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: $2,591,799,604.05
Beginning of the Month Finance Charge Receivables: $134,031,322.06
Beginning of the Month Discounted Receivables: $0.00
Beginning of the Month Total Receivables: $2,725,830,926.11
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: $2,591,257,172.52
End of the Month Finance Charge Receivables: $136,465,334.68
End of the Month Discounted Receivables: $0.00
End of the Month Total Receivables: $2,727,722,507.20
Special Funding Account Balance $0.00
Aggregate Adjusted Invested Amount (all Master Trust II Series) $1,482,000,000.00
End of the Month Transferor Amount $1,109,257,172.52
End of the Month Transferor Percentage 42.81%
DELINQUENCIES AND LOSSES
- ------------------------
End of the Month Delinquencies:
30-59 Days Delinquent $57,754,094.93
60-89 Days Delinquent $41,871,886.55
90+ Days Delinquent $79,055,181.70
Total 30+ Days Delinquent $178,681,163.18
Delinquent Percentage 6.55%
Defaulted Accounts During the Month $16,677,241.06
Annualized Default Percentage 7.72%
Jun-2002 1996-C Page 2
Principal Collections $278,726,653.98
Principal Payment Rate 10.75%
Total Payment Rate 11.63%
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 $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 11.57%
PRINCIPAL ALLOCATION PERCENTAGE 11.57%
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 $32,262,523.70
COLLECTIONS OF FINANCE CHARGE RECEIVABLES
DURING THE MONTHLY PERIOD ALLOCATED TO
SERIES 1996-C $4,427,359.53
MONTHLY SERVICING FEE $375,000.00
INVESTOR DEFAULT AMOUNT $1,930,385.48
Jun-2002 1996-C Page 3
CLASS A AVAILABLE FUNDS
- -----------------------
CLASS A FLOATING ALLOCATION PERCENTAGE 82.00%
Class A Finance Charge Collections $3,937,934.84
Other Amounts $0.00
TOTAL CLASS A AVAILABLE FUNDS $3,937,934.84
Class A Monthly Interest $378,840.00
Class A Servicing Fee $307,500.00
Class A Investor Default Amount $1,582,916.09
TOTAL CLASS A EXCESS SPREAD $1,668,678.75
CLASS A REQUIRED AMOUNT $0.00
CLASS B AVAILABLE FUNDS
- -----------------------
CLASS B FLOATING ALLOCATION PERCENTAGE 8.50%
Class B Finance Charge Collections $408,200.54
Other Amounts $0.00
TOTAL CLASS B AVAILABLE FUNDS $408,200.54
Class B Monthly Interest $43,930.83
Class B Servicing Fee $31,875.00
TOTAL CLASS B EXCESS SPREAD $332,394.71
CLASS B INVESTOR DEFAULT AMOUNT $164,082.77
CLASS B REQUIRED AMOUNT $164,082.77
CLASS C FLOATING ALLOCATION PERCENTAGE 9.50%
CLASS C MONTHLY SERVICING FEE $35,625.00
Jun-2002 1996-C Page 4
EXCESS SPREAD
- -------------
TOTAL EXCESS SPREAD $2,421,672.61
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 $164,082.77
Excess Spread Applied to Reductions of Class B
Invested Amount $0.00
Excess Spread Applied to Class C Required Amount $245,231.62
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 $1,949,858.22
Jun-2002 1996-C Page 5
EXCESS FINANCE CHARGE COLLECTIONS -- GROUP I
- --------------------------------------------
TOTAL EXCESS FINANCE CHARGE COLLECTIONS FOR ALL SERIES
IN GROUP I $9,588,561.84
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) 4.08%
Base Rate (Two Months Ago) 4.10%
---------
THREE MONTH AVERAGE BASE RATE 4.08%
Portfolio Yield (Current Month) 11.49%
Portfolio Yield (Prior Month) 12.17%
Portfolio Yield (Two Months Ago) 11.12%
---------
THREE MONTH AVERAGE PORTFOLIO YIELD 11.59%
Jun-2002 1996-C Page 6
PRINCIPAL COLLECTIONS
- ---------------------
TOTAL PRINCIPAL COLLECTIONS $32,262,523.70
INVESTOR DEFAULT AMOUNT $1,930,385.48
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 $34,192,909.18
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/ Michael J. Grubb
-----------------------------------
Michael J. Grubb
First Vice President