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) April 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, 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: April 17, 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 April 10, 2002 Determination Date
For the March 2002 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 April 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...$ 433,424,563.77
(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...............$ 30,604,239.65
(b) The aggregate amount of Collections of Principal Receivables
collected during the preceding Monthly Period (the "Collections of
Principal Receivables") was equal to....................$ 402,820,324.12
6. The aggregate amount of Receivables as of the end of the last day of the
preceding Monthly Period was equal to...................$ 1,991,350,332.49
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............$ 116,205,606.04
IN WITNESS WHEREOF, the undersigned has duly executed and delivered this
certificate this 10th Day of April 2002.
PEOPLE'S BANK
Servicer
By : /s/Lisa A. Brooks
Name: Lisa A. Brooks
Title: Vice President
Schedule - to Monthly
Servicer's Certificate
PEOPLE'S BANK
People's Bank Credit Card Master Trust, Series 1997-2
For the April 10, 2002 Determination Date
For the March 2002 Monthly Period
1. The aggregate amount of Collections processed during the preceding Monthly
Period (equal to 1(a) plus 1(b)) was equal to...........$ 99,240,342.23
(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......................................................$ 7,039,536.93
(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....$ 92,200,805.30
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......................................................$ 84,242,080.07
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 1997-2, as of the end of the last day of the
preceding Monthly Period was equal to...................$ 77,202,543.14
(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.................................................$ 77,202,543.14
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........................................$ 465,137.94
(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.........................$ 742,923.61
Total..................................................$ 742,923.61
Class B Certificateholders
Payable in respect of principal........................$ 0.00
Payable in respect of interest.........................$ 64,809.38
Total..................................................$ 64,809.38
Collateral Interest
Payable in respect of principal........................$ 6,369,209.81
Payable in respect of interest.........................$ 64,852.43
Total..................................................$ 6,434,062.24
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 April 10, 2002 Determination Date
For the March 2002 Monthly Period
1. The aggregate amount of Collections processed during the preceding Monthly
Period (equal to 1(a) plus 1(b)) was equal to...........$ 79,367,215.16
(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......................................................$ 5,606,570.76
(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....$ 73,760,644.40
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......................................................$ 36,507,471.66
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...................$ 30,900,900.90
(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.................................................$ 30,909,900.90
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........................................$ 376,911.61
(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.........................$ 602,536.67
Total..................................................$ 602,536.67
Class B Certificateholders
Payable in respect of principal........................$ 0.00
Payable in respect of interest.........................$ 52,080.00
Total..................................................$ 52,080.00
Collateral Interest
Payable in respect of principal........................$ 2,317,567.57
Payable in respect of interest.........................$ 42,194.44
Total..................................................$ 2,359,762.01
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 April 10, 2002 Determination Date
For the March 2002 Monthly Period
1. The aggregate amount of Collections processed during the preceding Monthly
Period (equal to 1(a) plus 1(b)) was equal to...........$ 77,738,849.25
(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......................................................$ 3,978,204.85
(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....$ 73,760,644.40
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......................................................$ 37,468,420.36
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........................................$ 248,079.63
(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.........................$ 637,411.67
Total..................................................$ 637,411.67
Class B Certificateholders
Payable in respect of principal........................$ 0.00
Payable in respect of interest.........................$ 61,931.11
Total..................................................$ 61,931.11
Collateral Interest
Payable in respect of principal........................$ 2,762 942.78
Payable in respect of interest.........................$ 15,138.72
Total..................................................$ 2,778,081.50
8. No Series Pay Out Event or Trust Pay Out Event has occurred.
PEOPLE'S BANK CREDIT CARD MASTER TRUST SERIES 1997-2
MONTHLY SERVICER'S REPORT
Number of Months Series in Existence 55
Monthly Period Ended March 31, 2002
Distribution Date April 15, 2002
Determination Date April 10, 2002
Number of Days in Period 31
1. Trust Activity Series 1997-2
Beginning of Month - Aggregate Principal Receivables 2,184,472,911.89
Principal Collections on the Receivables 402,820,324.12
Finance Charge Collections 30,604,239.65
Receivables in Defaulted Accounts 18,428,290.42
End of Month - Aggregate Principal Receivables 1,991,350,332.49
Investor Interest Series 1997-2 487,261,580.38
Investor Interest Series 1998-1 397,682,432.43
Investor Interest Series 1999-1 383,422,343.32
Investor Interest Series 2002-1 VFC 450,000,000.00
Seller Principal Receivables 272,983,976.36
Adjusted Investor Interest Series 1997-2 416,428,247.05
Class A Adjusted Investor Interest 354,166,666.67
Class B Investor Interest 33,750,000.00
Collateral Interest 28,511,580.38
Total Investor Percentage with respect to...
Finance Charges 20.9118526%
Charged-Off Accounts 20.9118526%
Principal Receivables 25.1085905%
Class A Percentage with respect to...
Finance Charges 17.7852516%
Charged-Off Accounts 17.7852516%
Principal Receivables 21.3423019%
Class B Percentage with respect to...
Finance Charges 1.6948299%
Charged-Off Accounts 1.6948299%
Principal Receivables 1.6948299%
Collateral Interest Percentage with respect to...
Finance Charges 1.4317712%
Charged-Off Accounts 1.4317712%
Principal Receivables 2.0714587%
Seller Percentage with respect to...
Finance Charges 13.7084857%
Charged-Off Accounts 13.7084857%
Principal Receivables 12.1199333%
Discount Option Exercised N/A
2. Allocation of Funds in Collection Account
Class A Available Finance Charge Collections 6,078,026.66
Class A Monthly Cap Rate Interest
(See "Calculation of Certificate Interest" #4) 619,103.01
Unpaid Class A Monthly Cap Rate Interest 0.00
Class A Covered Amount
(See "Calculation of Certificate Interest" #4) 123,820.60
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 3,585,314.97
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 1,041,454.75
Class A Required Amount 0.00
Class B Available Finance Charge Collections 472,834.01
Class B Monthly Cap Rate Interest
(See "Calculation of Certificate Interest" #4) 64,809.38
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 284,716.19
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 67,058.44
Class B Required Amount 0.00
Collateral Available Finance Charge Collections 488,676.26
Collateral Interest Monthly Servicing Fee
(See "Calculation of Monthly Servicing Fee" #7) 58,134.65
Unpaid Collateral Interest Monthly Servicing Fee 0.00
Excess Spread from Collateral Available Finance Charge
Collections 430,541.61
Total Excess Spread 1,539,054.80
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 64,852.43
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 294,255.57
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 60,993.63
Remaining amount to fund Reserve Account up to Required
Reserve Account Amount 0.00
Excess Spread used to satisfy amounts per Loan Agreement 1,118,953.17
Remaining unfunded amount to pay amounts per Loan
Agreement 1,381,046.83
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) 0.00
Excess Spread paid to Holder of Exchangeable Seller Certificate
(percentage of Investor Interest) 0.00%
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 160,726.21
Shared Finance Charge Collections paid to Holder of
Exchangeable Seller Certificate 160,726.21
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 96,365,092.03
Available Investor Principal Collections plus Draws from
Shared Principal Collections 96,365,092.03
Class A Monthly Principal
(See "Calculation of Monthly Principal" #5) 70,833,333.33
Class B Monthly Principal
(See "Calculation of Monthly Principal" #5) 0.00
Collateral Monthly Principal
(See "Collateral Interest Amount Activity" #8) 6,369,209.81
Monthly Principal Reinvested In Receivables (includes
Investor Default amounts)
(See "Calculation of Monthly Principal" #5) 19,162,548.89
(Net Deposit)/Draws on Shared Principal Collections 0.00
Required Shared Finance Charge Collections from other
Series 1,381,046.83
Draw on Shared Finance Charge Collections from other
Series 160,726.21
Required Shared Finance Charge Collections for other
Series 3,131,321.11
Deposit of Shared Finance Charge Collections for other
Series 0.00
Total Distribution to Class A Investors 742,923.61
Total Distribution to Class A Investors per $1,000
Invested 1.75
Total Distribution to Class B Investors 64,809.38
Total Distribution to Class B Investors per $1,000
Invested 1.92
Total Distribution to Collateral Interest Holders 6,434,062.24
Total Distribution to Collateral Interest Holders per
$1,000 Invested 155.98
3. Principal Funding Account and Reserve Account
Beginning Balance of Principal Funding Account 70,833,333.33
Deposits into Principal Funding Account 70,833,333.33
Withdrawals from Principal Funding Account 0.00
Ending Balance of Principal Funding Account 141,666,666.66
Accumulation Shortfall 0.00
Principal Funding Investment Proceeds 59,590.38
Principal Funding Investment Shortfall 64,230.22
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 3,236.59
Deposit from Excess Spread into Reserve Account 60,993.63
Reserve Account Draws 64,230.22
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 2.03000%
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 123,820.60
Overdue Class A Covered Amount 0.00
Principal Funding Investment Proceeds 59,590.38
Principal Funding Investment Shortfall 64,230.22
Reserve Account Draws 64,230.22
Class A Investor Certificate Interest Shortfall 0.00
Class A Monthly Cap Rate Interest 619,103.01
Class A Monthly Interest 742,923.61
Expected Class A Principal 283,333,333.34
Class A Excess Principal 0.00
Class A Excess Interest 0.00
Total Class A Interest Distributable to Class A
Certificateholders 742,923.61
Total Class A Interest Distributable per $1,000 of
Class A Original Investment 1.75
Class B Certificate Rate 2.23000%
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 64,809.38
Class B Monthly Interest 64,809.38
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 64,809.38
Total Class B Interest Distributable per $1,000 of Class B
Original Investment 1.92
Total Certificate Interest Distributable to Class A and
Class B Certificateholders 807,732.99
Total Certificate Interest Distributable per $1,000 of
Original Investment to Class A and Class B
Certificateholders 1.76
5. Calculation of Monthly Principal
Beginning Investor Interest 493,630,790.19
Beginning Class A Investor Interest 425,000,000.00
Class A Monthly Principal 70,833,333.33
Controlled Deposit Amount 70,833,333.33
Controlled Accumulation Amount 70,833,333.33
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 19,162,548.89
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 0.00
Draw on Shared Principal Collections from other Series 0.00
Ending Investor Interest 487,261,580.38
6. Calculation of Pool Factor
Pool Factor
(Ending Certificate Balance divided by Initial Principal
Amount to 7 decimal places) 0.9745232
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 34,880,790.19
Class A Monthly Servicing Fee 708,333.33
Class B Monthly Servicing Fee 56,250.00
Collateral Interest Monthly Servicing Fee 58,134.65
Total Monthly Servicing Fee 822,717.98
8. Collateral Interest Amount Activity
Beginning Collateral Interest 34,880,790.19
Required Collateral Interest Amount 28,511,580.38
Collateral Interest Surplus 6,369,209.81
Collateral Monthly Interest 64,852.43
Collateral Monthly Principal 6,369,209.81
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 154.41
Collateral Interest Monthly Interest Payable per $1,000 of
Original Investment 1.57
Ending Collateral Interest 28,511,580.38
Collateral Default Amount this period 294,255.57
Aggregate uncovered Collateral Default Amount 0.00
Available Collateral Interest Amount (Dollars) 28,511,580.38
Available Collateral Interest Amount (Percentage) 100.00%
Ratio of Collateral Interest to Investor Interest 5.85%
9. Past Due Statistics
(past due on a contractual basis)
1-29 days past due Dollars 74,091,552.67
Percent Dollars 3.72%
Number of Accts 20,342
Percent Number of Accts 0.84%
30-59 days past due Dollars 29,371,547.08
Percent Dollars 1.47%
Number of Accts 5,999
Percent Number of Accts 0.25%
60-89 days past due Dollars 23,769,923.75
Percent Dollars 1.19%
Number of Accts 4,406
Percent Number of Accts 0.18%
90-119 days past due Dollars 20,962,194.55
Percent Dollars 1.05%
Number of Accts 3,731
Percent Number of Accts 0.15%
120-149 days past due Dollars 19,264,090.81
Percent Dollars 0.97%
Number of Accts 3,310
Percent Number of Accts 0.14%
150+ days past due Dollars 18,061,778.17
Percent Dollars 0.91%
Number of Accts 2,986
Percent Number of Accts 0.12%
10. Base Rate Calculation
Gross Yield 17.11%
Percentage on Defaulted Accounts 10.12%
Portfolio Yield (net of losses) 6.99%
Base Rate 4.05%
Excess of Portfolio over Base Rate 2.94%
11. Number of Accounts in the Trust
Number of Additional Accounts 0
Number of Expired Removed Accounts 7,958
Number of Removed Accounts 0
Number of Automatic Additional Accounts 34
Ending Number of Accounts 2,423,584
PEOPLE'S BANK CREDIT CARD MASTER TRUST SERIES 1998-1
MONTHLY SERVICER'S REPORT
Number of Months Series in Existence 48
Monthly Period Ended March 31, 2002
Distribution Date April 15, 2002
Determination Date April 10, 2002
Number of Days in Period 31
1. Trust Activity Series 1998-1
Beginning of Month - Aggregate Principal Receivables 2,184,472,911.89
Principal Collections on the Receivables 402,820,324.12
Finance Charge Collections 30,604,239.65
Receivables in Defaulted Accounts 18,428,290.42
End of Month - Aggregate Principal Receivables 1,991,350,332.49
Investor Interest Series 1997-2 487,261,580.38
Investor Interest Series 1998-1 397,682,432.43
Investor Interest Series 1999-1 383,422,343.32
Investor Interest Series 2002-1 VFC 450,000,000.00
Seller Principal Receivables 272,983,976.36
Adjusted Investor Interest Series 1998-1 397,682,432.43
Class A Adjusted Investor Interest 343,000,000.00
Class B Investor Interest 27,000,000.00
Collateral Interest 27,682,432.43
Total Investor Percentage with respect to...
Finance Charges 19.9704907%
Charged-Off Accounts 19.9704907%
Principal Receivables 20.0868724%
Class A Percentage with respect to...
Finance Charges 17.2244931%
Charged-Off Accounts 17.2244931%
Principal Receivables 17.2244931%
Class B Percentage with respect to...
Finance Charges 1.3558639%
Charged-Off Accounts 1.3558639%
Principal Receivables 1.3558639%
Collateral Interest Percentage with respect to...
Finance Charges 1.3901337%
Charged-Off Accounts 1.3901337%
Principal Receivables 1.5065154%
Seller Percentage with respect to...
Finance Charges 13.7084857%
Charged-Off Accounts 13.7084857%
Principal Receivables 12.1199333%
Discount Option Exercised N/A
2. Allocation of Funds in Collection Account
Class A Available Finance Charge Collections 4,808,006.65
Class A Monthly Cap Rate Interest
(See "Calculation of Certificate Interest" #4) 602,536.67
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 2,893,560.08
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 740,243.23
Class A Required Amount 0.00
Class B Available Finance Charge Collections 378,267.21
Class B Monthly Cap Rate Interest
(See "Calculation of Certificate Interest" #4) 52,080.00
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 227,772.95
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 53,414.26
Class B Required Amount 0.00
Collateral Available Finance Charge Collections 420,296.90
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 370,296.90
Total Excess Spread 1,163,954.39
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 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 42,194.44
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 253,081.06
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 868,678.89
Remaining unfunded amount to pay amounts per Loan
Agreement 3,131,321.11
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) 0.00
Excess Spread paid to Holder of Exchangeable Seller Certificate
(percentage of Investor Interest) 0.00%
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 364,423.10
Shared Finance Charge Collections used to satisfy amounts
per Loan Agreement 364,423.10
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 77,135,058.49
Available Investor Principal Collections plus Draws from
Shared Principal Collections 77,135,058.49
Class A Monthly Principal
(See "Calculation of Monthly Principal" #5) 28,583,333.33
Class B Monthly Principal
(See "Calculation of Monthly Principal" #5) 0.00
Collateral Monthly Principal
(See "Collateral Interest Amount Activity" #8) 2,317,567.57
Monthly Principal Reinvested In Receivables (includes
Investor Default amounts)
(See "Calculation of Monthly Principal" #5) 46,234,157.59
(Net Deposit)/Draws on Shared Principal Collections 0.00
Required Shared Finance Charge Collections from other
Series 3,131,321.11
Draw on Shared Finance Charge Collections from other
Series 364,423.10
Required Shared Finance Charge Collections for other
Series 1,381,046.83
Deposit of Shared Finance Charge Collections for other
Series 0.00
Total Distribution to Class A Investors 602,536.67
Total Distribution to Class A Investors per $1,000
Invested 1.76
Total Distribution to Class B Investors 52,080.00
Total Distribution to Class B Investors per $1,000
Invested 1.93
Total Distribution to Collateral Interest Holders 2,359,762.01
Total Distribution to Collateral Interest Holders per
$1,000 Invested 78.66
3. Principal Funding Account and Reserve Account
Beginning Balance of Principal Funding Account 0.00
Deposits into Principal Funding Account 28,583,333.33
Withdrawals from Principal Funding Account 0.00
Ending Balance of Principal Funding Account 28,583,333.33
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 2,612.11
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 2.04000%
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 602,536.67
Class A Monthly Interest 602,536.67
Expected Class A Principal 314,416,666.67
Class A Excess Principal 0.00
Class A Excess Interest 0.00
Total Class A Interest Distributable to Class A
Certificateholders 602,536.67
Total Class A Interest Distributable per $1,000 of
Class A Original Investment 1.76
Class B Certificate Rate 2.24000%
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 52,080.00
Class B Monthly Interest 52,080.00
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 52,080.00
Total Class B Interest Distributable per $1,000 of Class B
Original Investment 1.93
Total Certificate Interest Distributable to Class A and
Class B Certificateholders 654,616.67
Total Certificate Interest Distributable per $1,000 of
Original Investment to Class A and Class B
Certificateholders 1.77
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 28,583,333.33
Controlled Deposit Amount 28,583,333.33
Controlled Accumulation Amount 28,583,333.33
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 46,234,157.59
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 0.00
Draw on Shared Principal Collections from other Series 0.00
Ending Investor Interest 397,682,432.43
6. Calculation of Pool Factor
Pool Factor
(Ending Certificate Balance divided by Initial Principal
Amount to 7 decimal places) 0.9942061
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 27,682,432.43
Collateral Interest Surplus 2,317,567.57
Collateral Monthly Interest 42,194.44
Collateral Monthly Principal 2,317,567.57
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 77.25
Collateral Interest Monthly Interest Payable per $1,000 of
Original Investment 1.41
Ending Collateral Interest 27,682,432.43
Collateral Default Amount this period 253,081.06
Aggregate uncovered Collateral Default Amount 0.00
Available Collateral Interest Amount (Dollars) 27,682,432.43
Available Collateral Interest Amount (Percentage) 100.00%
Ratio of Collateral Interest to Investor Interest 6.96%
9. Past Due Statistics
(past due on a contractual basis)
1-29 days past due Dollars 74,091,552.67
Percent Dollars 3.72%
Number of Accts 20,342
Percent Number of Accts 0.84%
30-59 days past due Dollars 29,371,547.08
Percent Dollars 1.47%
Number of Accts 5,999
Percent Number of Accts 0.25%
60-89 days past due Dollars 23,769,923.75
Percent Dollars 1.19%
Number of Accts 4,406
Percent Number of Accts 0.18%
90-119 days past due Dollars 20,962,194.55
Percent Dollars 1.05%
Number of Accts 3,731
Percent Number of Accts 0.15%
120-149 days past due Dollars 19,264,090.81
Percent Dollars 0.97%
Number of Accts 3,310
Percent Number of Accts 0.14%
150+ days past due Dollars 18,061,778.17
Percent Dollars 0.91%
Number of Accts 2,986
Percent Number of Accts 0.12%
10. Base Rate Calculation
Gross Yield 16.82%
Percentage on Defaulted Accounts 10.12%
Portfolio Yield (net of losses) 6.70%
Base Rate 4.02%
Excess of Portfolio over Base Rate 2.67%
11. Number of Accounts in the Trust
Number of Additional Accounts 0
Number of Expired Removed Accounts 7,958
Number of Removed Accounts 0
Number of Automatic Additional Accounts 34
Ending Number of Accounts 2,423,584
PEOPLE'S BANK CREDIT CARD MASTER TRUST SERIES 1999-1
MONTHLY SERVICER'S REPORT
Number of Months Series in Existence 31
Monthly Period Ended March 31, 2002
Distribution Date April 15, 2002
Determination Date April 10, 2002
Number of Days in Period 31
1. Trust Activity Series 1999-1
Beginning of Month - Aggregate Principal Receivables 2,184,472,911.89
Principal Collections on the Receivables 402,820,324.12
Finance Charge Collections 30,604,239.65
Receivables in Defaulted Accounts 18,428,290.42
End of Month - Aggregate Principal Receivables 1,991,350,332.49
Investor Interest Series 1997-2 487,261,580.38
Investor Interest Series 1998-1 397,682,432.43
Investor Interest Series 1999-1 383,422,343.32
Investor Interest Series 2002-1 VFC 450,000,000.00
Seller Principal Receivables 272,983,976.36
Adjusted Investor Interest Series 1999-1 229,785,978.80
Class A Adjusted Investor Interest 184,363,635.48
Class B Investor Interest 29,000,000.00
Collateral Interest 16,422,343.32
Total Investor Percentage with respect to...
Finance Charges 11.5392041%
Charged-Off Accounts 11.5392041%
Principal Receivables 20.0868724%
Class A Percentage with respect to...
Finance Charges 9.2582221%
Charged-Off Accounts 9.2582221%
Principal Receivables 16.9734072%
Class B Percentage with respect to...
Finance Charges 1.4562982%
Charged-Off Accounts 1.4562982%
Principal Receivables 1.4562982%
Collateral Interest Percentage with respect to...
Finance Charges 0.8246838%
Charged-Off Accounts 0.8246838%
Principal Receivables 1.6571670%
Seller Percentage with respect to...
Finance Charges 13.7084857%
Charged-Off Accounts 13.7084857%
Principal Receivables 12.1199333%
Discount Option Exercised N/A
2. Allocation of Funds in Collection Account
Class A Available Finance Charge Collections 3,303,133.98
Class A Monthly Cap Rate Interest
(See "Calculation of Certificate Interest" #4) 347,679.09
Unpaid Class A Monthly Cap Rate Interest 0.00
Class A Covered Amount
(See "Calculation of Certificate Interest" #4) 289,732.58
Unpaid Class A Covered Amount 0.00
Class A Monthly Servicing Fee
(See "Calculation of Monthly Servicing Fee" #7) 358,484.85
Unpaid Class A Monthly Servicing Fee 0.00
Class A Investor Default Amount 1,814,514.48
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 492,722.98
Class A Required Amount 0.00
Class B Available Finance Charge Collections 406,287.00
Class B Monthly Cap Rate Interest
(See "Calculation of Certificate Interest" #4) 61,931.11
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 244,645.02
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 51,377.54
Class B Required Amount 0.00
Collateral Available Finance Charge Collections 268,783.87
Collateral Interest Monthly Servicing Fee
(See "Calculation of Monthly Servicing Fee" #7) 31,975.48
Unpaid Collateral Interest Monthly Servicing Fee 0.00
Excess Spread from Collateral Available Finance Charge
Collections 236,808.39
Total Excess Spread 780,908.91
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 15,138.72
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 161,847.75
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 78,773.14
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 525,149.30
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) 0.00
Excess Spread paid to Holder of Exchangeable Seller Certificate
(percentage of Investor Interest) 0.00%
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 75,981,651.65
Available Investor Principal Collections plus Draws from
Shared Principal Collections 75,981,651.65
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) 42,491,436.15
(Net Deposit)/Draws on Shared Principal Collections 0.00
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 4,512,367.94
Deposit of Shared Finance Charge Collections for other
Series 525,149.30
Total Distribution to Class A Investors 637,411.67
Total Distribution to Class A Investors per $1,000
Invested 1.89
Total Distribution to Class B Investors 61,931.11
Total Distribution to Class B Investors per $1,000
Invested 2.14
Total Distribution to Collateral Interest Holders 2,778,081.50
Total Distribution to Collateral Interest Holders per
$1,000 Invested 84.18
3. Principal Funding Account and Reserve Account
Beginning Balance of Principal Funding Account 153,636,364.25
Deposits into Principal Funding Account 30,727,272.73
Withdrawals from Principal Funding Account 0.00
Ending Balance of Principal Funding Account 184,363,636.98
Accumulation Shortfall 0.00
Principal Funding Investment Proceeds 208,405.81
Principal Funding Investment Shortfall 81,326.77
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 2,553.63
Deposit from Excess Spread into Reserve Account 78,773.14
Reserve Account Draws 81,326.77
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 2.19000%
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 289,732.58
Overdue Class A Covered Amount 0.00
Principal Funding Investment Proceeds 208,405.81
Principal Funding Investment Shortfall 81,326.77
Reserve Account Draws 81,326.77
Class A Investor Certificate Interest Shortfall 0.00
Class A Monthly Cap Rate Interest 347,679.09
Class A Monthly Interest 637,411.67
Expected Class A Principal 215,090,909.09
Class A Excess Principal 0.00
Class A Excess Interest 0.00
Total Class A Interest Distributable to Class A
Certificateholders 637,411.67
Total Class A Interest Distributable per $1,000 of
Class A Original Investment 1.89
Class B Certificate Rate 2.48000%
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 61,931.11
Class B Monthly Interest 61,931.11
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 61,931.11
Total Class B Interest Distributable per $1,000 of Class B
Original Investment 2.14
Total Certificate Interest Distributable to Class A and
Class B Certificateholders 699,342.78
Total Certificate Interest Distributable per $1,000 of
Original Investment to Class A and Class B
Certificateholders 1.91
5. Calculation of Monthly Principal
Beginning Investor Interest 386,185,286.10
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 30,727,272.73
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 42,491,436.15
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 0.00
Draw on Shared Principal Collections from other Series 0.00
Ending Investor Interest 383,422,343.32
6. Calculation of Pool Factor
Pool Factor
(Ending Certificate Balance divided by Initial Principal
Amount to 7 decimal places) 0.9585559
7. Calculation of Monthly Servicing Fee
Servicing Fee Percentage 2.00%
Beginning Balance Class A Adjusted Investor Interest 215,090,908.81
Beginning Class B Investor Interest 29,000,000.00
Beginning Collateral Investor Interest 19,185,286.10
Class A Monthly Servicing Fee 358,484.85
Class B Monthly Servicing Fee 48,333.33
Collateral Interest Monthly Servicing Fee 31,975.48
Total Monthly Servicing Fee 438,793.66
8. Collateral Interest Amount Activity
Beginning Collateral Interest 19,185,286.10
Required Collateral Interest Amount 16,422,343.32
Collateral Interest Surplus 2,762,942.78
Collateral Monthly Interest 15,138.72
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 0.46
Ending Collateral Interest 16,422,343.32
Collateral Default Amount this period 161,847.75
Aggregate uncovered Collateral Default Amount 0.00
Available Collateral Interest Amount (Dollars) 16,422,343.32
Available Collateral Interest Amount (Percentage) 100.00%
Ratio of Collateral Interest to Investor Interest 4.28%
9. Past Due Statistics
(past due on a contractual basis)
1-29 days past due Dollars 74,091,552.67
Percent Dollars 3.72%
Number of Accts 20,342
Percent Number of Accts 0.84%
30-59 days past due Dollars 29,371,547.08
Percent Dollars 1.47%
Number of Accts 5,999
Percent Number of Accts 0.25%
60-89 days past due Dollars 23,769,923.75
Percent Dollars 1.19%
Number of Accts 4,406
Percent Number of Accts 0.18%
90-119 days past due Dollars 20,962,194.55
Percent Dollars 1.05%
Number of Accts 3,731
Percent Number of Accts 0.15%
120-149 days past due Dollars 19,264,090.81
Percent Dollars 0.97%
Number of Accts 3,310
Percent Number of Accts 0.14%
150+ days past due Dollars 18,061,778.17
Percent Dollars 0.91%
Number of Accts 2,986
Percent Number of Accts 0.12%
10. Base Rate Calculation
Gross Yield 17.71%
Percentage on Defaulted Accounts 10.12%
Portfolio Yield (net of losses) 7.59%
Base Rate 4.15%
Excess of Portfolio over Base Rate 3.44%
11. Number of Accounts in the Trust
Number of Additional Accounts 0
Number of Expired Removed Accounts 7,958
Number of Removed Accounts 0
Number of Automatic Additional Accounts 34
Ending Number of Accounts 2,423,584