**Exhibit 99.2 (a)**

 

 

2007 ANNUAL CERTIFICATEHOLDER’S STATEMENT

CAPITAL ONE MASTER TRUST

SERIES 1998-1

 

                Under the Amended and Restated Pooling and ServicingAgreement dated as of September 30, 1993, as amended and 

restated as of August 1,2002, January 13, 2006, March 23, 2007 and July 1, 2007 and as further amendedby the First Amendment, dated as of March 1, 2008 (the “Agreement”), amongCapital One Bank (USA), National Association,as Servicer, Capital One Funding, LLC, as Transferor, and The Bank of New York,as Trustee (the “Trustee”), Capital One Bank (USA), National Association is required toprepare certain information each month regarding current distributions toCertificateholders.  The informationwhich is required to be prepared with respect to the distributions made duringthe preceding calendar year is set forth below. Certain information is presented on the basis of an original principal amountof $1,000 per investor Certificate (a “Certificate”).  Capitalized terms used in this Certificate havetheir respective meanings set forth in the Agreement.

 
| A)     | Information Regarding  Distributions to the Class A Certificateholders (Stated on the Basis of  $1,000 Original Principal Amount) |                                                                                                                                                                                                                        |   |
|--------|----------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
|   |                                                                                                                                   |                                                                                                                                                                                                                        |   |   |
|   | 1)                                                                                                                                     | The total amount of the  distribution to Class A Certificateholders per $1,000 Original Principal  Amount                                                                                                              |   | 63.1000000800 |
|   |                                                                                                                                   |                                                                                                                                                                                                                        |   |   |
|   | 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 Principal Amount                                                               |   | 63.1000000800 |
|   |                                                                                                                                   |                                                                                                                                                                                                                        |   |   |
|   | 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 Principal Amount                                                              |   | 0.0000000000 |
|   |                                                                                                                                   |                                                                                                                                                                                                                        |   |
| B)     | Class A Investor  Charge Off’s and Reimbursement of Charge Off’s                                                        |                                                                                                                                                                                                                        |   |
|   |                                                                                                                                   |                                                                                                                                                                                                                        |   |   |
|   | 1)                                                                                                                                     | The amount of Class A Investor Charge Off’s                                                                                                                                                                       |   | $ | 0.00 |
|   |                                                                                                                                   |                                                                                                                                                                                                                        |   |   |
|   | 2)                                                                                                                                     | The amount of Class A Investor Charge Off’s set  forth in paragraph 1 above, per $1,000 Original Principal Amount                                                                                                 |   | 0.0000000000 |
|   |                                                                                                                                   |                                                                                                                                                                                                                        |   |   |
|   | 3)                                                                                                                                     | The total amount reimbursed to the Trust in respect  of Class A Investor Charge Off’s                                                                                                                             |   | $ | 0.00 |
|   |                                                                                                                                   |                                                                                                                                                                                                                        |   |   |
|   | 4)                                                                                                                                     | The amount set forth in paragraph 3 above, per  $1,000 Original Principal Amount (which will have the effect of increasing,  pro rata, the amount of each Series 1998-1 Investor Certificateholder’s  Investment) |   | 0.0000000000 |
|   |                                                                                                                                   |                                                                                                                                                                                                                        |   |   |
|   | 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               |   | $ | 0.00 |
|   |                                                                                                                                   |                                                                                                                                                                                                                        |   |   |
| C)     | Information Regarding Distributions  to the Class B Certificateholders (Stated on the Basis of $1,000  Original Principal Amount) |                                                                                                                                                                                                                        |   |
|   |                                                                                                                                   |                                                                                                                                                                                                                        |   |   |
|   | 1)                                                                                                                                     | The total amount of the distribution to Class B  Certificateholders per $1,000 Original Principal Amount.                                                                                                              |   | 63.5599994243 |
|   |                                                                                                                                   |                                                                                                                                                                                                                        |   |   |
|   | 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 Principal Amount.                                                              |   | 63.5599994243 |
|   |                                                                                                                                   |                                                                                                                                                                                                                        |   |   |
|   | 3)                                                                                                                                     | The amount of the distribution set forth in  paragraph 1 above in respect of principal of the Class B Certificates,  per $1,000 Original Principal Amount.                                                             |   | 0.0000000000 |

 

 

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| D)     | Class B Investor  Charge Off’s and Reimbursement of Charge Off’s                                                                                                                                                                                             |                                                                                                                                                                                                                        |   |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
|   |                                                                                                                                                                                                                                                                        |                                                                                                                                                                                                                        |   |
|   | 1)                                                                                                                                                                                                                                                                          | The amount of Class B  Investor Charge Off’s                                                                                                                                                                      |   | $ | 0.00 |
|   |                                                                                                                                                                                                                                                                        |                                                                                                                                                                                                                        |   |   |
|   | 2)                                                                                                                                                                                                                                                                          | The amount of Class B  Investor Charge Off’s set forth in paragraph 1 above, per $1,000 Original  Principal Amount                                                                                                |   | 0.0000000000 |
|   |                                                                                                                                                                                                                                                                        |                                                                                                                                                                                                                        |   |   |
|   | 3)                                                                                                                                                                                                                                                                          | The total amount  reimbursed to the Trust in respect of Class B Investor Charge Off’s                                                                                                                             |   | $ | 0.00 |
|   |                                                                                                                                                                                                                                                                        |                                                                                                                                                                                                                        |   |   |
|   | 4)                                                                                                                                                                                                                                                                          | The amount set forth in  paragraph 3 above, per $1,000 Original Principal Amount (which will have the  effect of increasing, pro rata, the amount of each Series 1998-1  Investor Certificateholder’s Investment) |   | 0.0000000000 |
|   |                                                                                                                                                                                                                                                                        |                                                                                                                                                                                                                        |   |   |
|   | 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               |   | $ | 0.00 |
|   |                                                                                                                                                                                                                                                                        |                                                                                                                                                                                                                        |   |   |
| E)     | Information Regarding  Distributions to the Class C Certificateholders (Stated on the Basis of  $1,000 Original Principal Amount)                                                                                                                                      |                                                                                                                                                                                                                        |   |
|   |                                                                                                                                                                                                                                                                        |                                                                                                                                                                                                                        |   |   |
|   | 1)                                                                                                                                                                                                                                                                          | The total amount of the  distribution to Class C Certificateholders per $1,000 Original Principal  Amount.                                                                                                             |   | 62.9735455556 |
|   |                                                                                                                                                                                                                                                                        |                                                                                                                                                                                                                        |   |   |
|   | 2)                                                                                                                                                                                                                                                                          | The amount of the  distribution set forth in paragraph 1 above in respect of interest on the  Class C Certificates, per $1,000 Original Principal Amount.                                                              |   | 62.9735455556 |
|   |                                                                                                                                                                                                                                                                        |                                                                                                                                                                                                                        |   |   |
|   | 3)                                                                                                                                                                                                                                                                          | The amount of the  distribution set forth in paragraph 1 above in respect of principal of the  Class C Certificates, per $1,000 Original Principal Amount.                                                             |   | 0.0000000000 |
|   |                                                                                                                                                                                                                                                                        |                                                                                                                                                                                                                        |   |   |
| F)     | Class C Investor  Charge Off’s and Reimbursement of Charge Off’s                                                                                                                                                                                             |                                                                                                                                                                                                                        |   |
|   |                                                                                                                                                                                                                                                                        |                                                                                                                                                                                                                        |   |   |
|   | 1)                                                                                                                                                                                                                                                                          | The amount of Class C  Investor Charge Off’s                                                                                                                                                                      |   | $ | 0.00 |
|   |                                                                                                                                                                                                                                                                        |                                                                                                                                                                                                                        |   |   |
|   | 2)                                                                                                                                                                                                                                                                          | The amount of Class C  Investor Charge Off’s set forth in paragraph 1 above, per $1,000 Original  Principal Amount                                                                                                |   | 0.0000000000 |
|   |                                                                                                                                                                                                                                                                        |                                                                                                                                                                                                                        |   |   |
|   | 3)                                                                                                                                                                                                                                                                          | The total amount  reimbursed to the Trust in respect of Class C Investor Charge Off’s                                                                                                                             |   | $ | 0.00 |
|   |                                                                                                                                                                                                                                                                        |                                                                                                                                                                                                                        |   |   |
|   | 4)                                                                                                                                                                                                                                                                          | The amount set forth in  paragraph 3 above, per $1,000 Original Principal Amount (which will have the  effect of increasing, pro rata, the amount of each Series 1998-1  Investor Certificateholder’s Investment) |   | 0.0000000000 |
|   |                                                                                                                                                                                                                                                                        |                                                                                                                                                                                                                        |   |
|   | 5)                                                                                                                                                                                                                                                                          | The amount, if any, by  which the outstanding principal balance of the Class C Certificates  exceeds the Class C Invested Amount after giving effect to all  transactions on such Distribution Date               |   |   |
|   |                                                                                                                                                                                                                                                                        |                                                                                                                                                                                                                        |   |
| G)     | The Available Cash Collateral Amount as of the close  of business on the preceding Distribution Date (after giving effect to any  withdrawal from the Collateral Account) was equal to                                                                                      |                                                                                                                                                                                                                        | $      | 9,456,264.78 |
|   |                                                                                                                                                                                                                                                                        |                                                                                                                                                                                                                        |   |   |
| H)     | The Required Cash  Collateral Amount as of the close of business on the current Distribution  Date, after giving effect to any withdrawal from the Cash Collateral Account  and payments to the Collateral Indebtedness Holder on such Distribution Date,  will be equal to |                                                                                                                                                                                                                        | $      | 9,456,264.78 |

 

 

 

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