UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): December 20, 2006
TARGET RECEIVABLES CORPORATION
(Depositor into the Issuing Entity for the Certificates)
TARGET CREDIT CARD MASTER TRUST
(Issuing Entity for the Certificates)
Minnesota
(State or other jurisdiction of incorporation)
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0-26930 |
41-1812153 |
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(Commission File Number) |
(I.R.S. Employer Identification Number) |
Target Receivables Corporation
1000 Nicollet Mall
31st Floor, Suite 3136
Minneapolis, Minnesota 55403
(612) 696-3102
(Address, including Zip Code, and Telephone Number,
Including Area Code, of Registrant’s Principal Executive Office)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 8.01: Other Events
The Monthly Servicer’s Certificates for the Monthly Period ended November 25, 2006, the Monthly Certificateholders’ Statement for the Monthly Period ended November 25, 2006 and the Monthly Collateral Certificateholders’ Statement for the Monthly Period ended November 25, 2006, with respect to the Floating Rate Class A Asset Backed Certificates, Series 2002-1, the Class B Asset Backed Certificates, Series 2002-1, and the Series 2005-1 Collateral Certificate, issued by the Target Credit Card Master Trust (the “Trust”), were delivered to the Trustee on December 20, 2006.
The above described Monthly Servicer’s Certificates are filed as Exhibit 20.1 and 20.3 to this Report. The above described Monthly Certificateholders’ Statement is filed as Exhibit 20.2 to this Report. The above described Monthly Collateral Certificateholders’ Statement is filed as Exhibit 20.4 to this Report.
The reported results for fiscal November were influenced by the timing of the receipt of merchant fees. Merchant fees from Target are paid monthly on each Distribution Date. As the November Distribution Date occurred on November 27, after the close of the Transferor’s November fiscal month, there were no merchant fee collections from Target in November. Had these collections occurred in fiscal November, finance charge collections would have increased by $5,249,950 and the Portfolio Yield would have been 20.84% rather than 19.66%. November and December merchant fee collections from Target will be included in the reports for the Monthly Period ended December 30, 2006.
The information on Net Charge-Offs found in Section VIII(a) of the Monthly Certificateholders’ Statement for Series 2002-1 and the Monthly Collateral Certificateholders’ Statement for the Series 2005-1 reflects the inclusion of proceeds from the sale of certain previously charged-off accounts receivable, which occurred during the Monthly Period ended November 25, 2006. Without the inclusion of such proceeds, Net Charge-Offs for this monthly period would have been 6.62%.
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(c) |
Exhibits |
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20.1 |
Series 2002-1 Monthly Servicer’s Certificate for the Monthly Period ended November 25, 2006. |
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20.2 |
Series 2002-1 Monthly Certificateholders’ Statement for the Monthly Period ended November 25, 2006. |
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20.3 |
Series 2005-1 Monthly Servicer’s Certificate for the Monthly Period ended November 25, 2006. |
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20.4 |
Series 2005-1 Monthly Collateral Certificateholders’ Statement for the Monthly Period ended November 25, 2006. |
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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.
Dated: December 20, 2006
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TARGET RECEIVABLES CORPORATION |
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By: |
/s/ Terrence J. Scully |
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Name: |
Terrence J. Scully |
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Title: |
Vice President |
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EXHIBIT INDEX
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Exhibit |
Description |
Method of Filing |
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20.1 |
Series 2002-1 Monthly Servicer’s Certificate for the Monthly Period ended November 25, 2006. |
Filed |
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20.2 |
Series 2002-1 Monthly Certificateholders’ Statement for the Monthly Period ended November 25, 2006. |
Filed |
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20.3 |
Series 2005-1 Monthly Servicer’s Certificate for the Monthly Period ended November 25, 2006. |
Filed |
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20.4 |
Series 2005-1 Monthly Collateral Certificateholders’ Statement for the Monthly Period ended November 25, 2006. |
Filed |