Document:

(Multicurrency--Cross Border)

                                     ISDA(R)
                  International Swap Dealers Association. Inc.
                                MASTER AGREEMENT

             dated as of      October 29, 2002                 EXHIBIT 4.4
                              ----------------

JPMORGAN CHASE BANK   and   WORLD FINANCIAL NETWORK
                            CREDIT CARD MASTER NOTE TRUST

....................         ...............................

have entered and/or anticipate entering into one or more transactions (each a
"Transaction") that are or will be governed by this Master Agreement, which
includes the schedule (the "Schedule"), and the documents and other confirming
evidence (each a "Confirmation") exchanged between the parties confirming those
Transactions.

Accordingly, the parties agree as follows:--

1.       Interpretation

(a)      Definitions. The terms defined in Section 14 and in the Schedule will
have the meanings therein specified for the purpose of this Master Agreement.

(b)      Inconsistency. In the event of any inconsistency between the provisions
of the Schedule and the other provisions of this Master Agreement, the Schedule
will prevail. In the event of any inconsistency between the provisions of any
Confirmation and this Master Agreement (including the Schedule), such
Confirmation will prevail for the purpose of the relevant Transaction.

(c)      Single Agreement. All Transactions are entered into in reliance on the
fact that this Master  Agreement and all  Confirmations  form a single agreement
between the parties  (collectively  referred  to as this  "Agreement"),  and the
parties would not otherwise enter into any Transactions.

2.       Obligations

(a)      General Conditions.

         (i) Each party will make each payment or delivery specified in each
         Confirmation to be made by it, subject to the other provisions of
         this Agreement.

         (ii) Payments under this Agreement will be made on the due date for
         value on that date in the place of the account specified in the
         relevant Confirmation or otherwise pursuant to this Agreement, in
         freely transferable funds and in the manner customary for payments in
         the required currency. Where settlement is by delivery (that is,
         other than by payment), such delivery will be made for receipt on the
         due date in the manner customary for the relevant obligation unless
         otherwise specified in the relevant Confirmation or elsewhere in this
         Agreement.

         (iii) Each obligation of each party under Section 2(a)(i) is subject
         to (1) the condition precedent that no Event of Default or Potential
         Event of Default with respect to the other party has occurred and is
         continuing, (2) the condition precedent that no Early Termination
         Date in respect of the relevant Transaction has occurred or been
         effectively designated and (3) each other applicable condition
         precedent specified in this Agreement.

         Copyright(C)1992 by International Swap Dealers Association, Inc.

<PAGE>

(b)      Change of Account. Either party may change its account for receiving a
payment or delivery by giving notice to the other party at least five Local
Business Days prior to the scheduled date for the payment or delivery to which
such change applies unless such other party gives timely notice of a reasonable
objection to such change.

(c)      Netting. If on any date amounts would otherwise be payable:--

         (i)  in the same currency; and

         (ii) in respect of the same Transaction,

by each party to the other, then, on such date, each party's obligation to make
payment of any such amount will be automatically satisfied and discharged and,
if the aggregate amount that would otherwise have been payable by one party
exceeds the aggregate amount that would otherwise have been payable by the other
party, replaced by an obligation upon the party by whom the larger aggregate
amount would have been payable to pay to the other party the excess of the
larger aggregate amount over the smaller aggregate amount.

The parties may elect in respect of two or more Transactions that a net amount
will be determined in respect of all amounts payable on the same date in the
same currency in respect of such Transactions, regardless of whether such
amounts are payable in respect of the same Transaction. The election may be made
in the Schedule or a Confirmation by specifying that subparagraph (ii) above
will not apply to the Transactions identified as being subject to the election,
together with the starting date (in which case subparagraph (ii) above will not,
or will cease to, apply to such Transactions from such date). This election may
be made separately for different groups of Transactions and will apply
separately to each pairing of Offices through which the parties make and receive
payments or deliveries.

(d)      Deduction or Withholding for Tax.

         (i) Gross-Up. All payments under this Agreement will be made without
         any deduction or withholding for or on account of any Tax unless such
         deduction or withholding is required by any applicable law, as
         modified by the practice of any relevant governmental revenue
         authority, then in effect. If a party is so required to deduct or
         withhold, then that party ("X") will:--

               (1)  promptly notify the other party ("Y") of such requirement;

               (2)  pay to the relevant authorities the full amount required
                    to be deducted or withheld (including the full amount
                    required to be deducted or withheld from any additional
                    amount paid by X to Y under this Section 2(d)) promptly
                    upon the earlier of determining that such deduction or
                    withholding is required or receiving notice that such
                    amount has been assessed against Y;

               (3)  promptly forward to Y an official receipt (or a certified
                    copy), or other documentation reasonably acceptable to Y,
                    evidencing such payment to such authorities; and

               (4)  if such Tax is an Indemnifiable Tax, pay to Y, in addition
                    to the payment to which Y is otherwise entitled under this
                    Agreement, such additional amount as is necessary to
                    ensure that the net amount actually received by Y (free
                    and clear of Indemnifiable Taxes, whether assessed against
                    X or Y) will equal the full amount Y would have received
                    had no such deduction or withholding been required.
                    However, X will not be required to pay any additional
                    amount to Y to the extent that it would not be required to
                    be paid but for:--

                    (A)  the failure by Y to comply with or perform any
                         agreement contained in Section 4(a)(i), 4(a)(iii) or
                         4(d); or

                    (B)  the failure of a representation made by Y pursuant to
                         Section 3(f) to be accurate and true unless such
                         failure would not have occurred but for (I) any
                         action taken by a taxing authority, or brought in a
                         court of competent jurisdiction, on or after the date
                         on which a Transaction is entered into (regardless of
                         whether such action is taken or brought with respect
                         to a party to this Agreement) or (II) a Change in Tax
                         Law.

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          (ii) Liability. If:--

               (1)  X is required by any applicable law, as modified by the
                    practice of any relevant governmental revenue authority,
                    to make any deduction or withholding in respect of which X
                    would not be required to pay an additional amount to Y
                    under Section 2(d)(i)(4);

               (2)  X does not so deduct or withhold; and

               (3)  a liability resulting from such Tax is assessed directly
                    against X,

         then, except to the extent Y has satisfied or then satisfies the
         liability resulting from such Tax, Y will promptly pay to X the amount
         of such liability (including any related liability for interest, but
         including any related liability for penalties only if Y has failed to
         comply with or perform any agreement contained in Section 4(a)(i),
         4(a)(iii) or 4(d)).

(e)      Default Interest; Other Amounts. Prior to the occurrence or effective
designation of an Early Termination Date in respect of the relevant
Transaction, a party that defaults in the performance of any payment
obligation will, to the extent permitted by law and subject to Section 6(c),
be required to pay interest (before as well as after judgment) on the overdue
amount to the other party on demand in the same currency as such overdue
amount, for the period from (and including) the original due date for payment
to (but excluding) the date of actual payment, at the Default Rate. Such
interest will be calculated on the basis of daily compounding and the actual
number of days elapsed. If, prior to the occurrence or effective designation
of an Early Termination Date in respect of the relevant Transaction, a party
defaults in the performance of any obligation required to be settled by
delivery, it will compensate the other party on demand if and to the extent
provided for in the relevant Confirmation or elsewhere in this Agreement.

3.       Representations

Each party represents to the other party (which representations will be deemed
to be repeated by each party on each date on which a Transaction is entered
into and, in the case of the representations in Section 3(f), at all times
until the termination of this Agreement) that:--

(a)      Basic Representations.

         (i) Status. It is duly organised and validly existing under the laws of
         the jurisdiction of its organisation or incorporation and, if relevant
         under such laws, in good standing;

         (ii) Powers. It has the power to execute this Agreement and any other
         documentation relating to this Agreement to which it is a party, to
         deliver this Agreement and any other documentation relating to this
         Agreement that it is required by this Agreement to deliver and to
         perform its obligations under this Agreement and any obligations it has
         under any Credit Support Document to which it is a party and has taken
         all necessary action to authorise such execution, delivery and
         performance;

         (iii) No Violation or Conflict. Such execution, delivery and
         performance do not violate or conflict with any law applicable to it,
         any provision of its constitutional documents, any order or judgment of
         any court or other agency of government applicable to it or any of its
         assets or any contractual restriction binding on or affecting it or any
         of its assets;

         (iv) Consents. All governmental and other consents that are required to
         have been obtained by it with respect to this Agreement or any Credit
         Support Document to which it is a party have been obtained and are in
         full force and effect and all conditions of any such consents have been
         complied with; and

         (v) Obligations Binding. Its obligations under this Agreement and any
         Credit Support Document to which it is a party constitute its legal,
         valid and binding obligations, enforceable in accordance with their
         respective terms (subject to applicable bankruptcy, reorganisation,
         insolvency, moratorium or similar laws affecting creditors' rights
         generally and subject, as to enforceability, to equitable principles of
         general application (regardless of whether enforcement is sought in a
         proceeding in equity or at law)).

(b)      Absence of Certain Events. No Event of Default or Potential Event of
Default or, to its knowledge, Termination Event with respect to it has
occurred and is continuing and no such event or circumstance would occur as a
result of its entering into or performing its obligations under this Agreement
or any Credit Support Document to which it is a party.

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(c)      Absence of Litigation. There is not pending or, to its knowledge,
threatened against it or any of its Affiliates any action, suit or proceeding
at law or in equity or before any court, tribunal, governmental body, agency
or official or any arbitrator that is likely to affect the legality, validity
or enforceability against it of this Agreement or any Credit Support Document
to which it is a party or its ability to perform its obligations under this
Agreement or such Credit Support Document.

(d)      Accuracy of Specified Information. All applicable information that is
furnished in writing by or on behalf of it to the other party and is identified
for the purpose of this Section 3(d) in the Schedule is, as of the date of the
information, true, accurate and complete in every material respect.

(e)      Payer Tax Representation. Each representation specified in the
Schedule as being made by it for the purpose of this Section 3(e) is accurate
and true.

(f)      Payee Tax Representations. Each representation specified in the
Schedule as being made by it for the purpose of this Section 3(f) is accurate
and true.

4.       Agreements

Each party agrees with the other that, so long as either party has or may have
any obligation under this Agreement or under any Credit Support Document to
which it is a party:--

(a)      Furnish Specified Information. It will deliver to the other party or,
in certain cases under subparagraph (iii) below, to such government or taxing
authority as the other party reasonably directs:--

         (i)   any forms, documents or certificates relating to taxation
         specified in the Schedule or any Confirmation;

         (ii)  any other documents specified in the Schedule or any
         Confirmation; and

         (iii) upon reasonable demand by such other party,
         any form or document that may be required or reasonably requested in
         writing in order to allow such other party or its Credit Support
         Provider to make a payment under this Agreement or any applicable
         Credit Support Document without any deduction or withholding for or
         on account of any Tax or with such deduction or withholding at a
         reduced rate (so long as the completion, execution or submission of
         such form or document would not materially prejudice the legal or
         commercial position of the party in receipt of such demand), with any
         such form or document to be accurate and completed in a manner
         reasonably satisfactory to such other party and to be executed and to
         be delivered with any reasonably required certification,

in each case by the date specified in the Schedule or such Confirmation or, if
none is specified, as soon as reasonably practicable.

(b)      Maintain Authorisations. It will use all reasonable efforts to maintain
in full force and effect all consents of any governmental or other authority
that are required to be obtained by it with respect to this Agreement or any
Credit Support Document to which it is a party and will use all reasonable
efforts to obtain any that may become necessary in the future.

(c)      Comply with Laws. It will comply in all material respects with all
applicable laws and orders to which it may be subject if failure so to comply
would materially impair its ability to perform its obligations under this
Agreement or any Credit Support Document to which it is a party.

(d)      Tax Agreement. It will give notice of any failure of a representation
made by it under Section 3(f) to be accurate and true promptly upon learning
of such failure.

(e)      Payment of Stamp Tax. Subject to Section 11, it will pay any Stamp Tax
levied or imposed upon it or in respect of its execution or performance of
this Agreement by a jurisdiction in which it is incorporated, organised,
managed and controlled, or considered to have its seat, or in which a branch
or office through which it is acting for the purpose of this Agreement is
located ("Stamp Tax Jurisdiction") and will indemnify the other party against
any Stamp Tax levied or imposed upon the other party or in respect of the
other party's execution or performance of this Agreement by any such Stamp Tax
Jurisdiction which is not also a Stamp Tax Jurisdiction with respect to the
other party.

5.       Events of Default and Termination Events

(a)     Events of Default. The occurrence at any time with respect to a party
or, if applicable, any Credit Support Provider of such party or any Specified
Entity of such party of any of the following events constitutes an event of
default (an "Event of Default") with respect to such party:--

         (i) Failure to Pay or Deliver. Failure by the party to make, when
         due, any payment under this Agreement or delivery under Section

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         2(a)(i) or 2(e) required to be made by it if such failure is not
         remedied on or before the third Local Business Day after notice of
         such failure is given to the party;

         (ii) Breach of Agreement. Failure by the party to comply with or
         perform any agreement or obligation (other than an obligation to make
         any payment under this Agreement or delivery under Section 2(a)(i) or
         2(e) or to give notice of a Termination Event or any agreement or
         obligation under Section 4(a)(i), 4(a)(iii) or 4(d)) to be complied
         with or performed by the party in accordance with this Agreement if
         such failure is not remedied on or before the thirtieth day after
         notice of such failure is given to the party;

         (iii) Credit Support Default.

               (1) Failure by the party or any Credit Support Provider of
               such party to comply with or perform any agreement or
               obligation to be complied with or performed by it in
               accordance with any Credit Support Document if such failure
               is continuing after any applicable grace period has elapsed;

               (2) the expiration or termination of such Credit Support
               Document or the failing or ceasing of such Credit Support
               Document to be in full force and effect for the purpose of
               this Agreement (in either case other than in accordance with
               its terms) prior to the satisfaction of all obligations of
               such party under each Transaction to which such Credit
               Support Document relates without the written consent of the
               other party; or

               (3) the party or such Credit Support Provider disaffirms,
               disclaims, repudiates or rejects, in whole or in part, or
               challenges the validity of, such Credit Support Document;

         (iv)  Misrepresentation. A representation (other than a representation
         under Section 3(e) or (f)) made or repeated or deemed to have been
         made or repeated by the party or any Credit Support Provider of such
         party in this Agreement or any Credit Support Document proves to have
         been incorrect or misleading in any material respect when made or
         repeated or deemed to have been made or repeated; (v) Default under
         Specified Transaction. The party, any Credit Support Provider of such
         party or any applicable Specified Entity of such party (1) defaults
         under a Specified Transaction and, after giving effect to any
         applicable notice requirement or grace period, there occurs a
         liquidation of, an acceleration of obligations under, or an early
         termination of, that Specified Transaction, (2) defaults, after
         giving effect to any applicable notice requirement or grace period,
         in making any payment or delivery due on the last payment, delivery
         or exchange date of, or any payment on early termination of, a
         Specified Transaction (or such default continues for at least three
         Local Business Days if there is no applicable notice requirement or
         grace period) or (3) disaffirms, disclaims, repudiates or rejects, in
         whole or in part, a Specified Transaction (or such action is taken by
         any person or entity appointed or empowered to operate it or act on
         its behalf);

         (vi) Cross Default. If "Cross Default" is specified in the Schedule
         as applying to the party, the occurrence or existence of (1) a
         default, event of default or other similar condition or event
         (however described) in respect of such party, any Credit Support
         Provider of such party or any applicable Specified Entity of such
         party under one or more agreements or instruments relating to
         Specified Indebtedness of any of them (individually or collectively)
         in an aggregate amount of not less than the applicable Threshold
         Amount (as specified in the Schedule) which has resulted in such
         Specified Indebtedness becoming, or becoming capable at such time of
         being declared, due and payable under such agreements or instruments,
         before it would otherwise have been due and payable or (2) a default
         by such party, such Credit Support Provider or such Specified Entity
         (individually or collectively) in making one or more payments on the
         due date thereof in an aggregate amount of not less than the
         applicable Threshold Amount under such agreements or instruments
         (after giving effect to any applicable notice requirement or grace
         period);

         (vii) Bankruptcy. The party, any Credit Support Provider of such
         party or any applicable Specified Entity of such party:--

               (1) is dissolved (other than pursuant to a consolidation,
               amalgamation or merger); (2) becomes insolvent or is unable
               to pay its debts or fails or admits in writing its inability
               generally to pay its debts as they become due; (3) makes a
               general assignment, arrangement or composition with or for
               the benefit of its creditors; (4) institutes or has
               instituted against it a proceeding seeking a judgment of
               insolvency or bankruptcy or any other relief under any
               bankruptcy or insolvency law or other similar law affecting

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               creditors' rights, or a petition is presented for its
               winding-up or liquidation, and, in the case of any such
               proceeding or petition instituted or presented against it,
               such proceeding or petition (A) results in a judgment of
               insolvency or bankruptcy or the entry of an order for relief
               or the making of an order for its winding-up or liquidation
               or (B) is not dismissed, discharged, stayed or restrained in
               each case within 30 days of the institution or presentation
               thereof; (5) has a resolution passed for its winding-up,
               official management or liquidation (other than pursuant to a
               consolidation, amalgamation or merger); (6) seeks or becomes
               subject to the appointment of an administrator, provisional
               liquidator, conservator, receiver, trustee, custodian or
               other similar official for it or for all or substantially
               all its assets; (7) has a secured party take possession of
               all or substantially all its assets or has a distress,
               execution, attachment, sequestration or other legal process
               levied, enforced or sued on or against all or substantially
               all its assets and such secured party maintains possession,
               or any such process is not dismissed, discharged, stayed or
               restrained, in each case within 30 days thereafter; (8)
               causes or is subject to any event with respect to it which,
               under the applicable laws of any jurisdiction, has an
               analogous effect to any of the events specified in clauses
               (1) to (7) (inclusive); or (9) takes any action in
               furtherance of, or indicating its consent to, approval of,
               or acquiescence in, any of the foregoing acts; or

         (viii) Merger Without Assumption. The party or any Credit Support
         Provider of such party consolidates or amalgamates with, or merges
         with or into, or transfers all or substantially all its assets to,
         another entity and, at the time of such consolidation, amalgamation,
         merger or transfer:--

                (1) the resulting, surviving or transferee entity fails to
                assume all the obligations of such party or such Credit
                Support Provider under this Agreement or any Credit Support
                Document to which it or its predecessor was a party by
                operation of law or pursuant to an agreement reasonably
                satisfactory to the other party to this Agreement; or

                (2) the benefits of any Credit Support Document fail to
                extend (without the consent of the other party) to the
                performance by such resulting, surviving or transferee
                entity of its obligations under this Agreement.

(b)      Termination Events. The occurrence at any time with respect to a
party or, if applicable, any Credit Support Provider of such party or any
Specified Entity of such party of any event specified below constitutes an
Illegality if the event is specified in (i) below, a Tax Event if the event is
specified in (ii) below or a Tax Event upon Merger if the event is specified
in (iii) below, and, if specified to be applicable, a Credit Event Upon Merger
if the event is specified pursuant to (iv) below or an Additional Termination
Event if the event is specified pursuant to (v) below:--

         (i) Illegality. Due to the adoption of, or any change in, any
         applicable law after the date on which a Transaction is entered into,
         or due to the promulgation of, or any change in, the interpretation by
         any court, tribunal or regulatory authority with competent jurisdiction
         of any applicable law after such date, it becomes unlawful (other than
         as a result of a breach by the party of Section 4(b)) for such party
         (which will be the Affected Party):--

               (1) to perform any absolute or contingent obligation to make a
               payment or delivery or to receive a payment or delivery in
               respect of such Transaction or to comply with any other material
               provision of this Agreement relating to such Transaction; or

               (2) to perform, or for any Credit Support Provider of such party
               to perform, any contingent or other obligation which the party
               (or such Credit Support Provider) has under any Credit Support
               Document relating to such Transaction;

         (ii) Tax Event. Due to (x) any action taken by a taxing authority, or
         brought in a court of competent jurisdiction, on or after the date on
         which a Transaction is entered into (regardless of whether such action
         is taken or brought with respect to a party to this Agreement) or (y) a
         Change in Tax Law, the party (which will be the Affected Party) will,
         or there is a substantial likelihood that it will, on the next
         succeeding Scheduled Payment Date (1) be required to pay to the other
         party an additional amount in respect of an Indemnifiable Tax under
         Section 2(d)(i)(4) (except in respect of interest under Section 2(e),
         6(d)(ii) or 6(e)) or (2) receive a payment from which an amount is
         required to be deducted or withheld for or on account of a Tax (except
         in respect of interest under Section 2(e), 6(d)(ii) or 6(e)) and no
         additional amount is required to be paid in respect of such Tax under
         Section 2(d)(i)(4) (other than by reason of Section 2(d)(i)(4)(A) or
         (B));

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         (iii) Tax Event Upon Merger. The party (the "Burdened Party") on the
         next succeeding Scheduled Payment Date will either (1) be required to
         pay an additional amount in respect of an Indemnifiable Tax under
         Section 2(d)(i)(4) (except in respect of interest under Section 2(e),
         6(d)(ii) or 6(e)) or (2) receive a payment from which an amount has
         been deducted or withheld for or on account of any Indemnifiable Tax in
         respect of which the other party is not required to pay an additional
         amount (other than by reason of Section 2(d)(i)(4)(A) or (B)), in
         either case as a result of a party consolidating or amalgamating with,
         or merging with or into, or transferring all or substantially all its
         assets to, another entity (which will be the Affected Party) where such
         action does not constitute an event described in Section 5(a)(viii);

         (iv) Credit Event Upon Merger. If "Credit Event Upon Merger" is
         specified in the Schedule as applying to the party, such party ("X"),
         any Credit Support Provider of X or any applicable Specified Entity of
         X consolidates or amalgamates with, or merges with or into, or
         transfers all or substantially all its assets to, another entity and
         such action does not constitute an event described in Section
         5(a)(viii) but the creditworthiness of the resulting, surviving or
         transferee entity is materially weaker than that of X, such Credit
         Support Provider or such Specified Entity, as the case may be,
         immediately prior to such action (and, in such event, X or its
         successor or transferee, as appropriate, will be the Affected Party);
         or

         (v) Additional Termination Event. If any "Additional Termination Event"
         is specified in the Schedule or any Confirmation as applying, the
         occurrence of such event (and, in such event, the Affected Party or
         Affected Parties shall be as specified for such Additional Termination
         Event in the Schedule or such Confirmation).

(c) Event of Default and Illegality. If an event or circumstance which would
otherwise constitute or give rise to an Event of Default also constitutes an
Illegality, it will be treated as an Illegality and will not constitute an Event
of Default.

6.       Early Termination

(a)      Right to Terminate Following Event of Default. If at any time an Event
of Default with respect to a party (the "Defaulting Party") has occurred and
is then continuing, the other party (the "Non-defaulting Party") may, by not
more than 20 days notice to the Defaulting Party specifying the relevant Event
of Default, designate a day not earlier than the day such notice is effective
as an Early Termination Date in respect of all outstanding Transactions. If,
however, "Automatic Early Termination" is specified in the Schedule as
applying to a party, then an Early Termination Date in respect of all
outstanding Transactions will occur immediately upon the occurrence with
respect to such party of an Event of Default specified in Section
5(a)(vii)(l), (3), (5), (6) or, to the extent analogous thereto, (8), and as
of the time immediately preceding the institution of the relevant proceeding
or the presentation of the relevant petition upon the occurrence with respect
to such party of an Event of Default specified in Section 5(a)(vii)(4) or, to
the extent analogous thereto, (8).

(b)      Right to Terminate Following Termination Event.

         (i) Notice. If a Termination Event occurs, an Affected Party will,
         promptly upon becoming aware of it, notify the other party,
         specifying the nature of that Termination Event and each Affected
         Transaction and will also give such other information about that
         Termination Event as the other party may reasonably require.

         (ii) Transfer to Avoid Termination Event. If either an Illegality under
         Section 5(b)(i)(l) or a Tax Event occurs and there is only one Affected
         Party, or if a Tax Event Upon Merger occurs and the Burdened Party is
         the Affected Party, the Affected Party will, as a condition to its
         right to designate an Early Termination Date under Section 6(b)(iv),
         use all reasonable efforts (which will not require such party to incur
         a loss, excluding immaterial, incidental expenses) to transfer within
         20 days after it gives notice under Section 6(b)(i) all its rights and
         obligations under this Agreement in respect of the Affected
         Transactions to another of its Offices or Affiliates so that such
         Termination Event ceases to exist.

         If the Affected Party is not able to make such a transfer it will give
         notice to the other party to that effect within such 20 day period,
         whereupon the other party may effect such a transfer within 30 days
         after notice is given under Section 6(b)(i).

         Any such transfer by a party under this Section 6(b)(ii) will be
         subject to and conditional upon the prior written consent of the other
         party, which consent will not be withheld if such other party's
         policies in effect at such time would permit it to enter into
         transactions with the transferee on the terms proposed.

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         (iii) Two Affected Parties. If an Illegality under Section 5(b)(i)(1)
         or a Tax Event occurs and there are two Affected Parties, each party
         will use all reasonable efforts to reach agreement within 30 days after
         notice thereof is given under Section 6(b)(i) on action to avoid that
         Termination Event.

         (iv) Right to Terminate. If:--

               (1) a transfer under Section 6(b)(ii) or an agreement under
               Section 6(b)(iii), as the case may be, has not been effected
               with respect to all Affected Transactions within 30 days after
               an Affected Party gives notice under Section 6(b)(i); or

               (2) an Illegality under Section 5(b)(i)(2), a Credit Event Upon
               Merger or an Additional Termination Event occurs, or a Tax
               Event Upon Merger occurs and the Burdened Party is not the
               Affected Party,

         either party in the case of an Illegality, the Burdened Party in the
         case of a Tax Event Upon Merger, any Affected Party in the case of a
         Tax Event or an Additional Termination Event if there is more than one
         Affected Party, or the party which is not the Affected Party in the
         case of a Credit Event Upon Merger or an Additional Termination Event
         if there is only one Affected Party may, by not more than 20 days
         notice to the other party and provided that the relevant Termination
         Event is then continuing, designate a day not earlier than the day
         such notice is effective as an Early Termination Date in respect of
         all Affected Transactions.

(c)      Effect of Designation.

         (i) If notice designating an Early Termination Date is given under
         Section 6(a) or (b), the Early Termination Date will occur on the date
         so designated, whether or not the relevant Event of Default or
         Termination Event is then continuing.

         (ii) Upon the occurrence or effective designation of an Early
         Termination Date, no further payments or deliveries under Section
         2(a)(i) or 2(e) in respect of the Terminated Transactions will be
         required to be made, but without prejudice to the other provisions of
         this Agreement. The amount if any, payable in respect of an Early
         Termination Date shall be determined pursuant to Section 6(e).

(d)      Calculations.

         (i) Statement. On or as soon as reasonably practicable following the
         occurrence of an Early Termination Date, each party will make the
         calculations on its part, if any, contemplated by Section 6(e) and will
         provide to the other party a statement (1) showing, in reasonable
         detail, such calculations (including all relevant quotations and
         specifying any amount payable under Section 6(e)) and (2) giving
         details of the relevant account to which any amount payable to it is to
         be paid. In the absence of written confirmation from the source of a
         quotation obtained in determining a Market Quotation, the records of
         the party obtaining such quotation will be conclusive evidence of the
         existence and accuracy of such quotation.

         (ii) Payment Date. An amount calculated as being due in respect of any
         Early Termination Date under Section 6(e) will be payable on the day
         that notice of the amount payable is effective (in the case of an Early
         Termination Date which is designated or occurs as a result of an Event
         of Default) and on the day which is two Local Business Days after the
         day on which notice of the amount payable is effective (in the case of
         an Early Termination Date which is designated as a result of a
         Termination Event). Such amount will be paid together with (to the
         extent permitted under applicable law) interest thereon (before as well
         as after judgment) in the Termination Currency, from (and including)
         the relevant Early Termination Date to (but excluding) the date such
         amount is paid, at the Applicable Rate. Such interest will be
         calculated on the basis of daily compounding and the actual number of
         days elapsed.

(e)      Payments on Early Termination. If an Early Termination Date occurs. the
following provisions shall apply based on the parties' election in the Schedule
of a payment measure, either "Market Quotation" or "Loss", and a payment method,
either the "First Method" or the "Second Method". If the parties fail to
designate a payment measure or payment method in the Schedule, it will be deemed
that "Market Quotation" or the "Second Method", as the case may be, shall apply.
The amount, if any, payable in respect of an Early Termination Date and
determined pursuant to this Section will be subject to any Set-off.

                                      8
<PAGE>

         (i) Events of Default. If the Early Termination Date results from an
         Event of Default:--

               (1) First Method and Market Quotation. If the First Method
               and Market Quotation apply, the Defaulting Party will pay to
               the Non-defaulting Party the excess, if a positive number,
               of (A) the sum of the Settlement Amount (determined by the
               Non-defaulting Party) in respect of the Terminated
               Transactions and the Termination Currency Equivalent of the
               Unpaid Amounts owing to the Non-defaulting Party over (B)
               the Termination Currency Equivalent of the Unpaid Amounts
               owing to the Defaulting Party.

               (2) First Method and Loss. If the First Method and Loss
               apply, the Defaulting Party will pay to the Non-defaulting
               Party, if a positive number, the Non-defaulting Party's Loss
               in respect of this Agreement.

               (3) Second Method and Market Quotation. If the Second Method
               and Market Quotation apply, an amount will be payable equal
               to (A) the sum of the Settlement Amount (determined by the
               Non-defaulting Party) in respect of the Terminated
               Transactions and the Termination Currency Equivalent of the
               Unpaid Amounts owing to the Non-defaulting Party less (B)
               the Termination Currency Equivalent of the Unpaid Amounts
               owing to the Defaulting Party. If that amount is a positive
               number, the Defaulting Party will pay it to the
               Non-defaulting Party; if it is a negative number, the
               Non-defaulting Party will pay the absolute value of that
               amount to the Defaulting Party.

               (4) Second Method and Loss. If the Second Method and Loss
               apply, an amount will be payable equal to the Non-defaulting
               Party's Loss in respect of this Agreement. If that amount is
               a positive number, the Defaulting Party will pay it to the
               Non-defaulting Party; if it is a negative number, the
               Non-defaulting Party will pay the absolute value of that
               amount to the Defaulting Party.

         (ii) Termination Events. If the Early Termination Date results from a
         Termination Event:--

               (1) One Affected Party. If there is one Affected Party, the
               amount payable will be determined in accordance with Section
               6(e)(i)(3), if Market Quotation applies, or Section
               6(e)(i)(4), if Loss applies, except that, in either case,
               references to the Defaulting Party and to the Non-defaulting
               Party will be deemed to be references to the Affected Party
               and the party which is not the Affected Party, respectively,
               and, if Loss applies and fewer than all the Transactions are
               being terminated, Loss shall be calculated in respect of all
               Terminated Transactions.

              (2) Two Affected Parties. If there are two Affected Parties:--

                  (A) if Market Quotation applies, each party will
                  determine a Settlement Amount in respect of the
                  Terminated Transactions, and an amount will be
                  payable equal to (I) the sum of (a) one-half of the
                  difference between the Settlement Amount of the
                  party with the higher Settlement Amount ("X") and
                  the Settlement Amount of the party with the lower
                  Settlement Amount ("Y") and (b) the Termination
                  Currency Equivalent of the Unpaid Amounts owing to
                  X less (II) the Termination Currency Equivalent of
                  the Unpaid Amounts owing to Y; and

                  (B) if Loss applies, each party will determine its
                  Loss in respect of this Agreement (or, if fewer
                  than all the Transactions are being terminated, in
                  respect of all Terminated Transactions) and an
                  amount will be payable equal to one-half of the
                  difference between the Loss of the party with the
                  higher Loss ("X") and the Loss of the party with
                  the lower Loss ("Y").

              If the amount payable is a positive number, Y will pay it to
              X; if it is a negative number, X will pay the absolute value
              of that amount to Y.

         (iii) Adjustment for Bankruptcy. In circumstances where an Early
         Termination Date occurs because "Automatic Early Termination" applies
         in respect of a party, the amount determined under this Section 6(e)
         will be subject to such adjustments as are appropriate and permitted
         by law to reflect any payments or deliveries made by one party to the
         other under this Agreement (and retained by such other party) during
         the period from the relevant Early Termination Date to the date for
         payment determined under Section 6(d)(ii).

                                      9
<PAGE>

         (iv) Pre-Estimate. The parties agree that if Market Quotation applies
         an amount recoverable under this Section 6(e) is a reasonable
         pre-estimate of loss and not a penalty. Such amount is payable for the
         loss of bargain and the loss of protection against future risks and
         except as otherwise provided in this Agreement neither party will be
         entitled to recover any additional damages as a consequence of such
         losses.

7.       Transfer

Subject to Section 6(b)(ii), neither this Agreement nor any interest or
obligation in or under this Agreement may be transferred (whether by way of
security or otherwise) by either party without the prior written consent of the
other party, except that:--

(a)      a party may make such a transfer of this Agreement pursuant to a
consolidation or amalgamation with, or merger with or into, or transfer of all
or substantially all its assets to, another entity (but without prejudice to any
other right or remedy under this Agreement); and

(b)      a party may make such a transfer of all or any part of its interest
in any amount payable to it from a Defaulting Party under Section 6(e).

Any purported transfer that is not in compliance with this Section will be
void.

8.       Contractual Currency

(a)      Payment in the Contractual Currency. Each payment under this Agreement
will be made in the relevant currency specified in this Agreement for that
payment (the "Contractual Currency"). To the extent permitted by applicable
law, any obligation to make payments under this Agreement in the Contractual
Currency will not be discharged or satisfied by any tender in any currency
other than the Contractual Currency, except to the extent such tender results
in the actual receipt by the party to which payment is owed, acting in a
reasonable manner and in good faith in converting the currency so tendered
into this Contractual Currency, of the full amount in the Contractual Currency
of all amounts payable in respect of this Agreement. If for any reason the
amount in the Contractual Currency so received falls short of the amount in
the Contractual Currency payable in respect of this Agreement, the party
required to make the payment will, to the extent permitted by applicable law,
immediately pay such additional amount in the Contractual Currency as may be
necessary to compensate for the shortfall. If for any reason the amount in the
Contractual Currency so received exceeds the amount in the Contractual
Currency payable in respect of this Agreement, the party receiving the payment
will refund promptly the amount of such excess.

(b)      Judgments. To the extent permitted by applicable law, if any judgment
or order expressed in a currency other than the Contractual Currency is
rendered (i) for the payment of any amount owing in respect of this Agreement,
(ii) for the payment of any amount relating to any early termination in
respect of this Agreement or (iii) in respect of a judgment or order of
another court for the payment of any amount described in (i) or (ii) above,
the party seeking recovery, after recovery in full of the aggregate amount to
which such party is entitled pursuant to the judgment or order, will be
entitled to receive immediately from the other party the amount of any
shortfall of the Contractual Currency received by such party as a consequence
of sums paid in such other currency and will refund promptly to the other
party any excess of the Contractual Currency received by such party as a
consequence of sums paid in such other currency if such shortfall or such
excess arises or results from any variation between the rate of exchange at
which the Contractual Currency is converted into the currency of the judgment
or order for the purposes of such judgment or order and the rate of exchange
at which such party is able, acting in a reasonable manner and in good faith
in converting the currency received into the Contractual Currency, to purchase
the Contractual Currency with the amount of the currency of the judgment or
order actually received by such party. The term "rate of exchange" includes,
without limitation, any premiums and costs of exchange payable in connection
with the purchase of or conversion into the Contractual Currency.

(c)      Separate Indemnities. To the extent permitted by applicable law, these
indemnities constitute separate and independent obligations from the other
obligations in this Agreement, will be enforceable as separate and independent
causes of action, will apply notwithstanding any indulgence granted by the party
to which any payment is owed and will not be affected by judgment being obtained
or claim or proof being made for any other sums payable in respect of this
Agreement.

(d)      Evidence of Loss. For the purpose of this Section 8, it will be
sufficient for a party to demonstrate that it would have suffered a loss had
an actual exchange or purchase been made.

                                      10
<PAGE>

9. Miscellaneous

(a)      Entire Agreement. This Agreement constitutes the entire agreement and
understanding of the parties with respect to its subject matter and supersedes
all oral communication and prior writings with respect thereto.

(b)      Amendments. No amendment, modification or waiver in respect of this
Agreement will be effective unless in writing (including a writing evidenced by
a facsimile transmission) and executed by each of the parties or confirmed by an
exchange of telexes or electronic messages on an electronic messaging system.

(c)      Survival of Obligations. Without prejudice to Sections 2(a)(iii) and
6(c)(ii), the obligations of the parties under this Agreement will survive the
termination of any Transaction.

(d)      Remedies Cumulative. Except as provided in this Agreement, the rights,
powers, remedies and privileges provided in this Agreement are cumulative and
not exclusive of any rights, powers, remedies and privileges provided by law.

(e)      Counterparts and Confirmations.

         (i) This Agreement (and each amendment, modification and waiver in
         respect of it) may be executed and delivered in counterparts
         (including by facsimile transmission), each of which will be deemed
         an original.

         (ii) The parties intend that they are legally bound by the terms of
         each Transaction from the moment they agree to those terms (whether
         orally or otherwise). A Confirmation shall be entered into as soon as
         practicable and may be executed and delivered in counterparts
         (including by facsimile transmission) or be created by an exchange of
         telexes or by an exchange of electronic messages on an electronic
         messaging system, which in each case will be sufficient for all
         purposes to evidence a binding supplement to this Agreement. The
         parties will specify therein or through another effective means that
         any such counterpart, telex or electronic message constitutes a
         Confirmation.

(f)      No Waiver of Rights. A failure or delay in exercising any right,
power or privilege in respect of this Agreement will not be presumed to
operate as a waiver, and a single or partial exercise of any right, power or
privilege will not be presumed to preclude any subsequent or further exercise,
of that right, power or privilege or the exercise of any other right, power or
privilege.

(g)      Headings. The headings used in this Agreement are for convenience of
reference only and are not to affect the construction of or to be taken into
consideration in interpreting this Agreement.

10. Offices; Multibranch Parties

(a)      If Section 10(a) is specified in the Schedule as applying, each party
that enters into a Transaction through an Office other than its head or home
office represents to the other party that, notwithstanding the place of
booking office or jurisdiction of incorporation or organisation of such party,
the obligations of such party are the same as if it had entered into the
Transaction through its head or home office. This representation will be
deemed to be repeated by such party on each date on which a Transaction is
entered into.

(b)      Neither party may change the Office through which it makes and receives
payments or deliveries for the purpose of a Transaction without the prior
written consent of the other party.

(c)      If a party is specified as a Multibranch Party in the Schedule, such
Multibranch Party may make and receive payments or deliveries under any
Transaction through any Office listed in the Schedule, and the Office through
which it makes and receives payments or deliveries with respect to a Transaction
will be specified in the relevant Confirmation.

11.      Expenses

A Defaulting Party will, on demand, indemnify and hold harmless the other party
for and against all reasonable out-of-pocket expenses, including legal fees and
Stamp Tax, incurred by such other party by reason of the enforcement and
protection of its rights under this Agreement or any Credit Support Document
to which the Defaulting Party is a party or by reason of the early termination
of any Transaction, including, but not limited to, costs of collection.

                                      11
<PAGE>

12.      Notices

(a)      Effectiveness. Any notice or other communication in respect of this
Agreement may be given in any manner set forth below (except that a notice or
other communication under Section 5 or 6 may not be given by facsimile
transmission or electronic messaging system) to the address or number or in
accordance with the electronic messaging system details provided (see the
Schedule) and will be deemed effective as indicated:--

         (i) if in writing and delivered in person or by courier, on the date
         it is delivered;

         (ii) if sent by telex, on the date the recipient's answerback is
         received;

         (iii) if sent by facsimile transmission, on the date that transmission
         is received by a responsible employee of the recipient in legible form
         (it being agreed that the burden of proving receipt will be on the
         sender and will not be met by a transmission report generated by the
         sender's facsimile machine);

         (iv) if sent by certified or registered mail (airmail, if overseas) or
         the equivalent (return receipt requested), on the date that mail is
         delivered or its delivery is attempted; or

         (v) if sent by electronic messaging system, on the date that electronic
         message is received,

unless the date of that delivery (or attempted delivery) or that receipt, as
applicable, is not a Local Business Day or that communication is delivered (or
attempted) or received, as applicable, after the close of business on a Local
Business Day, in which case that communication shall be deemed given and
effective on the first following day that is a Local Business Day.

(b)      Change of Addresses. Either party may by notice to the other change the
address, telex or facsimile number or electronic messaging system details at
which notices or other communications are to be given to it.

13.      Governing Law and Jurisdiction

(a)      Governing Law. This Agreement will be governed by and construed in
accordance with the law specified in the Schedule.

(b)      Jurisdiction. With respect to any suit, action or proceedings relating
to this Agreement ("Proceedings"), each party irrevocably:--

         (i) submits to the jurisdiction of the English courts, if this
         Agreement is expressed to be governed by English law, or to the
         non-exclusive jurisdiction of the courts of the State of New York and
         the United States District Court located in the Borough of Manhattan in
         New York City, if this Agreement is expressed to be governed by the
         laws of the State of New York; and

         (ii) waives any objection which it may have at any time to the laying
         of venue of any Proceedings brought in any such court, waives any claim
         that such Proceedings have been brought in an inconvenient forum and
         further waives the right to object, with respect to such Proceedings,
         that such court does not have any jurisdiction over such party.

Nothing in this Agreement precludes either party from bringing Proceedings in
any other jurisdiction (outside, if this Agreement is expressed to be governed
by English law, the Contracting States, as defined in Section 1(3) of the Civil
Jurisdiction and Judgments Act 1982 or any modification, extension or
re-enactment thereof for the time being in force) nor will the bringing of
Proceedings in any one or more jurisdictions preclude the bringing of
Proceedings in any other jurisdiction.

(c)      Service of Process. Each party irrevocably appoints the Process Agent
(if any) specified opposite its name in the Schedule to receive, for it and on
its behalf, service of process in any Proceedings. If for any reason any
party's Process Agent is unable to act as such, such party will promptly
notify the other party and within 30 days appoint a substitute process agent
acceptable to the other party. The parties irrevocably consent to service of
process given in the manner provided for notices in Section 12. Nothing in
this Agreement will affect the right of either party to serve process in any
other manner permitted by law.

                                      12
<PAGE>

(d)      Waiver of Immunities. Each party irrevocably waives, to the fullest
extent permitted by applicable law, with respect to itself and its revenues
and assets (irrespective of their use or intended use), all immunity on the
grounds of sovereignty or other similar grounds from (i) suit, (ii)
jurisdiction of any court, (iii) relief by way of injunction, order for
specific performance or for recovery of property, (iv) attachment of its
assets (whether before or after judgment) and (v) execution or enforcement of
any judgment to which it or its revenues or assets might otherwise be entitled
in any Proceedings in the courts of any jurisdiction and irrevocably agrees,
to the extent permitted by applicable law, that it will not claim any such
immunity in any Proceedings.

14.      Definitions

As used in this Agreement:--

"Additional Termination Event" has the meaning specified in Section 5(b).

"Affected Party" has the meaning specified in Section 5(b).

"Affected Transactions" means (a) with respect to any Termination Event
consisting of an Illegality, Tax Event or Tax Event Upon Merger, all
Transactions affected by the occurrence of such Termination Event and (b) with
respect to any other Termination Event, all Transactions.

"Affiliate" means, subject to the Schedule, in relation to any person, any
entity controlled, directly or indirectly, by the person, any entity that
controls, directly or indirectly, the person or any entity directly or
indirectly under common control with the person. For this purpose, "control" of
any entity or person means ownership of a majority of the voting power of the
entity or person.

"Applicable Rate" means:--

(a)      in respect of obligations payable or deliverable (or which would have
been but for Section 2(a)(iii)) by a Defaulting Party, the Default Rate;

(b)      in respect of an obligation to pay an amount under Section 6(e) of
either party from and after the date (determined in accordance with Section
6(d)(ii)) on which that amount is payable, the Default Rate;

(c)      in respect of all other obligations payable or deliverable (or which
would have been but for Section 2(a)(iii)) by a Non-defaulting Party, the
Non-default Rate; and

(d)      in all other cases, the Termination Rate.

"Burdened Party" has the meaning specified in Section 5(b).

"Change in Tax Law" means the enactment, promulgation, execution or
ratification of, or any change in or amendment to, any law (or in the
application or official interpretation of any law) that occurs on or after the
date on which the relevant Transaction is entered into.

"consent" includes a consent, approval, action, authorisation, exemption,
notice, filing, registration or exchange control consent.

"Credit Event Upon Merger" has the meaning specified in Section 5(b).

"Credit Support Document" means any agreement or instrument that is specified
as such in this Agreement.

"Credit Support Provider" has the meaning specified in the Schedule.

"Default Rate" means a rate per annum equal to the cost (without proof or
evidence of any actual cost) to the relevant payee (as certified by it) if it
were to fund or of funding the relevant amount plus 1% per annum.

"Defaulting Party" has the meaning specified in Section 6(a).

"Early Termination Date" means the date determined in accordance with Section
6(a) or 6(b)(iv).

"Event of Default" has the meaning specified in Section 5(a) and, if
applicable, in the Schedule.

"Illegality" has the meaning specified in Section 5(b).

                                      13
<PAGE>

"Indemnifiable Tax" means any Tax other than a Tax that would not be imposed
in respect of a payment under this Agreement but for a present or former
connection between the jurisdiction of the government or taxation authority
imposing such Tax and the recipient of such payment or a person related to
such recipient (including, without limitation, a connection arising from such
recipient or related person being or having been a citizen or resident of such
jurisdiction, or being or having been organised, present or engaged in a trade
or business in such jurisdiction, or having or having had a permanent
establishment or fixed place of business in such jurisdiction, but excluding a
connection arising solely from such recipient or related person having
executed, delivered, performed its obligations or received a payment under, or
enforced, this Agreement or a Credit Support Document).

"law" includes any treaty, law, rule or regulation (as modified, in the case
of tax matters, by the practice of any relevant governmental revenue
authority) and "lawful" and "unlawful" will be construed accordingly.

"Local Business Day" means, subject to the Schedule, a day on which commercial
banks are open for business (including dealings in foreign exchange and
foreign currency deposits) (a) in relation to any obligation under Section
2(a)(i), in the place(s) specified in the relevant Confirmation or, if not so
specified, as otherwise agreed by the parties in writing or determined
pursuant to provisions contained, or incorporated by reference, in this
Agreement, (b) in relation to any other payment, in the place where the
relevant account is located and, if different, in the principal financial
centre, if any, of the currency of such payment, (c) in relation to any notice
or other communication, including notice contemplated under Section 5(a)(i),
in the city specified in the address for notice provided by the recipient and,
in the case of a notice contemplated by Section 2(b), in the place where the
relevant new account is to be located and (d) in relation to Section
5(a)(v)(2), in the relevant locations for performance with respect to such
Specified Transaction.

"Loss" means, with respect to this Agreement or one or more Terminated
Transactions, as the case may be, and a party, the Termination Currency
Equivalent of an amount that party reasonably determines in good faith to be
its total losses and costs (or gain, in which case expressed as a negative
number) in connection with this Agreement or that Terminated Transaction or
group of Terminated Transactions, as the case may be, including any loss of
bargain, cost of funding or, at the election of such party but without
duplication, loss or cost incurred as a result of its terminating,
liquidating, obtaining or reestablishing any hedge or related trading position
(or any gain resulting from any of them). Loss includes losses and costs (or
gains) in respect of any payment or delivery required to have been made
(assuming satisfaction of each applicable condition precedent) on or before
the relevant Early Termination Date and not made, except, so as to avoid
duplication, if Section 6(e)(i)(1) or (3) or 6(e)(ii)(2)(A) applies. Loss does
not include a party's legal fees and out-of-pocket expenses referred to under
Section 11. A party will determine its Loss as of the relevant Early
Termination Date, or, if that is not reasonably practicable, as of the
earliest date thereafter as is reasonably practicable. A party may (but need
not) determine its Loss by reference to quotations of relevant rates or prices
from one or more leading dealers in the relevant markets.

"Market Quotation" means, with respect to one or more Terminated Transactions
and a party making the determination, an amount determined on the basis of
quotations from Reference Market-makers. Each quotation will be for an amount,
if any, that would be paid to such party (expressed as a negative number) or
by such party (expressed as a positive number) in consideration of an
agreement between such party (taking into account any existing Credit Support
Document with respect to the obligations of such party) and the quoting
Reference Market-maker to enter into a transaction (the "Replacement
Transaction") that would have the effect of preserving for such party the
economic equivalent of any payment or delivery (whether the underlying
obligation was absolute or contingent and assuming the satisfaction of each
applicable condition precedent) by the parties under Section 2(a)(i) in
respect of such Terminated Transaction or group of Terminated Transactions
that would, but for the occurrence of the relevant Early Termination Date,
have been required after that date. For this purpose, Unpaid Amounts in
respect of the Terminated Transaction or group of Terminated Transactions are
to be excluded but, without limitation, any payment or delivery that would,
but for the relevant Early Termination Date, have been required (assuming
satisfaction of each applicable condition precedent) after that Early
Termination Date is to be included. The Replacement Transaction would be
subject to such documentation as such party and the Reference Market-maker
may, in good faith, agree. The party making the determination (or its agent)
will request each Reference Market-maker to provide its quotation to the
extent reasonably practicable as of the same day and time (without regard to
different time zones) on or as soon as reasonably practicable after the
relevant Early Termination Date. The day and time as of which those quotations
are to be obtained will be selected in good faith by the party obliged to make
a determination under Section 6(e), and, if each party is so obliged, after
consultation with the other. If more than three quotations are provided, the

                                      14
<PAGE>

Market Quotation will be the arithmetic mean of the quotations, without regard
to the quotations having the highest and lowest values. If exactly three such
quotations are provided, the Market Quotation will be the quotation remaining
after disregarding the highest and lowest quotations. For this purpose, if
more than one quotation has the same highest value or lowest value, then one
of such quotations shall be disregarded. If fewer than three quotations are
provided, it will be deemed that the Market Quotation in respect of such
Terminated Transaction or group of Terminated Transactions cannot be
determined.

"Non-default Rate" means a rate per annum equal to the cost (without proof or
evidence of any actual cost) to the Non-defaulting Party (as certified by it)
if it were to fund the relevant amount.

"Non-defaulting Party" has the meaning specified in Section 6(a).

"Office" means a branch or office of a party, which may be such party's head
or home office.

"Potential Event of Default" means any event which, with the giving of notice
or the lapse of time or both, would constitute an Event of Default.

"Reference Market-makers" means four leading dealers in the relevant market
selected by the party determining a Market Quotation in good faith (a) from
among dealers of the highest credit standing which satisfy all the criteria
that such party applies generally at the time in deciding whether to offer or
to make an extension of credit and (b) to the extent practicable, from among
such dealers having an office in the same city.

"Relevant Jurisdiction" means, with respect to a party, the jurisdictions (a)
in which the party is incorporated, organised, managed and controlled or
considered to have its seat, (b) where an Office through which the party is
acting for purposes of this Agreement is located, (c) in which the party
executes this Agreement and (d) in relation to any payment, from or through
which such payment is made.

"Scheduled Payment Date" means a date on which a payment or delivery is to be
made under Section 2(a)(i) with respect to a Transaction.

"Set-off" means set-off, offset, combination of accounts, right of retention
or withholding or similar right or requirement to which the payer of an amount
under Section 6 is entitled or subject (whether arising under this Agreement,
another contract, applicable law or otherwise) that is exercised by, or
imposed on, such payer.

"Settlement Amount" means, with respect to a party and any Early Termination
Date, the sum of:--

(a)      the Termination Currency Equivalent of the Market Quotations (whether
positive or negative) for each Terminated Transaction or group of Terminated
Transactions for which a Market Quotation is determined; and

(b)      such party's Loss (whether positive or negative and without reference
to any Unpaid Amounts) for each Terminated Transaction or group of Terminated
Transactions for which a Market Quotation cannot be determined or would not
(in the reasonable belief of the party making the determination) produce a
commercially reasonable result.

"Specified Entity" has the meaning specified in the Schedule.

"Specified Indebtedness" means, subject to the Schedule, any obligation
(whether present or future, contingent or otherwise, as principal or surety or
otherwise) in respect of borrowed money.

"Specified Transaction" means, subject to the Schedule, (a) any transaction
(including an agreement with respect thereto) now existing or hereafter
entered into between one party to this Agreement (or any Credit Support
Provider of such party or any applicable Specified Entity of such party) and
the other party to this Agreement (or any Credit Support Provider of such
other party or any applicable Specified Entity of such other party) which is a
rate swap transaction, basis swap, forward rate transaction, commodity swap,
commodity option, equity or equity index swap, equity or equity index option,
bond option, interest rate option, foreign exchange transaction, cap
transaction, floor transaction, collar transaction, currency swap transaction,
cross-currency rate swap transaction, currency option or any other similar
transaction (including any option with respect to any of these transactions),
(b) any combination of these transactions and (c) any other transaction
identified as a Specified Transaction in this Agreement or the relevant
confirmation.

                                      15
<PAGE>

"Stamp Tax" means any stamp, registration, documentation or similar tax.

"Tax" means any present or future tax, levy, impost, duty, charge, assessment
or fee of any nature (including interest, penalties and additions thereto)
that is imposed by any government or other taxing authority in respect of any
payment under this Agreement other than a stamp, registration, documentation
or similar tax.

"Tax Event" has the meaning specified in Section 5(b).

"Tax Event Upon Merger" has the meaning specified in Section 5(b).

"Terminated Transactions" means with respect to any Early Termination Date (a)
if resulting from a Termination Event, all Affected Transactions and (b) if
resulting from an Event of Default, all Transactions (in either case) in
effect immediately before the effectiveness of the notice designating that
Early Termination Date (or, if "Automatic Early Termination" applies,
immediately before that Early Termination Date).

"Termination Currency" has the meaning specified in the Schedule.

"Termination Currency Equivalent" means, in respect of any amount denominated
in the Termination Currency, such Termination Currency amount and, in respect
of any amount denominated in a currency other than the Termination Currency
(the "Other Currency"), the amount in the Termination Currency determined by
the party making the relevant determination as being required to purchase such
amount of such Other Currency as at the relevant Early Termination Date, or,
if the relevant Market Quotation or Loss (as the case may be), is determined
as of a later date, that later date, with the Termination Currency at the rate
equal to the spot exchange rate of the foreign exchange agent (selected as
provided below) for the purchase of such Other Currency with the Termination
Currency at or about 11:00 a.m. (in the city in which such foreign exchange
agent is located) on such date as would be customary for the determination of
such a rate for the purchase of such Other Currency for value on the relevant
Early Termination Date or that later date. The foreign exchange agent will, if
only one party is obliged to make a determination under Section 6(e), be
selected in good faith by that party and otherwise will be agreed by the
parties.

"Termination Event" means an Illegality, a Tax Event or a Tax Event Upon
Merger or, if specified to be applicable, a Credit Event Upon Merger or an
Additional Termination Event.

"Termination Rate" means a rate per annum equal to the arithmetic mean of the
cost (without proof or evidence of any actual cost) to each party (as
certified by such party) if it were to fund or of funding such amounts.

"Unpaid Amounts" owing to any party means, with respect to an Early
Termination Date, the aggregate of (a) in respect of all Terminated
Transactions, the amounts that became payable (or that would have become
payable but for Section 2(a)(iii)) to such party under Section 2(a)(i) on or
prior to such Early Termination Date and which remain unpaid as at such Early
Termination Date and (b) in respect of each Terminated Transaction, for each
obligation under Section 2(a)(i) which was (or would have been but for Section
2(a)(iii)) required to be settled by delivery to such party on or prior to
such Early Termination Date and which has not been so settled as at such Early
Termination Date, an amount equal to the fair market value of that which was
(or would have been) required to be delivered as of the originally scheduled
date for delivery, in each case together with (to the extent permitted under
applicable law) interest, in the currency of such amounts, from (and
including) the date such amounts or obligations were or would have been
required to have been paid or performed to (but excluding) such Early
Termination Date, at the Applicable Rate. Such amounts of interest will be
calculated on the basis of daily compounding and the actual number of days
elapsed. The fair market value of any obligation referred to in clause (b)
above shall be reasonably determined by the party obliged to make the
determination under Section 6(e) or, if each party is so obliged, it shall be
the average of the Termination Currency Equivalents of the fair market values
reasonably determined by both parties.

                                      16
<PAGE>

IN WITNESS WHEREOF the parties have executed this document on the respective
dates specified below with effect from the date specified on the first page of
this document.

JPMORGAN CHASE BANK                WORLD FINANCIAL NETWORK CREDIT CARD MASTER
                                   NOTE TRUST
.......................             ............................................
 (Name of Party)                               (Name of Party)
                                    By: Chase Manhattan Bank USA, National
                                    Association, not in its individual
                                    capacity but solely as owner trustee

By: /s/ James Dwyer                By:   /s/ Michael B. McCarthy
   ......................          ..........................................

Name:   James Dwyer                Name:     Michael B. McCarthy

Title:  Vice President             Title:    Vice President

Date:   November 7, 2002           Date:     November 7, 2002

                                      17EXHIBIT 4.5

                                                           November 7, 2002

World Financial Network Credit Card Master Note Trust
c/o Chase Manhattan Bank USA, National Association
500 Stanton Christiana Road
OPS4, 3rd Floor
Newark, DE 19713
Attn:    Institutional Trust Services

World Financial Network Credit Card Master Note Trust
c/o JP Morgan Chase Bank
450 West 33rd St.
14th Floor
New York, New York 10001
Attn: Institutional Trust Services

World Financial Network National Bank
800 Techcenter Drive
Gahanna, OH 43230
Attn:  Treasurer

                      AMENDMENT TO ISDA MASTER AGREEMENT
                      ----------------------------------

Dear Ladies/Gentlemen:

     Reference is made to the ISDA Master Agreement, dated as of October 29,
2002 and effective as of November 7, 2002, between JPMorgan Chase Bank
("Morgan") and World Financial Network Credit Card Master Note Trust (the
"Counterparty") (the "Agreement").

     The parties hereby agree to amend the Agreement as follows:

          1.  Amendment to definition of "Approved Credit Support
          Document". Part 1, paragraph (o) of the Schedule to the
          Agreement is modified so that the definition of the term
          "Approved Credit Support Document" reads in its entirety as
          follows:

          " `Approved Credit Support Document' means a security
          agreement in the form of the 1994 ISDA Credit Support Annex
          (ISDA Agreements Subject to New York Law Only), as modified
          by the Paragraph 13 thereto, which Paragraph 13 will be in
          the form of Annex A to this Agreement;"

          2.  Addition of Annex A to the Agreement. Annex A to this Amendment
          Agreement shall be inserted immediately following the signature page
          of the Schedule to the Agreement as Annex A to the Agreement.

     This Amendment shall be governed by, and construed in accordance with the
law specified as the Governing Law in the Schedule to the Agreement and will
be effective as of the date of the Agreement.

<PAGE>

     In all other respects, the Agreement, as amended, shall remain in full
force and effect.

                                        Very truly yours,

                                        JPMORGAN CHASE BANK

                                        By:    /s/  James Dwyer
                                               ----------------------------
                                        Name:  James Dwyer
                                        Title: Vice President

Confirmed and agreed to as of the
date first above written:

WORLD FINANCIAL NETWORK CREDIT
CARD MASTER NOTE TRUST

By:  Chase Manhattan Bank USA, National Association,
not in its individual capacity but solely as owner trustee

By:    /s/ John J. Cashin
       ---------------------------
Name:  John J. Cashin
Title: Vice President

                                      2
<PAGE>

        ANNEX A TO THE AMENDMENT TO ISDA MASTER AGREEMENT, DATED AS OF
       NOVEMBER 7, 2002 BETWEEN JPMORGAN CHASE BANK AND WORLD FINANCIAL
                    NETWORK CREDIT CARD MASTER NOTE TRUST

                                                                      ANNEX A
                                                                      --------

                                PARAGRAPH 13 TO
                             CREDIT SUPPORT ANNEX

                            to the Schedule to the
                               Master Agreement

       dated as of October 29, 2002 and effective as of November 7, 2002

                                    between

--------------------------------------------------------------------------------
   JPMORGAN CHASE BANK                and       WORLD FINANCIAL NETWORK CREDIT
        ("Morgan")                              CREDIT CARD MASTER NOTE
                                                         TRUST
                                                    ("Counterparty")
--------------------------------------------------------------------------------

Paragraph 13. Elections and Variables

(a) Security Interest for "Obligations". The term "Obligations" as used in
this Annex includes no additional obligations with respect to either party.

(b)     Credit Support Obligations.

        (i)    Delivery Amount, Return Amount and Credit Support Amount.

               (A) "Delivery Amount" has the meaning specified in Paragraph
               3(a).

               (B) "Return Amount" has the meaning specified in Paragraph
               3(b).

               (C) "Credit Support Amount" shall not have the meaning
               specified in Paragraph 3(b) and, instead, will have the
               following meaning:

               "Credit Support Amount" means, for any Valuation Date, (i) the
               Secured Party's Modified Exposure for that Valuation Date minus
               (ii) the Pledgor's Threshold; provided, however, that the
               Credit Support Amount will be deemed to be zero whenever the
               calculation of Credit Support Amount yields a number less than
               zero.

          (ii) Eligible Collateral. The following items will qualify as
               "Eligible Collateral":

                                      3
<PAGE>

--------------------------------------------------------------------------------
                                                     Morgan        "Valuation
                                                                    Percentage"
--------------------------------------------------------------------------------
(A)      USD Cash                                       X             100%
--------------------------------------------------------------------------------
(B)      Negotiable debt obligations issued by          X           98.75%
         the U.S. Treasury Department having a
         remaining maturity of one year or less
         from the Valuation Date
--------------------------------------------------------------------------------

(C)      Negotiable debt obligations issued by the      X            91.7%
         U.S. Treasury Department having a remaining
         maturity of more than one year but less than
         ten years from the Valuation Date

--------------------------------------------------------------------------------
(D)      Negotiable debt obligations issued by the      X            80.5%
         U.S. Treasury Department having a remaining
         maturity of ten years or more From the
         Valuation Date
--------------------------------------------------------------------------------
(E)      Agency Securities having a remaining maturity  X           97.75%
         of one year or less from the Valuation Date
--------------------------------------------------------------------------------
(F)      Agency Securities having a remaining maturity  X            90.0%
         of more than one year but less than ten years
         from the Valuation Date
--------------------------------------------------------------------------------
(G)      Agency Securities having a remaining           X            78.5%
         maturity of ten years or more from the
         Valuation Date
--------------------------------------------------------------------------------
(H)      USD denominated Commercial Paper rated         X            96.5%
         A1/P1 by S&P and Moody's respectively, that
        (a) settles within DTC, (b) is  not issued by
         Morgan or any of its Affiliates and (c) has a
         remaining maturity of 30 days or less from the
         Valuation Date
--------------------------------------------------------------------------------

               For purposes of the foregoing:

               (a) "Agency Securities" means negotiable debt obligations which
               are fully guaranteed as to both principal and interest by the
               Federal National Mortgage Association, the Government National
               Mortgage Association or the Federal Home Loan Mortgage
               Corporation, but excluding (i) interest only and principal only
               securities and (ii) Collateralized Mortgage Obligations, Real
               Estate Mortgage Investment Conduits and similar derivative
               securities.

               (b) "DTC" shall mean The Depository Trust & Clearing
               Corporation, or its successor.

                                      4
<PAGE>

               (c) "Moody's" shall mean Moody's Investors Service, Inc., or
               its successor.

               (d) "S&P" shall mean Standard & Poor's Ratings Group, or its
               successor.

               (e) Eligible Collateral of the type described in Paragraph
               13(b)(ii)(H) may never constitute more than 20% of the total
               Value of Posted Collateral.

               (f) The Value of Posted Collateral consisting of Eligible
               Collateral of the type described in Paragraph 13(b)(ii)(H) must
               be divided equally among at least three issuers.

       (iii)   Other Eligible Support. There shall be no "Other Eligible
               Support" for purposes of this Annex, unless agreed in writing
               between the parties.

       (iv)    Thresholds.

               (A) "Independent Amount" means zero.

               (B) "Threshold" shall not apply with respect to the
                    Counterparty and, with respect to Morgan, shall mean the
                    amounts determined on the basis of the lower of the Credit
                    Ratings set forth in the following table, provided, however,
                    that if (i) Morgan has no Credit Rating, or (ii) an Event of
                    Default has occurred and is continuing with respect to
                    Morgan, Morgan's Threshold shall be U.S.$0:

                    CREDIT RATING                      THRESHOLD
                  (S&P /Moody's/Fitch)                   Morgan
                  --------------------                   ------

               S&P: A-1 or above.                        Infinity

               Moody's (long-term senior unsecured
               debt of Morgan): A1 or above.

               Moody's (short-term senior unsecured
               debt of Morgan): P-1 or above.

               S&P: Below A-1.                           US$0

               Moody's (long-term senior unsecured
               debt of Morgan): Below A1 or A1 on
               negative watch.

               Moody's (short-term senior unsecured
               debt of Morgan): Below P-1
               or P-1 on negative watch.

                                      5
<PAGE>

             As used herein:

               "Credit Rating" means, with respect to (a) S&P, the rating
               assigned by S&P to the short-term senior unsecured debt of
               Morgan, and (b) Moody's, the rating assigned by Moody's to the
               long-term senior unsecured debt of Morgan or to the short-term
               senior unsecured debt of Morgan, as applicable.

               (C) "Minimum Transfer Amount", with respect to a party on any
                   Valuation Date, means U.S. $250,000.

               (D) Rounding. The Delivery Amount and the Return Amount will be
                   rounded up and down to the nearest integral multiple of
                   $100,000, respectively.

     (c) Valuation and Timing.

         (i)  "Valuation Agent" means Morgan.

         (ii)  "Valuation Date" means weekly on the last Local Business Day
                of each week or more frequently if agreed in writing by the
                parties.

         (iii)  "Valuation Time" means the close of business in the city of
                the Valuation Agent on the Valuation Date or date of
                calculation, as applicable.

         (iv)   "Notification Time" means 12:00 p.m., New York time, on a
                Local Business Day.

     (d) Conditions Precedent. With respect to Morgan, any Additional
     Termination Event (if Morgan is the Affected Party with respect to such
     Termination Event) will be a "Specified Condition".

     (e) Substitution.

         (i) "Substitution Date" has the meaning specified in Paragraph
             4(d)(ii).

        (ii) Consent. Inapplicable.

     (f) Dispute Resolution.

         (i)      "Resolution Time" means 1:00 p.m., New York time, on the
                  Local Business Day following the date on which the notice is
                  given that gives rise to a dispute under Paragraph 5.

         (ii)     Value. For the purposes of Paragraphs 5(i)(C) and 5(ii), the
                  Value of Posted Credit Support other than Cash will be
                  calculated as follows:

                  (A) with respect to any Eligible Collateral except Cash, the
                  sum of (I) (x) the mean of the high bid and low asked prices
                  quoted on such date by any principal market maker for such
                  Eligible Collateral chosen by the Disputing Party, or (y) if
                  no quotations are available from a principal market maker
                  for such date, the mean of such high bid and low asked
                  prices as of the first day prior to such date on which such

                                      6
<PAGE>

                  quotations were available, plus (II) the accrued interest on
                  such Eligible Collateral (except to the extent Transferred
                  to a party pursuant to any applicable provision of this
                  Agreement or included in the applicable price referred to in
                  (I) of this clause (A)) as of such date; multiplied by the
                  applicable Valuation Percentage.

         (iii) Alternative. The provisions of Paragraph 5 will apply.

     (g) Holding and Using Posted Collateral.

         (i)      Eligibility to Hold Posted Collateral; Custodians.
                  Counterparty and its Custodian will be entitled to hold
                  Posted Collateral pursuant to Paragraph 6(b); provided that
                  the following conditions applicable to it are satisfied:

                  (1)   Counterparty is not a Defaulting Party and

                  (2)   Posted Collateral may be held only in the following
                        jurisdictions: New York State.

                  Initially, the Custodian for Counterparty is: None

          (ii)    Use of Posted Collateral. The provisions of Paragraph
                  6(c) will not apply to Counterparty.

     (h)  Distributions and Interest Amount.

         (i)      Interest Rate. "Interest Rate" for any day means, the
                  Federal Funds Overnight Rate. For the purposes hereof,
                  "Federal Funds Overnight Rate" means, for any day, an
                  interest rate per annum equal to the rate published as the
                  Federal Funds Effective Rate that appears on Telerate Page
                  118 for such day.

         (ii)     Transfer of Interest Amount. The Transfer of the Interest
                  Amount will be made monthly on the second Local Business Day
                  of each calendar month.

         (iii)    Alternative to Interest Amount. The provisions of Paragraph
                  6(d)(ii) will apply.

     (i) Additional Representation(s). Not Applicable.

     (j) Other Eligible Support and Other Posted Support.

          (i) "Value" with respect to Other Eligible Support and Other Posted
              Support means: Not Applicable.

         (ii) "Transfer" with respect to Other Eligible Support and Other
              Posted Support means: Not Applicable

     (k) Demands and Notices.

                                      7
<PAGE>

     All demands, specifications and notices under this Annex will be made
     pursuant to the Notices Section of this Agreement, unless otherwise
     specified here:

         Counterparty:

         Morgan:

     (l) Addresses for Transfers.

         Counterparty: as set forth in notices to Morgan from time to time

         Morgan:

     (m) Other Provisions:

              (i)  Modification to Paragraph 1: The following subparagraph (b)
         is substituted for subparagraph (b) of this Annex:

              (b) Secured Party and Pledgor. All references in this Annex to
              the "Secured Party" will be to Counterparty and all
              corresponding references to the "Pledgor" will be to Morgan.

             (ii) Modification to Paragraph 2: The following Paragraph 2 is
         substituted for Paragraph 2 of this Annex:

             Paragraph 2. Security Interest. The Pledgor hereby pledges to
             the Secured Party, as security for its Obligations, and grants
             to the Secured Party a first priority continuing security
             interest in, lien on and right of Set-Off against all Posted
             Collateral Transferred to or received by the Secured Party
             hereunder. Upon the Transfer by the Secured Party to the
             Pledgor of Posted Collateral, the security interest and lien
             granted hereunder on that Posted Collateral will be released
             immediately and, to the extent possible, without any further
             action by either party.

               (iii) Modification to Paragraph 9: The following first clause
          of Paragraph 9 is substituted for the first clause of Paragraph 9 of
          this Annex:

               Paragraph 9. Representations. The Pledgor represents to the
               Secured Party (which representations will be deemed to be
               repeated as of each date on which it Transfers Eligible
               Collateral) that:

                                      8
<PAGE>

               (iv)  Modifications to Paragraph 12: The following definitions
          of "Pledgor" and "Secured Party" are substituted for the definitions
          of those terms contained in Paragraph 12 of this Annex:

               "Pledgor" means Morgan, when that party (i) receives a demand
               for or is required to Transfer Eligible Credit Support under
               Paragraph 3(a) or (ii) has Transferred Eligible Credit Support
               under Paragraph 3(a).

               "Secured Party" means Counterparty, when that party (i) makes a
               demand for or is entitled to receive Eligible Credit Support
               under Paragraph 3(a) or (ii) holds or is deemed to hold Posted
               Credit Support.

               (v) Addition to Paragraph 12: The following definitions of
          "Modified Exposure" shall be added immediately after the definition
          of the term "Minimum Transfer Amount" and immediately prior to the
          definition of the term "Notification Time" in Paragraph 12 of this
          Annex:

               "Modified Exposure" means, for any Valuation Date, an amount
               equal to the greater of (i) the Secured Party's Exposure for
               that Valuation Date, (ii) the amount of the next scheduled
               payment that is required to be made by Morgan pursuant to the
               Transaction and (iii) one percent of the outstanding Notional
               Amount of the Transaction.

               (vi) Modification to Paragraph 12: Clause "(B)" of the
          definition of "Value" will be substituted to read in its entirety as
          follows:

               "(B) a security, the bid price obtained by the Valuation Agent
               from one of the Pricing Sources multiplied by the applicable
               Valuation Percentage, if any;"

               (vii) Addition to Paragraph 12: The following definition of
          "Pricing Sources" shall be added immediately after the definition of
          the term "Posted Credit Support" and immediately prior to the
          definition of the term "Recalculation Date" in Paragraph 12 of this
          Annex:

               "Pricing Sources" means the sources of financial information
               commonly known as Bloomberg, Bridge Information Services, Data
               Resources Inc., Interactive Data Services, International
               Securities Market Association, Merrill Lynch Securities Pricing
               Service, Muller Data Corporation, Reuters, Wood Gundy, Trepp
               Pricing, JJ Kenny, S&P and Telerate.

                                      9
<PAGE>

Accepted and Agreed:

JPMORGAN CHASE BANK

By:  __________________________________
Name:
Title:

WORLD FINANCIAL NETWORK CREDIT
CARD MASTER NOTE TRUST

By:  Chase Manhattan Bank USA, National Association,
not in its individual capacity but solely as owner trustee

By: _______________________________
Name:
Title:

                                      10

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