Exhibit 99.3
Report of Independent Accountants
on Applying Agreed-Upon Procedures
Partners First Holdings, LLC
900 Elkridge Landing Road, Suite 300
Linthicum, Maryland 21090-2925
and
The Bank of New York
101 Barclay Street
New York, New York 10286
Partners First Credit Card Master Trust
---------------------------------------
We have performed the procedures enumerated below, which were agreed to by
Partners First Holdings, LLC ("PFH") and The Bank of New York, solely to assist
you with respect to the amounts set forth in the "Monthly Servicer Reports"
prepared for each Series of the Partners First Credit Card Master Trust by PFH
pursuant to subsection 5.2(b) of the applicable Pooling and Servicing Agreement
Supplements as defined in Attachment A, during the periods specified in
Attachment A. This engagement to apply agreed-upon procedures was performed in
accordance with standards established by the American Institute of Certified
Public Accountants. The sufficiency of the procedures is solely the
responsibility of PFH and The Bank of New York. Consequently, we make no
representation regarding the sufficiency of the procedures described below
either for the purpose for which this report has been requested or for any other
purpose.
Our procedures were as follows: We compared the amounts set forth in the
"Monthly Servicer Reports" for each Series in the Trust, for the periods
specified in Attachment A, prepared by PFH pursuant to subsection 5.2(b) of the
applicable Pooling and Servicing Agreement Supplements (as defined in Attachment
A) with reports prepared by PFH's bank card processor or PFH, which were the
source of such amounts. We also recalculated the mathematical accuracy of
amounts derived in such "Monthly Servicer Reports" for each Series in the Trust
for the periods specified in Attachment A.
As a result of the procedures performed we noted that in all instances the
amounts set forth in the "Monthly Servicer Reports" for each series in the
Trust, for the periods specified in Attachment A, were in agreement with reports
prepared by PFH's bank card processor or PFH, and that all amounts derived in
such "Monthly Servicer Reports" were mathematically accurate, except for
following:
a. The delinquent account balances stated in the Monthly Servicer Reports
dated May 17, 1999, July 15, 1999 and August 16, 1999 were misstated.
Attachment B compares the information reported in the applicable Monthly
Servicer Report to the amounts recalculated by Ernst & Young.
b. The Spread Account Requirement per Loan Agreement for those series
identified in Attachment C, for those Monthly Servicer Reports identified
in Attachment C, was misstated, causing the Finance Charge Shortfall and/or
Finance Charge Collections Available for Other Excess Allocation Series to
be misstated. Attachment C identifies those Monthly Servicer Reports in
which the Spread Account Requirement per Loan Agreement was incorrectly
reported and compares the information stated in the applicable Monthly
Servicer Reports to the amounts recalculated by Ernst & Young.
c. The Principal Allocation and Floating Allocation Percentages used to
allocate amounts between Series were incorrectly calculated and reported on
the "Monthly Servicer Reports" as follows:
Percentage Percentage
"Monthly Servicer Report" as Reported as Recalculated
------------------------- ----------------------- ----------------------
Dated October 15, 1999
Principal Allocation Percentage 86.11% 86.44%
Floating Allocation Percentage 86.11% 86.44%
Dated January 18, 2000
Principal Allocation Percentage 78.85% 78.99%
Floating Allocation Percentage 78.85% 78.99%
The miscalculation of the Principal Allocation and Floating Allocation
Percentages scheduled above, affected the amounts allocated to each Series
as reported on the following line items of the "Monthly Trust Activity"
section of the "Monthly Servicer Reports":
Principal Collections Excess Before Reallocation
Finance Charge Collections Reallocation of Finance Charge Collections
Interchange Collections Dollars of Excess Spread
Investor Default Amount Percentage of Excess Spread
Total Amount Due Reallocated Finance Charge Collections
The amounts reported for the above line items for each Series are used to
derive amounts reported throughout the remainder of the applicable "Monthly
Servicer Reports". The restated Monthly Servicer Reports are included as
Attachments D and E, respectively.
We were not engaged to, and did not, perform an audit, the objective of which
would be the expression of an opinion on the amounts set forth in the "Monthly
Servicer Reports" for each Series in the Trust, prepared by PFH pursuant to
subsection 5.2(b) of the applicable Pooling and Servicing Agreement Supplements
as defined in Attachment A, or on the reports prepared by PFH's bank card
processor or PFH. Accordingly, we do not express such an opinion. Had we
performed additional procedures with respect to
the "Monthly Servicer Reports" prepared by PFH pursuant to subsection 5.2(b) of
the applicable Pooling and Servicing Agreement Supplements as defined in
Attachment A and the reports prepared by PFH's bank card processor and PFH,
which were the source of such amounts, other matters might have come to our
attention that would have been reported to you. This report relates only to the
comparison of the amounts, and the recalculation of the mathematical accuracy of
such amounts specified above and does not extend to any financial statements of
PFH taken as a whole.
This report is intended solely for the information and use of the specified
users listed above and should not be used by those who have not agreed to the
procedures and taken responsibility for the sufficiency of the procedures for
their purposes.
/s/ Ernst & Young LLP
March 27, 2000
ATTACHMENT A
POOLING AND SERVICING AGREEMENT
SUPPLEMENT DATE MONTHLY SERVICING REPORTS
TRUST COVERING THE PERIOD
- ---------------------------- ----------------------------------- ---------------------------------------
Partners First Credit June 26, 1998 January 1, 1999 to
Card Master Trust December 31, 1999
Series 1998-2
Partners First Credit June 26, 1998 January 1, 1999 to
Card Master Trust December 31, 1999
Series 1998-3
Partners First Credit December 4, 1998, amended and January 1, 1999 to
Card Master Trust restated January 12, 1999 April 15, 1999
Series 1998-4**
** Series 1998-4 terminated April 15, 1999.
ATTACHMENT B
- -------------------------------------------------------------------------------------------------------------
AMOUNT AMOUNT
AS REPORTED AS RECALCULATED
------------------------- -----------------------
MONTHLY SERVICER REPORT DATED MAY 17, 1999
30-59 Days Delinquent 30,790,327.75 30,016,573.45
60-89 Days Delinquent 20,451,294.12 20,177,076.83
90+ Days Delinquent 44,174,891.63 43,787,146.22
Total 30+ Days Delinquent 95,416,513.50 93,980,796.50
- -------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------
AMOUNT AMOUNT
AS REPORTED AS RECALCULATED
------------------------- -----------------------
MONTHLY SERVICER REPORT DATED JULY 15, 1999
30-59 Days Delinquent 31,548,862.16 31,548,862.16
60-89 Days Delinquent 18,396,080.94 18,507,183.51
90+ Days Delinquent 41,490,458.99 41,580,055.21
Total 30+ Days Delinquent 91,435,402.09 91,636,100.88
- -------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------
AMOUNT AMOUNT
AS REPORTED AS RECALCULATED
------------------------- -----------------------
MONTHLY SERVICER REPORT DATED AUGUST 16, 1999
30-59 Days Delinquent 29,218,555.80 29,218,555.80
60-89 Days Delinquent 19,519,870.31 19,519,870.31
90+ Days Delinquent 39,073,409.25 39,101,516.52
Total 30+ Days Delinquent 87,811,835.36 87,839,942.63
- -------------------------------------------------------------------------------------------------------------
ATTACHMENT C
- --------------------------------------------------------------------------------------------------------------------------
AMOUNT AMOUNT
MONTHLY SERVICER REPORT DATED MARCH 15, 1999: AS REPORTED AS RECALCULATED
------------------- ----------------------
Monthly Trust Activity Worksheet:
"FC Available for other Excess Allocation Series"
Total 7,219,081.34 7,469,081.34
Series 1998-4 542,743.63 792,743.63
Series 1998-4 Worksheet:
Item K3 - "Spread Account Requirement per Loan Agreement" 0.00 (250,000.00)
Item K4 - "Available for Other Excess Allocation Series" 542,743.63 792,743.64
- --------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------------
AMOUNT AMOUNT
MONTHLY SERVICER REPORT DATED APRIL 15, 1999: AS REPORTED AS RECALCULATED
------------------- ----------------------
Monthly Trust Activity Worksheet:
"FC Available for other Excess Allocation Series"
Total 11,816,289.96 12,316,289.96
Series 1998-4 659,321.96 1,159,321.96
Series 1998-4 Worksheet:
Item K3 - "Spread Account Requirement per Loan Agreement" 0.00 (500,000.00)
Item K5 - "Available for Other Excess Allocation Series" 659,321.96 1,159,321.96
- --------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------------
AMOUNT AMOUNT
MONTHLY SERVICER REPORT DATED JUNE 15, 1999: AS REPORTED AS RECALCULATED
------------------- ----------------------
Monthly Trust Activity Worksheet:
"FC Available for other Excess Allocation Series"
Total 9,077,326.67 0.00
Series 1998-2 4,538,663.34 0.00
Series 1998-3 4,538,663.34 0.00
"Finance Charge Shortfall"
Total 0.00 13,164,147.64
Series 1998-2 0.00 6,582,073.82
Series 1998-3 0.00 6,582,073.82
Series 1998-2 Worksheet:
Item J3 - "Spread Account Requirement per Loan Agreement" 0.00 11,120,737.16
Item J4 - "Finance Charge Shortfall" 0.00 6,582,073.82
Item J5 - "Available for Other Excess Allocation Series" 4,538,663.34 0.00
Series 1998-3 Worksheet:
Item J3 - "Spread Account Requirement per Loan Agreement" 0.00 11,120,737.16
Item J4 - "Finance Charge Shortfall" 0.00 6,582,073.82
Item J5 - "Available for Other Excess Allocation Series" 4,538,663.34 0.00
- --------------------------------------------------------------------------------------------------------------------------
ATTACHMENT C (CONTINUED)
- --------------------------------------------------------------------------------------------------------------------------
AMOUNT AMOUNT
MONTHLY SERVICER REPORT DATED JULY 15, 1999: AS REPORTED AS RECALCULATED
------------------- ----------------------
Monthly Trust Activity Worksheet:
"Finance Charge Shortfall"
Total 18,482,142.77 5,906,290.42
Series 1998-2 9,241,071.39 2,953,145.21
Series 1998-3 9,241,071.39 2,953,145.21
Series 1998-2 Worksheet:
Item J3 - "Spread Account Requirement per Loan Agreement" 12,870,000.00 6,582,073.82
Item J4 - "Finance Charge Shortfall" 9,241,071.39 2,953,145.21
Series 1998-3 Worksheet:
Item J3 - "Spread Account Requirement per Loan Agreement" 12,870,000.00 6,582,073.82
Item J4 - "Finance Charge Shortfall" 9,241,071.39 2,953,145.21
- --------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------------
AMOUNT AMOUNT
MONTHLY SERVICER REPORT DATED AUGUST 16, 1999: AS REPORTED AS RECALCULATED
------------------- ----------------------
Monthly Trust Activity Worksheet:
"FC Available for other Excess Allocation Series"
Total 0.00 15,747,012.77
Series 1998-2 0.00 7,873,505.89
Series 1998-3 0.00 7,873,506.88
"Finance Charge Shortfall"
Total 21,827,252.22 0.00
Series 1998-2 10,913,626.11 0.00
Series 1998-3 10,913,626.11 0.00
Series 1998-2 Worksheet:
Item J3 - "Spread Account Requirement per Loan Agreement" 12,870,000.00 (5,917,132.00)
Item J4 - "Finance Charge Shortfall" 10,913,626.11 0.00
Item J5 - "Available for Other Excess Allocation Series" 0.00 7,873,505.89
Series 1998-3 Worksheet:
Item J3 - "Spread Account Requirement per Loan Agreement" 12,870,000.00 (5,917,133.00)
Item J4 - "Finance Charge Shortfall" 10,913,626.11 0.00
Item J5 - "Available for Other Excess Allocation Series" 0.00 7,873,506.88
- --------------------------------------------------------------------------------------------------------------------------
ATTACHMENT C (CONTINUED)
- --------------------------------------------------------------------------------------------------------------------------
AMOUNT AMOUNT
MONTHLY SERVICER REPORT DATED OCTOBER 15, 1999: AS REPORTED AS RECALCULATED
------------------- ----------------------
Monthly Trust Activity Worksheet:
"Finance Charge Shortfall"
Total 10,051,515.38 1,949,777.92
Series 1998-2 5,025,757.69 974,888.96
Series 1998-3 5,025,757.69 974,888.96
Series 1998-2 Worksheet:
Item J3 - "Spread Account Requirement per Loan Agreement" 7,560,000.00 3,509,130.92
Item J4 - "Finance Charge Shortfall" 5,025,757.69 974,888.60
Series 1998-3 Worksheet:
Item J3 - "Spread Account Requirement per Loan Agreement" 7,560,000.00 3,509,131.27
Item J4 - "Finance Charge Shortfall" 5,025,757.69 974,888.96
- --------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------------
AMOUNT AMOUNT
MONTHLY SERVICER REPORT DATED NOVEMBER 15, 1999: AS REPORTED AS RECALCULATED
------------------- ----------------------
Monthly Trust Activity Worksheet:
"FC Available for other Excess Allocation Series"
Total 0.00 5,160,920.53
Series 1998-2 0.00 2,580,460.44
Series 1998-3 0.00 2,580,460.09
"Finance Charge Shortfall"
Total 8,054,109.60 0.00
Series 1998-2 4,027,054.80 0.00
Series 1998-3 4,027,054.80 0.00
Series 1998-2 Worksheet:
Item J3 - "Spread Account Requirement per Loan Agreement" 7,560,000.00 952,484.76
Item J4 - "Finance Charge Shortfall" 4,027,054.80 0.00
Item J5 - "Available for Other Excess Allocation Series" 0.00 2,580,460.44
Series 1998-3 Worksheet:
Item J3 - "Spread Account Requirement per Loan Agreement" 7,560,000.00 952,485.11
Item J4 - "Finance Charge Shortfall" 4,027,054.80 0.00
Item J5 - "Available for Other Excess Allocation Series" 0.00 2,580,460.09
- --------------------------------------------------------------------------------------------------------------------------
ATTACHMENT C (CONTINUED)
- --------------------------------------------------------------------------------------------------------------------------
AMOUNT AMOUNT
MONTHLY SERVICER REPORT DATED DECEMBER 15, 1999: AS REPORTED AS RECALCULATED
------------------- ----------------------
Monthly Trust Activity Worksheet:
"FC Available for other Excess Allocation Series"
Total 0.00 4,755,147.42
Series 1998-2 0.00 2,377,573.71
Series 1998-3 0.00 2,377,573.71
"Finance Charge Shortfall"
Total 10,420,532.47 0.00
Series 1998-2 5,210,266.23 0.00
Series 1998-3 5,210,266.23 0.00
Series 1998-2 Worksheet:
Item J3 - "Spread Account Requirement per Loan Agreement" 7,560,000.00 (27,839.94)
Item J4 - "Finance Charge Shortfall" 5,210,266.23 0.00
Item J5 - "Available for Other Excess Allocation Series" 0.00 2,377,573.71
Series 1998-3 Worksheet:
Item J3 - "Spread Account Requirement per Loan Agreement" 7,560,000.00 (27,839.94)
Item J4 - "Finance Charge Shortfall" 5,210,266.23 0.00
Item J5 - "Available for Other Excess Allocation Series" 0.00 2,377,573.71
- --------------------------------------------------------------------------------------------------------------------------
Trust Inputs
Attachment D
Daily Collections Sheet
Portfolio Activity Reporting Date (Current Payment Date) 15-Oct-99
Monthly Settlement Period Start Date 1-Sep-99
Monthly Settlement Period End Date 30-Sep-99
Monthly Period September
Next Distribution Date 15-Nov-99
Beginning Month Principal Receivables 1,601,734,530.65
Beginning Month Finance Charge Receivables 48,766,947
Ending Finance Charge Receivables 51,182,235
Discount Percentage 0.00%
Monthly Trust Activity Sheet
Servicing Fee 2.00%
Beginning Special Funding Account Balance 949.04
Required Minimum Principal Balance 107.00%
Reallocation of Finance Charge Collections Monthly Trust Activity Row 90
30-59 Days Delinquent 33,908,085.01
60-89 Days Delinquent 20,492,449.24
90+ Days Delinquent 39,339,164.79
Total 30+ Days Delinquent 93,739,699.04
Collection Account Investment Proceeds 24,840.37
Aggregate Account Addition or Removal (Y/N) Y
Date of Account Addition or Removal 1-Sep-99
Principal Receivables Added 140,171,641.18
Finance Charge Receivables Added 540,982.45
Principal Receivables at the End of the Day of Addition or Removal 1,735,307,982.53
Page 1
Daily Collections
Partners First Credit Card Master Trust 03/27/00
Monthly Settlement Period Start Date 01-Sep-99
Monthly Settlement Period End Date 30-Sep-99
Next Distribution Date 15-Nov-99 Portfolio Activity
Beginning Month Principal Receivables 1,601,734,530.65 Reporting Date 15-Oct-99
Beginning Month Adjusted Principal Receivables 1,601,734,530.65
Discount Percentage 0.00%
Beginning Month Trust Principal Receivables 1,601,734,530.65
Beginning
Principal Finance Charge Interchange
Day Date Receivables Collections Collections
- --------------------------------------------------------------------------------------------------------------------
Sunday 09/01/99 1,601,734,530.65 970,238.06
Monday 09/02/99 1,735,307,982.53 1,112,588.40
Tuesday 09/03/99 1,734,078,188.77 1,098,387.58
Wednesday 09/04/99 1,731,406,683.68 0.00
Thursday 09/05/99 1,731,406,683.68 1,775,443.99
Friday 09/06/99 1,724,825,855.30 853,044.48
Saturday 09/07/99 1,725,861,882.31 513,162.36
Sunday 09/08/99 1,726,064,535.64 257,307.59
Monday 09/09/99 1,730,255,944.57 974,910.16
Tuesday 09/10/99 1,729,815,572.22 1,082,232.99
Wednesday 09/11/99 1,728,569,450.75 0.00
Thursday 09/12/99 1,728,569,450.75 1,410,501.15
Friday 09/13/99 1,723,750,280.13 476,477.66
Saturday 09/14/99 1,727,726,037.30 606,776.32
Sunday 09/15/99 1,730,084,889.18 657,364.01
Monday 09/16/99 1,730,357,788.39 776,542.09
Tuesday 09/17/99 1,726,426,491.58 717,018.07
Wednesday 09/18/99 1,725,427,201.42 0.00
Thursday 09/19/99 1,725,427,201.42 1,333,033.95
Friday 09/20/99 1,720,305,127.21 644,065.00
Saturday 09/21/99 1,723,094,111.47 440,404.62
Sunday 09/22/99 1,726,493,066.47 771,565.60
Monday 09/23/99 1,726,189,407.13 944,095.82
Tuesday 09/24/99 1,724,113,612.48 852,926.35
Wednesday 09/25/99 1,723,424,684.06 0.00
Thursday 09/26/99 1,723,424,684.06 1,408,478.61
Friday 09/27/99 1,716,741,382.58 747,322.02
Saturday 09/28/99 1,718,808,096.42 427,990.71
Sunday 09/29/99 1,722,585,218.11 972,002.76
Monday 09/30/99 1,721,240,468.35 1,175,876.88
Monthly Totals 1,601,734,530.65 22,999,757.23 1,971,938.71
(1) Includes Fraud Charge-Offs equal to: 124,935.18
Principal New Principal
Principal Adjustment Principal Charge-off
Day Date Collections Amount Receivables Amount(1)
- ------------------------------------------------------------------------------------------------------------------------------------
Sunday 09/01/99 7,459,245.49 0.00 146,741,745.89 5,709,048.52
Monday 09/02/99 6,533,951.44 0.00 5,304,157.68 0.00
Tuesday 09/03/99 7,717,701.33 0.00 5,046,196.24 0.00
Wednesday 09/04/99 0.00 0.00 0.00 0.00
Thursday 09/05/99 11,532,116.45 0.00 4,951,288.07 0.00
Friday 09/06/99 5,558,010.64 0.00 6,594,037.65 0.00
Saturday 09/07/99 3,609,203.43 0.00 3,811,856.76 0.00
Sunday 09/08/99 1,877,172.40 0.00 6,068,581.33 0.00
Monday 09/09/99 5,937,896.95 0.00 5,497,524.60 0.00
Tuesday 09/10/99 6,344,393.64 0.00 5,098,141.07 (131.10)
Wednesday 09/11/99 0.00 0.00 0.00 0.00
Thursday 09/12/99 9,585,364.69 0.00 4,766,194.07 0.00
Friday 09/13/99 2,972,254.78 0.00 6,947,975.95 (36.00)
Saturday 09/14/99 3,534,231.67 0.00 5,893,083.55 0.00
Sunday 09/15/99 5,031,915.68 0.00 5,299,812.05 (5,002.84)
Monday 09/16/99 4,878,470.63 0.00 5,105,868.41 4,158,694.59
Tuesday 09/17/99 3,931,919.43 0.00 4,795,423.46 1,862,794.19
Wednesday 09/18/99 0.00 0.00 0.00 0.00
Thursday 09/19/99 9,517,197.83 0.00 4,395,123.62 0.00
Friday 09/20/99 4,151,535.82 0.00 6,941,245.14 725.06
Saturday 09/21/99 2,454,535.16 0.00 5,980,490.28 127,000.12
Sunday 09/22/99 5,664,994.62 0.00 5,403,025.04 41,689.76
Monday 09/23/99 7,230,654.13 0.00 5,153,161.31 (1,698.17)
Tuesday 09/24/99 5,833,018.83 0.00 5,144,090.41 0.00
Wednesday 09/25/99 0.00 0.00 0.00 0.00
Thursday 09/26/99 11,691,390.20 0.00 5,008,088.72 0.00
Friday 09/27/99 5,101,837.47 0.00 7,168,551.31 0.00
Saturday 09/28/99 2,312,225.48 0.00 6,088,828.62 (518.55)
Sunday 09/29/99 7,055,624.22 0.00 5,710,874.46 0.00
Monday 09/30/99 7,870,385.58 0.00 4,297,629.00 0.00
Monthly Totals 155,387,247.99 0.00 283,212,994.69 11,892,565.58
Ending Invested Amt +
Recovery Principal Req Transferor Special Funding SFA Earnings
Day Date Collections Receivables Amount Account Balance
- ----------------------------------------------------------------------------------------------------------------------------------
Sunday 09/01/99 1,735,307,982.53 1,605,000,000.00 0.00
Monday 09/02/99 1,734,078,188.77 1,605,000,000.00 0.00
Tuesday 09/03/99 1,731,406,683.68 1,605,000,000.00 0.00
Wednesday 09/04/99 1,731,406,683.68 1,605,000,000.00 0.00
Thursday 09/05/99 1,724,825,855.30 1,605,000,000.00 0.00
Friday 09/06/99 1,725,861,882.31 1,605,000,000.00 0.00
Saturday 09/07/99 1,726,064,535.64 1,605,000,000.00 0.00
Sunday 09/08/99 1,730,255,944.57 1,605,000,000.00 0.00
Monday 09/09/99 1,729,815,572.22 1,605,000,000.00 0.00
Tuesday 09/10/99 1,728,569,450.75 1,605,000,000.00 0.00
Wednesday 09/11/99 1,728,569,450.75 1,605,000,000.00 0.00
Thursday 09/12/99 1,723,750,280.13 1,605,000,000.00 0.00
Friday 09/13/99 1,727,726,037.30 1,605,000,000.00 0.00
Saturday 09/14/99 1,730,084,889.18 1,605,000,000.00 0.00
Sunday 09/15/99 1,730,357,788.39 1,605,000,000.00 0.00
Monday 09/16/99 1,726,426,491.58 1,605,000,000.00 0.00
Tuesday 09/17/99 1,725,427,201.42 1,605,000,000.00 0.00
Wednesday 09/18/99 1,725,427,201.42 1,605,000,000.00 0.00
Thursday 09/19/99 1,720,305,127.21 1,605,000,000.00 0.00
Friday 09/20/99 1,723,094,111.47 1,605,000,000.00 0.00
Saturday 09/21/99 1,726,493,066.47 1,605,000,000.00 0.00
Sunday 09/22/99 1,726,189,407.13 1,605,000,000.00 0.00
Monday 09/23/99 1,724,113,612.48 1,605,000,000.00 0.00
Tuesday 09/24/99 1,723,424,684.06 1,605,000,000.00 0.00
Wednesday 09/25/99 1,723,424,684.06 1,605,000,000.00 0.00
Thursday 09/26/99 1,716,741,382.58 1,605,000,000.00 0.00
Friday 09/27/99 1,718,808,096.42 1,605,000,000.00 0.00
Saturday 09/28/99 1,722,585,218.11 1,605,000,000.00 0.00
Sunday 09/29/99 1,721,240,468.35 1,605,000,000.00 0.00
Monday 09/30/99 1,717,667,711.77 1,605,000,000.00 0.00
Monthly Totals 3,243,107.60 1,717,667,711.77 1,605,000,000.00 0.00 1.81
Page 1
Monthly Trust Activity
A. Trust Level Activity
Number of Days in Collection Period 30
Beginning Principal Receivables Balance 1,601,734,530.65
Beginning Special Funding Account Balance 949.04
Beginning Principal Receivables + SFA Balance 1,601,735,479.69
Special Funding Account Earnings 1.81
Finance Charge Collections 22,999,757.23
Interchange Collections 1,971,938.71
Collection Account Investment Proceeds 24,840.37
Recoveries treated as Finance Charge Collections 0.00
Total Finance Charge Receivables Collections 24,996,538.12
Principal Receivables Collections 155,387,247.99
Recoveries treated as Principal Collections 3,243,107.60
Total Principal Receivables Collections 158,630,355.59
Monthly Payment Rate (Principal plus Interest divided by Avg. Principal Receivables) 10.64%
Defaulted Amount (Net of Recoveries) 8,524,522.80
Annualized Default Rate 6.39%
Trust Portfolio Yield 18.73%
New Principal Receivables 283,212,994.69
Aggregate Account Addition or Removal (Y/N)? Y
Date of Addition/Removal 1-Sep-99
Principal Receivables at the end of the day of Addition/Removal 1,735,307,982.53
SFA Balance at the end of the day of Addition/Removal 949.04
Principal Receivables + SFA Balance at the end of the day of Addition/Removal 1,735,308,931.57
Percentage of the Collection Period which is before the Addition/Removal Date 0.00%
Ending Principal Receivables Balance 1,717,667,711.77
Ending Special Funding Account (SFA) Balance 0.00
Ending Principal Receivables + SFA Balance 1,717,667,711.77
Required Minimum Principal Balance 1,605,000,000.00
Transferor Percentage 14.51%
Page 1
Monthly Trust Activity
B. Series Allocations
Total 1998-2 1998-3 1998-4
Group 1 1 2
Class A Invested Amount 528,000,000.00 528,000,000.00 0.00
Class B Invested Amount 113,000,000.00 113,000,000.00 0.00
Collateral Invested Amount 67,000,000.00 67,000,000.00 0.00
Class D Invested Amount 42,000,000.00 42,000,000.00 0.00
Total Invested Amount 1,500,000,000.00 750,000,000.00 750,000,000.00 0.00
Required Transferor Amount 105,000,000.00 52,500,000.00 52,500,000.00 0.00
Invested Amount + Req Transf Amount 1,605,000,000.00 802,500,000.00 802,500,000.00 0.00
Series Allocation Percentage 100.00% 50.00% 50.00% 0.00%
Series Allocable Finance Charge Collections 12,498,269.06 12,498,269.06 0.00
Series Allocable Principal Collections 79,315,177.80 79,315,177.80 0.00
Series Allocable Defaulted Amounts 4,262,261.40 4,262,261.40 0.00
Series Allocable Servicing Fee 1,250,000.00 1,250,000.00 0.00
In Revolving Period? Y Y Y
Available for Shared Principal Collections 144,488,576.66 72,244,288.33 72,244,288.33 0.00
Principal Shortfall 0.00 0.00 0.00 0.00
Allocation of Shared Principal Collections 0.00 0.00 0.00 0.00
FC Available for other Excess Allocation Series 0.00 0.00 0.00 0.00
Finance Charge Shortfall 9,997,581.59 4,998,790.79 4,998,790.79 0.00
Allocation of Excess Finance Charge Collections 0.00 0.00 0.00 0.00
B. Series Allocations
Amounts Due 1998-2 1998-3 1998-4
Principal Allocation Percentage 86.44% 86.44% 0.00%
Floating Allocation Percentage 86.44% 86.44% 0.00%
Class A Certificate Rate 5.480% 5.510% 0.000%
Class B Certificate Rate 5.690% 5.740% n/a
CIA Certificate Rate 6.255% 6.355% 0.000%
Class D Certificate Rate 0.000% 0.000% 0.000%
Class A Interest 2,411,200.00 2,424,400.00 0.00
Class B Interest 535,808.33 540,516.67 0.00
Collateral Monthly Interest 349,237.50 354,820.83 0.00
Class D Interest 0.00 0.00 0.00
Investor Monthly Interest 3,296,245.83 3,319,737.50 0.00
Investor Default Amount (Net of Recoveries) 3,684,296.20 3,684,296.20 0.00
Interchange Collections 852,271.32 852,271.32 0.00
0.75% of Interchange 468,750.00 468,750.00 0.00
Servicer Interchange 468,750.00 468,750.00 0.00
Monthly Servicing Fee (Before Adjustments) 1,250,000.00 1,250,000.00 0.00
Interchange Adjustment 0.00 0.00 0.00
SFA Adjustment 0.79 0.79 0.00
Monthly Servicing Fee (After Adjustments) 1,249,999.21 1,249,999.21 0.00
C. Group 1 Allocations
Total 1998-2 1998-3
Adjusted Invested Amount for Series 1,500,000,000.00 750,000,000.00 750,000,000.00
Principal Collections 137,119,984.26 68,559,992.13 68,559,992.13
Finance Charge Collections 21,606,992.56 10,803,496.28 10,803,496.28
Investor Monthly Interest 6,615,983.33 3,296,245.83 3,319,737.50
Investor Default Amount 7,368,592.40 3,684,296.20 3,684,296.20
Monthly Servicing Fee 2,499,998.42 1,249,999.21 1,249,999.21
Total Amount Due 16,484,574.15 8,230,541.24 8,254,032.91
Excess Before Reallocation 5,122,418.41 2,572,955.04 2,549,463.37
Reallocation of Finance Charge Collections -11,745.83 11,745.83
Dollars of Excess Spread 5,122,418.41 2,561,209.21 2,561,209.21
Percentage Excess Spread 4.10% 4.10% 4.10%
Reallocated Finance Charge Collections 21,606,992.56 10,791,750.45 10,815,242.12
Page 2
Monthly Trust Activity
C. Group 2 Allocations
Total 1998-4
Beginning Invested Amount After Giving 0.00 0.00
Effect to Decrease occurring in monthly period
Principal Collections 0.00 0.00
Finance Charge Collections 0.00 0.00
Investor Monthly Interest 0.00 0.00
Investor Default Amount 0.00 0.00
Monthly Servicing Fee 0.00 0.00
Total Amount Due 0.00 0.00
Excess Before Reallocation 0.00 0.00
Reallocation of Finance Charge Collections 0.00
Dollars of Excess Spread 0.00 0.00
Percentage Excess Spread n/a n/a
Reallocated Finance Charge Collections 0.00 0.00
D. Trust Performance
30-59 Days Delinquent 33,908,085.01
60-89 Days Delinquent 20,492,449.24
90+ Days Delinquent 39,339,164.79
Total 30+ Days Delinquent 93,739,699.04
Page 3
1998-2 Inputs
Series Sheet
Last Payment Date 15-Sep-99
Current Payment Date 15-Oct-99
Class A Class B CIA Class D
Fixed/Floating Floating Floating Floating Floating
Certificate Rate 5.48000% 5.69000% 6.25500% 0.000%
Initial Balance 528,000,000.00 113,000,000.00 67,000,000.00 42,000,000.00
Beginning Outstanding Amount 528,000,000.00 113,000,000.00 67,000,000.00 42,000,000.00
Beginning Invested Amount 528,000,000.00 113,000,000.00 67,000,000.00 42,000,000.00
Beginning Adjusted Invested Amount 528,000,000.00 113,000,000.00 67,000,000.00 42,000,000.00
Revolving Period (Y/N) Y
Accumulation Period (Y/N) N
Early Amortization (Y/N) N
Controlled Accumulation Period 12
Holdings is Servicer Y
Paydown Excess CIA (Y/N) Y
Paydown Excess Class D (Y/N) Y
Controlled Accumulation Amount 53,416,666.67
Prior Controlled Deposit Amount Shortfall 0.00
Controlled Deposit Amount 53,416,666.67
Beginning Principal Funding Account Balance 0.00
Principal Funding Investment Proceeds 0.00
YSA Investment Proceeds 0.00
Yield Supplement Account Beginning Balance 0.00
Yield Supplement Account Release 0.00
Yield Supplement Credit Amount Percentage 0.00%
Reserve Account Mechanics
Begin Funding Reserve Account (Y/N) N
Required Reserve Account Amount 0.00
Beginning Balance 0.00
Application of Principal Collections during Revolving Period
Required Collateral Invested Amount 67,000,000.00
Required Class D 42,000,000.00
Yield and Base Rate
Base Rate
Prior Monthly Period 7.17%
Second Prior Monthly Period 7.09%
Series Adjusted Portfolio Yield
Prior Monthly Period 11.78%
Second Prior Monthly Period 10.55%
CIA Applicable Excess Spread Percentage
Prior Monthly Period 4.61%
Second Prior Monthly Period 3.13%
Third Prior Monthly Period 4.81%
Fourth Prior Monthly Period 6.26%
Ending Spread Account Balance Prior Distribution 4,050,869.08
Page 1
1998-3 Inputs
Series Sheet
Last Payment Date 15-Sep-99
Current Payment Date 15-Oct-99
Class A Class B CIA Class D
Fixed/Floating Floating Floating Floating Floating
Certificate Rate 5.51000% 5.74000% 6.35500% 0.000%
Initial Balance 528,000,000.00 113,000,000.00 67,000,000.00 42,000,000.00
Beginning Outstanding Amount 528,000,000.00 113,000,000.00 67,000,000.00 42,000,000.00
Beginning Invested Amount 528,000,000.00 113,000,000.00 67,000,000.00 42,000,000.00
Beginning Adjusted Invested Amount 528,000,000.00 113,000,000.00 67,000,000.00 42,000,000.00
Revolving Period (Y/N) Y
Accumulation Period (Y/N) N
Early Amortization (Y/N) N
Controlled Accumulation Period 12
Holdings is Servicer Y
Paydown Excess CIA (Y/N) Y
Paydown Excess Class D (Y/N) Y
Controlled Accumulation Amount 53,416,666.67
Prior Controlled Deposit Amount Shortfall 0.00
Controlled Deposit Amount 53,416,666.67
Beginning Principal Funding Account Balance 0.00
Principal Funding Investment Proceeds 0.00
YSA Investment Proceeds 0.00
Yield Supplement Account Beginning Balance 0.00
Yield Supplement Account Release 0.00
Yield Supplement Credit Amount Percentage 0.00%
Reserve Account Mechanics
Begin Funding Reserve Account (Y/N) N
Required Reserve Account Amount 0.00
Beginning Balance 0.00
Application of Principal Collections during Revolving Period
Required Collateral Invested Amount 67,000,000.00
Required Class D 42,000,000.00
Yield and Base Rate
Base Rate
Prior Monthly Period 7.21%
Second Prior Monthly Period 7.12%
Series Adjusted Portfolio Yield
Prior Monthly Period 11.82%
Second Prior Monthly Period 10.59%
CIA Applicable Excess Spread Percentage
Prior Monthly Period 4.61%
Second Prior Monthly Period 3.13%
Third Prior Monthly Period 4.81%
Fourth Prior Monthly Period 6.26%
Ending Spread Account Balance Prior Distribution 4,050,868.73
Page 1
Series 1998-2
A. Investor/Transferor Allocations
B. Monthly Funding Requirements
Last Payment Date 15-Sep-99
Current Payment Date 15-Oct-99
Actual / 360 Days 30 30 30 30
30 / 360 Days 30 30 30 30
Fixed / Floating Floating Floating Floating Floating
Class A Class B Collateral Invested Class D Total
Amount
Certificate Rate 5.480% 5.690% 6.255% 0.000%
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 52,500,000.00
Total Initial Amount 802,500,000.00
Beginning Outstanding Amount 528,000,000.00 113,000,000.00 67,000,000.00 42,000,000.00 750,000,000.00
Ending Outstanding Amount 528,000,000.00 113,000,000.00 67,000,000.00 42,000,000.00 750,000,000.00
Beginning Invested Amount 528,000,000.00 113,000,000.00 67,000,000.00 42,000,000.00 750,000,000.00
Ending Invested Amount 528,000,000.00 113,000,000.00 67,000,000.00 42,000,000.00 750,000,000.00
Beginning Adjusted Invested Amount 528,000,000.00 113,000,000.00 67,000,000.00 42,000,000.00 750,000,000.00
Ending Adjusted Invested Amount 528,000,000.00 113,000,000.00 67,000,000.00 42,000,000.00 750,000,000.00
Principal Allocation Percentage 70.40% 15.07% 8.93% 5.60% 100.00%
Floating Allocation Percentage 70.40% 15.07% 8.93% 5.60% 100.00%
Principal Collections 48,266,234.46 10,329,705.48 6,124,692.63 3,839,359.56 68,559,992.13
Realloc Finance Charge Collections 7,597,392.32 1,625,957.07 964,063.04 604,338.03 10,791,750.45
YSA Draw 0.00
YSA Investment Proceeds 0.00
Realloc Finance Charge plus YSA Draw 7,597,392.32 1,625,957.07 964,063.04 604,338.03 10,791,750.45
Monthly Interest 2,411,200.00 535,808.33 349,237.50 0.00 3,296,245.83
Investor Default Amount (Net) 2,593,744.52 555,100.63 329,130.46 206,320.59 3,684,296.20
Monthly Servicing Fee 879,999.44 188,333.21 111,666.60 69,999.96 1,249,999.21
Total Due 5,884,943.97 1,279,242.17 790,034.56 276,320.54 8,230,541.24
Reallocated Investor Fin Charge Coll + YSA Draw + PFA Inv Proceeds + Reserve Fund Releases 10,791,750.45
Series Adjusted Portfolio Yield 11.37%
Base Rate 7.27%
Page 1
Series 1998-2
Series Parameters
Revolving Period (Y/N) Y
Accumulation Period (Y/N) N
Early Amortization (Y/N) N
Controlled Accumulation Period 12.00
Holdings 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 Shortfalll 0.00
Funding Accounts
Beginning Principal Funding Account Balance 0.00
Principal Funding Account Deposit 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 0.00
Required Reserve Account Amount 0.00
Funds Deposited into Reserve Account 0.00
Ending Reserve Account Balance 0.00
C. Certificate Balances and Distrubutions
Class A Class B CIA Class D Total
Beginning Balance 528,000,000.00 113,000,000.00 67,000,000.00 42,000,000.00 750,000,000.00
Interest Distributions 2,411,200.00 535,808.33 349,237.50 0.00 3,296,245.83
PFA Deposits 0.00 0.00
Principal Distributions 0.00 0.00 0.00 0.00 0.00
Total Distributions 2,411,200.00 535,808.33 349,237.50 0.00 3,296,245.83
Ending Certificate
Balance 528,000,000.00 113,000,000.00 67,000,000.00 42,000,000.00 750,000,000.00
Pool Factor 100.00% 100.00% 100.00% 100.00%
Total Distribution Per
$1,000 4.5667 4.7417 5.2125 0.0000
Interest Distribution Per
$1,000 4.5667 4.7417 5.2125 0.0000
Principal Distribution
Per $1,000 0.0000 0.0000 0.0000 0.0000
Page 2
Series 1998-2
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: 2,411,200.00
2 Amount of the distribution in respect of Class A Monthly Interest: 2,411,200.00
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: 535,808.33
2 Amount of the distribution in respect of Class B monthly interest: 535,808.33
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
Series 1998-2
H. Information regarding distributions on the Distribution Date to the Collateral Interest Holder.
1 Total amount distributed to the Collateral Interest Holder: 349,237.50
2 Amount distributed in respect of Collateral Monthly Interest: 349,237.50
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
1 Finance Charge Collections Allocated to Series 1998-2 (including YSA) 10,791,750.45
2 Full amount required to be paid pursuant to sections 4.5 and 4.7(excl. Spread Acct.) 8,230,541.24
3 Spread Account Requirement per Loan Agreement 7,560,000.00
4 Finance Charge Shortfall 4,998,790.79
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 7,597,392.32
a Reserve Account Release 0.00
b PFA Investment Earnings 0.00
c Class A Available Funds 7,597,392.32
2 Class A Available Funds 7,597,392.32
a Class A Monthly Interest 2,411,200.00 2,411,200.00 0.00
b Class A Servicing Fee 879,999.44 879,999.44 0.00
c Class A Investor Default Amount 2,593,744.52 2,593,744.52 0.00
d Class A Excess 1,712,448.35
3 Class B Available Funds 1,625,957.07
a Class B Monthly Interest 535,808.33 535,808.33 0.00
b Class B Servicing Fee 188,333.21 188,333.21 0.00
c Class B Excess 901,815.52
4 Collateral Available Funds 964,063.04
a Collateral Servicing Fee 111,666.60 111,666.60 0.00
b Collateral Excess 852,396.44
5 Class D Available Funds 604,338.03
a Class D Servicing Fee 69,999.96 69,999.96 0.00
b Class D Excess 534,338.07
6 Total Excess Spread 4,000,998.38
Page 4
Series 1998-2
L. Application of Excess Spread and Excess Finance Charge Collections
Available Due Paid Shortfall
1 Available Excess Spread 4,000,998.38
2 Excess Fin Charge Coll 0.00
from Other Series
3 Available Funds 4,000,998.38
4 Class A Required Amount Shortfalls 0.00 0.00 0.00
5 Class B Defaults 555,100.63 555,100.63 0.00
6 Monthly Servicing Fee Shortfalls 0.00 0.00 0.00
7 Collateral Monthly Interest 349,237.50 349,237.50 0.00
8 Collateral Default Amount 329,130.46 329,130.46 0.00
9 Reserve Account Deposit 0.00 0.00 0.00
10 Class D Monthly Interest 0.00 0.00 0.00
11 Class D Default Amount 206,320.59 206,320.59 0.00
12 Other CIA Amounts Owed 3,509,130.92 2,561,209.21 947,921.71
13 Excess Fin Coll for Other Series 0.00 0.00 0.00
14 Excess Spread 0.00
15 Writedowns
a Class A 0.00
b Class B 0.00
c CIA 0.00
d Class D 0.00
M. Reallocated Principal Collections
1 Total Principal Collections Allocable 68,559,992.13
2 Principal Required to Fund the Required Amount 0.00
3 Shared Principal Collections from other Series 0.00
4 Other Amounts Treated as Principal Collections 3,684,296.20
5 Available Principal Collections 72,244,288.33
N. Application of Principal Collections during Revolving Period
1 Collateral Invested Amount 67,000,000.00
2 Required Collateral Invested Amount 67,000,000.00
3 Amount used to pay Excess CIA 0.00
4 Available Principal Collections 72,244,288.33
5 Class D 42,000,000.00
6 Required Class D 42,000,000.00
7 Amount used to pay Excess Class D 0.00
8 Available Principal Collections 72,244,288.33
Page 5
Series 1998-2
O. Application of Principal Collections during the Accumulation Period
1 Available Principal Collections 72,244,288.33
a Controlled Deposit Amount 0.00
b Minimum of Avail Prin Coll and CDA 0.00
c Controlled Deposit Amount Shortfall 0.00
d Amount Deposited in PFA for Class A 0.00
e Draw from PFA to pay Class A Principal 0.00
f Class A Adjusted Invested Amount 528,000,000.00
2 Remaining Principal Collections Available 72,244,288.33
a Remaining PFA Balance 0.00
b Beginning Class B Outstanding Amount 113,000,000.00
c Beginning Class B Adjusted Invested Amount 113,000,000.00
d Amount Deposited in PFA for Class B 0.00
e Draw from PFA to pay Class B Principal 0.00
f Class B Adjusted Invested Amount 113,000,000.00
3 Remaining Principal Collections Available 72,244,288.33
a Remaining CIA Amount 67,000,000.00
b Principal Paid to CIA 0.00
c CIA at the end of the Period 67,000,000.00
4 Remaining Principal Collections Available 72,244,288.33
a Remaining Class D Amount 42,000,000.00
b Principal Paid to Class D 0.00
c Class D at the end of the Period 42,000,000.00
Class A Principal Paid to Investors 0.00
Class B Principal Paid to Investors 0.00
CIA Principal Paid to Investors 0.00
Class D Principal Paid to Investors 0.00
Ending Class A Outstanding Amount 528,000,000.00
Ending Class B Outstanding Amount 113,000,000.00
Ending CIA Outstanding Amount 67,000,000.00
Ending Class D Outstanding Amount 42,000,000.00
5 Shared Principal Collections 72,244,288.33
Page 6
Series 1998-2
P. Application of Principal Collections during Early Amortization Period
1 Principal Collections Available 0.00
a Remaining Class A Adjusted Invested Amount 528,000,000.00
b Principal Paid to Class A 0.00
c End of Period Class A Adjusted Invested Amount 528,000,000.00
2 Remaining Principal Collections Available 0.00
a Remaining Class B Adjusted Invested Amount 113,000,000.00
b Principal Paid to Class B 0.00
c End of Period Class B Adjusted Invested Amount 113,000,000.00
3 Remaining Principal Collections Available 0.00
a Remaining Collateral Invested Amount 67,000,000.00
b Principal Paid to CIA 0.00
c Collateral Invested Amount at the end of the Period 67,000,000.00
4 Remaining Principal Collections Available 0.00
a Remaining Class D Amount 42,000,000.00
b Principal Paid to Class D 0.00
c Class D at the end of the Period 42,000,000.00
Q. Yield and Base Rate
1 Base Rate
a Current Monthly Period 7.27%
b Prior Monthly Period 7.17%
c Second Prior Monthly Period 7.09%
Three Month Average Base Rate 7.18%
2 Series Adjusted Portfolio Yield
a Current Monthly Period 11.37%
b Prior Monthly Period 11.78%
c Second Prior Monthly Period 10.55%
Three Month Average Series Adjusted Portfolio Yield 11.23%
3 Excess Spread
a Current Monthly Period 4.10%
b Prior Monthly Period 4.61%
c Second Prior Monthly Period 3.46%
Three Month Average Excess Spread 4.06%
Page 7
1998-2 Trustee
----------------------------------------------------------
Partners First Credit Card Master Trust
Series 1998-2
----------------------------------------------------------
The undersigned, a duly authorized representative of
Partners First Holdings LLC ("Holdings"), as Servicer pursuant
to the Pooling and Servicing Agreement dated as of June 26, 1998
(as amended and supplemented, the "Pooling and Servicing
Agreement"), among Holdings, Partners First Receivables Funding
LLC ("Funding"), as Transferor and The Bank of New York, as trustee (the
"Trustee"), does hereby certify as follows:
1. Capitalized terms used in this Certificate have been defined in
the Agreement or the Series 1998-2 Supplement dated as of June
26, 1998, among Holdings Funding and the Trustee (as amended and
supplemented, the "Supplement"), as applicable.
2. Holdings is the Servicer
3. The undersigned is a Servicing Officer.
I. INSTRUCTION TO MAKE A WITHDRAWAL
The Servicer does hereby instruct the Trustee (i) to make
withdrawals from the Collection Account on 10/15/99
which date is a Distribution Date under the Supplement, in the
aggregate amounts (equal to the Class A Available Funds, Class
B Available Funds and Collateral Available Funds, respectively)
as set forth below in respect of the following amounts
(ii) to apply the proceeds of such withdrawals in accordance
with the Supplement.
Page 1
1998-2 Trustee
With respect to the Class A Certificates
A) (1) Interest at the Class A
Certificate Rate for the related
Interest Period on the Class A Invested
Amount ....................................................... $2,411,200.00
-------------
(2) Class A Monthly Interest
previously due but not paid......................... $0.00
-----------
(3) Class A Additional Interest
and any Class A Additional Interest due
but not paid ................................................ $0.00
-----------
B) (1) The Class A Servicing Fee for
the related Monthly Period , if
applicable..................................................... $879,999.44
-----------
(2) Accrued and unpaid Class A
Servicing Fees, if applicable......................... $0.00
-----------
C) Class A Investor Default Amount
for the related Monthly Period................ $2,593,744.52
-------------
With respect to the Class B Certificates
A) (1) Interest at the Class B
Certificate Rate for the related
Monthly Period on the Class B Invested
Amount ....................................................... $535,808.33
-----------
(2) Class B Monthly Interest
previously due but not paid....................... $0.00
-----------
(3) Class B Additional Interest
and any Class B Additional Interest
previously due but not paid........................ $0.00
-----------
B) (1) The Class B Servicing Fee for
the related Monthly Period, if
applicable.............................................. $188,333.21
-----------
(2) Accrued and unpaid Class B
Servicing Fees, if applicable....................... $0.00
-----------
Page 2
1998-2 Trustee
With respect to the Collateral Interest
A) (1) The Collateral Servicing Fee
for the related Monthly Period, if
applicable............................................. $111,666.60
-------------
(2) Accrued and unpaid Collateral
Servicing Fee, if applicable.......................... $0.00
-------------
B) (1) The Class D Servicing Fee
for the related Monthly Period, if
applicable....................................................... $69,999.96
-------------
(2) Accrued and unpaid Class D
Servicing Fee, if applicable.......................... $0.00
-------------
The Servicer hereby instructs
the Trustee (i) to make withdrawals
from the Collection Account on
15-Oct-99 which date is a
Distribution Date under the
Supplement, in the aggregate amounts
(equal to the Available Principal
Collections) as set forth below in
respect of the following amounts and
(ii) to apply the proceeds of such
withdrawals.
C) (1) The excess, if any, of the
Collateral Invested Amount
over the Required Collateral
Invested Amount paid to the
Collateral Interest Holder
pursuant to the Loan
Agreement................................... $0.00
-------------
(2) Amount to be treated as
Shared Principal
Collections.................................... $0.00
-------------
Page 3
1998-2 Trustee
With respect to the Class D Certificates
A) (1) The excess, if any, of the
Class D Amount
over the Required Class D
Invested Amount paid to the
Class D Holder............................ $0.00
-------------
(2) Amount to be treated as
Shared Principal
Collections.................................... $0.00
-------------
With Respect to Principal
A) (1) The Lesser of the Controlled
Deposit Amount and the sum of the
Class A Adjusted Invested Amount
and the Class B Adjusted Invested
Amount deposited in the Principal
Funding Account......................................... $0.00
-------------
(2) After the Class B Invested
Amount is paid in full, the amount
paid to the Collateral Interest
Holder (up to the Collateral
Invested Amount) pursuant to the
Loan Agreement......................................... $0.00
-------------
(3) Prior to the date the Class B
Invested Amount is paid in full,
excess of the Collateral Invested
Amount over the Required
Collateral Invested Amount paid to
the Collateral Interest Holder
pursuant to the Loan Agreement................ $0.00
-------------
(4) Prior to the date the Class B
Invested Amount is paid in full,
amount to be treated as Shared
Principal Collections $0.00
-------------
Page 4
1998-2 Trustee
(1) An amount up to the Class A
Adjusted Invested Amount deposited
in the Principal Funding Account........ $0.00
-------------
(2) On and after the Distribution
Date on which the Class A Invested Amount
deposited in the Principal Funding
Account........................................................ $0.00
-------------
(3) On and after the Distribution
Date on which the Class B Invested
Amount is paid in full, an amount
up to the Collateral Invested
Amount paid to the Collateral
Interest Holder pursuant to the
Loan Agreement.......................................... $0.00
-------------
The Servicer does hereby instruct the Trustee to apply on 10/15/99
Distribution Date under the Supplement, any Excess Spread
which is allocated to Series 1998-2 as follows:
A) Class A Required Amount applied in
the priority set forth.................................... $0.00
-------------
B) Aggregate amount of Class A
Investor Charge-Offs not
previously reimbursed allocated to
Available Principal Collections. $0.00
-------------
C) Class B Required Amount applied
first in the priority set forth
and any remaining amount up to the
Class B Investor Default Amount
allocated to Available Principal
Collections................................................... $555,100.63
-------------
D) The amount by which the "Class B
Invested Amount" has been reduced
pursuant to clauses (c), (d) and
(e) of the definition thereof
allocated to Available Principal
Collections................................................... $0.00
-------------
Page 5
1998-2 Trustee
E) (1) Collateral Monthly Interest..................... $349,237.50
-------------
(2) Collateral Monthly Interest
previously due but not paid............................. $0.00
-------------
(3) Collateral Additional Interest and
any Collateral Additional Interest
previously due and not paid............................ $0.00
-------------
F) Monthly Servicing Fee for such
Distribution Date that has not
been paid to the Servicer and any
Monthly Servicing Fee previously
due but not paid to the Servicer. $0.00
-------------
G) Collateral Default Amount
allocated to Available Principal
Collections........................................................... $329,130.46
-------------
H) The amount by which the
"Collateral Invested Amount" has
been reduced pursuant to the
definition thereof and allocated to
Available Principal Collections....................... $0.00
-------------
I) The excess of the Required Reserve
Account Amount over the Available
Reserve Amount deposited into the
Reserve Account.......................................... $0.00
-------------
J) Paid to the Collateral Interest
Holder pursuant to the Loan
Agreement................................................... $0.00
-------------
K) Treated as Excess Finance Charge
Collections and allocated to other
Series or paid to the Holders of
the Transferor Certificates........................... $0.00
-------------
Page 6
1998-2 Trustee
The Servicer does hereby instruct the Trustee to apply on
10/15/99 which is a Distribution Date under the Pooling and
Servicing agreement, $0.0 of Reallocated Principal Collections to
fund any deficiencies in the Required Amount after applying
Class A Available Funds, Class B Available Funds, Excess Spread
and Excess Finance Charge Collections thereto.
II. INSTRUCTION TO MAKE CERTAIN PAYMENTS
The Servicer does hereby instruct the Trustee to pay in accordance
with the Supplement from the Collection Account or the
Principal Funding Account, as applicable, on 10/15/99 which
date is a Payment Date under the Supplement, the following
amounts as set forth below:
A) Interest to be distributed to Class
A Certificate holders................................... $2,411,200.00
-------------
B) On the Expected Final Payment Date
or a Special Payment Date,
principal to be distributed to the
Class A Certificateholders............................ $0.00
-------------
C) Interest to be distributed to Class
B Certificateholders...................................... $535,808.33
-------------
D) On the Expected Final Payment Date
or a Special Payment Date, on or
after the date Class A Invested
Amount is paid in full, principal
to be distributed to the Class B
Certificateholders.................................. $0.00
-------------
E) Interest to be distributed to the Collateral
Interest Holder...................................... $349,237.50
-------------
F) On the Expected Final Payment Date
After the date Class A and Class B
Invested Amounts are paid in full, principal
to be distributed to the Collateral Interest
Holder..................................................... $0.00
-------------
Page 7
1998-2 Trustee
III. ACCRUED AND UNPAID AMOUNTS
After giving effect to the withdrawals and transfers to
be made in accordance with this notice, the following amounts
will be accrued and unpaid with respect to all Monthly Periods
preceding the current calendar month.
1. The aggregate amount of all
unreimbursed Class A Investor
Charge-Offs........................................... $0.00
-------------
2. The aggregate amount by which the
Class B Invested Amount has been
reduced.................................................. $0.00
-------------
3. The aggregate amount by which the
Collateral Invested Amount has
been reduced......................................... $0.00
-------------
4. The aggregate amount by which the
Class D Invested Amount has
been reduced......................................... $0.00
-------------
Page 8
Series 1998-3
A. Investor/Transferor Allocations
B. Monthly Funding Requirements
Last Payment Date 15-Sep-99
Current Payment Date 15-Oct-99
Actual / 360 Days 30 30 30 30
30 / 360 Days 30 30 30 30
Fixed / Floating Floating Floating Floating Floating
Class A Class B Collateral Invested Class D Total
Amount
Certificate Rate 5.510% 5.740% 6.355% 0.000%
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 52,500,000.00
Total Initial Amount 802,500,000.00
Beginning Outstanding Amount 528,000,000.00 113,000,000.00 67,000,000.00 42,000,000.00 750,000,000.00
Ending Outstanding Amount 528,000,000.00 113,000,000.00 67,000,000.00 42,000,000.00 750,000,000.00
Beginning Invested Amount 528,000,000.00 113,000,000.00 67,000,000.00 42,000,000.00 750,000,000.00
Ending Invested Amount 528,000,000.00 113,000,000.00 67,000,000.00 42,000,000.00 750,000,000.00
Beginning Adjusted Invested Amount 528,000,000.00 113,000,000.00 67,000,000.00 42,000,000.00 750,000,000.00
Ending Adjusted Invested Amount 528,000,000.00 113,000,000.00 67,000,000.00 42,000,000.00 750,000,000.00
Principal Allocation Percentage 70.40% 15.07% 8.93% 5.60% 100.00%
Floating Allocation Percentage 70.40% 15.07% 8.93% 5.60% 100.00%
Principal Collections 48,266,234.46 10,329,705.48 6,124,692.63 3,839,359.56 68,559,992.13
Realloc Finance Charge Collections 7,613,930.45 1,629,496.48 966,161.63 605,653.56 10,815,242.12
YSA Draw 0.00
YSA Investment Proceeds 0.00
Realloc Finance Charge plus YSA Draw 7,613,930.45 1,629,496.48 966,161.63 605,653.56 10,815,242.12
Monthly Interest 2,424,400.00 540,516.67 354,820.83 0.00 3,319,737.50
Investor Default Amount (Net) 2,593,744.52 555,100.63 329,130.46 206,320.59 3,684,296.20
Monthly Servicing Fee 879,999.44 188,333.21 111,666.60 69,999.96 1,249,999.21
Total Due 5,898,143.97 1,283,950.51 795,617.89 276,320.54 8,254,032.91
Reallocated Investor Fin Charge Coll + YSA Draw + PFA Inv Proceeds + Reserve Fund Releases 10,815,242.12
Series Adjusted Portfolio Yield 11.41%
Base Rate 7.31%
Page 1
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
Holdings 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 Shortfalll 0.00
Funding Accounts
Beginning Principal Funding Account Balance 0.00
Principal Funding Account Deposit 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 0.00
Required Reserve Account Amount 0.00
Funds Deposited into Reserve Account 0.00
Ending Reserve Account Balance 0.00
C. Certificate Balances and Distrubutions
Class A Class B CIA Class D Total
Beginning Balance 528,000,000.00 113,000,000.00 67,000,000.00 42,000,000.00 750,000,000.00
Interest Distributions 2,424,400.00 540,516.67 354,820.83 0.00 3,319,737.50
PFA Deposits 0.00 0.00
Principal Distributions 0.00 0.00 0.00 0.00 0.00
Total Distributions 2,424,400.00 540,516.67 354,820.83 0.00 3,319,737.50
Ending Certificate
Balance 528,000,000.00 113,000,000.00 67,000,000.00 42,000,000.00 750,000,000.00
Pool Factor 100.00% 100.00% 100.00% 100.00%
Total Distribution Per
$1,000 4.5917 4.7833 5.2958 0.0000
Interest Distribution
Per $1,000 4.5917 4.7833 5.2958 0.0000
Principal Distribution
Per $1,000 0.0000 0.0000 0.0000 0.0000
Page 2
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: 2,424,400.00
2 Amount of the distribution in respect of Class A Monthly Interest: 2,424,400.00
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: 540,516.67
2 Amount of the distribution in respect of Class B monthly interest: 540,516.67
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
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: 354,820.83
2 Amount distributed in respect of Collateral Monthly Interest: 354,820.83
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
1 Finance Charge Collections Allocated to Series 1998-2 (including YSA) 10,815,242.12
2 Full amount required to be paid pursuant to sections 4.5 and 4.7(excl. Spread Acct.) 8,254,032.91
3 Spread Account Requirement per Loan Agreement 7,560,000.00
4 Finance Charge Shortfall 4,998,790.79
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 7,613,930.45
a Reserve Account Release 0.00
b PFA Investment Earnings 0.00
c Class A Available Funds 7,613,930.45
2 Class A Available Funds 7,613,930.45
a Class A Monthly Interest 2,424,400.00 2,424,400.00 0.00
b Class A Servicing Fee 879,999.44 879,999.44 0.00
c Class A Investor Default Amount 2,593,744.52 2,593,744.52 0.00
d Class A Excess 1,715,786.48
3 Class B Available Funds 1,629,496.48
a Class B Monthly Interest 540,516.67 540,516.67 0.00
b Class B Servicing Fee 188,333.21 188,333.21 0.00
c Class B Excess 900,646.60
4 Collateral Available Funds 966,161.63
a Collateral Servicing Fee 111,666.60 111,666.60 0.00
b Collateral Excess 854,495.03
5 Class D Available Funds 605,653.56
a Class D Servicing Fee 69,999.96 69,999.96 0.00
b Class D Excess 535,653.60
6 Total Excess Spread 4,006,581.72
Page 4
Series 1998-3
L. Application of Excess Spread and Excess Finance Charge Collections
Available Due Paid Shortfall
1 Available Excess Spread 4,006,581.72
2 Excess Fin Charge Coll 0.00
from Other Series
3 Available Funds 4,006,581.72
4 Class A Required Amount Shortfalls 0.00 0.00 0.00
5 Class B Defaults 555,100.63 555,100.63 0.00
6 Monthly Servicing Fee Shortfalls 0.00 0.00 0.00
7 Collateral Monthly Interest 354,820.83 354,820.83 0.00
8 Collateral Default Amount 329,130.46 329,130.46 0.00
9 Reserve Account Deposit 0.00 0.00 0.00
10 Class D Monthly Interest 0.00 0.00 0.00
11 Class D Default Amount 206,320.59 206,320.59 0.00
12 Other CIA Amounts Owed 3,509,131.27 2,561,209.21 947,922.06
13 Excess Fin Coll for Other Series 0.00 0.00 0.00
14 Excess Spread 0.00
15 Writedowns
a Class A 0.00
b Class B 0.00
c CIA 0.00
d Class D 0.00
M. Reallocated Principal Collections
1 Total Principal Collections Allocable 68,559,992.13
2 Principal Required to Fund the Required Amount 0.00
3 Shared Principal Collections from other Series 0.00
4 Other Amounts Treated as Principal Collections 3,684,296.20
5 Available Principal Collections 72,244,288.33
N. Application of Principal Collections during Revolving Period
1 Collateral Invested Amount 67,000,000.00
2 Required Collateral Invested Amount 67,000,000.00
3 Amount used to pay Excess CIA 0.00
4 Available Principal Collections 72,244,288.33
5 Class D 42,000,000.00
6 Required Class D 42,000,000.00
7 Amount used to pay Excess Class D 0.00
8 Available Principal Collections 72,244,288.33
Page 5
Series 1998-3
O. Application of Principal Collections during the Accumulation Period
1 Available Principal Collections 72,244,288.33
a Controlled Deposit Amount 0.00
b Minimum of Avail Prin Coll and CDA 0.00
c Controlled Deposit Amount Shortfall 0.00
d Amount Deposited in PFA for Class A 0.00
e Draw from PFA to pay Class A Principal 0.00
f Class A Adjusted Invested Amount 528,000,000.00
2 Remaining Principal Collections Available 72,244,288.33
a Remaining PFA Balance 0.00
b Beginning Class B Outstanding Amount 113,000,000.00
c Beginning Class B Adjusted Invested Amount 113,000,000.00
d Amount Deposited in PFA for Class B 0.00
e Draw from PFA to pay Class B Principal 0.00
f Class B Adjusted Invested Amount 113,000,000.00
3 Remaining Principal Collections Available 72,244,288.33
a Remaining CIA Amount 67,000,000.00
b Principal Paid to CIA 0.00
c CIA at the end of the Period 67,000,000.00
4 Remaining Principal Collections Available 72,244,288.33
a Remaining Class D Amount 42,000,000.00
b Principal Paid to Class D 0.00
c Class D at the end of the Period 42,000,000.00
Class A Principal Paid to Investors 0.00
Class B Principal Paid to Investors 0.00
CIA Principal Paid to Investors 0.00
Class D Principal Paid to Investors 0.00
Ending Class A Outstanding Amount 528,000,000.00
Ending Class B Outstanding Amount 113,000,000.00
Ending CIA Outstanding Amount 67,000,000.00
Ending Class D Outstanding Amount 42,000,000.00
5 Shared Principal Collections 72,244,288.33
Page 6
Series 1998-3
P. Application of Principal Collections during Early Amortization Period
1 Principal Collections Available 0.00
a Remaining Class A Adjusted Invested Amount 528,000,000.00
b Principal Paid to Class A 0.00
c End of Period Class A Adjusted Invested Amount 528,000,000.00
2 Remaining Principal Collections Available 0.00
a Remaining Class B Adjusted Invested Amount 113,000,000.00
b Principal Paid to Class B 0.00
c End of Period Class B Adjusted Invested Amount 113,000,000.00
3 Remaining Principal Collections Available 0.00
a Remaining Collateral Invested Amount 67,000,000.00
b Principal Paid to CIA 0.00
c Collateral Invested Amount at the end of the Period 67,000,000.00
4 Remaining Principal Collections Available 0.00
a Remaining Class D Amount 42,000,000.00
b Principal Paid to Class D 0.00
c Class D at the end of the Period 42,000,000.00
Q. Yield and Base Rate
1 Base Rate
a Current Monthly Period 7.31%
b Prior Monthly Period 7.21%
c Second Prior Monthly Period 7.12%
Three Month Average Base Rate 7.21%
2 Series Adjusted Portfolio Yield
a Current Monthly Period 11.41%
b Prior Monthly Period 11.82%
c Second Prior Monthly Period 10.59%
Three Month Average Series Adjusted Portfolio Yield 11.27%
3 Excess Spread
a Current Monthly Period 4.10%
b Prior Monthly Period 4.61%
c Second Prior Monthly Period 3.47%
Three Month Average Excess Spread 4.06%
Page 7
1998-3 Trustee
----------------------------------------------------------
Partners First Credit Card Master Trust
Series 1998-3
----------------------------------------------------------
The undersigned, a duly authorized representative of
Partners First Holdings LLC ("Holdings"), as Servicer pursuant
to the Pooling and Servicing Agreement dated as of June 26, 1998
(as amended and supplemented, the "Pooling and Servicing
Agreement"), among Holdings, Partners First Receivables Funding
LLC ("Funding"), as Transferor and The Bank of New York, as trustee (the
"Trustee"), does hereby certify as follows:
1. Capitalized terms used in this Certificate have been defined in
the Agreement or the Series 1998-3 Supplement dated as of June
26, 1998, among Holdings Funding and the Trustee (as amended and
supplemented, the "Supplement"), as applicable.
2. Holdings is the Servicer
3. The undersigned is a Servicing Officer.
I. INSTRUCTION TO MAKE A WITHDRAWAL
The Servicer does hereby instruct the Trustee (i) to make
withdrawals from the Collection Account on 10/15/99
which date is a Distribution Date under the Supplement, in the
aggregate amounts (equal to the Class A Available Funds, Class
B Available Funds and Collateral Available Funds, respectively)
as set forth below in respect of the following amounts
(ii) to apply the proceeds of such withdrawals in accordance
with the Supplement.
Page 1
1998-3 Trustee
With respect to the Class A Certificates
A) (1) Interest at the Class A
Certificate Rate for the related
Interest Period on the Class A Invested
Amount ....................................................... $2,424,400.00
-------------
(2) Class A Monthly Interest
previously due but not paid......................... $0.00
-------------
(3) Class A Additional Interest
and any Class A Additional Interest due
but not paid ................................................ $0.00
-------------
B) (1) The Class A Servicing Fee for
the related Monthly Period , if
applicable..................................................... $879,999.44
-------------
(2) Accrued and unpaid Class A
Servicing Fees, if applicable......................... $0.00
-------------
C) Class A Investor Default Amount
for the related Monthly Period................ $2,593,744.52
-------------
With respect to the Class B Certificates
A) (1) Interest at the Class B
Certificate Rate for the related
Monthly Period on the Class B Invested
Amount ....................................................... $540,516.67
-------------
(2) Class B Monthly Interest
previously due but not paid....................... $0.00
-------------
(3) Class B Additional Interest
and any Class B Additional Interest
previously due but not paid........................ $0.00
-------------
B) (1) The Class B Servicing Fee for
the related Monthly Period, if
applicable.............................................. $188,333.21
-------------
(2) Accrued and unpaid Class B
Servicing Fees, if applicable....................... $0.00
-------------
Page 2
1998-3 Trustee
With respect to the Collateral Interest
A) (1) The Collateral Servicing Fee
for the related Monthly Period, if
applicable............................................. $111,666.60
-------------
(2) Accrued and unpaid Collateral
Servicing Fee, if applicable.......................... $0.00
-------------
B) (1) The Class D Servicing Fee
for the related Monthly Period, if
applicable....................................................... $69,999.96
-------------
(2) Accrued and unpaid Class D
Servicing Fee, if applicable.......................... $0.00
-------------
The Servicer hereby instructs
the Trustee (i) to make withdrawals
from the Collection Account on
15-Oct-99 which date is a
Distribution Date under the
Supplement, in the aggregate amounts
(equal to the Available Principal
Collections) as set forth below in
respect of the following amounts and
(ii) to apply the proceeds of such
withdrawals.
C) (1) The excess, if any, of the
Collateral Invested Amount
over the Required Collateral
Invested Amount paid to the
Collateral Interest Holder
pursuant to the Loan
Agreement................................... $0.00
-------------
(2) Amount to be treated as
Shared Principal
Collections.................................... $0.00
-------------
Page 3
1998-3 Trustee
With respect to the Class D Certificates
A) (1) The excess, if any, of the
Class D Amount
over the Required Class D
Invested Amount paid to the
Class D Holder............................ $0.00
-------------
(2) Amount to be treated as
Shared Principal
Collections.................................... $0.00
-------------
With Respect to Principal
A) (1) The Lesser of the Controlled
Deposit Amount and the sum of the
Class A Adjusted Invested Amount
and the Class B Adjusted Invested
Amount deposited in the Principal
Funding Account......................................... $0.00
-------------
(2) After the Class B Invested
Amount is paid in full, the amount
paid to the Collateral Interest
Holder (up to the Collateral
Invested Amount) pursuant to the
Loan Agreement......................................... $0.00
-------------
(3) Prior to the date the Class B
Invested Amount is paid in full,
excess of the Collateral Invested
Amount over the Required
Collateral Invested Amount paid to
the Collateral Interest Holder
pursuant to the Loan Agreement................ $0.00
-------------
(4) Prior to the date the Class B
Invested Amount is paid in full,
amount to be treated as Shared
Principal Collections $0.00
-------------
Page 4
1998-3 Trustee
(1) An amount up to the Class A
Adjusted Invested Amount deposited
in the Principal Funding Account........ $0.00
-------------
(2) On and after the Distribution
Date on which the Class A Invested Amount
deposited in the Principal Funding
Account........................................................ $0.00
-------------
(3) On and after the Distribution
Date on which the Class B Invested
Amount is paid in full, an amount
up to the Collateral Invested
Amount paid to the Collateral
Interest Holder pursuant to the
Loan Agreement.......................................... $0.00
-------------
The Servicer does hereby instruct the Trustee to apply on 10/15/99
Distribution Date under the Supplement, any Excess Spread
which is allocated to Series 1998-3 as follows:
A) Class A Required Amount applied in
the priority set forth.................................... $0.00
-------------
B) Aggregate amount of Class A
Investor Charge-Offs not
previously reimbursed allocated to
Available Principal Collections. $0.00
-------------
C) Class B Required Amount applied
first in the priority set forth
and any remaining amount up to the
Class B Investor Default Amount
allocated to Available Principal
Collections................................................... $555,100.63
-------------
D) The amount by which the "Class B
Invested Amount" has been reduced
pursuant to clauses (c), (d) and
(e) of the definition thereof
allocated to Available Principal
Collections................................................... $0.00
-------------
Page 5
1998-3 Trustee
E) (1) Collateral Monthly Interest..................... $354,820.83
-------------
(2) Collateral Monthly Interest
previously due but not paid............................. $0.00
-------------
(3) Collateral Additional Interest and
any Collateral Additional Interest
previously due and not paid............................ $0.00
-------------
F) Monthly Servicing Fee for such
Distribution Date that has not
been paid to the Servicer and any
Monthly Servicing Fee previously
due but not paid to the Servicer. $0.00
-------------
G) Collateral Default Amount
allocated to Available Principal
Collections........................................................... $329,130.46
-------------
H) The amount by which the
"Collateral Invested Amount" has
been reduced pursuant to the
definition thereof and allocated to
Available Principal Collections....................... $0.00
-------------
I) The excess of the Required Reserve
Account Amount over the Available
Reserve Amount deposited into the
Reserve Account.......................................... $0.00
-------------
J) Paid to the Collateral Interest
Holder pursuant to the Loan
Agreement................................................... $0.00
-------------
K) Treated as Excess Finance Charge
Collections and allocated to other
Series or paid to the Holders of
the Transferor Certificates........................... $0.00
-------------
Page 6
1998-3 Trustee
The Servicer does hereby instruct the Trustee to apply on
10/15/99 which is a Distribution Date under the Pooling and
Servicing agreement, $0.0 of Reallocated Principal Collections to
fund any deficiencies in the Required Amount after applying
Class A Available Funds, Class B Available Funds, Excess Spread
and Excess Finance Charge Collections thereto.
II. INSTRUCTION TO MAKE CERTAIN PAYMENTS
The Servicer does hereby instruct the Trustee to pay in accordance
with the Supplement from the Collection Account or the
Principal Funding Account, as applicable, on 10/15/99 which
date is a Payment Date under the Supplement, the following
amounts as set forth below:
A) Interest to be distributed to Class
A Certificate holders................................... $2,424,400.00
-------------
B) On the Expected Final Payment Date
or a Special Payment Date,
principal to be distributed to the
Class A Certificateholders............................ $0.00
-------------
C) Interest to be distributed to Class
B Certificateholders...................................... $540,516.67
-------------
D) On the Expected Final Payment Date
or a Special Payment Date, on or
after the date Class A Invested
Amount is paid in full, principal
to be distributed to the Class B
Certificateholders.................................. $0.00
-------------
E) Interest to be distributed to the Collateral
Interest Holder...................................... $354,820.83
-------------
F) On the Expected Final Payment Date
After the date Class A and Class B
Invested Amounts are paid in full, principal
to be distributed to the Collateral Interest
Holder..................................................... $0.00
-------------
Page 7
1998-3 Trustee
III. ACCRUED AND UNPAID AMOUNTS
After giving effect to the withdrawals and transfers to
be made in accordance with this notice, the following amounts
will be accrued and unpaid with respect to all Monthly Periods
preceding the current calendar month.
1. The aggregate amount of all
unreimbursed Class A Investor
Charge-Offs........................................... $0.00
-------------
2. The aggregate amount by which the
Class B Invested Amount has been
reduced.................................................. $0.00
-------------
3. The aggregate amount by which the
Collateral Invested Amount has
been reduced......................................... $0.00
-------------
4. The aggregate amount by which the
Class D Invested Amount has
been reduced......................................... $0.00
-------------
Page 8
Trust Inputs Attachment E
Daily Collections Sheet
Portfolio Activity Reporting Date (Current Payment Date) 18-Jan-00
Monthly Settlement Period Start Date 1-Dec-99
Monthly Settlement Period End Date 31-Dec-99
Monthly Period December
Next Distribution Date 15-Feb-00
Beginning Month Principal Receivables 1,650,850,760.94
Beginning Month Finance Charge Receivables 50,487,178
Ending Finance Charge Receivables 52,464,313
Discount Percentage 0.00%
Monthly Trust Activity Sheet
Servicing Fee 2.00%
Beginning Special Funding Account Balance 0.00
Required Minimum Principal Balance 107.00%
Reallocation of Finance Charge Collections Monthly Trust Activity Row 90
30-59 Days Delinquent 33,162,711.71
60-89 Days Delinquent 21,473,622.00
90+ Days Delinquent 41,473,729.98
Total 30+ Days Delinquent 96,110,063.69
Collection Account Investment Proceeds 49,885.52
Aggregate Account Addition or Removal (Y/N) Y
Date of Account Addition or Removal 1-Dec-99
Principal Receivables Added 251,501,852.22
Finance Charge Receivables Added 726,614.66
Principal Receivables at the End of the Day of Addition or Removal 1,898,980,790.31
Page 1
Daily Collections
Partners First Credit Card Master Trust 03/27/00
Monthly Settlement Period Start Date 01-Dec-99
Monthly Settlement Period End Date 31-Dec-99
Next Distribution Date 15-Feb-00 Portfolio Activity
Beginning Month Principal Receivables 1,650,850,760.94 Reporting Date 18-Jan-00
Beginning Month Adjusted Principal Receivables 1,650,850,760.94
Discount Percentage 0.00%
Beginning Month Trust Principal Receivables 1,650,850,760.94
Beginning
Principal Finance Charge Interchange Principal
Day Date Receivables Collections Collections Collections
- ------------------------------------------------------------------------------------------------------------------------------------
Wednesday 12/01/99 1,650,850,760.94 945,386.97 5,735,831.72
Thursday 12/02/99 1,898,980,790.31 959,178.65 5,937,842.27
Friday 12/03/99 1,900,047,026.66 1,293,747.98 9,327,162.94
Saturday 12/04/99 1,897,261,210.01 0.00 0.00
Sunday 12/05/99 1,897,261,210.01 1,684,784.49 10,783,202.70
Monday 12/06/99 1,892,453,097.74 1,079,224.61 6,672,809.48
Tuesday 12/07/99 1,896,042,581.88 735,873.01 6,042,170.33
Wednesday 12/08/99 1,898,137,683.01 702,368.02 4,998,298.13
Thursday 12/09/99 1,900,652,684.61 959,416.08 5,845,519.27
Friday 12/10/99 1,901,746,417.66 921,176.02 7,141,378.92
Saturday 12/11/99 1,901,743,030.47 0.00 0.00
Sunday 12/12/99 1,901,743,030.47 1,234,005.98 9,976,870.88
Monday 12/13/99 1,898,707,855.40 784,108.26 4,857,615.62
Tuesday 12/14/99 1,905,567,570.65 605,802.05 4,983,208.74
Wednesday 12/15/99 1,910,016,367.17 619,460.04 4,327,550.11
Thursday 12/16/99 1,913,762,430.93 830,059.18 6,545,687.80
Friday 12/17/99 1,913,408,690.65 760,774.76 5,404,948.93
Saturday 12/18/99 1,912,078,726.61 0.00 0.00
Sunday 12/19/99 1,912,078,726.61 1,231,470.49 10,025,698.18
Monday 12/20/99 1,909,198,690.78 843,875.32 5,670,586.37
Tuesday 12/21/99 1,915,533,592.90 747,057.15 4,977,058.09
Wednesday 12/22/99 1,919,680,096.09 878,270.26 5,796,174.95
Thursday 12/23/99 1,922,936,502.44 869,409.32 7,203,117.99
Friday 12/24/99 1,924,157,126.50 0.00 0.00
Saturday 12/25/99 1,924,157,126.50 0.00 0.00
Sunday 12/26/99 1,924,157,126.50 1,622,138.00 12,003,267.77
Monday 12/27/99 1,927,885,733.86 236,557.07 2,768,641.12
Tuesday 12/28/99 1,930,542,028.21 1,328,922.86 10,584,031.07
Wednesday 12/29/99 1,925,154,805.36 956,385.39 5,188,642.60
Thursday 12/30/99 1,925,796,352.07 1,053,822.06 6,042,683.71
Friday 12/31/99 1,925,313,117.91 819,391.80 6,402,799.27
Monthly Totals 1,650,850,760.94 24,702,665.82 2,850,183.87 175,242,798.96
(1) Includes Fraud Charge-Offs equal to: 157,338.93
Principal New Principal
Adjustment Principal Charge-off Recovery
Day Date Amount Receivables Amount(1) Collections
- ------------------------------------------------------------------------------------------------------------------------------------
Wednesday 12/01/99 0.00 259,632,377.38 5,766,516.29
Thursday 12/02/99 0.00 7,004,078.62 0.00
Friday 12/03/99 0.00 6,541,346.29 0.00
Saturday 12/04/99 0.00 0.00 0.00
Sunday 12/05/99 0.00 5,975,090.43 0.00
Monday 12/06/99 0.00 10,262,054.22 (239.40)
Tuesday 12/07/99 0.00 8,137,271.46 0.00
Wednesday 12/08/99 0.00 7,509,924.11 (3,375.62)
Thursday 12/09/99 0.00 6,939,252.32 0.00
Friday 12/10/99 0.00 7,137,991.73 0.00
Saturday 12/11/99 0.00 0.00 0.00
Sunday 12/12/99 0.00 6,941,695.81 0.00
Monday 12/13/99 0.00 11,717,330.87 0.00
Tuesday 12/14/99 0.00 9,432,005.26 0.00
Wednesday 12/15/99 0.00 8,073,613.87 0.00
Thursday 12/16/99 0.00 7,770,729.39 1,578,781.87
Friday 12/17/99 0.00 7,828,151.70 3,753,166.81
Saturday 12/18/99 0.00 0.00 0.00
Sunday 12/19/99 0.00 7,145,662.35 0.00
Monday 12/20/99 0.00 12,079,304.04 73,815.55
Tuesday 12/21/99 0.00 9,305,700.69 182,139.41
Wednesday 12/22/99 0.00 9,052,581.30 0.00
Thursday 12/23/99 0.00 8,423,742.05 0.00
Friday 12/24/99 0.00 0.00 0.00
Saturday 12/25/99 0.00 0.00 0.00
Sunday 12/26/99 0.00 15,731,875.13 0.00
Monday 12/27/99 0.00 5,424,935.47 0.00
Tuesday 12/28/99 0.00 5,194,848.84 (1,959.38)
Wednesday 12/29/99 0.00 5,830,189.31 0.00
Thursday 12/30/99 0.00 5,552,563.92 (6,885.63)
Friday 12/31/99 0.00 5,453,353.05 0.00
Monthly Totals 0.00 460,097,669.61 11,341,959.90 892,312.85
Ending Invested Amt +
Principal Req Transferor Special Funding SFA Earnings
Day Date Receivables Amount Account Balance
- ---------------------------------------------------------------------------------------------------------------------------------
Wednesday 12/01/99 1,898,980,790.31 1,605,000,000.00 0.00
Thursday 12/02/99 1,900,047,026.66 1,605,000,000.00 0.00
Friday 12/03/99 1,897,261,210.01 1,605,000,000.00 0.00
Saturday 12/04/99 1,897,261,210.01 1,605,000,000.00 0.00
Sunday 12/05/99 1,892,453,097.74 1,605,000,000.00 0.00
Monday 12/06/99 1,896,042,581.88 1,605,000,000.00 0.00
Tuesday 12/07/99 1,898,137,683.01 1,605,000,000.00 0.00
Wednesday 12/08/99 1,900,652,684.61 1,605,000,000.00 0.00
Thursday 12/09/99 1,901,746,417.66 1,605,000,000.00 0.00
Friday 12/10/99 1,901,743,030.47 1,605,000,000.00 0.00
Saturday 12/11/99 1,901,743,030.47 1,605,000,000.00 0.00
Sunday 12/12/99 1,898,707,855.40 1,605,000,000.00 0.00
Monday 12/13/99 1,905,567,570.65 1,605,000,000.00 0.00
Tuesday 12/14/99 1,910,016,367.17 1,605,000,000.00 0.00
Wednesday 12/15/99 1,913,762,430.93 1,605,000,000.00 0.00
Thursday 12/16/99 1,913,408,690.65 1,605,000,000.00 0.00
Friday 12/17/99 1,912,078,726.61 1,605,000,000.00 0.00
Saturday 12/18/99 1,912,078,726.61 1,605,000,000.00 0.00
Sunday 12/19/99 1,909,198,690.78 1,605,000,000.00 0.00
Monday 12/20/99 1,915,533,592.90 1,605,000,000.00 0.00
Tuesday 12/21/99 1,919,680,096.09 1,605,000,000.00 0.00
Wednesday 12/22/99 1,922,936,502.44 1,605,000,000.00 0.00
Thursday 12/23/99 1,924,157,126.50 1,605,000,000.00 0.00
Friday 12/24/99 1,924,157,126.50 1,605,000,000.00 0.00
Saturday 12/25/99 1,924,157,126.50 1,605,000,000.00 0.00
Sunday 12/26/99 1,927,885,733.86 1,605,000,000.00 0.00
Monday 12/27/99 1,930,542,028.21 1,605,000,000.00 0.00
Tuesday 12/28/99 1,925,154,805.36 1,605,000,000.00 0.00
Wednesday 12/29/99 1,925,796,352.07 1,605,000,000.00 0.00
Thursday 12/30/99 1,925,313,117.91 1,605,000,000.00 0.00
Friday 12/31/99 1,924,363,671.69 1,605,000,000.00 0.00
Monthly Totals 1,924,363,671.69 1,605,000,000.00 0.00 0.00
Page 1
Monthly Trust Activity
A. Trust Level Activity
Number of Days in Collection Period 31
Beginning Principal Receivables Balance 1,650,850,760.94
Beginning Special Funding Account Balance 0.00
Beginning Principal Receivables + SFA Balance 1,650,850,760.94
Special Funding Account Earnings 0.00
Finance Charge Collections 24,702,665.82
Interchange Collections 2,850,183.87
Collection Account Investment Proceeds 49,885.52
Recoveries treated as Finance Charge Collections 0.00
Total Finance Charge Receivables Collections 27,602,735.21
Principal Receivables Collections 175,242,798.96
Recoveries treated as Principal Collections 892,312.85
Total Principal Receivables Collections 176,135,111.81
Monthly Payment Rate (Principal plus Interest divided by Avg. Principal Receivables) 10.66%
Defaulted Amount (Net of Recoveries) 10,291,868.12
Annualized Default Rate 7.48%
Trust Portfolio Yield 20.06%
New Principal Receivables 460,097,669.61
Aggregate Account Addition or Removal (Y/N)? Y
Date of Addition/Removal 1-Dec-99
Principal Receivables at the end of the day of Addition/Removal 1,898,980,790.31
SFA Balance at the end of the day of Addition/Removal 0.00
Principal Receivables + SFA Balance at the end of the day of Addition/Removal 1,898,980,790.31
Percentage of the Collection Period which is before the Addition/Removal Date 0.00%
Ending Principal Receivables Balance 1,924,363,671.69
Ending Special Funding Account (SFA) Balance 0.00
Ending Principal Receivables + SFA Balance 1,924,363,671.69
Required Minimum Principal Balance 1,605,000,000.00
Transferor Percentage 28.29%
Page 2
Monthly Trust Activity
B. Series Allocations
Total 1998-2 1998-3
Group 1 1
Class A Invested Amount 528,000,000.00 528,000,000.00
Class B Invested Amount 113,000,000.00 113,000,000.00
Collateral Invested Amount 67,000,000.00 67,000,000.00
Class D Invested Amount 42,000,000.00 42,000,000.00
Total Invested Amount 1,500,000,000.00 750,000,000.00 750,000,000.00
Required Transferor Amount 105,000,000.00 52,500,000.00 52,500,000.00
Invested Amount + Req Transf Amount 1,605,000,000.00 802,500,000.00 802,500,000.00
Series Allocation Percentage 100.00% 50.00% 50.00%
Series Allocable Finance Charge Collections 13,801,367.61 13,801,367.61
Series Allocable Principal Collections 88,067,555.91 88,067,555.91
Series Allocable Defaulted Amounts 5,145,934.06 5,145,934.06
Series Allocable Servicing Fee 1,250,000.00 1,250,000.00
In Revolving Period? Y Y
Available for Shared Principal Collections 147,258,187.82 73,629,093.91 73,629,093.91
Principal Shortfall 0.00 0.00 0.00
Allocation of Shared Principal Collections 0.00 0.00 0.00
FC Available for other Excess Allocation Series 2,302,544.30 1,151,272.17 1,151,272.14
Finance Charge Shortfall 0.00 0.00 0.00
Allocation of Excess Finance Charge Collections 0.00 0.00 0.00
B. Series Allocations
Amounts Due 1998-2 1998-3
Principal Allocation Percentage 78.99% 78.99%
Floating Allocation Percentage 78.99% 78.99%
Class A Certificate Rate 6.563% 6.593%
Class B Certificate Rate 6.773% 6.823%
CIA Certificate Rate 7.338% 7.438%
Class D Certificate Rate 0.000% 0.000%
Class A Interest 3,272,500.00 3,287,460.00
Class B Interest 722,776.25 728,112.36
Collateral Monthly Interest 464,300.69 470,628.47
Class D Interest 0.00 0.00
Investor Monthly Interest 4,459,576.94 4,486,200.83
Investor Default Amount (Net of Recoveries) 4,064,759.96 4,064,759.96
Interchange Collections 1,125,676.42 1,125,676.42
0.75% of Interchange 468,750.00 468,750.00
Servicer Interchange 468,750.00 468,750.00
Monthly Servicing Fee (Before Adjustments) 1,250,000.00 1,250,000.00
Interchange Adjustment 0.00 0.00
SFA Adjustment 0.00 0.00
Monthly Servicing Fee (After Adjustments) 1,250,000.00 1,250,000.00
C. Group 1 Allocations
Total 1998-2 1998-3
Adjusted Invested Amount for Series 1,500,000,000.00 750,000,000.00 750,000,000.00
Principal Collections 139,128,667.90 69,564,333.95 69,564,333.95
Finance Charge Collections 21,803,328.94 10,901,664.47 10,901,664.47
Investor Monthly Interest 8,945,777.78 4,459,576.94 4,486,200.83
Investor Default Amount 8,129,519.93 4,064,759.96 4,064,759.96
Monthly Servicing Fee 2,500,000.00 1,250,000.00 1,250,000.00
Total Amount Due 19,575,297.70 9,774,336.91 9,800,960.80
Excess Before Reallocation 2,228,031.23 1,127,327.56 1,100,703.67
Reallocation of Finance Charge Collections -13,311.94 13,311.94
Dollars of Excess Spread 2,228,031.23 1,114,015.62 1,114,015.62
Percentage Excess Spread 1.78% 1.78% 1.78%
Reallocated Finance Charge Collections 21,803,328.94 10,888,352.52 10,914,976.41
Page 3
Monthly Trust Activity
C. Group 2 Allocations
Total
Beginning Invested Amount After Giving 0.00
Effect to Decrease occurring in monthly period
Principal Collections 0.00
Finance Charge Collections 0.00
Investor Monthly Interest 0.00
Investor Default Amount 0.00
Monthly Servicing Fee 0.00
Total Amount Due 0.00
Excess Before Reallocation 0.00
Reallocation of Finance Charge Collections
Dollars of Excess Spread 0.00
Percentage Excess Spread n/a
Reallocated Finance Charge Collections 0.00
D. Trust Performance
30-59 Days Delinquent 33,162,711.71
60-89 Days Delinquent 21,473,622.00
90+ Days Delinquent 41,473,729.98
Total 30+ Days Delinquent 96,110,063.69
Page 4
1998-2 Inputs
Series Sheet
Last Payment Date 15-Dec-99
Current Payment Date 18-Jan-00
Class A Class B CIA Class D
Fixed/Floating Floating Floating Floating Floating
Certificate Rate 6.56250% 6.77250% 7.33750% 0.000%
Initial Balance 528,000,000.00 113,000,000.00 67,000,000.00 42,000,000.00
Beginning Outstanding Amount 528,000,000.00 113,000,000.00 67,000,000.00 42,000,000.00
Beginning Invested Amount 528,000,000.00 113,000,000.00 67,000,000.00 42,000,000.00
Beginning Adjusted Invested Amount 528,000,000.00 113,000,000.00 67,000,000.00 42,000,000.00
Revolving Period (Y/N) Y
Accumulation Period (Y/N) N
Early Amortization (Y/N) N
Controlled Accumulation Period 12
Holdings is Servicer Y
Paydown Excess CIA (Y/N) Y
Paydown Excess Class D (Y/N) Y
Controlled Accumulation Amount 53,416,666.67
Prior Controlled Deposit Amount Shortfall 0.00
Controlled Deposit Amount 53,416,666.67
Beginning Principal Funding Account Balance 0.00
Principal Funding Investment Proceeds 0.00
YSA Investment Proceeds 0.00
Yield Supplement Account Beginning Balance 0.00
Yield Supplement Account Release 0.00
Yield Supplement Credit Amount Percentage 0.00%
Reserve Account Mechanics
Begin Funding Reserve Account (Y/N) N
Required Reserve Account Amount 0.00
Beginning Balance 0.00
Application of Principal Collections during Revolving Period
Required Collateral Invested Amount 67,000,000.00
Required Class D 42,000,000.00
Yield and Base Rate
Base Rate
Prior Monthly Period 7.32%
Second Prior Monthly Period 7.30%
Series Adjusted Portfolio Yield
Prior Monthly Period 11.08%
Second Prior Monthly Period 13.13%
CIA Applicable Excess Spread Percentage
Prior Monthly Period 3.76%
Second Prior Monthly Period 5.65%
Third Prior Monthly Period 4.10%
Fourth Prior Monthly Period 4.61%
Ending Spread Account Balance Prior Distribution 7,597,256.55
Page 1
1998-3 Inputs
Series Sheet
Last Payment Date 15-Dec-99
Current Payment Date 18-Jan-00
Class A Class B CIA Class D
Fixed/Floating Floating Floating Floating Floating
Certificate Rate 6.59250% 6.82250% 7.43750% 0.000%
Initial Balance 528,000,000.00 113,000,000.00 67,000,000.00 42,000,000.00
Beginning Outstanding Amount 528,000,000.00 113,000,000.00 67,000,000.00 42,000,000.00
Beginning Invested Amount 528,000,000.00 113,000,000.00 67,000,000.00 42,000,000.00
Beginning Adjusted Invested Amount 528,000,000.00 113,000,000.00 67,000,000.00 42,000,000.00
Revolving Period (Y/N) Y
Accumulation Period (Y/N) N
Early Amortization (Y/N) N
Controlled Accumulation Period 12
Holdings is Servicer Y
Paydown Excess CIA (Y/N) Y
Paydown Excess Class D (Y/N) Y
Controlled Accumulation Amount 53,416,666.67
Prior Controlled Deposit Amount Shortfall 0.00
Controlled Deposit Amount 53,416,666.67
Beginning Principal Funding Account Balance 0.00
Principal Funding Investment Proceeds 0.00
YSA Investment Proceeds 0.00
Yield Supplement Account Beginning Balance 0.00
Yield Supplement Account Release 0.00
Yield Supplement Credit Amount Percentage 0.00%
Reserve Account Mechanics
Begin Funding Reserve Account (Y/N) N
Required Reserve Account Amount 0.00
Beginning Balance 0.00
Application of Principal Collections during Revolving Period
Required Collateral Invested Amount 67,000,000.00
Required Class D 42,000,000.00
Yield and Base Rate
Base Rate
Prior Monthly Period 7.36%
Second Prior Monthly Period 7.34%
Series Adjusted Portfolio Yield
Prior Monthly Period 11.12%
Second Prior Monthly Period 13.17%
CIA Applicable Excess Spread Percentage
Prior Monthly Period 3.76%
Second Prior Monthly Period 5.65%
Third Prior Monthly Period 4.10%
Fourth Prior Monthly Period 4.61%
Ending Spread Account Balance Prior Distribution 7,597,256.52
Page 1
Series 1998-2
A. Investor/Transferor Allocations
B. Monthly Funding Requirements
Last Payment Date 15-Dec-99
Current Payment Date 18-Jan-00
Actual / 360 Days 34 34 34 34
30 / 360 Days 33 33 33 33
Fixed / Floating Floating Floating Floating Floating
Class A Class B Collateral Invested Class D Total
Amount
Certificate Rate 6.56250% 6.77250% 7.33750% 0.000%
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 52,500,000.00
Total Initial Amount 802,500,000.00
Beginning Outstanding Amount 528,000,000.00 113,000,000.00 67,000,000.00 42,000,000.00 750,000,000.00
Ending Outstanding Amount 528,000,000.00 113,000,000.00 67,000,000.00 42,000,000.00 750,000,000.00
Beginning Invested Amount 528,000,000.00 113,000,000.00 67,000,000.00 42,000,000.00 750,000,000.00
Ending Invested Amount 528,000,000.00 113,000,000.00 67,000,000.00 42,000,000.00 750,000,000.00
Beginning Adjusted Invested Amount 528,000,000.00 113,000,000.00 67,000,000.00 42,000,000.00 750,000,000.00
Ending Adjusted Invested Amount 528,000,000.00 113,000,000.00 67,000,000.00 42,000,000.00 750,000,000.00
Principal Allocation Percentage 70.40% 15.07% 8.93% 5.60% 100.00%
Floating Allocation Percentage 70.40% 15.07% 8.93% 5.60% 100.00%
Principal Collections 48,973,291.10 10,481,026.32 6,214,413.83 3,895,602.70 69,564,333.95
Realloc Finance Charge Collections 7,665,400.18 1,640,511.78 972,692.83 609,747.74 10,888,352.52
YSA Draw 0.00
YSA Investment Proceeds 0.00
Realloc Finance Charge plus YSA Draw 7,665,400.18 1,640,511.78 972,692.83 609,747.74 10,888,352.52
Monthly Interest 3,272,500.00 722,776.25 464,300.69 0.00 4,459,576.94
Investor Default Amount (Net) 2,861,591.01 612,423.83 363,118.56 227,626.56 4,064,759.96
Monthly Servicing Fee 880,000.00 188,333.33 111,666.67 70,000.00 1,250,000.00
Total Due 7,014,091.01 1,523,533.42 939,085.92 297,626.56 9,774,336.91
Reallocated Investor Fin Charge Coll + YSA Draw + PFA Inv Proceeds + Reserve Fund Releases 10,888,352.52
Series Adjusted Portfolio Yield 10.92%
Base Rate 8.30%
Page 1
Series 1998-2
Series Parameters
Revolving Period (Y/N) Y
Accumulation Period (Y/N) N
Early Amortization (Y/N) N
Controlled Accumulation Period 12.00
Holdings 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 Shortfalll 0.00
Funding Accounts
Beginning Principal Funding Account Balance 0.00
Principal Funding Account Deposit 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 0.00
Required Reserve Account Amount 0.00
Funds Deposited into Reserve Account 0.00
Ending Reserve Account Balance 0.00
C. Certificate Balances and Distrubutions
Class A Class B CIA Class D Total
Beginning Balance 528,000,000.00 113,000,000.00 67,000,000.00 42,000,000.00 750,000,000.00
Interest Distributions 3,272,500.00 722,776.25 464,300.69 0.00 4,459,576.94
PFA Deposits 0.00 0.00
Principal Distributions 0.00 0.00 0.00 0.00 0.00
Total Distributions 3,272,500.00 722,776.25 464,300.69 0.00 4,459,576.94
Ending Certificate
Balance 528,000,000.00 113,000,000.00 67,000,000.00 42,000,000.00 750,000,000.00
Pool Factor 100.00% 100.00% 100.00% 100.00%
Total Distribution Per
$1,000 6.1979 6.3963 6.9299 0.0000
Interest Distribution
Per $1,000 6.1979 6.3963 6.9299 0.0000
Principal Distribution
Per $1,000 0.0000 0.0000 0.0000 0.0000
Page 2
Series 1998-2
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: 3,272,500.00
2 Amount of the distribution in respect of Class A Monthly Interest: 3,272,500.00
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: 722,776.25
2 Amount of the distribution in respect of Class B monthly interest: 722,776.25
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
Series 1998-2
H. Information regarding distributions on the Distribution Date to the Collateral Interest Holder.
1 Total amount distributed to the Collateral Interest Holder: 464,300.69
2 Amount distributed in respect of Collateral Monthly Interest: 464,300.69
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
1 Finance Charge Collections Allocated to Series 1998-2 (including YSA) 10,888,352.52
2 Full amount required to be paid pursuant to sections 4.5 and 4.7(excl. Spread Acct.) 9,774,336.91
3 Spread Account Requirement per Loan Agreement -37,256.55
4 Finance Charge Shortfall 0.00
5 Available for Other Excess Allocation Series 1,151,272.17
K. Application of Reallocated Investor Finance Charge Collections.
Available Due Paid Shortfall
1 Allocated Class A Available Funds 7,665,400.18
a Reserve Account Release 0.00
b PFA Investment Earnings 0.00
c Class A Available Funds 7,665,400.18
2 Class A Available Funds 7,665,400.18
a Class A Monthly Interest 3,272,500.00 3,272,500.00 0.00
b Class A Servicing Fee 880,000.00 880,000.00 0.00
c Class A Investor Default Amount 2,861,591.01 2,861,591.01 0.00
d Class A Excess 651,309.16
3 Class B Available Funds 1,640,511.78
a Class B Monthly Interest 722,776.25 722,776.25 0.00
b Class B Servicing Fee 188,333.33 188,333.33 0.00
c Class B Excess 729,402.20
4 Collateral Available Funds 972,692.83
a Collateral Servicing Fee 111,666.67 111,666.67 0.00
b Collateral Excess 861,026.16
5 Class D Available Funds 609,747.74
a Class D Servicing Fee 70,000.00 70,000.00 0.00
b Class D Excess 539,747.74
6 Total Excess Spread 2,781,485.26
Page 4
Series 1998-2
L. Application of Excess Spread and Excess Finance Charge Collections
Available Due Paid Shortfall
1 Available Excess Spread 2,781,485.26
2 Excess Fin Charge Coll 0.00
from Other Series
3 Available Funds 2,781,485.26
4 Class A Required Amount Shortfalls 0.00 0.00 0.00
5 Class B Defaults 612,423.83 612,423.83 0.00
6 Monthly Servicing Fee Shortfalls 0.00 0.00 0.00
7 Collateral Monthly Interest 464,300.69 464,300.69 0.00
8 Collateral Default Amount 363,118.56 363,118.56 0.00
9 Reserve Account Deposit 0.00 0.00 0.00
10 Class D Monthly Interest 0.00 0.00 0.00
11 Class D Default Amount 227,626.56 227,626.56 0.00
12 Other CIA Amounts Owed -37,256.55 -37,256.55 0.00
13 Excess Fin Coll for Other Series 0.00 0.00 0.00
14 Excess Spread 1,151,272.17
15 Writedowns
a Class A 0.00
b Class B 0.00
c CIA 0.00
d Class D 0.00
M. Reallocated Principal Collections
1 Total Principal Collections Allocable 69,564,333.95
2 Principal Required to Fund the Required Amount 0.00
3 Shared Principal Collections from other Series 0.00
4 Other Amounts Treated as Principal Collections 4,064,759.96
5 Available Principal Collections 73,629,093.91
N. Application of Principal Collections during Revolving Period
1 Collateral Invested Amount 67,000,000.00
2 Required Collateral Invested Amount 67,000,000.00
3 Amount used to pay Excess CIA 0.00
4 Available Principal Collections 73,629,093.91
5 Class D 42,000,000.00
6 Required Class D 42,000,000.00
7 Amount used to pay Excess Class D 0.00
8 Available Principal Collections 73,629,093.91
Page 5
Series 1998-2
O. Application of Principal Collections during the Accumulation Period
1 Available Principal Collections 73,629,093.91
a Controlled Deposit Amount 0.00
b Minimum of Avail Prin Coll and CDA 0.00
c Controlled Deposit Amount Shortfall 0.00
d Amount Deposited in PFA for Class A 0.00
e Draw from PFA to pay Class A Principal 0.00
f Class A Adjusted Invested Amount 528,000,000.00
2 Remaining Principal Collections Available 73,629,093.91
a Remaining PFA Balance 0.00
b Beginning Class B Outstanding Amount 113,000,000.00
c Beginning Class B Adjusted Invested Amount 113,000,000.00
d Amount Deposited in PFA for Class B 0.00
e Draw from PFA to pay Class B Principal 0.00
f Class B Adjusted Invested Amount 113,000,000.00
3 Remaining Principal Collections Available 73,629,093.91
a Remaining CIA Amount 67,000,000.00
b Principal Paid to CIA 0.00
c CIA at the end of the Period 67,000,000.00
4 Remaining Principal Collections Available 73,629,093.91
a Remaining Class D Amount 42,000,000.00
b Principal Paid to Class D 0.00
c Class D at the end of the Period 42,000,000.00
Class A Principal Paid to Investors 0.00
Class B Principal Paid to Investors 0.00
CIA Principal Paid to Investors 0.00
Class D Principal Paid to Investors 0.00
Ending Class A Outstanding Amount 528,000,000.00
Ending Class B Outstanding Amount 113,000,000.00
Ending CIA Outstanding Amount 67,000,000.00
Ending Class D Outstanding Amount 42,000,000.00
5 Shared Principal Collections 73,629,093.91
Page 6
Series 1998-2
P. Application of Principal Collections during Early Amortization Period
1 Principal Collections Available 0.00
a Remaining Class A Adjusted Invested Amount 528,000,000.00
b Principal Paid to Class A 0.00
c End of Period Class A Adjusted Invested Amount 528,000,000.00
2 Remaining Principal Collections Available 0.00
a Remaining Class B Adjusted Invested Amount 113,000,000.00
b Principal Paid to Class B 0.00
c End of Period Class B Adjusted Invested Amount 113,000,000.00
3 Remaining Principal Collections Available 0.00
a Remaining Collateral Invested Amount 67,000,000.00
b Principal Paid to CIA 0.00
c Collateral Invested Amount at the end of the Period 67,000,000.00
4 Remaining Principal Collections Available 0.00
a Remaining Class D Amount 42,000,000.00
b Principal Paid to Class D 0.00
c Class D at the end of the Period 42,000,000.00
Q. Yield and Base Rate
1 Base Rate
a Current Monthly Period 8.30%
b Prior Monthly Period 7.32%
c Second Prior Monthly Period 7.30%
Three Month Average Base Rate 7.64%
2 Series Adjusted Portfolio Yield
a Current Monthly Period 10.92%
b Prior Monthly Period 11.08%
c Second Prior Monthly Period 13.13%
Three Month Average Series Adjusted Portfolio Yield 11.71%
3 Excess Spread
a Current Monthly Period 2.62%
b Prior Monthly Period 3.76%
c Second Prior Monthly Period 5.83%
Three Month Average Excess Spread 4.07%
Page 7
1998-2 Trustee
----------------------------------------------------------
Partners First Credit Card Master Trust
Series 1998-2
----------------------------------------------------------
The undersigned, a duly authorized representative of
Partners First Holdings LLC ("Holdings"), as Servicer pursuant
to the Pooling and Servicing Agreement dated as of June 26, 1998
(as amended and supplemented, the "Pooling and Servicing
Agreement"), among Holdings, Partners First Receivables Funding
LLC ("Funding"), as Transferor and The Bank of New York, as trustee (the
"Trustee"), does hereby certify as follows:
1. Capitalized terms used in this Certificate have been defined in
the Agreement or the Series 1998-2 Supplement dated as of June
26, 1998, among Holdings Funding and the Trustee (as amended and
supplemented, the "Supplement"), as applicable.
2. Holdings is the Servicer
3. The undersigned is a Servicing Officer.
I. INSTRUCTION TO MAKE A WITHDRAWAL
The Servicer does hereby instruct the Trustee (i) to make
withdrawals from the Collection Account on 01/18/00
which date is a Distribution Date under the Supplement, in the
aggregate amounts (equal to the Class A Available Funds, Class
B Available Funds and Collateral Available Funds, respectively)
as set forth below in respect of the following amounts
(ii) to apply the proceeds of such withdrawals in accordance
with the Supplement.
Page 1
1998-2 Trustee
With respect to the Class A Certificates
A) (1) Interest at the Class A
Certificate Rate for the related
Interest Period on the Class A Invested
Amount ....................................................... $3,272,500.00
-------------
(2) Class A Monthly Interest
previously due but not paid......................... $0.00
-------------
(3) Class A Additional Interest
and any Class A Additional Interest due
but not paid ................................................ $0.00
-------------
B) (1) The Class A Servicing Fee for
the related Monthly Period , if
applicable..................................................... $880,000.00
-------------
(2) Accrued and unpaid Class A
Servicing Fees, if applicable......................... $0.00
-------------
C) Class A Investor Default Amount
for the related Monthly Period................ $2,861,591.01
-------------
With respect to the Class B Certificates
A) (1) Interest at the Class B
Certificate Rate for the related
Monthly Period on the Class B Invested
Amount ....................................................... $722,776.25
-------------
(2) Class B Monthly Interest
previously due but not paid....................... $0.00
-------------
(3) Class B Additional Interest
and any Class B Additional Interest
previously due but not paid........................ $0.00
-------------
B) (1) The Class B Servicing Fee for
the related Monthly Period, if
applicable.............................................. $188,333.33
-------------
(2) Accrued and unpaid Class B
Servicing Fees, if applicable....................... $0.00
-------------
Page 2
1998-2 Trustee
With respect to the Collateral Interest
A) (1) The Collateral Servicing Fee
for the related Monthly Period, if
applicable............................................. $111,666.67
-------------
(2) Accrued and unpaid Collateral
Servicing Fee, if applicable.......................... $0.00
-------------
B) (1) The Class D Servicing Fee
for the related Monthly Period, if
applicable....................................................... $70,000.00
-------------
(2) Accrued and unpaid Class D
Servicing Fee, if applicable.......................... $0.00
-------------
The Servicer hereby instructs
the Trustee (i) to make withdrawals
from the Collection Account on
18-Jan-00 which date is a
Distribution Date under the
Supplement, in the aggregate amounts
(equal to the Available Principal
Collections) as set forth below in
respect of the following amounts and
(ii) to apply the proceeds of such
withdrawals.
C) (1) The excess, if any, of the
Collateral Invested Amount
over the Required Collateral
Invested Amount paid to the
Collateral Interest Holder
pursuant to the Loan
Agreement................................... $0.00
-------------
(2) Amount to be treated as
Shared Principal
Collections.................................... $0.00
-------------
Page 3
1998-2 Trustee
With respect to the Class D Certificates
A) (1) The excess, if any, of the
Class D Amount
over the Required Class D
Invested Amount paid to the
Class D Holder............................ $0.00
-------------
(2) Amount to be treated as
Shared Principal
Collections.................................... $0.00
-------------
With Respect to Principal
A) (1) The Lesser of the Controlled
Deposit Amount and the sum of the
Class A Adjusted Invested Amount
and the Class B Adjusted Invested
Amount deposited in the Principal
Funding Account......................................... $0.00
-------------
(2) After the Class B Invested
Amount is paid in full, the amount
paid to the Collateral Interest
Holder (up to the Collateral
Invested Amount) pursuant to the
Loan Agreement......................................... $0.00
-------------
(3) Prior to the date the Class B
Invested Amount is paid in full,
excess of the Collateral Invested
Amount over the Required
Collateral Invested Amount paid to
the Collateral Interest Holder
pursuant to the Loan Agreement................ $0.00
-------------
(4) Prior to the date the Class B
Invested Amount is paid in full,
amount to be treated as Shared
Principal Collections $0.00
-------------
Page 4
1998-2 Trustee
(1) An amount up to the Class A
Adjusted Invested Amount deposited
in the Principal Funding Account........ $0.00
-------------
(2) On and after the Distribution
Date on which the Class A Invested Amount
deposited in the Principal Funding
Account........................................................ $0.00
-------------
(3) On and after the Distribution
Date on which the Class B Invested
Amount is paid in full, an amount
up to the Collateral Invested
Amount paid to the Collateral
Interest Holder pursuant to the
Loan Agreement.......................................... $0.00
-------------
The Servicer does hereby instruct the Trustee to apply on 01/18/00
Distribution Date under the Supplement, any Excess Spread
which is allocated to Series 1998-2 as follows:
A) Class A Required Amount applied in
the priority set forth.................................... $0.00
-------------
B) Aggregate amount of Class A
Investor Charge-Offs not
previously reimbursed allocated to
Available Principal Collections. $0.00
-------------
C) Class B Required Amount applied
first in the priority set forth
and any remaining amount up to the
Class B Investor Default Amount
allocated to Available Principal
Collections................................................... $612,423.83
-------------
D) The amount by which the "Class B
Invested Amount" has been reduced
pursuant to clauses (c), (d) and
(e) of the definition thereof
allocated to Available Principal
Collections................................................... $0.00
-------------
Page 5
1998-2 Trustee
E) (1) Collateral Monthly Interest..................... $464,300.69
-------------
(2) Collateral Monthly Interest
previously due but not paid............................. $0.00
-------------
(3) Collateral Additional Interest and
any Collateral Additional Interest
previously due and not paid............................ $0.00
-------------
F) Monthly Servicing Fee for such
Distribution Date that has not
been paid to the Servicer and any
Monthly Servicing Fee previously
due but not paid to the Servicer. $0.00
-------------
G) Collateral Default Amount
allocated to Available Principal
Collections........................................................... $363,118.56
-------------
H) The amount by which the
"Collateral Invested Amount" has
been reduced pursuant to the
definition thereof and allocated to
Available Principal Collections....................... $0.00
-------------
I) The excess of the Required Reserve
Account Amount over the Available
Reserve Amount deposited into the
Reserve Account.......................................... $0.00
-------------
J) Paid to the Collateral Interest
Holder pursuant to the Loan
Agreement................................................... $0.00
-------------
K) Treated as Excess Finance Charge
Collections and allocated to other
Series or paid to the Holders of
the Transferor Certificates........................... $1,151,272.17
-------------
Page 6
1998-2 Trustee
The Servicer does hereby instruct the Trustee to apply on
01/18/00 which is a Distribution Date under the Pooling and
Servicing agreement, $0.0 of Reallocated Principal Collections to
fund any deficiencies in the Required Amount after applying
Class A Available Funds, Class B Available Funds, Excess Spread
and Excess Finance Charge Collections thereto.
II. INSTRUCTION TO MAKE CERTAIN PAYMENTS
The Servicer does hereby instruct the Trustee to pay in accordance
with the Supplement from the Collection Account or the
Principal Funding Account, as applicable, on 01/18/00 which
date is a Payment Date under the Supplement, the following
amounts as set forth below:
A) Interest to be distributed to Class
A Certificate holders................................... $3,272,500.00
-------------
B) On the Expected Final Payment Date
or a Special Payment Date,
principal to be distributed to the
Class A Certificateholders............................ $0.00
-------------
C) Interest to be distributed to Class
B Certificateholders...................................... $722,776.25
-------------
D) On the Expected Final Payment Date
or a Special Payment Date, on or
after the date Class A Invested
Amount is paid in full, principal
to be distributed to the Class B
Certificateholders.................................. $0.00
-------------
E) Interest to be distributed to the Collateral
Interest Holder...................................... $464,300.69
-------------
F) On the Expected Final Payment Date
After the date Class A and Class B
Invested Amounts are paid in full, principal
to be distributed to the Collateral Interest
Holder..................................................... $0.00
-------------
Page 7
1998-2 Trustee
III. ACCRUED AND UNPAID AMOUNTS
After giving effect to the withdrawals and transfers to
be made in accordance with this notice, the following amounts
will be accrued and unpaid with respect to all Monthly Periods
preceding the current calendar month.
1. The aggregate amount of all
unreimbursed Class A Investor
Charge-Offs........................................... $0.00
-------------
2. The aggregate amount by which the
Class B Invested Amount has been
reduced.................................................. $0.00
-------------
3. The aggregate amount by which the
Collateral Invested Amount has
been reduced......................................... $0.00
-------------
4. The aggregate amount by which the
Class D Invested Amount has
been reduced......................................... $0.00
-------------
Page 8
Series 1998-3
A. Investor/Transferor Allocations
B. Monthly Funding Requirements
Last Payment Date 15-Dec-99
Current Payment Date 18-Jan-00
Actual / 360 Days 34 34 34 34
30 / 360 Days 33 33 33 33
Fixed / Floating Floating Floating Floating Floating
Class A Class B Collateral Invested Class D Total
Amount
Certificate Rate 6.593% 6.823% 7.438% 0.000%
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 52,500,000.00
Total Initial Amount 802,500,000.00
Beginning Outstanding Amount 528,000,000.00 113,000,000.00 67,000,000.00 42,000,000.00 750,000,000.00
Ending Outstanding Amount 528,000,000.00 113,000,000.00 67,000,000.00 42,000,000.00 750,000,000.00
Beginning Invested Amount 528,000,000.00 113,000,000.00 67,000,000.00 42,000,000.00 750,000,000.00
Ending Invested Amount 528,000,000.00 113,000,000.00 67,000,000.00 42,000,000.00 750,000,000.00
Beginning Adjusted Invested Amount 528,000,000.00 113,000,000.00 67,000,000.00 42,000,000.00 750,000,000.00
Ending Adjusted Invested Amount 528,000,000.00 113,000,000.00 67,000,000.00 42,000,000.00 750,000,000.00
Principal Allocation Percentage 70.40% 15.07% 8.93% 5.60% 100.00%
Floating Allocation Percentage 70.40% 15.07% 8.93% 5.60% 100.00%
Principal Collections 48,973,291.10 10,481,026.32 6,214,413.83 3,895,602.70 69,564,333.95
Realloc Finance Charge Collections 7,684,143.39 1,644,523.11 975,071.23 611,238.68 10,914,976.41
YSA Draw 0.00
YSA Investment Proceeds 0.00
Realloc Finance Charge plus YSA Draw 7,684,143.39 1,644,523.11 975,071.23 611,238.68 10,914,976.41
Monthly Interest 3,287,460.00 728,112.36 470,628.47 0.00 4,486,200.83
Investor Default Amount (Net) 2,861,591.01 612,423.83 363,118.56 227,626.56 4,064,759.96
Monthly Servicing Fee 880,000.00 188,333.33 111,666.67 70,000.00 1,250,000.00
Total Due 7,029,051.01 1,528,869.53 945,413.70 297,626.56 9,800,960.80
Reallocated Investor Fin Charge Coll + YSA Draw + PFA Inv Proceeds + Reserve Fund Releases 10,914,976.41
Series Adjusted Portfolio Yield 10.96%
Base Rate 8.33%
Page 1
Series 1998-3
Series Parameters
Revolving Period (Y/N) Y
Accumulation Period (Y/N) N
Early Amortization (Y/N) N
Controlled Accumulation Period 2.00
Holdings 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 Shortfalll 0.00
Funding Accounts
Beginning Principal Funding Account Balance 0.00
Principal Funding Account Deposit 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 0.00
Required Reserve Account Amount 0.00
Funds Deposited into Reserve Account 0.00
Ending Reserve Account Balance 0.00
C. Certificate Balances and Distrubutions
Class A Class B CIA Class D Total
Beginning Balance 528,000,000.00 113,000,000.00 67,000,000.00 42,000,000.00 750,000,000.00
Interest Distributions 3,287,460.00 728,112.36 470,628.47 0.00 4,486,200.83
PFA Deposits 0.00 0.00
Principal Distributions 0.00 0.00 0.00 0.00 0.00
Total Distributions 3,287,460.00 728,112.36 470,628.47 0.00 4,486,200.83
Ending Certificate
Balance 528,000,000.00 113,000,000.00 67,000,000.00 42,000,000.00 750,000,000.00
Pool Factor 100.00% 100.00% 100.00% 100.00%
Total Distribution Per
$1,000 6.2263 6.4435 7.0243 0.0000
Interest Distribution
Per $1,000 6.2263 6.4435 7.0243 0.0000
Principal Distribution
Per $1,000 0.0000 0.0000 0.0000 0.0000
Page 2
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: 3,287,460.00
2 Amount of the distribution in respect of Class A Monthly Interest: 3,287,460.00
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: 728,112.36
2 Amount of the distribution in respect of Class B monthly interest: 728,112.36
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
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: 470,628.47
2 Amount distributed in respect of Collateral Monthly Interest: 470,628.47
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
1 Finance Charge Collections Allocated to Series 1998-2 (including YSA) 10,914,976.41
2 Full amount required to be paid pursuant to sections 4.5 and 4.7(excl. Spread Acct.) 9,800,960.80
3 Spread Account Requirement per Loan Agreement -37,256.52
4 Finance Charge Shortfall 0.00
5 Available for Other Excess Allocation Series 1,151,272.14
K. Application of Reallocated Investor Finance Charge Collections.
Available Due Paid Shortfall
1 Allocated Class A Available Funds 7,684,143.39
a Reserve Account Release 0.00
b PFA Investment Earnings 0.00
c Class A Available Funds 7,684,143.39
2 Class A Available Funds 7,684,143.39
a Class A Monthly Interest 3,287,460.00 3,287,460.00 0.00
b Class A Servicing Fee 880,000.00 880,000.00 0.00
c Class A Investor Default Amount 2,861,591.01 2,861,591.01 0.00
d Class A Excess 655,092.38
3 Class B Available Funds 1,644,523.11
a Class B Monthly Interest 728,112.36 728,112.36 0.00
b Class B Servicing Fee 188,333.33 188,333.33 0.00
c Class B Excess 728,077.42
4 Collateral Available Funds 975,071.23
a Collateral Servicing Fee 111,666.67 111,666.67 0.00
b Collateral Excess 863,404.56
5 Class D Available Funds 611,238.68
a Class D Servicing Fee 70,000.00 70,000.00 0.00
b Class D Excess 541,238.68
6 Total Excess Spread 2,787,813.04
Page 4
Series 1998-3
L. Application of Excess Spread and Excess Finance Charge Collections
Available Due Paid Shortfall
1 Available Excess Spread 2,787,813.04
2 Excess Fin Charge Coll 0.00
from Other Series
3 Available Funds 2,787,813.04
4 Class A Required Amount Shortfalls 0.00 0.00 0.00
5 Class B Defaults 612,423.83 612,423.83 0.00
6 Monthly Servicing Fee Shortfalls 0.00 0.00 0.00
7 Collateral Monthly Interest 470,628.47 470,628.47 0.00
8 Collateral Default Amount 363,118.56 363,118.56 0.00
9 Reserve Account Deposit 0.00 0.00 0.00
10 Class D Monthly Interest 0.00 0.00 0.00
11 Class D Default Amount 227,626.56 227,626.56 0.00
12 Other CIA Amounts Owed -37,256.52 -37,256.52 0.00
13 Excess Fin Coll for Other Series 0.00 0.00 0.00
14 Excess Spread 1,151,272.14
15 Writedowns
a Class A 0.00
b Class B 0.00
c CIA 0.00
d Class D 0.00
M. Reallocated Principal Collections
1 Total Principal Collections Allocable 69,564,333.95
2 Principal Required to Fund the Required Amount 0.00
3 Shared Principal Collections from other Series 0.00
4 Other Amounts Treated as Principal Collections 4,064,759.96
5 Available Principal Collections 73,629,093.91
N. Application of Principal Collections during Revolving Period
1 Collateral Invested Amount 67,000,000.00
2 Required Collateral Invested Amount 67,000,000.00
3 Amount used to pay Excess CIA 0.00
4 Available Principal Collections 73,629,093.91
5 Class D 42,000,000.00
6 Required Class D 42,000,000.00
7 Amount used to pay Excess Class D 0.00
8 Available Principal Collections 73,629,093.91
Page 4
Series 1998-3
O. Application of Principal Collections during the Accumulation Period
1 Available Principal Collections 73,629,093.91
a Controlled Deposit Amount 0.00
b Minimum of Avail Prin Coll and CDA 0.00
c Controlled Deposit Amount Shortfall 0.00
d Amount Deposited in PFA for Class A 0.00
e Draw from PFA to pay Class A Principal 0.00
f Class A Adjusted Invested Amount 528,000,000.00
2 Remaining Principal Collections Available 73,629,093.91
a Remaining PFA Balance 0.00
b Beginning Class B Outstanding Amount 113,000,000.00
c Beginning Class B Adjusted Invested Amount 113,000,000.00
d Amount Deposited in PFA for Class B 0.00
e Draw from PFA to pay Class B Principal 0.00
f Class B Adjusted Invested Amount 113,000,000.00
3 Remaining Principal Collections Available 73,629,093.91
a Remaining CIA Amount 67,000,000.00
b Principal Paid to CIA 0.00
c CIA at the end of the Period 67,000,000.00
4 Remaining Principal Collections Available 73,629,093.91
a Remaining Class D Amount 42,000,000.00
b Principal Paid to Class D 0.00
c Class D at the end of the Period 42,000,000.00
Class A Principal Paid to Investors 0.00
Class B Principal Paid to Investors 0.00
CIA Principal Paid to Investors 0.00
Class D Principal Paid to Investors 0.00
Ending Class A Outstanding Amount 528,000,000.00
Ending Class B Outstanding Amount 113,000,000.00
Ending CIA Outstanding Amount 67,000,000.00
Ending Class D Outstanding Amount 42,000,000.00
5 Shared Principal Collections 73,629,093.91
Page 5
Series 1998-3
P. Application of Principal Collections during Early Amortization Period
1 Principal Collections Available 0.00
a Remaining Class A Adjusted Invested Amount 528,000,000.00
b Principal Paid to Class A 0.00
c End of Period Class A Adjusted Invested Amount 528,000,000.00
2 Remaining Principal Collections Available 0.00
a Remaining Class B Adjusted Invested Amount 113,000,000.00
b Principal Paid to Class B 0.00
c End of Period Class B Adjusted Invested Amount 113,000,000.00
3 Remaining Principal Collections Available 0.00
a Remaining Collateral Invested Amount 67,000,000.00
b Principal Paid to CIA 0.00
c Collateral Invested Amount at the end of the Period 67,000,000.00
4 Remaining Principal Collections Available 0.00
a Remaining Class D Amount 42,000,000.00
b Principal Paid to Class D 0.00
c Class D at the end of the Period 42,000,000.00
Q. Yield and Base Rate
1 Base Rate
a Current Monthly Period 8.33%
b Prior Monthly Period 7.36%
c Second Prior Monthly Period 7.34%
Three Month Average Base Rate 7.68%
2 Series Adjusted Portfolio Yield
a Current Monthly Period 10.96%
b Prior Monthly Period 11.12%
c Second Prior Monthly Period 13.17%
Three Month Average Series Adjusted Portfolio Yield 11.75%
3 Excess Spread
a Current Monthly Period 2.63%
b Prior Monthly Period 3.76%
c Second Prior Monthly Period 5.83%
Three Month Average Excess Spread 4.07%
Page 7
1998-3 Trustee
----------------------------------------------------------
Partners First Credit Card Master Trust
Series 1998-3
----------------------------------------------------------
The undersigned, a duly authorized representative of
Partners First Holdings LLC ("Holdings"), as Servicer pursuant
to the Pooling and Servicing Agreement dated as of June 26, 1998
(as amended and supplemented, the "Pooling and Servicing
Agreement"), among Holdings, Partners First Receivables Funding
LLC ("Funding"), as Transferor and The Bank of New York, as trustee (the
"Trustee"), does hereby certify as follows:
1. Capitalized terms used in this Certificate have been defined in
the Agreement or the Series 1998-3 Supplement dated as of June
26, 1998, among Holdings Funding and the Trustee (as amended and
supplemented, the "Supplement"), as applicable.
2. Holdings is the Servicer
3. The undersigned is a Servicing Officer.
I. INSTRUCTION TO MAKE A WITHDRAWAL
The Servicer does hereby instruct the Trustee (i) to make
withdrawals from the Collection Account on 01/18/00
which date is a Distribution Date under the Supplement, in the
aggregate amounts (equal to the Class A Available Funds, Class
B Available Funds and Collateral Available Funds, respectively)
as set forth below in respect of the following amounts
(ii) to apply the proceeds of such withdrawals in accordance
with the Supplement.
Page 1
1998-3 Trustee
With respect to the Class A Certificates
A) (1) Interest at the Class A
Certificate Rate for the related
Interest Period on the Class A Invested
Amount ....................................................... $3,287,460.00
-------------
(2) Class A Monthly Interest
previously due but not paid......................... $0.00
-------------
(3) Class A Additional Interest
and any Class A Additional Interest due
but not paid ................................................ $0.00
-------------
B) (1) The Class A Servicing Fee for
the related Monthly Period , if
applicable..................................................... $880,000.00
-------------
(2) Accrued and unpaid Class A
Servicing Fees, if applicable......................... $0.00
-------------
C) Class A Investor Default Amount
for the related Monthly Period................ $2,861,591.01
-------------
With respect to the Class B Certificates
A) (1) Interest at the Class B
Certificate Rate for the related
Monthly Period on the Class B Invested
Amount ....................................................... $728,112.36
-------------
(2) Class B Monthly Interest
previously due but not paid....................... $0.00
-------------
(3) Class B Additional Interest
and any Class B Additional Interest
previously due but not paid........................ $0.00
-------------
B) (1) The Class B Servicing Fee for
the related Monthly Period, if
applicable.............................................. $188,333.33
-------------
(2) Accrued and unpaid Class B
Servicing Fees, if applicable....................... $0.00
-------------
Page 2
1998-3 Trustee
With respect to the Collateral Interest
A) (1) The Collateral Servicing Fee
for the related Monthly Period, if
applicable............................................. $111,666.67
-------------
(2) Accrued and unpaid Collateral
Servicing Fee, if applicable.......................... $0.00
-------------
B) (1) The Class D Servicing Fee
for the related Monthly Period, if
applicable....................................................... $70,000.00
-------------
(2) Accrued and unpaid Class D
Servicing Fee, if applicable.......................... $0.00
-------------
The Servicer hereby instructs
the Trustee (i) to make withdrawals
from the Collection Account on
18-Jan-00 which date is a
Distribution Date under the
Supplement, in the aggregate amounts
(equal to the Available Principal
Collections) as set forth below in
respect of the following amounts and
(ii) to apply the proceeds of such
withdrawals.
C) (1) The excess, if any, of the
Collateral Invested Amount
over the Required Collateral
Invested Amount paid to the
Collateral Interest Holder
pursuant to the Loan
Agreement................................... $0.00
-------------
(2) Amount to be treated as
Shared Principal
Collections.................................... $0.00
-------------
Page 3
1998-3 Trustee
With respect to the Class D Certificates
A) (1) The excess, if any, of the
Class D Amount
over the Required Class D
Invested Amount paid to the
Class D Holder............................ $0.00
-------------
(2) Amount to be treated as
Shared Principal
Collections.................................... $0.00
-------------
With Respect to Principal
A) (1) The Lesser of the Controlled
Deposit Amount and the sum of the
Class A Adjusted Invested Amount
and the Class B Adjusted Invested
Amount deposited in the Principal
Funding Account......................................... $0.00
-------------
(2) After the Class B Invested
Amount is paid in full, the amount
paid to the Collateral Interest
Holder (up to the Collateral
Invested Amount) pursuant to the
Loan Agreement......................................... $0.00
-------------
(3) Prior to the date the Class B
Invested Amount is paid in full,
excess of the Collateral Invested
Amount over the Required
Collateral Invested Amount paid to
the Collateral Interest Holder
pursuant to the Loan Agreement................ $0.00
-------------
(4) Prior to the date the Class B
Invested Amount is paid in full,
amount to be treated as Shared
Principal Collections $0.00
-------------
Page 4
1998-3 Trustee
(1) An amount up to the Class A
Adjusted Invested Amount deposited
in the Principal Funding Account........ $0.00
-------------
(2) On and after the Distribution
Date on which the Class A Invested Amount
deposited in the Principal Funding
Account........................................................ $0.00
-------------
(3) On and after the Distribution
Date on which the Class B Invested
Amount is paid in full, an amount
up to the Collateral Invested
Amount paid to the Collateral
Interest Holder pursuant to the
Loan Agreement.......................................... $0.00
-------------
The Servicer does hereby instruct the Trustee to apply on 01/18/00
Distribution Date under the Supplement, any Excess Spread
which is allocated to Series 1998-3 as follows:
A) Class A Required Amount applied in
the priority set forth.................................... $0.00
-------------
B) Aggregate amount of Class A
Investor Charge-Offs not
previously reimbursed allocated to
Available Principal Collections. $0.00
-------------
C) Class B Required Amount applied
first in the priority set forth
and any remaining amount up to the
Class B Investor Default Amount
allocated to Available Principal
Collections................................................... $612,423.83
-------------
D) The amount by which the "Class B
Invested Amount" has been reduced
pursuant to clauses (c), (d) and
(e) of the definition thereof
allocated to Available Principal
Collections................................................... $0.00
-------------
Page 5
1998-3 Trustee
E) (1) Collateral Monthly Interest..................... $470,628.47
-------------
(2) Collateral Monthly Interest
previously due but not paid............................. $0.00
-------------
(3) Collateral Additional Interest and
any Collateral Additional Interest
previously due and not paid............................ $0.00
-------------
F) Monthly Servicing Fee for such
Distribution Date that has not
been paid to the Servicer and any
Monthly Servicing Fee previously
due but not paid to the Servicer. $0.00
-------------
G) Collateral Default Amount
allocated to Available Principal
Collections........................................................... $363,118.56
-------------
H) The amount by which the
"Collateral Invested Amount" has
been reduced pursuant to the
definition thereof and allocated to
Available Principal Collections....................... $0.00
-------------
I) The excess of the Required Reserve
Account Amount over the Available
Reserve Amount deposited into the
Reserve Account.......................................... $0.00
-------------
J) Paid to the Collateral Interest
Holder pursuant to the Loan
Agreement................................................... $0.00
-------------
K) Treated as Excess Finance Charge
Collections and allocated to other
Series or paid to the Holders of
the Transferor Certificates........................... $1,151,272.14
-------------
Page 6
1998-3 Trustee
The Servicer does hereby instruct the Trustee to apply on
01/18/00 which is a Distribution Date under the Pooling and
Servicing agreement, $0.0 of Reallocated Principal Collections to
fund any deficiencies in the Required Amount after applying
Class A Available Funds, Class B Available Funds, Excess Spread
and Excess Finance Charge Collections thereto.
II. INSTRUCTION TO MAKE CERTAIN PAYMENTS
The Servicer does hereby instruct the Trustee to pay in accordance
with the Supplement from the Collection Account or the
Principal Funding Account, as applicable, on 01/18/00 which
date is a Payment Date under the Supplement, the following
amounts as set forth below:
A) Interest to be distributed to Class
A Certificate holders................................... $3,287,460.00
-------------
B) On the Expected Final Payment Date
or a Special Payment Date,
principal to be distributed to the
Class A Certificateholders............................ $0.00
-------------
C) Interest to be distributed to Class
B Certificateholders...................................... $728,112.36
-------------
D) On the Expected Final Payment Date
or a Special Payment Date, on or
after the date Class A Invested
Amount is paid in full, principal
to be distributed to the Class B
Certificateholders.................................. $0.00
-------------
E) Interest to be distributed to the Collateral
Interest Holder...................................... $470,628.47
-------------
F) On the Expected Final Payment Date
After the date Class A and Class B
Invested Amounts are paid in full, principal
to be distributed to the Collateral Interest
Holder..................................................... $0.00
-------------
Page 7
1998-3 Trustee
III. ACCRUED AND UNPAID AMOUNTS
After giving effect to the withdrawals and transfers to
be made in accordance with this notice, the following amounts
will be accrued and unpaid with respect to all Monthly Periods
preceding the current calendar month.
1. The aggregate amount of all
unreimbursed Class A Investor
Charge-Offs........................................... $0.00
-------------
2. The aggregate amount by which the
Class B Invested Amount has been
reduced.................................................. $0.00
-------------
3. The aggregate amount by which the
Collateral Invested Amount has
been reduced......................................... $0.00
-------------
4. The aggregate amount by which the
Class D Invested Amount has
been reduced......................................... $0.00
-------------
Page 8