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 10, 2002
PEOPLE'S BANK
on behalf of
PEOPLE'S BANK CREDIT CARD MASTER TRUST
(Exact Name of Registrant as Specified in its Charter)
Connecticut
(State or Other Jurisdiction of Incorporation)
33-99506, 33-99508, 33-90012
333-33269, 333-45785, 333-63989 06-1213065
(Commission File Number) (I.R.S. Employer Identification No.)
850 Main Street, Bridgeport, Connecticut 06604
(Address of Principal Executive Offices) (Zip Code)
(203) 338-7171
(Registrant's Telephone Number, Including Area Code)
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
INDEX TO EXHIBITS
Exhibit
No. Document Description
20 Monthly Servicer's Certificate
Item 5. Other Events.
The Registrant hereby incorporates by reference the information
contained in Exhibit 20 hereto in response to this Item 5.
Item 7. Financial Statements and Exhibits.
(c) Exhibits.
20. Monthly Servicer's Certificate for People's Bank Credit
Card Master Trust, 1996-1, 1997-1,
1997-2, 1998-1, 1999-1
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.
PEOPLE'S BANK
Dated: January 23, 2002 By: /s/Vincent J.Calabrese
Vincent J.Calabrese
First Vice President & Controller
MONTHLY SERVICER'S CERTIFICATE
PEOPLE'S BANK
People's Bank Credit Card Master Trust
For the January 10, 2002 Determination Date
For the December 2001 Monthly Period
The undersigned, a duly authorized representative of People's Bank, as
Servicer pursuant to the Amended and Restated Pooling and Servicing Agreement
dated as of March 18, 1997, (as heretofore amended, supplemented or otherwise
modified, the "Pooling and Servicing Agreement") by and between People's Bank
and Bankers Trust Company, as Trustee, does hereby certify as follows:
1. Capitalized terms used in this Certificate have their respective meanings
set forth in the 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
Pooling and Servicing Agreement. References herein to certain sections
and subsections are references to the respective sections and subsections
of the Pooling and Servicing Agreement, as amended by the applicable
Series Supplement.
2. People's Bank is Servicer under the Pooling and Servicing Agreement.
3. The undersigned is a Servicing Officer.
4. The date of this Certificate is January 10, 2002, which is a
Determination Date under the Pooling and Servicing Agreement.
5. The aggregate amount of Collections processed during the preceding
Monthly Period (equal to 5(a) plus 5(b)) was equal to...$ 440,994,402.61
(a) The aggregate amount of Collections of Finance Charge Receivables
collected during the preceding Monthly Period (the "Collections of
Finance Charge Receivables") was equal to...............$ 37,561,519.50
(b) The aggregate amount of Collections of Principal Receivables
collected during the preceding Monthly Period (the "Collections of
Principal Receivables") was equal to....................$ 403,432,883.11
6. The aggregate amount of Receivables as of the end of the last day of the
preceding Monthly Period was equal to...................$ 2,367,202,167.19
7. Attached hereto is a true and correct copy of the statements required to
be delivered by the Servicer on the date of this Certificate to the
Paying Agent pursuant to Article V.
8. To the knowledge of the undersigned, there are no Liens on any Receivables
in the Trust except as described below:
"NONE"
9. The amount by which the Aggregate Principal Receivables exceeds the
Aggregate Principal Receivables required to be maintained pursuant to the
Pooling and Servicing Agreement, is equal to............$ 378,426,226.46
IN WITNESS WHEREOF, the undersigned has duly executed and delivered this
certificate this 10th Day of January 2002.
PEOPLE'S BANK
Servicer
By : /s/Michael J.Ciborowski
Name: Michael J. Ciborowski
Title: Vice President
Schedule - to Monthly
Servicer's Certificate
PEOPLE'S BANK
People's Bank Credit Card Master Trust, Series 1996-1
For the January 10, 2002 Determination Date
For the December 2001 Monthly Period
1. The aggregate amount of Collections processed during the preceding Monthly
Period (equal to 1(a) plus 1(b)) was equal to...........$ 68,542,269.71
(a) The aggregate amount of Collections of Finance Charge Receivables
collected during the preceding Monthly Period (the "Collections of Finance
Charge Receivables") allocated to Series 1996-1 was equal
to......................................................$ 758,446.51
(b) The aggregate amount of Collections of Principal Receivables collected
during the preceding Monthly Period (the "Collections of Principal
Receivables") allocated to Series 1996-1 was equal to....$ 67,783,823.20
2. The aggregate amount of funds on deposit in the Series Accounts with
respect to Series 1996-1 with respect to Collections processed during the
preceding Monthly Period, and applicable to Series 1996-1 as of the
Transfer Date relating to the preceding Monthly Period was equal
to......................................................$ 27,829,875.09
3. (a) The aggregate amount of funds on deposit in the Principal Account with
respect to Collections processed during the preceding Monthly Period and
allocated to Series 1996-1, as of the end of the last day of the
preceding Monthly Period was equal to...................$ 27,071,428.58
(b) The aggregate amount of funds which will be on deposit in the
Principal Account on the Transfer Date following this Determination Date,
will be.................................................$ 27,071,428.58
4. The aggregate amount of funds on deposit in the Collection Subaccount
relating to Series 1996-1 as of the end of the last day of the preceding
Monthly Period was equal to.............................$ 0.00
5. The aggregate amount of withdrawals required to be made under the Cash
Collateral Account pursuant to Section 4.6 on the Determination Date in
the current calendar month is equal to..................$ 0.00
6. (a) The aggregate amount of Recoveries to be deposited to the Collection
Account and allocated to Series 1996-1 on the next succeeding Transfer
Date is equal to........................................$ 39,730.14
(b) The amount of earnings (net of losses and investment expenses) on
funds on deposit in the Excess Funding Account to be transferred from the
Excess Funding Account to the Finance Charge Account on the next
succeeding Transfer Date is equal to....................$ 0.00
7. The sum of all amounts payable to the Investor Certificateholders of
Series 1996-1 on the Distribution Date in the current Monthly Period is
equal to:
Class A Certificateholders
Payable in respect of principal........................$ 27,071,428.58
Payable in respect of interest.........................$ 44,610.16
Total..................................................$ 27,116,038.74
Class B Certificateholders
Payable in respect of principal........................$ 0.00
Payable in respect of interest.........................$ 37,142.74
Total..................................................$ 37,142.74
8. No Series Pay Out Event or Trust Pay Out Event has occurred.
Schedule - to Monthly
Servicer's Certificate
PEOPLE'S BANK
People's Bank Credit Card Master Trust, Series 1997-1
For the January 10, 2002 Determination Date
For the December 2001 Monthly Period
1. The aggregate amount of Collections processed during the preceding Monthly
Period (equal to 1(a) plus 1(b)) was equal to...........$ 90,985,732.06
(a) The aggregate amount of Collections of Finance Charge Receivables
collected during the preceding Monthly Period (the "Collections of Finance
Charge Receivables") allocated to Series 1997-1 was equal
to......................................................$ 6,255,953.10
(b) The aggregate amount of Collections of Principal Receivables collected
during the preceding Monthly Period (the "Collections of Principal
Receivables") allocated to Series 1997-1 was equal to....$ 84,729,778.96
2. The aggregate amount of funds on deposit in the Series Accounts with
respect to Series 1997-1 with respect to Collections processed during the
preceding Monthly Period, and applicable to Series 1997-1 as of the
Transfer Date relating to the preceding Monthly Period was equal
to......................................................$ 119,648,323.67
3. (a) The aggregate amount of funds on deposit in the Principal Account with
respect to Collections processed during the preceding Monthly Period and
allocated to Series 1997-1, as of the end of the last day of the
preceding Monthly Period was equal to...................$ 113,392,370.57
(b) The aggregate amount of funds which will be on deposit in the
Principal Account on the Transfer Date following this Determination Date,
will be.................................................$ 113,392,370.57
4. The aggregate amount of funds on deposit in the Collection Subaccount
relating to Series 1997-1 as of the end of the last day of the preceding
Monthly Period was equal to.............................$ 0.00
5. The aggregate amount of withdrawals required to be made under the
Enhancement pursuant to Section 4.6 on the Determination Date in
the current calendar month is equal to..................$ 0.00
6. (a) The aggregate amount of Recoveries to be deposited to the Collection
Account and allocated to Series 1997-1 on the next succeeding Transfer
Date is equal to........................................$ 309,634.91
(b) The amount of earnings (net of losses and investment expenses) on
funds on deposit in the Excess Funding Account to be transferred from the
Excess Funding Account to the Finance Charge Account on the next
succeeding Transfer Date is equal to....................$ 0.00
7. The sum of all amounts payable to the Investor Certificateholders of
Series 1997-1 on the Distribution Date in the current Monthly Period is
equal to:
Class A Certificateholders
Payable in respect of principal........................$ 0.00
Payable in respect of interest.........................$ 690,073.32
Total..................................................$ 690,073.32
Class B Certificateholders
Payable in respect of principal........................$ 0.00
Payable in respect of interest.........................$ 60,237.44
Total..................................................$ 60,237.44
Collateral Interest
Payable in respect of principal........................$ 7,142,370.57
Payable in respect of interest.........................$ 17,615.36
Total..................................................$ 7,159,985.93
8. No Series Pay Out Event or Trust Pay Out Event has occurred.
Schedule - to Monthly
Servicer's Certificate
PEOPLE'S BANK
People's Bank Credit Card Master Trust, Series 1997-2
For the January 10, 2002 Determination Date
For the December 2001 Monthly Period
1. The aggregate amount of Collections processed during the preceding Monthly
Period (equal to 1(a) plus 1(b)) was equal to...........$ 92,622,531.22
(a) The aggregate amount of Collections of Finance Charge Receivables
collected during the preceding Monthly Period (the "Collections of Finance
Charge Receivables") allocated to Series 1997-2 was equal
to......................................................$ 7,892,752.26
(b) The aggregate amount of Collections of Principal Receivables collected
during the preceding Monthly Period (the "Collections of Principal
Receivables") allocated to Series 1997-2 was equal to....$ 84,729,778.96
2. The aggregate amount of funds on deposit in the Series Accounts with
respect to Series 1997-2 with respect to Collections processed during the
preceding Monthly Period, and applicable to Series 1997-2 as of the
Transfer Date relating to the preceding Monthly Period was equal
to......................................................$ 7,892,752.26
3. (a) The aggregate amount of funds on deposit in the Principal Account with
respect to Collections processed during the preceding Monthly Period and
allocated to Series 1997-2, as of the end of the last day of the
preceding Monthly Period was equal to...................$ 0.00
(b) The aggregate amount of funds which will be on deposit in the
Principal Account on the Transfer Date following this Determination Date,
will be.................................................$ 0.00
4. The aggregate amount of funds on deposit in the Collection Subaccount
relating to Series 1997-2 as of the end of the last day of the preceding
Monthly Period was equal to.............................$ 0.00
5. The aggregate amount of withdrawals required to be made under the
Enhancement pursuant to Section 4.6 on the Determination Date in
the current calendar month is equal to..................$ 0.00
6. (a) The aggregate amount of Recoveries to be deposited to the Collection
Account and allocated to Series 1997-2 on the next succeeding Transfer
Date is equal to........................................$ 413,240.65
(b) The amount of earnings (net of losses and investment expenses) on
funds on deposit in the Excess Funding Account to be transferred from the
Excess Funding Account to the Finance Charge Account on the next
succeeding Transfer Date is equal to....................$ 0.00
7. The sum of all amounts payable to the Investor Certificateholders of
Series 1997-2 on the Distribution Date in the current Monthly Period is
equal to:
Class A Certificateholders
Payable in respect of principal........................$ 0.00
Payable in respect of interest.........................$ 693,496.94
Total..................................................$ 693,496.94
Class B Certificateholders
Payable in respect of principal........................$ 0.00
Payable in respect of interest.........................$ 60,509.32
Total..................................................$ 60,509.32
Collateral Interest
Payable in respect of principal........................$ 0.00
Payable in respect of interest.........................$ 60,054.92
Total..................................................$ 60,054.92
8. No Series Pay Out Event or Trust Pay Out Event has occurred.
Schedule - to Monthly
Servicer's Certificate
PEOPLE'S BANK
People's Bank Credit Card Master Trust, Series 1998-1
For the January 10, 2002 Determination Date
For the December 2001 Monthly Period
1. The aggregate amount of Collections processed during the preceding Monthly
Period (equal to 1(a) plus 1(b)) was equal to...........$ 74,098,053.18
(a) The aggregate amount of Collections of Finance Charge Receivables
collected during the preceding Monthly Period (the "Collections of Finance
Charge Receivables") allocated to Series 1998-1 was equal
to......................................................$ 6,314,230.07
(b) The aggregate amount of Collections of Principal Receivables collected
during the preceding Monthly Period (the "Collections of Principal
Receivables") allocated to Series 1998-1 was equal to....$ 67,783,823.11
2. The aggregate amount of funds on deposit in the Series Accounts with
respect to Series 1998-1 with respect to Collections processed during the
preceding Monthly Period, and applicable to Series 1998-1 as of the
Transfer Date relating to the preceding Monthly Period was equal
to......................................................$ 6,314,230.07
3. (a) The aggregate amount of funds on deposit in the Principal Account with
respect to Collections processed during the preceding Monthly Period and
allocated to Series 1998-1, as of the end of the last day of the
preceding Monthly Period was equal to...................$ 0.00
(b) The aggregate amount of funds which will be on deposit in the
Principal Account on the Transfer Date following this Determination Date,
will be.................................................$ 0.00
4. The aggregate amount of funds on deposit in the Collection Subaccount
relating to Series 1998-1 as of the end of the last day of the preceding
Monthly Period was equal to.............................$ 0.00
5. The aggregate amount of withdrawals required to be made under the
Enhancement pursuant to Section 4.6 on the Determination Date in
the current calendar month is equal to..................$ 0.00
6. (a) The aggregate amount of Recoveries to be deposited to the Collection
Account and allocated to Series 1998-1 on the next succeeding Transfer
Date is equal to........................................$ 330,592.52
(b) The amount of earnings (net of losses and investment expenses) on
funds on deposit in the Excess Funding Account to be transferred from the
Excess Funding Account to the Finance Charge Account on the next
succeeding Transfer Date is equal to....................$ 0.00
7. The sum of all amounts payable to the Investor Certificateholders of
Series 1998-1 on the Distribution Date in the current Monthly Period is
equal to:
Class A Certificateholders
Payable in respect of principal........................$ 0.00
Payable in respect of interest.........................$ 562,455.88
Total..................................................$ 562,455.88
Class B Certificateholders
Payable in respect of principal........................$ 0.00
Payable in respect of interest.........................$ 48,624.95
Total..................................................$ 48,624.95
Collateral Interest
Payable in respect of principal........................$ 0.00
Payable in respect of interest.........................$ 38,596.26
Total..................................................$ 38,596.26
8. No Series Pay Out Event or Trust Pay Out Event has occurred.
Schedule - to Monthly
Servicer's Certificate
PEOPLE'S BANK
People's Bank Credit Card Master Trust, Series 1999-1
For the January 10, 2002 Determination Date
For the December 2001 Monthly Period
1. The aggregate amount of Collections processed during the preceding Monthly
Period (equal to 1(a) plus 1(b)) was equal to...........$ 73,631,034.53
(a) The aggregate amount of Collections of Finance Charge Receivables
collected during the preceding Monthly Period (the "Collections of Finance
Charge Receivables") allocated to Series 1999-1 was equal
to......................................................$ 5,847,211.42
(b) The aggregate amount of Collections of Principal Receivables collected
during the preceding Monthly Period (the "Collections of Principal
Receivables") allocated to Series 1999-1 was equal to....$ 67,783,823.11
2. The aggregate amount of funds on deposit in the Series Accounts with
respect to Series 1999-1 with respect to Collections processed during the
preceding Monthly Period, and applicable to Series 1999-1 as of the
Transfer Date relating to the preceding Monthly Period was equal
to......................................................$ 39,337,426.93
3. (a) The aggregate amount of funds on deposit in the Principal Account with
respect to Collections processed during the preceding Monthly Period and
allocated to Series 1999-1, as of the end of the last day of the
preceding Monthly Period was equal to...................$ 33,490,215.51
(b) The aggregate amount of funds which will be on deposit in the
Principal Account on the Transfer Date following this Determination Date,
will be.................................................$ 33,490,215.51
4. The aggregate amount of funds on deposit in the Collection Subaccount
relating to Series 1999-1 as of the end of the last day of the preceding
Monthly Period was equal to.............................$ 0.00
5. The aggregate amount of withdrawals required to be made under the
Enhancement pursuant to Section 4.6 on the Determination Date in
the current calendar month is equal to..................$ 0.00
6. (a) The aggregate amount of Recoveries to be deposited to the Collection
Account and allocated to Series 1999-1 on the next succeeding Transfer
Date is equal to........................................$ 300,629.96
(b) The amount of earnings (net of losses and investment expenses) on
funds on deposit in the Excess Funding Account to be transferred from the
Excess Funding Account to the Finance Charge Account on the next
succeeding Transfer Date is equal to....................$ 0.00
7. The sum of all amounts payable to the Investor Certificateholders of
Series 1999-1 on the Distribution Date in the current Monthly Period is
equal to:
Class A Certificateholders
Payable in respect of principal........................$ 0.00
Payable in respect of interest.........................$ 595,098.47
Total..................................................$ 595,098.47
Class B Certificateholders
Payable in respect of principal........................$ 0.00
Payable in respect of interest.........................$ 57,833.47
Total..................................................$ 57,833.47
Collateral Interest
Payable in respect of principal........................$ 2,762 942.78
Payable in respect of interest.........................$ 35,048.45
Total..................................................$ 2,797,991.23
8. No Series Pay Out Event or Trust Pay Out Event has occurred.
PEOPLE'S BANK CREDIT CARD MASTER TRUST SERIES 1996-1
MONTHLY SERVICER'S REPORT
Number of Months Series in Existence 66
Monthly Period Ended December 31, 2001
Distribution Date January 15, 2002
Determination Date January 10, 2002
Number of Days in Period 29
1. Trust Activity Series 1996-1
Beginning of Month - Aggregate Principal Receivables 2,380,703,032.78
Principal Collections on the Receivables 403,432,883.11
Finance Charge Collections on the Receivables 37,561,519.50
Receivables in Defaulted Accounts 20,883,110.70
End of Month - Aggregate Principal Receivables 2,367,202,167.19
Investor Interest Series 1996-1 21,000,000.00
Investor Interest Series 1997-1 473,750,000.00
Investor Interest Series 1997-2 500,000,000.00
Investor Interest Series 1998-1 400,000,000.00
Investor Interest Series 1999-1 391,711,171.66
Seller Principal Receivables 580,740,995.53
Total Investor Percentage with respect to...
Finance Charges 0.8871232%
Charged-Off Accounts 0.8871232%
Principal Receivables 16.8975851%
Class A Percentage with respect to...
Finance Charges 0.0000000%
Charged-Off Accounts 0.0000000%
Principal Receivables 16.0104619%
Class B Percentage with respect to...
Finance Charges 0.8871232%
Charged-Off Accounts 0.8871232%
Principal Receivables 0.8871232%
Seller Percentage with respect to ...
Finance Charges 24.5328009%
Charged-Off Accounts 24.5328009%
Principal Receivables 7.0632821%
2. Allocation of Funds in Collection Account
Class A Available Finance Charge Collections 427,119.21
Class A Monthly Cap Interest Payable to Class A Certificateholders
(See "Calculation of Certificate Interest" #3) 44,610.16
Unpaid Class A Monthly Cap Interest 0.00
Class A Monthly Servicing Fee
(See "Calculation of Monthly Servicing Fee" #6) 45,119.05
Unpaid Class A Monthly Servicing Fee 0.00
Class A Investor Default Amount 237,465.84
Unpaid Class A Investor Default Amount 0.00
Unreimbursed Class A Investor Charge-offs 0.00
Unpaid unreimbursed Class A Investor Charge-offs 0.00
Excess Spread from Class A Available Finance Charge
Collections 99,924.16
Class A Required Amount 0.00
Class B Available Finance Charge Collections 331,327.30
Class B Monthly Cap Interest Payable to Class B Certificateholders
(See "Calculation of Certificate Interest" #3) 37,142.74
Unpaid Class B Monthly Cap Interest 0.00
Class B Monthly Servicing Fee
(See "Calculation of Monthly Servicing Fee" #6) 35,000.00
Unpaid Class B Monthly Servicing Fee 0.00
Class B Investor Default Amount 184,208.33
Unpaid Class B Investor Default Amount 0.00
Unreimbursed Class B Investor Charge-offs 0.00
Unpaid unreimbursed Class B Investor Charge-offs 0.00
Excess Spread from Class B Available Finance Charge
Collections 74,976.23
Class B Required Amount 0.00
Total Excess Spread 174,900.39
Excess Spread used to satisfy Class A Required Amount 0.00
Excess Spread used to satisfy remaining unpaid Class A
Monthly Cap Interest 0.00
Excess Spread used to satisfy remaining unpaid Class A
Monthly Servicing Fee 0.00
Excess Spread used to satisfy remaining unpaid Class A
Investor Default Amount 0.00
Excess Spread used to satisfy remaining unpaid unreimbursed
Class A Investor Charge-offs 0.00
Remaining Class A Required Amount 0.00
Excess Spread used to satisfy Class B Required Amount 0.00
Excess Spread used to satisfy remaining unpaid Class B
Monthly Cap Interest 0.00
Excess Spread used to satisfy remaining unpaid Class B
Monthly Servicing Fee 0.00
Excess Spread used to satisfy remaining unpaid Class B
Investor Default Amount 0.00
Excess Spread used to satisfy remaining unpaid unreimbursed
Class B Investor Charge-offs 0.00
Remaining Class B Required Amount 0.00
Shared Finance Charges used to satisfy remaining Class A Required
Amount 0.00
Shared Finance Charges used to satisfy remaining unpaid
Class A Monthly Cap Interest 0.00
Shared Finance Charges used to satisfy remaining unpaid
Class A Monthly Servicing Fee 0.00
Shared Finance Charges used to satisfy remaining unpaid
Class A Investor Default Amount 0.00
Shared Finance Charges used to satisfy remaining unpaid
unreimbursed Class A Investor Charge-offs 0.00
Remaining Class A Required Amount 0.00
Cash Collateral Withdrawal used to satisfy remaining Class A
Required Amount 0.00
Cash Collateral Withdrawal used to satisfy remaining unpaid
Class A Monthly Cap Interest 0.00
Cash Collateral Withdrawal used to satisfy remaining unpaid
Class A Monthly Servicing Fee 0.00
Cash Collateral Withdrawal used to satisfy remaining unpaid
Class A Investor Default Amount 0.00
Cash Collateral Withdrawal used to satisfy remaining unpaid
unreimbursed Class A Investor Charge-offs 0.00
Remaining Class A Required Amount 0.00
Reallocated Class B Principal Collections used to satisfy remaining
Class A Required Amount 0.00
Reallocated Class B Principal Collections used to satisfy
remaining unpaid Class A Monthly Cap Interest 0.00
Reallocated Class B Principal Collections used to satisfy
remaining unpaid Class A Monthly Servicing Fee 0.00
Reallocated Class B Principal Collections used to satisfy
remaining unpaid Class A Investor Default Amount 0.00
Reallocated Class B Principal Collections used to satisfy
unpaid unreimbursed Class A Investor Charge-offs 0.00
Remaining Class A Required Amount 0.00
Reallocated Class B Investor Interest used to satisfy remaining
Class A Required Amount 0.00
Reallocated Class B Investor Interest used to satisfy
remaining unpaid Class A Monthly Cap Interest 0.00
Reallocated Class B Investor Interest used to satisfy
remaining unpaid Class A Monthly Servicing Fee 0.00
Reallocated Class B Investor Interest used to satisfy
remaining unpaid Class A Investor Default Amount 0.00
Reallocated Class B Investor Interest used to satisfy
remaining unpaid unreimbursed Class A Investor Charge-offs 0.00
Remaining Class A Required Amount 0.00
Shared Finance Charges used to satisfy remaining Class B Required
Amount 0.00
Shared Finance Charges used to satisfy remaining unpaid
Class B Monthly Cap Interest 0.00
Shared Finance Charges used to satisfy remaining unpaid
Class B Monthly Servicing Fee 0.00
Shared Finance Charges used to satisfy remaining unpaid
Class B Investor Default Amount 0.00
Shared Finance Charges used to satisfy remaining unpaid
unreimbursed Class B Investor Charge-offs 0.00
Remaining Class B Required Amount 0.00
Cash Collateral Withdrawal used to satisfy remaining Class B
Required Amount 0.00
Cash Collateral Withdrawal used to satisfy remaining unpaid
Class B Monthly Cap Interest 0.00
Cash Collateral Withdrawal used to satisfy remaining unpaid
Class B Monthly Servicing Fee 0.00
Cash Collateral Withdrawal used to satisfy remaining Class B
unpaid Investor Default Amount 0.00
Cash Collateral Withdrawal used to satisfy remaining unpaid
unreimbursed Class B Investor Charge-offs 0.00
Remaining Class B Required Amount 0.00
Excess Spread used to satisfy interest on overdue Class A
(See "Calculation of Certificate Interest" #3) 0.00
Excess Spread used to satisfy interest on overdue Class B
(See "Calculation of Certificate Interest" #3) 0.00
Excess Spread used to satisfy reimbursements of Class B
Investor Interest 0.00
Excess Spread used to satisfy deposits into Required Cash
Collateral Account 0.00
Excess Spread used to satisfy shortfalls of the Class A Interest
Payments 0.00
Excess Spread used to satisfy shortfalls of the Class B Interest
Payments 0.00
Excess Spread used to satisfy payments per Loan Agreement 174,900.39
Excess Spread used to satisfy Class A Excess Interest 0.00
Excess Spread used to satisfy Class B Excess Interest 0.00
Remaining Excess Spread after Funding Spread Account
(Shortfall) (dollars) 174,900.39
Remaining Excess Spread after Funding Spread Account
(Shortfall) (percentage of Investor Interest) 4.37%
Class A Investor Certificate Interest Shortfall (Deficiency Amounts) 0.00
Class A Charge-offs 0.00
Unreimbursed Class A Charge Offs 0.00
Unreimbursed Class A Charge Offs per $1,000 Original Investment 0.00
Class A Monthly Servicing Fee Shortfall 0.00
Class B Investor Certificate Interest Shortfall 0.00
Class B Charge-offs 0.00
Unreimbursed Class B Charge Offs 0.00
Unreimbursed Class B Charge Offs per $1,000 Original Investment 0.00
Class B Monthly Servicing Fee Shortfall 0.00
Available Principal Collections 67,783,823.20
Monthly Principal Payable To Class A Certificateholders
(See "Calculation of Monthly Principal" #4) 27,071,428.58
Monthly Principal Payable To Class B Certificateholders
(See "Calculation of Monthly Principal" #4) 0.00
Monthly Principal Reinvested In Receivables
(See "Calculation of Monthly Principal" #4) 36,767,065.13
(Net Deposit)/Draws on Shared Principal Collections (4,367,003.66)
Required Shared Finance Charge Collections from other Series 0.00
Draw on Shared Finance Charge Collections from other Series 0.00
Withdrawal from Cash Collateral Account 0.00
Class B Investor Certificate Interest Shortfall
(Deficiency Amounts) 0.00
Required Shared Finance Charge Collections for other
Series 0.00
Deposit of Shared Finance Charge Collections for other
Series 0.00
Total Distribution to Class A Investors 27,116,038.74
Total Distribution to Class A Investors per $1,000 Invested 71.55
Total Distribution to Class B Investors 37,142.74
Total Distribution to Class B Investors per $1,000 Invested 1.77
3. Calculation of Certificate Interest
Class A Certificate Rate 2.04563%
Class A Interest Rate Cap Provider Deposit 0.00
Previous Month's Class A Deficiency Amount 0.00
Class A Interest at the Certificate Rate + 0.5% on Deficiency
Amount 0.00
This Month Class A Certificate Interest 44,610.16
Expected Class A Principal 27,071,428.58
This Month Class A Cap Shortfall 0.00
Class A Excess Interest 0.00
Total Class A Interest Distributable to Class A
Certificateholders 44,610.16
Total Class A Interest Distributable per $1,000 of Class A
Original Investment 0.12
Class B Certificate Rate 2.19563%
Class B Interest Rate Cap Provider Deposit 0.00
Previous Month's Class B Deficiency Amount 0.00
Class B Interest at the Certificate Rate + 0.5% on Deficiency
Amount 0.00
This Month Class B Certificate Interest 37,142.74
Expected Class B Principal 21,000,000.00
This Month Class B Cap Shortfall 0.00
Class B Excess Interest 0.00
Total Class B Interest Distributable to Class B
Certificateholders 37,142.74
Total Class B Interest Distributable per $1,000 of Class B
Original Investment 1.77
Total Certificate Interest Distributable to
Certificateholders 81,752.90
Total Certificate Interest Distributable per $1,000 of
Original Investment 0.20
4. Calculation of Monthly Principal
Beginning Investor Interest 48,071,428.58
Beginning Class A Interest 27,071,428.58
Class A Available Principal Collections 64,225,172.43
Class A Monthly Unreimbursed Charge-Offs 0.00
Total Class A Monthly Principal 64,462,638.27
Class A Monthly Principal Reinvested in Receivables 34,931,931.31
Class A Controlled Amortization Amount 27,071,428.58
Maximum Monthly Principal to Class A Certificateholders 27,071,428.58
Class A Deficit Controlled Amortization Amount 0.00
Monthly Principal Payable to Class A Certificateholders 27,071,428.58
Class A Monthly Principal Payable per $1,000 of Original Investment 71.43
Beginning Class B Interest 21,000,000.00
Class B Available Principal Collections 3,558,650.72
Class B Monthly Unreimbursed Charge-Offs 0.00
Total Class B Monthly Principal 3,742,859.05
Class B Reallocated Principal Collections 0.00
Prior Month's Cumulative Class B Reallocated Principal Collections 0.00
Class B Reallocated Investor Interest 0.00
Prior Month's Cumulative Class B Reallocated Investor Interest 0.00
Class B Monthly Principal Reinvested in Receivables 1,835,133.82
Class B Controlled Amortization Amount 0.00
Maximum Monthly Principal to Class B Certificateholders 0.00
Required Shared Principal Collections for other Series 25,376,294.25
Deposit of Shared Principal Collections for other Series 4,367,003.66
Required Shared Principal Collections from other Series 0.00
Draw on Shared Principal Collections from other Series 0.00
Class B Deficit Controlled Amortization Amount 0.00
Monthly Principal Payable to Class B Certificateholders 0.00
Class B Monthly Principal Payable per $1,000 of Original Investment 0.00
Ending Investor Interest 21,000,000.00
Ending Class A Interest 0.00
Ending Class B Interest 21,000,000.00
5. Calculation of Pool Factor
Pool Factor
(Ending Certificate Balance divided by Initial Principal
Amount to 7 decimal places) 0.0525000
6. Calculation of Monthly Servicing Fee
Series Servicing Fee Percentage 2.00%
Beginning Class A Investor Interest 27,071,428.58
Beginning Class B Investor Interest 21,000,000.00
Beginning Investor Interest 48,071,428.58
Class A Monthly Servicing Fee 45,119.05
Class B Monthly Servicing Fee 35,000.00
Total Monthly Servicing Fee 80,119.05
7. Cash Collateral Account Activity
Beginning of Month Balance 12,000,000.00
Required Cash Collateral Account Amount 12,000,000.00
Excess Spread used to satisfy payments per Loan Agreement 174,900.39
Cash Collateral Account Deposits 0.00
Reinvestment Income Received on Cash Collateral Account 17,566.67
Aggregate Cash Collateral Account Draws 0.00
Available Cash Collateral Amount (Dollars) 12,000,000.00
Available Cash Collateral Amount (Percentage) 24.96%
8. Past Due Statistics
(past due on a contractual basis)
1-29 days past due Dollars 96,147,852.50
Percent Dollars 4.06%
Number of Accts 26,037
Percent Number of Accts 1.08%
30-59 days past due Dollars 35,621,451.79
Percent Dollars 1.50%
Number of Accts 7,336
Percent Number of Accts 0.30%
60-89 days past due Dollars 28,284,875.04
Percent Dollars 1.19%
Number of Accts 5,315
Percent Number of Accts 0.22%
90-119 days past due Dollars 23,081,686.08
Percent Dollars 0.98%
Number of Accts 4,106
Percent Number of Accts 0.17%
120-149 days past due Dollars 19,971,280.27
Percent Dollars 0.84%
Number of Accts 3,452
Percent Number of Accts 0.14%
150+ days past due Dollars 18,882,785.27
Percent Dollars 0.80%
Number of Accts 3,100
Percent Number of Accts 0.13%
9. Base Rate Calculation
Gross Yield 18.93%
Percentage on Defaulted Accounts 10.53%
Portfolio Yield (net of losses) 8.41%
Base Rate 4.11%
Excess of Portfolio Yield over Base Rate 4.30%
10. Number of Accounts in the Trust
Number of Additional Accounts 0
Number of Expired Removed Accounts 0
Number of Removed Accounts 0
Number of Automatic Additonal Accounts 6
Ending Number of Accounts 2,419,072
PEOPLE'S BANK CREDIT CARD MASTER TRUST SERIES 1997-1
MONTHLY SERVICER'S REPORT
Number of Months Series in Existence 58
Monthly Period Ended December 31, 2001
Distribution Date January 15, 2002
Determination Date January 10, 2002
Number of Days in Period 29
1. Trust Activity Series 1997-1
Beginning of Month - Aggregate Principal Receivables 2,380,703,032.78
Principal Collections on the Receivables 403,432,883.11
Finance Charge Collections on the Receivables 37,561,519.50
Receivables in Defaulted Accounts 20,883,110.70
End of Month - Aggregate Principal Receivables 2,367,202,167.19
Investor Interest Series 1996-1 21,000,000.00
Investor Interest Series 1997-1 473,750,000.00
Investor Interest Series 1997-2 500,000,000.00
Investor Interest Series 1998-1 400,000,000.00
Investor Interest Series 1999-1 391,711,171.66
Seller Principal Receivables 580,740,995.53
Adjusted Investor Interest Series 1997-1 261,250,000.00
Class A Adjusted Investor Interest 212,500,000.00
Class B Investor Interest 33,750,000.00
Collateral Interest 15,000,000.00
Total Investor Percentage with respect to...
Finance Charges 11.0362352%
Charged-Off Accounts 11.0362352%
Principal Receivables 21.1219813%
Class A Percentage with respect to...
Finance Charges 8.9768421%
Charged-Off Accounts 8.9768421%
Principal Receivables 17.9536841%
Class B Percentage with respect to...
Finance Charges 1.4257337%
Charged-Off Accounts 1.4257337%
Principal Receivables 1.4257337%
Collateral Interest Percentage with respect to...
Finance Charges 0.6336594%
Charged-Off Accounts 0.6336594%
Principal Receivables 1.7425635%
Seller Percentage with respect to...
Finance Charges 24.5328009%
Charged-Off Accounts 24.5328009%
Principal Receivables 7.0632821%
Discount Option Exercised N/A
2. Allocation of Funds in Collection Account
Class A Available Finance Charge Collections 5,374,111.76
Class A Monthly Cap Rate Interest
(See "Calculation of Certificate Interest" #4) 345,036.66
Unpaid Class A Monthly Cap Rate Interest 0.00
Class A Covered Amount
(See "Calculation of Certificate Interest" #4) 345,036.66
Unpaid Class A Covered Amount 0.00
Class A Monthly Servicing Fee
(See "Calculation of Monthly Servicing Fee" #7) 531,250.00
Unpaid Class A Monthly Servicing Fee 0.00
Class A Investor Default Amount 2,796,019.26
Unpaid Class A Investor Default Amount 0.00
Unreimbursed Class A Investor Charge-offs 0.00
Unpaid unreimbursed Class A Investor Charge-offs 0.00
Excess Spread from Class A Available Funds 1,356,769.18
Class A Required Amount 0.00
Class B Available Finance Charge Collections 532,490.30
Class B Monthly Cap Rate Interest
(See "Calculation of Certificate Interest" #4) 60,237.44
Unpaid Class B Monthly Cap Interest 0.00
Class B Monthly Servicing Fee
(See "Calculation of Monthly Servicing Fee" #7)" 56,250.00
Unpaid Class B Monthly Servicing Fee 0.00
Class B Investor Default Amount 296,049.10
Unpaid Class B Investor Default Amount 0.00
Unreimbursed Class B Investor Charge-offs 0.00
Unpaid unreimbursed Class B Investor Charge-offs 0.00
Excess Spread from Class B Available Funds 119,953.76
Class B Required Amount 0.00
Collateral Available Finance Charge Collections 349,351.04
Collateral Interest Monthly Servicing Fee
(See "Calculation of Monthly Servicing Fee" #7) 36,903.95
Unpaid Collateral Interest Monthly Servicing Fee 0.00
Excess Spread from Collateral Available Finance Charge
Collections 312,447.09
Total Excess Spread 1,789,170.03
Excess Spread used to satisfy Class A Required Amount 0.00
Excess Spread used to satisfy remaining unpaid Class A
Monthly Cap Interest 0.00
Excess Spread used to satisfy remaining unpaid Class A Covered
Amount 0.00
Excess Spread used to satisfy remaining unpaid Class A Monthly
Servicing Fee 0.00
Excess Spread used to satisfy remaining unpaid Class A Investor
Default Amount 0.00
Excess Spread used to satisfy remaining unpaid unreimbursed
Class A Investor Charge-offs 0.00
Remaining Class A Required Amount 0.00
Excess Spread used to satisfy Class B Required Amount 0.00
Excess Spread used to satisfy remaining unpaid Class B Monthly
Cap Interest 0.00
Excess Spread used to satisfy remaining unpaid Class B Monthly
Servicing Fee 0.00
Excess Spread used to satisfy remaining unpaid Class B Investor
Default Amount 0.00
Excess Spread used to satisfy remaining unpaid unreimbursed
Class B Investor Charge-offs 0.00
Remaining Class B Required Amount 0.00
Shared Finance Charges used to satisfy remaining Class A Required
Amount 0.00
Shared Finance Charges used to satisfy remaining unpaid Class A
Monthly Cap Interest 0.00
Shared Finance Charges used to satisfy remaining unpaid Class A
Covered Amount 0.00
Shared Finance Charges used to satisfy remaining unpaid Class A
Monthly Servicing Fee 0.00
Shared Finance Charges used to satisfy remaining unpaid Class A
Investor Default Amount 0.00
Shared Finance Charges used to satisfy remaining unpaid
unreimbursed Class A Investor Charge-offs 0.00
Remaining Class A Required Amount 0.00
Reallocated Collateral Principal Collections used to satisfy
remaining Class A Required Amount 0.00
Reallocated Collateral Principal Collections used to satisfy
remaining unpaid Class A Monthly Cap Interest 0.00
Reallocated Collateral Principal Collections used to satisfy
remaining unpaid Class A Covered Amount 0.00
Reallocated Collateral Principal Collections used to satisfy
remaining unpaid Class A Monthly Servicing Fee 0.00
Reallocated Collateral Principal Collections used to satisfy
remaining unpaid Class A Investor Default Amount 0.00
Reallocated Collateral Principal Collections used to satisfy
remaining unpaid unreimbursed Class A Investor Charge-offs 0.00
Remaining Class A Required Amount 0.00
Reallocated Class B Principal Collections used to satisfy
remaining Class A Required Amount 0.00
Reallocated Class B Principal Collections used to satisfy
remaining unpaid Class A Monthly Cap Interest 0.00
Reallocated Class B Principal Collections used to satisfy
remaining unpaid Class A Covered Amount 0.00
Reallocated Class B Principal Collections used to satisfy
remaining unpaid Class A Monthly Servicing Fee 0.00
Reallocated Class B Principal Collections used to satisfy
remaining unpaid Class A Investor Default Amount 0.00
Reallocated Class B Principal Collections used to satisfy
remaining unpaid unreimbursed Class A Investor Charge-offs 0.00
Remaining Class A Required Amount 0.00
Reallocated Collateral Investor Interest used to satisfy
remaining Class A Required Amount 0.00
Reallocated Collateral Investor Interest used to satisfy
remaining unpaid Class A Monthly Cap Interest 0.00
Reallocated Collateral Investor Interest used to satisfy
remaining unpaid Class A Covered Amount 0.00
Reallocated Collateral Investor Interest used to satisfy
remaining unpaid Class A Monthly Servicing Fee 0.00
Reallocated Collateral Investor Interest used to satisfy
remaining unpaid Class A Investor Default Amount 0.00
Reallocated Collateral Investor Interest used to satisfy
remaining unpaid unreimbursed Class A Investor Charge-offs 0.00
Remaining Class A Required Amount 0.00
Reallocated Class B Investor Interest used to satisfy
remaining Class A Required Amount 0.00
Reallocated Class B Investor Interest used to satisfy
remaining unpaid Class A Monthly Cap Interest 0.00
Reallocated Class B Investor Interest used to satisfy
remaining unpaid Class A Covered Amount 0.00
Reallocated Class B Investor Interest used to satisfy
remaining unpaid Class A Monthly Servicing Fee 0.00
Reallocated Class B Investor Interest used to satisfy
remaining unpaid Class A Investor Default Amount 0.00
Reallocated Class B Investor Interest used to satisfy
remaining unpaid unreimbursed Class A Investor Charge-offs 0.00
Remaining Class A Required Amount 0.00
Shared Finance Charges used to satisfy remaining Class B
Required Amount 0.00
Shared Finance Charges used to satisfy remaining unpaid
Class B Monthly Cap Interest 0.00
Shared Finance Charges used to satisfy remaining unpaid
Class B Monthly Servicing Fee 0.00
Shared Finance Charges used to satisfy remaining unpaid
Class B Investor Default Amount 0.00
Shared Finance Charges used to satisfy remaining unpaid
unreimbursed Class B Investor Charge-offs 0.00
Remaining Class B Required Amount 0.00
Reallocated Collateral Principal Collections used to satisfy
remaining Class B Required Amount 0.00
Reallocated Collateral Principal Collections used to satisfy
remaining unpaid Class B Monthly Cap Interest 0.00
Reallocated Collateral Principal Collections used to satisfy
remaining unpaid Class B Monthly Servicing Fee 0.00
Reallocated Collateral Principal Collections used to satisfy
remaining unpaid Class B Investor Default Amount 0.00
Reallocated Collateral Principal Collections used to satisfy
remaining unpaid unreimbursed Class B Investor Charge-offs 0.00
Remaining Class B Required Amount 0.00
Reallocated Collateral Investor Interest used to satisfy
remaining Class B Required Amount 0.00
Reallocated Collateral Investor Interest used to satisfy
remaining unpaid Class B Monthly Cap Interest 0.00
Reallocated Collateral Investor Interest used to satisfy
remaining unpaid Class B Monthly Servicing Fee 0.00
Reallocated Collateral Investor Interest used to satisfy
remaining unpaid Class B Investor Default Amount 0.00
Reallocated Collateral Investor Interest used to satisfy
remaining unpaid unreimbursed Class B Investor Charge-offs 0.00
Remaining Class B Required Amount 0.00
Excess Spread used to satisfy interest on overdue Class A
(See "Calculation of Certificate Interest" #4) 0.00
Remaining unpaid interest on overdue Class A 0.00
Excess Spread used to satisfy interest on overdue Class B
(See "Calculation of Certificate Interest" #4) 0.00
Remaining unpaid interest on overdue Class B 0.00
Excess Spread used to satisfy unreimbursed reductions to Class B
Investor Interest from prior periods 0.00
Unpaid unreimbursed reductions to Class B Investor Interest
from prior periods 0.00
Excess Spread used to pay Collateral Monthly Interest 17,615.36
Remaining unpaid Collateral Monthly Interest 0.00
Excess Spread used to satisfy excess of Class A Monthly
Interest over Class A Monthly Cap Rate (other than Class A
Excess Interest) 0.00
Remaining excess of Class A Monthly Interest over Class A
Monthly Cap Rate (other than Class A Excess Interest) 0.00
Excess Spread used to satisfy excess of Class B Monthly Interest
over Class B Monthly Cap Rate (other than Class B Excess Interest) 0.00
Remaining excess of Class B Monthly Interest over Class B Monthly
Cap Rate (other than Class B Excess Interest) 0.00
Excess Spread used to satisfy Collateral Default Amount 194,229.00
Remaining Collateral Default Amount 0.00
Excess Spread used to satisfy unreimbursed reductions to
Collateral Investor Interest from prior periods 0.00
Remaining unreimbursed reductions to Collateral Investor
Interest from prior periods 0.00
Excess Spread used to fund Reserve Account up to Required
Reserve Account Amount 34,172.65
Remaining amount to fund Reserve Account up to Required
Reserve Account Amount 0.00
Excess Spread used to satisfy amounts per Loan Agreement 0.00
Remaining unfunded amount to pay amounts per Loan
Agreement 0.00
Excess Spread used to satisfy Class A Excess Interest 0.00
Excess Spread used to satisfy Class B Excess Interest 0.00
Excess Spread used for Shared Finance Charge Collections
for Other Series 0.00
Excess Spread used to pay other accrued and unpaid expenses
of the Trust 0.00
Excess Spread paid to Holder of Exchangeable Seller
Certificate (dollars) 1,543,153.01
Excess Spread paid to Holder of Exchangeable Seller Certificate
(percentage of Investor Interest) 3.85%
Shared Finance Charge Collections used to pay any remaining
Collateral Interest Monthly Servicing Fee 0.00
Shared Finance Charge Collections used to reimburse reductions
to Class B Investor Interest 0.00
Shared Finance Charge Collections used to pay any unpaid
Collateral Monthly Interest 0.00
Shared Finance Charge Collections used to satisfy remaining
excess of Class A Monthly Interest over Class A Monthly
Cap (other than Class A Excess Interest) 0.00
Shared Finance Charge Collections used to satisfy remaining
excess of Class B Monthly Interest over Class B Monthly
Cap Rate (other than Class B Excess Interest) 0.00
Shared Finance Charge Collections used to pay remaining
Collateral Interest Defaults 0.00
Shared Finance Charge Collections used to reimburse reductions
to Collateral Investor Interest 0.00
Shared Finance Charge Collections used to pay any remaining
amount to fund up Reserve Account 0.00
Shared Finance Charge Collections used to satisfy amounts
per Loan Agreement 0.00
Shared Finance Charge Collections paid to Holder of
Exchangeable Seller Certificate 0.00
Unpaid unreimbursed Class A Charge Offs 0.00
Unpaid unreimbursed Class A Charge Offs per $1,000 Original
Investment 0.00
Unpaid unreimbursed Class B Charge Offs 0.00
Unpaid unreimbursed Class B Charge Offs per $1,000 Original
Investment 0.00
Available Investor Principal Collections 88,016,076.32
Available Investor Principal Collections plus Draws from
Shared Principal Collections 113,392,370.57
Class A Monthly Principal
(See "Calculation of Monthly Principal" #5) 106,250,000.00
Class B Monthly Principal
(See "Calculation of Monthly Principal" #5) 0.00
Collateral Monthly Principal
(See "Collateral Interest Amount Activity" #8) 7,142,370.57
Monthly Principal Reinvested In Receivables (includes
Investor Default amounts)
(See "Calculation of Monthly Principal" #5) 0.00
(Net Deposit)/Draws on Shared Principal Collections 25,376,294.25
Required Shared Finance Charge Collections from other
Series 0.00
Draw on Shared Finance Charge Collections from other
Series 0.00
Required Shared Finance Charge Collections for other
Series 0.00
Deposit of Shared Finance Charge Collections for other
Series 0.00
Total Distribution to Class A Investors 690,073.32
Total Distribution to Class A Investors per $1,000
Invested 1.62
Total Distribution to Class B Investors 60,237.44
Total Distribution to Class B Investors per $1,000
Invested 1.78
Total Distribution to Collateral Interest Holders 7,159,985.93
Total Distribution to Collateral Interest Holders per
$1,000 Invested 173.58
3. Principal Funding Account and Reserve Account
Beginning Balance of Principal Funding Account 212,500 000.00
Deposits into Principal Funding Account 106,250,000.00
Withdrawals from Principal Funding Account 0.00
Ending Balance of Principal Funding Account 318,750,000.00
Accumulation Shortfall 0.00
Principal Funding Investment Proceeds 306,949.72
Principal Funding Investment Shortfall 38,086.94
Beginning Balance of Reserve Account 2,125,000.00
Available Reserve Account Amount 2,125,000.00
Reserve Account Funding Date August 14, 2001
Required Reserve Account Amount 2,125,000.00
Reserve Account Investment Proceeds 3,914.29
Deposit from Excess Spread into Reserve Account 34,172.65
Reserve Account Draws 38,086.94
Ending Balance of Reserve Account 2,125,000.00
Percent Reserve Account to Total Initial Class A Interest 0.50%
Percent Required Reserve Account to Total Initial Class A Interest 0.50%
4. Calculation of Certificate Interest
Class A Certificate Rate 2.01563%
Class A Cap Rate 10.12000%
Previous Month's Class A Deficiency Amount 0.00
Class A Interest at the Certificate Rate + 0.5% on
Deficiency Amount 0.00
Class A Covered Amount 345,036.66
Overdue Class A Covered Amount 0.00
Principal Funding Investment Proceeds 306,949.72
Principal Funding Investment Shortfall 38,086.94
Reserve Account Draws 38,086.94
Class A Investor Certificate Interest Shortfall 0.00
Class A Monthly Cap Rate Interest 345,036.66
Class A Monthly Interest 690,073.32
Expected Class A Principal 318,750,000.00
Class A Excess Principal 0.00
Class A Excess Interest 0.00
Total Class A Interest Distributable to Class A
Certificateholders 690,073.32
Total Class A Interest Distributable per $1,000 of
Class A Original Investment 1.62
Class B Certificate Rate 2.21563%
Class B Cap Rate 10.32000%
Previous Month's Class B Deficiency Amount 0.00
Class B Interest at the Certificate Rate + 0.5% on
Deficiency Amount 0.00
Class B Investor Certificate Interest Shortfall 0.00
Class B Monthly Cap Rate Interest 60,237.44
Class B Monthly Interest 60,237.44
Expected Class B Principal 33,750,000.00
Class B Excess Principal 0.00
Class B Excess Interest 0.00
Total Class B Interest Distributable to Class B
Certificateholders 60,237.44
Total Class B Interest Distributable per $1,000 of Class B
Original Investment 1.78
Total Certificate Interest Distributable to Class A and
Class B Certificateholders 750,310.76
Total Certificate Interest Distributable per $1,000 of
Original Investment to Class A and Class B Certificateholders 1.64
5. Calculation of Monthly Principal
Beginning Investor Interest 480,892,370.57
Beginning Class A Investor Interest 425,000,000.00
Class A Monthly Principal 106,250,000.00
Controlled Deposit Amount 106,250,000.00
Controlled Accumulation Amount 318,750,000.00
Total Class A Monthly Principal Payable to Class A
Certificates 0.00
Ending Class A Investor Interest 425,000,000.00
Class A Monthly Principal Payable per $1,000 of Original
Investment 0.00
Beginning Class B Investor Interest 33,750,000.00
Class B Monthly Principal 0.00
Reallocated Class B Investor Interest this period 0.00
Cumulative Reallocated Class B Investor Interest 0.00
Previously Reallocated Class B Investor Interest reimbursed
this period by Excess Spread and Shared Finance Charge
Collections 0.00
Total Class B Monthly Principal Payable to Class B Certificates 0.00
Ending Class B Investor Interest 33,750,000.00
Class B Monthly Principal Payable per $1,000 of Original
Investment 0.00
Monthly Principal Reinvested in Receivables 0.00
Required Shared Principal Collections for other Series 0.00
Deposit of Shared Principal Collections for other Series 0.00
Required Shared Principal Collections from other Series 25,376,294.25
Draw on Shared Principal Collections from other Series 25,376,294.25
Ending Investor Interest 473,750,000.00
6. Calculation of Pool Factor
Pool Factor
(Ending Certificate Balance divided by Initial Principal
Amount to 7 decimal places) 0.9475000
7. Calculation of Monthly Servicing Fee
Servicing Fee Percentage 2.00%
Beginning Balance Class A Adjusted Investor Interest 318,750,000.00
Beginning Class B Investor Interest 33,750,000.00
Beginning Collateral Investor Interest 22,142,370.57
Class A Monthly Servicing Fee 531,250.00
Class B Monthly Servicing Fee 56,250.00
Collateral Interest Monthly Servicing Fee 36,903.95
Total Monthly Servicing Fee 624,403.95
8. Collateral Interest Amount Activity
Beginning Collateral Interest 22,142,370.57
Required Collateral Interest Amount 15,000,000.00
Collateral Interest Surplus 7,142,370.57
Collateral Monthly Interest 17,615.36
Collateral Monthly Principal 7,142,370.57
Reallocated Collateral Interest this period 0.00
Cumulative Reallocated Collateral Interest 0.00
Previously Reallocated Collateral Interest reimbursed this
period by Excess Spread and Shared Finance Charge Collections 0.00
Collateral Monthly Principal Payable per $1,000 of
Original Investment 173.15
Collateral Interest Monthly Interest Payable per $1,000 of
Original Investment 0.43
Ending Collateral Interest 15,000,000.00
Collateral Default Amount this period 194,229.00
Aggregate uncovered Collateral Default Amount 0.00
Available Collateral Interest Amount (Dollars) 15,000,000.00
Available Collateral Interest Amount (Percentage) 100.00%
Ratio of Collateral Interest to Investor Interest 3.17%
9. Past Due Statistics
(past due on a contractual basis)
1-29 days past due Dollars 96,147,852.50
Percent Dollars 4.06%
Number of Accts 26,037
Percent Number of Accts 1.08%
30-59 days past due Dollars 35,621,451.79
Percent Dollars 1.50%
Number of Accts 7,336
Percent Number of Accts 0.30%
60-89 days past due Dollars 28,284,875.04
Percent Dollars 1.19%
Number of Accts 5,315
Percent Number of Accts 0.25%
90-119 days past due Dollars 23,081,686.08
Percent Dollars 0.98%
Number of Accts 4,106
Percent Number of Accts 0.17%
120-149 days past due Dollars 19,971,280.27
Percent Dollars 0.84%
Number of Accts 3,452
Percent Number of Accts 0.14%
150+ days past due Dollars 18,882,785.27
Percent Dollars 0.80%
Number of Accts 3,100
Percent Number of Accts 0.13%
10. Base Rate Calculation
Gross Yield 19.38%
Percentage on Defaulted Accounts 10.53%
Portfolio Yield (net of losses) 8.85%
Base Rate 3.98%
Excess of Portfolio Yield over Base Rate 4.87%
1. Number of Accounts in the Trust
Number of Additional Accounts 0
Number of Expired Removed Accounts 0
Number of Removed Accounts 0
Number of Automatic Additonal Accounts 6
Ending Number of Accounts 2,419,072
PEOPLE'S BANK CREDIT CARD MASTER TRUST SERIES 1997-2
MONTHLY SERVICER'S REPORT
Number of Months Series in Existence 52
Monthly Period Ended December 31, 2001
Distribution Date January 15, 2002
Determination Date January 10, 2002
Number of Days in Period 29
1. Trust Activity Series 1997-2
Beginning of Month - Aggregate Principal Receivables 2,380,703,032.78
Principal Collections on the Receivables 403,432,883.11
Finance Charge Collections 37,561,519.50
Receivables in Defaulted Accounts 20,883,110.70
End of Month - Aggregate Principal Receivables 2,367,202,167.19
Investor Interest Series 1996-1 21,000.000.00
Investor Interest Series 1997-1 473,750,000.00
Investor Interest Series 1997-2 500,000,000.00
Investor Interest Series 1998-1 400,000,000.00
Investor Interest Series 1999-1 391,711,171.66
Seller Principal Receivables 580,740,995.53
Adjusted Investor Interest Series 1997-2 500,000,000.00
Class A Adjusted Investor Interest 425,000,000.00
Class B Investor Interest 33,750,000.00
Collateral Interest 41,250,000.00
Total Investor Percentage with respect to...
Finance Charges 21.1219813%
Charged-Off Accounts 21.1219813%
Principal Receivables 21.1219813%
Class A Percentage with respect to...
Finance Charges 17.9536841%
Charged-Off Accounts 17.9536841%
Principal Receivables 17.9536841%
Class B Percentage with respect to...
Finance Charges 1.4257337%
Charged-Off Accounts 1.4257337%
Principal Receivables 1.4257337%
Collateral Interest Percentage with respect to...
Finance Charges 1.7425635%
Charged-Off Accounts 1.7425635%
Principal Receivables 1.7425635%
Seller Percentage with respect to...
Finance Charges 24.5328009%
Charged-Off Accounts 24.5328009%
Principal Receivables 7.0632821%
Discount Option Exercised N/A
2. Allocation of Funds in Collection Account
Class A Available Finance Charge Collections 6,709,440.48
Class A Monthly Cap Rate Interest
(See "Calculation of Certificate Interest" #4) 693,496.94
Unpaid Class A Monthly Cap Rate Interest 0.00
Class A Covered Amount
(See "Calculation of Certificate Interest" #4) 0.00
Unpaid Class A Covered Amount 0.00
Class A Monthly Servicing Fee
(See "Calculation of Monthly Servicing Fee" #7) 708,333.33
Unpaid Class A Monthly Servicing Fee 0.00
Class A Investor Default Amount 3,728,025.68
Unpaid Class A Investor Default Amount 0.00
Unreimbursed Class A Investor Charge-offs 0.00
Unpaid unreimbursed Class A Investor Charge-offs 0.00
Excess Spread from Class A Available Funds 1,579,584.53
Class A Required Amount 0.00
Class B Available Finance Charge Collections 532,490.30
Class B Monthly Cap Rate Interest
(See "Calculation of Certificate Interest" #4) 60,509.32
Unpaid Class B Monthly Cap Interest 0.00
Class B Monthly Servicing Fee
(See "Calculation of Monthly Servicing Fee" #7) 56,250.00
Unpaid Class B Monthly Servicing Fee 0.00
Class B Investor Default Amount 296,049.10
Unpaid Class B Investor Default Amount 0.00
Unreimbursed Class B Investor Charge-offs 0.00
Unpaid unreimbursed Class B Investor Charge-offs 0.00
Excess Spread from Class B Available Funds 119,681.88
Class B Required Amount 0.00
Collateral Available Finance Charge Collections 650,821.48
Collateral Interest Monthly Servicing Fee
(See "Calculation of Monthly Servicing Fee" #7) 68,750.00
Unpaid Collateral Interest Monthly Servicing Fee 0.00
Excess Spread from Collateral Available Finance Charge
Collections 582,071.48
Total Excess Spread 2,281,337.89
Excess Spread used to satisfy Class A Required Amount 0.00
Excess Spread used to satisfy remaining unpaid Class A
Monthly Cap Interest 0.00
Excess Spread used to satisfy remaining unpaid Class A Covered
Amount 0.00
Excess Spread used to satisfy remaining unpaid Class A Monthly
Servicing Fee 0.00
Excess Spread used to satisfy remaining unpaid Class A Investor
Default Amount 0.00
Excess Spread used to satisfy remaining unpaid unreimbursed
Class A Investor Charge-offs 0.00
Remaining Class A Required Amount 0.00
Excess Spread used to satisfy Class B Required Amount 0.00
Excess Spread used to satisfy remaining unpaid Class B Monthly
Cap Interest 0.00
Excess Spread used to satisfy remaining unpaid Class B Monthly
Servicing Fee 0.00
Excess Spread used to satisfy remaining unpaid Class B Investor
Default Amount 0.00
Excess Spread used to satisfy remaining unpaid unreimbursed
Class B Investor Charge-offs 0.00
Remaining Class B Required Amount 0.00
Shared Finance Charges used to satisfy remaining Class A Required
Amount 0.00
Shared Finance Charges used to satisfy remaining unpaid Class A
Monthly Cap Interest 0.00
Shared Finance Charges used to satisfy remaining unpaid Class A
Covered Amount 0.00
Shared Finance Charges used to satisfy remaining unpaid Class A
Monthly Servicing Fee 0.00
Shared Finance Charges used to satisfy remaining unpaid Class A
Investor Default Amount 0.00
Shared Finance Charges used to satisfy remaining unpaid
unreimbursed Class A Investor Charge-offs 0.00
Remaining Class A Required Amount 0.00
Reallocated Collateral Principal Collections used to satisfy
remaining Class A Required Amount 0.00
Reallocated Collateral Principal Collections used to satisfy
remaining unpaid Class A Monthly Cap Interest 0.00
Reallocated Collateral Principal Collections used to satisfy
remaining unpaid Class A Covered Amount 0.00
Reallocated Collateral Principal Collections used to satisfy
remaining unpaid Class A Monthly Servicing Fee 0.00
Reallocated Collateral Principal Collections used to satisfy
remaining unpaid Class A Investor Default Amount 0.00
Reallocated Collateral Principal Collections used to satisfy
remaining unpaid unreimbursed Class A Investor Charge-offs 0.00
Remaining Class A Required Amount 0.00
Reallocated Class B Principal Collections used to satisfy
remaining Class A Required Amount 0.00
Reallocated Class B Principal Collections used to satisfy
remaining unpaid Class A Monthly Cap Interest 0.00
Reallocated Class B Principal Collections used to satisfy
remaining unpaid Class A Covered Amount 0.00
Reallocated Class B Principal Collections used to satisfy
remaining unpaid Class A Monthly Servicing Fee 0.00
Reallocated Class B Principal Collections used to satisfy
remaining unpaid Class A Investor Default Amount 0.00
Reallocated Class B Principal Collections used to satisfy
remaining unpaid unreimbursed Class A Investor Charge-offs 0.00
Remaining Class A Required Amount 0.00
Reallocated Collateral Investor Interest used to satisfy
remaining Class A Required Amount 0.00
Reallocated Collateral Investor Interest used to satisfy
remaining unpaid Class A Monthly Cap Interest 0.00
Reallocated Collateral Investor Interest used to satisfy
remaining unpaid Class A Covered Amount 0.00
Reallocated Collateral Investor Interest used to satisfy
remaining unpaid Class A Monthly Servicing Fee 0.00
Reallocated Collateral Investor Interest used to satisfy
remaining unpaid Class A Investor Default Amount 0.00
Reallocated Collateral Investor Interest used to satisfy
remaining unpaid unreimbursed Class A Investor Charge-offs 0.00
Remaining Class A Required Amount 0.00
Reallocated Class B Investor Interest used to satisfy
remaining Class A Required Amount 0.00
Reallocated Class B Investor Interest used to satisfy
remaining unpaid Class A Monthly Cap Interest 0.00
Reallocated Class B Investor Interest used to satisfy
remaining unpaid Class A Covered Amount 0.00
Reallocated Class B Investor Interest used to satisfy
remaining unpaid Class A Monthly Servicing Fee 0.00
Reallocated Class B Investor Interest used to satisfy
remaining unpaid Class A Investor Default Amount 0.00
Reallocated Class B Investor Interest used to satisfy
remaining unpaid unreimbursed Class A Investor Charge-offs 0.00
Remaining Class A Required Amount 0.00
Shared Finance Charges used to satisfy remaining Class B
Required Amount 0.00
Shared Finance Charges used to satisfy remaining unpaid
Class B Monthly Cap Interest 0.00
Shared Finance Charges used to satisfy remaining unpaid
Class B Monthly Servicing Fee 0.00
Shared Finance Charges used to satisfy remaining unpaid
Class B Investor Default Amount 0.00
Shared Finance Charges used to satisfy remaining unpaid
unreimbursed Class B Investor Charge-offs 0.00
Remaining Class B Required Amount 0.00
Reallocated Collateral Principal Collections used to satisfy
remaining Class B Required Amount 0.00
Reallocated Collateral Principal Collections used to satisfy
remaining unpaid Class B Monthly Cap Interest 0.00
Reallocated Collateral Principal Collections used to satisfy
remaining unpaid Class B Monthly Servicing Fee 0.00
Reallocated Collateral Principal Collections used to satisfy
remaining unpaid Class B Investor Default Amount 0.00
Reallocated Collateral Principal Collections used to satisfy
remaining unpaid unreimbursed Class B Investor Charge-offs 0.00
Remaining Class B Required Amount 0.00
Reallocated Collateral Investor Interest used to satisfy
remaining Class B Required Amount 0.00
Reallocated Collateral Investor Interest used to satisfy
remaining unpaid Class B Monthly Cap Interest 0.00
Reallocated Collateral Investor Interest used to satisfy
remaining unpaid Class B Monthly Servicing Fee 0.00
Reallocated Collateral Investor Interest used to satisfy
remaining unpaid Class B Investor Default Amount 0.00
Reallocated Collateral Investor Interest used to satisfy
remaining unpaid unreimbursed Class B Investor Charge-offs 0.00
Remaining Class B Required Amount 0.00
Excess Spread used to satisfy interest on overdue Class A
(See "Calculation of Certificate Interest" #4) 0.00
Remaining unpaid interest on overdue Class A 0.00
Excess Spread used to satisfy interest on overdue Class B
(See "Calculation of Certificate Interest" #4) 0.00
Remaining unpaid interest on overdue Class B 0.00
Excess Spread used to satisfy unreimbursed reductions to Class B
Investor Interest from prior periods 0.00
Unpaid unreimbursed reductions to Class B Investor Interest
from prior periods 0.00
Excess Spread used to pay Collateral Monthly Interest 60,054.92
Remaining unpaid Collateral Monthly Interest 0.00
Excess Spread used to satisfy excess of Class A Monthly
Interest over Class A Monthly Cap Rate (other than Class A
Excess Interest) 0.00
Remaining excess of Class A Monthly Interest over Class A
Monthly Cap Rate (other than Class A Excess Interest) 0.00
Excess Spread used to satisfy excess of Class B Monthly Interest
over Class B Monthly Cap Rate (other than Class B Excess Interest) 0.00
Remaining excess of Class B Monthly Interest over Class B Monthly
Cap Rate (other than Class B Excess Interest) 0.00
Excess Spread used to satisfy Collateral Default Amount 361,837.79
Remaining Collateral Default Amount 0.00
Excess Spread used to satisfy unreimbursed reductions to
Collateral Investor Interest from prior periods 0.00
Remaining unreimbursed reductions to Collateral Investor
Interest from prior periods 0.00
Excess Spread used to fund Reserve Account up to Required
Reserve Account Amount 0.00
Remaining amount to fund Reserve Account up to Required
Reserve Account Amount 0.00
Excess Spread used to satisfy amounts per Loan Agreement 0.00
Remaining unfunded amount to pay amounts per Loan
Agreement 0.00
Excess Spread used to satisfy Class A Excess Interest 0.00
Excess Spread used to satisfy Class B Excess Interest 0.00
Excess Spread used for Shared Finance Charge Collections
for Other Series 0.00
Excess Spread used to pay other accrued and unpaid expenses
of the Trust 0.00
Excess Spread paid to Holder of Exchangeable Seller
Certificate (dollars) 1,859,445.18
Excess Spread paid to Holder of Exchangeable Seller Certificate
(percentage of Investor Interest) 4.46%
Shared Finance Charge Collections used to pay any remaining
Collateral Interest Monthly Servicing Fee 0.00
Shared Finance Charge Collections used to reimburse reductions
to Class B Investor Interest 0.00
Shared Finance Charge Collections used to pay any unpaid
Collateral Monthly Interest 0.00
Shared Finance Charge Collections used to satisfy remaining
excess of Class A Monthly Interest over Class A Monthly
Cap (other than Class A Excess Interest) 0.00
Shared Finance Charge Collections used to satisfy remaining
excess of Class B Monthly Interest over Class B Monthly
Cap Rate (other than Class B Excess Interest) 0.00
Shared Finance Charge Collections used to pay remaining
Collateral Interest Defaults 0.00
Shared Finance Charge Collections used to reimburse reductions
to Collateral Investor Interest 0.00
Shared Finance Charge Collections used to pay any remaining
amount to fund up Reserve Account 0.00
Shared Finance Charge Collections used to satisfy amounts
per Loan Agreement 0.00
Shared Finance Charge Collections paid to Holder of
Exchangeable Seller Certificate 0.00
Unpaid unreimbursed Class A Charge Offs 0.00
Unpaid unreimbursed Class A Charge Offs per $1,000 Original
Investment 0.00
Unpaid unreimbursed Class B Charge Offs 0.00
Unpaid unreimbursed Class B Charge Offs per $1,000 Original
Investment 0.00
Available Investor Principal Collections 89,115,691.25
Available Investor Principal Collections plus Draws from
Shared Principal Collections 89,115,691.25
Class A Monthly Principal
(See "Calculation of Monthly Principal" #5) 0.00
Class B Monthly Principal
(See "Calculation of Monthly Principal" #5) 0.00
Collateral Monthly Principal
(See "Collateral Interest Amount Activity" #8) 0.00
Monthly Principal Reinvested In Receivables (includes
Investor Default amounts)
(See "Calculation of Monthly Principal" #5) 79,654,712.50
(Net Deposit)/Draws on Shared Principal Collections (9,460,978.75)
Required Shared Finance Charge Collections from other
Series 0.00
Draw on Shared Finance Charge Collections from other
Series 0.00
Required Shared Finance Charge Collections for other
Series 0.00
Deposit of Shared Finance Charge Collections for other
Series 0.00
Total Distribution to Class A Investors 693,496.94
Total Distribution to Class A Investors per $1,000
Invested 1.63
Total Distribution to Class B Investors 60,509.32
Total Distribution to Class B Investors per $1,000
Invested 1.79
Total Distribution to Collateral Interest Holders 60,054.92
Total Distribution to Collateral Interest Holders per
$1,000 Invested 1.46
3. Principal Funding Account and Reserve Account
Beginning Balance of Principal Funding Account 0.00
Deposits into Principal Funding Account 0.00
Withdrawals from Principal Funding Account 0.00
Ending Balance of Principal Funding Account 0.00
Accumulation Shortfall 0.00
Principal Funding Investment Proceeds 0.00
Principal Funding Investment Shortfall 0.00
Beginning Balance of Reserve Account 2,125,000.00
Available Reserve Account Amount 2,125,000.00
Reserve Account Funding Date October 12, 2001
Required Reserve Account Amount 2,125,000.00
Reserve Account Investment Proceeds 4,007.00
Deposit from Excess Spread into Reserve Account 0.00
Reserve Account Draws 0.00
Ending Balance of Reserve Account 2,125,000.00
Percent Reserve Account to Total Initial Class A Interest 0.50%
Percent Required Reserve Account to Total Initial Class A Interest 0.50%
4. Calculation of Certificate Interest
Class A Certificate Rate 2.02563%
Class A Cap Rate 10.13000%
Previous Month's Class A Deficiency Amount 0.00
Class A Interest at the Certificate Rate + 0.5% on
Deficiency Amount 0.00
Class A Covered Amount 0.00
Overdue Class A Covered Amount 0.00
Principal Funding Investment Proceeds 0.00
Principal Funding Investment Shortfall 0.00
Reserve Account Draws 0.00
Class A Investor Certificate Interest Shortfall 0.00
Class A Monthly Cap Rate Interest 693,496.94
Class A Monthly Interest 693,496.94
Expected Class A Principal 425,000,000.00
Class A Excess Principal 0.00
Class A Excess Interest 0.00
Total Class A Interest Distributable to Class A
Certificateholders 693,496.94
Total Class A Interest Distributable per $1,000 of
Class A Original Investment 1.63
Class B Certificate Rate 2.22563%
Class B Cap Rate 10.33000%
Previous Month's Class B Deficiency Amount 0.00
Class B Interest at the Certificate Rate + 0.5% on
Deficiency Amount 0.00
Class B Investor Certificate Interest Shortfall 0.00
Class B Monthly Cap Rate Interest 60,509.32
Class B Monthly Interest 60,509.32
Expected Class B Principal 33,750,000.00
Class B Excess Principal 0.00
Class B Excess Interest 0.00
Total Class B Interest Distributable to Class B
Certificateholders 60,509.32
Total Class B Interest Distributable per $1,000 of Class B
Original Investment 1.79
Total Certificate Interest Distributable to Class A and
Class B Certificateholders 754,006.26
Total Certificate Interest Distributable per $1,000 of
Original Investment to Class A and Class B
Certificateholders 1.64
5. Calculation of Monthly Principal
Beginning Investor Interest 500,000,000.00
Beginning Class A Investor Interest 425,000,000.00
Class A Monthly Principal 0.00
Controlled Deposit Amount 0.00
Controlled Accumulation Amount 0.00
Total Class A Monthly Principal Payable to Class A
Certificates 0.00
Ending Class A Investor Interest 425,000,000.00
Class A Monthly Principal Payable per $1,000 of Original
Investment 0.00
Beginning Class B Investor Interest 33,750,000.00
Class B Monthly Principal 0.00
Reallocated Class B Investor Interest this period 0.00
Cumulative Reallocated Class B Investor Interest 0.00
Previously Reallocated Class B Investor Interest reimbursed
this period by Excess Spread and Shared Finance Charge
Collections 0.00
Total Class B Monthly Principal Payable to Class B Certificates 0.00
Ending Class B Investor Interest 33,750,000.00
Class B Monthly Principal Payable per $1,000 of Original
Investment 0.00
Monthly Principal Reinvested in Receivables 79,654,712.50
Required Shared Principal Collections for other Series 25,376,294.25
Deposit of Shared Principal Collections for other Series 9,460,978.75
Required Shared Principal Collections from other Series 0.00
Draw on Shared Principal Collections from other Series 0.00
Ending Investor Interest 500,000,000.00
6. Calculation of Pool Factor
Pool Factor
(Ending Certificate Balance divided by Initial Principal
Amount to 7 decimal places) 1.0000000
7. Calculation of Monthly Servicing Fee
Servicing Fee Percentage 2.00%
Beginning Balance Class A Adjusted Investor Interest 425,000,000.00
Beginning Class B Investor Interest 33,750,000.00
Beginning Collateral Investor Interest 41,250,000.00
Class A Monthly Servicing Fee 708,333.33
Class B Monthly Servicing Fee 56,250.00
Collateral Interest Monthly Servicing Fee 68,750.00
Total Monthly Servicing Fee 833,333.33
8. Collateral Interest Amount Activity
Beginning Collateral Interest 41,250,000.00
Required Collateral Interest Amount 41,250,000.00
Collateral Interest Surplus 0.00
Collateral Monthly Interest 60,054.92
Collateral Monthly Principal 0.00
Reallocated Collateral Interest this period 0.00
Cumulative Reallocated Collateral Interest 0.00
Previously Reallocated Collateral Interest reimbursed this
period by Excess Spread and Shared Finance Charge
Collections 0.00
Collateral Monthly Principal Payable per $1,000 of
Original Investment 0.00
Collateral Interest Monthly Interest Payable per $1,000 of
Original Investment 1.46
Ending Collateral Interest 41,250,000.00
Collateral Default Amount this period 361,837.79
Aggregate uncovered Collateral Default Amount 0.00
Available Collateral Interest Amount (Dollars) 41,250,000.00
Available Collateral Interest Amount (Percentage) 100.00%
Ratio of Collateral Interest to Investor Interest 8.25%
9. Past Due Statistics
(past due on a contractual basis)
1-29 days past due Dollars 96,147,852.50
Percent Dollars 4.06%
Number of Accts 26,037
Percent Number of Accts 1.08%
30-59 days past due Dollars 35,621,451.79
Percent Dollars 1.50%
Number of Accts 7,336
Percent Number of Accts 0.30%
60-89 days past due Dollars 28,284,875.04
Percent Dollars 1.19%
Number of Accts 5,315
Percent Number of Accts 0.22%
90-119 days past due Dollars 23,081,686.08
Percent Dollars 0.98%
Number of Accts 4,106
Percent Number of Accts 0.17%
120-149 days past due Dollars 19,971,280.27
Percent Dollars 0.84%
Number of Accts 3,452
Percent Number of Accts 0.14%
150+ days past due Dollars 18,882,785.27
Percent Dollars 0.80%
Number of Accts 3,100
Percent Number of Accts 0.13%
10. Base Rate Calculation
Gross Yield 18.94%
Percentage on Defaulted Accounts 10.53%
Portfolio Yield (net of losses) 8.42%
Base Rate 4.02%
Excess of Portfolio over Base Rate 4.40%
11. Number of Accounts in the Trust
Number of Additional Accounts 0
Number of Expired Removed Accounts 0
Number of Removed Accounts 0
Number of Automatic Additional Accounts 6
Ending Number of Accounts 2,419,072
PEOPLE'S BANK CREDIT CARD MASTER TRUST SERIES 1998-1
MONTHLY SERVICER'S REPORT
Number of Months Series in Existence 45
Monthly Period Ended December 31, 2001
Distribution Date January 15, 2002
Determination Date January 10, 2002
Number of Days in Period 29
1. Trust Activity Series 1998-1
Beginning of Month - Aggregate Principal Receivables 2,380,703,032.78
Principal Collections on the Receivables 403,432,883.11
Finance Charge Collections 37,561,519.50
Receivables in Defaulted Accounts 20,883,110.70
End of Month - Aggregate Principal Receivables 2,367,202,167.19
Investor Interest Series 1996-1 21,000,000.00
Investor Interest Series 1997-1 473,750,000.00
Investor Interest Series 1997-2 500,000,000.00
Investor Interest Series 1998-1 400,000,000.00
Investor Interest Series 1999-1 391,711,171.66
Seller Principal Receivables 580,740,995.53
Adjusted Investor Interest Series 1998-1 400,000,000.00
Class A Adjusted Investor Interest 343,000,000.00
Class B Investor Interest 27,000,000.00
Collateral Interest 30,000,000.00
Total Investor Percentage with respect to...
Finance Charges 16.8975851%
Charged-Off Accounts 16.8975851%
Principal Receivables 16.8975851%
Class A Percentage with respect to...
Finance Charges 14.4896792%
Charged-Off Accounts 14.4896792%
Principal Receivables 14.4896792%
Class B Percentage with respect to...
Finance Charges 1.1405870%
Charged-Off Accounts 1.1405870%
Principal Receivables 1.1405870%
Collateral Interest Percentage with respect to...
Finance Charges 1.2673189%
Charged-Off Accounts 1.2673189%
Principal Receivables 1.2673189%
Seller Percentage with respect to...
Finance Charges 24.5328009%
Charged-Off Accounts 24.5328009%
Principal Receivables 7.0632821%
Discount Option Exercised N/A
2. Allocation of Funds in Collection Account
Class A Available Finance Charge Collections 5,414,913.11
Class A Monthly Cap Rate Interest
(See "Calculation of Certificate Interest" #4) 562,455.88
Unpaid Class A Monthly Cap Rate Interest 0.00
Class A Covered Amount
(See "Calculation of Certificate Interest" #4) 0.00
Unpaid Class A Covered Amount 0.00
Class A Monthly Servicing Fee
(See "Calculation of Monthly Servicing Fee" #7) 571,666.67
Unpaid Class A Monthly Servicing Fee 0.00
Class A Investor Default Amount 3,008,736.02
Unpaid Class A Investor Default Amount 0.00
Unreimbursed Class A Investor Charge-offs 0.00
Unpaid unreimbursed Class A Investor Charge-offs 0.00
Excess Spread from Class A Available Funds 1,272,054.54
Class A Required Amount 0.00
Class B Available Finance Charge Collections 425,992.24
Class B Monthly Cap Rate Interest
(See "Calculation of Certificate Interest" #4) 48,624.95
Unpaid Class B Monthly Cap Interest 0.00
Class B Monthly Servicing Fee
(See "Calculation of Monthly Servicing Fee" #7) 45,000.00
Unpaid Class B Monthly Servicing Fee 0.00
Class B Investor Default Amount 236,839.28
Unpaid Class B Investor Default Amount 0.00
Unreimbursed Class B Investor Charge-offs 0.00
Unpaid unreimbursed Class B Investor Charge-offs 0.00
Excess Spread from Class B Available Funds 95,528.01
Class B Required Amount 0.00
Collateral Available Finance Charge Collections 473,324.72
Collateral Interest Monthly Servicing Fee
(See "Calculation of Monthly Servicing Fee" #7) 50,000.00
Unpaid Collateral Interest Monthly Servicing Fee 0.00
Excess Spread from Collateral Available Finance Charge
Collections 423,324.72
Total Excess Spread 1,790,907.27
Excess Spread used to satisfy Class A Required Amount 0.00
Excess Spread used to satisfy remaining unpaid Class A
Monthly Cap Interest 0.00
Excess Spread used to satisfy remaining unpaid Class A Covered
Amount 0.00
Excess Spread used to satisfy remaining unpaid Class A Monthly
Servicing Fee 0.00
Excess Spread used to satisfy remaining unpaid Class A Investor
Default Amount 0.00
Excess Spread used to satisfy remaining unpaid unreimbursed
Class A Investor Charge-offs 0.00
Remaining Class A Required Amount 0.00
Excess Spread used to satisfy Class B Required Amount 0.00
Excess Spread used to satisfy remaining unpaid Class B Monthly
Cap Interest 0.00
Excess Spread used to satisfy remaining unpaid Class B Monthly
Servicing Fee 0.00
Excess Spread used to satisfy remaining unpaid Class B Investor
Default Amount 0.00
Excess Spread used to satisfy remaining unpaid unreimbursed
Class B Investor Charge-offs 0.00
Remaining Class B Required Amount 0.00
Shared Finance Charges used to satisfy remaining Class A Required
Amount 0.00
Shared Finance Charges used to satisfy remaining unpaid Class A
Monthly Cap Interest 0.00
Shared Finance Charges used to satisfy remaining unpaid Class A
Covered Amount 0.00
Shared Finance Charges used to satisfy remaining unpaid Class A
Monthly Servicing Fee 0.00
Shared Finance Charges used to satisfy remaining unpaid Class A
Investor Default Amount 0.00
Shared Finance Charges used to satisfy remaining unpaid
unreimbursed Class A Investor Charge-offs 0.00
Remaining Class A Required Amount 0.00
Reallocated Collateral Principal Collections used to satisfy
remaining Class A Required Amount 0.00
Reallocated Collateral Principal Collections used to satisfy
remaining unpaid Class A Monthly Cap Interest 0.00
Reallocated Collateral Principal Collections used to satisfy
remaining unpaid Class A Covered Amount 0.00
Reallocated Collateral Principal Collections used to satisfy
remaining unpaid Class A Monthly Servicing Fee 0.00
Reallocated Collateral Principal Collections used to satisfy
remaining unpaid Class A Investor Default Amount 0.00
Reallocated Collateral Principal Collections used to satisfy
remaining unpaid unreimbursed Class A Investor Charge-offs 0.00
Remaining Class A Required Amount 0.00
Reallocated Class B Principal Collections used to satisfy
remaining Class A Required Amount 0.00
Reallocated Class B Principal Collections used to satisfy
remaining unpaid Class A Monthly Cap Interest 0.00
Reallocated Class B Principal Collections used to satisfy
remaining unpaid Class A Covered Amount 0.00
Reallocated Class B Principal Collections used to satisfy
remaining unpaid Class A Monthly Servicing Fee 0.00
Reallocated Class B Principal Collections used to satisfy
remaining unpaid Class A Investor Default Amount 0.00
Reallocated Class B Principal Collections used to satisfy
remaining unpaid unreimbursed Class A Investor Charge-offs 0.00
Remaining Class A Required Amount 0.00
Reallocated Collateral Investor Interest used to satisfy
remaining Class A Required Amount 0.00
Reallocated Collateral Investor Interest used to satisfy
remaining unpaid Class A Monthly Cap Interest 0.00
Reallocated Collateral Investor Interest used to satisfy
remaining unpaid Class A Covered Amount 0.00
Reallocated Collateral Investor Interest used to satisfy
remaining unpaid Class A Monthly Servicing Fee 0.00
Reallocated Collateral Investor Interest used to satisfy
remaining unpaid Class A Investor Default Amount 0.00
Reallocated Collateral Investor Interest used to satisfy
remaining unpaid unreimbursed Class A Investor Charge-offs 0.00
Remaining Class A Required Amount 0.00
Reallocated Class B Investor Interest used to satisfy
remaining Class A Required Amount 0.00
Reallocated Class B Investor Interest used to satisfy
remaining unpaid Class A Monthly Cap Interest 0.00
Reallocated Class B Investor Interest used to satisfy
remaining unpaid Class A Covered Amount 0.00
Reallocated Class B Investor Interest used to satisfy
remaining unpaid Class A Monthly Servicing Fee 0.00
Reallocated Class B Investor Interest used to satisfy
remaining unpaid Class A Investor Default Amount 0.00
Reallocated Class B Investor Interest used to satisfy
remaining unpaid unreimbursed Class A Investor Charge-offs 0.00
Remaining Class A Required Amount 0.00
Shared Finance Charges used to satisfy remaining Class B
Required Amount 0.00
Shared Finance Charges used to satisfy remaining unpaid
Class B Monthly Cap Interest 0.00
Shared Finance Charges used to satisfy remaining unpaid
Class B Monthly Servicing Fee 0.00
Shared Finance Charges used to satisfy remaining unpaid
Class B Investor Default Amount 0.00
Shared Finance Charges used to satisfy remaining unpaid
unreimbursed Class B Investor Charge-offs 0.00
Remaining Class B Required Amount 0.00
Reallocated Collateral Principal Collections used to satisfy
remaining Class B Required Amount 0.00
Reallocated Collateral Principal Collections used to satisfy
remaining unpaid Class B Monthly Cap Interest 0.00
Reallocated Collateral Principal Collections used to satisfy
remaining unpaid Class B Monthly Servicing Fee 0.00
Reallocated Collateral Principal Collections used to satisfy
remaining unpaid Class B Investor Default Amount 0.00
Reallocated Collateral Principal Collections used to satisfy
remaining unpaid unreimbursed Class B Investor Charge-offs 0.00
Remaining Class B Required Amount 0.00
Reallocated Collateral Investor Interest used to satisfy
remaining Class B Required Amount 0.00
Reallocated Collateral Investor Interest used to satisfy
remaining unpaid Class B Monthly Cap Interest 0.00
Reallocated Collateral Investor Interest used to satisfy
remaining unpaid Class B Monthly Servicing Fee 0.00
Reallocated Collateral Investor Interest used to satisfy
remaining unpaid Class B Investor Default Amount 0.00
Reallocated Collateral Investor Interest used to satisfy
remaining unpaid unreimbursed Class B Investor Charge-offs 0.00
Remaining Class B Required Amount 0.00
Excess Spread used to satisfy interest on overdue Class A
(See "Calculation of Certificate Interest" #4) 0.00
Remaining unpaid interest on overdue Class A 0.00
Excess Spread used to satisfy interest on overdue Class B
(See "Calculation of Certificate Interest" #4) 0.00
Remaining unpaid interest on overdue Class A 0.00
Excess Spread used to satisfy unreimbursed reductions to Class B
Investor Interest from prior periods 0.00
Unpaid unreimbursed reductions to Class B Investor Interest
from prior periods 0.00
Excess Spread used to pay Collateral Monthly Interest 38,596.26
Remaining unpaid Collateral Monthly Interest 0.00
Excess Spread used to satisfy excess of Class A Monthly
Interest over Class A Monthly Cap Rate (other than Class A
Excess Interest) 0.00
Remaining excess of Class A Monthly Interest over Class A
Monthly Cap Rate (other than Class A Excess Interest) 0.00
Excess Spread used to satisfy excess of Class B Monthly Interest
over Class B Monthly Cap Rate (other than Class B Excess Interest) 0.00
Remaining excess of Class B Monthly Interest over Class B Monthly
Cap Rate (other than Class B Excess Interest) 0.00
Excess Spread used to satisfy Collateral Default Amount 263,154.75
Remaining Collateral Default Amount 0.00
Excess Spread used to satisfy unreimbursed reductions to
Collateral Investor Interest from prior periods 0.00
Remaining unreimbursed reductions to Collateral Investor
Interest from prior periods 0.00
Excess Spread used to fund Reserve Account up to Required
Reserve Account Amount 0.00
Remaining amount to fund Reserve Account up to Required
Reserve Account Amount 0.00
Excess Spread used to satisfy amounts per Loan Agreement 0.00
Remaining unfunded amount to pay amounts per Loan
Agreement 0.00
Excess Spread used to satisfy Class A Excess Interest 0.00
Excess Spread used to satisfy Class B Excess Interest 0.00
Excess Spread used for Shared Finance Charge Collections
for Other Series 0.00
Excess Spread used to pay other accrued and unpaid expenses
of the Trust 0.00
Excess Spread paid to Holder of Exchangeable Seller
Certificate (dollars) 1,489,156.26
Excess Spread paid to Holder of Exchangeable Seller Certificate
(percentage of Investor Interest) 4.47%
Shared Finance Charge Collections used to pay any remaining
Collateral Interest Monthly Servicing Fee 0.00
Shared Finance Charge Collections used to reimburse reductions
to Class B Investor Interest 0.00
Shared Finance Charge Collections used to pay any unpaid
Collateral Monthly Interest 0.00
Shared Finance Charge Collections used to satisfy remaining
excess of Class A Monthly Interest over Class A Monthly
Cap (other than Class A Excess Interest) 0.00
Shared Finance Charge Collections used to satisfy remaining
excess of Class B Monthly Interest over Class B Monthly
Cap Rate (other than Class B Excess Interest) 0.00
Shared Finance Charge Collections used to pay remaining
Collateral Interest Defaults 0.00
Shared Finance Charge Collections used to reimburse reductions
to Collateral Investor Interest 0.00
Shared Finance Charge Collections used to pay any remaining
amount to fund up Reserve Account 0.00
Shared Finance Charge Collections used to satisfy amounts
per Loan Agreement 0.00
Shared Finance Charge Collections paid to Holder of
Exchangeable Seller Certificate 0.00
Unpaid unreimbursed Class A Charge Offs 0.00
Unpaid unreimbursed Class A Charge Offs per $1,000 Original
Investment 0.00
Unpaid unreimbursed Class B Charge Offs 0.00
Unpaid unreimbursed Class B Charge Offs per $1,000 Original
Investment 0.00
Available Investor Principal Collections 71,292,553.16
Available Investor Principal Collections plus Draws from
Shared Principal Collections 71,292,553.16
Class A Monthly Principal
(See "Calculation of Monthly Principal" #5) 0.00
Class B Monthly Principal
(See "Calculation of Monthly Principal" #5) 0.00
Collateral Monthly Principal
(See "Collateral Interest Amount Activity" #8) 0.00
Monthly Principal Reinvested In Receivables (includes
Investor Default amounts)
(See "Calculation of Monthly Principal" #5) 63,723,770.15
(Net Deposit)/Draws on Shared Principal Collections (7,568,783.01)
Required Shared Finance Charge Collections from other
Series 0.00
Draw on Shared Finance Charge Collections from other
Series 0.00
Required Shared Finance Charge Collections for other
Series 0.00
Deposit of Shared Finance Charge Collections for other
Series 0.00
Total Distribution to Class A Investors 562,455.88
Total Distribution to Class A Investors per $1,000
Invested 1.64
Total Distribution to Class B Investors 48,624.95
Total Distribution to Class B Investors per $1,000
Invested 1.80
Total Distribution to Collateral Interest Holders 38,596.26
Total Distribution to Collateral Interest Holders per
$1,000 Invested 1.29
3. Principal Funding Account and Reserve Account
Beginning Balance of Principal Funding Account 0.00
Deposits into Principal Funding Account 0.00
Withdrawals from Principal Funding Account 0.00
Ending Balance of Principal Funding Account 0.00
Accumulation Shortfall 0.00
Principal Funding Investment Proceeds 0.00
Principal Funding Investment Shortfall 0.00
Beginning Balance of Reserve Account 1,715,000.00
Available Reserve Account Amount 1,715,000.00
Reserve Account Funding Date October 12, 2001
Required Reserve Account Amount 1,715,000.00
Reserve Account Investment Proceeds 3,233.87
Deposit from Excess Spread into Reserve Account 0.00
Reserve Account Draws 0.00
Ending Balance of Reserve Account 1,715,000.00
Percent Reserve Account to Total Initial Class A Interest 0.50%
Percent Required Reserve Account to Total Initial Class A Interest 0.50%
4. Calculation of Certificate Interest
Class A Certificate Rate 2.03563%
Class A Cap Rate 9.14000%
Previous Month's Class A Deficiency Amount 0.00
Class A Interest at the Certificate Rate + 0.5% on
Deficiency Amount 0.00
Class A Covered Amount 0.00
Overdue Class A Covered Amount 0.00
Principal Funding Investment Proceeds 0.00
Principal Funding Investment Shortfall 0.00
Reserve Account Draws 0.00
Class A Investor Certificate Interest Shortfall 0.00
Class A Monthly Cap Rate Interest 562,455.88
Class A Monthly Interest 562,455.88
Expected Class A Principal 343,000,000.00
Class A Excess Principal 0.00
Class A Excess Interest 0.00
Total Class A Interest Distributable to Class A
Certificateholders 562,455.88
Total Class A Interest Distributable per $1,000 of
Class A Original Investment 1.64
Class B Certificate Rate 2.23563%
Class B Cap Rate 9.34000%
Previous Month's Class B Deficiency Amount 0.00
Class B Interest at the Certificate Rate + 0.5% on
Deficiency Amount 0.00
Class B Investor Certificate Interest Shortfall 0.00
Class B Monthly Cap Rate Interest 48,624.95
Class B Monthly Interest 48,624.95
Expected Class B Principal 27,000,000.00
Class B Excess Principal 0.00
Class B Excess Interest 0.00
Total Class B Interest Distributable to Class B
Certificateholders 48,624.95
Total Class B Interest Distributable per $1,000 of Class B
Original Investment 1.80
Total Certificate Interest Distributable to Class A and
Class B Certificateholders 611,080.83
Total Certificate Interest Distributable per $1,000 of
Original Investment to Class A and Class B
Certificateholders 1.65
5. Calculation of Monthly Principal
Beginning Investor Interest 400,000,000.00
Beginning Class A Investor Interest 343,000,000.00
Class A Monthly Principal 0.00
Controlled Deposit Amount 0.00
Controlled Accumulation Amount 0.00
Total Class A Monthly Principal Payable to Class A
Certificates 0.00
Ending Class A Investor Interest 343,000,000.00
Class A Monthly Principal Payable per $1,000 of Original
Investment 0.00
Beginning Class B Investor Interest 27,000,000.00
Class B Monthly Principal 0.00
Reallocated Class B Investor Interest this period 0.00
Cumulative Reallocated Class B Investor Interest 0.00
Previously Reallocated Class B Investor Interest reimbursed
this period by Excess Spread and Shared Finance Charge
Collections 0.00
Total Class B Monthly Principal Payable to Class B Certificates 0.00
Ending Class B Investor Interest 27,000,000.00
Class B Monthly Principal Payable per $1,000 of Original
Investment 0.00
Monthly Principal Reinvested in Receivables 63,723,770.15
Required Shared Principal Collections for other Series 25,376,294.25
Deposit of Shared Principal Collections for other Series 7,568,783.01
Required Shared Principal Collections from other Series 0.00
Draw on Shared Principal Collections from other Series 0.00
Ending Investor Interest 400,000,000.00
6. Calculation of Pool Factor
Pool Factor
(Ending Certificate Balance divided by Initial Principal
Amount to 7 decimal places) 1.0000000
7. Calculation of Monthly Servicing Fee
Servicing Fee Percentage 2.00%
Beginning Balance Class A Adjusted Investor Interest 343,000,000.00
Beginning Class B Investor Interest 27,000,000.00
Beginning Collateral Investor Interest 30,000,000.00
Class A Monthly Servicing Fee 571,666.67
Class B Monthly Servicing Fee 45,000.00
Collateral Interest Monthly Servicing Fee 50,000.00
Total Monthly Servicing Fee 666,666.67
8. Collateral Interest Amount Activity
Beginning Collateral Interest 30,000,000.00
Required Collateral Interest Amount 30,000,000.00
Collateral Interest Surplus 0.00
Collateral Monthly Interest 38,596.26
Collateral Monthly Principal 0.00
Reallocated Collateral Interest this period 0.00
Cumulative Reallocated Collateral Interest 0.00
Previously Reallocated Collateral Interest reimbursed this
period by Excess Spread and Shared Finance Charge
Collections 0.00
Collateral Monthly Principal Payable per $1,000 of
Original Investment 0.00
Collateral Interest Monthly Interest Payable per $1,000 of
Original Investment 1.29
Ending Collateral Interest 30,000,000.00
Collateral Default Amount this period 263,154.75
Aggregate uncovered Collateral Default Amount 0.00
Available Collateral Interest Amount (Dollars) 30,000,000.00
Available Collateral Interest Amount (Percentage) 100.00%
Ratio of Collateral Interest to Investor Interest 7.50%
9. Past Due Statistics
(past due on a contractual basis)
1-29 days past due Dollars 96,147,852.50
Percent Dollars 4.06%
Number of Accts 26,037
Percent Number of Accts 1.08%
30-59 days past due Dollars 35,621,451.79
Percent Dollars 1.50%
Number of Accts 7,336
Percent Number of Accts 0.30%
60-89 days past due Dollars 28,284,875.04
Percent Dollars 1.19%
Number of Accts 5,315
Percent Number of Accts 0.22%
90-119 days past due Dollars 23,081,686.08
Percent Dollars 0.98%
Number of Accts 4,106
Percent Number of Accts 0.17%
120-149 days past due Dollars 19,971,280.27
Percent Dollars 0.84%
Number of Accts 3,452
Percent Number of Accts 0.14%
150+ days past due Dollars 18,882,785.27
Percent Dollars 0.80%
Number of Accts 3,100
Percent Number of Accts 0.13%
10. Base Rate Calculation
Gross Yield 18.94%
Percentage on Defaulted Accounts 10.53%
Portfolio Yield (net of losses) 8.42%
Base Rate 4.02%
Excess of Portfolio over Base Rate 4.40%
11. Number of Accounts in the Trust
Number of Additional Accounts 0
Number of Expired Removed Accounts 0
Number of Removed Accounts 0
Number of Automatic Additional Accounts 6
Ending Number of Accounts 2,419,072
PEOPLE'S BANK CREDIT CARD MASTER TRUST SERIES 1999-1
MONTHLY SERVICER'S REPORT
Number of Months Series in Existence 28
Monthly Period Ended December 31, 2001
Distribution Date January 15, 2002
Determination Date January 10, 2002
Number of Days in Period 29
1. Trust Activity Series 1999-1
Beginning of Month - Aggregate Principal Receivables 2,380,703,032.78
Principal Collections on the Receivables 403,432,883.11
Finance Charge Collections 37,561,519.50
Receivables in Defaulted Accounts 20,883,110.70
End of Month - Aggregate Principal Receivables 2,367,202,167.19
Investor Interest Series 1996-1 21,000.000.00
Investor Interest Series 1997-1 473,750,000.00
Investor Interest Series 1997-2 500,000,000.00
Investor Interest Series 1998-1 400,000,000.00
Investor Interest Series 1999-1 391,711,171.66
Seller Principal Receivables 580,740,995.53
Adjusted Investor Interest Series 1999-1 330,256,625.93
Class A Adjusted Investor Interest 276,545,454.27
Class B Investor Interest 29,000,000.00
Collateral Interest 24,711,171.66
Total Investor Percentage with respect to...
Finance Charges 13.9513486%
Charged-Off Accounts 13.9513486%
Principal Receivables 16.8975851%
Class A Percentage with respect to...
Finance Charges 11.6823759%
Charged-Off Accounts 11.6823759%
Principal Receivables 14.2784594%
Class B Percentage with respect to...
Finance Charges 1.2250749%
Charged-Off Accounts 1.2250749%
Principal Receivables 1.2250749%
Collateral Interest Percentage with respect to...
Finance Charges 1.0438978%
Charged-Off Accounts 1.0438978%
Principal Receivables 1.3940508%
Seller Percentage with respect to...
Finance Charges 24.5328009%
Charged-Off Accounts 24.5328009%
Principal Receivables 7.0632821%
Discount Option Exercised N/A
2. Allocation of Funds in Collection Account
Class A Available Finance Charge Collections 4,956,191.59
Class A Monthly Cap Rate Interest
(See "Calculation of Certificate Interest" #4) 486,898.75
Unpaid Class A Monthly Cap Rate Interest 0.00
Class A Covered Amount
(See "Calculation of Certificate Interest" #4) 108,199.72
Unpaid Class A Covered Amount 0.00
Class A Monthly Servicing Fee
(See "Calculation of Monthly Servicing Fee" #7) 512,121.21
Unpaid Class A Monthly Servicing Fee 0.00
Class A Investor Default Amount 2,695,342.63
Unpaid Class A Investor Default Amount 0.00
Unreimbursed Class A Investor Charge-offs 0.00
Unpaid unreimbursed Class A Investor Charge-offs 0.00
Excess Spread from Class A Available Funds 1,153,629.28
Class A Required Amount 0.00
Class B Available Finance Charge Collections 457,547.22
Class B Monthly Cap Rate Interest
(See "Calculation of Certificate Interest" #4) 57,833.47
Unpaid Class B Monthly Cap Interest 0.00
Class B Monthly Servicing Fee
(See "Calculation of Monthly Servicing Fee" #7) 48,333.33
Unpaid Class B Monthly Servicing Fee 0.00
Class B Investor Default Amount 254,382.93
Unpaid Class B Investor Default Amount 0.00
Unreimbursed Class B Investor Charge-offs 0.00
Unpaid unreimbursed Class B Investor Charge-offs 0.00
Excess Spread from Class B Available Funds 96,997.49
Class B Required Amount 0.00
Collateral Available Finance Charge Collections 433,472.58
Collateral Interest Monthly Servicing Fee
(See "Calculation of Monthly Servicing Fee" #7) 45,790.19
Unpaid Collateral Interest Monthly Servicing Fee 0.00
Excess Spread from Collateral Available Finance Charge
Collections 387,682.39
Total Excess Spread 1,638,309.16
Excess Spread used to satisfy Class A Required Amount 0.00
Excess Spread used to satisfy remaining unpaid Class A
Monthly Cap Interest 0.00
Excess Spread used to satisfy remaining unpaid Class A Covered
Amount 0.00
Excess Spread used to satisfy remaining unpaid Class A Monthly
Servicing Fee 0.00
Excess Spread used to satisfy remaining unpaid Class A Investor
Default Amount 0.00
Excess Spread used to satisfy remaining unpaid unreimbursed
Class A Investor Charge-offs 0.00
Remaining Class A Required Amount 0.00
Excess Spread used to satisfy Class B Required Amount 0.00
Excess Spread used to satisfy remaining unpaid Class B Monthly
Cap Interest 0.00
Excess Spread used to satisfy remaining unpaid Class B Monthly
Servicing Fee 0.00
Excess Spread used to satisfy remaining unpaid Class B Investor
Default Amount 0.00
Excess Spread used to satisfy remaining unpaid unreimbursed
Class B Investor Charge-offs 0.00
Remaining Class B Required Amount 0.00
Shared Finance Charges used to satisfy remaining Class A Required
Amount 0.00
Shared Finance Charges used to satisfy remaining unpaid Class A
Monthly Cap Interest 0.00
Shared Finance Charges used to satisfy remaining unpaid Class A
Covered Amount 0.00
Shared Finance Charges used to satisfy remaining unpaid Class A
Monthly Servicing Fee 0.00
Shared Finance Charges used to satisfy remaining unpaid Class A
Investor Default Amount 0.00
Shared Finance Charges used to satisfy remaining unpaid
unreimbursed Class A Investor Charge-offs 0.00
Remaining Class A Required Amount 0.00
Reallocated Collateral Principal Collections used to satisfy
remaining Class A Required Amount 0.00
Reallocated Collateral Principal Collections used to satisfy
remaining unpaid Class A Monthly Cap Interest 0.00
Reallocated Collateral Principal Collections used to satisfy
remaining unpaid Class A Covered Amount 0.00
Reallocated Collateral Principal Collections used to satisfy
remaining unpaid Class A Monthly Servicing Fee 0.00
Reallocated Collateral Principal Collections used to satisfy
remaining unpaid Class A Investor Default Amount 0.00
Reallocated Collateral Principal Collections used to satisfy
remaining unpaid unreimbursed Class A Investor Charge-offs 0.00
Remaining Class A Required Amount 0.00
Reallocated Class B Principal Collections used to satisfy
remaining Class A Required Amount 0.00
Reallocated Class B Principal Collections used to satisfy
remaining unpaid Class A Monthly Cap Interest 0.00
Reallocated Class B Principal Collections used to satisfy
remaining unpaid Class A Covered Amount 0.00
Reallocated Class B Principal Collections used to satisfy
remaining unpaid Class A Monthly Servicing Fee 0.00
Reallocated Class B Principal Collections used to satisfy
remaining unpaid Class A Investor Default Amount 0.00
Reallocated Class B Principal Collections used to satisfy
remaining unpaid unreimbursed Class A Investor Charge-offs 0.00
Remaining Class A Required Amount 0.00
Reallocated Collateral Investor Interest used to satisfy
remaining Class A Required Amount 0.00
Reallocated Collateral Investor Interest used to satisfy
remaining unpaid Class A Monthly Cap Interest 0.00
Reallocated Collateral Investor Interest used to satisfy
remaining unpaid Class A Covered Amount 0.00
Reallocated Collateral Investor Interest used to satisfy
remaining unpaid Class A Monthly Servicing Fee 0.00
Reallocated Collateral Investor Interest used to satisfy
remaining unpaid Class A Investor Default Amount 0.00
Reallocated Collateral Investor Interest used to satisfy
remaining unpaid unreimbursed Class A Investor Charge-offs 0.00
Remaining Class A Required Amount 0.00
Reallocated Class B Investor Interest used to satisfy
remaining Class A Required Amount 0.00
Reallocated Class B Investor Interest used to satisfy
remaining unpaid Class A Monthly Cap Interest 0.00
Reallocated Class B Investor Interest used to satisfy
remaining unpaid Class A Covered Amount 0.00
Reallocated Class B Investor Interest used to satisfy
remaining unpaid Class A Monthly Servicing Fee 0.00
Reallocated Class B Investor Interest used to satisfy
remaining unpaid Class A Investor Default Amount 0.00
Reallocated Class B Investor Interest used to satisfy
remaining unpaid unreimbursed Class A Investor Charge-offs 0.00
Remaining Class A Required Amount 0.00
Shared Finance Charges used to satisfy remaining Class B
Required Amount 0.00
Shared Finance Charges used to satisfy remaining unpaid
Class B Monthly Cap Interest 0.00
Shared Finance Charges used to satisfy remaining unpaid
Class B Monthly Servicing Fee 0.00
Shared Finance Charges used to satisfy remaining unpaid
Class B Investor Default Amount 0.00
Shared Finance Charges used to satisfy remaining unpaid
unreimbursed Class B Investor Charge-offs 0.00
Remaining Class B Required Amount 0.00
Reallocated Collateral Principal Collections used to satisfy
remaining Class B Required Amount 0.00
Reallocated Collateral Principal Collections used to satisfy
remaining unpaid Class B Monthly Cap Interest 0.00
Reallocated Collateral Principal Collections used to satisfy
remaining unpaid Class B Monthly Servicing Fee 0.00
Reallocated Collateral Principal Collections used to satisfy
remaining unpaid Class B Investor Default Amount 0.00
Reallocated Collateral Principal Collections used to satisfy
remaining unpaid unreimbursed Class B Investor Charge-offs 0.00
Remaining Class B Required Amount 0.00
Reallocated Collateral Investor Interest used to satisfy
remaining Class B Required Amount 0.00
Reallocated Collateral Investor Interest used to satisfy
remaining unpaid Class B Monthly Cap Interest 0.00
Reallocated Collateral Investor Interest used to satisfy
remaining unpaid Class B Monthly Servicing Fee 0.00
Reallocated Collateral Investor Interest used to satisfy
remaining unpaid Class B Investor Default Amount 0.00
Reallocated Collateral Investor Interest used to satisfy
remaining unpaid unreimbursed Class B Investor Charge-offs 0.00
Remaining Class B Required Amount 0.00
Excess Spread used to satisfy interest on overdue Class A
(See "Calculation of Certificate Interest" #4) 0.00
Remaining unpaid interest on overdue Class A 0.00
Excess Spread used to satisfy interest on overdue Class B
(See "Calculation of Certificate Interest" #4) 0.00
Remaining unpaid interest on overdue Class B 0.00
Excess Spread used to satisfy unreimbursed reductions to Class B
Investor Interest from prior periods 0.00
Unpaid unreimbursed reductions to Class B Investor Interest
from prior periods 0.00
Excess Spread used to pay Collateral Monthly Interest 35,048.45
Remaining unpaid Collateral Monthly Interest 0.00
Excess Spread used to satisfy excess of Class A Monthly
Interest over Class A Monthly Cap Rate (other than Class A
Excess Interest) 0.00
Remaining excess of Class A Monthly Interest over Class A
Monthly Cap Rate (other than Class A Excess Interest) 0.00
Excess Spread used to satisfy excess of Class B Monthly Interest
over Class B Monthly Cap Rate (other than Class B Excess Interest) 0.00
Remaining excess of Class B Monthly Interest over Class B Monthly
Cap Rate (other than Class B Excess Interest) 0.00
Excess Spread used to satisfy Collateral Default Amount 240,998.13
Remaining Collateral Default Amount 0.00
Excess Spread used to satisfy unreimbursed reductions to
Collateral Investor Interest from prior periods 0.00
Remaining unreimbursed reductions to Collateral Investor
Interest from prior periods 0.00
Excess Spread used to fund Reserve Account up to Required
Reserve Account Amount 16,257.87
Remaining amount to fund Reserve Account up to Required
Reserve Account Amount 0.00
Excess Spread used to satisfy amounts per Loan Agreement 0.00
Remaining unfunded amount to pay amounts per Loan
Agreement 0.00
Excess Spread used to satisfy Class A Excess Interest 0.00
Excess Spread used to satisfy Class B Excess Interest 0.00
Excess Spread used for Shared Finance Charge Collections
for Other Series 0.00
Excess Spread used to pay other accrued and unpaid expenses
of the Trust 0.00
Excess Spread paid to Holder of Exchangeable Seller
Certificate (dollars) 1,346,005.43
Excess Spread paid to Holder of Exchangeable Seller Certificate
(percentage of Investor Interest) 4.09%
Shared Finance Charge Collections used to pay any remaining
Collateral Interest Monthly Servicing Fee 0.00
Shared Finance Charge Collections used to reimburse reductions
to Class B Investor Interest 0.00
Shared Finance Charge Collections used to pay any unpaid
Collateral Monthly Interest 0.00
Shared Finance Charge Collections used to satisfy remaining
excess of Class A Monthly Interest over Class A Monthly
Cap Rate (other than Class A Excess Interest) 0.00
Shared Finance Charge Collections used to satisfy remaining
excess of Class B Monthly Interest over Class B Monthly
Cap Rate (other than Class B Excess Interest) 0.00
Shared Finance Charge Collections used to pay remaining
Collateral Interest Defaults 0.00
Shared Finance Charge Collections used to reimburse reductions
to Collateral Investor Interest 0.00
Shared Finance Charge Collections used to pay any remaining
amount to fund up Reserve Account 0.00
Shared Finance Charge Collections used to satisfy amounts
per Loan Agreement 0.00
Shared Finance Charge Collections paid to Holder of
Exchangeable Seller Certificate 0.00
Unpaid unreimbursed Class A Charge Offs 0.00
Unpaid unreimbursed Class A Charge Offs per $1,000 Original
Investment 0.00
Unpaid unreimbursed Class B Charge Offs 0.00
Unpaid unreimbursed Class B Charge Offs per $1,000 Original
Investment 0.00
Available Investor Principal Collections 70,974,546.80
Available Investor Principal Collections plus Draws from
Shared Principal Collections 70,974,546.80
Class A Monthly Principal
(See "Calculation of Monthly Principal" #5) 30,727,272.73
Class B Monthly Principal
(See "Calculation of Monthly Principal" #5) 0.00
Collateral Monthly Principal
(See "Collateral Interest Amount Activity" #8) 2,762,942.78
Monthly Principal Reinvested In Receivables (includes
Investor Default amounts)
(See "Calculation of Monthly Principal" #5) 33,504,802.47
(Net Deposit)/Draws on Shared Principal Collections (3,979,528.82)
Required Shared Finance Charge Collections from other
Series 0.00
Draw on Shared Finance Charge Collections from other
Series 0.00
Required Shared Finance Charge Collections for other
Series 0.00
Deposit of Shared Finance Charge Collections for other
Series 0.00
Total Distribution to Class A Investors 595,098.47
Total Distribution to Class A Investors per $1,000
Invested 1.76
Total Distribution to Class B Investors 57,833.47
Total Distribution to Class B Investors per $1,000
Invested 1.99
Total Distribution to Collateral Interest Holders 2,797,991.23
Total Distribution to Collateral Interest Holders per
$1,000 Invested 84.79
3. Principal Funding Account and Reserve Account
Beginning Balance of Principal Funding Account 61,454,545.46
Deposits into Principal Funding Account 30,727,272.73
Withdrawals from Principal Funding Account 0.00
Ending Balance of Principal Funding Account 92,181,818.19
Accumulation Shortfall 0.00
Principal Funding Investment Proceeds 88,769.22
Principal Funding Investment Shortfall 19,430.50
Beginning Balance of Reserve Account 1,690,000.00
Available Reserve Account Amount 1,690,000.00
Reserve Account Funding Date August 14, 2001
Required Reserve Account Amount 1,690,000.00
Reserve Account Investment Proceeds 3,172.63
Deposit from Excess Spread into Reserve Account 16,257.87
Reserve Account Draws 19,430.50
Ending Balance of Reserve Account 1,690,000.00
Percent Reserve Account to Total Initial Class A Interest 0.50%
Percent Required Reserve Account to Total Initial Class A Interest 0.50%
4. Calculation of Certificate Interest
Class A Certificate Rate 2.18563%
Class A Cap Rate 10.29000%
Previous Month's Class A Deficiency Amount 0.00
Class A Interest at the Certificate Rate + 0.5% on
Deficiency Amount 0.00
Class A Covered Amount 108,199.72
Overdue Class A Covered Amount 0.00
Principal Funding Investment Proceeds 88,769.22
Principal Funding Investment Shortfall 19,430.50
Reserve Account Draws 19,430.50
Class A Investor Certificate Interest Shortfall 0.00
Class A Monthly Cap Rate Interest 486,898.75
Class A Monthly Interest 595,098.47
Expected Class A Principal 245,818,181.82
Class A Excess Principal 0.00
Class A Excess Interest 0.00
Total Class A Interest Distributable to Class A
Certificateholders 595,098.47
Total Class A Interest Distributable per $1,000 of
Class A Original Investment 1.76
Class B Certificate Rate 2.47563%
Class B Cap Rate 10.58000%
Previous Month's Class B Deficiency Amount 0.00
Class B Interest at the Certificate Rate + 0.5% on
Deficiency Amount 0.00
Class B Investor Certificate Interest Shortfall 0.00
Class B Monthly Cap Rate Interest 57,833.47
Class B Monthly Interest 57,833.47
Expected Class B Principal 29,000,000.00
Class B Excess Principal 0.00
Class B Excess Interest 0.00
Total Class B Interest Distributable to Class B
Certificateholders 57,833.47
Total Class B Interest Distributable per $1,000 of Class B
Original Investment 1.99
Total Certificate Interest Distributable to Class A and
Class B Certificateholders 652,931.94
Total Certificate Interest Distributable per $1,000 of
Original Investment to Class A and Class B
Certificateholders 1.78
5. Calculation of Monthly Principal
Beginning Investor Interest 394,474,114.44
Beginning Class A Investor Interest 338,000,000.00
Class A Monthly Principal 30,727,272.73
Controlled Deposit Amount 30,727,272.73
Controlled Accumulation Amount 92,181,818.19
Total Class A Monthly Principal Payable to Class A
Certificates 0.00
Ending Class A Investor Interest 338,000,000.00
Class A Monthly Principal Payable per $1,000 of Original
Investment 0.00
Beginning Class B Investor Interest 29,000,000.00
Class B Monthly Principal 0.00
Reallocated Class B Investor Interest this period 0.00
Cumulative Reallocated Class B Investor Interest 0.00
Previously Reallocated Class B Investor Interest reimbursed
this period by Excess Spread and Shared Finance Charge
Collections 0.00
Total Class B Monthly Principal Payable to Class B Certificates 0.00
Ending Class B Investor Interest 29,000,000.00
Class B Monthly Principal Payable per $1,000 of Original
Investment 0.00
Monthly Principal Reinvested in Receivables 33,504,802.47
Required Shared Principal Collections for other Series 25,376,294.25
Deposit of Shared Principal Collections for other Series 3,979,528.82
Required Shared Principal Collections from other Series 0.00
Draw on Shared Principal Collections from other Series 0.00
Ending Investor Interest 391,711,171.66
6. Calculation of Pool Factor
Pool Factor
(Ending Certificate Balance divided by Initial Principal
Amount to 7 decimal places) 0.9792779
7. Calculation of Monthly Servicing Fee
Servicing Fee Percentage 2.00%
Beginning Balance Class A Adjusted Investor Interest 307,272,727.27
Beginning Class B Investor Interest 29,000,000.00
Beginning Collateral Investor Interest 27,474,114.44
Class A Monthly Servicing Fee 512,121.21
Class B Monthly Servicing Fee 48,333.33
Collateral Interest Monthly Servicing Fee 45,790.19
Total Monthly Servicing Fee 606,244.73
8. Collateral Interest Amount Activity
Beginning Collateral Interest 27,474,114.44
Required Collateral Interest Amount 24,711,171.66
Collateral Interest Surplus 2,762,942.78
Collateral Monthly Interest 35,048.45
Collateral Monthly Principal 2,762,942.78
Reallocated Collateral Interest this period 0.00
Cumulative Reallocated Collateral Interest 0.00
Previously Reallocated Collateral Interest reimbursed this
period by Excess Spread and Shared Finance Charge
Collections 0.00
Collateral Monthly Principal Payable per $1,000 of
Original Investment 83.73
Collateral Interest Monthly Interest Payable per $1,000 of
Original Investment 1.06
Ending Collateral Interest 24,711,171.66
Collateral Default Amount this period 240,998.13
Aggregate uncovered Collateral Default Amount 0.00
Available Collateral Interest Amount (Dollars) 24,711,171.66
Available Collateral Interest Amount (Percentage) 100.00%
Ratio of Collateral Interest to Investor Interest 6.31%
9. Past Due Statistics
(past due on a contractual basis)
1-29 days past due Dollars 96,147,852.50
Percent Dollars 4.06%
Number of Accts 26,037
Percent Number of Accts 1.08%
30-59 days past due Dollars 35,621,451.79
Percent Dollars 1.50%
Number of Accts 7,336
Percent Number of Accts 0.30%
60-89 days past due Dollars 28,284,875.04
Percent Dollars 1.19%
Number of Accts 5,315
Percent Number of Accts 0.22%
90-119 days past due Dollars 23,081,686.08
Percent Dollars 0.98%
Number of Accts 4,106
Percent Number of Accts 0.17%
120-149 days past due Dollars 19,971,280.27
Percent Dollars 0.84%
Number of Accts 3,452
Percent Number of Accts 0.14%
150+ days past due Dollars 18,882,785.27
Percent Dollars 0.80%
Number of Accts 3,100
Percent Number of Accts 0.13%
10. Base Rate Calculation
Gross Yield 19.12%
Percentage on Defaulted Accounts 10.53%
Portfolio Yield (net of losses) 8.59%
Base Rate 4.17%
Excess of Portfolio over Base Rate 4.43%
11. Number of Accounts in the Trust
Number of Additional Accounts 0
Number of Expired Removed Accounts 0
Number of Removed Accounts 0
Number of Automatic Additional Accounts 6
Ending Number of Accounts 2,419,072