UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
June 28, 2010
FIRST NATIONAL MASTER NOTE TRUST
FIRST NATIONAL FUNDING LLC
FIRST NATIONAL BANK OF OMAHA
(Exact name of Issuing Entity, Depositor/Registrant and Sponsor, as specified in their respective charters)
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| Nebraska | | 000-50139 | | 02-0598125 (First National Funding LLC) |
| (State of Incorporation) | | (Commission File Number) | | (IRS Employer Identification No.) |
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| 1620 Dodge Street Stop Code 3395, Omaha, Nebraska | | 68197 |
| (Address of principal executive offices) | | (Zip Code) |
(402) 341-0500
(Registrant’s telephone number, including area code)
Not applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 8.01. Other Events.
Election of Discount Option
Upon completion of the requirements set forth in Section 2.08 of the Transfer and Servicing Agreement, dated as of October 24, 2002, among First National Funding LLC, as Transferor (the “Transferor”), First National Bank of Omaha, as Servicer (the “Servicer”) and First National Master Note Trust, as Issuer (the “Issuer”) and acknowledged and accepted by The Bank of New York Mellon Trust Company, N.A. (formerly known as The Bank of New York Trust Company, N.A.), as successor indenture trustee to The Bank of New York, as Indenture Trustee (the “Indenture Trustee”), as amended by First Amendment to Transfer and Servicing Agreement, dated as of March 28, 2007 and Second Amendment to the Transfer and Servicing Agreement, dated as of October 31, 2007 (collectively, the “TSA”), on or about July 1, 2010 the Transferor expects to designate 4.00% of principal receivables in all accounts created on and after that date as “Discount Option Receivables,” and will apply collections on those Discount Option Receivables as finance charge receivables thereafter. Applying collections of Discount Option Receivables as finance charge receivables will have the effect of increasing yield. This designation of principal receivables will continue until the designation is terminated or changed by the Transferor.
Affirmation of the current ratings on outstanding securities of the Issuer is required to effectuate these changes. The Transferor cannot guarantee that such affirmation will be forthcoming, or that the discounting of principal receivables will occur as indicated herein.
Item 9.01. Financial Statements and Exhibits.
| | (a) | | Not applicable. |
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| | (b) | | Not applicable. |
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| | (c) | | Not applicable. |
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| | (d) | | Exhibits |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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| Dated: June 28, 2010 | FIRST NATIONAL FUNDING LLC, as Depositor
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| | By: | First National Funding Corporation,
Managing Member | |
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| | By | /s/ Karlyn M. Knieriem | |
| | | Karlyn M. Knieriem, Senior Vice President | |
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