Form of Monthly Payment Instructions and Notification to Indenture Trustee – Spiegel Credit Card Master Note Trust Series 2000-A

Summary

This document is a form used by First Consumers National Bank (FCNB), as Servicer, to instruct the Indenture Trustee (The Bank of New York) on how to distribute monthly payments related to the Spiegel Credit Card Master Note Trust Series 2000-A. It details the allocation of collected funds to various parties, including noteholders, the servicer, insurer, and reserve accounts, in accordance with the terms of the Indenture and related agreements. The instructions ensure proper payment and compliance with the trust's financial structure on each distribution date.

EX-4.10 2 0002.txt EXHIBITS B, C AND D TO THE INDENTURE SUPPLEMENT EXHIBIT B FORM OF MONTHLY PAYMENT INSTRUCTIONS AND NOTIFICATION TO INDENTURE TRUSTEE SPIEGEL CREDIT CARD MASTER NOTE TRUST SERIES 2000-A The undersigned, a duly authorized representative of First Consumers National Bank ("FCNB"), as Servicer pursuant to the Transfer and Servicing ---- Agreement, dated as of December 1, 2000 (the "Transfer and Servicing Agreement") -------------------------------- among FCNB, Spiegel Credit Corporation III and Spiegel Credit Card Master Note Trust, as Issuer, does hereby certify as follows: A. Capitalized terms used in this Certificate have their respective meanings set forth in the Master Indenture dated as of December 1, 2000 (the "Indenture") between the Issuer and the Bank of New York, as indenture --------- trustee (the "Indenture Trustee") as supplemented by the Series 2000-A ----------------- Indenture Supplement dated as of December 1, 2000 between the Issuer and Indenture Trustee (as amended and supplemented, the "Indenture --------- Supplement"). ---------- B. FCNB is the Servicer. C. The undersigned is a Servicing Officer. I. INSTRUCTION TO MAKE A WITHDRAWAL Pursuant to Section 4.4, the Servicer does hereby instruct the ----------- Indenture Trustee (i) to make a withdrawal from the Collection Account on ____________, 200_, which date is a Distribution Date under the Indenture Supplement, in an aggregate amount (equal to the Available Finance Charge Collections) as set forth below in respect of the following amounts and (ii) to apply the proceeds of such withdrawal in accordance with Section 4.4(a): -------------- A. Pursuant to Subsection 4.4(a)(i): -------------------------------- Monthly Interest for the preceding Interest Period......................... $______________ Monthly Interest previously due but not distributed to Class A Noteholders................ $______________ Additional Interest previously due but not distributed to Class A Noteholders................ $______________ Net Swap Payment.................................. $______________ B. Pursuant to Subsection 4.4(a)(ii): --------------------------------- Monthly Servicing Fee for such Distribution Date, plus the amount of any Monthly Servicing Fee previously due but not distributed to the Servicer on a prior Distribution Date................. $______________ C. Pursuant to Subsection 4.4(a)(iii): ---------------------------------- Investor Default Amount to be treated as Available Principal Collections ..................................................... $______________ Investor Uncovered Dilution Amount for such Distribution Date to be treated as Available Principal Collections............ $______________ D. Pursuant to Subsection 4.4(a)(iv): --------------------------------- Investor Charge Offs and the amount of Reallocated Principal Collections not previously reimbursed to be treated as Available Principal Collections ..................................................... $______________ E. Pursuant to Subsection 4.4(a)(v): -------------------------------- Monthly Insurance Premium for the related Monthly Period and any unpaid Monthly Insurance Premiums for prior Monthly Periods ..................................................... $______________ F. Pursuant to Subsection 4.4(a)(vi): --------------------------------- Amount to be deposited into the Reserve Account....... $______________ G. Pursuant to Subsection 4.4(a)(vii): ---------------------------------- Amount to be deposited in the Spread Account.......... $______________ H. Pursuant to Subsection 4.4(a)(viii): ----------------------------------- During the Rapid Amortization Period, amount of remaining Available Finance Charge Collections to be treated as Available Principal Collections ..................................................... $______________ I. Pursuant to Subsection 4.4(a)(ix): --------------------------------- Amount equal to any Reimbursement Amounts and interest thereon owed under the Insurance Agreement to be paid to the Insurer ..................................................... $______________ J. Pursuant to Subsection 4.4(a)(x): -------------------------------- Amount equal to any other amounts owing to the Insurer under the Insurance Agreement to be paid to the Insurer......... $______________ K. Pursuant to Subsection 4.4(a)(xi): --------------------------------- After the Expected Principal Distribution Date: Amount equal to any Excess Interest for such Distribution Date ..................................................... $______________ Any unpaid Excess Interest from prior Distribution Dates .................................................... $______________ Any Additional Excess Interest to be distributed to the Paying Agent for payment to Class A Noteholders on such Distribution Date ..................................................... $______________ L. Pursuant to Subsection 4.4(a)(xii): ---------------------------------- Amount equal to any early termination payments or other miscellaneous payments owed to the Counterparty under the Swap to be paid to the Counterparty ..................................................... $______________ M. Pursuant to Subsection 4.4(a)(xiii): ----------------------------------- Any Monthly Servicing Fee for such Distribution Date or prior Distribution Dates not paid pursuant to subsection 4.4(a)(ii) to be --------------------- distributed to the Servicer ..................................................... $______________ N. Pursuant to Subsection 4.4(a)(xiv): ---------------------------------- The balance, if any, will constitute a portion of Excess Finance Charge Collections for such Distribution Date and first will be available for allocation to other Series in Group One, second deposited in the Excess Funding Account to the extent necessary so that the Seller Amount is not less than the Minimum Seller Amount and third paid to the Holders of the Seller Interest as described in Section 8.6 of the Indenture.......................... $______________ ----------- Pursuant to Section 4.4(b) and (c), the Servicer does hereby instruct the Indenture Trustee (i) to make a withdrawal from the Collection Account on ____________, 200_, which date is a Distribution Date under the Indenture Supplement, in an aggregate amount (equal to the Available Principal Collections) as set forth below in respect of the following amounts and (ii) to apply the proceeds of such withdrawal in accordance with Section 4.4(b) and (c): A. Pursuant to Subsection 4.4(b): ----------------------------- Amount equal to the Available Principal Collections to be treated as Shared Principal Collections and applied in accordance with Section ------- 8.5 of the Indenture --- ..................................................... $______________ B. Pursuant to Subsection 4.4(c)(i): -------------------------------- (1) During the Controlled Accumulation Period, Monthly Principal for such Distribution Date to be deposited into the Principal Accumulation Account ..................................................... $______________ (2) Amount remaining after giving effect to clause (1) above to be treated as Shared Principal Collections and applied in accordance with Section 8.5 of the Indenture.......................... $______________ ----------- C. Pursuant to Subsection 4.4(c)(ii): --------------------------------- (1) During the Rapid Amortization Period, Monthly Principal for such Distribution Date to be distributed to the Paying Agent for payment to the Class A Noteholders on such Distribution Date until the Note Principal Balance has been paid in full............... $______________ (2) Amount remaining after giving effect to clause (1) above to be treated as Shared Principal Collections and applied in accordance with Section 8.5 of the Indenture.......................... $______________ ----------- Pursuant to Section 4.6, the Servicer does hereby instruct the Indenture Trustee (i) to make a withdrawal from the Collection Account on ____________, 200_, which date is a Distribution Date under the Indenture Supplement, in an aggregate amount (equal to the Available Principal Collections) as set forth below in respect of the following amounts and (ii) to apply the proceeds of such withdrawal in accordance with Section 4.6: A. Reallocated Principal Collections to fund any deficiency pursuant to and in the priority set forth in subsections 4.4(a)(i), (ii), (v), --------------------- ---- --- (ix), (x) and (xii) of the Indenture Supplement; provided that in no ---- --- ----- event will Reallocated Principal Collections be applied pursuant to subsections 4.4(a)(v), (ix), (x) and (xii) of the Indenture Supplement --------------------- ---- --- ----- until the Series 2000-A Final Maturity Date ..................................................... $______________ Pursuant to Section 4.9, the Servicer does hereby instruct the Indenture ----------- Trustee to transfer from the Principal Accumulation Account to the Collection Account, the Principal Accumulation Investment Proceeds on deposit in the Principal Accumulation Account for application as Available Finance Charge Collections in the following amount ............................................................... $______________ Pursuant to Section 4.10, the Servicer does hereby instruct the Indenture ------------ Trustee to withdraw from the Reserve Account an amount equal to any Reserve Account Surplus to be deposited into the Spread Account in accordance with Section 4.10(e), in the following amount - --------------- ............................................................... $______________ The Servicer does hereby instruct the Indenture Trustee to transfer any amounts to be distributed to the Insurer in accordance with Section 2.05(e) of --------------- the Insurance Agreement from the Spread "Account to the Collection Account, in the following amount........................................... $______________ II. INSTRUCTIONS TO MAKE CERTAIN PAYMENTS Pursuant to Section 5.2, the Servicer does hereby instruct the ----------- Indenture Trustee or the Paying Agent as the case may be, to pay in accordance with Section 5.2 from the Collection Account or the Principal Funding Account, ----------- as applicable, on _______________, which date is a Distribution Date under the Indenture Supplement, the following amounts: A. Pursuant to Subsection 5.2(a): ----------------------------- Class A Noteholder's pro rata share of the amounts held by the Paying Agent that are allocated and available on such Distribution Date to pay interest on the Class A Notes pursuant to this Indenture Supplement, including amounts made available as a result of any draw on the Policies ............................................................... $______________ B. Pursuant to Subsection 5.2(b): ----------------------------- Class A Noteholder's pro rata share of the amounts held by the Paying Agent that are allocated and available on such Distribution Date to pay principal of the Class A Notes pursuant to this Indenture Supplement, including amounts made available as a result of any draw on the Policies ............................................................... $______________ IN WITNESS WHEREOF, the undersigned has duly executed this certificate this ___________day of________________, 200__. FIRST CONSUMERS NATIONAL BANK, as Servicer By: ____________________________________ Name: Title: EXHIBIT C FORM OF MONTHLY STATEMENT SPIEGEL CREDIT CARD MASTER NOTE TRUST SERIES 2000-A Pursuant to the Master Indenture, dated as of December 1, 2000 (as amended and supplemented, the "Indenture") between Spiegel Credit Card Master Note Trust --------- (the "Issuer") and The Bank of New York, as indenture trustee (the "Indenture ------ --------- Trustee"), as supplemented by the Series 2000-A Indenture Supplement (the - ------- "Indenture Supplement"), dated as of December 1, 2000, between the Issuer and -------------------- the Indenture Trustee, First Consumers National Bank, as Servicer (the "Servicer") under the Transfer and Servicing Agreement, dated as of December 1, -------- 2000 (the "Transfer and Servicing Agreement") among Spiegel Credit Corporation -------------------------------- III, the Servicer and the Issuer is required to prepare certain information each month regarding current distributions to the Series 2000-A Noteholders and the performance of the Trust during the previous month. The information required to be prepared with respect to the Distribution Date of _________________, and with respect to the performance of the Trust during the month of ________ is set forth below. Capitalized terms used herein are defined in the Indenture and the Indenture Supplement. A. Information regarding distributions in respect of the Class A Notes 1. The total amount of the distribution in respect of Class A Notes......................... $_______________ 2. The amount of the distribution set forth in paragraph 1 above in respect of principal of the Class A Notes....................................... $_______________ 3. The amount of the distribution set forth in paragraph 1 above in respect of interest on the Class A Notes................................... $_______________ RECEIVABLES - Beginning of the Month Principal Receivables: $____________ Beginning of the Month Finance Charge Receivables: $____________ Beginning of the Month Discount Option Receivables: $____________ Beginning of the Month Total Receivables: $____________ Removed Principal Receivables: $____________ Removed Finance Charge Receivables: $____________ Removed Total Receivables: $____________ Additional Principal Receivables: $____________ Additional Finance Charge Receivables: $____________ Additional Total Receivables: $____________ Discount Option Receivables Generated this Period: $____________ Net Recoveries for month of __________ 200_ $____________ End of the Month Principal Receivables: $____________ End of the Month Finance Charge Receivables: $____________ End of the Month Discount Option Receivables: $____________ End of the Month Total Receivables: $____________ Excess Funding Account Balance: $____________ Aggregate Principal Balance: $____________ Minimum Aggregate Principal Balance: $____________ End of the Month Seller Amount: $____________ Minimum Seller Amount: $____________ DELINQUENCIES AND LOSSES - End of the Month Delinquencies: RECEIVABLES ----------- 30-59 Days Delinquent $____________ 60-89 Days Delinquent $____________ 90+ Days Delinquent $____________ Total 30+ Days Delinquent $____________ Defaulted Receivables During the Month $____________ NOTE PRINCIPAL BALANCES - Class A Note Principal Balance $____________ SERIES 2000-A INFORMATION INVESTOR PERCENTAGE ____________% AVAILABLE FINANCE CHARGE COLLECTIONS $____________ INVESTOR DEFAULT AMOUNT $____________ INVESTOR UNCOVERED DILUTION AMOUNT $____________ MONTHLY SERVICING FEES $____________ AVAILABLE PRINCIPAL COLLECTIONS $____________ EXCESS FINANCE CHARGE COLLECTIONS $____________ SHARED PRINCIPAL COLLECTIONS $____________ RESERVE ACCOUNT BALANCE $____________ SPREAD ACCOUNT BALANCE $____________ APPLICATION OF COLLECTIONS - CLASS A MONTHLY INTEREST $____________ NET SWAP PAYMENT $____________ MONTHLY SERVICING INTEREST $____________ INVESTOR DEFAULT AMOUNT $____________ INVESTOR UNCOVERED DILUTION AMOUNT $____________ INVESTOR CHARGE OFFS AND REALLOCATED PRINCIPAL COLLECTIONS NOT PREVIOUSLY REIMBURSED $____________ AMOUNTS TO BE DEPOSITED IN THE RESERVE ACCOUNT $____________ AMOUNTS TO BE DEPOSITED IN THE SPREAD ACCOUNT $____________ DRAWS ON POLICY $____________ EXCESS FINANCE CHARGES COLLECTIONS -- TOTAL EXCESS FINANCE CHARGE COLLECTIONS FOR ALL ALLOCATION SERIES $____________ SHARED PRINCIPAL COLLECTIONS -- TOTAL SHARED PRINCIPAL COLLECTIONS FOR ALL ALLOCATION SERIES $____________ YIELD AND BASE RATE - Base Rate (Current Month) ____________% Base Rate (Prior Month) ____________% Base Rate (Two Months Ago) ____________% THREE MONTH AVERAGE BASE RATE ____________% Portfolio Yield (Current Month) ____________% Portfolio Yield (Prior Month) ____________% Portfolio Yield (Two Months Ago) ____________% THREE MONTH AVERAGE PORTFOLIO YIELD ____________% PRINCIPAL COLLECTIONS - MONTHLY PRINCIPAL ____________% PRINCIPAL ACCUMULATION ACCOUNT BALANCE $____________ SERIES 2000-A PRINCIPAL SHORTFALL $____________ SHARED PRINCIPAL COLLECTIONS ALLOCABLE FROM OTHER PRINCIPAL SHARING SERIES $____________ INVESTOR CHARGE OFFS AND REDUCTIONS - INVESTOR CHARGE OFFS $____________ REALLOCATED PRINCIPAL COLLECTIONS $____________ REDUCTIONS IN COLLATERAL AMOUNT (OTHER THAN BY PRINCIPAL PAYMENTS) $____________ REDUCTIONS IN COLLATERAL AMOUNT DUE TO APPLICATION OF AVAILABLE PRINCIPAL COLLECTIONS AS SHARED PRINCIPAL COLLECTIONS $____________ PREVIOUS REDUCTIONS IN COLLATERAL AMOUNT REIMBURSED $____________ __________________________________________ as Paying Agent By:_______________________________________ Name: Title: EXHIBIT D FORM OF MONTHLY SERVICER'S CERTIFICATE I, ___________________, _____________________ of First Consumers National Bank ("FCNB"), as Servicer pursuant to the Spiegel Credit Card Master Note Trust ---- Series 2000-A Indenture Supplement (the "Indenture Supplement") dated as of -------------------- December 1, 2000 by and among Spiegel Credit Card Master Note Trust and The Bank of New York, as trustee (the "Indenture Trustee"), hereby certify that, in ----------------- compliance with Section 5.3 of the Indenture Supplement, no Pay Out Event has ----------- occurred during the preceding Monthly Period. Capitalized terms as used herein are defined in the Indenture Supplement. IN WITNESS WHEREOF, I have hereunto set my hand this ____ day of _______________, 200_. FIRST CONSUMERS NATIONAL BANK By: _________________________ Name: Title: