization Amount 0.00 0.00
Deficiency Controlled Amoritization Amount 0.00 0.00
Monthly Principal Amount 0.00 0.00
Principal Shortfall
Reallocated Principal to other Series' 0.00
</table>
ASSOCIATES CREDIT CARD MASTER NOTE TRUST
<table>
<caption>
Group 1 Coupon Rate Balance Interest Payments
--------------------- -------------------- --------------------
--------------------- -------------------- --------------------
Series 2000-2, Class A 2.00% $ 600,000,000.00 $ 1,031,075.50
Series 2000-2, Class B 2.24% $ 80,921,000.00 $ 155,783.11
Series 2000-2, Class C 2.65% $ 108,553,000.00 $ 247,303.42
</table>
<table>
<caption>
Series 2000-2
--------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------
Class A Class B Class C Total
--------------------- -------------------- -------------------- ---------------------
--------------------- -------------------- -------------------- ---------------------
Principal Distribution Required Amt $ - $ - - $ - - $ - -
Interest Distribution Required Amt $ 1,031,075.50 $ 155,783.11 $ 247,303.42 $ 1,434,162.032
Unpaid Principal Shortfalls paid $ - $ - $ - $ - -
Unpaid Interest Shortfalls paid $ - $ - $ - $ - -
Prepayable Interest $ - $ - $ - $ - -
Servicing Fee $ 1,315,790.00 $ 1,315,790.000
--------------------- -------------------- -------------------- ---------------------
--------------------- -------------------- -------------------- ---------------------
Total Required Distribution $ 1,031,075.50 $ 155,783.11 $ 1,563,093.42 $ 2,749,952.032
===================== ==================== ==================== =====================
===================== ==================== ==================== =====================
</table>