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Previous: FNANB CREDIT CARD MASTER TRUST, 8-K, EX-99.1, 2000-10-16 |
Next: PROVINCE HEALTHCARE CO, 8-K, 2000-10-16 |
FIRST NORTH AMERICAN NATIONAL BANK
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FIRST NORTH AMERICAN NATIONAL BANK MASTER TRUST
SERIES 1998-1
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Pursuant to the Master Pooling and Servicing Agreement dated as of October
30,1997 the "Pooling and Servicing Agreement"), as supplemented by the Series
1998-1 Supplement, dated as of November 13, 1998 (the "Supplement" and, together
with the Pooling and Servicing Agreement, the "Agreement"), each between First
North American National Bank, as Transferor and Servicer, and First Union
National Bank, as Trustee, the Servicer is required to prepare certain
information each month regarding distributions to Certificateholders and the
performance of the Trust. The information with respect to the applicable
Distribution Date and Collection Period is set forth below:
Collection Period Ending September 30, 2000
Determination Date October 9, 2000
Distribution Date October 16, 2000
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Class A Accumulation Period ("Y" or "N")? N
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Class B Accumulation Period ("Y" or "N")? N
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Early Amortization Period ("Y" or "N")? N
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Class B Investor Amount paid in full ("Y" or "N")? N
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MASTER TRUST INFORMATION
<TABLE>
<S> <C>
Receivables
1. The aggregate amount of Receivables less all Receivables
in Charged-Off Accounts as of the end of the last day of
the Collection Period was equal to: $ 1,637,673,702.97
2. The aggregate amount of Principal Receivables as of the
end of the last day of the Collection Period (not including
reduction for Discount Receivables) was equal to: $ 1,600,529,473.94
3. The average Discount Percentage for the Collection Period: 2.00%
4. The aggregate amount of Discount Option Receivables as of
the end of the last day of the Collection Period was equal to: $ 32,010,589.48
5. The aggregate amount of Principal Receivables as of the
end of the last day of the Collection Period (including
reduction for Discount Receivables) was equal to: $ 1,568,518,884.46
6. The aggregate amount of Finance Charge Receivables as of the
end of the last day of the Collection Period (not including
increase for Discount Receivables) was equal to: $ 37,144,229.03
7. The aggregate amount of Finance Charge Receivables as of the
end of the last day of the Collection Period (including
increase for Discount Receivables) was equal to: $ 69,154,818.51
8. The average amount of Receivables for the Collection
Period was equal to:
a. Average Principal Receivables $ 1,572,827,765.42
b. Average Total Receivables $ 1,638,455,659.76
9. The Transferor Amount as of the end of the last day of the
Collection Period: $ 24,818,884.46
10. Minimum Transferor Amount required as of end of last day of Collection Period: $ 0.00
11. The aggregate amount of Principal Charge-Offs for the
Collection Period was equal to: $ 13,440,024.04
12. The aggregate amount of Finance Charge Charge-Offs
for the Collection Period was equal to: $ 2,068,107.99
13. The Excess Funding Account Balance as of the end of the
last day of the Collection Period $ 0.00
Collections
14. The aggregate amount of Principal Collections for the
Collection Period was equal to:
a.) Collection of Principal Receivables: $ 114,227,813.82
b.) Recoveries: 2,362,686.24
c.) Discount Receivable Collections: $ (2,284,556.28)
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d.) Total Principal Receivable Collections: $ 114,305,943.78
15. The aggregate amount of Finance Charge Collections for the
Collection Period was equal to:
a.) Collection of Finance Charge Receivables $ 26,168,056.14
b.) Interchange Amount $ 1,713,973.16
c.) Discount Receivable Collections $ 2,284,556.28
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d.) Total Finance Charge Receivable Collections $ 30,166,585.58
16. The aggregate amount of interest earnings (net of losses
and investment expenses) on the Excess Funding
Account for the Collection Period: $ 0.00
17. The aggregate amount of Collections processed for the
Collection Period: $ 144,472,529.36
Invested Amounts
18. The 1997-1 Net Investment at the end of the last day of the
Collection Period was equal to:
a. Class A-1 Invested Amount $ 15,000,000.00
b. Class A-2 Invested Amount $ 15,000,000.00
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c. Total $ 30,000,000.00
19. The average amount of the 1997-1 Net Investment for the
Collection Period was equal to:
a. Class A-1 Invested Amount $ 21,066,666.67
b. Class A-2 Invested Amount $ 15,000,000.00
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c. Total $ 36,066,666.67
20. The 1997-2 Net Investment at the end of the last day of the
Collection Period was equal to:
a. Class A $ 603,000,000.00
b. Class B $ 135,000,000.00
c. Collateral Indebtedness Interest $ 63,000,000.00
d. Class D $ 99,000,000.00
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e. Total $ 900,000,000.00
21. The average amount of the 1997-2 Net Investment for the
Collection Period was equal to:
a. Class A $ 603,000,000.00
b. Class B $ 135,000,000.00
c. Collateral Indebtedness Interest $ 63,000,000.00
d. Class D $ 103,200,000.00
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e. Total $ 904,200,000.00
22. The 1998-1 Net Investment at the end of the last day of the
Collection Period was equal to:
a. Class A $ 402,000,000.00
b. Class B $ 90,000,000.00
c. Collateralized Trust Obligations $ 48,000,000.00
d. Class D $ 73,700,000.00
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e. Total $ 613,700,000.00
23. The average amount of the 1998-1 Net Investment for the
Collection Period was equal to:
a. Class A $ 402,000,000.00
b. Class B $ 90,000,000.00
c. Collateralized Trust Obligations $ 48,000,000.00
d. Class D $ 73,700,000.00
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e. Total $ 613,700,000.00
24. The aggregate Invested Amount across all series of Investor
Certificates outstanding as of the end of the last day of the
Collection Period: $ 1,543,700,000.00
Series 1998-1 Allocation Percentages
25. The Fixed Allocation Percentage with respect to the Collection Period:
a. Class A % 0.00%
b. Class B % 0.00%
c. Collateralized Trust Obligations % 0.00%
d. Class D % 0.00%
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e. Series 1998-1 Total 0.00%
26. The Floating Allocation Percentage with respect to the Collection Period:
a. Class A % 25.49%
b. Class B % 5.71%
c. Collateralized Trust Obligations % 3.04%
d. Class D % 4.67%
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e. Series 1998-1 Total 38.91%
Allocation of Collections
27. The Series 1998-1 allocation of Collections of Principal
Receivables for the Collection Period:
a. Class A $ 29,134,357.63
b. Class B $ 6,522,617.38
c. Collateralized Trust Obligations $ 3,478,729.27
d. Class D $ 5,341,298.90
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e. Series 1998-1 Total $ 44,477,003.18
28. The Series 1998-1 allocation of Collections of Finance
Charge Receivables for the Collection Period:
a. Class A $ 7,688,874.82
b. Class B $ 1,721,389.88
c. Collateralized Trust Obligations $ 918,074.61
d. Class D $ 1,409,627.05
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e. Series 1998-1 Total $ 11,737,966.36
Portfolio Yield and Delinquencies
29. The Portfolio Yield for the Collection Period: % 12.76%
30. The 3-month average Portfolio Yield for the three most recent
Collection Periods: % 13.28%
31. The Base Rate for the Collection Period: % 9.26%
32. The 3-month average Base Rate for the three most recent
Collection Periods: % 9.15%
33. The 3-month average Portfolio Adjusted Yield: % 4.13%
34. The amount of Shared Excess Finance Charge Collections
allocable to Series 1998-1 with respect to any Finance Charge
Shortfall in such Series for the Collection Period: $ 0.00
35. The aggregate outstanding balance of Receivables which were, as
of the last day of the Collection Period:
(a) Delinquent 31 to 60 days 43,707,777.72
(b) Delinquent 61 to 90 days 30,251,126.98
(c) Delinquent 91 days or more 52,095,506.11
Determination of Monthly Interest
36. Class A Monthly Interest:
a. Class A Monthly Interest $ 2,430,522.71
b. Funds allocated and available to pay Class A
Monthly Interest for the Collection Period (4.3a) $ 7,703,775.52
c. Class A Interest Shortfall (b less a) $ 0.00
d. Class A Additional Interest $ 0.00
37. Class B Monthly Interest:
a. Class B Monthly Interest $ 610,021.88
b. Funds allocated and available to pay Class B
Monthly Interest for the Collection Period (4.3b) $ 1,721,389.88
c. Class B Interest Shortfall (b less a) $ 0.00
d. Class B Additional Interest $ 0.00
38. CTO Monthly Interest and Class D Monthly Interest:
a. CTO/Class D Monthly Interest $ 797,221.94
b. Funds allocated and available to pay CTO/
Class D Monthly Interest for the Collection Period $ 2,327,701.66
c. CTO/Class D Interest Shortfall (b less a) $ 0.00
d. CTO/Class D Additional Interest $ 0.00
Determination of Monthly Principal
39. Class A Monthly Principal (pursuant to section 4.4a):
(X)a. Available Principal Collections on deposit in the
Collection Account and available for distribution: $ 0.00
(Y)a. Controlled Accumulation Amount $ 0.00
b. Deficit Controlled Accumulation Amount 0.00
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c. Controlled Deposit Amount (sum a + b) 0.00
(Z)a. Class A Invested Amount $ 402,000,000.00
Class A Monthly Principal (the least of x,y,z) $ 0.00
40. Class B Monthly Principal (pursuant to section 4.4b)
(distributable only after payout of Class A)
(X)a. Available Principal Collections on deposit in the
Collection Account and available for distribution: $ 0.00
(Y)a. Controlled Accumulation Amount $ 0.00
b. Deficit Controlled Accumulation Amount $ 0.00
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c. Controlled Deposit Amount (sum a + b) $ 0.00
(Z)a. Class B Invested Amount $ 90,000,000.00
Class B Monthly Principal (the least of x,y,z) $ 0.00
41. CTO Monthly Principal
a. pursuant to 4.4c (i) prior to occurrence of
Early Amortization or payment in full of the
Class B Investor Amount (optional) $ 0.00
b. pursuant to 4.4c (ii) prior to occurrence of
Early Amortization or payment in full of the
Class B Investor Amount $ 0.00
42. Class D Monthly Principal (pursuant to section 4.4d) $ 0.00
Available Funds
43. Class A Available Funds
a. Class A Finance Charge allocation $ 7,688,874.82
b. Prior to Class B Principal Commencement Date, the
amount of Principal Funding Investment Proceeds and
Reserve Account Investment Proceeds for such prior Collection Period $ 14,900.70
c. Any amount of Reserve Account withdrawn and
included in Class A Available Funds (section 4.14d) $ 0.00
d. Class A Available Funds (sum a-c) $ 7,703,775.52
44. Class B Available Funds
a. Class B Finance Charge allocation $ 1,721,389.88
b. On or After Class B Principal Commencement Date, the
amount of Principal Funding Investment Proceeds and
Reserve Account Investment Proceeds for such prior Collection Period $ 0.00
c. Any amount of Reserve Account withdrawn and
included in Class B Available Funds (section 4.14d) $ 0.00
d. Class B Available Funds (sum a-c) $ 1,721,389.88
45. CTO Available Funds:
a. CTO Finance Charge allocation $ 918,074.61
46. Class D Available Funds
a. Class D Finance Charge allocation $ 1,409,627.05
Reallocated Principal Collections
47. Class D Subordinated Principal Collections (to the extent $ 0.00
needed to fund Required Amounts)
48. CTO Subordinated Principal Collections (to the extent $ 0.00
needed to fund Required Amounts)
49. Class B Subordinated Principal Collections (to the extent $ 0.00
needed to fund Required Amounts)
50. Total Reallocated Principal Collections $ 0.00
Investor Default Amounts
51. Class A Investor Default Amount $ 3,425,600.23
52. Class B Investor Default Amount $ 766,925.42
53. CTO Investor Default Amount $ 409,026.89
54. Class D Investor Default Amount $ 628,026.71
55. Aggregate Investor Default Amount $ 5,229,579.25
Allocable Amounts for Series 1998-1
56. The Allocable Amount for Series 1998-1 as of the end of the
Collection Period (Inv Default Amt + Series 98-1 Adjust Amt)
Class A $ 3,425,600.23
Class B $ 766,925.42
CTO $ 409,026.89
Class D $ 628,026.71
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Aggregate Allocable Amount $ 5,229,579.25
Required Amounts for Series 1998-1
57. Class A Required Amount (section 4.5a)
(a) i. Class A Monthly Interest for current Distribution
Date $ 2,430,522.71
ii. Class A Monthly Interest previously due but not
paid $ 0.00
iii. Class A Additional Interest for prior Collection Period
or previously due but not paid $ 0.00
iv. Class A Allocable Amount $ 3,425,600.23
v. Class A Servicing Fee, including previously due but
not paid (if FNANB is no longer Servicer) $ 0.00
(b) Class A Available Funds $ 7,703,775.52
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Class A Required Amount (sum of a-f minus g) $ 0.00
58. Class B Required Amount (section 4.5b)
(x) i. Class B Monthly Interest for current Distribution
Date $ 610,021.88
ii. Class B Monthly Interest previously due but not
paid $ 0.00
iii. Class B Additional Interest for prior Collection Period
or previously due but not paid $ 0.00
iv. Class B Servicing Fee, including previously due but
not paid (if FNANB is no longer Servicer) $ 0.00
Class B Available Funds $ 1,721,389.88
(y) Excess of Class B Allocable Amount over
funds available to make payments (section 4.8d) $ 0.00
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Class B Required Amount ((sum of i-iv) minus Class B $ 0.00
Available funds plus y)
59. CTO/Class D Required Amount (section 4.5c)
(x)i. CTO/Class D Monthly Interest for current
Distribution date $ 797,221.94
ii. CTO/Class D Monthly Interest previously
due but not paid $ 0.00
iii. CTO/Class D Additional Interest for prior
Collection Period or previously due but not paid $ 0.00
iv. CTO/Class D Servicing Fee, including previously due
but not paid (if FNANB is no longer Servicer) $ 0.00
CTO/Class D Available Funds $ 2,327,701.66
(y) Excess of CTO/Class D Allocable Amount
amount over funds available to make payments $ 0.00
CTO/Class D Required Amount ((sum of i-iv minus
CTO/Class D Available Funds plus y) $ 0.00
Investor Charge-Offs
60. The aggregate amount of Class A Investor Charge-Offs and the
reductions in the Class B Invested Amount, CTO Invested
Amount and Class D Invested Amount
a. Class A $ 0.00
b. Class B $ 0.00
c. CTO $ 0.00
d. Class D $ 0.00
61. The aggregate amount of Class B Investor Charge-Offs and the
reductions in the CTO Invested Amount and Class D
Invested Amount
a. Class B $ 0.00
b. CTO $ 0.00
c. Class D $ 0.00
62. The aggregate amount of CTO Charge-Offs and the reductions
in Class D Invested Amount
a. CTO $ 0.00
b. Class D $ 0.00
Servicing Fee
63. Class A Servicing Fee for the Collection Period $ 670,000.00
64. Class B Servicing Fee for the Collection Period $ 150,000.00
65. CTO Servicing Fee for the Collection Period $ 80,000.00
66. Class D Servicing Fee for the Collection Period $ 122,833.33
Enhancement
(18% of total Invested Amount)
67. Required Enhancement Amount
a. Invested Amount as of the last day of the Collection
Period $ 613,700,000.00
b. Required Enhancement Amount (line a times 18%) $ 110,466,000.00
68. Enhancement Surplus
a. Available Cash Collateral Account Amount $ 0.00
b. CTO Invested Amount $ 48,000,000.00
c. Class D Invested Amount $ 73,700,000.00
d. Required Enhancement Amount $ 110,466,000.00
e. Available Enhancement Amount $ 121,700,000.00
f. Enhancement Surplus (e plus deposits less d) $ 11,234,000.00
g. Enhancement deficiency, deposit excess Finance
Charge to Cash Collateral Account $ 0.00
69. CTO Enhancement
a. Enhancement Percentage % 11.00%
b. Required CTO Enhancement Amount $ 67,507,000.00
c. Available CTO Enhancement Amount $ 73,700,000.00
d. CTO Enhancement Surplus $ 6,193,000.00
e. Enhancement deficiency, deposit excess Finance
Charge to Cash Collateral Account $ 0.00
70. Required Cash Collateral Account Amount (greater of line 67g and 68e) $ 0.00
Amount of excess Finance Charge to deposit to Cash Collateral Account $ 0.00
Required Draw Amount $ 0.00
Reserve Account
71. Lowest historical 3-month Portfolio Adjusted Yield
(must be > 4%, or line 70 will adjust accordingly) % 3.91%
72. Reserve Account Funding Date (based on line 69) 8/15/2000
73. Required Reserve Account Amount (after the Reserve Account
Funding Date, 0.5% times the Adjusted Invested Amount) $ 3,068,500.00
74. Covered Amount $ 0.00
75. Available Reserve Account Amount
a. Reserve Draw Amount (Covered Amount - P.F. Proceeds) $ 0.00
b. Amount of deposit in the Reserve Account on the
Distribution Date $ 3,014,900.70
c. Reserve Account Investment Proceeds $ 14,900.70
d. Amount on deposit in the Reserve Account at end of relevent
Due Period less Investment Proceeds $ 3,000,000.00
e. Required Reserve Account Amount $ 3,068,500.00
f. Available Reserve Account Amount (after Reserve Draw) $ 3,000,000.00
g. Required Reserve Account Deposit on Distribution Date $ 68,500.00
Principal Funding Account
76. Principal Funding Account Balance as of prior Distribution Date $ 0.00
77. Deposit to the Principal Funding Account on the current
Distribution Date $ 0.00
78. Withdrawal from the Principal Funding Account on the current
Distribution Date $ 0.00
79. Principal Funding Account Balance as of the current
Distribution Date $ 0.00
80. As of the date hereof, no Early Amortization Event has been
deemed to have occurred during the Collection Period.
Certificate LIBOR Determination
81. Certificate LIBOR Determination date for the Collection Period 9/13/2000
82. Certificate LIBOR rate for the Collection Period % 6.62125%
83. As of the date hereof, no Early Amortization Event has been
deemed to have occured during the Collection Period.
</TABLE>
In July, 2000, the Servicer discovered that a data processing error, associated
with a change in cardholder terms, caused a small percentage of Collections of
Finance Charge Receivables processed during May 2000, June 2000, July 2000, and
August 2000 to be classified as Collections of Principal Receivables. The
reclassification of Collections did not have an adverse effect on the interests
of the Certificateholders, but did cause various items reported in this
statement and the statements for the affected months to be misstated. The error
has been corrected as of September 2000. The Servicer does not expect to restate
affected months.
IN WITNESS WHEREOF, the undersigned has duly executed
and delivered this Certificate this 16th day of October, 2000.
FIRST NORTH AMERICAN NATIONAL BANK,
as Servicer
By s/Philip J. Dunn
Name: Philip J. Dunn
Title: Vice President
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