EXHIBIT 99.11
May-2001 1998-A Page 1
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: $3,208,790,692.40
Beginning of the Month Finance Charge Receivables: $ 163,530,104.34
Beginning of the Month Discounted Receivables: $ 0.00
Beginning of the Month Total Receivables: $3,372,320,796.74
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: $3,147,935,537.87
End of the Month Finance Charge Receivables: $ 159,056,585.18
End of the Month Discounted Receivables: $ 0.00
End of the Month Total Receivables: $3,306,992,123.05
Special Funding Account Balance $ 0.00
Aggregate Invested Amount (all Master Trust II Series) $2,300,000,000.00
End of the Month Transferor Amount $ 847,935,537.87
End of the Month Transferor Percentage 26.94%
DELINQUENCIES AND LOSSES
- ------------------------
End of the Month Delinquencies:
30-59 Days Delinquent $ 71,394,092.52
60-89 Days Delinquent $ 51,307,483.88
90+ Days Delinquent $ 102,818,374.25
Total 30+ Days Delinquent $ 225,519,950.65
Delinquent Percentage 6.82%
Defaulted Accounts During the Month $ 25,049,801.51
Annualized Default Percentage 9.37%
May-2001 1998-A Page 2
Principal Collections $411,386,451.79
Principal Payment Rate 12.82%
Total Payment Rate 13.70%
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 $468,000,000.00
Class B Adjusted Invested Amount $ 72,000,000.00
Class C Adjusted Invested Amount $ 60,000,000.00
---------------
ADJUSTED INVESTED AMOUNT $600,000,000.00
PREFUNDED AMOUNT $ 0.00
FLOATING ALLOCATION PERCENTAGE 18.70%
PRINCIPAL ALLOCATION PERCENTAGE 18.70%
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 $ 76,923,643.40
COLLECTIONS OF FINANCE CHARGE RECEIVABLES
DURING THE MONTHLY PERIOD ALLOCATED TO
SERIES 1998-A $ 9,467,550.22
MONTHLY SERVICING FEE $ 750,000.00
INVESTOR DEFAULT AMOUNT $ 4,683,970.49
May-2001 1998-A Page 3
CLASS A AVAILABLE FUNDS
- -----------------------
CLASS A FLOATING ALLOCATION PERCENTAGE 78.00%
Class A Finance Charge Collections $7,969,689.19
Other Amounts $ 0.00
TOTAL CLASS A AVAILABLE FUNDS $7,969,689.19
Class A Monthly Interest $1,721,817.50
Class A Servicing Fee $ 585,000.00
Class A Investor Default Amount $3,653,496.98
TOTAL CLASS A EXCESS SPREAD $2,009,374.71
CLASS A REQUIRED AMOUNT $ 0.00
CLASS B AVAILABLE FUNDS
- -----------------------
CLASS B FLOATING ALLOCATION PERCENTAGE 12.00%
Class B Finance Charge Collections $1,226,106.04
Other Amounts $ 0.00
TOTAL CLASS B AVAILABLE FUNDS $1,226,106.04
Class B Monthly Interest $ 280,395.00
Class B Servicing Fee $ 90,000.00
TOTAL CLASS B EXCESS SPREAD $ 855,711.04
CLASS B INVESTOR DEFAULT AMOUNT $ 562,076.46
CLASS B REQUIRED AMOUNT $ 562,076.46
CLASS C FLOATING ALLOCATION PERCENTAGE 10.00%
CLASS C MONTHLY SERVICING FEE $ 75,000.00
May-2001 1998-A Page 4
EXCESS SPREAD
- -------------
TOTAL EXCESS SPREAD $3,811,840.74
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 $ 562,076.46
Excess Spread Applied to Reductions of Class B
Invested Amount $ 0.00
Excess Spread Applied to Class C Required Amount $ 733,059.55
Excess Spread Applied to Reductions of Class C
Invested Amount $ 0.00
Excess Spread Applied to Monthly Cash Collateral Fee $ 125,000.00
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 $2,391,704.73
May-2001 1998-A Page 5
EXCESS FINANCE CHARGE COLLECTIONS -- GROUP I
- --------------------------------------------
TOTAL EXCESS FINANCE CHARGE COLLECTIONS FOR ALL SERIES
IN GROUP I $8,695,919.94
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) 6.39%
Base Rate (Prior Month) 7.29%
Base Rate (Two Months Ago) 7.43%
-----
THREE MONTH AVERAGE BASE RATE 7.03%
Portfolio Yield (Current Month) 11.07%
Portfolio Yield (Prior Month) 11.84%
Portfolio Yield (Two Months Ago) 13.09%
------
THREE MONTH AVERAGE PORTFOLIO YIELD 12.00%
May-2001 1998-A Page 6
PRINCIPAL COLLECTIONS
- ---------------------
TOTAL PRINCIPAL COLLECTIONS $76,923,643.40
INVESTOR DEFAULT AMOUNT $ 4,683,970.49
REALLOCATED PRINCIPAL COLLECTIONS
Allocable to Class C Interests $ 0.00
Allocable to Class B Certficates $ 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 $81,607,613.89
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 $18,000,000.00
Available Cash Collateral Amount $18,000,000.00
TOTAL DRAW AMOUNT $ 0.00
CASH COLLATERAL ACCOUNT SURPLUS $ 0.00
First USA Bank, National Association
as Servicer
By: /s/ TRACIE KLEIN
--------------------------------
Tracie H. Klein
First Vice President