Document:

Exhibit 4.1

 Exhibit 4.1 
  
 EXECUTION COPY 
  

  
 MBNA CREDIT CARD MASTER NOTE TRUST

  
 as Issuer 
  
 CLASS A(2005-5) TERMS DOCUMENT 
  
 dated as of August 11, 2005 
  
 to 
  
 MBNASERIES INDENTURE SUPPLEMENT 
  
 dated as of May 24, 2001 
  
 to 
  
 INDENTURE 
  
 dated as of May 24, 2001 
  
 THE BANK OF NEW YORK

  
 as Indenture Trustee 
  

 TABLE OF CONTENTS 
  

							
	 	 	 	 	 	  	Page

		
	ARTICLE I         DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION	  	1
				
	 	 	 Section 1.01.
	 	Definitions	  	1
				
	 	 	 Section 1.02.
	 	Governing Law; Submission to Jurisdiction; Agent for Service of Process	  	5
				
	 	 	 Section 1.03.
	 	Counterparts	  	5
				
	 	 	 Section 1.04.
	 	Ratification of Indenture and Indenture Supplement	  	5
		
	 ARTICLE II        THE CLASS A(2005-5) NOTES
	  	7
				
	 	 	 Section 2.01.
	 	Creation and Designation	  	7
				
	 	 	 Section 2.02.
	 	Specification of Required Subordinated Amount and other Terms	  	7
				
	 	 	 Section 2.03.
	 	Interest Payment	  	7
				
	 	 	 Section 2.04.
	 	Calculation Agent; Determination of LIBOR	  	8
				
	 	 	 Section 2.05.
	 	Payments of Interest and Principal	  	8
				
	 	 	 Section 2.06.
	 	Form of Delivery of Class A(2005-5) Notes; Depository; Denominations	  	9
				
	 	 	 Section 2.07.
	 	Delivery and Payment for the Class A(2005-5) Notes	  	9
				
	 	 	 Section 2.08.
	 	Targeted Deposits to the Accumulation Reserve Account	  	9
		
	 ARTICLE III      REPRESENTATIONS AND WARRANTIES
	  	10
				
	 	 	 Section 3.01.
	 	Issuer’s Representations and Warranties	  	10

  

 -i- 

 THIS CLASS A(2005-5) TERMS DOCUMENT (this “Terms Document”), by and between MBNA CREDIT
CARD MASTER NOTE TRUST, a statutory trust created under the laws of the State of Delaware (the “Issuer”), having its principal office at Rodney Square North, 1100 North Market Street, Wilmington, Delaware 19890, and THE BANK OF NEW
YORK, a New York banking corporation ( the “Indenture Trustee”), is made and entered into as of August 11, 2005. 
  
 Pursuant to this Terms Document, the Issuer and the Indenture Trustee shall create a new tranche of Class A Notes and shall specify the principal terms
thereof. 
  
 ARTICLE I 
  
 Definitions and Other Provisions of General Application 
  
 Section 1.01. Definitions. For all purposes of this Terms Document,
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 Supplement or 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 Terms Document to designated “Articles,” “Sections” and other subdivisions are to the designated Articles, Sections and other subdivisions
of this Terms Document as originally executed; 

  

	 	(5)	the words “herein,” “hereof” and “hereunder” and other words of similar import refer to this Terms Document as a whole and not to any particular
Article, Section or other subdivision; 

  

	 	(6)	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 Supplement or the Indenture,
the terms and provisions of this Terms Document shall be controlling; 

  

	 	(7)	each capitalized term defined herein shall relate only to the Class A(2005-5) Notes and no other tranche of Notes issued by the Issuer; and 

  

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

 “Accumulation Reserve Funding Period” shall mean, (a) if the Accumulation Period Length
is determined to be one (1) month, there shall be no Accumulation Reserve Funding Period and (b) otherwise, the period (x) commencing on the earliest to occur of (i) the Monthly Period beginning three (3) calendar months prior to the first Transfer
Date for which a budgeted deposit is targeted to be made into the Principal Funding sub-Account of the Class A(2005-5) Notes pursuant to Section 3.10(b) of the Indenture Supplement, (ii) the Monthly Period following the first Transfer Date
following and including the June 2006 Transfer Date for which the Quarterly Excess Available Funds Percentage is less than 2%, but in such event the Accumulation Reserve Funding Period shall not be required to commence earlier than 24 months prior
to the Expected Principal Payment Date, (iii) the Monthly Period following the first Transfer Date following and including the December 2006 Transfer Date for which the Quarterly Excess Available Funds Percentage is less than 3%, but in such event
the Accumulation Reserve Funding Period shall not be required to commence earlier than 18 months prior to the Expected Principal Payment Date, and (iv) the Monthly Period following the first Transfer Date following and including the February 2007
Transfer Date for which the Quarterly Excess Available Funds Percentage is less than 4%, but in such event the Accumulation Reserve Funding Period shall not be required to commence earlier than 16 months prior to the Expected Principal Payment Date
and (y) ending on the close of business on the last day of the Monthly Period preceding the earlier to occur of (i) the Expected Principal Payment Date for the Class A(2005-5) Notes and (ii) the date on which the Class A(2005-5) Notes are paid in
full. 
  
 “Base Rate” means, with respect to any
Monthly Period, the sum of (i) the Weighted Average Interest Rates for the Outstanding MBNAseries Notes, (ii) the Net Servicing Fee Rate (as such term is defined in the Series 2001-D Supplement) and (iii) so long as MBNA or The Bank of New York is
the Servicer, the Servicer Interchange Rate, in each case, for such Monthly Period. 
  
 “Calculation Agent” is defined in Section 2.04(a). 
  
 “Class A(2005-5) Note” means any Note, substantially in the form set forth in Exhibit A-1 to the Indenture Supplement, designated
therein as a Class A(2005-5) Note and duly executed and authenticated in accordance with the Indenture. 
  
 “Class A(2005-5) Noteholder” means a Person in whose name a Class A(2005-5) Note is registered in the Note Register. 
  
 “Class A(2005-5) Termination Date” means the earliest to
occur of (a) the Principal Payment Date on which the Outstanding Dollar Principal Amount of the Class A(2005-5) 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. 
  
 “Class A Required
Subordinated Amount of Class B Notes” is defined in Section 2.02(a). 
  
 “Class A Required Subordinated Amount of Class C Notes” is defined in Section 2.02(b). 
  
 “Controlled Accumulation Amount” means $125,000,000; provided, however, if the Accumulation Period Length is determined to
be less than twelve (12) months pursuant to Section 
  

 2 

 3.10(b)(ii) of the Indenture Supplement, the Controlled Accumulation Amount shall be the amount specified in the
definition of “Controlled Accumulation Amount” in the Indenture Supplement. 
  
 “Excess Available Funds Percentage” means, with respect to any Transfer Date, the amount, if any, by which the Portfolio Yield for the preceding Monthly Period exceeds the Base Rate for such Monthly
Period. 
  
 “Expected Principal Payment Date”
means July 15, 2008. 
  
 “Initial Dollar Principal
Amount” means $1,500,000,000. 
  
 “Interest
Payment Date” means the fifteenth day of each month commencing September 15, 2005, or if such fifteenth day is not a Business Day, the next succeeding Business Day. 
  
 “Interest Period” means, with respect to any Interest Payment Date, the period from and including the
previous Interest Payment Date (or in the case of the initial Interest Payment Date, from and including the Issuance Date) through the day preceding such Interest Payment Date. 
  
 “Issuance Date” means August 11, 2005. 
  
 “Legal Maturity Date” means December 15, 2010. 
  
 “LIBOR” means, for any Interest Period, the London interbank
offered rate for one-month United States dollar deposits determined by the Calculation Agent on the LIBOR Determination Date for each Interest Period in accordance with the provisions of Section 2.04. 
  
 “LIBOR Determination Date” means (i) August 9, 2005 for the
period from and including the Issuance Date to but excluding August 15, 2005, (ii) August 11, 2005 for the period from and including August 15, 2005 to but excluding September 15, 2005 and (iii) for each Interest Period thereafter, the second London
Business Day prior to the Interest Payment Date on which such Interest Period commences. 
  
 “London Business Day” means any Business Day on which dealings in deposits in United States Dollars are transacted in the London interbank market. 
  
 “MBNAseries Servicer Interchange” means, with respect to any
Monthly Period, an amount equal to the product of (a) the Servicer Interchange (as such term is defined in the Series 2001-D Supplement) with respect to such Monthly Period and (b) a fraction the numerator of which is the Weighted Average Available
Funds Allocation Amount for the MBNAseries for such Monthly Period and the denominator of which is the Weighted Average Available Funds Allocation Amount for all series of Notes for such Monthly Period. 
  
 “Note Interest Rate” means a per annum rate equal to 0.00%
in excess of LIBOR as determined by the Calculation Agent on the related LIBOR Determination Date with respect to each Interest Period. 
  
 “Paying Agent” means The Bank of New York. 
  

 3 

 “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 MBNAseries pursuant to Section 501 of the Indenture, plus (b) any Interest Funding sub-Account Earnings on the related Transfer
Date, plus (c) any amounts to be treated as MBNAseries Available Funds pursuant to Sections 3.20(d) and 3.27(a) of the Indenture Supplement, plus (d) the MBNAseries Servicer Interchange for such Monthly Period,
minus (e) the excess, if any, of the sum of the PFA Prefunding Earnings Shortfall plus the PFA Accumulation Earnings Shortfall over the sum of the aggregate amount to be treated as MBNAseries Available Funds for such Monthly Period
pursuant to Sections 3.04(a)(ii) and 3.25(a) of the Indenture Supplement plus any other amounts applied to cover earnings shortfalls on amounts in the Principal Funding sub-Account for any tranche of MBNAseries Notes for such
Monthly Period, minus (f) the MBNAseries Investor Default Amount for such Monthly Period, and the denominator of which is the Weighted Average Available Funds Allocation Amount for the MBNAseries for 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. 
  
 “Quarterly Excess Available Funds Percentage” means, with respect to the June 2006 Transfer Date and each Transfer Date thereafter, the
percentage equivalent of a fraction the numerator of which is the sum of the Excess Available Funds Percentages with respect to the immediately preceding three Monthly Periods and the denominator of which is three. 
  
 “Record Date” means, for any Transfer Date, the last
Business Day of the preceding Monthly Period. 
  
 “Reference Banks” means four major banks in the London interbank market selected by the Beneficiary. 
  
 “Required Accumulation Reserve sub-Account Amount” means, with respect to any Monthly Period during the Accumulation Reserve Funding
Period, an amount equal to (i) 0.5% of the Outstanding Dollar Principal Amount of the Class A(2005-5) Notes as of the close of business on the last day of the preceding Monthly Period or (ii) any other amount designated by the Issuer;
provided, however, that if such designation is of a lesser amount, the Note Rating Agencies shall have provided prior written confirmation that a Ratings Effect will not occur with respect to such change. 
  
 “Servicer Interchange Rate” means, for any Monthly Period,
the percentage equivalent of a fraction, the numerator of which is the MBNAseries Servicer Interchange for such Monthly Period, and the denominator of which is the Weighted Average Available Funds Allocation Amount for the MBNAseries for such
Monthly Period. 
  
 “Stated Principal Amount”
means $1,500,000,000. 
  

 4 

 “Telerate Page 3750” means the display page currently so designated on the Moneyline
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 Interest Rates” means, with respect to any Outstanding Notes of a class or tranche of the MBNAseries, or of all of the
Outstanding Notes of the MBNAseries, on any date, the weighted average (weighted based on the Outstanding Dollar Principal Amount of the related Notes on such date) of the following rates of interest: 
  
 (a) in the case of a tranche of Dollar Interest-bearing Notes with no
Derivative Agreement for interest, the rate of interest applicable to that tranche on that date; 
  
 (b) in the case of a tranche of Discount Notes, the rate of accretion (converted to an accrual rate) of that tranche on that date; 
  
 (c) in the case of a tranche of Notes with a payment due under a Performing
Derivative Agreement for interest, the rate at which payments by the Issuer to the applicable Derivative Counterparty accrue on that date (prior to the netting of such payments, if applicable); and 
  
 (d) in the case of a tranche of Notes with a non-Performing Derivative
Agreement for interest, the rate specified for that date in the related terms document. 
  
 Section 1.02. Governing Law; Submission to Jurisdiction; Agent for Service of Process. This Terms Document shall be governed by and construed in accordance with the laws of the State of Delaware, without regard
to principles of conflict of laws. The parties hereto declare that it is their intention that this Terms Document shall be regarded as made under the laws of the State of Delaware and that the laws of said State shall be applied in interpreting its
provisions in all cases where legal interpretation shall be required. Each of the parties hereto agrees (a) that this Terms Document involves at least $100,000.00, and (b) that this Terms Document has been entered into by the parties hereto in
express reliance upon 6 DEL. C. § 2708. Each of the parties hereto hereby irrevocably and unconditionally agrees (a) to be subject to the jurisdiction of the courts of the State of Delaware and of the federal courts sitting in the State of
Delaware, and (b)(1) to the extent such party is not otherwise subject to service of process in the State of Delaware, to appoint and maintain an agent in the State of Delaware as such party’s agent for acceptance of legal process, and (2)
that, to the fullest extent permitted by applicable law, service of process may also be made on such party by prepaid certified mail with a proof of mailing receipt validated by the United States Postal Service constituting evidence of valid
service, and that service made pursuant to (b)(1) or (2) above shall, to the fullest extent permitted by applicable law, have the same legal force and effect as if served upon such party personally within the State of Delaware. 
  
 Section 1.03. Counterparts. This Terms Document 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 and Indenture Supplement. As supplemented by this Terms Document, each of the
Indenture and the Indenture Supplement is in all respects ratified and confirmed and the Indenture 
  

 5 

 as so supplemented by the Indenture Supplement as so supplemented and this Terms Document shall be read, taken and
construed as one and the same instrument. 
  
 [END OF ARTICLE I]

  
  

 6 

 ARTICLE II 
  
 The Class A(2005-5) Notes 
  
 Section 2.01. Creation and Designation. There is hereby created a tranche of MBNAseries Class A Notes to be issued pursuant to the Indenture and
the MBNAseries Indenture Supplement to be known as the “MBNAseries Class A(2005-5) Notes.” 
  
 Section 2.02. Specification of Required Subordinated Amount and other Terms. 
  
 (a) For the Class A(2005-5) Notes for any date of determination, the Class A Required Subordinated Amount of Class B Notes
will be an amount equal to 8.82353% of (i) the Adjusted Outstanding Dollar Principal Amount of the Class A(2005-5) Notes on such date or (ii) if an Early Redemption Event with respect to the Class A(2005-5) Notes shall have occurred, if an Event of
Default and acceleration of the Class A(2005-5) Notes shall have occurred or if the Class A Usage of the Class B Required Subordinated Amount for such tranche of Class A Notes is greater than zero, the Adjusted Outstanding Dollar Principal Amount of
the Class A(2005-5) Notes as of close of business on the day immediately preceding the occurrence of such Early Redemption Event, such Event of Default and acceleration or the date on which the Class A Usage of Class B Required Subordinated Amount
exceeded zero. 
  
 (b) For the Class A(2005-5) Notes for any date
of determination, the Class A Required Subordinated Amount of Class C Notes will be an amount equal to 8.82353% of (i) the Adjusted Outstanding Dollar Principal Amount of the Class A(2005-5) Notes on such date or (ii) if an Early Redemption Event
with respect to the Class A(2005-5) Notes shall have occurred, if an Event of Default and acceleration of the Class A(2005-5) Notes shall have occurred or if the Class A Usage of the Class C Required Subordinated Amount for such tranche of Class A
Notes is greater than zero, the Adjusted Outstanding Dollar Principal Amount of the Class A(2005-5) Notes as of close of business on the day immediately preceding the occurrence of such Early Redemption Event, such Event of Default and acceleration
or the date on which the Class A Usage of Class C Required Subordinated Amount exceeded zero. 
  
 (c) The Issuer may change the percentages set forth in clause (a) or (b) above without the consent of any Noteholder so long as the Issuer has (i) received written confirmation from each Note Rating Agency that has
rated any Outstanding Notes of the MBNAseries that the change in either of such percentages will not result in a Ratings Effect with respect to any Outstanding Class A(2005-5) Notes and (ii) delivered to the Indenture Trustee and the Note Rating
Agencies a Master Trust Tax Opinion and an Issuer Tax Opinion. 
  
 Section 2.03. Interest Payment. 
  
 (a) For each
Interest Payment Date, the amount of interest due with respect to the Class A(2005-5) Notes shall be an amount equal to the product of (i)(A) a fraction, the numerator of which is the actual number of days in the related Interest Period and the
denominator of which is 360, times (B) the Note Interest Rate in effect with respect to the related Interest Period, times (ii) the Outstanding Dollar Principal Amount of the Class A(2005-5) Notes determined as of the Record Date
preceding the related Transfer Date. Interest on the Class A(2005-5) Notes will be calculated on the basis of the actual number of days in the related Interest Period and a 360-day year. 
  

 7 

 (b) Pursuant to Section 3.03 of the Indenture Supplement, on each Transfer Date, the Indenture
Trustee shall deposit into the Class A(2005-5) Interest Funding sub-Account the portion of MBNAseries Available Funds allocable to the Class A(2005-5) Notes. 
  
 Section 2.04. Calculation Agent; Determination of LIBOR. 
  

(a) The Issuer hereby agrees that for so long as any Class A(2005-5) 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 one-month period which appears on Telerate Page 3750 as of 11:00 a.m., London time, on such date. If such rate does
not appear on Telerate Page 3750, 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 one-month 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 four 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 one-month period. 
  
 (c) The Note Interest Rate applicable to the then current and the immediately
preceding Interest Periods may be obtained by telephoning the Indenture Trustee at its corporate trust office at (212) 815-3247 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 Beneficiary, by facsimile transmission, notification of LIBOR for the following Interest Period. 
  
 Section 2.05. Payments of Interest and Principal. 
  
 (a) Any installment of interest or principal, if any, payable on any Class
A(2005-5) 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 in whose name such Class A(2005-5)
Note (or one or more Predecessor Notes) is registered on the Record Date, by wire transfer of immediately available funds to such Person’s 
  

 8 

 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 Class A(2005-5) Noteholders to receive payments from the
Issuer will terminate on the first Business Day following the Class A(2005-5) Termination Date. 
  
 Section 2.06. Form of Delivery of Class A(2005-5) Notes; Depository; Denominations. 
  
 (a) The Class A(2005-5) Notes shall be delivered in the form of a global Registered Note as provided in Sections 202
and 301(i) of the Indenture, respectively. 
  
 (b) The
Depository for the Class A(2005-5) Notes shall be The Depository Trust Company, and the Class A(2005-5) Notes shall initially be registered in the name of Cede & Co., its nominee. 
  
 (c) The Class A(2005-5) Notes will be issued in minimum denominations of $5,000 and multiples of $1,000 in excess of that
amount. 
  
 Section 2.07. Delivery and Payment for the Class
A(2005-5) Notes. The Issuer shall execute and deliver the Class A(2005-5) Notes to the Indenture Trustee for authentication, and the Indenture Trustee shall deliver the Class A(2005-5) Notes when authenticated, each in accordance with Section
303 of the Indenture. 
  
 Section 2.08. Targeted Deposits
to the Accumulation Reserve Account. 
  
 The deposit targeted
to be made to the Accumulation Reserve Account for any Monthly Period during the Accumulation Reserve Funding Period will be an amount equal to the Required Accumulation Reserve sub-Account Amount. 
  
 [END OF ARTICLE II] 
  

 9 

 ARTICLE III 
  
 Representations and Warranties 
  
 Section 3.01. Issuer’s Representations and Warranties. The Issuer makes the following representations and warranties as to the Collateral
Certificate on which the Indenture Trustee is deemed to have relied in acquiring the Collateral Certificate. Such representations and warranties speak as of the execution and delivery of this Terms Document, but shall survive until the termination
of this Terms Document. Such representations and warranties shall not be waived by any of the parties to this Terms Document unless the Issuer has obtained written confirmation from each Note Rating Agency that there will be no Ratings Effect with
respect to such waiver. 
  
 (a) The Indenture creates a valid and
continuing security interest (as defined in the Delaware UCC) in the Collateral Certificate in favor of the Indenture Trustee, which security interest is prior to all other liens, and is enforceable as such as against creditors of and purchasers
from the Issuer. 
  
 (b) The Collateral Certificate constitutes
either an “account,” a “general intangible,” an “instrument,” or a “certificated security,” each within the meaning of the Delaware UCC. 
  
 (c) At the time of the transfer and assignment of the Collateral Certificate to the Indenture Trustee pursuant to the
Indenture, the Issuer owned and had good and marketable title to the Collateral Certificate free and clear of any lien, claim or encumbrance of any Person. 
  
 (d) The Issuer has caused, within ten days of the execution of the Indenture, the filing of all appropriate financing statements in the proper filing
office in the appropriate jurisdictions under applicable law in order to perfect the security interest in the Collateral Certificate granted to the Indenture Trustee pursuant to the Indenture. 
  
 (e) Other than the security interest granted to the Indenture Trustee
pursuant to the Indenture, the Issuer has not pledged, assigned, sold, granted a security interest in, or otherwise conveyed the Collateral Certificate. The Issuer has not authorized the filing of and is not aware of any financing statements against
the Issuer that include a description of collateral covering the Collateral Certificate other than any financing statement relating to the security interest granted to the Indenture Trustee pursuant to the Indenture or any financing statement that
has been terminated. The Issuer is not aware of any judgment or tax lien filings against the Issuer. 
  
 (f) All original executed copies of the Collateral Certificate have been delivered to the Indenture Trustee. 
  
 (g) At the time of the transfer and assignment of the Collateral Certificate
to the Indenture Trustee pursuant to the Indenture, the Collateral Certificate had no marks or notations indicating that it has been pledged, assigned or otherwise conveyed to any Person other than the Indenture Trustee. 
  
 [END OF ARTICLE III] 
  
  

 10 

 IN WITNESS WHEREOF, the parties hereto have caused this Terms Document to be duly executed, all as of the
day and year first above written. 
  

			
	MBNA CREDIT CARD MASTER NOTE TRUST, by MBNA AMERICA BANK, NATIONAL ASSOCIATION, as Beneficiary and not in its individual capacity
		
	By:	 	 /s/ Kevin F. Sweeney

	 	 	Kevin F. Sweeney
	 	 	First Vice President
	
	THE BANK OF NEW YORK, as Indenture Trustee and not in its individual capacity
		
	By:	 	 /s/ Jonathan Farber

	Name:	 	Jonathan Farber
	Title:	 	Assistant Vice President

  
 [Signature Page
to the Class A(2005-5) Terms Document]Amendment to the License Agreement

 Exhibit 10.87 
  
 Confidential Treatment Requested 
 With Respect to Certain Portions 
 Denoted with “**” 
  
 AMENDMENT TO LICENSE AGREEMENT 
  
 This Amendment (the “Amendment”) is made and entered into as of
July 15, 2005 to the License Agreement made and entered into as of August 1, 2003, as amended from time to time (the “Agreement”), by and between Senetek PLC, an English corporation with its corporate headquarters located at 620 Airpark
Road, Napa, California 94558 (“Senetek”), and Valeant Pharmaceuticals International, a Delaware corporation with its corporate headquarters located at 3300 Hyland Avenue, Costa Mesa, California 92626 (“Licensee”). Capitalized
terms used herein and not otherwise defined are used with the meanings ascribed to them in the Agreement. 
  
 In consideration of the mutual promises, covenants, and conditions set forth below, the parties agree as follows: 
  
 1. Definitions. Section 1.3 of the Agreement is deleted in its
entirety and Sections 2.3, 4.1.3 and 4.1.5 are amended by deleting from each the phrase “in the Authorized Channel.” Section 1.19 of the Agreement is amended to read in its entirety as follows: 
  
 “1.19 “Products” means all products
containing kinetin or zeatin for human use.” 
  
 Section 1.22 of the
Agreement is amended to read in its entirety as follows: 
  
 “1.22 “Territory” means all countries worldwide.” 
  
 2. Grant of License. Section 2.1 of the Agreement is hereby amended to read in its entirety as follows: 
  
 “2.1 Grant of License. Senetek hereby Grants to
Licensee during the Term an exclusive license in the Territory (subject to the licenses set forth on Exhibit A to this agreement as they exist on the date of this Amendment (the “Existing Agreements”), which Senetek shall use commercially
reasonable efforts to terminate in the event of an event giving rise to a right of Senetek to terminate without liability, or in the absence of any such termination right, which Senetek shall allow to expire without renewal), under the Intellectual
Property and the Know-How to manufacture, distribute, market, use and sell Products, and to use the Documentation and Senetek’s Confidential Information to do so.” 
  
 3. Exclusivity. Section 2.2 of the Agreement shall be amended to read in its entirety as follows: 
  
 “2.2 Exclusivity. But for the Existing
Agreements, which will be terminated or allowed to expire as provided in Section 2.1 above, Senetek agrees that for a period of five (5) years commencing on August 1, 2005 and ending on July 31, 2010, subject to possible extension as provided in
Section 3.12, Senetek shall not grant a license to any third party to manufacture, use, sell or promote, and shall not manufacture, sell or promote, any product containing kinetin or zeatin for human use in the Territory, provided that for a
period of six (6) months following the execution of this Amendment Senetek shall be permitted to exhaust its Kinetin Plus Age Defiant® products, packaging and componentry it has in inventory as of the date of this Amendment (the “Exclusivity Right”). Notwithstanding the
foregoing, Licensee agrees to give reasonable consideration to such candidates for sub-licensing and distribution agreements as Senetek may propose to Licensee from time to time, including by involving Senetek in introductory meetings and
communications with such third parties as appropriate, provided that Licensee shall have the sole right, for any reason or no reason, to decline to enter into any such agreement and sole discretion to establish the terms of any such
agreement, and provided further that, unless otherwise agreed by the parties, Senetek’s sole compensation in the event Licensee shall enter into any such agreement shall be its rights to Minimum Payments provided for under Section 3.12
and any royalty payments provided for under Section 3.11 with respect to Net Sales generated by such agreement.” 
  
 4. First Offer. The words “including Zeatin” in the first sentence of Section 2.3 shall be replaced with “not licensed
hereunder”. 
  
 5. No Other Rights. Section 2.4 of the
Agreement shall be amended to read in its entirety as follows: 
  
 “2.4 No Other Rights. It is expressly understood that this Agreement grants no rights to Licensee except those express rights set forth in this Article 2. Without limiting the foregoing, it is understood and agreed that Licensee
has no right pursuant to this Agreement to, and shall not, (i) manufacture, have manufactured, use or sell any Product otherwise than pursuant to the terms of this Agreement, or (ii) acquire or assert any co-ownership or other proprietary interest
in any of the Intellectual Property by virtue of its manufacture, packaging, marketing or sale of Products. Upon any termination or 

 
expiration of this Agreement, Licensee shall have no right of any kind with respect to the Intellectual Property, Know –How, Documentation or Senetek
Confidential Information other than to complete the sale of Product then lawfully in its possession (including work in process) on the date of such termination or expiration, provided that Licensee pays all amounts due with respect thereto. Except
as expressly provided in this Agreement, including Section 3.7, nothing in this Agreement shall diminish Licensee’s rights in any patent, trademark or other intellectual property that it may have or develop during the Term of this Agreement or
the Distribution Agreement between Licensee and Carme dated October 23, 1998. 
  
 6. Royalty Due on Net Sales. Section 3.11 of the Agreement shall be amended to read in its entirety as follows: 
  
 “3.11 Royalty Due on Net Sales of Products. In any Contract Year in which Licensee’s Net Sales of Products exceed the
following thresholds, Licensee will pay a royalty of ** percent (**%) of the Net Sales exceeding such threshold: 
  

				
	 2006
	  	$	35 Million
	 2007
	  	$	41 Million
	 2008 – 2010
	  	$	47 Million

  
 In the event Net Sales
do not exceed the applicable threshold, Licensee’s sole payment to Senetek with respect to any given Contract Year shall be the Minimum Payment amounts set forth in Section 3.12. In the event the parties extend the term of the Exclusivity Right
as provided in Section 3.12(ii) below, the Net Sales threshold for each Contract Year during such additional period shall be as agreed by the parties. The parties acknowledge and agree that in consideration of previous payments, Licensee shall be
entitled to a royalty credit of $250,000 per quarter until the end of 2012.” 
  
 7. Minimum Payments. Section 3.12 of the Agreement shall be amended to read in its entirety as follows: 
  
 “3.12 Minimum Payments. 
  
 (i) Subject to Section 3.14, Licensee shall make Minimum Payments of $6 Million Dollars in Contract Year 2006, $7 Million Dollars in
Contract Year 2007 and $8 Million Dollars in each of Contract Year 2008 through 2010. Such payments shall be made in equal quarterly installments no later than 30 days following the end of the relevant Calendar Quarter and shall be reduced by the
royalty credit provision reflected in Section 3.11. Such payments shall be made irrespective of the amount of the Net Sales of Products in any such Contract Year. 
  
 (ii) Licensee may extend the Exclusivity Right as to all Products by giving notice on or before March 31,
2009. In such case, the Exclusivity Right shall continue for an additional five (5) year period, and Licensee’s Minimum Payments for each Contract Year during such period shall continue at the rate in effect in Contract Year 2010. In the event
Licensee elects not to so extend its Exclusivity right for a second five (5) year period, or has so extended but such second five (5) year period has expired, this Amendment shall become null and void effective as of such date (without prejudice to
the final Contract Year’s payments) and the terms of the Agreement shall revert to those in existence immediately prior to the execution of this Amendment. Notwithstanding the foregoing, if Licensee gives notice on or before March 31, 2010 that
it wishes to extend the Exclusivity Right only as to Products containing zeatin, the parties shall promptly commence good faith negotiations with respect to the Minimum Payments, royalty threshold, duration and other terms of such extension, having
reference to the commercial experience of Products containing zeatin during the initial period of the Exclusivity Right. In the event the parties reach agreement with respect thereto, the Exclusivity Right as to Products containing zeatin shall
continue on the terms agreed and as respects all other Products this Amendment shall become null and void effective as of such date (without prejudice to the final Contract Year’s payments) and the terms of the Agreement with respect to such
Products shall revert to those in existence immediately prior to the execution of this Amendment. In the event the parties are unable in good faith to reach agreement with respect thereto by July 31, 2010 (or such later date as the parties may
agree), this Amendment shall become null and void effective as of such date (without prejudice to the final Contract Year’s payments) and the terms of the Agreement shall revert to those in existence immediately prior to the execution of this
Amendment. 
  
 8. Infringement. 
  
 (i) Section 8.1 shall be amended by inserting a new third sentence between
the current second and third sentences that shall read: 
  
 “In the event Senetek takes action to prevent or stop any ongoing infringement relating to the Intellectual Property at the request of Licensee and the expense related to such activity is not reimbursable pursuant to Senetek’s
Intellectual Property enforcement insurance policy, if any, Licensee shall reimburse fifty percent (50%) of such non-reimbursable amounts incurred in accordance with a pre-approved budget. Senetek shall have sole discretion whether to maintain such
insurance coverage in effect.” 
  
 (ii) Section 8.2 shall be
amended to read in its entirety as follows: 
  
 “8.2 Any recovery by either party as a result of any claim, demand, litigation or other action contemplated by Section 8.1 or any settlement thereof shall first be applied to reimburse the underwriter of any Senetek Intellectual
Property enforcement insurance policy that may have applied to the same, and then shall be used to reimburse each party for the 

 
reasonable costs of the action borne by such party (or, if the recovery is less than the aggregate reasonable costs of such action, shall be distributed
between the parties in proportion to the reasonable costs of the action borne by each of the parties). If Senetek shall have taken action to restrain infringement of its Intellectual Property or otherwise enforce its rights as provided in Section
8.1, the remaining amount, if any, shall be divided evenly between the parties, or if Senetek shall not have taken such action and Licensee shall have taken the same as provided in Section 8.1, any damages or settlement based upon or measured by
defendant’s infringing sales or plaintiff’s lost sales shall be retained by Licensee but added to Licensee’s Net Sales for the Calendar Quarter in which such amount is received, and any damages or settlement reflecting punitive or
exemplary damages shall be retained by Licensee and not added to Licensee’s Net Sales.” 
  
 9. Termination. The last two sentences of Section 9.2 are hereby deleted; Section 9.4 is hereby deleted in its entirety. 
  
 10 Termination of Amendment. In the event any law or government
regulation prohibits the sale of the Product(s), Licensee may terminate this Amendment by paying a termination fee of $10,000,000 and forgiving any remaining Royalty Credit as identified in Section 3.11. In such case the terms of the Agreement shall
revert to those in existence immediately prior to the execution of this Amendment. 
  
 11. No Further Amendments. Except as amended by this Amendment, the Agreement shall not be deemed to have been modified or affected hereby in any respect, and as amended hereby, the Agreement shall remain in
full force and effect according to its terms. 
  
 IN WITNESS
WHEREOF, the parties intending to be legally bound have executed this Amendment, effective as of the date first set forth above. 
  

									
	 Senetek PLC
	 	 	 	 Valeant Pharmaceuticals International

					
	By:	 	 /s/ FRANK J. MASSINO
	 	 	 	By:	 	 /s/ TIMOTHY TYSON

					
	 Name:
	 	 Frank J. Massino
	 	 	 	 Name:
	 	 Timothy Tyson

					
	 Title:
	 	 Chairman & CEO
	 	 	 	 Title:
	 	 CEO

  
 Exhibit A 

 

			
	 Name Of Licensee

	  	 Market/Territory

	 Age Advantage
 Laboratories,
Inc.
	  	Non Exclusive to the Salon Channel - sales to day, resort, and travel related spas, beauty salons. The Prestige Channel department stores and high end perfumeries. The Natural Products
Channel - natural and health product retailers. USA and such other country or countries as the parties may agree.
	
	NOTE: The Termination Date is upon expiration of the last to expire of the patents.
	
	NOTE: Currently we are aggressively pursuing to terminate this agreement due to non payment of royalties due.
		
	 Allure Cosmetics
 DermaQuest
	  	Non-Exclusive to the Salon, Esthetician, Direct Response, and Natural Product Channels (Health Food Stores and Spas) worldwide.
	
	NOTE: The Termination Date is upon expiration of the last to expire of the patents.
		
	 The Body Shop
 (BUTH-NA-BOD-HAIGE,
INC.)
	  	 Exclusive to the Alternative Channel in North America (USA, Canada, Mexico & Caribbean), South America, Europe, Australia and Asia &
allows all other geographical territories where The Body Shop expands its operations.
 Body Shop Stores, Catalog, and website; non-physician
Spas.

	
	NOTE: 10 years from effective date of the contract. The effective date of the agreement was May 26, 2000.
	
	NOTE: Based upon launches in various territories contract would be effective through December 31, 2013.
		
	Enprani Co., Ltd.	  	Exclusive to the Prestige channel in Korea (Cosmetics Specialty Stores and Perfumeries).
	
	NOTE: The contract is automatically renewed on a one year basis unless either party gives the other party a written notice to terminate 90 days before the end of the relevant
Contract Year.
	
	NOTE: Senetek will effectively give notice 90 days before the end of the current contract year.
		
	Ferrosan A/S	  	 Non Exclusive to the Mass Market Channel - sales to pharmacies and all mass market retail outlets. The Prestige Channel - department stores and
spas.
 The Natural Products Channel, natural and health product retailers.
 Non Exclusive to the Ethical Channel in territories where Valeant does not currently have exclusivity. Sales to physicians, clinics, HMOs and pharmacies.
 The Direct to Consumer Channel - direct to consumers. Worldwide.

	
	NOTE: The Termination Date is upon expiration of the last to expire of the patents.

			
	Lavipharm S.A.	  	 Ethical channel in Greece and Cyprus (Pharmacy Sales, physician, etc.). (Predates Valeant’s Exclusivity Agreement).
 Right to expand to other countries where Valeant does not have exclusivity.

	
	NOTE: The Termination Date is upon expiration of the last to expire of the patents.
		
	Med-Beauty AG	  	Exclusive to the Salon Esthetician channel in Switzerland & Austria and a Non-Exclusive basis to the Salon Esthetician channel in Germany and the Federation of Russia.
	
	NOTE: Initial contract term of 5 years and renewal term is tied to the patent termination date within the specific territory.
		
	OFRA	  	Non Exclusive rights for the professional beauty market (salons, spas, beauty supplies & distributors dealing with these customers), direct sales, retail sales, chain store sales and
export market.
	
	 NOTE: Mutual accord reached in 2003 for Kinetin patent infringement by OFRA. OFRA agreed to take their existing Kinetin based product
off the market and to relaunch new Kinetin based SKUs that meet the Senetek bioavailability and permeation testing standards, no products launched or approved to date.
  
 NOTE: The Termination Date to be expiration of the last to expire of the patents.

		
	Osmotics Corp.	  	Non-Exclusive worldwide to the Prestige Channel. (Department Stores and and High End perfumeries).
	
	NOTE: The Termination Date is upon expiration of the last to expire of the patents.
		
	 Panion & BF
  
 Biotech Inc.
	  	 Non-Exclusive to the Ethical channel in Taiwan and Hong Kong.
  
 (Hospitals, Clinics, Doctor’s Pharmacies, and drug stores) and the prestige market channel of sales to department stores, cosmetic
stores and specialty stores that sell to consumers at retail prices significantly higher than the “mass market”, the esthetician market channel of sales to skincare salons and resort, day and other beauty and health spas for use by
estheticians and resale to clients, and the direct television channel of sales to television media that resell to viewers and sales to viewers who purchase through the media of infomercials and home shopping channels.
 Republic of China, Philippines, Thailand, Malaysia, Singapore, current & future member countries of ASEAN, Republic of Korea (except for the prestige channel in
Korea).

	
	NOTE: The Termination Date is upon expiration of the last to expire of the patents.

			
		
	pH Advantage	  	Non-Exclusive to the Prestige, Salon/Spa and Direct to Consumer Channels comprised of live and recorded network and cable television such as commercials or programming on stations (such as
commercials or programming on stations such as QVC and The Home Shopping Channel), program length commercials for broad on cable television, and consumer-directed telemarketing, direct mail and print marketing.
	
	NOTE: The Termination Date is upon expiration of the last to expire of the patents.
		
	 Revlon Consumer
 Products
Corp.
	  	 Non Exclusive to the Mass channel Worldwide plus JC Penney and “Category Killers” such as Ulta 3 and Cosmetic Plus.
 Non Exclusive basis to Perfumeries and department stores for South America, Central America, Mexico, Puerto Rico, Europe, China, Indonesia, Malaysia, Thailand,
Philippines, Singapore, Vietnam, South Africa, Australia, New Zealand, Israel, Hong Kong & Taiwan.

	
	NOTE: The Termination Date is upon expiration of the last to expire of the patents.
		
	Vivier Pharma Inc.	  	Ethical Channel in the US & Canada. (Predates Valeant’s exclusivity agreement)
	
	NOTE: Term ending at the end of the fifth contract year (2008), unless extended by agreement of the parties.

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