Exhibit 99.3
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: | | $2,567,455,562.28 |
Beginning of the Month Finance Charge Receivables: | | $122,708,870.62 |
Beginning of the Month Discounted Receivables: | | $0.00 |
Beginning of the Month Total Receivables: | | $2,690,164,432.90 |
|
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: | | $2,525,723,722.76 |
End of the Month Finance Charge Receivables: | | $122,190,632.10 |
End of the Month Discounted Receivables: | | $0.00 |
End of the Month Total Receivables: | | $2,647,914,354.86 |
|
Special Funding Account Balance | | $0.00 |
Aggregate Adjusted Invested Amount (all Master Trust II Series) | | $607,500,000.00 |
End of the Month Transferor Amount | | $1,918,223,722.76 |
End of the Month Transferor Percentage | | 75.95% |
|
DELINQUENCIES AND LOSSES | | |
|
End of the Month Delinquencies: | | |
|
30-59 Days Delinquent | | $61,466,194.24 |
60-89 Days Delinquent | | $44,692,792.10 |
90+ Days Delinquent | | $90,568,745.96 |
|
Total 30+ Days Delinquent | | $196,727,732.30 |
Delinquent Percentage | | 7.43% |
|
Defaulted Accounts During the Month | | $18,242,133.44 |
Annualized Default Percentage | | 8.53% |
Principal Collections | | $263,015,348.08 |
Principal Payment Rate | | 10.24% |
|
Total Payment Rate | | 11.02% |
|
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 | | $30,732,607.64 |
|
COLLECTIONS OF FINANCE CHARGE RECEIVABLES DURING THE MONTHLY PERIOD ALLOCATED TO SERIES 1996-C | | $3,863,932.07 |
|
MONTHLY SERVICING FEE | | $375,000.00 |
|
INVESTOR DEFAULT AMOUNT | | $2,131,542.25 |
|
CLASS A AVAILABLE FUNDS | | |
|
CLASS A FLOATING ALLOCATION PERCENTAGE | | 82.00% |
|
Class A Finance Charge Collections | | $3,475,924.30 |
Other Amounts | | $0.00 |
|
TOTAL CLASS A AVAILABLE FUNDS | | $3,475,924.30 |
|
Class A Monthly Interest | | $273,060.00 |
Class A Servicing Fee | | $307,500.00 |
Class A Investor Default Amount | | $1,747,864.64 |
|
TOTAL CLASS A EXCESS SPREAD | | $1,147,499.66 |
|
CLASS A REQUIRED AMOUNT | | $0.00 |
|
CLASS B AVAILABLE FUNDS | | |
|
CLASS B FLOATING ALLOCATION PERCENTAGE | | 8.50% |
|
Class B Finance Charge Collections | | $360,309.23 |
Other Amounts | | $0.00 |
|
TOTAL CLASS B AVAILABLE FUNDS | | $360,309.23 |
|
Class B Monthly Interest | | $32,799.38 |
Class B Servicing Fee | | $31,875.00 |
|
TOTAL CLASS B EXCESS SPREAD | | $295,634.84 |
|
CLASS B INVESTOR DEFAULT AMOUNT | | $181,181.09 |
|
CLASS B REQUIRED AMOUNT | | $181,181.09 |
|
CLASS C FLOATING ALLOCATION PERCENTAGE | | 9.50% |
|
CLASS C MONTHLY SERVICING FEE | | $35,625.00 |
|
EXCESS SPREAD | | |
|
TOTAL EXCESS SPREAD | | $1,810,208.04 |
|
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 | | $181,181.09 |
|
Excess Spread Applied to Reductions of Class B Invested Amount | | $0.00 |
|
Excess Spread Applied to Class C Required Amount | | $251,445.26 |
|
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 | | $1,315,081.69 |
|
EXCESS FINANCE CHARGE COLLECTIONS — GROUP I | | |
|
TOTAL EXCESS FINANCE CHARGE COLLECTIONS FOR ALL SERIES IN GROUP I | | $3,265,545.60 |
|
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) | | 3.58% |
Base Rate (Prior Month) | | 3.61% |
Base Rate (Two Months Ago) | | 3.66% |
| | |
|
THREE MONTH AVERAGE BASE RATE | | 3.61% |
|
Portfolio Yield (Current Month) | | 8.43% |
Portfolio Yield (Prior Month) | | 10.42% |
Portfolio Yield (Two Months Ago) | | 11.37% |
| | |
|
THREE MONTH AVERAGE PORTFOLIO YIELD | | 10.07% |
PRINCIPAL COLLECTIONS | | |
|
TOTAL PRINCIPAL COLLECTIONS | | $30,732,607.64 |
|
INVESTOR DEFAULT AMOUNT | | $2,131,542.25 |
|
REALLOCATED PRINCIPAL COLLECTIONS | | $0.00 |
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 | | $32,864,149.89 |
|
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 |
