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As Of Filer Filing For·On·As Docs:Size Issuer Agent 8/14/14 First National Funding LLC 10-D/A 7/31/14 1:17K RR Donnelley/FA First National Master Note Trust |
Document/Exhibit Description Pages Size
1: 10-D/A Amendment to Periodic Distribution Report by an HTML 16K
Asset-Backed Issuer
| 10-D/A |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-D/A
ASSET-BACKED ISSUER DISTRIBUTION REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the monthly distribution period from
July 1, 2014 to July 31, 2014.
Commission File Number of issuing entity: 333-190096-01
First National Master Note Trust
(Exact name of registrant as specified in its charter)
Commission File Number of depositor: 333-190096
First National Funding LLC
(Exact name of depositor as specified in its charter)
First National Bank of Omaha
(Exact name of sponsor as specified in its charter)
Delaware
(State or Other Jurisdiction of Incorporation or organization of the issuing entity)
N/A
(I.R.S. Employer Identification No.)
| 1620 Dodge Street Stop Code 3271 |
68197 | |
| (Address of principal executive office of the issuing entity) | (Zip Code) |
402-341-0500
(Telephone number, including area code)
No change
| Registered reporting pursuant to (check one) |
Name of Exchange (If Section 12(b)) | |||||||
| Title of Class |
Section 12(b) | Section 12(g) | Section 15(d) | |||||
| Series 2013-2, Class A |
¨ | ¨ | x | |||||
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No ¨
The Form 10-D filed on August 12, 2014 is hereby amended by including the disclosure set forth in Part II, Item 2.
PART II – OTHER INFORMATION
| Item 2. | Legal Proceedings |
U.S. Bank National Association, in its capacity as Indenture Trustee, has provided the following information for the purposes of complying with the requirements of Regulation AB:
On June 18, 2014, a civil complaint was filed in the Supreme Court of the State of New York, New York County, by a group of institutional investors against U.S. Bank National Association (“U.S. Bank”), in its capacity as trustee or successor trustee (as the case may be) under certain residential mortgage backed securities (“RMBS”) trusts. The plaintiffs are investment funds formed by nine investment advisors (AEGON, BlackRock, Brookfield, DZ Bank, Kore, PIMCO, Prudential, Sealink and TIAA) that purport to be bringing suit derivatively on behalf of 841 RMBS trusts that issued $771 billion in original principal amount of securities between 2004 and 2008. According to the plaintiffs, cumulative losses for these RMBS trusts equal $92.4 billion as of the date of the complaint. The complaint is one of six similar complaints filed against RMBS trustees (Deutsche Bank, Citibank, HSBC, Bank of New York Mellon and Wells Fargo) by certain of these plaintiffs. The complaint against U.S. Bank alleges the trustee caused losses to investors as a result of alleged failures by the sponsors, mortgage loan sellers and servicers for these RMBS trusts and asserts causes of action based upon the trustee’s purported failure to enforce repurchase obligations of mortgage loan sellers for alleged breaches of representations and warranties concerning loan quality. The complaint also asserts that the trustee failed to notify securityholders of purported events of default allegedly caused by breaches by mortgage loan servicers and that the trustee purportedly failed to abide by appropriate standards of care following events of default. Relief sought includes money damages in an unspecified amount and equitable relief. Other cases alleging similar causes of action have previously been filed against U.S. Bank and other trustees by RMBS investors in other transactions.
There can be no assurances as to the outcome of the litigation, or the possible impact of the litigation on the trustee or the RMBS trusts. However, U.S. Bank denies liability and believes that it has performed its obligations under the RMBS trusts in good faith, that its actions were not the cause of losses to investors and that it has meritorious defenses, and it intends to contest the plaintiffs’ claims vigorously.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
Date: August 13, 2014
| FIRST NATIONAL FUNDING LLC, as Depositor | ||
| By: | First National Funding Corporation, Managing Member | |
| By | ||
| Karlyn M. Knieriem, | ||
| Senior Vice President | ||
| This ‘10-D/A’ Filing | Date | Other Filings | ||
|---|---|---|---|---|
 | ||||
| Filed on: | 8/14/14 | |||
| 8/13/14 | ||||
| 8/12/14 | 10-D | |||
| For Period End: | 7/31/14 | 10-D | ||
| 7/1/14 | ||||
| 6/18/14 | ||||
| List all Filings | ||||