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: | | $2,245,560,080.51 |
Beginning of the Month Finance Charge Receivables: | | $105,480,633.36 |
Beginning of the Month Discounted Receivables: | | $0.00 |
Beginning of the Month Total Receivables: | | $2,351,040,713.87 |
| |
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: | | $2,226,037,563.71 |
End of the Month Finance Charge Receivables: | | $108,339,060.55 |
End of the Month Discounted Receivables: | | $0.00 |
End of the Month Total Receivables: | | $2,334,376,624.26 |
| |
Special Funding Account Balance | | $0.00 |
Aggregate Adjusted Invested Amount (all Master Trust II Series) | | $81,333,333.36 |
End of the Month Transferor Amount | | $2,144,704,230.35 |
End of the Month Transferor Percentage | | 96.35% |
| |
DELINQUENCIES AND LOSSES | | |
| |
End of the Month Delinquencies: | | |
| |
30-59 Days Delinquent | | $44,891,531.13 |
60-89 Days Delinquent | | $36,197,511.85 |
90+ Days Delinquent | | $80,563,378.13 |
| |
Total 30+ Days Delinquent | | $161,652,421.11 |
Delinquent Percentage | | 6.92% |
| |
Defaulted Accounts During the Month | | $15,521,079.53 |
Annualized Default Percentage | | 8.29% |
Principal Collections | | $252,649,957.79 |
Principal Payment Rate | | 11.25% |
Total Payment Rate | | 11.84% |
| |
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 | | $0.00 |
Class B Invested Amount | | $25,500,000.00 |
Class C Invested Amount | | $28,500,000.00 |
| | |
|
INVESTED AMOUNT | | $54,000,000.00 |
| |
Class A Adjusted Invested Amount | | $0.00 |
Class B Adjusted Invested Amount | | $25,500,000.00 |
Class C Adjusted Invested Amount | | $28,500,000.00 |
| | |
|
ADJUSTED INVESTED AMOUNT | | $54,000,000.00 |
| |
PREFUNDED AMOUNT | | $0.00 |
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FLOATING ALLOCATION PERCENTAGE | | 4.84% |
PRINCIPAL ALLOCATION PERCENTAGE | | 13.36% |
| |
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 | | $33,753,266.28 |
| |
COLLECTIONS OF FINANCE CHARGE RECEIVABLES DURING THE MONTHLY PERIOD ALLOCATED TO SERIES 1996-C | | $1,239,113.00 |
| |
MONTHLY SERVICING FEE | | $101,666.67 |
| |
INVESTOR DEFAULT AMOUNT | | $751,092.80 |
CLASS A AVAILABLE FUNDS | | |
| |
CLASS A FLOATING ALLOCATION PERCENTAGE | | 50.31% |
| |
Class A Finance Charge Collections | | $1,145,150.79 |
Other Amounts | | $0.00 |
| |
TOTAL CLASS A AVAILABLE FUNDS | | $1,145,150.79 |
| |
Class A Monthly Interest | | $241,080.00 |
Class A Servicing Fee | | $34,166.67 |
Class A Investor Default Amount | | $377,850.36 |
| |
TOTAL CLASS A EXCESS SPREAD | | $492,053.76 |
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CLASS A REQUIRED AMOUNT | | $0.00 |
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CLASS B AVAILABLE FUNDS | | |
| |
CLASS B FLOATING ALLOCATION PERCENTAGE | | 23.47% |
| |
Class B Finance Charge Collections | | $322,648.45 |
Other Amounts | | $0.00 |
| |
TOTAL CLASS B AVAILABLE FUNDS | | $322,648.45 |
| |
Class B Monthly Interest | | $29,650.83 |
Class B Servicing Fee | | $31,875.00 |
| |
TOTAL CLASS B EXCESS SPREAD | | $261,122.62 |
CLASS B INVESTOR DEFAULT AMOUNT | | $176,253.37 |
CLASS B REQUIRED AMOUNT | | $176,253.37 |
| |
CLASS C FLOATING ALLOCATION PERCENTAGE | | 26.23% |
| |
CLASS C MONTHLY SERVICING FEE | | $35,625.00 |
EXCESS SPREAD | | |
| |
TOTAL EXCESS SPREAD | | $1,078,158.47 |
| |
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 | | $176,253.37 |
| |
Excess Spread Applied to Reductions of Class B Invested Amount | | $0.00 |
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Excess Spread Applied to Class C Required Amount | | $242,874.06 |
| |
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 |
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Excess Spread Applied to Spread Account | | $0.00 |
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Excess Spread Applied to Reserve Account | | $172,388.53 |
| |
Excess Spread Applied to other amounts owed to Cash Collateral Depositor | | $0.00 |
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Excess Spread Applied to other amounts owed to Spread Account Residual Interest Holders | | $0.00 |
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TOTAL EXCESS FINANCE CHARGE COLLECTIONS ELIGIBLE FOR GROUP I | | $424,142.51 |
EXCESS FINANCE CHARGE COLLECTIONS—GROUP I | | |
| |
TOTAL EXCESS FINANCE CHARGE COLLECTIONS FOR ALL SERIES IN GROUP I | | $424,142.51 |
| |
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) | | 1.81% |
Base Rate (Prior Month) | | 2.22% |
Base Rate (Two Months Ago) | | 2.26% |
| | |
|
THREE MONTH AVERAGE BASE RATE | | 2.10% |
| |
Portfolio Yield (Current Month) | | 4.31% |
Portfolio Yield (Prior Month) | | 5.54% |
Portfolio Yield (Two Months Ago) | | 6.19% |
| | |
|
THREE MONTH AVERAGE PORTFOLIO YIELD | | 5.35% |
PRINCIPAL COLLECTIONS | | |
| |
TOTAL PRINCIPAL COLLECTIONS | | $33,753,266.28 |
| |
INVESTOR DEFAULT AMOUNT | | $751,092.80 |
| |
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 | | $27,333,333.36 |
Deficit Controlled Accumulation Amount | | $0.00 |
CONTROLLED DEPOSIT AMOUNT | | $27,333,333.36 |
| |
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 | | $7,171,025.72 |
| |
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 | | $3,000,000.00 |
Available Cash Collateral Amount | | $3,000,000.00 |
| |
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/ RANDY J. REDCAY
|
| | | | | Randy J. Redcay First Vice President |
