-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, OXDXbJZBp+ETRmWac+YiJoBP8pG5w5sMeYY7GopdQa2df27LZ/6nSTnghQd7d28g KH6FJT3tbqPUK96iEXqrEg== 0000839947-09-000040.txt : 20090317 0000839947-09-000040.hdr.sgml : 20090317 20090317125406 ACCESSION NUMBER: 0000839947-09-000040 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20090317 ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20090317 DATE AS OF CHANGE: 20090317 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CITIBANK CREDIT CARD MASTER TRUST I CENTRAL INDEX KEY: 0000921864 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] IRS NUMBER: 460358360 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-80743-02 FILM NUMBER: 09687165 BUSINESS ADDRESS: STREET 1: 701 E 60TH STREET NORTH CITY: SIOUX FALLS STATE: SD ZIP: 57117 BUSINESS PHONE: 6053312626 FORMER COMPANY: FORMER CONFORMED NAME: STANDARD CREDIT CARD MASTER TRUST I DATE OF NAME CHANGE: 19940419 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CITIBANK CREDIT CARD ISSUANCE TRUST CENTRAL INDEX KEY: 0001108348 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] IRS NUMBER: 460358360 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-52984-03 FILM NUMBER: 09687167 BUSINESS ADDRESS: STREET 1: C/O CITIBANK SOUTH DAKOTA NA STREET 2: 701 EAST 60TH STREET NORTH CITY: SIOUX FALLS STATE: SD ZIP: 57117 BUSINESS PHONE: 6053312626 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CITIBANK SOUTH DAKOTA N A CENTRAL INDEX KEY: 0000839947 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] IRS NUMBER: 460358360 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-17797 FILM NUMBER: 09687166 BUSINESS ADDRESS: STREET 1: 425 PARK AVE. STREET 2: 2ND FLOOR CITY: NEW YORK STATE: NY ZIP: 10043 BUSINESS PHONE: 6053312626 MAIL ADDRESS: STREET 1: CITIBANK N A LEGAL AFFAIRS OFFICE STREET 2: 425 PARK AVENUE 2ND FLOOR CITY: NEW YORK STATE: NY ZIP: 10043 8-K 1 discount-8k.htm MARCH 17, 2009 FORM 8-K discount-8k.htm
 
 
 
 
 

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):  March 17, 2009

CITIBANK CREDIT CARD ISSUANCE TRUST
(Issuing Entity in respect of the Notes)
(Exact name of issuing entity as specified in its charter)

DELAWARE
333-145220-01
NOT APPLICABLE
(State or other jurisdiction of incorporation or organization)
(Commission file number)
(I.R.S. Employer Identification No.)


CITIBANK CREDIT CARD MASTER TRUST I
(Issuing Entity in respect of the Collateral Certificate)
(Exact name of issuing entity as specified in its charter)

NEW YORK
333-145220-02
NOT APPLICABLE
(State or other jurisdiction of incorporation or organization)
(Commission file number)
(I.R.S. Employer Identification No.)


CITIBANK (SOUTH DAKOTA), NATIONAL ASSOCIATION
(Exact name of depositor and sponsor as specified in its charter)

UNITED STATES OF AMERICA
333-145220
46-0358360
(State or other jurisdiction of incorporation or organization)
(Commission file number)
(I.R.S. Employer Identification No.)

701 East 60th Street, North
Sioux Falls, South Dakota
 
57117
(Address of principal executive offices of depositor and sponsor)
(Zip Code)

Registrant's telephone number, including area code:  (605) 331-2626
(Former name or former address, if changed since last report):  Not Applicable

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:

     [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
     [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
    [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
    [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))


 

 
 
 

Item 8.01        Other Events.

As permitted by the terms of the pooling and servicing agreement, on March 17, 2009, Citibank (South Dakota), National Association delivered a notice to Deutsche Bank Trust Company Americas, as trustee of Citibank Credit Card Master Trust I stating that beginning with the March 2009 Due Period, the "Principal Receivables Discount" applicable to all principal receivables in the accounts designated to the master trust will be a dynamic discount percentage ranging from zero to 3.00% based on the level of excess spread. The Principal Receivables Discount will initially be 1.00%.  The Principal Receivables Discount for each subsequent due period will be disclosed in the monthly issuer's report filed as part of the Distribution Report on Form 10-D of Citibank Credit Card Issuance Trust.  This discounting methodology will remain in effect until the later of (1) the first due period in which the discount percentage reaches zero and (2) the first due period in 2010.

Attached as exhibit 99 is a copy of the notice.


Item 9.01        Financial Statements and Exhibits.

 
(d)   Exhibits.

The following exhibits are filed herewith:

        Exhibit 99
Notice Regarding Principal Receivables Discount



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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 hereunto duly authorized.

CITIBANK (SOUTH DAKOTA),
NATIONAL ASSOCIATION,
 
as Depositor of Citibank Credit Card Issuance Trust
 
and Citibank Credit Card Master Trust I
(Registrant)


By:    /s/ Douglas C. Morrison
----------------------------------------
Douglas C. Morrison
Vice President


Dated:  March 17, 2009



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EXHIBIT INDEX


Exhibit No.
Description
   
Exhibit 99
Notice Regarding Principal Receivables Discount


 
4
 EX-99 2 notice.htm NOTICE notice.htm
    
 
 
 
 
Exhibit 99
 
[Citi logo]                                                                        

                                            60;                           Citibank (South Dakota), N.A.
                                                                       701 East 60th Street, North
                             Sioux Falls, SD 57117



March 17, 2009


Deutsche Bank Trust Company Americas,
   as Trustee
Corporate Trust & Agency Services--Structured Finance Services
60 Wall Street
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:
 
1.  
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.
 
2.  
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.
 
3.  
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.
 
 
 
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),
 
NATIONAL ASSOCIATION,
as Seller



By:  /s/ Douglas C. Morrison
       ---------------------------------------
 
    Douglas C. Morrison
     Vice President



 
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