SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported:) September 15, 1998
_________________
Chevy Chase Master Credit Card Trust II
__________________________________________________
(Exact name of registrant as specified in charter)
Maryland 33-14779 52-0897004
________________________________ ____________ ________________
(State or other jurisdiction of (Commission (I.R.S. Employer
incorporation or organization) File No.) Identification No)
C/O CHEVY CHASE BANK, F.S.B.
8401 Connecticut Avenue
Chevy Chase, Maryland 20815
________________________________________ __________
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (301) 986-7000
________________
Not Applicable
_______________________________________________________________________
(Former name, former address and former fiscal year, if changed
since last report.)
Item 5. Other Events
Amendment of Pooling and Servicing Agreement
On June 18, 1998, the Pooling and Servicing Agreement dated as of
June 1, 1995, as amended, by and among Chevy Chase Bank, F.S.B.,
as Transferor and Servicer (the "Bank"), CCB Holding Corporation,
as Transferor ("CCBH"), and Bankers Trust Company, as Trustee,
relating to the Chevy Chase Master Credit Card Trust II was amended
by the Fourth Amendment dated as of June 18, 1998, by and among
the Bank, CCBH and the Trustee.
Use of Proceeds
On June 5, 1998, Chevy Chase Master Credit Card Trust II (the "Issuer")
commenced an offering of $468,000,000 of Series 1998-A Class A Floating
Rate Asset Backed Certificates and $72,000,000 of Series 1998-A Class B
Floating Rate Asset Backed Certificates (the "Securities") issued pursuant
to the Series 1998-A Supplement dated as of June 1, 1998 to the Pooling
and Servicing Agreement dated as of June 1, 1995, as amended, each by and
among Chevy Chase Bank, F.S.B., as Transferor and Servicer (the "Bank"),
CCB Holding Corporation, as Transferor, and Bankers Trust Company, as
Trustee. The offering is described in the Prospectus Supplement dated
June 11, 1998 to the Prospectus dated June 5, 1998, and the offering was
made under the Registration Statement on Form S-3 filed with the Securities
and Exchange Commission on October 24, 1996, which became effective on
November 12, 1996 and was assigned file number 333-14779.
The offering terminated on June 17, 1998 after the sale of all Securities
registered. The managing underwriters of the offering were Credit Suisse
First Boston Corporation, J.P. Morgan Securities, Inc. and Salomon
Brothers, Inc. A Total of $540,000,000 of Securities were registered.
All securities registered were sold for an aggregate offering price to the
public of $540,000,000.
In connection with the issuance and distribution of the Securities, from the
date the offering commenced through the date the offering terminated, the
Transferors paid underwriting commissions and discounts of $1,521,000,
and incurred other expenses, including legal fees and costs and expenses
paid to or for the underwriters, reasonably estimated to be $650,000.
All such other expenses were paid by direct or indirect payments to persons
other than (i) directors, officers or general partners of the Issuer or
the Transferors or their associates, (ii) persons owning ten percent or more
of any class of equity securities of the Issuer or the Transferors and
(iii) affiliates of the Issuer or the Transferors. The total amount of
expenses paid by the Transferors is estimated to be $2,171,000. After
deducting the total expenses described above, the net offering proceeds
to the Transferors are estimated to be $537,829,000.
Of the net offering proceeds received by the Transferors, $409,779,000
represented the purchase price of credit card receivables, $16,200,000 was
used to fund an account for credit enhancement for the benefit of Series
1998-A and $112,500,000 was deposited into a pre-funding account.
On June 18, 1998, $34,500,000 of the funds deposited into the pre-funding
account were applied to the purchase of additional credit card receivables.
The $78,000,000 remaining in the pre-funding account is being held
pursuant to the Series 1998-A Supplement for future purchases of
additional credit card receivables.
Item 7. Financial Statements and Exhibits
Exhibit 4 Fourth Amendment, dated as of June 18, 1998, to the Master Trust II
Pooling and Servicing Agreement (incorporated by reference to Exhibit
4.5 in the Form 8-A filed by the Registrants with the Securities and
Exchange Commission on July 6, 1998).
Exhibit 99.1 Monthly Report to Certificateholders dated
August 15, 1998 for Series 1995-A, Series 1995-C,
Series 1996-A, Series 1996-C, and Series 1998-A.
Signatures
Pursuant to the requirements of the Securities Exchange
Act of 1934, the registrant has caused this report to be signed on
behalf of the Chevy Chase Master Credit Card Trust by the
undersigned thereunto duly authorized.
Chevy Chase Master Credit Card Trust
By: Chevy Chase Bank, F.S.B.
Originator of the Trust and Servicer
Dated: September 15, 1998 By: _______________________________________
Mark A. Holles
Vice President
MONTHLY CERTIFICATEHOLDERS' STATEMENT
CHEVY CHASE MASTER CREDIT CARD TRUST II
SERIES 1995-A
Pursuant to the Pooling and Servicing Agreement dated as of
June 1, 1995, (the "Pooling and Servicing Agreement"), among
Chevy Chase Bank, F.S.B., as Transferor and Servicer ("Chevy Chase"),
CCB Holding Corporation, as Transferor, and Bankers Trust Company,
as trustee (the "Trustee"), Chevy Chase, as Servicer, is required to
prepare certain information each month regarding current distributions
to Certificateholders and the performance of the Chevy Chase Master
Credit Card Trust II (the "Trust") during the previous month. The
information which is required to be prepared with respect to the
Distribution Date of September 15, 1998, and with respect to the performance
of the Trust during the month of August, 1998 is set forth below. Certain o
the information is presented based on the aggregate amounts for the Trust
as a whole. Capitalized terms used in this Monthly Statement have their
respective meanings set forth in the Pooling and Servicing Agreement.
A) Information Regarding Distributions to
the Class A Certificateholders, per
$1,000 original certificate principal amount.
(1) The total amount of the
distribution to Class A
Certificateholders, per $1,000
original certificate principal amount $ 4.7452297
(2) The amount of the distribution
set forth in paragraph 1 above in
respect of interest on the Class A
Certificates, per $1,000 original
certificate principal amount $ 4.7452297
(3) The amount of the distribution
set forth in paragraph 1 above in
respect of principal of the Class A
Certificates, per $1,000 original
certificate principal amount $ 0.0000000
B) Class A Investor Charge Offs and
Reimbursement of Charge Offs
(1) The amount of Class A Investor
Charge Offs $ 0.0000000
(2) The amount of Class A Investor
Charge Offs set forth in paragraph 1
above, per $1,000 original certificate
principal amount $ 0.0000000
(3) The total amount reimbursed in
respect of Class A Investor Charge Offs $ 0.0000000
(4) The amount set forth in paragraph
3 above, per $1,000 original
certificate principal amount $ 0.0000000
(5) The amount, if any, by which the
outstanding principal balance of the
Class A Certificates exceeds the Class
A Invested Amount after giving effect
to all transactions on such Distribution Date $ 0.0000000
C) Information Regarding Distributions to
the Class B Certificateholders, per
$1,000 original certificate principal amount.
(1) The total amount of the
distribution to Class B
Certificatedholders, per $1,000
original certificate principal amount $ 4.8338409
(2) The amount of the distribution
set forth in paragraph 1 above in
respect of interest on the Class B
Certificates, per $1,000 original
cerificate principal amount $ 4.8338409
(3) The amount of the distribution
set forth in paragraph 1 above in
respect of principal on the Class B
Certificates, per $1,000 original
cerificate principal amount $ 0.0000000
D) Class B Investor Charge Offs and
Reimbursement of Charge Offs
(1) The amount of Class B Investor
Charge Offs $ 0.0000000
(2) The amount of Class B Investor
Charge Offs set forth in paragraph 1
above, per $1,000 original certificate
principal amount $ 0.0000000
(3) The total amount reimbursed in
respect of Class B Investor Charge Offs $ 0.0000000
(4) The amount set forth in paragraph
3 above, per $1,000 original
certificate principal amount $ 0.0000000
(5) The amount, if any, by which the
outstanding principal balance of the
Class B Certificates exceeds the Class
B Invested Amount after giving effect
to all transactions on such
Distribution Date $ 0.0000000
CHEVY CHASE BANK, F.S.B.,
Servicer
By ________________________________
Mark A. Holles
Vice President
MONTHLY STATEMENT TO CERTIFICATEHOLDERS
SERIES 1995-A
CHEVY CHASE MASTER CREDIT CARD TRUST II
RECEIVABLES
Beginning of the Month Principal Receivables: $ 2,493,903,721.24
Beginning of the Month Finance Charge Receivables: $ 101,691,875.06
Beginning of the Month Discounted Receivables: $ 0.00
Beginning of the Month Total Receivables: $ 2,595,595,596.30
Removed Principal Receivables: $ 0.00
Removed Finance Charge Receivables: $ 0.00
Removed Total Receivables: $ 0.00
Additional Principal Receivables: $ 84,167,673.13
Additional Finance Charge Receivables: $ 556,784.71
Additional Total Receivables: $ 84,724,457.84
Discounted Receivables Generated this Period: $ 0.00
End of the Month Principal Receivables: $ 2,544,458,822.22
End of the Month Finance Charge Receivables: $ 105,714,799.59
End of the Month Discounted Receivables: $ 0.00
End of the Month Total Receivables: $ 2,650,173,621.81
Special Funding Account Balance $ 0.00
Aggregate Invested Amount (all Master Trust Series) $ 2,302,000,000.00
End of the Month Transferor Amount $ 242,458,822.22
End of the Month Transferor Percentage 9.53%
DELINQUENCIES AND LOSSES
End of the Month Delinquencies: RECEIVABLES
30-59 Days Delinquent $ 56,645,472.36
60-89 Days Delinquent $ 40,302,701.00
90+ Days Delinquent $ 63,130,238.39
Total 30+ Days Delinquent $ 160,078,411.75
Delinquent Percentage 6.04%
Defaulted Accounts During the Month $ 19,248,252.76
Annualized Default Percentage 9.26%
Principal Collections 292,699,785.24
Principal Payment Rate 11.74%
Total Payment Rate 12.92%
INVESTED AMOUNTS
Class A Initial Invested Amount $ 368,000,000.00
Class B Initial Invested Amount $ 32,000,000.00
INITIAL INVESTED AMOUNT $ 400,000,000.00
Class A Invested Amount $ 368,000,000.00
Class B Invested Amount $ 32,000,000.00
INVESTED AMOUNT $ 400,000,000.00
FLOATING ALLOCATION PERCENTAGE 15.97%
PRINCIPAL ALLOCATION PERCENTAGE 15.97%
MONTHLY SERVICING FEE $ 666,666.66
INVESTOR DEFAULT AMOUNT $ 3,073,945.97
CLASS A AVAILABLE FUNDS--
CLASS A FLOATING PERCENTAGE 92.00%
Class A Finance Charge Collections $ 6,736,740.56
Other Amounts $ 0.00
TOTAL CLASS A AVAILABLE FUNDS $ 6,736,740.56
Class A Monthly Interest $ 1,746,244.54
Class A Servicing Fee $ 613,333.33
Class A Investor Default Amount $ 2,828,030.29
TOTAL CLASS A EXCESS SPREAD $ 1,549,132.40
REQUIRED AMOUNT $ 0.00
CLASS B AVAILABLE FUNDS
CLASS B FLOATING PERCENTAGE 8.00%
Class B Finance Charge Collections $ 585,803.53
Other Amounts $ 0.00
TOTAL CLASS B AVAILABLE FUNDS $ 585,803.53
Class B Monthly Interest $ 154,682.91
Class B Servicing Fee $ 53,333.33
TOTAL CLASS B EXCESS SPREAD $ 377,787.29
EXCESS SPREAD --
TOTAL EXCESS SPREAD $ 1,926,919.69
Excess Spread Applied to Required Amount $ 0.00
Excess Spread Applied to Class A Investor $ 0.00
Charge Offs
Excess Spread Applied to Class B Items $ 245,915.68
Excess Spread Applied to Class B Investor $ 0.00
Charge Offs
Excess Spread Applied to Monthly Cash $ 24,488.89
Collateral Fee
Excess Spread Applied to Cash Collateral $ 0.00
Account
Excess Spread Applied to other amounts owed $ 0.00
Cash Collateral Depositor
TOTAL EXCESS FINANCE CHARGE COLLECTIONS ELIGIBLE
FOR GROUP I $ 1,656,515.12
EXCESS FINANCE CHARGES COLLECTIONS -- GROUP I --
TOTAL EXCESS FINANCE CHARGE COLLECTIONS FOR ALL
SERIES IN GROUP I $ 9,236,576.82
SERIES 1995-A EXCESS FINANCE CHARGE COLLECTIONS --
EXCESS FINANCE CHARGE COLLECTIONS ALLOCATED TO $ 0.00
SERIES 1995-A
Excess Finance Charge Collections Applied to $ 0.00
Required Amount
Excess Finance Charge Collections Applied to $ 0.00
Class A Investor Charge Offs
Excess Finance Charge Collections Applied to $ 0.00
Class B Items
Excess Finance Charge Collections Applied to $ 0.00
Class B Investor Charge Offs
Excess Finance Charge Collections Applied to $ 0.00
Monthly Cash Collateral Fee
Excess Finance Charge Collections Applied to $ 0.00
Cash Collateral Account
Excess Finance Charge Collections Applied to $ 0.00
other amounts owed Cash Collateral Depositor
YIELD AND BASE RATE --
Base Rate (Current Month) 7.90%
Base Rate (Prior Month) 7.92%
Base Rate (Two Months Ago) 7.92%
THREE MONTH AVERAGE BASE RATE 7.91%
Portfolio Yield (Current Month) 12.75%
Portfolio Yield (Prior Month) 13.21%
Portfolio Yield (Two Months Ago) 11.68%
THREE MONTH AVERAGE PORTFOLIO YIELD 12.55%
PRINCIPAL COLLECTIONS --
CLASS A PRINCIPAL PERCENTAGE 92.00%
Class A Principal Collections $ 43,010,320.01
CLASS B PRINCIPAL PERCENTAGE 8.00%
Class B Principal Collections $ 3,740,027.87
TOTAL PRINCIPAL COLLECTIONS $ 46,750,347.88
REALLOCATED PRINCIPAL COLLECTIONS $ 0.00
SHARED PRINCIPAL COLLECTIONS ALLOCABLE FROM OTHER $ 0.00
SERIES
CLASS A AMORTIZATION --
Controlled Amortization Amount $ 0.00
Deficit Controlled Amortization Amount $ 0.00
CONTROLLED DISTRIBUTION AMOUNT $ 0.00
CLASS B AMORTIZATION --
Controlled Amortization Amount $ 0.00
Deficit Controlled Amortization Amount $ 0.00
CONTROLLED DISTRIBUTION AMOUNT $ 0.00
EXCESS PRINCIPAL COLLECTIONS ELIGIBLE FOR PRINCIPAL $ 46,750,347.88
SHARING
INVESTOR CHARGE OFFS --
CLASS A INVESTOR CHARGE OFFS $ 0.00
CLASS B INVESTOR CHARGE OFFS $ 0.00
PREVIOUS CLASS A CHARGE OFFS REIMBURSED $ 0.00
PREVIOUS CLASS B CHARGE OFFS REIMBURSED $ 0.00
CASH COLLATERAL ACCOUNT --
Required Cash Collateral Amount $ 52,000,000.00
Available Cash Collateral Amount $ 52,000,000.00
INTEREST RATE CAP PAYMENTS --
Class A Interest Rate Cap Paymets $ 0.00
Class B Interest Rate Cap Paymets $ 0.00
TOTAL DRAW AMOUNT $ 0.00
CASH COLLATERAL ACCOUNT SURPLUS $ 0.00
CHEVY CHASE BANK, F.S.B.,
as Servicer
By: _______________________
Mark A. Holles
Vice President
MONTHLY CERTIFICATEHOLDERS' STATEMENT
CHEVY CHASE MASTER CREDIT CARD TRUST II
SERIES 1995-C
Pursuant to the Pooling and Servicing Agreement dated as of
June 1, 1995, (the "Pooling and Servicing Agreement"), among
Chevy Chase Bank, F.S.B., as Transferor and Servicer ("Chevy Chase"),
CCB Holding Corporation, as Transferor, and Bankers Trust Company,
as trustee (the "Trustee"), Chevy Chase, as Servicer, is required to
prepare certain information each month regarding current distributions
to Certificateholders and the performance of the Chevy Chase Master
Credit Card Trust II (the "Trust") during the previous month. The
information which is required to be prepared with respect to the
Distribution Date of September 15, 1998,and with respect to the performa
of the Trust during the month of August, 1998, is set forth below.
Certain of the information is presented on the basis of an original
principal amount of $1,000 per Series 1995-C Certificate
(a "Certificate").Certain other information is presented based on the
aggregate amounts for the Trust as a whole. Capitalized terms
used in this Monthly Statement have their respective meanings
set forth in the Pooling and Servicing Agreement.
A) Information Regarding Distributions to
the Class A Certificateholders, per
$1,000 original certificate principal amount.
(1) The total amount of the
distribution to Class A
Certificateholders, per $1,000
original certificate principal amount $ 4.7532853
(2) The amount of the distribution
set forth in paragraph 1 above in
respect of interest on the Class A
Certificates, per $1,000 original
certificate principal amount $ 4.7532853
(3) The amount of the distribution
set forth in paragraph 1 above in
respect of principal of the Class A
Certificates, per $1,000 original
certificate principal amount $ 0.0000000
B) Class A Investor Charge Offs and
Reimbursement of Charge Offs
(1) The amount of Class A Investor
Charge Offs $ 0.0000000
(2) The amount of Class A Investor
Charge Offs set forth in paragraph 1
above, per $1,000 original certificate
principal amount $ 0.0000000
(3) The total amount reimbursed in
respect of Class A Investor Charge Offs $ 0.0000000
(4) The amount set forth in paragraph
3 above, per $1,000 original
certificate principal amount $ 0.0000000
(5) The amount, if any, by which the
outstanding principal balance of the
Class A Certificates exceeds the Class
A Invested Amount after giving effect
to all transactions on such Distribution Date $ 0.0000000
C) Information Regarding Distributions to
the Class B Certificateholders, per
$1,000 original certificate principal amount.
(1) The total amount of the
distribution to Class B
Certificatedholders, per $1,000
original certificate principal amount $ 4.8539797
(2) The amount of the distribution
set forth in paragraph 1 above in
respect of interest on the Class B
Certificates, per $1,000 original
cerificate principal amount $ 4.8539797
(3) The amount of the distribution
set forth in paragraph 1 above in
respect of principal on the Class B
Certificates, per $1,000 original
cerificate principal amount $ 0.0000000
D) Class B Investor Charge Offs and
Reimbursement of Charge Offs
(1) The amount of Class B Investor
Charge Offs $ 0.0000000
(2) The amount of Class B Investor
Charge Offs set forth in paragraph 1
above, per $1,000 original certificate
principal amount $ 0.0000000
(3) The total amount reimbursed in
respect of Class B Investor Charge Offs $ 0.0000000
(4) The amount set forth in paragraph
3 above, per $1,000 original
certificate principal amount $ 0.0000000
(5) The amount, if any, by which the
outstanding principal balance of the
Class B Certificates exceeds the Class
B Invested Amount after giving effect
to all transactions on such
Distribution Date $ 0.0000000
CHEVY CHASE BANK, F.S.B.,
Servicer
By ________________________
Mark A. Holles
Vice President
MONTHLY STATEMENT TO CERTIFICATEHOLDERS
SERIES 1995-C
CHEVY CHASE MASTER CREDIT CARD TRUST II
RECEIVABLES
Beginning of the Month Principal Receivables: $ 2,493,903,721.24
Beginning of the Month Finance Charge Receivables: $ 101,691,875.06
Beginning of the Month Discounted Receivables: $ 0.00
Beginning of the Month Total Receivables: $ 2,595,595,596.30
Removed Principal Receivables: $ 0.00
Removed Finance Charge Receivables: $ 0.00
Removed Total Receivables: $ 0.00
Additional Principal Receivables: $ 84,167,673.13
Additional Finance Charge Receivables: $ 556,784.71
Additional Total Receivables: $ 84,724,457.84
Discounted Receivables Generated this Period: $ 0.00
End of the Month Principal Receivables: $ 2,544,458,822.22
End of the Month Finance Charge Receivables: $ 105,714,799.59
End of the Month Discounted Receivables: $ 0.00
End of the Month Total Receivables: $ 2,650,173,621.81
Special Funding Account Balance $ 0.00
Aggregate Invested Amount (all Master Trust Series) $ 2,302,000,000.00
End of the Month Transferor Amount $ 242,458,822.22
End of the Month Transferor Percentage 9.53%
DELINQUENCIES AND LOSSES
End of the Month Delinquencies: RECEIVABLES
30-59 Days Delinquent $ 56,645,472.36
60-89 Days Delinquent $ 40,302,701.00
90+ Days Delinquent $ 63,130,238.39
Total 30+ Days Delinquent $ 160,078,411.75
Delinquent Percentage 6.04%
Defaulted Accounts During the Month $ 19,248,252.76
Annualized Default Percentage 9.26%
Principal Collections 292,699,785.24
Principal Payment Rate 11.74%
Total Payment Rate 12.92%
INVESTED AMOUNTS
Class A Initial Invested Amount $ 322,000,000.00
Class B Initial Invested Amount $ 28,000,000.00
INITIAL INVESTED AMOUNT $ 350,000,000.00
Class A Invested Amount $ 368,000,000.00
Class B Invested Amount $ 32,000,000.00
INVESTED AMOUNT $ 400,000,000.00
FLOATING ALLOCATION PERCENTAGE 15.97%
PRINCIPAL ALLOCATION PERCENTAGE 15.97%
MONTHLY SERVICING FEE $ 666,666.66
INVESTOR DEFAULT AMOUNT $ 3,078,922.00
CLASS A AVAILABLE FUNDS--
CLASS A FLOATING PERCENTAGE 92.00%
Class A Finance Charge Collections $ 6,736,740.56
Other Amounts $ 0.00
TOTAL CLASS A AVAILABLE FUNDS $ 6,736,740.56
Class A Monthly Interest $ 1,749,208.98
Class A Servicing Fee $ 613,333.33
Class A Investor Default Amount $ 2,828,030.29
TOTAL CLASS A EXCESS SPREAD $ 1,546,167.96
REQUIRED AMOUNT $ 0.00
CLASS B AVAILABLE FUNDS
CLASS B FLOATING PERCENTAGE 8.00%
Class B Finance Charge Collections $ 585,803.53
Other Amounts $ 0.00
TOTAL CLASS B AVAILABLE FUNDS $ 585,803.53
Class B Monthly Interest $ 155,327.35
Class B Servicing Fee $ 53,333.33
TOTAL CLASS B EXCESS SPREAD $ 377,142.85
EXCESS SPREAD --
TOTAL EXCESS SPREAD $ 1,923,310.81
Excess Spread Applied to Required Amount $ 0.00
Excess Spread Applied to Class A Investor $ 0.00
Charge Offs
Excess Spread Applied to Class B $ 245,915.68
Interest, Servicing Fee and Default
Amount
Excess Spread Applied to Reductions of $ 0.00
Class B Invested Amount
Excess Spread Applied to Monthly Cash $ 24,488.89
Collateral Fee
Excess Spread Applied to Cash Collateral $ 0.00
Account
Excess Spread Applied to other amounts owed $ 0.00
Cash Collateral Depositor
TOTAL EXCESS FINANCE CHARGE COLLECTIONS ELIGIBLE
FOR GROUP I $ 1,652,906.24
EXCESS FINANCE CHARGES COLLECTIONS -- GROUP I --
TOTAL EXCESS FINANCE CHARGE COLLECTIONS FOR ALL
SERIES IN GROUP I $ 9,236,576.82
SERIES 1995-C EXCESS FINANCE CHARGE COLLECTIONS --
EXCESS FINANCE CHARGE COLLECTIONS ALLOCATED TO $ 0.00
SERIES 1995-C
Excess Finance Charge Collections Applied to $ 0.00
Required Amount
Excess Finance Charge Collections Applied to $ 0.00
Class A Investor Charge Offs
Excess Finance Charge Collections Applied to $ 0.00
Class B Interest, Servicing Fee and Default Amounts
Excess Finance Charge Collections Applied to $ 0.00
Reductions of Class B Invested Amount
Excess Finance Charge Collections Applied to $ 0.00
Monthly Cash Collateral Fee
Excess Finance Charge Collections Applied to $ 0.00
Cash Collateral Account
Excess Finance Charge Collections Applied to $ 0.00
other amounts owed Cash Collateral Depositor
YIELD AND BASE RATE --
Base Rate (Current Month) 7.91%
Base Rate (Prior Month) 7.93%
Base Rate (Two Months Ago) 7.93%
THREE MONTH AVERAGE BASE RATE 7.92%
Portfolio Yield (Current Month) 12.75%
Portfolio Yield (Prior Month) 13.21%
Portfolio Yield (Two Months Ago) 11.68%
THREE MONTH AVERAGE PORTFOLIO YIELD 12.55%
PRINCIPAL COLLECTIONS --
CLASS A PRINCIPAL PERCENTAGE 92.00%
Class A Principal Collections $ 43,010,320.01
CLASS B PRINCIPAL PERCENTAGE 8.00%
Class B Principal Collections $ 3,740,027.87
TOTAL PRINCIPAL COLLECTIONS $ 46,750,347.88
REALLOCATED PRINCIPAL COLLECTIONS $
$ 0.00
SHARED PRINCIPAL COLLECTIONS ALLOCABLE FROM OTHER $ 0.00
SERIES
CLASS A SCHEDULED AMORTIZATION --
Controlled Amortization Amount $ 0.00
Deficit Controlled Amortization Amount $ 0.00
CONTROLLED DEPOSIT AMOUNT $ 0.00
CLASS B SCHEDULED AMORTIZATION --
Controlled Accumulation Amount $ 0.00
Deficit Controlled Accumulation Amount $ 0.00
CONTROLLED DEPOSIT AMOUNT $ 0.00
EXCESS PRINCIPAL COLLECTIONS ELIGIBLE FOR PRINCIPAL $ 46,750,347.88
SHARING
INVESTOR CHARGE OFFS --
CLASS A INVESTOR CHARGE OFFS $ 0.00
CLASS B INVESTOR CHARGE OFFS $ 0.00
PREVIOUS CLASS A CHARGE OFFS REIMBURSED $ 0.00
PREVIOUS CLASS B CHARGE OFFS REIMBURSED $ 0.00
CASH COLLATERAL ACCOUNT --
Required Cash Collateral Amount $ 52,000,000.00
Available Cash Collateral Amount $ 52,000,000.00
TOTAL DRAW AMOUNT $ 0.00
CASH COLLATERAL ACCOUNT SURPLUS $ 0.00
CHEVY CHASE BANK, F.S.B.,
as Servicer
By: _______________________
Mark A. Holles
Vice President
MONTHLY CERTIFICATEHOLDERS' STATEMENT
CHEVY CHASE MASTER CREDIT CARD TRUST II
SERIES 1996-A
Pursuant to the Pooling and Servicing Agreement dated
as of June 1, 1995 (the "Pooling and Servicing Agreement"),
among Chevy Chase Bank, F.S.B., (Chevy Chase"), as
Transferor and Servicer, CCB Holding Corporation, as Transferor,
and Bankers Trust Company, as trustee (the "Trustee"). Chevy
Chase as Servicer is required to prepare certain information each
month regarding current distributions to Series 1996-A Certificateholders
and the performance of the Chevy Chase Master Credit Card Trust II (the
"Trust") during the previous month. The information that is required to be
prepared with respect to the September 15, 1998, Distribution Date (referred
herein as the "Distribution Date"), and with respect to the performance of
the Trust during the August, 1998, Monthly Period (referred to herein as
the Monthly Period") is set forth below. Certain of the information is
presented on the basis of an original principal amount of $1,000 per
Series 1996-A Certificate (a "Certificate"). Certain other information
is presented based on the aggregate amounts for the Trust as a whole.
Capitalized terms used in this Monthly Statement have their respective
meanings set forth in the Pooling and Servicing Agreement.
A) Information Regarding Distributions to
the Class A Certificateholders, per
$1,000 original certificate principal amount.
(1) The total amount of the
distribution to Class A
Certificateholders, per $1,000
original certificate principal amount $ 4.6646742
(2) The amount of the distribution
set forth in paragraph 1 above in
respect of interest on the Class A
Certificates, per $1,000 original
certificate principal amount $ 4.6646742
(3) The amount of the distribution
set forth in paragraph 1 above in
respect of principal of the Class A
Certificates, per $1,000 original
certificate principal amount $ 0.0000000
B) Class A Investor Charge Offs and
Reimbursement of Charge Offs
(1) The amount of Class A Investor
Charge Offs $ 0.0000000
(2) The amount of Class A Investor
Charge Offs set forth in paragraph 1
above, per $1,000 original certificate
principal amount $ 0.0000000
(3) The total amount reimbursed in
respect of Class A Investor Charge Offs $ 0.0000000
(4) The amount set forth in paragraph
3 above, per $1,000 original
certificate principal amount $ 0.0000000
(5) The amount, if any, by which the
outstanding principal balance of the
Class A Certificates exceeds the Class
A Invested Amount after giving effect
to all transactions on such Distribution Date $ 0.0000000
C) Information Regarding Distributions to
the Class B Certificateholders, per
$1,000 original certificate principal amount.
(1) The total amount of the
distribution to Class B
Certificatedholders, per $1,000
original certificate principal amount $ 4.8459242
(2) The amount of the distribution
set forth in paragraph 1 above in
respect of interest on the Class B
Certificates, per $1,000 original
cerificate principal amount $ 4.8459242
(3) The amount of the distribution
set forth in paragraph 1 above in
respect of principal on the Class B
Certificates, per $1,000 original
cerificate principal amount $ 0.0000000
D) Class B Investor Charge Offs and
Reimbursement of Charge Offs
(1) The amount of Class B Investor
Charge Offs $ 0.0000000
(2) The amount of Class B Investor
Charge Offs set forth in paragraph 1
above, per $1,000 original certificate
principal amount $ 0.0000000
(3) The total amount reimbursed in
respect of Class B Investor Charge Offs $ 0.0000000
(4) The amount set forth in paragraph
3 above, per $1,000 original
certificate principal amount $ 0.0000000
(5) The amount, if any, by which the
outstanding principal balance of the
Class B Certificates exceeds the Class
B Invested Amount after giving effect
to all transactions on such
Distribution Date $ 0.0000000
CHEVY CHASE BANK, F.S.B.,
Servicer
By ________________________
Mark A. Holles
Vice President
MONTHLY STATEMENT TO CERTIFICATEHOLDERS
SERIES 1996-A
CHEVY CHASE MASTER CREDIT CARD TRUST II
RECEIVABLES
Beginning of the Month Principal Receivables: $ 2,493,903,721.24
Beginning of the Month Finance Charge Receivables: $ 101,691,875.06
Beginning of the Month Discounted Receivables: $ 0.00
Beginning of the Month Total Receivables: $ 2,595,595,596.30
Removed Principal Receivables: $ 0.00
Removed Finance Charge Receivables: $ 0.00
Removed Total Receivables: $ 0.00
Additional Principal Receivables: $ 84,167,673.13
Additional Finance Charge Receivables: $ 556,784.71
Additional Total Receivables: $ 84,724,457.84
Discounted Receivables Generated this Period: $ 0.00
End of the Month Principal Receivables: $ 2,544,458,822.22
End of the Month Finance Charge Receivables: $ 105,714,799.59
End of the Month Discounted Receivables: $ 0.00
End of the Month Total Receivables: $ 2,650,173,621.81
Special Funding Account Balance $ 0.00
Aggregate Invested Amount (all Master Trust Series) $ 2,302,000,000.00
End of the Month Transferor Amount $ 242,458,822.22
End of the Month Transferor Percentage 9.53%
DELINQUENCIES AND LOSSES
End of the Month Delinquencies: RECEIVABLES
30-59 Days Delinquent $ 56,645,472.36
60-89 Days Delinquent $ 40,302,701.00
90+ Days Delinquent $ 63,130,238.39
Total 30+ Days Delinquent $ 160,078,411.75
Delinquent Percentage 6.04%
Defaulted Accounts During the Month $ 19,248,252.76
Annualized Default Percentage 9.26%
Principal Collections 292,699,785.24
Principal Payment Rate 11.74%
Total Payment Rate 12.92%
INVESTED AMOUNTS
Class A Initial Invested Amount $ 369,000,000.00
Class B Initial Invested Amount $ 38,250,000.00
Class C Initial Invested Amount $ 42,750,000.00
INITIAL INVESTED AMOUNT $ 450,000,000.00
Class A Invested Amount $ 369,000,000.00
Class B Invested Amount $ 38,250,000.00
Class C Invested Amount $ 42,750,000.00
INVESTED AMOUNT $ 450,000,000.00
FLOATING ALLOCATION PERCENTAGE 17.96%
PRINCIPAL ALLOCATION PERCENTAGE 17.96%
MONTHLY SERVICING FEE $ 750,000.00
INVESTOR DEFAULT AMOUNT $ 3,456,986.20
CLASS A AVAILABLE FUNDS--
CLASS A FLOATING PERCENTAGE 82.00%
Class A Finance Charge Collections $ 6,753,548.16
Other Amounts $ 0.00
TOTAL CLASS A AVAILABLE FUNDS $ 6,753,548.16
Class A Monthly Interest $ 1,721,264.77
Class A Servicing Fee $ 615,000.00
Class A Investor Default Amount $ 2,834,728.68
TOTAL CLASS A EXCESS SPREAD $ 1,582,554.71
REQUIRED AMOUNT $ 0.00
CLASS B AVAILABLE FUNDS
CLASS B FLOATING PERCENTAGE 8.50%
Class B Finance Charge Collections $ 700,062.90
Other Amounts $ 0.00
TOTAL CLASS B AVAILABLE FUNDS $ 700,062.90
Class B Monthly Interest $ 185,356.60
Class B Servicing Fee $ 63,750.00
TOTAL CLASS B EXCESS SPREAD $ 450,956.30
CLASS B INVESTOR DEFAULT AMOUNT 293,843.83
CLASS B REQUIRED AMOUNT 293,843.83
EXCESS SPREAD --
TOTAL EXCESS SPREAD $ 2,744,684.29
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 $ 293,843.83
Excess Spread Applied to Reductions of $ 0.00
Class B Invested Amount
Excess Spread Applied to Class C Required Amount $ 557,100.39
Excess Spread Applied to Reductions of
Class C Invested Amount $ 0.00
Excess Spread Applied to Monthly Cash $ 93,750.00
Collateral Fee
Excess Spread Applied to Cash Collateral $ 0.00
Account
Excess Spread Applied to Spread Account $ 0.00
Excess Spread Applied to Reserve Account $ 0.00
Excess Spread Applied to other amounts owed $ 0.00
Cash Collateral Depositor
Excess Spread Applied to other amounts owed to
Spread Account Residual Interest Holders $ 0.00
TOTAL EXCESS FINANCE CHARGE COLLECTIONS ELIGIBLE
FOR GROUP I $ 1,799,990.07
EXCESS FINANCE CHARGES COLLECTIONS -- GROUP I --
TOTAL EXCESS FINANCE CHARGE COLLECTIONS FOR ALL
SERIES IN GROUP I $ 9,236,576.82
SERIES 1996-A EXCESS FINANCE CHARGE COLLECTIONS --
EXCESS FINANCE CHARGE COLLECTIONS ALLOCATED TO $ 0.00
SERIES 1996-A
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) 7.89%
Base Rate (Prior Month) 7.91%
Base Rate (Two Months Ago) 7.91%
THREE MONTH AVERAGE BASE RATE 7.90%
Portfolio Yield (Current Month) 12.74%
Portfolio Yield (Prior Month) 13.21%
Portfolio Yield (Two Months Ago) 11.67%
THREE MONTH AVERAGE PORTFOLIO YIELD 12.54%
PRINCIPAL COLLECTIONS --
TOTAL PRINCIPAL COLLECTIONS $ 52,581,635.23
REALLOCATED PRINCIPAL COLLECTIONS
Allocable to Class C Interests $ 0.00
Allocable to Class B Certificates $ 0.00
SHARED PRINCIPAL COLLECTIONS ALLOCABLE FROM OTHER $ 0.00
SERIES
CLASS A SCHEDULED AMORTIZATION --
Controlled Amortization Amount $ 0.00
Deficit Controlled Amortization Amount $ 0.00
CONTROLLED DEPOSIT AMOUNT $ 0.00
CLASS B SCHEDULED AMORTIZATION --
Controlled Accumulation Amount $ 0.00
Deficit Controlled Accumulation Amount $ 0.00
CONTROLLED DEPOSIT AMOUNT $ 0.00
EXCESS PRINCIPAL COLLECTIONS ELIGIBLE FOR PRINCIPAL $ 52,581,635.23
SHARING
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 CHARGE OFFS REIMBURSED $ 0.00
PREVIOUS CLASS C CHARGE OFFS REIMBURSED $ 0.00
CASH COLLATERAL ACCOUNT --
Required Cash Collateral Amount $ 13,500,000.00
Available Cash Collateral Amount $ 13,500,000.00
TOTAL DRAW AMOUNT $ 0.00
CASH COLLATERAL ACCOUNT SURPLUS $ 0.00
CHEVY CHASE BANK, F.S.B.,
as Servicer
By: _______________________
Mark A. Holles
Vice President
MONTHLY CERTIFICATEHOLDERS' STATEMENT
CHEVY CHASE MASTER CREDIT CARD TRUST II
SERIES 1996-C
Pursuant to the "Pooling and Servicing Agreement"), dated as of June 1, 1995
(the "Pooling and Servicing Agreement"), among Chevy Chase Bank, F.S.B.,
as Transferor and Servicer ("Chevy Chase"), CCB Holding Corporation,
as Transferor, and Bankers Trust Company, as trustee (the "Trustee").
Chevy Chase as Servicer is required to prepare certain information each
month regarding current distributions to Series 1996-C Certificateholders
and the performance of the Chevy Chase Master Credit Card Trust II (the
Trust") during the previous month. The information which is required to be
prepared with respect to the September 15, 1998, Distribution Date (referred
herein as the "Distribution Date"), and with respect to the performance of
the Trust during the August, 1998, Monthly Period (referred to herein as the
Monthly Period") is set forth below. Certain of the information is
presented on the basis of an original principal amount of $1,000 per Series
1996-C Certificate (a "Certificate"). Certain other information is presente
based on the aggregate amounts for the Trust as a whole. Capitalized
terms used in this Monthly Statement have their respective meanings set
forth in the Pooling and Servicing Agreement.
A) Information Regarding Distributions to
the Class A Certificateholders, per
$1,000 original certificate principal amount.
(1) The total amount of the
distribution to Class A
Certificateholders, per $1,000
original certificate principal amount $ 4.6566186
(2) The amount of the distribution
set forth in paragraph 1 above in
respect of interest on the Class A
Certificates, per $1,000 original
certificate principal amount $ 4.6566186
(3) The amount of the distribution
set forth in paragraph 1 above in
respect of principal of the Class A
Certificates, per $1,000 original
certificate principal amount $ 0.0000000
B) Class A Investor Charge Offs and
Reimbursement of Charge Offs
(1) The amount of Class A Investor
Charge Offs $ 0.0000000
(2) The amount of Class A Investor
Charge Offs set forth in paragraph 1
above, per $1,000 original certificate
principal amount $ 0.0000000
(3) The total amount reimbursed in
respect of Class A Investor Charge Offs $ 0.0000000
(4) The amount set forth in paragraph
3 above, per $1,000 original
certificate principal amount $ 0.0000000
(5) The amount, if any, by which the
outstanding principal balance of the
Class A Certificates exceeds the Class
A Invested Amount after giving effect
to all transactions on such Distribution Date $ 0.0000000
C) Information Regarding Distributions to
the Class B Certificateholders, per
$1,000 original certificate principal amount.
(1) The total amount of the
distribution to Class B
Certificatedholders, per $1,000
original certificate principal amount $ 4.8459243
(2) The amount of the distribution
set forth in paragraph 1 above in
respect of interest on the Class B
Certificates, per $1,000 original
cerificate principal amount $ 4.8459243
(3) The amount of the distribution
set forth in paragraph 1 above in
respect of principal on the Class B
Certificates, per $1,000 original
cerificate principal amount $ 0.0000000
D) Class B Investor Charge Offs and
Reimbursement of Charge Offs
(1) The amount of Class B Investor
Charge Offs $ 0.0000000
(2) The amount of Class B Investor
Charge Offs set forth in paragraph 1
above, per $1,000 original certificate
principal amount $ 0.0000000
(3) The total amount reimbursed in
respect of Class B Investor Charge Offs $ 0.0000000
(4) The amount set forth in paragraph
3 above, per $1,000 original
certificate principal amount $ 0.0000000
(5) The amount, if any, by which the
outstanding principal balance of the
Class B Certificates exceeds the Class
B Invested Amount after giving effect
to all transactions on such
Distribution Date $ 0.0000000
CHEVY CHASE BANK, F.S.B.,
Servicer
By ________________________
Mark A. Holles
Vice President
MONTHLY STATEMENT TO CERTIFICATEHOLDERS
SERIES 1996-C
CHEVY CHASE MASTER CREDIT CARD TRUST II
RECEIVABLES
Beginning of the Month Principal Receivables: $ 2,493,903,721.24
Beginning of the Month Finance Charge Receivables: $ 101,691,875.06
Beginning of the Month Discounted Receivables: $ 0.00
Beginning of the Month Total Receivables: $ 2,595,595,596.30
Removed Principal Receivables: $ 0.00
Removed Finance Charge Receivables: $ 0.00
Removed Total Receivables: $ 0.00
Additional Principal Receivables: $ 84,167,673.13
Additional Finance Charge Receivables: $ 556,784.71
Additional Total Receivables: $ 84,724,457.84
Discounted Receivables Generated this Period: $ 0.00
End of the Month Principal Receivables: $ 2,544,458,822.22
End of the Month Finance Charge Receivables: $ 105,714,799.59
End of the Month Discounted Receivables: $ 0.00
End of the Month Total Receivables: $ 2,650,173,621.81
Special Funding Account Balance $ 0.00
Aggregate Invested Amount (all Master Trust II Series) $ 2,302,000,000.00
End of the Month Transferor Amount $ 242,458,822.22
End of the Month Transferor Percentage 9.53%
DELINQUENCIES AND LOSSES
End of the Month Delinquencies:
RECEIVABLES
30-59 Days Delinquent $ 56,645,472.36
60-89 Days Delinquent $ 40,302,701.00
90+ Days Delinquent $ 63,130,238.39
Total 30+ Days Delinquent $ 160,078,411.75
Delinquent Percentage 6.04%
Defaulted Accounts During the Month $ 19,248,252.76
Annualized Default Percentage 9.26%
Principal Collections 292,699,785.24
Principal Payment Rate 11.74%
Total Payment Rate 12.92%
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 11.98%
PRINCIPAL ALLOCATION PERCENTAGE 11.98%
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 35,064,180.16
COLLECTIONS OF FINANCE CHARGE RECEIVABLES
DURING THE MONTHLY PERIOD
ALLOCATED TO SERIES 1996-C 5,117,113.38
MONTHLY SERVICING FEE $ 500,000.00
INVESTOR DEFAULT AMOUNT $ 2,305,940.68
CLASS A AVAILABLE FUNDS--
CLASS A FLOATING ALLOCATION PERCENTAGE 82.00%
Class A Finance Charge Collections $ 4,503,532.96
Other Amounts $ 0.00
TOTAL CLASS A AVAILABLE FUNDS $ 4,503,532.96
Class A Monthly Interest $ 1,145,528.18
Class A Servicing Fee $ 410,000.00
Class A Investor Default Amount $ 1,890,871.36
TOTAL CLASS A EXCESS SPREAD $ 1,057,133.42
CLASS A REQUIRED AMOUNT $ 0.00
CLASS B AVAILABLE FUNDS
CLASS B FLOATING ALLOCATION PERCENTAGE 8.50%
Class B Finance Charge Collections $ 466,829.64
Other Amounts $ 0.00
TOTAL CLASS B AVAILABLE FUNDS $ 466,829.64
Class B Monthly Interest $ 123,571.07
Class B Servicing Fee $ 42,500.00
TOTAL CLASS B EXCESS SPREAD $ 300,758.57
CLASS B INVESTOR DEFAULT AMOUNT 196,004.96
CLASS B REQUIRED AMOUNT 196,004.96
CLASS C FLOATING ALLOCATION PERCENTAGE 9.50%
CLASS C MONTHLY SERVICING FEE 47,500.00
EXCESS SPREAD --
TOTAL EXCESS SPREAD $ 1,832,142.77
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 $ 196,004.96
Excess Spread Applied to Reductions of $ 0.00
Class B Invested Amount
Excess Spread Applied to Class C Required Amount $ 370,374.24
Excess Spread Applied to Reductions of
Class C Invested Amount $ 0.00
Excess Spread Applied to Monthly Cash $ 62,500.00
Collateral Fee
Excess Spread Applied to Cash Collateral $ 0.00
Account
Excess Spread Applied to Spread Account $ 0.00
Excess Spread Applied to Reserve Account $ 0.00
Excess Spread Applied to other amounts owed to $ 0.00
Cash Collateral Depositor
Excess Spread Applied to other amounts owed to
Spread Account Residual Interest Holders $ 0.00
TOTAL EXCESS FINANCE CHARGE COLLECTIONS ELIGIBLE
FOR GROUP I $ 1,203,263.57
EXCESS FINANCE CHARGES COLLECTIONS -- GROUP I --
TOTAL EXCESS FINANCE CHARGE COLLECTIONS FOR ALL
SERIES IN GROUP I $ 9,236,576.82
SERIES 1996-C EXCESS FINANCE CHARGE COLLECTIONS --
EXCESS FINANCE CHARGE COLLECTIONS ALLOCATED TO $ 0.00
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) 7.88%
Base Rate (Prior Month) 7.89%
Base Rate (Two Months Ago) 7.89%
THREE MONTH AVERAGE BASE RATE 7.89%
Portfolio Yield (Current Month) 12.74%
Portfolio Yield (Prior Month) 13.21%
Portfolio Yield (Two Months Ago) 11.67%
THREE MONTH AVERAGE PORTFOLIO YIELD 12.54%
PRINCIPAL COLLECTIONS --
TOTAL PRINCIPAL COLLECTIONS $ 35,064,180.16
REALLOCATED PRINCIPAL COLLECTIONS
Allocable to Class C Interests $ 0.00
Allocable to Class B Certificates $ 0.00
SHARED PRINCIPAL COLLECTIONS ALLOCABLE FROM OTHER $ 0.00
SERIES
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 $ 35,064,180.16
SHARING
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
CHEVY CHASE BANK, F.S.B.,
as Servicer
By: _______________________
Mark A. Holles
Vice President
MONTHLY CERTIFICATEHOLDERS' STATEMENT
CHEVY CHASE MASTER CREDIT CARD TRUST II
SERIES 1998-A
Pursuant to the "Pooling and Servicing Agreement"), dated as of June 1, 1995
(the "Pooling and Servicing Agreement"), among Chevy Chase Bank, F.S.B.,
as Transferor and Servicer ("Chevy Chase"), CCB Holding Corporation,
as Transferor, and Bankers Trust Company, as trustee (the "Trustee").
Chevy Chase as Servicer is required to prepare certain information each
month regarding current distributions to Series 1998-A Certificateholders
and the performance of the Chevy Chase Master Credit Card Trust II (the
"Trust")during the previous month. The information which is required to be
prepared with respect to the September 15, 1998, Distribution Date (referred
herein as the "Distribution Date"), and with respect to the performance of t
Trust during the August, 1998, Monthly Period (referred to herein as the
Monthly Period") is set forth below. Certain of the information is presented
on the basis of an original principal amount of $1,000 per Series 1998-A
Certificate (a "Certificate"). Certain other information is presented based
on the aggregate amounts for the Trust as a whole. Capitalized terms
used in this Monthly Statement have their respective meanings set forth in
the Pooling and Servicing Agreement.
A) Information Regarding Distributions to
the Class A Certificateholders, per
$1,000 original certificate principal amount.
(1) The total amount of the
distribution to Class A $ 4.6646742
Certificateholders, per $1,000
original certificate principal amount
(2) The amount of the distribution
set forth in paragraph 1 above in
respect of interest on the Class A $ 4.6646742
Certificates, per $1,000 original
certificate principal amount
(3) The amount of the distribution
set forth in paragraph 1 above in
respect of principal of the Class A $ 0.0000000
Certificates, per $1,000 original
certificate principal amount
B) Class A Investor Charge Offs and
Reimbursement of Charge Offs
$ 0.0000000
(1) The amount of Class A Investor
Charge Offs
(2) The amount of Class A Investor
Charge Offs set forth in paragraph 1 $ 0.0000000
above, per $1,000 original certificate
principal amount
$ 0.0000000
(3) The total amount reimbursed in
respect of Class A Investor Charge Offs
(4) The amount set forth in paragraph $ 0.0000000
3 above, per $1,000 original
certificate principal amount
(5) The amount, if any, by which the
outstanding principal balance of the
Class A Certificates exceeds the Class $ 0.0000000
A Invested Amount after giving effect
to all transactions on such Distribution Date
C) Information Regarding Distributions to
the Class B Certificateholders, per
$1,000 original certificate principal amount.
(1) The total amount of the
distribution to Class B $ 4.8660631
Certificatedholders, per $1,000
original certificate principal amount
(2) The amount of the distribution
set forth in paragraph 1 above in
respect of interest on the Class B $ 4.8660631
Certificates, per $1,000 original
cerificate principal amount
(3) The amount of the distribution
set forth in paragraph 1 above in
respect of principal on the Class B $ 0.0000000
Certificates, per $1,000 original
cerificate principal amount
D) Class B Investor Charge Offs and
Reimbursement of Charge Offs
$ 0.0000000
(1) The amount of Class B Investor
Charge Offs
(2) The amount of Class B Investor
Charge Offs set forth in paragraph 1 $ 0.0000000
above, per $1,000 original certificate
principal amount
$ 0.0000000
(3) The total amount reimbursed in
respect of Class B Investor Charge Offs
(4) The amount set forth in paragraph $ 0.0000000
3 above, per $1,000 original
certificate principal amount
(5) The amount, if any, by which the
outstanding principal balance of the
Class B Certificates exceeds the Class
B Invested Amount after giving effect $ 0.0000000
to all transactions on such
Distribution Date
CHEVY CHASE BANK, F.S.B.,
Servicer
By ________________________
Mark A. Holles
Vice President
MONTHLY STATEMENT TO CERTIFICATEHOLDERS
SERIES 1998-A
CHEVY CHASE MASTER CREDIT CARD TRUST II
RECEIVABLES
Beginning of the Month Principal Receivables: $ 2,493,903,721.24
Beginning of the Month Finance Charge Receivables: $ 101,691,875.06
Beginning of the Month Discounted Receivables: $ 0.00
Beginning of the Month Total Receivables: $ 2,595,595,596.30
Removed Principal Receivables: $ 0.00
Removed Finance Charge Receivables: $ 0.00
Removed Total Receivables: $ 0.00
Additional Principal Receivables: $ 84,724,457.84
Additional Finance Charge Receivables: $ 0.00
Additional Total Receivables: $ 84,724,457.84
Discounted Receivables Generated this Period: $ 0.00
End of the Month Principal Receivables: $ 2,544,458,822.22
End of the Month Finance Charge Receivables: $ 105,714,799.59
End of the Month Discounted Receivables: $ 0.00
End of the Month Total Receivables: $ 2,650,173,621.81
Special Funding Account Balance $ 0.00
Aggregate Invested Amount (all Master Trust II Series) $ 2,302,000,000.00
End of the Month Transferor Amount $ 242,458,822.22
End of the Month Transferor Percentage 9.53%
DELINQUENCIES AND LOSSES
End of the Month Delinquencies:
RECEIVABLES
30-59 Days Delinquent $ 56,645,472.36
60-89 Days Delinquent $ 40,302,701.00
90+ Days Delinquent $ 63,130,238.39
Total 30+ Days Delinquent $ 160,078,411.75
Delinquent Percentage 6.04%
Defaulted Accounts During the Month $ 19,248,252.76
Annualized Default Percentage 9.26%
Principal Collections 292,699,785.24
Principal Payment Rate 11.74%
Total Payment Rate 12.92%
INVESTED AMOUNTS
Class A Initial Invested Amount $ 407,160,000.00
Class B Initial Invested Amount $ 62,640,000.00
Class C Initial Invested Amount $ 52,200,000.00
INITIAL INVESTED AMOUNT $ 522,000,000.00
Class A Invested Amount $ 407,160,000.00
Class B Invested Amount $ 62,640,000.00
Class C Invested Amount $ 52,200,000.00
INVESTED AMOUNT $ 522,000,000.00
Class A Adjusted Invested Amount $ 407,160,000.00
Class B Adjusted Invested Amount $ 62,640,000.00
Class C Adjusted Invested Amount $ 52,200,000.00
ADJUSTED INVESTED AMOUNT $ 522,000,000.00
PREFUNDED AMOUNT $ 78,000,000.00
FLOATING ALLOCATION PERCENTAGE 20.84%
PRINCIPAL ALLOCATION PERCENTAGE 20.84%
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 61,000,919.43
COLLECTIONS OF FINANCE CHARGE RECEIVABLES
DURING THE MONTHLY PERIOD
ALLOCATED TO SERIES 1998-A 8,902,213.43
MONTHLY SERVICING FEE $ 870,000.00
INVESTOR DEFAULT AMOUNT $ 4,011,335.88
CLASS A AVAILABLE FUNDS--
CLASS A FLOATING ALLOCATION PERCENTAGE 78.00%
Class A Finance Charge Collections $ 7,746,548.48
Other Amounts $ 0.00
TOTAL CLASS A AVAILABLE FUNDS $ 7,746,548.48
Class A Monthly Interest $ 2,183,067.51
Class A Servicing Fee $ 678,600.00
Class A Investor Default Amount $ 3,128,841.99
TOTAL CLASS A EXCESS SPREAD $ 1,756,038.98
CLASS A REQUIRED AMOUNT $ 0.00
CLASS B AVAILABLE FUNDS
CLASS B FLOATING ALLOCATION PERCENTAGE 12.00%
Class B Finance Charge Collections $ 1,191,776.68
Other Amounts $ 0.00
TOTAL CLASS B AVAILABLE FUNDS $ 1,191,776.68
Class B Monthly Interest $ 350,356.54
Class B Servicing Fee $ 104,400.00
TOTAL CLASS B EXCESS SPREAD $ 737,020.14
CLASS B INVESTOR DEFAULT AMOUNT 481,360.31
CLASS B REQUIRED AMOUNT 481,360.31
CLASS C FLOATING ALLOCATION PERCENTAGE 10.00%
CLASS C MONTHLY SERVICING FEE 87,000.00
EXCESS SPREAD --
TOTAL EXCESS SPREAD $ 3,399,206.38
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 $ 481,360.31
Excess Spread Applied to Reductions of $ 0.00
Class B Invested Amount
Excess Spread Applied to Class C Required Amount $ 722,097.37
Excess Spread Applied to Reductions of
Class C Invested Amount $ 0.00
Excess Spread Applied to Monthly Cash $ 108,750.00
Collateral Fee
Excess Spread Applied to Cash Collateral $ 0.00
Account
Excess Spread Applied to Spread Account $ 0.00
Excess Spread Applied to Reserve Account $ 0.00
Excess Spread Applied to other amounts owed to $ 0.00
Cash Collateral Depositor
Excess Spread Applied to other amounts owed to
Spread Account Residual Interest Holders $ 0.00
TOTAL EXCESS FINANCE CHARGE COLLECTIONS ELIGIBLE FOR
GROUP I $ 2,086,998.71
EXCESS FINANCE CHARGES COLLECTIONS -- GROUP I --
TOTAL EXCESS FINANCE CHARGE COLLECTIONS FOR ALL
SERIES IN GROUP I $ 9,236,576.82
SERIES 1998-A EXCESS FINANCE CHARGE COLLECTIONS --
EXCESS FINANCE CHARGE COLLECTIONS ALLOCATED TO $ 0.00
SERIES 1998-A
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) 7.91%
Base Rate (Prior Month) 7.92%
Base Rate (Two Months Ago) N/A
THREE MONTH AVERAGE BASE RATE N/A
Portfolio Yield (Current Month) 9.07%
Portfolio Yield (Prior Month) 11.70%
Portfolio Yield (Two Months Ago) N/A
THREE MONTH AVERAGE PORTFOLIO YIELD N/A
PRINCIPAL COLLECTIONS --
TOTAL PRINCIPAL COLLECTIONS $ 61,000,919.43
REALLOCATED PRINCIPAL COLLECTIONS
Allocable to Class C Interests $ 0.00
Allocable to Class B Certificates $ 0.00
SHARED PRINCIPAL COLLECTIONS ALLOCABLE FROM OTHER $ 0.00
SERIES
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 $ 61,000,919.43
SHARING
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
CHEVY CHASE BANK, F.S.B.,
as Servicer
By: _______________________
Mark A. Holles
Vice President
