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) May 17, 2001
Associates Credit Card Receivables Corp.
Associates Credit Card Master Note Trust
(Exact name of registrant as specified in its charter)
Delaware 333-94867 75-2709748
333-9486701
(State or Other (Commission File (IRS Employer
Jurisdiction of Number) Identification Number)
Incorporation)
290 E. Carpenter Freeway, Irving, Texas 75062-2729
(Address of Principal Executive Office) (Zip Code)
Registrants telephone number, including area code (972) 652-4000
Item 5. Other Events
The monthly statements for the month of April 2001 were
distributed to Noteholders on May 17, 2001
Item 7 (C). Exhibits.
Exhibit No. Description
20.1 Series 2000-1 monthly statement for the month of April 2001.
20.2 Series 2000-2 monthly statement for the month of April 2001.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act
of 1934, the registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
ASSOCIATES CREDIT CARD RECEIVABLES CORP
By: /s/ David Keller
David Keller
Executive Vice President
Servicer's Report CONFIDENTIAL
Interest Period: April 17, 2001 to May 16, 2001 Date of Report: May 16, 2001
Associates Credit Card Master Note Trust, Series 2000-1
Class A Class B Class C Total Series
Monthly Master Note Trust Activities Note Note Note Note
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 760,000,000.00 102,500,000.00 137,500,000.00 1,000,000,000.00
Beginning Period Invested Amount 760,000,000.00 102,500,000.00 137,500,000.00 1,000,000,000.00
Note Principal Balance Increase 0.00 0.00 0.00 0.00
Note Principal Balance Decrease 0.00 0.00 0.00 0.00
Reductions in Invested Amount this Period
(Other than by Principal Payments) 0.00 0.00 0.00 0.00
Previous Reductions in Invested Amount
Reimbursed this Period 0.00 0.00 0.00 0.00
Ending Special Funding Accnt Balance
Ending Spread Account Balance
Ending Reserve Account Balance
Ending Period Invested Amount 760,000,000.00 102,500,000.00 137,500,000.00 1,000,000,000.00
Associates Credit Card Master Note Trust, Series 2000-1
Transferor Trust
Monthly Master Note Trust Activities Interest Totals
Beginning Principal Receivables Balance 6,950,647,604.32
Beginning Fin. Chrg. Receivables Balance 367,123,706.46
Beginning Total Receivables Balance 7,317,771,310.78
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 1,366,810,204.32
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 1,315,980,837.38
Group I Information Series 2000-98-1 Series 2000-98-2 Series 2000-99-1 Series 2000-99-2
Beginning Invested Amount 882,500,000.00 823,628,000.00 705,882,000.00 529,412,400.00
Average Rate 5.18% 5.14% 5.16% 5.35%
Allocable Finance Charge Collections 17,952,664.26 16,755,033.38 14,359,730.94 10,769,816.51
Allocable Principal Collections 74,436,090.00 69,470,422.59 59,538,919.07 44,654,265.21
Allocable Default Amount Due 9,528,191.80 8,892,561.53 7,621,279.41 5,715,969.28
Allocable Monthly Interest Due 3,805,799.17 3,524,948.30 3,036,192.87 2,360,581.84
Allocable Monthly Servicing Fees Due 1,470,833.33 1,372,713.33 1,176,470.00 882,354.00
Ending Invested Amount 882,500,000.00 823,628,000.00 705,882,000.00 529,412,400.00
Group I Information Series 2000-99-3 Series 2000-99-4 Series 2000-1 Series 2000-2
Beginning Invested Amount 264,706,000.00 588,235,000.00 1,000,000,000.00 789,474,000.00
Average Rate 5.04% 5.39% 5.26% 0.05
Allocable Finance Charge Collections 5,384,904.19 11,966,442.45 20,342,962.34 16,060,239.85
Allocable Principal Collections 22,327,115.74 49,615,765.89 84,346,844.19 66,589,640.47
Allocable Default Amount Due 2,857,982.48 6,351,066.18 10,796,817.90 8,523,807.01
Allocable Monthly Interest Due 1,110,711.84 2,641,113.88 4,379,562.50 3,445,050.88
Allocable Monthly Servicing Fees Due 441,176.67 980,391.67 1,666,666.67 1,315,790.00
Ending Invested Amount 264,706,000.00 588,235,000.00 1,000,000,000.00 789,474,000.00
Group I Information Total
Beginning Invested Amount 5,583,837,400.00
Average Rate 5.22%
Allocable Finance Charge Collections 113,591,793.92
Allocable Principal Collections 470,979,063.15
Allocable Default Amount Due 60,287,675.58
Allocable Monthly Interest Due 24,303,961.28
Allocable Monthly Servicing Fees Due 9,306,395.67
Ending Invested Amount 5,583,837,400.00
Payout Event Tests
Base Rate Trigger Transferor's Interest Trigger
3 Month Average Portfolio Yield 14.21% Required Transferor Interest 482,987,276.62
3 Month Average Base Rate 7.45% Transferor Interest 1,315,980,837.38
Spread 6.76% Trigger Pass Test Yes
Trigger Pass Test: If Spread is >0, "Yes" Yes
ASSOCIATES CREDIT CARD MASTER NOTE TRUST
Series 2000-1
Pursuant to the Master Indenture dated as of April 1, 2000 (as amended and
supplemented, the Master Indenture), between Associates Credit Card Master Note
Trust (the "Trust") and The Bank of New York, as indenture trustee (the
"Indenture Trustee"), as supplemented by the Series 2000-1 Indenture Supplement,
dated as of June 13, 2000 (the "Indenture Supplement"), between the Trust and
the Indenture Trustee, 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 May 17, 2001, and with respect to the performance of the
Trust during the month of April 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 --
April: (30 posting days)
Yield Defaults Total
Portfolio Yield (Current Month) 24.41% 12.96% 11.46%
Portfolio Yield (Prior Month) 28.26% 11.51% 16.75%
Portfolio Yield (Two Months Ago) 25.77% 11.34% 14.42%
THREE MONTH AVERAGE PORTFOLIO YIELD 14.21%
Servicing Coupon Total
Base Rate (Current Month) 2.00% 5.26% 7.26%
Base Rate (Prior Month) 2.00% 5.29% 7.29%
Base Rate (Two Months Ago) 2.00% 5.81% 7.81%
THREE MONTH AVERAGE BASE RATE 7.45%
Beginning Period Principal Receivables 6,950,647,604.32
Beginning Period Finance Charge Receivables 367,123,706.46
Beginning Period Discounted Receivables 0.00
Beginning Period Total Receivables 7,317,771,310.78
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 586,265,190.49
Total Defaulted Principal Receivables this Period 75,044,876.46
Total Receivables Adjustments this Period 34,474,111.79
Total Finance Charge Collections this Period 141,396,762.43
Total Discounted Receivables this Period 0.00
Ending Period Principal Receivables 6,899,818,237.38
Ending Period Finance Charge Receivables 363,590,663.31
Ending Period Discounted Receivables 0.00
Ending Period Total Receivables 7,263,408,900.69
DELINQUENCY INFORMATION
End of the Month Principal Delinquencies:
31-60 Days Delinquent 154,005,633.95
61-90 Days Delinquent 92,834,370.08
91+ Days Delinquent 202,938,395.29
Total 31+ Days Delinquent 449,778,399.32
ASSOCIATES CREDIT CARD MASTER NOTE TRUST
Cash Flow Allocations
Series 2000-1
FLOATING INVESTOR PERCENTAGE 0.143871
FIXED INVESTOR PERCENTAGE 0.143871
FINANCE CHARGE ALLOCATIONS Class A Class B Class C
AVAILABLE FUNDS
Total Trust Finance Charge Collections 141,396,762.43
Investor Percentage 0.143871
Investor Finance Charge Collections 20,342,962.34
Excess Finance Charge Collections allocated to Series 0.00
Available Finance Charge Collections 20,342,962.34
Total
AVAILABLE FUNDS
Total Trust Finance Charge Collections
Investor Percentage
Investor Finance Charge Collections 20,342,962.34
Excess Finance Charge Collections allocated to Series 0.00
Available Finance Charge Collections 20,342,962.34
CASH FLOW ALLOCATIONS
Class A Distributions
(1)Class A Monthly Interest 3,260,083.33
(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 3,260,083.33
CASH FLOW ALLOCATIONS Total
Class A Distributions
(1)Class A Monthly Interest
(2)Class A Monthly Interest Previously Due
(3)Class A Monthly Additional Interest
(4)Class A Monthly Additional Interest Previously Due
Total Class A Monthly Interest 3,260,083.33
Class B Distributions
(5)Class B Monthly Interest 458,046.88
(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 458,046.88
(9)Total Monthly Servicing Fee for Series
(10)Total Servicing Fee for Series Previously Due
(11)Class A Prepayable Increase Amount Interest 0.00
(12)Class B Prepayable Increase Amount Interest 0.00
(13)Investor Default Amount
(14)Investor Charge-Offs 0.00 0.00 0.00
(15)Reallocated Principal Collections Previously Due 0.00 0.00 0.00
Total
Class B Distributions
(5)Class B Monthly Interest
(6)Class B Monthly Interest Previously Due
(7)Class B Monthly Additional Interest
(8)Class B Monthly Additional Interest Previously Due
Total Class B Monthly Interest 458,046.88
(9)Total Monthly Servicing Fee for Series 1,666,666.67
(10)Total Servicing Fee for Series Previously Due 0.00
(11)Class A Prepayable Increase Amount Interest 0.00
(12)Class B Prepayable Increase Amount Interest 0.00
(13)Investor Default Amount 10,796,817.90
(14)Investor Charge-Offs 0.00
(15)Reallocated Principal Collections Previously Due 0.00
Class C Distributions
(16)Class C Monthly Interest 661,432.29
(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 661,432.29
(21)Funds Required per Note Agreement under
Sections 2.07, 2.08 & 2.09
(22)Funds Required per Note Agreement under
Sections 2.04 (e) & 7.01
Class C Distributions Total
(16)Class C Monthly Interest
(17)Class C Monthly Interest Previously Due
(18)Class C Monthly Additional Interest
(19)Class C Monthly Additional Interest Previously Due
(20)Class C Prepayable Increase Amount Interest
Total Class C Interest 661,432.29
(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 Total
(23)Class C Spread Account Required Deposit 0.00
TOTAL EXCESS SPREAD ELIGIBLE FOR OTHER
SERIES' ALLOCATIONS 3,499,915.27
EXCESS SPREAD ALLOCATED TO OTHER SERIES' 0.00
EXCESS SPREAD RELEASED TO TRANSFEROR 3,499,915.27
PRINCIPAL ALLOCATIONS Class A Class B Class C
AVAILABLE FUNDS
Total Trust Principal Collections 586,265,190.49
Investor Percentage 0.143871
Investor Principal Collections 84,346,844.19
Shared Principal Collections from other Series' 501,918,346.30
Available Principal Collections 586,265,190.49
Controlled Amoritization Amount 0.00 0.00 0.00
Partial Amoritization Amount 0.00 0.00 0.00
Deficiency Controlled Amoritization Amount 0.00 0.00 0.00
Monthly Principal Amount 0.00 0.00 0.00
Principal Shortfall
Reallocated Principal to other Series' 0.00 0.00
PRINCIPAL ALLOCATIONS Total
AVAILABLE FUNDS
Total Trust Principal Collections
Investor Percentage
Investor Principal Collections
Shared Principal Collections from other Series'
Available Principal Collections
Controlled Amoritization Amount 0.00
Partial Amoritization Amount 0.00
Deficiency Controlled Amoritization Amount 0.00
Monthly Principal Amount 0.00
Principal Shortfall
Reallocated Principal to other Series' 0.00
ASSOCIATES CREDIT CARD MASTER NOTE TRUST
Cash Reconciliation
May-01
Group 1 Coupon Rate Balance Interest Payments
Series 2000-98-1, Class A 5.04% $ 662,500,000.00 $ 2,784,420.24
Series 2000-98-1, Class B 5.27% $ 87,500,000.00 $ 383,998.72
Series 2000-98-1, Class C 5.77% $ 132,500,000.00 $ 637,380.21
Series 2000-98-2, Class A 5.00% $ 617,647,000.00 $ 2,572,189.22
Series 2000-98-2, Class B 5.22% $ 82,353,000.00 $ 358,056.89
Series 2000-98-2, Class C 5.77% $ 123,628,000.00 $ 594,702.19
Series 2000-99-1, Class A 5.03% $ 529,412,000.00 $ 2,219,199.51
Series 2000-99-1, Class B 5.23% $ 70,588,000.00 $ 307,656.82
Series 2000-99-1, Class C 5.77% $ 105,882,000.00 $ 509,336.54
Series 2000-99-2, Class A 5.24% $ 397,058,400.00 $ 1,734,218.74
Series 2000-99-2, Class B 5.54% $ 52,941,600.00 $ 244,356.37
Series 2000-99-2, Class C 5.77% $ 79,412,400.00 $ 382,006.73
Series 2000-99-3, Class A 4.91% $ 198,500,000.00 $ 811,388.11
Series 2000-99-3, Class B 4.91% $ 26,500,000.00 $ 108,321.33
Series 2000-99-3, Class C 5.77% $ 39,706,000.00 $ 191,002.40
Series 2000-99-4, Class A 5.29% $ 441,176,000.00 $ 1,944,850.87
Series 2000-99-4, Class B 5.55% $ 58,824,000.00 $ 271,815.90
Series 2000-99-4, Class C 5.77% $ 88,235,000.00 $ 424,447.11
Series 2000-1, Class A 5.15% $ 760,000,000.00 $ 3,260,083.33
Series 2000-1, Class B 5.36% $ 102,500,000.00 $ 458,046.88
Series 2000-1, Class C 5.77% $ 137,500,000.00 $ 661,432.29
Series 2000-2, Class A 5.12% $ 600,000,000.00 $ 2,561,250.00
Series 2000-2, Class B 5.36% $ 80,921,000.00 $ 361,615.72
Series 2000-2, Class C 5.77% $ 108,553,000.00 $ 522,185.16
Weighted Average Coupon of all Notes 5.22% $ 5,583,837,400.00 $ 24,303,961.28
Weighted Average Coupon of 5.13% $ 4,768,421,000.00
Class A and Class B Notes
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 $ 2,784,420.24 $ 383,998.72 $ 637,380.21 $ 3,805,799.17
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 $ 2,784,420.24 $ 383,998.72 $ 2,108,213.54 $ 5,276,632.50
Total Required Distribution to Class A & Class B investors $ 3,168,418.96
Series 2000-98-2
Class A Class B Class C Total
Principal Distribution Required Amount $ - $ - - $ - - $--
Interest Distribution Required Amount $ 2,572,189.22 $ 358,056.89 $ 594,702.19 $ 3,524,948.30
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 $ 2,572,189.22 $ 358,056.89 $ 1,967,415.52 $ 4,897,661.63
Total Required Distribution to Class A & Class B investors $ 2,930,246.11
Series 2000-99-1
Class A Class B Class C Total
Principal Distribution Required Amount $ - $ - - $ - - $--
Interest Distribution Required Amount $ 2,219,199.51 $ 307,656.82 $ 509,336.54 $ 3,036,192.87
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 $ 2,219,199.51 $ 307,656.82 $ 1,685,806.54 $ 4,212,662.87
Total Required Distribution to Class A & Class B investors $ 2,526,856.33
Series 2000-99-2
Class A Class B Class C Total
Principal Distribution Required Amount $ - $ - - $ - - $--
Interest Distribution Required Amount $ 1,734,218.74 $ 244,356.37 $ 382,006.73 $ 2,360,581.84
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 $ 1,734,218.74 $ 244,356.37 $ 1,264,360.73 $ 3,242,935.84
Total Required Distribution to Class A & Class B investors $ 1,978,575.11
Series 2000-99-3
Class A Class B Class C Total
Principal Distribution Required Amount $ - $ - - $ - - $--
Interest Distribution Required Amount $ 811,388.11 $ 108,321.33 $ 191,002.40 $ 1,110,711.84
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 $ 811,388.11 $ 108,321.33 $ 632,179.07 $ 1,551,888.51
Total Required Distribution to Class A & Class B investors $ 919,709.44
Series 2000-99-4
Class A Class B Class C Total
Principal Distribution Required Amount $ - $ - - $ - - $--
Interest Distribution Required Amount $ 1,944,850.87 $ 271,815.90 $ 424,447.11 $ 2,641,113.88
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 $ 1,944,850.87 $ 271,815.90 $ 1,404,838.78 $ 3,621,505.55
Total Required Distribution to Class A & Class B investors $ 2,216,666.77
Series 2000-1
Class A Class B Class C Total
Principal Distribution Required Amount $ - $ - - $ - - $--
Interest Distribution Required Amount $ 3,260,083.33 $ 458,046.88 $ 661,432.29 $ 4,379,562.50
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 $ 3,260,083.33 $ 458,046.88 $ 2,328,098.96 $ 6,046,229.17
Total Required Distribution to Class A & Class B investors $ 3,718,130.21
Series 2000-2
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Class A Class B Class C Total
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Principal Distribution Required Amount $ - $ - - $ - - $--
Interest Distribution Required Amount $ 2,561,250.00 $ 361,615.72 $ 522,185.16 $3,445,050.88
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 $ 2,561,250.00 $ 361,615.72 $ 1,837,975.16 $4,760,840.88
================== ===================== =================== ==================
================== ===================== =================== ==================
Total Required Distribution to Class A & Class B investors $ 2,922,865.72
CASH DISBURSEMENTS
Servicer Payment to trustee for Series 2000-98-1 $ 3,805,799.17
Servicer Payment to trustee for Series 2000-98-2 $ 3,524,948.30
Servicer Payment to trustee for Series 2000-99-1 $ 3,036,192.87
Servicer Payment to trustee for Series 2000-99-2 $ 2,360,581.84
Servicer Payment to trustee for Series 2000-99-3 $ 1,110,711.84
Servicer Payment to trustee for Series 2000-99-4 $ 2,641,113.88
Servicer Payment to trustee for Series 2000-1 $ 4,379,562.50
Servicer Payment to trustee for Series 2000-2 $ 3,445,050.88
Total Servicer Payment to trustee for all Series' $ 24,303,961.28
Trustee Payment to Series 2000-98-1 Class C $ 637,380.21
Trustee Payment to Series 2000-98-2 Class C $ 594,702.19
Trustee Payment to Series 2000-99-1 Class C $ 509,336.54
Trustee Payment to Series 2000-99-2 Class C $ 382,006.73
Trustee Payment to Series 2000-99-3 Class C $ 191,002.40
Trustee Payment to Series 2000-99-4 Class C $ 424,447.11
Trustee Payment to Series 2000-1 Class C $ 661,432.29
Trustee Payment to Series 2000-2 Class C $ 522,185.16
Total Trustee Payment to all Class C Investor's $ 3,922,492.63
ASSOCIATES CREDIT CARD MASTER NOTE TRUST
SERIES 2000-1
The undersigned, a duly authorized representative of Associates National
Bank (Delaware)(ANB), as Servicer pursuant to the Transfer and Servicing
Agreement, dated as of April 1, 2000 (as amended and supplemented, the Transfer
and Servicing Agreement) among ANB, Associates credit Card Receivables Corp.
(ACCR), as Transferor and Associates Credit Card Master Note Trust (the
Trust), does hereby certify as follows:
1. Capitalized terms used in this Certificate have their respective
meanings set forth in the Transfer and Servicing Agreement or the Master
Indenture, dated as of April 1, 2000 (as amended or supplemented, the Master
Indenture), between the Trust and The Bank of New York, as indenture trustee
(the Indenture Trustee) as supplemented by the Series 2000-1 Indenture
Supplement, dated as of June 13, 2000, between the Trust and the Indenture
Trustee (as amended as supplemented, the Indenture Supplement and together
with the Master Indenture, the Indenture), as applicable.
2. ANB is, as of the date hereof, the Servicer under the Transfer and
Servicing Agreement.
3. The undersigned is an Authorized Officer of the Servicer.
4. This Certificate relates to the Distribution Date occurring
on May 17, 2001.
5. As of the date hereof, to the best knowledge of the undersigned,
the Servicer has performed in all material respects all its
obligations under the transfer and Servicing Agreement and the
Indenture through the Monthly Period preceding such
Distribution Date.
6. As of the date hereof, to the best knowledge of the undersigned,
no Pay Out Event occurred on or prior to such Distribution Date.
IN WITNESS WHEREOF, the undersigned has duly executed and
delivered this Certificate this 15th day of May, 2001.
ASSOCIATES NATIONAL BANK (DELAWARE),
Servicer
By: /s/ Cheryl Debaro
Name: Cheryl Debaro
Servicing Officer
Servicer's Report CONFIDENTIAL
Interest Period: April 17, 2001 to May 16, 2001 Date of Report: May 16, 2001
Associates Credit Card Master Note Trust, Series 2000-2
Class A Class B Class C Total Series
Monthly Master Note Trust Activities Note Note Note Note
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
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
Associates Credit Card Master Note Trust, Series 2000-2
Transferor Trust
Monthly Master Note Trust Activities Interest Totals
Beginning Principal Receivables Balance 6,950,647,604.32
Beginning Fin. Chrg. Receivables Balance 367,123,706.46
Beginning Total Receivables Balance 7,317,771,310.78
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 1,366,810,204.32
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 1,315,980,837.38
Group I Information Series 2000-98-1 Series 2000-98-2 Series 2000-99-1 Series 2000-99-2
Beginning Invested Amount 882,500,000.00 823,628,000.00 705,882,000.00 529,412,400.00
Average Rate 5.18% 5.14% 5.16% 5.35%
Allocable Finance Charge Collections 17,952,664.26 16,755,033.38 14,359,730.94 10,769,816.51
Allocable Principal Collections 74,436,090.00 69,470,422.59 59,538,919.07 44,654,265.21
Allocable Default Amount Due 9,528,191.80 8,892,561.53 7,621,279.41 5,715,969.28
Allocable Monthly Interest Due 3,805,799.17 3,524,948.30 3,036,192.87 2,360,581.84
Allocable Monthly Servicing Fees Due 1,470,833.33 1,372,713.33 1,176,470.00 882,354.00
Ending Invested Amount 882,500,000.00 823,628,000.00 705,882,000.00 529,412,400.00
Group I Information Series 2000-99-3 Series 2000-99-4 Series 2000-1 Series 2000-2
Beginning Invested Amount 264,706,000.00 588,235,000.00 1,000,000,000.00 789,474,000.00
Average Rate 5.04% 5.39% 5.26% 5.24%
Allocable Finance Charge Collections 5,384,904.19 11,966,442.45 20,342,962.34 16,060,239.85
Allocable Principal Collections 22,327,115.74 49,615,765.89 84,346,844.19 66,589,640.47
Allocable Default Amount Due 2,857,982.48 6,351,066.18 10,796,817.90 8,523,807.01
Allocable Monthly Interest Due 1,110,711.84 2,641,113.88 4,379,562.50 3,445,050.88
Allocable Monthly Servicing Fees Due 441,176.67 980,391.67 1,666,666.67 1,315,790.00
Ending Invested Amount 264,706,000.00 588,235,000.00 1,000,000,000.00 789,474,000.00
Group I Information Total
Beginning Invested Amount 5,583,837,400.00
Average Rate 5.22%
Allocable Finance Charge Collections 113,591,793.92
Allocable Principal Collections 470,979,063.15
Allocable Default Amount Due 60,287,675.58
Allocable Monthly Interest Due 24,303,961.28
Allocable Monthly Servicing Fees Due 9,306,395.67
Ending Invested Amount 5,583,837,400.00
Payout Event Tests
Base Rate Trigger Transferor's Interest Trigger
3 Month Average Portfolio Yield 14.21% Required Transferor Interest 482,987,276.62
3 Month Average Base Rate 7.43% Transferor Interest 1,315,980,837.38
Spread 6.78% Trigger Pass Test Yes
Trigger Pass Test: If Spread is >0, "Yes" Yes
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 May 17, 2001, and with respect to the performance of the
Trust during the month of April 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 --
April: (30 posting days)
Yield Defaults Total
Portfolio Yield (Current Month) 24.41% 12.96% 11.46%
Portfolio Yield (Prior Month) 28.26% 11.51% 16.75%
Portfolio Yield (Two Months Ago) 25.77% 11.34% 14.42%
THREE MONTH AVERAGE PORTFOLIO YIELD 14.21%
Servicing Coupon Total
Base Rate (Current Month) 2.00% 5.24% 7.24%
Base Rate (Prior Month) 2.00% 5.27% 7.27%
Base Rate (Two Months Ago) 2.00% 5.79% 7.79%
THREE MONTH AVERAGE BASE RATE 7.43%
Beginning Period Principal Receivables 6,950,647,604.32
Beginning Period Finance Charge Receivables 367,123,706.46
Beginning Period Discounted Receivables 0.00
Beginning Period Total Receivables 7,317,771,310.78
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 586,265,190.49
Total Defaulted Principal Receivables this Period 75,044,876.46
Total Receivables Adjustments this Period 34,474,111.79
Total Finance Charge Collections this Period 141,396,762.43
Total Discounted Receivables this Period 0.00
Ending Period Principal Receivables 6,899,818,237.38
Ending Period Finance Charge Receivables 363,590,663.31
Ending Period Discounted Receivables 0.00
Ending Period Total Receivables 7,263,408,900.69
DELINQUENCY INFORMATION
End of the Month Principal Delinquencies:
31-60 Days Delinquent 154,005,633.95
61-90 Days Delinquent 92,834,370.08
91+ Days Delinquent 202,938,395.29
Total 31+ Days Delinquent 449,778,399.32
ASSOCIATES CREDIT CARD MASTER NOTE TRUST
Cash Flow Allocations
Series 2000-2
FLOATING INVESTOR PERCENTAGE 0.113583
FIXED INVESTOR PERCENTAGE 0.113583
FINANCE CHARGE ALLOCATIONS Class A Class B Class C
AVAILABLE FUNDS
Total Trust Finance Charge Collections 141,396,762.43
Investor Percentage 0.113583
Investor Finance Charge Collections 16,060,239.85
Excess Finance Charge Collections allocated to Series 0.00
Available Finance Charge Collections 16,060,239.85
Total
AVAILABLE FUNDS
Total Trust Finance Charge Collections
Investor Percentage
Investor Finance Charge Collections 16,060,239.85
Excess Finance Charge Collections allocated to Series 0.00
Available Finance Charge Collections 16,060,239.85
CASH FLOW ALLOCATIONS
Class A Distributions
(1)Class A Monthly Interest 2,561,250.00
(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 2,561,250.00
CASH FLOW ALLOCATIONS Total
Class A Distributions
(1)Class A Monthly Interest
(2)Class A Monthly Interest Previously Due
(3)Class A Monthly Additional Interest
(4)Class A Monthly Additional Interest Previously Due
Total Class A Monthly Interest 2,561,250.00
Class B Distributions
(5)Class B Monthly Interest 361,615.72
(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 361,615.72
(9)Total Monthly Servicing Fee for Series
(10)Total Servicing Fee for Series Previously Due
(11)Class A Prepayable Increase Amount Interest 0.00
(12)Class B Prepayable Increase Amount Interest 0.00
(13)Investor Default Amount
(14)Investor Charge-Offs 0.00 0.00 0.00
(15)Reallocated Principal Collections Previously Due 0.00 0.00 0.00
Total
Class B Distributions
(5)Class B Monthly Interest
(6)Class B Monthly Interest Previously Due
(7)Class B Monthly Additional Interest
(8)Class B Monthly Additional Interest Previously Due
Total Class B Monthly Interest 361,615.72
(9)Total Monthly Servicing Fee for Series 1,315,790.00
(10)Total Servicing Fee for Series Previously Due 0.00
(11)Class A Prepayable Increase Amount Interest 0.00
(12)Class B Prepayable Increase Amount Interest 0.00
(13)Investor Default Amount 8,523,807.01
(14)Investor Charge-Offs 0.00
(15)Reallocated Principal Collections Previously Due 0.00
Class C Distributions
(16)Class C Monthly Interest 522,185.16
(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 522,185.16
(21)Funds Required per Note Agreement under
Sections 2.07, 2.08 & 2.09
(22)Funds Required per Note Agreement under
Sections 2.04 (e) & 7.01
Class C Distributions Total
(16)Class C Monthly Interest
(17)Class C Monthly Interest Previously Due
(18)Class C Monthly Additional Interest
(19)Class C Monthly Additional Interest Previously Due
(20)Class C Prepayable Increase Amount Interest
Total Class C Interest 522,185.16
(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 Total
(23)Class C Spread Account Required Deposit 0.00
TOTAL EXCESS SPREAD ELIGIBLE FOR OTHER
SERIES' ALLOCATIONS 2,775,591.95
EXCESS SPREAD ALLOCATED TO OTHER SERIES' 0.00
EXCESS SPREAD RELEASED TO TRANSFEROR 2,775,591.95
PRINCIPAL ALLOCATIONS Class A Class B Class C
AVAILABLE FUNDS
Total Trust Principal Collections 586,265,190.49
Investor Percentage 0.113583
Investor Principal Collections 66,589,640.47
Shared Principal Collections from other Series' 519,675,550.02
Available Principal Collections 586,265,190.49
Controlled Amoritization Amount 0.00 0.00 0.00
Partial Amoritization Amount 0.00 0.00 0.00
Deficiency Controlled Amoritization Amount 0.00 0.00 0.00
Monthly Principal Amount 0.00 0.00 0.00
Principal Shortfall
Reallocated Principal to other Series' 0.00 0.00
PRINCIPAL ALLOCATIONS Total
AVAILABLE FUNDS
Total Trust Principal Collections
Investor Percentage
Investor Principal Collections
Shared Principal Collections from other Series'
Available Principal Collections
Controlled Amoritization Amount 0.00
Partial Amoritization Amount 0.00
Deficiency Controlled Amoritization Amount 0.00
Monthly Principal Amount 0.00
Principal Shortfall
Reallocated Principal to other Series' 0.00
ASSOCIATES CREDIT CARD MASTER NOTE TRUST
Cash Reconciliation
May-01
Group 1 Coupon Rate Balance Interest Payments
Series 2000-98-1, Class A 5.04% $ 662,500,000.00 $ 2,784,420.24
Series 2000-98-1, Class B 5.27% $ 87,500,000.00 $ 383,998.72
Series 2000-98-1, Class C 5.77% $ 132,500,000.00 $ 637,380.21
Series 2000-98-2, Class A 5.00% $ 617,647,000.00 $ 2,572,189.22
Series 2000-98-2, Class B 5.22% $ 82,353,000.00 $ 358,056.89
Series 2000-98-2, Class C 5.77% $ 123,628,000.00 $ 594,702.19
Series 2000-99-1, Class A 5.03% $ 529,412,000.00 $ 2,219,199.51
Series 2000-99-1, Class B 5.23% $ 70,588,000.00 $ 307,656.82
Series 2000-99-1, Class C 5.77% $ 105,882,000.00 $ 509,336.54
Series 2000-99-2, Class A 5.24% $ 397,058,400.00 $ 1,734,218.74
Series 2000-99-2, Class B 5.54% $ 52,941,600.00 $ 244,356.37
Series 2000-99-2, Class C 5.77% $ 79,412,400.00 $ 382,006.73
Series 2000-99-3, Class A 4.91% $ 198,500,000.00 $ 811,388.11
Series 2000-99-3, Class B 4.91% $ 26,500,000.00 $ 108,321.33
Series 2000-99-3, Class C 5.77% $ 39,706,000.00 $ 191,002.40
Series 2000-99-4, Class A 5.29% $ 441,176,000.00 $ 1,944,850.87
Series 2000-99-4, Class B 5.55% $ 58,824,000.00 $ 271,815.90
Series 2000-99-4, Class C 5.77% $ 88,235,000.00 $ 424,447.11
Series 2000-1, Class A 5.15% $ 760,000,000.00 $ 3,260,083.33
Series 2000-1, Class B 5.36% $ 102,500,000.00 $ 458,046.88
Series 2000-1, Class C 5.77% $ 137,500,000.00 $ 661,432.29
Series 2000-2, Class A 5.12% $ 600,000,000.00 $ 2,561,250.00
Series 2000-2, Class B 5.36% $ 80,921,000.00 $ 361,615.72
Series 2000-2, Class C 5.77% $ 108,553,000.00 $ 522,185.16
Weighted Average Coupon of all Notes 5.22% $ 5,583,837,400.00 $ 24,303,961.28
Weighted Average Coupon of 5.13% $ 4,768,421,000.00
Class A and Class B Notes
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 $ 2,784,420.24 $ 383,998.72 $ 637,380.21 $ 3,805,799.17
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 $ 2,784,420.24 $ 383,998.72 $ 2,108,213.54 $ 5,276,632.50
Total Required Distribution to Class A & Class B investors $ 3,168,418.96
Series 2000-98-2
Class A Class B Class C Total
Principal Distribution Required Amount $ - $ - - $ - - $--
Interest Distribution Required Amount $ 2,572,189.22 $ 358,056.89 $ 594,702.19 $ 3,524,948.30
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 $ 2,572,189.22 $ 358,056.89 $ 1,967,415.52 $ 4,897,661.63
Total Required Distribution to Class A & Class B investors $ 2,930,246.11
Series 2000-99-1
Class A Class B Class C Total
Principal Distribution Required Amount $ - $ - - $ - - $--
Interest Distribution Required Amount $ 2,219,199.51 $ 307,656.82 $ 509,336.54 $ 3,036,192.87
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 $ 2,219,199.51 $ 307,656.82 $ 1,685,806.54 $ 4,212,662.87
Total Required Distribution to Class A & Class B investors $ 2,526,856.33
Series 2000-99-2
Class A Class B Class C Total
Principal Distribution Required Amount $ - $ - - $ - - $--
Interest Distribution Required Amount $ 1,734,218.74 $ 244,356.37 $ 382,006.73 $ 2,360,581.84
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 $ 1,734,218.74 $ 244,356.37 $ 1,264,360.73 $ 3,242,935.84
Total Required Distribution to Class A & Class B investors $ 1,978,575.11
Series 2000-99-3
Class A Class B Class C Total
Principal Distribution Required Amount $ - $ - - $ - - $--
Interest Distribution Required Amount $ 811,388.11 $ 108,321.33 $ 191,002.40 $ 1,110,711.84
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 $ 811,388.11 $ 108,321.33 $ 632,179.07 $ 1,551,888.51
Total Required Distribution to Class A & Class B investors $ 919,709.44
Series 2000-99-4
Class A Class B Class C Total
Principal Distribution Required Amount $ - $ - - $ - - $--
Interest Distribution Required Amount $ 1,944,850.87 $ 271,815.90 $ 424,447.11 $ 2,641,113.88
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 $ 1,944,850.87 $ 271,815.90 $ 1,404,838.78 $ 3,621,505.55
Total Required Distribution to Class A & Class B investors $ 2,216,666.77
Series 2000-1
Class A Class B Class C Total
Principal Distribution Required Amount $ - $ - - $ - - $--
Interest Distribution Required Amount $ 3,260,083.33 $ 458,046.88 $ 661,432.29 $ 4,379,562.50
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 $ 3,260,083.33 $ 458,046.88 $ 2,328,098.96 $ 6,046,229.17
Total Required Distribution to Class A & Class B investors $ 3,718,130.21
Series 2000-2
Class A Class B Class C Total
Principal Distribution Required Amount $ - $ - - $ - - $--
Interest Distribution Required Amount $ 2,561,250.00 $ 361,615.72 $ 522,185.16 $ 3,445,050.88
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 $ 2,561,250.00 $ 361,615.72 $ 1,837,975.16 $ 4,760,840.88
Total Required Distribution to Class A & Class B investors $ 2,922,865.72
CASH DISBURSEMENTS
Servicer Payment to trustee for Series 2000-98-1 $ 3,805,799.17
Servicer Payment to trustee for Series 2000-98-2 $ 3,524,948.30
Servicer Payment to trustee for Series 2000-99-1 $ 3,036,192.87
Servicer Payment to trustee for Series 2000-99-2 $ 2,360,581.84
Servicer Payment to trustee for Series 2000-99-3 $ 1,110,711.84
Servicer Payment to trustee for Series 2000-99-4 $ 2,641,113.88
Servicer Payment to trustee for Series 2000-1 $ 4,379,562.50
Servicer Payment to trustee for Series 2000-2 $ 3,445,050.88
Total Servicer Payment to trustee for all Series' $ 24,303,961.28
Trustee Payment to Series 2000-98-1 Class C $ 637,380.21
Trustee Payment to Series 2000-98-2 Class C $ 594,702.19
Trustee Payment to Series 2000-99-1 Class C $ 509,336.54
Trustee Payment to Series 2000-99-2 Class C $ 382,006.73
Trustee Payment to Series 2000-99-3 Class C $ 191,002.40
Trustee Payment to Series 2000-99-4 Class C $ 424,447.11
Trustee Payment to Series 2000-1 Class C $ 661,432.29
Trustee Payment to Series 2000-2 Class C $ 522,185.16
Total Trustee Payment to all Class C Investor's $ 3,922,492.63
ASSOCIATES CREDIT CARD MASTER NOTE TRUST
SERIES 2000-2
The undersigned, a duly authorized representative of Associates National
Bank (Delaware)(ANB), as Servicer pursuant to the Transfer and Servicing
Agreement, dated as of April 1, 2000 (as amended and supplemented, the Transfer
and Servicing Agreement) among ANB, Associates credit Card Receivables Corp.
(ACCR), as Transferor and Associates Credit Card Master Note Trust (the
Trust), does hereby certify as follows:
1. Capitalized terms used in this Certificate have their respective
meanings set forth in the Transfer and Servicing Agreement or the Master
Indenture, dated as of April 1, 2000 (as amended or supplemented, the Master
Indenture), between 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, between the Trust and the Indenture
Trustee (as amended as supplemented, the Indenture Supplement and together
with the Master Indenture, the Indenture), as applicable.
2. ANB is, as of the date hereof, the Servicer under the Transfer and
Servicing Agreement.
3. The undersigned is an Authorized Officer of the Servicer.
4. This Certificate relates to the Distribution Date occurring
on May 17, 2001.
5. As of the date hereof, to the best knowledge of the undersigned,
the Servicer has performed in all material respects all its
obligations under the transfer and Servicing Agreement and the
Indenture through the Monthly Period preceding such
Distribution Date.
6. As of the date hereof, to the best knowledge of the undersigned,
no Pay Out Event occurred on or prior to such Distribution Date.
IN WITNESS WHEREOF, the undersigned has duly executed and
delivered this Certificate this 15th day of May, 2001.
ASSOCIATES NATIONAL BANK (DELAWARE),
Servicer
By: /s/ Cheryl Debaro
Name: Cheryl Debaro
Servicing Officer