Exhibit 20.3
PARTNERS FIRST CREDIT CARD MASTER TRUST
SERIES 1998-3
| A. | | Investor/Transferor Allocations |
| B. | | Monthly Funding Requirements |
| Last Payment Date | | 15-Nov-02 | | | | | | | | | | |
| Current Payment Date | | 16-Dec-02 | | | | | | | | | | |
| Actual / 360 Days | | 31 | | 31 | | 31 | | 31 | | | | |
| 30 / 360 Days | | 30 | | 30 | | 30 | | 30 | | | | |
| Fixed / Floating | | Floating | | Floating | | Floating | | Floating | | | | |
|
| | | Class A
| | Class B
| | Collateral Invested Amount
| | Class D
| | | | Total
|
| Certificate Rate | | 1.51125% | | 1.74125% | | 2.35625% | | 0.00000% | | | | |
| Secured Loan Spread Rate (Applies to CIA only) | | | | | | 2.10625% | | | | | | |
| 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 | | | | | | | | | | | | 49,416,430.30 |
| Initial Invested Amount + Req Transf Amount | | | | | | | | | | | | 799,416,430.30 |
|
| Beginning Outstanding Amount (Distribution) | | 528,000,000.00 | | 113,000,000.00 | | 22,949,004.31 | | 42,000,000.00 | | | | 705,949,004.31 |
| Ending Outstanding Amount (Distribution) | | 528,000,000.00 | | 113,000,000.00 | | 13,890,105.62 | | 42,000,000.00 | | | | 696,890,105.62 |
|
| Beginning Invested Amount (Distribution) | | 528,000,000.00 | | 113,000,000.00 | | 22,949,004.31 | | 42,000,000.00 | | | | 705,949,004.31 |
| Ending Invested Amount (Distribution) | | 528,000,000.00 | | 113,000,000.00 | | 13,890,105.62 | | 42,000,000.00 | | | | 696,890,105.62 |
|
| Beginning Adjusted Invested Amount (Distribution) | | 260,916,666.65 | | 113,000,000.00 | | 22,949,004.31 | | 42,000,000.00 | | | | 438,865,670.97 |
| Ending Adjusted Invested Amount (Distribution) | | 207,499,999.98 | | 113,000,000.00 | | 13,890,105.62 | | 42,000,000.00 | | | | 376,390,105.61 |
|
| Beginning Invested Amount (Month) | | 528,000,000.00 | | 113,000,000.00 | | 32,007,501.03 | | 42,000,000.00 | | | | 715,007,501.03 |
| Ending Invested Amount (Month) | | 528,000,000.00 | | 113,000,000.00 | | 22,949,004.31 | | 42,000,000.00 | | | | 705,949,004.31 |
|
| Beginning Adjusted Invested Amount (Month) | | 314,333,333.32 | | 113,000,000.00 | | 32,007,501.03 | | 42,000,000.00 | | | | 501,340,834.36 |
| Ending Adjusted Invested Amount (Month) | | 260,916,666.65 | | 113,000,000.00 | | 22,949,004.31 | | 42,000,000.00 | | | | 438,865,670.97 |
|
| Principal Allocation Percentage | | 70.40% | | 15.07% | | 8.93% | | 5.60% | | | | 100.00% |
| Floating Allocation Percentage | | 62.70% | | 22.54% | | 6.38% | | 8.38% | | | | 100.00% |
| Principal Collections | | 41,450,613.70 | | 8,871,059.37 | | 5,259,831.66 | | 3,297,207.91 | | | | 58,878,712.64 |
| Redirected Finance Charge Collections | | 4,374,589.72 | | 1,572,625.57 | | 445,449.69 | | 584,515.70 | | | | 6,977,180.68 |
| Reserve Account Draw | | 74,328.92 | | 0.00 | | 0.00 | | 0.00 | | | | 74,328.92 |
| PFA Proceeds (Class A Available Funds) | | 273,241.09 | | 0.00 | | 0.00 | | 0.00 | | | | 273,241.09 |
| Redirected Finance Charge plus PFA Proceeds | | 4,722,159.73 | | 1,572,625.57 | | 445,449.69 | | 584,515.70 | | | | 7,324,750.69 |
| Monthly Interest | | 687,115.00 | | 169,433.30 | | 46,563.37 | | 0.00 | | | | 903,111.67 |
| Investor Default Amount (Net) | | 2,316,454.02 | | 832,744.34 | | 235,876.68 | | 309,515.60 | | | | 3,694,590.64 |
| Monthly Servicing Fee | | 458,603.87 | | 164,863.96 | | 46,698.08 | | 61,276.87 | | | | 731,442.78 |
| Total Due | | 3,462,172.89 | | 1,167,041.60 | | 329,138.14 | | 370,792.47 | | | | 5,329,145.09 |
|
| Redirected Investor Fin Charge Coll + YSA Draw + PFA Inv Proceeds + Reserve Fund Releases | | | | | | 7,324,750.69 |
| Series Adjusted Portfolio Yield | | | | | | | | | | | | 6.09% |
| Base Rate | | | | | | | | | | | | 2.73% |
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 |
| Bank One, Delaware, National Association (Formerly 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 | | 267,083,333.35 |
| Principal Funding Account Deposit | | 53,416,666.67 |
| Principal Funding Account Withdrawal | | 0.00 |
| Ending Principal Funding Account Balance | | 320,500,000.02 |
| Principal Funding Investment Proceeds | | 273,241.09 |
|
| 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) | | 74,328.92 |
| Funds Deposited into Reserve Account (out of Excess Spread) | | 74,328.92 |
| Ending Reserve Account Balance | | 3,205,000.00 |
| Covered Amount | | 347,570.01 |
| C. | | Certificate Balances and Distributions |
| | | Class A
| | Class B
| | CIA
| | Class D
| | Total
|
| Beginning Balance | | 528,000,000.00 | | 113,000,000.00 | | 22,949,004.31 | | 42,000,000.00 | | 705,949,004.31 |
| Interest Distributions | | 687,115.00 | | 169,433.30 | | 46,563.37 | | 0.00 | | 903,111.67 |
| Cumulative PFA Deposits | | 320,500,000.02 | | 0.00 | | 0.00 | | 0.00 | | 320,500,000.02 |
| Principal Distributions | | 0.00 | | 0.00 | | 9,058,898.69 | | 0.00 | | 9,058,898.69 |
| Total Distributions | | 687,115.00 | | 169,433.30 | | 9,105,462.06 | | 0.00 | | 9,962,010.36 |
| Ending Certificate Balance | | 528,000,000.00 | | 113,000,000.00 | | 13,890,105.62 | | 42,000,000.00 | | 696,890,105.62 |
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: | | 1.3014 |
| 2 Amount of the distribution in respect of Class A Monthly Interest: | | 1.3014 |
| 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: | | 1.4994 |
| 2 Amount of the distribution in respect of Class B monthly interest: | | 1.4994 |
| 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: | | 9,105,462.06 |
| 2 Amount distributed in respect of Collateral Monthly Interest: | | 46,563.37 |
| 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: | | 9,058,898.69 |
| 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) | | 7,324,750.69 |
| 2 Full amount required to be paid pursuant to sections 4.5 and 4.7(excl. Spread Acct.) | | 5,403,474.01 |
| 3 Spread Account Requirement per Loan Agreement | | 0.00 |
| 4 Finance Charge Shortfall | | 0.00 |
| 5 Available for Other Excess Allocation Series | | 1,921,276.68 |
| K. | | Application of Reallocated Investor Finance Charge Collections. |
| | | Available
| | Due
| | Paid
| | Shortfall
|
|
| 1 Allocated Class A Available Funds | | 4,374,589.72 | | | | | | |
| a Reserve Account Release | | 74,328.92 | | | | | | |
| b PFA Investment Earnings | | 273,241.09 | | | | | | |
| c Class A Available Funds | | 4,722,159.73 | | | | | | |
|
| 2 Class A Available Funds | | 4,722,159.73 | | | | | | |
| a Class A Monthly Interest | | | | 687,115.00 | | 687,115.00 | | 0.00 |
| b Class A Servicing Fee | | | | 458,603.87 | | 458,603.87 | | 0.00 |
| c Class A Investor Default Amount | | | | 2,316,454.02 | | 2,316,454.02 | | 0.00 |
| d Class A Excess | | 1,259,986.84 | | | | | | |
|
| 3 Class B Available Funds | | 1,572,625.57 | | | | | | |
| a Class B Monthly Interest | | | | 169,433.30 | | 169,433.30 | | 0.00 |
| b Class B Servicing Fee | | | | 164,863.96 | | 164,863.96 | | 0.00 |
| c Class B Excess | | 1,238,328.31 | | | | | | |
|
| 4 Collateral Available Funds | | 445,449.69 | | | | | | |
| a Collateral Servicing Fee | | | | 46,698.08 | | 46,698.08 | | 0.00 |
| b Collateral Excess | | 398,751.60 | | | | | | |
|
| 5 Class D Available Funds | | 584,515.70 | | | | | | |
| a Class D Servicing Fee | | | | 61,276.87 | | 61,276.87 | | 0.00 |
| b Class D Excess | | 523,238.83 | | | | | | |
|
| 6 Total Excess Spread | | 3,420,305.59 | | | | | | |
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 | | 3,420,305.59 | | | | | | |
| 2 Excess Fin Charge Coll from Other Series | | 0.00 | | | | | | |
| 3 Available Funds | | 3,420,305.59 | | | | | | |
| 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 | | | | 832,744.34 | | 832,744.34 | | 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 | | | | 46,563.37 | | 46,563.37 | | 0.00 |
| 10 Collateral Default Amount | | | | 235,876.68 | | 235,876.68 | | 0.00 |
| 11 Reductions in CIA not previously reimbursed | | | | 0.00 | | 0.00 | | 0.00 |
| 12 Reserve Account Deposit | | | | 74,328.92 | | 74,328.92 | | 0.00 |
| 13 Class D Monthly Interest | | | | 0.00 | | 0.00 | | 0.00 |
| 14 Class D Default Amount | | | | 309,515.60 | | 309,515.60 | | 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) | | 1,921,276.69 | | | | | | |
| 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 | | 17,428,098.94 | | | | | | |
| 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 | | 17,428,098.94 | | | | | | |
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 | | 58,878,712.64 |
| 2 Other amounts treated as Principal Collections per Section 4.5 & 4.7 | | 3,694,590.64 |
| 3 Full amount required to be distributed pursuant to Section 4.5 | | 62,475,565.36 |
| 4 Principal required to fund the Required Amount per Section 4.8 | | — |
| 5 Principal Shortfall | | — |
| 6 Available for Shared Principal Collections | | 97,737.92 |
O. Available Principal Collections
| 1 Available Principal Collections (per the definition thereof) | | 62,573,303.28 |
| 2 Principal Collections allocation to other Principal Sharing Series | | 0.00 |
| 3 Available Principal Collections (after Sharing) | | 62,573,303.28 |
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 |
| 7 Required 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 | | 62,573,303.28 |
| 2 Controlled Deposit Amount | | 53,416,666.67 |
| 3 Class A Adjusted Invested Amount + Class B Adjusted Invested Amount | | 373,916,666.65 |
| 4 Principal Funding Account Deposit (minimum of items 1, 2 & 3 above) | | 53,416,666.67 |
| 5 Required Enhancement Amount | | 55,890,105.62 |
|
| 6 Remaining Principal Collections Available | | 9,156,636.61 |
| 7 Remaining Collateral Invested Amount | | 22,949,004.31 |
| 8 Collateral Monthly Principal (Principal paid to CIA) (min of items a & b & 7) | | 9,058,898.69 |
| a Excess of CIA and Class D over Required Enhancement Amt | | 9,058,898.69 |
| b Excess of Available Principal Collections over PFA deposit | | 9,156,636.61 |
|
| 9 Remaining Principal Collections Available | | 97,737.87 |
| 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 | | 2.73 | % | | | |
| b Prior Monthly Period | | 3.30 | % | | | |
| c Second Prior Monthly Period | | 3.48 | % | | | |
|
| Three Month Average Base Rate | | | | | 3.17 | % |
|
| 2 Series Adjusted Portfolio Yield | | | | | | |
| a Current Monthly Period | | 6.09 | % | | | |
| b Prior Monthly Period | | 8.33 | % | | | |
| c Second Prior Monthly Period | | 8.08 | % | | | |
|
| Three Month Average Series Adjusted Portfolio Yield | | | | | 7.50 | % |
|
| 3 Excess Spread | | | | | | |
| a Current Monthly Period | | 3.36 | % | | | |
| b Prior Monthly Period | | 5.03 | % | | | |
| c Second Prior Monthly Period | | 4.60 | % | | | |
|
| Three Month Average Excess Spread | | | | | 4.33 | % |
7
