-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, APwMG+jnb8v46/CysBYcTA/jh7AlwTSjXIm2FWIwptyvQ0vyhKpRTP6/8WB+T9KY aTPIiQePu/MpBtDyVm/dxQ== 0000950172-99-000400.txt : 19990412 0000950172-99-000400.hdr.sgml : 19990412 ACCESSION NUMBER: 0000950172-99-000400 CONFORMED SUBMISSION TYPE: 10-K/A PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 19981231 FILED AS OF DATE: 19990409 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PARTNERS FIRST RECEIVABLES FUNDING LLC CENTRAL INDEX KEY: 0001041094 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] IRS NUMBER: 043375894 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-K/A SEC ACT: SEC FILE NUMBER: 333-29495 FILM NUMBER: 99590790 BUSINESS ADDRESS: STREET 1: 900 ELKRIDGE LANDING RD STREET 2: STE 301 CITY: LINTHICUM STATE: MD ZIP: 21090 BUSINESS PHONE: 4108658600 MAIL ADDRESS: STREET 1: 900 ELKRIDGE LANDING RD STREET 2: STE 301 CITY: LINTHICUM STATE: MD ZIP: 21090 FORMER COMPANY: FORMER CONFORMED NAME: CREDIT CARD RECEIVABLES FUNDING CORP DATE OF NAME CHANGE: 19970617 10-K/A 1 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K/A [X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year ended December 31, 1998 Commission File Nos. 333-29495 and 333-29495-01 PARTNERS FIRST RECEIVABLES FUNDING, LLC (Exact Name of Registrant as Specified in its Charter) PARTNERS FIRST CREDIT CARD MASTER TRUST (Issuer with respect to the Securities) Delaware 52-2072056 (State of Organization) (I.R.S. Employee Identification No.) 900 Elkridge Landing Road, Suite 301 21090 Linthicum, Maryland (Zip Code) (Address of Principal Executive Offices) Registrant's Telephone Number, including Area Code: (410) 855-8600 Securities Registered Pursuant to Section 12(b) of the Act: Title of each Class Name of Exchange on which each to be so Registered Class is to be Registered None Not Applicable Securities Registered Pursuant to Section 12(g) of the Act: None Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months and (2) has been subject to such filing requirements for the past 90 days. Yes [X] No [ ] This Annual Report of Form 10-K is filed in reliance on a series of no-action letters issued by the Office of Chief Counsel, Division of Corporate Finance of the Securities and Exchange Commission (the "Division"), stating that the Division would raise no objection if issuers of master trust asset-backed securities generally file a monthly Report on Form 8-K summarizing the performance of the assets of the master trust and file an Annual Report on Form 10-K in the manner set forth below in order to comply with Sections 13, 15(d) and 16 of the Securities Exchange Act of 1934, as amended. Accordingly, responses to certain Items have been omitted from or modified in this Annual Report on Form 10-K. PART I Item 1. Business The Partners First Credit Card Master Trust (the "Trust") was formed pursuant to the Pooling and Servicing Agreement, dated as of January 29, 1998 (as may have been amended, restated or supplemented, the "Pooling and Servicing Agreement") among Partners First Receivables Funding, LLC (the "Registrant" or the "Transferor"), as Transferor, Partners First Holdings, LLC (the "Servicer"), as Servicer, and The Bank of New York (the "Trustee"), as Trustee. The Trust's only business is to act as a passive conduit to permit investment in a pool of consumer credit card account receivables. Item 2. Properties The property of the Trust includes a portfolio of receivables (the "Receivables") arising under certain credit card accounts (the "Accounts") purchased by Partners First Receivables, LLC ("PFR") in the ordinary course of its business from BankBoston (NH), National Association and Harris Trust and Savings Bank. The Receivables consist of indebtedness owing from obligors under such Accounts. Pursuant to the Amended and Restated Purchase Agreement, dated June 26, 1998, between PFR and the Transferor, PFR sold to the Transferor the Receivables arising under the Accounts on such date, and has and will sell additional Receivables as they arise under the Accounts thereafter until the termination of the Trust. Pursuant to the Pooling and Servicing Agreement, the Transferor in turn transferred the Receivables arising under the Accounts to the Trust on such day, and has and will transfer additional Receivables as they arise under the Accounts thereafter until the termination of the Trust. Information related to the performance of the Receivables during 1998 is set forth in the Annual Reports filed as Exhibits 99.1, 99.2 and 99.3 to this Annual Report on Form 10-K. Year 2000 Compliance. The Servicer has informed the Transferor that it has (i) reviewed and assessed its computer applications which are related to or involved in the origination, collection, management or servicing of the Receivables that could be adversely affected by the "Year 2000 Problem" (that is, the risk that computer applications used by the Servicer may be unable to recognize and perform properly date-sensitive functions involving certain dates prior to and any date after December 31, 1999), (ii) developed a plan and timeline for addressing the Year 2000 Problem on a timely basis, and (iii) to date, implemented that plan in accordance with that timetable. Based on the foregoing, the Transferor believes that all such computer applications that are material to the Servicer's business and operations are reasonably expected on a timely basis to be able to perform properly date-sensitive functions for all dates before and after January 1, 2000 (that is, be "Year 2000 Compliant"), except to the extent that a failure to do so could not reasonably be expected to have a material adverse effect on the Trust or on the origination, collection, management or servicing activities of the Servicer with respect to the Receivables. Pursuant to agreements between the Servicer and certain third-party service providers, including First Data Resources Inc. ("FDR"), the Accounts and the Receivables are primarily serviced by such third-party service providers. The potential for the Year 2000 Problem to have any effect on the servicing of the Accounts and the Receivables would therefore most likely be based on a failure of such a third-party service provider, particularly FDR, to be Year 2000 Compliant. Any such failure could result in a delay in collecting Receivables, which in turn could result in a delay in making payments on the Securities. The Transferor and the Servicer have been monitoring and will continue to monitor the initiatives and efforts undertaken by such third-party service providers, including FDR, to become Year 2000 Compliant. Based on representations made by these companies, the Transferor expects these companies to be Year 2000 Compliant on a timely basis. FDR's parent company, First Data Corp., has additionally made public representations that, among other things, its management believes that its Year 2000 Compliance effort is on schedule overall and that its mission-critical systems, i.e., systems directly serving its clients or clients' customers and having a material impact on its client service in a normative mode of operation if not working properly, will be Year 2000 Compliant in a timely manner. All forward-looking statements regarding Year 2000 Compliance are inherently uncertain as they are based on various expectations and assumptions concerning future events and are subject to numerous risks and uncertainties which could cause actual events or results to differ materially from those projected. Important factors upon which the Transferor's and the Servicer's Year 2000 forward-looking statements are premised include: (a) retention of employees and contractors working on Year 2000 Compliance projects; (b) no material disruption of telecommunications, data transmission networks, payment networks, government services, utilities or other infrastructure services; (c) no unexpected failures on the part of third-party service providers; (d) no undiscovered sabotage of systems or program codes affecting the Servicer's systems; and (e) no undiscovered material flaws in the testing procedures undertaken by the Servicer in its efforts to become Year 2000 Compliant. Item 3. Legal Proceedings None Item 4. Submission of Matters to a Vote of Security Holders None PART II Item 5. Market for Registrant's Common Equity and Related Stockholder Matters Investor Securities are held and delivered in book-entry form through the facilities of the Depository Trust Company("DTC"), a "clearing agency" registered pursuant to the provisions of Section 17A of the Securities Exchange Act of 1934, as amended. The only definitive Investor Securities are held by Cede & Co., the nominee of DTC. Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure None PART III Item 12. Security Ownership of Certain Beneficial Owners and Management As of March 26, 1999, 100% of the Investor Securities were held in the nominee name of Cede & Co. for beneficial owners As of March 26, 1999, Partners First Funding, LLC ("PFF") owned 100% of the Supplemental Security, issued pursuant to the Supplemental Security Supplement to the Pooling and Servicing Agreement, dated as of January 29, 1998, among the Transferor, the Servicer and the Trustee. The Supplemental Security was sold by the Transferor to PFF pursuant to the Supplemental Security Purchase Agreement, dated as of January 29, 1998, between the Transferor and PFF. The Supplemental Security represents certain beneficial ownership interests in the assets of the Trust as provided in the Pooling and Servicing Agreement. As of March 26, 1999, the Transferor owned 100% of the Transferor Security, which represents beneficial ownership of a residual interest in the assets of the Trust as provided in the Pooling and Servicing Agreement. Item 13. Certain Relationships and Related Transactions None PART IV Item 14. Exhibits, Financial Statement Schedules, and Reports on Form 8-K The following documents are filed as part of this Annual Report on Form 10-K: (a) Exhibits Exhibit Description 99.1 Annual Certificate of Servicer pursuant to Section 3.5 of the Pooling and Servicing Agreement 99.2 Annual Servicing Reports of Independent Accountants pursuant to Section 3.6(a) of the Pooling and Servicing Agreement 99.3 Annual Report of Independent Accountants on Applying Agreed-Upon Procedures pursuant to Section 3.6(b) of the Pooling and Servicing Agreement (b) Reports on Form 8-K Current Reports on Form 8-K are filed promptly, but in no event more than 15 days, after each distribution to Securityholders attaching as an exhibit thereto the related Monthly Servicing Report in response to Item 5 (Other Events). Such reports were filed on July 9, September 2, September 18, October 16, November 20 and December 30, 1998. SIGNATURES Pursuant to the requirements of Section 13 or 15(d) 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. PARTNERS FIRST RECEIVABLES FUNDING, LLC (REGISTRANT) DATED: April 6, 1999 By: /s/ MARK J. NORWICZ -------------------------------------- Name: Mark J. Norwicz Title: Treasurer PARTNERS FIRST CREDIT CARD MASTER TRUST (CO-REGISTRANT) DATED: April 6, 1999 By: PARTNERS FIRST RECEIVABLES FUNDING, LLC (Originator of the Co-Registrant) By: /s/ MARK J. NORWICZ -------------------------------------- Name: Mark J. Norwicz Title: Treasurer EXHIBIT INDEX Exhibit No. - ----------- 99.1 Annual Certificate of Servicer pursuant to Section 3.5 of the Pooling and Servicing Agreement 99.2 Annual Servicing Reports of Independent Accountants pursuant to Section 3.6(a) of the Pooling and Servicing Agreement 99.3 Annual Report of Independent Accountants on Applying Agreed-Upon Procedures pursuant to Section 3.6(b) of the Pooling and Servicing Agreement EX-99 2 EXHIBIT 99.1 - ANNUAL SERVICER'S CERTIFICATE [LETTERHEAD OF PARTNERS FIRST] ANNUAL SERVICER'S CERTIFICATE PARTNERS FIRST HOLDINGS, LLC PARTNERS FIRST CREDIT CARD MASTER TRUST The undersigned, a duly authorized representative of Partners First Holdings, LLC, as Servicer ("Holdings"), pursuant to the Amended and Restated Pooling and Servicing Agreement dated as of June 26, 1998 (as amended and supplemented, the "Agreement"), among Partners First Receivables Funding, LLC, as Transferor, Holdings, as Servicer, and The Bank of New York, as Trustee, does hereby certify that: 1. Holdings is, as of the date hereof, the Servicer under the Agreement. Capitalized terms used in this Certificate have their respective meanings as set forth in the Agreement. 2. The undersigned is a Servicing Officer who is duly authorized pursuant to the Agreement to execute and deliver this Certificate to the Trustee. 3. A review of the activities of the Servicer during the year ended December 31, 1998, and of its performance under the Agreement was conducted under my supervision. 4. Based on such review, the Servicer has, to the best of my knowledge, performed in all material respects its obligations under the Agreement throughout such year and no default in the performance of such obligations has occurred or is continuing except as set forth in paragraph 5 below. 5. The following is a description of each default in the performance of the Servicer's obligations under the provisions of the Agreement known to me to have been made by the Servicer during the year ended December 31, 1998 which sets forth in detail (i) the nature of each such default, (ii) the action taken by the Servicer, if any, to remedy each such default and (iii) the current status of each such default: None. IN WITNESS WHEREOF, the undersigned has duly executed this Certificate this 30th day of March, 1999. PARTNERS FIRST HOLDINGS, LLC Servicer By: /s/ Mark Norwicz ------------------------- Name: Mark Norwicz Title: Treasurer EX-99 3 EXHIBIT 99.2 - REPORT OF INDEPENDENT ACCOUNTANTS [LETTERHEAD OF ERNST & YOUNG LLP] Report of Independent Accountants Partners First Holdings, LLC 900 Elkridge Landing Road, Suite 300 Linthicum, Maryland 21090-2925 and The Bank of New York 101 Barclay Street New York, New York 10286 Partners First Credit Card Master Trust We have examined management's assertion that Partners First Holdings, LLC's ("PFH") controls over the functions performed as servicer of the Partners First Credit Card Master Trust ("Trust"), including all Series of the Trust as specified in Attachment A, are effective, as of December 31, 1998, in providing reasonable assurance that Trust assets are safeguarded against loss from unauthorized use or disposition and that transactions are executed in accordance with management's authorization in conformity with the Pooling and Servicing Agreement dated as of June 26, 1998, as amended and restated (the "Agreement"), and the applicable Pooling and Servicing Agreement Supplement for each Series, as specified in Attachment A (the "Agreement Supplements" together with the Agreement, the "Agreements"), between PFH as Servicer and The Bank of New York as Trustee, on behalf of the Securityholders of the Trust, and are recorded properly to permit the preparation of the required financial reports. This assertion is included in the accompanying report by management titled, "Report of Management on Credit Card Trust Internal Control and Pooling and Servicing Agreement Compliance" (the "Report"). Management is responsible for PFH's controls over the functions performed as servicer of the Trust. Our responsibility is to express an opinion on management's assertion based on our examination. Our examination was made in accordance with standards established by the American Institute of Certified Public Accountants and, accordingly, included obtaining an understanding of the controls over the functions performed by PFH as servicer of the Trust, testing and evaluating the design and operating effectiveness of those controls, and such other procedures as we considered necessary in the circumstances. We believe that our examination provides a reasonable basis for our opinion. Because of inherent limitations in any control, errors or fraud may occur and not be detected. Also, projections of any evaluation of the controls over the functions performed by PFH as servicer of the Trust to future periods are subject to the risk that the controls may become inadequate because of changes in conditions, or that the degree of compliance with the controls may deteriorate. In our opinion, management's assertion, that PFH's controls over the functions performed as servicer of the Trust are effective, as of December 31, 1998, in providing reasonable assurance that Trust assets are safeguarded against loss from unauthorized use or disposition and that transactions are executed in accordance with management's authorization in conformity with the Agreements, between PFH as Servicer and The Bank of New York, as Trustee on behalf of the Securityholders of the Trust, and are recorded properly to permit the preparation of the required financial reports, is fairly stated, in all material respects, based upon the following criteria specified in the Report: o The controls provide reasonable assurance that funds collected are remitted to the Trustee in accordance with the Agreements. o The controls provide reasonable assurance that Trust assets are segregated from those retained by PFH in accordance with the Agreements. o The controls provide reasonable assurance that expenses incurred by the Trust are calculated and remitted in accordance with the Agreements. o The controls provide reasonable assurance that the addition of accounts to the Trust are authorized in accordance with the Agreements. o The controls provide reasonable assurance that Trust assets amortizing out of the Trust are calculated in accordance with the Agreements. o The controls provide reasonable assurance that monthly Trust reports generated in the form of "Monthly Servicer Reports" and provided to the Trustee are reviewed by the Treasurer prior to distribution. o The controls provide reasonable assurance that monthly Trust reports generated in the form of "Monthly Servicer Reports" contain all required information per section 5.2 of the Agreements. This report is intended solely for the use of the management committee and management of PFH and should not be referred to or distributed for any purpose to anyone who is not authorized to receive such information as specified in the Agreements. However, this report is a matter of public record as a result of being included as an exhibit to the annual report on Form 10-K prepared by PFH and filed with the Securities and Exchange Commission on behalf of Partners First Master Credit Card Trust and its distribution is not limited. /s/ Ernst & Young LLP March 22, 1999 Attachment A Agreement Trust Supplement Date Servicing Period - ------------------------------------------------------------------------- Partners First Credit June 26, 1998 June 26, 1998 to Card Master Trust December 31, 1998 Series 1998-2 Partners First Credit June 26, 1998 June 26, 1998 to Card Master Trust December 31, 1998 Series 1998-3 Partners First Credit December 4, 1998, December 8, 1998 to Card Master Trust amended December 31, 1998 Series 1998-4 and restated January 12, 1999 [LETTERHEAD OF ERNST & YOUNG LLP] Report of Independent Accountants Partners First Holdings, LLC 900 Elkridge Landing Road, Suite 300 Linthicum, Maryland 21090-2925 and The Bank of New York 101 Barclay Street New York, New York 10286 Partners First Credit Card Master Trust We have examined management's assertion that Partners First Holdings, LLC ("PFH') was in material compliance with the covenants and conditions of sections 2.9, 2.10, 2.12, 2.13, 3.2, 3.4(a) and (b), 3.5, 3.6(a) and (b), 4.2, 4.3 and 4.4 of the Pooling and Servicing Agreement dated as of June 26, 1998, as amended and restated (the "Agreement"), and the applicable sections of the Series' Pooling and Servicing Agreement Supplements (the "Agreement Supplements" together with the Agreement, the "Agreements"), specified in Attachment A, between PFH as Servicer, Partners First Receivables Funding, LLC as Transferor and the Bank of New York as Trustee, during the compliance periods specified in Attachment A. Management's assertion is included in the accompanying report by management titled, "Report of Management on Credit Card Trust Internal Control and Pooling and Servicing Agreement Compliance" (the "Report"). Management is responsible for PFH's compliance with those requirements. Our responsibility is to express an opinion on management's assertion about PFH's compliance based on our examination. Our examination was made in accordance with standards established by the American Institute of Certified Public Accountants and, accordingly, included examining, on a test basis, evidence about PFH's compliance with those requirements and performing such other procedures as we considered necessary in the circumstances. We believe that our examination provides a reasonable basis for our opinion. Our examination does not provide a legal determination of PFH's compliance with specified requirements. In our opinion, management's assertion, that it believes that PFH was in material compliance with the covenants and conditions of the sections in the Agreement and the Agreement Supplements, referred to above, during the compliance periods specified in Attachment A, is fairly stated, in all material respects. This report is intended solely for the use of the management committee and management of PFH and should not be referred to or distributed for any purpose to anyone who is not authorized to receive such information as specified in the Agreements. However, this report is a matter of public record as a result of being included as an exhibit to the annual report on Form 10-K prepared by PFH and filed with the Securities and Exchange Commission on behalf of Partners First Credit Card Master Trust and its distribution is not limited. /s/ Ernst & Young LLP March 22, 1999 Attachment A
Agreement Servicing Agreement Supplement Trust Supplement Date Compliance Period Covenants and Conditions - ----------------------------------------------------------------------------------------------------------- Partners First June 26, 1998 June 26, 1998 to 3.1, 4.1c(i) and (ii), 4.2, Credit Card December 31, 1998 4.3(a)(i), 4.5, 4.6, 4.7, Master Trust 4.10, 4.12, 4.15(a) and (b), 5.1(a) Series 1998-2 - (e), 5.1(h), 5.2(b), 6.1(g) Partners First June 26, 1998 June 26, 1998 to 3.1, 4.1c(i) and (ii), 4.2, Credit Card December 31, 1998 4.3(a)(i), 4.5, 4.6, 4.7, Master Trust 4.10, 4.12, 4.15(a) and (b), 5.1(a) Series 1998-3 - (e), 5.1(h), 5.2(b), 6.1(g) Partners First December 4, 1998, December 8, 1998 to 3.1, 4.1c(i) and (ii), 4.2, Credit Card amended December 31, 1998 4.3(a)(i), 4.5, 4.6, 4.7, Master Trust and restated January 4.10, 4.12, 4.13, 5.1(a) - (c), Series 1998-4 12, 1999 5.1(f), 5.2(b), 6.1(g)
[LETTERHEAD OF PARTNERS FIRST] Report of Management of Credit Card Trust Internal Control and Pooling and Servicing Agreement Compliance Credit Card Trust Internal Control Partners First Holdings, LLC ("PFH" or the "Company") is responsible for establishing and maintaining effective controls over the functions performed as servicer of the Partners First Credit Card Master Trust (the "Trust"), Series 1998-2, 1998-3 and 1998-4. These controls are designed to provide reasonable assurance to the Company's management and management committee that Trust assets are safeguarded against loss from unauthorized use or disposition and that transactions are executed in accordance with management's authorization in conformity with the Pooling and Servicing Agreements between PFH as Servicer and The Bank of New York as Trustee, and the applicable Pooling and Servicing Agreement Supplements (the "Agreement Supplements" together with the Agreement, "Agreements") as specified in Appendix I, and are recorded properly to permit the preparation of the required financial reports. There are inherent limitations in any control including the possibility of human error and circumvention or overriding of the control. Accordingly, even effective controls can provide only reasonable assurance with respect to the achievement of any objectives of controls. Further, because of changes in conditions, the effectiveness of controls may vary over time. The Company has determined that the objectives of controls with respect to servicing and reporting of sold loans are to provide reasonable, but not absolute assurance that: o Funds collected are remitted to the Trustee in accordance with the Agreements. o Trust assets are segregated from those retained by PFH in accordance with the Agreements. o Expenses incurred by the Trust are calculated and remitted in accordance with the Agreements. o The additions of accounts to the Trusts are authorized in accordance with the Agreements. o Monthly Trust reports generated in the form of "Monthly Servicer Reports" and provided to the Trustee are reviewed by the Treasurer prior to distribution. o Monthly Trust reports generated in the form of "Monthly Servicer Reports" contain all information required per section 5.2 of the Agreement Supplements. The Company has assessed its controls over the functions performed as servicer of the Trust in relation to these criteria. Based upon this assessment, the Company believes that, as of December 31, 1998, its controls over the functions performed as servicer of the Trust are effective in providing reasonable assurance that Trust assets are safeguarded against loss from unauthorized use or disposition and that transactions are executed in accordance with management's authorization in conformity with the agreements between PFH and The Bank of New York and are recorded properly to permit the preparation of the required financial reports. Pooling and Servicing Agreement Compliance The Company is responsible for complying with the covenants and conditions of the Agreements listed in Appendix I to this report. The Company assessed its compliance with the relevant covenants and conditions identified in Appendix I for each of the Agreements. Based upon this assessment, PFH was in material compliance with the relevant covenants and conditions of the Agreements identified in Appendix I for each of the Agreements during the periods specified in Appendix I. March 22, 1999 Partners First Holdings, LLC by: /s/ Harry G. Pappas -------------------------------- Harry G. Pappas Chief Financial Officer /s/ Mark Norwicz -------------------------------- Mark Norwicz Treasurer Appendix I
Agreement Servicing Trust Supplement Date Compliance Period Covenants and Conditions - ------------------------------------------------------------------------------------------ Partners First June 26, 1998 June 26, 1998 to Agreement Sections: 2.9, 2.10, Credit Card December 31, 1998 2.12, 2.13, 3.2, 3.4(a) and (b), Master Trust 3.5, 3.6(a) and (b), 4.2, Series 1998-2 4.3 and 4.4 Agreement Supplement Sections: 3.1, 4.1c(i) and (ii), 4.2, 4.3(a)(i), 4.5, 4.6, 4.7, 4.10, 4.12, 4.15(a) and (b), 5.1(a) - (e), 5.1(h), 5.2(b), 6.1(g) Partners First June 26, 1998 June 26, 1998 to Agreement Sections: 2.9, 2.10, Credit Card December 31, 1998 2.12, 2.13, 3.2, 3.4(a) and Master Trust (b), 3.5, 3.6(a) and (b), 4.2, Series 1998-3 4.3 and 4.4 Agreement Supplement Sections: 3.1, 4.1c(i) and (ii), 4.2, 4.3(a)(i), 4.5, 4.6, 4.7, 4.10, 4.12, 4.15(a) and (b), 5.1(a) - (e), 5.1(h), 5.2(b), 6.1(g) Partners First December 4, 1998, December 8, 1998 to Agreement Sections: 2.9, 2.10, Credit Card amended and December 31, 1998 2.12, 2.13, 3.2, 3.4(a) and (b), Master Trust restated 3.5, 3.6(a) and (b), 4.2, 4.3 and 4.4 Series 1998-4 January 12, 1999 Agreement Supplement Sections: 3.1, 4.1c(i) and (ii), 4.2, 4.3(a)(i), 4.5, 4.6, 4.7, 4.10, 4.12, 4.13, 5.1(a) - (c), 5.1(f), 5.2(b), 6.1(g)
EX-99 4 EXHIBIT 99.3 - REPORT OF INDEPENDENT ACCOUNTANTS [LETTERHEAD OF ERNST & YOUNG LLP] Report of Independent Accountants on Applying Agreed-Upon Procedures Partners First Holdings, LLC 900 Elkridge Landing Road, Suite 300 Linthicum, Maryland 21090-2925 and The Bank of New York 101 Barclay Street New York, New York 10286 Partners First Credit Card Master Trust We have performed the procedures enumerated below, which were agreed to by Partners First Holdings, LLC ("PFH") and The Bank of New York, solely to assist you with respect to the amounts set forth in the "Monthly Servicer Reports" prepared for each Series of the Partners First Credit Card Master Trust by PFH pursuant to subsection 5.2(b) of the applicable Pooling and Servicing Agreement Supplements as defined in Attachment A, during the periods specified in Attachment A. This engagement to apply agreed-upon procedures was performed in accordance with standards established by the American Institute of Certified Public Accountants. The sufficiency of the procedures is solely the responsibility of PFH and The Bank of New York. Consequently, we make no representation regarding the sufficiency of the procedures described below either for the purpose for which this report has been requested or for any other purpose. Our procedures were as follows: We compared the amounts set forth in the "Monthly Servicer Reports" for each Series in the Trust, for the periods specified in Attachment A, prepared by PFH pursuant to subsection 5.2(b) of the applicable Pooling and Servicing Agreement Supplements (as defined in Attachment A) with reports prepared by PFH's bank card processor or PFH, which were the source of such amounts. We also recalculated the mathematical accuracy of amounts derived in such "Monthly Servicer Reports" for each Series in the Trust for the periods specified in Attachment A. As a result of the procedures performed we noted that in all instances the amounts set forth in the "Monthly Servicer Reports" for each series in the Trust, for the periods specified in Attachment A, were in agreement with reports prepared by PFH's bank card processor or PFH, and that all amounts derived in such "Monthly Servicer Reports" were mathematically accurate, except for following: The Principal Allocation and Floating Allocation Percentages used to allocate amounts between Series were incorrectly calculated and misstated on the "Monthly Servicer Reports" as follows: Percentage Percentage "Monthly Servicer Report" as Reported as Recalculated ------------------------- ----------- --------------- Dated September 15, 1998 ------------------------ Principal Allocation Percentage 89.16% 86.36% Floating Allocation Percentage 89.16% 86.36% Dated October 15, 1998 ---------------------- Principal Allocation Percentage 92.40% 89.16% Floating Allocation Percentage 92.40% 89.16% Dated November 16, 1998 ----------------------- Principal Allocation Percentage (10/1 - 10/14) 90.23% 92.40% Principal Allocation Percentage (10/15 - 10/31) 90.23% 86.67% Floating Allocation Percentage (10/1 - 10/14) 90.23% 92.40% Floating Allocation Percentage (10/15 - 10/31) 90.23% 86.67% The miscalculation of the Principal Allocation and Floating Allocation Percentages scheduled above, affected the amounts allocated to each Series as reported on the following line items of the "Monthly Trust Activity" section of the "Monthly Servicer Reports": Principal Collections Reallocation of Finance Charge Collection Finance Charge Collections Dollars of Excess Spread Interchange Collections Percentage of Excess Spread Investor Default Amount Reallocated Finance Charge Collection Total Amount Due The amounts reported for the above line items for each Series are used to derive amounts reported throughout the remainder of the applicable "Monthly Servicer Reports". The recomputed amounts are shown in Attachments B, C and D, respectively. We were not engaged to, and did not, perform an audit, the objective of which would be the expression of an opinion on the amounts set forth in the "Monthly Servicer Reports" for each Series in the Trust, prepared by PFH pursuant to subsection 5.2(b) of the applicable Pooling and Servicing Agreement Supplements as defined in Attachment A, or on the reports prepared by PFH's bank card processor or PFH. Accordingly, we do not express such an opinion. Had we performed additional procedures with respect to the "Monthly Servicer Reports" prepared by PFH pursuant to subsection 5.2(b) of the applicable Pooling and Servicing Agreement Supplements as defined in Attachment A and the reports prepared by PFH's bank card processor and PFH, which were the source of such amounts, other matters might have come to our attention that would have been reported to you. This report relates only to the comparison of the amounts, and the recalculation of the mathematical accuracy of such amounts specified above and does not extend to any financial statements of PFH taken as a whole. This report is intended solely for the information and use of the specified users listed above and is not intended to be and should not be used by anyone other than those specified parties. However, this report is a matter of public record as a result of being included as an exhibit to the annual report on Form 10-K prepared by PFH and filed with the Securities and Exchange Commission on behalf of Partners First Credit Card Master Trust and its distribution is not limited. /s/ Ernst & Young LLP March 22, 1999 ATTACHMENT A POOLING AND SERVICING AGREEMENT MONTHLY SERVICING REPORTS TRUST SUPPLEMENT DATE COVERING THE PERIOD ----- ------------------- ------------------------- Partners First Credit June 26, 1998 June 26, 1998 to Card Master Trust December 31, 1998 Series 1998-2 Partners First Credit June 26, 1998 June 26, 1998 to Card Master Trust December 31, 1998 Series 1998-3 Partners First Credit December 4, 1998, December 8, 1998 to Card Master Trust amended and restated December 31, 1998 Series 1998-4 January 12, 1999 Attachment B Trust Inputs Daily Collections Sheet Portfolio Activity Reporting Date 15-Sep-98 Monthly Settlement Period Start Date 1-Aug-98 Monthly Settlement Period End Date 31-Aug-98 Next Distribution Date 15-Oct-98 Beginning Month Principal Receivables 1,736,853,877.46 Discount Percentage 0.00% Monthly Trust Activity Sheet Servicing Fee 2.00% Beginning Special Funding Account Balance 0.00 Required Minimum Principal Balance 107.00% Reallocation of Finance Charge Collections Monthly Trust Activity Row 80 30-59 Days Delinquent 29,723,306.98 60-89 Days Delinquent 18,864,563.15 90+ Days Delinquent 45,233,305.88 Total 30+ Days Delinquent 93,821,176.01 Collection Account Investment Proceeds 62,565.84 Aggregate Account Addition or Removal (Y/N) N Date of Account Addition or Removal n/a Principal Receivables at the end of the day n/a
Daily Collections Partners First Credit Card Master Trust 03/31/99 Monthly Settlement Period Start Date 01-Aug-98 Monthly Settlement Period End Date 31-Aug-98 Next Distribution Date 15-Oct-98 Portfolio Activity Reporting Date 15-Sep-98 Beginning Month Principal Receivables 1,736,853,877.4 Beginning Month Adjusted Principal Receivables 1,736,853,877.4 Discount Percentage 0.00% Beginning Month Trust Principal Receivables 1,736,853,877.4 Beginning Principal New Principal Finance Charge Interchange Principal Adjustment Principal Day Date Receivables Collections Collections Collections Amount Receivables - ---------------------------------------------------------------------------------------------------------------------------- Saturday 08/01/98 1,736,853,877.46 0.00 0.00 0.00 0.00 Sunday 08/02/98 1,736,853,877.46 1,366,357.01 9,234,553.68 0.00 5,777,866.28 Monday 08/03/98 1,726,561,477.29 1,078,426.65 7,735,520.93 0.00 7,068,356.16 Tuesday 08/04/98 1,725,894,312.52 249,297.52 2,540,322.11 0.00 5,351,829.42 Wednesday 08/05/98 1,728,705,819.83 210,857.73 2,719,606.55 0.00 5,403,108.53 Thursday 08/06/98 1,731,389,321.81 1,675,327.26 11,347,794.17 0.00 4,947,143.88 Friday 08/07/98 1,724,988,671.52 77,939.44 1,193,842.75 0.00 5,024,402.79 Saturday 08/08/98 1,728,819,231.56 0.00 0.00 0.00 0.00 Sunday 08/09/98 1,728,819,231.56 1,741,566.55 10,669,997.78 0.00 4,476,812.97 Monday 08/10/98 1,722,626,046.75 1,359,608.97 11,823,141.25 0.00 6,969,111.09 Tuesday 08/11/98 1,717,774,665.99 854,689.18 5,361,908.94 0.00 5,626,233.40 Wednesday 08/12/98 1,718,038,990.45 1,557,375.48 10,519,570.70 0.00 5,085,767.58 Thursday 08/13/98 1,706,177,386.39 328,680.61 3,105,461.64 0.00 5,032,488.78 Friday 08/14/98 1,708,073,742.96 890,321.63 7,992,396.89 0.00 4,822,998.61 Saturday 08/15/98 1,704,762,302.56 0.00 0.00 0.00 0.00 Sunday 08/16/98 1,704,762,302.56 1,587,655.51 10,257,023.72 0.00 4,824,319.38 Monday 08/17/98 1,699,329,598.22 884,381.24 6,848,641.87 0.00 6,583,223.86 Tuesday 08/18/98 1,699,064,180.21 876,050.06 6,610,706.68 0.00 6,220,600.23 Wednesday 08/19/98 1,698,674,073.76 1,125,826.55 7,583,674.45 0.00 5,255,150.42 Thursday 08/20/98 1,696,345,549.73 382,895.97 4,105,632.65 0.00 5,020,839.04 Friday 08/21/98 1,697,260,756.12 534,079.11 5,081,784.63 0.00 4,854,883.22 Saturday 08/22/98 1,697,038,022.71 0.00 0.00 0.00 0.00 Sunday 08/23/98 1,697,038,022.71 2,099,229.55 14,254,516.96 0.00 4,460,837.24 Monday 08/24/98 1,687,244,342.99 579,754.38 5,364,568.66 0.00 6,787,861.42 Tuesday 08/25/98 1,688,667,635.75 712,662.64 5,417,989.80 0.00 5,378,157.12 Wednesday 08/26/98 1,688,627,803.07 832,021.67 5,540,716.80 0.00 5,133,915.61 Thursday 08/27/98 1,688,221,001.88 447,645.60 4,628,268.60 0.00 4,930,490.65 Friday 08/28/98 1,688,523,223.93 462,484.18 3,327,251.88 0.00 4,332,656.30 Saturday 08/29/98 1,689,528,628.35 0.00 0.00 0.00 0.00 Sunday 08/30/98 1,689,528,628.35 1,794,716.01 12,316,920.52 0.00 4,203,513.87 Monday 08/31/98 1,681,415,221.70 884,579.39 5,456,364.17 0.00 6,434,521.69 Monthly Totals 1,681,415,221.70 24,594,429.89 1,788,378.52 181,038,178.78 0.00 140,007,089.54
Principal Ending Invested Amt + Charge-off Recovery Principal Req Transferor Special Funding SFA Earnings Day Date Amount Collections Receivables Amount Account Balance - --------------------------------------------------------------------------------------------------------------------------- Saturday 08/01/98 0.00 1,736,853,877.46 1,605,000,000 0.00 Sunday 08/02/98 6,835,712.77 1,726,561,477.29 1,605,000,000 0.00 Monday 08/03/98 0.00 1,725,894,312.52 1,605,000,000 0.00 Tuesday 08/04/98 0.00 1,728,705,819.83 1,605,000,000 0.00 Wednesday 08/05/98 0.00 1,731,389,321.81 1,605,000,000 0.00 Thursday 08/06/98 0.00 1,724,988,671.52 1,605,000,000 0.00 Friday 08/07/98 0.00 1,728,819,231.56 1,605,000,000 0.00 Saturday 08/08/98 0.00 1,728,819,231.56 1,605,000,000 0.00 Sunday 08/09/98 0.00 1,722,626,046.75 1,605,000,000 0.00 Monday 08/10/98 (2,649.40) 1,717,774,665.99 1,605,000,000 0.00 Tuesday 08/11/98 0.00 1,718,038,990.45 1,605,000,000 0.00 Wednesday 08/12/98 6,427,800.94 1,706,177,386.39 1,605,000,000 0.00 Thursday 08/13/98 30,670.57 1,708,073,742.96 1,605,000,000 0.00 Friday 08/14/98 142,042.12 1,704,762,302.56 1,605,000,000 0.00 Saturday 08/15/98 0.00 1,704,762,302.56 1,605,000,000 0.00 Sunday 08/16/98 0.00 1,699,329,598.22 1,605,000,000 0.00 Monday 08/17/98 0.00 1,699,064,180.21 1,605,000,000 0.00 Tuesday 08/18/98 0.00 1,698,674,073.76 1,605,000,000 0.00 Wednesday 08/19/98 0.00 1,696,345,549.73 1,605,000,000 0.00 Thursday 08/20/98 0.00 1,697,260,756.12 1,605,000,000 0.00 Friday 08/21/98 (4,168.00) 1,697,038,022.71 1,605,000,000 0.00 Saturday 08/22/98 0.00 1,697,038,022.71 1,605,000,000 0.00 Sunday 08/23/98 0.00 1,687,244,342.99 1,605,000,000 0.00 Monday 08/24/98 0.00 1,688,667,635.75 1,605,000,000 0.00 Tuesday 08/25/98 0.00 1,688,627,803.07 1,605,000,000 0.00 Wednesday 08/26/98 0.00 1,688,221,001.88 1,605,000,000 0.00 Thursday 08/27/98 0.00 1,688,523,223.93 1,605,000,000 0.00 Friday 08/28/98 0.00 1,689,528,628.35 1,605,000,000 0.00 Saturday 08/29/98 0.00 1,689,528,628.35 1,605,000,000 0.00 Sunday 08/30/98 0.00 1,681,415,221.70 1,605,000,000 0.00 Monday 08/31/98 0.00 1,682,393,379.22 1,605,000,000 0.00 Monthly Totals 13,429,409.00 778,107.62 1,682,393,379.22 1,605,000,000 0.00 0.00
Monthly Trust Activity A. Trust Level Activity Number of Days in Collection Period 31 Beginning Principal Receivables Balance 1,736,853,877.46 Beginning Special Funding Account Balance 0.00 Beginning Total Principal Balance 1,736,853,877.46 Special Funding Account Earnings 0.00 Finance Charge Collections 24,594,429.89 Interchange Collections 1,788,378.52 Collection Account Investment Proceeds 62,565.84 Recoveries treated as Finance Charge Collections 0.00 Total Finance Charge Receivables Collections 26,445,374.25 Principal Receivables Collections 181,038,178.78 Total Servicing Fee 2,894,756.46 Recoveries treated as Principal Collections 778,107.62 Total Principal Receivables Collections 181,816,286.40 Monthly Payment Rate 12.21% Defaulted Amount (Net of Recoveries) 12,651,301.38 Annualized Default Rate 8.74% Trust Portfolio Yield 18.27% New Principal Receivables 140,007,089.54 Aggregate Account Addition or Removal (Y/N)? N Date of Addition/Removal n/a Principal Receivables at the end of the day of Addition/Removal n/a SFA Balance at the end of the day of Addition/Removal n/a Principal Receivables + SFA Balance at the end of the day of Addition/Removal n/a Percentage of the Collection Period which is before the Addition/Removal Date n/a Ending Principal Receivables Balance 1,682,393,379.22 Ending Special Funding Account (SFA) Balance 0.00 Ending Principal Receivables + SFA Balance 1,682,393,379.22 Required Minimum Principal Balance 1,500,000,000.00
B. Series Allocations Total 1998-2 1998-3 Group 1 1 Class A Invested Amount 528,000,000.00 528,000,000.00 Class B Invested Amount 113,000,000.00 113,000,000.00 Collateral Invested Amount 67,000,000.00 67,000,000.00 Class D Invested Amount 42,000,000.00 42,000,000.00 Total Invested Amount 1,500,000,000.00 750,000,000.00 750,000,000.00 Required Transferor Amount 105,000,000.00 52,500,000.00 52,500,000.00 Invested Amount + Req Transf Amount 1,605,000,000.00 802,500,000.00 802,500,000.00 Series Allocation Percentage 100.00% 50.00% 50.00% Series Allocable Finance Charge Collections 13,222,687.13 13,222,687.13 Series Allocable Principal Collections 90,908,143.20 90,908,143.20 Series Allocable Defaulted Amounts 6,325,650.69 6,325,650.69 Series Allocable Servicing Fee 1,447,378.23 1,447,378.23 In Revolving Period? Y Y Available for Shared Principal Collections 0.00 0.00
B. Series Allocations Amounts Due 1998-2 1998-3 Principal Allocation Percentage 86.36% 86.36% Floating Allocation Percentage 86.36% 86.36% Class A Certificate Rate 5.741% 5.771% Class B Certificate Rate 5.951% 6.001% CIA Certificate Rate 6.516% 6.616% Class D Certificate Rate 0.000% 0.000% Class A Interest 2,441,681.29 2,454,441.29 Class B Interest 541,672.63 546,224.01 Collateral Monthly Interest 351,663.03 357,060.25 Class D Interest 0.00 0.00 Investor Monthly Interest 3,335,016.95 3,357,725.56 Investor Default Amount (Net of Recoveries) 5,463,024.93 5,463,024.93 Interchange Collections 772,249.13 772,249.13 Servicer Interchange 468,750.00 468,750.00 Monthly Servicing Fee (Before Adjustments) 1,250,000.00 1,250,000.00 Interchange Adjustment 0.00 0.00 SFA Adjustment 0.00 0.00 Monthly Servicing Fee (After Adjustments) 1,250,000.00 1,250,000.00
C. Group 1 Allocations Total 1998-2 1998-3 Adjusted Invested Amount for Series 1,500,000,000.00 750,000,000.00 750,000,000.00 Principal Collections 157,022,092.16 78,511,046.08 78,511,046.08 Finance Charge Collections 22,839,032.05 11,419,516.03 11,419,516.03 Investor Monthly Interest 6,692,742.51 3,335,016.95 3,357,725.56 Investor Default Amount 10,926,049.86 5,463,024.93 5,463,024.93 Monthly Servicing Fee 2,500,000.00 1,250,000.00 1,250,000.00 Total Amount Due 20,118,792.37 10,048,041.88 10,070,750.49 Excess Before Reallocation 2,720,239.69 1,371,474.15 1,348,765.54 Reallocation of Finance Charge Collections -11,354.31 11,354.31 Reallocated Finance Charge Collections 22,839,032.05 11,408,161.72 11,430,870.33 D. Trust Performance 30-59 Days Delinquent 29,723,306.98 60-89 Days Delinquent 18,864,563.15 90+ Days Delinquent 45,233,305.88 Total 30+ Days Delinquent 93,821,176.01
1998-2 Inputs Series Sheet Last Payment Date 17-Aug-98 Current Payment Date 15-Sep-98
Class A Class B CIA Class D Fixed/Floating Floating Floating Floating Floating Certificate Rate 5.741% 5.951% 6.516% 0.000% Initial Balance 528,000,000.00 113,000,000.00 67,000,000.00 42,000,000.00 Beginning Outstanding Amount 528,000,000.00 113,000,000.00 67,000,000.00 42,000,000.00 Beginning Invested Amount 528,000,000.00 113,000,000.00 67,000,000.00 42,000,000.00 Beginning Adjusted Invested Amount 528,000,000.00 113,000,000.00 67,000,000.00 42,000,000.00
Revolving Period (Y/N) Y Accumulation Period (Y/N) N Early Amortization (Y/N) N Controlled Accumulation Period 12 Holdings is Servicer Y Paydown Excess CIA (Y/N) Y Paydown Excess Class D (Y/N) Y Controlled Accumulation Amount 53,416,666.67 Prior Controlled Deposit Amount Shortfall 0.00 Controlled Deposit Amount 53,416,666.67 Beginning Principal Funding Account Balance 0.00 Principal Funding Investment Proceeds 0.00 Collection Account Investment Proceeds 31,282.92 YSA Investment Proceeds 51,905.90 Yield Supplement Account Beginning Balance 10,000,000.00 Yield Supplement Account Release 1,250,000.00 Yield Supplement Credit Amount Percentage 100.00% Reserve Account Mechanics Begin Funding Reserve Account (Y/N) N Required Reserve Account 3,205,000.00 Beginning Balance 0.00 K. Application of Excess Spread and Excess Finance Charge Collections Other CIA Amounts Owed 0.00 Excess Fin Charge Coll from other Series 0.00 Excess Fin Charge Coll from other Series 0.00 M. Application of Principal Collections during Revolving Period Required Collateral Invested Amount 67,000,000.00 Required Class D 42,000,000.00 O. Yield and Base Rate Base Rate Prior Monthly Period 7.53% Second Prior Monthly Period n/a Series Adjusted Portfolio Yield Prior Monthly Period 15.22% Second Prior Monthly Period n/a 1998-3 Inputs Series Sheet Last Payment Date 17-Aug-98 Current Payment Date 15-Sep-98
Class A Class B CIA Class D Fixed/Floating Floating Floating Floating Floating Certificate Rate 5.771% 6.001% 6.616% 0.000% Initial Balance 528,000,000.00 113,000,000.00 67,000,000.00 42,000,000.00 Beginning Outstanding Amount 528,000,000.00 113,000,000.00 67,000,000.00 42,000,000.00 Beginning Invested Amount 528,000,000.00 113,000,000.00 67,000,000.00 42,000,000.00 Beginning Adjusted Invested Amount 528,000,000.00 113,000,000.00 67,000,000.00 42,000,000.00
Revolving Period (Y/N) Y Accumulation Period (Y/N) N Early Amortization (Y/N) N Controlled Accumulation Period 12 Holdings is Servicer Y Paydown Excess CIA (Y/N) Y Paydown Excess Class D (Y/N) Y Controlled Accumulation Amount 53,416,666.67 Prior Controlled Deposit Amount Shortfall 0.00 Controlled Deposit Amount 53,416,666.67 Beginning Principal Funding Account Balance 0.00 Principal Funding Investment Proceeds 0.00 Collection Account Investment Proceeds 31,282.92 YSA Investment Proceeds 51,905.90 Yield Supplement Account Beginning Balance 10,000,000.00 Yield Supplement Account Release 1,250,000.00 Yield Supplement Credit Amount Percentage 100.00% Reserve Account Mechanics Begin Funding Reserve Account (Y/N) N Required Reserve Account 3,205,000.00 Beginning Balance 0.00 K. Application of Excess Spread and Excess Finance Charge Collections Other CIA Amounts Owed 0.00 Excess Fin Charge Coll from other Series 0.00 Excess Fin Charge Coll from Series 0.00 M. Application of Principal Collections during Revolving Period Required Collateral Invested Amount 67,000,000.00 Required Class D 42,000,000.00 O. Yield and Base Rate Base Rate Prior Monthly Period 7.57% Second Prior Monthly Period n/a Series Adjusted Portfolio Yield Prior Monthly Period 15.29% Second Prior Monthly Period n/a
Series 1998-2 A. Investor/Transferor Allocations B. Monthly Funding Requirements Last Payment Date 17-Aug-98 Current Payment Date 15-Sep-98 Actual / 360 Days 29 29 29 29 30 / 360 Days 28 28 28 28 Fixed / Floating Floating Floating Floating Floating Collateral Invested Class A Class B Amount Class D Total Certificate Rate 5.741% 5.951% 6.516% 0.000% Initial Balance 528,000,000.00 113,000,000.00 67,000,000.00 42,000,000.00 750,000,000.00 Required Transferor Amount 52,500,000.00 Total Initial Amount 802,500,000.00 Beginning Outstanding Amount 528,000,000.00 113,000,000.00 67,000,000.00 42,000,000.00 750,000,000.00 Ending Outstanding Amount 528,000,000.00 113,000,000.00 67,000,000.00 42,000,000.00 750,000,000.00 Beginning Invested Amount 528,000,000.00 113,000,000.00 67,000,000.00 42,000,000.00 750,000,000.00 Ending Invested Amount 528,000,000.00 113,000,000.00 67,000,000.00 42,000,000.00 750,000,000.00 Beginning Adjusted Invested Amount 528,000,000.00 113,000,000.00 67,000,000.00 42,000,000.00 750,000,000.00 Ending Adjusted Invested Amount 528,000,000.00 113,000,000.00 67,000,000.00 42,000,000.00 750,000,000.00 Principal Allocation Percentage 70.40% 15.07% 8.93% 5.60% 100.00% Floating Allocation Percentage 70.40% 15.07% 8.93% 5.60% 100.00% Principal Collections 55,271,776.44 11,828,997.61 7,013,653.45 4,396,618.58 78,511,046.08 Realloc Finance Charge Collections 8,031,345.85 1,718,829.70 1,019,129.11 638,857.06 11,408,161.72 YSA Draw 1,250,000.00 YSA Investment Proceeds 51,905.90 Realloc Finance Charge plus YSA Draw 8,947,887.61 1,914,983.52 1,135,432.71 711,763.79 12,710,067.62 Monthly Interest 2,441,681.29 541,672.63 351,663.03 0.00 3,335,016.95 Investor Default Amount (Net) 3,845,969.55 823,095.76 488,030.23 305,929.40 5,463,024.93 Monthly Servicing Fee 880,000.00 188,333.33 111,666.67 70,000.00 1,250,000.00 Total Due 7,167,650.84 1,553,101.71 951,359.92 375,929.40 10,048,041.88 Reallocated Investor Fin Charge Coll + YSA Draw + PFA Inv Proceeds + Reserve Fund Releases 12,710,067.62 Series Adjusted Portfolio Yield 11.60% Base Rate 7.52%
Series Parameters Revolving Period (Y/N) Y Accumulation Period (Y/N) N Early Amortization (Y/N) N Controlled Accumulation Period 12.00 Holdings is Servicer Y Paydown Excess CIA (Y/N) Y Paydown Excess Class D (Y/N) Y Controlled Accumulation Amount 53,416,666.67 Controlled Deposit Amount 53,416,666.67 Ending Controlled Deposit Amount Shortfall 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 10,000,000.00 Yield Supplement Account Release 1,250,000.00 Yield Supplement Account Ending Balance 8,750,000.00 Reserve Account Beginning Balance 0.00 Required Reserve Account Amount 0.00 Funds Deposited into Reserve Account 0.00 Ending Reserve Account Balance 0.00 C. Certificate Balances and Distrubutions
Class A Class B CIA Class D Total Beginning Balance 528,000,000.00 113,000,000.00 67,000,000.00 42,000,000.00 750,000,000.00 Interest Distributions 2,441,681.29 541,672.63 351,663.03 0.00 3,335,016.95 PFA Deposits 0.00 0.00 Principal Distributions 0.00 0.00 0.00 0.00 0.00 Total Distributions 2,441,681.29 541,672.63 351,663.03 0.00 3,335,016.95 Ending Certificate Balance 528,000,000.00 113,000,000.00 67,000,000.00 42,000,000.00 750,000,000.00 Pool Factor 100.00% 100.00% 100.00% 100.00% Total Distribution Per $1,000 4.6244 4.7936 5.2487 0.0000 Interest Distribution Per $1,000 4.6244 4.7936 5.2487 0.0000 Principal Distribution Per $1,000 0.0000 0.0000 0.0000 0.0000 D. Information regarding distributions on the Distribution Date in respect of the Class A Certificates per $1,000 original certificate principal amount:
1 Total amount of the distribution: 2,441,681.29 2 Amount of the distribution in respect of Class A Monthly Interest 2,441,681.29 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: 541,672.63 2 Amount of the distribution in respect of Class B monthly interest: 541,672.63 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 in the Class B Invested Amount: 0.00 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: H. Information regarding distributions on the Distribution Date to the Collateral Interest Holder. 1 Total amount distributed to the Collateral Interest Holder: 351,663.03 2 Amount distributed in respect of Collateral Monthly Interest: 351,663.03 3 Amount distributed in respect of Collateral Additional Interest: 0.00 4 The amount distributed to the Collateral Interest Holder in 0.00 respect 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. Application of Reallocated Investor Finance Charge Collections.
Available Due Paid Shortfall 1 Allocated Class A Available Funds 8,947,887.61 a Reserve Account Release 0.00 b PFA Investment Earnings 0.00 c Class A Available Funds 8,947,887.61 2 Class A Available Funds 8,947,887.61 a Class A Monthly Interest 2,441,681.29 2,441,681.29 0.00 b Class A Servicing Fee 880,000.00 880,000.00 0.00 c Class A Investor Default Amount 3,845,969.55 3,845,969.55 0.00 d Class A Excess 1,780,236.76 2 Class B Available Funds 1,914,983.52 a Class B Monthly Interest 541,672.63 541,672.63 0.00 b Class B Servicing Fee 188,333.33 188,333.33 0.00 c Class B Excess 1,184,977.56 3 Collateral Available Funds 1,135,432.71 a Collateral Servicing Fee 111,666.67 111,666.67 0.00 b Collateral Excess 1,023,766.04 4 Class D Available Funds a Class D Available Funds 711,763.79 b Class D Servicing Fee 70,000.00 70,000.00 0.00 c Class D Excess 641,763.79 5 Total Excess Spread 4,630,744.15 K. Application of Excess Spread and Excess Finance Charge Collections Available Due Paid Shortfall 1 Available Excess Spread 4,630,744.15 2 Excess Fin Charge Coll 0.00 from Other Series 3 Available Funds 4,630,744.15 2 Class A Required Amount Shortfalls 0.00 0.00 0.00 3 Class B Defaults 823,095.76 823,095.76 0.00 4 Monthly Servicing Fee 0.00 0.00 0.00 5 Collateral Monthly Interest 351,663.03 351,663.03 0.00 6 Collateral Default Amount 488,030.23 488,030.23 0.00 7 Reserve Account Deposit 0.00 0.00 0.00 9 Class D Monthly Interest 0.00 0.00 0.00 10 Class D Default Amount 305,929.40 305,929.40 0.00 8 Other CIA Amounts Owed 0.00 0.00 0.00 11 Excess Fin Coll for Other Series 0.00 0.00 0.00 12 Excess Spread 2,662,025.74 13 Writedowns a Class A 0.00 b Class B 0.00 c CIA 0.00 d Class D 0.00 L. Reallocated Principal Collections 3 Total Principal Collections Allocable 78,511,046.08 4 Principal Required to Fund the Required Amount 0.00 5 Shared Principal Collections from other Series 0.00 6 Other Amounts Treated as Principal Collections 5,463,024.93 7 Available Principal Collections 83,974,071.01 M. Application of Principal Collections during Revolving Period 1 Collateral Invested Amount 67,000,000.00 2 Required Collateral Invested Amount 67,000,000.00 3 Amount used to pay Excess CIA 0.00 4 Available Principal Collections 83,974,071.01 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 83,974,071.01 N. Application of Principal Collections during the Accumulation Period 1 Available Principal Collections 83,974,071.01 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 42,000,000.00 b Principal Paid to Class D 0.00 c Class D at the end of the Period 42,000,000.00 Class A Principal Paid to Investors 0.00 Ending Class A Outstanding Amount 528,000,000.00 Ending Class B Outstanding Amount 113,000,000.00 5 Shared Principal Collections 0.00 N. Application of Principal Collections during Early Amortization Period 1 Principal Collections Available 0.00 a Remaining Class A Adjusted Invested Amount 528,000,000.00 b Principal Paid to Class A 0.00 c End of Period Class A Adjusted Invested Aount 528,000,000.00 2 Remaining Principal Collections Available 0.00 a Remaining Class B Adjusted Invested Amount 113,000,000.00 b Principal Paid to Class B 0.00 c End of Period Class B Adjusted Invested Amount 113,000,000.00 3 Remaining Principal Collections Available 0.00 a Remaining Collateral Invested Amount 67,000,000.00 b Principal Paid to CIA 0.00 c Collateral Invested Amount at the end of the Period 67,000,000.00 4 Remaining Principal Collections Available 0.00 a Remaining Class D Amount 42,000,000.00 b Principal Paid to Class D 0.00 c Class D at the end of the Period 42,000,000.00 O. Yield and Base Rate 1 Base Rate a Current Monthly Period 7.52% b Prior Monthly Period 7.53% c Second Prior Monthly Period n/a Three Month Average Base Rate 7.53% 2 Series Adjusted Portfolio Yield a Current Monthly Period 11.60% b Prior Monthly Period 15.22% c Second Prior Monthly Period n/a Three Month Average Series Adjusted Portfolio Yield 13.41% 3 Excess Spread a Current Monthly Period 4.08% b Prior Monthly Period 7.69% c Second Prior Monthly Period n/a Three Month Average Excess Spread 5.88%
1998-2 Trustee --------------------------------------- Partners First Credit Card Master Trust Series 1998-2 --------------------------------------- The undersigned, a duly authorized representative of Partners First Holdings LLC ("Holdings"), as Servicer pursuant to the Pooling and Servicing Agreement dated as of June 26, 1998 (as amended and supplemented, the "Pooling and Servicing Agreement"), among Holdings, Partners First Receivables Funding LLC ("Funding"), as Transferor and The Bank of New York, as trustee (the "Trustee"), does hereby certify as follows: 1. Capitalized terms used in this Certificate have been defined in the Agreement or the Series 1998-2 Supplement dated as of June 26, 1998, among Holdings Funding and the Trustee (as amended and supplemented, the "Supplement"), as applicable. 2. Holdings is the Servicer 3. The undersigned is a Servicing Officer. I. INSTRUCTION TO MAKE A WITHDRAWAL The Servicer does hereby instruct the Trustee (i) to make withdrawals from the Collection Account on 09/15/98 which date is a Distribution Date under the Supplement, in the aggregate amounts (equal to the Class A Available Funds, Class B Available Funds and Collateral Available Funds, respectively) as set forth below in respect of the following amounts (ii) to apply the proceeds of such withdrawals in accordance with the Supplement. With respect to the Class A Certificates A) (1) Interest at the Class A Certificate Rate for the related Interest Period on the Class A Invested Amount ................................ $2,441,681.29 (2) Class A Monthly Interest previously due but not paid..... $0.00 (3) Class A Additional Interest and any Class A Additional Interest due but not paid .......................... $0.00 B) (1) The Class A Servicing Fee for the preceding Monthly Period , if applicable............................ $880,000.00 (2) Accrued and unpaid Class A Servicing Fees, if applicable......... $0.00 C) Class A Investor Default Amount for the preceding Monthly Period ..... $3,845,969.55 With respect to the Class B Certificates A) (1) Interest at the Class B Certificate Rate for the preceding Monthly Period on the Class B Invested Amount ............................... $541,672.63 (2) Class B Monthly Interest previously due but not paid..... $0.00 (3) Class B Additional Interest and any Class B Additional Interest previously due but not paid........... $0.00 B) (1) The Class B Servicing Fee for the preceding Monthly Period, if applicable............................ $188,333.33 (2) Accrued and unpaid Class B Servicing Fees, if applicable......... $0.00 With respect to the Collateral Interest A) (1) The Collateral Servicing Fee for the preceding Monthly Period, if applicable............................ $111,666.67 (2) Accrued and unpaid Collateral Servicing Fee, if applicable.......... $0.00 B) (1) The Class D Servicing Fee for the preceding Monthly Period, if applicable........................... $70,000.00 (2) Accrued and unpaid Class D Servicing Fee, if applicable......... $0.00 The Servicer hereby instructs the Trustee (i) to make withdrawals from the Collection Account on 09-15-98 which date is a Distribution Date under the Supplement, in the aggregate amounts (equal to the Available Principal Collections) as set forth below in respect of the following amounts and (ii) to apply the proceeds of such withdrawals. C) (1) The excess, if any, of the Collateral Invested Amount over the Required Collateral Invested Amount paid to the Collateral Interest Holder pursuant to the Loan Agreement..................... $0.00 (2) Amount to be treated as Shared Principal Collections................... $0.00 With respect to the Class D Certificates A) (1) The excess, if any, of the Class D Amount over the Required Class D Invested Amount paid to the Class D Holder.................. $0.00 (2) Amount to be treated as Shared Principal Collections............. $0.00 With Respect to Principal A) (1) The Lesser of the Controlled Deposit Amount and the sum of the Class A Adjusted Invested Amount and the Class B Adjusted Invested Amount deposited in the Principal Funding Account................. $0.00 (2) After the Class B Invested Amount is paid in full, the amount paid to the Collateral Interest Holder (up to the Collateral Invested Amount) pursuant to the Loan Agreement............................ $0.00 (3) Prior to the date the Class B Invested Amount is paid in full, excess of the Collateral Invested Amount over the Required Collateral Invested Amount paid to the Collateral Interest Holder pursuant to the Loan Agreement.............. $0.00 (4) Prior to the date the Class B Invested Amount is paid in full, amount to be treated as Shared Principal Collections....................... $0.00 (1) An amount up to the Class A Adjusted Invested Amount deposited in the Principal Funding Account............. $0.00 (2) On and after the Distribution Date on which the Class A Invested Amount deposited in the Principal Funding Account...................................... $0.00 (3) On and after the Distribution Date on which the Class B Invested Amount is paid in full, an amount up to the Collateral Invested Amount paid to the Collateral Interest Holder pursuant to the Loan Agreement............................... $0.00 The Servicer does hereby instruct the Trustee to apply on 09/15/98 which date is a Distribution Date under the Supplement, any Excess Spread which is allocated to Series 1998-2 as follows: A) Class A Required Amount applied in the priority set forth........................ $0.00 B) Aggregate amount of Class A Investor Charge-Offs not previously reimbursed allocated to Available Principal Collections............... $0.00 C) Class B Required Amount applied first in the priority set forth and any remaining amount up to the Class B Investor Default Amount allocated to Available Principal Collections................................... $823,095.76 D) The amount by which the "Class B Invested Amount" has been reduced pursuant to clauses (c), (d) and (e) of the definition thereof allocated to Available Principal Collections.................................. $0.00 E) (1) Collateral Monthly Interest......... $351,663.03 (2) Collateral Monthly Interest previously due but not paid.................. $0.00 (3) Collateral Additional Interest and any Collateral Additional Interest previously due and not paid.................. $0.00 F) Monthly Servicing Fee for such Distribution Date that has not been paid to the Servicer and any Monthly Servicing Fee previously due but not paid to the Servicer............. $0.00 G) Collateral Default Amount allocated to Available Principal Collections................................... $488,030.23 H) The amount by which the "Collateral Invested Amount" has been reduced pursuant to the definition thereof and allocated to Available Principal Collections............... $0.00 I) The excess of the Required Reserve Account Amount over the Available Reserve Amount deposited into the Reserve Account............................... $0.00 J) Paid to the Collateral Interest Holder pursuant to the Loan Agreement..................................... $0.00 K) Treated as Excess Finance Charge Collections and allocated to other Series or paid to the Holders of the Transferor Certificates.................. $2,662,025.74 The Servicer does hereby instruct the Trustee to apply on 09/15/98 which is a Distribution Date under the Pooling and Servicing agreement, $0.0 of Reallocated Principal Collections to fund any deficiencies in the Required Amount after applying Class A Available Funds, Class B Available Funds, Excess Spread and Excess Finance Charge Collections thereto. II. INSTRUCTION TO MAKE CERTAIN PAYMENTS The Servicer does hereby instruct the Trustee to pay in accordance with the Supplement from the Collection Account or the Principal Funding Account, as applicable on 09/15/98 which date is a Payment Date under the Supplement, the following amounts as set forth below: A) Interest to be distributed to Class A Certificate holders......................... $2,441,681.29 B) On the Expected Final Payment Date or a Special Payment Date, principal to be distributed to the Class A Certificateholders.................... $0.00 C) Interest to be distributed to Class B Certificateholders.......................... $541,672.63 D) On the Expected Final Payment Date or a Special Payment Date, on or after the date Class A Invested Amount is paid in full, principal to be distributed to the Class B Certificateholders.................... $0.00 E) Interest to be distributed to the Collateral Interest Holder............................... $351,663.03 F) On the Expected Final Payment Date After the date Class A and Class B Invested Amounts are paid in full, principal to be distributed to the Collateral Interest Holder........................................ $0.00 III. ACCRUED AND UNPAID AMOUNTS After giving effect to the withdrawals and transfers to be made in accordance with this notice, the following amounts will be accrued and unpaid with respect to all Monthly Periods preceding the current calendar month. 1. The aggregate amount of all unreimbursed Class A Investor Charge-Offs.................................... $0.00 2. The aggregate amount by which the Class B Invested Amount has been reduced............... $0.00 3. The aggregate amount by which the Collateral Invested Amount has been reduced............... $0.00 4. The aggregate amount by which the Collateral Invested Amount has been reduced............... $0.00 IN WITNESS WHEREOF, the undersigned has duly executed this Certificate on 09/15/98 PARTNERS FIRST RECEIVABLES FUNDING, LLC by /s/ Mark Norwicz ------------------------------------- Name: Mark Norwicz Title: Treasurer 1998-3 Trustee --------------------------------------- Partners First Credit Card Master Trust Series 1998-3 --------------------------------------- The undersigned, a duly authorized representative of Partners First Holdings LLC ("Holdings"), as Servicer pursuant to the Pooling and Servicing Agreement dated as of June 26, 1998 (as amended and supplemented, the "Pooling and Servicing Agreement"), among Holdings, Partners First Receivables Funding LLC ("Funding"), as Transferor and The Bank of New York, as trustee (the "Trustee"), does hereby certify as follows: 1. Capitalized terms used in this Certificate have been defined in the Agreement or the Series 1998-3 Supplement dated as of June 26, 1998, among Holdings Funding and the Trustee (as amended and supplemented, the "Supplement"), as applicable. 2. Holdings is the Servicer 3. The undersigned is a Servicing Officer. I. INSTRUCTION TO MAKE A WITHDRAWAL The Servicer does hereby instruct the Trustee (i) to make withdrawals from the Collection Account on 09/15/98 which date is a Distribution Date under the Supplement, in the aggregate amounts (equal to the Class A Available Funds, Class B Available Funds and Collateral Available Funds, respectively) as set forth below in respect of the following amounts (ii) to apply the proceeds of such withdrawals in accordance with the Supplement. With respect to the Class A Certificates A) (1) Interest at the Class A Certificate Rate for the related Interest Period on the Class A Invested Amount ......................... $2,454,441.29 (2) Class A Monthly Interest previously due but not paid..... $0.00 (3) Class A Additional Interest and any Class A Additional Interest due but not paid ................... $0.00 B) (1) The Class A Servicing Fee for the preceding Monthly Period , if applicable...................... $880,000.00 (2) Accrued and unpaid Class A Servicing Fees, if applicable... $0.00 C) Class A Investor Default Amount for the preceding Monthly Period $3,845,969.55 With respect to the Class B Certificates A) (1) Interest at the Class B Certificate Rate for the preceding Monthly Period on the Class B Invested Amount ......................... $546,224.01 (2) Class B Monthly Interest previously due but not paid..... $0.00 (3) Class B Additional Interest and any Class B Additional Interest previously due but not paid..... $0.00 B) (1) The Class B Servicing Fee for the preceding Monthly Period, if applicable...................... $188,333.33 (2) Accrued and unpaid Class B Servicing Fees, if applicable... $0.00 With respect to the Collateral Interest A) (1) The Collateral Servicing Fee for the preceding Monthly Period, if applicable...................... $111,666.67 (2) Accrued and unpaid Collateral Servicing Fee, if applicable.... $0.00 B) (1) The Class D Servicing Fee for the preceding Monthly Period, if applicable...................... $70,000.00 (2) Accrued and unpaid Class D Servicing Fee, if applicable.... $0.00 The Servicer hereby instructs the Trustee (i) to make withdrawals from the Collection Account on 09/15/98 which date is a Distribution Date under the Supplement, in the aggregate amounts (equal to the Available Principal Collections) as set forth below in respect of the following amounts and (ii) to apply the proceeds of such withdrawals. C) (1) The excess, if any, of the Collateral Invested Amount over the Required Collateral Invested Amount paid to the Collateral Interest Holder pursuant to the Loan Agreement............... $0.00 (2) Amount to be treated as Shared Principal Collections................................. $0.00 With respect to the Class D Certificates A) (1) The excess, if any, of the Class D Amount over the Required Class D Invested Amount paid to the Class D Holder.................. $0.00 (2) Amount to be treated as Shared Principal Collections............. $0.00 With Respect to Principal A) (1) The Lesser of the Controlled Deposit Amount and the sum of the Class A Adjusted Invested Amount and the Class B Adjusted Invested Amount deposited in the Principal Funding Account................. $0.00 (2) After the Class B Invested Amount is paid in full, the amount paid to the Collateral Interest Holder (up to the Collateral Invested Amount) pursuant to the Loan Agreement.................. $0.00 (3) Prior to the date the Class B Invested Amount is paid in full, excess of the Collateral Invested Amount over the Required Collateral Invested Amount paid to the Collateral Interest Holder pursuant to the Loan Agreement................. $0.00 (4) Prior to the date the Class B Invested Amount is paid in full, amount to be treated as Shared Principal Collections.......................... $0.00 (1) An amount up to the Class A Adjusted Invested Amount deposited in the Principal Funding Account.............. $0.00 (2) On and after the Distribution Date on which the Class A Invested Amount deposited in the Principal Funding Account....................................... $0.00 (3) On and after the Distribution Date on which the Class B Invested Amount is paid in full, an amount up to the Collateral Invested Amount paid to the Collateral Interest Holder pursuant to the Loan Agreement................................. $0.00 The Servicer does hereby instruct the Trustee to apply on 09/15/98 which date is a Distribution Date under the Supplement, any Excess Spread which is allocated to Series 1998-3 as follows: A) Class A Required Amount applied in the priority set forth................................. $0.00 B) Aggregate amount of Class A Investor Charge-Offs not previously reimbursed allocated to Available Principal Collections................. $0.00 C) Class B Required Amount applied first in the priority set forth and any remaining amount up to the Class B Investor Default Amount allocated to Available Principal Collections.................................... $823,095.76 D) The amount by which the "Class B Invested Amount" has been reduced pursuant to clauses (c), (d) and (e) of the definition thereof allocated to Available Principal Collections.................................... $0.00 E) (1) Collateral Monthly Inte $357,060.25 (2) Collateral Monthly Interest previously due but not paid..... $0.00 (3) Collateral Additional Interest and any Collateral Additional Interest previously due and not paid..... $0.00 F) Monthly Servicing Fee for such Distribution Date that has not been paid to the Servicer and any Monthly Servicing Fee previously due but not paid to the Servicer.............. $0.00 G) Collateral Default Amount allocated to Available Principal Collections.................................... $488,030.23 H) The amount by which the "Collateral Invested Amount" has been reduced pursuant to the definition thereof and allocated to Available Principal Collections....................... $0.00 I) The excess of the Required Reserve Account Amount over the Available Reserve Amount deposited into the Reserve Account................................ $0.00 J) Paid to the Collateral Interest Holder pursuant to the Loan Agreement..................................... $0.00 K) Treated as Excess Finance Charge Collections and allocated to other Series or paid to the Holders of the Transferor Certificates................. $2,662,025.74 The Servicer does hereby instruct the Trustee to apply on 09/15/98 which is a Distribution Date under the Pooling and Servicing agreement, $0.0 of Reallocated Principal Collections to fund any deficiencies in the Required Amount after applying Class A Available Funds, Class B Available Funds, Excess Spread and Excess Finance Charge Collections thereto. II. INSTRUCTION TO MAKE CERTAIN PAYMENTS The Servicer does hereby instruct the Trustee to pay in accordance with the Supplement from the Collection Account or the Principal Funding Account, as applicable, on 09/15/98 which date is a Payment Date under the Supplement, the following amounts as set forth below: A) Interest to be distributed to Class A Certificate holders......................... $2,454,441.29 B) On the Expected Final Payment Date or a Special Payment Date, principal to be distributed to the Class A Certificateholders.................... $0.00 C) Interest to be distributed to Class B Certificateholders.......................... $546,224.01 D) On the Expected Final Payment Date or a Special Payment Date, on or after the date Class A Invested Amount is paid in full, principal to be distributed to the Class B Certificateholders............................ $0.00 E) Interest to be distributed to the Collateral Interest Holder............................... $357,060.25 F) On the Expected Final Payment Date After the date Class A and Class B Invested Amounts are paid in full, principal to be distributed to the Collateral Interest Holder........................................ $0.00 III. ACCRUED AND UNPAID AMOUNTS After giving effect to the withdrawals and transfers to be made in accordance with this notice, the following amounts will be accrued and unpaid with respect to all Monthly Periods preceding the current calendar month. 1. The aggregate amount of all unreimbursed Class A Investor Charge-Offs................................... $0.00 2. The aggregate amount by which the Class B Invested Amount has been reduced...................... $0.00 3. The aggregate amount by which the Collateral Invested Amount has been reduced...................... $0.00 4. The aggregate amount by which the Collateral Invested Amount has been reduced...................... $0.00 IN WITNESS WHEREOF, the undersigned has duly executed this Certificate on 09/15/98 PARTNERS FIRST RECEIVABLES FUNDING, LLC by /s/ Mark Norwicz ------------------------------------- Name: Mark Norwicz Title: Treasurer Attachment C Trust Inputs Daily Collections Sheet Portfolio Activity Reporting Date 15-Oct-98 Monthly Settlement Period Start Date 1-Sep-98 Monthly Settlement Period End Date 30-Sep-98 Next Distribution Date 16-Nov-98 Beginning Month Principal Receivables 1,682,393,379.22 Discount Percentage 0.00% Monthly Trust Activity Sheet Servicing Fee 2.00% Beginning Special Funding Account Balance 0.00 Required Minimum Principal Balance 107.00% Reallocation of Finance Charge Collections Monthly Trust Activity Row 80 30-59 Days Delinquent 20,350,814.51 60-89 Days Delinquent 12,536,459.34 90+ Days Delinquent 28,067,281.71 Total 30+ Days Delinquent 60,954,555.56 Collection Account Investment Proceeds 44,639.76 Aggregate Account Addition or Removal (Y/N) N Date of Account Addition or Removal n/a Principal Receivables at the end of the day of Addition/Removal n/a Special Funding Account Balance at the End of the Day of Addition or Removal n/a
Daily Collections Partners First Credit Card Master Trust 03/31/99 Monthly Settlement Period Start Date 01-Sep-98 Monthly Settlement Period End Date 30-Sep-98 Next Distribution Date 16-Nov-98 Portfolio Activity Reporting 15-Oct-98 Beginning Month Principal Receivables 1,682,393,379.22 Beginning Month Adjusted Principal Receivables 1,682,393,379.22 Discount Percentage 0.00% Beginning Month Trust Principal Receivabes 1,682,393,379.22 Beginning Principal New Principal Finance Charge Interchange Principal Adjustment Principal Day Date Receivables Collections Collections Collections Amount Receivables Tuesday 09/01/98 1,682,393,379.22 726,792.27 6,242,618.63 0.00 5,851,396.93 Wednesday 09/02/98 1,675,753,370.07 982,735.28 7,461,526.75 0.00 4,814,204.12 Thursday 09/03/98 1,673,106,047.44 486,452.80 4,239,845.05 0.00 4,652,603.37 Friday 09/04/98 1,673,518,805.76 632,401.40 4,657,943.53 0.00 4,330,153.62 Saturday 09/05/98 1,673,191,015.85 0.00 0.00 0.00 0.00 Sunday 09/06/98 1,673,191,015.85 2,147,322.13 14,197,616.49 0.00 4,087,453.87 Monday 09/07/98 1,663,080,853.23 0.00 0.00 0.00 5,914,801.46 Tuesday 09/08/98 1,668,995,654.69 121,592.70 1,221,649.31 0.00 3,207,703.07 Wednesday 09/09/98 1,670,981,708.45 2,741,360.48 15,521,353.07 0.00 4,858,243.78 Thursday 09/10/98 1,660,318,599.16 646,594.18 5,452,905.19 0.00 4,669,893.23 Friday 09/11/98 1,659,535,587.20 330,076.30 3,289,017.99 0.00 4,427,276.75 Saturday 09/12/98 1,660,673,622.96 0.00 0.00 0.00 0.00 Sunday 09/13/98 1,660,673,622.96 1,815,272.59 10,920,632.26 0.00 3,987,285.77 Monday 09/14/98 1,653,740,276.47 953,193.33 7,336,961.90 0.00 5,870,956.37 Tuesday 09/15/98 1,648,143,140.33 171,558.23 1,655,463.80 0.00 4,577,594.17 Wednesday 09/16/98 1,648,925,846.87 1,424,663.77 9,242,878.59 0.00 4,201,929.20 Thursday 09/17/98 1,643,881,329.58 626,869.23 4,427,102.88 0.00 4,132,610.15 Friday 09/18/98 1,643,586,832.85 456,560.69 3,465,672.55 0.00 4,048,713.60 Saturday 09/19/98 1,644,175,780.05 0.00 0.00 0.00 0.00 Sunday 09/20/98 1,644,175,780.05 2,390,490.51 12,776,146.76 0.00 3,835,625.03 Monday 09/21/98 1,635,235,258.32 656,005.84 4,869,621.68 0.00 5,704,488.72 Tuesday 09/22/98 1,636,070,197.49 850,574.65 6,123,704.04 0.00 4,770,970.54 Wednesday 09/23/98 1,634,717,463.99 984,371.77 6,654,234.85 0.00 4,039,531.03 Thursday 09/24/98 1,632,102,760.17 409,678.83 3,372,047.59 0.00 3,970,586.82 Friday 09/25/98 1,632,701,299.40 746,617.62 4,704,676.63 0.00 3,953,180.47 Saturday 09/26/98 1,631,949,803.24 0.00 0.00 0.00 0.00 Sunday 09/27/98 1,631,949,803.24 1,752,042.00 10,748,720.50 0.00 3,804,067.04 Monday 09/28/98 1,625,005,149.78 570,318.17 4,653,773.42 0.00 5,670,223.92 Tuesday 09/29/98 1,626,013,219.42 585,420.11 3,532,063.12 0.00 4,575,674.94 Wednesday 09/30/98 1,626,961,259.03 1,115,907.02 7,952,333.97 0.00 4,384,789.90 Monthly Totals 1,626,961,259.03 24,324,871.90 1,517,897.47 164,720,510.55 0.00 118,341,957.87 1 Includes Fraud Charge-Offs equal to: 148,852.28
Principal Ending Invested Amt + Charge-off Recovery Principal Req Transferor Special Funding SFA Earnings Day Date Amount1 Collections Receivables Amount Account Balance Tuesday 09/01/98 6,248,787.45 1,675,753,370.07 1,605,000,000.00 0.00 Wednesday 09/02/98 0.00 1,673,106,047.44 1,605,000,000.00 0.00 Thursday 09/03/98 0.00 1,673,518,805.76 1,605,000,000.00 0.00 Friday 09/04/98 0.00 1,673,191,015.85 1,605,000,000.00 0.00 Saturday 09/05/98 0.00 1,673,191,015.85 1,605,000,000.00 0.00 Sunday 09/06/98 0.00 1,663,080,853.23 1,605,000,000.00 0.00 Monday 09/07/98 0.00 1,668,995,654.69 1,605,000,000.00 0.00 Tuesday 09/08/98 0.00 1,670,981,708.45 1,605,000,000.00 0.00 Wednesday 09/09/98 0.00 1,660,318,599.16 1,605,000,000.00 0.00 Thursday 09/10/98 0.00 1,659,535,587.20 1,605,000,000.00 0.00 Friday 09/11/98 223.00 1,660,673,622.96 1,605,000,000.00 0.00 Saturday 09/12/98 0.00 1,660,673,622.96 1,605,000,000.00 0.00 Sunday 09/13/98 0.00 1,653,740,276.47 1,605,000,000.00 0.00 Monday 09/14/98 4,131,130.61 1,648,143,140.33 1,605,000,000.00 0.00 Tuesday 09/15/98 2,139,423.83 1,648,925,846.87 1,605,000,000.00 0.00 Wednesday 09/16/98 3,567.90 1,643,881,329.58 1,605,000,000.00 0.00 Thursday 09/17/98 4.00 1,643,586,832.85 1,605,000,000.00 0.00 Friday 09/18/98 (5,906.15) 1,644,175,780.05 1,605,000,000.00 0.00 Saturday 09/19/98 0.00 1,644,175,780.05 1,605,000,000.00 0.00 Sunday 09/20/98 0.00 1,635,235,258.32 1,605,000,000.00 0.00 Monday 09/21/98 (72.13) 1,636,070,197.49 1,605,000,000.00 0.00 Tuesday 09/22/98 0.00 1,634,717,463.99 1,605,000,000.00 0.00 Wednesday 09/23/98 0.00 1,632,102,760.17 1,605,000,000.00 0.00 Thursday 09/24/98 0.00 1,632,701,299.40 1,605,000,000.00 0.00 Friday 09/25/98 0.00 1,631,949,803.24 1,605,000,000.00 0.00 Saturday 09/26/98 0.00 1,631,949,803.24 1,605,000,000.00 0.00 Sunday 09/27/98 0.00 1,625,005,149.78 1,605,000,000.00 0.00 Monday 09/28/98 8,380.86 1,626,013,219.42 1,605,000,000.00 0.00 Tuesday 09/29/98 95,572.21 1,626,961,259.03 1,605,000,000.00 0.00 Wednesday 09/30/98 0.00 1,623,393,714.96 1,605,000,000.00 0.00 Monthly Totals 12,621,111.58 966,118.45 1,623,393,714.96 1,605,000,000.00 0.00 0.00
Monthly Trust Activity A. Trust Level Activity Number of Days in Collection Period 30 Beginning Principal Receivables Balance 1,682,393,379.22 Beginning Special Funding Account Balance 0.00 Beginning Total Principal Balance 1,682,393,379.22 Special Funding Account Earnings 0.00 Finance Charge Collections 24,324,871.90 Interchange Collections 1,517,897.47 Collection Account Investment Proceeds 44,639.76 Recoveries treated as Finance Charge Collections 0.00 Total Finance Charge Receivables Collections 25,887,409.13 Principal Receivables Collections 164,720,510.55 Total Servicing Fee 2,803,988.97 Recoveries treated as Principal Collections 966,118.45 Total Principal Receivables Collections 165,686,629.00 Monthly Payment Rate 11.62% Defaulted Amount (Net of Recoveries) 11,506,140.85 Annualized Default Rate 8.21% Trust Portfolio Yield 18.46% New Principal Receivables 118,341,957.87 Aggregate Account Addition or Removal (Y/N)? N Date of Addition/Removal n/a Principal Receivables at the end of the day of Addition/Removal n/a SFA Balance at the end of the day of Addition/Removal n/a Principal Receivables + SFA Balance at the end of the day of Addition/Removal n/a Percentage of the Collection Period which is before the Addition/Removal Date n/a Ending Principal Receivables Balance 1,623,393,714.96 Ending Special Funding Account (SFA) Balance 0.00 Ending Principal Receivables + SFA Balance 1,623,393,714.96 Required Minimum Principal Balance 1,500,000,000.00
B. Series Allocations Total 1998-2 1998-3 Group 1 1 Class A Invested Amount 528,000,000.00 528,000,000.00 Class B Invested Amount 113,000,000.00 113,000,000.00 Collateral Invested Amount 67,000,000.00 67,000,000.00 Class D Invested Amount 42,000,000.00 42,000,000.00 Total Invested Amount 1,500,000,000.00 750,000,000.00 750,000,000.00 Required Transferor Amount 105,000,000.00 52,500,000.00 52,500,000.00 Invested Amount + Req Transf Amount 1,605,000,000.00 802,500,000.00 802,500,000.00 Series Allocation Percentage 100.00% 50.00% 50.00% Series Allocable Finance Charge Collections 12,943,704.57 12,943,704.57 Series Allocable Principal Collections 82,843,314.50 82,843,314.50 Series Allocable Defaulted Amounts 5,753,070.43 5,753,070.43 Series Allocable Servicing Fee 1,401,994.48 1,401,994.48 In Revolving Period? Y Y Available for Shared Principal Collections 0.00 0.00 B. Series Allocations Amounts Due 1998-2 1998-3 Principal Allocation Percentage 89.16% 89.16% Floating Allocation Percentage 89.16% 89.16% Class A Certificate Rate 5.690% 5.720% Class B Certificate Rate 5.900% 5.950% CIA Certificate Rate 6.465% 6.565% Class D Certificate Rate 0.000% 0.000% Class A Interest 2,503,529.60 2,516,729.60 Class B Interest 555,568.27 560,276.60 Collateral Monthly Interest 360,953.57 366,536.90 Class D Interest 0.00 0.00 Investor Monthly Interest 3,420,051.43 3,443,543.10 Investor Default Amount (Net of Recoveries) 5,129,362.58 5,129,362.58 Interchange Collections 676,668.80 676,668.80 Servicer Interchange 468,750.00 468,750.00 Monthly Servicing Fee (Before Adjustments) 1,250,000.00 1,250,000.00 Interchange Adjustment 0.00 0.00 SFA Adjustment 0.00 0.00 Monthly Servicing Fee (After Adjustments) 1,250,000.00 1,250,000.00 C. Group 1 Allocations Total 1998-2 1998-3 Adjusted Invested Amount for Series 1,500,000,000.00 750,000,000.00 750,000,000.00 Principal Collections 147,724,038.01 73,862,019.00 73,862,019.00 Finance Charge Collections 23,080,876.44 11,540,438.22 11,540,438.22 Investor Monthly Interest 6,863,594.53 3,420,051.43 3,443,543.10 Investor Default Amount 10,258,725.15 5,129,362.58 5,129,362.58 Monthly Servicing Fee 2,500,000.00 1,250,000.00 1,250,000.00 Total Amount Due 19,622,319.69 9,799,414.01 9,822,905.68 Excess Before Reallocation 3,458,556.75 1,741,024.21 1,717,532.54 Reallocation of Finance Charge Collections -11,745.83 11,745.83 Dollars of Excess Spread 3,458,556.75 1,729,278.37 1,729,278.37 Percentage Excess Spread 2.77% 2.77% 2.77% Reallocated Finance Charge Collections 23,080,876.44 11,528,692.38 11,552,184.05 D. Trust Performance 30-59 Days Delinquent 20,350,814.51 60-89 Days Delinquent 12,536,459.34 90+ Days Delinquent 28,067,281.71 Total 30+ Days Delinquent 60,954,555.56
1998-2 Inputs Series Sheet Last Payment Date 15-Sep-98 Current Payment Date 15-Oct-98 Class A Class B CIA Class D Fixed/Floating Floating Floating Floating Floating Certificate Rate 5.690% 5.900% 6.465% 0.000% Initial Balance 528,000,000.00 113,000,000.00 67,000,000.00 42,000,000.00 Beginning Outstanding Amount 528,000,000.00 113,000,000.00 67,000,000.00 42,000,000.00 Beginning Invested Amount 528,000,000.00 113,000,000.00 67,000,000.00 42,000,000.00 Beginning Adjusted Invested Amount 528,000,000.00 113,000,000.00 67,000,000.00 42,000,000.00
Revolving Period (Y/N) Y Accumulation Period (Y/N) N Early Amortization (Y/N) N Controlled Accumulation Period 12 Holdings is Servicer Y Paydown Excess CIA (Y/N) Y Paydown Excess Class D (Y/N) Y Controlled Accumulation Amount 53,416,666.67 Prior Controlled Deposit Amount Shortfall 0.00 Controlled Deposit Amount 53,416,666.67 Beginning Principal Funding Account Balance 0.00 Principal Funding Investment Proceeds 0.00 Collection Account Investment Proceeds 22,319.88 YSA Investment Proceeds 43,778.08 Yield Supplement Account Beginning Balance 8,750,000.00 Yield Supplement Account Release 1,250,000.00 Yield Supplement Credit Amount Percentage 100.00% Reserve Account Mechanics Begin Funding Reserve Account (Y/N) N Required Reserve Account 3,205,000.00 Beginning Balance 0.00 K. Application of Excess Spread and Excess Finance Charge Collections Other CIA Amounts Owed 0.00 Excess Fin Charge Coll from other Series 0.00 Excess Fin Charge Coll for other Series 0.00 M. Application of Principal Collections during Revolving Period Required Collateral Invested Amount 67,000,000.00 Required Class D 42,000,000.00 O. Yield and Base Rate Base Rate Prior Monthly Period 7.52% Second Prior Monthly Period 7.53% Series Adjusted Portfolio Yield Prior Monthly Period 11.60% Second Prior Monthly Period 15.22% 1998-3 Inputs Series Sheet Last Payment Date 15-Sep-98 Current Payment Date 15-Oct-98
Class A Class B CIA Class D Fixed/Floating Floating Floating Floating Floating Certificate Rate 5.720% 5.950% 6.565% 0.000% Initial Balance 528,000,000.00 113,000,000.00 67,000,000.00 42,000,000.00 Beginning Outstanding Amount 528,000,000.00 113,000,000.00 67,000,000.00 42,000,000.00 Beginning Invested Amount 528,000,000.00 113,000,000.00 67,000,000.00 42,000,000.00 Beginning Adjusted Invested Amou 528,000,000.00 113,000,000.00 67,000,000.00 42,000,000.00
Revolving Period (Y/N) Y Accumulation Period (Y/N) N Early Amortization (Y/N) N Controlled Accumulation Period 12 Holdings is Servicer Y Paydown Excess CIA (Y/N) Y Paydown Excess Class D (Y/N) Y Controlled Accumulation Amount 53,416,666.67 Prior Controlled Deposit Amount Shortfall 0.00 Controlled Deposit Amount 53,416,666.67 Beginning Principal Funding Account Balance 0.00 Principal Funding Investment Proceeds 0.00 Collection Account Investment Proceeds 22,319.88 YSA Investment Proceeds 43,778.08 Yield Supplement Account Beginning Balance 8,750,000.00 Yield Supplement Account Release 1,250,000.00 Yield Supplement Credit Amount Percentage 100.00% Reserve Account Mechanics Begin Funding Reserve Account (Y/N) N Required Reserve Account Amount 3,205,000.00 Beginning Balance 0.00 K. Application of Excess Spread and Excess Finance Charge Collections Other CIA Amounts Owed 0.00 Excess Fin Charge Coll from other Series 0.00 Excess Fin Charge Coll for toehr Series 0.00 M. Application of Principal Collections during Revolving Period Required Collateral Invested Amount 67,000,000.00 Required Class D 42,000,000.00 O. Yield and Base Rate Base Rate Prior Monthly Period 7.56% Second Prior Monthly Period 7.57% Series Adjusted Portfolio Yield Prior Monthly Period 11.63% Second Prior Monthly Period 15.29%
Series 1998-2 A. Investor/Transferor Allocations B. Monthly Funding Requirements Last Payment Date 15-Sep-98 Current Payment Date 15-Oct-98 Actual / 360 Days 30 30 30 30 30 / 360 Days 30 30 30 30 Fixed / Floating Floating Floating Floating Floating Collateral Invested Class A Class B Amount Class D Total Certificate Rate 5.690% 5.900% 6.465% 0.000% Initial Balance 528,000,000.00 113,000,000.00 67,000,000.00 42,000,000.00 750,000,000.00 Required Transferor Amount 52,500,000.00 Total Initial Amount 802,500,000.00 Beginning Outstanding Amount 528,000,000.00 113,000,000.00 67,000,000.00 42,000,000.00 750,000,000.00 Ending Outstanding Amount 528,000,000.00 113,000,000.00 67,000,000.00 42,000,000.00 750,000,000.00 Beginning Invested Amount 528,000,000.00 113,000,000.00 67,000,000.00 42,000,000.00 750,000,000.00 Ending Invested Amount 528,000,000.00 113,000,000.00 67,000,000.00 42,000,000.00 750,000,000.00 Beginning Adjusted Invested Amount 528,000,000.00 113,000,000.00 67,000,000.00 42,000,000.00 750,000,000.00 Ending Adjusted Invested Amount 528,000,000.00 113,000,000.00 67,000,000.00 42,000,000.00 750,000,000.00 Principal Allocation Percentage 70.40% 15.07% 8.93% 5.60% 100.00% Floating Allocation Percentage 70.40% 15.07% 8.93% 5.60% 100.00% Principal Collections 51,998,861.38 11,128,544.20 6,598,340.36 4,136,273.06 73,862,019.00 Realloc Finance Charge Collections 8,116,199.44 1,736,989.65 1,029,896.52 645,606.77 11,528,692.38 YSA Draw 1,250,000.00 YSA Investment Proceeds 43,778.08 Realloc Finance Charge plus YSA Draw 9,027,019.21 1,931,918.88 1,145,474.03 718,058.35 12,822,470.46 Monthly Interest 2,503,529.60 555,568.27 360,953.57 0.00 3,420,051.43 Investor Default Amount (Net) 3,611,071.25 772,823.96 458,223.06 287,244.30 5,129,362.58 Monthly Servicing Fee 880,000.00 188,333.33 111,666.67 70,000.00 1,250,000.00 Total Due 6,994,600.85 1,516,725.56 930,843.29 357,244.30 9,799,414.01 Reallocated Investor Fin Charge Coll + YSA Draw + PFA Inv Proceeds + Reserve Fund Releases 12,822,470.46 Series Adjusted Portfolio Yield 12.31% Base Rate 7.47%
Series Parameters Revolving Period (Y/N) Y Accumulation Period (Y/N) N Early Amortization (Y/N) N Controlled Accumulation Period 12.00 Holdings is Servicer Y Paydown Excess CIA (Y/N) Y Paydown Excess Class D (Y/N) Y Controlled Accumulation Amount 53,416,666.67 Controlled Deposit Amount 53,416,666.67 Ending Controlled Deposit Amount Shortfall 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 8,750,000.00 Yield Supplement Account Release 1,250,000.00 Yield Supplement Account Ending Balance 7,500,000.00 Reserve Account Beginning Balance 0.00 Required Reserve Account Amount 0.00 Funds Deposited into Reserve Account 0.00 Ending Reserve Account Balance 0.00 C. Certificate Balances and Distrubutions
Class A Class B CIA Class D Total Beginning Balance 528,000,000.00 113,000,000.00 67,000,000.00 42,000,000.00 750,000,000.00 Interest Distributions 2,503,529.60 555,568.27 360,953.57 0.00 3,420,051.43 PFA Deposits 0.00 0.00 Principal Distributions 0.00 0.00 0.00 0.00 0.00 Total Distributions 2,503,529.60 555,568.27 360,953.57 0.00 3,420,051.43 Ending Certificate Balance 528,000,000.00 113,000,000.00 67,000,000.00 42,000,000.00 750,000,000.00 Pool Factor 100.00% 100.00% 100.00% 100.00% Total Distribution Per $1,000 4.7415 4.9165 5.3874 0.0000 Interest Distribution Per $1,000 4.7415 4.9165 5.3874 0.0000 Principal Distribution Per $1,000 0.0000 0.0000 0.0000 0.0000
D. Information regarding distributions on the Distribution Date in respect of the Class A Certificates per $1,000 original certificate principal amount:
1 Total amount of the distribution: 2,503,529.60 2 Amount of the distribution in respect of Class A Monthly Interest: 2,503,529.60 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: 555,568.27 2 Amount of the distribution in respect of Class B monthly 555,568.27 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 0.00 balance of the Class B Certificates exceeds the Class B Invested Amount after giving effect to all transactions on such Distribution Date: H. Information regarding distributions on the Distribution Date to the Collateral Interest Holder. 1 Total amount distributed to the Collateral Interest Holder 360,953.57 2 Amount distributed in respect of Collateral Monthly Interest 360,953.57 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
Available Due Paid Shortfall 1 Allocated Class A Available Funds 9,027,019.21 a Reserve Account Release 0.00 b PFA Investment Earnings 0.00 c Class A Available Funds 9,027,019.21 2 Class A Available Funds 9,027,019.21 a Class A Monthly Interest 2,503,529.60 2,503,529.60 0.00 b Class A Servicing Fee 880,000.00 880,000.00 0.00 c Class A Investor Default Amount 3,611,071.25 3,611,071.25 0.00 d Class A Excess 2,032,418.35 2 Class B Available Funds 1,931,918.88 a Class B Monthly Interest 555,568.27 555,568.27 0.00 b Class B Servicing Fee 188,333.33 188,333.33 0.00 c Class B Excess 1,188,017.28 3 Collateral Available Funds 1,145,474.03 a Collateral Servicing Fee 111,666.67 111,666.67 0.00 b Collateral Excess 1,033,807.36 4 Class D Available Funds a Class D Available Funds 718,058.35 b Class D Servicing Fee 70,000.00 67,545.18 0.00 c Class D Excess 648,058.35 5 Total Excess Spread 4,902,301.34 K. Application of Excess Spread and Excess Finance Charge Collections Available Due Paid Shortfall 1 Available Excess Spread 4,902,301.34 2 Excess Fin Charge Coll 0.00 from Other Series 3 Available Funds 4,902,301.34 2 Class A Required Amount Shortfalls 0.00 0.00 0.00 3 Class B Defaults 772,823.96 772,823.96 0.00 4 Monthly Servicing Fee 0.00 0.00 0.00 5 Collateral Monthly Interest 360,953.57 360,953.57 0.00 6 Collateral Default Amount 458,223.06 458,223.06 0.00 7 Reserve Account Deposit 0.00 0.00 0.00 9 Class D Monthly Interest 0.00 0.00 0.00 10 Class D Default Amount 287,244.30 287,244.30 0.00 8 Other CIA Amounts Owed 0.00 0.00 0.00 11 Excess Fin Coll for Other Series 0.00 0.00 0.00 12 Excess Spread 3,023,056.45 13 Writedowns a Class A 0.00 b Class B 0.00 c CIA 0.00 d Class D 0.00
L. Reallocated Principal Collections 3 Total Principal Collections Allocable 73,862,019.00 4 Principal Required to Fund the Required Amount 0.00 5 Shared Principal Collections from other Series 0.00 6 Other Amounts Treated as Principal Collections 5,129,362.58 7 Available Principal Collections 78,991,381.58 M. Application of Principal Collections during Revolving Period 1 Collateral Invested Amount 67,000,000.00 2 Required Collateral Invested Amount 67,000,000.00 3 Amount used to pay Excess CIA 0.00 4 Available Principal Collections 78,991,381.58 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 78,991,381.58 N. Application of Principal Collections during the Accumulation Period 1 Available Principal Collections 78,991,381.58 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 42,000,000.00 b Principal Paid to Class D 0.00 c Class D at the end of the Period 42,000,000.00 Class A Principal Paid to Investors 0.00 Ending Class A Outstanding Amount 528,000,000.00 Ending Class B Outstanding Amount 113,000,000.00 5 Shared Principal Collections 0.00 N. Application of Principal Collections during Early Amortization Period 1 Principal Collections Available 0.00 a Remaining Class A Adjusted Invested Amount 528,000,000.00 b Principal Paid to Class A 0.00 c End of Period Class A Adjusted Invested Amount 528,000,000.00 2 Remaining Principal Collections Available 0.00 a Remaining Class B Adjusted Invested Amount 113,000,000.00 b Principal Paid to Class B 0.00 c End of Period Class B Adjusted Invested Amount 113,000,000.00 3 Remaining Principal Collections Available 0.00 a Remaining Collateral Invested Amount 67,000,000.00 b Principal Paid to CIA 0.00 c Collateral Invested Amount at the end of the Period 67,000,000.00 4 Remaining Principal Collections Available 0.00 a Remaining Class D Amount 42,000,000.00 b Principal Paid to Class D 0.00 c Class D at the end of the Period 42,000,000.00 O. Yield and Base Rate 1 Base Rate a Current Monthly Period 7.47% b Prior Monthly Period 7.52% c Second Prior Monthly Period 7.53% Three Month Average Base Rate 7.51% 2 Series Adjusted Portfolio Yield a Current Monthly Period 12.31% b Prior Monthly Period 11.60% c Second Prior Monthly Period 15.22% Three Month Average Series Adjusted Portfolio Yield 13.04% 3 Excess Spread a Current Monthly Period 4.84% b Prior Monthly Period 4.08% c Second Prior Monthly Period 7.69% Three Month Average Excess Spread 5.53% 1998-2 Trustee ---------------------------------------- Partners First Credit Card Master Trust Series 1998-2 ---------------------------------------- The undersigned, a duly authorized representative of Partners First Holdings LLC ("Holdings"), as Servicer pursuant to the Pooling and Servicing Agreement dated as of June 26, 1998 (as amended and supplemented, the "Pooling and Servicing Agreement"), among Holdings, Partners First Receivables Funding LLC ("Funding"), as Transferor and The Bank of New York, as trustee (the "Trustee"), does hereby certify as follows: 1. Capitalized terms used in this Certificate have been defined in the Agreement or the Series 1998-2 Supplement dated as of June 26, 1998, among Holdings Funding and the Trustee (as amended and supplemented, the "Supplement"), as applicable. 2. Holdings is the Servicer 3. The undersigned is a Servicing Officer. I. INSTRUCTION TO MAKE A WITHDRAWAL The Servicer does hereby instruct the Trustee (i) to make withdrawals from the Collection Account on 10/15/98 which date is a Distribution Date under the Supplement, in the aggregate amounts (equal to the Class A Available Funds, Class B Available Funds and Collateral Available Funds, respectively) as set forth below in respect of the following amounts (ii) to apply the proceeds of such withdrawals in accordance with the Supplement. With respect to the Class A Certificates A) (1) Interest at the Class A Certificate Rate for the related Interest Period on the Class A Invested Amount ...................................... $2,503,529.60 (2) Class A Monthly Interest previously due but not paid..... $0.00 (3) Class A Additional Interest and any Class A Additional Interest due but not paid ................................ $0.00 B) (1) The Class A Servicing Fee for the preceding Monthly Period , if applicable................................... $880,000.00 (2) Accrued and unpaid Class A Servicing Fees, if applicable................ $0.00 C) Class A Investor Default Amount for the preceding Monthly Period............. $3,611,071.25 With respect to the Class B Certificates A) (1) Interest at the Class B Certificate Rate for the preceding Monthly Period on the Class B Invested Amount ...................................... $555,568.27 (2) Class B Monthly Interest previously due but not paid.................. $0.00 (3) Class B Additional Interest and any Class B Additional Interest previously due but not paid.................. $0.00 B) (1) The Class B Servicing Fee for the preceding Monthly Period, if applicable................................... $188,333.33 (2) Accrued and unpaid Class B Servicing Fees, if applicable................ $0.00 With respect to the Collateral Interest A) (1) The Collateral Servicing Fee for the preceding Monthly Period, if applicable................................... $111,666.67 (2) Accrued and unpaid Collateral Servicing Fee, if applicable................. $0.00 B) (1) The Class D Servicing Fee for the preceding Monthly Period, if applicable................................... $70,000.00 (2) Accrued and unpaid Class D Servicing Fee, if applicable................. $0.00 The Servicer hereby instructs the Trustee (i) to make withdrawals from the Collection Account on 15/10/98 which date is a Distribution Date under the Supplement, in the aggregate amounts (equal to the Available Principal Collections) as set forth below in respect of the following amounts and (ii) to apply the proceeds of such withdrawals. C) (1) The excess, if any, of the Collateral Invested Amount over the Required Collateral Invested Amount paid to the Collateral Interest Holder pursuant to the Loan Agreement.............................. $0.00 (2) Amount to be treated as Shared Principal Collections................................. $0.00 With respect to the Class D Certificates A) (1) The excess, if any, of the Class D Amount over the Required Class D Invested Amount paid to the (2) Class D Holder...................... $0.00 Amount to be treated as Shared Principal Collections................................. $0.00 With Respect to Principal A) (1) The Lesser of the Controlled Deposit Amount and the sum of the Class A Adjusted Invested Amount and the Class B Adjusted Invested Amount deposited in the Principal Funding Account............... $0.00 (2) After the Class B Invested Amount is paid in full, the amount paid to the Collateral Interest Holder (up to the Collateral Invested Amount) pursuant to the Loan Agreement.............................. $0.00 (3) Prior to the date the Class B Invested Amount is paid in full, excess of the Collateral Invested Amount over the Required Collateral Invested Amount paid to the Collateral Interest Holder pursuant to the Loan Agreement.............. $0.00 (4) Prior to the date the Class B Invested Amount is paid in full, amount to be treated as Shared Principal Collections....................... $0.00 (1) An amount up to the Class A Adjusted Invested Amount deposited in the Principal Funding Account............ $0.00 (2) On and after the Distribution Date on which the Class A Invested Amount deposited in the Principal Funding Account..................................... $0.00 (3) On and after the Distribution Date on which the Class B Invested Amount is paid in full, an amount up to the Collateral Invested Amount paid to the Collateral Interest Holder pursuant to the Loan Agreement....................... $0.00 The Servicer does hereby instruct the Trustee to apply on 10/15/98 which date is a Distribution Date under the Supplement, any Excess Spread which is allocated to Series 1998-2 as follows: A) Class A Required Amount applied in the priority set forth...................... $0.00 B) Aggregate amount of Class A Investor Charge-Offs not previously reimbursed allocated to Available Principal Collections............. $0.00 C) Class B Required Amount applied first in the priority set forth and any remaining amount up to the Class B Investor Default Amount allocated to Available Principal Collections................................. $772,823.96 D) The amount by which the "Class B Invested Amount" has been reduced pursuant to clauses (c), (d) and (e) of the definition thereof allocated to Available Principal Collections................................. $0.00 E) (1) Collateral Monthly Interest......... $360,953.57 (2) Collateral Monthly Interest previously due but not paid................. $0.00 (3) Collateral Additional Interest and any Collateral Additional Interest previously due and not paid................. $0.00 F) Monthly Servicing Fee for such Distribution Date that has not been paid to the Servicer and any Monthly Servicing Fee previously due but not paid to the Servicer............ $0.00 G) Collateral Default Amount allocated to Available Principal Collections................................. $458,223.06 H) The amount by which the "Collateral Invested Amount" has been reduced pursuant to the definition thereof and allocated to Available Principal Collections............. $0.00 I) The excess of the Required Reserve Account Amount over the Available Reserve Amount deposited into the Reserve Account............................. $0.00 J) Paid to the Collateral Interest Holder pursuant to the Loan Agreement................................... $0.00 K) Treated as Excess Finance Charge Collections and allocated to other Series or paid to the Holders of the Transferor Certificates................. $3,023,056.45 The Servicer does hereby instruct the Trustee to apply on 10/15/98 which is a Distribution Date under the Pooling and Servicing agreement, $0.0 of Reallocated Principal Collections to fund any deficiencies in the Required Amount after applying Class A Available Funds, Class B Available Funds, Excess Spread and Excess Finance Charge Collections thereto. II. INSTRUCTION TO MAKE CERTAIN PAYMENTS The Servicer does hereby instruct the Trustee to pay in accordance with the Supplement from the Collection Account or the Principal Funding Account, as applicable, on 10/15/98 which date is a Payment Date under the Supplement, the following amounts as set forth below: A) Interest to be distributed to Class A Certificate holders....................... $2,503,529.60 B) On the Expected Final Payment Date or a Special Payment Date, principal to be distributed to the Class A Certificateholders.................. $0.00 C) Interest to be distributed to Class B Certificateholders........................ $555,568.27 D) On the Expected Final Payment Date or a Special Payment Date, on or after the date Class A Invested Amount is paid in full, principal to be distributed to the Class B Certificateholders.......................... $0.00 E) Interest to be distributed to the Collateral Interest Holder.................. $360,953.57 F) On the Expected Final Payment Date After the date Class A and Class B Invested Amounts are paid in full, principal to be distributed to the Collateral Interest Holder..................................... $0.00 III. ACCRUED AND UNPAID AMOUNTS After giving effect to the withdrawals and transfers to be made in accordance with this notice, the following amounts will be accrued and unpaid with respect to all Monthly Periods preceding the current calendar month. 1. The aggregate amount of all unreimbursed Class A Investor Charge-Offs................................ $0.00 2. The aggregate amount by which the Class B Invested Amount has been reduced............................... $0.00 3. The aggregate amount by which the Collateral Invested Amount has been reduced............................... $0.00 4. The aggregate amount by which the Collateral Invested Amount has been reduced............................... $0.00 IN WITNESS WHEREOF, the undersigned has duly executed this Certificate on 10/15/98 PARTNERS FIRST RECEIVABLES FUNDING, LLC by /s/ Mark Norwicz ------------------------------------- Name: Mark Norwicz Title: Treasurer
Series 1998-3 A. Investor/Transferor Allocations B. Monthly Funding Requirements Last Payment Date 15-Sep-98 Current Payment Date 15-Oct-98 Actual / 360 Days 30 30 30 30 30 / 360 Days 30 30 30 30 Fixed / Floating Floating Floating Floating Floating Collateral Invested Class A Class B Amount Class D Total Certificate Rate 5.720% 5.950% 6.565% 0.000% Initial Balance 528,000,000.00 113,000,000.00 67,000,000.00 42,000,000.00 750,000,000.00 Required Transferor Amount 52,500,000.00 Total Initial Amount 802,500,000.00 Beginning Outstanding Amount 528,000,000.00 113,000,000.00 67,000,000.00 42,000,000.00 750,000,000.00 Ending Outstanding Amount 528,000,000.00 113,000,000.00 67,000,000.00 42,000,000.00 750,000,000.00 Beginning Invested Amount 528,000,000.00 113,000,000.00 67,000,000.00 42,000,000.00 750,000,000.00 Ending Invested Amount 528,000,000.00 113,000,000.00 67,000,000.00 42,000,000.00 750,000,000.00 Beginning Adjusted Invested Amount 528,000,000.00 113,000,000.00 67,000,000.00 42,000,000.00 750,000,000.00 Ending Adjusted Invested Amount 528,000,000.00 113,000,000.00 67,000,000.00 42,000,000.00 750,000,000.00 Principal Allocation Percentage 70.40% 15.07% 8.93% 5.60% 100.00% Floating Allocation Percentage 70.40% 15.07% 8.93% 5.60% 100.00% Principal Collections 51,998,861.38 11,128,544.20 6,598,340.36 4,136,273.06 73,862,019.00 Realloc Finance Charge Collections 8,132,737.57 1,740,529.06 1,031,995.11 646,922.31 11,552,184.05 YSA Draw 1,250,000.00 YSA Investment Proceeds 43,778.08 Realloc Finance Charge plus YSA Draw 9,043,557.34 1,935,458.29 1,147,572.62 719,373.88 12,845,962.13 Monthly Interest 2,516,729.60 560,276.60 366,536.90 0.00 3,443,543.10 Investor Default Amount (Net) 3,611,071.25 772,823.96 458,223.06 287,244.30 5,129,362.58 Monthly Servicing Fee 880,000.00 188,333.33 111,666.67 70,000.00 1,250,000.00 Total Due 7,007,800.85 1,521,433.89 936,426.62 357,244.30 9,822,905.68 Reallocated Investor Fin Charge Coll + YSA Draw + PFA Inv Proceeds + Reserve Fund Releases 12,845,962.13 Series Adjusted Portfolio Yield 12.35% Base Rate 7.51%
Series Parameters Revolving Period (Y/N) Y Accumulation Period (Y/N) N Early Amortization (Y/N) N Controlled Accumulation Period 12.00 Holdings is Servicer Y Paydown Excess CIA (Y/N) Y Paydown Excess Class D (Y/N) Y Controlled Accumulation Amount 53,416,666.67 Controlled Deposit Amount 53,416,666.67 Ending Controlled Deposit Amount Shortfall 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 8,750,000.00 Yield Supplement Account Release 1,250,000.00 Yield Supplement Account Ending Balance 7,500,000.00 Reserve Account Beginning Balance 0.00 Required Reserve Account Amount 0.00 Funds Deposited into Reserve Account 0.00 Ending Reserve Account Balance 0.00 C. Certificate Balances and Distrubutions
Class A Class B CIA Class D Total Beginning Balance 528,000,000.00 113,000,000.00 67,000,000.00 42,000,000.00 750,000,000.00 Interest Distributions 2,516,729.60 560,276.60 366,536.90 0.00 3,443,543.10 PFA Deposits 0.00 0.00 Principal Distributions 0.00 0.00 0.00 0.00 0.00 Total Distributions 2,516,729.60 560,276.60 366,536.90 0.00 3,443,543.10 Ending Certificate Balance 528,000,000.00 113,000,000.00 67,000,000.00 42,000,000.00 750,000,000.00 Pool Factor 100.00% 100.00% 100.00% 100.00% Total Distribution Per $1,000 4.7665 4.9582 5.4707 0.0000 Interest Distribution Per $1,000 4.7665 4.9582 5.4707 0.0000 Principal Distribution Per $1,000 0.0000 0.0000 0.0000 0.0000
D. Information regarding distributions on the Distribution Date in respect of the Class A Certificates per $1,000 original certificate principal amount:
1 Total amount of the distribution: 2,516,729.60 2 Amount of the distribution in respect of Class A Monthly 2,516,729.60 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-O 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: 560,276.60 2 Amount of the distribution in respect of Class B monthly 560,276.60 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: H. Information regarding distributions on the Distribution Date to the Collateral Interest Holder. 1 Total amount distributed to the Collateral Interest Holder: 366,536.90 2 Amount distributed in respect of Collateral Monthly Interest 366,536.90 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. Application of Reallocated Investor Finance Charge Collections.
Available Due Paid Shortfall 1 Allocated Class A Available Funds 9,043,557.34 a Reserve Account Release 0.00 b PFA Investment Earnings 0.00 c Class A Available Funds 9,043,557.34 2 Class A Available Funds 9,043,557.34 a Class A Monthly Interest 2,516,729.60 2,516,729.60 0.00 b Class A Servicing Fee 880,000.00 880,000.00 0.00 c Class A Investor Default Amount 3,611,071.25 3,611,071.25 0.00 d Class A Excess 2,035,756.49 2 Class B Available Funds 1,935,458.29 a Class B Monthly Interest 560,276.60 560,276.60 0.00 b Class B Servicing Fee 188,333.33 188,333.33 0.00 c Class B Excess 1,186,848.36 3 Collateral Available Funds 1,147,572.62 a Collateral Servicing Fee 111,666.67 111,666.67 0.00 b Collateral Excess 1,035,905.95 4 Class D Available Funds a Class D Available Funds 719,373.88 b Class D Servicing Fee 70,000.00 70,000.00 0.00 c Class D Excess 649,373.88 5 Total Excess Spread 4,907,884.68 K. Application of Excess Spread and Excess Finance Charge Collections Available Due Paid Shortfall 1 Available Excess Spread 4,907,884.68 2 Excess Fin Charge Coll 0.00 from Other Series 3 Available Funds 4,907,884.68 2 Class A Required Amount Shortfalls 0.00 0.00 0.00 3 Class B Defaults 772,823.96 772,823.96 0.00 4 Monthly Servicing Fee 0.00 0.00 0.00 5 Collateral Monthly Interest 366,536.90 366,536.90 0.00 6 Collateral Default Amount 458,223.06 458,223.06 0.00 7 Reserve Account Deposit 0.00 0.00 0.00 9 Class D Monthly Interest 0.00 0.00 0.00 10 Class D Default Amount 287,244.30 287,244.30 0.00 8 Other CIA Amounts Owed 0.00 0.00 0.00 11 Excess Fin Coll for Other Series 0.00 0.00 0.00 12 Excess Spread 3,023,056.45 13 Writedowns a Class A 0.00 b Class B 0.00 c CIA 0.00 d Class D 0.00
L. Reallocated Principal Collections 3 Total Principal Collections Allocable 73,862,019.00 4 Principal Required to Fund the Required Amount 0.00 5 Shared Principal Collections from other Series 0.00 6 Other Amounts Treated as Principal Collections 5,129,362.58 7 Available Principal Collections 78,991,381.58 M. Application of Principal Collections during Revolving Period 1 Collateral Invested Amount 67,000,000.00 2 Required Collateral Invested Amount 67,000,000.00 3 Amount used to pay Excess CIA 0.00 4 Available Principal Collections 78,991,381.58 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 78,991,381.58 N. Application of Principal Collections during the Accumulation Period 1 Available Principal Collections 78,991,381.58 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 2 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 3 Remaining Principal Collections Available 0.00 a Remaining Class D Amount 42,000,000.00 b Principal Paid to Class D 0.00 c Class D at the end of the Period 42,000,000.00 Class A Principal Paid to Investors 0.00 Ending Class A Outstanding Amount 528,000,000.00 Ending Class B Outstanding Amount 113,000,000.00 4 Shared Principal Collections 0.00 N. Application of Principal Collections during Early Amortization Period 1 Principal Collections Available 0.00 a Remaining Class A Adjusted Invested Amount 528,000,000.00 b Principal Paid to Class A 0.00 c End of Period Class A Adjusted Invested Amount 528,000,000.00 2 Remaining Principal Collections Available 0.00 a Remaining Class B Adjusted Invested Amount 113,000,000.00 b Principal Paid to Class B 0.00 c End of Period Class B Adjusted Invested Amount 113,000,000.00 3 Remaining Principal Collections Available 0.00 a Remaining Collateral Invested Amount 67,000,000.00 b Principal Paid to CIA 0.00 c Collateral Invested Amount at the end of 67,000,000.00 4 Remaining Principal Collections Available 0.00 a Remaining Class D Amount 42,000,000.00 b Principal Paid to Class D 0.00 c Class D at the end of the Period 42,000,000.00 O. Yield and Base Rate 1 Base Rate a Current Monthly Period 7.51% b Prior Monthly Period 7.56% c Second Prior Monthly Period 7.57% Three Month Average Base Rate 7.55% 2 Series Adjusted Portfolio Yield a Current Monthly Period 12.35% b Prior Monthly Period 11.63% c Second Prior Monthly Period 15.29% Three Month Average Series Adjusted Portfolio Yield 13.09% 3 Excess Spread a Current Monthly Period 4.84% b Prior Monthly Period 4.07% c Second Prior Monthly Period 7.72% Three Month Average Excess Spread 5.54% ---------------------------------------------------------- Partners First Credit Card Master Trust Series 1998-3 ---------------------------------------------------------- The undersigned, a duly authorized representative of Partners First Holdings LLC ("Holdings"), as Servicer pursuant to the Pooling and Servicing Agreement dated as of June 26, 1998 (as amended and supplemented, the "Pooling and Servicing Agreement"), among Holdings, Partners First Receivables Funding LLC ("Funding"), as Transferor and The Bank of New York, as trustee (the "Trustee"), does hereby certify as follows: 1. Capitalized terms used in this Certificate have been defined in the Agreement or the Series 1998-3 Supplement dated as of June 26, 1998, among Holdings Funding and the Trustee (as amended and supplemented, the "Supplement"), as applicable. 2. Holdings is the Servicer 3. The undersigned is a Servicing Officer. I. INSTRUCTION TO MAKE A WITHDRAWAL The Servicer does hereby instruct the Trustee (i) to make withdrawals from the Collection Account on 10/15/98 which date is a Distribution Date under the Supplement, in the aggregate amounts (equal to the Class A Available Funds, Class B Available Funds and Collateral Available Funds, respectively) as set forth below in respect of the following amounts (ii) to apply the proceeds of such withdrawals in accordance with the Supplement. With respect to the Class A Certificates A) (1) Interest at the Class A Certificate Rate for the related Interest Period on the Class A Invested Amount ......................................... $2,516,729.60 (2) Class A Monthly Interest previously due but not paid..................... $0.00 (3) Class A Additional Interest and any Class A Additional Interest due but not paid ................................... $0.00 B) (1) The Class A Servicing Fee for the preceding Monthly Period , if applicable...................................... $880,000.00 (2) Accrued and unpaid Class A Servicing Fees, if applicable................... $0.00 C) Class A Investor Default Amount for the preceding Monthly Period................ $3,611,071.25 With respect to the Class B Certificates A) (1) Interest at the Class B Certificate Rate for the preceding Monthly Period on the Class B Invested Amount ......................................... $560,276.60 (2) Class B Monthly Interest previously due but not paid..................... $0.00 (3) Class B Additional Interest and any Class B Additional Interest previously due but not paid..................... $0.00 B) (1) The Class B Servicing Fee for the preceding Monthly Period, if applicable...................................... $188,333.33 (2) Accrued and unpaid Class B Servicing Fees, if applicable................... $0.00 With respect to the Collateral Interest A) (1) The Collateral Servicing Fee for the preceding Monthly Period, if applicable..................................... $111,666.67 (2) Accrued and unpaid Collateral Servicing Fee, if applicable................... $0.00 B) (1) The Class D Servicing Fee for the preceding Monthly Period, if applicable..................................... $70,000.00 (2) Accrued and unpaid Class D Servicing Fee, if applicable................... $0.00 The Servicer hereby instructs the Trustee (i) to make withdrawals from the Collection Account on 15-Oct-98 which date is a Distribution Date under the Supplement, in the aggregate amounts (equal to the Available Principal Collections) as set forth below in respect of the following amounts and (ii) to apply the proceeds of such withdrawals. C) (1) The excess, if any, of the Collateral Invested Amount over the Required Collateral Invested Amount paid to the Collateral Interest Holder pursuant to the Loan Agreement....................... $0.00 (2) Amount to be treated as Shared Principal Collections..................... $0.00 With respect to the Class D Certificates A) (1) The excess, if any, of the Class D Amount over the Required Class D Invested Amount paid to the Class D Holder.................. $0.00 (2) Amount to be treated as Shared Principal Collections..................... $0.00 With Respect to Principal A) (1) The Lesser of the Controlled Deposit Amount and the sum of the Class A Adjusted Invested Amount and the Class B Adjusted Invested Amount deposited in the Principal Funding Account.............................. $0.00 (2) After the Class B Invested Amount is paid in full, the amount paid to the Collateral Interest Holder (up to the Collateral Invested Amount) pursuant to the Loan Agreement............................... $0.00 (3) Prior to the date the Class B Invested Amount is paid in full, excess of the Collateral Invested Amount over the Required Collateral Invested Amount paid to the Collateral Interest Holder pursuant to the Loan Agreement............... $0.00 (4) Prior to the date the Class B Invested Amount is paid in full, amount to be treated as Shared Principal Collections $0.00 (1) An amount up to the Class A Adjusted Invested Amount deposited in the Principal Funding Account........ $0.00 (2) On and after the Distribution Date on which the Class A Invested Amount deposited in the Principal Funding Account..................................... $0.00 (3) On and after the Distribution Date on which the Class B Invested Amount is paid in full, an amount up to the Collateral Invested Amount paid to the Collateral Interest Holder pursuant to the Loan Agreement.............................. $0.00 The Servicer does hereby instruct the Trustee to apply on 10/15/98 which date is a Distribution Date under the Supplement, any Excess Spread which is allocated to Series 1998-3 as follows: A) Class A Required Amount applied in the priority set forth....................... $0.00 B) Aggregate amount of Class A Investor Charge-Offs not previously reimbursed allocated to Available Principal Collections. $0.00 C) Class B Required Amount applied first in the priority set forth and any remaining amount up to the Class B Investor Default Amount allocated to Available Principal Collections.................................. $772,823.96 D) The amount by which the "Class B Invested Amount" has been reduced pursuant to clauses (c), (d) and (e) of the definition thereof allocated to Available Principal Collections.................................. $0.00 E) (1) Collateral Monthly Interest......... $366,536.90 (2) Collateral Monthly Interest previously due but not paid.................. $0.00 (3) Collateral Additional Interest and any Collateral Additional Interest previously due and not paid.................. $0.00 F) Monthly Servicing Fee for such Distribution Date that has not been paid to the Servicer and any Monthly Servicing Fee previously due but not paid to the Servicer. $0.00 G) Collateral Default Amount allocated to Available Principal Collections.................................. $458,223.06 H) The amount by which the "Collateral Invested Amount" has been reduced pursuant to the definition thereof and allocated to Available Principal Collections.............. $0.00 I) The excess of the Required Reserve Account Amount over the Available Reserve Amount deposited into the Reserve Account.............................. $0.00 J) Paid to the Collateral Interest Holder pursuant to the Loan Agreement.................................... $0.00 K) Treated as Excess Finance Charge Collections and allocated to other Series or paid to the Holders of the Transferor Certificates.................. $3,023,056.45 The Servicer does hereby instruct the Trustee to apply on 10/15/98 which is a Distribution Date under the Pooling and Servicing agreement, $0.0 of Reallocated Principal Collections to fund any deficiencies in the Required Amount after applying Class A Available Funds, Class B Available Funds, Excess Spread and Excess Finance Charge Collections thereto. II. INSTRUCTION TO MAKE CERTAIN PAYMENTS The Servicer does hereby instruct the Trustee to pay in accordance with the Supplement from the Collection Account or the Principal Funding Account, as applicable, on 10/15/98 which date is a Payment Date under the Supplement, the following amounts as set forth below: A) Interest to be distributed to Class A Certificate holders........................ $2,516,729.60 B) On the Expected Final Payment Date or a Special Payment Date, principal to be distributed to the Class A Certificateholders................... $0.00 C) Interest to be distributed to Class B Certificateholders......................... $560,276.60 D) On the Expected Final Payment Date or a Special Payment Date, on or after the date Class A Invested Amount is paid in full, principal to be distributed to the Class B Certificateholders........................... $0.00 E) Interest to be distributed to the Collateral Interest Holder.............................. $366,536.90 F) On the Expected Final Payment Date After the date Class A and Class B Invested Amounts are paid in full, principal to be distributed to the Collateral Interest Holder....................................... $0.00 III. ACCRUED AND UNPAID AMOUNTS After giving effect to the withdrawals and transfers to be made in accordance with this notice, the following amounts will be accrued and unpaid with respect to all Monthly Periods preceding the current calendar month. 1. The aggregate amount of all unreimbursed Class A Investor Charge-Offs............................... $0.00 2. The aggregate amount by which the Class B Invested Amount has been reduced................................... $0.00 3. The aggregate amount by which the Collateral Invested Amount has been reduced.............................. $0.00 4. The aggregate amount by which the Collateral Invested Amount has been reduced.............................. $0.00 IN WITNESS WHEREOF, the undersigned has duly executed this Certificate on 10/15/98 PARTNERS FIRST RECEIVABLES FUNDING, LLC by /s/ Mark Norwicz ------------------------------------ Name: Mark Norwicz Title: Treasurer Attachment D
Daily Collections Sheet Portfolio Activity Reporting Date 16-Nov-98 Monthly Settlement Period Start Date 1-Oct-98 Monthly Settlement Period End Date 31-Oct-98 Next Distribution Date 15-Dec-98 Beginning Month Principal Receivables 1,623,393,714.96 Discount Percentage 0.00% Monthly Trust Activity Sheet Servicing Fee 2.00% Beginning Special Funding Account Balance 0.00 Required Minimum Principal Balance 107.00% Reallocation of Finance Charge Collections Monthly Trust Activity Row 80 30-59 Days Delinquent 34,331,144.47 60-89 Days Delinquent 20,430,968.13 90+ Days Delinquent 42,215,015.94 Total 30+ Days Delinquent 96,977,128.54 Collection Account Investment Proceeds 42,628.01 Aggregate Account Addition or Removal (Y/N) Y Date of Account Addition or Removal 15-Oct-98 Principal Receivables at the end of the day of Add 1,730,648,640.93 Special Funding Account Balance at the End of the
Daily Collections
Partners First Credit Card Master Trust 03/31/99 Monthly Settlement Period Start Date 01-Oct-98 Monthly Settlement Period End Date 31-Oct-98 Next Distribution Date 15-Dec-98 Portfolio Activity Reporting 16-Nov-98 Beginning Month Principal Receivables 1,623,393,714.96 Beginning Month Adjusted Principal Receivables 1,623,393,714.96 Discount Percentage 0.00% Beginning Month Trust Principal Receivabes 1,623,393,714.96
Beginning Principal New Principal Finance Charge Interchange Principal Adjustment Principal Day Date Receivables Collections Collections Collections Amount Receivables Thursday 10/01/98 1,623,393,714.96 425,990.86 3,140,980.37 0.00 4,352,080.28 Friday 10/02/98 1,617,935,770.23 629,579.18 4,650,421.20 0.00 4,070,041.40 Saturday 10/03/98 1,617,360,721.25 0.00 0.00 0.00 0.00 Sunday 10/04/98 1,617,360,721.25 1,722,985.94 10,347,305.39 0.00 3,562,092.15 Monday 10/05/98 1,610,575,508.01 832,528.87 6,158,694.22 0.00 5,755,631.85 Tuesday 10/06/98 1,610,172,445.64 324,174.85 4,003,132.79 0.00 4,351,755.60 Wednesday 10/07/98 1,610,521,075.45 1,215,118.00 6,438,050.60 0.00 4,064,697.44 Thursday 10/08/98 1,608,147,722.29 1,202,416.85 7,082,513.84 0.00 3,867,664.97 Friday 10/09/98 1,604,932,873.42 906,650.59 6,146,243.39 0.00 3,695,979.26 Saturday 10/10/98 1,602,482,609.29 0.00 0.00 0.00 0.00 Sunday 10/11/98 1,602,482,609.29 1,616,607.27 10,268,101.78 0.00 3,560,769.55 Monday 10/12/98 1,595,775,277.06 885,432.98 7,149,157.96 0.00 5,739,862.61 Tuesday 10/13/98 1,594,365,981.71 619,823.57 4,674,944.16 0.00 3,920,653.88 Wednesday 10/14/98 1,587,967,819.40 1,336,623.43 7,935,684.23 0.00 4,320,171.39 Thursday 10/15/98 1,584,348,777.21 614,723.18 5,745,685.81 0.00 152,084,469.95 Friday 10/16/98 1,730,648,640.93 339,618.20 2,600,278.86 0.00 3,822,535.24 Saturday 10/17/98 1,731,872,558.86 0.00 0.00 0.00 0.00 Sunday 10/18/98 1,731,872,558.86 1,449,329.94 6,313,589.19 0.00 3,777,836.77 Monday 10/19/98 1,729,336,806.44 1,021,644.27 6,473,280.14 0.00 6,005,031.07 Tuesday 10/20/98 1,728,867,267.55 514,836.95 5,498,459.88 0.00 4,755,476.01 Wednesday 10/21/98 1,727,949,421.57 765,546.03 5,440,511.54 0.00 4,173,783.13 Thursday 10/22/98 1,726,682,693.16 663,820.64 4,919,327.92 0.00 3,908,199.31 Friday 10/23/98 1,725,671,564.55 1,735,075.66 9,137,543.58 0.00 3,965,357.30 Saturday 10/24/98 1,720,499,378.27 0.00 0.00 0.00 0.00 Sunday 10/25/98 1,720,499,378.27 2,103,496.10 11,809,666.45 0.00 3,748,594.28 Monday 10/26/98 1,712,438,306.10 967,458.22 8,003,560.31 0.00 5,916,299.57 Tuesday 10/27/98 1,710,351,045.36 897,010.10 7,278,837.93 0.00 5,110,751.65 Wednesday 10/28/98 1,708,182,967.20 881,372.54 5,671,968.29 0.00 4,576,170.73 Thursday 10/29/98 1,707,087,169.64 579,599.21 4,530,479.32 0.00 4,161,203.93 Friday 10/30/98 1,706,648,579.26 719,654.81 4,232,136.70 0.00 4,018,488.49 Saturday 10/31/98 1,706,430,516.48 93.08 732.98 0.00 3,376,849.18 Monthly Totals 1,706,430,516.48 24,971,211.32 1,519,689.19 165,651,288.83 0.00 264,662,446.99
Principal Ending Invested Amt + Charge-off Recovery Principal Req Transferor Special Funding SFA Earnings Day Date Amount(1) Collections Receivables Amount Account Balance Thursday 10/01/98 6,669,044.64 1,617,935,770.23 1,605,000,000 0.00 Friday 10/02/98 (5,330.82) 1,617,360,721.25 1,605,000,000 0.00 Saturday 10/03/98 0.00 1,617,360,721.25 1,605,000,000 0.00 Sunday 10/04/98 0.00 1,610,575,508.01 1,605,000,000 0.00 Monday 10/05/98 0.00 1,610,172,445.64 1,605,000,000 0.00 Tuesday 10/06/98 (7.00) 1,610,521,075.45 1,605,000,000 0.00 Wednesday 10/07/98 0.00 1,608,147,722.29 1,605,000,000 0.00 Thursday 10/08/98 0.00 1,604,932,873.42 1,605,000,000 67,126.58 Friday 10/09/98 0.00 1,602,482,609.29 1,605,000,000 2,517,390.71 Saturday 10/10/98 0.00 1,602,482,609.29 1,605,000,000 2,517,390.71 Sunday 10/11/98 0.00 1,595,775,277.06 1,605,000,000 9,224,722.94 Monday 10/12/98 0.00 1,594,365,981.71 1,605,000,000 10,634,018.29 Tuesday 10/13/98 5,643,872.03 1,587,967,819.40 1,605,000,000 17,032,180.60 Wednesday 10/14/98 3,529.35 1,584,348,777.21 1,605,000,000 20,651,222.79 Thursday 10/15/98 38,920.42 1,730,648,640.93 1,605,000,000 0.00 Friday 10/16/98 (1,661.55) 1,731,872,558.86 1,605,000,000 0.00 Saturday 10/17/98 0.00 1,731,872,558.86 1,605,000,000 0.00 Sunday 10/18/98 0.00 1,729,336,806.44 1,605,000,000 0.00 Monday 10/19/98 1,289.82 1,728,867,267.55 1,605,000,000 0.00 Tuesday 10/20/98 174,862.11 1,727,949,421.57 1,605,000,000 0.00 Wednesday 10/21/98 0.00 1,726,682,693.16 1,605,000,000 0.00 Thursday 10/22/98 0.00 1,725,671,564.55 1,605,000,000 0.00 Friday 10/23/98 0.00 1,720,499,378.27 1,605,000,000 0.00 Saturday 10/24/98 0.00 1,720,499,378.27 1,605,000,000 0.00 Sunday 10/25/98 0.00 1,712,438,306.10 1,605,000,000 0.00 Monday 10/26/98 0.00 1,710,351,045.36 1,605,000,000 0.00 Tuesday 10/27/98 (8.12) 1,708,182,967.20 1,605,000,000 0.00 Wednesday 10/28/98 0.00 1,707,087,169.64 1,605,000,000 0.00 Thursday 10/29/98 69,314.99 1,706,648,579.26 1,605,000,000 0.00 Friday 10/30/98 4,414.57 1,706,430,516.48 1,605,000,000 0.00 Saturday 10/31/98 0.00 1,709,806,632.68 1,605,000,000 0.00 12,598,240.44 852,994.29 1,709,806,632.68 1,605,000,000 0.00 10.17 (1) Includes Fraud Charge-offs equal to 121,600.17
Monthly Trust Activity A. Trust Level Activity Number of Days in Collection Period 31 Beginning Principal Receivables Balance 1,623,393,714.96 Beginning Special Funding Account Balance 0.00 Beginning Total Principal Balance 1,623,393,714.96 Special Funding Account Earnings Before Addition 4.59 Special Funding Account Earnings After Addition (including Addition Date) 5.58 Special Funding Account Earnings 10.17 Finance Charge Collections Before Addition 11,717,932.39 Finance Charge Collections After Addition (includes Addition Date) 13,253,278.93 Finance Charge Collections 24,971,211.32 % of Merchant Before Addition Date 43.80% Interchange Collections Before Addition 665,605.25 Interchange Collections After Addition (includes Addition Date) 854,083.94 Interchange Collections 1,519,689.19 Collection Account Investment Proceeds Before Addition 19,251.36 Collection Account Investment Proceeds After Addition (includes Addition Date) 23,376.65 Collection Account Investment Proceeds 42,628.01 Recoveries treated as Finance Charge Collections 0.00 Total Finance Charge Receivables Collections Before Addition 12,402,793.59 Total Finance Charge Receivables Collections After Addition (includes Addition Date) 14,130,745.10 Total Finance Charge Receivables Collections 26,533,538.69 Principal Receivables Collections Before Addition 77,995,229.93 Principal Receivables Collections After Addition (includes Addition Date) 87,656,058.90 Principal Receivables Collections 165,651,288.83 Total Servicing Fee Before Addition 1,221,909.25 Total Servicing Fee After Addition 1,483,746.94 Total Servicing Fee 2,705,656.19 Recoveries treated as Principal Collections Before Addition 269,081.82 Recoveries treated as Principal Collections After Addition (includes Addition Date) 583,912.47 Recoveries treated as Principal Collections 852,994.29 Total Principal Receivables Collections Before Addition 78,264,311.75 Total Principal Receivables Collections After Addition (includes addition Date) 88,239,971.37 Total Principal Receivables Collections 166,504,283.12 Monthly Payment Rate 11.57% Defaulted Amount (Net of Recoveries) Before Addition 12,042,026.38 Defaulted Amount (Net of Recoveries) After Addition (includes Addition Date) (418,380.40) Defaulted Amount (Net of Recoveries) 11,623,645.98 Annualized Default Rate 8.59% Trust Portfolio Yield 19.61% New Principal Receivables 264,662,446.99 Aggregate Account Addition or Removal (Y/N)? Y Date of Addition/Removal 15-Oct-98 Principal Receivables at the end of the day of Addition/Removal 1,730,648,640.93 Special Funding Account Balance at the End of the Day of Addition or Removal 0.00 Principal Receivables + SFA Balance at the end of the day of Addition/Removal 1,730,648,640.93 Ending Principal Receivables Balance 1,709,806,632.68 Ending Special Funding Account (SFA) Balance 0.00 Ending Principal Receivables + SFA Balance 1,709,806,632.68 Required Minimum Principal Balance 1,500,000,000.00
B. Series Allocations Total 1998-2 1998-3 Group 1 1 Class A Invested Amount 528,000,000.00 528,000,000.00 Class B Invested Amount 113,000,000.00 113,000,000.00 Collateral Invested Amount 67,000,000.00 67,000,000.00 Class D Invested Amount 42,000,000.00 42,000,000.00 Total Invested Amount 1,500,000,000.00 750,000,000.00 750,000,000.00 Required Transferor Amount 105,000,000.00 52,500,000.00 52,500,000.00 Invested Amount + Req Transf Amo 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 (Before Addition) 6,201,396.79 6,201,396.79 Series Allocable Finance Charge Collections (After Addition) 7,065,372.55 7,065,372.55 Series Allocable Finance Charge Collections 13,266,769.34 13,266,769.34 Series Allocable Principal Collections (Before Addition) 39,132,155.87 39,132,155.87 Series Allocable Principal Collections (After Addition) 44,119,985.68 44,119,985.68 Series Allocable Principal Collections 83,252,141.56 83,252,141.56 Series Allocable Defaulted Amounts (Before Addition) 6,021,013.19 6,021,013.19 Series Allocable Defaulted Amounts (After Addition) -209,190.20 -209,190.20 Series Allocable Defaulted Amounts 5,811,822.99 5,811,822.99 Series Allocable Servicing Fee (Before Addition) 610,954.62 610,954.62 Series Allocable Servicing Fee (After Addition) 741,873.47 741,873.47 Series Allocable Servicing Fee 1,352,828.10 1,352,828.10 In Revolving Period? Y Y Available for Shared Principal Collections 0.00 0.00 B. Series Allocations Amounts Due 1998-2 1998-3 Principal Allocation Percentage (Before Addition) 92.40% 92.40% Principal Allocation Percentage (After Addition) 86.67% 86.67% Floating Allocation Percentage (Before Addition) 92.40% 92.40% Floating Allocation Percentage (After Addition) 86.67% 86.67% Class A Certificate Rate 5.509% 5.539% Class B Certificate Rate 5.719% 5.769% CIA Certificate Rate 6.284% 6.384% Class D Certificate Rate 0.000% 0.000% Class A Interest 2,585,364.91 2,599,444.91 Class B Interest 574,400.60 579,422.82 Collateral Monthly Interest 374,222.69 380,178.25 Class D Interest 0.00 0.00 Investor Monthly Interest 3,533,988.20 3,559,045.97 Investor Default Amount (Net of Recoveries) 5,382,046.81 5,382,046.81 Interchange Collections 677,635.22 677,635.22 0.75% of Interchange 468,750.00 468,750.00 Servicer Interchange 468,750.00 468,750.00 Monthly Servicing Fee (Before Adjustments) 1,250,000.00 1,250,000.00 Interchange Adjustment 0.00 0.00 SFA Adjustment 0.00 0.00 Monthly Servicing Fee (After Adjustments) 1,250,000.00 1,250,000.00 C. Group 1 Allocations Total 1998-2 1998-3 Adjusted Invested Amount for Series 1,500,000,000.00 750,000,000.00 750,000,000.00 Principal Collections 148,795,433.21 74,397,716.61 74,397,716.61 Finance Charge Collections 23,707,559.71 11,853,779.85 11,853,779.85 Investor Monthly Interest 7,093,034.17 3,533,988.20 3,559,045.97 Investor Default Amount 10,764,093.62 5,382,046.81 5,382,046.81 Monthly Servicing Fee 2,500,000.00 1,250,000.00 1,250,000.00 Total Amount Due 20,357,127.79 10,166,035.01 10,191,092.78 Excess Before Reallocation 3,350,431.92 1,687,744.85 1,662,687.07 Reallocation of Finance Charge Collections -12,528.89 12,528.89 Dollars of Excess Spread 3,350,431.92 1,675,215.96 1,675,215.96 Percentage Excess Spread 2.68% 2.68% 2.68% Reallocated Finance Charge Collections 23,707,559.71 11,841,250.96 11,866,308.74 D. Trust Performance 30-59 Days Delinquent 34,331,144.47 60-89 Days Delinquent 20,430,968.13 90+ Days Delinquent 42,215,015.94 Total 30+ Days Delinquent 96,977,128.54
1998-2 Inputs
Series Sheet Last Payment Date 15-Oct-98 Current Payment Date 16-Nov-98 Class A Class B CIA Class D Fixed/Floating Floating Floating Floating Floating Certificate Rate 5.509% 5.719% 6.284% 0.000% Initial Balance 528,000,000.00 113,000,000.00 67,000,000.00 42,000,000.00 Beginning Outstanding Amount 528,000,000.00 113,000,000.00 67,000,000.00 42,000,000.00 Beginning Invested Amount 528,000,000.00 113,000,000.00 67,000,000.00 42,000,000.00 Beginning Adjusted Invested Amount 528,000,000.00 113,000,000.00 67,000,000.00 42,000,000.00 Revolving Period (Y/N) Y Accumulation Period (Y/N) N Early Amortization (Y/N) N Controlled Accumulation Period 12 Holdings is Servicer Y Paydown Excess CIA (Y/N) Y Paydown Excess Class D (Y/N) Y Controlled Accumulation Amount 53,416,666.67 Prior Controlled Deposit Amount 0.00 Controlled Deposit Amount 53,416,666.67 Beginning Principal Funding Account Balance 0.00 Principal Funding Investment Proceeds 0.00 Collection Account Investment Proceeds 21,314.01 YSA Investment Proceeds 38,260.01 Yield Supplement Account Beginninf Balance 7,500,000.00 Yield Supplement Account Release 1,250,000.00 Yield Supplement Credit Amount Percentage 100.00% Reserve Account Mechanics Begin Funding Reserve Account (Y/N) N Required Reserve Account 3,205,000.00 Beginning Balance 0.00 K. Application of Excess Spread and Excess Finance Charge Collections Other CIA Amounts Owed 0.00 Excess Fin Charge Coll from other Series 0.00 Excess Fin Charge Coll from other Series 0.00 M. Application of Principal Collections during Revolving Period Required Collateral Invested Amount 67,000,000.00 Required Class D 42,000,000.00 O. Yield and Base Rate Base Rate Prior Monthly Period 7.47% Second Prior Monthly Period 7.52% Series Adjusted Portfolio Yield Prior Monthly Period 12.31% Second Prior Monthly Period 11.60%
1998-3 Inputs
Series Sheet Last Payment Date 15-Oct-98 Current Payment Date 16-Nov-98 Class A Class B CIA Class D Fixed/Floating Floating Floating Floating Floating Certificate Rate 5.539% 5.769% 6.384% 0.000% Initial Balance 528,000,000.00 113,000,000.00 67,000,000.00 42,000,000.00 Beginning Outstanding Amount 528,000,000.00 113,000,000.00 67,000,000.00 42,000,000.00 Beginning Invested Amount 528,000,000.00 113,000,000.00 67,000,000.00 42,000,000.00 Beginning Adjusted Invested Amount 528,000,000.00 113,000,000.00 67,000,000.00 42,000,000.00 Revolving Period (Y/N) Y Accumulation Period (Y/N) N Early Amortization (Y/N) N Controlled Accumulation Period 12 Holdings is Servicer Y Paydown Excess CIA (Y/N) Y Paydown Excess Class D (Y/N) Y Controlled Accumulation Amount 53,416,666.67 Prior Controlled Deposit Amount Shortfall 0.00 Controlled Deposit Amount 53,416,666.67 Beginning Principal Funding Account Balance 0.00 Principal Funding Investment Proceeds 0.00 Collection Account Investment Proceeds 21,314.01 YSA Investment Proceeds 38,260.01 Yield Supplement Account Beginning Balance 7,500,000.00 Yield Supplement Account Release 1,250,000.00 Yield Supplement Credit Amount Percentage 100.00% Reserve Account Mechanics Begin Funding Reserve Account (Y/N) N Required Reserve Account Amount 3,205,000.00 Beginning Balance 0.00 K. Application of Excess Spread and Excess Finance Charge Collections Other CIA Amounts Owed 0.00 Excess Fin Charge Coll from other Series 0.00 Excess Fin Charge Coll for other Series 0.00 M. Application of Principal Collections during Revolving Period Required Collateral Invested Amount 67,000,000.00 Required Class D 42,000,000.00 O. Yield and Base Rate Base Rate Prior Monthly Period 7.51% Second Prior Monthly Period 7.56% Series Adjusted Portfolio Yield Prior Monthly Period 12.35% Second Prior Monthly Period 11.63%
Series 1998-2 A. Investor/Transferor Allocations
B. Monthly Funding Requirements Last Payment Date 15-Oct-98 Current Payment Date 16-Nov-98 Actual / 360 Days 32 32 32 32 30 / 360 Days 31 31 31 31 Fixed / Floating Floating Floating Floating Floating Class A Class B Collateral Invested Class D Total Amount Certificate Rate 5.509% 5.719% 6.284% 0.000% Initial Balance 528,000,000.00 113,000,000.00 67,000,000.00 42,000,000.00 750,000,000.00 Required Transferor Amount 52,500,000.00 Total Initial Amount 802,500,000.00 Beginning Outstanding Amount 528,000,000.00 113,000,000.00 67,000,000.00 42,000,000.00 750,000,000.00 Ending Outstanding Amount 528,000,000.00 113,000,000.00 67,000,000.00 42,000,000.00 750,000,000.00 Beginning Invested Amount 528,000,000.00 113,000,000.00 67,000,000.00 42,000,000.00 750,000,000.00 Ending Invested Amount 528,000,000.00 113,000,000.00 67,000,000.00 42,000,000.00 750,000,000.00 Beginning Adjusted Invested Amount 528,000,000.00 113,000,000.00 67,000,000.00 42,000,000.00 750,000,000.00 Ending Adjusted Invested Amount 528,000,000.00 113,000,000.00 67,000,000.00 42,000,000.00 750,000,000.00 Principal Allocation Percentage 70.40% 15.07% 8.93% 5.60% 100.00% Floating Allocation Percentage 70.40% 15.07% 8.93% 5.60% 100.00% Principal Collections 52,375,992.49 11,209,255.97 6,646,196.02 4,166,272.13 74,397,716.61 Realloc Finance Charge Collections 8,336,240.68 1,784,081.81 1,057,818.42 663,110.05 11,841,250.96 YSA Draw 1,250,000.00 YSA Investment Proceeds 38,260.01 Realloc Finance Charge plus YSA Draw 9,243,175.73 1,978,179.65 1,172,902.98 735,252.61 13,129,510.97 Monthly Interest 2,585,364.91 574,400.60 374,222.69 0.00 3,533,988.20 Investor Default Amount (Net) 3,788,960.95 810,895.05 480,796.18 301,394.62 5,382,046.81 Monthly Servicing Fee 880,000.00 188,333.33 111,666.67 70,000.00 1,250,000.00 Total Due 7,254,325.86 1,573,628.98 966,685.54 371,394.62 10,166,035.01 Reallocated Investor Fin Charge Coll + YSA Draw + PFA Inv Proceeds + Reserve Fund Releases 13,129,510.97 Series Adjusted Portfolio Yield 12.40% Base Rate 7.30%
Series Parameters Revolving Period (Y/N) Y Accumulation Period (Y/N) N Early Amortization (Y/N) N Controlled Accumulation Period 12.00 Holdings is Servicer Y Paydown Excess CIA (Y/N) Y Paydown Excess Class D (Y/N) Y Controlled Accumulation Amount 53,416,666.67 Controlled Deposit Amount 53,416,666.67 Ending Controlled Deposit Amount Shortfalll 0.00 Funding Accounts Beginning Principal Funding Account Balance 0.00 Principal Funding Account Deposit 0.00 Ending Principal Funding Account Balance 0.00 Principal Funding Investment Proceeds 0.00 Yield Supplement Account Beginning Balance 7,500,000.00 Yield Supplement Account Release 1,250,000.00 Yield Supplement Account Ending Balance 6,250,000.00 Reserve Account Beginning Balance 0.00 Required Reserve Account Amount 0.00 Funds Deposited into Reserve Account 0.00 Ending Reserve Account Balance 0.00
C. Certificate Balances and Distrubutions Class A Class B CIA Class D Total Beginning Balance 528,000,000.00 113,000,000.00 67,000,000.00 42,000,000.00 750,000,000.00 Interest Distributions 2,585,364.91 574,400.60 374,222.69 0.00 3,533,988.20 PFA Deposits 0.00 0.00 Principal Distributions 0.00 0.00 0.00 0.00 0.00 Total Distributions 2,585,364.91 574,400.60 374,222.69 0.00 3,533,988.20 Ending Certificate B 528,000,000.00 113,000,000.00 67,000,000.00 42,000,000.00 750,000,000.00 Pool Factor 100.00% 100.00% 100.00% 100.00% Total Distribution Per $1,000 4.8965 5.0832 5.5854 0.0000 Interest Distribution Per $1,000 4.8965 5.0832 5.5854 0.0000 Principal Distribution Per $1,000 0.0000 0.0000 0.0000
D. Information regarding distributions on the Distribution Date in respect of the Class A Certificates per $1,000 original certificate principal amount:
1 Total amount of the distribution: 2,585,364.91 2 Amount of the distribution in respect of Class A Monthly Interest: 2,585,364.91 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: 574,400.60 2 Amount of the distribution in respect of Class B monthly interest: 574,400.60 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: H. Information regarding distributions on the Distribution Date to the Collateral Interest Holder. 1 Total amount distributed to the Collateral Interest Holder: 374,222.69 2 Amount distributed in respect of Collateral Monthly Interest: 374,222.69 3 Amount distributed in respect of Collateral Additional Interest: 0.00 4 The amount distributed to the Collateral Interest Holder in respect 0.00 of principal on the Collateral Invested Amount: I. Amount of reductions in Collateral Invested Amount. 1 The amount of reductions in the Collateral Invested Amount. 0.00 2 The total amount reimbursed in respect of such reductions in the 0.00 Collateral Invested Amount
J. Application of Reallocated Investor Finance Charge Collections.
Available Due Paid Shortfall 1 Allocated Class A Available Funds 9,243,175.73 a Reserve Account Release 0.00 b PFA Investment Earnings 0.00 c Class A Available Funds 9,243,175.73 2 Class A Available Funds 9,243,175.73 a Class A Monthly Interest 2,585,364.91 2,585,364.91 0.00 b Class A Servicing Fee 880,000.00 880,000.00 0.00 c Class A Investor Default Amount 3,788,960.95 3,788,960.95 0.00 d Class A Excess 1,988,849.86 2 Class B Available Funds 1,978,179.65 a Class B Monthly Interest 574,400.60 574,400.60 0.00 b Class B Servicing Fee 188,333.33 188,333.33 0.00 c Class B Excess 1,215,445.72 3 Collateral Available Funds 1,172,902.98 a Collateral Servicing Fee 111,666.67 111,666.67 0.00 b Collateral Excess 1,061,236.31 4 Class D Available Funds a Class D Available Funds 735,252.61 b Class D Servicing Fee 70,000.00 70,000.00 0.00 c Class D Excess 665,252.61 5 Total Excess Spread 4,930,784.52 K. Application of Excess Spread and Excess Finance Charge Collections Available Due Paid Shortfall 1 Available Excess Spread 4,930,784.52 2 Excess Fin Charge Coll 0.00 from Other Series 3 Available Funds 4,930,784.52 2 Class A Required Amount Shortfalls 0.00 0.00 0.00 3 Class B Defaults 810,895.05 810,895.05 0.00 4 Monthly Servicing Fee 0.00 0.00 0.00 5 Collateral Monthly Interest 374,222.69 374,222.69 0.00 6 Collateral Default Amount 480,796.18 480,796.18 0.00 7 Reserve Account Deposit 0.00 0.00 0.00 9 Class D Monthly Interest 0.00 0.00 0.00 10 Class D Default Amount 301,394.62 301,394.62 0.00 8 Other CIA Amounts Owed 0.00 0.00 0.00 11 Excess Fin Coll for Other Series 0.00 0.00 0.00 12 Excess Spread 2,963,475.97 13 Writedowns a Class A 0.00 b Class B 0.00 c CIA 0.00 d Class D 0.00
L. Reallocated Principal Collections 3 Total Principal Collections Allocable 74,397,716.61 4 Principal Required to Fund the Required Amount 0.00 5 Shared Principal Collections from other Series 0.00 6 Other Amounts Treated as Principal Collections 5,382,046.81 7 Available Principal Collections 79,779,763.42 M. Application of Principal Collections during Revolving Period 1 Collateral Invested Amount 67,000,000.00 2 Required Collateral Invested Amount 67,000,000.00 3 Amount used to pay Excess CIA 0.00 4 Available Principal Collections 79,779,763.42 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 79,779,763.42 N. Application of Principal Collections during the Accumulation Period 1 Available Principal Collections 79,779,763.42 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 42,000,000.00 b Principal Paid to Class D 0.00 c Class D at the end of the Period 42,000,000.00 Class A Principal Paid to Investors 0.00 Ending Class A Outstanding Amount 528,000,000.00 Ending Class B Outstanding Amount 113,000,000.00 5 Shared Principal Collections 0.00 N. Application of Principal Collections during Early Amortization Period 1 Principal Collections Available 0.00 a Remaining Class A Adjusted Invested Amount 528,000,000.00 b Principal Paid to Class A 0.00 c End of Period Class A Adjusted Invested Amount 528,000,000.00 2 Remaining Principal Collections Available 0.00 a Remaining Class B Adjusted Invested Amount 113,000,000.00 b Principal Paid to Class B 0.00 c End of Period Class B Adjusted Invested Amount 113,000,000.00 3 Remaining Principal Collections Available 0.00 a Remaining Collateral Invested Amount 67,000,000.00 b Principal Paid to CIA 0.00 c Collateral Invested Amount at the end of the Period 67,000,000.00 4 Remaining Principal Collections Available 0.00 a Remaining Class D Amount 42,000,000.00 b Principal Paid to Class D 0.00 c Class D at the end of the Period 42,000,000.00 O. Yield and Base Rate
1 Base Rate a Current Monthly Period 7.30% b Prior Monthly Period 7.47% c Second Prior Monthly Period 7.52% Three Month Average Base Rate 7.43% 2 Series Adjusted Portfolio Yield a Current Monthly Period 12.40% b Prior Monthly Period 12.31% c Second Prior Monthly Period 11.60% Three Month Average Series Adjusted Portfolio Yield 12.10% 3 Excess Spread a Current Monthly Period 5.09% b Prior Monthly Period 4.84% c Second Prior Monthly Period 4.08% Three Month Average Excess Spread 4.67%
1998-2 Trustee Partners First Credit Card Master Trust Series 1998-2 The undersigned, a duly authorized representative of Partners First Holdings LLC ("Holdings"), as Servicer pursuant to the Pooling and Servicing Agreement dated as of June 26, 1998 (as amended and supplemented, the "Pooling and Servicing Agreement"), among Holdings, Partners First Receivables Funding LLC ("Funding"), as Transferor and The Bank of New York, as trustee (the "Trustee"), does hereby certify as follows: 1. Capitalized terms used in this Certificate have been defined in the Agreement or the Series 1998-2 Supplement dated as of June 26, 1998, among Holdings Funding and the Trustee (as amended and supplemented, the "Supplement"), as applicable. 2. Holdings is the Servicer 3. The undersigned is a Servicing Officer. I. INSTRUCTION TO MAKE A WITHDRAWAL The Servicer does hereby instruct the Trustee (i) to make withdrawals from the Collection Account on 11/16/98 which date is a Distribution Date under the Supplement, in the aggregate amounts (equal to the Class A Available Funds, Class B Available Funds and Collateral Available Funds, respectively) as set forth below in respect of the following amounts (ii) to apply the proceeds of such withdrawals in accordance with the Supplement. With respect to the Class A Certificates A) (1) Interest at the Class A Certificate Rate for the related Interest Period on the Class A Invested Amount .................................... $2,585,364.91 (2) Class A Monthly Interest previously due but not paid............... $0.00 (3) Class A Additional Interest and any Class A Additional Interest due but not paid ............................. $0.00 B) (1) The Class A Servicing Fee for the preceding Monthly Period , if applicable................................ $880,000.00 (2) Accrued and unpaid Class A Servicing Fees, if applicable............ $0.00 C) Class A Investor Default Amount for the preceding Monthly Period......... $3,788,960.95 With respect to the Class B Certificates A) (1) Interest at the Class B Certificate Rate for the preceding Monthly Period on the Class B Invested Amount ................................... $574,400.60 (2) Class B Monthly Interest previously due but not paid.............. $0.00 (3) Class B Additional Interest and any Class B Additional Interest previously due but not paid.............. $0.00 B) (1) The Class B Servicing Fee for the preceding Monthly Period, if applicable................................... $188,333.33 (2) Accrued and unpaid Class B Servicing Fees, if applicable............... $0.00 With respect to the Collateral Interest A) (1) The Collateral Servicing Fee for the preceding Monthly Period, if applicable................................. $111,666.67 (2) Accrued and unpaid Collateral Servicing Fee, if applicable............... $0.00 B) (1) The Class D Servicing Fee for the preceding Monthly Period, if applicable................................. $70,000.00 (2) Accrued and unpaid Class D Servicing Fee, if applicable............... $0.00 The Servicer hereby instructs the Trustee (i) to make withdrawals from the Collection Account on 16-Nov-9 which date is a Distribution Date under the Supplement, in the aggregate amounts (equal to the Available Principal Collections) as set forth below in respect of the following amounts and (ii) to apply the proceeds of such withdrawals. C) (1) The excess, if any, of the Collateral Invested Amount over the Required Collateral Invested Amount paid to the Collateral Interest Holder pursuant to the Loan Agreement.................... $0.00 (2) Amount to be treated as Shared Principal Collections....................... $0.00 With respect to the Class D Certificates A) (1) The excess, if any, of the Class D Amount over the Required Class D Invested Amount paid to the Class D Holder..................... $0.00 (2) Amount to be treated as Shared Principal Collections........................ $0.00 With Respect to Principal A) (1) The Lesser of the Controlled Deposit Amount and the sum of the Class A Adjusted Invested Amount and the Class B Adjusted Invested Amount deposited in the Principal Funding Account............................ $0.00 (2) After the Class B Invested Amount is paid in full, the amount paid to the Collateral Interest Holder (up to the Collateral Invested Amount) pursuant to the Loan Agreement............................. $0.00 (3) Prior to the date the Class B Invested Amount is paid in full, excess of the Collateral Invested Amount over the Required Collateral Invested Amount paid to the Collateral Interest Holder pursuant to the Loan Agreement............. $0.00 (4) Prior to the date the Class B Invested Amount is paid in full, amount to be treated as Shared Principal Collections..................... $0.00 (1) An amount up to the Class A Adjusted Invested Amount deposited in the Principal Funding Account.......... $0.00 (2) On and after the Distribution Date on which the Class A Invested Amount deposited in the Principal Funding Account................................... $0.00 (3) On and after the Distribution Date on which the Class B Invested Amount is paid in full, an amount up to the Collateral Invested Amount paid to the Collateral Interest Holder pursuant to the Loan Agreement........................ $0.00 The Servicer does hereby instruct the Trustee to apply on 11/16/98 which date is a Distribution Date under the Supplement, any Excess Spread which is allocated to Series 1998-2 as follows: A) Class A Required Amount applied in the priority set forth................... $0.00 B) Aggregate amount of Class A Investor Charge-Offs not previously reimbursed allocated to Available Principal Collections........... $0.00 C) Class B Required Amount applied first in the priority set forth and any remaining amount up to the Class B Investor Default Amount allocated to Available Principal Collections............................... $810,895.05 D) The amount by which the "Class B Invested Amount" has been reduced pursuant to clauses (c), (d) and (e) of the definition thereof allocated to Available Principal Collections............................... $0.00 E) (1) Collateral Monthly Interest...... $374,222.69 (2) Collateral Monthly Interest previously due but not paid............... $0.00 (3) Collateral Additional Interest and any Collateral Additional Interest previously due and not paid................ $0.00 F) Monthly Servicing Fee for such Distribution Date that has not been paid to the Servicer and any Monthly Servicing Fee previously due but not paid to the Servicer....................... $0.00 G) Collateral Default Amount allocated to Available Principal Collections................................ $480,796.18 H) The amount by which the "Collateral Invested Amount" has been reduced pursuant to the definition thereof and allocated to Available Principal Collections................................ $0.00 I) The excess of the Required Reserve Account Amount over the Available Reserve Amount deposited into the Reserve Account............................ $0.00 J) Paid to the Collateral Interest Holder pursuant to the Loan Agreement.................................. $0.00 K) Treated as Excess Finance Charge Collections and allocated to other Series or paid to the Holders of the Transferor Certificates............... $2,963,475.97 The Servicer does hereby instruct the Trustee to apply on 11/16/98 which is a Distribution Date under the Pooling and Servicing agreement, $0.0 of Reallocated Principal Collections to fund any deficiencies in the Required Amount after applying Class A Available Funds, Class B Available Funds, Excess Spread and Excess Finance Charge Collections thereto. II. INSTRUCTION TO MAKE CERTAIN PAYMENTS The Servicer does hereby instruct the Trustee to pay in accordance with the Supplement from the Collection Account or the Principal Funding Account, as applicable, on 11/16/98 which date is a Payment Date under the Supplement, the following amounts as set forth below: A) Interest to be distributed to Class A Certificate holders.................. $2,585,364.91 B) On the Expected Final Payment Date or a Special Payment Date, principal to be distributed to the Class A Certificateholders............. $0.00 C) Interest to be distributed to Class B Certificateholders................... $574,400.60 D) On the Expected Final Payment Date or a Special Payment Date, on or after the date Class A Invested Amount is paid in full, principal to be distributed to the Class B Certificateholders..................... $0.00 E) Interest to be distributed to the Collateral Interest Holder............. $374,222.69 F) On the Expected Final Payment Date After the date Class A and Class B Invested Amounts are paid in full, principal to be distributed to the Collateral Interest Holder................................. $0.00 III. ACCRUED AND UNPAID AMOUNTS After giving effect to the withdrawals and transfers to be made in accordance with this notice, the following amounts will be accrued and unpaid with respect to all Monthly Periods preceding the current calendar month. 1. The aggregate amount of all unreimbursed Class A Investor Charge-Offs................................ $0.00 2. The aggregate amount by which the Class B Invested Amount has been reduced..................................... $0.00 3. The aggregate amount by which the Collateral Invested Amount has been reduced................................. $0.00 4. The aggregate amount by which the Collateral Invested Amount has been reduced.................................. $0.00 IN WITNESS WHEREOF, the undersigned has duly executed this Certificate on 11/16/98 PARTNERS FIRST RECEIVABLES FUNDING, LLC by /s/ Mark Norwicz ------------------------------------- Name: Mark Norwicz Title: Treasurer Series 1998-3 A. Investor/Transferor Allocations B. Monthly Funding Requirements
Last Payment Date 15-Oct-98 Current Payment Date 16-Nov-98 Actual / 360 Days 32 32 32 32 30 / 360 Days 31 31 31 31 Fixed / Floating Floating Floating Floating Floating Class A Class B Collateral Invested Class D Total Amount Certificate Rate 5.539% 5.769% 6.384% 0.000% Initial Balance 528,000,000.00 113,000,000.00 67,000,000.00 42,000,000.00 750,000,000.00 Required Transferor Amount 52,500,000.00 Total Initial Amount 802,500,000.00 Beginning Outstanding Amount 528,000,000.00 113,000,000.00 67,000,000.00 42,000,000.00 750,000,000.00 Ending Outstanding Amount 528,000,000.00 113,000,000.00 67,000,000.00 42,000,000.00 750,000,000.00 Beginning Invested Amount 528,000,000.00 113,000,000.00 67,000,000.00 42,000,000.00 750,000,000.00 Ending Invested Amount 528,000,000.00 113,000,000.00 67,000,000.00 42,000,000.00 750,000,000.00 Beginning Adjusted Invested Amount 528,000,000.00 113,000,000.00 67,000,000.00 42,000,000.00 750,000,000.00 Ending Adjusted Invested Amount 528,000,000.00 113,000,000.00 67,000,000.00 42,000,000.00 750,000,000.00 Principal Allocation Percentage 70.40% 15.07% 8.93% 5.60% 100.00% Floating Allocation Percentage 70.40% 15.07% 8.93% 5.60% 100.00% Principal Collections 52,375,992.49 11,209,255.97 6,646,196.02 4,166,272.13 74,397,716.61 Realloc Finance Charge Collections 8,353,881.35 1,787,857.18 1,060,056.91 664,513.29 11,866,308.74 YSA Draw 1,250,000.00 YSA Investment Proceeds 38,260.01 Realloc Finance Charge plus YSA Draw 9,260,816.40 1,981,955.03 1,175,141.48 736,655.85 13,154,568.75 Monthly Interest 2,599,444.91 579,422.82 380,178.25 0.00 3,559,045.97 Investor Default Amount (Net) 3,788,960.95 810,895.05 480,796.18 301,394.62 5,382,046.81 Monthly Servicing Fee 880,000.00 188,333.33 111,666.67 70,000.00 1,250,000.00 Total Due 7,268,405.86 1,578,651.20 972,641.10 371,394.62 10,191,092.78 Reallocated Investor Fin Charge Coll + YSA Draw + PFA Inv Proceeds + Reserve Fund Releases 13,154,568.75 Series Adjusted Portfolio Yield 12.44% Base Rate 7.34%
Series Parameters Revolving Period (Y/N) Y Accumulation Period (Y/N) N Early Amortization (Y/N) N Controlled Accumulation Period 12.00 Holdings is Servicer Y Paydown Excess CIA (Y/N) Y Paydown Excess Class D (Y/N) Y Controlled Accumulation Amount 53,416,666.67 Controlled Deposit Amount 53,416,666.67 Ending Controlled Deposit Amount Shortfalll 0.00 Funding Accounts Beginning Principal Funding Account Balance 0.00 Principal Funding Account Deposit 0.00 Ending Principal Funding Account Balance 0.00 Principal Funding Investment Proceeds 0.00 Yield Supplement Account Beginning Balance 7,500,000.00 Yield Supplement Account Release 1,250,000.00 Yield Supplement Account Ending Balance 6,250,000.00 Reserve Account Beginning Balance 0.00 Required Reserve Account Amount 0.00 Funds Deposited into Reserve Account 0.00 Ending Reserve Account Balance 0.00
C. Certificate Balances and Distrubutions Class A Class B CIA Class D Total Beginning Balance 528,000,000.00 113,000,000.00 67,000,000.00 42,000,000.00 750,000,000.00 Interest Distributions 2,599,444.91 579,422.82 380,178.25 0.00 3,559,045.97 PFA Deposits 0.00 0.00 Principal Distributions 0.00 0.00 0.00 0.00 0.00 Total Distributions 2,599,444.91 579,422.82 380,178.25 0.00 3,559,045.97 Ending Certificate Balance 528,000,000.00 113,000,000.00 67,000,000.00 42,000,000.00 750,000,000.00 Pool Factor 100.00% 100.00% 100.00% 100.00% Total Distribution Per $1,000 4.9232 5.1276 5.6743 0.0000 Interest Distribution Per $1,000 4.9232 5.1276 5.6743 0.0000 Principal Distribution Per $0.0000 0.0000 0.0000 0.0000
D. Information regarding distributions on the Distribution Date in respect of the Class A Certificates per $1,000 original certificate principal amount: 1 Total amount of the distribution: 2,599,444.91 2 Amount of the distribution in respect of Class A Monthly Interest: 2,599,444.91 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: 579,422.82 2 Amount of the distribution in respect of Class B monthly interest: 579,422.82 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: H. Information regarding distributions on the Distribution Date to the Collateral Interest Holder. 1 Total amount distributed to the Collateral Interest Holder: 380,178.25 2 Amount distributed in respect of Collateral Monthly Interest: 380,178.25 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. Application of Reallocated Investor Finance Charge Collections. Available Due Paid Shortfall 1 Allocated Class A Available Funds 9,260,816.40 a Reserve Account Release 0.00 b PFA Investment Earnings 0.00 c Class A Available Funds 9,260,816.40 2 Class A Available Funds 9,260,816.40 a Class A Monthly Interest 2,599,444.91 2,599,444.91 0.00 b Class A Servicing Fee 880,000.00 880,000.00 0.00 c Class A Investor Default Amount 3,788,960.95 3,788,960.95 0.00 d Class A Excess 1,992,410.54 2 Class B Available Funds 1,981,955.03 a Class B Monthly Interest 579,422.82 579,422.82 0.00 b Class B Servicing Fee 188,333.33 188,333.33 0.00 c Class B Excess 1,214,198.87 3 Collateral Available Funds 1,175,141.48 a Collateral Servicing Fee 111,666.67 111,666.67 0.00 b Collateral Excess 1,063,474.81 4 Class D Available Funds a Class D Available Funds 736,655.85 b Class D Servicing Fee 70,000.00 70,000.00 0.00 c Class D Excess 666,655.85 5 Total Excess Spread 4,936,740.07 K. Application of Excess Spread and Excess Finance Charge Collections Available Due Paid Shortfall 1 Available Excess Spread 4,936,740.07 2 Excess Fin Charge Coll 0.00 from Other Series 3 Available Funds 4,936,740.07 2 Class A Required Amount Shortfalls 0.00 0.00 0.00 3 Class B Defaults 810,895.05 810,895.05 0.00 4 Monthly Servicing Fee 0.00 0.00 0.00 5 Collateral Monthly Interest 380,178.25 380,178.25 0.00 6 Collateral Default Amount 480,796.18 480,796.18 0.00 7 Reserve Account Deposit 0.00 0.00 0.00 9 Class D Monthly Interest 0.00 0.00 0.00 10 Class D Default Amount 301,394.62 301,394.62 0.00 8 Other CIA Amounts Owed 0.00 0.00 0.00 11 Excess Fin Coll for Other Series 0.00 0.00 0.00 12 Excess Spread 2,963,475.97 13 Writedowns a Class A 0.00 b Class B 0.00 c CIA 0.00 d Class D 0.00
L. Reallocated Principal Collections 3 Total Principal Collections Allocable 74,397,716.61 4 Principal Required to Fund the Required Amount 0.00 5 Shared Principal Collections from other Series 0.00 6 Other Amounts Treated as Principal Collections 5,382,046.81 7 Available Principal Collections 79,779,763.42 M. Application of Principal Collections during Revolving Period 1 Collateral Invested Amount 67,000,000.00 2 Required Collateral Invested Amount 67,000,000.00 3 Amount used to pay Excess CIA 0.00 4 Available Principal Collections 79,779,763.42 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 79,779,763.42 N. Application of Principal Collections during the Accumulation Period 1 Available Principal Collections 79,779,763.42 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 2 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 3 Remaining Principal Collections Available 0.00 a Remaining Class D Amount 42,000,000.00 b Principal Paid to Class D 0.00 c Class D at the end of the Period 42,000,000.00 Class A Principal Paid to Investors 0.00 Ending Class A Outstanding Amount 528,000,000.00 Ending Class B Outstanding Amount 113,000,000.00 4 Shared Principal Collections 0.00 N. Application of Principal Collections during Early Amortization Period 1 Principal Collections Available 0.00 a Remaining Class A Adjusted Invested Amont 528,000,000.00 b Principal Paid to Class A 0.00 c End of Period Class A Adjusted Invested Amount 528,000,000.00 2 Remaining Principal Collections Available 0.00 a Remaining Class B Adjusted Invested Amount 113,000,000.00 b Principal Paid to Class B 0.00 c End of Period Class B Adjusted Invested Amount 113,000,000.00 3 Remaining Principal Collections Available 0.00 a Remaining Collateral Invested Amount 67,000,000.00 b Principal Paid to CIA 0.00 c Collateral Invested Amount at the end of the Period 67,000,000.00 4 Remaining Principal Collections Available 0.00 a Remaining Class D Amount 42,000,000.00 b Principal Paid to Class D 0.00 c Class D at the end of the Period 42,000,000.00 O. Yield and Base Rate 1 Base Rate a Current Monthly Period 7.34% b Prior Monthly Period 7.51% c Second Prior Monthly Period 7.56% Three Month Average Base Rate 7.47% 2 Series Adjusted Portfolio Yield a Current Monthly Period 12.44% b Prior Monthly Period 12.35% c Second Prior Monthly Period 11.63% Three Month Average Series Adjusted Portfolio Yield 12.14% 3 Excess Spread a Current Monthly Period 5.10% b Prior Monthly Period 4.84% c Second Prior Monthly Period 4.07% Three Month Average Excess Spread 4.67% 1998-3 Trustee Partners First Credit Card Master Trust Series 1998-3 The undersigned, a duly authorized representative of Partners First Holdings LLC ("Holdings"), as Servicer pursuant to the Pooling and Servicing Agreement dated as of June 26, 1998 (as amended and supplemented, the "Pooling and Servicing Agreement"), among Holdings, Partners First Receivables Funding LLC ("Funding"), as Transferor and The Bank of New York, as trustee (the "Trustee"), does hereby certify as follows: 1. Capitalized terms used in this Certificate have been defined in the Agreement or the Series 1998-3 Supplement dated as of June 26, 1998, among Holdings Funding and the Trustee (as amended and supplemented, the "Supplement"), as applicable. 2. Holdings is the Servicer 3. The undersigned is a Servicing Officer. I. INSTRUCTION TO MAKE A WITHDRAWAL The Servicer does hereby instruct the Trustee (i) to make withdrawals from the Collection Account on 11/16/98 which date is a Distribution Date under the Supplement, in the aggregate amounts (equal to the Class A Available Funds, Class B Available Funds and Collateral Available Funds, respectively) as set forth below in respect of the following amounts (ii) to apply the proceeds of such withdrawals in accordance with the Supplement. With respect to the Class A Certificates A) (1) Interest at the Class A Certificate Rate for the related Interest Period on the Class A Invested Amount ........................ $2,599,444.91 (2) Class A Monthly Interest previously due but not paid............. $0.00 (3) Class A Additional Interest and any Class A Additional Interest due but not paid ........................ $0.00 B) (1) The Class A Servicing Fee for the preceding Monthly Period , if applicable............................... $880,000.00 (2) Accrued and unpaid Class A Servicing Fees, if applicable............ $0.00 C) Class A Investor Default Amount for the preceding Monthly Period......... $3,788,960.95 With respect to the Class B Certificates A) (1) Interest at the Class B Certificate Rate for the preceding Monthly Period on the Class B Invested Amount .................................. $579,422.82 (2) Class B Monthly Interest previously due but not paid............. $0.00 (3) Class B Additional Interest and any Class B Additional Interest previously due but not paid............. $0.00 B) (1) The Class B Servicing Fee for the preceding Monthly Period, if applicable.............................. $188,333.33 (2) Accrued and unpaid Class B Servicing Fees, if applicable........... $0.00 With respect to the Collateral Interest A) (1) The Collateral Servicing Fee for the preceding Monthly Period, if applicable............................... $111,666.67 (2) Accrued and unpaid Collateral Servicing Fee, if applicable............ $0.00 B) (1) The Class D Servicing Fee for the preceding Monthly Period, if applicable.............................. $70,000.00 (2) Accrued and unpaid Class D Servicing Fee, if applicable............ $0.00 The Servicer hereby instructs the Trustee (i) to make withdrawals from the Collection Account on 16-Nov-9 which date is a Distribution Date under the Supplement, in the aggregate amounts (equal to the Available Principal Collections) as set forth below in respect of the following amounts and (ii) to apply the proceeds of such withdrawals. C) The excess, if any, of the Collateral Invested Amount over the Required Collateral Invested Amount paid to the Collateral Interest Holder pursuant to the Loan Agreement.................. $0.00 Amount to be treated as Shared Principal Collections..................... $0.00 With respect to the Class D Certificates A) The excess, if any, of the Class D Amount over the Required Class D Invested Amount paid to the Class D Holder...................... $0.00 Amount to be treated as Shared Principal Collections......................... $0.00 With Respect to Principal A) (1) The Lesser of the Controlled Deposit Amount and the sum of the Class A Adjusted Invested Amount and the Class B Adjusted Invested Amount deposited in the Principal Funding Account.................. $0.00 (2) After the Class B Invested Amount is paid in full, the amount paid to the Collateral Interest Holder (up to the Collateral Invested Amount) pursuant to the Loan Agreement............................ $0.00 (3) Prior to the date the Class B Invested Amount is paid in full, excess of the Collateral Invested Amount over the Required Collateral Invested Amount paid to the Collateral Interest Holder pursuant to the Loan Agreement............. $0.00 (4) Prior to the date the Class B Invested Amount is paid in full, amount to be treated as Shared Principal Collections..................... $0.00 (1) An amount up to the Class A Adjusted Invested Amount deposited in the Principal Funding Account......... $0.00 (2) On and after the Distribution Date on which the Class A Invested Amount deposited in the Principal Funding Account................................... $0.00 (3) On and after the Distribution Date on which the Class B Invested Amount is paid in full, an amount up to the Collateral Invested Amount paid to the Collateral Interest Holder pursuant to the Loan Agreement............................ $0.00 The Servicer does hereby instruct the Trustee to apply on 11/16/98 which date is a Distribution Date under the Supplement, any Excess Spread which is allocated to Series 1998-3 as follows: A) Class A Required Amount applied in the priority set forth.................. $0.00 B) Aggregate amount of Class A Investor Charge-Offs not previously reimbursed allocated to Available Principal Collections........... $0.00 C) Class B Required Amount applied first in the priority set forth and any remaining amount up to the Class B Investor Default Amount allocated to Available Principal Collections..................... $810,895.05 D) The amount by which the "Class B Invested Amount" has been reduced pursuant to clauses (c), (d) and (e) of the definition thereof allocated to Available Principal Collections............................ $0.00 E) (1) Collateral Monthly Interest.... $380,178.25 (2) Collateral Monthly Interest previously due but not paid............ $0.00 (3) Collateral Additional Interest and any Collateral Additional Interest previously due and not paid............ $0.00 F) Monthly Servicing Fee for such Distribution Date that has not been paid to the Servicer and any Monthly Servicing Fee previously due but not paid to the Servicer.......................... $0.00 G) Collateral Default Amount allocated to Available Principal Collections........................... $480,796.18 H) The amount by which the "Collateral Invested Amount" has been reduced pursuant to the definition thereof and allocated to Available Principal Collections......... $0.00 I) The excess of the Required Reserve Account Amount over the Available Reserve Amount deposited into the Reserve Account.......................... $0.00 J) Paid to the Collateral Interest Holder pursuant to the Loan Agreement................................ $0.00 K) Treated as Excess Finance Charge Collections and allocated to other Series or paid to the Holders of the Transferor Certificates............. $2,963,475.97 The Servicer does hereby instruct the Trustee to apply on 11/16/98 which is a Distribution Date under the Pooling and Servicing agreement, $0.0 of Reallocated Principal Collections to fund any deficiencies in the Required Amount after applying Class A Available Funds, Class B Available Funds, Excess Spread and Excess Finance Charge Collections thereto. II. INSTRUCTION TO MAKE CERTAIN PAYMENTS The Servicer does hereby instruct the Trustee to pay in accordance with the Supplement from the Collection Account or the Principal Funding Account, as applicable, on 11/16/98 which date is a Payment Date under the Supplement, the following amounts as set forth below: A) Interest to be distributed to Class A Certificate holders................... $2,599,444.91 B) On the Expected Final Payment Date or a Special Payment Date, principal to be distributed to the Class A Certificateholders............. $0.00 C) Interest to be distributed to Class B Certificateholders................... $579,422.82 D) On the Expected Final Payment Date or a Special Payment Date, on or after the date Class A Invested Amount is paid in full, principal to be distributed to the Class B Certificateholders........... $0.00 E) Interest to be distributed to the Collateral Interest Holder........... $380,178.25 F) On the Expected Final Payment Date After the date Class A and Class B Invested Amounts are paid in full, principal to be distributed to the Collateral Interest Holder.......................... $0.00 III. ACCRUED AND UNPAID AMOUNTS After giving effect to the withdrawals and transfers to be made in accordance with this notice, the following amounts will be accrued and unpaid with respect to all Monthly Periods preceding the current calendar month. 1. The aggregate amount of all unreimbursed Class A Investor Charge-Offs............................ $0.00 2. The aggregate amount by which the Class B Invested Amount has been reduced........................... $0.00 3. The aggregate amount by which the Collateral Invested Amount has been reduced....................... $0.00 4. The aggregate amount by which the Collateral Invested Amount has been reduced......................... $0.00 IN WITNESS WHEREOF, the undersigned has duly executed this Certificate on 11/16/98 PARTNERS FIRST RECEIVABLES FUNDING, LLC by /s/ Mark Norwicz ------------------------------------- Name: Mark Norwicz Title: Treasurer -----END PRIVACY-ENHANCED MESSAGE-----