Bank One De Na As Serv On Behalf Part Credit Card Mas TR Inactive
Filed: 16 Jun 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-May-03 | |||||||||
Current Payment Date | 16-Jun-03 | |||||||||
Actual / 360 Days | 32 | 32 | 32 | 32 | ||||||
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 | 1.44000% | 1.67000% | 2.28500% | 0.00000% | ||||||
Secured Loan Spread Rate (Applies to CIA only) | 2.03500% | |||||||||
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) | 0.00 | 0.00 | 0.00 | 37,500,000.00 | 37,500,000.00 | |||||
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) | 0.00 | 0.00 | 0.00 | 37,500,000.00 | 37,500,000.00 | |||||
Beginning Adjusted Invested Amount (Distribution) | 0.00 | 53,416,666.63 | 0.00 | 0.00 | 53,416,666.63 | |||||
Ending Adjusted Invested Amount (Distribution) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||
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) | 0.00 | 106,833,333.30 | 0.00 | 8,938,609.38 | 115,771,942.68 | |||||
Ending Adjusted Invested Amount (Month) | 0.00 | 53,416,666.63 | 0.00 | 0.00 | 53,416,666.63 | |||||
Principal Allocation Percentage | 70.40% | 15.07% | 8.93% | 5.60% | 100.00% | |||||
Floating Allocation Percentage | 0.00% | 92.28% | 0.00% | 7.72% | 100.00% | |||||
Principal Collections | 46,618,317.64 | 9,977,026.31 | 5,915,581.97 | 3,708,275.27 | 66,219,201.19 | |||||
Redirected Finance Charge Collections | 0.00 | 1,529,413.91 | 0.00 | 127,964.12 | 1,657,378.03 | |||||
Reserve Account Draw | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||
PFA Proceeds (Class A Available Funds) | 608,722.51 | 0.00 | 0.00 | 0.00 | 608,722.51 | |||||
Redirected Finance Charge plus PFA Proceeds | 608,722.51 | 1,529,413.91 | 0.00 | 127,964.12 | 2,266,100.54 | |||||
Monthly Interest | 675,840.00 | 167,742.22 | 0.00 | 0.00 | 843,582.22 | |||||
Investor Default Amount (Net) | 0.00 | 768,568.60 | 0.00 | 64,305.16 | 832,873.76 | |||||
Monthly Servicing Fee | 0.00 | 82,154.05 | 0.00 | 6,873.73 | 89,027.78 | |||||
Total Due | 675,840.00 | 1,018,464.87 | 0.00 | 71,178.89 | 1,765,483.76 | |||||
Redirected Investor Fin Charge Coll + YSA Draw + PFA Inv Proceeds + Reserve Fund Releases | 2,266,100.54 | |
Series Adjusted Portfolio Yield | 2.54% | |
Base Rate | 1.56% |
Page 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 | 53,416,666.63 | |
Controlled Deposit Amount | 53,416,666.63 | |
Ending Controlled Deposit Amount Shortfall | 0.00 | |
Funding Accounts | ||
Beginning Principal Funding Account Balance | 625,083,333.37 | |
Principal Funding Account Deposit | 53,416,666.63 | |
Principal Funding Account Withdrawal | 0.00 | |
Ending Principal Funding Account Balance | 678,500,000.00 | |
Principal Funding Investment Proceeds | 608,722.51 | |
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 | 69,480.74 | |
| 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 | 675,840.00 | 167,742.22 | 0.00 | 0.00 | 843,582.22 | |||||
Cumulative PFA Deposits | 528,000,000.00 | 113,000,000.00 | 0.00 | 37,500,000.00 | 678,500,000.00 | |||||
Principal Distributions | 528,000,000.00 | 113,000,000.00 | 0.00 | 0.00 | 641,000,000.00 | |||||
Total Distributions | 528,675,840.00 | 113,167,742.22 | 0.00 | 0.00 | 641,843,582.22 | |||||
Ending Certificate Balance | 0.00 | 0.00 | 0.00 | 37,500,000.00 | 37,500,000.00 |
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: | 1,001.2800 | ||||
| 2 | Amount of the distribution in respect of Class A Monthly Interest: | 1.2800 | ||||
| 3 | Amount of the distribution in respect of Class A Outstanding Monthly Interest: | 0.0000 | ||||
| 4 | Amount of the distribution in respect of Class A Additional Interest: | 0.0000 | ||||
| 5 | Amount of the distribution in respect of Class A Principal: | 1,000.0000 | ||||
| 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: | 1,001.4844 | ||||
2 | Amount of the distribution in respect of Class B monthly interest: | 1.4844 | ||||
3 | Amount of the distribution in respect of Class B outstanding monthly interest: | 0.0000 | ||||
4 | Amount of the distribution in respect of Class B additional interest: | 0.0000 | ||||
5 | Amount of the distribution in respect of Class B principal: | 1,000.0000 | ||||
| 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 | ||||
Page 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) | 2,266,100.54 | ||||
| 2 | Full amount required to be paid pursuant to sections 4.5 and 4.7(excl. Spread Acct.) | 1,765,483.76 | ||||
| 3 | Spread Account Requirement per Loan Agreement | 0.00 | ||||
4 | Finance Charge Shortfall | 0.00 | ||||
| 5 | Available for Other Excess Allocation Series | 500,616.78 | ||||
K. | Application of Reallocated Investor Finance Charge Collections. | |||||
| Available | Due | Paid | Shortfall | |||||||
| 1 | Allocated Class A Available Funds | 0.00 | ||||||||
a Reserve Account Release | 0.00 | |||||||||
b PFA Investment Earnings | 608,722.51 | |||||||||
c Class A Available Funds | 608,722.51 | |||||||||
| 2 | Class A Available Funds | 608,722.51 | ||||||||
a Class A Monthly Interest | 675,840.00 | 608,722.51 | 67,117.49 | |||||||
b Class A Servicing Fee | 0.00 | 0.00 | 0.00 | |||||||
c Class A Investor Default Amount | 0.00 | 0.00 | 0.00 | |||||||
d Class A Excess | 0.00 | |||||||||
| 3 | Class B Available Funds | 1,529,413.91 | ||||||||
a Class B Monthly Interest | 167,742.22 | 167,742.22 | 0.00 | |||||||
b Class B Servicing Fee | 82,154.05 | 82,154.05 | 0.00 | |||||||
c Class B Excess | 1,279,517.64 | |||||||||
| 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 | 127,964.12 | ||||||||
a Class D Servicing Fee | 6,873.73 | 6,873.73 | 0.00 | |||||||
b Class D Excess | 121,090.39 | |||||||||
| 6 | Total Excess Spread | 1,400,608.03 | ||||||||
Page 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 | 1,400,608.03 | |||||||
2 Excess Fin Charge Coll from Other Series | 0.00 | |||||||
3 Available Funds | 1,400,608.03 | |||||||
4 Class A Required Amount | ||||||||
a Interest | 67,117.49 | 67,117.49 | 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 | 768,568.60 | 768,568.60 | 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 | 64,305.16 | 64,305.16 | 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) | 500,616.78 | |||||||
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 | 19,600,883.55 | |||||||
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 | 19,600,883.55 |
Page 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 | 66,219,201.19 | |
2 Other amounts treated as Principal Collections per Section 4.5 & 4.7 | 832,873.76 | |
3 Full amount required to be distributed pursuant to Section 4.5 | 53,416,666.63 | |
4 Principal required to fund the Required Amount per Section 4.8 | — | |
5 Principal Shortfall | — | |
6 Available for Shared Principal Collections | 13,635,408.32 | |
O. Available Principal Collections | ||
1 Available Principal Collections (per the definition thereof) | 67,052,074.95 | |
2 Principal Collections allocation to other Principal Sharing Series | 0.00 | |
3 Available Principal Collections (after Sharing) | 67,052,074.95 | |
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 | 67,052,074.95 | |
2 Controlled Deposit Amount | 53,416,666.63 | |
3 Class A Adjusted Invested Amount + Class B Adjusted Invested Amount | 53,416,666.63 | |
4 Principal Funding Account Deposit (minimum of items 1, 2 & 3 above) | 53,416,666.63 | |
5 Required Enhancement Amount | 37,500,000.00 | |
6 Remaining Principal Collections Available | 13,635,408.32 | |
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 | 13,635,408.32 | |
9 Remaining Principal Collections Available | 13,635,408.32 | |
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 | 0.00 | |
Page 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 | 1.56 | % | ||||
b Prior Monthly Period | 1.74 | % | ||||
c Second Prior Monthly Period | 1.92 | % | ||||
Three Month Average Base Rate | 1.74 | % | ||||
2 Series Adjusted Portfolio Yield | ||||||
a Current Monthly Period | 2.54 | % | ||||
b Prior Monthly Period | 3.42 | % | ||||
c Second Prior Monthly Period | 4.51 | % | ||||
Three Month Average Series Adjusted Portfolio Yield | 3.49 | % | ||||
3 Excess Spread | ||||||
a Current Monthly Period | 0.98 | % | ||||
b Prior Monthly Period | 1.68 | % | ||||
c Second Prior Monthly Period | 2.59 | % | ||||
Three Month Average Excess Spread | 1.75 | % | ||||
Page 7