EX-20.1 3 dex201.htm EXCESS SPREAD ANALYSIS Excess Spread Analysis
 
Exhibit 20.1
 
PARTNERS FIRST CREDIT CARD MASTER TRUST
 
EXCESS SPREAD ANALYSIS—NOVEMBER 2002
 
Series
   
 
1998-3
 
Deal Size
   
$
750 MM
 
Expected Maturity
   
 
07/15/03
 
Yield
   
 
12.29
%
Less:  Coupon
   
 
1.49
%
Servicing Fee
   
 
1.24
%
Net Credit Losses
   
 
6.20
%
Excess Spread:
         
November-02
   
 
3.36
%
October-02
   
 
5.03
%
September-02
   
 
4.60
%
Three month Average Excess Spread
   
 
4.33
%
Delinquencies:
         
30 to 59 Days
   
 
1.78
%
60 to 89 Days
   
 
1.26
%
90 + Days
   
 
2.43
%
Total
   
 
5.47
%
Payment Rate:
   
 
8.71
%