-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, D9q5u3IIkPT1TPJ04PQgJnCTNRnmZz5swKMGOiwzciNELUZ+zdnIDjRq6ahJRiku 8Q7wMtTmihRo0WFJ45iLuw== 0001156973-08-000627.txt : 20080617 0001156973-08-000627.hdr.sgml : 20080617 20080617131334 ACCESSION NUMBER: 0001156973-08-000627 CONFORMED SUBMISSION TYPE: 10-D PUBLIC DOCUMENT COUNT: 5 CONFORMED PERIOD OF REPORT: 20080616 FILED AS OF DATE: 20080617 DATE AS OF CHANGE: 20080617 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Turquoise Card Backed Securities plc CENTRAL INDEX KEY: 0001372464 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] IRS NUMBER: 000000000 STATE OF INCORPORATION: X0 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-D SEC ACT: 1934 Act SEC FILE NUMBER: 333-136826 FILM NUMBER: 08902641 BUSINESS ADDRESS: STREET 1: WILMINGTON TRUST SP SERVICES(LONDON) LTD STREET 2: TOWER 42 (LEVEL 11) 25 OLD BROAD STREET CITY: LONDON STATE: X0 ZIP: EC2N 1HQ BUSINESS PHONE: 44 20 4614 111 MAIL ADDRESS: STREET 1: WILMINGTON TRUST SP SERVICES(LONDON) LTD STREET 2: TOWER 42 (LEVEL 11) 25 OLD BROAD STREET CITY: LONDON STATE: X0 ZIP: EC2N 1HQ FILER: COMPANY DATA: COMPANY CONFORMED NAME: Turquoise Funding I LTD CENTRAL INDEX KEY: 0001372648 IRS NUMBER: 000000000 STATE OF INCORPORATION: XX FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-D SEC ACT: 1934 Act SEC FILE NUMBER: 333-136826-02 FILM NUMBER: 08902642 BUSINESS ADDRESS: STREET 1: 26 NEW STREET, ST. HELIER CITY: JERSEY JE2 3RA CHANNEL ISLANDS STATE: XX ZIP: JE2 3RA BUSINESS PHONE: 202-912-5429 MAIL ADDRESS: STREET 1: 26 NEW STREET, ST. HELIER CITY: JERSEY JE2 3RA CHANNEL ISLANDS STATE: XX ZIP: JE2 3RA 10-D 1 u55839e10vd.htm FORM 10-D e10vd
Table of Contents

 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 10-D
 
ASSET-BACKED ISSUERDISTRIBUTION REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the monthly distribution period from:
May 15, 2008 to June 16, 2008
 
Commission File Number of issuing entity: 333 -136826
TURQUOISE CARD BACKED SECURITIES PLC
(Exact name of issuing entity as specified in its charter)
 
Commission File Number of issuing entity: 333 – 136826 – 02
TURQUOISE FUNDING 1 LIMITED
(Exact name of depositor as specified in its charter)
 
HSBC BANK PLC
(Exact name of sponsor as specified in its charter)
England & Wales
(State or other jurisdiction of incorporation or organisation of the issuing entity)
N/A
(I.R.S. Employer Identification No.)
C/O Wilmington Trust SP Services (London) Ltd
Tower 42 (Level 11),
International Finance Centre,
25 Old Broad Street
London
(Address of principal executive offices of the issuing entity)
EC2N 1HQ
(Post code (UK equivalent of zip code))
44 20 7991 8888
(Telephone number, including area code)
N/A
(Former name, former address, if changed since last report)
Registered/reporting pursuant to (check one)
                 
                Name of
    Section   Section   Section   Exchange (If
Title of class   12(b)   12(g)   15(d)   Section 12(b)
Series 2006 - 02, Classes A, B and C
          X    
Series 2007 - 01, Classes A, B and C
          X    
Indicate by check mark whether the registrant:
  (1)   has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports); and
 
  (2)   has been subject to such filing requirements for the past 90 days.
YES þ NO o
 
 

 

TABLE OF CONTENTS

PART I — DISTRIBUTION INFORMATION
Item 1 — Distribution and Pool Performance Information
PART II — OTHER INFORMATION
Item 2 — Legal Proceedings
Item 3 — Sales of Securities and Use of Proceeds
Item 4 — Defaults upon Senior Securities
Item 5 — Submission of Matters to a Vote of Security Holders
Item 6 — Significant Obligors (SO) of Pool Assets
Item 7 — Significant Enhancement Provider (SEP) Information
Item 8 — Other Information
Item 9 — Exhibits
SIGNATURES
EXHIBIT A.1
EXHIBIT A.2
EXHIBIT B.1
EXHIBIT B.2

Table of Contents

PART I — DISTRIBUTION INFORMATION
Item 1 — Distribution and Pool Performance Information.
Response to Item 1 is set forth in Exhibit A(1) and Exhibit A(2), and in Exhibit B(1) and Exhibit B(2)
PART II — OTHER INFORMATION
Item 2 — Legal Proceedings
None
Item 3 — Sales of Securities and Use of Proceeds
None
Item 4 — Defaults upon Senior Securities
None
Item 5 — Submission of Matters to a Vote of Security Holders
None
Item 6 — Significant Obligors (SO) of Pool Assets
None
Item 7 — Significant Enhancement Provider (SEP) Information
None
Item 8 — Other Information
None
Item 9 — Exhibits:
     
Exhibit No.   Description
A(1)
  TURQUOISE CARD BACKED SECURITIES plc — SERVICER REPORT, RECEIVABLES TRUST, Series 2006 — 02
 
    
A(2)
  TURQUOISE CARD BACKED SECURITIES plc — SERVICER REPORT, RECEIVABLES TRUST, Series 2007 — 01
 
    
B(1)
  TURQUOISE CARD BACKED SECURITIES plc — FORM OF MONTHLY PAYMENT ADVICE AND NOTIFICATION TO THE RECEIVABLES TRUSTEE, Series 2006 — 02
 
    
B(2)
  TURQUOISE CARD BACKED SECURITIES plc — FORM OF MONTHLY PAYMENT ADVICE AND NOTIFICATION TO THE RECEIVABLES TRUSTEE, Series 2007 — 01
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 thereunto duly authorised.
BY: HSBC Bank plc
(As Servicer)
         
 
  Signature:   /s/ Andrew J Huke
 
       
 
  Name:   Andrew J Huke
 
  Title:   Senior Manager, ALM, HSBC Bank plc
 
  Dated:   13th June 2008

 

EX-99.A.1 2 u55839exv99waw1.htm EXHIBIT A.1 exv99waw1
EXHIBITS TO THE SCHEDULE
EXHIBIT A(1)
FORM OF MONTHLY STATEMENT
Series 2006 — 2
HSBC Bank plc
AS SERVICER
RECEIVABLES TRUST
MONTHLY PERIOD ENDING:
31 May 2008
  1.   Capitalised terms used in this Report have their respective meanings set forth in the Master Definitions Schedule set out as schedule 6 to a receivables trust deed and servicing agreement dated on or about 23 May 2006 (the “RTDSA”) and any supplement thereto for a Series provided, however, that the “preceding Monthly Period” shall mean the Monthly Period immediately preceding the calendar month in which this certificate is delivered. This Report is delivered pursuant to Clause 9.5(b) of the Receivables Trust Deed and Servicing Agreement.
 
  2.   HSBC is Servicer under the Receivables Trust Deed and Servicing Agreement.
 
  3.   The undersigned is an Authorised Officer.
 
  4.   The date of this Report is a date on or before a Transfer Date under the Receivables Trust Deed and Servicing Agreement.
                 
Monthly Period:
  Starting   30/04/2008   Ending   31/05/2008
Interest Period Date:
  Starting   15/05/2008   Ending   16/06/2008
Interest Determination Date:
      13/05/2008        
 
*   The Transfer Date, Distribution Date and Payment Date are the same as the Interest Period Ending Date.
INDEX
     
Section   Contents
 
1
  Receivables Pool Summary Information
2
  Series General Information
3
  Undivided Interest
4
  Segregated Trust
5
  Loan Note Issuer
6
  Issuer
7
  Investor Interest and Debt Amounts
8
  Commentary/Payout Events
 
 
Note:   All amounts are in (pound) sterling unless otherwise stated.

 

 

Turquoise Card Backked Securities plc — Servicer Report
Series 2006 — 2, For IPD Ending: 16 June 2008
Section 1
Receivables Pool Summary Information (1)
             
1
   Aggregate amount of Eligible Receivables that are Principal Receivables for Beginning of the Monthly Period     2,434,375,353  
2
   Aggregate amount of Principal Collections processed     604,400,106  
3
   Aggregate amount of Finance Charge Collections (including Acquired Interchange)     36,030,883  
4
   Aggregate amount of Interest received on Trustee Collections Account and Trustee Investment Account     233,813  
5
   Aggregate amount Investor Default Amount     10,689,767  
6
   Aggregate amount of Investor Indemnity Amount     0  
7
   Aggregate amount of outstanding principal balances in the Accounts which were delinquent as of the end of the day on the last day of the related Monthly Period     65,989,606  
8
   Aggregate amount of Eligible Receivables that are Principal Receivables for End of Monthly Period     2,451,194,624  
                 
        Aggregate Account       Percentage of
Delinquency Analysis   Principal Balance   No. of Accounts   Total Receivables in Trust
 
(a)
   30 – 59 days   19,778,478   6,921   0.81%
(b)
   60 – 89 days   14,251,926   4,547   0.58%
(c)
   90 – 119 days   11,165,405   3,451   0.46%
(d)
   120 – 149 days     9,357,774   2,907   0.38%
(e)
   150 – or more days   11,436,022   3,754   0.47%
 
Totals
       65,989,606   21,580     2.69%
 
Delinquency Analysis excludes ‘no in-force plan’ accounts. Accounts with no-inforce plans are dormant accounts i.e. no active retail, balance transfer or cash plan, at the time of reporting.
Receivables Pool Summary Information (2)
                 
    Amount     Percentage  
Transferor and Aggregate Investor Interest (at the Beginning of the Monthly Period)
     2,434,375,353       100.00 %
Transferor Interest
     1,250,205,825       51.36 %
Aggregate Investor Interest (for analysis — see below)
     1,184,169,528       48.64 %
2006-1 Investor Interest
     536,193,030       22.03 %
2006-2 Investor Interest
     397,035,469       16.31 %
2007-1 Investor Interest
     250,941,029       10.31 %
Balance on Trustee Investment Account
     0          
             
Portfolio Minimum Balance Parameters   Threshold     Passed?
 
Minimum Transferor interest above amount agreed with Rating Agencies for a period of 30 consecutive days
    6%   Yes
 
            
Minimum Transferor interest above amount agreed with Rating Agencies for a period of 30 consecutive days
    2%     Yes
 
            
Minimum Aggregate Principal Receivables Above Zero
    0        Yes
 

 

 

Turquoise Card Backked Securities plc — Servicer Report
Series 2006 — 2, For IPD Ending: 16 June 2008
Section 2
General Information
     
Period Type:
  Revolving
             
Loan Note Rate   GBP Libor   Margin (bps)   Total Rate
 
Class A
   5.46%   7.2   5.53%
Class B
   5.46%   20.7   5.67%
Class C
   5.46%   44.7   5.91%
 
         
    Pre-Addition Date   Post Addition Date
    Series 2006 - 2   Series 2006 - 2
Investor Percentages   %   %
 
Series Floating Percentage
   —   16.31%
Class A Floating Percentage
   —   88.00%
Class B Floating Percentage
   —     5.50%
Class C Floating Percentage
   —   6.50%
 
Series Fixed Percentage
   —   16.31%
Class A Floating Percentage
   —   88.00%
Class B Floating Percentage
   —     5.50%
Class C Floating Percentage
   —     6.50%
 
         
Aggregate amount of Investor Percentage of the Principal Collections
     98,574,889  
Aggregate amount of Investor Percentage of the Finance Charge Collections
     5,121,613  
Aggregate amount of Investor Percentage of the Acquired Interchange
     754,859  
Aggregate amount of Investor Percentage of Recoveries
     316,357  
Bank Account Interest allocable to the Series
     49,594  
                 
Controlled Accumulation Period (CAP)/Controlled Deposit Amount Series 2006 - 2   Months     Amount  
 
Original CAP/Controlled Deposit Amount
     12       0  
Adjustment to CAP/Controlled Deposit Amount
     0       0  
Revised CAP/Controlled Deposit Amount
     12       0  
 

 

 

Turquoise Card Backked Securities plc — Servicer Report
Series 2006 — 2, For IPD Ending: 16 June 2008
Section 3
Undivided Interest
         
Principal Collections   Series 2006 - 2  
 
The aggregate amount of Principal Collections processed during the related Monthly Period allocable to Series
     98,574,889  
Deduct: Utilised Retained Principal Collections Amount notionally allocable to Class C
     0  
Deduct: Utilised Retained Principal Collections Amount notionally allocable to Class B
     0  
Deduct: Amount distributed to Series Principal Collections Ledger in the Segregated Trust
     0  
Deduct: Shared Principal Collections
     0  
 
Total = Cash Available for Investment
     98,574,889  
 
         
Finance Charge Collections (incl. Acquired Interchange)   Series 2006 - 2  
 
The aggregate amount of Finance Charge Collections (to include interest on the Trustee Collections Account and Trustee Investment Account) and Acquired Interchange allocable to the Series during the related Monthly Period
     5,926,066  
The aggregate amount of Recoveries allocable to the Series during the related Monthly Period
     316,357  
Total transferred to the Series Collections Account Finance Charge Collections Ledger in relation to Series
     6,242,423  
 
         
Other   Series 2006 - 2  
 
Investor Default Amount allocable to Series
     1,743,452  
Investor Indemnity Amount allocable to Series
     0  
 

 

 

Turquoise Card Backked Securities plc — Servicer Report
Series 2006 — 2, For IPD Ending: 16 June 2008
Section 4(a)
Segregated Trust (1)
Principal Collections
         
Principal Collections Ledger   Series 2006 - 2  
 
Total amount transferred from Undivided Interest
     0  
Deficit relative to Controlled Deposit Amount
     0  
The total distribution to Principal Funding Account or to Loan Note Issuer Account in respect of:
        
Class A Monthly Principal Amount
     0  
Class B Monthly Principal Amount
     0  
Class C Monthly Principal Amount
     0  
 
         
Funding Account (Principal Ledger)   Series 2006 - 2  
 
Balance brought forward
     0  
Transfer this month
     0  
Transfer to Loan Note Issuer Distribution Account
     0  
Class A Monthly Principal Amount
     0  
Class B Monthly Principal Amount
     0  
Class C Monthly Principal Amount
     0  
Balance carry forward
     0  
Deficit relative to Cumulative Controlled Deposit Amount
     0  
 

 

 

Turquoise Card Backked Securities plc — Servicer Report
Series 2006 — 2, For IPD Ending: 16 June 2008
Section 4(b)
Segregated Trust (2)
Finance Charge Collections (1)
         
Series Finance Charge Collection Ledger   Series 2006 - 2  
 
Finance Charge Collections (incl. Acquired Interchange) allocable to Series
     5,876,472  
Recoveries
     316,357  
Interest Income on Accounts
     49,594  
Income from Principal Funding Account up to Class A Covered Amount
     0  
Retained Principal Collections Amount notionally allocable to Class B
     0  
Retained Principal Collections Amount notionally allocable to Class C
     0  
Transfer from Reserve Account
     0  
Transfer from Spread Account
     0  
 
                 
           
Total Amount of Distribution to be transferred to Finance Funding Account (in revolving and controlled   Series 2006 - 2     Series 2006 - 2  
accumulation Period) or to Loan Note Issuer Distribution Account (in Regulated or Rapid Amortisation Period)   Paid     Unpaid  
 
Class A Monthly Finance Amount
     1,694,170       0  
Class A Deficiency Amount
     0       0  
Class A Additional Finance Amount
     0       0  
Class A Monthly Distribution Amount
     1,694,170       0  
 
                
Class B Monthly Finance Amount
     108,470       0  
Class B Deficiency Amount
     0       0  
Class B Additional Finance Amount
     0       0  
Class B Monthly Distribution Amount
     108,470       0  
Class C Monthly Finance Amount
     133,622       0  
Class C Deficiency Amount
     0       0  
Class C Additional Finance Amount
     0       0  
Class C Monthly Distribution Amount
     133,622       0  
 

 

 

Turquoise Card Backked Securities plc — Servicer Report
Series 2006 — 2, For IPD Ending: 16 June 2008
Section 4(c)
Segregated Trust (3)
Finance Charge Collections (2)
                 
    Series 2006 - 2     Series 2006 - 2  
    Paid     Unpaid  
 
Issuer Costs Amount
     —       0  
Issuer Profit Amount
     2,321       0  
Trustee Payment Amount
     1,320       0  
The total amount of distribution in respect of Trustee Payment Amount for the related Monthly Period Including any amount remaining unpaid in respect of prior Monthly Periods
     1,320       0  
Total amount of distribution in respect of Loan Note Issuer Costs Amount for the Monthly Period including any amount remaining unpaid in respect of prior Monthly Periods
     694       0  
Total amount of distribution in respect of Loan Note Issuer Profit for the monthly period
     438       0  
Total amount of distribution in respect of Servicing Fee Payment Amount for the related Monthly Period including any amount remaining unpaid in respect of prior Monthly Periods
     264,690       0  
Total amount of distribution in respect of Expenses Loan Interest, Scheduled Amount and Prepayment Amount, for the related Monthly Period including any amount remaining unpaid in respect of prior Monthly Periods
     0       0  
Payment to cover Investor Default Amount
     1,743,452       0  
Payment to cover Reduction in Investor Interest (excluding repayments of principal)
     0       0  
Transfer to Reserve Account
     0       0  
Transfer to Spread Account
     0       0  
Payment in respect of Investor Indemnity Amount
     0       0  
Payment in relation to Excess Spread
     2,293,245       0  
 
         
Funding Account (Finance Ledger)   Series 2006 - 2  
 
Balance brought forward
     0  
Transfer in this month (15th’s Payment)
     1,936,263  
Transfer to Loan Note Issuer Distribution Account
        
Class A Finance Distribution Amount
     1,694,170  
Class B Finance Distribution Amount
     108,470  
Class C Finance Distribution Amount
     133,622  
Balance carried forward
     0  
 

 

 

Turquoise Card Backked Securities plc — Servicer Report
Series 2006 — 2, For IPD Ending: 16 June 2008
Section 4(d)
Segregated Trust (4)
Reserve and Spread Accounts
         
Reserve Account   Series 2006 - 2  
 
Required Reserve Account Amount
     0  
Balance brought forward
     0  
Transfer in/out this Month
     0  
Balance carried forward (Available Reserve Account Amount)
     0  
 
         
Spread Account   Series 2006 - 2  
 
Quarterly Excess Spread Percentage*
     7.83 %
Required Spread Account Amount
     0  
Balance brought forward
     0  
Transfer in/out this Month
     0  
Balance carried forward (Available Spread Account Amount)
     0  
 
 
*   Calculated on a Simple yield basis
Spread Account Trigger
         
If Excess Spread Rate:   Required Spread Account %  
 
above 4.5%
     0.0 %
above 4.0% but equal to or below 4.5%
     1.5 %
above 3.0% but equal to or below 4.0%
     3.5 %
above 2.0% but equal to or below 3.0%
     4.0 %
equal to or below 2.0%
     4.5 %
 

 

 

Turquoise Card Backed Securities plc — Servicer Report
Series 2006 — 2, For IPD Ending: 16 June 2008
Section 5
Loan Note Issuer Distribution Account
         
Receipts   Series 2006 - 2  
 
Loan Note Interest
     1,837,045  
Loan Note Principal
     —  
Investor Trustee Payment Amount
     —  
Issuer & Loan Note Issuer Cost Amount
     2,411  
Expenses Loan Interest and Scheduled Amount
     —  
Investor Servicing Fee Amount
     264,690  
Class A Investor Default Amount
     1,576,657  
Class A Investor Charge-Off
     —  
Class B Investor Default Amount
     98,542  
Class B Investor Charge-Off
     —  
Class C Investor Default Amount
     116,457  
Class C Investor Charge-Off
     —  
Investor Indemnity Payment Amount
     —  
LN Issuer Return, Issuer Profit Amount
     2,587  
Expenses Loan Prepayment Amount
     —  
Excess Finance Charges
     2,612,817  
Deferred Subscription Price
     2,612,817  
 
         
Payments   Series 2006 - 2  
 
Loan Note Interest
     1,837,045  
Loan Note Principal
     —  
3rd Party Expenses
     —  
Issuer Costs Amount
     2,411  
Additional Consideration
     4,669,163  
Monthly Expenses Loan Amount
     —  
Expenses Loan Prepayment
     —  
Issuer Profit Amount
     2,176  
Further Interest
     2,612,817  
 
 
        
Net Movement
     411  
 
Retained Profit (This Period)
     411  
Retained Profit (Prior Periods)
     6,986  
Other
     —  
 
Account Balance
     7,397  
 
Comments:

 

 

Turquoise Card Backed Securities plc — Servicer Report
Series 2006 — 2, For IPD Ending: 16 June 2008
Section 6
Issuer Distribution Account
         
Receipts   Series 2006 - 2  
 
Loan Note Interest
     1,837,045  
Loan Note Principal
     —  
Issuer Costs
     2,411  
Further Interest
     2,612,817  
Issuer Profit
     2,176  
Expenses Loan Repayment
     —  
Expenses Loan Prepayment
     —  
Swap Interest (USD)
     1,733,352  
Swap Principal (USD)
     —  
 
         
Payments   Series 2006 - 2  
 
Swap Interest
     1,837,045  
Swap Principal
     —  
Note Interest (USD)
     1,733,352  
Note Principal (USD)
     —  
3rd Party Expenses
     2,411  
Expenses Loan Repayment
     —  
Deferred Subscription Price
     2,612,817  
 
 
Net Movement
     2,176  
 
Retained Profit (This Period)
     2,176  
Retained Profit (Prior Periods)
     36,986  
Other
     —  
 
Account Balance
     39,162  
 
Comments:

 

 

Turquoise Card Backed Securities plc — Servicer Report
Series 2006 — 2, For IPD Ending: 16 June 2008
Section 7
Investor Interest & Debt Amounts
                                 
Summary Series Investor Interest and Adjusted Investor Interest   Total     Class A     Class B     Class C  
 
Initial Investor Interest
     397,035,469       349,391,212       21,836,951       25,807,306  
Principal Payments made to Loan Note Issuer
     —       —       —       —  
Investor Charge-Offs/Reallocations
     —       —       —       —  
 
Investor Interest
     397,035,469       349,391,212       21,836,951       25,807,306  
 
Series Collection Account — PC Ledger
     —       —       —       —  
Balance of Principal Funding Account (Principal Ledger)
     —       —       —       —  
 
Adjusted Investor Interest
     397,035,469       349,391,212       21,836,951       25,807,306  
 
                                 
Loan Note Debt Amount   Total     Class A     Class B     Class C  
 
Related Debt amount brought forward
     397,035,469       349,391,212       21,836,951       25,807,306  
Principal Payments made to Issuer
     —       —       —       —  
Related Debt amount caried forward
     397,035,469       349,391,212       21,836,951       25,807,306  
 
 
Turquoise Card Backed Securities plc Series 2006 - 2 (USD) Total     Class A     Class B     Class C  
 
Outstanding Amount brought forward
     750,000,000       660,000,000       41,250,000       48,750,000  
Principal Payments made
     —       —       —       —  
Associated Debt amount carried forward
     750,000,000       660,000,000       41,250,000       48,750,000  
Pool Factor brought forward
     100 %                        
Pool Factor carried forward
     100 %                        
 

 

 

Turquoise Card backed Securities plc — Servicer Report
Series 2006 — 2, For IPD Ending: 16 June 2008
Section 8
Pay Out Events / Triggers
                         
Portfolio Yield and Expense F   Series 2006 - 2     Rate (Actual)     Rate (Simple)  
 
Portfolio Yield for the Period
             17.57 %     17.91 %
Expense Rate
             6.37 %     6.66 %
Net Charge Off Rate
             4.23 %     4.31 %
Excess Spread Rate
             6.97 %     6.94 %
 
Quarterly Excess Spread
             7.69 %     7.83 %
Regulated Amortisation Trigger
                     <0 %
Regulated Amortisation
                   No  
 
 
Simple yield is annualised over 12 months, Actual yield is annualised on an actual days basis.
                 
Portfolio Minimum Balance Parameters   Threshold     Passed?  
 
Minimum Transferor interest above amount agreed with Rating Agencies for a period of 30 consecutive days
     6 %   Yes  
 
                
Minimum Transferor interest above amount agreed with Rating Agencies for a period of 30 consecutive days
     2 %   Yes  
 
                
Minimum Aggregate Principal Receivables Above Zero
     0     Yes  
 
Commentary
To the knowledge of the undersigned, there are no Encumbrances or any Receivables in the Receivables Trust except as described below:
None
We confirm that no Trust Pay Out Event, Investor Pay Out Event or Series Pay Out Event has occurred as at the date hereof.
IN WITNESS WHEREOF, the undersigned has duly executed this certificate this 13th day of June, 2008.
HSBC Bank plc
as Servicer
By:
/s/ Andrew J Huke
Name: Andrew J Huke
Title: Senior Manager, Asset and Liability Management

 

EX-99.A.2 3 u55839exv99waw2.htm EXHIBIT A.2 exv99waw2
EXHIBITS TO THE SCHEDULE
EXHIBIT A(2)
FORM OF MONTHLY STATEMENT
Series 2007 — 1
HSBC Bank plc
AS SERVICER
RECEIVABLES TRUST
MONTHLY PERIOD ENDING:
31 May 2008
  1.   Capitalised terms used in this Report have their respective meanings set forth in the Master Definitions Schedule set out as schedule 6 to a receivables trust deed and servicing agreement dated on or about 23 May 2006 (the “RTDSA”) and any supplement thereto for a Series provided, however, that the “preceding Monthly Period” shall mean the Monthly Period immediately preceding the calendar month in which this certificate is delivered. This Report is delivered pursuant to Clause 9.5(b) of the Receivables Trust Deed and Servicing Agreement.
 
  2.   HSBC is Servicer under the Receivables Trust Deed and Servicing Agreement.
 
  3.   The undersigned is an Authorised Officer.
 
  4.   The date of this Report is a date on or before a Transfer Date under the Receivables Trust Deed and Servicing Agreement.
                                 
Monthly Period:
   Starting     30/04/2008     Ending     31/05/2008  
Interest Period Date:
   Starting     15/05/2008     Ending     16/06/2008  
Interest Determination Date:
             13/05/2008                  
 
*   The Transfer Date, Distribution Date and Payment Date are the same as the Interest Period Ending Date.
INDEX
     
Section   Contents
1
  Receivables Pool Summary Information
2
  Series General Information
3
  Undivided Interest
4
  Segregated Trust
5
  Loan Note Issuer
6
  Issuer
7
  Investor Interest and Debt Amounts
8
  Commentary/Payout Events
 
 
Note:   All amounts are in (pound) sterling unless otherwise stated.

 

 

Turquoise Card Backed Securities plc — Servicer Report
Series 2007 — 1, For IPD Ending: 16 June 2008
Section 1
Receivables Pool Summary Information (1)
         
1       Aggregate amount of Eligible Receivables that are Principal Receivables for Beginning of the Monthly
     Period
     2,434,375,353  
2       Aggregate amount of Principal Collections processed
     604,400,106  
3       Aggregate amount of Finance Charge Collections (including Acquired Interchange)
     36,030,883  
4       Aggregate amount of Interest received on Trustee Collections Account and Trustee Investment Account
     233,813  
5       Aggregate amount Investor Default Amount
     10,689,767  
6       Aggregate amount of Investor Indemnity Amount
     0  
7       Aggregate amount of outstanding principal balances in the Accounts which were delinquent as of the end of the day on the last day of the related Monthly Period
     65,989,606  
8       Aggregate amount of Eligible Receivables that are Principal Receivables for End of Monthly Period
     2,451,194,624  
                         
    Aggregate Account           Percentage of
Delinquency Analysis   Principal Balance   No. of Accounts   Total Receivables in Trust
 
(a) 30 – 59 days
     19,778,478       6,921       0.81 %
(b) 60 – 89 days
     14,251,926       4,547       0.58 %
(c) 90 – 119 days
     11,165,405       3,451       0.46 %
(d) 120 – 149 days
     9,357,774       2,907       0.38 %
(e) 150 – or more days
     11,436,022       3,754       0.47 %
 
Totals
     65,989,606       21,580       2.69 %
 
Delinquency Analysis excludes ‘no in-force plan’ accounts. Accounts with no-inforce plans are dormant accounts i.e. no active retail, balance transfer or cash plan, at the time of reporting.
Receivables Pool Summary Information (2)
                 
    Amount     Percentage  
Transferor and Aggregate Investor Interest (at the Beginning of the Monthly Period)
     2,434,375,353       100.00 %
Transferor Interest
     1,250,205,825       51.36 %
Aggregate Investor Interest (for analysis — see below)
     1,184,169,528       48.64 %
2006-1 Investor Interest
     536,193,030       22.03 %
2006-2 Investor Interest
     397,035,469       16.31 %
2007-1 Investor Interest
     250,941,029       10.31 %
Balance on Trustee Investment Account
     0          
                 
Portfolio Minimum Balance Parameters   Threshold     Passed?  
 
Minimum Transferor interest above amount agreed with Rating Agencies for a period of 30 consecutive days
     6 %   Yes  
 
Minimum Transferor interest above amount agreed with Rating Agencies for a period of 30 consecutive days
     2 %   Yes  
 
Minimum Aggregate Principal Receivables Above Zero
     0     Yes  
 

 

 

Turquoise Card Backed Securities plc — Servicer Report
Series 2007 — 1, For IPD Ending: 16 June 2008
Section 2
General Information
Period Type:       Revolving
                         
Loan Note Rate   GBP Libor     Margin (bps)     Total Rate  
 
Class A
     5.46 %     6.69       5.53 %
Class B
     5.46 %     19.45       5.65 %
Class C
     5.46 %     44.95       5.91 %
 
                 
    Pre-Addition Date   Post Addition Date
    Series 2007 - 1   Series 2007 - 1
Investor Percentages   %   %
 
Series Floating Percentage
     —       10.31 %
Class A Floating Percentage
     —       88.00 %
Class B Floating Percentage
     —       5.50 %
Class C Floating Percentage
     —       6.50 %
 
                
Series Fixed Percentage
     —       10.31 %
Class A Floating Percentage
     —       88.00 %
Class B Floating Percentage
     —       5.50 %
Class C Floating Percentage
     —       6.50 %
 
         
Aggregate amount of Investor Percentage of the Principal Collections
     62,302,958  
Aggregate amount of Investor Percentage of the Finance Charge Collections
     3,237,048  
Aggregate amount of Investor Percentage of the Acquired Interchange
     477,098  
Aggregate amount of Investor Percentage of Recoveries
     199,949  
Bank Account Interest allocable to the Series
     31,345  
                 
Controlled Accumulation Period (CAP)/Controlled Deposit Amount Series 2007 - 1   Months     Amount  
 
Original CAP/Controlled Deposit Amount
     12       0  
Adjustment to CAP/Controlled Deposit Amount
     0       0  
Revised CAP/Controlled Deposit Amount
     12       0  
 

 

 

Turquoise Card Backed Securities plc — Servicer Report
Series 2007 — 1, For IPD Ending: 16 June 2008
Section 3
Undivided Interest
         
Principal Collections   Series 2007 - 1  
 
The aggregate amount of Principal Collections processed during the related Monthly Period allocable to Series
     62,302,958  
Deduct: Utilised Retained Principal Collections Amount notionally allocable to Class C
     0  
Deduct: Utilised Retained Principal Collections Amount notionally allocable to Class B
     0  
Deduct: Amount distributed to Series Principal Collections Ledger in the Segregated Trust
     0  
Deduct: Shared Principal Collections
     0  
 
Total = Cash Available for Investment
     62,302,958  
 
         
Finance Charge Collections (incl. Acquired Interchange)   Series 2007 - 1  
 
The aggregate amount of Finance Charge Collections (to include interest on the Trustee Collections Account and Trustee Investment Account) and Acquired Interchange allocable to the Series during the related Monthly Period
     3,745,492  
The aggregate amount of Recoveries allocable to the Series during the related Monthly Period
     199,949  
Total transferred to the Series Collections Account Finance Charge Collections Ledger in relation to Series
     3,945,441  
 
         
Other   Series 2007 - 1  
 
Investor Default Amount allocable to Series
     1,101,927  
Investor Indemnity Amount allocable to Series
     0  
 

 

 

Turquoise Card Backed Securities plc — Servicer Report
Series 2007 — 1, For IPD Ending: 16 June 2008
Section 4(a)
Segregated Trust (1)
Principal Collections
         
Principal Collections Ledger   Series 2007 - 1  
 
Total amount transferred from Undivided Interest
     0  
Deficit relative to Controlled Deposit Amount
     0  
The total distribution to Principal Funding Account or to Loan Note Issuer Account in respect of:
        
Class A Monthly Principal Amount
     0  
Class B Monthly Principal Amount
     0  
Class C Monthly Principal Amount
     0  
 
         
Funding Account (Principal Ledger)   Series 2007 - 1  
 
Balance brought forward
     0  
Transfer this month
     0  
Transfer to Loan Note Issuer Distribution Account
     0  
Class A Monthly Principal Amount
     0  
Class B Monthly Principal Amount
     0  
Class C Monthly Principal Amount
     0  
Balance carry forward
     0  
Deficit relative to Cumulative Controlled Deposit Amount
     0  
 

 

 

Turquoise Card Backed Securities plc — Servicer Report
Series 2007 — 1, For IPD Ending: 16 June 2008
Section 4(b)
Segregated Trust (2)
Finance Charge Collections (1)
         
Series Finance Charge Collection Ledger   Series 2007 - 1  
 
Finance Charge Collections (incl. Acquired Interchange) allocable to Series
     3,714,146  
Recoveries
     199,949  
Interest Income on Accounts
     31,345  
Income from Principal Funding Account up to Class A Covered Amount
     0  
Retained Principal Collections Amount notionally allocable to Class B
     0  
Retained Principal Collections Amount notionally allocable to Class C
     0  
Transfer from Reserve Account
     0  
Transfer from Spread Account
     0  
 
                 
Total Amount of Distribution to be transferred to Finance Funding Account (in revolving and controlled   Series 2007 - 1     Series 2007 - 1  
accumulation Period) or to Loan Note Issuer Distribution Account (in Regulated or Rapid Amortisation Period)   Paid     Unpaid  
 
Class A Monthly Finance Amount
     1,069,791       0  
Class A Deficiency Amount
     0       0  
Class A Additional Finance Amount
     0       0  
Class A Monthly Distribution Amount
     1,069,791       0  
Class B Monthly Finance Amount
     68,406       0  
Class B Deficiency Amount
     0       0  
Class B Additional Finance Amount
     0       0  
Class B Monthly Distribution Amount
     68,406       0  
Class C Monthly Finance Amount
     84,490       0  
Class C Deficiency Amount
     0       0  
Class C Additional Finance Amount
     0       0  
Class C Monthly Distribution Amount
     84,490       0  
 

 

 

Turquoise Card Backed Securities plc — Servicer Report
Series 2007 — 1, For IPD Ending: 16 June 2008
Section 4(c)
Segregated Trust (3)
Finance Charge Collections (2)
                 
    Series 2007 - 1     Series 2007 - 1  
    Paid     Unpaid  
 
Issuer Costs Amount
     —       0  
Issuer Profit Amount
     2,193       0  
Trustee Payment Amount
     834       0  
The total amount of distribution in respect of Trustee Payment Amount for the related Monthly Period Including any amount remaining unpaid in respect of prior Monthly Periods
     834       0  
Total amount of distribution in respect of Loan Note Issuer Costs Amount for the Monthly Period including any amount remaining unpaid in respect of prior Monthly Periods
     439       0  
Total amount of distribution in respect of Loan Note Issuer Profit for the monthly period
     438       0  
Total amount of distribution in respect of Servicing Fee Payment Amount for the related Monthly Period including any amount remaining unpaid in respect of prior Monthly Periods
     167,294       0  
Total amount of distribution in respect of Expenses Loan Interest, Scheduled Amount and Prepayment Amount, for the related Monthly Period including any amount remaining unpaid in respect of prior Monthly Periods
     —       0  
Payment to cover Investor Default Amount
     1,101,927       0  
Payment to cover Reduction in Investor Interest (excluding repayments of principal)
     0       0  
Transfer to Reserve Account
     0       0  
Transfer to Spread Account
     0       0  
Payment in respect of Investor Indemnity Amount
     0       0  
Payment in relation to Excess Spread
     1,449,630       0  
 
         
Funding Account (Finance Ledger)   Series 2007 - 1  
 
Balance brought forward
     0  
Transfer in this month (15th’s Payment)
     1,222,686  
Transfer to Loan Note Issuer Distribution Account
        
Class A Finance Distribution Amount
     1,069,791  
Class B Finance Distribution Amount
     68,406  
Class C Finance Distribution Amount
     84,490  
Balance carried forward
     0  
 

 

 

Turquoise Card Backed Securities plc — Servicer Report
Series 2007 — 1, For IPD Ending: 16 June 2008
Section 4(d)
Segregated Trust (4)
Reserve and Spread Accounts
         
Reserve Account   Series 2007 - 1  
 
Required Reserve Account Amount
     0  
Balance brought forward
     0  
Transfer in/out this Month
     0  
Balance carried forward (Available Reserve Account Amount)
     0  
 
         
Spread Account   Series 2007 - 1  
 
Quarterly Excess Spread Percentage*
     7.84 %
Required Spread Account Amount
     0  
Balance brought forward
     0  
Transfer in/out this Month
     0  
Balance carried forward (Available Spread Account Amount)
     0  
 
 
*   Calculated on a Simple yield basis
         
Spread Account Trigger      
 
If Excess Spread Rate:   Required Spread Account %  
 
above 4.5%
     0.0 %
above 4.0% but equal to or below 4.5%
     1.5 %
above 3.0% but equal to or below 4.0%
     3.5 %
above 2.0% but equal to or below 3.0%
     4.0 %
equal to or below 2.0%
     4.5 %
 

 

 

Turquoise Card Backed Securities plc — Servicer Report
Series 2007 — 1, For IPD Ending: 16 June 2008
Section 5
Loan Note Issuer Distribution Account
         
Receipts   Series 2007 - 1  
 
Loan Note Interest
     1,160,046  
Loan Note Principal
     —  
Investor Trustee Payment Amount
     —  
Issuer & Loan Note Issuer Cost Amount
     1,524  
Expenses Loan Interest and Scheduled Amount
     —  
Investor Servicing Fee Amount
     167,294  
Class A Investor Default Amount
     996,505  
Class A Investor Charge-Off
     —  
Class B Investor Default Amount
     62,283  
Class B Investor Charge-Off
     —  
Class C Investor Default Amount
     73,604  
Class C Investor Charge-Off
     —  
Investor Indemnity Payment Amount
     —  
LN Issuer Return, Issuer Profit Amount
     2,467  
Expenses Loan Prepayment Amount
     —  
Excess Finance Charges
     1,651,599  
Deferred Subscription Price
     1,651,599  
 
         
Payments   Series 2007 - 1  
 
Loan Note Interest
     1,160,046  
Loan Note Principal
     —  
3rd Party Expenses
     —  
Issuer Costs Amount
     1,524  
Additional Consideration
     2,951,285  
Monthly Expenses Loan Amount
     —  
Expenses Loan Prepayment
     —  
Issuer Profit Amount
     2,056  
Further Interest
     1,651,599  
 
         
Net Movement   411  
 
Retained Profit (This Period)
     411  
Retained Profit (Prior Periods)
     4,000  
Other
     —  
 
Account Balance
     4,411  
 
Comments:

 

 

Turquoise Card Backed Securities plc — Servicer Report
Series 2007 — 1, For IPD Ending: 16 June 2008
Section 6
Issuer Distribution Account
         
Receipts   Series 2007 - 1  
 
Loan Note Interest
     1,160,046  
Loan Note Principal
     —  
Issuer Costs
     1,524  
Further Interest
     1,651,599  
Issuer Profit
     2,056  
Expenses Loan Repayment
     —  
Expenses Loan Prepayment
     —  
Swap Interest (USD)
     1,220,809  
Swap Principal (USD)
     —  
 
         
Payments   Series 2007 - 1  
 
Swap Interest
     1,160,046  
Swap Principal
     —  
Note Interest (USD)
     1,220,809  
Note Principal (USD)
     —  
3rd Party Expenses
     1,524  
Expenses Loan Repayment
     —  
Deferred Subscription Price
     1,651,599  
 
         
Net Movement   2,056  
 
Retained Profit (This Period)
     2,056  
Retained Profit (Prior Periods)
     20,008  
Other
     —  
 
Account Balance
     22,063  
 
Comments:

 

 

Turquoise Card Backed Securities plc — Servicer Report
Series 2007 — 1, For IPD Ending: 16 June 2008
Section 7
Investor Interest & Debt Amounts
                                 
Summary Series Investor Interest and Adjusted Investor Interest   Total     Class A     Class B     Class C  
 
Initial Investor Interest
     250,941,029       220,828,105       13,801,757       16,311,167  
Principal Payments made to Loan Note Issuer
     —       —       —       —  
Investor Charge-Offs/Reallocations
     —       —       —       —  
 
Investor Interest
     250,941,029       220,828,105       13,801,757       16,311,167  
 
Series Collection Account — PC Ledger
     —       —       —       —  
Balance of Principal Funding Account (Principal Ledger)
     —       —       —       —  
 
Adjusted Investor Interest
     250,941,029       220,828,105       13,801,757       16,311,167  
 
 
Loan Note Debt Amount   Total     Class A     Class B     Class C  
 
Related Debt amount brought forward
     250,941,029       220,828,105       13,801,757       16,311,167  
Principal Payments made to Issuer
     —       —       —       —  
Related Debt amount caried forward
     250,941,029       220,828,105       13,801,757       16,311,167  
 
 
Turquoise Card Backed Securities plc Series 2007 - 1 (USD)   Total     Class A     Class B     Class C  
 
Outstanding Amount brought forward
     500,000,000       440,000,000       27,500,000       32,500,000  
Principal Payments made
     —       —       —       —  
Associated Debt amount carried forward
     500,000,000       440,000,000       27,500,000       32,500,000  
Pool Factor brought forward
     100 %                        
Pool Factor carried forward
     100 %                        
 

 

 

Turquoise Card Backed Securities plc — Servicer Report
Series 2007 — 1, For IPD Ending: 16 June 2008
Section 8
Pay Out Events / Triggers
                 
Portfolio Yield and Expense Rate     Series 2007 - 1   Rate (Actual)     Rate (Simple)  
 
Portfolio Yield for the Period
     17.57 %     17.91 %
Expense Rate
     6.36 %     6.65 %
Net Charge Off Rate
     4.23 %     4.31 %
Excess Spread Rate
     6.98 %     6.94 %
 
Quarterly Excess Spread
     7.71 %     7.84 %
Regulated Amortisation Trigger
             <0 %
Regulated Amortisation
           No  
 
 
Simple yield is annualised over 12 months, Actual yield is annualised on an actual days basis.
                 
Portfolio Minimum Balance Parameters   Threshold     Passed?
 
Minimum Transferor interest above amount agreed with Rating Agencies for a period of 30 consecutive days
     6 %   Yes
 
                
Minimum Transferor interest above amount agreed with Rating Agencies for a period of 30 consecutive days
     2 %   Yes
 
                
Minimum Aggregate Principal Receivables Above Zero
     0     Yes
 
Commentary
To the knowledge of the undersigned, there are no Encumbrances or any Receivables in the Receivables Trust except as described below:
None
We confirm that no Trust Pay Out Event, Investor Pay Out Event or Series Pay Out Event has occurred as at the date hereof.
IN WITNESS WHEREOF, the undersigned has duly executed this certificate this 13th day of June, 2008.
         
HSBC Bank plc    
as Servicer    
 
        
By:
       
/s/ Andrew J Huke    
 
       
Name:
  Andrew J Huke    
Title:
  Senior Manager, Asset and Liability Management    

 

EX-99.B.1 4 u55839exv99wbw1.htm EXHIBIT B.1 exv99wbw1
EXHIBITS TO THE SCHEDULE
EXHIBIT B(1)
FORM OF MONTHLY PAYMENT ADVICE AND NOTIFICATION
TO THE RECEIVABLES TRUSTEE
Series 2006 — 2
Capitalised terms used in this Report have their respective meanings set forth in the Master Definitions Schedule and in the Receivables Trust Deed and Servicing Agreement Provided, however, that the “preceding Monthly Period” shall mean Monthly Period immediately preceding the calender month in which this notice is delivered. References herein to certain Clauses and paragraphs are references to the respective Clauses and paragraphs of the Receivables Trust Deed and Servicing Agreement. This certificate is delivered pursuant to Clause 5.9, Clause 5.10, Clause 5.12 and Clause 5.13 of the Receivables Trust Deed and Servicing Agreement as supplemented by the Series 2006-2 Supplement.
  (A)   HSBC Bank plc is the Servicer under the Receivables Trust Deed and Servicing Agreement.
 
  (B)   The undersigned is an Authorised Officer.
 
  (C)   The date of this notice is a date on or before a Distribution Date under the Receivables Trust Deed and Servicing Agreement.
 
      Distribution Date: 16/06/2008
     
Section   Contents
 
I
  Advice to make a withdrawal
 
II
  Accrued and unpaid amounts
 
 
Note:   All amounts are in (pound) sterling unless otherwise stated.

 

 

Turquoise Card Backed Securities plc
Series 2006 — 2, For Distribution Date: 16 June 2008
     
  ADVICE TO MAKE A WITHDRAWAL Section I
         
A. From amounts credited to the Series 2006 — 2 Finance Charge Collections Ledger
        
 
Pursuant to Clause 5.10, the Servicer hereby advises the Receivables Trustee (i) to make a withdrawal from the Trustee Collection Account on 16 June 2008, which date is a Distribution Date under the Receivables Trust Deed and Servicing Agreement, in an aggregate amount set out below in respect of the following amounts and (ii) to apply the proceeds of such withdrawal in accordance with Clause 5.10.
        
 
1. Pursuant to Clause 5.10(a):
        
(i) Trust Payment Amount
     1,320  
 
      
(ii) accrued and unpaid Trustee Payment Amount
     0  
 
      
 
2. Pursuant to Clause 5.10(b):
        
(i) Loan Note Issuer Costs Amount
     694  
 
      
(ii) Issuer Costs Amount
     0  
 
      
 
3. Pursuant to Clause 5.10(c):
        
(i) Class A Monthly Finance Amount
     1,694,170  
 
      
(ii) Class A Deficiency Amount
     0  
 
      
(iii) Class A Additional Finance Amount
     0  
 
      
 
4. Pursuant to Clause 5.10(d):
        
Monthly Expense Loan Amount
     0  
 
      
 
5. Pursuant to Clause 5.10(e):
        
(i) Class B Monthly Finance Amount
     108,470  
 
      
(ii) Class B Deficiency Amount
     0  
 
      
(iii) Class B Additional Finance Amount
     0  
 
      
 
6. Pursuant to Clause 5.10(f):
        
(i) Series Servicing Fee
     264,690  
 
      
(ii) Accrued and unpaid Series Servicing Fee
     0  
 
      
 
7. Pursuant to Clause 5.10(g):
        
Class A Investor Default Amount
     1,534,237  
 
      
 
8. Pursuant to Clause 5.10(h):
        
Class A Investor Charge-Offs
     0  
 
      
 
9. Pursuant to Clause 5.10(i):
        
Class B Investor Default Amount
     95,890  
 
      
 
10. Pursuant to Clause 5.10(j):
        
Class B Investor Charge-Offs
     0  
 
      
 
11. Pursuant to Clause 5.10(k):
        
(i) Class C Monthly Finance Amount
     133,622  
 
      
(ii) Class C Deficiency Amount
     0  
 
      
(iii) Class C Additional Finance Amount
     0  
 
      
 
12. Pursuant to Clause 5.10(l):
        
Class C Investor Default Amount
     113,325  
 
      
 
13. Pursuant to Clause 5.10(m):
        
an amount equal to the aggregate amount by which the Class C Investor Interest has been reduced below the Class C Initial Investor Interest for reasons other than the payment of principal amounts to Class C (but not in excess of the aggregate amount of such reductions which have not been previously reinstated) will be utilised to reinstate the Class C Investor Interest and credited to the Series 2006-2 Loan Note Issuer Account, identified for Class C, on such Distribution Date;
     0  
 
      
 
14. Pursuant to Clause 5.10(n):
        
An amount up to the excess, if any, of the Required Reserve Amount over the Available Reserve Account Amount
     0  
 
      
 
15. Pursuant to Clause 5.10(o):
        
An amount up to the excess, if any, of the Required Spread Amount over the Available Reserve Account Amount
     0  
 
      
 
16. Pursuant to Clause 5.10(p):
        
an amount equal to the Aggregate Investor Indemnity Amount, if any, for the prior Monthly Period (together with any amounts in respect of previous Monthly Periods which are unpaid);
     0  
 
      
 
17. Pursuant to Clause 5.10(q):
        
In no order of priority but in proportion to the respective amounts due, an amount to:
        
(a) the Loan Note Issuer Return
     438  
 
      
(b) the Issuer Profit Amount
     2,321  
 
      
 
18. Pursuant to Clause 5.10(r):
        
Additional amounts calculated as payable in accordance with the Expenses Loan Agreement
     0  
 
      
 
19. Pursuant to Clause 5.10(s):
        
Excess Spread
     2,293,245  
 
      

 

 

Turquoise Card Backed Securities plc
Series 2006 — 2, For Distribution Date: 16 June 2008
     
  ADVICE TO MAKE A WITHDRAWAL Section I (Continued)
         
B. From amounts credited to the Series 2006 — 2 Principal Collections Ledger
        
 
Pursuant to Clause 5.11 the Servicer hereby advises the Receivables Trustee (i) to make a withdrawal from amounts of Undivided Bare Trust Property credited to the Series 2006 — 2 Principal Collections Ledger in the Trustee Collection Account on 16 June 2008, which is a Distribution Date under the Receivables Trust Deed and Servicing Agreement, in an aggregate amount set out below in respect of the following amounts and (ii) to apply the proceeds of such withdrawal in accordance with Clause 5.11.
        
 
1. Pursuant to Clause 5.11(a)(i):
        
Amount to be treated as Shared Principal Collections
     0  
 
      
 
2. Pursuant to Clause 5.11(a)(ii):
        
Amount remaining from preceding Monthly Period to be applied as Cash Available for Investment
     98,574,889  
 
      
 
3. Pursuant to Clause 5.11(b)(i):
        
Class A Monthly Principal Amount
     0  
 
      
 
4. Pursuant to Clause 5.11(b)(ii):
        
Class B Monthly Principal Amount
     0  
 
      
 
5. Pursuant to Clause 5.11(b)(iii):
        
Class C Monthly Principal Amount
     0  
 
      
 
        
C. From amounts credited to the Spread Account pursuant to Clause 5.18(d)(ii)
        
 
The Servicer hereby advises the Receivables Trustee to make a withdrawal from amounts credited to the Spread Account on 16 June 2008 which date is a Distribution Date under the Receivables Trust Deed and Servicing Agreement, in an aggregate amount set out in paragraph 3 below and shall deposit such amount in the Trustee Collection Accounts to the credit of the Series 2006 — 2 Finance Charge Collections Ledger:
        
 
1. The amount up to the Available Spread Account Amount at such time for the purposes set out in Clause 5.10(k) to the extent necessary after applying Available Funds
     0  
 
      
 
2. On the Class C Release Date, an amount up to the Available Spread Account Amount equal to the excess, if any, of the Class C Debt Amount over the Class C Investor Interest
     0  
 
      
 
3. The aggregate of 1 and 2 (the “Total Withdrawal Amount”)
     0  
 
      
 
        
D. From amounts credited to the Series 2006 — 2 Principal Funding Ledger
        
 
The Servicer hereby advises the Receivables Trustee
        
(i) to make a withdrawal from amounts credited to the Series 2006 — 2 Principal Funding Ledger of the Principal Funding Account on 16 June 2008 which date is a Distribution Date under the Receivables Trust Deed and Servicing Agreement, in the amount set out below and
        
(ii) to apply the proceeds of such withdrawal in accordance with Clause 5.11(c), Clause 5.11(d) and Clause 5.11(e) by depositing such amount into the Series 2006 — 2 Loan Note Issuer Account.
        
 
1. Pursuant to Clause 5.11(c):
        
Amount to be credited to the Series 2006 — 2 Loan Note Issuer Account identified for Class A
     0  
 
      
 
2. Pursuant to Clause 5.11(d):
        
Amount to be credited to the Series 2006 — 2 Loan Note Issuer Account identified for Class B
     0  
 
      
 
3. Pursuant to Clause 5.11(e):
        
Amount to be credited to the Series 2006 — 2 Loan Note Issuer Account identified for Class C
     0  
 
      
 
        
E. Intentionally Reserved
     0  
 
      

 

 

Turquoise Card Backed Securities plc
Series 2006 — 2, For Distribution Date: 16 June 2008
     
  ACCRUED AND UNPAID AMOUNTS Section II
After giving effect to the withdrawals and transfers to be made in accordance with this notice, the following amounts will be accrued and unpaid with respect to all Monthly Periods preceding the current calendar month
         
A. Clause 5.10
        
The aggregate amount of all accrued Trustee Payment Amounts
        
(i) The aggregate amount of all accrued and unpaid Loan Note Issuer Costs Amounts
     0  
 
      
(ii) The aggregate amount of all accrued and unpaid Issuer Costs Amounts
     0  
 
      
(iii) The aggregate amount of all Deficiency Amounts
     0  
 
      
(iv) The aggregate amount of all accrued and unpaid Monthly Expense Loan Amount
     0  
 
      
(v) The aggregate amount of all accrued and unpaid Investor Servicing Fee Amount
     0  
 
      
(vi) The aggregate amount of all unreinstated Investor Charge-Offs
     0  
 
      
(vii) The aggregate amount of all accrued and unpaid Aggregate Investor Indemnity Amounts allocable to Series 2006 — 2
     0  
 
      
IN WITNESS WHEREOF, the undersigned has duly executed this certificate this 13th day of June, 2008.
         
HSBC Bank plc    
 
        
By:
/s/ Andrew J Huke
   
 
       
Name:
  Andrew J Huke    
Title:
  Senior Manager, Asset and Liability Management    

 

EX-99.B.2 5 u55839exv99wbw2.htm EXHIBIT B.2 exv99wbw2
EXHIBITS TO THE SCHEDULE
EXHIBIT B(2)
FORM OF MONTHLY PAYMENT ADVICE AND NOTIFICATION
TO THE RECEIVABLES TRUSTEE
Series 2007 — 1
Capitalised terms used in this Report have their respective meanings set forth in the Master Definitions Schedule and in the Receivables Trust Deed and Servicing Agreement Provided, however, that the “preceding Monthly Period” shall mean Monthly Period immediately preceding the calender month in which this notice is delivered. References herein to certain Clauses and paragraphs are references to the respective Clauses and paragraphs of the Receivables Trust Deed and Servicing Agreement. This certificate is delivered pursuant to Clause 5.9, Clause 5.10, Clause 5.12 and Clause 5.13 of the Receivables Trust Deed and Servicing Agreement as supplemented by the Series 2007-1 Supplement.
  (A)   HSBC Bank plc is the Servicer under the Receivables Trust Deed and Servicing Agreement.
 
  (B)   The undersigned is an Authorised Officer.
 
  (C)   The date of this notice is a date on or before a Distribution Date under the Receivables Trust Deed and Servicing Agreement.
 
      Distribution Date: 16/06/2008
     
Section   Contents
 
   
 
I  
Advice to make a withdrawal
   
 
II  
Accrued and unpaid amounts
 
Note:      All amounts are in (pound) sterling unless otherwise stated.

 

 

Turquoise Card Backed Securities plc
Series 2007 — 1, For Distribution Date: 16 June 2008
 
    ADVICE TO MAKE A WITHDRAWAL   Section I
         
A. From amounts credited to the Series 2007 - 1 Finance Charge Collections Ledger
        
 
        
Pursuant to Clause 5.10, the Servicer hereby advises the Receivables Trustee (i) to make a withdrawal from the Trustee Collection Account on 16 June 2008, which date is a Distribution Date under the Receivables Trust Deed and Servicing Agreement, in an aggregate amount set out below in respect of the following amounts and (ii) to apply the proceeds of such withdrawal in accordance with Clause 5.10.
        
 
        
1. Pursuant to Clause 5.10(a):
        
(i) Trust Payment Amount
     834  
 
        
(ii) accrued and unpaid Trustee Payment Amount
     0  
 
        
 
        
2. Pursuant to Clause 5.10(b):
        
(i) Loan Note Issuer Costs Amount
     439  
 
        
(ii) Issuer Costs Amount
     0  
 
        
 
        
3. Pursuant to Clause 5.10(c):
        
(i) Class A Monthly Finance Amount
     1,069,791  
 
        
(ii) Class A Deficiency Amount
     0  
 
        
(iii) Class A Additional Finance Amount
     0  
 
        
 
        
4. Pursuant to Clause 5.10(d):
        
Monthly Expense Loan Amount
     0  
 
        
 
        
5. Pursuant to Clause 5.10(e):
        
(i) Class B Monthly Finance Amount
     68,406  
 
        
(ii) Class B Deficiency Amount
     0  
 
        
(iii) Class B Additional Finance Amount
     0  
 
        
 
        
6. Pursuant to Clause 5.10(f):
        
(i) Series Servicing Fee
     167,294  
 
        
(ii) Accrued and unpaid Series Servicing Fee
     0  
 
        
 
        
7. Pursuant to Clause 5.10(g):
        
Class A Investor Default Amount
     969,696  
 
        
 
        
8. Pursuant to Clause 5.10(h):
        
Class A Investor Charge-Offs
     0  
 
        
 
        
9. Pursuant to Clause 5.10(i):
        
Class B Investor Default Amount
     60,605  
 
        
 
        
10. Pursuant to Clause 5.10(j):
        
Class B Investor Charge-Offs
     0  
 
        
 
        
11. Pursuant to Clause 5.10(k):
        
(i) Class C Monthly Finance Amount
     84,490  
 
        
(ii) Class C Deficiency Amount
     0  
 
        
(iii) Class C Additional Finance Amount
     0  
 
        
 
        
12. Pursuant to Clause 5.10(l):
        
Class C Investor Default Amount
     71,626  
 
        
 
        
13. Pursuant to Clause 5.10(m):
        
an amount equal to the aggregate amount by which the Class C Investor Interest has been reduced below the Class C Initial Investor Interest for reasons other than the payment of principal amounts to Class C (but not in excess of the aggregate amount of such reductions which have not been previously reinstated) will be utilised to reinstate the Class C Investor Interest and credited to the Series 2007-1 Loan Note Issuer Account, identified for Class C, on such Distribution Date;
     0  
 
        
 
        
14. Pursuant to Clause 5.10(n):
        
An amount up to the excess, if any, of the Required Reserve Amount over the Available Reserve Account Amount
     0  
 
        
 
        
15. Pursuant to Clause 5.10(o):
        
An amount up to the excess, if any, of the Required Spread Amount over the Available Reserve Account Amount
     0  
 
        
 
        
16. Pursuant to Clause 5.10(p):
        
an amount equal to the Aggregate Investor Indemnity Amount, if any, for the prior Monthly Period (together with any amounts in respect of previous Monthly Periods which are unpaid);
     0  
 
        
 
        
17. Pursuant to Clause 5.10(q):
        
In no order of priority but in proportion to the respective amounts due, an amount to:
        
(a) the Loan Note Issuer Return
     438  
 
        
(b) the Issuer Profit Amount
     2,193  
 
        
 
        
18. Pursuant to Clause 5.10(r):
        
Additional amounts calculated as payable in accordance with the Expenses Loan Agreement
     0  
 
        
 
        
19. Pursuant to Clause 5.10(s):
        
Excess Spread
     1,449,630  
 
        

 

 

Turquoise Card Backed Securities plc
Series 2007 — 1, For Distribution Date: 16 June 2008
 
    ADVICE TO MAKE A WITHDRAWAL   Section I (Continued)
         
B. From amounts credited to the Series 2007 — 1 Principal Collections Ledger
        
 
        
Pursuant to Clause 5.11 the Servicer hereby advises the Receivables Trustee (i) to make a withdrawal from amounts of Undivided Bare Trust Property credited to the Series 2007 — 1 Principal Collections Ledger in the Trustee Collection Account on 16 June 2008, which is a Distribution Date under the Receivables Trust Deed and Servicing Agreement, in an aggregate amount set out below in respect of the following amounts and (ii) to apply the proceeds of such withdrawal in accordance with Clause 5.11.
        
 
        
1. Pursuant to Clause 5.11(a)(i):
        
Amount to be treated as Shared Principal Collections
     0  
 
        
 
        
2. Pursuant to Clause 5.11(a)(ii):
        
Amount remaining from preceding Monthly Period to be applied as Cash Available for Investment
     62,302,958  
 
        
 
        
3. Pursuant to Clause 5.11(b)(i):
        
Class A Monthly Principal Amount
     0  
 
        
 
        
4. Pursuant to Clause 5.11(b)(ii):
        
Class B Monthly Principal Amount
     0  
 
        
 
        
5. Pursuant to Clause 5.11(b)(iii):
        
Class C Monthly Principal Amount
     0  
 
        
 
        
C. From amounts credited to the Spread Account pursuant to Clause 5.18(d)(ii)
        
 
        
The Servicer hereby advises the Receivables Trustee to make a withdrawal from amounts credited to the Spread Account on 16 June 2008 which date is a Distribution Date under the Receivables Trust Deed and Servicing Agreement, in an aggregate amount set out in paragraph 3 below and shall deposit such amount in the Trustee Collection Accounts to the credit of the Series 2007 — 1 Finance Charge Collections Ledger:
        
 
        
1. The amount up to the Available Spread Account Amount at such time for the purposes set out in Clause 5.10(k) to the extent necessary after applying Available Funds
     0  
 
        
 
        
2. On the Class C Release Date, an amount up to the Available Spread Account Amount equal to the excess, if any, of the Class C Debt Amount over the Class C Investor Interest
     0  
 
        
 
        
3. The aggregate of 1 and 2 (the “Total Withdrawal Amount”)
     0  
 
        
 
        
D. From amounts credited to the Series 2007 — 1 Principal Funding Ledger
        
 
        
The Servicer hereby advises the Receivables Trustee
        
 
(i) to make a withdrawal from amounts credited to the Series 2007 — 1 Principal Funding Ledger of the Principal Funding Account on 16 June 2008 which date is a Distribution Date under the Receivables Trust Deed and Servicing Agreement, in the amount set out below and
        
(ii) to apply the proceeds of such withdrawal in accordance with Clause 5.11(c), Clause 5.11(d) and Clause 5.11(e) by depositing such amount into the Series 2007 — 1 Loan Note Issuer Account.
        
 
        
1. Pursuant to Clause 5.11(c):
        
Amount to be credited to the Series 2007 — 1 Loan Note Issuer Account identified for Class A
     0  
 
        
 
        
2. Pursuant to Clause 5.11(d):
        
Amount to be credited to the Series 2007 — 1 Loan Note Issuer Account identified for Class B
     0  
 
        
 
        
3. Pursuant to Clause 5.11(e):
        
Amount to be credited to the Series 2007 — 1 Loan Note Issuer Account identified for Class C
     0  
 
        
 
        
E. Intentionally Reserved
     0  
 
        

 

 

Turquoise Card Backed Securities plc
Series 2007 — 1, For Distribution Date: 16 June 2008
 
    ACCRUED AND UNPAID AMOUNTS   Section II
After giving effect to the withdrawals and transfers to be made in accordance with this notice, the following amounts will be accrued and unpaid with respect to all Monthly Periods preceding the current calendar month
         
A. Clause 5.10
        
The aggregate amount of all accrued Trustee Payment Amounts
        
(i) The aggregate amount of all accrued and unpaid Loan Note Issuer Costs Amounts
     0  
 
        
(ii) The aggregate amount of all accrued and unpaid Issuer Costs Amounts
     0  
 
        
(iii) The aggregate amount of all Deficiency Amounts
     0  
 
        
(iv) The aggregate amount of all accrued and unpaid Monthly Expense Loan Amount
     0  
 
        
(v) The aggregate amount of all accrued and unpaid Investor Servicing Fee Amount
     0  
 
        
(vi) The aggregate amount of all unreinstated Investor Charge-Offs
     0  
 
        
(vii) The aggregate amount of all accrued and unpaid Aggregate Investor Indemnity Amounts allocable to    Series 2007 — 1
     0  
 
        
IN WITNESS WHEREOF, the undersigned has duly executed this certificate this 13th day of June, 2008.
 
HSBC Bank plc
 
By:
/s/ Andrew J Huke
Name: Andrew J Huke
Title: Senior Manager, Asset and Liability Management

 

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