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: | $2,151,634,395.52 | |
Beginning of the Month Finance Charge Receivables: | $111,218,268.28 | |
Beginning of the Month Discounted Receivables: | $0.00 | |
Beginning of the Month Total Receivables: | $2,262,852,663.80 | |
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: | $2,124,877,267.77 | |
End of the Month Finance Charge Receivables: | $109,696,561.39 | |
End of the Month Discounted Receivables: | $0.00 | |
End of the Month Total Receivables: | $2,234,573,829.16 | |
Special Funding Account Balance | $0.00 | |
Aggregate Adjusted Invested Amount (all Master Trust II Series) | $14,250,000.00 | |
End of the Month Transferor Amount | $2,110,627,267.77 | |
End of the Month Transferor Percentage | 99.33% | |
DELINQUENCIES AND LOSSES | ||
End of the Month Delinquencies: | ||
30-59 Days Delinquent | $41,773,039.54 | |
60-89 Days Delinquent | $30,487,889.80 | |
90+ Days Delinquent | $71,363,643.71 | |
Total 30+ Days Delinquent | $143,624,573.05 | |
Delinquent Percentage | 6.43% | |
Defaulted Accounts During the Month | $13,541,576.88 | |
Annualized Default Percentage | 7.55% | |
Mar-2004 | 1996-C | Page 2 |
Principal Collections | $280,577,451.08 | |
Principal Payment Rate | 13.04% | |
Total Payment Rate | 13.66% | |
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 | $0.00 | |
Class C Invested Amount | $0.00 | |
INVESTED AMOUNT | $0.00 | |
Class A Adjusted Invested Amount | $0.00 | |
Class B Adjusted Invested Amount | $0.00 | |
Class C Adjusted Invested Amount | $0.00 | |
ADJUSTED INVESTED AMOUNT | $0.00 | |
PREFUNDED AMOUNT | $0.00 | |
FLOATING ALLOCATION PERCENTAGE | 1.32% | |
PRINCIPAL ALLOCATION PERCENTAGE | 13.94% | |
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 | $39,120,603.16 | |
COLLECTIONS OF FINANCE CHARGE RECEIVABLES DURING THE MONTHLY PERIOD ALLOCATED TO SERIES 1996-C | $377,629.59 | |
MONTHLY SERVICING FEE | $17,812.50 | |
INVESTOR DEFAULT AMOUNT | $179,368.27 | |
Mar-2004 | 1996-C | Page 3 |
CLASS A AVAILABLE FUNDS | ||
CLASS A FLOATING ALLOCATION PERCENTAGE | 0.00% | |
Class A Finance Charge Collections | $0.00 | |
Other Amounts | $0.00 | |
TOTAL CLASS A AVAILABLE FUNDS | $0.00 | |
Class A Monthly Interest | $0.00 | |
Class A Servicing Fee | $0.00 | |
Class A Investor Default Amount | $0.00 | |
TOTAL CLASS A EXCESS SPREAD | $0.00 | |
CLASS A REQUIRED AMOUNT | $0.00 | |
CLASS B AVAILABLE FUNDS | ||
CLASS B FLOATING ALLOCATION PERCENTAGE | 0.00% | |
Class B Finance Charge Collections | $0.00 | |
Other Amounts | $0.00 | |
TOTAL CLASS B AVAILABLE FUNDS | $0.00 | |
Class B Monthly Interest | $0.00 | |
Class B Servicing Fee | $0.00 | |
TOTAL CLASS B EXCESS SPREAD | $0.00 | |
CLASS B INVESTOR DEFAULT AMOUNT | $0.00 | |
CLASS B REQUIRED AMOUNT | $0.00 | |
CLASS C FLOATING ALLOCATION PERCENTAGE | 100.00% | |
CLASS C MONTHLY SERVICING FEE | $17,812.50 | |
| Mar-2004 | 1996-C | Page 4 |
EXCESS SPREAD | ||
TOTAL EXCESS SPREAD | $420,474.59 | |
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 | $0.00 | |
Excess Spread Applied to Reductions of Class B Invested Amount | $0.00 | |
Excess Spread Applied to Class C Required Amount | $229,433.27 | |
Excess Spread Applied to Reductions of Class C Invested Amount | $0.00 | |
Excess Spread Applied to Monthly Cash Collateral Fee | $5,937.50 | |
Excess Spread Applied to Cash Collateral Account | $0.00 | |
Excess Spread Applied to Spread Account | $0.00 | |
Excess Spread Applied to Reserve Account | $17,442.38 | |
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 | $167,661.44 | |
| Mar-2004 | 1996-C | Page 5 |
EXCESS FINANCE CHARGE COLLECTIONS—GROUP I | ||
TOTAL EXCESS FINANCE CHARGE COLLECTIONS FOR ALL SERIES IN GROUP I | $167,661.44 | |
SERIES 1996-C EXCESS FINANCE CHARGE COLLECTIONS | ||
EXCESS FINANCE CHARGE COLLECTIONS ALLOCATED TO SERIES 1996-C | ||
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) | 3.11% | |
Base Rate (Prior Month) | 3.84% | |
Base Rate (Two Months Ago) | 3.48% | |
THREE MONTH AVERAGE BASE RATE | 3.48% | |
Portfolio Yield (Current Month) | 10.90% | |
Portfolio Yield (Prior Month) | 7.21% | |
Portfolio Yield (Two Months Ago) | 7.55% | |
THREE MONTH AVERAGE PORTFOLIO YIELD | 8.55% | |
Mar-2004 | 1996-C | Page 6 |
PRINCIPAL COLLECTIONS | ||
TOTAL PRINCIPAL COLLECTIONS | $39,120,603.16 | |
INVESTOR DEFAULT AMOUNT | $179,368.27 | |
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 | $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 | $25,049,971.43 | |
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 | $0.00 | |
Available Cash Collateral Amount | $3,000,000.00 | |
TOTAL DRAW AMOUNT | $0.00 | |
CASH COLLATERAL ACCOUNT SURPLUS | $3,000,000.00 | |
| Bank One, Delaware, National Association (Formerly First USA Bank, National Association) as Servicer | ||||
| By: | /s/ RANDY J. REDCAY | |||
Randy J. Redcay First Vice President | ||||
