Bank One De Na As Serv On Behalf Part Credit Card Mas TR Inactive
Filed: 15 Apr 03, 12:00am
Exhibit 20.3
PARTNERS FIRST CREDIT CARD MASTER TRUST
SERIES 1998-3
| A. | Investor/Transferor Allocations |
| B. | Monthly Funding Requirements |
Last Payment Date | 17-Mar-03 |
| |||||||||||||
Current Payment Date | 15-Apr-03 |
| |||||||||||||
Actual / 360 Days | 29 |
| 29 |
| 29 |
| 29 |
| |||||||
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 | 1.41000 | % | 1.64000 | % | 2.25500 | % | 0.00000 | % | |||||||
Secured Loan Spread Rate (Applies to CIA only) | 2.00500 | % | |||||||||||||
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 | 47,495,000.00 |
| |||||||||||||
Initial Invested Amount + Req Transf Amount | 797,495,000.00 |
| |||||||||||||
Beginning Outstanding Amount (Distribution) | 528,000,000.00 |
| 113,000,000.00 |
| 0.00 |
| 37,500,000.00 |
| 678,500,000.00 |
| |||||
Ending Outstanding Amount (Distribution) | 528,000,000.00 |
| 113,000,000.00 |
| 0.00 |
| 37,500,000.00 |
| 678,500,000.00 |
| |||||
Beginning Invested Amount (Distribution) | 528,000,000.00 |
| 113,000,000.00 |
| 0.00 |
| 37,500,000.00 |
| 678,500,000.00 |
| |||||
Ending Invested Amount (Distribution) | 528,000,000.00 |
| 113,000,000.00 |
| 0.00 |
| 37,500,000.00 |
| 678,500,000.00 |
| |||||
Beginning Adjusted Invested Amount (Distribution) | 47,249,999.97 |
| 113,000,000.00 |
| 0.00 |
| 25,251,025.63 |
| 185,501,025.60 |
| |||||
Ending Adjusted Invested Amount (Distribution) | 0.00 |
| 106,833,333.30 |
| 0.00 |
| 8,938,609.38 |
| 115,771,942.68 |
| |||||
Beginning Invested Amount (Month) | 528,000,000.00 |
| 113,000,000.00 |
| 0.00 |
| 37,500,000.00 |
| 678,500,000.00 |
| |||||
Ending Invested Amount (Month) | 528,000,000.00 |
| 113,000,000.00 |
| 0.00 |
| 37,500,000.00 |
| 678,500,000.00 |
| |||||
Beginning Adjusted Invested Amount (Month) | 100,666,666.64 |
| 113,000,000.00 |
| 0.00 |
| 32,731,128.30 |
| 246,397,794.94 |
| |||||
Ending Adjusted Invested Amount (Month) | 47,249,999.97 |
| 113,000,000.00 |
| 0.00 |
| 25,251,025.63 |
| 185,501,025.60 |
| |||||
Principal Allocation Percentage | 70.40 | % | 15.07 | % | 8.93 | % | 5.60 | % | 100.00 | % | |||||
Floating Allocation Percentage | 40.86 | % | 45.86 | % | 0.00 | % | 13.28 | % | 100.00 | % | |||||
Principal Collections | 47,831,552.40 |
| 10,236,676.93 |
| 6,069,534.11 |
| 3,804,782.59 |
| 67,942,546.03 |
| |||||
Redirected Finance Charge Collections | 1,568,169.98 |
| 1,760,296.76 |
| 0.00 |
| 509,880.52 |
| 3,838,347.26 |
| |||||
Reserve Account Draw | 0.00 |
| 0.00 |
| 0.00 |
| 0.00 |
| 0.00 |
| |||||
PFA Proceeds (Class A Available Funds) | 496,672.04 |
| 0.00 |
| 0.00 |
| 0.00 |
| 496,672.04 |
| |||||
Redirected Finance Charge plus PFA Proceeds | 2,064,842.02 |
| 1,760,296.76 |
| 0.00 |
| 509,880.52 |
| 4,335,019.30 |
| |||||
Monthly Interest | 599,720.00 |
| 149,285.56 |
| 0.00 |
| 0.00 |
| 749,005.56 |
| |||||
Investor Default Amount (Net) | 729,895.79 |
| 819,320.11 |
| 0.00 |
| 237,320.99 |
| 1,786,536.89 |
| |||||
Monthly Servicing Fee | 126,311.81 |
| 141,787.09 |
| 0.00 |
| 41,069.48 |
| 309,168.38 |
| |||||
Total Due | 1,455,927.60 |
| 1,110,392.76 |
| 0.00 |
| 278,390.47 |
| 2,844,710.83 |
| |||||
Redirected Investor Fin Charge Coll + YSA Draw + PFA Inv Proceeds + Reserve Fund Releases | 4,335,019.30 |
| |||||||||||||
Series Adjusted Portfolio Yield | 4.51 | % | |||||||||||||
Base Rate | 1.92 | % | |||||||||||||
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 | 492,998,974.40 | |
Principal Funding Account Deposit | 69,729,082.92 | |
Principal Funding Account Withdrawal | 0.00 | |
Ending Principal Funding Account Balance | 562,728,057.32 | |
Principal Funding Investment Proceeds
| 496,672.04 | |
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) | 0.00 | |
Funds Deposited into Reserve Account (out of Excess Spread) | 0.00 | |
Ending Reserve Account Balance | 3,205,000.00 | |
Covered Amount | 182,017.29 |
| C. | Certificate Balances and Distributions |
Class A | Class B | CIA | Class D | Total | ||||||
Beginning Balance | 528,000,000.00 | 113,000,000.00 | 0.00 | 37,500,000.00 | 678,500,000.00 | |||||
Interest Distributions | 599,720.00 | 149,285.56 | 0.00 | 0.00 | 749,005.56 | |||||
Cumulative PFA Deposits | 528,000,000.00 | 6,166,666.70 | 0.00 | 28,561,390.62 | 562,728,057.32 | |||||
Principal Distributions | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||
Total Distributions | 599,720.00 | 149,285.56 | 0.00 | 0.00 | 749,005.56 | |||||
Ending Certificate Balance | 528,000,000.00 | 113,000,000.00 | 0.00 | 37,500,000.00 | 678,500,000.00 |
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: | 1.1358 | |
2 Amount of the distribution in respect of Class A Monthly Interest: | 1.1358 | |
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: | 1.3211 | |
2 Amount of the distribution in respect of Class B monthly interest: | 1.3211 | |
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: | 0.00 | |
2 Amount distributed in respect of Collateral Monthly Interest: | 0.00 | |
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: | 0.00 |
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) | 4,335,019.30 | |
2 Full amount required to be paid pursuant to sections 4.5 and 4.7(excl. Spread Acct.) | 2,844,710.83 | |
3 Spread Account Requirement per Loan Agreement | 0.00 | |
4 Finance Charge Shortfall | 0.00 | |
5 Available for Other Excess Allocation Series | 1,490,308.47 |
K. Application of Reallocated Investor Finance Charge Collections.
Available | Due | Paid | Shortfall | |||||
1 Allocated Class A Available Funds | 1,568,169.98 | |||||||
a Reserve Account Release | 0.00 | |||||||
b PFA Investment Earnings | 496,672.04 | |||||||
c Class A Available Funds | 2,064,842.02 | |||||||
2 Class A Available Funds | 2,064,842.02 | |||||||
a Class A Monthly Interest | 599,720.00 | 599,720.00 | 0.00 | |||||
b Class A Servicing Fee | 126,311.81 | 126,311.81 | 0.00 | |||||
c Class A Investor Default Amount | 729,895.79 | 729,895.79 | 0.00 | |||||
d Class A Excess | 608,914.42 | |||||||
3 Class B Available Funds | 1,760,296.76 | |||||||
a Class B Monthly Interest | 149,285.56 | 149,285.56 | 0.00 | |||||
b Class B Servicing Fee | 141,787.09 | 141,787.09 | 0.00 | |||||
c Class B Excess | 1,469,224.11 | |||||||
4 Collateral Available Funds | 0.00 | |||||||
a Collateral Servicing Fee | 0.00 | 0.00 | 0.00 | |||||
b Collateral Excess | 0.00 | |||||||
5 Class D Available Funds | 509,880.52 | |||||||
a Class D Servicing Fee | 41,069.48 | 41,069.48 | 0.00 | |||||
b Class D Excess | 468,811.04 | |||||||
6 Total Excess Spread | 2,546,949.57 |
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 | 2,546,949.57 | |||||||
2 Excess Fin Charge Coll from Other Series | 0.00 | |||||||
3 Available Funds | 2,546,949.57 | |||||||
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 | 819,320.11 | 819,320.11 | 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 | 0.00 | 0.00 | 0.00 | |||||
10 Collateral Default Amount | 0.00 | 0.00 | 0.00 | |||||
11 Reductions in CIA not previously reimbursed | 0.00 | 0.00 | 0.00 | |||||
12 Reserve Account Deposit | 0.00 | 0.00 | 0.00 | |||||
13 Class D Monthly Interest | 0.00 | 0.00 | 0.00 | |||||
14 Class D Default Amount | 237,320.99 | 237,320.99 | 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) | 1,490,308.47 | |||||||
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 | 20,110,993.62 | |||||||
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 | 20,110,993.62 |
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 | 67,942,546.03 | |
2 Other amounts treated as Principal Collections per Section 4.5 & 4.7 | 1,786,536.89 | |
3 Full amount required to be distributed pursuant to Section 4.5 | 69,729,082.92 | |
4 Principal required to fund the Required Amount per Section 4.8 | — | |
5 Principal Shortfall | 0.00 | |
6 Available for Shared Principal Collections | — |
O. Available Principal Collections
1 Available Principal Collections (per the definition thereof) | 69,729,082.92 | |
2 Principal Collections allocation to other Principal Sharing Series | 0.00 | |
3 Available Principal Collections (after Sharing) | 69,729,082.92 |
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 | 69,729,082.92 | |
2 Controlled Deposit Amount | 53,416,666.67 | |
3 Class A Adjusted Invested Amount + Class B Adjusted Invested Amount | 160,249,999.97 | |
4 Principal Funding Account Deposit (minimum of items 1, 2 & 3 above) | 53,416,666.67 | |
5 Required Enhancement Amount | 37,500,000.00 | |
6 Remaining Principal Collections Available | 16,312,416.25 | |
7 Remaining Collateral Invested Amount | 0.00 | |
8 Collateral Monthly Principal (Principal paid to CIA) (min of items a & b & 7) | 0.00 | |
a Excess of CIA and Class D over Required Enhancement Amt | 0.00 | |
b Excess of Available Principal Collections over PFA deposit | 16,312,416.25 | |
9 Remaining Principal Collections Available | 16,312,416.25 | |
10 Remaining Class D Amount | 37,500,000.00 | |
11 Principal Paid to Class D (limited by Required Enhancement Amount) | 0.00 | |
12 Principal Paid to Principal Funding Account on behalf of Class D | 16,312,416.25 |
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 | 1.92 | % | ||||
b Prior Monthly Period | 2.15 | % | ||||
c Second Prior Monthly Period | 2.36 | % | ||||
Three Month Average Base Rate | 2.14 | % | ||||
2 Series Adjusted Portfolio Yield | ||||||
a Current Monthly Period | 4.51 | % | ||||
b Prior Monthly Period | 4.01 | % | ||||
c Second Prior Monthly Period | 5.09 | % | ||||
Three Month Average Series Adjusted Portfolio Yield | 4.54 | % | ||||
3 Excess Spread | ||||||
a Current Monthly Period | 2.59 | % | ||||
b Prior Monthly Period | 1.86 | % | ||||
c Second Prior Monthly Period | 2.73 | % | ||||
Three Month Average Excess Spread | 2.39 | % |
7