Bank One De Na As Serv On Behalf Part Credit Card Mas TR Inactive
Filed: 18 Feb 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 | 15-Jan-03 | |||||||||
Current Payment Date | 18-Feb-03 | |||||||||
Actual / 360 Days | 34 | 34 | 34 | 34 | ||||||
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 | 1.50000% | 1.73000% | 2.34500% | 0.00000% | ||||||
Secured Loan Spread Rate (Applies to CIA only) | 2.09500% | |||||||||
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 | 48,148,180.41 | |||||||||
Initial Invested Amount + Req Transf Amount | 798,148,180.41 | |||||||||
Beginning Outstanding Amount (Distribution) | 528,000,000.00 | 113,000,000.00 | 4,831,148.65 | 42,000,000.00 | 687,831,148.65 | |||||
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 | 4,831,148.65 | 42,000,000.00 | 687,831,148.65 | |||||
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) | 154,083,333.31 | 113,000,000.00 | 4,831,148.65 | 42,000,000.00 | 313,914,481.96 | |||||
Ending Adjusted Invested Amount (Distribution) | 100,666,666.64 | 113,000,000.00 | 0.00 | 32,731,128.30 | 246,397,794.94 | |||||
Beginning Invested Amount (Month) | 528,000,000.00 | 113,000,000.00 | 13,890,105.62 | 42,000,000.00 | 696,890,105.62 | |||||
Ending Invested Amount (Month) | 528,000,000.00 | 113,000,000.00 | 4,831,148.65 | 42,000,000.00 | 687,831,148.65 | |||||
Beginning Adjusted Invested Amount (Month) | 207,499,999.98 | 113,000,000.00 | 13,890,105.62 | 42,000,000.00 | 376,390,105.60 | |||||
Ending Adjusted Invested Amount (Month) | 154,083,333.31 | 113,000,000.00 | 4,831,148.65 | 42,000,000.00 | 313,914,481.96 | |||||
Principal Allocation Percentage | 70.40% | 15.07% | 8.93% | 5.60% | 100.00% | |||||
Floating Allocation Percentage | 55.13% | 30.02% | 3.69% | 11.16% | 100.00% | |||||
Principal Collections | 45,629,569.05 | 9,765,419.13 | 5,790,115.77 | 3,629,624.81 | 64,814,728.76 | |||||
Redirected Finance Charge Collections | 2,895,880.25 | 1,577,033.58 | 193,851.00 | 586,154.07 | 5,252,918.90 | |||||
Reserve Account Draw | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||
PFA Proceeds (Class A Available Funds) | 402,479.74 | 0.00 | 0.00 | 0.00 | 402,479.74 | |||||
Redirected Finance Charge plus PFA Proceeds | 3,298,359.99 | 1,577,033.58 | 193,851.00 | 586,154.07 | 5,655,398.64 | |||||
Monthly Interest | 748,000.00 | 184,629.44 | 10,699.65 | 0.00 | 943,329.09 | |||||
Investor Default Amount (Net) | 1,489,561.84 | 811,183.08 | 99,711.67 | 301,501.67 | 2,701,958.26 | |||||
Monthly Servicing Fee | 288,429.72 | 157,072.57 | 19,307.56 | 58,380.95 | 523,190.80 | |||||
Total Due | 2,525,991.56 | 1,152,885.09 | 129,718.88 | 359,882.62 | 4,168,478.15 | |||||
Redirected Investor Fin Charge Coll + YSA Draw + PFA Inv Proceeds + Reserve Fund Releases | 5,655,398.64 | |||||||||
Series Adjusted Portfolio Yield | 5.09% | |||||||||
Base Rate | 2.36% | |||||||||
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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 | 373,916,666.69 | |
Principal Funding Account Deposit | 62,685,538.37 | |
Principal Funding Account Withdrawal | 4,500,000.00 | |
Ending Principal Funding Account Balance | 432,102,205.06 | |
Principal Funding Investment Proceeds
| 402,479.74 | |
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 | 378,368.06 |
| C. | Certificate Balances and Distributions |
Class A | Class B | CIA | Class D | Total | ||||||
Beginning Balance | 528,000,000.00 | 113,000,000.00 | 4,831,148.65 | 42,000,000.00 | 687,831,148.65 | |||||
Interest Distributions | 748,000.00 | 184,629.44 | 10,699.65 | 0.00 | 943,329.09 | |||||
Cumulative PFA Deposits | 427,333,333.36 | 0.00 | 0.00 | 4,768,871.70 | 432,102,205.06 | |||||
Principal Distributions | 0.00 | 0.00 | 4,831,148.65 | 4,500,000.00 | 9,331,148.65 | |||||
Total Distributions | 748,000.00 | 184,629.44 | 4,841,848.30 | 4,500,000.00 | 10,274,477.74 | |||||
Ending Certificate Balance | 528,000,000.00 | 113,000,000.00 | 0.00 | 37,500,000.00 | 678,500,000.00 |
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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: | 1.4167 | |
2 Amount of the distribution in respect of Class A Monthly Interest: | 1.4167 | |
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: | 1.6339 | |
2 Amount of the distribution in respect of Class B monthly interest: | 1.6339 | |
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 |
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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: | 4,841,848.30 | |
2 Amount distributed in respect of Collateral Monthly Interest: | 10,699.65 | |
3 Amount distributed in respect of Collateral Additional Interest: | 0.00 | |
4 The amount distributed to the Collateral Interest Holder in respectof principal on the Collateral Invested Amount: | 4,831,148.65 |
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) | 5,655,398.64 | |
2 Full amount required to be paid pursuant to sections 4.5 and 4.7(excl. Spread Acct.) | 4,168,478.15 | |
3 Spread Account Requirement per Loan Agreement | 0.00 | |
4 Finance Charge Shortfall | 0.00 | |
5 Available for Other Excess Allocation Series | 1,486,920.49 |
K. Application of Reallocated Investor Finance Charge Collections.
Available | Due | Paid | Shortfall | |||||
1 Allocated Class A Available Funds | 2,895,880.25 | |||||||
a Reserve Account Release | 0.00 | |||||||
b PFA Investment Earnings | 402,479.74 | |||||||
c Class A Available Funds | 3,298,359.99 | |||||||
2 Class A Available Funds | 3,298,359.99 | |||||||
a Class A Monthly Interest | 748,000.00 | 748,000.00 | 0.00 | |||||
b Class A Servicing Fee | 288,429.72 | 288,429.72 | 0.00 | |||||
c Class A Investor Default Amount | 1,489,561.84 | 1,489,561.84 | 0.00 | |||||
d Class A Excess | 772,368.43 | |||||||
3 Class B Available Funds | 1,577,033.58 | |||||||
a Class B Monthly Interest | 184,629.44 | 184,629.44 | 0.00 | |||||
b Class B Servicing Fee | 157,072.57 | 157,072.57 | 0.00 | |||||
c Class B Excess | 1,235,331.57 | �� | ||||||
4 Collateral Available Funds | 193,851.00 | |||||||
a Collateral Servicing Fee | 19,307.56 | 19,307.56 | 0.00 | |||||
b Collateral Excess | 174,543.44 | |||||||
5 Class D Available Funds | 586,154.07 | |||||||
a Class D Servicing Fee | 58,380.95 | 58,380.95 | 0.00 | |||||
b Class D Excess | 527,773.12 | |||||||
6 Total Excess Spread | 2,710,016.56 |
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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 | 2,710,016.56 | |||||||
2 Excess Fin Charge Coll from Other Series | 0.00 | |||||||
3 Available Funds | 2,710,016.56 | |||||||
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 | 811,183.08 | 811,183.08 | 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 | 10,699.65 | 10,699.65 | 0.00 | |||||
10 Collateral Default Amount | 99,711.67 | 99,711.67 | 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 | 301,501.67 | 301,501.67 | 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) | 1,486,920.49 | |||||||
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 | 19,185,159.71 | |||||||
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 | 19,185,159.71 |
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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 | 64,814,728.76 | |
2 Other amounts treated as Principal Collections per Section 4.5 & 4.7 | 2,701,958.26 | |
3 Full amount required to be distributed pursuant to Section 4.5 | 67,516,687.02 | |
4 Principal required to fund the Required Amount per Section 4.8 | — | |
5 Principal Shortfall | — | |
6 Available for Shared Principal Collections | 0.00 |
O. Available Principal Collections
1 Available Principal Collections (per the definition thereof) | 67,516,687.02 | |
2 Principal Collections allocation to other Principal Sharing Series | 0.00 | |
3 Available Principal Collections (after Sharing) | 67,516,687.02 |
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 | 67,516,687.02 | |
2 Controlled Deposit Amount | 53,416,666.67 | |
3 Class A Adjusted Invested Amount + Class B Adjusted Invested Amount | 267,083,333.31 | |
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 | 14,100,020.35 | |
7 Remaining Collateral Invested Amount | 4,831,148.65 | |
8 Collateral Monthly Principal (Principal paid to CIA) (min of items a & b & 7) | 4,831,148.65 | |
a Excess of CIA and Class D over Required Enhancement Amt | 9,331,148.65 | |
b Excess of Available Principal Collections over PFA deposit | 14,100,020.35 | |
9 Remaining Principal Collections Available | 9,268,871.70 | |
10 Remaining Class D Amount | 42,000,000.00 | |
11 Principal Paid to Class D (limited by Required Enhancement Amount) | 4,500,000.00 | |
12 Principal Paid to Principal Funding Account on behalf of Class D | 4,768,871.70 |
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 | 2.36 | % | ||||
b Prior Monthly Period | 2.59 | % | ||||
c Second Prior Monthly Period | 2.73 | % | ||||
Three Month Average Base Rate | 2.56 | % | ||||
2 Series Adjusted Portfolio Yield | ||||||
a Current Monthly Period | 5.09 | % | ||||
b Prior Monthly Period | 6.50 | % | ||||
c Second Prior Monthly Period | 6.09 | % | ||||
Three Month Average Series Adjusted Portfolio Yield | 5.89 | % | ||||
3 Excess Spread | ||||||
a Current Monthly Period | 2.73 | % | ||||
b Prior Monthly Period | 3.91 | % | ||||
c Second Prior Monthly Period | 3.36 | % | ||||
Three Month Average Excess Spread | 3.33 | % |
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