EXHIBIT 20
MONTHLY REPORT TO NOTEHOLDERS
FIRST NATIONAL MASTER NOTE TRUST SERIES 2002-1, 2003-1 & 2003-2
MONTHLY PERIOD ENDING: JANUARY 31, 2005
The undersigned, a duly authorized representative of First National Bank of
Omaha ("FNBO"), as Servicer pursuant to the Transfer and Servicing Agreement
dated as of October 24, 2002 (as amended, the "Transfer and Servicing
Agreement") by and between FNBO, as Servicer, First National Funding LLC, as
Transferor, and First National Master Note Trust, as Issuer, does hereby certify
as follows:
(a) The rights of the Issuer under the Transfer and Servicing Agreement
have been assigned to The Bank of New York, as Indenture Trustee, under the
Master Indenture dated as of October 24, 2002 and as amended on November 17,
2003 (the "Indenture"), by and between the Issuer and the Indenture Trustee,
and acknowledged by the Transferor and Servicer, and as supplemented by the
Series 2002-1 Indenture Supplement (dated as of October 24, 2002 and as amended
on November 17, 2003), the Series 2003-1 Indenture Supplement (dated as of March
20, 2003 and as amended on November 17, 2003) and the Series 2003-2 Indenture
Supplement (dated as of November 17, 2003), each of which is by and between the
Issuer and Indenture Trustee, acknowledged by the Transferor and Servicer and
respectively referred to herein as the "Indenture Supplement." Capitalized terms
used in this Certificate have their respective meanings set forth in the
Transfer and Servicing Agreement. References herein to certain sections and
subsections are references to the respective sections and subsections of the
Transfer and Servicing Agreement. This Certificate is delivered pursuant to
Section 3.04 of the Transfer and Servicing Agreement and Articles VIII and IX of
the Indenture.
(b) FNBO is the Servicer under the Transferor and Servicing Agreement.
(c) The undersigned is a Servicing Officer.
(d) The date of this Certificate is the Determination Date relating to the
February 15, 2005 Distribution Date (the "Distribution Date").
(e) To the knowledge of the undersigned, there are no Liens on any
Receivables in the Trust except as described below:
None
(f) To the knowledge of the undersigned, no Series 2002-1, 2003-1 or 2003-2
Pay Out Event and no Trust Pay Out Event has occurred except as described below:
None
(g) As of the date hereof the Available Spread Account Amount equals the
Required Spread Account Amount and, if the Reserve Account Funding Date has
occurred, the Available Reserve Account Amount equals the Required Reserve
Account Amount.
2002-1 2003-1 2003-2
A. INFORMATION REGARDING THE PERFORMANCE OF THE RECEIVABLES
1. Principal Receivables
(a) Beginning of Monthly Period Principal Receivables $2,471,794,944.30 $2,471,794,944.30 $2,471,794,944.30
(b) End of Monthly Period Principal Receivables $2,408,904,075.92 $2,408,904,075.92 $2,408,904,075.92
(c) Average Principal Receivables $2,439,228,760.32 $2,439,228,760.32 $2,439,228,760.32
2. End of Monthly Period Trust Receivables $2,450,707,702.54 $2,450,707,702.54 $2,450,707,702.54
3. Delinquent Balances
Delinquency Aggregate Account Percentage of
Category Balance Total Receivables
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(a) 30 to 59 days $ 36,486,467.07 1.49%
(b) 60 to 89 days $ 28,445,807.27 1.16%
(c) 90 to 119 days $ 22,649,578.65 0.92%
(d) 120 to 149 days $ 20,107,512.71 0.82%
(e) 150 or more days $ 17,775,358.60 0.73%
Total: $125,464,724.30 5.12%
4. Aggregate amount of Collections
(a) Total Collections $ 330,756,254.48 $ 330,756,254.48 $ 330,756,254.48
(b) Total Collections of Principal Receivables $ 301,222,088.54 $ 301,222,088.54 $ 301,222,088.54
(c) Total Collections of Finance Charge Receivables $ 29,534,165.94 $ 29,534,165.94 $ 29,534,165.94
(d) Aggregate Allocation Percentages for
Outstanding Series 81.56% 81.56% 81.56%
(e) Aggregate Allocation Percentage of
Collections of Principal Receivables 81.56% 81.56% 81.56%
(f) Aggregate Allocation Percentage of
Collections of Finance Charge Receivables 81.56% 81.56% 81.56%
5. Aggregate amount of Principal Receivables in Accounts
which became Defaulted Accounts during the Monthly
Period $ 15,714,102.45 $ 15,714,102.45 $ 15,714,102.45
6. Calculation of Interchange allocable to the Issuer for
the Monthly Period
(a) Sales net of cash advances during the Monthly
Period on all FNBO MasterCard and VISA accounts $ 397,782,309.82 $ 397,782,309.82 $ 397,782,309.82
(b) Sales net of cash advances during the Monthly
Period on Accounts designated to the Receivables Trust $ 217,386,908.88 $ 217,386,908.88 $ 217,386,908.88
(c) Total amount of Interchange paid or payable to
FNBO with respect to the Monthly Period $ 7,266,061.95 $ 7,266,061.95 $ 7,266,061.95
(d) Amount of Interchange allocable to the Receivables
Trustee with respect to the Monthly Period ([c]
multiplied by [b/a]) $ 3,970,882.33 $ 3,970,882.33 $ 3,970,882.33
(e) Servicer Interchange amount (1.5% of Collateral
Amount at end of prior Monthly Period) $ 509,589.04 $ 636,986.30 $ 636,986.30
(f) Adjustment of Noteholder Servicing Fee (excess
of (e) over (d)) $ 0.00 $ 0.00 $ 0.00
7. The aggregate amount of Collections of Finance
Charge Receivables for the Receivables Trust for
the Monthly Period
(a) Interchange $ 3,970,882.33 $ 3,970,882.33 $ 3,970,882.33
(b) Recoveries $ 1,375,651.71 $ 1,375,651.71 $ 1,375,651.71
(c) Finance Charges and Fees $ 29,534,165.94 $ 29,534,165.94 $ 29,534,165.94
(d) Discount Receivables $ 0.00 $ 0.00 $ 0.00
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Total $ 34,880,699.98 $ 34,880,699.98 $ 34,880,699.98
8. Aggregate Uncovered Dilution Amount for the
Monthly Period $ 0.00 $ 0.00 $ 0.00
B. INFORMATION REGARDING SERIES 2002-1, 2003-1 & 2003-2
1. Collateral Amount at the close of business
on the prior Distribution Date $ 400,000,000.00 $ 500,000,000.00 $ 500,000,000.00
(a) Reductions due to Investor Charge-Offs
(including Uncovered Dilution Amounts) to be
made on the related Distribution Date $ 0.00 $ 0.00 $ 0.00
(b) Reimbursements to be made on the related
Distribution Date from Available Finance
Charge Collections $ 0.00 $ 0.00 $ 0.00
(c) Collateral Amount at the close of business
on the Distribution Date $ 400,000,000.00 $ 500,000,000.00 $ 500,000,000.00
2. Note Principal Balance at the close of business
on the Distribution Date during the Monthly Period
(a) Class A Note Principal Balance $ 332,000,000.00 $ 415,000,000.00 $ 411,250,000.00
(b) Class B Note Principal Balance $ 31,000,000.00 $ 38,750,000.00 $ 40,000,000.00
(c) Class C Note Principal Balance $ 37,000,000.00 $ 46,250,000.00 $ 48,750,000.00
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Total Note Principal Balance $ 400,000,000.00 $ 500,000,000.00 $ 500,000,000.00
3. Allocation Percentages for the Monthly Period
(a) Principal Collections 16.18% 20.23% 20.23%
(b) Finance Charge Collections 16.18% 20.23% 20.23%
(c) Default Amounts 16.18% 20.23% 20.23%
4. Investor Principal Collections processed
during the Monthly Period and allocated to the Series $ 48,737,733.93 $ 60,937,228.51 $ 60,937,228.51
5. Excess Principal Collections available from
other Group I Series allocated to the Series $ 0.00 $ 0.00 $ 0.00
6. Aggregate amounts treated as Available
Principal Collections pursuant to subsections
4.04(a)(v) and (vi) of the related Indenture
Supplement $ 2,542,541.78 $ 3,178,962.93 $ 3,178,962.93
7. Reallocated Principal Collections (up
to the Monthly Principal Reallocation
Amount) applied pursuant to Section 4.06
of the related Indenture Supplement $ 0.00 $ 0.00 $ 0.00
8. AVAILABLE PRINCIPAL COLLECTIONS (4+5+6-7) $ 51,280,275.70 $ 64,116,191.44 $ 64,116,191.44
9. Principal Accumulation Investment Proceeds $ 0.00 $ 0.00 $ 0.00
10. Investor Finance Charge Collections
(including Interchange and Recoveries)
processed during the Monthly Period $ 5,643,697.26 $ 7,056,365.61 $ 7,056,365.61
11. Excess Finance Charge Collections
from Group I allocated to the Series $ 0.00 $ 0.00 $ 0.00
12. Reserve Account withdrawals pursuant
to Section 4.10(b) or (d) of the related
Indenture Supplement $ 0.00 $ 0.00 $ 0.00
13. Excess amounts from Spread Account to
be treated as Available Finance Charge
Collections pursuant to Section 4.12(g) of
the related Indenture Supplement $ 0.00 $ 0.00 $ 0.00
14. AVAILABLE FINANCE CHARGE COLLECTIONS (9+10+11+12+13) $ 5,643,697.26 $ 7,056,365.61 $ 7,056,365.61
15. Distributions of principal and interest to
Noteholders on the Distribution Date:
(a) Class A Noteholders $ 668,795.56 $ 832,766.66 $ 828,440.27
(b) Class B Noteholders $ 69,440.00 $ 89,125.00 $ 102,666.67
(c) Class C Noteholders $ 103,600.00 $ 146,766.67 $ 150,312.50
16. Distributions of principal to Noteholders on
the Distribution Date:
(a) Class A Noteholders $ 0.00 $ 0.00 $ 0.00
(b) Class B Noteholders $ 0.00 $ 0.00 $ 0.00
(c) Class C Noteholders $ 0.00 $ 0.00 $ 0.00
17. Distributions of interest to Noteholders on the
Distribution Date:
(a) Class A Noteholders $ 668,795.56 $ 832,766.66 $ 828,440.27
(b) Class B Noteholders $ 69,440.00 $ 89,125.00 $ 102,666.67
(c) Class C Noteholders $ 103,600.00 $ 146,766.67 $ 150,312.50
18. The aggregate amount of all Principal Receivables
in Accounts which became Defaulted Accounts during the
Monthly Period which were allocated to the Series 2002-1,
2003-1 and 2003-2
(a) Default Amount $ 15,714,102.45 $ 15,714,102.45 $ 15,714,102.45
(b) Allocation Percentage (B.3.(c) above) 16.18% 20.23% 20.23%
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Total Investor Default Amount (a multiplied by b) $ 2,542,541.78 $ 3,178,962.93 $ 3,178,962.93
19. The aggregate amount of Uncovered Dilution Amount
allocated to the Series for the Monthly Period
(a) Dilutions not covered by Transferor $ 0.00 $ 0.00 $ 0.00
(b) Series Allocation Percentage (as defined in
the related Indenture Supplement) 16.18% 20.23% 20.23%
(c) Total Uncovered Dilution Amount $ 0.00 $ 0.00 $ 0.00
20. The aggregate amount of Investor Charge-Offs
(including any Uncovered Dilution Amount not covered
by the Transferor) for the Monthly Period $ 0.00 $ 0.00 $ 0.00
21. Noteholder Servicing Fee for the Monthly Period
payable to the Servicer (after adjustment for Servicer
Interchange shortfall, if any) $ 679,452.05 $ 849,315.07 $ 849,315.07
22. Ratings of the Class A Notes
Moody's Aaa Aaa Aaa
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S&P AAA AAA AAA
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Fitch AAA AAA AAA
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23. Ratings of the Class B Notes
Moody's A2 A2 A2
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S&P A A A
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Fitch A+ A+ A+
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24. Ratings of the Class C Notes
Moody's Baa2 Baa2 Baa2
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S&P BBB BBB BBB
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Fitch BBB BBB BBB
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25. Note Interest Rate for the Monthly Period
(a) Class A Note Interest Rate 2.59000% 2.58000% 2.59000%
(b) Class B Note Interest Rate 2.88000% 2.76000% 3.08000%
(c) Class C Note Interest Rate 3.60000% 4.08000% 3.70000%
C. QUARTERLY NET YIELD
1. Base Rate for the Monthly Period 4.48% 4.52% 4.55%
2. Portfolio Yield for the Monthly Period 9.13% 9.13% 9.13%
3. Net Yield for the Monthly Period
(Portfolio Yield MINUS Base Rate) 4.65% 4.61% 4.58%
4. Quarterly Net Yield for the related
Distribution Date 5.09% 5.06% 5.05%
D. INFORMATION REGARDING THE PRINCIPAL ACCUMULATION ACCOUNT
1. Opening Principal Accumulation Account
Balance on the Distribution Date for the
Monthly Period $ 0.00 $ 0.00 $ 0.00
2. Controlled Deposit Amount to be deposited
to the Principal Accumulation Account on the
Distribution Date for the Monthly Period $ 0.00 $ 0.00 $ 0.00
(a) Controlled Accumulation Amount $ 0.00 $ 0.00 $ 0.00
(b) Accumulation Shortfall $ 0.00 $ 0.00 $ 0.00
(c) Controlled Deposit Amount (a+b) $ 0.00 $ 0.00 $ 0.00
3. Amounts withdrawn from the Principal Accumulation
Account for distribution to Noteholders on the related
Distribution Date
(a) Distribution in reduction of the Class A Notes $ 0.00 $ 0.00 $ 0.00
(b) Distribution in reduction of the Class B Notes $ 0.00 $ 0.00 $ 0.00
(c) Distribution in reduction of the Class C Notes $ 0.00 $ 0.00 $ 0.00
4. Principal Accumulation Account ending balance
after deposit or withdrawal on the Distribution Date
for the Monthly Period $ 0.00 $ 0.00 $ 0.00
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E. INFORMATION REGARDING THE SPREAD ACCOUNT
1. Opening Available Spread Account Amount on the
Distribution Date for the Monthly Period $ 3,000,000.00 $ 5,000,000.00 $ 5,000,000.00
2. Aggregate amount required to be withdrawn pursuant
to Section 4.12(c) of the related Indenture Supplement
for distribution to Class C Noteholders pursuant to
Section 4.04(a)(iv) of the related Indenture Supplement $ 0.00 $ 0.00 $ 0.00
3. Aggregate amount required to be withdrawn pursuant
to Section 4.12(d) of the related Indenture Supplement
for distribution in reduction of the Class C Note
Principal Balance $ 0.00 $ 0.00 $ 0.00
4. Spread Account Percentage for the Distribution
Date for the Monthly Period 1.00% 1.00% 1.00%
5. Closing Required Spread Account Amount for
the Distribution Date for the Monthly Period $ 4,000,000.00 $ 5,000,000.00 $ 5,000,000.00
6. Amount on deposit in Spread Account after
required withdrawals on the Distribution Date
for the Monthly Period (1-(2+3)) $ 3,000,000.00 $ 5,000,000.00 $ 5,000,000.00
7. Spread Account Deficiency/(Excess), if
any (5 MINUS 6) $ 1,000,000.00 $ 0.00 $0.00
8. Amounts deposited pursuant to Section 4.04(a)(vii)
or 4.10(e) of the related Indenture Supplement $ 1,000,000.00 $ 0.00 $0.00
9. Remaining Spread Account Deficiency/
(Excess), if any (7 minus 8) $ 0.00 $ 0.00 $ 0.00
F. INFORMATION REGARDING THE RESERVE ACCOUNT
1. Reserve Account Funding Date July 1, 2005 December 31, 2004 August 01, 2005
2. Opening Available Reserve Account Amount
on the Distribution Date for the Monthly Period $ 0.00 $ 0.00 $ 0.00
3. Aggregate amount required to be withdrawn
pursuant to Section 4.10(d) of the related
Indenture Supplement for inclusion in Available
Finance Charge Collections:
(a) Covered Amount $ 0.00 $ 0.00 $ 0.00
(b) Principal Accumulation Investment Proceeds $ 0.00 $ 0.00 $ 0.00
(c) Reserve Draw Amount (a MINUS b) $ 0.00 $ 0.00 $ 0.00
4. Required Reserve Account Amount $ 0.00 $ 0.00 $ 0.00
5. Reserve Account Surplus (4-(2-3)) $ 0.00 $ 0.00 $ 0.00
G. INFORMATION REGARDING ACCUMULATION PERIOD
1. Accumulation Period Length (months) 2
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IN WITNESS thereof, the undersigned has duly executed and delivered
this Certificate the 10th day of February, 2005.
FIRST NATIONAL BANK OF OMAHA, Servicer
By
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Name: Matthew W. Lawver
Title: Sr. Vice President