EX-20.1 3 dex201.htm EXCESS SPREAD ANALYSIS Excess Spread Analysis
Exhibit 20.1
 
PARTNERS FIRST CREDIT CARD MASTER TRUST
 
EXCESS SPREAD ANALYSIS—SEPTEMBER 2002
 
Series
   
 
1998-3
 
Deal Size
   
$
750 MM
 
Expected Maturity
   
 
07/15/03
 
Yield
   
 
15.50
%
Less: Coupon
   
 
1.92
%
Servicing Fee
   
 
1.56
%
Net Credit Losses
   
 
7.42
%
Excess Spread:
         
September-02
   
 
4.60
%
August-02
   
 
6.11
%
July-02
   
 
5.71
%
Three month Average Excess Spread
   
 
5.47
%
Delinquencies:
         
30 to 59 Days
   
 
1.91
%
60 to 89 Days
   
 
1.20
%
90 + Days
   
 
2.27
%
Total
   
 
5.38
%
Payment Rate:
   
 
9.06
%