1
EXHIBIT 20.2
CONFIDENTIAL
SERVICER'S REPORT DATE OF REPORT MARCH 16, 2001
INTEREST PERIOD: FEBRUARY 20, 2001 TO MARCH 18, 2001
ASSOCIATES CREDIT CARD MASTER NOTE TRUST, SERIES 2000-2
CLASS A CLASS B CLASS C TOTAL SERIES TRANSFEROR
Monthly Master Note Trust Activities Note Note Note Note Interest
- ------------------------------------ ------- ------- ------- ------------ ----------
Beginning Principal Receivables Balance
Beginning Fin. Chrg. Receivables Balance
Beginning Total Receivables Balance
Beginning Special Funding Accnt Balance
Beginning Spread Account Balance
Beginning Reserve Account Balance
Initial Invested Amount 600,000,000.00 80,921,000.00 108,553,000.00 789,474,000.00
Beginning Period Invested Amount 600,000,000.00 80,921,000.00 108,553,000.00 789,474,000.00 1,578,606,044.87
Note Principal Balance Increase 0.00 0.00 0.00 0.00
Note Principal Balance Decrease 0.00 0.00 0.00 0.00
Reductions in Invested Amount this Period
(Other than by Principal Payments) 0.00 0.00 0.00 0.00
Previous Reductions in Invested Amount
Reimbursed this Period 0.00 0.00 0.00 0.00
Ending Special Funding Accnt Balance
Ending Spread Account Balance
Ending Reserve Account Balance
Ending Period Invested Amount 600,000,000.00 80,921,000.00 108,553,000.00 789,474,000.00 1,519,016,595.72
TRUST
Monthly Master Note Trust Activities Totals
- ------------------------------------ ------
Beginning Principal Receivables Balance 7,162,443,444.87
Beginning Fin. Chrg. Receivables Balance 406,738,722.01
Beginning Total Receivables Balance 7,569,182,166.88
Beginning Special Funding Accnt Balance 0.00
Beginning Spread Account Balance 0.00
Beginning Reserve Account Balance 0.00
Initial Invested Amount
Beginning Period Invested Amount
Note Principal Balance Increase
Note Principal Balance Decrease
Reductions in Invested Amount this Period
(Other than by Principal Payments)
Previous Reductions in Invested Amount
Reimbursed this Period
Ending Special Funding Accnt Balance 0.00
Ending Spread Account Balance 0.00
Ending Reserve Account Balance 0.00
Ending Period Invested Amount
GROUP I INFORMATION SERIES 2000-98-1 SERIES 2000-98-2 SERIES 2000-99-1 SERIES 2000-99-2 SERIES 2000-99-3
- ------------------- ---------------- ---------------- ---------------- ---------------- ----------------
Beginning Invested Amount 882,500,000.00 823,628,000.00 705,882,000.00 529,412,400.00 264,706,000.00
Average Rate 5.82% 5.84% 5.83% 5.87% 5.86%
Allocable Finance Charge Collection 17,686,910.48 16,507,008.16 14,147,163.45 10,610,390.62 5,305,191.30
Allocable Principal Collections 70,643,431.18 65,930,773.86 56,505,299.14 42,379,046.40 21,189,507.19
Allocable Default Amount Due 7,786,556.11 7,267,111.20 6,228,203.74 4,671,160.75 2,335,578.61
Allocable Monthly Interest Due 3,851,832.27 3,605,539.15 3,086,442.15 2,330,494.21 1,164,296.62
Allocable Monthly Servicing Fees Due 1,470,833.33 1,372,713.33 1,176,470.00 882,354.00 441,176.67
Ending Invested Amount 882,500,000.00 823,628,000.00 705,882,000.00 529,412,400.00 264,706,000.00
GROUP I INFORMATION SERIES 2000-99-4
- ------------------- ----------------
Beginning Invested Amount 588,235,000.00
Average Rate 5.90%
Allocable Finance Charge Collection 11,789,302.87
Allocable Principal Collections 47,087,749.28
Allocable Default Amount Due 5,190,169.78
Allocable Monthly Interest Due 2,603,913.58
Allocable Monthly Servicing Fees Due 980,391.67
Ending Invested Amount 588,235,000.00
GROUP I INFORMATION SERIES 2000-1 SERIES 2000-2 TOTAL
- ------------------- ------------- -------------- -----
Beginning Invested Amount 1,000,000,000.00 789,474,000.00 5,583,837,400.00
Average Rate 5.81% 5.79% 5.83%
Allocable Finance Charge Collection 20,041,824.91 15,822,499.68 111,910,291.47
Allocable Principal Collections 80,049,213.80 63,196,773.02 446,981,793.87
Allocable Default Amount Due 8,823,293.04 6,965,760.45 49,267,833.68
Allocable Monthly Interest Due 4,359,731.25 3,430,644.61 24,432,893.84
Allocable Monthly Servicing Fees Due 1,666,666.67 1,315,790.00 9,306,395.67
Ending Invested Amount 1,000,000,000.00 789,474,000.00 5,583,837,400.00
PAYOUT EVENT TESTS
BASE RATE TRIGGER TRANSFEROR'S INTEREST TRIGGER
- ----------------- -----------------------------
3 Month Average Portfolio Yield 15.83% Required Transferor Interest 497,199,779.70
3 Month Average Base Rate 8.27% Transferor Interest 1,519,016,595.72
Spread 7.56% Trigger Pass Test Yes
Trigger Pass Test: If Spread is >0, "Yes" Yes
2
ASSOCIATES CREDIT CARD MASTER NOTE TRUST
Series 2000-2
Pursuant to the Master Indenture dated as of April 1, 2000 (as amended and
supplemented, the "Master Indenture"), between Associates Credit Card Master
Note Trust (the "Trust") and The Bank of New York, as indenture trustee (the
"Indenture Trustee"), as supplemented by the Series 2000-1 Indenture Supplement,
dated as of September 15, 2000 (the "Indenture Supplement"), between the Trust
and the Indenture Trustee, Associates National Bank (Delaware), as Servicer (the
"Servicer") under the Transfer and Servicing Agreement, dated as of April 1,
2000 (the "Transfer and Servicing Agreement") among Associates Credit Card
Receivables Corp., as Transferor, the Servicer and the Trust, is required to
prepare certain information each month regarding current distributions to the
Series 2000-1 Noteholders and the performance of the Trust during the previous
month. The information which is required to be prepared with respect to the
Distribution Date of March 19, 2001, and with respect to the performance of the
Trust during the month of February is set forth below. Capitalized terms used in
this Monthly Statement have their respective meanings set forth in the Master
Indenture and the Indenture Supplement.
Current Transaction Period: Revolving Period
Any Cash Flow Shortfalls this Period No
Any Cash Flow Shortfalls from Previous Period No
Payout Event this Period: No
Group I Participants: Series 2000-98-1, Series 2000-98-2
Series 2000-99-1,
Series 2000-99-2,
Series 2000-99-3,
Series 2000-99-4
Series 2000-1,
Series 2000-2
MASTER NOTE TRUST RECEIVABLES
YIELD AND BASE RATE -- February: (28 posting days)
YIELD DEFAULTS TOTAL
----- -------- -----
Portfolio Yield (Current Month) 25.77% 11.34% 14.42%
Portfolio Yield (Prior Month) 25.50% 9.01% 16.50%
Portfolio Yield (Two Months Ago) 25.05% 8.49% 16.57%
THREE MONTH AVERAGE PORTFOLIO YIELD 15.83%
-----------
SERVICING COUPON TOTAL
--------- ------ -----
Base Rate (Current Month) 2.00% 5.79% 7.79%
Base Rate (Prior Month) 2.00% 6.09% 8.09%
Base Rate (Two Months Ago) 2.00% 6.91% 8.91%
THREE MONTH AVERAGE BASE RATE 8.27%
----------
Beginning Period Principal Receivables 7,162,443,444.87
Beginning Period Finance Charge Receivables 406,738,722.01
Beginning Period Discounted Receivables 0.00
Beginning Period Total Receivables 7,569,182,166.88
Removed Principal Receivables 0.00
Removed Finance Charge Receivables 0.00
Removed Total Receivables 0.00
Discounted Receivables Generated this Period 0.00
Additional Principal Receivables 0.00
Additional Finance Charge Receivables 0.00
Additional Total Receivables 0.00
Total Principal Collections this Period 573,347,966.66
Total Defaulted Principal Receivables this Period 63,196,337.41
Total Receivables Adjustments this Period 32,738,621.24
Total Finance Charge Collections this Period 143,548,437.42
Total Discounted Receivables this Period 0.00
Ending Period Principal Receivables 7,102,853,995.72
Ending Period Finance Charge Receivables 406,578,715.08
Ending Period Discounted Receivables 0.00
Ending Period Total Receivables 7,509,432,710.80
DELINQUENCY INFORMATION
End of the Month Principal Delinquencies:
31-60 Days Delinquent 174,377,143.62
61-90 Days Delinquent 115,173,078.51
91+ Days Delinquent 221,185,004.86
------------------
Total 31+ Days Delinquent 510,735,226.99
------------------
3
ASSOCIATES CREDIT CARD MASTER NOTE TRUST
Cash Flow Allocations
Series 2000-2
------------
FLOATING INVESTOR PERCENTAGE 0.110224
FIXED INVESTOR PERCENTAGE 0.110224
------------
FINANCE CHARGE ALLOCATIONS Class A Class B Class C Total
- -------------------------- ------- ------- ------- -----
AVAILABLE FUNDS
Total Trust Finance Charge Collections 43,548,437.42
Investor Percentage 0.110224
----------------
Investor Finance Charge Collection 15,822,499.68 15,822,499.68
Excess Finance Charge Collections
allocated to Series 0.00 0.00
Available Finance Charge Collections 15,822,499.68 15,822,499.68
CASH FLOW ALLOCATIONS
CLASS A DISTRIBUTIONS
(1) Class A Monthly Interest 2,556,000.00
(2) Class A Monthly Interest Previously Due 0.00
(3) Class A Monthly Additional Interest 0.00
(4) Class A Monthly Additional Interest Previously Due 0.00
Total Class A Monthly Interest 2,556,000.00 2,556,000.00
CLASS B DISTRIBUTIONS
(5) Class B Monthly Interest 359,289.24
(6) Class B Monthly Interest Previously Due 0.00
(7) Class B Monthly Additional Interest 0.00
(8) Class B Monthly Additional Interest Previously Due 0.00
Total Class B Monthly Interest 359,289.24 359,289.24
(9) Total Monthly Servicing Fee for Series 1,315,790.00
(10) Total Servicing Fee for Series Previously Due 0.00
(11) Class A Prepayable Increase Amount Interest 0.00 0.00
(12) Class B Prepayable Increase Amount Interest 0.00 0.00
(13) Investor Default Amount 6,965,760.45
(14) Investor Charge-Offs 0.00 0.00 0.00 0.00
(15) Reallocated Principal Collections Previously Due 0.00 0.00 0.00 0.00
CLASS C DISTRIBUTIONS
(16) Class C Monthly Interest 515,355.37
(17) Class C Monthly Interest Previously Due 0.00
(18) Class C Monthly Additional Interest 0.00
(19) Class C Monthly Additional Interest Previously Due 0.00
(20) Class C Prepayable Increase Amount Interest 0.00
Total Class C Interest 515,355.37 515,355.37
(21) Funds Required per Note Agreement under
Sections 2.07, 2.08 & 2.09 0.00
(22) Funds Required per Note Agreement under
Sections 2.04 (e) & 7.01 0.00
SPREAD ACCOUNT DISTRIBUTIONS
(23) Class C Spread Account Required Deposit 0.00
TOTAL EXCESS SPREAD ELIGIBLE FOR OTHER
SERIES' ALLOCATIONS 4,110,304.61
EXCESS SPREAD ALLOCATED TO OTHER SERIES' 0.00
EXCESS SPREAD RELEASED TO TRANSFEROR 4,110,304.61
4
PRINCIPAL ALLOCATIONS Class A Class B Class C Total
- --------------------- ------- ------- ------- -----
AVAILABLE FUNDS
Total Trust Principal Collection 573,347,966.66
--------------
Investor Percentage 0.110224
--------------
Investor Principal Collections 63,196,773.02
Shared Principal Collections from other Series' 510,151,193.64
Available Principal Collection 573,347,966.66
Controlled Amortization Amount 0.00 0.00 0.00 0.00
Partial Amortization Amount 0.00 0.00 0.00 0.00
Deficiency Controlled Amortization Amount 0.00 0.00 0.00 0.00
Monthly Principal Amount 0.00 0.00 0.00 0.00
Principal Shortfall
Reallocated Principal to other Series' 0.00 0.00 0.00
ASSOCIATES CREDIT CARD MASTER NOTE TRUST
CASH RECONCILIATION
MAR-01
GROUP 1 Coupon Rate Balance Interest Payments
- ------- ----------- ------- -----------------
Series 2000-98-1, Class A 5.70% $ 662,500,000.00 $ 2,833,881.67
Series 2000-98-1, Class B 5.93% $ 87,500,000.00 $ 388,906.85
Series 2000-98-1, Class C 6.33% $ 132,500,000.00 $ 629,043.75
Series 2000-98-2, Class A 5.72% $ 617,647,000.00 $ 2,651,494.14
Series 2000-98-2, Class B 5.94% $ 82,353,000.00 $ 367,121.08
Series 2000-98-2, Class C 6.33% $ 123,628,000.00 $ 586,923.93
Series 2000-99-1, Class A 5.72% $ 529,412,000.00 $ 2,270,453.20
Series 2000-99-1, Class B 5.92% $ 70,588,000.00 $ 313,314.15
Series 2000-99-1, Class C 6.33% $ 105,882,000.00 $ 502,674.80
Series 2000-99-2, Class A 5.75% $ 397,058,400.00 $ 1,713,237.51
Series 2000-99-2, Class B 6.05% $ 52,941,600.00 $ 240,246.33
Series 2000-99-2, Class C 6.33% $ 79,412,400.00 $ 377,010.37
Series 2000-99-3, Class A 5.78% $ 198,500,000.00 $ 860,865.72
Series 2000-99-3, Class B 5.78% $ 26,500,000.00 $ 114,926.66
Series 2000-99-3, Class C 6.33% $ 39,706,000.00 $ 188,504.24
Series 2000-99-4, Class A 5.80% $ 441,176,000.00 $ 1,918,028.39
Series 2000-99-4, Class B 6.05% $ 58,824,000.00 $ 266,989.53
Series 2000-99-4, Class C 6.33% $ 88,235,000.00 $ 418,895.66
Series 2000-1, Class A 5.71% $ 760,000,000.00 $ 3,251,850.00
Series 2000-1, Class B 5.92% $ 102,500,000.00 $ 455,100.00
Series 2000-1, Class C 6.33% $ 137,500,000.00 $ 652,781.25
Series 2000-2, Class A 5.68% $ 600,000,000.00 $ 2,556,000.00
Series 2000-2, Class B 5.92% $ 80,921,000.00 $ 359,289.24
Series 2000-2, Class C 6.33% $ 108,553,000.00 $ 515,355.37
---- ----------------- --------------
Weighted Average Coupon of all Notes 5.83% $ 5,583,837,400.00 $24,432,893.84
==== ================== ==============
Weighted Average Coupon of Class A and Class B Notes 5.75% $ 4,768,421,000.00
==== ==================
Current Transaction Period: Revolving Period
CASH FLOW REQUIREMENTS SERIES 2000-98-1
--------------------------------------------------------------------
Class A Class B Class C Total
-------------- -------------- -------------- --------------
Principal Distribution Due this Period $ -- $ -- $ -- $ --
Interest Distribution Due this Period $ 2,833,881.67 $ 388,906.85 $ 629,043.755 $ 3,851,832.27
Unpaid Principal Shortfalls paid this Period $ -- $ -- $ -- $ --
Unpaid Interest Shortfalls paid this Period $ -- $ -- $ -- $ --
Prepayable Interest $ -- $ -- $ -- $ --
Servicing Fee $ 1,470,833.33 $ 1,470,833.33
-------------- -------------- -------------- --------------
Total Required Distribution $ 2,833,881.67 $ 388,906.85 $ 2,099,877.08 $ 5,322,665.60
============== ============== ============== ==============
Total Required Distribution to Class A & Class B investors $ 3,222,788.52
SERIES 2000-98-2
--------------------------------------------------------------------
Class A Class B Class C Total
-------------- -------------- -------------- --------------
Principal Distribution Required Amount $ -- $ -- $ -- $ --
Interest Distribution Required Amount $ 2,651,494.14 $ 367,121.08 $ 586,923.938 $ 3,605,539.15
Unpaid Principal Shortfalls paid this Period $ -- $ -- $ -- $ --
Unpaid Interest Shortfalls paid this Period $ -- $ -- $ -- $ --
Prepayable Interest $ -- $ -- $ -- $ --
Servicing Fee $ 1,372,713.33 $ 1,372,713.33
-------------- -------------- -------------- --------------
Total Required Distribution $ 2,651,494.14 $ 367,121.08 $ 1,959,637.26 $ 4,978,252.48
============== ============== ============== ==============
Total Required Distribution to Class A & Class B investors $ 3,018,615.22
5
SERIES 2000-99-1
--------------------------------------------------------------------
Class A Class B Class C Total
-------------- -------------- -------------- --------------
Principal Distribution Required Amount $ -- $ -- $ -- $ --
Interest Distribution Required Amount $ 2,270,453.20 $ 313,314.15 $ 502,674.805 $ 3,086,442.15
Unpaid Principal Shortfalls paid this Period $ -- $ -- $ -- $ --
Unpaid Interest Shortfalls paid this Period $ -- $ -- $ -- $ --
Prepayable Interest $ -- $ -- $ -- $ --
Servicing Fee $ 1,176,470.00 $ 1,176,470.00
-------------- -------------- -------------- --------------
Total Required Distribution $ 2,270,453.20 $ 313,314.15 $ 1,679,144.80 $ 4,262,912.15
============== ============== ============== ==============
Total Required Distribution to Class A & Class B investors $ 2,583,767.35
SERIES 2000-99-2
--------------------------------------------------------------------
Class A Class B Class C Total
-------------- -------------- -------------- --------------
Principal Distribution Required Amount $ -- $ -- $ -- $ --
Interest Distribution Required Amount $ 1,713,237.51 $ 240,246.33 $ 377,010.373 $ 2,330,494.21
Unpaid Principal Shortfalls paid this Period $ -- $ -- $ -- $ --
Unpaid Interest Shortfalls paid this Period $ -- $ -- $ -- $ --
Prepayable Interest $ -- $ -- $ -- $ --
Servicing Fee $ 882,354.00 $ 882,354.00
-------------- -------------- -------------- --------------
Total Required Distribution $ 1,713,237.51 $ 240,246.33 $ 1,259,364.37 $ 3,212,848.21
============== ============== ============== ==============
Total Required Distribution to Class A & Class B investors $ 1,953,483.84
SERIES 2000-99-3
----------------------------------------------------------------
Class A Class B Class C Total
------------- ------------- ------------- -------------
Principal Distribution Required Amount $ -- $ -- $ -- $ --
Interest Distribution Required Amount $ 860,865.72 $ 6114,926.66 $ 188,504.246 $1,164,296.62
Unpaid Principal Shortfalls paid this Period $ -- $ -- $ -- $ --
Unpaid Interest Shortfalls paid this Period $ -- $ -- $ -- $ --
Prepayable Interest $ -- $ -- $ -- $ --
Servicing Fee $ 441,176.67 $ 441,176.67
------------- ------------- ------------- -------------
Total Required Distribution $ 860,865.72 $ 114,926.66 $ 629,680.91 $1,605,473.29
============= ============= ============= =============
Total Required Distribution to Class A & Class B investors $ 975,792.38
SERIES 2000-99-4
--------------------------------------------------------------------
Class A Class B Class C Total
-------------- -------------- -------------- --------------
Principal Distribution Required Amount $ -- $ -- $ -- $ --
Interest Distribution Required Amount $ 1,918,028.39 $ 266,989.53 $ 418,895.663 $ 2,603,913.58
Unpaid Principal Shortfalls paid this Period $ -- $ -- $ -- $ --
Unpaid Interest Shortfalls paid this Period $ -- $ -- $ -- $ --
Prepayable Interest $ -- $ -- $ -- $ --
Servicing Fee $ 980,391.67 $ 980,391.67
-------------- -------------- -------------- --------------
Total Required Distribution $ 1,918,028.39 $ 266,989.53 $ 1,399,287.33 $ 3,584,305.25
============== ============== ============== ==============
Total Required Distribution to Class A & Class B investors $ 2,185,017.92
SERIES 2000-1
----------------------------------------------------------------
Class A Class B Class C Total
------------- ------------- ------------- -------------
Principal Distribution Required Amount $ -- $ -- $ -- $ --
Interest Distribution Required Amount $3,251,850.00 $ 455,100.00 $ 652,781.25 $4,359,731.25
Unpaid Principal Shortfalls paid this Period $ -- $ -- $ -- $ --
Unpaid Interest Shortfalls paid this Period $ -- $ -- $ -- $ --
Prepayable Interest $ -- $ -- $ -- $ --
Servicing Fee $1,666,666.67 $1,666,666.67
------------- ------------- ------------- -------------
Total Required Distribution $3,251,850.00 $ 455,100.00 $2,319,447.92 $6,026,397.92
============= ============= ============= =============
Total Required Distribution to Class A & Class B investors $3,706,950.00
SERIES 2000-2
----------------------------------------------------------------
Class A Class B Class C Total
------------- ------------- ------------- -------------
Principal Distribution Required Amount $ -- $ -- $ -- $ --
Interest Distribution Required Amount $2,556,000.00 $ 359,289.24 $ 515,355.37 $3,430,644.61
Unpaid Principal Shortfalls paid this Period $ -- $ -- $ -- $ --
Unpaid Interest Shortfalls paid this Period $ -- $ -- $ -- $ --
Prepayable Interest $ -- $ -- $ -- $ --
Servicing Fee $1,315,790.00 $1,315,790.00
------------- ------------- ------------- -------------
Total Required Distribution $2,556,000.00 $ 359,289.24 $1,831,145.37 $4,746,434.61
============= ============= ============= =============
Total Required Distribution to Class A & Class B investors $2,915,289.24
6
CASH DISBURSEMENTS
Servicer Payment to trustee for Series 2000-98-1 $ 3,851,832.27
Servicer Payment to trustee for Series 2000-98-2 $ 3,605,539.15
Servicer Payment to trustee for Series 2000-99-1 $ 3,086,442.15
Servicer Payment to trustee for Series 2000-99-2 $ 2,330,494.21
Servicer Payment to trustee for Series 2000-99-3 $ 1,164,296.62
Servicer Payment to trustee for Series 2000-99-4 $ 2,603,913.58
Servicer Payment to trustee for Series 2000-1 $ 4,359,731.25
Servicer Payment to trustee for Series 2000-2 $ 3,430,644.61
---------------
Total Servicer Payment to trustee for all Series' $ 24,432,893.84
===============
Trustee Payment to Series 2000-98-1 Class C $ 629,043.75
Trustee Payment to Series 2000-98-2 Class C $ 586,923.93
Trustee Payment to Series 2000-99-1 Class C $ 502,674.80
Trustee Payment to Series 2000-99-2 Class C $ 377,010.37
Trustee Payment to Series 2000-99-3 Class C $ 188,504.24
Trustee Payment to Series 2000-99-4 Class C $ 418,895.66
Trustee Payment to Series 2000-1 Class C $ 652,781.25
Trustee Payment to Series 2000-2 Class C $ 515,355.37
---------------
Total Trustee Payment to all Class C Investor's $ 3,871,189.37
===============