Exhibit 20.3
PARTNERS FIRST CREDIT CARD MASTER TRUST
SERIES 1998-3
| A. | | Investor/Transferor Allocations |
| B. | | Monthly Funding Requirements |
| Last Payment Date | | 15-Aug-02 | | | | | | | | |
| Current Payment Date | | 16-Sep-02 | | | | | | | | |
| Actual / 360 Days | | 32 | | 32 | | 32 | | 32 | | |
| 30 / 360 Days | | 30 | | 31 | | 31 | | 31 | | |
| Fixed / Floating | | Floating | | Floating | | Floating | | Floating | | |
|
| | | Class A
| | Class B
| | Collateral Invested Amount
| | Class D
| | Total
|
| Certificate Rate | | 1.91000% | | 2.14000% | | 2.75500% | | 0.00000% | | |
| Secured Loan Spread Rate (Applies to CIA only) | | | | | | 2.50500% | | | | |
| Initial Balance | | 528,000,000.00 | | 113,000,000.00 | | 67,000,000.00 | | 42,000,000.00 | | 750,000,000.00 |
| Required Transferor Amount | | | | | | | | | | 51,316,988.19 |
| Initial Invested Amount + Req Transf Amount | | | | | | | | | | 801,316,988.19 |
|
| Beginning Outstanding Amount (Distribution) | | 528,000,000.00 | | 113,000,000.00 | | 50,099,831.25 | | 42,000,000.00 | | 733,099,831.25 |
| Ending Outstanding Amount (Distribution) | | 528,000,000.00 | | 113,000,000.00 | | 41,063,225.53 | | 42,000,000.00 | | 724,063,225.53 |
|
| Beginning Invested Amount (Distribution) | | 528,000,000.00 | | 113,000,000.00 | | 50,099,831.25 | | 42,000,000.00 | | 733,099,831.25 |
| Ending Invested Amount (Distribution) | | 528,000,000.00 | | 113,000,000.00 | | 41,063,225.53 | | 42,000,000.00 | | 724,063,225.53 |
|
| Beginning Adjusted Invested Amount (Distribution) | | 421,166,666.66 | | 113,000,000.00 | | 50,099,831.25 | | 42,000,000.00 | | 626,266,497.91 |
| Ending Adjusted Invested Amount (Distribution) | | 367,749,999.99 | | 113,000,000.00 | | 41,063,225.53 | | 42,000,000.00 | | 563,813,225.52 |
|
| Beginning Invested Amount (Month) | | 528,000,000.00 | | 113,000,000.00 | | 59,004,583.33 | | 42,000,000.00 | | 742,004,583.33 |
| Ending Invested Amount (Month) | | 528,000,000.00 | | 113,000,000.00 | | 50,099,831.25 | | 42,000,000.00 | | 733,099,831.25 |
|
| Beginning Adjusted Invested Amount (Month) | | 474,583,333.33 | | 113,000,000.00 | | 59,004,583.33 | | 42,000,000.00 | | 688,587,916.67 |
| Ending Adjusted Invested Amount (Month) | | 421,166,666.66 | | 113,000,000.00 | | 50,099,831.25 | | 42,000,000.00 | | 626,266,497.91 |
|
| Principal Allocation Percentage | | 70.40% | | 15.07% | | 8.93% | | 5.60% | | 100.00% |
| Floating Allocation Percentage | | 68.92% | | 16.41% | | 8.57% | | 6.10% | | 100.00% |
| Principal Collections | | 44,311,880.58 | | 9,483,413.84 | | 5,622,909.09 | | 3,524,808.68 | | 62,943,012.19 |
| Redirected Finance Charge Collections | | 7,138,574.92 | | 1,699,720.38 | | 887,533.57 | | 631,754.48 | | 10,357,583.35 |
| Reserve Account Draw | | 30,032.04 | | 0.00 | | 0.00 | | 0.00 | | 30,032.04 |
| PFA Proceeds (Class A Available Funds) | | 151,347.22 | | 0.00 | | 0.00 | | 0.00 | | 151,347.22 |
| Redirected Finance Charge plus PFA Proceeds | | 7,319,954.18 | | 1,699,720.38 | | 887,533.57 | | 631,754.48 | | 10,538,962.61 |
| Monthly Interest | | 896,426.67 | | 214,951.11 | | 122,688.92 | | 0.00 | | 1,234,066.70 |
| Investor Default Amount (Net) | | 3,126,428.94 | | 744,413.98 | | 388,706.52 | | 276,684.84 | | 4,536,234.29 |
| Monthly Servicing Fee | | 719,384.40 | | 171,288.01 | | 89,440.51 | | 63,664.57 | | 1,043,777.50 |
| Total Due | | 4,742,240.01 | | 1,130,653.11 | | 600,835.95 | | 340,349.42 | | 6,814,078.49 |
|
| Redirected Investor Fin Charge Coll + YSA Draw + PFA Inv Proceeds + Reserve Fund Releases | | 10,538,962.61 |
| Series Adjusted Portfolio Yield | | 9.71% |
| Base Rate | | 3.60% |
1
Partners First Credit Card Master Trust
Series 1998-3
| Series Parameters | | |
| | | Revolving Period (Y/N) | | N | | | | |
| | | Accumulation Period (Y/N) | | Y | | | | |
| | | Early Amortization (Y/N) | | N | | | | |
| | | Controlled Accumulation Period | | 12.00 | | | | |
| | | FUSA is Servicer | | Y | | | | |
| | | Paydown Excess CIA (Y/N) | | Y | | | | |
| | | Paydown Excess Class D (Y/N) | | Y | | | | |
| | | Controlled Accumulation Amount | | 53,416,666.67 | | | | |
| | | Controlled Deposit Amount | | 53,416,666.67 | | | | |
| | | Ending Controlled Deposit Amount Shortfall | | 0.00 | | | | |
| | | | | | | | | |
| Funding Accounts | | | | | | | | | | | | |
| | | Beginning Principal Funding Account Balance | | 106,833,333.34 | | | | |
| | | Principal Funding Account Deposit | | 53,416,666.67 | | | | |
| | | Principal Funding Account Withdrawal | | 0.00 | | | | |
| | | Ending Principal Funding Account Balance | | 160,250,000.01 | | | | |
| | | Principal Funding Investment Proceeds | | 151,347.22 | | | | |
|
| | | Yield Supplement Account Beginning Balance | | 0.00 | | | | |
| | | Yield Supplement Account Release | | 0.00 | | | | |
| | | Yield Supplement Account Ending Balance | | 0.00 | | | | |
|
| | | Reserve Account Beginning Balance | | 3,205,000.00 | | | | |
| | | Required Reserve Account Amount | | 3,205,000.00 | | | | |
| | | Available Reserve Account Amount | | 3,205,000.00 | | | | |
| | | Interest Retained in Reserve Account | | 0.00 | | | | |
| | | Reserve Draw Amount pursuant to Supplement 4.12(c) | | 30,032.04 | | | | |
| | | Funds Deposited into Reserve Account (out of Excess Spread) | | 30,032.04 | | | | |
| | | Ending Reserve Account Balance | | 3,205,000.00 | | | | |
| | | Covered Amount | | 181,379.26 | | | | |
| | | | | | | | | |
| C. Certificate Balances and Distributions | | | | | | | | | | |
| | | | | Class A | | Class B | | CIA | | Class D | | Total |
| | | Beginning Balance | | 528,000,000.00 | | 113,000,000.00 | | 50,099,831.25 | | 42,000,000.00 | | 733,099,831.25 |
| | | Interest Distributions | | 896,426.67 | | 214,951.11 | | 122,688.92 | | 0.00 | | 1,234,066.70 |
| | | Cumulative PFA Deposits | | 160,250,000.01 | | 0.00 | | 0.00 | | 0.00 | | 160,250,000.01 |
| | | Principal Distributions | | 0.00 | | 0.00 | | 9,036,605.72 | | 0.00 | | 9,036,605.72 |
| | | Total Distributions | | 896,426.67 | | 214,951.11 | | 9,159,294.64 | | 0.00 | | 10,270,672.42 |
| | | Ending Certificate Balance | | 528,000,000.00 | | 113,000,000.00 | | 41,063,225.53 | | 42,000,000.00 | | 724,063,225.53 |
Page 2
PARTNERS FIRST CREDIT CARD MASTER TRUST
SERIES 1998-3
|
| D. Information regarding distributions on the Distribution Date in respect of the Class A Certificates per $1,000 original certificate principal amount: |
|
| 1 Total amount of the distribution: | | 1.6978 |
| 2 Amount of the distribution in respect of Class A Monthly Interest: | | 1.6978 |
| 3 Amount of the distribution in respect of Class A Outstanding Monthly Interest: | | 0.00 |
| 4 Amount of the distribution in respect of Class A Additional Interest: | | 0.00 |
| 5 Amount of the distribution in respect of Class A Principal: | | 0.00 |
|
| E. Class A Investor Charge-Offs and Reimbursement of Class A Investor Charge-Offs on such Distribution Date. |
|
| 1 Total amount of Class A Investor Charge-Offs: | | 0.00 |
| 2 Amount of Class A Investor Charge-Offs per $1,000 original certificate principal amount: | | 0.00 |
| 3 Total amount reimbursed in respect of Class A Investor Charge-Offs: | | 0.00 |
| 4 Amount reimbursed in respect of Class A Investor Charge-Offs per $1,000 original certificate principal amount: | | 0.00 |
| 5 The amount, if any, by which the outstanding principal balance of the Class A Certificate exceeds the Class A Invested Amount after giving effect to all transactions on such Distribution Date: | | 0.00 |
|
| F. Information regarding distributions in respect of the Class B Certificates, per $1,000 original certificate principal amount. |
|
| 1 The total amount of the distribution: | | 1.9022 |
| 2 Amount of the distribution in respect of Class B monthly interest: | | 1.9022 |
| 3 Amount of the distribution in respect of Class B outstanding monthly interest: | | 0.00 |
| 4 Amount of the distribution in respect of Class B additional interest: | | 0.00 |
| 5 Amount of the distribution in respect of Class B principal: | | 0.00 |
|
| G. Amount of reductions in Class B Invested Amount on such Distribution Date. |
|
| 1 The amount of reductions in Class B Invested Amount | | 0.00 |
| 2 The amount of reductions in the Class B Invested Amount set forth in paragraph 1 above, per $1,000 original certificate principal amount: | | 0.00 |
| 3 The total amount reimbursed in respect of such reductions in the Class B Invested Amount: | | 0.00 |
| 4 The total amount set forth in paragraph 3 above, per $1,000 original certificate principal amount: | | 0.00 |
| 5 The amount, if any, by which the outstanding principal balance of the Class B Certificates exceeds the Class B Invested Amount after giving effect to all transactions on such Distribution Date: | | 0.00 |
3
PARTNERS FIRST CREDIT CARD MASTER TRUST
SERIES 1998-3
| H. | | Information regarding distributions on the Distribution Date to the Collateral Interest Holder. |
| 1 Total amount distributed to the Collateral Interest Holder: | | 9,159,294.64 |
| 2 Amount distributed in respect of Collateral Monthly Interest: | | 122,688.92 |
| 3 Amount distributed in respect of Collateral Additional Interest: | | 0.00 |
| 4 The amount distributed to the Collateral Interest Holder in respect of principal on the Collateral Invested Amount: | | 9,036,605.72 |
| I. | | Amount of reductions in Collateral Invested Amount. |
| 1 The amount of reductions in the Collateral Invested Amount. | | 0.00 |
| 2 The total amount reimbursed in respect of such reductions in the Collateral Invested Amount | | 0.00 |
| J. | | Finance Charge Shortfall Amount/Reallocated Finance Charge Collections |
| 1 Finance Charge Collections Allocated to Series 1998-3 (incl. YSA, Res Draw & Int and PFA Proceeds) | | 10,538,962.61 |
| 2 Full amount required to be paid pursuant to sections 4.5 and 4.7(excl. Spread Acct.) | | 6,844,110.52 |
| 3 Spread Account Requirement per Loan Agreement | | 0.00 |
| 4 Finance Charge Shortfall | | 0.00 |
| 5 Available for Other Excess Allocation Series | | 3,694,852.09 |
| K. | | Application of Reallocated Investor Finance Charge Collections. |
| | | Available
| | | | Due
| | | | Paid
| | | | Shortfall
|
| 1 Allocated Class A Available Funds | | 7,138,574.92 | | | | | | | | | | | | |
| a Reserve Account Release | | 30,032.04 | | | | | | | | | | | | |
| b PFA Investment Earnings | | 151,347.22 | | | | | | | | | | | | |
| c Class A Available Funds | | 7,319,954.18 | | | | | | | | | | | | |
| 2 Class A Available Funds | | 7,319,954.18 | | | | | | | | | | | | |
| a Class A Monthly Interest | | | | | | 896,426.67 | | | | 896,426.67 | | | | 0.00 |
| b Class A Servicing Fee | | | | | | 719,384.40 | | | | 719,384.40 | | | | 0.00 |
| c Class A Investor Default Amount | | | | | | 3,126,428.94 | | | | 3,126,428.94 | | | | 0.00 |
| d Class A Excess | | 2,577,714.17 | | | | | | | | | | | | |
| 3 Class B Available Funds | | 1,699,720.38 | | | | | | | | | | | | |
| a Class B Monthly Interest | | | | | | 214,951.11 | | | | 214,951.11 | | | | 0.00 |
| b Class B Servicing Fee | | | | | | 171,288.01 | | | | 171,288.01 | | | | 0.00 |
| c Class B Excess | | 1,313,481.26 | | | | | | | | | | | | |
| 4 Collateral Available Funds | | 887,533.57 | | | | | | | | | | | | |
| a Collateral Servicing Fee | | | | | | 89,440.51 | | | | 89,440.51 | | | | 0.00 |
| b Collateral Excess | | 798,093.05 | | | | | | | | | | | | |
| 5 Class D Available Funds | | 631,754.48 | | | | | | | | | | | | |
| a Class D Servicing Fee | | | | | | 63,664.57 | | | | 63,664.57 | | | | 0.00 |
| b Class D Excess | | 568,089.91 | | | | | | | | | | | | |
| 6 Total Excess Spread | | 5,257,378.39 | | | | | | | | | | | | |
4
PARTNERS FIRST CREDIT CARD MASTER TRUST
SERIES 1998-3
| L. Application of Excess Spread and Excess Finance Charge Collections | | | | | | | | |
|
| | | Available
| | Due
| | Paid
| | Shortfall
|
| 1 Available Excess Spread | | 5,257,378.39 | | | | | | |
| 2 Excess Fin Charge Coll from Other Series | | 0.00 | | | | | | |
| 3 Available Funds | | 5,257,378.39 | | | | | | |
| 4 Class A Required Amount | | | | | | | | |
| a Interest | | | | 0.00 | | 0.00 | | 0.00 |
| b Servicing Fee | | | | 0.00 | | 0.00 | | 0.00 |
| c Defaults | | | | 0.00 | | 0.00 | | 0.00 |
| 5 Class A Charge Offs not Previously Reimbursed | | | | 0.00 | | 0.00 | | 0.00 |
| 6a Class B Required Amount in accordance with 4.5(b)(i)(ii) | | | | | | | | |
| a Interest | | | | 0.00 | | 0.00 | | 0.00 |
| b Servicing Fee | | | | 0.00 | | 0.00 | | 0.00 |
| 6b Class B Default Amount | | | | 744,413.98 | | 744,413.98 | | 0.00 |
| 7 Reductions in Class B not previously reimbursed | | | | 0.00 | | 0.00 | | 0.00 |
| 8 Monthly Servicing Fee Shortfalls | | | | 0.00 | | 0.00 | | 0.00 |
| 9 Collateral Monthly Interest | | | | 122,688.92 | | 122,688.92 | | 0.00 |
| 10 Collateral Default Amount | | | | 388,706.52 | | 388,706.52 | | 0.00 |
| 11 Reductions in CIA not previously reimbursed | | | | 0.00 | | 0.00 | | 0.00 |
| 12 Reserve Account Deposit | | | | 30,032.04 | | 30,032.04 | | 0.00 |
| 13 Class D Monthly Interest | | | | 0.00 | | 0.00 | | 0.00 |
| 14 Class D Default Amount | | | | 276,684.84 | | 276,684.84 | | 0.00 |
| 15 Reductions in Class D not previously reimbursed | | | | 0.00 | | 0.00 | | 0.00 |
| 16 Other CIA Amounts Owed | | | | 0.00 | | 0.00 | | 0.00 |
| 17 Excess Fin Coll for Other Series | | | | 0.00 | | 0.00 | | 0.00 |
| 18 Excess Spread (after reallocation) | | 3,694,852.08 | | | | | | |
| 19 Writedowns | | | | | | | | |
| | | Total
| | Redirected Principal
| | Charge-Offs
|
| a Class A | | 0.00 | | 0.00 | | 0.00 |
| in respect of A | | | | | | 0.00 |
| b Class B | | 0.00 | | 0.00 | | 0.00 |
| in respect of A | | | | | | 0.00 |
| in respect of B | | | | | | 0.00 |
| c CIA | | 0.00 | | 0.00 | | 0.00 |
| in respect of A | | | | | | 0.00 |
| in respect of B | | | | | | 0.00 |
| in respect of CIA | | | | | | 0.00 |
| d Class D | | 0.00 | | 0.00 | | 0.00 |
| in respect of A | | | | | | 0.00 |
| in respect of B | | | | | | 0.00 |
| in respect of CIA | | | | | | 0.00 |
| in respect of D | | | | | | 0.00 |
| M. | | Application of Redirected Principal Collections |
| | | Available
| | Due
| | Paid
| | Shortfall
|
| 1 Redirected Principal Collections | | 18,631,131.61 | | | | | | |
| 2 Class A Required Amount | | | | | | | | |
| a Interest | | | | 0.00 | | 0.00 | | 0.00 |
| b Servicing Fee | | | | 0.00 | | 0.00 | | 0.00 |
| c Defaults | | | | 0.00 | | 0.00 | | 0.00 |
| 3 Class B Required Amount | | | | | | | | |
| a Interest | | | | 0.00 | | 0.00 | | 0.00 |
| b Servicing Fee | | | | 0.00 | | 0.00 | | 0.00 |
| c Defaults | | | | 0.00 | | 0.00 | | 0.00 |
| 4 Collateral Required Amount | | | | | | | | |
| a Interest | | | | 0.00 | | 0.00 | | 0.00 |
| b Servicing Fee | | | | 0.00 | | 0.00 | | 0.00 |
| c Defaults | | | | 0.00 | | 0.00 | | 0.00 |
| 5 Available for Available Principal Collections | | 18,631,131.61 | | | | | | |
5
PARTNERS FIRST CREDIT CARD MASTER TRUST
SERIES 1998-3
| N. | | Principal Shortfall Amount/Shared Principal Collections |
| 1 Principal Allocation % of the Series 1998-3 Allocable Principal Collections | | 62,943,012.19 |
| 2 Other amounts treated as Principal Collections per Section 4.5 & 4.7 | | 4,536,234.29 |
| 3 Full amount required to be distributed pursuant to Section 4.5 | | 62,453,272.39 |
| 4 Principal required to fund the Required Amount per Section 4.8 | | — |
| 5 Principal Shortfall | | — |
| 6 Available for Shared Principal Collections | | 5,025,974.09 |
| O. | | Available Principal Collections |
| 1 Available Principal Collections (per the definition thereof) | | 67,479,246.48 |
| 2 Principal Collections allocation to other Principal Sharing Series | | 0.00 |
| 3 Available Principal Collections (after Sharing) | | 67,479,246.48 |
| P. | | Application of Principal Collections during Revolving Period |
| 1 Available Principal Collections | | 0.00 |
| 2 Collateral Invested Amount | | 0.00 |
| 3 Required Collateral Invested Amount | | 0.00 |
| 4 Amount used to pay Excess CIA | | 0.00 |
|
| 5 Available Principal Collections | | 0.00 |
| 6 Class D | | 0.00 |
| 6 Class D | | 0.00 |
| 8 Amount used to pay Excess Class D | | 0.00 |
| Q. | | Application of Principal Collections during the Accumulation Period |
| 1 Available Principal Collections | | 67,479,246.48 |
| 2 Controlled Deposit Amount | | 53,416,666.67 |
| 3 Class A Adjusted Invested Amount + Class B Adjusted Invested Amount | | 534,166,666.66 |
| 4 Principal Funding Account Deposit (minimum of items 1, 2 & 3 above) | | 53,416,666.67 |
| 5 Required Enhancement Amount | | 83,063,225.53 |
|
| 6 Remaining Principal Collections Available | | 14,062,579.81 |
| 7 Remaining Collateral Invested Amount | | 50,099,831.25 |
| 8 Collateral Monthly Principal (Principal paid to CIA) (min of items a & b & 7) | | 9,036,605.72 |
| a Excess of CIA and Class D over Required Enhancement Amt | | 9,036,605.72 |
| b Excess of Available Principal Collections over PFA deposit | | 14,062,579.81 |
|
| 9 Remaining Principal Collections Available | | 5,025,974.09 |
| 10 Remaining Class D Amount | | 42,000,000.00 |
| 11 Principal Paid to Class D (limited by Required Enhancement Amount) | | 0.00 |
6
PARTNERS FIRST CREDIT CARD MASTER TRUST
SERIES 1998-3
| R. | | Application of Principal Collections during Early Amortization Period |
|
| 1 Available Principal Collections | | 0.00 | | |
| a Remaining Class A Adjusted Invested Amount | | 0.00 | | |
| b Principal Paid to Class A—Current Period’s Collections | | 0.00 | | |
| c Principal Paid to Class A—PFA per 5.1 | | 0.00 | | |
| d Total Principal Paid to Class A | | 0.00 | | |
|
| 2 Remaining Principal Collections Available | | 0.00 | | |
| a Remaining Class B Adjusted Invested Amount | | 0.00 | | |
| b Principal Paid to Class B—Current Period’s Collections | | 0.00 | | |
| c Principal Paid to Class B—PFA per 5.1 | | 0.00 | | |
| d Total Principal Paid to Class B | | 0.00 | | |
|
| 3 Remaining Principal Collections Available | | 0.00 | | |
| a Remaining Collateral Invested Amount | | 0.00 | | |
| b Principal Paid to CIA | | 0.00 | | |
|
| 4 Remaining Principal Collections Available | | 0.00 | | |
| a Remaining Class D Amount | | 0.00 | | |
| b Principal Paid to Class D | | 0.00 | | |
|
| S. Yield and Base Rate | | | | |
|
| 1 Base Rate | | | | |
| a Current Monthly Period | | 3.60% | | |
| b Prior Monthly Period | | 3.82% | | |
| c Second Prior Monthly Period | | 3.97% | | |
|
| Three Month Average Base Rate | | | | 3.80% |
|
| 2 Series Adjusted Portfolio Yield | | | | |
| a Current Monthly Period | | 9.71% | | |
| b Prior Monthly Period | | 9.53% | | |
| c Second Prior Monthly Period | | 8.61% | | |
|
| Three Month Average Series Adjusted Portfolio Yield | | | | 9.28% |
|
| 3 Excess Spread | | | | |
| a Current Monthly Period | | 6.11% | | |
| b Prior Monthly Period | | 5.71% | | |
| c Second Prior Monthly Period | | 4.64% | | |
|
| Three Month Average Excess Spread | | | | 5.49% |
7
