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Bank of America : 10-D

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06/17/2019 | 09:29am EDT

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-D

ASSET-BACKED ISSUER

Distribution Report Pursuant to Section 13 or 15(d) of

the Securities Exchange Act of 1934

For the monthly distribution period from May 1, 2019 to May 31, 2019

Commission File Number of issuing entity:

Commission File Number of issuing entity:

333-228572

333-228572-02

Central Index Key Number of issuing entity:

Central Index Key Number of issuing entity:

0001128250

0000936988

BA CREDIT CARD TRUST *

BA MASTER CREDIT CARD TRUST II

(Exact name of issuing entity as specified in its charter)

(Exact name of issuing entity as specified in its charter)

(Issuer of the Notes)

(Issuer of the Collateral Certificate)

Commission File Number of depositor: 333-228572-01

Central Index Key Number of depositor: 0001370238

BA CREDIT CARD FUNDING, LLC

(Exact name of depositor as specified in its charter)

Central Index Key Number of sponsor (if applicable): 0001102113

BANK OF AMERICA, NATIONAL ASSOCIATION (Exact name of sponsor as specified in its charter)

Keith Landis (980) 683-4915

(Name and telephone number, including area code, of the person to contact in connection with this filing)

Delaware

(State or other jurisdiction of incorporation or organization of the issuing

entity)

c/o BA Credit Card Funding, LLC

1020 North French Street

DE5-002-01-05

Wilmington, DE 19884

(Address of principal executive offices of issuing entity)

(980) 683-4915

(Telephone number, including area code)

N/A

(I.R.S. Employer Identification No.)

N/A

(Former name, former address, if changed since last report)

Delaware

(State or other jurisdiction of incorporation or organization of the issuing

entity)

c/o BA Credit Card Funding, LLC

1020 North French Street

DE5-002-01-05

Wilmington, DE 19884

(Address of principal executive offices of issuing entity)

(980) 683-4915

(Telephone number, including area code)

N/A

(I.R.S. Employer Identification No.)

N/A

(Former name, former address, if changed since last report)

Each class of Notes to which this report on Form 10-D relates is reporting in accordance with Section 15(d) of the Securities Exchange Act of 1934. The title of each class of Notes to which this report on Form 10-D relates is set forth in Exhibit 99.2 hereto.

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No __

  • In accordance with relevant regulations of the Securities and Exchange Commission, the depositor files annual and other reports with the Commission in respect of the BA Credit Card Trust and the BA Master Credit Card Trust II under the Central Index Key (CIK) number (0001128250) for the BA Credit Card Trust.

PART I - DISTRIBUTION INFORMATION

ITEM 1 - Distribution and Pool Performance Information.

Response to Item 1 is set forth in Exhibits 99.1 and 99.2.

ITEM 2 - Legal Proceedings.

In 2005, a group of merchants filed a series of putative class actions and individual actions directed at interchange fees associated with Visa and MasterCard payment card transactions. These actions, which were consolidated in the U.S. District Court for the Eastern District of New York under the caption In re Payment Card Interchange Fee and Merchant Discount Anti-TrustLitigation (Interchange), named Visa, MasterCard and several banks and bank holding companies, including Bank of America Corporation ("BAC"), as defendants. Plaintiffs alleged that defendants conspired to fix the level of default interchange rates and that certain rules of Visa and MasterCard were unreasonable restraints of trade. Plaintiffs sought compensatory and treble damages and injunctive relief.

On October 19, 2012, defendants reached a settlement with respect to the putative class actions that the U.S. Court of Appeals for the Second Circuit rejected. In 2018, defendants reached a settlement with the representatives of the putative Rule 23(b)(3) damages class to contribute an additional $900 million to the approximately $5.3 billion held in escrow from the prior settlement. BAC's additional contribution is not material to BAC. The District Court granted preliminary approval of the settlement with the putative Rule 23(b)(3) damages class in January 2019.

In addition, the putative Rule 23(b)(2) class action seeking injunctive relief is pending, and a number of individual merchant actions continue against the defendants, including one against BAC. As a result of various loss-sharing agreements, however, BAC remains liable for a portion of any settlement or judgment in individual suits where it is not named as a defendant.

PART II - OTHER INFORMATION

ITEM 3 - Sales of Securities and Use of Proceeds.

The following table provides information about sales of securities by BA Credit Card Trust during the period covered by this report that have not been previously reported. For purpose of this report, sales of securities are treated as having been previously reported if such sales have been previously reported in another report or registration statement, including a prospectus forming a part of a registration statement filed by BA Credit Card Funding, LLC on behalf of BA Credit Card Trust.

Exemption from

Securities Act

Date of Sale

Size (millions) / Title

Purchasers

Registration

NOTHING TO REPORT

Any sale of securities by the BA Credit Card Trust during the period covered by this report that is not included in the preceding table has been previously reported in a prospectus filed by the depositor on behalf of the BA Credit Card Trust under the Central Index Key (CIK) number (0001128250) for the BA Credit Card Trust on the filing date, and under the Commission file number, indicated below:

Prospectus Filing Date

Commission File Number

NOTHING TO REPORT

A class designation of notes determines the relative seniority for receipt of cash flows and funding of uncovered defaults on principal receivables allocated to the related series of notes. The Class B notes are subordinate to the Class A notes and the Class C notes are subordinate to the Class A and Class B notes. With respect to the tranches in each class of notes, the cash flows and funding of uncovered defaults will be allocated to the tranches on a pro rata basis.

Without noteholder consent, BA Credit Card Trust may issue a new series, class or tranche of notes at any time upon the satisfaction of certain conditions described in the underlying transaction agreements, including confirmation that (i) the issuer reasonably believes that the new issuance will not adversely affect the amount of funds available to be distributed to the holders of any outstanding notes or the timing of such distributions, and (ii) the new issuance will not cause a reduction, qualification or withdrawal of the ratings of any outstanding notes.

In addition, without noteholder consent and without the consent of any holders of certificates issued by BA Master Credit Card Trust II, BA Credit Card Funding, LLC has the right to designate, from time to time, additional eligible credit card accounts to BA Master Credit Card Trust II. In connection with any such designation, BA Credit Card Funding, LLC will transfer the related receivables, whether then existing or thereafter created, to BA Master Credit Card Trust II.

ITEM 9 - Exhibits.

Exhibit 99.1

Monthly Series Certificateholders' Statement.

Exhibit 99.2

Schedule to Monthly Noteholders' Statement.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Dated: June 17, 2019

BA CREDIT CARD TRUST (Issuing Entity)

BA MASTER CREDIT CARD TRUST II (Issuing Entity)

BANK OF AMERICA, NATIONAL ASSOCIATION, (Servicer)

By: /s/ Joseph L. Lombardi

Name: Joseph L. Lombardi

Title: Vice President

Exhibit 99.1

EXHIBIT C to the Supplement to PSA

MONTHLY CERTIFICATEHOLDERS' STATEMENT

SERIES 2001-D

BA CREDIT CARD FUNDING, LLC

BA MASTER CREDIT CARD TRUST II

MONTHLY PERIOD ENDING May 31, 2019

The information which is required to be prepared with respect to the Transfer Date of June 14, 2019 and with respect to the performance of the Trust during the related Monthly Period is set forth below.

Data presented in this Monthly Certificateholders' Statement was produced utilizing BANA's consolidated payment prioritization methodology. See "Current Consolidated Payment Prioritization Methodology Not Fully Comparable with Previous Payment Prioritization Methodologies" in the endnotes below.

Terms and abbreviations used in this report and not otherwise defined herein have the meanings set forth in the certain program documents for the BA Master Credit Card Trust II and the BA Credit Card Trust, as certain of such program documents have been amended, as applicable. Each of these agreements and related amendments, as applicable, has been included as an exhibit to a report on Form 8-K filed by BA Credit Card Funding, LLC, the BA Master Credit Card Trust II and the BA Credit Card Trust, with the Securities and Exchange Commission ("SEC") under Central Index Key (CIK) Nos. 0001370238, 0000936988 and 0001128250, respectively, on October 1, 2014, July 8, 2015 or December 18, 2015.

  1. Information Regarding the Current Monthly Distribution

1.

The amount of the current monthly distribution which constitutes Available Funds

$

212,289,678.43

2. The amount of the current monthly distribution which constitutes Available Investor Principal

Collections

$

1,475,027,288.26

Total

$

1,687,316,966.69

  1. Information Regarding the Trust Assets
    1. Collection of Principal Receivables
  1. The aggregate amount of Collections of Principal Receivables processed during the

related Monthly Period and allocated to Series 2001-D

$

2,840,289,776.61

  1. Collection of Finance Charge Receivables
    1. The aggregate amount of Collections of Finance Charge Receivables (excluding Interchange) processed during the related Monthly Period and allocated to Series 2001-D
  2. Principal Receivables in the Trust
    1. The aggregate amount of Principal Receivables in the Trust as of the end of the day on the last day of the related Monthly Period
    2. The amount of Principal Receivables in the Trust represented by the Investor Interest of Series 2001-D as of the end of the day on the last day of the related Monthly Period
    3. The Floating Allocation Investor Interest as of the end of the day on the last day of the related Monthly Period
    4. The Principal Allocation Investor Interest as of the end of the day on the last day of the related Monthly Period
    5. The Floating Investor Percentage with respect to the related Monthly Period

May 1, 2019 through May 31, 2019 52.82%

  1. The Principal Investor Percentage with respect to the Monthly Period

May 1, 2019 through May 31, 2019 52.82%

  1. The Class D Investor Interest as of the beginning of the day on the first day of the related Monthly Period
  2. The Class D Investor Interest as of the end of the day on the last day of the related Monthly Period
  3. The Class D Required Investor Interest as of the end of the day on the last day of the related Monthly Period

$

$

$

$

$

$

$

$

167,949,399.77

27,033,358,358.95

14,279,340,000.00

14,400,360,000.00

14,400,360,000.00

1,950,360,000.00

1,829,340,000.00

1,829,340,000.00

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Bank of America Corporation published this content on 17 June 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 17 June 2019 13:28:06 UTC

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