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: | | $2,599,321,035.99 |
Beginning of the Month Finance Charge Receivables: | | $123,320,345.99 |
Beginning of the Month Discounted Receivables: | | $0.00 |
Beginning of the Month Total Receivables: | | $2,722,641,381.98 |
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: | | $2,567,455,562.28 |
End of the Month Finance Charge Receivables: | | $122,708,870.62 |
End of the Month Discounted Receivables: | | $0.00 |
End of the Month Total Receivables: | | $2,690,164,432.90 |
Special Funding Account Balance | | $0.00 |
Aggregate Adjusted Invested Amount (all Master Trust II Series) | | $682,000,000.00 |
End of the Month Transferor Amount | | $1,885,455,562.28 |
End of the Month Transferor Percentage | | 73.44% |
DELINQUENCIES AND LOSSES | | |
End of the Month Delinquencies: | | |
30-59 Days Delinquent | | $63,323,264.49 |
60-89 Days Delinquent | | $44,686,583.15 |
90+ Days Delinquent | | $89,992,087.91 |
Total 30+ Days Delinquent | | $198,001,935.55 |
Delinquent Percentage | | 7.36% |
Defaulted Accounts During the Month | | $16,694,393.33 |
Annualized Default Percentage | | 7.71% |
Principal Collections | | $298,475,482.12 |
Principal Payment Rate | | 11.48% |
Total Payment Rate | | 12.29% |
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 | | $175,500,000.00 |
Class B Adjusted Invested Amount | | $72,000,000.00 |
Class C Adjusted Invested Amount | | $60,000,000.00 |
| | |
|
ADJUSTED INVESTED AMOUNT | | $307,500,000.00 |
PREFUNDED AMOUNT | | $0.00 |
FLOATING ALLOCATION PERCENTAGE | | 16.33% |
PRINCIPAL ALLOCATION PERCENTAGE | | 23.08% |
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 | | $68,896,949.21 |
COLLECTIONS OF FINANCE CHARGE RECEIVABLES DURING THE MONTHLY PERIOD ALLOCATED TO SERIES 1998-A | | $5,878,221.84 |
MONTHLY SERVICING FEE | | $457,500.00 |
INVESTOR DEFAULT AMOUNT | | $2,726,392.72 |
CLASS A AVAILABLE FUNDS
CLASS A FLOATING ALLOCATION PERCENTAGE | | 68.90% |
Class A Finance Charge Collections | | $4,971,284.87 |
Other Amounts | | $0.00 |
TOTAL CLASS A AVAILABLE FUNDS | | $4,971,284.87 |
Class A Monthly Interest | | $671,840.00 |
Class A Servicing Fee | | $292,500.00 |
Class A Investor Default Amount | | $1,878,609.82 |
TOTAL CLASS A EXCESS SPREAD | | $2,128,335.05 |
CLASS A REQUIRED AMOUNT | | $0.00 |
CLASS B AVAILABLE FUNDS | | |
CLASS B FLOATING ALLOCATION PERCENTAGE | | 16.96% |
Class B Finance Charge Collections | | $1,087,012.89 |
Other Amounts | | $0.00 |
TOTAL CLASS B AVAILABLE FUNDS | | $1,087,012.89 |
Class B Monthly Interest | | $120,360.00 |
Class B Servicing Fee | | $90,000.00 |
|
TOTAL CLASS B EXCESS SPREAD | | $876,652.89 |
CLASS B INVESTOR DEFAULT AMOUNT | | $462,427.04 |
CLASS B REQUIRED AMOUNT | | $462,427.04 |
CLASS C FLOATING ALLOCATION PERCENTAGE | | 14.14% |
CLASS C MONTHLY SERVICING FEE | | $75,000.00 |
EXCESS SPREAD
TOTAL EXCESS SPREAD | | $3,835,832.02 |
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 | | $462,427.04 |
Excess Spread Applied to Reductions of Class B Invested Amount | | $0.00 |
Excess Spread Applied to Class C Required Amount | | $519,655.85 |
Excess Spread Applied to Reductions of Class C Invested Amount | | $0.00 |
Excess Spread Applied to Monthly Cash Collateral Fee | | $76,250.00 |
Excess Spread Applied to Cash Collateral Account | | $0.00 |
Excess Spread Applied to Spread Account | | $0.00 |
Excess Spread Applied to Reserve Account | | $103,978.05 |
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 | | $2,673,521.08 |
EXCESS FINANCE CHARGE COLLECTIONS—GROUP I
TOTAL EXCESS FINANCE CHARGE COLLECTIONS FOR ALL SERIES IN GROUP I | | $4,599,574.32 |
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) | | 3.64% |
Base Rate (Prior Month) | | 3.69% |
Base Rate (Two Months Ago) | | 3.65% |
| | |
|
THREE MONTH AVERAGE BASE RATE | | 3.66% |
Portfolio Yield (Current Month) | | 8.48% |
Portfolio Yield (Prior Month) | | 9.90% |
Portfolio Yield (Two Months Ago) | | 9.98% |
| | |
|
THREE MONTH AVERAGE PORTFOLIO YIELD | | 9.45% |
PRINCIPAL COLLECTIONS
TOTAL PRINCIPAL COLLECTIONS | | $68,896,949.21 |
INVESTOR DEFAULT AMOUNT | | $2,726,392.72 |
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 | | $13,123,341.93 |
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 | | $9,225,000.00 |
Available Cash Collateral Amount | | $10,980,000.00 |
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 |
