Exhibit 99.7
MONTHLY STATEMENT TO CERTIFICATEHOLDERS
SERIES 1998-A
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 | | $370,500,000.00 |
| Class B Initial Invested Amount | | $57,000,000.00 |
| Class C Initial Invested Amount | | $47,500,000.00 |
| | |
|
| INITIAL INVESTED AMOUNT | | $475,000,000.00 |
Class A Invested Amount | | $468,000,000.00 |
| Class B Invested Amount | | $72,000,000.00 |
| Class C Invested Amount | | $60,000,000.00 |
| | |
|
| INVESTED AMOUNT | | $600,000,000.00 |
Class A Adjusted Invested Amount | | $234,000,000.00 |
| Class B Adjusted Invested Amount | | $72,000,000.00 |
| Class C Adjusted Invested Amount | | $60,000,000.00 |
| | |
|
| ADJUSTED INVESTED AMOUNT | | $366,000,000.00 |
PREFUNDED AMOUNT | | $0.00 |
FLOATING ALLOCATION PERCENTAGE | | 18.81% |
| PRINCIPAL ALLOCATION PERCENTAGE | | 23.37% |
Class A Principal Allocation Percentage | | 78.00% |
| Class B Principal Allocation Percentage | | 12.00% |
| Class C Principal Allocation Percentage | | 10.00% |
| | | |
COLLECTIONS OF PRINCIPAL RECEIVABLES DURING THE MONTHLY PERIOD ALLOCATED TO SERIES 1998-A | | $69,302,602.98 |
| | | |
COLLECTIONS OF FINANCE CHARGE RECEIVABLES DURING THE MONTHLY PERIOD ALLOCATED TO SERIES 1998-A | | $7,209,821.47 |
MONTHLY SERVICING FEE | | $530,625.00 |
INVESTOR DEFAULT AMOUNT | | $3,240,402.27 |
CLASS A AVAILABLE FUNDS | | |
CLASS A FLOATING ALLOCATION PERCENTAGE | | 72.67% |
Class A Finance Charge Collections | | $6,054,047.98 |
| Other Amounts | | $0.00 |
TOTAL CLASS A AVAILABLE FUNDS | | $6,054,047.98 |
Class A Monthly Interest | | $612,300.00 |
| Class A Servicing Fee | | $365,625.00 |
| Class A Investor Default Amount | | $2,354,826.49 |
TOTAL CLASS A EXCESS SPREAD | | $2,721,296.49 |
CLASS A REQUIRED AMOUNT | | $0.00 |
CLASS B AVAILABLE FUNDS | | |
CLASS B FLOATING ALLOCATION PERCENTAGE | | 14.91% |
Class B Finance Charge Collections | | $1,164,755.99 |
| Other Amounts | | $0.00 |
TOTAL CLASS B AVAILABLE FUNDS | | $1,164,755.99 |
Class B Monthly Interest | | $109,200.00 |
| Class B Servicing Fee | | $90,000.00 |
TOTAL CLASS B EXCESS SPREAD | | $965,555.99 |
| CLASS B INVESTOR DEFAULT AMOUNT | | $483,041.33 |
| CLASS B REQUIRED AMOUNT | | $483,041.33 |
CLASS C FLOATING ALLOCATION PERCENTAGE | | 12.42% |
CLASS C MONTHLY SERVICING FEE | | $75,000.00 |
EXCESS SPREAD | | |
TOTAL EXCESS SPREAD | | $4,582,482.48 |
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 | | $483,041.33 |
Excess Spread Applied to Reductions of Class B | | |
Invested Amount | | $0.00 |
Excess Spread Applied to Class C Required Amount | | $523,534.43 |
Excess Spread Applied to Reductions of Class C | | |
Invested Amount | | $0.00 |
Excess Spread Applied to Monthly Cash Collateral Fee | | $88,437.50 |
Excess Spread Applied to Cash Collateral Account | | $0.00 |
Excess Spread Applied to Spread Account | | $0.00 |
Excess Spread Applied to Reserve Account | | $50,536.91 |
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 | | $3,436,932.31 |
EXCESS FINANCE CHARGE COLLECTIONS—GROUP I | | |
TOTAL EXCESS FINANCE CHARGE COLLECTIONS FOR ALL SERIES IN GROUP I | | $6,469,049.36 |
SERIES 1998-A EXCESS FINANCE CHARGE COLLECTIONS | | |
EXCESS FINANCE CHARGE COLLECTIONS ALLOCATED TO SERIES 1998-A | | $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) | | 3.69% |
| Base Rate (Prior Month) | | 3.65% |
| Base Rate (Two Months Ago) | | 4.07% |
| | |
|
| THREE MONTH AVERAGE BASE RATE | | 3.81% |
Portfolio Yield (Current Month) | | 9.90% |
| Portfolio Yield (Prior Month) | | 9.98% |
| Portfolio Yield (Two Months Ago) | | 12.48% |
| | |
|
| THREE MONTH AVERAGE PORTFOLIO YIELD | | 10.79% |
PRINCIPAL COLLECTIONS | | |
TOTAL PRINCIPAL COLLECTIONS | | $69,302,602.98 |
INVESTOR DEFAULT AMOUNT | | $3,240,402.27 |
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 | | $58,500,000.00 |
| Deficit Controlled Accumulation Amount | | $0.00 |
| CONTROLLED DEPOSIT AMOUNT | | $58,500,000.00 |
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 | | $14,043,005.25 |
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 | | $10,980,000.00 |
| Available Cash Collateral Amount | | $12,735,000.00 |
TOTAL DRAW AMOUNT | | $0.00 |
| CASH COLLATERAL ACCOUNT SURPLUS | | $1,755,000.00 |
| Bank One, Delaware, National Association (Formerly First USA Bank, National Association) as Servicer |
|
| By: | | /s/ MICHAEL J. GRUBB
|
| | | Michael J. Grubb First Vice President |
