EXHIBIT 99.01 SUBJECT TO REVISION Series Term Sheet Dated March 27, 2000 MBNA MASTER CREDIT CARD TRUST II Issuer MBNA AMERICA BANK, NATIONAL ASSOCIATION Seller and Servicer $1,275,000,000 CLASS A FLOATING RATE ASSET BACKED CERTIFICATES, SERIES 2000-C $112,500,000 CLASS B FLOATING RATE ASSET BACKED CERTIFICATES, SERIES 2000-C THE CLASS A FLOATING RATE ASSET BACKED CERTIFICATES, SERIES 2000-C (THE "CLASS A CERTIFICATES") AND THE CLASS B FLOATING RATE ASSET BACKED CERTIFICATES, SERIES 2000-C (THE "CLASS B CERTIFICATES" AND, TOGETHER WITH THE CLASS A CERTIFICATES, THE "CERTIFICATES") REPRESENT INTERESTS IN THE MBNA MASTER CREDIT CARD TRUST II (THE "TRUST") ONLY AND WILL NOT REPRESENT INTERESTS IN OR OBLIGATIONS OF MBNA AMERICA BANK, NATIONAL ASSOCIATION ("MBNA") OR ANY MBNA AFFILIATE. A CERTIFICATE IS NOT A DEPOSIT AND NEITHER THE CERTIFICATES NOR THE UNDERLYING ACCOUNTS OR RECEIVABLES ARE INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENTAL AGENCY. THIS SERIES TERM SHEET CONTAINS STRUCTURAL AND COLLATERAL INFORMATION ABOUT THE CERTIFICATES; HOWEVER, THIS SERIES TERM SHEET DOES NOT CONTAIN COMPLETE INFORMATION ABOUT THE CERTIFICATES. THE INFORMATION PROVIDED IN THIS SERIES TERM SHEET IS PRELIMINARY AND WILL BE SUPERSEDED BY THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT AND THE FINAL PROSPECTUS. ADDITIONAL INFORMATION WILL BE CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT AND THE FINAL PROSPECTUS. PURCHASERS ARE URGED TO READ BOTH THE FINAL PROSPECTUS SUPPLEMENT AND THE FINAL PROSPECTUS. THIS SERIES TERM SHEET SHALL NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY, NOR SHALL THERE BE ANY SALE OF THESE SECURITIES IN ANY STATE IN WHICH SUCH OFFER, SOLICITATION OR SALE WOULD BE UNLAWFUL PRIOR TO REGISTRATION OR QUALIFICATION UNDER THE SECURITIES LAWS OF ANY SUCH STATE. SALES OF THE CERTIFICATES MAY NOT BE CONSUMMATED UNLESS THE PURCHASER HAS RECEIVED BOTH THE FINAL PROSPECTUS SUPPLEMENT AND THE FINAL PROSPECTUS. Underwriters of the Class A Certificates LEHMAN BROTHERS BANC OF AMERICA SECURITIES LLC BANC ONE CAPITAL MARKETS, INC. DEUTSCHE BANC ALEX. BROWN J.P. MORGAN & CO. MERRILL LYNCH & CO. SALOMON SMITH BARNEY Underwriter of the Class B Certificates LEHMAN BROTHERS SUMMARY OF TERMS THIS SERIES TERM SHEET WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION PROVIDED IN THE FINAL PROSPECTUS SUPPLEMENT, THE FINAL PROSPECTUS AND THE SERIES 2000-C SUPPLEMENT TO THE POOLING AND SERVICING AGREEMENT DATED AS OF AUGUST 4, 1994 (AS AMENDED FROM TIME TO TIME, THE "AGREEMENT") BETWEEN MBNA, AS SELLER (THE "SELLER") AND AS SERVICER (THE "SERVICER") AND THE BANK OF NEW YORK, AS TRUSTEE (THE "TRUSTEE"). OFFERED SECURITIES The Trust is offering the Class A Certificates and the Class B Certificates as part of Series 2000-C. The Certificates represent an interest in the assets of the Trust. The Class B Certificates are subordinated to the Class A Certificates. INTEREST PAYMENTS The Class A Certificates will accrue interest for each Interest Period at the Class A Certificate Rate set on the related LIBOR Determination Date. The "Class A Certificate Rate" is an annual rate equal to LIBOR plus %. The Class B Certificates will accrue interest for each Interest Period at the Class B Certificate Rate set on the related LIBOR Determination Date. The "Class B Certificate Rate" is an annual rate equal to LIBOR plus %. Interest accrued during each Interest Period will be due on each Distribution Date. Any interest due but not paid on a Distribution Date will be payable on the next Distribution Date together with additional interest at the applicable Certificate Rate plus 2% per annum. . A "Distribution Date" is the 15th day of each month, or if that day is not a business day, the next business day. The first Distribution Date is June 15, 2000. . Each "Interest Period" begins on and includes a Distribution Date and ends on but excludes the next Distribution Date. However, the first Interest Period will begin on and include April , 2000 (the "Closing Date") and end on but exclude June 15, 2000, the first Distribution Date. . LIBOR is the rate for deposits in U.S. dollars for a one-month period which appears on the Bridge Telerate Page 3750 (or similar replacement page) as of 11:00 a.m., London time, on the related LIBOR Determination Date. . "LIBOR Determination Dates" are: . April , 2000, for the period beginning on and including the Closing Date and ending on but excluding May 15, 2000; . May 11, 2000, for the period beginning on and including May 15, 2000 and ending on but excluding June 15, 2000; and . the second London business day prior to the first day of each Interest Period, for each Interest Period following the first Interest Period. PRINCIPAL PAYMENTS You are expected to receive payment of principal in full on the "Scheduled Payment Date" which is February 15, 2005, or, if that date is not a business day, the next business day. However, certain circumstances could cause principal to be paid earlier or later, or in reduced amounts. No principal will be paid to the Class B Certificateholders until the Class A Certificateholders are paid in full. The final payment of principal and interest on the Certificates will be made no later than July 16, 2007, or, if that date is not a business day, the next business day, called the "Legal Final Maturity" or the "Series 2000-C Termination Date." THE COLLATERAL INTEREST The Trust is also issuing an interest in the assets of the Trust that is subordinated to the Certificates called the "Collateral Interest." The initial Collateral Interest Amount is $112,500,000, representing 7.5% of the initial aggregate principal amount of the Certificates plus the Collateral Interest. As a subordinated interest, the Collateral Interest is a form of Credit Enhancement for the Certificates. The Collateral Interest Holder will have voting and certain other rights as if the Collateral Interest were a subordinated class of certificates. 2 CREDIT ENHANCEMENT Credit Enhancement for your Series is for your Series's benefit only, and you are not entitled to the benefits of any credit enhancement available to other Series. Subordination of the Class B Certificates provides Credit Enhancement for the Class A Certificates. Subordination of the Collateral Interest provides Credit Enhancement for both the Class A Certificates and the Class B Certificates. The Collateral Interest and the Class B Investor Interest must be reduced to zero before the Class A Investor Interest will suffer any loss of principal. The Collateral Interest must be reduced to zero before the Class B Investor Interest will suffer any loss of principal. OTHER INTERESTS IN THE TRUST OTHER SERIES OF CERTIFICATES The Trust has issued other Series of certificates and expects to issue additional Series of certificates. When issued by the Trust, the certificates of each of those Series also represent an interest in the assets of the Trust. The Trust may issue additional Series with terms that may be different from any other Series without prior review or consent by any Certificateholders. THE SELLER INTEREST MBNA will own the "Seller Interest," which represents the remaining interest in the assets of the Trust not represented by the Certificates, the Collateral Interest and the other interests issued by the Trust. The Seller Interest does not provide credit enhancement for your Series or any other Series. INFORMATION ABOUT THE RECEIVABLES The Trust assets include Receivables from certain MasterCard(R) and VISA(R)* revolving credit card accounts selected from MBNA's credit card account portfolio. The Receivables consist of both Principal Receivables and Finance Charge Receivables. "Principal Receivables" are, generally, (a) amounts charged by cardholders for goods and services and (b) cash advances. "Finance Charge Receivables" are (a) the related finance charges and credit card fees and (b) for your Series, certain amounts of fees, called Interchange, collected through MasterCard and VISA and annual membership fees collected from cardholders. COLLECTIONS BY THE SERVICER The Servicer will collect payments on the Receivables and will deposit those collections in an account. The Servicer will keep track of those collections that are Finance Charge Receivables and those collections that are Principal Receivables. ALLOCATIONS AND PAYMENTS TO YOU AND YOUR SERIES Each month, the Servicer will allocate collections and the amount of Receivables that are not collected and are written off as uncollectible, called the Default Amount, among: . your Series, based on the size of the Investor Interest (initially $1,500,000,000); . other outstanding Series, based on the size of their respective interests in the Trust; and . MBNA, based on the size of the Seller Interest. The Trust assets allocated to your Series will be allocated to the following, based on varying percentages: . holders of the Class A Certificates, based on the Class A Investor Interest (initially $1,275,000,000); . holders of the Class B Certificates, based on the Class B Investor Interest (initially $112,500,000); and . the holder of the Collateral Interest, based on the Collateral Interest Amount (initially $112,500,000). - -------- * MasterCard(R) and VISA(R) are federally registered servicemarks of MasterCard International Inc. and Visa U.S.A., Inc., respectively. 3 You are entitled to receive payments of interest and principal based upon allocations to your Series. The Investor Interest, which is the basis for allocations to your Series, is the sum of (a) the Class A Investor Interest, (b) the Class B Investor Interest and (c) the Collateral Interest Amount. The Class A Investor Interest, the Class B Investor Interest and the Collateral Interest Amount will initially equal the outstanding principal amount of the Class A Certificates, the Class B Certificates and the Collateral Interest. The Investor Interest will decline as a result of principal payments and may decline due to the writing off of Receivables or other reasons. If your investor interest declines, amounts allocated and available for payment to your Series and to you will be reduced. ERISA CONSIDERATIONS Subject to important considerations described in the Prospectus Supplement and in the Prospectus, the Class A Certificates are eligible for purchase by persons investing assets of employee benefit plans or individual retirement accounts. For the reasons discussed in the Prospectus Supplement and the Prospectus, the Class B Certificates are not eligible for purchase by persons investing assets of employee benefit plans or individual retirement accounts other than an insurance company investing assets of its general account. CERTIFICATE RATINGS The Class A Certificates are required to be rated in the highest rating category by at least one nationally recognized rating organization. The Class B Certificates are required to be rated in one of the three highest rating categories by at least one nationally recognized rating organization. EXCHANGE LISTING We will apply to list the Certificates on the Luxembourg Stock Exchange. We cannot guaranty that the application for the listing will be accepted. You should consult with Deutsche Bank Luxembourg S.A., the Luxembourg listing agent for the Certificates, Boulevard Konrad Adenauer 2, L-1115 Luxembourg, phone number (352) 42 12 21, to determine whether or not the Certificates are listed on the Luxembourg Stock Exchange. 4 MBNA'S CREDIT CARD PORTFOLIO GENERAL The receivables (the "Receivables") conveyed or to be conveyed to the Trust by MBNA pursuant to the Agreement have been or will be generated from transactions made by holders of selected MasterCard and VISA credit card accounts (the "Accounts"), including premium accounts and standard accounts, from the portfolio of MasterCard and VISA accounts owned by the Seller (the "Bank Portfolio"). DELINQUENCY AND GROSS CHARGE-OFF EXPERIENCE The following tables set forth the delinquency and gross charge-off experience for each of the periods shown for the Bank Portfolio of credit card accounts. The Bank Portfolio's delinquency and gross charge-off experience is comprised of segments which may, when taken individually, have delinquency and gross charge-off characteristics different from those of the overall Bank Portfolio of credit card accounts. As of the beginning of the day on March 3, 2000, the Receivables in the Trust Portfolio represented approximately 91% of the Bank Portfolio. Because the Trust Portfolio is only a portion of the Bank Portfolio, actual delinquency and gross charge-off experience with respect to the Receivables may be different from that set forth below for the Bank Portfolio. There can be no assurance that the delinquency and gross charge-off experience for the Receivables in the future will be similar to the historical experience of the Bank Portfolio set forth below. DELINQUENCY EXPERIENCE BANK PORTFOLIO (DOLLARS IN THOUSANDS)