Exhibit 99.2

 

**ANNUAL CERTIFICATEHOLDERS’ STATEMENT**

 

**TARGET CREDIT CARD MASTER TRUST (SERIES 2002-1)**

 

Pursuant to the Amended andRestated Pooling and Servicing Agreement, dated as of April 28, 2000, assupplemented by the Series 2002-1 Supplement, dated as of July 2, 2002 (as maybe amended and supplemented from time to time, the “Agreement”) among TargetNational Bank, as Servicer, Target Receivables Corporation, as Transferor, andWells Fargo Bank, National Association, as Trustee, the Servicer is required toprepare certain information annually regarding distributions to and theperformance of the Trust during the Monthly Periods for the Calendar year. Theinformation which is required to be prepared with respect to the performance ofthe Trust during the period January 1, 2006 through December 31, 2006 is setforth below. Certain information is based on the Transferor’s fiscal year end,ending December 30, 2006. Certain information is presented on the basis of anoriginal principal amount of $1,000 per Certificate. Certain other informationis presented based on the aggregate amounts for the Trust as a whole.

 

 
|   | A)     | Information Regarding  Interest and Principal Distributed (Stated on the Basis of $1,000 Original  Principal Amount) for this series. |                                                                                                                                                                                                                        |                                                                                                                                                                                                |   |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
|   |   |                                                                                                                                  |                                                                                                                                                                                                                        |                                                                                                                                                                                                |   |   |
|   |   | (1)                                                                                                                                   | The total amount of  interest and principal distributed to Class A Certificateholder’s for the  period January 1, 2006 through December 31, 2006 per $1,000 original principal  amount                                 |                                                                                                                                                                                                | $53.51 |   |
|   |   |                                                                                                                                  |                                                                                                                                                                                                                        |                                                                                                                                                                                                |   |   |
|   |   | (2)                                                                                                                                   | The portion of the amount  set forth in paragraph 1 above in respect of interest distributed on the  Class A Certificates for the period January 1, 2006 through December 31, 2006  per $1,000 original principal amount    |                                                                                                                                                                                                | $53.51 |   |
|   |   |                                                                                                                                  |                                                                                                                                                                                                                        |                                                                                                                                                                                                |   |   |
|   |   | (3)                                                                                                                                   | The portion of the amount  set forth in paragraph 1 above in respect of principal distributed for the  period January 1, 2006 through December 31, 2006 for the Class A  Certificates, per $1,000 original principal amount |                                                                                                                                                                                                | $0     |   |
|   |   |                                                                                                                                  |                                                                                                                                                                                                                        |                                                                                                                                                                                                |   |   |
|   | B)     | Information Regarding the  Performance of the Trust.                                                                                  |                                                                                                                                                                                                                        |                                                                                                                                                                                                |   |
|   |   |                                                                                                                                  |                                                                                                                                                                                                                        |                                                                                                                                                                                                |   |   |
|   |   | (1)                                                                                                                                   | Collection of Principal  Receivables.                                                                                                                                                                                       |                                                                                                                                                                                                |   |   |
|   |   |                                                                                                                                  |                                                                                                                                                                                                                        |                                                                                                                                                                                                |   |   |
|   |   |                                                                                                                                  | (a)                                                                                                                                                                                                                         | The aggregate amount of  Collections of Principal Receivables processed January 1, 2006 through  December 30, 2006 which were allocated in respect of the Series 2002-1 Class  A Certificates       |   | $1,412,227,868.46 |   |
|   |   |                                                                                                                                  |                                                                                                                                                                                                                        |                                                                                                                                                                                                |   |   |
|   |   |                                                                                                                                  | (b)                                                                                                                                                                                                                         | The aggregate amount of  Collections of Principal Receivables processed January 1, 2006 through  December 30, 2006 which were allocated in respect of the Series 2002-1 Class  B Certificates       |   | $470,742,622.82 |   |
|   |   |                                                                                                                                  |                                                                                                                                                                                                                        |                                                                                                                                                                                                |   |   |
|   |   | (2)                                                                                                                                   | Collection of Finance  Charge Receivables.                                                                                                                                                                                  |                                                                                                                                                                                                |   |   |
|   |   |                                                                                                                                  |                                                                                                                                                                                                                        |                                                                                                                                                                                                |   |   |
|   |   |                                                                                                                                  | (a)                                                                                                                                                                                                                         | The aggregate amount of  Collections of Finance Charge Receivables processed January 1, 2006 through  December 30, 2006 which were allocated in respect of the Series 2002-1 Class  A Ceritificates |   | $208,019,160.66 |   |

 

 

 

Exhibit 99.2

 
|   |   |   | (b)                                  | The aggregate amount of  Collections of Finance Charge Receivables processed January 1, 2006 through  December 30, 2006 which were allocated in respect of the Series 2002-1 Class  B Certificates                                                 |   | $69,339,720.22    |   |
|--------|--------|--------|--------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------|--------|
|   |   |   |                                 |                                                                                                                                                                                                                                               |   |              |
|   |   | (3)    | Recoveries.                          |                                                                                                                                                                                                                                               |   |              |
|   |   |   |                                 |                                                                                                                                                                                                                                               |   |              |
|   |   |   | (a)                                  | The aggregate amount of  Collections processed January 1, 2006 through December 30, 2006 that  constitute Recoveries on Defaulted Receivables which were allocated in  respect of the Series 2002-1 Class A Certificates                           |   | $8,200,839.97     |   |
|   |   |   |                                 |                                                                                                                                                                                                                                               |   |              |   |
|   |   |   | (b)                                  | The aggregate amount of  Collections processed January 1, 2006 through December 30, 2006 that  constitute Recoveries on Defaulted Receivables which were allocated in  respect of the Series 2002-1 Class B Certificates                           |   | $2,733,613.32     |   |
|   |   |   |                                 |                                                                                                                                                                                                                                               |   |              |
|   |   | (4)    | Principal Receivables in  the Trust. |                                                                                                                                                                                                                                               |   |              |
|   |   |   |                                 |                                                                                                                                                                                                                                               |   |              |
|   |   |   | (a)                                  | The aggregate amount of  Principal Receivables in the Trust as of the end of the day on December 30,  2006 (which reflects the Principal Receivables represented by the  Transferor’s Interest in the Trust and by the Investor Certificates) |   | $6,727,055,175.03 |   |
|   |   |   |                                 |                                                                                                                                                                                                                                               |   |              |   |
|   |   |   | (b)                                  | The amount of Principal  Receivables in the Trust represented by the Series 2002-1 Certificates (the  “Invested Amount”) as of the end of the day on December 30, 2006                                                                   |   | $1,000,000,000.00 |   |
|   |   |   |                                 |                                                                                                                                                                                                                                               |   |              |   |
|   |   |   | (c)                                  | The amount of Principal  Receivables in the Trust represented by the Series 2002-1 Class A  Certificates (the “Class A Invested Amount”) as of the end of the day on  December 30, 2006                                                  |   | $750,000,000.00   |   |
|   |   |   |                                 |                                                                                                                                                                                                                                               |   |              |   |
|   |   |   | (d)                                  | The amount of Principal  Receivables in the Trust represented by the Series 2002-1 Class B  Certificates (the “Class B invested Amount”) as of the end of the day on  December 30, 2006                                                  |   | $250,000,000.00   |   |
|   |   |   |                                 |                                                                                                                                                                                                                                               |   |              |   |
|   |   |   | (e)                                  | The Floating Allocation  Percentage (during the Revolving Period) or the Fixed/Floating Allocation  Percentage (during the Amortization Period) with respect to the Principal  Receivables in the Trust as of the end of the day December 30, 2006 |   | 16.44%            |   |

 

 

 

Exhibit 99.2

 
|   |   | (5)    | Delinquent Balances.                                 |                                                                                                                                                                                                                                                                         |   |             |
|--------|--------|--------|------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------|
|   |   |   |                                                 |                                                                                                                                                                                                                                                                         |   |             |
|   |   |   |                                                 | The aggregate amount of  outstanding balances in the Accounts which were 2 or more monthly payments  contractually delinquent as of the end of the day on December 30, 2006:                                                                                                 |   |             |   |
|   |   |   |                                                 |                                                                                                                                                                                                                                                                         |   |             |   |
|   |   |   |                                                 |                                                                                                                                                                                                                                                                         |   | Aggregate        |   |
|   |   |   |                                                 |                                                                                                                                                                                                                                                                         |   | Account  Balance |   |
|   |   |   |                                                 |                                                                                                                                                                                                                                                                         |   |             |   |
|   |   |   |                                                 | 2  Missed Monthly Payments                                                                                                                                                                                                                                                   |   | $123,151,655     |   |
|   |   |   |                                                 |                                                                                                                                                                                                                                                                         |   |             |   |
|   |   |   |                                                 | 3  Missed Monthly Payments                                                                                                                                                                                                                                                   |   | $76,828,054      |   |
|   |   |   |                                                 |                                                                                                                                                                                                                                                                         |   |             |   |
|   |   |   |                                                 | 4  or More Missed Monthly Payments                                                                                                                                                                                                                                           |   | $163,876,304     |   |
|   |   |   |                                                 |                                                                                                                                                                                                                                                                         |   |             |   |
|   |   | (6)    | Investor Defaulted Amount.                           |                                                                                                                                                                                                                                                                         |   |             |
|   |   |   |                                                 |                                                                                                                                                                                                                                                                         |   |             |   |
|   |   |   | (a)                                                  | This aggregate amount of  all defaulted Principal Receivables written off as uncollectible for the  period January 1, 2006 through December 30, 2006 allocable to the Series  2002-1 Class A Certificates (the “Series 2002-1 Class A Investor Defaulted  Amount”) |   | $39,118,740.40   |   |
|   |   |   |                                                 |                                                                                                                                                                                                                                                                         |   |             |   |
|   |   |   | (b)                                                  | The aggregate amount of  all defaulted Principal Receivables written off as uncollectible for the  period January 1, 2006 through December 30, 2006 allocable to the Series  2002-1 Class B Certificates (the “Series 2002-1 Class B Investor Defaulted  Amount”)  |   | $13,039,580.13   |   |
|   |   |   |                                                 |                                                                                                                                                                                                                                                                         |   |             |   |
|   |   |   | (c)                                                  | The aggregate amount of  all defaulted Principal Receivables written off as uncollectible for the  period January 1, 2006 through December 30, 2006 allocable to the Series  2002-1 Investor Certificates (the “Investor Defaulted Amount”)                        |   | $52,158,320.53   |   |
|   |   |   |                                                 |                                                                                                                                                                                                                                                                         |   |             |
|   |   | (7)    | Investor Charge Offs:  Reimbursement of Charge Offs. |                                                                                                                                                                                                                                                                         |   |             |
|   |   |   |                                                 |                                                                                                                                                                                                                                                                         |   |             |
|   |   |   | (a)                                                  | The amount of the Investor  Charge Offs per $1,000 original principal amount (which will have the effect  of reducing, pro rata, the amount of Series 2002-1 Class A Certificateholder’s  investment)                                                                   |   | $0               |   |
|   |   |   |                                                 |                                                                                                                                                                                                                                                                         |   |             |   |
|   |   |   | (b)                                                  | The amount of the Investor  Charge Offs per $1,000 original principal amount (which will have the effect  of reducing, pro rata, the amount of Series 2002-1 Class B  Certificateholder’s investment)                                                                   |   | $0               |   |
|   |   |   |                                                 |                                                                                                                                                                                                                                                                         |   |             |   |
|   |   |   | (c)                                                  | The total amount  reimbursed to the Trust from January 1, 2006 through December 30, 2006 in  respect of Investor Charge Offs in prior months                                                                                                                                 |   | $0               |   |
|   |   |   |                                                 |                                                                                                                                                                                                                                                                         |   |             |   |
|   |   |   | (d)                                                  | The amount set forth  immediately above per $1,000 original principal amount (which will have the  effect of increasing pro rata, the amount of each Series 2002-1  Certificateholder’s investment)                                                                     |   | $0               |   |
|        |        |        |                                                      |                                                                                                                                                                                                                                                                              |        |                  |  |  |

 

 

 

Exhibit 99.2

 
|   |   | (8)    | Investor Servicing Fee.                                                                                                                                                                                                                                                                                                                                                                                                                                        |                                                                                                                                                         |   |           |
|--------|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------|
|   |   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                                                                                                                                                         |   |           |
|   |   |   | (a)                                                                                                                                                                                                                                                                                                                                                                                                                                                            | The amount of the Series  2002-1 Class A Investor Monthly Servicing Fee payable by the Trust to the  Servicer from January 1, 2006 through December 30, 2006 |   | $15,000,000.03 |   |
|   |   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                                                                                                                                                         |   |           |   |
|   |   |   | (b)                                                                                                                                                                                                                                                                                                                                                                                                                                                            | The amount of the Series  2002-1 Class B Investor Monthly Servicing Fee payable by the Trust to the  Servicer from January 1, 2006 through December 30, 2006 |   | $5,000,000.01  |   |
|   |   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                                                                                                                                                         |   |           |
|   |   | (9)    | The amount of Series  2002-1 Reallocated Principal Collections from January 1, 2006 through  December 30, 2006                                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                                         | $0     |           |
|   |   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                                                                                                                                                         |   |           |
|   |   | (10)   | The Pool Factor.                                                                                                                                                                                                                                                                                                                                                                                                                                               |                                                                                                                                                         |   |           |
|   |   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                                                                                                                                                         |   |           |
|   |   |   | The Pool Factor (which  represents the ratio of the Series 2002-1 Class A Adjusted Invested Amount as  of the end of the day on December 30, 2006 to the Class A Invested Amount as  of the Closing Date). The Amount of a Series 2002-1 Class A Adjusted Invested  Amount can be determined by multiplying the original denomination of the  holder’s Certificate by the Series 2002-1 Class A Pool Factor                                               |                                                                                                                                                         | 1.0    |           |
|   |   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                                                                                                                                                         |   |           |
|   |   |   | The Pool Factor (which  represents the ratio of the Series 2002-1 Class B Invested Amount as of the  end of the day on September 13, 1995 to the Series Class B Invested Amount as  of the Closing Date). The amount of a Certificateholder’s pro rata share of  the Class B Invested Amount can be determined by multiplying the original  denomination of the holder’s Series 2002-1 Class B Certificate by the Series  2002-1 Class B Pool Factor |                                                                                                                                                         | 1.0    |           |

 

 
|   | TARGET NATIONAL BANK, |
|--------|-----------------------|
|   |                  | as Servicer |
|   |                  |   |
|   |                  |   |
|   | By:                   | /s/ Angela G. Jenks |   |
|   |                  | Name: Angela G. Jenks |
|   |                  | Title: Vice President  & Cashier |