Exhibit 99.2

 

 

**ANNUAL COLLATERAL CERTIFICATEHOLDERS’ STATEMENT**

 

**TARGET CREDIT CARD MASTER TRUST (SERIES 2005-1)**

 

 

Pursuant to the Amended andRestated Pooling and Servicing Agreement dated as of April 28, 2000, assupplemented by the Series 2005-1 Supplement, dated as of November 9, 2005 (asmay be amended and supplemented from time to time, the “Agreement”) amongTarget National Bank, as Servicer, Target Receivables Corporation, asTransferor, and Wells Fargo Bank, National Association, as Trustee, the Serviceris required to prepare certain information annually regarding distributions toand the performance of the Trust during the Monthly Periods for the Calendaryear. The information which is required to be prepared with respect to theperformance of the Trust during the period January 1, 2006 through December 31,2006 is set forth below. Certain information is based on the Transferor’sfiscal year end, ending December 30, 2006. Certain information is presented onthe basis of an original principal amount of $1,000 per Certificate. Certain otherinformation is presented based on the aggregate amounts for the Trust as awhole.

 

 
| 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 Noteholder’s for the period  January 1, 2006 through December 31, 2006 per $1,000 original principal  amount | $52.43 |
|   |   |                                                                                                                                  |   |   |
|   |   | (2)                                                                                                                                   | The portion of the amount  set forth in paragraph 1 above in respect of interest distributed on the  Class A Notes for the period January 1, 2006 through December 31, 2006 per  $1,000 original principal amount | $52.43 |
|   |   |                                                                                                                                  |   |   |
|   |   | (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 Notes, 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 2005-1  Collateral Certificates | $2,172,658,259.45 |
|   |   |                                                                                                                                  |   |   |   |
|   |   | (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 2005-1  Collateral Certificates | $320,029,477.98 |

 

Exhibit 99.2

 
|   |   | (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 2005-1 Collateral Certificates                             | $12,616,676.88 |
|   |   |                               |                                 |                                                                                                                                                                                                                                                    |   |
|   |   | (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 2005-1 Collateral  Certificates (the “Invested Amount”) as of the end of the day on December 30,  2006                                                            | $1,153,846,154.00 |
|   |   |                               |                                 |                                                                                                                                                                                                                                                    |   |
|   |   |                               | (c)                                  | 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      | 18.97% |
|   |   |                               |                                 |                                                                                                                                                                                                                                                    |   |
|   |   | (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)                                  | 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  2005-1 Collateral Certificates (the “Investor Defaulted Amount”) | $60,182,677.54 |
|        |        |                                    |                                      |                                                                                                                                                                                                                                                         |  |  |  |

 

Exhibit 99.2

 
|   |   | (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 2005-1 Collateral Certificateholder’s investment) | $0 |
|   |   |   |                                                                                                                                                                                                                                                                                                                                                                                          |                                                                                                                                                                                                                |   |
|   |   |   | (b)                                                                                                                                                                                                                                                                                                                                                                                           | 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 |
|   |   |   |                                                                                                                                                                                                                                                                                                                                                                                          |                                                                                                                                                                                                                |   |
|   |   |   | (c)                                                                                                                                                                                                                                                                                                                                                                                           | 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 2005-1 Collateral  Certificateholder’s investment) | $0 |
|   |   |   |                                                                                                                                                                                                                                                                                                                                                                                          |                                                                                                                                                                                                                |   |
|   |   | (8)    | Investor Servicing Fee.                                                                                                                                                                                                                                                                                                                                                                       |                                                                                                                                                                                                                |
|   |   |   |                                                                                                                                                                                                                                                                                                                                                                                          |                                                                                                                                                                                                                |   |
|   |   |   | (a)                                                                                                                                                                                                                                                                                                                                                                                           | The amount of the Series  2005-1 Investor Monthly Servicing Fee payable by the Trust to the Servicer  from January 1, 2006 through December 30, 2006                                                                | $4,553,347.35 |
|   |   |   |                                                                                                                                                                                                                                                                                                                                                                                          |                                                                                                                                                                                                                |   |
|   |   | (9)    | The amount of Series  2005-1 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 2005-1 Adjusted Invested Amount as of the  end of the day on December 30, 2006 to the Invested Amount as of the Closing  Date). The Amount of a Series 2005-1 Class A Adjusted Invested Amount can be  determined by multiplying the original denomination of the Collateral  Certificate by the Series 2005-1 Class A Pool Factor | 1.0                                                                                                                                                                                                                 |

 

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