Series 2009-1 Notes
|As of 03/31||Performance Year|
Payment rate percentage for any vintage segment is calculated as percentage of total payments for the vintage segment by the average credit card receivables for each vintage segment.
Total payments for each vintage segment includes total payments received less any payments that were reversed due to return or adjustment.
Historical data as presented in prospectuses for First National Master Note Trust (FNMNT) is calculated using the prior month total receivable outstandings instead 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.
Payment rate percentage for series 2009-1 notes has been changed from the prior series to reflect a rate based on an average credit card receivable balance instead of the previously used point in time balance. This rate eliminates the increases or decreases based on the point in time fluctuations of the receivable balance.