EXHIBIT 20.2
Partners First Credit Card Master Trust
Monthly Trust Activity
A. Trust Level Activity
Number of Days in Monthly Period 31
Beginning Principal Receivables Balance 1,705,347,866.85
Beginning Special Funding Account Balance 0.00
Beginning Principal Receivables + SFA Balance 1,705,347,866.85
Beginning Finance Charge Receivables 55,311,830.27
Beginning Total Receivables 1,760,659,697.12
Special Funding Account Earnings 0.00
Finance Charge Collections 24,449,601.66
Interest/Fee Reversals (Wachovia accounts only) -480,073.32
Interchange Collections 1,938,697.24
Collection Account Investment Proceeds 0.00
Recoveries treated as Finance Charge Collections 0.00
Total Finance Charge Receivables Collections 25,908,225.58
Principal Receivables Collections 152,613,940.36
Recoveries treated as Principal Collections 1,012,259.11
Total Principal Receivables Collections 153,626,199.47
Monthly Payment Rate (Principal plus Interest divided by Beg. Total Receivables) 10.06%
Defaulted Amount (Net of Recoveries) 15,004,629.77
Annualized Default Rate 10.56%
Trust Gross Yield 18.23%
Aggregate Account Addition or Removal (Y/N)? N
Date of Addition/Removal N/A
Principal Receivables at the end of the day of Addition/Removal N/A
SFA Balance at the end of the day of Addition/Removal N/A
Principal Receivables + SFA Balance at the end of the day of Addition/Removal N/A
Ending Principal Receivables Balance 1,674,130,331.27
Ending Special Funding Account (SFA) Balance 0.00
Ending Principal Receivables + SFA Balance 1,674,130,331.27
Ending Finance Charge Receivables 52,832,858.33
Ending Total Receivables 1,726,963,189.60
Required Minimum Principal Balance (as of month end) 749,228,446.03
Page 1
Partners First Credit Card Master Trust
Monthly Trust Activity
B. Series Allocations
Total 1998-3
Group 1
Class A Initial Invested Amount 528,000,000.00 528,000,000.00
Class B Initial Invested Amount 113,000,000.00 113,000,000.00
Collateral Initial Invested Amount 67,000,000.00 67,000,000.00
Class D Initial Invested Amount 42,000,000.00 42,000,000.00
Total Initial Invested Amount 750,000,000.00 750,000,000.00
Required Transferor Amount (per definition) 52,472,735.52 52,472,735.52
Initial Invested Amount + Req Transf Amount 802,472,735.52 802,472,735.52
Series Allocation Percentage 100.00% 100.00%
Series Allocable Finance Charge Collections 25,908,225.58 25,908,225.58
Series Allocable Principal Collections 153,626,199.47 153,626,199.47
Series Allocable Defaulted Amounts 15,004,629.77 15,004,629.77
Series Allocable Servicing Fee 1,248,714.08 1,248,714.08
In Revolving Period? Y
Available for Principal Sharing Series 74,575,041.15 74,575,041.15
Principal Shortfall 0.00 0.00
Allocation of Shared Principal Collections 0.00 0.00
Available for Excess Allocation Series 0.00 0.00
Finance Charge Shortfall 13,396,322.23 13,396,322.23
Allocation of Excess Finance Charge Collections 0.00 0.00
B. Series Allocations
Amounts Due
1998-3
Transferor's Percentage 56.04%
Principal Allocation Percentage 43.96%
Principal Collections 67,528,634.82
Floating Allocation Percentage 43.96%
Class A Certificate Rate 3.96000%
Class B Certificate Rate 4.19000%
CIA Certificate Rate 4.80500%
CIA Secured Loan Spread Rate 4.55500%
Class D Certificate Rate 0.00000%
Class A Interest 1,742,400.00
Class B Interest 394,558.33
Collateral Monthly Interest 268,279.17
Class D Interest 0.00
Investor Monthly Interest 2,405,237.50
Investor Default Amount 6,595,503.68
(Net of Recoveries)
Interchange Collections 852,182.62
0.75% of Interchange 468,267.78
Servicer Interchange 468,267.78
Monthly Servicing Fee (Before Adjustments) 1,248,714.08
Interchange Adjustment 0.00
SFA Adjustment 0.00
Previous Period Adjustment 0.00
Total Monthly Servicing Fee (After all adjustments) 1,248,714.08
C. Calculation of Redirected Investor Finance Charge Collections ("Socialism")
Group I 1998-3
Beginning Invested Amount (Month) 749,610,507.42 749,610,507.42
Finance Charge Collections 11,391,010.46 11,391,010.46
Reserve Account Interest 0.00 0.00
PFA Proceeds 0.00 0.00
Total Finance Charge Collections 11,391,010.46 11,391,010.46
Investor Monthly Interest 2,405,237.50 2,405,237.50
Investor Default Amount 6,595,503.68 6,595,503.68
Monthly Servicing Fee 1,248,714.08 1,248,714.08
Additional Amounts 0.00 0.00
Total Amount Due 10,249,455.26 10,249,455.26
Group Excess? ____ Y
Amount per 4.10(A) | 2,405,237.50
Amount per 4.10(B) | used in a 6,595,503.68
Amount per 4.10(C) | shortfall scenario only 1,248,714.08
Amount per 4.10(D) ___| 0.00
Redirected Finance Charge Collections 11,391,010.46 11,391,010.46
Amount of funds redistributed per 4.10 0.00
Redirected Finance Charge Collections - PFA Proceeds (Class A available funds) 11,391,010.46
D. Trust Performance
30-59 Days Delinquent 31,688,498.73 1.89%
60-89 Days Delinquent 21,691,452.79 1.30%
90+ Days Delinquent 47,233,853.95 2.82%
Page 2
Partners First Credit Card Master Trust
Monthly Trust Activity
Total 30+ Days Delinquent 100,613,805.47 6.01%
First USA Bank, N.A.
as Servicer
by: /s/ Tracie Klein
----------------------------
Name: Tracie H. Klein
Title: First Vice President
Page 3
Partners First Credit Card Master Trust
Series 1998-3
A. Investor/Transferor Allocations
B. Monthly Funding Requirements
Last Payment Date 16-Jul-01
Current Payment Date 15-Aug-01
Actual / 360 Days 30 30 30 30
30 / 360 Days 29 29 29 29
Fixed / Floating Floating Floating Floating Floating
Collateral Invested
Class A Class B Amount Class D Total
Certificate Rate 3.96000% 4.19000% 4.80500% 0.00000%
Secured Loan Spread Rate (Applies to CIA only) 4.55500%
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 52,472,735.52
Initial Invested Amount + Req Transf Amount 802,472,735.52
Beginning Outstanding Amount (Distribution) 528,000,000.00 113,000,000.00 67,000,000.00 41,228,446.03 749,228,446.03
Ending Outstanding Amount (Distribution) 528,000,000.00 113,000,000.00 67,000,000.00 41,679,348.67 749,679,348.67
Beginning Invested Amount (Distribution) 528,000,000.00 113,000,000.00 67,000,000.00 41,228,446.03 749,228,446.03
Ending Invested Amount (Distribution) 528,000,000.00 113,000,000.00 67,000,000.00 41,679,348.67 749,679,348.67
Beginning Adjusted Invested Amount (Distribution) 528,000,000.00 113,000,000.00 67,000,000.00 41,228,446.03 749,228,446.03
Ending Adjusted Invested Amount (Distribution) 528,000,000.00 113,000,000.00 67,000,000.00 41,679,348.67 749,679,348.67
Beginning Invested Amount (Month) 528,000,000.00 113,000,000.00 67,000,000.00 41,610,507.42 749,610,507.42
Ending Invested Amount (Month) 528,000,000.00 113,000,000.00 67,000,000.00 41,228,446.03 749,228,446.03
Beginning Adjusted Invested Amount (Month) 528,000,000.00 113,000,000.00 67,000,000.00 41,610,507.42 749,610,507.42
Ending Adjusted Invested Amount (Month) 528,000,000.00 113,000,000.00 67,000,000.00 41,228,446.03 749,228,446.03
Principal Allocation Percentage 70.44% 15.07% 8.94% 5.55% 100.00%
Floating Allocation Percentage 70.44% 15.07% 8.94% 5.55% 100.00%
Principal Collections 47,564,860.46 10,179,600.82 6,035,692.52 3,748,481.02 67,528,634.82
Redirected Finance Charge Collections 8,023,438.12 1,717,137.33 1,018,125.67 632,309.34 11,391,010.46
Reserve Account Draw 0.00 0.00 0.00
PFA Proceeds (Class A Available Funds) 0.00 0.00
Redirected Finance Charge plus PFA Proceeds 8,023,438.12 1,717,137.33 1,018,125.67 632,309.34 11,391,010.46
Monthly Interest 1,742,400.00 394,558.33 268,279.17 0.00 2,405,237.50
Investor Default Amount (Net) 4,645,647.18 994,238.89 589,504.47 366,113.14 6,595,503.68
Monthly Servicing Fee 879,551.48 188,237.34 111,609.75 69,315.50 1,248,714.08
Total Due 7,267,598.67 1,577,034.56 969,393.39 435,428.64 10,249,455.26
Redirected Investor Fin Charge Coll + YSA Draw + PFA Inv Proceeds + Reserve Fund Releases 11,391,010.46
Series Adjusted Portfolio Yield 7.68%
Base Rate 5.85%
Page 1
Partners First Credit Card Master Trust
Series 1998-3
Series Parameters
Revolving Period (Y/N) Y
Accumulation Period (Y/N) N
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 0.00
Principal Funding Account Deposit 0.00
Principal Funding Account Withdrawal 0.00
Ending Principal Funding Account Balance 0.00
Principal Funding Investment Proceeds 0.00
Yield Supplement Account Beginning Balance 0.00
Yield Supplement Account Release 0.00
Yield Supplement Account Ending Balance 0.00
Reserve Account Beginning Balance 2,506,954.56
Required Reserve Account Amount 3,205,000.00
Available Reserve Account Amount 2,506,954.56
Interest Retained in Reserve Account 7,392.88
Reserve Draw Amount pursuant to Supplement 4.12(c). 0.00
Funds Deposited into Reserve Account (out of Excess Spread) 690,652.56
Ending Reserve Account Balance 3,205,000.00
Covered Amount 0.00
C. Certificate Balances and Distributions
Class A Class B CIA Class D Total
Beginning Balance 528,000,000.00 113,000,000.00 67,000,000.00 41,610,507.42 749,610,507.42
Interest Distributions 1,742,400.00 394,558.33 268,279.17 0.00 2,405,237.50
Cumulative PFA Deposits 0.00 0.00 0.00 0.00
Principal Distributions 0.00 0.00 0.00 0.00 0.00
Total Distributions 1,742,400.00 394,558.33 268,279.17 0.00 2,405,237.50
Ending Certificate Balance 528,000,000.00 113,000,000.00 67,000,000.00 41,228,446.03 749,228,446.03
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: 3.3000
2 Amount of the distribution in respect of Class A Monthly Interest: 3.3000
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 0.00
per $1,000 original certificate principal amount:
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 0.00
per $1,000 original certificate principal amount:
5 The amount, if any, by which the outstanding principal 0.00
balance of the Class A Certificate exceeds the Class A Invested
Amount after giving effect to all transactions on such Distribution Date:
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: 3.4917
2 Amount of the distribution in respect of Class B monthly interest: 3.4917
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 0.00
paragraph 1 above, per $1,000 original certificate principal amount:
3 The total amount reimbursed in respect of such reductions 0.00
in the Class B Invested Amount:
4 The total amount set forth in paragraph 3 above, per $1,000 0.00
original certificate principal amount:
5 The amount, if any, by which the outstanding principal balance 0.00
of the Class B Certificates exceeds the Class B Invested Amount
after giving effect to all transactions on such Distribution Date:
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: 268,279.17
2 Amount distributed in respect of Collateral Monthly Interest: 268,279.17
3 Amount distributed in respect of Collateral Additional Interest: 0.00
4 The amount distributed to the Collateral Interest Holder in respect 0.00
of principal on the Collateral Invested Amount:
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 0.00
Collateral Invested Amount
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) 11,391,010.46
2 Full amount required to be paid pursuant to sections 4.5 and 4.7(excl. Spread Acct.) 11,711,661.79
3 Spread Account Requirement per Loan Agreement 13,075,670.90
4 Finance Charge Shortfall 13,396,322.23
5 Available for Other Excess Allocation Series 0.00
K. Application of Reallocated Investor Finance Charge Collections.
Available Due Paid Shortfall
1 Allocated Class A Available Funds 8,023,438.12
a Reserve Account Release 0.00
b PFA Investment Earnings 0.00
c Class A Available Funds 8,023,438.12
2 Class A Available Funds 8,023,438.12
a Class A Monthly Interest 1,742,400.00 1,742,400.00 0.00
b Class A Servicing Fee 879,551.48 879,551.48 0.00
c Class A Investor Default Amount 4,645,647.18 4,645,647.18 0.00
d Class A Excess 755,839.46
3 Class B Available Funds 1,717,137.33
a Class B Monthly Interest 394,558.33 394,558.33 0.00
b Class B Servicing Fee 188,237.34 188,237.34 0.00
c Class B Excess 1,134,341.65
4 Collateral Available Funds 1,018,125.67
a Collateral Servicing Fee 111,609.75 111,609.75 0.00
b Collateral Excess 906,515.92
5 Class D Available Funds 632,309.34
a Class D Servicing Fee 69,315.50 69,315.50 0.00
b Class D Excess 562,993.84
6 Total Excess Spread 3,359,690.87
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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 3,359,690.87
2 Excess Fin Charge Coll 0.00
from Other Series
3 Available Funds 3,359,690.87
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 994,238.89 994,238.89 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 268,279.17 268,279.17 0.00
10 Collateral Default Amount 589,504.47 589,504.47 0.00
11 Reductions in CIA not previously reimbursed 0.00 0.00 0.00
12 Reserve Account Deposit 690,652.56 690,652.56 0.00
13 Class D Monthly Interest 0.00 0.00 0.00
14 Class D Default Amount 366,113.14 366,113.14 0.00
15 Reductions in Class D not previously reimbursed 771,553.97 450,902.65 320,651.33
16 Other CIA Amounts Owed 13,075,670.90 0.00 13,075,670.90
17 Excess Fin Coll for Other Series 0.00 0.00 0.00
18 Excess Spread (after reallocation) 0.00
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 19,963,774.36
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 19,963,774.36
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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 67,528,634.82
2 Other amounts treated as Principal Collections per Section 4.5 & 4.7 7,046,406.33
3 Full amount required to be distributed pursuant to Section 4.5 0.00
4 Principal required to fund the Required Amount per Section 4.8 0.00
5 Principal Shortfall 0.00
6 Available for Shared Principal Collections 74,575,041.15
O. Available Principal Collections
1 Available Principal Collections (per the definition thereof) 74,575,041.15
2 Principal Collections allocation to other Principal Sharing Series 0.00
3 Available Principal Collections (after Sharing) 74,575,041.15
P. Application of Principal Collections during Revolving Period
1 Available Principal Collections 74,575,041.15
2 Collateral Invested Amount 67,000,000.00
3 Required Collateral Invested Amount 67,000,000.00
4 Amount used to pay Excess CIA 0.00
5 Available Principal Collections 74,575,041.15
6 Class D 41,228,446.03
7 Required Class D 42,000,000.00
8 Amount used to pay Excess Class D 0.00
Q. Application of Principal Collections during the Accumulation Period
1 Available Principal Collections 0.00
2 Controlled Deposit Amount 0.00
3 Class A Adjusted Invested Amount + Class B Adjusted Invested Amount 0.00
4 Principal Funding Account Deposit (minimum of items 1, 2 & 3 above) 0.00
5 Required Enhancement Amount $0.00
6 Remaining Principal Collections Available 0.00
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 0.00
9 Remaining Principal Collections Available 0.00
10 Remaining Class D Amount 0.00
11 Principal Paid to Class D (limited by Required Enhancement Amount) 0.00
Partners First Credit Card Master Trust
Series 1998-e
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 5.85%
b Prior Monthly Period 5.99%
c Second Prior Monthly Period 6.12%
Three Month Average Base Rate 5.99%
2 Series Adjusted Portfolio Yield
a Current Monthly Period 7.68%
b Prior Monthly Period 6.19%
c Second Prior Monthly Period 7.67%
Three Month Average Series Adjusted Portfolio Yield 7.18%
3 Excess Spread
a Current Monthly Period 1.82%
b Prior Monthly Period 0.20%
c Second Prior Monthly Period 1.55%
Three Month Average Excess Spread 1.19%
Page 7