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Previous: FIRST NATIONAL BANK OF ATLANTA, 8-K, 2000-06-21 |
Next: FIRST NATIONAL BANK OF ATLANTA, 8-K, 2000-06-21 |
Partners First Credit Card Master Trust
Monthly Trust Activity
<TABLE>
<CAPTION>
<S> <C> <C> <C>
A. Trust Level Activity
Number of Days in Monthly Period 31
Beginning Principal Receivables Balance 1,671,742,959.61
Beginning Special Funding Account Balance 0.00
Beginning Principal Receivables + SFA Balance 1,671,742,959.61
Beginning Finance Charge Receivables 52,112,619.80
Beginning Total Receivables 1,723,855,579.41
Special Funding Account Earnings 0.00
Finance Charge Collections 25,802,579.50
Interchange Collections 1,858,665.87
Collection Account Investment Proceeds 0.00
Recoveries treated as Finance Charge Collections 0.00
Total Finance Charge Receivables Collections 27,661,245.37
Principal Receivables Collections 172,310,444.58
Recoveries treated as Principal Collections 747,872.68
Total Principal Receivables Collections 173,058,317.26
Monthly Payment Rate (Principal plus Interest divided by Beg. Total Receivables) 11.49%
Defaulted Amount (Net of Recoveries) 12,185,698.32
Additional Defaults due to change in charge-off policy 549,094.37
Annualized Default Rate 9.14%
Trust Portfolio Yield 19.86%
New Principal Receivables 140,373,161.65
Aggregate Account Addition or Removal (Y/N)? n
Date of Addition/Removal n/a
Principal Receivables at the end of the day of Addition/Removal n/a
SFA Balance at the end of the day of Addition/Removal 0.00
Principal Receivables + SFA Balance at the end of the day of Addition/Removal n/a
Ending Principal Receivables Balance 1,626,009,048.40
Ending Special Funding Account (SFA) Balance 0.00
Ending Principal Receivables + SFA Balance 1,626,009,048.40
Ending Finance Charge Receivables 50,963,000.59
Ending Total Receivables 1,676,972,049.00
Required Minimum Principal Balance 1,605,000,000.00
</TABLE>
<PAGE>
Partners First Credit Card Master Trust
Monthly Trust Activity
<TABLE>
<CAPTION>
<S> <C> <C> <C>
B. Series Allocations
Total 1998-2 1998-3
Group 1 1
Class A Beginning Invested Amount 528,000,000.00 528,000,000.00
Class B Beginning Invested Amount 113,000,000.00 113,000,000.00
Collateral Beginning Invested Amount 67,000,000.00 67,000,000.00
Class D Beginning Invested Amount 42,000,000.00 42,000,000.00
Total Beginning 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 13,830,622.69 13,830,622.69
Series Allocable Principal Collections 86,529,158.63 86,529,158.63
Series Allocable Defaulted Amounts 6,092,849.16 6,092,849.16
Series Allocable Addt'l Defaults due to change in charge-off policy 274,547.18 274,547.18
Series Allocable Servicing Fee 1,250,000.00 1,250,000.00
In Revolving Period? Y Y
Available for Principal Sharing Series 167,016,602.52 83,059,708.09 83,956,894.43
Principal Shortfall 0.00 0.00 0.00
Allocation of Shared Principal Collections 0.00 0.00 0.00
Available for Excess Allocation Series 0.00 0.00 0.00
Finance Charge Shortfall 13,309,800.32 10,027,400.16 3,282,400.17
Allocation of Excess Finance Charge Collections 0.00 0.00 0.00
B. Series Allocations
Amounts Due 1998-2 1998-3
Transferor's Percentage 10.27% 10.27%
Principal Allocation Percentage 89.73% 89.73%
Floating Allocation Percentage 89.73% 89.73%
Class A Certificate Rate 6.6225% 6.6525%
Class B Certificate Rate 6.8325% 6.8825%
CIA Certificate Rate 7.3975% 7.4975%
CIA Secured Loan Spread Rate 7.1475% 7.2475%
Class D Certificate Rate 0.0000% 0.0000%
Class A Interest 3,011,030.00 3,024,670.00
Class B Interest 664,840.21 669,705.49
Collateral Monthly Interest 426,794.65 432,564.10
Class D Interest 0.00 0.00
Investor Monthly Interest 4,102,664.86 4,126,939.59
Investor Default Amount (Net of Recoveries) 5,741,460.43 5,741,460.43
Interchange Collections 833,859.89 833,859.89
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
Beginning Invested Amount (Month) 1,500,000,000.00 750,000,000.00 750,000,000.00
Principal Collections 155,279,538.88 77,639,769.44 77,639,769.44
Finance Charge Collections 24,819,526.12 12,409,763.06 12,409,763.06
Additional Amounts 0.00 0.00 0.00
Investor Monthly Interest 8,229,604.45 4,102,664.86 4,126,939.59
Investor Default Amount 11,482,920.87 5,741,460.43 5,741,460.43
Monthly Servicing Fee 2,500,000.00 1,250,000.00 1,250,000.00
Total Amount Due 22,212,525.31 11,094,125.29 11,118,400.02
Excess Before Reallocation 2,607,000.81 1,315,637.77 1,291,363.04
Redirection of Finance Charge Collections -12,137.36 12,137.36
Dollars of Excess Spread 2,607,000.81 1,303,500.41 1,303,500.40
Percentage Excess Spread 2.09% 2.09% 2.09%
Redirected Finance Charge Collections 24,819,526.12 12,397,625.70 12,421,900.42
D. Trust Performance
30-59 Days Delinquent 30,901,292.46
60-89 Days Delinquent 20,052,045.05
90+ Days Delinquent 39,133,839.06
Total 30+ Days Delinquent 90,087,176.57
THE FIRST NATIONAL BANK OF ATLANTA
d/b/a Wachovia Bank Card Services
as Servicer
By: Michael L. Scheuerman
Title: Senior Vice President
</TABLE>
<PAGE>
Partners First Credit Card Master Trust
Series 1998-2
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
A. Investor/Transferor Allocations
B. Monthly Funding Requirements
Last Payment Date 15-May-00
Current Payment Date 15-Jun-00
Actual / 360 Days 31 31 31 31
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 6.62250% 6.83250% 7.39750% 0.00000%
Secured Loan Spread Rate (Applies to CIA only) 7.14750%
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 (Distribution) 528,000,000.00 113,000,000.00 67,000,000.00 41,424,335.44 749,424,335.44
Ending Outstanding Amount (Distribution) 528,000,000.00 113,000,000.00 67,000,000.00 41,102,813.66 749,102,813.66
Beginning Invested Amount (Distribution) 528,000,000.00 113,000,000.00 67,000,000.00 41,424,335.44 749,424,335.44
Ending Invested Amount (Distribution) 528,000,000.00 113,000,000.00 67,000,000.00 41,102,813.66 749,102,813.66
Beginning Adjusted Invested Amount (Distribution) 528,000,000.00 113,000,000.00 67,000,000.00 41,424,335.44 749,424,335.44
Ending Adjusted Invested Amount (Distribution) 528,000,000.00 113,000,000.00 67,000,000.00 41,102,813.66 749,102,813.66
Beginning Invested Amount (Month) 528,000,000.00 113,000,000.00 67,000,000.00 42,000,000.00 750,000,000.00
Ending Invested Amount (Month) 528,000,000.00 113,000,000.00 67,000,000.00 41,424,335.44 749,424,335.44
Beginning Adjusted Invested Amount (Month) 528,000,000.00 113,000,000.00 67,000,000.00 42,000,000.00 750,000,000.00
Ending Adjusted Invested Amount (Month) 528,000,000.00 113,000,000.00 67,000,000.00 41,424,335.44 749,424,335.44
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 54,658,397.69 11,697,725.26 6,935,819.40 4,347,827.09 77,639,769.44
Redirected Finance Charge Collections 8,727,928.49 1,867,908.94 1,107,521.23 694,267.04 12,397,625.70
YSA Draw 0.00
YSA Investment Proceeds 0.00
Redirected Finance Charge plus YSA Draw 8,727,928.49 1,867,908.94 1,107,521.23 694,267.04 12,397,625.70
Monthly Interest 3,011,030.00 664,840.21 426,794.65 0.00 4,102,664.86
Investor Default Amount (Net) 4,041,988.14 865,046.71 512,903.80 321,521.78 5,741,460.43
Monthly Servicing Fee 880,000.00 188,333.33 111,666.67 70,000.00 1,250,000.00
Total Due 7,933,018.14 1,718,220.25 1,051,365.12 391,521.78 11,094,125.29
Redirected Investor Fin Charge Coll + YSA Draw + PFA Inv Proceeds + Reserve Fund Releases 12,397,625.70
Series Adjusted Portfolio Yield 10.65%
Base Rate 8.36%
</TABLE>
<PAGE>
Partners First Credit Card Master Trust
Series 1998-2
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
Series Parameters
Revolving Period (Y/N) Y
Accumulation Period (Y/N) N
Early Amortization (Y/N) N
Controlled Accumulation Period 6.00
FNBA is Servicer Y
Paydown Excess CIA (Y/N) Y
Paydown Excess Class D (Y/N) Y
Controlled Accumulation Amount 106,833,333.33
Controlled Deposit Amount 106,833,333.33
Ending Controlled Deposit Amount Shortfalll 0.00
Funding Accounts
Beginning Principal Funding Account Balance 0.00
Principal Funding Account Deposit 0.00
Principal Funding Account Withdrawal 0.00
Ending Principal Funding Account Balance 0.00
Principal Funding Investment Proceeds 0.00
Yield Supplement Account Beginning Balance 0.00
Yield Supplement Account Release 0.00
Yield Supplement Account Ending Balance 0.00
Reserve Account Beginning Balance 0.00
Required Reserve Account Amount 3,205,000.00
Available Reserve Account Amount 0.00
Funds Deposited into Reserve Account 1,625,022.19
Ending Reserve Account Balance 1,625,022.19
Covered Amount 0.00
Reserve Draw Amount 0.00
C. Certificate Balances and Distributions
Class A Class B CIA Class D Total
Beginning Balance 528,000,000.00 113,000,000.00 67,000,000.00 42,000,000.00 750,000,000.00
Interest Distributions 3,011,030.00 664,840.21 426,794.65 0.00 4,102,664.86
PFA Deposits 0.00 0.00
Principal Distributions 0.00 0.00 0.00 0.00 0.00
Total Distributions 3,011,030.00 664,840.21 426,794.65 0.00 4,102,664.86
Ending Certificate Balance 528,000,000.00 113,000,000.00 67,000,000.00 41,424,335.44 749,424,335.44
Pool Factor 100.00% 100.00% 100.00% 98.63%
Total Distribution Per $1,000 5.7027 5.8835 6.3701 0.0000
Interest Distribution Per $1,000 5.7027 5.8835 6.3701 0.0000
Principal Distribution Per $1,000 0.0000 0.0000 0.0000 0.0000
</TABLE>
<PAGE>
Partners First Credit Card Master Trust
Series 1998-2
<TABLE>
<CAPTION>
<S> <C>
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: 3,011,030.00
2 Amount of the distribution in respect of Class A Monthly Interest: 3,011,030.00
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: 664,840.21
2 Amount of the distribution in respect of Class B monthly interest: 664,840.21
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:
</TABLE>
<PAGE>
Partners First Credit Card Master Trust
Series 1998-2
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
H. Information regarding distributions on the Distribution Date to the Collateral Interest Holder.
1 Total amount distributed to the Collateral Interest Holder: 426,794.65
2 Amount distributed in respect of Collateral Monthly Interest: 426,794.65
3 Amount distributed in respect of Collateral Additional Interest: 0.00
4 The amount distributed to the Collateral Interest Holder in respect 0.00
of principal on the Collateral Invested Amount:
I. Amount of reductions in Collateral Invested Amount.
1 The amount of reductions in the Collateral Invested Amount. 0.00
2 The total amount reimbursed in respect of such reductions in the 0.00
Collateral Invested Amount
J. Finance Charge Shortfall Amount/Reallocated Finance Charge Collections
1 Finance Charge Collections Allocated to Series 1998-2 (including YSA) 12,397,625.70
2 Full amount required to be paid pursuant to sections 4.5 and 4.7(excl. Spread Acct.) 14,874,789.85
3 Spread Account Requirement per Loan Agreement 7,550,236.01
4 Finance Charge Shortfall 10,027,400.16
5 Available for Other Excess Allocation Series 0.00
K. Application of Reallocated Investor Finance Charge Collections.
Available Due Paid Shortfall
1 Allocated Class A Available Funds 8,727,928.49
a Reserve Account Release 0.00
b PFA Investment Earnings 0.00
c Class A Available Funds 8,727,928.49
2 Class A Available Funds 8,727,928.49
a Class A Monthly Interest 3,011,030.00 3,011,030.00 0.00
b Class A Servicing Fee 880,000.00 880,000.00 0.00
c Class A Investor Default Amount 4,041,988.14 4,041,988.14 0.00
d Class A Excess 794,910.35
3 Class B Available Funds 1,867,908.94
a Class B Monthly Interest 664,840.21 664,840.21 0.00
b Class B Servicing Fee 188,333.33 188,333.33 0.00
c Class B Excess 1,014,735.40
4 Collateral Available Funds 1,107,521.23
a Collateral Servicing Fee 111,666.67 111,666.67 0.00
b Collateral Excess 995,854.56
5 Class D Available Funds 694,267.04
a Class D Servicing Fee 70,000.00 70,000.00 0.00
b Class D Excess 624,267.04
6 Total Excess Spread 3,429,767.35
</TABLE>
<PAGE>
Partners First Credit Card Master Trust
Series 1998-2
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
L. Application of Excess Spread and Excess Finance Charge Collections
Available Due Paid Shortfall
1 Available Excess Spread 3,429,767.35
2 Excess Fin Charge Coll 0.00
from Other Series
3 Available Funds 3,429,767.35
4 Class A Required Amount
a Interest 0.00 0.00 0.00
b Servicing Fee 0.00 0.00 0.00
c Defaults 0.00 0.00 0.00
5 Class A Charge Offs not Previously Reimbursed 0.00 0.00 0.00
6a Class B Required Amount in accordance with 4.5(b)(i)(ii)
a Interest 0.00 0.00 0.00
b Servicing Fee 0.00 0.00 0.00
6b Class B Default Amount 865,046.71 865,046.71 0.00
7 Reductions in Class B not previously reimbursed 0.00 0.00 0.00
8 Monthly Servicing Fee Shortfalls 0.00 0.00 0.00
9 Collateral Monthly Interest 426,794.65 426,794.65 0.00
10 Collateral Default Amount 512,903.80 512,903.80 0.00
11 Reductions in CIA not previously reimbursed 0.00 0.00 0.00
12 Reserve Account Deposit 3,205,000.00 1,625,022.19 1,579,977.81
13 Class D Monthly Interest 0.00 0.00 0.00
14 Class D Default Amount 321,521.78 0.00 321,521.78
15 Reductions in Class D not previously reimbursed 575,664.56 0.00 575,664.56
16 Other CIA Amounts Owed 7,550,236.01 0.00 7,550,236.01
17 Excess Fin Coll for Other Series 0.00 0.00 0.00
18 Excess Spread (after reallocation) -321,521.78
19 Writedowns
Total Redirected Principal Charge-Offs
a Class A 0.00 0.00 0.00
in respect of A 0.00
b Class B 0.00 0.00 0.00
in respect of A 0.00
in respect of B 0.00
c CIA 0.00 0.00 0.00
in respect of A 0.00
in respect of B 0.00
in respect of CIA 0.00
d Class D 321,521.78 0.00 321,521.78
in respect of A 0.00
in respect of B 0.00
in respect of CIA 0.00
in respect of D 321,521.78
M. Application of Redirected Principal Collections
Available Due Paid Shortfall
1 Redirected Principal Collections 22,981,371.75
2 Class A Required Amount
a Interest 0.00 0.00 0.00
b Servicing Fee 0.00 0.00 0.00
c Defaults 0.00 0.00 0.00
3 Class B Required Amount
a Interest 0.00 0.00 0.00
b Servicing Fee 0.00 0.00 0.00
c Defaults 0.00 0.00 0.00
4 Collateral Required Amount
a Interest 0.00 0.00 0.00
b Servicing Fee 0.00 0.00 0.00
c Defaults 0.00 0.00 0.00
5 Available for Available Principal Collections 22,981,371.75
N. Principal Shortfall Amount/Shared Principal Collections
1 Principal Allocation % of the Series 1998-2 Allocable Principal Collections 77,639,769.44
2 Other amounts treated as Principal Collections per Section 4.5 & 4.7 5,419,938.65
3 Full amount required to be distributed pursuant to Section 4.5 0.00
4 Principal required to fund the Required Amount per Section 4.8 0.00
5 Principal Shortfall 0.00
6 Available for Shared Principal Collections 83,059,708.09
</TABLE>
<PAGE>
Partners First Credit Card Master Trust
Series 1998-2
<TABLE>
<CAPTION>
<S> <C>
O. Available Principal Collections
1 Available Principal Collections (per the definition thereof) 83,059,708.09
2 Principal Collections allocation to other Principal Sharing Series 0.00
3 Available Principal Collections (after Sharing) 83,059,708.09
P. Application of Principal Collections during Revolving Period
1 Available Principal Collections 83,059,708.09
2 Collateral Invested Amount 67,000,000.00
3 Required Collateral Invested Amount 67,000,000.00
4 Amount used to pay Excess CIA 0.00
5 Available Principal Collections 83,059,708.09
6 Class D 41,424,335.44
7 Required Class D 42,000,000.00
8 Amount used to pay Excess Class D 0.00
Q. Application of Principal Collections during the Accumulation Period
1 Available Principal Collections 0.00
2 Controlled Deposit Amount 0.00
3 Class A Adjusted Invested Amount + Class B Adjusted Invested Amount 641,000,000.00
4 Principal Funding Account Deposit (minimum of items 3 & 4 above) 0.00
5 Required Enhancement Amount $108,619,908
6 Remaining Principal Collections Available 0.00
7 Remaining Collateral Invested Amount 67,000,000.00
8 Collateral Monthly Principal (Principal paid to CIA) (minimum of items a & b below) 0.00
a Excess of CIA and Class D over Required Enhancement Amount 0.00
b Excess of Available Principal Collections over PFA deposit 0.00
9 Remaining Principal Collections Available 0.00
10 Remaining Class D Amount 41,102,813.66
11 Principal Paid to Class D 0.00
</TABLE>
<PAGE>
Partners First Credit Card Master Trust
Series 1998-2
<TABLE>
<CAPTION>
<S> <C> <C>
R. Application of Principal Collections during Early Amortization Period
1 Available Principal Collections 0.00
a Remaining Class A Adjusted Invested Amount 528,000,000.00
b Principal Paid to Class A - Current Period's Collections 0.00
c Principal Paid to Class A - PFA per 5.1 0.00
d Total Principal Paid to Class A 0.00
2 Remaining Principal Collections Available 0.00
a Remaining Class B Adjusted Invested Amount 113,000,000.00
b Principal Paid to Class B - Current Period's Collections 0.00
c Principal Paid to Class B - PFA per 5.1 0.00
d Total Principal Paid to Class B 0.00
3 Remaining Principal Collections Available 0.00
a Remaining Collateral Invested Amount 67,000,000.00
b Principal Paid to CIA 0.00
4 Remaining Principal Collections Available 0.00
a Remaining Class D Amount 41,102,813.66
b Principal Paid to Class D 0.00
S. Yield and Base Rate
1 Base Rate
a Current Monthly Period 8.36%
b Prior Monthly Period 7.98%
c Second Prior Monthly Period 7.86%
Three Month Average Base Rate 8.07%
2 Series Adjusted Portfolio Yield
a Current Monthly Period 10.65%
b Prior Monthly Period 6.66%
c Second Prior Monthly Period 11.82%
Three Month Average Series Adjusted Portfolio Yield 9.71%
3 Excess Spread
a Current Monthly Period 2.29%
b Prior Monthly Period -1.32%
c Second Prior Monthly Period 3.96%
Three Month Average Excess Spread 1.64%
</TABLE>
<PAGE>
Partners First Credit Card Master Trust
Series 1998-3
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
A. Investor/Transferor Allocations
B. Monthly Funding Requirements
Last Payment Date 15-May-00
Current Payment Date 15-Jun-00
Actual / 360 Days 31 31 31 31
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 6.65250% 6.88250% 7.49750% 0.00000%
Secured Loan Spread Rate (Applies to CIA only) 7.24750%
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 (Distribution) 528,000,000.00 113,000,000.00 67,000,000.00 41,424,335.44 749,424,335.44
Ending Outstanding Amount (Distribution) 528,000,000.00 113,000,000.00 67,000,000.00 42,000,000.00 750,000,000.00
Beginning Invested Amount (Distribution) 528,000,000.00 113,000,000.00 67,000,000.00 41,424,335.44 749,424,335.44
Ending Invested Amount (Distribution) 528,000,000.00 113,000,000.00 67,000,000.00 42,000,000.00 750,000,000.00
Beginning Adjusted Invested Amount (Distribution) 528,000,000.00 113,000,000.00 67,000,000.00 41,424,335.44 749,424,335.44
Ending Adjusted Invested Amount (Distribution) 528,000,000.00 113,000,000.00 67,000,000.00 42,000,000.00 750,000,000.00
Beginning Invested Amount (Month) 528,000,000.00 113,000,000.00 67,000,000.00 42,000,000.00 750,000,000.00
Ending Invested Amount (Month) 528,000,000.00 113,000,000.00 67,000,000.00 41,424,335.44 749,424,335.44
Beginning Adjusted Invested Amount (Month) 528,000,000.00 113,000,000.00 67,000,000.00 42,000,000.00 750,000,000.00
Ending Adjusted Invested Amount (Month) 528,000,000.00 113,000,000.00 67,000,000.00 41,424,335.44 749,424,335.44
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 54,658,397.69 11,697,725.26 6,935,819.40 4,347,827.09 77,639,769.44
Redirected Finance Charge Collections 8,745,017.90 1,871,566.33 1,109,689.77 695,626.42 12,421,900.42
YSA Draw 0.00
YSA Investment Proceeds 0.00
Redirected Finance Charge plus YSA Draw 8,745,017.90 1,871,566.33 1,109,689.77 695,626.42 12,421,900.42
Monthly Interest 3,024,670.00 669,705.49 432,564.10 0.00 4,126,939.59
Investor Default Amount (Net) 4,041,988.14 865,046.71 512,903.80 321,521.78 5,741,460.43
Monthly Servicing Fee 880,000.00 188,333.33 111,666.67 70,000.00 1,250,000.00
Total Due 7,946,658.14 1,723,085.53 1,057,134.56 391,521.78 11,118,400.02
Redirected Investor Fin Charge Coll + YSA Draw + PFA Inv Proceeds + Reserve Fund Releases 12,421,900.42
Series Adjusted Portfolio Yield 10.69%
Base Rate 8.40%
</TABLE>
<PAGE>
Partners First Credit Card Master Trust
Series 1998-3
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
Series Parameters
Revolving Period (Y/N) Y
Accumulation Period (Y/N) N
Early Amortization (Y/N) N
Controlled Accumulation Period 12.00
FNBA 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
Principal Funding Account Withdrawal 0.00
Ending Principal Funding Account Balance 0.00
Principal Funding Investment Proceeds 0.00
Yield Supplement Account Beginning Balance 0.00
Yield Supplement Account Release 0.00
Yield Supplement Account Ending Balance 0.00
Reserve Account Beginning Balance 0.00
Required Reserve Account Amount 0.00
Available Reserve Account Amount 0.00
Funds Deposited into Reserve Account 0.00
Ending Reserve Account Balance 0.00
Covered Amount 0.00
Reserve Draw Amount 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 3,024,670.00 669,705.49 432,564.10 0.00 4,126,939.59
PFA Deposits 0.00 0.00
Principal Distributions 0.00 0.00 0.00 0.00 0.00
Total Distributions 3,024,670.00 669,705.49 432,564.10 0.00 4,126,939.59
Ending Certificate Balance 528,000,000.00 113,000,000.00 67,000,000.00 41,424,335.44 749,424,335.44
Pool Factor 100.00% 100.00% 100.00% 98.63%
Total Distribution Per $1,000 5.7285 5.9266 6.4562 0.0000
Interest Distribution Per $1,000 5.7285 5.9266 6.4562 0.0000
Principal Distribution Per $1,000 0.0000 0.0000 0.0000 0.0000
</TABLE>
<PAGE>
Partners First Credit Card Master Trust
Series 1998-3
<TABLE>
<CAPTION>
<S> <C> <C>
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: 3,024,670.00
2 Amount of the distribution in respect of Class A Monthly Interest: 3,024,670.00
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: 669,705.49
2 Amount of the distribution in respect of Class B monthly interest: 669,705.49
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:
</TABLE>
<PAGE>
Partners First Credit Card Master Trust
Series 1998-3
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
H. Information regarding distributions on the Distribution Date to the Collateral Interest Holder.
1 Total amount distributed to the Collateral Interest Holder: 432,564.10
2 Amount distributed in respect of Collateral Monthly Interest: 432,564.10
3 Amount distributed in respect of Collateral Additional Interest: 0.00
4 The amount distributed to the Collateral Interest Holder in respect 0.00
of principal on the Collateral Invested Amount:
I. Amount of reductions in Collateral Invested Amount.
1 The amount of reductions in the Collateral Invested Amount. 0.00
2 The total amount reimbursed in respect of such reductions in the 0.00
Collateral Invested Amount
J. Finance Charge Shortfall Amount/Reallocated Finance Charge Collections
1 Finance Charge Collections Allocated to Series 1998-2 (including YSA) 12,421,900.42
2 Full amount required to be paid pursuant to sections 4.5 and 4.7(excl. Spread Acct.) 11,694,064.58
3 Spread Account Requirement per Loan Agreement 4,010,236.01
4 Finance Charge Shortfall 3,282,400.17
5 Available for Other Excess Allocation Series 0.00
K. Application of Reallocated Investor Finance Charge Collections.
Available Due Paid Shortfall
1 Allocated Class A Available Funds 8,745,017.90
a Reserve Account Release 0.00
b PFA Investment Earnings 0.00
c Class A Available Funds 8,745,017.90
2 Class A Available Funds 8,745,017.90
a Class A Monthly Interest 3,024,670.00 3,024,670.00 0.00
b Class A Servicing Fee 880,000.00 880,000.00 0.00
c Class A Investor Default Amount 4,041,988.14 4,041,988.14 0.00
d Class A Excess 798,359.75
3 Class B Available Funds 1,871,566.33
a Class B Monthly Interest 669,705.49 669,705.49 0.00
b Class B Servicing Fee 188,333.33 188,333.33 0.00
c Class B Excess 1,013,527.51
4 Collateral Available Funds 1,109,689.77
a Collateral Servicing Fee 111,666.67 111,666.67 0.00
b Collateral Excess 998,023.10
5 Class D Available Funds 695,626.42
a Class D Servicing Fee 70,000.00 70,000.00 0.00
b Class D Excess 625,626.42
6 Total Excess Spread 3,435,536.79
</TABLE>
<PAGE>
Partners First Credit Card Master Trust
Series 1998-3
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
L. Application of Excess Spread and Excess Finance Charge Collections
Available Due Paid Shortfall
1 Available Excess Spread 3,435,536.79
2 Excess Fin Charge Coll 0.00
from Other Series
3 Available Funds 3,435,536.79
4 Class A Required Amount
a Interest 0.00 0.00 0.00
b Servicing Fee 0.00 0.00 0.00
c Defaults 0.00 0.00 0.00
5 Class A Charge Offs not Previously Reimbursed 0.00 0.00 0.00
6a Class B Required Amount in accordance with 4.5(b)(i)(ii)
a Interest 0.00 0.00 0.00
b Servicing Fee 0.00 0.00 0.00
6b Class B Default Amount 865,046.71 865,046.71 0.00
7 Reductions in Class B not previously reimbursed 0.00 0.00 0.00
8 Monthly Servicing Fee Shortfalls 0.00 0.00 0.00
9 Collateral Monthly Interest 432,564.10 432,564.10 0.00
10 Collateral Default Amount 512,903.80 512,903.80 0.00
11 Reductions in CIA not previously reimbursed 0.00 0.00 0.00
12 Reserve Account Deposit 0.00 0.00 0.00
13 Class D Monthly Interest 0.00 0.00 0.00
14 Class D Default Amount 321,521.78 321,521.78 0.00
15 Reductions in Class D not previously reimbursed 575,664.56 575,664.56 0.00
16 Other CIA Amounts Owed 4,010,236.01 727,835.84 3,282,400.17
17 Excess Fin Coll for Other Series 0.00 0.00 0.00
18 Excess Spread (after reallocation) 727,835.84
19 Writedowns
Total Redirected Principal Charge-Offs
a Class A 0.00 0.00 0.00
in respect of A 0.00
b Class B 0.00 0.00 0.00
in respect of A 0.00
in respect of B 0.00
c CIA 0.00 0.00 0.00
in respect of A 0.00
in respect of B 0.00
in respect of CIA 0.00
d Class D 0.00 0.00 0.00
in respect of A 0.00
in respect of B 0.00
in respect of CIA 0.00
in respect of D 0.00
M. Application of Redirected Principal Collections
Available Due Paid Shortfall
1 Redirected Principal Collections 22,981,371.75
2 Class A Required Amount
a Interest 0.00 0.00 0.00
b Servicing Fee 0.00 0.00 0.00
c Defaults 0.00 0.00 0.00
3 Class B Required Amount
a Interest 0.00 0.00 0.00
b Servicing Fee 0.00 0.00 0.00
c Defaults 0.00 0.00 0.00
4 Collateral Required Amount
a Interest 0.00 0.00 0.00
b Servicing Fee 0.00 0.00 0.00
c Defaults 0.00 0.00 0.00
5 Available for Available Principal Collections 22,981,371.75
N. Principal Shortfall Amount/Shared Principal Collections
1 Principal Allocation % of the Series 1998-3 Allocable Principal Collections 77,639,769.44
2 Other amounts treated as Principal Collections per Section 4.5 & 4.7 6,317,124.99
3 Full amount required to be distributed pursuant to Section 4.5 0.00
4 Principal required to fund the Required Amount per Section 4.8 0.00
5 Principal Shortfall 0.00
6 Available for Shared Principal Collections 83,956,894.43
</TABLE>
<PAGE>
Partners First Credit Card Master Trust
Series 1998-3
<TABLE>
<CAPTION>
<S> <C>
O. Available Principal Collections
1 Available Principal Collections (per the definition thereof) 83,956,894.43
2 Principal Collections allocation to other Principal Sharing Series 0.00
3 Available Principal Collections (after Sharing) 83,956,894.43
P. Application of Principal Collections during Revolving Period
1 Available Principal Collections 83,956,894.43
2 Collateral Invested Amount 67,000,000.00
3 Required Collateral Invested Amount 67,000,000.00
4 Amount used to pay Excess CIA 0.00
5 Available Principal Collections 83,956,894.43
6 Class D 41,424,335.44
7 Required Class D 42,000,000.00
8 Amount used to pay Excess Class D 0.00
Q. Application of Principal Collections during the Accumulation Period
1 Available Principal Collections 0.00
2 Controlled Deposit Amount 0.00
3 Class A Adjusted Invested Amount + Class B Adjusted Invested Amount 641,000,000.00
4 Principal Funding Account Deposit (minimum of items 3 & 4 above) 0.00
5 Required Enhancement Amount $108,750,000
6 Remaining Principal Collections Available 0.00
7 Remaining Collateral Invested Amount 67,000,000.00
8 Collateral Monthly Principal (Principal paid to CIA) (minimum of items a & b below) 0.00
a Excess of CIA and Class D over Required Enhancement Amount 0.00
b Excess of Available Principal Collections over PFA deposit 0.00
9 Remaining Principal Collections Available 0.00
10 Remaining Class D Amount 41,424,335.44
11 Principal Paid to Class D 0.00
</TABLE>
<PAGE>
Partners First Credit Card Master Trust
Series 1998-3
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
R. Application of Principal Collections during Early Amortization Period
1 Available Principal Collections 0.00
a Remaining Class A Adjusted Invested Amount 528,000,000.00
b Principal Paid to Class A - Current Period's Collections 0.00
c Principal Paid to Class A - PFA per 5.1 0.00
d Total Principal Paid to Class A 0.00
2 Remaining Principal Collections Available 0.00
a Remaining Class B Adjusted Invested Amount 113,000,000.00
b Principal Paid to Class B - Current Period's Collections 0.00
c Principal Paid to Class B - PFA per 5.1 0.00
d Total Principal Paid to Class B 0.00
3 Remaining Principal Collections Available 0.00
a Remaining Collateral Invested Amount 67,000,000.00
b Principal Paid to CIA 0.00
4 Remaining Principal Collections Available 0.00
a Remaining Class D Amount 42,000,000.00
b Principal Paid to Class D 0.00
S. Yield and Base Rate
1 Base Rate
a Current Monthly Period 8.40%
b Prior Monthly Period 8.02%
c Second Prior Monthly Period 7.90%
Three Month Average Base Rate 8.10%
2 Series Adjusted Portfolio Yield
a Current Monthly Period 10.69%
b Prior Monthly Period 6.70%
c Second Prior Monthly Period 11.86%
Three Month Average Series Adjusted Portfolio Yield 9.75%
3 Excess Spread
a Current Monthly Period 2.29%
b Prior Monthly Period -1.32%
c Second Prior Monthly Period 3.96%
Three Month Average Excess Spread 1.64%
</TABLE>
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