EXHIBIT 99.1
FIRST NATIONAL MASTER NOTE TRUST VFN SERIES 2007-1
MONTHLY PERIOD ENDING: MAY 31, 2007
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 (the "Indenture"), by and between Issuer
and the Indenture Trustee, and acknowledged by Transferor and Servicer, as
supplemented by the VFN 2007-1 Indenture Supplement, dated as of April 24, 2007,
by and between issuer and Indenture Trustee, and acknowledged by Transferor and
Servicer (the "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 report is delivered pursuant to Section 5.03(a) of the Supplement.
(b) FNBO is the Servicer under the Transferor and Servicing Agreement and the
Pooling and Servicing Agreement.
(c) The undersigned is a Servicing Officer.
(d) With respect to this Certificate:
The Monthly Period is: May 31, 2007
The Determination Date is: June 11, 2007
The Record Date is: May 31, 2007
The Transfer Date is: June 14, 2007
The Distribution Date is: June 15, 2007
The Controlled Accumulation Date is: April 1, 2009
The Interest Period begins: April 24, 2007
The Interest Period ends: June 14, 2007
Number of days in Interest Period: 52
(e) To the knowledge of the undersigned, there are no Liens on any Receivable in
the Trust except as described below:
None
(f) To the knowledge of the undersigned, no Series 2007-1 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.
A. INFORMATION REGARDING THE PERFORMANCE OF THE RECEIVABLES
1. Number of Accounts at Beginning of Monthly Period 2,118,913
Number of Accounts at End of Monthly Period 2,118,746
Average Account Balance at End of Monthly Period $ 954.68
2. Principal Receivables
(a) Beginning of the Monthly Period $ 2,044,365,716.93
(b) End of the Monthly Period $ 1,996,963,754.20
(c) Average Principal Receivables $ 1,997,561,212.38
3. Increase in Principal Receivables from Account Additions -
Increase in Finance Charge Receivables from Account Additions -
Increase in Total Receivables from Account Additions -
4. Decrease in Principal Receivables from Removed Accounts -
Decrease in Finance Charge Receivables from Removed Accounts -
Decrease in Total Receivables from Removed Accounts -
5. Delinquent Balances
Delinquency Aggregate Account Percentage of
Category Balance Total Receivables
-------------------- ----------------- -----------------
(a) 30 to 59 days $ 19,465,701.87 0.96%
(b) 60 to 89 days $ 13,550,184.17 0.67%
(c) 90 to 119 days $ 12,103,328.71 0.60%
(d) 120 to 149 days $ 9,182,583.15 0.45%
(e) 150 or more days $ 8,842,069.65 0.44%
Total: $ 63,143,867.55 3.12%
6. Aggregate amount of Collections
(a) Total Collections $ 412,850,224.67
(b) Total Collections of Principal Receivables $ 380,781,149.39
(c) Total Collections of Finance Charge Receivables $ 32,069,075.28
(d) Aggregate Allocation Percentages for Outstanding Series 90.49%
(e) Aggregate Allocation Percentage of Collections of
Principal Receivables 90.49%
(f) Aggregate Allocation Percentage of Collections of
Finance Charge Receivables 90.49%
7. Aggregate amount of Principal Receivables in Accounts which
became Defaulted Accounts during the Monthly Period $ 12,739,669.14
8. Servicer Interchange amount $ 791,666.67
9. The aggregate amount of Finance Charge Collections for the
Receivables Trust for the Monthly Period
(a) Interchange $ 6,028,830.62
(b) Recoveries $ 2,555,909.92
(c) Finance Charges and Fees $ 32,069,075.28
(d) Discount Receivables $ -
-----------------
Total $ 40,653,815.82
10. Aggregate Uncovered Dilution Amount for the Monthly Period $ -
11. End of Monthly Period Trust Receivables $2,022,730,339.05
B. OUTSTANDING SECURITIES INFORMATION (TRUST LEVEL)
1. Outstanding principal balance of all securities
secured by pool assets (sum of all Series)
(a) At end of prior Distribution Date $1,850,000,000.00
(b) Increase due to new securities issued $ -
(c) Decrease due to principal payments $ -
(d) Increases in variable securities $ -
(e) Decreases in variable securities $ -
(f) At end of Distribution Date $1,850,000,000.00
C. INFORMATION REGARDING THE SERIES 2007-1 NOTES
1. Collateral Amount at the close of business on the prior
Distribution Date $ 500,000,000.00
(a) Reductions due to Investor Charge-Offs (including
Uncovered Dilution Amounts) made on the related Distribution
Date $ -
(b) Reimbursements to be made on the related Distribution
Date from Available Finance Charge Collections $ -
(c) Collateral Amount at the close of business on the $ 500,000,000.00
Distribution Date
2. Note Principal Balance at the close of business on the
Distribution Date during the monthly period
(a) Class A Note Principal Balance $ 411,250,000.00
(b) Class B Note Principal Balance $ 40,000,000.00
(c) Class C Note Principal Balance $ 48,750,000.00
-----------------
Total Note Principal Balance $ 500,000,000.00
3. Series Allocation Percentages for the Monthly Period
(a) Principal Collections 24.46%
(b) Finance Charge Collections 24.46%
(c) Default Amounts 24.46%
4. Investor Principal Collections processed during the Monthly
Period and allocated to the Series $ 93,139,069.14
5. Excess Principal Collections available from other Group I
Series allocated to the Series $ -
6. Aggregate amounts treated as Available Principal
Collections pursuant to subsections 4.04(a)(v) and (vi)
of the related Indenture Supplement $ 3,116,123.07
7. Reallocated Principal Collections (up to the Monthly
Principal Reallocation Amount) applied pursuant to
Section 4.06 of the related Indenture Supplement $ -
8. AVAILABLE PRINCIPAL COLLECTIONS (4+5+6-7) $ 96,255,192.21
9. Principal Accumulation Investment Earnings $ -
10. Investor Finance Charge Collections (including Interchange
and Recoveries) processed during the Monthly Period $ 9,943,923.35
11. Excess Finance Charge Collections from Group I allocated to the $ -
Series
12. Reserve Account withdrawals pursuant to Section 4.10(b) or (d)
of the related Indenture Supplement $ -
13. Excess amounts from Spread Account to be treated as Available Finance
Charge Collections pursuant to Section 4.11(g) of the related Indenture Supplement $ 20,879.62
14. AVAILABLE FINANCE CHARGE COLLECTIONS (9+10+11+12+13) $ 9,964,802.97
15. Available Finance Charge Collections were allocated in the following
priority:
(a) Class A Noteholders,
Class A Monthly Interest $ 3,192,156.77
Class A Interest Shortfall $ -
Class A Default Amount $ -
Class A Default Amount previously due but not distributed $ -
Total $ 3,192,156.77
(b) Class B Noteholders,
Class B Monthly Interest $ 319,727.78
Class B Interest Shortfall $ -
Class B Default Amount $ -
Class B Default Amount previously due but not distributed $ -
Total $ 319,727.78
(c) to Servicer, the Noteholder Servicing Fee
(after adjustment for Servicer Interchange shortfall, if any) $ 1,055,555.56
(d) Class C Noteholders,
Class C Monthly Interest $ 407,272.40
Class C Interest Shortfall $ -
Class C Default Amount $ -
Class C Default Amount previously due but not distributed $ -
Total $ 407,272.40
(e) Investor Default Amount and Uncovered Dilution Amount
were included in Available Principal Collections $ 3,116,123.07
(f) Investor Charge-Offs and Reallocated Principal Collections not
previously reimbursed were included in Available Principal
Collections $ -
(g) to Reserve Account, excess of Required Reserve Account
Amount over the Available Reserve Account Amount $ -
(h) to Spread Account, excess of Required Spread Account $ -
Amount over the Available Spread Account Amount
(i) balance constitutes Excess Finance Charge Collections $ 1,873,967.39
16. Available Principal Charge Collections were allocated in the following
priority:
(a) during Revolving Period, treated as Excess Principal $ 96,255,192.21
Collections
(b) with respect to Accumulation Period,
(i) Monthly Principal deposited to Principal Accumulation Account $ -
(ii) balance treated as Excess Principal Collections $ -
(c) with respect to Rapid Amortization Period,
(i) Monthly Principal to Class A Noteholders up to
Class A Note Principal Balance $ -
(ii) Monthly Principal to Class B Noteholders up to
Class B Note Principal Balance $ -
(iii) Monthly Principal to Class C Noteholders up to
Class C Note Principal Balance $ -
(iv) balance treated as Excess Principal Collections $ -
17. Excess funds were allocated in the following order of priority:
(a) Excess Finance Charge Collections,
(i) to other Excess Allocation Series in Group One, for
finance charge shortfalls $ -
(ii) to the Successor Servicer, for any upaid excess
servicing fees
For this Series $ -
For other Series $ -
(iii) the balance to Holder of the Transferor Interest $ 1,873,967.39
(b) Excess Principal Collections,
(i) to other Excess Allocation Series in Group One, for
principal shortfalls $ -
(ii) to be applied as principal for variable funding
Certificateds or Notes in Group One $ -
(iii) the balance to Holder of the Transferor Interest $ 96,255,192.21
18. The aggregate amount of all Principal Receivables in Accounts which
became Defaulted Accounts during the Monthly Period which were
allocated to the Series
(a) Default Amount $ 12,739,669.14
(b) Allocation Percentage (B.3.(c) above) 24.46%
-----------------
(c) Total Investor Default Amount (axb) $ 3,116,123.07
19. The aggregate amount of Uncovered Dilution Amount allocated to the
Series for the Monthly Period
(a) Dilutions not covered by Transferor $ -
(b) Series Allocation Percentage (as defined in the related Indenture
Supplement) 24.46%
-----------------
(c) Total Uncovered Dilution Amount (axb) $ -
20. The aggregate amount of Investor Charge-Offs (including any
Uncovered Dilution Amount not covered by the Transferor)
for the Monthly Period $ -
21. Ratings of the Class A Notes
Xxxxx'x Aaa
S&P AAA
Fitch N/A
22. Ratings of the Class B Notes
Xxxxx'x A2
S&P A
Fitch N/A
23. Ratings of the Class C Notes
Xxxxx'x Baa2
S&P BBB
Fitch N/A
24. Note Interest Rate for the Monthly Period
(a) Class A Note Interest Rate 7.45569%
(b) Class B Note Interest Rate 7.67767%
(c) Class C Note Interest Rate 8.02453%
25. Ending Note Principal Balance on the Distribution Date, after taking into
account distributions on the Notes:
(a) Class A Note Principal Balance $ 411,250,000.00
(b) Class B Note Principal Balance $ 40,000,000.00
(c) Class C Note Principal Balance $ 48,750,000.00
-----------------
Total Note Principal Balance $ 500,000,000.00
D. QUARTERLY NET YIELD
5/31/2007 4/30/2007 3/31/2007
Monthly Period Monthly Period Monthly Period
-------------- -------------- --------------
Yield 19.10%
Less Investor Default Amt (18c) 5.99%
Less Uncovered Dilution Amt (19c) 0.00%
------------------------------------------------------------
(a) Portfolio Yield 13.12%
Monthly Interest 5.50%
Plus Noteholder Servicing Fee 2.00%
------------------------------------------------------------
(b) Base Rate 7.50%
------------------------------------------------------------
(a)-(b) = Net Yield Percentage 5.61% 6.80% 7.20%
Quarterly Net Yield for the Distribution Date 6.54%
E. INFORMATION REGARDING THE PRINCIPAL ACCUMULATION ACCOUNT
1. Opening Principal Accumulation Account Balance on the Distribution Date $0.00
for the
2. Controlled Deposit Amount to be deposited to the Principal Accumulation $0.00
Account on
(a) Controlled Accumulation Amount $0.00
(b) Accumulation Shortfall $0.00
(c) Controlled Deposit Amount (a+b) $0.00
3. Amounts withdrawn from the Principal Accumulation Account for
distribution to
(a) Distribution in reduction of the Class A Notes $0.00
(b) Distribution in reduction of the Class B Notes $0.00
(c) Distribution in reduction of the Class C Notes $0.00
4. Principal Accumulation Account ending balance after deposit or
withdrawal on the Distribution Date $0.00
F. INFORMATION REGARDING THE SPREAD ACCOUNT
1. Opening Available Spread Account Amount on the Distribution Date for the
2. Aggregate amount required to be withdrawn pursuant to Section 4.11(c)
of the related Indenture Supplement for distribution to Class C
Noteholders pursuant to Section 4.04 (a)(iv) $ -
3. Aggregate amount required to be withdrawn pursuant to Section 4.11(d)
or 4.11(e) for distribution in reduction of the Class C Note Principal
Balance $ -
4. Spread Account Percentage for the Distribution Date for the 1.00%
Monthly Period
5. Closing Required Spread Account Amount for the Distribution
Date for the Monthly Period $ 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)) $ 5,000,000.00
7. Spread Account Deficiency, if any (5 MINUS 6) $ -
8. Amounts deposited pursuant to Section 4.04(a)(viii) or 4.10(e) $ -
9. Remaining Spread Account Deficiency, if any (7 minus 8) $ -
10. Spread Account Surplus, if any (6 minus 5), included in Available
Finance Charge Collections $ -
G. INFORMATION REGARDING THE RESERVE ACCOUNT
1. Reserve Account Funding Date
2. Opening Available Reserve Account Amount on the Distribution Date for
the Monthly Period $ -
3. Aggregate amount required to be withdrawn pursuant to Section 4.10(d)
for inclusion in Available Finance Charge Collections:
(a) Covered Amount $ -
(b) Principal Accumulation Investment Earnings $ -
(c) Reserve Draw Amount (a MINUS b) $ -
4. Required Reserve Account Amount $ -
5. Reserve Account Surplus (4-(2-3)) $ -
H. INFORMATION REGARDING ACCUMULATION PERIOD
1. Accumulation Period Length (months) -
2. Controlled Accumulation Amount (as recalculated, if Accumulation
Period Length is shortened pursuant to Section 4.13) $ -
IN WITNESS THEREOF, the undersigned has duly executed and delivered this
Certificate the 10th day of June, 2007.
FIRST NATIONAL BANK OF OMAHA,
Servicer
By: ____________________________
Name: Xxxxxx X. Xxxxxxxx
Title: Vice President
ATTACHMENT 1
TO
FORM OF MONTHLY REPORT TO NOTEHOLDERS
SERVICER'S CERTIFICATE
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:
1. The Transferor Interest is less than Minimum Transferor interest No
(a) Transferor Interest as of the end of the Related Monthly Period $ 146,963,754
(b) Minimum Transferor Interest as of the end of the Related Monthly
Period $ 139,787,463
2. The Aggregate Principal Receivables is less than the Minimum Aggregate
Principal Receivables No
(a) Aggregate Principal Receivables as of the end of the Related Monthly
Period $ 1,996,963,754
(b) Minimum Aggregate Principal Receivables as of the end of the Related
Monthly Period $ 1,850,000,000
3. Are there any material modifications, extensions or waivers to pool asset
terms, fees, penalties, or payments? If yes, please describe. No
4. Are there any material breaches of representations and warranties relating
to the pool assets or material breaches of covenants under the Transaction
Documents? If yes, please describe. No
5. Are there any material changes in the solicitation, credit-granting,
underwriting, origination, acquisition or pool selection criteria or
procedures, as applicable, used to originate, acquire or select the new
pool assets? If yes, please describe. No
6. Are there any material changes to the pool assets? If yes, please
describe. No
IN WITNESS THEREOF, the undersigned has duly executed and delivered
this Certificate the 10th day of June, 2007.
FIRST NATIONAL BANK OF OMAHA,
Servicer
By:__________________________
Name: Xxxxxx X. Xxxxxxxx
Title: Vice President
