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
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Beginning of the Month Principal Receivables: $2,611,210,024.32
Beginning of the Month Finance Charge Receivables: $ 136,943,111.55
Beginning of the Month Discounted Receivables: $ 0.00
Beginning of the Month Total Receivables: $2,748,153,135.87
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: $2,591,799,604.05
End of the Month Finance Charge Receivables: $ 134,031,322.06
End of the Month Discounted Receivables: $ 0.00
End of the Month Total Receivables: $2,725,830,926.11
Special Funding Account Balance $ 0.00
Aggregate Adjusted Invested Amount (all Master Trust II Series) $1,666,000,000.00
End of the Month Transferor Amount $ 925,799,604.05
End of the Month Transferor Percentage 35.72%
DELINQUENCIES AND LOSSES
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End of the Month Delinquencies:
30-59 Days Delinquent $ 58,507,162.48
60-89 Days Delinquent $ 43,015,353.38
90+ Days Delinquent $ 80,230,396.52
Total 30+ Days Delinquent $ 181,752,912.38
Delinquent Percentage 6.67%
Defaulted Accounts During the Month $ 17,901,500.32
Annualized Default Percentage 8.23%
May-2002 1996-C Page 2
Principal Collections $303,800,303.30
Principal Payment Rate 11.63%
Total Payment Rate 12.56%
INVESTED AMOUNTS
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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 11.49%
PRINCIPAL ALLOCATION PERCENTAGE 11.49%
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 $ 34,903,393.56
COLLECTIONS OF FINANCE CHARGE RECEIVABLES
DURING THE MONTHLY PERIOD ALLOCATED TO
SERIES 1996-C $ 4,724,720.80
MONTHLY SERVICING FEE $ 375,000.00
INVESTOR DEFAULT AMOUNT $ 2,056,690.20
May-2002 1996-C Page 3
CLASS A AVAILABLE FUNDS
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CLASS A FLOATING ALLOCATION PERCENTAGE 82.00%
Class A Finance Charge Collections $4,181,771.03
Other Amounts $ 0.00
TOTAL CLASS A AVAILABLE FUNDS $4,181,771.03
Class A Monthly Interest $ 446,490.00
Class A Servicing Fee $ 307,500.00
Class A Investor Default Amount $1,686,485.97
TOTAL CLASS A EXCESS SPREAD $1,741,295.06
CLASS A REQUIRED AMOUNT $ 0.00
CLASS B AVAILABLE FUNDS
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CLASS B FLOATING ALLOCATION PERCENTAGE 8.50%
Class B Finance Charge Collections $ 433,476.28
Other Amounts $ 0.00
TOTAL CLASS B AVAILABLE FUNDS $ 433,476.28
Class B Monthly Interest $ 51,775.62
Class B Servicing Fee $ 31,875.00
TOTAL CLASS B EXCESS SPREAD $ 349,825.66
CLASS B INVESTOR DEFAULT AMOUNT $ 174,818.66
CLASS B REQUIRED AMOUNT $ 174,818.66
CLASS C FLOATING ALLOCATION PERCENTAGE 9.50%
CLASS C MONTHLY SERVICING FEE $ 35,625.00
May-2002 1996-C Page 4
EXCESS SPREAD
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TOTAL EXCESS SPREAD $2,539,969.21
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 $ 174,818.66
Excess Spread Applied to Reductions of Class B
Invested Amount $ 0.00
Excess Spread Applied to Class C Required Amount $ 268,274.32
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 $2,034,376.23
May-2002 1996-C Page 5
EXCESS FINANCE CHARGE COLLECTIONS -- GROUP I
- --------------------------------------------
TOTAL EXCESS FINANCE CHARGE COLLECTIONS FOR ALL SERIES
IN GROUP I $13,016,673.35
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
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Base Rate (Current Month) 4.08%
Base Rate (Prior Month) 4.10%
Base Rate (Two Months Ago) 4.14%
--------
THREE MONTH AVERAGE BASE RATE 4.10%
Portfolio Yield (Current Month) 12.17%
Portfolio Yield (Prior Month) 11.12%
Portfolio Yield (Two Months Ago) 13.96%
--------
THREE MONTH AVERAGE PORTFOLIO YIELD 12.41%
May-2002 1996-C Page 6
PRINCIPAL COLLECTIONS
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TOTAL PRINCIPAL COLLECTIONS $34,903,393.56
INVESTOR DEFAULT AMOUNT $ 2,056,690.20
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 $36,960,083.76
INVESTOR CHARGE OFFS
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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 Klein
-------------------------------------
Tracie H. Klein
First Vice President