Citibank (South Dakota), N.A.
Exhibit 99
[Citi logo]
Vice
President
Citibank (South Dakota),
N.A.
000 Xxxx 00xx Xxxxxx,
Xxxxx
Sioux Falls, SD
57117
March 17,
2009
Deutsche
Bank Trust Company Americas,
as
Trustee
Corporate
Trust & Agency Services--Structured Finance Services
00 Xxxx
Xxxxxx
New York,
New York 10005
Re:
Citibank Credit Card Master Trust I
Notice Regarding Principal
Receivables Discount
Ladies
and Gentlemen:
Reference is hereby made to (a) the
Amended and Restated Pooling and Servicing Agreement, dated as of October 5,
2001 (as amended through the date hereof, the “Pooling and Servicing
Agreement”), between Citibank (South Dakota), National Association, as Seller,
Servicer and successor by merger to Citibank (Nevada), National Association, as
Seller, and Deutsche Bank Trust Company Americas, as Trustee, relating to
Citibank Credit Card Master Trust I (the “Trust”) and (b) the Indenture dated as of
September 26, 2000 (as amended or supplemented through the date hereof,
the “Indenture”),
between Citibank Credit Card Issuance Trust and Deutsche Bank Trust Company
Americas, as Trustee. Capitalized terms used but not defined
herein have the meanings ascribed to such terms in the Pooling and Servicing
Agreement or the Indenture, as applicable.
In accordance with the definition of
the term “Principal Receivables Discount” in the Pooling and Servicing
Agreement, the Seller hereby notifies the Trustee as follows:
Beginning with the March 2009 Due
Period (the “Initiation Date”), the Principal Receivables Discount applicable to
all principal Receivables in the Accounts designated to the Trust will be a
dynamic discount percentage ranging from zero to 3.00% based on the level of
Surplus Finance Charge Collections determined as follows:
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1.
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On
and after the Initiation Date, the Principal Receivables Discount will be
1.00% until either (1) three-month moving average Surplus Finance Charge
Collections are less than 3.51% (the “Floor”) for any Due Period
or (2) three-month moving average Surplus Finance Charge Collections are
in excess of 7.00% (the “Ceiling”) for three consecutive Due
Periods.
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2.
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If
three-month moving average Surplus Finance Charge Collections are less
than the Floor for any Due Period commencing after the Initiation Date,
the Principal Receivables Discount will increase by 1.00% for the
immediately succeeding Due Period and will increase by a further 1.00% for
each subsequent Due Period that three-month moving average Surplus Finance
Charge Collections are less than the Floor; provided, however, in no event
will the Principal Receivables Discount be greater than 3.00% for any Due
Period.
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3.
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If
three-month moving average Surplus Finance Charge Collections are above
the Ceiling for any three consecutive Due Periods commencing after the
Initiation Date, the Principal Receivables Discount will decrease by
1.00% for the first Due Period immediately succeeding the third such
consecutive Due Period and will decrease by a further 1.00% (but not below
zero) for each subsequent time that three-month moving average Surplus
Finance Charge Collections are above the Ceiling for three consecutive Due
Periods.
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The
Principal Receivables Discount for each Due Period will be disclosed in the
related Issuer's Report.
The
dynamic discounting methodology described above will remain in effect until the
later of (1) the first Due Period in which the dynamic discount percentage
reaches zero and (2) the first Due Period in 2010 (the “Termination
Date”). The Seller will notify the Trustee in writing of the occurrence of
the Termination Date.
Sincerely,
CITIBANK
(SOUTH DAKOTA),
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NATIONAL
ASSOCIATION,
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as
Seller
By: /s/
Xxxxxxx X. Xxxxxxxx
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Xxxxxxx
X. Xxxxxxxx
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