Document:

Indenture Supplement for Series 2004-I

 Exhibit 4.4 

  
 MELLON BANK PFL MASTER NOTE TRUST 
  
 as Issuer 
  
 and 
  
 WELLS FARGO BANK, NATIONAL ASSOCIATION 
  
 as Indenture Trustee 
  
 SERIES 2004-1 INDENTURE SUPPLEMENT 
  
 dated as of June 24, 2004 
  
 to

  
 INDENTURE 
  
 dated as of June 24, 2004 
  

  

 TABLE OF CONTENTS 
  

					
	 	 	 	  	Page

	 Section 1.01.
	 	Definitions	  	1
	 Section 1.02.
	 	Governing Law	  	10
	 Section 1.03.
	 	Counterparts	  	10
	 Section 1.04.
	 	Ratification of Indenture	  	10
	
	ARTICLE II
	
	The Notes
			
	 Section 2.01.
	 	Creation and Designation; Transfers	  	11
	
	ARTICLE III
	
	Allocations, Deposits and Payments
			
	 Section 3.01.
	 	Allocations of Series 2004-1 Available Funds	  	13
	 Section 3.02.
	 	Targeted Deposits to the Interest Funding Account	  	13
	 Section 3.03.
	 	Allocations of Series 2004-1 Available Funds to Interest Funding sub-Accounts	  	15
	 Section 3.04.
	 	Amounts to be Treated as Series 2004-1 Available Funds; Class C Reserve Account Deposits to the Interest Funding Sub-Account	  	15
	 Section 3.05.
	 	Allocations of Reductions from Investor Charge-Offs to the Nominal Liquidation Amount of Subordinated Classes; Computation of Reductions to the Nominal Liquidation Amount of Subordinated
Classes from Reallocations of Series 2004-1 Available Principal Amounts	  	16
	 Section 3.06.
	 	Allocations of Reimbursements of Nominal Liquidation Amount Deficits	  	16
	 Section 3.07.
	 	Application of Series 2004-1 Available Principal Amounts	  	17
	 Section 3.08.
	 	[Reserved ]	  	18
	 Section 3.09.
	 	Targeted Deposits of Series 2004-1 Available Principal Amounts to the Principal Funding Account	  	18
	 Section 3.10.
	 	Allocations among Principal Funding sub-Accounts	  	19
	 Section 3.11.
	 	Amounts to be Treated as Series 2004-1 Available Principal Amounts; Other Deposits to Principal Funding sub-Accounts	  	20
	 Section 3.12.
	 	Withdrawals from Interest Funding Account	  	20
	 Section 3.13.
	 	Withdrawals from Principal Funding Account	  	21
	 Section 3.14.
	 	Calculation of Nominal Liquidation Amount	  	21
	 Section 3.15.
	 	Netting of Deposits and Payments	  	21
	 Section 3.16.
	 	Targeted Deposits to the Class C Reserve Account	  	22
	 Section 3.17.
	 	Withdrawals from the Class C Reserve Account	  	22
	 Section 3.18.
	 	Targeted Deposits to the Accumulation Reserve Account	  	23
	 Section 3.19.
	 	Withdrawals from the Accumulation Reserve Account	  	23

  

					
	 Section 3.20.
	 	 Computation of Interest
	  	23
	 Section 3.21.
	 	 Calculation Agent; Determination of LIBOR
	  	24
	 Section 3.22.
	 	 Payments of Interest and Principal
	  	24
	 Section 3.23.
	 	 Monthly Noteholder Report
	  	25
	
	ARTICLE IV
	
	Early Redemption of Notes
			
	 Section 4.01.
	 	 Early Redemption Events
	  	26
	
	ARTICLE V
	
	Accounts and Investments
			
	 Section 5.01.
	 	 Accounts
	  	27

  

 ii 

 EXHIBITS 
  

			
	 EXHIBIT A-1
	  	FORM OF CLASS A NOTE
		
	 EXHIBIT A-2
	  	FORM OF CLASS B NOTE
		
	 EXHIBIT A-3
	  	FORM OF CLASS C NOTE
		
	 EXHIBIT A-4
	  	FORM OF CLASS D NOTE
		
	 EXHIBIT B
	  	FORM OF SERIES 2004-1 SCHEDULE TO PAYMENT INSTRUCTIONS
		
	 EXHIBIT C
	  	FORM OF SERIES 2004-1 SCHEDULE TO MONTHLY NOTEHOLDERS’ STATEMENT

  

 iii 

 This SERIES 2004-1 INDENTURE SUPPLEMENT (this “Indenture Supplement”), by and between
MELLON BANK PFL MASTER NOTE TRUST, a statutory trust created under the laws of the State of Delaware (the “Issuer”), and WELLS FARGO BANK, National Association, a national banking association (the “Indenture
Trustee”), is made and entered into as of June 24, 2004. 
  
 Section 1.01. Definitions. For all purposes of this Indenture Supplement, except as otherwise expressly provided or unless the context otherwise requires: 
  

	 	(1)	the terms defined in this Article have the meanings assigned to them in this Article, and include the plural as well as the singular; 

  

	 	(2)	all other terms used herein which are defined in the Indenture, either directly or by reference therein, have the meanings assigned to them therein; 

  

	 	(3)	all accounting terms not otherwise defined herein have the meanings assigned to them in accordance with generally accepted accounting principles and, except as otherwise herein
expressly provided, the term “generally accepted accounting principles” with respect to any computation required or permitted hereunder means such accounting principles as are generally accepted in the United States of America at the date
of such computation; 

  

	 	(4)	all references in this Indenture to designated “Articles,” “Sections” and other subdivisions are to the designated Articles, Sections and other subdivisions of
this Indenture Supplement as originally executed. The words “herein,” “hereof’ and “hereunder” and other words of similar import refer to this Indenture Supplement as a whole and not to any particular Article, Section
or other subdivision; 

  

	 	(5)	in the event that any term or provision contained herein shall conflict with or be inconsistent with any term or provision contained in the Indenture, the terms and provisions of
this Indenture Supplement shall be controlling; 

  

	 	(6)	each capitalized term defined herein shall relate only to the Series 2004-1 Notes and no other Series of Notes issued by the Issuer; and 

  

	 	(7)	“including” and words of similar import will be deemed to be followed by “without limitation.” 

  
 “Accumulation Commencement Date” means, for each Class of
Notes, the first Business Day of the month that is nine (9) whole calendar months prior to the Expected Principal Payment Date for such Class of Notes; provided, however, that, if the Accumulation Period Length for such Class of Notes
is less than nine (9) months, the Accumulation Commencement Date will be the first Business Day of the month that is the number of whole months prior to 

  

 1 

 
such Expected Principal Payment Date at least equal to the Accumulation Period Length and, as a result, the number of Monthly Periods during the period from
the Accumulation Commencement Date to such Expected Principal Payment Date will at least equal the Accumulation Period Length. 
  
 “Accumulation Period Length” is defined in Section 3.09(b)(ii). 
  
 “Accumulation Reserve Account” means the trust account designated as such and established pursuant to
Section 5.01(a). 
  
 “Accumulation Reserve Account
Funding Date” means a Transfer Date selected by the Issuer which occurs not later than the Transfer Date with respect to the Monthly Period which commences three (3) months prior to the commencement of the Controlled Accumulation Period.

  
 “Accumulation Reserve Account Earnings”
means, with respect to each Transfer Date, the investment earnings on funds in the Accumulation Reserve Account (net of investment expenses and losses) for the period from and including the immediately preceding Transfer Date to but excluding such
Transfer Date. 
  
 “Available Accumulation Reserve Account
Amount” means, as to any Transfer Date, the lesser of (a) the amount on deposit in the Accumulation Reserve Account on such date (after taking into account any interest and earnings retained in the Accumulation Reserve Account pursuant to
Section 5.01(a) on such date, but before giving effect to any deposit made or to be made pursuant to Section 5.01(a) to the Accumulation Reserve Account on such date) and (b) the Required Accumulation Reserve Account Amount. 
  
 “Base Rate” means, with respect to any Monthly Period, the
annualized percentage of a fraction, (a) the numerator of which is the sum of the Class A Monthly Interest, Class B Monthly Interest and Class C Monthly Interest, in each case for such Monthly Period, and (b) the denominator of which is the Nominal
Liquidation Amount of the Series 2004-1 Notes as of the last day of such Monthly Period. 
  
 “Calculation Agent” is defined in Section 2.04(a). 
  
 “Class” means either the Class A Notes, the Class B Notes, the Class C Notes or the Class D Notes. 
  
 “Class A Additional Interest” is defined in subsection
3.02(a). 
  
 “Class A Deficiency Amount” is
defined in subsection 3.02(a). 
  
 “Class A Covered
Amount” means an amount, determined as of each Transfer Date with respect to any Monthly Period, equal to the product of (a) (i) a fraction, the numerator of which is the actual number of days in such Monthly Period and the denominator of
which is 360, times (ii) the Class A Interest Rate for such Monthly Period, and (b) the amount on deposit in the Principal Funding sub-Account for the Class A Notes as of the Record Date preceding such Transfer Date. 
  

 2 

 “Class A Interest Rate” means, with respect to each Interest Period, a per annum rate
equal to 0.16% per annum in excess of three-month LIBOR, as determined on the related LIBOR Determination Date; provided that such rate shall be calculated based on one-month LIBOR with respect to any Interest Payment Date relating to a
one-month Interest Period. 
  
 “Class A Monthly
Interest” is defined in subsection 3.02(a). 
  
 “Class A Notes” is defined in subsection 2.01. 
  
 “Class A Principal Funding Investment Proceeds” means, with respect to each Transfer Date, the investment earnings on funds in the Principal Funding sub-Account for the Class A Notes (net of
investment expenses and losses) for the period from and including the immediately preceding Transfer Date to but excluding such Transfer Date. 
  
 “Class A Principal Funding Investment Shortfall” means, with respect to each Transfer Date relating to the Controlled Accumulation
Period, the amount, if any, by which the Class A Principal Funding Investment Proceeds for such Transfer Date are less than the Class A Covered Amount determined as of such Transfer Date. 
  
 “Class A Reserve Draw Amount” means, with respect to each Transfer Date with respect to the Controlled
Accumulation Period, an amount equal to the Class A Principal Funding Investment Shortfall with respect to such Transfer Date less the funds deposited into the Interest Funding sub-Account for the Class A Notes on such Transfer Date pursuant to
Section 3.02(a). 
  
 “Class B Additional
Interest” is defined in subsection 3.02(b). 
  
 “Class B Covered Amount” means an amount, determined as of each Transfer Date with respect to any Monthly Period, equal to the product of (a) (i) a fraction, the numerator of which is the actual number of days in such
Monthly Period and the denominator of which is 360, times (ii) the Class B Interest Rate for such Monthly Period, and (b) the amount on deposit in the Principal Funding sub-Account for the Class B Notes as of the Record Date preceding such Transfer
Date. 
  
 “Class B Deficiency Amount” is defined
in subsection 3.02(b). 
  
 “Class B Interest
Rate” means, with respect to each Interest Period, a per annum rate equal to 0.42% per annum in excess of three-month LIBOR, as determined on the related LIBOR Determination Date; provided that such rate shall be calculated based on
one-month LIBOR with respect to any Interest Payment Date relating to a one-month Interest Period. 
  
 “Class B Monthly Interest” is defined in subsection 3.02(b) 
  
 “Class B Notes” is defined in subsection 2.01. 
  
 “Class B Principal Funding Investment Proceeds” means, with
respect to each Transfer Date, the investment earnings on funds in the Principal Funding sub-Account for the 

  

 3 

 
Class B Notes (net of investment expenses and losses) for the period from and including the immediately preceding Transfer Date to but excluding such
Transfer Date. 
  
 “Class B Principal Funding Investment
Shortfall” means, with respect to each Transfer Date relating to the Controlled Accumulation Period, the amount, if any, by which the Class B Principal Funding Investment Proceeds for such Transfer Date are less than the Class B Covered
Amount determined as of such Transfer Date. 
  
 “Class B
Reserve Draw Amount” means, with respect to each Transfer Date with respect to the Controlled Accumulation Period, an amount equal to the Class B Principal Funding Investment Shortfall with respect to such Transfer Date less the funds
deposited into the Interest Funding sub-Account for the Class B Notes on such Transfer Date pursuant to Section 3.02(b). 
  
 “Class C Additional Interest” is defined in subsection 3.02(c). 
  
 “Class C Covered Amount” means an amount, determined as of each Transfer Date with respect to any Monthly
Period, equal to the product of (a) (i) a fraction, the numerator of which is the actual number of days in such Monthly Period and the denominator of which is 360, times (ii) the Class C Interest Rate for such Monthly Period, and (b) the amount on
deposit in the Principal Funding sub-Account for the Class C Notes as of the Record Date preceding such Transfer Date. 
  
 “Class C Deficiency Amount” is defined in subsection 3.02(c). 
  
 “Class C Interest Rate” means, with respect to each Interest Period, a per annum rate equal to 0.77% per
annum in excess of three-month LIBOR, as determined on the related LIBOR Determination Date; provided that such rate shall be calculated based on one-month LIBOR with respect to any Interest Payment Date relating to a one-month Interest
Period. 
  
 “Class C Monthly Interest” is defined
in subsection 3.02(c). 
  
 “Class C Notes” is
defined in subsection 2.01. 
  
 “Class C Principal Funding
Investment Proceeds” means, with respect to each Transfer Date, the investment earnings on funds in the Principal Funding sub-Account for the Class C Notes (net of investment expenses and losses) for the period from and including the
immediately preceding Transfer Date to but excluding such Transfer Date. 
  
 “Class C Principal Funding Investment Shortfall” means, with respect to each Transfer Date relating to the Controlled Accumulation Period, the amount, if any, by which the Class C Principal Funding
Investment Proceeds for such Transfer Date are less than the Class C Covered Amount determined as of such Transfer Date. 
  
 “Class C Required Reserve Account Amount” means, for any Transfer Date, an amount equal to the lesser of (i) the product of (a) the Class
C Required Reserve Account Percentage and (b) the aggregate Outstanding Dollar Principal Amount of the Class A Notes, Class B Notes, Class C Notes and Class D Notes and (ii) the Outstanding Dollar Principal 

  

 4 

 
Amount of the Class C Notes less amounts on deposit in the Principal Funding Account for the Class C Notes. 
  
 “Class C Required Reserve Account Percentage” will equal
0.50% on the Closing Date and thereafter, with respect to any Transfer Date, will be determined in accordance with the following table based on the average Excess Spread Rate for the preceding three consecutive Monthly Periods (or two consecutive
Monthly Periods with respect to the second Transfer Date or single Monthly Period with respect to the first Transfer Date, such average computed by totaling the Excess Spread Rates for such Monthly Periods and dividing by three, two or one, as
applicable): 
  

				
	 Three-month average Excess
 Spread Rate

	  	Class C Required Reserve
Account Percentage

	 
	 > 2.00%
	  	0.50	%
	 <= 2.00%, but > 1.5%
	  	1.00	%
	 <= 1.50%, but > 1.0%
	  	1.50	%
	 <= 1.00%
	  	2.50	%

  
 “Class C
Reserve Account” means the trust account designated as such and established pursuant to Section 5.01(a). 
  
 “Class C Reserve Draw Amount” means, with respect to each Transfer Date with respect to the Controlled Accumulation Period and the
Accumulation Reserve Account, an amount equal to the Class C Principal Funding Investment Shortfall with respect to such Transfer Date less the funds deposited into the Interest Funding sub-Account for the Class C Notes on such Transfer Date
pursuant to Section 3.02(c). 
  
 “Class D Notes”
is defined in subsection 2.01. 
  
 “Closing Date”
means June 24, 2004. 
  
 “Controlled Accumulation
Amount” means (i) with respect to the Class A Notes, $57,077,777.78, (ii) with respect to the Class B Notes, $2,482,333.33, and (iii) with respect to the Class C Notes, $1,551,000.00; provided, however, that if the
Accumulation Period Length with respect to such class is determined to be less than nine (9) months pursuant to Section 3.09(b)(ii), the Controlled Accumulation Amount for any Transfer Date will be equal to (i) the Initial Dollar Principal
Amount of such Class of Notes divided by (ii) the number of months in the Controlled Accumulation Period as determined in accordance with Section 3.09(b)(ii). 
  

“Controlled Accumulation Period” means, unless a Pay Out Event shall have occurred prior thereto, the period commencing at the close
of business on the Controlled Accumulation Date or such later date as is determined in accordance with Section 3.09(b)(ii) and ending on the first to occur of (a) the commencement of the Rapid Amortization Period and (b) the Series 2004-1
Termination Date. 
  

 5 

 “Distribution Date” means July 15, 2004 and the fifteenth day of each calendar month
thereafter, or if such fifteenth day is not a Business Day, the next succeeding Business Day. 
  
 “Excess Spread Rate” means, for any Monthly Period, the amount by which (a) the Portfolio Yield exceeds (b) the Base Rate; provided that such amount shall not be less than zero. 
  
 “Expected Principal Payment Date” means (i) with respect to
the Class A Notes, the Class B Notes and the Class C Notes, June 15, 2007 and (ii) with respect to the Class D Notes, the Principal Payment Date on which the Class A Notes, the Class B Notes and the Class C Notes are retired in full. 
  
 “Finance Charge Receivables” is defined in the Pooling and
Servicing Agreement. 
  
 “Indenture” means the
Indenture, dated as of June 24, 2004, between the Issuer and the Indenture Trustee, as supplemented by this Indenture Supplement and by any other Indenture Supplements entered into from time to time in accordance with the terms of the Indenture.

  
 “Initial Dollar Principal Amount” means (a)
with respect to the Class A Notes, $513,700,000, (b) with respect to the Class B Notes, $22,341,000, (a) with respect to the Class C Notes, $13,959,000 and (d) with respect to the Class D Notes, $8,375,000. 
  
 “Interest Funding Account” means the trust account
designated as such and established pursuant to Section 5.01(a). 
  
 “Interest Funding sub-Account Earnings” means, with respect to each Transfer Date, the investment earnings on funds in the Interest Funding Account (net of investment expenses and losses) for the period from and including
the immediately preceding Transfer Date to but excluding such Transfer Date. 
  
 “Interest Payment Date” shall mean the 15th day of December, March, June and September, commencing on the September 2004 Distribution Date (or, if any such day is not a Business Day, the next
succeeding Business Day); provided that if any Class of Notes has been accelerated during a Monthly Period after the occurrence of an Event of Default, or if an Early Redemption Event with respect to any Class of Notes occurs during any
Monthly Period, “Interest Payment Date” shall mean the 15th day of each calendar month (or, if any such
day is not a Business Day, the next succeeding Business Day) beginning with the calendar month following such Monthly Period. 
  
 “Interest Period” means, with respect to any Interest Payment Date, the period from and including the previous Interest Payment Date
through the day preceding such Interest Payment Date, except the initial Interest Period will be the period from and including the Closing Date through the day preceding the initial Interest Payment Date. 
  

 6 

 “Investor Charge-Offs” means, with respect to any Transfer Date, the aggregate amount,
if any, by which the Series 2004-1 Investor Default Amount, if any, for the preceding Monthly Period exceeds the Series 2004-1 Available Funds for such Transfer Date available after giving effect to clauses (a) and (b) of Section 3.01.

  
 “Legal Maturity Date” means June 15, 2009.

  
 “LIBOR” means, for any Interest Period, an
interest rate per annum determined by the Trustee for each Interest Period in accordance with the provisions of Section 3.21. 
  
 “LIBOR Determination Date” means June 22, 2004 for the initial Interest Period and the second London Business Day prior to the
commencement of each subsequent Interest Period. 
  
 “London Business Day” means any Business Day on which dealings in deposits in United States Dollars are transacted in the London interbank market. 
  
 “Monthly Interest Period” is defined in subsection 3.02(a). 
  
 “Nominal Liquidation Amount” means, with respect to each
Class of Notes, the amount calculated pursuant to Section 3.14 of this Indenture Supplement. The Nominal Liquidation Amount for the Series 2004-1 Notes will be the sum of the Nominal Liquidation Amounts of all of the Classes of Notes of the
Series 2004-1 Notes. 
  
 “Nominal Liquidation Amount
Deficit” means, with respect to any Class of Notes, the excess of the Adjusted Outstanding Dollar Principal Amount of that Class over the Nominal Liquidation Amount of that Class. 
  
 “Note Trust Available Funds Shortfall” means, with respect
to any Transfer Date with respect to the Series 2004-1 Notes, the excess, if any, of (a) the aggregate amount targeted to be paid or applied pursuant to Sections 3.01(a) through (f) for any Transfer Date over (b) the Series 2004-1
Available Funds (excluding any amounts to be treated as Series 2004-1 Available Funds pursuant to Section 3.04(a)(iii)) for such Transfer Date; provided, however, that the Issuer, when authorized by an Officer’s
Certificate, may amend or otherwise modify this definition of Note Trust Available Funds Shortfall provided the Note Rating Agencies confirm in writing that the amendment or modification will not cause a Ratings Effect with respect to any
Outstanding Notes. 
  
 “Note Trust Principal
Shortfalls” means, with respect to any Transfer Date with respect to the Series 2004-1 Notes, the excess, if any, of (a) the aggregate amount targeted to be paid or applied pursuant to Sections 3.07 (a) through (e) for any
Transfer Date over (b) the Series 2004-1 Available Principal Amounts (excluding any amounts to be treated as Series 2004-1 Available Principal Amounts pursuant to Section 3.11(a)(ii)) for such Transfer Date; provided, however,
that the Issuer, when authorized by an Officer’s Certificate, may amend or otherwise modify this definition of Note Trust Principal Shortfall provided the Note Rating Agencies confirm in writing that the amendment or modification will not cause
a Ratings Effect with respect to any Outstanding Notes. 
  

 7 

 “Notes” means the Class A Notes, the Class B Notes, the Class C Notes and the Class D
Notes, collectively. 
  
 “Paying Agent” means
Wells Fargo Bank, National Association. 
  
 “PFA
Accumulation Earnings” means, with respect to each Transfer Date, the investment earnings on funds in the Principal Funding Account (net of investment expenses and losses) for the period from and including the immediately preceding Transfer
Date to but excluding such Transfer Date. 
  
 “Portfolio
Yield” means, with respect to any Monthly Period, the annualized percentage equivalent of a fraction, the numerator of which is (a) the amount of Available Funds allocated to the Series 2004-1 Notes pursuant to Section 5.01 of the
Indenture for such Monthly Period, plus (b) any Interest Funding sub-Account Earnings and PFA Accumulation Earnings on the related Transfer Date, plus (c) any Excess Funding Account Earnings (as such term is defined in the Series
2004-MC Supplement) with respect to such Monthly Period, plus (d) any amounts on deposit in the Accumulation Reserve Account which are treated as Series 2004-A Available Funds for such Monthly Period, minus (e) the Series 2004-1 Notes
Investor Default Amount for such Monthly Period, and the denominator of which is the Nominal Liquidation Amount of the Series 2004-1 Notes as of the last day of such Monthly Period. 
  
 “Predecessor Note” means, with respect to any particular Note, every previous Note evidencing all or a
portion of the same debt as that evidenced by such particular Note; and, for the purpose of this definition, any Note authenticated and delivered under Section 306 of the Indenture in lieu of a mutilated, lost, destroyed or stolen Note shall
be deemed to evidence the same debt as the mutilated, lost, destroyed or stolen Note. 
  
 “Principal Funding Account” means the trust account designated as such and established pursuant to Section 5.01(a). 
  
 “Principal Funding sub-Account Amount” means, with respect to any Class of Notes as of any date, the amount
on deposit in the Principal Funding sub-Account for such Class of Notes on such date. 
  
 “Reallocated Available Principal Amount” means, with respect to any Transfer Date, the sum of any amounts payable under subsections 3.07(a) through (d) on such Transfer Date. 
  
 “Record Date” means, for any Transfer Date, the Business Day
prior to the related Transfer Date. 
  
 “Reference
Banks” means four major banks in the London interbank market selected by the Servicer. 
  
 “Required Accumulation Reserve Account Amount” means, with respect to any Transfer Date on or after the Accumulation Reserve Account
Funding Date and with respect to each Class of Notes, an amount equal to (a) 0.30% of the Outstanding Dollar Principal Amount of such Class of Notes or (b) any other amount designated by the Administrator; provided that if 

  

 8 

 
such designation is of a lesser amount, the Issuer shall (i) provide the Trustee with evidence that the Rating Agency Condition has been satisfied and (ii)
deliver to the Trustee a certificate of an authorized officer to the effect that, based on the facts known to such officer at such time, in the reasonable belief of the Issuer, such designation will not cause an Early Redemption Event or an event
that, after the giving of notice or the lapse of time, would cause an Early Redemption Event to occur with respect to the Series 2004-1 Notes. 
  
 “Series 2004-1 Available Funds” means, with respect to any Transfer Date, the sum of (a) Available Funds allocated to the Series 2004-1
Notes pursuant to Section 5.01 of the Indenture, and (b) any amounts to be treated as Series 2004-1 Available Funds pursuant to Section 3.04(a). 
  

“Series 2004-1 Available Principal Amounts” means the sum of (a) Available Principal Amounts allocated to the Series 2004-1 pursuant
to Section 5.02 of the Indenture and (b) any amounts to be treated as Series 2004-1 Available Principal Amounts pursuant to Section 3.11(a). 
  
 “Series 2004-1 Indenture Trustee Fee” means, with respect to any Monthly Period, an amount equal to
one-twelfth of the Indenture Trustee’s annual fee of $3,500 plus additional expenses incurred by the Indenture Trustee in connection with the performance of its duties as Indenture Trustee and for which the Indenture provides that the Indenture
Trustee is entitle to reimbursement not to exceed an aggregate fee of $53,500 per annum. 
  
 “Series 2004-1 Investor Default Amount” means, with respect to any Monthly Period, the product of the Investor Default Amount (as such term is defined in the Series 2004-MC Supplement) with respect to
such month and the percentage equivalent of a fraction the numerator of which is the Nominal Liquidation Amount of the Series 2004-1 Notes and the denominator of which is the Nominal Liquidation Amount of all series of Notes, each as of the last day
of such Monthly Period. 
  
 “Series 2004-1 Termination
Date” means the earliest to occur of (a) the Principal Payment Date on which the Outstanding Dollar Principal Amount of each Class of Notes is paid in full, (b) the Legal Maturity Date and (c) the date on which the Indenture is discharged
and satisfied pursuant to Article VI thereof. 
  
 “Shared Excess Available Funds” means, with respect to any Transfer Date with respect to any series of Notes, either (a) the amount of Series 2004-1 Available Funds for such Transfer Date available after application in
accordance with Sections 3.01(a) through (f) or (b) the amounts allocated to other series of Notes which the applicable Indenture Supplements for such series specify are to be treated as “Shared Excess Available Funds.”

  
 “Shared Note Trust Principal Collections”
means, with respect to any Transfer Date with respect to any series of Notes, either (a) the amount of Series 2004-1 Available Principal Amounts for such Transfer Date available after application in accordance with Sections 3.07 (a) through
(e) or (b) the amounts allocated to other series of Notes that the applicable Indenture Supplements for such series specify are to be treated as “Shared Note Trust Principal Collections.” 
  

 9 

 “Targeted Interest Deposit Amount” means, with respect to the Series 2004-1 Notes for
any Transfer Date, the sum of the amounts required to be applied under clauses (a) through (f) pursuant to Section 3.01 for such Transfer Date; provided that such amount shall not exceed (i) the amount set forth in clause (a) of the
definition of Series 2004-1 Available Funds minus (ii) the amount set forth in clause (b) of the definition of Series 2004-1 Available Funds. 
  
 “Targeted Principal Deposit Amount” means, with respect to the Series 2004-1 Notes for any Transfer Date, the aggregate amount targeted
to be deposited in the Principal Funding Account pursuant to Section 3.09 for such Transfer Date. 
  
 “Telerate Page 3750” means the display page currently so designated on the Dow Jones Telerate Service (or such other page as may replace
that page on that service for the purpose of displaying comparable rates or prices). 
  
 “Weighted Average Available Funds Allocation Amount” means, with respect to any Monthly Period for any Class of Notes, the sum of the Available Funds Allocation Amount for such Class, as of the close
of business on each day during such Monthly Period divided by the actual number of days in such period. 
  
 Section 1.02. Governing Law. THIS INDENTURE SUPPLEMENT WILL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK
WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS (OTHER THAN SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW) AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 
  
 Section 1.03. Counterparts. This Indenture Supplement may be executed
in any number of counterparts, each of which so executed will be deemed to be an original, but all such counterparts will together constitute but one and the same instrument. 
  
 Section 1.04. Ratification of Indenture. As supplemented by this Indenture Supplement, the Indenture is in all
respects ratified and confirmed and the Indenture as so supplemented by this Indenture Supplement shall be read, taken and construed as one and the same instrument. 
  
 [END OF ARTICLE I] 
  

 10 

 ARTICLE II 
  
 The Notes 
  
 Section 2.01. Creation and Designation; Transfers. (a) There is hereby created a Series of Notes to be issued in four classes pursuant to the
Indenture and this Series Supplement and to be known together as the “Series 2004-1 Notes.” The four classes shall be designated the Class A Floating Rate Notes, Series 2004-1 (the “Class A Notes”), Class B Floating
Rate Notes, Series 2004-1 (the “Class B Notes”), Class C Floating Rate Notes, Series 2004-1 (the “Class C Notes”) and Class D Notes, Series 2004-1 (the “Class D Notes”). The Class A Notes, Class B
Notes, Class C Notes and Class D Notes shall be substantially in the forms of Exhibits A-1, A-2, A-3 and A-4 attached hereto, respectively. 
  
 (b) The Series 2004-1 Notes shall not be subordinated to any other series of Notes. 
  
 (c) Each prospective owner of a Note shall be deemed to have represented and warranted, and each prospective owner of a
Definitive Note shall represent and warrant in writing, to the Indenture Trustee that: 
  
 (i) With respect to any prospective owner of a Class A Note, Class B Note or Class C Note, such Person either (A) is not acquiring the
Class A Note, Class B Note or Class C Note for, or on behalf of, an employee benefit plan or other retirement arrangement subject to Section 406 of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”) or Section
4975 of the Internal Revenue Code of 1986, as amended (the “Code”) or any substantially similar applicable law (“Similar Law”), or any entity deemed to hold the plan assets of the foregoing (a “Benefit
Plan”), or (B) is acquiring the Class A Note, Class B Note or Class C Note for, or on behalf of, a Benefit Plan and its acquisition and holding of such Class A Note, Class B Note or Class C Note will (x) not result in a non-exempt
prohibited transaction under Section 406 of ERISA or Section 4975 of the Code which is not covered by Prohibited Transaction Class Exemption (“PTCE”) 84-14, PTCE 90-1, PTCE 91-38, PTCE 95-60, PTCE 96-23 or some other applicable
exemption and (y) will not cause a non-exempt violation of any substantially Similar Law; or 
  
 (ii) With respect to any prospective owner of a Class D Note, such Person is not acquiring the Class D Note for, or on behalf of, a
Benefit Plan that is subject to ERISA Requirements. 
  
 In addition, each purchaser of a Class D Note, by its acceptance hereof, represents, acknowledges and agrees that: (i) such Noteholder has not acquired and shall not sell, trade or transfer any interest in the Note nor cause any interest in
the Note to be marketed, on or through either (a) an “established securities market” within the meaning of Section 7704(b)(1) of the Code (including an interdealer quotation system that regularly disseminates firm buy or sell quotations by
identified brokers or dealers by electronic means or otherwise) or (b) a “secondary market (or the substantial equivalent thereof)” within the meaning of Section 7704(b)(2) of the Code (including a market 

  

 11 

 
wherein interests in such classes of notes are regularly quoted by any person making a market in such interests and a market wherein any person regularly
makes available bid or offer quotes with respect to interests in such classes of notes and stands ready to effect buy or sell transactions at the quoted prices for itself or on behalf of others). 
  
 [END OF ARTICLE II] 
  

 12 

 ARTICLE III 
  
 Allocations, Deposits and Payments 
  
 Section 3.01. Allocations of Series 2004-1 Available Funds. On each Transfer Date, based on the Monthly Noteholder Statement, the Indenture Trustee
will apply Series 2004-1 Available Funds, as follows: 
  
 (a)
first, to pay the Series 2004-1 Indenture Trustee Fee plus any previously due and unpaid Series 2004-1 Indenture Trustee Fee to the Indenture Trustee; 
  
 (b) second, to make the targeted deposits to the Interest Funding Account pursuant to Section 3.02; 
  
 (c) third, to be treated as Series 2004-1 Available Principal Amounts for
application in accordance with Section 3.07 in an amount equal to the Series 2004-1 Investor Default Amount, if any, for the preceding Monthly Period. 
  
 (d) fourth, to be treated as Series 2004-1 Available Principal Amounts for application in accordance with Section 3.07 in an amount equal to the
aggregate Nominal Liquidation Amount Deficit for all classes of Notes, if any; 
  
 (e) fifth, beginning on the Accumulation Reserve Account Funding Date, to make the targeted deposit to the Accumulation Reserve Account, if any, pursuant to Section 3.18; 
  
 (f) sixth, to make the targeted deposit to the Class C Reserve Account, if
any, pursuant to Section 3.16; and 
  
 (g) seventh, to be
treated as Shared Excess Available Funds for application in accordance with Section 3.12 of the Indenture. 
  
 Section 3.02. Targeted Deposits to the Interest Funding Account. The aggregate amount of Series 2004-1 Available Funds targeted to be deposited
into the Interest Funding Account pursuant to Section 3.01(b) on each Transfer Date is equal to the sum of the following amounts. The targeted deposit on any Transfer Date will also include any shortfall in the targeted deposit with respect
to any prior Transfer Date which has not been previously deposited. 
  
 (a) Class A Interest. The amount of targeted monthly interest with respect to the Class A Notes on any Transfer Date (the “Class A Monthly Interest”) shall equal the product of (i)(A) a fraction, the numerator of
which is the actual number of days in the period (the “Monthly Interest Period”) from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding)
the related Distribution Date and the denominator of which is 360, times (B) the Class A Interest Rate, times (ii) the outstanding principal balance of the Class A Notes determined as of the Record Date preceding the related Transfer Date;
provided that in addition to Class A Monthly Interest an amount equal to the amount of any unpaid Class A Deficiency Amounts, as defined below, from prior Monthly Interest Periods, plus an amount equal to the product of (A)(1) a fraction, the
numerator of which is the actual number of days in the related Monthly Interest Period and the denominator of which 

  

 13 

 
is 360, times (2) the Class A Interest Rate in effect with respect to the related Monthly Period and (B) any Class A Deficiency Amount from the prior
Transfer Date, as defined below (or the portion thereof which has not theretofore been paid to Class A Holders) (the “Class A Additional Interest”) shall also be included in the targeted interest amount with respect to the Class A Notes on
any Transfer Date. The “Class A Deficiency Amount” for any Transfer Date shall equal the excess, if any, of the aggregate amount targeted pursuant to this subsection 3.02(a) for the prior Monthly Interest Period over the amount
actually deposited or available to be deposited on such Transfer Date into the Interest Funding sub-Account for the Class A Notes. 
  
 (b) Class B Interest. The amount of targeted monthly interest with respect to the Class B Notes on any Transfer Date (the “Class B Monthly
Interest”) shall equal the product of (i)(A) a fraction, the numerator of which is the actual number of days in the period (the “Monthly Interest Period”) from (and including) the immediately preceding Distribution Date (or
in the case of the first Distribution Date, the Closing Date) to (but excluding) the related Distribution Date and the denominator of which is 360, times (B) the Class B Interest Rate, times (ii) the outstanding principal balance of the Class B
Notes determined as of the Record Date preceding the related Transfer Date; provided that in addition to Class B Monthly Interest an amount equal to the amount of any unpaid Class B Deficiency Amounts, as defined below, from prior Monthly
Interest Periods, plus an amount equal to the product of (A)(1) a fraction, the numerator of which is the actual number of days in the related Monthly Interest Period and the denominator of which is 360, times (2) the Class B Interest Rate in effect
with respect to the related Monthly Period and (B) any Class B Deficiency Amount from the prior Transfer Date, as defined below (or the portion thereof which has not theretofore been paid to Class B Holders) (the “Class B Additional
Interest”) shall also be included in the targeted interest amount with respect to the Class B Notes on any Transfer Date. The “Class B Deficiency Amount” for any Transfer Date shall equal the excess, if any, of the
aggregate amount targeted pursuant to this subsection 3.02(b) for the prior Monthly Interest Period over the amount actually deposited or available to be deposited on such Transfer Date into the Interest Funding sub-Account for the Class B Notes.

  
 (c) Class C Interest. The amount of targeted monthly
interest with respect to the Class C Notes on any Transfer Date (the “Class C Monthly Interest”) shall equal the product of (i)(A) a fraction, the numerator of which is the actual number of days in the period (the “Monthly
Interest Period”) from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) the related Distribution Date and the denominator of which is 360, times (B)
the Class C Interest Rate, times (ii) the outstanding principal balance of the Class C Notes determined as of the Record Date preceding the related Transfer Date; provided that in addition to Class C Monthly Interest an amount equal to the
amount of any unpaid Class C Deficiency Amounts, as defined below, from prior Monthly Interest Periods, plus an amount equal to the product of (A)(1) a fraction, the numerator of which is the actual number of days in the related Monthly Interest
Period and the denominator of which is 360, times (2) the Class C Interest Rate in effect with respect to the related Monthly Period and (B) any Class C Deficiency Amount from the prior Transfer Date, as defined below (or the portion thereof which
has not theretofore been paid to Class C Holders) (the “Class C Additional Interest”) shall also be included in the targeted interest amount with respect to the Class C Notes on any Transfer Date. The “Class C Deficiency
Amount” for any Transfer Date shall equal the excess, if any, of the aggregate amount targeted pursuant to this subsection 3.02(c) for the prior 

  

 14 

 
Monthly Interest Period over the amount actually deposited or available to be deposited on such Transfer Date into the Interest Funding sub-Account for the
Class C Notes. 
  
 (d) Class D Interest. The Class D Notes
shall not be interest bearing. 
  
 Section 3.03. Allocations of
Series 2004-1 Available Funds to Interest Funding sub-Accounts. The aggregate amount to be deposited to the Interest Funding Account pursuant to Section 3.01(b) for each Monthly Period will be allocated, and a portion deposited into the
Interest Funding sub-Account for each Class of Notes, as follows: 
  
 (a) Series 2004-1 Available Funds at Least Equal to Targeted Amounts. If the amount of funds available for a Monthly Period pursuant to Section 3.01 is at least equal to the aggregate amount of the deposits and payments
targeted by Section 3.02, then the full amount of each such deposit and payment will be made to the applicable Interest Funding sub-Accounts. 
  
 (b) Series 2004-1 Available Funds are Less than Targeted Amounts. If the amount of funds available for a Monthly Period pursuant to Section
3.01(b) is less than the aggregate amount of the deposits targeted by Section 3.02, then the amount available will be allocated to each Class of Notes as follows: 
  
 (i) first, to the Interest Funding sub-account for the Class A Notes up to the amount of the deposits
targeted by Section 3.02(b) with respect to the Class A Notes, and 
  
 (ii) second, to the Interest Funding sub-account for the Class B Notes up to the amount of the deposits targeted by Section 3.02(b) with respect to the Class B Notes, and 
  
 (iii) third, to the Interest Funding sub-account for the
Class C Notes up to the amount of the deposits targeted by Section 3.02(b) with respect to the Class C Notes. 
  
 Section 3.04. Amounts to be Treated as Series 2004-1 Available Funds; Class C Reserve Account Deposits to the Interest Funding Sub-Account. The
following deposits and payments will be made on the following dates: 
  
 (a) Amounts to be Treated as Series 2004-1 Available Funds. In addition to Available Funds allocated to the Series 2004-1 Notes pursuant to Section 5.01 of the Indenture, the following amounts shall be treated as Series 2004-1
Available Funds for application in accordance with this Article III for any Monthly Period: 
  
 (i) Accumulation Earnings Shortfall. The aggregate amount withdrawn from the Accumulation Reserve Account pursuant to Section
3.19(a) will be treated as Series 2004-1 Available Funds for such Monthly Period. 
  
 (ii) Sub-Account Earnings. Any PFA Accumulation Earnings, any Accumulation Reserve Account Earnings and any Interest Funding
sub-Account Earnings for any Transfer Date will be treated as Series 2004-1 Available Funds for such Transfer Date. 
  

 15 

 (iii) Shared Excess Available Funds. Any Shared Excess Available Funds allocable
to the Series 2004-1 Notes pursuant to Section 3.12 of the Indenture will be treated as Series 2004-1 Available Funds. 
  
 (b) Class C Reserve Account. Withdrawals made from the Class C Reserve Account pursuant to Section 3.17(a) will be deposited into the
applicable Interest Funding sub-Account on the Transfer Date. 
  
 Section 3.05. Allocations of Reductions from Investor Charge-Offs to the Nominal Liquidation Amount of Subordinated Classes; Computation of Reductions to the Nominal Liquidation Amount of Subordinated Classes from Reallocations of
Series 2004-1 Available Principal Amounts. On each Transfer Date when there is an Investor Charge-Off or Reallocated Available Principal Amount with respect to the related Monthly Period, the Investor Charge-Off or Reallocated Available
Principal Amount will be allocated on that date to each Class of Notes as set forth in this Section. 
  
 (a) The Investor Charge-Off and Reallocated Principal Amount will first be applied to reduce the Nominal Liquidation Amount of the Class D Notes. If such
reduction of the Nominal Liquidation Amount of the Class D Notes would cause the Nominal Liquidation Amount of the Class D Notes to be reduced below zero, then the Nominal Liquidation Amount of the Class D Notes shall be reduced to zero and the
Nominal Liquidation Amount of the Class C Notes shall be reduced by the amount by which the Nominal Liquidation Amount of the Class D Notes would have been reduced below zero. 
  
 (b) If such reduction of the Nominal Liquidation Amount of the Class C Notes would cause the Nominal Liquidation Amount of
the Class C Notes to be reduced below zero, then the Nominal Liquidation Amount of the Class C Notes shall be reduced to zero and the Nominal Liquidation Amount of the Class B Notes shall be reduced by the amount by which the Nominal Liquidation
Amount of the Class C Notes would have been reduced below zero. 
  
 (c) If such reduction of the Nominal Liquidation Amount of the Class B Notes would cause the Nominal Liquidation Amount of the Class B Notes to be reduced below zero, then the Nominal Liquidation Amount of the Class B Notes shall be reduced
to zero and the Nominal Liquidation Amount of the Class A Notes shall be reduced by the amount by which the Nominal Liquidation Amount of the Class B Notes would have been reduced below zero. 
  
 (d) If such reduction of the Nominal Liquidation Amount of the Class A Notes
would cause the Nominal Liquidation Amount of the Class A Notes to be reduced below zero, then the Nominal Liquidation Amount of the Class A Notes shall be reduced to zero. 
  
 Section 3.06. Allocations of Reimbursements of Nominal Liquidation Amount Deficits. If, as of any Transfer Date,
there are Series 2004-1 Available Funds available pursuant to Section3.01(d) to reimburse any Nominal Liquidation Amount Deficits as of such Transfer Date, such funds will be allocated to each Class of Notes as follows: 
  
 (a) first, to the Class A Notes up to the Nominal Liquidation Amount Deficit
thereof, but in no event will the Nominal Liquidation Amount of the Class A Notes be increased above the Adjusted Outstanding Dollar Principal Amount of the Class A Notes, 
  

 16 

 (b) second, to the Class B Notes up to the Nominal Liquidation Amount Deficit thereof, but in no event
will the Nominal Liquidation Amount of the Class B Notes be increased above the Adjusted Outstanding Dollar Principal Amount of the Class B Notes, 
  
 (c) third, to the Class C Notes up to the Nominal Liquidation Amount Deficit thereof, but in no event will the Nominal Liquidation Amount of the Class C
Notes be increased above the Adjusted Outstanding Dollar Principal Amount of the Class C Notes, and 
  
 (d) fourth, to the Class D Notes up to the Nominal Liquidation Amount Deficit thereof, but in no event will the Nominal Liquidation Amount of the Class D
Notes be increased above the Adjusted Outstanding Dollar Principal Amount of the Class D Notes. 
  
 Section 3.07. Application of Series 2004-1 Available Principal Amounts. On each Transfer Date, the Indenture Trustee will apply Series 2004-1
Available Principal Amounts as follows: 
  
 (a) first, with
respect to each Monthly Period, if after giving effect to payments to be made with respect to such Monthly Period pursuant to Sections 3.01(a), the Indenture Trustee has not received the full amount to be paid pursuant to Section
3.01(a) with respect to that Monthly Period, then Series 2004-1 Available Principal Amounts (in an amount not to exceed the sum of the Daily Principal Amounts for each day during such Monthly Period for all Class D Notes, Class C Notes and Class
B Notes) will be paid to the Indenture Trustee in an amount equal to the amount of the deficiency in the amount to be paid pursuant to Section 3.01(a). 
  

(b) second, with respect to each Monthly Period, if after giving effect to deposits to be made with respect to such Monthly Period pursuant to
Section 3.01(b), the Class A Notes have not received the full amount targeted to be deposited pursuant to Section 3.02 with respect to that Monthly Period, then Series 2004-1 Available Principal Amounts (in an amount, not less than
zero, not to exceed the sum of the Daily Principal Amounts for each day during such Monthly Period for all Class D Notes, Class C Notes and Class B Notes minus the aggregate amount of Series 2004-1 Available Principal Amounts reallocated
pursuant to clause (a) above) will be allocated to the Interest Funding sub-Account of the Class A Notes up to the amount of the deficiency in the targeted amount to be deposited into the Interest Funding sub-Account of the Class A Notes;

  
 (c) third, with respect to each Monthly Period, if after
giving effect to deposits to be made with respect to such Monthly Period pursuant to Section 3.01(b) the Class B Notes have not received the full amount targeted to be deposited pursuant to Section 3.02 with respect to that Monthly
Period, then Series 2004-1 Available Principal Amounts (in an amount, not less than zero, not to exceed the sum of the Daily Principal Amounts for each day during such Monthly Period for all Class D Notes and Class C Notes minus the aggregate
amount of Series 2004-1 Available Principal Amounts reallocated pursuant to clauses (a) and (b) above) will be allocated to the Interest Funding sub-Account of the Class B Notes up to the amount of the deficiency in the targeted amount to be
deposited into the Interest Funding sub-Account for the Class B Notes; 
  
 (d) fourth, with respect to each Monthly Period, if after giving effect to deposits to be made with respect to such Monthly Period pursuant to Section 3.01(b) the Class C Notes have 

  

 17 

 
not received the full amount targeted to be deposited pursuant to Section 3.02 with respect to that Monthly Period, then Series 2004-1 Available
Principal Amounts (in an amount, not less than zero, not to exceed the sum of the Daily Principal Amounts for each day during such Monthly Period for all Class D Notes minus the aggregate amount of Series 2004-1 Available Principal Amounts
reallocated pursuant to clauses (a) through (c) above) will be allocated to the Interest Funding sub-Account of the Class C Notes up to the amount of the deficiency in the targeted amount to be deposited into the Interest Funding sub-Account for the
Class C Notes; 
  
 (e) fifth, to make the targeted deposits to the
Principal Funding Account pursuant to Section 3.09; and 
  
 (f) sixth, to be treated as Shared Note Trust Principal Collections for application in accordance with Section 3.13 of the Indenture. 
  
 Section 3.08. [ Reserved ] 
  
 Section 3.09. Targeted Deposits of Series 2004-1 Available Principal Amounts to thePrincipal Funding Account. The amount of the deposit
targeted for each Class of Notes with respect to any Monthly Period to be deposited into the Principal Funding sub-Account for that Class will be the sum of (i) the amount determined pursuant to clause (a), (b) or (c) with respect to such Class for
such Monthly Period, as applicable, or if more than one such clause is applicable, the highest amount determined pursuant to any one of such clauses, and (ii) any deposit targeted pursuant to clause (i) with respect to such Class for any prior
Monthly Period but for which the full targeted deposit was not made, but in no case more than the Nominal Liquidation Amount of such Class (computed immediately before giving effect to such deposit but after giving effect to any Investor Charge-Offs
and any reallocations of Series 2004-1 Available Principal Amounts on such date). 
  
 (a) Expected Principal Payment Date. With respect to the Monthly Period immediately preceding the Expected Principal Payment Date, the deposit targeted for that Class of Notes is equal to the Nominal
Liquidation Amount of that Class of Notes as of the close of business on the last day of the Monthly Period preceding such Monthly Period (determined after giving effect to any Investor Charge-Offs and any reallocations, payments or deposits of
Series 2004-1 Available Principal Amounts on the following Transfer Date). 
  
 (b) Budgeted Deposits. 
  
 (i) Subject to Section 3.09(c), with respect to each Monthly Period, beginning with the Accumulation Commencement Date, the deposit targeted to be made into the Principal Funding sub-Account for that Class will
be the Controlled Accumulation Amount for that Class. 
  
 (ii) Notwithstanding anything to the contrary in clause (i), on or before the Transfer Date immediately preceding the first Business Day of the month that is nine (9) months prior to the Expected Principal Payment Date, and each
Determination Date thereafter until the Accumulation Commencement Date, provided that no Pay Out Event (as defined in the Series 2004-MC Supplement) has occurred, the Issuer will determine the “Accumulation Period Length”,
which will mean a number of months such that the 

  

 18 

 
amount available for distribution of principal will equal or exceed the aggregate Outstanding Dollar Principal Amount of the Class A Notes, the Class B Notes
and the Class C Notes, assuming for this purpose that (1) the payment rate with respect to Principal Collections (as defined in the Pooling and Servicing Agreement) remains constant at the lowest level of such payment rate during the twelve
preceding Monthly Periods (or such lower payment rate as the Issuer may select), (2) the total amount of Principal Receivables in the Master Trust (and the principal amount on deposit in the Excess Funding Account, if any) remains constant at the
level on such date of determination, (3) no Pay Out Event (as defined in the Pooling and Servicing Agreement) with respect to any Series (as defined in the Pooling and Servicing Agreement) will subsequently occur and (4) no additional series (other
than any series being issued on such date of determination) will be subsequently issued; provided, however, that the Accumulation Period Length will not be determined to be less than one month; providedfurther,
however, that the determination of the Accumulation Period Length may be changed at any time if the Note Rating Agencies provide prior written confirmation that a Ratings Effect will not occur with respect to such change. 
  
 (c) Event of Default, Early Redemption Event. If any Class of Notes
has been accelerated during a Monthly Period after the occurrence of an Event of Default, or if an Early Redemption Event with respect to any Class of Notes occurs during such Monthly Period, the deposit targeted for that Class of Notes with respect
to that Monthly Period and each following Monthly Period is equal to the Nominal Liquidation Amount of that Class of Notes as of the close of business on the last day of the preceding Monthly Period (after taking into account any reallocations,
payments or deposits on the following Transfer Date). 
  
 Section
3.10. Allocations among Principal Funding sub-Accounts. The aggregate amount of the deposits to be made to the Principal Funding Account for each Class of Notes pursuant to Section 3.09 for each Monthly Period will be allocated, and a
portion deposited in the Principal Funding sub-Account for each Class of Notes, as follows: 
  
 (a) Series 2004-1 Available Principal Amounts Equal to Targeted Amount. If Series 2004-1 Available Principal Amounts remaining after giving effect to Sections 3.07(a) through (d) are equal to or
greater than the aggregate amount of Series 2004-1 Available Principal Amounts targeted to be deposited into the Principal Funding Account for all Classes of Notes pursuant to Section 3.09, then that targeted amount shall be deposited in the
Principal Funding sub-Account established for each Class of Notes. 
  
 (b) Series 2004-1 Available Principal Amounts Are Less Than Targeted Amounts. If Series 2004-1 Available Principal Amounts remaining after giving effect to Sections 3.07(a) through (d) are less than the aggregate amount
targeted to be deposited into the Principal Funding Account for all Classes of Notes pursuant to Section 3.09, then the amount available will be deposited in the Principal Funding sub-Account established for each Class in the following
priority: 
  
 (i) first, the amount available
will be allocated to the Class A Notes up to the amount targeted to be deposited into the Principal Funding sub-Account for the Class A Notes pursuant to Section 3.09; 
  

 19 

 (ii) second, the amount available after the application in clause (i) above will be
allocated to the Class B Notes up to the amount targeted to be deposited into the Principal Funding sub-Account for the Class B Notes pursuant to Section 3.09; 
  
 (iii) third, the amount available after the applications in clauses (i) and (ii) above will be allocated to
the Class C Notes, up to the amount targeted to be deposited into the Principal Funding sub-Account for the Class C Notes pursuant to Section 3.09; and 
  

(iv) fourth, the amount available after the applications in clauses (i), (ii) and (iii) above will be allocated to the Class D Notes,
up to the amount targeted to be deposited into the Principal Funding sub-Account for the Class D Notes pursuant to Section 3. 09. 
  
 Section 3.11. Amounts to be Treated as Series 2004-1 Available Principal Amounts; Other Deposits to Principal Funding sub-Accounts. The following
deposits and payments will be made on the following dates: 
  
 (a)
Amounts to be Treated as Series 2004-1 Available Principal Amounts. In addition to Available Principal Amounts allocated to the Series 2004-1 Notes pursuant to Section 502 of the Indenture, the following amounts shall be treated as
Series 2004-1 Available Principal Amounts for application in accordance with this Article III for any Monthly Period: 
  
 (i) Reallocated Series 2004-1 Available Funds. Series 2004-1 Available Principal Amounts will include Series 2004-1 Available Funds
reallocated to be treated as Series 2004-1 Available Principal Amounts pursuant to Section 3.01(c) or 3.01(d). 
  
 (ii) Shared Principal Collections. Any Shared Principal Collections allocable to the Series 2004-1 Notes pursuant to Section
3.13 of the Indenture will be treated as Series 2004-1 Available Principal Amounts. 
  
 (b) Class C Reserve sub-Account. Withdrawals made from the Class C Reserve sub-Account pursuant to Section 3.17(b) will be deposited into the Class C Principal Funding sub-Account on the Transfer Date.

  
 Section 3.12. Withdrawals from Interest Funding
Account. On each Interest Payment Date, an amount equal to the interest due on the applicable Class of Notes on such Interest Payment Date (including any overdue and additional interest with respect to prior Interest Payment Dates) will be
withdrawn from that Interest Funding sub-Account and remitted to the Paying Agent. Withdrawals made pursuant to this Section 3.12 with respect to any Class of Notes will be made from the Interest Funding sub-Account established for that Class
only after all allocations and reallocations have been made pursuant to Sections 3.02,3.03, 3.04 and 3.07. In no event will the aggregate amount of the withdrawals from an Interest Funding sub-Account for any month be
more than the amount on deposit in the applicable Interest Funding sub-Account. 
  
 After payment in full of any interest on any Class of Notes, any amount remaining on deposit in the applicable Interest Funding sub-Account will be paid to the Issuer. 
  

 20 

 Section 3.13. Withdrawals from Principal Funding Account. On the Expected Principal Payment Date
or, if an Event of Default or Early Redemption Event has occurred, each related Principal Payment Date, an amount equal to the Outstanding Dollar Principal Amount with respect to each Class of Notes will be withdrawn from the related Principal
Funding sub-Account and remitted to the Paying Agent. Withdrawals made pursuant to this Section 3.13 with respect to any Class of Notes will be made from the Principal Funding sub-Accounts established for that Class only after all allocations
have been made pursuant to Sections 3.09, 3.10 and 3.11. In no event will the amount of the withdrawal be more than the amount on deposit in the applicable Principal Funding sub-Account. 
  
 Upon payment in full of any Class of Notes, any remaining amount on deposit
in the applicable Principal Funding sub-Account will be paid to the Issuer. 
  
 Section 3.14. Calculation of Nominal Liquidation Amount. On or prior to each Transfer Date, the Issuer shall calculate the Nominal Liquidation Amount of each Class of Outstanding Series 2004-1 Notes which shall
be the following amount: 
  
 (a) as of the date of issuance of
such Class of Notes, the Initial Dollar Principal Amount of such Class of Notes; and 
  
 (b) thereafter, the sum of, without duplication: 
  
 (i) the Nominal Liquidation Amount of such Class of Notes immediately after the prior date of determination; plus 
  
 (ii) such Class’ allocable share of all reimbursements
of its Nominal Liquidation Amount Deficit pursuant to Section 3.01(d) since the prior date of determination determined as set forth in Section 3.06;minus 
  
 (iii) the amount of the reduction of the Nominal Liquidation Amount of such Class resulting from an
allocation of Investor Charge-Offs since the prior date of determination and such Class’ allocable share of all reallocations of Series 2004-1 Available Principal Amounts pursuant to Section 3.07 since the prior date of determination,
each determined as set forth in Section 3.05;minus 
  
 (iv) the amount deposited in the applicable Principal Funding sub-Account for such Class (after giving effect to any deposits, allocations, reallocations or withdrawals to be made on that day) since the prior date of
determination; 
  
 provided, however, that (1) the
Nominal Liquidation Amount of a Class of Notes may never be less than zero and (2) the Nominal Liquidation Amount of any Class of Notes may never be greater than the Outstanding principal amount of such Class. 
  
 The Nominal Liquidation Amount for the Series 2004-1 Notes will be the sum of
the Nominal Liquidation Amounts of all Classes of the Series 2004-1 Notes. 
  
 Section 3.15. Netting of Deposits and Payments. The Issuer, in its sole discretion, may make all deposits to Interest Funding sub-Accounts and Principal Funding 

  

 21 

 
sub-Accounts pursuant to Sections 3.02 and 3.09 with respect to any Monthly Period net of, and after giving effect to, (a) all reallocations to
be made pursuant to Section 3.07 and (b) all payments to the Issuer pursuant to Section 3.07(f). 
  
 Section 3.16. Targeted Deposits to the Class C Reserve Account. The aggregate deposit targeted to be made to the Class C Reserve Account with
respect to each Transfer Date is an amount equal to the amount required to cause the amount on deposit in the Class C Reserve Account to be at least equal to the Class C Required Reserve Account Amount. 
  
 Section 3.17. Withdrawals from the Class C Reserve Account.
Withdrawals from the Class C Reserve Account will be made as follows: 
  
 (a) Payments of Interest. If the amount on deposit in the Interest Funding sub-Account for the Class C Notes is insufficient to pay in full the amounts for which withdrawals are required under Section 3.12 with respect to the
Class C Notes, on the Transfer Date immediately preceding the related Interest Payment Date, an amount equal to that deficiency will be withdrawn from the Class C Reserve Account and deposited into the Interest Funding sub-Account for the Class C
Notes. 
  
 (b) Payments of Principal. If the amount on
deposit in the Principal Funding sub-Account for the Class C Notes is insufficient to pay in full the amounts for which withdrawals are required under Section 3.13 with respect to the Class C Notes, an amount equal to that deficiency
will be withdrawn from the Class C Reserve Account and deposited into the Principal Funding sub-Account for the Class C Notes on the Transfer Date before the date of the applicable withdrawal required pursuant to Section 3.13. 
  
 (c) Withdrawal of Excess Amounts. If on any Transfer Date with respect
to which the Class C Notes have not been accelerated, the amount on deposit in the Class C Reserve Account exceeds the Class C Required Reserve Account Amount, the amount of such excess will be withdrawn from the Class C Reserve Account and paid to
the Issuer. Upon payment in full of the Class C Notes, any amount on deposit in the Class C Reserve Account will be applied in accordance with the preceding sentence. 
  

 22 

 Section 3.18. Targeted Deposits to the Accumulation Reserve Account. The aggregate deposit
targeted to be made to the Accumulation Reserve Account with respect to each Monthly Period is an amount equal to the Required Accumulation Reserve Account Amount. Amounts withdrawn from the Accumulation Reserve Account are not required to be
replenished with Series 2004-1 Available Funds pursuant to Section 3.01(e). 
  
 Section 3.19. Withdrawals from the Accumulation Reserve Account. On or before each Transfer Date with respect to the Controlled Accumulation Period, the Issuer shall calculate (i) prior to the payment in full
of the Class A Nominal Liquidation Amount, the Class A Reserve Draw Amount, (ii) prior to the payment in full of the Class B Nominal Liquidation Amount, the Class B Reserve Draw Amount, and (iii) prior to the payment in full of the Class C Nominal
Liquidation Amount, the Class C Reserve Draw Amount. Withdrawals for any Class of Notes will be made from the Accumulation Reserve Account as specified below. 
  

(a) On each Transfer Date, first, the Class A Reserve Draw Amount, if any, up to the Available Accumulation Reserve Account Amount, second, following
withdrawal of the Class A Reserve Draw Amount, the Class B Reserve Draw Amount, if any, up to any remaining Available Accumulation Reserve Account Amount, and third following withdrawal of the Class A Reserve Draw Amount and the Class B Reserve Draw
Amount, the Class C Reserve Draw Amount, if any, up to any remaining Available Accumulation Reserve Account Amount shall be withdrawn from the Accumulation Reserve Account on such Transfer Date by the Indenture Trustee (acting in accordance with the
instructions of the Administrator) and deposited into the Interest Funding sub-Accounts for the Class A Notes, Class B Notes and Class C Notes, respectively. 
  
 (b) If on any Transfer Date the aggregate amount on deposit in the Accumulation Reserve Account exceeds the Required Accumulation Reserve Account Amount,
the amount of such excess will be withdrawn from the Accumulation Reserve Account and paid to the Issuer. 
  
 (c) On each Transfer Date, all interest and earnings (net of losses and investment expenses) accrued since the preceding Transfer Date on funds on deposit
in the Accumulation Reserve Account shall be retained in the Accumulation Reserve Account (to the extent that the Available Accumulation Reserve Account Amount is less than the Required Accumulation Reserve Account Amount) and the balance, if any,
shall be included in Series 2004-1 Available Funds for such Transfer Date. For purposes of determining the availability of funds or the balance in the Accumulation Reserve Account for any reason under this Series Supplement, except as otherwise
provided in the preceding sentence, investment earnings on such funds shall be deemed not to be available or on deposit. 
  
 Section 3.20. Computation of Interest. 
  
 (a) Interest on the Notes will be calculated on the basis of a 360-day year for the actual number of days elapsed. 
  
 (b) Interest for any period will be calculated from and including the first
day of such period, to but excluding the last day of such period. 
  

 23 

 Section 3.21. Calculation Agent; Determination of LIBOR. 
  
 (a) The Issuer hereby agrees that for so long as any Class A Notes, Class B
Notes or Class C Notes are Outstanding, there shall at all times be an agent appointed to calculate LIBOR for each Interest Period (the “Calculation Agent”). The Issuer hereby initially appoints the Indenture Trustee as the
Calculation Agent for purposes of determining LIBOR for each Interest Period. The Calculation Agent may be removed by the Issuer at any time. If the Calculation Agent is unable or unwilling to act as such or is removed by the Issuer, or if the
Calculation Agent fails to determine LIBOR for an Interest Period, the Issuer shall promptly appoint a replacement Calculation Agent that does not control or is not controlled by or under common control with the Issuer or its Affiliates. The
Calculation Agent may not resign its duties, and the Issuer may not remove the Calculation Agent, without a successor having been duly appointed. 
  
 (b) On each LIBOR Determination Date, the Calculation Agent shall determine LIBOR on the basis of the rate for deposits in United States dollars for a
period equal to the relevant Interest Period (commencing on the first day of such Interest Period), which appears on Telerate Page 3750 as of 11:00 a.m., London time, on such date (or such other source from which the Calculation Agent customarily
obtains London interbank offered rates for deposits in United States dollars). If such rate does not appear on Telerate Page 3750 or such other source, the rate for that LIBOR Determination Date shall be determined on the basis of the rates at which
deposits in United States dollars are offered by the Reference Banks at approximately 11:00 a.m., London time, on that day to prime banks in the London interbank market for a period equal to the relevant Interest Period (commencing on the first day
of such Interest Period). The Calculation Agent shall request the principal London office of each of the Reference Banks to provide a quotation of its rate. If at least two such quotations are provided, the rate for that LIBOR Determination Date
shall be the arithmetic mean of the quotations. If fewer than two quotations are provided as requested, the rate for that LIBOR Determination Date will be the arithmetic mean of the rates quoted by major banks in New York City, selected by the
Beneficiary, at approximately 11:00 a.m., New York City time, on that day for loans in United States dollars to leading European banks for a period equal to the relevant Interest Period (commencing on the first day of such Interest Period).

  
 (c) The Class A Interest Rate, Class B Interest Rate and Class
C Interest Rate applicable to the then current and the immediately preceding Interest Periods may be obtained by telephoning the Indenture Trustee at the Corporate Trust Office at 1-800-344-5128 or such other telephone number as shall be designated
by the Indenture Trustee for such purpose by prior written notice by the Indenture Trustee to each Noteholder from time to time. 
  
 (d) On each LIBOR Determination Date, the Calculation Agent shall send to the Indenture Trustee and the Issuer, by facsimile transmission, notification of
LIBOR for the following Interest Period. 
  
 Section 3.22.
Payments of Interest and Principal. 
  
 (a) Any installment
of interest or principal, if any, payable on any Note which is punctually paid or duly provided for by the Issuer and the Indenture Trustee on the applicable Interest Payment Date or Principal Payment Date shall be paid by the Paying Agent to the
Person 

  

 24 

 
in whose name such Note (or one or more Predecessor Notes) is registered on the Record Date, by wire transfer of immediately available funds to such
Person’s account as has been designated by written instructions received by the Paying Agent from such Person not later than the close of business on the third Business Day preceding the date of payment or, if no such account has been so
designated, by check mailed first-class, postage prepaid to such Person’s address as it appears on the Note Register on such Record Date, except that with respect to Notes registered on the Record Date in the name of the nominee of Cede &
Co., payment shall be made by wire transfer in immediately available funds to the account designated by such nominee. 
  
 (b) The right of the Noteholders to receive payments from the Issuer will terminate on the first Business Day following the Series 2004-1 Termination
Date. 
  
 Section 3.23. Monthly Noteholder Report. All
deposits, withdrawals or payments to be made by the Indenture Trustee pursuant to this Article III shall be made based solely on the applicable Monthly Noteholder Report or the written notice of the Issuer. 
  
 [END OF ARTICLE III] 
  

 25 

 ARTICLE IV 
  
 Early Redemption of Notes 
  
 Section 4.01. Early Redemption Events. In addition to the events identified as Early Redemption Events in Section 12.01 of the Indenture,
if: 
  
 (a) the average Portfolio Yield for any three consecutive
Monthly Periods is reduced to a rate which is less than the average Base Rate for such period; or 
  
 (b) the Nominal Liquidation Amount of either the Class A Notes, the Class B Notes or the Class C Notes shall not have been reduced to zero on the
respective Expected Payment Date; 
  
 an “Early Redemption Event” with
respect to the Series 2004-1 Notes shall be deemed to have occurred. 
  
 [END OF ARTICLE IV] 
  

 26 

 ARTICLE V 
  
 Accounts and Investments 
  
 Section 5.01. Accounts. 
  
 (a) On or before the Closing Date, the Indenture Trustee will cause to be established and maintained four Qualified Accounts denominated as follows: the
“Interest Funding Account,” the “Principal Funding Account,” the “Accumulation Reserve Account” and the “Class C Reserve Account” in the name of the Indenture Trustee,
bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Series 2004-1 Noteholders (or, in the case of the Class C Reserve Account, for the benefit of the Class C Noteholders). The Interest Funding
Account, the Principal Funding Account, the Accumulation Reserve Account and the Class C Reserve Account constitute Supplemental Accounts and shall be under the sole dominion and control of the Indenture Trustee for the benefit of the Series 2004-1
Noteholders (or, in the case of the Class C Reserve Account, for the benefit of the Class C Noteholders). If, at any time, the institution holding either the Interest Funding Account, the Principal Funding Account, the Accumulation Reserve Account
or the Class C Reserve Account ceases to be a Qualified Institution, the Issuer will within ten (10) Business Days (or such longer period, not to exceed thirty (30) calendar days, as to which each Note Rating Agency may consent) establish a new
Interest Funding Account, Principal Funding Account, Accumulation Reserve Account or Class C Reserve Account, as the case may be, that is a Qualified Account and shall transfer any cash and/or investments to such new Interest Funding Account,
Principal Funding Account, Accumulation Reserve Account or Class C Reserve Account, as the case may be. From the date such new Interest Funding Account, Principal Funding Account, Accumulation Reserve Account or Class C Reserve Account is
established, it will be the “Interest Funding Account,” “Principal Funding Account,” “Accumulation Reserve Account” or “Class C Reserve Account,” as the case may be. Each Class of Notes will have its own
sub-Account within the Interest Funding Account and the Principal Funding Account. The Interest Funding Account, the Principal Funding Account, the Accumulation Reserve Account and the Class C Reserve Account will receive deposits pursuant to
Article III. 
  
 (b) On the Closing Date, the Issuer shall
deposit $2,791,875 into the Class C Reserve Account. 
  
 (c) All
payments to be made from time to time by the Indenture Trustee to Noteholders-out of funds in the Interest Funding Account, the Principal Funding Account, the Accumulation Reserve Account or the Class C Reserve Account pursuant to this Indenture
Supplement will be made by the Indenture Trustee to the Paying Agent not later than 12:00 noon on the applicable Interest Payment Date or Principal Payment Date but only to the extent of available funds in the applicable sub-Account or as otherwise
provided in Article III. 
  
 (d) On each Transfer Date, all
interest and earnings (net of losses and investment expenses) accrued since the preceding Transfer Date on funds on deposit in the Class C Reserve Account will be retained in the Class C Reserve Account (to the extent that the sum of the amount on
deposit in the Class C Reserve Account with respect to the related Monthly Period is 

  

 27 

 
less than the Class C Required Reserve Account Amount for that Monthly Period) and the excess, if any, will be paid to the Issuer. 
  
 [END OF ARTICLE V] 
  

 28 

 IN WITNESS WHEREOF, the parties hereto have caused this Indenture Supplement to be duly executed, and
their respective corporate seals to be hereunto affixed and attested, all as of the day and year first above written. 
  

			
	 MELLON BANK PFL MASTER NOTE TRUST,

		
	 By:
	 	Mellon Bank, N.A., as Administrator
		
	By:	 	/s/    LEO Y. AU        
	 Name:
	 	Leo Y. Au
	 Title:
	 	Attorney-in-fact

  

			
	 WELLS FARGO BANK, N.A., as Indenture Trustee
 and not in its individual capacity

		
	By:	 	/s/    JOE NARDI        
	 Name:
	 	Joe Nardi
	 Title:
	 	Vice President

  

 29 

					
	 STATE OF                         
	  	)	  	 
	 	  	)	  	       ss:

	 COUNTY OF                     
	  	)	  	 

  
 On this
            day of             , 200_, before me personally came
            , a              of             , to
me known to be the person described in and who executed the foregoing instrument, and duly acknowledged that [he] [she] executed the same for the purposes therein contained, and acknowledged the same to be [his][her] free act and deed. 

 

	
	
	  
	 Name

	
	  
	 [Notarial Seal]

  

 30 

					
	 STATE OF                         
	  	)	  	 
	 	  	)	  	       ss:

	 COUNTY OF                     
	  	)	  	 

  
 On
[            ], [            ], before me personally came
[            ], to me known, who, being by me duly sworn, did depose and say that [he] [she] is of Wells Fargo Bank, N.A., one of the parties described in and which executed the
above instrument; that [he][she] knows the corporate seal of said corporation; that the seal affixed to that instrument is such corporate seal; that it was affixed by authority of the board of directors of the corporation; and that [he][she] signed
his name thereto by like authority. 
  

	
	
	  
	 Name

	
	  
	 [Notarial Seal]

  

 31 

 INDENTURE SUPPLEMENT 
 EXHIBIT A-1 
  
 [FORM
OF] CLASS A NOTE 
  
 [UNLESS THIS NOTE IS PRESENTED BY AN
AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR TO
SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.] 
  
 THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF COVENANTS AND AGREES THAT IT WILL NOT AT ANY TIME INSTITUTE AGAINST THE ISSUER, THE TRANSFEROR OR THE
MASTER TRUST, OR JOIN IN ANY INSTITUTION AGAINST THE ISSUER, THE TRANSFEROR OR THE MASTER TRUST, OF, ANY BANKRUPTCY PROCEEDINGS UNDER ANY UNITED STATES FEDERAL OR STATE BANKRUPTCY OR SIMILAR LAW IN CONNECTION WITH ANY OBLIGATIONS RELATING TO THE
NOTES OR THE INDENTURE. 
  
 THE HOLDER OF THIS NOTE, BY ACCEPTANCE
OF THIS NOTE, AND EACH HOLDER OF A BENEFICIAL INTEREST IN THIS NOTE, BY THE ACQUISITION OF A BENEFICIAL INTEREST THEREIN, AGREE TO TREAT THE NOTES AS INDEBTEDNESS OF THE TRANSFEROR. FOR APPLICABLE FEDERAL, STATE, AND LOCAL INCOME AND FRANCHISE TAX
LAW AND FOR PURPOSES OF ANY OTHER TAX IMPOSED ON OR MEASURED BY INCOME. 
  

 A-1-1 

			
	 REGISTERED
	  	up to
$                            *
	 No.         
	  	CUSIP NO.58550KAA5

  
 MELLON BANK PFL MASTER
NOTE TRUST 
  
 Floating Rate 
  
 SERIES 2004-1 CLASS A NOTE 
  
 Mellon Bank PFL Master Note Trust, a statutory trust created under the laws
of the State of Delaware (herein referred to as the “Issuer”), for value received, hereby promises to pay to CEDE & CO., or registered assigns, subject to the following provisions, a principal sum of
                         payable on the June 2007 Payment Date (the “Expected Principal Payment Date”),
except as otherwise provided below or in the Indenture; provided, however, that the entire unpaid principal amount of this Note shall be due and payable on the June 2009 Payment Date (the “Legal Maturity Date”).
Interest will accrue on this Note at the rate of LIBOR plus 0.16% per annum and shall be due and payable on each Interest Payment Date from the Interest Payment Date in the related Monthly Period (or, in the case of the first Transfer Date, from the
date of issuance of this Note) to but excluding the first Interest Payment Date after the end of that Monthly Period. Interest will be computed on the basis of a 360-day year and the actual number of days elapsed. Such principal of and interest on
this Note shall be paid in the manner specified on the reverse hereof. 
  
 The principal of and interest on this Note are payable in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. All payments made by the Issuer with respect
to this Note shall be applied first to interest due and payable on this Note as provided above and then to the unpaid principal of this Note. 
  
 Reference is made to the further provisions of this Note set forth on the reverse hereof, which shall have the same effect as though fully set forth on
the face of this Note. 
  
 Unless the certificate of
authentication hereon has been executed by the Indenture Trustee whose name appears below by manual signature, this Note shall not be entitled to any benefit under the Indenture referred to on the reverse hereof, or be valid or obligatory for any
purpose. 

	*	Denominations of $100,000 and in integral multiples of $1,000 in excess thereof. 

  

 A-1-2 

 IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed, manually or in facsimile, by its Authorized
Officer. 
  

			
	 MELLON BANK PFL MASTER NOTE TRUST,
as Issuer

		
	By:	 	 Mellon Bank, N.A., as Administrator

		
	By:	 	 
	Name:	 	 
	 Title:
	 	 
		
	 Date:
	 	                                     
        , 2004

  

 A-1-3 

 INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION 
  
 This is one of the Notes designated above and referred to in the
within-mentioned Indenture. 
  

			
	 WELLS FARGO BANK, N.A., not in its individual capacity but solely as Indenture Trustee

		
	By:	 	 
	Name:	 	 
	 Title:
	 	 
		
	 Date:
	 	                                     ,
2004

  

 A-1-4 

 [REVERSE OF NOTE] 
  
 This Note is one of the Notes of a duly authorized issue of Notes of the Issuer, designated as its Series 2004-1 Notes
(herein called the “Notes”), all issued under an Indenture dated as of June 24, 2004 (such indenture, as supplemented or amended, is herein called the “Indenture”), as supplemented by an Indenture Supplement
dated as of June 24, 2004 (the “Indenture Supplement”), between the Issuer and Wells Fargo Bank, N.A., as indenture trustee (the “Indenture Trustee”, which term includes any successor Indenture Trustee under the
Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the Holders of the Notes. The Notes are
subject to all terms of the Indenture. All terms used in this Note that are defined in the Indenture, as supplemented or amended, shall have the meanings assigned to them in or pursuant to the Indenture, as so supplemented or amended. 
  
 The Class B Notes, the Class C Notes and the Class D Notes also will be
issued under the Indenture. 
  
 The Notes are and will be equally
and ratably secured by the collateral pledged as security therefor as provided in the Indenture. 
  
 Principal of the Notes will be payable on the Expected Principal Payment Date in an amount described on the face hereof. 
  
 As described above, the entire unpaid principal amount of this Note shall be
due and payable on the Legal Maturity Date. Notwithstanding the foregoing, the entire unpaid principal amount of the Notes shall be due and payable on the date on which an Event of Default relating solely to the non-payment of interest on the Notes
shall have occurred and be continuing and the Indenture Trustee or the Holders of the Notes representing not less than a majority of the Outstanding Amount of the Notes have declared the Notes to be immediately due and payable in the manner provided
in Section 7.02 of the Indenture; provided, however, that such acceleration of the entire unpaid principal amount of the Notes may be rescinded by the holders of not less than a majority of the Outstanding Amount of the Notes.
All principal payments on the Notes shall be made pro rata to the Noteholders entitled thereto. 
  
 On any day occurring on or after the date on which the aggregate Nominal Liquidation Amount of any Class of Notes is reduced to less than 10% of its
Initial Dollar Principal Amount, the Issuer has the right, but not the obligation, to redeem such Class of Notes in whole but not in part, pursuant to Section 12.02 of the Indenture. The redemption price will be an amount equal to the
Outstanding principal amount of such Class, plus interest accrued and unpaid or principal accreted and unpaid on such Class to but excluding the date of redemption. 
  
 Subject to the terms and conditions of the Indenture, the Beneficiary, on behalf of the Trust, may from time to time issue,
or direct the Owner Trustee, on behalf of the Trust, to issue, one or more series or Classes of Notes. 
  

 A-1-5 

 On each Payment Date, the Paying Agent shall distribute to each Class A Noteholder of record on the
related Record Date (except for the final distribution with respect to this Note) such Class A Noteholder’s pro rata share of the amounts held by the Paying Agent that are allocated and available on such Payment Date to pay interest and
principal on the Class A Notes. Final payments of this Note will be made only upon presentation and surrender of this Note at the office or offices therein specified. 
  
 [Payments of interest on this Note due and payable on each Payment Date, together with the installment of principal, if any,
to the extent not in full payment of this Note, shall be made by check mailed to the Person whose name appears as the Registered Holder of this Note (or one or more Predecessor Notes) on the Note Register as of the close of business on each Record
Date, except that with respect to Notes registered on the Record Date in the name of the nominee of the clearing agency (initially, such nominee to be Cede & Co.), payments will be made by wire transfer in immediately available funds to the
account designated by such nominee. Such checks shall be mailed to the Person entitled thereto at the address of such Person as it appears on the Note Register as of the applicable Record Date without requiring that this Note be submitted for
notation of payment. Any reduction in the principal amount of this Note (or any one or more Predecessor Notes) effected by any payments made on any Payment Date shall be binding upon all future Holders of this Note and of any Note issued upon the
registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. If funds are expected to be available, as provided in the Indenture, for payment in full of the then remaining unpaid principal amount of this Note
on a Payment Date, then the Indenture Trustee, in the name of and on behalf of the Issuer, will notify the Person who was the Registered Holder hereof as of the Record Date preceding such Payment Date by notice mailed within five days of such
Payment Date and the amount then due and payable shall be payable only upon presentation and surrender of this Note at the Indenture Trustee’s principal Corporate Trust Office or at the office of the Indenture Trustee’s agent appointed for
such purposes located in the City of New York. On any payment of interest or principal being made, details of such payment shall be entered by the Indenture Trustee on behalf of the Issuer in Schedule A hereto.] 
  
 [As provided in the Indenture and subject to certain limitations set forth
therein, the transfer of this Note may be registered on the Note Register upon surrender of this Note for registration of transfer at the office or agency designated by the Issuer pursuant to the Indenture, duly endorsed by, or accompanied by a
written instrument of transfer in form satisfactory to the Indenture Trustee duly executed by, the Holder hereof or his attorney duly authorized in writing, with such signature guaranteed by a commercial bank or trust company located, or having a
correspondent located, in the City of New York or the city in which the Corporate Trust Office is located, or a member firm of a national securities exchange, and such other documents as the Indenture Trustee may require, and thereupon one or more
new Notes of authorized denominations and in the same aggregate principal amount will be issued to the designated transferee or transferees. No service charge will be charged for any registration of transfer or exchange of this Note, but the
transferor may be required to pay a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any such registration of transfer or exchange.] 
  
 Each Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note,
shall be deemed to have represented that such Person 

  

 A-1-6 

 
either (i) is not acquiring the Note for, or on behalf of, a Benefit Plan, or (ii) is acquiring the Note for, or on behalf of, a Benefit Plan and its
acquisition and holding of such Note will (x) not result in a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code which is not covered by PTCE 84-14, PTCE 90-1, PTCE 91-38, PTCE 95-60, PTCE 96-23 or some other
applicable exemption and (y) will not cause a non-exempt violation of any substantially similar applicable law. 
  
 Each Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees that no
recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Owner Trustee or the Indenture Trustee on the Notes or under the Indenture or any certificate or other writing delivered in connection therewith,
against (i) the Indenture Trustee or the Owner Trustee in its individual capacity, (ii) any owner of a beneficial interest in the Issuer or (iii) any partner, owner, beneficiary, agent, officer, director or employee of the Indenture Trustee or the
Owner Trustee in its individual capacity, any holder of a beneficial interest in the Issuer, the Owner Trustee or the Indenture Trustee or of any successor or assign of the Indenture Trustee or the Owner Trustee in its individual capacity, except as
any such Person may have expressly agreed and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay
any installment or call owing to such entity. 
  
 Each Noteholder
or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees that by accepting the benefits of the Indenture that such Noteholder that it will not at any time institute against the
Transferor, the Master Trust or the Issuer, or join in any institution against the Transferor the Master Trust or the Issuer of, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other proceedings under any
United States Federal or state bankruptcy or similar law in connection with any obligations relating to the Notes, the Indenture or any Derivative Agreement. 
  
 Prior to the due presentment for registration of transfer of this Note, the Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture
Trustee may treat the Person in whose name this Note (as of the day of determination or as of such other date as may be specified in the Indenture) is registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither
the Issuer, the Indenture Trustee nor any such agent shall be affected by notice to the contrary. 
  
 The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Issuer
and the rights of the Holders of the Notes under the Indenture at any time by the Issuer with the consent of the Holders of Notes representing not less than a majority of the Outstanding Amount of all Notes at the time Outstanding. The Indenture
also contains provisions permitting the Holders of Notes representing specified percentages of the Outstanding Amount of the Notes, on behalf of the Holders of all the Notes, to waive compliance by the Issuer with certain provisions of the Indenture
and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Note (or any one of more Predecessor Notes) shall be conclusive and binding upon such Holder and upon all future Holders of this
Note and of any Note issued 

  

 A-1-7 

 
upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Note.
The Indenture also permits the Indenture Trustee to amend or waive certain terms and conditions set forth in the Indenture without the consent of Holders of the Notes issued thereunder. 
  
 The term “Issuer” as used in this Note includes any successor to the Issuer under the Indenture.

  
 The Issuer is permitted by the Indenture, under certain
circumstances, to merge or consolidate, subject to the rights of the Indenture Trustee and the Holders of Notes under the Indenture. 
  
 The Notes are issuable only in registered form in denominations as provided in the Indenture, subject to certain limitations therein set forth.

  
 THIS NOTE AND THE INDENTURE WILL BE CONSTRUED IN ACCORDANCE
WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS (OTHER THAN SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW) AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE
DETERMINED IN ACCORDANCE WITH SUCH LAWS. 
  
 No reference herein
to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Issuer, which is absolute and unconditional, to pay the principal of and interest on this Note at the times, place, and rate, and in the
coin or currency herein prescribed. 
  
 No recourse may be taken,
directly or indirectly, with respect to the obligations of the Issuer on the Notes or under the Indenture or any certificate or other writing delivered in connection herewith or therewith, against (i) the Owner Trustee in its individual capacity,
(ii) any owner of a beneficial interest in the Issuer or (iii) any partner, owner, beneficiary, agent, officer, director, employee or agent of the Owner Trustee in its individual capacity, any holder of a beneficial interest in the Issuer or the
Owner Trustee or of any successor or assign of the Owner Trustee in its individual capacity, except as any such Person may have expressly agreed (it being understood that the Owner Trustee has no such obligations in its individual capacity). The
Holder of this Note by the acceptance hereof agrees that, except as expressly provided in the Indenture and the Indenture Supplement in the case of an Event of Default under the Indenture, the Holder shall have no claim against any of the foregoing
for any deficiency, loss or claim therefrom; provided, however, that nothing contained herein shall be taken to prevent recourse to, and enforcement against, the assets of the Issuer for any and all liabilities, obligations and
undertakings contained in the Indenture or in this Note. 
  

 A-1-8 

 ASSIGNMENT 
  

Social Security or taxpayer I.D. or other identifying number of assignee 
  
 _________________ 
  
 FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto 
  
 (name and address of assignee) 
  
 the within Note
and all rights thereunder, and hereby irrevocably constitutes and appoints attorney, to transfer said Note on the books kept for registration thereof, with full power of substitution in the premises. 
  

									
					
	 Dated:
	 	 	 	 	 	 	 	*
					
	 	 	 	 	 	 	 	 	Signature Guaranteed:

	*	NOTE: The signature to this assignment must correspond with the name registered owner as it appears on the face of the within Note in every particular, without alteration,
enlargement or any change whatsoever. 

  

 A-1-9 

 SCHEDULE A 
  

PART I 
  
 INTEREST PAYMENTS 
  

									
	 Interest
Payment Date

	  	Date of Payment

	  	Total Amount of
Interest Payable

	  	Amount of Interest Paid

	  	Confirmation of
payment by or on
behalf of the Trust

	 First
	  	_________________	  	_________________	  	_________________	  	_________________
	 Second
	  	_________________	  	_________________	  	_________________	  	_________________

  
 [continue numbering until the
appropriate number of interest payment dates for the Notes is reached] 
  

 A-1-10 

 PART II 
  
 PRINCIPAL PAYMENTS 
  

							
	 Date of Payment

	  	Total Amount Payable

	  	Total Amount Paid

	  	Confirmation of payment by
or on behalf of the Trust

	_________________	  	_________________	  	_________________	  	_________________
	_________________	  	_________________	  	_________________	  	_________________

  

							
	 Date of Payment

	  	Total Amount Payable

	  	Total Amount Paid

	  	Confirmation of payment by
or on behalf of the Trust

	_________________	  	_________________	  	_________________	  	_________________
	_________________	  	_________________	  	_________________	  	_________________

  
 [continue numbering until the
appropriate number of installment dates for the Notes is reached] 
  

 A-1-11 

 EXHIBIT A-2 
  
 [FORM OF] CLASS B NOTE 
  
 [UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR
ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR TO SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.] 
  
 THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF
COVENANTS AND AGREES THAT IT WILL NOT AT ANY TIME INSTITUTE AGAINST THE ISSUER, THE TRANSFEROR OR THE MASTER TRUST, OR JOIN IN ANY INSTITUTION AGAINST THE ISSUER, THE TRANSFEROR OR THE MASTER TRUST, OF, ANY BANKRUPTCY PROCEEDINGS UNDER ANY UNITED
STATES FEDERAL OR STATE BANKRUPTCY OR SIMILAR LAW IN CONNECTION WITH ANY OBLIGATIONS RELATING TO THE NOTES OR THE INDENTURE. 
  
 THE HOLDER OF THIS NOTE, BY ACCEPTANCE OF THIS NOTE, AND EACH HOLDER OF A BENEFICIAL INTEREST IN THIS NOTE, BY THE ACQUISITION OF A BENEFICIAL INTEREST
THEREIN, AGREE TO TREAT THE NOTES AS INDEBTEDNESS OF THE TRANSFEROR FOR APPLICABLE FEDERAL, STATE, AND LOCAL INCOME AND FRANCHISE TAX LAW AND FOR PURPOSES OF ANY OTHER TAX IMPOSED ON OR MEASURED BY INCOME. 
  

 A-2-1 

			
	REGISTERED	  	up to $            *
	No.         	  	CUSIP NO.58550KAB3

  
 MELLON BANK PFL MASTER
NOTE TRUST 
  
 Floating Rate 
  
 SERIES 2004-1 CLASS B NOTE 
  
 Mellon Bank PFL Master Note Trust, a statutory trust created under the laws
of the State of Delaware (herein referred to as the “Issuer”), for value received, hereby promises to pay to CEDE & CO., or registered assigns, subject to the following provisions, a principal sum of
                     payable on the June 2007 Payment Date (the “Expected Principal Payment Date”), except as otherwise
provided below or in the Indenture; provided, however, that the entire unpaid principal amount of this Note shall be due and payable on the June 2009 Payment Date (the “Legal Maturity Date”). Interest will accrue on
this Note at the rate of LIBOR plus 0.42% per annum and shall be due and payable on each Interest Payment Date from the Interest Payment Date in the related Monthly Period (or, in the case of the first Transfer Date, from the date of issuance of
this Note) to but excluding the first Interest Payment Date after the end of that Monthly Period. Interest will be computed on the basis of a 360-day year and the actual number of days elapsed. Such principal of and interest on this Note shall be
paid in the manner specified on the reverse hereof. 
  
 The
principal of and interest on this Note are payable in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. All payments made by the Issuer with respect to this Note
shall be applied first to interest due and payable on this Note as provided above and then to the unpaid principal of this Note. 
  
 Reference is made to the further provisions of this Note set forth on the reverse hereof, which shall have the same effect as though fully set forth on
the face of this Note. 
  
 Unless the certificate of
authentication hereon has been executed by the Indenture Trustee whose name appears below by manual signature, this Note shall not be entitled to any benefit under the Indenture referred to on the reverse hereof, or be valid or obligatory for any
purpose. 

	*	Denominations of $100,000 and in integral multiples of $1,000 in excess thereof. 

  

 A-2-2 

 IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed, manually or in facsimile, by its
Authorized Officer. 
  

			
	 MELLON BANK PFL MASTER NOTE TRUST,
as Issuer

		
	 By:
	 	 Mellon Bank, N.A., as Administrator

		
	By:	 	 
	 Name:
	 	 
	 Title:
	 	 
		
	 Date:
	 	                     
    , 2004

  

 A-2-3 

 INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION 
  
 This is one of the Notes designated above and referred to in the
within-mentioned Indenture. 
  

			
	 WELLS FARGO BANK, N.A., not in its individual capacity but solely as Indenture Trustee

		
	By:	 	 
	 Name:
	 	 
	 Title:
	 	 
		
	 Date:
	 	                         , 2004

  

 A-2-4 

 [REVERSE OF NOTE] 
  
 This Note is one of the Notes of a duly authorized issue of Notes of the Issuer, designated as its Series 2004-1 Notes
(herein called the “Notes”), all issued under an Indenture dated as of June 24, 2004 (such indenture, as supplemented or amended, is herein called the “Indenture”), as supplemented by an Indenture Supplement dated
as of June 24, 2004 (the “Indenture Supplement”), between the Issuer and Wells Fargo Bank, N.A., as indenture trustee (the “Indenture Trustee”, which term includes any successor Indenture Trustee under the
Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the Holders of the Notes. The Notes are
subject to all terms of the Indenture. All terms used in this Note that are defined in the Indenture, as supplemented or amended, shall have the meanings assigned to them in or pursuant to the Indenture, as so supplemented or amended. 
  
 The Class A Notes, the Class C Notes and the Class D Notes also will be
issued under the Indenture. 
  
 The Notes are and will be equally
and ratably secured by the collateral pledged as security therefor as provided in the Indenture. 
  
 Principal of the Notes will be payable on the Expected Principal Payment Date in an amount described on the face hereof. 
  
 As described above, the entire unpaid principal amount of this Note shall be
due and payable on the Legal Maturity Date. Notwithstanding the foregoing, the entire unpaid principal amount of the Notes shall be due and payable on the date on which an Event of Default relating solely to the non-payment of interest on the Notes
shall have occurred and be continuing and the Indenture Trustee or the Holders of the Notes representing not less than a majority of the Outstanding Amount of the Notes have declared the Notes to be immediately due and payable in the manner provided
in Section 7.02 of the Indenture; provided, however, that such acceleration of the entire unpaid principal amount of the Notes may be rescinded by the holders of not less than a majority of the Outstanding Amount of the Notes.
All principal payments on the Notes shall be made pro rata to the Noteholders entitled thereto. 
  
 On any day occurring on or after the date on which the aggregate Nominal Liquidation Amount of any Class of Notes is reduced to less than 10% of its
Initial Dollar Principal Amount, the Issuer has the right, but not the obligation, to redeem such Class of Notes in whole but not in part, pursuant to Section 12.02 of the Indenture. The redemption price will be an amount equal to the
Outstanding principal amount of such Class, plus interest accrued and unpaid or principal accreted and unpaid on such Class to but excluding the date of redemption. 
  
 Subject to the terms and conditions of the Indenture, the Beneficiary, on behalf of the Trust, may from time to time issue,
or direct the Owner Trustee, on behalf of the Trust, to issue, one or more series or Classes of Notes. 
  

 A-2-5 

 On each Payment Date, the Paying Agent shall distribute to each Class B Noteholder of record on the
related Record Date (except for the final distribution with respect to this Note) such Class B Noteholder’s pro rata share of the amounts held by the Paying Agent that are allocated and available on such Payment Date to pay interest and
principal on the Class B Notes. Final payments of this Note will be made only upon presentation and surrender of this Note at the office or offices therein specified. 
  
 [Payments of interest on this Note due and payable on each Payment Date, together with the installment of principal, if any,
to the extent not in full payment of this Note, shall be made by check mailed to the Person whose name appears as the Registered Holder of this Note (or one or more Predecessor Notes) on the Note Register as of the close of business on each Record
Date, except that with respect to Notes registered on the Record Date in the name of the nominee of the clearing agency (initially, such nominee to be Cede & Co.), payments will be made by wire transfer in immediately available funds to the
account designated by such nominee. Such checks shall be mailed to the Person entitled thereto at the address of such Person as it appears on the Note Register as of the applicable Record Date without requiring that this Note be submitted for
notation of payment. Any reduction in the principal amount of this Note (or any one or more Predecessor Notes) effected by any payments made on any Payment Date shall be binding upon all future Holders of this Note and of any Note issued upon the
registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. If funds are expected to be available, as provided in the Indenture, for payment in full of the then remaining unpaid principal amount of this Note
on a Payment Date, then the Indenture Trustee, in the name of and on behalf of the Issuer, will notify the Person who was the Registered Holder hereof as of the Record Date preceding such Payment Date by notice mailed within five days of such
Payment Date and the amount then due and payable shall be payable only upon presentation and surrender of this Note at the Indenture Trustee’s principal Corporate Trust Office or at the office of the Indenture Trustee’s agent appointed for
such purposes located in the City of New York. On any payment of interest or principal being made, details of such payment shall be entered by the Indenture Trustee on behalf of the Issuer in Schedule A hereto.] 
  
 [As provided in the Indenture and subject to certain limitations set forth
therein, the transfer of this Note may be registered on the Note Register upon surrender of this Note for registration of transfer at the office or agency designated by the Issuer pursuant to the Indenture, duly endorsed by, or accompanied by a
written instrument of transfer in form satisfactory to the Indenture Trustee duly executed by, the Holder hereof or his attorney duly authorized in writing, with such signature guaranteed by a commercial bank or trust company located, or having a
correspondent located, in the City of New York or the city in which the Corporate Trust Office is located, or a member firm of a national securities exchange, and such other documents as the Indenture Trustee may require, and thereupon one or more
new Notes of authorized denominations and in the same aggregate principal amount will be issued to the designated transferee or transferees. No service charge will be charged for any registration of transfer or exchange of this Note, but the
transferor may be required to pay a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any such registration of transfer or exchange.] 
  
 Each Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note,
shall be deemed to have represented that such Person 

  

 A-2-6 

 
either (i) is not acquiring the Note for, or on behalf of, a Benefit Plan, or (ii) is acquiring the Note for, or on behalf of, a Benefit Plan and its
acquisition and holding of such Note will (x) not result in a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code which is not covered by PTCE 84-14, PTCE 90-1, PTCE 91-38, PTCE 95-60, PTCE 96-23 or some other
applicable exemption and (y) will not cause a non-exempt violation of any substantially similar applicable law. 
  
 Each Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees that no
recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Owner Trustee or the Indenture Trustee on the Notes or under the Indenture or any certificate or other writing delivered in connection therewith,
against (i) the Indenture Trustee or the Owner Trustee in its individual capacity, (ii) any owner of a beneficial interest in the Issuer or (iii) any partner, owner, beneficiary, agent, officer, director or employee of the Indenture Trustee or the
Owner Trustee in its individual capacity, any holder of a beneficial interest in the Issuer, the Owner Trustee or the Indenture Trustee or of any successor or assign of the Indenture Trustee or the Owner Trustee in its individual capacity, except as
any such Person may have expressly agreed and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay
any installment or call owing to such entity. 
  
 Each Noteholder
or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees that by accepting the benefits of the Indenture that such Noteholder that it will not at any time institute against the
Transferor, the Master Trust or the Issuer, or join in any institution against the Transferor the Master Trust or the Issuer of, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other proceedings under any
United States Federal or state bankruptcy or similar law in connection with any obligations relating to the Notes, the Indenture or any Derivative Agreement. 
  
 Prior to the due presentment for registration of transfer of this Note, the Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture
Trustee may treat the Person in whose name this Note (as of the day of determination or as of such other date as may be specified in the Indenture) is registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither
the Issuer, the Indenture Trustee nor any such agent shall be affected by notice to the contrary. 
  
 The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Issuer
and the rights of the Holders of the Notes under the Indenture at any time by the Issuer with the consent of the Holders of Notes representing not less than a majority of the Outstanding Amount of all Notes at the time Outstanding. The Indenture
also contains provisions permitting the Holders of Notes representing specified percentages of the Outstanding Amount of the Notes, on behalf of the Holders of all the Notes, to waive compliance by the Issuer with certain provisions of the Indenture
and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Note (or any one of more Predecessor Notes) shall be conclusive and binding upon such Holder and upon all future Holders of this
Note and of any Note issued 

  

 A-2-7 

 
upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Note.
The Indenture also permits the Indenture Trustee to amend or waive certain terms and conditions set forth in the Indenture without the consent of Holders of the Notes issued thereunder. 
  
 The term “Issuer” as used in this Note includes any successor to the Issuer under the Indenture.

  
 The Issuer is permitted by the Indenture, under certain
circumstances, to merge or consolidate, subject to the rights of the Indenture Trustee and the Holders of Notes under the Indenture. 
  
 The Notes are issuable only in registered form in denominations as provided in the Indenture, subject to certain limitations therein set forth.

  
 THIS NOTE AND THE INDENTURE WILL BE CONSTRUED IN ACCORDANCE
WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS (OTHER THAN SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW) AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE
DETERMINED IN ACCORDANCE WITH SUCH LAWS. 
  
 No reference herein
to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Issuer, which is absolute and unconditional, to pay the principal of and interest on this Note at the times, place, and rate, and in the
coin or currency herein prescribed. 
  
 No recourse may be taken,
directly or indirectly, with respect to the obligations of the Issuer on the Notes or under the Indenture or any certificate or other writing delivered in connection herewith or therewith, against (i) the Owner Trustee in its individual capacity,
(ii) any owner of a beneficial interest in the Issuer or (iii) any partner, owner, beneficiary, agent, officer, director, employee or agent of the Owner Trustee in its individual capacity, any holder of a beneficial interest in the Issuer or the
Owner Trustee or of any successor or assign of the Owner Trustee in its individual capacity, except as any such Person may have expressly agreed (it being understood that the Owner Trustee has no such obligations in its individual capacity). The
Holder of this Note by the acceptance hereof agrees that, except as expressly provided in the Indenture and the Indenture Supplement in the case of an Event of Default under the Indenture, the Holder shall have no claim against any of the foregoing
for any deficiency, loss or claim therefrom; provided, however, that nothing contained herein shall be taken to prevent recourse to, and enforcement against, the assets of the Issuer for any and all liabilities, obligations and
undertakings contained in the Indenture or in this Note. 
  

 A-2-8 

 ASSIGNMENT 
  

Social Security or taxpayer I.D. or other identifying number of assignee 
  
 ____________________ 
  
 FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto 
  
 (name and address of assignee) 
  
 the within Note
and all rights thereunder, and hereby irrevocably constitutes and appoints attorney, to transfer said Note on the books kept for registration thereof, with full power of substitution in the premises. 
  

									
					
	 Dated:
	 	 	 	 	 	 	 	 *

	 	 	 	 	 	 	Signature Guaranteed:	 	 

	*	NOTE: The signature to this assignment must correspond with the name of the registered owner as it appears on the face of the within Note in every particular, without alteration,
enlargement or any change whatsoever. 

  

 A-2-9 

 SCHEDULE A 
  

PART I 
  
 INTEREST PAYMENTS 
  

									
	     Interest
Payment Date

	  	 Date of
 Payment

	  	 Total Amount
 of Interest
 Payable

	  	 Amount of
 Interest Paid

	  	Confirmation of
payment by or on
behalf of the Trust

	 First
	  	____________________	  	__________________	  	____________________	  	____________________
	 Second
	  	____________________	  	__________________	  	____________________	  	____________________

  
 [continue numbering until the
appropriate number of interest payment dates for the Notes is reached] 
  

 A-2-10 

 PART II 
  
 PRINCIPAL PAYMENTS 
  

							
	 Date of Payment

	  	Total Amount Payable

	  	Total Amount Paid

	  	Confirmation of payment by
or on behalf of the Trust

	 ___________
	  	________________	  	_____________	  	___________________
	 ___________
	  	________________	  	_____________	  	___________________
				
	 Date of Payment

	  	Total Amount Payable

	  	Total Amount Paid

	  	Confirmation of payment by
or on behalf of the Trust

	 ___________
	  	________________	  	_____________	  	___________________
	 ___________
	  	________________	  	_____________	  	___________________

  
 [continue numbering until the
appropriate number of installment dates for the Notes is reached] 
  

 A-2-11 

 EXHIBIT A-3 
  
 [FORM OF] CLASS C NOTE 
  
 [UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR
ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR TO SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.] 
  
 THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF
COVENANTS AND AGREES THAT IT WILL NOT AT ANY TIME INSTITUTE AGAINST THE ISSUER, THE TRANSFEROR OR THE MASTER TRUST, OR JOIN IN ANY INSTITUTION AGAINST THE ISSUER, THE TRANSFEROR OR THE MASTER TRUST, OF, ANY BANKRUPTCY PROCEEDINGS UNDER ANY UNITED
STATES FEDERAL OR STATE BANKRUPTCY OR SIMILAR LAW IN CONNECTION WITH ANY OBLIGATIONS RELATING TO THE NOTES OR THE INDENTURE. 
  
 THE HOLDER OF THIS NOTE, BY ACCEPTANCE OF THIS NOTE, AND EACH HOLDER OF A BENEFICIAL INTEREST IN THIS NOTE, BY THE ACQUISITION OF A BENEFICIAL INTEREST
THEREIN, AGREE TO TREAT THE NOTES AS INDEBTEDNESS OF THE TRANSFEROR FOR APPLICABLE FEDERAL, STATE, AND LOCAL INCOME AND FRANCHISE TAX LAW AND FOR PURPOSES OF ANY OTHER TAX IMPOSED ON OR MEASURED BY INCOME. 
  

 A-3-1 

			
	 REGISTERED
	  	up to $            *
	 No.        
	  	CUSIP NO.58550KAC1

  
 MELLON BANK PFL MASTER
NOTE TRUST 
  
 Floating Rate 
  
 SERIES 2004-1 CLASS C NOTE 
  
 Mellon Bank PFL Master Note Trust, a statutory trust created under the laws
of the State of Delaware (herein referred to as the “Issuer”), for value received, hereby promises to pay to CEDE & CO., or registered assigns, subject to the following provisions, a principal sum of
                     payable on the June 2007 Payment Date (the “Expected Principal Payment Date”), except as otherwise
provided below or in the Indenture; provided, however, that the entire unpaid principal amount of this Note shall be due and payable on June 2009 Payment Date (the “Legal Maturity Date”). Interest will accrue on this
Note at the rate of LIBOR plus 0.77% per annum and shall be due and payable on each Interest Payment Date from the Interest Payment Date in the related Monthly Period (or, in the case of the first Transfer Date, from the date of issuance of this
Note) to but excluding the first Interest Payment Date after the end of that Monthly Period. Interest will be computed on the basis of a 360-day year and the actual number of days elapsed. Such principal of and interest on this Note shall be paid in
the manner specified on the reverse hereof. 
  
 The principal of
and interest on this Note are payable in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. All payments made by the Issuer with respect to this Note shall be
applied first to interest due and payable on this Note as provided above and then to the unpaid principal of this Note. 
  
 Reference is made to the further provisions of this Note set forth on the reverse hereof, which shall have the same effect as though fully set forth on
the face of this Note. 
  
 Unless the certificate of
authentication hereon has been executed by the Indenture Trustee whose name appears below by manual signature, this Note shall not be entitled to any benefit under the Indenture referred to on the reverse hereof, or be valid or obligatory for any
purpose. 

	*	Denominations of $100,000 and in integral multiples of $1,000 in excess thereof. 

  

 A-3-2 

 IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed, manually or in facsimile, by its
Authorized Officer. 
  

			
	 MELLON BANK PFL MASTER NOTE TRUST, as Issuer

		
	 By:
	 	Mellon Bank, N.A., as Administrator
		
	By:	 	 
	 Name:
	 	 
	 Title:
	 	 
	 	 	 
	 Date:
	 	                              , 2004

  

 A-3-3 

 INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION 
  
 This is one of the Notes designated above and referred to in the
within-mentioned Indenture. 
  

			
	 WELLS FARGO BANK, N.A., not in its individual capacity but solely as Indenture Trustee

		
	By:	 	 
	 Name:
	 	 
	 Title:
	 	 
	 	 	 
	 Date:
	 	                     
    , 2004

  

 A-3-4 

 [REVERSE OF NOTE] 
  
 This Note is one of the Notes of a duly authorized issue of Notes of the Issuer, designated as its Series 2004-1 Notes
(herein called the “Notes”), all issued under an Indenture dated as of June 24, 2004 (such indenture, as supplemented or amended, is herein called the “Indenture”), as supplemented by an Indenture Supplement dated
as of June 24, 2004 (the “Indenture Supplement”), between the Issuer and Wells Fargo Bank, N.A., as indenture trustee (the “Indenture Trustee”, which term includes any successor Indenture Trustee under the
Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the Holders of the Notes. The Notes are
subject to all terms of the Indenture. All terms used in this Note that are defined in the Indenture, as supplemented or amended, shall have the meanings assigned to them in or pursuant to the Indenture, as so supplemented or amended. 
  
 The Class A Notes, the Class B Notes and the Class D Notes also will be
issued under the Indenture. 
  
 The Notes are and will be equally
and ratably secured by the collateral pledged as security therefor as provided in the Indenture. 
  
 Principal of the Notes will be payable on the Expected Principal Payment Date in an amount described on the face hereof. 
  
 As described above, the entire unpaid principal amount of this Note shall be
due and payable on the Legal Maturity Date. Notwithstanding the foregoing, the entire unpaid principal amount of the Notes shall be due and payable on the date on which an Event of Default relating solely to the non-payment of interest on the Notes
shall have occurred and be continuing and the Indenture Trustee or the Holders of the Notes representing not less than a majority of the Outstanding Amount of the Notes have declared the Notes to be immediately due and payable in the manner provided
in Section 7.02 of the Indenture; provided, however, that such acceleration of the entire unpaid principal amount of the Notes may be rescinded by the holders of not less than a majority of the Outstanding Amount of the Notes.
All principal payments on the Notes shall be made pro rata to the Noteholders entitled thereto. 
  
 On any day occurring on or after the date on which the aggregate Nominal Liquidation Amount of any Class of Notes is reduced to less than 10% of its
Initial Dollar Principal Amount, the Issuer has the right, but not the obligation, to redeem such Class of Notes in whole but not in part, pursuant to Section 12.02, of the Indenture. The redemption price will be an amount equal to the
Outstanding principal amount of such Class, plus interest accrued and unpaid or principal accreted and unpaid on such Class to but excluding the date of redemption. 
  
 Subject to the terms and conditions of the Indenture, the Beneficiary, on behalf of the Trust, may from time to time issue,
or direct the Owner Trustee, on behalf of the Trust, to issue, one or more series or Classes of Notes. 
  

 A-3-5 

 On each Payment Date, the Paying Agent shall distribute to each Class C Noteholder of record on the
related Record Date (except for the final distribution with respect to this Note) such Class C Noteholder’s pro rata share of the amounts held by the Paying Agent that are allocated and available on such Payment Date to pay interest and
principal on the Class C Notes. Final payments of this Note will be made only upon presentation and surrender of this Note at the office or offices therein specified. 
  
 [Payments of interest on this Note due and payable on each Payment Date, together with the installment of principal, if any,
to the extent not in full payment of this Note, shall be made by check mailed to the Person whose name appears as the Registered Holder of this Note (or one or more Predecessor Notes) on the Note Register as of the close of business on each Record
Date, except that with respect to Notes registered on the Record Date in the name of the nominee of the clearing agency (initially, such nominee to be Cede & Co.), payments will be made by wire transfer in immediately available funds to the
account designated by such nominee. Such checks shall be mailed to the Person entitled thereto at the address of such Person as it appears on the Note Register as of the applicable Record Date without requiring that this Note be submitted for
notation of payment. Any reduction in the principal amount of this Note (or any one or more Predecessor Notes) effected by any payments made on any Payment Date shall be binding upon all future Holders of this Note and of any Note issued upon the
registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. If funds are expected to be available, as provided in the Indenture, for payment in full of the then remaining unpaid principal amount of this Note
on a Payment Date, then the Indenture Trustee, in the name of and on behalf of the Issuer, will notify the Person who was the Registered Holder hereof as of the Record Date preceding such Payment Date by notice mailed within five days of such
Payment Date and the amount then due and payable shall be payable only upon presentation and surrender of this Note at the Indenture Trustee’s principal Corporate Trust Office or at the office of the Indenture Trustee’s agent appointed for
such purposes located in the City of New York. On any payment of interest or principal being made, details of such payment shall be entered by the Indenture Trustee on behalf of the Issuer in Schedule A hereto.] 
  
 [As provided in the Indenture and subject to certain limitations set forth
therein, the transfer of this Note may be registered on the Note Register upon surrender of this Note for registration of transfer at the office or agency designated by the Issuer pursuant to the Indenture, duly endorsed by, or accompanied by a
written instrument of transfer in form satisfactory to the Indenture Trustee duly executed by, the Holder hereof or his attorney duly authorized in writing, with such signature guaranteed by a commercial bank or trust company located, or having a
correspondent located, in the City of New York or the city in which the Corporate Trust Office is located, or a member firm of a national securities exchange, and such other documents as the Indenture Trustee may require, and thereupon one or more
new Notes of authorized denominations and in the same aggregate principal amount will be issued to the designated transferee or transferees. No service charge will be charged for any registration of transfer or exchange of this Note, but the
transferor may be required to pay a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any such registration of transfer or exchange.] 
  
 Each Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note,
shall be deemed to have represented that such Person 

  

 A-3-6 

 
either (i) is not acquiring the Note for, or on behalf of, a Benefit Plan, or (ii) is acquiring the Note for, or on behalf of, a Benefit Plan and its
acquisition and holding of such Note will (x) not result in a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code which is not covered by PTCE 84-14, PTCE 90-1, PTCE 91-38, PTCE 95-60, PTCE 96-23 or some other
applicable exemption and (y) will not cause a non-exempt violation of any substantially similar applicable law. 
  
 Each Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees that no
recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Owner Trustee or the Indenture Trustee on the Notes or under the Indenture or any certificate or other writing delivered in connection therewith,
against (i) the Indenture Trustee or the Owner Trustee in its individual capacity, (ii) any owner of a beneficial interest in the Issuer or (iii) any partner, owner, beneficiary, agent, officer, director or employee of the Indenture Trustee or the
Owner Trustee in its individual capacity, any holder of a beneficial interest in the Issuer, the Owner Trustee or the Indenture Trustee or of any successor or assign of the Indenture Trustee or the Owner Trustee in its individual capacity, except as
any such Person may have expressly agreed and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay
any installment or call owing to such entity. 
  
 Each Noteholder
or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees that by accepting the benefits of the Indenture that such Noteholder that it will not at any time institute against the
Transferor, the Master Trust or the Issuer, or join in any institution against the Transferor the Master Trust or the Issuer of, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other proceedings under any
United States Federal or state bankruptcy or similar law in connection with any obligations relating to the Notes, the Indenture or any Derivative Agreement. 
  
 Prior to the due presentment for registration of transfer of this Note, the Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture
Trustee may treat the Person in whose name this Note (as of the day of determination or as of such other date as may be specified in the Indenture) is registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither
the Issuer, the Indenture Trustee nor any such agent shall be affected by notice to the contrary. 
  
 The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Issuer
and the rights of the Holders of the Notes under the Indenture at any time by the Issuer with the consent of the Holders of Notes representing not less than a majority of the Outstanding Amount of all Notes at the time Outstanding. The Indenture
also contains provisions permitting the Holders of Notes representing specified percentages of the Outstanding Amount of the Notes, on behalf of the Holders of all the Notes, to waive compliance by the Issuer with certain provisions of the Indenture
and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Note (or any one of more Predecessor Notes) shall be conclusive and binding upon such Holder and upon all future Holders of this
Note and of any Note issued 

  

 A-3-7 

 
upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Note.
The Indenture also permits the Indenture Trustee to amend or waive certain terms and conditions set forth in the Indenture without the consent of Holders of the Notes issued thereunder. 
  
 The term “Issuer” as used in this Note includes any successor to the Issuer under the Indenture.

  
 The Issuer is permitted by the Indenture, under certain
circumstances, to merge or consolidate, subject to the rights of the Indenture Trustee and the Holders of Notes under the Indenture. 
  
 The Notes are issuable only in registered form in denominations as provided in the Indenture, subject to certain limitations therein set forth.

  
 THIS NOTE AND THE INDENTURE WILL BE CONSTRUED IN ACCORDANCE
WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS (OTHER THAN SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW) AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE
DETERMINED IN ACCORDANCE WITH SUCH LAWS. 
  
 No reference herein
to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Issuer, which is absolute and unconditional, to pay the principal of and interest on this Note at the times, place, and rate, and in the
coin or currency herein prescribed. 
  
 No recourse may be taken,
directly or indirectly, with respect to the obligations of the Issuer on the Notes or under the Indenture or any certificate or other writing delivered in connection herewith or therewith, against (i) the Owner Trustee in its individual capacity,
(ii) any owner of a beneficial interest in the Issuer or (iii) any partner, owner, beneficiary, agent, officer, director, employee or agent of the Owner Trustee in its individual capacity, any holder of a beneficial interest in the Issuer or the
Owner Trustee or of any successor or assign of the Owner Trustee in its individual capacity, except as any such Person may have expressly agreed (it being understood that the Owner Trustee has no such obligations in its individual capacity). The
Holder of this Note by the acceptance hereof agrees that, except as expressly provided in the Indenture and the Indenture Supplement in the case of an Event of Default under the Indenture, the Holder shall have no claim against any of the foregoing
for any deficiency, loss or claim therefrom; provided, however, that nothing contained herein shall be taken to prevent recourse to, and enforcement against, the assets of the Issuer for any and all liabilities, obligations and
undertakings contained in the Indenture or in this Note. 
  

 A-3-8 

 ASSIGNMENT 
  

Social Security or taxpayer I.D. or other identifying number of assignee 
 _________________ 
  
 FOR VALUE RECEIVED, the undersigned hereby sells,
assigns and transfers unto 
  
 (name and address of assignee) 
  
 the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints
attorney, to transfer said Note on the books kept for registration thereof, with full power of substitution in the premises. 
  

											
						
	Dated:	 	 	 	 	 	 	 	 	 	 *

	 	 	 	 	 	 	 	 	Signature Guaranteed:	 	 

	*	NOTE: The signature to this assignment must correspond with the name of the registered owner as it appears on the face of the within Note in every particular, without alteration,
enlargement or any change whatsoever. 

  

 A-3-9 

 EXHIBIT A-4 
  
 [FORM OF] CLASS D NOTE 
  
 THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF COVENANTS AND AGREES THAT IT WILL NOT AT ANY TIME INSTITUTE AGAINST THE ISSUER, THE TRANSFEROR OR THE
MASTER TRUST, OR JOIN IN ANY INSTITUTION AGAINST THE ISSUER, THE TRANSFEROR OR THE MASTER TRUST, OF, ANY BANKRUPTCY PROCEEDINGS UNDER ANY UNITED STATES FEDERAL OR STATE BANKRUPTCY OR SIMILAR LAW IN CONNECTION WITH ANY OBLIGATIONS RELATING TO THE
NOTES OR THE INDENTURE. 
  

 A-4-1 

			
	 REGISTERED
	  	up to $            *
	 No.        
	  	 

  
 MELLON BANK PFL MASTER
NOTE TRUST 
  
 SERIES 2004-1 CLASS D NOTE 
  
 Mellon Bank PFL Master Note Trust, a statutory trust created under the laws
of the State of Delaware (herein referred to as the “Issuer”), for value received, hereby promises to pay to             , or registered assigns, subject to the
following provisions, a principal sum of                          payable on Principal Payment Date on which the Class A
Notes, the Class B Notes and the Class C Notes are retired in full (the “Expected Principal Payment Date”), except as otherwise provided below or in the Indenture; provided, however, that the entire unpaid principal
amount of this Note shall be due and payable on the June 2009 Payment Date (the “Legal Maturity Date”). Such principal of and interest on this Note shall be paid in the manner specified on the reverse hereof. 
  
 The principal on this Note is payable in such coin or currency of the United
States of America as at the time of payment is legal tender for payment of public and private debts. All payments made by the Issuer with respect to this Note shall be applied to the unpaid principal of this Note. 
  
 Reference is made to the further provisions of this Note set forth on the
reverse hereof, which shall have the same effect as though fully set forth on the face of this Note. 
  
 Unless the certificate of authentication hereon has been executed by the Indenture Trustee whose name appears below by manual signature, this Note shall
not be entitled to any benefit under the Indenture referred to on the reverse hereof, or be valid or obligatory for any purpose. 

	*	Denominations of $100,000 and in integral multiples of $1,000 in excess thereof. 

  

 A-4-2 

 IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed, manually or in facsimile, by its
Authorized Officer. 
  

			
	 MELLON BANK PFL MASTER NOTE TRUST,
     as Issuer

		
	 By:
	 	Mellon Bank, N.A., as Administrator
		
	By:	 	 
	 Name:
	 	 
	 Title:
	 	 
	 	 	 
	 	 	 
	 Date:
	 	                     
    , 2004

  

 A-4-3 

 INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION 
  
 This is one of the Notes designated above and referred to in the
within-mentioned Indenture. 
  

			
	 WELLS FARGO BANK, N.A., not in its individual capacity but solely as Indenture Trustee

		
	By:	 	 
	 Name:
	 	 
	 Title:
	 	 
	 	 	 
	 	 	 
	 	 	 
	 Date:
	 	                     
    , 2004

  

 A-4-4 

 [REVERSE OF NOTE] 
  
 This Note is one of the Notes of a duly authorized issue of Notes of the Issuer, designated as its Series 2004-1 Notes
(herein called the “Notes”), all issued under an Indenture dated as of June 24, 2004 (such indenture, as supplemented or amended, is herein called the “Indenture”), as supplemented by an Indenture Supplement dated
as of June 24, 2004 (the “Indenture Supplement”), between the Issuer and Wells Fargo Bank, N.A., as indenture trustee (the “Indenture Trustee”, which term includes any successor Indenture Trustee under the
Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the Holders of the Notes. The Notes are
subject to all terms of the Indenture. All terms used in this Note that are defined in the Indenture, as supplemented or amended, shall have the meanings assigned to them in or pursuant to the Indenture, as so supplemented or amended. 
  
 The Class A Notes, Class B Notes and Class C Notes also will be issued under
the Indenture. 
  
 The Notes are and will be equally and ratably
secured by the collateral pledged as security therefor as provided in the Indenture. 
  
 Principal of the Notes will be payable on the Expected Principal Payment Date in an amount described on the face hereof. 
  
 As described above, the entire unpaid principal amount of this Note shall be due and payable on the Legal Maturity Date. Notwithstanding the foregoing,
the entire unpaid principal amount of the Notes shall be due and payable on the date on which an Event of Default relating solely to the non-payment of interest on the Notes shall have occurred and be continuing and the Indenture Trustee or the
Holders of the Notes representing not less than a majority of the Outstanding Amount of the Notes have declared the Notes to be immediately due and payable in the manner provided in Section 7.02 of the Indenture; provided,
however, that such acceleration of the entire unpaid principal amount of the Notes may be rescinded by the holders of not less than a majority of the Outstanding Amount of the Notes. All principal payments on the Notes shall be made pro rata
to the Noteholders entitled thereto. 
  
 On any day occurring on
or after the date on which the aggregate Nominal Liquidation Amount of any Class of Notes is reduced to less than 10% of its Initial Dollar Principal Amount, the Issuer has the right, but not the obligation, to redeem such Class of Notes in whole
but not in part, pursuant to Section 12.02, of the Indenture. The redemption price will be an amount equal to the Outstanding principal amount of such Class, plus interest accrued and unpaid or principal accreted and unpaid on such Class to
but excluding the date of redemption. 
  
 Subject to the terms and
conditions of the Indenture, the Beneficiary, on behalf of the Trust, may from time to time issue, or direct the Owner Trustee, on behalf of the Trust, to issue, one or more series or Classes of Notes. 
  

 A-4-5 

 On each Payment Date, the Paying Agent shall distribute to each Class D Noteholder of record on the
related Record Date (except for the final distribution with respect to this Note) such Class D Noteholder’s pro rata share of the amounts held by the Paying Agent that are allocated and available on such Payment Date to pay interest and
principal on the Class D Notes. Final payments of this Note will be made only upon presentation and surrender of this Note at the office or offices therein specified. 
  
 [Payments of interest on this Note due and payable on each Payment Date, together with the installment of principal, if any,
to the extent not in full payment of this Note, shall be made by check mailed to the Person whose name appears as the Registered Holder of this Note (or one or more Predecessor Notes) on the Note Register as of the close of business on each Record
Date, except that with respect to Notes registered on the Record Date in the name of the nominee of the clearing agency (initially, such nominee to be Cede & Co.), payments will be made by wire transfer in immediately available funds to the
account designated by such nominee. Such checks shall be mailed to the Person entitled thereto at the address of such Person as it appears on the Note Register as of the applicable Record Date without requiring that this Note be submitted for
notation of payment. Any reduction in the principal amount of this Note (or any one or more Predecessor Notes) effected by any payments made on any Payment Date shall be binding upon all future Holders of this Note and of any Note issued upon the
registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. If funds are expected to be available, as provided in the Indenture, for payment in full of the then remaining unpaid principal amount of this Note
on a Payment Date, then the Indenture Trustee, in the name of and on behalf of the Issuer, will notify the Person who was the Registered Holder hereof as of the Record Date preceding such Payment Date by notice mailed within five days of such
Payment Date and the amount then due and payable shall be payable only upon presentation and surrender of this Note at the Indenture Trustee’s principal Corporate Trust Office or at the office of the Indenture Trustee’s agent appointed for
such purposes located in the City of New York. On any payment of interest or principal being made, details of such payment shall be entered by the Indenture Trustee on behalf of the Issuer in Schedule A hereto.] 
  
 [As provided in the Indenture and subject to certain limitations set forth
therein, the transfer of this Note may be registered on the Note Register upon surrender of this Note for registration of transfer at the office or agency designated by the Issuer pursuant to the Indenture, duly endorsed by, or accompanied by a
written instrument of transfer in form satisfactory to the Indenture Trustee duly executed by, the Holder hereof or his attorney duly authorized in writing, with such signature guaranteed by a commercial bank or trust company located, or having a
correspondent located, in the City of New York or the city in which the Corporate Trust Office is located, or a member firm of a national securities exchange, and such other documents as the Indenture Trustee may require, and thereupon one or more
new Notes of authorized denominations and in the same aggregate principal amount will be issued to the designated transferee or transferees. No service charge will be charged for any registration of transfer or exchange of this Note, but the
transferor may be required to pay a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any such registration of transfer or exchange.] 
  
 With respect to any prospective owner of a Class D Note, each Noteholder or Note Owner, by acceptance of a Note or, in the
case of a Note Owner, a beneficial interest in a Note, 

  

 A-4-6 

 
shall be deemed to have represented that such Person is not acquiring the Class D Note for, or on behalf of, a Benefit Plan. 
  
 In addition, each purchaser of a Class D Note, by its acceptance hereof,
represents, acknowledges and agrees that: (i) such Noteholder has not acquired and shall not sell, trade or transfer any interest in the Note nor cause any interest in the Note to be marketed, on or through either (a) an “established securities
market” within the meaning of Section 7704(b)(1) of the Code (including an interdealer quotation system that regularly disseminates firm buy or sell quotations by identified brokers or dealers by electronic means or otherwise) or (b) a
“secondary market (or the substantial equivalent thereof)” within the meaning of Section 7704(b)(2) of the Code (including a market wherein interests in such classes of notes are regularly quoted by any person making a market in such
interests and a market wherein any person regularly makes available bid or offer quotes with respect to interests in such classes of notes and stands ready to effect buy or sell transactions at the quoted prices for itself or on behalf of others).

  
 Each Noteholder or Note Owner, by acceptance of a Note or, in
the case of a Note Owner, a beneficial interest in a Note, covenants and agrees that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Owner Trustee or the Indenture Trustee on the Notes or under
the Indenture or any certificate or other writing delivered in connection therewith, against (i) the Indenture Trustee or the Owner Trustee in its individual capacity, (ii) any owner of a beneficial interest in the Issuer or (iii) any partner,
owner, beneficiary, agent, officer, director or employee of the Indenture Trustee or the Owner Trustee in its individual capacity, any holder of a beneficial interest in the Issuer, the Owner Trustee or the Indenture Trustee or of any successor or
assign of the Indenture Trustee or the Owner Trustee in its individual capacity, except as any such Person may have expressly agreed and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable
law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity. 
  
 Each Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees that by
accepting the benefits of the Indenture that such Noteholder that it will not at any time institute against the Transferor, the Master Trust or the Issuer, or join in any institution against the Transferor the Master Trust or the Issuer of, any
bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other proceedings under any United States Federal or state bankruptcy or similar law in connection with any obligations relating to the Notes, the Indenture or any
Derivative Agreement. 
  
 Prior to the due presentment for
registration of transfer of this Note, the Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture Trustee may treat the Person in whose name this Note (as of the day of determination or as of such other date as may be specified
in the Indenture) is registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither the Issuer, the Indenture Trustee nor any such agent shall be affected by notice to the contrary. 
  

 A-4-7 

 The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the
modification of the rights and obligations of the Issuer and the rights of the Holders of the Notes under the Indenture at any time by the Issuer with the consent of the Holders of Notes representing not less than a majority of the Outstanding
Amount of all Notes at the time Outstanding. The Indenture also contains provisions permitting the Holders of Notes representing specified percentages of the Outstanding Amount of the Notes, on behalf of the Holders of all the Notes, to waive
compliance by the Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Note (or any one of more Predecessor Notes) shall be conclusive
and binding upon such Holder and upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Note.
The Indenture also permits the Indenture Trustee to amend or waive certain terms and conditions set forth in the Indenture without the consent of Holders of the Notes issued thereunder. 
  
 The term “Issuer” as used in this Note includes any successor to the Issuer under the Indenture.

  
 The Issuer is permitted by the Indenture, under certain
circumstances, to merge or consolidate, subject to the rights of the Indenture Trustee and the Holders of Notes under the Indenture. 
  
 The Notes are issuable only in registered form in denominations as provided in the Indenture, subject to certain limitations therein set forth.

  
 THIS NOTE AND THE INDENTURE WILL BE CONSTRUED IN ACCORDANCE
WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 
  
 No reference herein to the Indenture and no provision of this Note or of the
Indenture shall alter or impair the obligation of the Issuer, which is absolute and unconditional, to pay the principal of and interest on this Note at the times, place, and rate, and in the coin or currency herein prescribed. 
  
 No recourse may be taken, directly or indirectly, with respect to the
obligations of the Issuer on the Notes or under the Indenture or any certificate or other writing delivered in connection herewith or therewith, against (i) the Owner Trustee in its individual capacity, (ii) any owner of a beneficial interest in the
Issuer or (iii) any partner, owner, beneficiary, agent, officer, director, employee or agent of the Owner Trustee in its individual capacity, any holder of a beneficial interest in the Issuer or the Owner Trustee or of any successor or assign of the
Owner Trustee in its individual capacity, except as any such Person may have expressly agreed (it being understood that the Owner Trustee has no such obligations in its individual capacity). The Holder of this Note by the acceptance hereof agrees
that, except as expressly provided in the Indenture and the Indenture Supplement in the case of an Event of Default under the Indenture, the Holder shall have no claim against any of the foregoing for any deficiency, loss or claim therefrom;
provided, however, that nothing contained herein shall be taken to prevent recourse to, and enforcement against, the assets of the Issuer for any and all liabilities, obligations and undertakings contained in the Indenture or in this
Note. 
  

 A-4-8 

 ASSIGNMENT 
  

Social Security or taxpayer I.D. or other identifying number of assignee 
  

	
	  

  
 FOR VALUE RECEIVED, the undersigned
hereby sells, assigns and transfers unto 
  
 (name and address of assignee)

  
 the within Note and all rights thereunder, and hereby irrevocably constitutes
and appoints attorney, to transfer said Note on the books kept for registration thereof, with full power of substitution in the premises. 
  

											
						
	 Dated:
	 	 	 	 	 	 	 	 	 	 *

	 	 	 	 	 	 	 	 	Signature Guaranteed:	 	 

	*	NOTE: The signature to this assignment must correspond with the name of the registered owner as it appears on the face of the within Note in every particular, without alteration,
enlargement or any change whatsoever. 

  

 A-4-9 

 SCHEDULE A 
  

PART I 
  
 INTEREST PAYMENTS 
  

									
	 Interest Payment Date

	 	 Date of Payment

	 	 Total Amount of Interest
Payable

	 	 Amount of Interest Paid

	 	 Confirmation of payment by
or on behalf of the Trust

	 First
	 	_____________	 	_____________	 	_____________	 	_____________
	 Second
	 	_____________	 	_____________	 	_____________	 	_____________

  
 [continue numbering until the
appropriate number of interest payment dates for the Notes is reached] 
  

 A-4-10 

 PART II 
  
 PRINCIPAL PAYMENTS 
  

							
	 Date of Payment

	 	 Total Amount Payable

	 	 Total Amount Paid

	  	Confirmation of payment by or
on behalf of the Trust

	_____________	 	_____________	 	_____________	  	_____________
	_____________	 	_____________	 	_____________	  	_____________

  

							
	 Date of Payment

	 	 Total Amount Payable

	 	 Total Amount Paid

	  	Confirmation of payment by or
on behalf of the Trust

	_____________	 	_____________	 	_____________	  	_____________
	_____________	 	_____________	 	_____________	  	_____________

  
 [continue numbering until the
appropriate number of installment dates for the Notes is reached] 
  

 A-4-11 

 EXHIBIT B 
  
 [FORM OF] SERIES 2004-1 SCHEDULE TO PAYMENT INSTRUCTIONS 
 MELLON BANK, N.A. 
  

  
 MELLON BANK PFL MASTER NOTE TRUST, SERIES 2004-1 
 MONTHLY PERIOD ENDING                     
    ,              
  

  
 Capitalized terms used in this notice have their
respective meanings set forth in the Indenture and the Indenture Supplement. Unless otherwise qualified, references herein to certain sections and subsections are references to the respective sections and subsections of the Indenture Supplement.
This instruction is delivered pursuant to Section 908, of the Indenture. 
  
 The Servicer does hereby instruct the Issuer to instruct the Indenture Trustee, and the Issuer does hereby instruct the Indenture Trustee, to make the following allocations and payments for the related Monthly Period
on                          ,             ,
which date is a Transfer Date under the Pooling and Servicing Agreement, in aggregate amounts set forth below in respect of the following amounts: 
  

	I.	Allocations and Payments of Series 2004-1 Available Funds. 

  

	A.	Allocation of Series 2004-1 Available Funds pursuant to Section 3.01, to be applied on each Transfer Date by the Indenture Trustee in the following priority:

  

						
	 1.
	  	 Amount of targeted deposits paid to the Interest Funding Account pursuant to Section 3.02
	  	$	_____
	 2.
	  	 Amount to be treated as Series 2004-1 Available Principal Amounts pursuant to Section 3.07 in an amount equal to the Series 2004-1 Investor
Default Amount, if any
	  	$	_____
	 3.
	  	 Amount to be treated as Series 2004-1 Available Principal Amounts pursuant to Section 3.07 in an amount equal to the Nominal Liquidation
Amount Deficit, if any
	  	$	_____
	 4.
	  	 Amount to make the target deposit to the Accumulation Reserve Account pursuant to Section 3.18
	  	$	_____
	 5.
	  	 Amount to make the target deposit to the Class C Reserve Account pursuant to Section 3.16 if any
	  	$	_____
	 6.
	  	 Amount paid or deposited as required by the terms document of any class or Class of Series 2004-1 Notes
	  	$	_____

  

 B-1 

						
	 7.
	  	 Amount to be treated as Shared Excess Available Funds for application in accordance with Section 3.21,
	  	$	_____
	 8.
	  	 Amount to paid to the Issuer
	  	$	_____
	 	  	 Total
	  	$	_____

  

	B.	Allocations of deposits to Interest Funding sub-Accounts pursuant to Section 3.03: 

  

						
	 1.
	  	 Payments to Interest Funding sub-Accounts pursuant to Section 3.03:
	  	$	_____
	 	  	 a.      [Class/Class]
	  	$	_____
	 	  	 b.      [Class/Class]
	  	$	_____
	 	  	 Total
	  	$	_____

  

	C.	Payments and deposits pursuant to Section 3.04, to be received on the following dates: 

  

						
	 1.
	  	 Withdrawals from the Class C Reserve Account deposited into the applicable Interest Funding sub-Account on the related Transfer Date
pursuant to Section 3.17(a)
	  	$	_____

  

	D.	Withdrawals from the Interest Funding Account pursuant to Section 3.12, to be made by the Indenture Trustee on the following dates: 

  

						
	 1.
	  	 Amount withdrawn from the applicable Interest Funding sub-Accounts and remitted to the applicable Paying Agent on each Interest Payment
Date, with respect to each Class of Notes
	  	$	_____
	 2.
	  	 Amount paid to the Issuer
	  	$	_____

  

	II.	Allocations and Payments of Series 2004-1. 

  

	A.	Re-allocation of Series 2004-1 Available Principal Amounts pursuant to Section 3.07(a) to be applied on the next Transfer Date by the Indenture Trustee:

  

						
	 1.
	  	 Reallocated Class C Principal Collections:
	  	$	_____
	 2.
	  	 Reallocated Class B Principal Collections:
	  	$	_____

  

	B.	Targeted Deposits of Series 2004-1 Available Principal Amounts to the Principal Funding Account pursuant to Section 3.09, to be made by the Indenture Trustee on the following
dates: 

  

	 	1.	On the applicable Principal Payment Date prior to any payment, the Nominal Liquidation Amount for the related Class of Notes: 

  

						
	 	  	 a.      [Class/Class]
	  	$	_____
	 	  	 b.      [Class/Class]
	  	$	_____
	 	  	 Total
	  	$	_____

  

 B-2 

	 	2.	In the applicable Principal Funding sub-Account for the related Class of Notes, the Controlled Accumulation Amount or the amount specified in Section 3.09(c):

  

						
	 	  	 a.      [Class/Class]
	  	$	_____
	 	  	 b.      [Class/Class]
	  	$	_____
	 	  	 Total
	  	$	_____

  

	 	3.	In the case of an Event of Default, Early Redemption Event or other optional or mandatory redemption, on the applicable Transfer Date, the Nominal Liquidation Amount for the related
Class of Notes: 

  

						
	 	  	 a.      [Class/Class]
	  	$	_____
	 	  	 b.      [Class/Class]
	  	$	_____
	 	  	 Total
	  	$	_____

  

	C.	Payments and deposits pursuant to Section 3.12, to be received on the following dates: 

  

						
	 1.
	  	 Withdrawals from the Class C Reserve Account deposited into the applicable Principal Funding sub-Account on the related Transfer Date
pursuant to Section 3.19(b)
	  	$	_____

  

	D.	Reallocations of deposits to Principal Funding sub-Accounts pursuant to Section 3.11: 

  

						
	 1.
	  	 Payments to Principal Funding sub-Accounts pursuant to Section 3.11(b)(i) for the Class A Notes
	  	$	_____
	 2.
	  	 Payments to Principal Funding sub-Accounts pursuant to Section 3.11(b)(ii) for the Class B Notes
	  	$	_____
	 3.
	  	 Payments to Principal Funding sub-Accounts pursuant to Section 3.11(b)(iii) for the Class C Notes
	  	$	_____

  

	E.	Withdrawals from the Principal Funding Account pursuant to Section 3.13 to be made by the Indenture Trustee on the following dates: 

  

						
	 1.
	  	 Amount withdrawn from the applicable Principal Funding sub-Accounts and remitted to the applicable Paying Agent on each Principal Payment
Date, with respect to each Class of Notes
	  	$	_____
	 2.
	  	 Amount paid to the Issuer
	  	$	_____

  

 B-3 

	F.	Allocations of reductions from Investor Charge-Offs to the Nominal Liquidation Amount of subordinated classes pursuant to Section 3.05: 

  

						
	 1.
	  	 Initial allocation of Investor Charge-Offs to each Class of Outstanding Notes
	  	$	_____
	 	  	 Class A
	  	$	_____
	 	  	 Class B
	  	$	_____
	 	  	 Class C
	  	$	_____
	 2.
	  	 Amount reallocated to the Class C Notes, subject to the restrictions set forth in Section 3.05(c)
	  	$	_____
	 3.
	  	 Amount reallocated to the Class B Notes, subject to the restrictions set forth in Section 3.05(d)
	  	$	_____

  

	III.	Targeted deposits to, and withdrawals of funds on deposit from, the Class C Reserve Account. 

  

	A.	Targeted deposit to the Class C Reserve Account pursuant to Section 3.16(a): 

  

	B.	Deposits to the Class C Reserve sub-Accounts pursuant to Section 3.16: 

  

	 	1.	Sum of the Class C Reserve sub-Account deposits for each applicable Class of Outstanding Notes: 

  

						
	 	  	 a.      [Class]
	  	$	_____
	 	  	 b.      [Class]
	  	$	_____
	 	  	 Total
	  	$	_____

  

	C.	Withdrawals from the Class C Reserve Account pursuant to Section 3.17: 

  

	 	1.	Amount withdrawn from the applicable Class C Reserve sub-Account and deposited in the applicable Interest Funding sub-Account pursuant to Section 3.17(a):

  

						
	 	  	 a.      Interest Funding sub-Account for [Class]
	  	$	_____
	 	  	 b.      Interest Funding sub-Account for [Class]
	  	$	_____
	 	  	 Total
	  	$	_____

  

 B-4 

  

						
	 2.
	  	Amount withdrawn from the Class C Reserve sub-Account and deposited in the applicable Principal Funding subAccount pursuant to Section 3.17(b):	  	 	 
			
	 	  	 a.      Principal Funding sub-Account for [Class]
	  	$	_____
	 	  	 b.      Principal Funding sub-Account for [Class]
	  	$	_____
	 	  	 Total
	  	$	_____
			
	 3.
	  	 Amounts paid to the Issuer pursuant to Section 3.17(c)
	  	$	_____

  
 IN WITNESS WHEREOF,
the undersigned has duly executed and delivered this Certificate this     th day of                     ,
            . 
  

			
	 [                    ],
 as
Servicer

		
	By:	 	 
	 Name:
	 	 
	 Title:
	 	 

  

 B-5 

 EXHIBIT C 
  
 [FORM OF] SERIES 2004-1 SCHEDULE TO 
  

MONTHLY NOTEHOLDERS’ STATEMENT 
  
 Date:                      ,
             
  
 MELLON BANK PFL MASTER NOTE TRUST 
 MONTHLY PERIOD ENDING
                     ,              
  
 Reference is made to the Series 2004-MC Supplement (the “Series 2001-MC
Supplement”), dated as of June 24, 2004, between Mellon Premium Finance Loan Owner Trust, AFCO Credit Corporation, AFCO Acceptance Corporation, Premium Financing Specialists, Inc., Premium Financing Specialists of California, Inc., and Wells
Fargo Bank, N.A., as Trustee, the Indenture (the “Indenture”), dated as of June 24, 2004 and the Indenture Supplement (the “Indenture Supplement”), dated as of June 24, 2004, each between Mellon Bank PFL Master Note Trust, as
Issuer, and Wells Fargo Bank, N.A., as Indenture Trustee. Terms used herein and not defined herein have the meanings ascribed to them in the Series 2004-MC Supplement, the Indenture and the Indenture Supplement, as applicable. 
  
 The following computations are prepared with respect to the Transfer Date of
                     ,              and with respect to the
performance of the Trust during the related Monthly Period. 
  

	A.	Targeted deposits to Interest Funding sub-Accounts: 

  

											
	 Class/Class

	 	 Targeted Deposit
 to Interest Funding
sub-Account for
applicable Monthly
Period

	 	 Actual Deposit to
Interest Funding
 sub-Account for
applicable Monthly
Period

	 	 Shortfall from
 earlier Monthly
 Periods

	 	 Interest Funding
 sub-account
 Balance prior to
Withdrawals

	 	 Interest Funding
 sub-Account
 Earnings

	 [Class A Total:]
	 	 	 	 	 	 	 	 	 	 
	 [Class B Total:]
	 	 	 	 	 	 	 	 	 	 
	 [Class C Total:]
	 	 	 	 	 	 	 	 	 	 
	 [Total:]
	 	 	 	 	 	 	 	 	 	 

  

	B.	Interest to be paid on the corresponding Interest Payment Date: 

  

							
	 Class/Class

	 	 Interest Payment
 Date

	 	 Interest Rate

	  	 Amount of
 interest to be paid
 on corresponding
 Interest Payment
 Date

	 [Class A Total:]
	 	 	 	 	  	 
	 [Class B Total:]
	 	 	 	 	  	 
	 [Class C Total:]
	 	 	 	 	  	 
	 [Total:]
	 	 	 	 	  	 

  

 C-1 

	C.	Targeted deposits to Class C Reserve sub-Accounts: 

  

									
	 Class

	 	 Targeted Deposit
 to Class C Reserve
 sub-Account for
 applicable Monthly
 Period

	 	 Actual Deposit to
 Class C Reserve
 sub-Account for
 applicable Monthly
 Period

	 	 Class C Reserve
 sub-Account
 Balance on
 Transfer Date prior
 to Withdrawals

	 	 Class C Reserve
 sub-Account
 Earnings

	 [Total:]
	 	 	 	 	 	 	 	 

  

	D.	Withdrawals to be made from the C Reserve sub-Accounts on the corresponding [Transfer Date]: 

  

							
	 Class

	 	 Withdrawals
 for
 Interest

	 	 Withdrawals
 for
 Principal

	 	 Class C Reserve
 sub-Account
 Balance on
 Transfer Date after
 Withdrawals

	 [Class C Total:]
	 	 	 	 	 	 

  

	E.	Targeted deposits to Principal Funding sub-Accounts: 

  

											
	 Class/Class

	 	 Targeted Deposit
 to Principal
 Funding sub-
 Account for
 applicable Monthly
Period

	 	 Actual Deposit to
Principal Funding
 sub-Account for
applicable Monthly
Period

	 	 Shortfall from
 earlier Monthly
 Periods

	 	 Principal Funding
 sub-Account
 Balance on
 Transfer Date

	 	 Principal Funding
 sub-Account
 Earnings

	 [Class A Total:]
	 	 	 	 	 	 	 	 	 	 
	 [Class B Total:]
	 	 	 	 	 	 	 	 	 	 
	 [Class C Total:]
	 	 	 	 	 	 	 	 	 	 
	 [Total:]
	 	 	 	 	 	 	 	 	 	 

  

 C-2 

	F.	Principal to be paid on the corresponding Principal Payment Date: 

  

					
	 Class/Class

	 	 Principal
 Payment
 Date

	 	 Amount of
 principal to be paid
 on corresponding
 Principal Payment
 Date

	 [Class A Total:]
	 	 	 	 
	 [Class B Total:]
	 	 	 	 
	 [Class C Total:]
	 	 	 	 
	 [Total:]
	 	 	 	 

  

	G.	Outstanding Dollar Principal Amount and Nominal Liquidation Amount as of the end of the prior Monthly Period: 

  

									
	 Class/Class

	 	 Initial Dollar Principal
Amount

	 	 Outstanding Principal
Amount

	 	 Adjusted Outstanding
Principal Amount

	 	 Nominal Liquidation Amount

	 [Class A Total:]
	 	 	 	 	 	 	 	 
	 [Class B Total:]
	 	 	 	 	 	 	 	 
	 [Class C Total:]
	 	 	 	 	 	 	 	 
	 [Total:]
	 	 	 	 	 	 	 	 

  

	H.	Reductions of and Increases to Nominal Liquidation Amount: 

  

															
	 Class/ Class

	 	 Beginning
Nominal
Liquidation
Amount

	 	 Increases from
amounts
withdrawn from
the Principal
Funding sub-
Account in
respect
of
Prefunding
Excess Amount

	 	 Reimbursements
from Series 2004-
1 Available Funds

	 	 Reductions due to
reallocations of
Series 2004-1
 Available
Principal
Amounts

	 	 Reductions due to
Investor
 Charge-Offs

	 	 Reductions due to
 amounts on
deposit in the
Principal Funding
sub-Account

	 	 Ending Nominal
Liquidation
Amount

	 [Class A Total:]
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 [Class B Total:]
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 [Class C Total:]
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 [Total:]
	 	 	 	 	 	 	 	 	 	 	 	 	 	 

  

 C-3 

	i.	Early Redemption Event: 

  

				
	 Current month Excess Spread Rate
	  	_______	%
	 Three month Excess Spread Rate
	  	_______	%

  

 C-4 

 IN WITNESS WHEREOF, the undersigned has duly executed and delivered this Monthly Noteholders’
Statement this     th day of                     ,
            . 
  

			
	MELLON BANK, N.A.,
	as Beneficiary of the Mellon Bank PFL Master Note Trust and as Servicer of the Mellon Bank, N.A. Master Credit Card Trust II
		
	By:	 	 
	 Name:
	 	 
	 Title:
	 	 

  

 C-5Amended and Restated Trust Agreement for Mellon PFL Master Note Trust

 Exhibit 4.5 
  

MELLON PREMIUM FINANCE LOAN OWNER TRUST 
 Depositor 
  
 MELLON BANK, N.A. 
 Administrator 
  
 CHASE MANHATTAN BANK USA, NATIONAL ASSOCIATION 
 Owner Trustee 
  

  
 AMENDED AND RESTATED TRUST AGREEMENT 
 Dated as of June 24, 2004 
  

  
 MELLON BANK PFL MASTER NOTE TRUST 
  

 TABLE OF CONTENTS 
  

					
	 	  	 	 	Page

	ARTICLE I DEFINITIONS AND CONSTRUCTION	 	1
			
	 Section 1.01.
	  	Capitalized Terms	 	1
	 Section 1.02.
	  	Other Terms	 	2
	 Section 1.03.
	  	Rules of Construction	 	2
		
	 ARTICLE II ORGANIZATION; DECLARATION OF TRUST BY THE OWNER TRUSTEE;
 COLLATERAL CERTIFICATE
	 	3
			
	 Section 2.01.
	  	Name	 	3
	 Section 2.02.
	  	Office	 	3
	 Section 2.03.
	  	Purposes and Powers	 	3
	 Section 2.04.
	  	Appointment of Owner Trustee	 	5
	 Section 2.05.
	  	Authority	 	5
	 Section 2.06.
	  	Declaration of Trust	 	5
	 Section 2.07.
	  	Restrictions	 	5
	 Section 2.08.
	  	Liability of Depositor	 	6
	 Section 2.09.
	  	Title to Trust Property	 	6
	 Section 2.10.
	  	Situs of Trust	 	6
	 Section 2.11.
	  	[Reserved]	 	6
	 Section 2.12.
	  	Transfer of the Collateral Certificate	 	6
	 Section 2.13.
	  	Closing	 	7
	 Section 2.14.
	  	Books and Records	 	7
	 Section 2.15.
	  	Holder of the Collateral Certificate	 	7
	 Section 2.16.
	  	Representations and Warranties of Depositor	 	7
	 Section 2.17.
	  	Assignment to Indenture Trustee	 	8
		
	ARTICLE III LIMITATION ON TRANSFER OF BENEFICIAL INTEREST	 	8
			
	 Section 3.01.
	  	Beneficial Ownership	 	8
		
	ARTICLE IV ACTIONS BY OWNER TRUSTEE	 	8
			
	 Section 4.01.
	  	Prior Notice to Depositor with Respect to Certain Matters	 	8
	 Section 4.02.
	  	Action by Depositor with Respect to Certain Matters	 	9
	 Section 4.03.
	  	[Reserved]	 	9
	 Section 4.04.
	  	Restrictions on Depositor Power	 	9
		
	ARTICLE V APPLICATION OF TRUST FUNDS; CERTAIN DUTIES	 	9
			
	 Section 5.01.
	  	Application of Trust Funds	 	9
	 Section 5.02.
	  	Method of Payment	 	9
	 Section 5.03.
	  	No Segregation of Moneys; No Interest	 	9
	 Section 5.04.
	  	Accounting and Reports to Depositor, Internal Revenue Service and Others	 	10
		
	ARTICLE VI AUTHORITY AND DUTIES OF OWNER TRUSTEE	 	10
			
	 Section 6.01.
	  	General Authority	 	10
	 Section 6.02.
	  	General Duties	 	10
	 Section 6.03.
	  	Action upon Instruction	 	11

  

 i 

					
	 Section 6.04.
	  	No Duties Except as Specified in Agreement or Instructions	  	11
	 Section 6.05.
	  	No Action Except under Specified Documents or Instructions	  	11
	 Section 6.06.
	  	Restrictions	  	11
	 Section 6.07.
	  	Not Responsible for Recitals or Sufficiency of Agreement	  	12
		
	ARTICLE VII CONCERNING OWNER TRUSTEE	  	12
			
	 Section 7.01.
	  	Acceptance of Trusts and Duties	  	12
	 Section 7.02.
	  	Furnishing of Documents	  	13
	 Section 7.03.
	  	Representations and Warranties	  	13
	 Section 7.04.
	  	Reliance; Advice of Counsel	  	13
	 Section 7.05.
	  	Not Acting in Individual Capacity	  	13
	 Section 7.06.
	  	Owner Trustee Not Liable for Payment Obligations or Transferred Securities	  	14
		
	ARTICLE VIII COMPENSATION OF OWNER TRUSTEE	  	14
			
	 Section 8.01.
	  	Owner Trustee’s Fees and Expenses	  	14
	 Section 8.02.
	  	Indemnification	  	14
	 Section 8.03.
	  	Payments to Owner Trustee	  	15
		
	ARTICLE IX APPOINTMENT AND DUTIES OF ADMINISTRATOR	  	15
			
	 Section 9.01.
	  	Appointment of Administrator	  	15
	 Section 9.02.
	  	Duties of Administrator	  	15
	 Section 9.03.
	  	Non-Ministerial Matters	  	16
	 Section 9.04.
	  	Indemnification of Indemnified Parties	  	16
	 Section 9.05.
	  	Compensation	  	16
	 Section 9.06.
	  	Independence of Administrator	  	16
	 Section 9.07.
	  	Other Activities of Administrator	  	16
	 Section 9.08.
	  	Resignation and Removal of Administrator	  	17
	 Section 9.09.
	  	Action upon Termination, Resignation or Removal	  	17
		
	ARTICLE X TERMINATION OF AGREEMENT	  	18
			
	 Section 10.01.
	  	Termination of Agreement	  	18
		
	ARTICLE XI SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES	  	18
			
	 Section 11.01.
	  	Eligibility Requirements for Owner Trustee	  	18
	 Section 11.02.
	  	Resignation or Removal of Owner Trustee	  	18
	 Section 11.03.
	  	Successor Owner Trustee	  	19
	 Section 11.04.
	  	Merger or Consolidation of Owner Trustee	  	19
	 Section 11.05.
	  	Appointment of Co-Trustee or Separate Trustee	  	19
		
	ARTICLE XII MISCELLANEOUS	  	20
			
	 Section 12.01.
	  	Supplements and Amendments	  	20
	 Section 12.02.
	  	No Legal Title to Trust Assets in Depositor	  	21
	 Section 12.03.
	  	Limitations on Rights of Others	  	21
	 Section 12.04.
	  	Notices	  	21
	 Section 12.05.
	  	Severability	  	21
	 Section 12.06.
	  	Separate Counterparts	  	21
	 Section 12.07.
	  	Successors and Assigns	  	22
	 Section 12.08.
	  	No Petition	  	22
	 Section 12.09.
	  	No Recourse	  	22

  

 ii 

					
	 Section 12.10.
	  	Headings	  	22
	 Section 12.11.
	  	Governing Law	  	22
	 Section 12.12.
	  	Integration	  	22
			
	 EXHIBITS
	  	 	  	 
	 EXHIBIT A
	  	 	  	 
	 Form of Certificate of Trust
	  	1
			
	 EXHIBIT B
	  	 	  	 
	 Power of Attorney
	  	2

  

 iii 

 This AMENDED AND RESTATED TRUST AGREEMENT, is dated as of June 24, 2004 (as amended, supplemented or
modified from time to time, this “Agreement”), among CHASE MANHATTAN BANK USA, NATIONAL ASSOCIATION, a national banking association, not in its individual capacity but solely as owner trustee (in such capacity, the “Owner
Trustee”), MELLON PREMIUM FINANCE LOAN OWNER TRUST, a Delaware statutory trust, as Depositor (in such capacity, the “Depositor”), and MELLON BANK, N.A., a national banking association, as administrator hereunder (in such
capacity, the “Administrator”). 
  
 WHEREAS, the
Depositor, Owner Trustee and Administrator created a Delaware statutory trust pursuant to the trust agreement, dated as of March 1, 2004 (the “Original Trust Agreement”); 
  
 WHEREAS, the Depositor, Administrator, and the Owner Trustee desire to amend and restate the Original Trust Agreement;

  
 NOW, THEREFORE, the parties agree as follows: 
  
 ARTICLE I 
  
 DEFINITIONS AND CONSTRUCTION 
  
 Section 1.01. Capitalized Terms. 
  
 As used in this Agreement and unless the context requires a different meaning, capitalized terms are used in this Agreement with the following meanings:

  
 “Certificate of Trust” means the Certificate
of Trust in the form of Exhibit A filed for the Trust pursuant to Section 3810(a) of the Statutory Trust Act. 
  
 “Collateral Certificate” means the Series 2004-MC Certificate issued pursuant to the Pooling and Servicing Agreement and the Series
2004-MC Supplement, as amended, supplemented, restated or otherwise modified from time to time 
  
 “Corporate Trust Office” means, with respect to the Owner Trustee, the principal corporate trust office of the Owner Trustee located at c/o JPMorgan Chase, 500 Stanton Christiana Rd., Newark, Delaware
19713, or at such other address as the Owner Trustee may designate by notice to the Depositor or the principal corporate trust office of any successor Owner Trustee at the address designated by such Owner Trustee by notice to the Depositor.

  
 “Expenses” has the meaning assigned to it in
Section 8.02. 
  
 “Governmental Authority” means
the United States of America, any state or other political subdivision thereof and any entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government. 
  
 “Indemnified Parties” has the meaning assigned to it in
Section 8.02. 
  
 “Indenture” means the
Indenture, dated as of June 24, 2004, by and between the Trust and the Indenture Trustee, as the same may be amended or otherwise modified from time to time. 
  
 “Indenture Trustee” means Wells Fargo Bank, National Association, as Indenture Trustee under the Indenture, and any successor Indenture
Trustee under the Indenture. 
  
 “Investor Interest”
has the meaning assigned to it in the Series 2004-MC Supplement. 
  
 “Master Trust” means Mellon Bank Premium Finance Loan Master Trust. 
  

 1 

 “Master Trust Trustee” means Wells Fargo Bank, National Association (successor by merger
to Wells Fargo Bank Minnesota, National Association), as trustee under the Pooling and Servicing Agreement and each successor trustee under the Pooling and Servicing Agreement. 
  
 “Opinion of Counsel” means one or more written opinions of counsel, who may be an employee of or counsel to
the Depositor, which counsel shall be acceptable to the Owner Trustee or the Note Rating Agencies, as applicable. 
  
 “Person” means any legal person, including any individual, corporation, partnership (general or limited), limited liability company,
joint venture, association, joint-stock company, trust, unincorporated organization, governmental entity or other entity of similar nature. 
  
 “Pooling and Servicing Agreement” means the Amended and Restated Pooling and Servicing Agreement, dated as of June 15, 2001, among the
Trust, the Servicer, the Back-up Servicer and the Trustee, as such agreement may be amended, supplemented, waived or otherwise modified from time to time. 
  
 “Secretary of State” means the Secretary of State of the State of Delaware. 
  
 “Series 2004-MC Supplement” means the Series 2004-MC Supplement, relating to the Pooling and Servicing
Agreement, which by its terms is identified as being the Series 2004-MC Supplement referred to herein, as amended, restated, supplemented or otherwise modified from time to time. 
  
 “Statutory Trust Act” means Chapter 38 of Title 12 of the Delaware Code, 12 Del. Code § 3801 et
seq. 
  
 “Treasury Regulations” means
regulations, including proposed or temporary Regulations, promulgated under the Code. References herein to specific provisions of proposed or temporary regulations shall include analogous provisions of final Treasury Regulations or other successor
Treasury Regulations. 
  
 “Transaction Documents”
means the Series 2004-MC Supplement, the Indenture, any Indenture Supplement (as defined in the Indenture), this Agreement, any purchase, placement or underwriting agreement relating to the sale of the Notes and any other documents and certificates
delivered in connection therewith. 
  
 “Trust”
means the Delaware statutory trust established by this Agreement. 
  
 “Trust Assets” has the meaning assigned to it in Section 2.06. 
  
 “UCC” means the Uniform Commercial Code as in effect in the State of [Delaware] and any other applicable jurisdiction. 
  
 Section 1.02. Other Terms. 
  

Capitalized terms used in this Agreement that are not otherwise defined have the meanings ascribed to them in the Indenture. 
  
 Section 1.03. Rules of Construction. 
  
 Except as otherwise expressly provided in this Agreement or unless the
context otherwise clearly requires: 
  
 (a) References to
designated articles, sections, and other subdivisions of this Agreement, such as “Section 6.12 (a),” refer to the designated article, section, or other subdivision of this Agreement as a whole and to all subdivisions of the designated
article, section, or other subdivision. The words “herein,” “hereof,” “hereto,” “hereunder” and other words of similar import refer to this Agreement as a whole and not to any particular article, section, or
other subdivision of this Agreement. 
  

 2 

 (b) Any term that relates to a document or a statute, rule, or regulation includes any amendments,
modifications, supplements or any other changes that may have occurred since the document, statute, rule, or regulation came into being, including changes that occur after the date of this Agreement. 
  
 (c) Any party may execute any of the requirements under this Agreement either
directly or through others, and the right to cause something to be done rather than doing it directly shall be implicit in every requirement under this Agreement. Unless a provision is restricted as to time or limited as to frequency, all provisions
under this Agreement are implicitly available from time to time. 
  
 (d) The term “including” and all its variations mean “including but not limited to.” Except when used in conjunction with the word “either,” the word “or” is always used inclusively (for example, the
phrase “A or B” means “A or B or both,” not “either A or B but not both”). 
  
 (e) All accounting terms used in an accounting context and not otherwise defined shall be construed in accordance with generally accepted accounting
principles. Capitalized terms used in this Agreement without definition that are defined in the Uniform Commercial Code are used in this Agreement as defined in the Uniform Commercial Code. 
  
 (f) In the computation of a period of time from a specified date to a later
specified date or an open-ended period, the word “from” means “from and including” and the words “to” or “until” mean “to but excluding.” Likewise, in setting deadlines or other periods,
“by” means “on or before,” and “after” means “from and after.” 
  
 (g) All terms defined in this Agreement shall have the defined meanings when used in any certificate or other document made or delivered pursuant hereto
unless otherwise defined therein. 
  
 ARTICLE II 
  
 ORGANIZATION; 
 DECLARATION OF TRUST BY THE OWNER TRUSTEE; 
 COLLATERAL CERTIFICATE 
  
 Section 2.01. Name. 
  
 This Trust shall continue to be known as “Mellon Bank PFL Master Note
Trust”, in which name the Owner Trustee and the Administrator may conduct the business of the Trust, make and execute contracts and other instruments on behalf of the Trust and sue and be sued. The Trust’s activities shall be conducted
only under the name of the Trust. 
  
 Section 2.02. Office.

  
 The office of the Trust shall be in care of the Owner Trustee
or the Administrator at the Corporate Trust Office or at any other address inside or outside of Delaware as the Owner Trustee or the Administrator designates by written notice to the Depositor. 
  
 Section 2.03. Purposes and Powers. 
  
 (a) The purpose of the Trust is to engage solely in a program of acquiring
interests in the Master Trust and issuing Notes under the Indenture and related activities. Without limiting the generality of the foregoing, the Trust may and shall have the power and authority to: 
  
 (i) to acquire and hold the Collateral Certificate, and
other certificates of beneficial interest, of the Master Trust; 
  
 (ii) from time to time, grant a security interest in the Collateral Certificate, or other beneficial interests in the Master Trust, including the pledge of any portion of the Investor Interest of the Collateral

  

 3 

 
Certificate, and grant a security interest in accounts established for the benefit of indebtedness of the Trust under the Indenture; 
  
 (iii) from time to time authorize and approve the issuance
of Notes pursuant to the Indenture without limitation to aggregate amounts and, in connection therewith, determine the terms and provisions of such Notes and of the issuance and sale thereof including the following: 
  

	 	(A)	determining the principal amount of the Notes; 

  

	 	(B)	determining the maturity date of the Notes; 

  

	 	(C)	determining the rate of interest, if any, to be paid on the Notes; 

  

	 	(D)	determining the price or prices at which such Notes will be sold by the Trust; 

  

	 	(E)	determining the provisions, if any, for the redemption of such Notes; 

  

	 	(F)	determining the form, terms and provisions of the indentures, fiscal agency agreements or other instruments under which Notes may be issued and the banks or trust companies to act
as trustees, fiscal agents and paying agents thereunder; 

  

	 	(G)	preparing and filing all documents necessary or appropriate in connection with the registration of the Notes under the Securities Act of 1933, the qualification of indentures under
the Trust Indenture Act of 1939 and the qualification under any other applicable federal, foreign, state, local or other governmental requirements; 

  

	 	(H)	preparing any prospectus, offering memorandum, private placement memorandum or other descriptive material relating to the issuance of the Notes; 

  

	 	(I)	listing the Notes on any United States or non-United States securities exchange; 

  

	 	(J)	entering into one or more interest rate or currency swaps, caps, collars, guaranteed investment contracts or other derivative agreements with counterparties to manage interest rate
or currency risk relating to the Notes; 

  

	 	(K)	appointing a paying agent or agents for purposed of payments on the Notes; and 

  

	 	(L)	arranging for the underwriting, subscription, purchase or placement of the Notes and selecting underwriters, managers and purchasers or agent for that purpose;

  
 (iv) from time to time receive
payments and proceeds with respect to the Collateral Certificate and other certificates of beneficial interest in the Master Trust and the Indenture and either invest or distribute those payments and proceeds; 
  
 (v) from time to time make deposits to and withdrawals from
accounts established under the Indenture; 
  
 (vi) from time to time make and receive payments pursuant to derivative agreements; 
  
 (vii) from time to time make payments on the Notes; 
  
 (viii) from time to perform such obligations and exercise and enforce such rights and pursue such remedies
as may be appropriate by virtue of the Trust being a party to any of the agreements contemplated in clauses (i) through (vii) above; and 
  

 4 

 (ix) subject to compliance with the Transaction Documents, to engage in such other
activities as may be required in connection with conservation of the Trust Assets and the making of payments to the Noteholders and distributions to the Depositor. 
  
 In connection with any of the foregoing, the Trust may (x) execute and deliver, and or accept, such instruments, agreements,
certificates, Uniform Commercial Code financing statements and other documents, and create such security interest, as may be necessary or desirable in connection therewith, and (y) subject to the terms of this Agreement, take such other action as
may be necessary or incidental to the foregoing. 
  
 Section 2.04.
Appointment of Owner Trustee. 
  
 The Depositor hereby
confirms the appointment the Owner Trustee as trustee of the Trust effective as of the date of the Original Trust Agreement, to have all the rights, powers and duties set forth herein. 
  
 Section 2.05. Authority. 
  
 (a) Subject to the limitations provided in this Agreement, each of the Owner Trustee and the Administrator shall have authority to carry out the purposes
of the Trust. An action taken by each of the Owner Trustee and the Administrator in accordance with its powers shall constitute the act of, and serve to bind, the Trust. In dealing with the Owner Trustee or the Administrator acting on behalf of the
Trust, no Person shall be required to inquire into the authority of the Owner Trustee or the Administrator to bind the Trust. Persons dealing with the Trust are entitled to rely conclusively on the power and authority of the Owner Trustee and the
Administrator as set forth in this Agreement. 
  
 Section 2.06.
Declaration of Trust. 
  
 The Owner Trustee hereby declares
that it will hold the initial trust estate, the Collateral Certificate and the other documents and assets described in Section 2.03, together with any payments, proceeds or income of any kind from such documents or assets or any source and any other
property held under this Agreement (collectively, the “Trust Assets”) in trust upon and subject to the conditions set forth herein for the use and benefit of the Depositor, subject to the obligations of the Trust under the Transaction
Documents to which it is a party. It is the intention of the parties hereto that the Trust constitute a statutory trust under the Statutory Trust Act and that this Agreement constitute the governing instrument of such statutory trust. It is the
intention of the parties hereto that, solely for income tax purposes, the Trust shall be disregarded as an entity separate from the Depositor and the owner of the Trust Assets shall be deemed to be the Depositor. The parties agree that, unless
otherwise required by appropriate tax authorities, the Trust will not file annual or other tax returns. Effective as of the date hereof, the Owner Trustee shall have all rights, powers and duties set forth herein and in the Statutory Trust Act with
respect to accomplishing the purposes of the Trust. The Owner Trustee has filed with the Secretary of State the Certificate of Trust. 
  
 Section 2.07. Restrictions. 
  
 Notwithstanding anything to the contrary contained herein, none of the Depositor, the Owner Trustee nor the Administrator shall take any actions, nor
agree to amend this Agreement in any manner, to permit to permit the Trust to do or undertake any of the following actions or activities: 
  
 (i) No Other Business. Engage in any business other than the financing, purchasing, owning and managing of the Receivables in the
manner contemplated by the Transaction Documents and this Agreement, and activities incidental thereto; 
  
 (ii) No Borrowing. Issue, incur, assume, guarantee or otherwise become liable, directly or indirectly, for any indebtedness except
as contemplated by or under the Transaction Documents and this Agreement; 
  
 (iii) Guarantees, Loans, Advances and Other Liabilities. Except as contemplated by or under the Transaction Documents or this Agreement, make any loan or advance or credit to, or guarantee (directly 

  

 5 

 
or indirectly or by an instrument having the effect of assuring another’s payment or performance of any obligation or capability of so doing or
otherwise), endorse or otherwise become contingently liable, directly or indirectly, in connection with the obligations, stocks or dividends of, or own, purchase, repurchase or acquire (or agree contingently to do so), any stock, obligations, assets
or other securities of, or any other interest in, or make any capital contribution to, any other Person; 
  
 (iv) Capital Expenditures. Make any expenditure (by long-term or operating lease or otherwise) for capital assets (either realty or
personalty); or 
  
 (v) Commingling of Funds
or Assets. Commingle its funds or other assets with any other person, including any affiliate of the Trust; 
  
 provided, however, that if Article XI of the Indenture is amended to permit any of the foregoing activities or if the Indenture has been terminated in accordance
with its terms, then the provisions of this Section 2.07 may be amended in accordance with the provisions of Section 12.01 hereof. 
  
 Section 2.08. Liability of Depositor. 
  
 Subject to Article VIII hereof and the terms of the Transaction Documents, the Depositor shall be entitled to the same limitation of personal liability
extended to stockholders of private corporations for profit organized under the general corporation law of the State of Delaware. 
  
 Section 2.09. Title to Trust Property. 
  
 Legal title to all the Trust Assets shall be vested at all times in the Trust as a separate legal entity except where applicable law in any jurisdiction
requires title to any part of the Trust Assets to be vested in a trustee or trustees, in which case title shall be deemed to be vested in the Owner Trustee, a co-trustee or a separate trustee, as the case may be. 
  
 Section 2.10. Situs of Trust. 
  
 The Trust will be located and administered in the State of Delaware or the
State of New York. All bank accounts maintained by the Owner Trustee on behalf of the Trust shall be located in the State of Delaware or the State of New York. The Trust shall not have any employees in any state other than Delaware; provided,
however, that nothing herein shall restrict or prohibit the Owner Trustee or the Administrator from having employees within or without the State of Delaware. 
  
 Section 2.11. [ Reserved ]. 
  

Section 2.12. Transfer of the Collateral Certificate. 
  

(a) In consideration of the delivery to or upon order of the Depositor of the net proceeds of the initial sale of Notes, the Depositor does hereby
transfer, assign, set over, pledge and otherwise convey to the Trust, without recourse (subject to the obligations herein), all right, title and interest of the Depositor in and to the Collateral Certificate and the proceeds thereof. The parties to
this Agreement intend that the conveyance of the Collateral Certificate constitute a sale, not a secured borrowing for accounting purposes. Nevertheless, this Agreement also shall be deemed to be, and hereby is, a security agreement within the
meaning of the UCC, and the conveyance by the Depositor provided for in this Agreement shall be deemed to be and hereby is a grant by the Depositor to the Trust of a security interest in and to all of the Depositor’s right, title and interest,
whether now owned or hereafter acquired, in, to and under all accounts, general intangibles, chattel paper, instruments, documents, money, deposit accounts, arising from, or relating to the Collateral Certificate and the proceeds thereof, to secure
the rights of the Trust under this Agreement and the obligations of the Depositor hereunder. The Depositor and the Trust shall, to the extent consistent with this Agreement, take such actions as may be necessary to ensure that the security interest
in the Collateral Certificate created hereunder will be a perfected security interest of first priority under applicable law and will be maintained as such throughout the term of this Agreement. 
  

 6 

 (b) To the extent that the Depositor retains any interest in the Collateral Certificate, the Depositor
hereby grants to the Indenture Trustee for the benefit of the holders of the Notes a security interest in and to all of the Depositor’s right, title and interest, whether now owned or hereafter acquired, in, to and under all accounts, general
intangibles, chattel paper, instruments, documents, money, deposit accounts, arising from, or relating to the Collateral Certificate and the proceeds thereof (collectively, the “Indenture Collateral”), to secure performance of all of the
obligations of the Depositor hereunder. With respect to the Indenture Collateral, the Indenture Trustee shall have all of the rights it has under the Transaction Documents. The Indenture Trustee shall have all of the rights of a secured creditor
under the UCC. 
  
 Section 2.13. Closing. 
  
 The transfer, assignment, set-over, pledge and conveyance of the Collateral
Certificate shall take place on the Closing Date (as defined in the Series 2004-MC Supplement), simultaneously with the closing of the transactions contemplated by the Pooling and Servicing Agreement and the Transaction Documents 
  
 Section 2.14. Books and Records. 
  
 In connection with the transfer, assignment, set-over, pledge and conveyance
set forth in Section 2.12, the Depositor agrees to record and file, at its own expense, any financing statements (and continuation statements with respect to such financing statements when applicable) required to be filed with respect to the
Collateral Certificate assigned by the Depositor hereunder, meeting the requirements of applicable state law in such manner and in such jurisdictions as are necessary under applicable law to perfect the transfer, assignment, set-over, pledge and
conveyance of the Collateral Certificate to the Trust, and to deliver a file-stamped copy of such financing statements or other evidence of such filings to the Trust on or prior to the Closing Date (excluding such continuation and similar
statements, which shall be delivered promptly after filing). 
  
 Section 2.15. Holder of the Collateral Certificate. 
  
 The Indenture Trustee initially shall be deemed to be the holder of the Collateral Certificate for all purposes under the Pooling and Servicing Agreement and the Series 2004-MC Supplement. To the extent the Collateral Certificate is sold or
otherwise transferred to a third-party in connection with the sale or liquidation of the Trust Assets pursuant to the provisions of the Indenture, such transferee shall be deemed to be the holder of the Collateral Certificate for all purposes under
the Pooling and Servicing Agreement and the Series 2004-MC Supplement. 
  
 Section 2.16. Representations and Warranties of Depositor. 
  
 The Depositor makes the following representations and warranties as to the Collateral Certificate on which the Trust is deemed to have relied in acquiring the Collateral Certificate. Such representations and
warranties speak as of the execution and delivery of this Agreement, but shall survive the transfer and assignment of the Collateral Certificate to the Trust and the pledge thereof to the Indenture Trustee pursuant to the Indenture. 
  
 (a) Title. It is the intention of the Depositor (i) that the transfer
and assignment contemplated in Section 2.12(a) constitute either (A) a sale of the Collateral Certificate, or (B) a grant of a perfected security interest therein, from the Depositor to the Trust and (ii) to the extent that the Depositor retains any
interest in the Collateral Certificate after the transfer and assignment contemplated in Section 2.12(a), that the grant contemplated in Section 2.12(b) constitutes a grant of a perfected security interest therein from the Depositor to the Indenture
Trustee for the benefit of the Holders of the Notes and that the beneficial interest in the title to the Collateral Certificate and the other Collateral not be part of the debtor’s estate in the event of the appointment of a conservator or
receiver or liquidator in any insolvency, readjustment of debt, marshaling of assets and liabilities of or relating to the Depositor or of or relating to all or substantially all of its property. No interest in the Collateral Certificate has been
sold, transferred, assigned or pledged by the Depositor to any Person other than pursuant to this Agreement. Immediately prior to the transfer and assignment herein contemplated, the Depositor had good title to the Collateral Certificate, free and
clear of all liens and rights of others and, immediately upon the transfer thereof, the Trust shall have good title to the Collateral Certificate, free and clear of all liens and rights of others or a first priority perfected security interest
therein; and the transfer has been perfected, by the filing of appropriate financing statements pursuant to the 

  

 7 

 
UCC. The Depositor has no actual knowledge of any current statutory or other non-consensual liens to which the Collateral Certificate is subject. 

 
 (b) All Actions Taken. All actions necessary under the applicable
UCC in any jurisdiction to be taken (i) to give the Trust a first priority perfected security interest or ownership interest in the Collateral Certificate, and (ii) to give the Indenture Trustee a first priority perfected security interest in the
Collateral Certificate, in each case subject to any statutory or other non-consensual liens with respect to the Collateral Certificate, have been taken. 
  
 (c) No Consents Required. All approvals, authorizations, consents, orders or other actions of any Person or of any Governmental Authority required
in connection with the execution and delivery by the Depositor of this Agreement or any other Transaction Document, the performance by the Depositor of the transactions contemplated by this Agreement or any other Transaction Document and the
fulfillment by the Depositor of the terms hereof or thereof, have been obtained or have been completed and are in full force and effect (other than approvals, authorizations, consents, orders and other actions which if not obtained or completed or
in full force or effect would not have a material adverse effect on the Depositor or the Trust or upon the collectibility of the Collateral Certificate or upon the ability of the Depositor to perform its obligations under this Agreement).

  
 (d) Transfers Comply. Each of (i) the transfer of the
Collateral Certificate by the Depositor to the Trust pursuant to the terms of this Agreement, (ii) the pledge of the Collateral Certificate by the Trust to the Indenture Trustee pursuant to the terms of the Indenture and (iii) the pledge of the
Collateral Certificate by the Depositor to the Indenture Trustee for the benefit of the Holders of the Notes pursuant to the terms of this Agreement, comply with the provisions, if any, of the Pooling and Servicing Agreement and the Series 2004-MC
Supplement relating to the transfers of the Collateral Certificate. 
  
 (e) Transfer Restrictions. No transfer of the Collateral Certificate or any beneficial interest therein may be effected except in accordance with the applicable provisions of the Series Supplement and the Indenture. 
  
 Section 2.17. Assignment to Indenture Trustee. 
  
 The Depositor hereby acknowledges and consents to any mortgage, pledge,
assignment and grant of a security interest by the Trust to the Indenture Trustee pursuant to the Indenture for the benefit of the Noteholders of all right, title and interest of the Trust, in to and under the Collateral Certificate and the other
property described in the Granting Clause of the Indenture and/or the assignment of any or all of the Trust’s rights and obligations hereunder to the Indenture Trustee. 
  
 ARTICLE III 
  
 LIMITATION ON TRANSFER OF BENEFICIAL INTEREST 
  
 Section 3.01. Beneficial Ownership. 
  
 The Depositor shall at all times retain sole ownership of its uncertificated beneficial interest in the Trust. 
  
 ARTICLE IV 
  
 ACTIONS BY OWNER TRUSTEE 
  
 Section 4.01. Prior Notice to Depositor with Respect to Certain Matters. 
  
 With respect to the following matters, the Owner Trustee shall not take action unless at least 30 days before the taking of
such action, the Owner Trustee shall have notified the Depositor in writing of the proposed action and the Depositor shall not have notified the Owner Trustee in writing prior to the 30th day after such notice is given that the Depositor has
withheld consent or provided alternative direction: 
  
 (a) the
initiation of any claim or lawsuit by the Trust and the compromise of any action, claim or lawsuit brought by or against the Trust; or 
  

 8 

 (b) the election by the Trust to file an amendment to the Certificate of Trust (unless such amendment is
required to be filed under the Statutory Trust Act). 
  
 Section
4.02. Action by Depositor with Respect to Certain Matters. 
  
 The Owner Trustee shall not have the power, except upon the direction of the Depositor, to (a) remove the Administrator pursuant to Section 9.08, (b) appoint a successor Administrator pursuant to Section 9.08 or (c) except as provided in
the Transaction Documents, sell the Trust Assets. The Owner Trustee shall take the actions referred to in the preceding sentence only upon written instructions signed by the Depositor. 
  
 Section 4.03. [Reserved]. 
  
 Section 4.04. Restrictions on Depositor Power. 
  
 The Depositor shall not direct the Owner Trustee to take or to refrain from taking any action if such action or inaction would be contrary to any
obligation of the Trust or the Owner Trustee under this Agreement or any other Transaction Document or would be contrary to Section 2.03, nor shall the Owner Trustee be obligated to follow any such direction, if given. 
  
 ARTICLE V 
  
 APPLICATION OF TRUST FUNDS; CERTAIN DUTIES 
  
 Section 5.01. Application of Trust Funds. 
  
 (a) All funds received by the Trust to the extent not encumbered by the Indenture and otherwise available for distribution
(or if encumbered by the Indenture, which have been released by the relevant parties benefiting from such encumbrance) will be distributed to the Depositor. 
  
 (b) In the event that any withholding tax is imposed on the Trust’s payment (or allocations of income) to the Depositor, such tax shall reduce the
amount otherwise distributable to the Depositor in accordance with this Section. The Trustee is hereby authorized and directed to retain from amounts otherwise distributable to the Depositor sufficient funds for the payment of any tax that is
legally owed by the Trust (but such authorization shall not prevent the Trust from contesting any such tax in appropriate proceedings and withholding payment of such tax, if permitted by law, pending the outcome of such proceedings). The amount of
any withholding tax imposed with respect to the Depositor shall be treated as cash distributed to the Depositor at the time it is withheld by the Trustee and remitted to the appropriate taxing authority. If the Trustee receives an opinion from
Federal tax counsel that withholding tax is payable with respect to a distribution, the Trustee may in its sole discretion withhold such amounts in accordance with this paragraph. 
  
 Section 5.02. Payments from Trust Assets Only. 
  
 All payments to be made by the Trust under this Agreement will be made only from the income and the capital proceeds derived
from the Trust Assets. The Depositor agrees that it will look solely to the income and capital proceeds derived from the Trust Assets (to the extent available for payment as herein provided) and that, except as specifically provided herein, the
Owner Trustee will not be subject to any liability in its individual capacity under this Agreement to the Depositor or to any other Person. 
  
 Section 5.03. Method of Payment. 
  
 All amounts payable to the Depositor pursuant to this Agreement will be paid by the Administrator or the Owner Trustee on behalf of the Trust to the
Depositor or a nominee therefor in such manner as the Depositor may 

  

 9 

 
from time designate in written instructions to the Administrator or the Owner Trustee. All funds received by the Owner Trustee on behalf of the Trust no
later than 2:00 p.m. (New York City time) on a Business Day will be applied by the Administrator or the Owner Trustee on that Business Day. Funds received after that time will be applied on the next following Business Day. 
  
 Section 5.04. No Segregation of Moneys; No Interest. 
  
 Subject to Sections 5.01 through 5.03, moneys received by the Owner Trustee
hereunder need not be segregated in any manner except to the extent required by law and may be deposited under such general conditions as may be prescribed by law, and the Owner Trustee shall not be liable for any interest thereon. 
  
 Section 5.05. Accounting and Reports to Depositor, Internal Revenue
Service and Others. 
  
 The Administrator shall deliver to the
Depositor such information, reports or statements as may be required by the Code and applicable Treasury Regulations and as may be required to enable the Depositor to prepare its federal and State income tax returns. Consistent with the Trust’s
characterization for tax purposes as a disregarded entity, no federal income tax return shall be filed on behalf of the Trust unless either (a) the Trust or the Depositor shall receive an Opinion of Counsel based on a change in applicable law
occurring after the date hereof that the Code requires such a filing or (b) the Internal Revenue Service shall determine that the Trust is required to file such a return. In the event that the Trust is required to file tax returns, the Administrator
shall prepare or shall cause to be prepared any tax returns required to be filed by the Trust and shall remit such returns to the Depositor at least five days before such returns are due to be filed. The Depositor, or any other such party required
by law, shall promptly sign such returns and deliver such returns after signature to the Administrator and such returns shall be filed by, or at the direction of, the Administrator with the appropriate tax authorities. In no event shall the Owner
Trustee or the Depositor be liable for any liabilities, costs or expenses of the Trust arising out of the application of any tax law, including federal, State, foreign or local income or excise taxes or any other tax imposed on or measured by income
(or any interest, penalty or addition with respect thereto or arising from a failure to comply therewith), except for any such liability, cost or expense attributable to any act or omission by the Owner Trustee which constitutes gross negligence or
willful misconduct or if the Depositor is in breach of its obligations under this Agreement. 
  
 ARTICLE VI 
  
 AUTHORITY AND DUTIES
OF OWNER TRUSTEE 
  
 Section 6.01. General Authority.

  
 The Owner Trustee is authorized, but shall not be obligated,
to take all actions required of the Trust pursuant to the Transaction Documents. The Owner Trustee is further authorized from time to time to take such action as the Administrator recommends with respect to the Transaction Documents. 
  
 Section 6.02. General Duties. 
  
 It shall be the duty of the Owner Trustee to discharge (or cause to be
discharged) all of its responsibilities pursuant to the terms of this Agreement and to administer the Trust in the interest of the Depositor, subject to the Transaction Documents and in accordance with the provisions of this Agreement.
Notwithstanding the foregoing, the Owner Trustee shall be deemed to have discharged its duties and responsibilities hereunder and the obligations of the Trust under the Transaction Documents to the extent the Administrator has agreed herein to
perform any act or to discharge any duty of the Owner Trustee hereunder or the Trust under any Transaction Document, and the Owner Trustee shall not be held liable for the default or failure of the Administrator to carry out its obligations
hereunder or thereunder. 
  

 10 

 Section 6.03. Action upon Instruction. 
  
 (a) Subject to Article IV and in accordance with the terms of the Transaction
Documents, the Depositor may by written instruction direct the Owner Trustee in the management of the Trust. Such direction may be exercised at any time by written instruction of the Depositor pursuant to Article IV. 
  
 (b) The Owner Trustee shall not be required to take any action hereunder or
under any Transaction Document if the Owner Trustee shall have reasonably determined, or shall have been advised by counsel, that such action is likely to result in liability on the part of the Owner Trustee or is contrary to the terms hereof or of
any Transaction Document or is otherwise contrary to law. 
  
 (c)
Whenever the Owner Trustee is (i) unable to decide between alternative courses of action permitted or required by the terms of this Agreement or under any Transaction Document, (ii) unsure as to the application of any provision of this Agreement or
any Transaction Document or any such provision is ambiguous as to its application, or is, or appears to be, in conflict with any other applicable provision or (iii) in the event that this Agreement permits any determination by the Owner Trustee or
is silent or is incomplete as to the course of action that the Owner Trustee is required to take with respect to a particular set of facts, the Owner Trustee may give notice (in such form as shall be appropriate under the circumstances) to the
Depositor requesting instruction and, to the extent that the Owner Trustee acts or refrains from acting in good faith in accordance with any such instruction received, the Owner Trustee shall not be liable, on account of such action or inaction, to
any Person. If the Owner Trustee shall not have received appropriate instruction within 10 days of such notice (or within such shorter period of time as reasonably may be specified in such notice or may be necessary under the circumstances) it may,
but shall be under no duty to, take or refrain from taking such action not inconsistent with this Agreement or the Transaction Documents, as it shall deem to be in the best interests of the Depositor, and shall have no liability to any Person for
such action or inaction. 
  
 Section 6.04. No Duties Except as
Specified in Agreement or Instructions. 
  
 The Owner Trustee
shall not have any duty or obligation to manage, make any payment with respect to, register, record, sell, dispose of or otherwise deal with the Trust Assets, or to otherwise take or refrain from taking any action under, or in connection with, any
document contemplated hereby to which the Owner Trustee is a party, except as expressly provided by the terms of this Agreement or in any document or written instruction received by the Owner Trustee pursuant to Section 6.03; and no implied duties
or obligations shall be read into this Agreement or any Transaction Document against the Owner Trustee. The Owner Trustee shall have no responsibility for filing any financing or continuation statement in any public office at any time or to
otherwise perfect or maintain the perfection of any security interest or lien granted to it hereunder or to prepare or file any Securities and Exchange Commission filing for the Trust or to record this Agreement or any Transaction Document.

  
 Section 6.05. No Action Except under Specified Documents or
Instructions. 
  
 The Owner Trustee shall not manage, control,
use, sell, dispose of or otherwise deal with any part of the Trust Assets except (i) in accordance with the powers granted to and the authority conferred upon the Owner Trustee pursuant to this Agreement, (ii) in accordance with the Transaction
Documents and (iii) in accordance with any document or instruction delivered to the Owner Trustee pursuant to Section 6.03. 
  
 Section 6.06. Restrictions. 
  
 The Owner Trustee shall not take any action (a) that is inconsistent with the purposes of the Trust set forth in Section 2.03 or (b) that, to the actual
knowledge of a responsible officer of the Owner Trustee, would result in the Trust’s becoming taxable as a corporation for federal income tax purposes. The Depositor shall not direct the Owner Trustee to take action that would violate the
provisions of this Section. 
  

 11 

 Section 6.07. Not Responsible for Recitals or Sufficiency of Agreement. 
  
 The recitals contained in this Agreement shall be taken as the statements of
the Depositor, and the Owner Trustee does not assume any responsibility for their correctness. The Owner Trustee makes no representations as to the value or condition of the property of the Trust or any part thereof. The Owner Trustee makes no
representations as to the validity or sufficiency of this Agreement. 
  
 ARTICLE VII 
  
 CONCERNING OWNER TRUSTEE 
  
 Section 7.01. Acceptance of Trusts and Duties. 
  
 The Owner Trustee accepts the trusts hereby created and agrees to perform its
duties hereunder with respect to such trusts, but only upon the terms of this Agreement. The Owner Trustee also agrees to disburse all moneys actually received by it constituting part of the Trust Assets upon the terms of the Transaction Documents.
The Owner Trustee shall not be answerable or accountable hereunder or under any Transaction Document under any circumstances, except (i) for its own willful misconduct or gross negligence or (ii) in the case of the inaccuracy of any representation
or warranty contained in Section 7.03 expressly made by the Owner Trustee in its individual capacity. In particular, but not by way of limitation (and subject to the exceptions set forth in the preceding sentence): 
  
 (a) The Owner Trustee shall not be liable for any error of judgment made in
good faith by a Responsible Officer of the Owner Trustee; 
  
 (b)
The Owner Trustee shall not be liable with respect to any action taken or omitted to be taken by it in accordance with the instructions of the Administrator or the Depositor; 
  
 (c) No provision of this Agreement or any other Transaction Document shall require the Owner Trustee to expend or risk funds
or otherwise incur any financial liability in the performance of any of its rights or powers hereunder or under any Transaction Document if the Owner Trustee shall have reasonable grounds for believing that repayment of such funds or adequate
indemnity against such risk or liability is not reasonably assured or provided to it; 
  
 (d) Under no circumstances shall the Owner Trustee be liable for indebtedness evidenced by or arising under any of the Transaction Documents, including the principal of and interest on the Certificates; 
  
 (e) The Owner Trustee shall not be responsible for or in respect of the
validity or sufficiency of this Agreement or for the due execution hereof by the Depositor or for the form, character, genuineness, sufficiency, value or validity of any of the Trust Assets, or for or in respect of the validity or sufficiency of the
Transaction Documents, and the Owner Trustee shall in no event assume or incur any liability, duty or obligation to any Certificateholder or to the Depositor, other than as expressly provided for herein or expressly agreed to in the Transaction
Documents; 
  
 (f) The Owner Trustee shall not be liable for the
default or misconduct of the Administrator or the Depositor hereunder, the Servicer, the Back-up Servicer or the Trustee under the Pooling and Servicing Agreement or any other Person under any of the Transaction Documents or otherwise, and the Owner
Trustee shall have no obligation or liability to perform the obligations of the Trust under this Agreement or any other Transaction Document that are required to be performed by the Administrator hereunder, the Trustee, the Servicer or the Back-up
Servicer under the Pooling and Servicing Agreement; and 
  
 (g)
The Owner Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Agreement, or to institute, conduct or defend any litigation under any Transaction Document, at the request, order or direction of the
Depositor, unless the Depositor has offered to the Owner Trustee security or indemnity satisfactory to it against the costs, expenses and liabilities that may be incurred by the Owner Trustee therein or 

  

 12 

 
thereby. The right of the Owner Trustee to perform any discretionary act enumerated in this Agreement or in any Transaction Document shall not be construed
as a duty, and the Owner Trustee shall not be answerable for other than its gross negligence or willful misconduct in the performance of any such act. 
  
 Section 7.02. Furnishing of Documents. 
  
 The Owner Trustee shall furnish to the Depositor, promptly upon receipt of a written request therefor, duplicates or copies of all reports, notices,
requests, demands, certificates, financial statements and any other instruments furnished to the Owner Trustee under the Transaction Documents. 
  
 Section 7.03. Representations and Warranties. 
  
 The Owner Trustee hereby represents and warrants to the Depositor, that: 
  
 (a) It is a national banking association duly organized and validly existing in good standing under the laws of the United
States of America. It has all requisite corporate power and authority to execute, deliver and perform its obligations under this Agreement. 
  
 (b) It has taken all corporate action necessary to authorize the execution and delivery by it of this Agreement, and this Agreement will be executed and
delivered by one of its officers who is duly authorized to execute and deliver this Agreement on its behalf. 
  
 (c) Neither the execution or the delivery by it of this Agreement, nor the consummation by it of the transactions contemplated hereby, nor compliance by
it with any of the terms or provisions hereof will contravene any federal or Delaware law, governmental rule or regulation governing the banking or trust powers of the Owner Trustee or any judgment or order binding on it or constitute any default
under its charter documents or bylaws. 
  
 Section 7.04.
Reliance; Advice of Counsel. 
  
 (a) The Owner Trustee
shall incur no liability to anyone in acting upon any signature, instrument, notice, resolution, request, consent, order, certificate, report, opinion, bond, or other document or paper believed by it to be genuine or believed by it to be signed by
the proper party or parties. The Owner Trustee may accept a certified copy of a resolution of the board of directors or other governing body of any corporate party as conclusive evidence that such resolution has been duly adopted by such body and
that the same is in full force and effect. As to any fact or matter the method of determination of which is not specifically prescribed herein, the Owner Trustee may for all purposes hereof rely on a certificate, signed by the president or any vice
president or by the treasurer or other authorized officers of the relevant party, as to such fact or matter, and such certificate shall constitute full protection to the Owner Trustee for any action taken or omitted to be taken by it in good faith
in reliance thereon. 
  
 (b) In the exercise or administration of
the trusts hereunder and in the performance of its duties and obligations under the Transaction Documents, the Owner Trustee (i) may act directly or through its agents or attorneys pursuant to agreements entered into with any of them, and the Owner
Trustee shall not be liable for the conduct or misconduct of such agents or attorneys if such agents or attorneys shall have been selected by the Owner Trustee with reasonable care, and (ii) may consult with counsel, accountants and other skilled
Persons to be selected with reasonable care and employed by it. The Owner Trustee shall not be liable for anything done, suffered or omitted in good faith by it in accordance with the written opinion or advice of any such counsel, accountants or
other such Persons. 
  
 Section 7.05. Not Acting in Individual
Capacity. 
  
 Except as provided in this Article VII, in
accepting the trusts hereby created Chase Manhattan Bank USA, National Association acts solely as Owner Trustee hereunder and not in its individual capacity, and all Persons having any claim against the Owner Trustee by reason of the transactions
contemplated by this Agreement or any other Transaction Document shall look only to the Trust Assets for payment or satisfaction thereof. 
  

 13 

 Section 7.06. Owner Trustee Not Liable for Payment Obligations or Transferred Securities.

  
 The recitals contained herein shall be taken as the statements
of the Depositor, and the Owner Trustee assumes no responsibility for the correctness thereof. The Owner Trustee makes no representations as to the validity or sufficiency of any Transaction Document or of any Receivable or related documents. The
Owner Trustee shall at no time have any responsibility or liability for or with respect to the legality, validity and enforceability of any Receivable, or the perfection and priority of any security interest created in any Receivable, or the
maintenance of any such perfection and priority, or for or with respect to the sufficiency of the Trust Assets or its ability to generate the payments to be distributed to the Depositor under this Agreement, including, without limitation: the
existence, condition and ownership of any Receivable, the existence and enforceability of any insurance thereon; the existence and contents of any Receivable on any computer or other record thereof; the validity of the assignment of any Receivable
to the Trust or of any intervening assignment; the validity of the transfer of any Receivable to the Trust or of any intervening transfer or assignment; the completeness of any Receivable; the performance or enforcement of any Receivable; the
compliance by the Depositor with any warranty or representation made under any Transaction Document or in any related document or the accuracy of any such warranty or representation, or any action of the Administrator, taken in the name of the Owner
Trustee or the Trust. 
  
 ARTICLE VIII 
  
 COMPENSATION OF OWNER TRUSTEE 
  
 Section 8.01. Owner Trustee’s Fees and Expenses. 
  
 The Owner Trustee shall receive as compensation for its services hereunder
such fees as have been separately agreed upon before the date hereof between the Depositor and the Owner Trustee, and the Owner Trustee shall be entitled to be reimbursed for its other reasonable expenses hereunder, including the reasonable
compensation, expenses and disbursements of such agents, representatives, experts and counsel as the Owner Trustee may employ in connection with the exercise and performance of its rights and its duties hereunder. 
  
 Section 8.02. Indemnification. 
  
 (a) The Administrator shall be liable as primary obligor for, and shall
indemnify the Owner Trustee (in its individual and trust capacities) and its successors, assigns, agents and servants (collectively, the “Indemnified Parties”) from and against, any and all liabilities, obligations, losses, damages,
taxes, claims, actions and suits, and any and all reasonable costs, expenses and disbursements (including reasonable legal fees and expenses) of any kind and nature whatsoever (collectively, “Expenses”) which may at any time be
imposed on, incurred by, or asserted against any Indemnified Party in any way relating to or arising out of this Agreement, the Transaction Documents, the Trust Assets, the administration of the Trust Assets or the action or inaction of the Owner
Trustee hereunder, except only that the Administrator shall not be liable for or required to indemnify an Indemnified Party from and against Expenses arising or resulting from any of the matters described in clauses (i) and (ii) of the third
sentence of Section 7.01. The indemnities contained in this Section shall survive the resignation or removal of the Owner Trustee or the termination of this Agreement. 
  
 (b) To the fullest extent permitted by law, Expenses to be incurred by an Indemnified Party shall, from time to time, be
advanced by, or on behalf of, the Administrator prior to the final disposition of any matter upon receipt by the Administrator of an undertaking by, or on behalf of, such Indemnified Party to repay such amount if it shall be finally determined by a
court of competent jurisdiction that the Indemnified Party is not entitled to be indemnified under this Agreement. 
  
 (c) As security for any amounts owing to the Owner Trustee hereunder, the Owner Trustee shall have a lien against the Trust Assets, which lien shall be
prior to the rights of the Administrator. 
  

 14 

 Section 8.03. Payments to Owner Trustee. 
  
 Any amounts paid to the Owner Trustee pursuant to this Article VIII shall be
deemed not to be a part of the Trust Assets immediately after such payment. 
  
 ARTICLE IX 
  
 APPOINTMENT AND
DUTIES OF ADMINISTRATOR 
  
 Section 9.01. Appointment of
Administrator. 
  
 Pursuant to Section 3806(b)(7) of the
Statutory Trust Act, the Trust hereby appoints Mellon Bank, N.A. as Administrator of the Trust for purposes of performing certain duties of the Trust and the Owner Trustee as set forth herein. Under no circumstances shall the Owner Trustee be
responsible for the supervision of the Administrator. The Administrator is authorized and directed to execute and deliver the Transaction Documents to which the Trust is to be a party and each certificate or other document attached as an exhibit to
or contemplated by the Transaction Documents to which the Trust is to be a party and any amendment or other agreement in such form as the Depositor shall approve, as evidenced conclusively by the Administrator’s execution thereof. 

 
 Section 9.02. Duties of Administrator. 
  
 (a) The Administrator shall take all appropriate action that it is the duty
of the Trust or the Owner Trustee to take pursuant to the Transaction Documents, including, without limitation, the performance of such calculations and the preparation of, and execution on behalf of the Trust of, all such documents, reports,
filings, instruments, certificates and opinions that it shall be the duty of the Trust or the Owner Trustee to prepare, file or deliver pursuant to the Transaction Documents or under Article V hereof, and the Administrator shall notify the Owner
Trustee of all such action taken. In furtherance thereof, the Owner Trustee shall, on behalf of the Trust, execute and deliver to the Administrator and to each successor Administrator appointed pursuant to the terms hereof, one or more powers of
attorney substantially in the form of Exhibit B hereto, appointing the Administrator the attorney-in-fact of the Trust for the purpose of executing on behalf of the Trust all such documents, reports, filings, instruments, certificates and opinions.
Subject to Article V of this Agreement, and in accordance with the directions of the Owner Trustee, the Administrator shall administer, perform or supervise the performance of such other activities in connection with the Trust Assets or the
Transaction Documents as are not covered by any of the foregoing provisions and as are expressly requested by the Owner Trustee and are reasonably within the capability of the Administrator. 
  
 (b) Notwithstanding anything in this Agreement or the Transaction Documents
to the contrary, the Administrator shall be responsible for promptly notifying the Owner Trustee and the Trustee in the event that any withholding tax is imposed on the Trust’s payments to the Depositor as contemplated in Section 5.01(b)
herein. Any such notice shall specify the amount of any withholding tax required to be withheld by the Owner Trustee and the Trustee pursuant to such provision. 
  

(c) The Administrator shall determine on behalf of the Trust whether any conditions precedent to the purchase of the Receivables, the issuance of the
Investor Certificates or any other action of the Trust under the Transaction Documents has been satisfied. The Owner Trustee may conclusively rely upon a certificate of the Administrator as to satisfaction of the foregoing. 
  
 (d) The Administrator shall perform the duties of the Administrator specified
in Section 11.02 herein required to be performed in connection with the resignation or removal of the Owner Trustee, and any other duties expressly required to be performed by the Administrator this Agreement. 
  
 (e) The Administrator shall maintain appropriate books of account and records
relating to services performed hereunder, which books of account and records shall be accessible for inspection by the Trust at any time during normal business hours. 
  

 15 

 (f) The Administrator shall furnish to the Owner Trustee from time to time such additional information
regarding the Trust Assets as the Owner Trustee shall reasonably request. 
  
 (g) In carrying out the foregoing duties or any of its other obligations under this Agreement, the Administrator may enter into transactions or otherwise deal with any of its Affiliates. 
  
 (h) The Administrator shall have the fiduciary duties of loyalty and care
similar to that of officers of business corporations organized under the General Corporation Law of the State of Delaware, as amended. The Administrator shall not be liable for monetary damages to the Trust or any other Person to the fullest extent
such limitation of personal liability is permitted under the Statutory Trust Act. 
  
 Section 9.03. Non-Ministerial Matters. 
  
 With respect to matters that in the reasonable judgment of the Administrator are non-ministerial, the Administrator shall not take any action unless within a reasonable time before the taking of such action, the
Administrator shall have notified the Depositor of the proposed action and the Depositor shall not have withheld consent or provided an alternative direction. For the purpose of the preceding sentence, “non-ministerial matters” shall
include, without limitation: (i) the initiation of any claim or lawsuit by the Trust and the compromise of any action, claim or lawsuit brought by or against the Trust; and (ii) the amendment, change or modification of the Transaction Documents.

  
 Section 9.04. Indemnification of Indemnified Parties.

  
 The Administrator will indemnify the Indemnified Parties for,
and hold them harmless against, any losses, liability or expense incurred without gross negligence or bad faith on their part, arising out of or in connection with the Administrator’s acceptance or administration of the transactions
contemplated by this Agreement or the Transaction Documents or the failure by the Administrator to perform its duties or obligations in accordance with this Agreement or the Transaction Documents, including the reasonable costs and expenses of
defending themselves against any claim or liability in connection with the exercise or performance of any of the Administrator’s powers or duties under this Agreement. 
  
 Section 9.05. Compensation. 
  

As compensation for the performance of the Administrator’s obligations under this Agreement and as reimbursement for its expenses related thereto,
the Administrator shall be entitled to $5,000 per year; provided, however, that the Administrator may, with prior written notice to the Depositor, the Trust and the Owner Trustee, waive its rights to compensation hereunder and Mellon Bank,
N.A., as the initial Administrator hereby gives written notice to the Depositor, the Trust and the Owner Trustee that until further written notice to the contrary, it waives its right to receive such compensation. 
  
 Section 9.06. Independence of Administrator. 
  
 For all purposes of this Agreement, the Administrator shall be an independent
contractor and shall not be subject to the supervision of the Owner Trustee with respect to the manner in which it accomplishes the performance of its obligations hereunder. Unless expressly authorized by the Owner Trustee, the Administrator shall
have no authority to act for or represent the Owner Trustee in any way and shall not otherwise be deemed an agent of the Owner Trustee. 
  
 Section 9.07. Other Activities of Administrator. 
  
 Nothing herein shall prevent the Administrator or its Affiliates from engaging in other businesses or, in its sole discretion, from acting in a similar
capacity as an administrator for any other person or entity even though such person or entity may engage in business activities similar to those of the Trust or the Owner Trustee. 
  

 16 

 Section 9.08. Resignation and Removal of Administrator. 
  
 (a) The obligations of the Administrator pursuant to this Article IX shall
continue until the termination of the Trust, upon which event such obligations will terminate. 
  
 (b) Subject to Section 9.08(e), the Administrator may resign its duties hereunder by providing the Trust with at least 60 days’ prior written notice. 
  
 (c) Subject to Section 9.08(e), the Trust and the Owner Trustee may remove the Administrator without cause on 60 days’
prior written notice to the Administrator at any time. 
  
 (d)
Subject to Section 9.08(e), at the sole option of the Trust, the Administrator may be removed immediately upon written notice of termination from the Trust to the Administrator if any of the following events shall occur: 
  
 (i) the Administrator shall default in the performance of
any of its duties under this Agreement and, after notice of such default, shall not cure such default within 10 days (or, if such default cannot be cured in such time, shall not give within 10 days such assurance of cure as shall be reasonably
satisfactory to the Trust); 
  
 (ii) a court
having jurisdiction in the premises shall enter a decree or order for relief, and such decree or order shall not have been vacated within 60 days, in respect of the Administrator in any involuntary case under any applicable bankruptcy, insolvency or
other similar law now or hereafter in effect or appoint a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official for the Administrator or any substantial part of its property or order the winding-up or liquidation of
its affairs; or 
  
 (iii) the Administrator shall
commence a voluntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, shall consent to the entry of an order for relief in an involuntary case under any such law, shall consent to the appointment of a
receiver, liquidator, assignee, trustee, custodian, sequestrator or similar official for the Administrator or any substantial part of its property, shall consent to the taking of possession by any such official of any substantial part of its
property, shall make any general assignment for the benefit of creditors or shall fail generally to pay its debts as they become due. 
  
 The Administrator agrees that if any of the events specified in clauses (ii) or (iii) of this Section shall occur, it shall give written notice thereof to
the Trust and a Responsible Officer of the Owner Trustee within seven days after the happening of such event. 
  
 (e) No resignation or removal of the Administrator pursuant to this Section shall be effective until (i) a successor Administrator shall have been
appointed by the Trust and (ii) such successor Administrator shall have agreed in writing to be bound by the terms of this Agreement in the same manner as the Administrator is bound hereunder. 
  
 (f) The appointment of any successor Administrator shall be effective only
after satisfaction of the Rating Agency Condition with respect to the proposed appointment. 
  
 Section 9.09. Action upon Termination, Resignation or Removal. 
  
 Promptly upon the effective date of termination of this Agreement pursuant to Section 9.08(a) or the resignation or removal of the Administrator pursuant
to Section 9.08(b) or (c), respectively, the Administrator shall be entitled to be paid all fees and reimbursable expenses accruing to it to the date of such termination, resignation or removal. The Administrator shall forthwith upon such
termination pursuant to Section 9.08(a) deliver to the Trust all property and documents of or relating to the Trust Assets then in the custody of the Administrator. In the event of the resignation or removal of the Administrator pursuant to Section
9.08(b) or (c), respectively, the Administrator 

  

 17 

 
shall cooperate with the Trust and take all reasonable steps requested to assist the Trust in making an orderly transfer of the duties of the Administrator.

  
 ARTICLE X 
  
 TERMINATION OF AGREEMENT 
  
 Section 10.01. Termination of Agreement. 
  
 (a) The Trust shall dissolve upon the final distribution by the Owner Trustee
of all moneys or other property or proceeds of the Trust Assets in accordance with the terms of the Transaction Documents and Article V. The bankruptcy, liquidation, dissolution, death or incapacity of the Depositor shall not (x) operate to
terminate this Agreement or the Trust or (y) entitle the Depositor’s legal representatives or heirs to claim an accounting or to take any action or proceeding in any court for a partition or winding up of all or any part of the Trust or Trust
Assets or (z) otherwise affect the rights, obligations and liabilities of the parties hereto. 
  
 (b) Except as provided in Section 10.01(a), the Depositor shall not be entitled to dissolve, revoke or terminate the Trust. 
  
 (c) Upon the winding up of the Trust and payment of all liabilities of the Trust in accordance with Section 3808 of the Statutory Trust Act, the Owner
Trustee shall cause the Certificate of Trust to be canceled by filing a certificate of cancellation with the Secretary of State in accordance with the provisions of Section 3810 of the Statutory Trust Act. Thereupon, this Agreement (other than
Article VIII) and the Trust shall terminate. The Owner Trustee shall be entitled to rely conclusively upon the directions of the Administrator with respect to winding up the Trust. 
  
 ARTICLE XI 
  
 SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES 
  
 Section 11.01. Eligibility Requirements for Owner Trustee. 
  

The Owner Trustee shall at all times be a corporation satisfying the provisions of Section 3807(a) of the Statutory Trust Act; authorized to exercise
corporate trust powers; having a combined capital and surplus of at least $50,000,000 and subject to supervision or examination by federal or state authorities. If such corporation shall publish reports of condition at least annually pursuant to law
or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section, the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most
recent report of condition so published. In case at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section, the Owner Trustee shall resign immediately in the manner and with the effect specified in
Section 11.02. 
  
 Section 11.02. Resignation or Removal of
Owner Trustee. 
  
 The Owner Trustee may at any time resign
and be discharged from the trusts hereby created by giving written notice thereof to the Administrator. Upon receiving such notice of resignation, the Administrator shall promptly appoint a successor Owner Trustee by written instrument, in
duplicate, one copy of which instrument shall be delivered to the resigning Owner Trustee and one copy to the successor Owner Trustee. If no successor Owner Trustee shall have been so appointed and have accepted appointment within 30 days after the
giving of such notice of resignation, the resigning Owner Trustee may petition any court of competent jurisdiction for the appointment of a successor Owner Trustee. 
  
 If at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of Section 11.01 and shall
fail to resign after written request therefor by the Administrator, or if at any time the Owner Trustee shall be legally unable to act, or shall be adjudged bankrupt or insolvent, or a receiver of the Owner Trustee or of its property shall be
appointed, or any public officer shall take charge or control of the Owner Trustee or of its 

  

 18 

 
property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Administrator may remove the Owner Trustee. If the Administrator
shall remove the Owner Trustee under the authority of the immediately preceding sentence, the Administrator shall promptly appoint a successor Owner Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the
outgoing Owner Trustee so removed and one copy to the successor Owner Trustee, and shall pay all fees owed to the outgoing Owner Trustee. 
  
 Any resignation or removal of the Owner Trustee and appointment of a successor Owner Trustee pursuant to any of the provisions of this Section shall not
become effective until acceptance of appointment by the successor Owner Trustee pursuant to Section 11.03 and payment of all fees and expenses owed to the outgoing Owner Trustee. The Administrator shall provide notice of such resignation or removal
of the Owner Trustee to each of the Note Rating Agencies. 
  
 Section 11.03. Successor Owner Trustee. 
  
 Any
successor Owner Trustee appointed pursuant to Section 11.02 shall execute, acknowledge and deliver to the Administrator and to its predecessor Owner Trustee an instrument accepting such appointment under this Agreement, and thereupon the resignation
or removal of the predecessor Owner Trustee shall become effective, and such successor Owner Trustee, without any further act, deed or conveyance, shall become fully vested with all the rights, powers, duties and obligations of its predecessor under
this Agreement, with like effect as if originally named as Owner Trustee. The predecessor Owner Trustee shall upon payment of its fees and expenses deliver to the successor Owner Trustee all documents and statements and monies held by it under this
Agreement; and the Administrator and the predecessor Owner Trustee shall execute and deliver such instruments and do such other things as may reasonably be required for fully and certainly vesting and confirming in the successor Owner Trustee all
such rights, powers, duties and obligations. 
  
 No successor
Owner Trustee shall accept appointment as provided in this Section unless at the time of such acceptance such successor Owner Trustee shall be eligible pursuant to Section 11.01. 
  
 Upon acceptance of appointment by a successor Owner Trustee pursuant to this Section, the Administrator shall mail notice
thereof to the Depositor and the Note Rating Agencies. If the Administrator shall fail to mail such notice within 10 days after acceptance of such appointment by the successor Owner Trustee, the successor Owner Trustee shall cause such notice to be
mailed at the expense of the Administrator. 
  
 The successor
Owner Trustee shall file an amendment to the Certificate of Trust with the Secretary of State identifying the name and principal place of business in the State of Delaware of such successor Owner Trustee. 
  
 Section 11.04. Merger or Consolidation of Owner Trustee. 

 
 Any Person into which the Owner Trustee may be merged or converted or with
which it may be consolidated, or any Person resulting from any merger, conversion or consolidation to which the Owner Trustee shall be a party, or any Person succeeding to all or substantially all of the corporate trust business of the Owner
Trustee, shall be the successor of the Owner Trustee hereunder, without the execution or filing of any instrument or any further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding; provided that such
corporation shall be eligible pursuant to Section 11.01 and, provided, further, that the Owner Trustee shall mail notice of such merger or consolidation to the Note Rating Agencies. 
  
 Section 11.05. Appointment of Co-Trustee or Separate Trustee.

  
 Notwithstanding any other provisions of this Agreement, at any
time, for the purpose of meeting any legal requirements of any jurisdiction in which any part of the Trust Assets or any Receivables may at the time be located, the Administrator and the Owner Trustee acting jointly shall have the power and shall
execute and deliver all instruments to appoint one or more Persons approved by the Administrator and Owner Trustee to act as co-trustee, jointly with the Owner Trustee, or as separate trustee or separate trustees, of all or any part of the Trust
Assets, and to vest in such Person, in such capacity, such title to the Trust or any part thereof and, subject to the other provisions of this Section, such powers, duties, obligations, rights and trusts as the Administrator and the Owner Trustee
may 

  

 19 

 
consider necessary or desirable. If the Administrator shall not have joined in such appointment within 15 days after the receipt by it of a request so to do,
the Owner Trustee alone shall have the power to make such appointment. No co-trustee or separate trustee under this Agreement shall be required to meet the terms of eligibility as a successor Owner Trustee pursuant to Section 11.01, and no notice of
the appointment of any co-trustee or separate trustee shall be required pursuant to Section 11.03 except for a notice of such appointment to be delivered by the Owner Trustee to the Note Rating Agencies. 
  
 Each separate trustee and co-trustee shall, to the extent permitted by law,
be appointed and act subject to the following provisions and conditions: 
  
 (a) All rights, powers, duties and obligations conferred or imposed upon the Owner Trustee shall be conferred upon and exercised or performed by the Owner Trustee and such separate trustee or co-trustee jointly (it
being understood that such separate trustee or co-trustee is not authorized to act separately without the Owner Trustee joining in such act), except to the extent that under any law of any jurisdiction in which any particular act or acts are to be
performed, the Owner Trustee shall be incompetent or unqualified to perform such act or acts, in which event such rights, powers, duties and obligations (including the holding of title to the Trust Assets or any portion thereof in any such
jurisdiction) shall be exercised and performed singly by such separate trustee or co-trustee, but solely at the direction of the Owner Trustee; 
  
 (b) No trustee under this Agreement shall be personally liable by reason of any act or omission of any other trustee under this Agreement; and 

 
 (c) The Administrator and the Owner Trustee acting jointly may at any time
accept the resignation of or remove any separate trustee or co-trustee. 
  
 Any notice, request or other writing given to the Owner Trustee shall be deemed to have been given to each of the then separate trustees and co-trustees, as effectively as if given to each of them. Every instrument appointing any separate
trustee or co-trustee shall refer to this Agreement and the conditions of this Article. Each separate trustee and co-trustee, upon its acceptance of the trusts conferred, shall be vested with the estates or property specified in its instrument of
appointment, either jointly with the Owner Trustee or separately, as may be provided therein, subject to all the provisions of this Agreement, specifically including every provision of this Agreement relating to the conduct of, affecting the
liability of, or affording protection to, the Owner Trustee. Each such instrument shall be filed with the Owner Trustee and a copy thereof given to the Administrator. 
  
 Any separate trustee or co-trustee may at any time appoint the Owner Trustee as its agent or attorney-in-fact with full
power and authority, to the extent not prohibited by law, to do any lawful act under or in respect of this Agreement on its behalf and in its name. If any separate trustee or co-trustee shall die, become incapable of acting, resign or be removed,
all of its estates, properties, rights, remedies and trusts shall vest in and be exercised by the Owner Trustee, to the extent permitted by law, without the appointment of a new or successor co-trustee or separate trustee. 
  
 ARTICLE XII 
  
 MISCELLANEOUS 
  
 Section 12.01. Supplements and Amendments. 
  
 This Agreement may be amended by the Depositor, the Administrator and the Owner Trustee to cure any ambiguity and to correct or supplement any provisions
in this Agreement. This Agreement may also be amended by the parties hereto, with prior written notice to the Note Rating Agencies, for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions herein.

  
 Promptly after the execution of any amendment to the
Certificate of Trust, the Owner Trustee shall cause the filing of such amendment with the Secretary of State. 
  

 20 

 Prior to the execution of any amendment to this Agreement or the Certificate of Trust, the Owner Trustee
shall be entitled to receive and conclusively rely upon an Opinion of Counsel stating that the execution of such amendment is authorized or permitted by this Agreement and the Transaction Documents. The Owner Trustee may, but shall not be obligated
to, enter into any such amendment that affects the Owner Trustee’s own rights, duties or immunities under this Agreement or otherwise. 
  
 In connection with the execution of any amendment to any other agreement to which the Trust is a party, the Owner Trustee shall be entitled to receive and
conclusively rely upon an Opinion of Counsel to the effect that such amendment is authorized or permitted by this Agreement and the Transaction Documents and that all conditions precedent in the Transaction Documents for the execution and delivery
thereof by the Trust or the Owner Trustee, as the case may be, have been satisfied. 
  
 Section 12.02. No Legal Title to Trust Assets in Depositor. 
  
 The Depositor shall not have legal title to any part of the Trust Assets. The Depositor shall be entitled to receive distributions with respect to its
beneficial interest therein only in accordance with Articles V and X. No transfer, by operation of law or otherwise, of any right, title or interest of the Depositor to and in its ownership interest in the Trust Assets shall operate to terminate
this Agreement or the trusts hereunder or entitle any transferee to an accounting or to the transfer to it of legal title to any part of the Trust Assets. 
  
 Section 12.03. Limitations on Rights of Others. 
  
 The provisions of this Agreement are solely for the benefit of the Owner Trustee, the Depositor and the Administrator, and nothing in this Agreement,
whether express or implied, shall be construed to give to any other Person any legal or equitable right, remedy or claim in the Trust Assets or under or in respect of this Agreement or any covenants, conditions or provisions contained herein.

  
 Section 12.04. Notices. 
  
 Unless otherwise expressly specified or permitted by the terms hereof, all
notices shall be in writing and shall be deemed given upon receipt by the intended recipient or three Business Days after mailing if mailed by certified mail, postage prepaid (except that notice to the Owner Trustee shall be deemed given only upon
actual receipt by the Owner Trustee), (i) if to the Owner Trustee, addressed to the Corporate Trust Office; (ii) if to the Mellon Premium Finance Loan Owner Trust, c/o Chase Manhattan Bank, USA, National Association, 1201 North Market Street,
Wilmington, Delaware 19801, Attention Corporate Trust Administrator, with a copy to Mellon Bank, N.A., One Mellon Center, Suite 1910, 500 Grant Street, Pittsburgh, Pennsylvania 15258, Attention: Chief Financial Officer and General Counsel, (iii) if
to the Administrator, addressed to Mellon Bank, N.A., One Mellon Center, Suite 1910, 500 Grant Street, Pittsburgh, Pennsylvania 15258, Attention: Chief Financial Officer and General Counsel, or (iv) as to each party, at such other address as shall
be designated by such party in a written notice to each other party. 
  
 Section 12.05. Severability. 
  
 Any provision of
this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such
prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 
  
 Section 12.06. Separate Counterparts. 
  
 This Agreement may be executed by the parties hereto in separate counterparts, each of which when so executed and delivered shall be an original, but all
such counterparts shall together constitute but one and the same instrument. 
  

 21 

 Section 12.07. Successors and Assigns. 
  
 All covenants and agreements contained herein shall be binding upon, and
inure to the benefit of, each of the Depositor, the Administrator and its permitted assigns, the Owner Trustee and its successors and the Depositor and its successors and permitted assigns, all as herein provided. Any request, notice, direction,
consent, waiver or other instrument or action by the Depositor shall bind the successors and assigns of the Depositor. 
  
 Section 12.08. No Petition. 
  
 The Owner Trustee, the Administrator and the Depositor, by entering into this Agreement, hereby covenant and agree that they will not at any time petition
or otherwise invoke or cause the Trust to invoke the power of any Governmental Authority for the purpose of commencing or sustaining a case against the Trust under any federal or state bankruptcy, insolvency or similar law or appointing a receiver,
liquidator, assignee, trustee, custodian, sequestrator or other similar official of the Trust or the Trust Assets or ordering the winding-up or liquidation of the affairs of the Trust or in connection with any obligations relating to any of the
Transaction Documents. Nothing herein shall prohibit the Owner Trustee from participating in or filing proofs of claim in respect of any such proceeding instituted by any other Person. 
  
 Section 12.09. No Recourse. 
  

The Depositor by entering into this Agreement acknowledges that it holds a beneficial interest in the Trust only and not in interests in or obligations
of the Administrator, the Owner Trustee or any affiliate thereof and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated in the Transaction Documents. 
  
 Section 12.10. Headings. 
  
 The headings of the various Articles and Sections herein are for convenience
of reference only and shall not define or limit any of the terms or provisions hereof. 
  
 Section 12.11. Governing Law. 
  
 THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE
DETERMINED IN ACCORDANCE WITH SUCH LAWS. 
  
 Section 12.12.
Integration. 
  
 This Agreement represents the agreement of
the Depositor and the parties hereto with respect to the subject matter hereof, and there are no promises, undertakings, representations or warranties by the Depositor or the parties hereto relating to the subject matter hereof not expressly set
forth or referred to herein. 
  

 22 

 IN WITNESS WHEREOF, the parties hereto have caused this AMENDED AND RESTATED TRUST AGREEMENT to be duly
executed by their respective officers hereunto duly authorized, as of the day and year first above written. 
  

			
	CHASE MANHATTAN BANK USA, NATIONAL ASSOCIATION, as Owner Trustee
		
	By:	 	/s/    JOHN J. CASHIN        
	 Name:
	 	John J. Cashin
	 Title:
	 	Vice President
	
	MELLON BANK, N.A., as Administrator
		
	By:	 	/s/    LEO Y. AU        
	 Name:
	 	Leo Y. Au
	 Title:
	 	Attorney-in-fact
	
	MELLON PREMIUM FINANCE LOAN OWNER TRUST, as Depositor
		
	By:	 	 MELLON BANK, N.A., its administrator

		
	By:	 	/s/    LEO Y. AU        
	 Name:
	 	Leo Y. Au
	 Title:
	 	Attorney-in-fact

  

 23 

 EXHIBIT A 
  
 Form of Certificate of Trust 
  

 1 

 EXHIBIT B 
  
 POWER OF ATTORNEY 
  

			
	 STATE OF DELAWARE
	  	}
	 	  	}
	 COUNTY OF NEW CASTLE
	  	}

  
 KNOW ALL MEN BY THESE
PRESENTS, that MELLON BANK PFL MASTER NOTE TRUST, a Delaware statutory trust (the “Trust”), hereby appoints MELLON BANK, N.A. as administrator under the Amended and Restated Trust Agreement, dated as of June 24, 2004 (the
“Trust Agreement”), among Mellon Premium Finance Loan Owner Trust, as depositor, Mellon Bank, N.A, as Administrator, and Chase Manhattan Bank USA, National Association, as owner trustee (the “Owner Trustee”),
and its agents and attorneys as Attorneys-in-Fact to execute on behalf of the Trust any and all such documents, reports, filings, instruments, certificates and opinions as it should be the duty of the Owner Trustee or the Trust to prepare, file or
deliver pursuant to the Transaction Documents, or pursuant to the Trust Agreement, including, without limitation, to appear for and represent the Trust in connection with the preparation, filing and audit of federal, state and local tax returns
pertaining to the Trust, if any, and with full power to perform any and all acts associated with such returns and audits, if any, that the Trust could perform, including without limitation, the right to distribute and receive confidential
information, defend and assert positions in response to audits, initiate and defend litigation, and to execute waivers of restrictions on assessments of deficiencies, consents to the extension of any statutory or regulatory time limit, and
settlements. 
  
 All powers of attorney for this purpose
heretofore filed or executed by the Trust are hereby revoked. 
  
 Capitalized terms that are used and not otherwise defined herein shall have the meanings ascribed thereto in the Trust Agreement. 
  
 EXECUTED this              of June, 2004. 
  

			
	MELLON PREMIUM FINANCE LOAN OWNER TRUST
	 By:
	 	Chase Manhattan Bank USA, National Association, not in its individual capacity, but solely as Owner Trustee
		
	By:	 	 
	 Name:
	 	 
	 Title:
	 	 

  

 2 

  

			
	 STATE OF DELAWARE
	  	}
	 	  	}
	 COUNTY OF NEW CASTLE
	  	}

  
 Before me, the
undersigned authority, on this day personally appeared
                                        ,
known to me to be the person whose name is subscribed to the foregoing instruments, and acknowledged to me that he signed the same for the purposes and considerations therein expressed. 
  
 Sworn to before me this              
 day of June, 2004. 
  

	
	
	  
	 Notary Public - State of Delaware

  

 3

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