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): February 18, 2003
DILLARD ASSET FUNDING COMPANY
Series 2000-1 and Series 2002-2
(Exact Name of Registrant as Specified in Charter)
Delaware
(State or Other Jurisdiction of Incorporation)
333-67855
(Commission File Number)
88-0352714
(IRS Employer Identification No.)
c/o Chase Manhattan Bank USA, N.A.
500 Stanton Christiana Rd.
OPS4/3rd Floor
Newark, Delaware 19713
(Address of Principal Executive Offices) (Zip Code)
(302) 575-5000
(Registrants' Telephone Number, Including Area Code)
Item 5. Other Events.
Dillard Credit Card Master Trust I is the issuer of Class A Floating
Rate Asset Backed Certificates Series 2000-1 and 3.80% Class A Asset Backed
Certificates Series 2002-2. The asset-backed certificates are serviced in
accordance with the Amended and Restated Pooling and Servicing Agreement,
dated as of June 28, 2000, as amended. The parties to the Pooling and
Servicing Agreement are Dillard Asset Funding Company, as transferor, Dillard
National Bank, as servicer and JPMorgan Chase Bank (f/k/a The Chase Manhattan
Bank USA, N.A.) as trustee.
On February 18, 2003 Dillard National Bank as servicer, distributed
monthly payments to the holders of the Series 2000-1 and Series 2002-2
certificates. Copies of the monthly certificateholders' reports are being
filed as Exhibit 20.1 to this current report on Form 8-K.
Item 7. Exhibits.
20.1 Monthly Reports with respect to the
February 18, 2003 distribution.
2
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on their behalf by the
undersigned hereunto duly authorized.
DILLARD ASSET FUNDING COMPANY
By: Administrator
By: /s/ Sherrill E. Wise
--------------------------------
Name: Sherrill E. Wise
Title: Administrator
Dated: March 17, 2003
EXHIBIT INDEX
Exhibit
Number Title
- ------ -----
20.1 Monthly Reports with respect to the February 18, 2003 distribution.
Exhibit 20.1
DILLARD CREDIT CARD MASTER TRUST I
Dillard Asset Funding Company, Transferor
Dillard National Bank, Servicer
Series 2000-1
Monthly Series 2000-1 Certificateholders' Statement
Capitalized terms used in this Certificate have their respective
meanings set forth in the Amended and Restated Pooling and Servicing
Agreement; provided, that the preceding Monthly Period shall mean the Monthly
Period immediately preceding the calendar month in which this Certificate is
delivered. This Certificate is delivered pursuant to subsection 3.4(b) of the
Amended and Restated Pooling and Servicing Agreement. References herein to
certain sections and subsections are references to the respective sections and
subsections of the Amended and Restated Pooling and Servicing Agreement.
For Month February 2003
5.2(a)(i) on an aggregate basis:
Class A Monthly Principal 0.00
Class B Monthly Principal 0.00
per $1,000 original principal amount per Certificate:
Class A Monthly Principal 0.00
Class B Monthly Principal 0.00
5.2(a)(ii) on an aggregate basis:
Class A Monthly Interest 241,500.00
Class B Monthly Interest _____________ 0.00
per $1,000 original principal amount per Certificate:
Class A Monthly Interest 1.21
Class B Monthly Interest 0.00
Page 1 of 5
5.2(a)(iii) Collections of Principal Receivables allocated to Class A 0.00
Collections of Principal Receivables allocated to Class B 0.00
5.2(a)(iv) Collections of Finance Charge Receivables allocated to Class A 3,637,315.42
Collections of Finance Charge Receivables allocated to Class B 1,086,470.84
5.2(a)(v) Principal Receivables (beginning of month) 1,364,754,835.75
Gross Credit Sales 183,174,766.21
Principal Payments (191,739,195.41)
Returns (26,262,319.24)
Principal Defaults (10,969,486.82)
Ineligible Principal Receivables 0.00
Actual Misc. Adjustments 0.00
Principal Receivables (end of month) 1,318,958,600.49
Total Portfolio Recoveries
Gross Recoveries 1,988,443.74
Recoveries Net of Expenses 1,267,705.80
Total Portfolio Finance Charge Collections
Finance Charge Collections 23,552,513.21
Finance Charge Collections with Recoveries 24,820,219.01
Investor Interest 259,740,260.00
Adjusted Investor Interest 259,740,260.00
Class A Investor Interest 200,000,000.00
Class A Adjusted Investor Interest 200,000,000.00
Class B Investor Interest 59,740,260.00
Floating Investor Percentage 19.03%
Class A Floating Allocation 77.00%
Class B Floating Allocation 23.00%
Fixed Investor Percentage N/A
Class A Fixed Allocation N/A
Class B Fixed Allocation N/A
5.2(a)(vi) Delinquent Accounts
2 of 5
30-59 Days Delinquent 55,840,254.00
60-89 Days Delinquent 17,204,151.00
90 + Days Delinquent 37,002,029.00
5.2(a)(vii) Aggregate Investor Default Amount 2,087,713.69
Class A Investor Default Amount 1,607,539.54
Class B Investor Default Amount 480,174.15
5.2(a)(viii) on an aggregate basis:
Class A Investor Charge-Offs 0.00
Class B Investor Charge-Offs 0.00
per $1,000 original principal amount per Certificate:
Class A Investor Charge-Offs 0.00
Class B Investor Charge-Offs 0.00
5.2(a)(ix) on an aggregate basis:
Class A Investor Charge-Offs reimbursed 0.00
Class B Investor Charge-Offs reimbursed 0.00
per $1,000 original principal amount per Certificate:
Class A Investor Charge-Offs reimbursed 0.00
Class B Investor Charge-Offs reimbursed 0.00
5.2(a)(x) on an aggregate basis:
Class A Servicing Fee 333,333.33
Class B Servicing Fee 0.00
5.2(a)(xi) Portfolio Yield 12.18%
5.2(a)(xii) Reallocated Class B Principal Collections 0.00
Page 3 of 5
5.2(a)(xiii) Class B Investor Interest 59,740,260.00
5.2(a)(xiv) LIBOR for Interest Period 1.34000%
5.2(a)(xv) Principal Funding Account Balance 0.00
5.2(a)(xvi) Accumulation Shortfall 0.00
5.2(a)(xvii) Principal Funding Account Investment Proceeds 0.00
5.2(a)(xviii) Principal Funding Investment Shortfall 0.00
5.2(a)(xix) on an aggregate basis:
Class A Available Funds 3,637,315.42
5.2(a)(xx) Class A Certificate Rate 1.61000%
Other items
Number of Accounts (beginning of month) 2,538,849
Number of Accounts (end of month) 2,413,858
Collateral Performance
Total Payment Rate 15.87%
Portfolio Yield (Gross) 21.82%
Excess Spread (current month)* 9.52%
Excess Spread (previous month) 10.23%
Excess Spread (2 months previous) 9.03%
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Excess Spread (3 month rolling Average) 9.59%
* Please note that Excess Spread is calculated on a cash
basis and may be higher than Spread to Base Rate in any
given month. Spread to Base Rate assumes coupon and
servicing fee are allocated based upon the entire invested
amount.
Defaults 9.65%
30-59 Days Delinquent 4.09%
60-89 Days Delinquent 1.26%
Page 4 of 5
90 + Days Delinquent 2.71%
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Total Delinquent 8.06%
Principal Payment Rate 14.05%
Pool Balance in $MM (end of month) 1,319
Seller Percent 80.97%
Series Performance Trigger (as defined in Pooling and Servicing
Agreement)
Net Portfolio Yield (current month, net of Charge-offs) 12.18%
Net Portfolio Yield (previous month) 13.20%
Net Portfolio Yield (2 months previous) 11.87%
--------------------------------------------------------------------------
Net Portfolio Yield (3 month rolling average) 12.42%
Base Rate (current month) 3.45%
Base Rate (previous month) 3.86%
Base Rate (2 months previous) 3.69%
--------------------------------------------------------------------------
Base Rate (3 month rolling average) 3.67%
Spread to Base Rate (current month) 8.73%
Spread to Base Rate (previous month) 9.34%
Spread to Base Rate (2 months previous) 8.18%
--------------------------------------------------------------------------
Spread to Base Rate (3 month rolling average) 8.75%
Base Rate > Portfolio Yield (3 month rolling average) No
Dillard National Bank
as Servicer
By:
-------------------------------------
Title: Cashier
Page 5 of 5
DILLARD CREDIT CARD MASTER TRUST I
Dillard Asset Funding Company, Transferor
Dillard National Bank, Servicer
Series 2002-2
Monthly Series 2002-2 Certificateholders' Statement
Capitalized terms used in this Certificate have their respective
meanings set forth in the Amended and Restated Pooling and Servicing
Agreement; provided, that the preceding Monthly Period shall mean the Monthly
Period immediately preceding the calendar month in which this Certificate is
delivered. This Certificate is delivered pursuant to subsection 3.4(b) of the
Amended and Restated Pooling and Servicing Agreement. References herein to
certain sections and subsections are references to the respective sections and
subsections of the Amended and Restated Pooling and Servicing Agreement.
For the Period February 2003
Class A Class B Class C Total
Section 5.2 - Supplement
(a) (i) Monthly Principal Distributed - - - -
(a) (ii) Monthly Interest Distributed
per $1,000 3.17 - - 3.17
Deficiency Amounts - - - -
Additional Interest - - - -
Accrued and Unpaid Interest - - - -
(a) (iii) Collections of Principal
Receivables 35,293,176.37 2,960,038.70 7,286,367.32 45,539,582.38
(a) (iv) Collections of Finance Charge
Receivables 3,637,315.42 305,061.64 750,933.15 4,693,310.21
(a) (v) Aggregate Amount of Principal
Receivables 193,288,723.50 16,211,125.24 39,904,955.65 249,404,804.40
Investor Interest 200,000,000.00 16,774,000.00 41,290,516.00 258,064,516.00
Adjusted Interest 200,000,000.00 16,774,000.00 41,290,516.00 258,064,516.00
Floating Investor Percentage 14.65% 1.23% 3.03% 18.91%
Fixed Investor Percentage N/A N/A N/A N/A
(a) (vi) Receivables Delinquent (As % of
Total Receivables)
Current 91.66% 1,208,912,166.49
30 to 59 days 4.23% 55,840,254.00
60 to 89 days 1.30% 17,204,151.00
90 or more days 2.81% 37,002,029.00
Total Receivables 1,318,958,600.49
(a) (vii) Investor Default Amount per $
1,000 8.04 0.67 1.66 10.37
(a) (viii) Investor Charge-Offs N/A N/A N/A N/A
(a) (ix) Reimbursed Investor Charge-Offs N/A N/A N/A N/A
1
Section 5.2 - Supplement (Continued)
Class A Class B Class C Total
(a) (x) Servicing Fee 333,333.33 27,956.67 68,817.53 430,107.53
(a) (xi) Portfolio Yield 12.18%
(a) (xii) Reallocated Monthly Principal - - - -
(a) (xiii) Closing Investor Interest 200,000,000.00 16,774,000.00 41,290,516.00 258,064,516.00
(a) (xiv) Principal Funding Account Balance -
(a) (xv) Accumulation Shortfall -
(a) (xvi) Principal Funding Investment Proceeds -
(a) (xvii) Principal Investment Funding Shortfall -
(a) (xviii) Available Funds 3,637,315.42 305,061.64 750,933.15 4,693,310.21
(a) (xix) Certificate Rate 3.80% 0.00% 0.00%
Additional Information
Principal Receivables - (Total Trust Pool)
Beginning Balance - 1/31/2003 1,364,754,835.75
Credit Purchases 183,174,766.21
Credit Returns (26,262,319.24)
Collections (215,291,708.62)
Finance Chgs & Late Fees 26,112,529.50
Charge-offs (13,529,503.11)
Accounts Purchased / Sold -
----------------
Ending Balance - 2/28/2003 1,318,958,600.49
================
Total Interest to be Distributed 633,333.33
================
Dillard National Bank, as Servicer
By:
-------------------------------
James P. Turk
Cashier
2