Exhibit 99.7
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: $2,713,239,181.93
Beginning of the Month Finance Charge Receivables: $ 146,779,029.04
Beginning of the Month Discounted Receivables: $ 0.00
Beginning of the Month Total Receivables: $2,860,018,210.97
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: $2,668,455,029.71
End of the Month Finance Charge Receivables: $ 148,493,762.13
End of the Month Discounted Receivables: $ 0.00
End of the Month Total Receivables: $2,816,948,791.84
Special Funding Account Balance $ 0.00
Aggregate Invested Amount (all Master Trust II Series) $1,850,000,000.00
End of the Month Transferor Amount $ 818,455,029.71
End of the Month Transferor Percentage 30.67%
DELINQUENCIES AND LOSSES
------------------------
End of the Month Delinquencies:
30-59 Days Delinquent $ 64,033,331.83
60-89 Days Delinquent $ 47,172,661.75
90+ Days Delinquent $ 97,149,792.49
Total 30+ Days Delinquent $ 208,355,786.07
Delinquent Percentage 7.40%
Defaulted Accounts During the Month $ 18,480,322.81
Annualized Default Percentage 8.17%
Feb-2002 1996-C Page 2
Principal Collections $283,289,956.30
Principal Payment Rate 10.44%
Total Payment Rate 11.29%
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
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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 11.06%
PRINCIPAL ALLOCATION PERCENTAGE 11.06%
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 $ 31,323,072.24
COLLECTIONS OF FINANCE CHARGE RECEIVABLES
DURING THE MONTHLY PERIOD ALLOCATED TO
SERIES 1996-C $ 4,367,168.53
MONTHLY SERVICING FEE $ 375,000.00
INVESTOR DEFAULT AMOUNT $ 2,043,349.85
Feb-2002 1996-C Page 3
CLASS A AVAILABLE FUNDS
-----------------------
CLASS A FLOATING ALLOCATION PERCENTAGE 82.00%
Class A Finance Charge Collections $3,888,578.22
Other Amounts $ 0.00
TOTAL CLASS A AVAILABLE FUNDS $3,888,578.22
Class A Monthly Interest $ 380,275.00
Class A Servicing Fee $ 307,500.00
Class A Investor Default Amount $1,675,546.87
TOTAL CLASS A EXCESS SPREAD $1,525,256.35
CLASS A REQUIRED AMOUNT $ 0.00
CLASS B AVAILABLE FUNDS
-----------------------
CLASS B FLOATING ALLOCATION PERCENTAGE 8.50%
Class B Finance Charge Collections $ 403,084.32
Other Amounts $ 0.00
TOTAL CLASS B AVAILABLE FUNDS $ 403,084.32
Class B Monthly Interest $ 44,079.58
Class B Servicing Fee $ 31,875.00
TOTAL CLASS B EXCESS SPREAD $ 327,129.74
CLASS B INVESTOR DEFAULT AMOUNT $ 173,684.74
CLASS B REQUIRED AMOUNT $ 173,684.74
CLASS C FLOATING ALLOCATION PERCENTAGE 9.50%
CLASS C MONTHLY SERVICING FEE $ 35,625.00
Feb-2002 1996-C Page 4
EXCESS SPREAD
-------------
TOTAL EXCESS SPREAD $ 2,267,267.08
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 $ 173,684.74
Excess Spread Applied to Reductions of Class B
Invested Amount $ 0.00
Excess Spread Applied to Class C Required Amount $ 256,129.49
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 $ 1,774,952.85
Feb-2002 1996-C Page 5
EXCESS FINANCE CHARGE COLLECTIONS -- GROUP I
--------------------------------------------
TOTAL EXCESS FINANCE CHARGE COLLECTIONS FOR ALL SERIES
IN GROUP I $11,048,395.72
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) 4.08%
Base Rate (Prior Month) 4.06%
Base Rate (Two Months Ago) 4.13%
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THREE MONTH AVERAGE BASE RATE 4.09%
Portfolio Yield (Current Month) 10.80%
Portfolio Yield (Prior Month) 12.81%
Portfolio Yield (Two Months Ago) 11.99%
------
THREE MONTH AVERAGE PORTFOLIO YIELD 11.86%
Feb-2002 1996-C Page 6
PRINCIPAL COLLECTIONS
---------------------
TOTAL PRINCIPAL COLLECTIONS $31,323,072.24
INVESTOR DEFAULT AMOUNT $ 2,043,349.85
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 $33,366,422.09
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
First USA Bank, National Association
as Servicer
By: /s/ Tracie H. Klein
-----------------------------
Tracie H. Klein
First Vice President