Exhibit 99.5
MONTHLY STATEMENT TO CERTIFICATEHOLDERS
SERIES 1996-C
CC MASTER CREDIT CARD TRUST II
(Formerly Chevy Chase Master Credit Card Trust II)
RECEIVABLES | | |
| Beginning of the Month Principal Receivables: | | $2,567,606,869.18 |
| Beginning of the Month Finance Charge Receivables: | | $127,804,091.72 |
| Beginning of the Month Discounted Receivables: | | $0.00 |
| Beginning of the Month Total Receivables: | | $2,695,410,960.90 |
Removed Principal Receivables: | | $0.00 |
| Removed Finance Charge Receivables: | | $0.00 |
| Removed Total Receivables: | | $0.00 |
Additional Principal Receivables: | | $0.00 |
| Additional Finance Charge Receivables: | | $0.00 |
| Additional Total Receivables: | | $0.00 |
Discounted Receivables Generated this Period: | | $0.00 |
End of the Month Principal Receivables: | | $2,599,321,035.99 |
| End of the Month Finance Charge Receivables: | | $123,320,345.99 |
| End of the Month Discounted Receivables: | | $0.00 |
| End of the Month Total Receivables: | | $2,722,641,381.98 |
Special Funding Account Balance | | $0.00 |
| Aggregate Adjusted Invested Amount (all Master Trust II Series) | | $756,500,000.00 |
| End of the Month Transferor Amount | | $1,842,821,035.99 |
| End of the Month Transferor Percentage | | 70.90% |
DELINQUENCIES AND LOSSES | | |
| End of the Month Delinquencies: | | |
30-59 Days Delinquent | | $62,352,312.55 |
| 60-89 Days Delinquent | | $42,924,343.01 |
| 90+ Days Delinquent | | $89,270,422.17 |
Total 30+ Days Delinquent | | $194,547,077.73 |
| Delinquent Percentage | | 7.15% |
Defaulted Accounts During the Month | | $17,225,836.70 |
| Annualized Default Percentage | | 8.05% |
| Principal Collections | | $296,569,732.24 |
| Principal Payment Rate | | 11.55% |
Total Payment Rate | | 12.43% |
INVESTED AMOUNTS | | |
Class A Initial Invested Amount | | $184,500,000.00 |
| Class B Initial Invested Amount | | $19,125,000.00 |
| Class C Initial Invested Amount | | $21,375,000.00 |
| | |
|
INITIAL INVESTED AMOUNT | | $225,000,000.00 |
| Class A Invested Amount | | $246,000,000.00 |
| Class B Invested Amount | | $25,500,000.00 |
| Class C Invested Amount | | $28,500,000.00 |
| | |
|
INVESTED AMOUNT | | $300,000,000.00 |
| Class A Adjusted Invested Amount | | $246,000,000.00 |
| Class B Adjusted Invested Amount | | $25,500,000.00 |
| Class C Adjusted Invested Amount | | $28,500,000.00 |
| | |
|
ADJUSTED INVESTED AMOUNT | | $300,000,000.00 |
| PREFUNDED AMOUNT | | $0.00 |
FLOATING ALLOCATION PERCENTAGE | | 11.68% |
PRINCIPAL ALLOCATION PERCENTAGE | | 11.68% |
| Class A Principal Allocation Percentage | | 82.00% |
| Class B Principal Allocation Percentage | | 8.50% |
| Class C Principal Allocation Percentage | | 9.50% |
| | | |
COLLECTIONS OF PRINCIPAL RECEIVABLES DURING THE MONTHLY PERIOD ALLOCATED TO SERIES 1996-C | | $34,651,301.45 |
| | | |
COLLECTIONS OF FINANCE CHARGE RECEIVABLES DURING THE MONTHLY PERIOD ALLOCATED TO SERIES 1996-C | | $4,479,225.06 |
MONTHLY SERVICING FEE | | $375,000.00 |
INVESTOR DEFAULT AMOUNT | | $2,012,672.22 |
CLASS A AVAILABLE FUNDS | | |
CLASS A FLOATING ALLOCATION PERCENTAGE | | 82.00% |
Class A Finance Charge Collections | | $3,980,464.52 |
| Other Amounts | | $0.00 |
TOTAL CLASS A AVAILABLE FUNDS | | $3,980,464.52 |
Class A Monthly Interest | | $319,800.00 |
| Class A Servicing Fee | | $307,500.00 |
| Class A Investor Default Amount | | $1,650,391.22 |
TOTAL CLASS A EXCESS SPREAD | | $1,702,773.30 |
CLASS A REQUIRED AMOUNT | | $0.00 |
CLASS B AVAILABLE FUNDS | | |
CLASS B FLOATING ALLOCATION PERCENTAGE | | 8.50% |
Class B Finance Charge Collections | | $412,609.13 |
| Other Amounts | | $0.00 |
TOTAL CLASS B AVAILABLE FUNDS | | $412,609.13 |
Class B Monthly Interest | | $38,143.75 |
| Class B Servicing Fee | | $31,875.00 |
TOTAL CLASS B EXCESS SPREAD | | $342,590.38 |
| CLASS B INVESTOR DEFAULT AMOUNT | | $171,077.14 |
| CLASS B REQUIRED AMOUNT | | $171,077.14 |
CLASS C FLOATING ALLOCATION PERCENTAGE | | 9.50% |
CLASS C MONTHLY SERVICING FEE | | $35,625.00 |
EXCESS SPREAD | | |
TOTAL EXCESS SPREAD | | $2,470,890.06 |
Excess Spread Applied to Class A Required Amount | | $0.00 |
Excess Spread Applied to Class A Investor Charge Offs | | $0.00 |
Excess Spread Applied to Class B Required Amount | | $171,077.14 |
Excess Spread Applied to Reductions of Class B Invested Amount | | $0.00 |
Excess Spread Applied to Class C Required Amount | | $247,491.36 |
Excess Spread Applied to Reductions of Class C Invested Amount | | $0.00 |
Excess Spread Applied to Monthly Cash Collateral Fee | | $62,500.00 |
Excess Spread Applied to Cash Collateral Account | | $0.00 |
Excess Spread Applied to Spread Account | | $0.00 |
Excess Spread Applied to Reserve Account | | $0.00 |
Excess Spread Applied to other amounts owed to Cash Collateral Depositor | | $0.00 |
Excess Spread Applied to other amounts owed to Spread Account Residual Interest Holders | | $0.00 |
TOTAL EXCESS FINANCE CHARGE COLLECTIONS ELIGIBLE FOR GROUP I | | $1,989,821.56 |
EXCESS FINANCE CHARGE COLLECTIONS—GROUP I | | |
| TOTAL EXCESS FINANCE CHARGE COLLECTIONS FOR ALL SERIES IN GROUP I | | $6,469,049.36 |
SERIES 1996-C EXCESS FINANCE CHARGE COLLECTIONS | | |
| EXCESS FINANCE CHARGE COLLECTIONS ALLOCATED TO SERIES 1996-C | | $0.00 |
Excess Finance Charge Collections applied to Class A Required Amount | | $0.00 |
|
Excess Finance Charge Collections applied to Class A Investor Charge Offs | | $0.00 |
|
Excess Finance Charge Collections applied to Class B Required Amount | | $0.00 |
|
Excess Finance Charge Collections applied to Reductions of Class B Invested Amount | | $0.00 |
|
Excess Finance Charge Collections applied to Class C Required Amount | | $0.00 |
|
Excess Finance Charge Collections applied to Reductions of Class C Invested Amount | | $0.00 |
|
Excess Finance Charge Collections applied to Monthly Cash Collateral Fee | | $0.00 |
|
Excess Finance Charge Collections applied to other amounts owed Cash Collateral Depositor | | $0.00 |
|
Excess Finance Charge Collections applied to other amounts owed to Spread Account Residual Interest Holders | | $0.00 |
YIELD AND BASE RATE | | |
|
| Base Rate (Current Month) | | 3.66% |
| Base Rate (Prior Month) | | 3.62% |
| Base Rate (Two Months Ago) | | 4.04% |
| | |
|
| THREE MONTH AVERAGE BASE RATE | | 3.77% |
|
| Portfolio Yield (Current Month) | | 11.37% |
| Portfolio Yield (Prior Month) | | 10.55% |
| Portfolio Yield (Two Months Ago) | | 12.29% |
| | |
|
| THREE MONTH AVERAGE PORTFOLIO YIELD | | 11.40% |
PRINCIPAL COLLECTIONS | | |
|
| TOTAL PRINCIPAL COLLECTIONS | | $34,651,301.45 |
|
| INVESTOR DEFAULT AMOUNT | | $2,012,672.22 |
|
| REALLOCATED PRINCIPAL COLLECTIONS | | |
| Allocable to Class C Interests | | $0.00 |
| Allocable to Class B Certificates | | $0.00 |
|
SHARED PRINCIPAL COLLECTIONS ALLOCABLE FROM OTHER SERIES | | $0.00 |
|
| CLASS A SCHEDULED ACCUMULATION— | | |
| Controlled Accumulation Amount | | $0.00 |
| Deficit Controlled Accumulation Amount | | $0.00 |
| CONTROLLED DEPOSIT AMOUNT | | $0.00 |
|
| CLASS B SCHEDULED ACCUMULATION— | | |
| Controlled Accumulation Amount | | $0.00 |
| Deficit Controlled Accumulation Amount | | $0.00 |
| CONTROLLED DEPOSIT AMOUNT | | $0.00 |
|
EXCESS PRINCIPAL COLLECTIONS ELIGIBLE FOR PRINCIPAL SHARING | | $36,663,973.66 |
INVESTOR CHARGE OFFS | | |
|
| CLASS A INVESTOR CHARGE OFFS | | $0.00 |
| CLASS B INVESTOR CHARGE OFFS | | $0.00 |
| CLASS C INVESTOR CHARGE OFFS | | $0.00 |
PREVIOUS CLASS A CHARGE OFFS REIMBURSED | | $0.00 |
| PREVIOUS CLASS B REDUCTIONS REIMBURSED | | $0.00 |
| PREVIOUS CLASS C REDUCTIONS REIMBURSED | | $0.00 |
|
| CASH COLLATERAL ACCOUNT | | |
| Required Cash Collateral Amount | | $9,000,000.00 |
| Available Cash Collateral Amount | | $9,000,000.00 |
|
| TOTAL DRAW AMOUNT | | $0.00 |
| CASH COLLATERAL ACCOUNT SURPLUS | | $0.00 |
| Bank One, Delaware, National Association (Formerly First USA Bank, National Association) as Servicer |
|
| By: | | /s/ MICHAEL J. GRUBB
|
| | | Michael J. Grubb First Vice President |
