Series 2009-1 Notes
|As of 03/31||Performance Year|
Principal Charge-off percentage is calculated by dividing the principal gross losses (charge-offs) by total credit card receivables for each vintage segment.
Total principal losses for any vintage segment includes the total principal charge-offs excluding fraud prior to recoveries.
Historical data as presented in prospectuses for First National Master Note Trust (FNMNT) is calculated using the prior month principal receivables outstanding instead of the end of vintage segment total receivables as defined above. Therefore, the historical data presented in FNMNT prospectuses and the static pool data above are not directly comparable.
The static pool information includes data for accounts from (i) the beginning of the year in which the account is added to FNMNT if the account was originated in a prior year or (ii) the date of origination of the account if the account is added to FNMNT during the year it was originated. Historical data as presented in prospectuses for FNMNT includes data for accounts from the beginning of the month they are added to FNMNT. Therefore, the historical data presented in FNMNT prospectuses and the static pool data are not directly comparable with respect to this data.
Principal Charge-off percentage for the series 2009-1 notes has been calculated exactly as it was for previous series.