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Previous: CREDIT SUISSE FIRST BOSTON INC, 13F-HR, 2000-05-16 |
Next: FIRST NATIONAL BANK OF ATLANTA, 8-K, 2000-05-16 |
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of Earliest Event Reported) May 15, 2000
The First National Bank of Atlanta as Transferor and Servicer on behalf of
Partners First Credit Card Master Trust
- --------------------------------------------------------------------------------
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
Partners First Credit Card Master Trust
- --------------------------------------------------------------------------------
(ISSUER WITH RESPECT TO THE SECURITIES)
Delaware
- --------------------------------------------------------------------------------
(STATE OR OTHER JURISDICTION OF INCORPORATION)
33-95714 and 333-29495-01 22-2716130
------------------------- -----------------------------------
(COMMISSION FILE NUMBERS) (I.R.S. EMPLOYER IDENTIFICATION NO.)
(302) 323-2359
- --------------------------------------------------------------------------------
(REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE)
<PAGE>
ITEM 5. OTHER EVENTS.
On May 11, 2000, a copy of the applicable Monthly Report, as defined in the
Amended and Restated Pooling and Servicing Agreement dated as of January 31,
2000 (the "Agreement") between The First National Bank of Atlanta d/b/a Wachovia
Bank Card Services (the "Bank" or "Wachovia"), as transferor and servicer, and
The Bank of New York, as trustee (the "Trustee"), for the month ended April 30,
2000, was distributed to the Trustee of the Partners First Credit Card Master
Trust for Series 1998-2 and 1998-3 in accordance with the Agreement. Copies of
these Monthly Reports are being filed as Exhibit 20 to this Current Report on
Form 8-K.
Excess spread for the Partners First Credit Card Master Trust ("PFCCMT" or the
"Trust") was negative 1.32% for April 2000. Lower yield and higher net credit
losses, relative to the previous month, are responsible for the decline in
excess spread. Although excess spread was negative in April 2000, the 3-month
average excess spread for the Trust was 2.09% for the 3-month period ending
April 30th. The decline in excess spread in April is related to the coincidence
of a number of factors.
Portfolio yield for PFCCMT decreased in April due to several factors. April
contained two less collections reporting days than the March monthly period. In
addition, as a result of a one-time problem relating to the transition of
payment processing for the Partners First portfolio from an outside vendor to
Wachovia, there was one additional day on which collections were not posted.
Based on Wachovia's experience with its core portfolio, Management believes
there is a historical trend of reduced payments in the month of April as
compared to the month of March. Also, Portfolio yield in PFCCMT in March is
normally higher as a result of seasonally higher collections of annual
membership fees.
Gross losses for PFCCMT increased by 15.3% in April from March primarily due to
a seasonal spike in bankruptcies and an increase in contractual charge-offs from
newer vintage receivables, which contributed to the net charge-off figure
increasing to 9.30% in April from 7.21% in March. Increased bankruptcies
represented approximately 70% of this increase with contractual charge-offs
representing the remaining 30% of this increase. Management believes that upward
pressures will continue on both bankruptcies and contractual charge-offs through
the summer.
Wachovia acquired and assumed management of the Partners First credit card
portfolio in February 2000. In March, the Bank changed the contractual
charge-off policy from 210 days delinquent to 180 days delinquent to conform to
the FFIEC's Uniform Retail Credit Classification and Account Management Policy
(the "Policy"). The Trust will be in compliance with the Policy by its effective
date, December 31, 2000.
Shortfalls in cash flow for April resulted in a mark-to-market adjustment of
approximately $576 thousand for the Class D security of Series 1998-2 and $576
thousand for the Class D security of Series 1998-3. The Bank is the holder of
each Class D security. The outstanding amounts of the Class A securities, Class
B securities and
<PAGE>
Collateral Invested Amounts for Series 1998-2 and Series 1998-3 were unaffected
by this adjustment.
The Bank plans to add approximately $500 million of receivables arising from
accounts originated by Wachovia. This addition will help the Trust maintain an
aggregate principal balance of receivables in excess of the Required Minimum
Principal Balance. The accounts will be randomly selected from the Bank's on
balance sheet credit card portfolio. PFCCMT will report the activity for the
accounts originated by Wachovia on a billed basis rather than a cash basis. This
is consistent with how activity is reported in the Wachovia Credit Card Master
Trust. The addition of accounts is subject to rating agency confirmation of the
outstanding ratings of the series issued by PFCCMT.
The forward-looking statements contained in this release are subject to risks
and uncertainties. The actual performance results for PFCCMT may differ
materially from those set forth in such forward-looking statements. Reference is
made to the Registration Statement under the Securities Act of 1933 filed with
the Securities and Exchange Commission on behalf of PFCCMT and the periodic
reports filed with the Commission for a discussion of factors that may cause
such difference to occur.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(c) Exhibits.
EXHIBIT NO. DOCUMENT DESCRIPTION
20 Monthly Servicer's Certificate.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrants have duly caused this report to be signed on their behalf by the
undersigned hereunto duly authorized.
THE FIRST NATIONAL BANK OF ATLANTA
(REGISTRANT)
Dates: May 15, 2000 By: Donald K. Truslow
Title: Comptroller
PARTNERS FIRST CREDIT CARD MASTER TRUST
(CO-REGISTRANT)
Dates: May 15, 2000 By: THE FIRST NATIONAL BANK OF ATLANTA
(Transferor and Servicer of the Co-Registrant)
By: Donald K. Truslow
Title: Comptroller
<PAGE>
INDEX TO EXHIBITS
EXHIBIT NO. Document Description
20 Monthly Servicer's Certificate.
Partners First Credit Card Master Trust
Monthly Trust Activity
<TABLE>
<S> <C>
A. Trust Level Activity
Number of Days in Collection Period 30
Beginning Principal Receivables Balance 1,715,661,894.08
Beginning Special Funding Account Balance 0.00
Beginning Principal Receivables + SFA Balance 1,715,661,894.08
Beginning Finance Charge Receivables 49,559,889.58
Beginning Total Receivables 1,765,221,783.66
Special Funding Account Earnings 0.00
Finance Charge Collections 21,346,086.89
Interchange Collections 1,586,290.09
Collection Account Investment Proceeds 0.00
Recoveries treated as Finance Charge Collections 0.00
Total Finance Charge Receivables Collections 22,932,376.98
Principal Receivables Collections 156,331,584.89
Recoveries treated as Principal Collections 718,168.96
Total Principal Receivables Collections 157,049,753.85
Monthly Payment Rate (Principal plus Interest divided by Beg. Total Receivables) 10.07%
Defaulted Amount (Net of Recoveries) 12,754,289.40
Additional Defaults due to change in charge-off policy 549,094.37
Annualized Default Rate 9.30%
Trust Portfolio Yield 16.04%
New Principal Receivables 126,711,514.96
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
Percentage of the Collection Period which is before the Addition/Removal Date n/a
Ending Principal Receivables Balance 1,671,742,959.61
Ending Special Funding Account (SFA) Balance 0.00
Ending Principal Receivables + SFA Balance 1,671,742,959.61
Ending Finance Charge Receivables 52,112,619.80
Ending Total Receivables 1,723,855,579.41
Required Minimum Principal Balance 1,605,000,000.00
Transferor Percentage 12.57%
</TABLE>
<PAGE>
Partners First Credit Card Master Trust
Monthly Trust Activity
<TABLE>
<CAPTION>
B. Series Allocations
Total 1998-2 1998-3
<S> <C> <C> <C>
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 11,466,188.49 11,466,188.49
Series Allocable Principal Collections 78,524,876.93 78,524,876.93
Series Allocable Defaulted Amounts 6,377,144.70 6,377,144.70
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 Shared Principal Collections 147,857,124.14 73,928,562.07 73,928,562.07
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 0.00 0.00 0.00
Finance Charge Shortfall 7,804,996.58 5,504,998.29 2,299,998.29
Allocation of Excess Finance Charge Collections 0.00 0.00 0.00
</TABLE>
<TABLE>
<CAPTION>
B. Series Allocations
Amounts Due 1998-2 1998-3
<S> <C> <C>
Principal Allocation Percentage 87.43% 87.43%
Floating Allocation Percentage 87.43% 87.43%
Class A Certificate Rate 6.2300% 6.2600%
Class B Certificate Rate 6.4400% 6.4900%
CIA Certificate Rate 7.0050% 7.1050%
CIA Secured Loan Spread Rate 6.7550% 6.8550%
Class D Certificate Rate 0.0000% 0.0000%
Class A Interest 2,558,453.33 2,570,773.33
Class B Interest 566,004.44 570,398.89
Collateral Monthly Interest 365,038.33 370,249.44
Class D Interest 0.00 0.00
Investor Monthly Interest 3,489,496.11 3,511,421.67
Investor Default Amount (Net of Recoveries) 5,850,072.92 5,850,072.92
Interchange Collections 693,445.24 693,445.24
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
</TABLE>
<TABLE>
<CAPTION>
C. Group 1 Allocations
Total 1998-2 1998-3
<S> <C> <C> <C>
Adjusted Invested Amount for Series 1,500,000,000.00 750,000,000.00 750,000,000.00
Principal Collections 137,308,307.42 68,654,153.71 68,654,153.71
Finance Charge Collections 20,049,734.50 10,024,867.25 10,024,867.25
Investor Monthly Interest 7,000,917.78 3,489,496.11 3,511,421.67
Investor Default Amount 11,700,145.84 5,850,072.92 5,850,072.92
Monthly Servicing Fee 2,500,000.00 1,250,000.00 1,250,000.00
Total Amount Due 21,201,063.62 10,589,569.03 10,611,494.59
Excess Before Reallocation -1,151,329.12 -564,701.78 -586,627.34
Redirection of Finance Charge Collections -10,962.78 10,962.78
Dollars of Excess Spread -1,151,329.12 -575,664.56 -575,664.56
Percentage Excess Spread -0.92% -0.92% -0.92%
Redirected Finance Charge Collections 20,049,734.50 10,013,904.47 10,035,830.03
D. Trust Performance
30-59 Days Delinquent 31,046,031.44
60-89 Days Delinquent 20,519,538.29
90+ Days Delinquent 39,415,992.22
Total 30+ Days Delinquent 90,981,561.95
</TABLE>
THE FIRST NATIONAL BANK OF ATLANTA
d/b/a Wachovia Bank Card Services
as Servicer
By: Michael L. Scheuerman
Title: Senior Vice President
<PAGE>
Partners First Credit Card Master Trust
Series 1998-2
A. Investor/Transferor Allocations
B. Monthly Funding Requirements
<TABLE>
<S> <C> <C> <C> <C>
Last Payment Date 17-Apr-00
Current Payment Date 15-May-00
Actual / 360 Days 28 28 28 28
30 / 360 Days 28 28 28 28
Fixed / Floating Floating Floating Floating Floating
</TABLE>
<TABLE>
<CAPTION>
Collateral
Class A Class B Invested Class D Total
Amount
<S> <C> <C> <C> <C> <C>
Certificate Rate 6.23000% 6.44000% 7.00500% 0.00000%
Secured Loan Spread Rate (Applies to CIA only) 6.75500%
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 41,424,335.44 749,424,335.44
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 41,424,335.44 749,424,335.44
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 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 48,332,524.21 10,343,892.49 6,133,104.40 3,844,632.61 68,654,153.71
Redirected Finance Charge Collections 7,049,788.75 1,508,761.61 894,575.47 560,778.65 10,013,904.47
YSA Draw 0.00
YSA Investment Proceeds 0.00
Redirected Finance Charge plus YSA Draw 7,049,788.75 1,508,761.61 894,575.47 560,778.65 10,013,904.47
Monthly Interest 2,558,453.33 566,004.44 365,038.33 0.00 3,489,496.11
Investor Default Amount (Net) 4,118,451.34 881,410.99 522,606.51 327,604.08 5,850,072.92
Monthly Servicing Fee 880,000.00 188,333.33 111,666.67 70,000.00 1,250,000.00
Total Due 7,556,904.67 1,635,748.76 999,311.51 397,604.08 10,589,569.03
Redirected Investor Fin Charge Coll + YSA Draw
+ PFA Inv Proceeds + Reserve Fund Releases 10,013,904.47
Series Adjusted Portfolio Yield 6.66%
Base Rate 7.98%
</TABLE>
<PAGE>
Partners First Credit Card Master Trust
Series 1998-2
<TABLE>
<S> <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/N) 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
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 0.00
Ending Reserve Account Balance 0.00
</TABLE>
<TABLE>
<CAPTION>
C. Certificate Balances and Distrubutions
Class A Class B CIA Class D Total
<S> <C> <C> <C> <C> <C>
Beginning Balance 528,000,000.00 113,000,000.00 67,000,000.00 42,000,000.00 750,000,000.00
Interest Distributions 2,558,453.33 566,004.44 365,038.33 0.00 3,489,496.11
PFA Deposits 0.00 0.00
Principal Distributions 0.00 0.00 0.00 0.00 0.00
Total Distributions 2,558,453.33 566,004.44 365,038.33 0.00 3,489,496.11
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 4.8456 5.0089 5.4483 0.0000
Interest Distribution Per $1,000 4.8456 5.0089 5.4483 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
D. Information regarding distributions on the Distribution Date in respect of
the Class A Certificates per $1,000 original certificate principal amount:
<TABLE>
<S> <C>
1 Total amount of the distribution: 2,558,453.33
2 Amount of the distribution in respect of Class A Monthly Interest: 2,558,453.33
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
</TABLE>
E. Class A Investor Charge-Offs and Reimbursement of Class A Investor
Charge-Offs on such Distribution Date.
<TABLE>
<S> <C>
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:
</TABLE>
F. Information regarding distributions in respect of the Class B Certificates,
per $1,000 original certificate principal amount.
<TABLE>
<S> <C>
1 The total amount of the distribution: 566,004.44
2 Amount of the distribution in respect of Class B monthly interest: 566,004.44
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
</TABLE>
G. Amount of reductions in Class B Invested Amount on such Distribution Date.
<TABLE>
<S> <C>
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
H. Information regarding distributions on the Distribution Date to the
Collateral Interest Holder.
<TABLE>
<S> <C>
1 Total amount distributed to the Collateral Interest Holder: 365,038.33
2 Amount distributed in respect of Collateral Monthly Interest: 365,038.33
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:
</TABLE>
I. Amount of reductions in Collateral Invested Amount.
<TABLE>
<S> <C>
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
</TABLE>
J. Finance Charge Shortfall Amount
<TABLE>
<S> <C>
1 Finance Charge Collections Allocated to Series 1998-2 (including YSA) 10,013,904.47
2 Full amount required to be paid pursuant to sections 4.5 and 4.7(excl. Spread Acct.) 13,794,569.03
3 Spread Account Requirement per Loan Agreement 1,724,333.73
4 Finance Charge Shortfall 5,504,998.29
5 Available for Other Excess Allocation Series 0.00
</TABLE>
K. Application of Reallocated Investor Finance Charge Collections.
<TABLE>
<CAPTION>
Available Due Paid Shortfall
<S> <C> <C> <C> <C>
1 Allocated Class A Available Funds 7,049,788.75
a Reserve Account Release 0.00
b PFA Investment Earnings 0.00
c Class A Available Funds 7,049,788.75
2 Class A Available Funds 7,049,788.75
a Class A Monthly Interest 2,558,453.33 2,558,453.33 0.00
b Class A Servicing Fee 880,000.00 880,000.00 0.00
c Class A Investor Default Amount 4,118,451.34 3,611,335.42 507,115.92
d Class A Excess 0.00
3 Class B Available Funds 1,508,761.61
a Class B Monthly Interest 566,004.44 566,004.44 0.00
b Class B Servicing Fee 188,333.33 188,333.33 0.00
c Class B Excess 754,423.83
4 Collateral Available Funds 894,575.47
a Collateral Servicing Fee 111,666.67 111,666.67 0.00
b Collateral Excess 782,908.80
5 Class D Available Funds 560,778.65
a Class D Servicing Fee 70,000.00 70,000.00 0.00
b Class D Excess 490,778.65
6 Total Excess Spread 2,028,111.28
</TABLE>
<PAGE>
Partners First Credit Card Master Trust
Series 1998-2
L. Application of Excess Spread and Excess Finance Charge Collections
<TABLE>
<CAPTION>
Available Due Paid Shortfall
<S> <C> <C> <C> <C>
1 Available Excess Spread 2,028,111.28
2 Excess Fin Charge Coll 0.00
from Other Series
3 Available Funds 2,028,111.28
4 Class A Required Amount
a Interest 0.00 0.00 0.00
b Servicing Fee 0.00 0.00 0.00
c Defaults 507,115.92 507,115.92 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 881,410.99 881,410.99 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 365,038.33 365,038.33 0.00
10 Collateral Default Amount 522,606.51 274,546.04 248,060.47
11 Reductions in CIA not previously reimbursed 0.00 0.00 0.00
12 Reserve Account Deposit 3,205,000.00 0.00 3,205,000.00
13 Class D Monthly Interest 0.00 0.00 0.00
14 Class D Default Amount 327,604.08 0.00 327,604.08
15 Reductions in Class D not previously reimbursed 0.00 0.00 0.00
16 Other CIA Amounts Owed 1,724,333.73 0.00 1,724,333.73
17 Excess Fin Coll for Other Series 0.00 0.00 0.00
18 Excess Spread -575,664.56
19 Writedowns
</TABLE>
<TABLE>
<CAPTION>
Total Redirected Principal Charge-Offs
<S> <C> <C> <C>
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 575,664.56 248,060.47 327,604.08
in respect of A 0.00
in respect of B 0.00
in respect of CIA 0.00
in respect of D 327,604.08
</TABLE>
M. Application of Redirected Principal Collections
<TABLE>
<CAPTION>
Available Due Paid Shortfall
<S> <C> <C> <C> <C>
1 Redirected Principal Collections 20,321,629.50
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 248,060.47 248,060.47 0.00
5 Available for Available Principal Collections 20,073,569.02
</TABLE>
<PAGE>
Partners First Credit Card Master Trust
Series 1998-2
N. Reallocated Principal Collections
<TABLE>
<S> <C>
1 Total Principal Collections Allocable 68,654,153.71
2 Principal Required to Fund the Required Amount 248,060.47
3 Shared Principal Collections from other Series 0.00
4 Other Amounts Treated as Principal Collections 5,522,468.84
5 Available Principal Collections (before Reallocation to other Series) 73,928,562.07
6 Shared Principal Collection to Other Series 0.00
7 Available Principal Collections (after Reallocation to other Series) 73,928,562.07
</TABLE>
O. Application of Principal Collections during Revolving Period
<TABLE>
<S> <C>
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 73,928,562.07
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 73,928,562.07
</TABLE>
P. Application of Principal Collections during the Accumulation Period
<TABLE>
<S> <C>
1 Available Principal Collections 0.00
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 0.00
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 0.00
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 0.00
a Remaining Class D Amount 41,424,335.44
b Principal Paid to Class D 0.00
c Class D at the end of the Period 41,424,335.44
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 41,424,335.44
5 Shared Principal Collections 0.00
</TABLE>
<PAGE>
Partners First Credit Card Master Trust
Series 1998-2
Q. Application of Principal Collections during Early Amortization Period
<TABLE>
<S> <C>
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 41,424,335.44
b Principal Paid to Class D 0.00
c Class D at the end of the Period 41,424,335.44
5 Shared Principal Collections 0.00
</TABLE>
R. Yield and Base Rate
<TABLE>
<S> <C> <C>
1 Base Rate
a Current Monthly Period 7.98%
b Prior Monthly Period 7.86%
c Second Prior Monthly Period 7.75%
Three Month Average Base Rate 7.87%
2 Series Adjusted Portfolio Yield
a Current Monthly Period 6.66%
b Prior Monthly Period 11.82%
c Second Prior Monthly Period 11.38%
Three Month Average Series Adjusted Portfolio Yield 9.95%
3 Excess Spread
a Current Monthly Period -1.32%
b Prior Monthly Period 3.96%
c Second Prior Monthly Period 3.63%
Three Month Average Excess Spread 2.09%
</TABLE>
<PAGE>
Partners First Credit Card Master Trust
Series 1998-3
A. Investor/Transferor Allocations
B. Monthly Funding Requirements
<TABLE>
<S> <C> <C> <C> <C>
Last Payment Date 17-Apr-00
Current Payment Date 15-May-00
Actual / 360 Days 28 28 28 28
30 / 360 Days 28 28 28 28
Fixed / Floating Floating Floating Floating Floating
</TABLE>
<TABLE>
<CAPTION>
Collateral
Class A Class B Invested Class D Total
Amount
<S> <C> <C> <C> <C> <C>
Certificate Rate 6.26000% 6.49000% 7.10500% 0.00000%
Secured Loan Spread Rate (Applies to CIA only) 6.85500%
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 41,424,335.44 749,424,335.44
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 41,424,335.44 749,424,335.44
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 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 48,332,524.21 10,343,892.49 6,133,104.40 3,844,632.61 68,654,153.71
Redirected Finance Charge Collections 7,065,224.34 1,512,065.06 896,534.15 562,006.48 10,035,830.03
YSA Draw 0.00
YSA Investment Proceeds 0.00
Redirected Finance Charge plus YSA Draw 7,065,224.34 1,512,065.06 896,534.15 562,006.48 10,035,830.03
Monthly Interest 2,570,773.33 570,398.89 370,249.44 0.00 3,511,421.67
Investor Default Amount (Net) 4,118,451.34 881,410.99 522,606.51 327,604.08 5,850,072.92
Monthly Servicing Fee 880,000.00 188,333.33 111,666.67 70,000.00 1,250,000.00
Total Due 7,569,224.67 1,640,143.21 1,004,522.63 397,604.08 10,611,494.59
Redirected Investor Fin Charge Coll + YSA Draw + PFA Inv Proceeds + Reserve Fund Releases 10,035,830.03
Series Adjusted Portfolio Yield 6.70%
Base Rate 8.02%
</TABLE>
<PAGE>
Partners First Credit Card Master Trust
Series 1998-3
<TABLE>
<S> <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
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
</TABLE>
C. Certificate Balances and Distrubutions
<TABLE>
<CAPTION>
Class A Class B CIA Class D Total
<S> <C> <C> <C> <C> <C>
Beginning Balance 528,000,000.00 113,000,000.00 67,000,000.00 42,000,000.00 750,000,000.00
Interest Distributions 2,570,773.33 570,398.89 370,249.44 0.00 3,511,421.67
PFA Deposits 0.00 0.00
Principal Distributions 0.00 0.00 0.00 0.00 0.00
Total Distributions 2,570,773.33 570,398.89 370,249.44 0.00 3,511,421.67
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 4.8689 5.0478 5.5261 0.0000
Interest Distribution Per $1,000 4.8689 5.0478 5.5261 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
D. Information regarding distributions on the Distribution Date in respect of
the Class A Certificates per $1,000 original certificate principal amount:
<TABLE>
<S> <C>
1 Total amount of the distribution: 2,570,773.33
2 Amount of the distribution in respect of Class A Monthly Interest: 2,570,773.33
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
</TABLE>
E. Class A Investor Charge-Offs and Reimbursement of Class A Investor
Charge-Offs on such Distribution Date.
<TABLE>
<S> <C>
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:
</TABLE>
F. Information regarding distributions in respect of the Class B Certificates,
per $1,000 original certificate principal amount.
<TABLE>
<S> <C>
1 The total amount of the distribution: 570,398.89
2 Amount of the distribution in respect of Class B monthly interest: 570,398.89
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
</TABLE>
G. Amount of reductions in Class B Invested Amount on such Distribution Date.
<TABLE>
<S> <C>
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
H. Information regarding distributions on the Distribution Date to the
Collateral Interest Holder.
<TABLE>
<S> <C>
1 Total amount distributed to the Collateral Interest Holder: 370,249.44
2 Amount distributed in respect of Collateral Monthly Interest: 370,249.44
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:
</TABLE>
I. Amount of reductions in Collateral Invested Amount.
<TABLE>
<S> <C>
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
</TABLE>
J. Finance Charge Shortfall Amount
<TABLE>
<S> <C>
1 Finance Charge Collections Allocated to Series 1998-2 (including YSA) 10,035,830.03
2 Full amount required to be paid pursuant to sections 4.5 and 4.7(excl. Spread Acct.) 10,611,494.59
3 Spread Account Requirement per Loan Agreement 1,724,333.73
4 Finance Charge Shortfall 2,299,998.29
5 Available for Other Excess Allocation Series 0.00
</TABLE>
K. Application of Reallocated Investor Finance Charge Collections.
<TABLE>
<CAPTION>
Available Due Paid Shortfall
<S> <C> <C> <C> <C>
1 Allocated Class A Available Funds 7,065,224.34
a Reserve Account Release 0.00
b PFA Investment Earnings 0.00
c Class A Available Funds 7,065,224.34
2 Class A Available Funds 7,065,224.34
a Class A Monthly Interest 2,570,773.33 2,570,773.33 0.00
b Class A Servicing Fee 880,000.00 880,000.00 0.00
c Class A Investor Default Amount 4,118,451.34 3,614,451.01 504,000.33
d Class A Excess 0.00
3 Class B Available Funds 1,512,065.06
a Class B Monthly Interest 570,398.89 570,398.89 0.00
b Class B Servicing Fee 188,333.33 188,333.33 0.00
c Class B Excess 753,332.84
4 Collateral Available Funds 896,534.15
a Collateral Servicing Fee 111,666.67 111,666.67 0.00
b Collateral Excess 784,867.48
5 Class D Available Funds 562,006.48
a Class D Servicing Fee 70,000.00 70,000.00 0.00
b Class D Excess 492,006.48
6 Total Excess Spread 2,030,206.80
</TABLE>
<PAGE>
Partners First Credit Card Master Trust
Series 1998-3
L. Application of Excess Spread and Excess Finance Charge Collections
<TABLE>
<CAPTION>
Available Due Paid Shortfall
<S> <C> <C> <C> <C>
1 Available Excess Spread 2,030,206.80
2 Excess Fin Charge Coll 0.00
from Other Series
3 Available Funds 2,030,206.80
4 Class A Required Amount
a Interest 0.00 0.00 0.00
b Servicing Fee 0.00 0.00 0.00
c Defaults 504,000.33 504,000.33 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 881,410.99 881,410.99 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 370,249.44 370,249.44 0.00
10 Collateral Default Amount 522,606.51 274,546.04 248,060.47
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 327,604.08 0.00 327,604.08
15 Reductions in Class D not previously reimbursed 0.00 0.00 0.00
16 Other CIA Amounts Owed 1,724,333.73 0.00 1,724,333.73
17 Excess Fin Coll for Other Series 0.00 0.00 0.00
18 Excess Spread -575,664.56
19 Writedowns
</TABLE>
<TABLE>
<CAPTION>
Total Redirected Principal Charge-Offs
<S> <C> <C> <C>
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 575,664.56 248,060.47 327,604.08
in respect of A 0.00
in respect of B 0.00
in respect of CIA 0.00
in respect of D 327,604.08
</TABLE>
M. Application of Redirected Principal Collections
<TABLE>
<CAPTION>
Available Due Paid Shortfall
<S> <C> <C> <C> <C>
1 Redirected Principal Collections 20,321,629.50
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 248,060.47 248,060.47 0.00
5 Available for Available Principal Collections 20,073,569.02
</TABLE>
<PAGE>
Partners First Credit Card Master Trust
Series 1998-3
N. Reallocated Principal Collections
<TABLE>
<S> <C>
1 Total Principal Collections Allocable 68,654,153.71
2 Principal Required to Fund the Required Amount 248,060.47
3 Shared Principal Collections from other Series 0.00
4 Other Amounts Treated as Principal Collections 5,522,468.84
5 Available Principal Collections (before Reallocation to other Series) 73,928,562.07
6 Shared Principal Collection to Other Series 0.00
7 Available Principal Collections (after Reallocation to other Series) 73,928,562.07
</TABLE>
O. Application of Principal Collections during Revolving Period
<TABLE>
<S> <C>
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 73,928,562.07
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 73,928,562.07
</TABLE>
P. Application of Principal Collections during the Accumulation Period
<TABLE>
<S> <C>
1 Available Principal Collections 0.00
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 0.00
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 0.00
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 0.00
a Remaining Class D Amount 41,424,335.44
b Principal Paid to Class D 0.00
c Class D at the end of the Period 41,424,335.44
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 41,424,335.44
5 Shared Principal Collections 0.00
</TABLE>
<PAGE>
Partners First Credit Card Master Trust
Series 1998-3
Q. Application of Principal Collections during Early Amortization Period
<TABLE>
<S> <C>
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 41,424,335.44
b Principal Paid to Class D 0.00
c Class D at the end of the Period 41,424,335.44
5 Shared Principal Collections 0.00
</TABLE>
R. Yield and Base Rate
<TABLE>
<S> <C> <C>
1 Base Rate
a Current Monthly Period 8.02%
b Prior Monthly Period 7.90%
c Second Prior Monthly Period 7.79%
Three Month Average Base Rate 7.90%
2 Series Adjusted Portfolio Yield
a Current Monthly Period 6.70%
b Prior Monthly Period 11.86%
c Second Prior Monthly Period 11.41%
Three Month Average Series Adjusted Portfolio Yield 9.99%
3 Excess Spread
a Current Monthly Period -1.32%
b Prior Monthly Period 3.96%
c Second Prior Monthly Period 3.62%
Three Month Average Excess Spread 2.09%
</TABLE>
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