Document:

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                                                                   Exhibit 10.44

                      SPIEGEL CREDIT CARD MASTER NOTE TRUST
                                     Issuer,
                                       and
                              THE BANK OF NEW YORK
                                Indenture Trustee

                       SERIES 2001-A INDENTURE SUPPLEMENT
                            Dated as of July 19, 2001

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                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
<C>           <S>                                                            <C>

ARTICLE I     Creation of the Series 2001-A Notes...........................   1
              Section  1.1   Designation....................................   1

ARTICLE II    Definitions...................................................   1
              Section  2.1   Definitions....................................   1

ARTICLE III   Servicing Fee.................................................  12
              Section  3.1   Servicing Compensation.........................  12

ARTICLE IV    Rights of Series 2001-A Noteholders and Allocation and
                Application of Collections..................................  13
              Section  4.1   Collections and Allocations....................  13
              Section  4.2   Determination of Monthly Interest..............  15
              Section  4.3   Determination of Monthly Principal.............  16
              Section  4.4   Application of Available Finance Charge
                               Collections and Available Principal
                               Collections..................................  16
              Section  4.5   Investor Charge-Offs...........................  18
              Section  4.6   Reallocated Principal Collections..............  19
              Section  4.7   Excess Finance Charge Collections..............  19
              Section  4.8   Shared Principal Collections...................  19
              Section  4.9   Principal Accumulation Account.................  20
              Section  4.10  Reserve Account................................  21
              Section  4.11  [Reserved].....................................  23
              Section  4.12  Determination of LIBOR.........................  24
              Section  4.13  Investment Instructions........................  24
              Section  4.14  Controlled Accumulation Period.................  24
              Section  4.15  Suspension of Controlled Accumulation
                               Period.......................................  25
              Section  4.16  Insurance Policies.............................  27
              Section  4.17  Swap...........................................  27

ARTICLE V     Delivery of Series 2001-A Notes; Distributions; Reports to
                Series 2001-A Noteholders...................................  28
              Section  5.1   Delivery and Payment for the Series 2001-A
                               Notes........................................  28
              Section  5.2   Distributions..................................  28
              Section  5.3   Reports and Statements to Series 2001-A
</TABLE>

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<TABLE>
<CAPTION>
<C>           <S>                                                            <C>

                               Noteholders..................................  29

ARTICLE VI    Series 2001-A Pay Out Events and Events of Default............  30
              Section  6.1   Series 2001-A Pay Out Events...................  30
              Section  6.2   Series 2001-A Events of Default................  31
              Section  6.3   Declarations of Default........................  32

ARTICLE VII   Redemption of Series 2001-A Notes; Final Distributions;
                Series Termination..........................................  33
              Section  7.1   Optional Redemption of Series 2001-A
                               Notes; Final Distributions...................  33
              Section  7.2   Series Termination.............................  34

ARTICLE VIII  Miscellaneous Provisions......................................  34
              Section  8.1   Ratification of Indenture; Amendments..........  34
              Section  8.2   Form of Delivery of the Series 2001-A Notes....  34
              Section  8.3   Counterparts...................................  34
              Section  8.4   GOVERNING LAW..................................  35
              Section  8.5   Limitation of Liability........................  35
              Section  8.6   Rights of the Indenture Trustee................  35
              Section  8.7   Third Party Beneficiary........................  35
              Section  8.8   Inconsistency..................................  35
              Section  8.9   Collateral Series Supplement...................  35
              Section  8.10  Increase of Collateral Amount..................  35
              Section  8.11  Additional Representations and Warranties......  36
</TABLE>

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                                      iii

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                                    EXHIBITS

EXHIBIT A     FORM OF CLASS A NOTE
EXHIBIT B     FORM OF MONTHLY PAYMENT INSTRUCTIONS AND NOTIFICATION TO THE
              INDENTURE TRUSTEE
EXHIBIT C     FORM OF MONTHLY STATEMENT
EXHIBIT D     FORM OF MONTHLY SERVICER'S CERTIFICATE
EXHIBIT E       FORM OF SWAP
EXHIBIT F       INSURANCE AGREEMENT DEFINITIONS
EXHIBIT G       SECTION 2.05 OF INSURANCE AGREEMENT
              (SPREAD ACCOUNT)
EXHIBIT H       SECTION 5.01 OF INSURANCE AGREEMENT
              (INSURANCE AGREEMENT PAY OUT EVENTS)

                                    SCHEDULES

SCHEDULE I    PERFECTION REPRESENTATIONS, WARRANTIES AND COVENANTS

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     SERIES 2001-A INDENTURE SUPPLEMENT, dated as of July 19, 2001 (the
"Indenture Supplement"), between SPIEGEL CREDIT CARD MASTER NOTE TRUST, a trust
organized and existing under the laws of the State of Illinois (herein, the
"Issuer" or the "Trust"), and THE BANK OF NEW YORK, a banking corporation
organized and existing under the laws of the State of New York, not in its
individual capacity, but solely as indenture trustee (herein, together with its
successors in the trusts thereunder as provided in the Master Indenture referred
to below, the "Indenture Trustee") under the Master Indenture, dated as of
December 1, 2000 (the "Indenture") between the Issuer and the Indenture Trustee
(the Indenture, together with this Indenture Supplement, the "Agreement").

         Pursuant to Section 2.12 of the Indenture, the Seller may direct the
Issuer to issue one or more Series of Notes. The Principal Terms of this Series
are set forth in this Indenture Supplement to the Indenture.

                                    ARTICLE I

                       Creation of the Series 2001-A Notes

     Section 1.1 Designation.
                 -----------

     (1) There is hereby created and designated a Series of Notes to be issued
pursuant to the Indenture and this Indenture Supplement to be known as "Spiegel
Credit Card Master Note Trust, Series 2001-A" or the "Series 2001-A Notes." The
Series 2001-A Notes shall be issued in a single Class, known as the "Class A
Series 2001-A Floating Rate Asset Backed Notes."

     (2) Series 2001-A shall be included in Group One and shall be a Principal
Sharing Series. Series 2001-A shall be an Excess Allocation Series with respect
to Group One only. Series 2001-A shall not be subordinated to any other Series.

                                   ARTICLE II

                                   Definitions

     Section  1.2      Definitions.
                  -----------

     (1) Whenever used in this Indenture Supplement, the following words and
phrases shall have the following meanings, and the definitions of such terms are
applicable to the singular as well as the plural forms of such terms and the
masculine as well as the feminine and neuter genders of such terms.

     "Accumulation Period Factor" means, for any Monthly Period, a fraction, the
numerator of which is equal to the sum of the Initial Collateral Amounts of all
outstanding Series designated as Principal Sharing Series, and the denominator
of which is equal to the sum of (a) the Initial Collateral Amount and (b) the
Initial Collateral Amounts of all outstanding Series designated as Principal
Sharing Series

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(other than Series 2001-A) which are not expected to be in their revolving
periods; provided, however, that this definition may be changed at any time if
the Rating Agency Condition is satisfied.

     "Accumulation Period Length" is defined in subsection 4.14.

     "Accumulation Shortfall" means: (a) for the first Distribution Date during
the Controlled Accumulation Period, zero; and (b) thereafter, for any
Distribution Date during the Controlled Accumulation Period, the excess, if any,
of the Controlled Deposit Amount for the previous Distribution Date over the
amount deposited into the Principal Accumulation Account pursuant to subsection
4.4(c)(i) for the previous Distribution Date.

     "Additional Interest" is defined in Section 4.2.

     "Allocation Percentage" means, on any date of determination, the percentage
equivalent of a fraction:

          (a) the numerator of which shall be the Collateral Amount, determined:

                    (i) for Principal Collections during the Revolving Period
               and for Finance Charge Collections and Default Amounts at any
               time, at the end of the last day of the prior Monthly Period (or,
               in the case of the Monthly Period in which the Closing Date
               occurs, on the Closing Date); provided, however, that if the
               Rapid Amortization Period is extended past the Series 2001-A
               Final Maturity Date as a result of there being amounts owed to
               the Insurer or the Counterparty, then during that extended period
               the numerator for Finance Charge Collections and Default Amounts
               shall equal the numerator in effect for the last Monthly Period
               prior to the Series 2001-A Final Maturity Date;

                    (ii) for Principal Collections during the Rapid Amortization
               Period and the Controlled Accumulation Period, on the last day of
               the Revolving Period; provided, however, that if Series 2001-A is
               paired with a Paired Series and a Rapid Amortization Period
               commences for such Paired Series, the Seller may, by written
               notice to the Indenture Trustee, the Servicer and the Rating
               Agencies, but only after satisfying the Rating Agency Condition,
               designate a different numerator for such fraction, which
               numerator shall not be less than the Collateral Amount as of the
               last day of the Revolving Period for the Paired Series; and

          (b) the denominator of which shall be the greater of (x) the sum of
     the Aggregate Principal Receivables and the amount on deposit in the Excess

                                       2

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     Funding Account (exclusive of any investment earnings on such amount) in
     each case as of the end of the Business Day preceding such date of
     determination and (y) the sum of the numerators used to calculate the
     Allocation Percentages for allocations with respect to Finance Charge
     Collections, Principal Collections or Default Amounts, as applicable, for
     all outstanding Series or "Series" under (and as defined in) the Pooling
     and Servicing Agreement (other than Series represented by the Collateral
     Certificate) on such date of determination.

     "Available Finance Charge Collections" means, for any Monthly Period, an
amount equal to the sum of (a) the Investor Finance Charge Collections for such
Monthly Period, plus (b) any Net Swap Receipts for the related Distribution
Date, plus (c) the Excess Finance Charge Collections allocated to Series 2001-A
for such Monthly Period, plus (d) Principal Accumulation Investment Proceeds, if
any, with respect to the related Distribution Date, plus (e) amounts, if any, to
be withdrawn from the Reserve Account which will be deposited into the
Collection Account on the related Distribution Date to be treated as Available
Finance Charge Collections pursuant to subsection 4.10(d).

     "Available Principal Collections" means, for any Monthly Period, an amount
equal to the sum of (a) the Investor Principal Collections for such Monthly
Period minus (b) the amount of Reallocated Principal Collections with respect to
such Monthly Period which pursuant to Section 4.6 are required to be applied on
the related Distribution Date, plus (c) any Shared Principal Collections with
respect to other Principal Sharing Series (including any amounts on deposit in
the Excess Funding Account that are allocated to Series 2001-A pursuant to the
Agreement for application as Shared Principal Collections), plus (d) the
aggregate amount to be treated as Available Principal Collections pursuant to
subsections 4.4(a)(iii), (iv) and (viii) for the related Distribution Date.

     "Available Reserve Account Amount" means, for any Distribution Date, the
lesser of (a) the amount on deposit in the Reserve Account on such date (after
taking into account any interest and earnings retained in the Reserve Account
pursuant to subsection 4.10(b) on such date, but before giving effect to any
deposit made or to be made pursuant to subsection 4.4(a)(vi) to the Reserve
Account on such date) and (b) the Required Reserve Account Amount.

     "Available Spread Account Amount" is defined in the Insurance Agreement.

     "Base Rate" is defined in the Insurance Agreement.

     "Class A Noteholder" means the Person in whose name a Class A Note is
registered in the Note Register.

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     "Class A Notes" means any one of the Notes executed by the Issuer and
authenticated by or on behalf of the Indenture Trustee, substantially in the
form of Exhibit A.

     "Closing Date" means July 19, 2001.

     "Collateral Amount" means, as of any date of determination, an amount
equal to the result of (a) the Initial Collateral Amount, minus (b) the amount
of principal previously paid to the Series 2001-A Noteholders, minus (c) the
balance on deposit in the Principal Accumulation Account, minus (d) the
aggregate reductions to the Collateral Amount made pursuant to Section 4.4(c) on
or prior to such date of determination, minus (e) the excess, if any, of the
aggregate amount of Investor Charge-Offs and Reallocated Principal Collections
over the reimbursements of such amounts pursuant to subsection 4.4(a)(iv) prior
to such date, plus (f) any additional amount designated by the Seller pursuant
to Section 8.10.

     "Control Transfer Event" means either of the following events: (a) the
Insurer shall fail to timely make any payment required to be made by it pursuant
to any Policy or otherwise default in any of its obligations under the Insurance
Agreement; or (b) the Insurer shall (i) become insolvent, (ii) fail to pay its
debts generally as they become due, (iii) voluntarily seek, consent to, or
acquiesce in the benefit or benefits of any Debtor Relief Law, or (iv) become a
party to (or be made the subject of) any proceeding provided for by any Debtor
Relief Law, other than as a creditor or claimant, and, in the event such
proceeding is involuntary, the petition instituting same is not dismissed within
60 days after its filing.

     "Controlled Accumulation Amount" means, for any Distribution Date with
respect to the Controlled Accumulation Period, $50,000,000; provided, however,
that if the Accumulation Period Length is determined to be less than 12 months
pursuant to Section 4.14 or 4.15, the Controlled Accumulation Amount for each
Distribution Date with respect to the Controlled Accumulation Period will be
equal to (i) the product of (x) the aggregate initial principal amount of the
Series 2001-A Notes and (y) the Accumulation Period Factor for such Monthly
Period divided by (ii) the Required Accumulation Factor Number.

     "Controlled Accumulation Period" means, unless a Pay Out Event shall
have occurred prior thereto, the period commencing at the opening of business on
March 1, 2004 or such later date as is determined in accordance with Section
4.14 and 4.15, and ending on the first to occur of (a) the commencement of the
Rapid Amortization Period, (b) the payment in full of the Note Principal Balance
and (c) the Series 2001-A Final Maturity Date.

     "Controlled Deposit Amount" means, for any Distribution Date with respect
to the Controlled Accumulation Period, an amount equal to the sum of the
Controlled Accumulation Amount for such Distribution Date and any existing
Accumulation Shortfall.

                                        4

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     "Counterparty" means Morgan Guaranty Trust Company of New York or the
counterparty under any replacement interest rate swap obtained pursuant to
Section 4.17.

     "Covered Amount" means an amount, determined as of each Distribution Date
for any Interest Period, equal to the sum of (a) the product of (i) a fraction,
the numerator of which is the actual number of days in such Interest Period and
the denominator of which is 360, times (ii) the Note Interest Rate in effect
with respect to such Interest Period, times (iii) the aggregate amount on
deposit in the Principal Accumulation Account as of the Record Date preceding
such Distribution Date.

     "Default Amount Rate" is defined in the Insurance Agreement.

     "Default Estimate" means, for any Monthly Period, an amount equal to the
product of (i) 1.5, multiplied by (ii) the arithmetic mean of the Investor
Default Amounts for the prior three Monthly Periods. For this purpose, the
April, May, June and July Investor Default Amounts shall be deemed to have
equaled $9,300,000.

     "Deficiency Amount" means (a) for any Distribution Date other than the
Series 2001-A Final Maturity Date, the excess of the amounts payable pursuant to
Sections 4.4(a)(i) and (ii) for such Distribution Date over the Available
Finance Charge Collections, Reallocated Principal Collections and Available
Spread Account Amount that are available to cover such amounts, and (b) for the
Series 2001-A Final Maturity Date, the sum of (i) the amount determined pursuant
to clause (a) for the Series 2001-A Final Maturity Date and (ii) the excess of
the Note Principal Balance over the Available Principal Collections and
Available Spread Account Amount that are available to cover such amount.

     "Distribution Date" means August 15, 2001 and the 15th day of each calendar
month thereafter, or if such 15th day is not a Business Day, the next succeeding
Business Day.

     "Enhancement Provider" means each of the Insurer and the Counterparty.

     "Excess Collateral Amount" means, at any time, the result of the Collateral
Amount, plus the Principal Accumulation Account Balance, minus the Note
Principal Balance.

     "Excess Spread Percentage" is defined in the Insurance Agreement.

     "Expected Principal Distribution Date" means the March 2005 Distribution
Date.

     "Finance Charge Shortfall" is defined in Section 4.7.

                                       5

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     "Group One" means Series 2001-A, the outstanding Series under (and as
defined in) the Pooling and Servicing Agreement (other than Series represented
by the Collateral Certificate) and each other Series hereafter specified in the
related Indenture Supplement to be included in Group One.

     "Initial Collateral Amount" means the sum of (a) $685,800,000, which equals
the sum of (i) the initial principal amount of the Series 2001-A Notes plus (ii)
the Initial Excess Collateral Amount (excluding the Supplemental Enhancement),
plus (b) the Supplemental Enhancement.

     "Initial Excess Collateral Amount" means, at any time, the sum of (a)
$85,800,000, plus (b) the Supplemental Enhancement.

     "Insurance Agreement" means the Insurance and Reimbursement Agreement dated
as of the Closing Date between the Seller, the Servicer, Spiegel, Spiegel
Acceptance Corporation, the Issuer, the Indenture Trustee and the Insurer.

     "Insured Obligation" means, with respect to any Policy, the "Insured
Obligation" as defined in such Policy.

     "Insurer" means MBIA Insurance Corporation, a New York stock insurance
corporation.

     "Interest Period" means, for any Distribution Date, the period from and
including the Distribution Date immediately preceding such Distribution Date
(or, in the case of the first Distribution Date, from and including the Closing
Date) to but excluding such Distribution Date.

     "Interest Shortfall" is defined in Section 4.2.

     "Investor Charge-Offs" is defined in Section 4.5.

     "Investor Default Amount" means, for any Distribution Date, an amount equal
to the product of (a) the Default Amount for the related Monthly Period and (b)
the daily average Allocation Percentage for such Monthly Period; provided that
the Investor Default Amount for the August 15, 2001 Distribution Date shall be
equal to the product of (a) the Default Amount for the calendar month of July
2001, (b) the daily average Allocation Percentage for the first Monthly Period
and (c) a fraction equal to the number of days in the first Monthly Period,
divided by 31.

     "Investor Finance Charge Collections" means, for any Monthly Period, an
amount equal to the aggregate amount of Finance Charge Collections (including
Net Recoveries treated as Finance Charge Collections) retained or deposited in
the Finance Charge Subaccount for Series 2001-A pursuant to subsection 4.1(b)(i)
for such Monthly Period.

                                        6

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     "Investor Principal Collections" means, for any Monthly Period, the
aggregate amount of Principal Collections retained or deposited in the Principal
Collections Subaccount for Series 2001-A pursuant to subsection 4.1(b)(ii) for
such Monthly Period.

     "Investor Uncovered Dilution Amount" means, for any Distribution Date, an
amount equal to the Series Share of shortfalls in Deposit Obligations that is
allocated to Series 2001-A pursuant to Section 8.4(h) of the Indenture.

     "LIBOR" means, for any Interest Period, the London interbank offered rate
for one-month United States dollar deposits determined by the Indenture Trustee
for each Interest Period in accordance with the provisions of Section 4.12.

     "LIBOR Determination Date" means the second London Banking Day prior to the
commencement of each Interest Period.

     "London Banking Day" means any day on which commercial banks are open for
general business (including dealings in foreign exchange and foreign currency
deposits) in London, England.

     "Minimum Seller Percentage" means zero for Series 2001-A.

     "Modified Excess Spread Percentage" is defined in the Insurance Agreement.

     "Monthly Insurance Premium" means the Premium (as defined in the Premium
and Fee Letter) for any Monthly Period.

     "Monthly Interest" is defined in Section 4.2.

     "Monthly Period" means the period from and including the first day of the
calendar month preceding a related Determination Date to and including the last
day of such calendar month; provided that the first Monthly Period shall begin
on and include the Closing Date and end on and include July 31, 2001.

     "Monthly Principal" means the monthly principal distributable in respect of
the Notes as calculated in accordance with Section 4.3.

     "Monthly Principal Reallocation Amount" means, for any Monthly Period,
an amount equal to the lower of:

          (a) the excess of the Required Amount, over the amount of Available
     Finance Charge Collections applied to pay the Required Amount pursuant to
     subsection 4.4(a); and

          (b) the Excess Collateral Amount (after giving effect to Investor
     Charge-Offs for the related Monthly Period).

                                       7

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     "Monthly Servicing Fee" is defined in subsection 3.1(a).

     "Net Interest Obligation" means, for any Distribution Date: (a) if
there is a Net Swap Payment due on that Distribution Date, the sum of the Net
Swap Payment and the Monthly Interest for that Distribution Date; (b) if there
is a Net Swap Receipt due on that Distribution Date, the result of the Monthly
Interest for that Distribution Date minus the Net Swap Receipt; and (c) if the
Swap has terminated for any reason, the Monthly Interest for that Distribution
Date.

     "Net Swap Payment" means any net amount payable by the Issuer under the
Swap as a result of LIBOR being less than the Swap Rate. For the avoidance of
doubt, (i) Net Swap Payments do not include early termination payments or
payment of breakage or other miscellaneous costs, and (ii) for any Distribution
Date, the Monthly Interest, less the Net Swap Receipt, if any, plus, the Net
Swap Payment, if any, will never exceed what Monthly Interest would have been if
the Note Interest Rate were 5.485%.

     "Net Swap Receipt" means any net amount payable by the Counterparty as a
result of LIBOR being greater than the Swap Rate. For the avoidance of doubt,
Net Swap Receipts do not include early termination payments.

     "Note Initial Principal Balance" means $600,000,000.

     "Note Interest Rate" means a per annum rate of 0.28% in excess of LIBOR as
determined on the LIBOR Determination Date for the applicable Interest Period.

     "Note Principal Balance" means, on any date of determination, an amount
equal to (a) the Note Initial Principal Balance, minus (b) the aggregate amount
of principal payments made to the Class A Noteholders on or prior to such date.

     "Percentage Allocation" is defined in subsection 4.1(b)(ii)(y).

     "Policy" means the Financial Guaranty Insurance Policy No. 35738(1) or the
Financial Guaranty Insurance Policy No. 35738(2), each issued by MBIA Insurance
Corporation pursuant to the Insurance Agreement, and, collectively, referred to
herein as the "Policies."

     "Portfolio Adjusted Yield" means, for any Distribution Date, the average of
the percentages obtained for each of the three preceding Monthly Periods by
subtracting the Base Rate and the Default Amount Rate for each such Monthly
Period from the Portfolio Yield for each such Monthly Period.

     "Portfolio Yield" is defined in the Insurance Agreement.

     "Premium and Fee Letter" is defined in the Insurance Agreement.

                                        8

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     "Principal Accumulation Account" shall have the meaning set forth in
subsection 4.9(a).

     "Principal Accumulation Account Balance" means, for any date of
determination, the principal amount, if any, on deposit in the Principal
Accumulation Account on such date of determination.

     "Principal Accumulation Investment Proceeds" means, with respect to each
Distribution Date, the investment earnings on funds in the Principal
Accumulation Account (net of investment expenses and losses) for the period from
and including the immediately preceding Distribution Date to but excluding such
Distribution Date.

     "Principal Payment Rate" means, for any Monthly Period, (a) the aggregate
amount of Principal Collections deposited in the Collection Account
during that Monthly Period, divided by (b) the Aggregate Principal Receivables
as of the close of business on the last day of the prior Monthly Period.

     "Principal Shortfall" is defined in subsection 4.8(a).

     "Qualified Maturity Agreement" means an agreement, meeting the requirements
described in the definition of "Qualified Maturity Agreement" set forth in the
Policies, whereby an Eligible Institution agrees to make a deposit into the
Principal Accumulation Account on the Expected Principal Distribution Date in an
amount equal to the Note Principal Balance on such date; provided that for
purposes of this definition, references in the definition of "Eligible
Institution" to ratings of "A-1+" and "AAA" by Standard & Poor's shall be
modified to require ratings of "A-1" and "A+" from Standard & Poor's.

     "Rapid Amortization Period" means the period commencing on the Business Day
immediately preceding the day on which a Pay Out Event with respect to Series
2001-A is deemed to have occurred, and ending on the first to occur of (i) the
payment in full of the Collateral Amount and (ii) the Series 2001-A Final
Maturity Date; provided, that if any amounts are owing to the Insurer under the
Insurance Agreement or the Counterparty under the Swap at the Series 2001-A
Final Maturity Date, the Rapid Amortization Period shall continue, solely for
purposes of repaying such amounts, but in no event shall the Rapid Amortization
Period continue after the earliest of (x) the date on which no further amounts
are owed to the Insurer under the Insurance Agreement and the Counterparty under
the Swap, (y) the March 2010 Distribution Date and (z) the date on which the
Collateral Amount has been reduced to zero; provided, further, that if the Rapid
Amortization Period is extended in accordance with the immediately preceding
proviso, for purposes of calculating the Minimum Aggregate Principal Balance,
for so long as the Rapid Amortization Period is so extended, (i) Series 2001-A
shall be deemed to be outstanding, (ii) the Collateral Amount shall be included
in the sum of the collateral amounts of all outstanding series for purposes of
clause (a) of the definition of Minimum Aggregate Principal Balance and (iii)
the numerator used for purposes of the Allocation Percentage with

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respect to Principal Collections for Series 2001-A shall be included in the
calculation described in clause (b) of the definition of Minimum Aggregate
Principal Balance.

     "Rating Agency" means each of Fitch, Moody's and Standard & Poor's.

     "Rating Agency Condition" means, with respect to Series 2001-A, the Rating
Agency Condition, as defined in the Insurance Agreement.

     "Reallocated Principal Collections" means, for any Distribution Date,
Investor Principal Collections applied in accordance with Section 4.6 in an
amount not to exceed the Monthly Principal Reallocation Amount for the related
Monthly Period.

     "Reassignment Amount" means, for any Distribution Date, after giving effect
to any deposits and distributions otherwise to be made on such Distribution
Date, the sum of (i) the outstanding principal balance of the Series 2001-A
Notes on such Distribution Date, plus (ii) Monthly Interest for such
Distribution Date and any Monthly Interest previously due but not distributed to
the Series 2001-A Noteholders, plus (iii) the amount of Additional Interest, if
any, for such Distribution Date and any Additional Interest previously due but
not distributed to the Series 2001-A Noteholders on a prior Distribution Date.

     "Reference Banks" means four major banks in the London interbank market
selected by the Servicer or the Counterparty as calculation agent under the
Swap.

     "Reimbursement Amounts" is defined in the Insurance Agreement.

     "Required Accumulation Factor Number" shall be equal to a fraction, rounded
upwards to the nearest whole number, the numerator of which is one and the
denominator of which is equal to the lowest monthly Principal Payment Rate on
the Accounts, expressed as a decimal, for the 12 months preceding the date of
such calculation; provided, however, that this definition may be changed at any
time if the Rating Agency Condition is satisfied.

     "Required Amount" is defined in the Insurance Agreement.

     "Required Excess Collateral Amount" is defined in the Insurance Agreement.

     "Required Reserve Account Amount" means, for any Distribution Date on or
after the Reserve Account Funding Date, an amount equal to (a) 0.5% of the Note
Principal Balance or (b) any other amount designated by the Seller; provided,
however, that if such designation is of a lesser amount, the Seller shall (i)
provide the Servicer and the Indenture Trustee with evidence that the Rating
Agency Condition shall have been satisfied and (ii) deliver to the Indenture
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
Seller, such designation will not cause a Pay Out

                                       10

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Event or an event that, after the giving of notice or the lapse of time, would
cause a Pay Out Event to occur with respect to Series 2001-A.

         "Reserve Account" is defined in subsection 4.10(a).

     "Reserve Account Funding Date" means the Distribution Date designated by
the Servicer which occurs not later than the earliest of (a) the Distribution
Date with respect to the Monthly Period which commences 3 months prior to the
commencement of the Controlled Accumulation Period; (b) the first Distribution
Date for which the Portfolio Adjusted Yield is less than 2%, but in such event
the Reserve Account Funding Date shall not be required to occur earlier than the
Distribution Date with respect to the Monthly Period which commences 12 months
prior to the commencement of the Controlled Accumulation Period; (c) the first
Distribution Date for which the Portfolio Adjusted Yield is less than 3%, but in
such event the Reserve Account Funding Date shall not be required to occur
earlier than the Distribution Date with respect to the Monthly Period which
commences 6 months prior to the commencement of the Controlled Accumulation
Period; and (d) the first Distribution Date for which the Portfolio Adjusted
Yield is less than 4%, but in such event the Reserve Account Funding Date shall
not be required to occur earlier than the Distribution Date with respect to the
Monthly Period which commences 4 months prior to the commencement of the
Controlled Accumulation Period.

     "Reserve Account Surplus" means, as of any Distribution Date following the
Reserve Account Funding Date, the amount, if any, by which the amount on deposit
in the Reserve Account exceeds the Required Reserve Account Amount.

     "Reserve Draw Amount" means, with respect to each Distribution Date
relating to the Controlled Accumulation Period or the first Distribution Date
relating to the Rapid Amortization Period, the amount, if any, by which the
Principal Accumulation Investment Proceeds for such Distribution Date are less
than the Covered Amount determined as of such Distribution Date.

     "Revolving Period" means the period beginning on the Closing Date and
ending on the earlier of the close of business on the day immediately preceding
the day the Controlled Accumulation Period commences or the Rapid Amortization
Period commences.

     "Series 2001-A" means the Series of Notes the terms of which are specified
in this Indenture Supplement.

     "Series 2001-A Final Maturity Date" means the earlier to occur of (a) the
Distribution Date on which the Note Principal Balance is paid in full and (b)
the March 2010 Distribution Date.

         "Series 2001-A Note" means a Class A Note.

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<PAGE>

     "Series 2001-A Noteholder" means a Class A Noteholder.

     "Series 2001-A Pay Out Event" is defined in Section 6.1.

     "Series Servicing Fee Percentage" means 2% per annum.

     "Spread Account" means the segregated trust account required to be
established pursuant to Section 2.05 of the Insurance Agreement, which section
is set forth in its entirety in Exhibit G.

     "Supplemental Enhancement" is defined in the Insurance Agreement.

     "Surplus Collateral Amount" means, at any time, the excess, if any, of the
Excess Collateral Amount over the sum of the Required Excess Collateral Amount
and the Supplemental Enhancement.

     "Swap" means an interest rate swap agreement between the Owner Trustee, on
behalf of the Trust, and the Counterparty substantially in the form of Exhibit E
to this Indenture Supplement, or such other form as shall have satisfied the
Rating Agency Condition.

     "Swap Rate" means 5.205% per annum.

     "Telerate Page 3750" means the display page currently so designated on the
Bridge Telerate Capital Markets Report (or such other page as may replace that
page in that service for the purpose of displaying comparable rates or prices).

     (2) Each capitalized term defined herein shall relate to the Series 2001-A
Notes and no other Series of Notes issued by the Trust, unless the context
otherwise requires. All capitalized terms used herein and not otherwise defined
herein have the meanings ascribed to them in the Indenture or the Transfer and
Servicing Agreement. 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 or the Transfer and Servicing Agreement, the terms and provisions
of this Indenture Supplement shall govern.

     (3) The interpretive rules specified in Section 1.2 of the Master Indenture
also apply to this Indenture Supplement.

     (4) The definitions of all capitalized terms defined herein by reference to
the respective definitions of those terms in the Insurance Agreement can be
found in Exhibit F.

                                   ARTICLE III

                                  Servicing Fee
                                  -------------

                                       12

<PAGE>

     Section III.0 Servicing Compensation. The share of the Servicing Fee
allocable to Series 2001-A for any Distribution Date (the "Monthly Servicing
Fee") shall be equal to one-twelfth of the product of (a) the Series Servicing
Fee Percentage and (b) (i) the Collateral Amount as of the last day of the
Monthly Period preceding such Distribution Date, minus (ii) the product of the
amount, if any, on deposit in the Excess Funding Account as of the last day of
the Monthly Period preceding such Distribution Date and the Allocation
Percentage for Finance Charge Collections with respect to such Monthly Period;
provided, however, that with respect to the first Distribution Date, the Monthly
Servicing Fee shall be equal to $495,300. The remainder of the Servicing Fee
shall be paid by the holders of the Seller Interest or the noteholders of other
Series (as provided in the related Indenture Supplements) and in no event shall
the Trust, the Indenture Trustee or the Series 2001-A Noteholders be liable for
the share of the Servicing Fee to be paid by the holders of the Seller Interest
or the noteholders of any other Series. To the extent that the Monthly Servicing
Fee is not paid in full pursuant to the preceding provisions of this Section 3.1
and Section 4.4, it shall be paid by the holders of the Seller Interest.

                                   ARTICLE IV

     Rights of Series 2001-A Noteholders and Allocation and Application of
Collections

     Section 1.3 Collections and Allocations.
                 ---------------------------

     (1) Allocations. Finance Charge Collections, Principal Collections and
Defaulted Receivables allocated to Series 2001-A pursuant to Article VIII of the
Indenture shall be allocated and distributed as set forth in this Article.

          (2) Allocations to the Series 2001-A Noteholders. The Servicer shall,
     prior to the close of business on any Deposit Date, allocate to the Series
     2001-A Noteholders the following amounts as set forth below:

               (1) Allocations of Finance Charge Collections. The Servicer shall
          allocate to the Series 2001-A Noteholders and transfer to the Finance
          Charge Subaccount for application as provided herein an amount equal
          to the product of (A) the Allocation Percentage and (B) the aggregate
          Finance Charge Collections deposited in the Collection Account on such
          Deposit Date; provided, however, that with respect to the portion of
          each Monthly Period falling in the Revolving Period or the Controlled
          Accumulation Period, such allocation shall be transferred to the
          Finance Charge Subaccount only until such time as the amount
          transferred to the Finance Charge Subaccount pursuant to this
          subsection during that Monthly Period equals the sum of (1) the Net
          Interest Obligation with respect to the Distribution Date relating to
          that Monthly Period, (2) at any time that FCNB is not the Servicer,
          the Monthly Servicing Fee payable on the Distribution Date relating to
          that Monthly Period and all accrued and unpaid Investor Monthly
          Servicing Fees

                                       13

<PAGE>

          with respect to any prior Monthly Periods, (3) the Default Estimate
          for that Monthly Period and (4) the Monthly Insurance Premium with
          respect to that Monthly Period; provided further, however, that
          notwithstanding the foregoing proviso, (1) the entire Allocation
          Percentage of Finance Charge Collections shall be transferred to the
          Finance Charge Subaccount on a daily basis if (x) the Excess Spread
          Percentage for the preceding Monthly Period is less than 3.00%, or (y)
          the Available Spread Account Amount is less than the Required Spread
          Account Amount; and (2) subject to Section 8.4(a) of the Indenture, on
          each Determination Date, the Servicer shall deposit in the Finance
          Charge Subaccount any amounts not retained on a daily basis pursuant
          to the preceding proviso. Any portion of such allocation not required
          to be transferred to the Finance Charge Subaccount pursuant to the
          preceding sentence shall be (x) first, deposited in the Excess Funding
          Account to the extent that the Seller Amount is less than the Minimum
          Seller Amount and (y) thereafter paid to the Holders of the Seller
          Interest.

               (2) Allocations of Principal Collections. The Servicer shall
          allocate to the Series 2001-A Noteholders the following amounts as set
          forth below:

                    (x) Allocations During the Revolving Period. During the
               Revolving Period an amount equal to the product of the Allocation
               Percentage and the aggregate amount of Principal Collections
               deposited in the Collection Account on such Deposit Date, shall
               be allocated to the Series 2001-A Noteholders and shall be first,
               if any other Principal Sharing Series is outstanding and in its
               amortization period or accumulation period, retained in the
               Collection Account for application, to the extent necessary, as
               Shared Principal Collections to other Principal Sharing Series on
               the related Distribution Date, second deposited in the Excess
               Funding Account to the extent necessary so that the Seller Amount
               is not less than the Minimum Seller Amount and third paid to the
               holders of the Seller Interest.

                    (y) Allocations During the Controlled Accumulation Period.
               During the Controlled Accumulation Period an amount equal to the
               product of (I) the Allocation Percentage and (II) the aggregate
               amount of Principal Collections deposited in the Collection
               Account on such Deposit Date (the product for any such date is
               hereinafter referred to as a "Percentage Allocation") shall be
               allocated to the Series 2001-A Noteholders and transferred to the
               Principal Collections Subaccount until applied as provided
               herein; provided, however, that if the sum of such Percentage
               Allocation and all preceding Percentage Allocations with respect
               to the same Monthly Period exceeds the Controlled Deposit Amount
               during the Controlled Accumulation Period for the related
               Distribution Date, then such

                                       14

<PAGE>

     excess shall not be treated as a Percentage Allocation and shall be first,
     if any other Principal Sharing Series is outstanding and in its
     amortization period or accumulation period, transferred to the Principal
     Collections Subaccount for application, to the extent necessary, as Shared
     Principal Collections to other Principal Sharing Series on the related
     Distribution Date, second deposited in the Excess Funding Account to the
     extent necessary so that the Seller Amount is not less than the Minimum
     Seller Amount and third paid to the holders of the Seller Interest.

          (z) Allocations During the Rapid Amortization Period. During the Rapid
     Amortization Period, an amount equal to the product of (I) the Allocation
     Percentage and (II) the aggregate amount of Principal Collections deposited
     in the Collection Account on such Deposit Date, shall be allocated to the
     Series 2001-A Noteholders and transferred to the Principal Collections
     Subaccount until applied as provided herein; provided, however, that after
     the date on which an amount of such Collections equal to the Note Principal
     Balance plus any amounts owing to the Counterparty under the Swap and the
     Insurer under the Insurance Agreement has been deposited into the
     Collection Account and allocated to the Series 2001-A Noteholders, such
     amount shall be first, if any other Principal Sharing Series is outstanding
     and in its amortization period or accumulation period, transferred to the
     Principal Collections Subaccount for application, to the extent necessary,
     as Shared Principal Collections to other Principal Sharing Series on the
     related Distribution Date, second deposited in the Excess Funding Account
     to the extent necessary so that the Seller Amount is not less than the
     Minimum Seller Amount and third paid to the holders of the Seller Interest.

     Section 1.4 Determination of Monthly Interest. The amount of monthly
interest (" Monthly Interest") distributable from the Collection Account with
respect to the Class A Notes on any Distribution Date 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 and (ii) the Note Principal Balance as of the close of business
on the last day of the preceding Monthly Period (or, with respect to the initial
Distribution Date, the Note Initial Principal Balance).

     Section 1.1 On the Determination Date preceding each Distribution Date, the
Servicer shall determine the excess, if any (the "Interest Shortfall"), of (x)
the Monthly Interest for such Distribution Date over (y) the aggregate amount of
funds allocated and available to pay such Monthly Interest on such Distribution
Date. If the Interest Shortfall for any Distribution Date is greater than zero
and the Insurer fails to pay

                                       15

<PAGE>

     such Interest Shortfall in accordance with the terms of the related Policy,
     on each subsequent Distribution Date until such Interest Shortfall is fully
     paid, an additional amount ("Additional Interest") 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 and (ii) such Interest Shortfall (or the portion thereof which has
     not been paid to the Class A Noteholders) shall be payable as provided
     herein with respect to the Class A Notes. Notwithstanding anything to the
     contrary herein, Additional Interest shall be payable or distributed to the
     Class A Noteholders only to the extent permitted by applicable law.

          Section 1.5 Determination of Monthly Principal. The amount of monthly
     principal distributable from the Collection Account with respect to the
     Notes on each Distribution Date (the "Monthly Principal"), beginning with
     the Distribution Date in the month following the month in which the
     Controlled Accumulation Period or, if earlier, the Rapid Amortization
     Period, begins, shall be equal to the least of (i) the Available Principal
     Collections on deposit in the Collection Account with respect to such
     Distribution Date, (ii) for each Distribution Date with respect to the
     Controlled Accumulation Period, the Controlled Deposit Amount for such
     Distribution Date, (iii) the Note Principal Balance, minus any amount
     already on deposit in the Principal Accumulation Account on such
     Distribution Date and (iv) the Collateral Amount (after taking into account
     any adjustments to be made pursuant to Sections 4.5 and 4.6) prior to any
     deposit into the Principal Accumulation Account on such Distribution Date.

          Section 1.6 Application of Available Finance Charge Collections and
     Available Principal Collections. The Servicer shall apply, or shall cause
     the Indenture Trustee to apply by written instruction to the Indenture
     Trustee, on each Distribution Date, Available Finance Charge Collections
     and Available Principal Collections on deposit in the Collection Account
     with respect to such Distribution Date to make the following distributions:

          (1) On each Distribution Date, an amount equal to the Available
     Finance Charge Collections with respect to such Distribution Date will be
     distributed or deposited in the following priority:

               (1) on a pari passu basis (A) an amount equal to Monthly Interest
          for such Distribution Date, plus the amount of any Monthly Interest
          previously due but not distributed to Class A Noteholders on a prior
          Distribution Date, plus the amount of any Additional Interest for such
          Distribution Date, plus the amount of any Additional Interest
          previously due but not distributed to Class A Noteholders on a prior
          Distribution Date, shall be distributed to the Paying Agent for
          payment to Class A Noteholders on such Distribution Date and (B) any
          Net Swap Payment for that Distribution Date shall be distributed to
          the Counterparty;

                                       16

<PAGE>

          (2)  if neither FCNB nor any affiliate of the Seller is the Servicer,
     an amount equal to the Monthly Servicing Fee for such Distribution Date,
     plus the amount of any Monthly Servicing Fee previously due but not
     distributed to the Servicer on a prior Distribution Date, shall be
     distributed to the Servicer;

          (3)  an amount equal to the Investor Default Amount and any Investor
     Uncovered Dilution Amount for such Distribution Date shall be treated as a
     portion of Available Principal Collections for such Distribution Date;

          (4)  an amount equal to the sum of the aggregate amount of Investor
     Charge-Offs and the amount of Reallocated Principal Collections which have
     not been previously reimbursed pursuant to this subsection (iv) shall be
     treated as a portion of Available Principal Collections for such
     Distribution Date;

          (5)  an amount equal to the Monthly Insurance Premium for the related
     Monthly Period and any unpaid Monthly Insurance Premiums for prior Monthly
     Periods shall be paid to the Insurer;

          (6)  on each Distribution Date from and after the Reserve Account
     Funding Date, but prior to the date on which the Reserve Account terminates
     as described in subsection 4.10(f), an amount up to the excess, if any, of
     the Required Reserve Account Amount over the Available Reserve Account
     Amount shall be deposited into the Reserve Account;

          (7)  an amount equal to the amounts required to be deposited in the
     Spread Account pursuant to Section 2.05(f) of the Insurance Agreement shall
     be deposited into the Spread Account as provided in Section 2.05(f) of the
     Insurance Agreement;

          (8)  during the Rapid Amortization Period, any amount remaining shall
     be applied as Available Principal Collections for such Distribution Date to
     the extent that the other Available Principal Collections (excluding any
     amounts drawn under the Policies) are not sufficient to repay the Class A
     Notes in full;

          (9)  an amount equal to any Reimbursement Amounts and interest thereon
     owed under the Insurance Agreement shall be paid to the Insurer;

          (10)  an amount equal to any other amounts owing to the Insurer under
     the Insurance Agreement shall be paid to the Insurer;

          (11)  if the Rapid Amortization Period is extended past the
     Distribution Date on which the Note Principal Balance is paid in full as a

                                       17

<PAGE>

          result of there being amounts owed to the Counterparty, on each
          Distribution Date after the Note Principal Balance is paid in full, an
          amount equal to any partial or early termination payments or other
          additional payments owed to the Counterparty under the Swap shall be
          paid to the Counterparty;

               (12) any Monthly Servicing Fee for such Distribution Date or
          prior Distribution Dates not paid pursuant to subsection 4.4(a)(ii)
          (unless such amount has been netted against deposits to the Collection
          Account in accordance with Section 8.4 of the Indenture) shall be
          distributed to the Servicer; and

               (13) the balance, if any, will constitute a portion of Excess
          Finance Charge Collections for such Distribution Date and first will
          be available for allocation to other Series in Group One, second
          deposited in the Excess Funding Account to the extent necessary so
          that the Seller Amount is not less than the Minimum Seller Amount and
          third paid to the Holders of the Seller Interest as described in
          Section 8.6 of the Indenture.

          (2) On each Distribution Date with respect to the Revolving Period, an
     amount equal to the Available Principal Collections deposited in the
     Collection Account for the related Monthly Period shall be treated as
     Shared Principal Collections and applied in accordance with Section 8.5 of
     the Indenture.

          (3) On each Distribution Date with respect to the Controlled
     Accumulation Period or the Rapid Amortization Period, an amount equal to
     the Available Principal Collections deposited in the Collection Account for
     the related Monthly Period shall be distributed or deposited in the
     following order of priority:

               (1) during the Controlled Accumulation Period, an amount equal to
          the Monthly Principal for such Distribution Date shall be deposited
          into the Principal Accumulation Account, and any remaining Available
          Principal Collections shall be treated as Shared Principal Collections
          and applied in accordance with Section 8.5 of the Indenture; and

               (2) during the Rapid Amortization Period, an amount equal to the
          Monthly Principal for such Distribution Date shall be distributed to
          the Paying Agent for payment to the Class A Noteholders on such
          Distribution Date until the Note Principal Balance has been paid in
          full, and any remaining Available Principal Collections shall be
          treated as Shared Principal Collections and applied in accordance with
          Section 8.5 of the Indenture.

          As of any Distribution Date on which any Available Principal
     Collections are treated as Shared Principal Collections as provided above,
     the Collateral Amount shall be reduced by an amount equal to the lesser of
     (x) the amount of Available Principal Collections applied as Shared
     Principal Collections and (y) the Surplus Collateral Amount.

                                       18

<PAGE>

     (4) On the earlier to occur of (i) the first Distribution Date with respect
to the Rapid Amortization Period and (ii) the Expected Principal Distribution
Date, the Indenture Trustee, acting in accordance with instructions from the
Servicer, shall withdraw from the Principal Accumulation Account and distribute
to the Paying Agent for payment to the Class A Noteholders the amounts deposited
into the Principal Accumulation Account pursuant to subsection 4.4(c)(i).

     Section 1.7 Investor Charge-Offs. On each Determination Date, the Servicer
shall calculate the Investor Default Amount and any Investor Uncovered Dilution
Amount for the related Distribution Date. If, on any Distribution Date, the sum
of the Investor Default Amount and any Investor Uncovered Dilution Amount for
such Distribution Date exceeds the amount of Available Finance Charge
Collections allocated with respect thereto pursuant to subsection 4.4(a)(iii)
with respect to such Distribution Date, the Collateral Amount will be reduced
(but not below zero) by the amount of such excess (such reduction, an "Investor
Charge-Off").

     Section 1.8 Reallocated Principal Collections. On each Distribution Date,
the Servicer shall apply, or shall instruct the Indenture Trustee in writing to
apply, Reallocated Principal Collections with respect to such Distribution Date,
to fund any deficiency pursuant to and in the priority set forth in subsections
4.4(a)(i), (ii), (v), (ix), (x) and (xi); provided that in no event will
Reallocated Principal Collections be applied pursuant to subsections 4.4(a)(v),
(ix), (x) and (xi) until the Series 2001-A Final Maturity Date. On each
Distribution Date, the Collateral Amount shall be reduced by the amount of
Reallocated Principal Collections for such Distribution Date.

     Section 1.9 Excess Finance Charge Collections. Series 2001-A shall be an
Excess Allocation Series with respect to Group One only. For this purpose, each
outstanding series of certificates issued by Spiegel Master Trust (other than
series represented by the Collateral Certificate) shall be deemed to be a Series
in Group One. Subject to Section 8.6 of the Indenture, Excess Finance Charge
Collections with respect to the Excess Allocation Series in Group One for any
Distribution Date will be allocated to Series 2001-A in an amount equal to the
product of (x) the aggregate amount of Excess Finance Charge Collections with
respect to all the Excess Allocation Series in Group One for such Distribution
Date and (y) a fraction, the numerator of which is the Finance Charge Shortfall
for Series 2001-A for such Distribution Date and the denominator of which is the
aggregate amount of Finance Charge Shortfalls for all the Excess Allocation
Series in Group One for such Distribution Date. The "Finance Charge Shortfall"
for Series 2001-A for any Distribution Date will be equal to the excess, if any,
of (a) the full amount required to be paid, without duplication, pursuant to
subsections 4.4(a)(i) through (xii) on such Distribution Date over (b) the
Available Finance Charge Collections with respect to such Distribution Date
(excluding any portion thereof attributable to Excess Finance Charge
Collections).

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<PAGE>

     Section 1.1 Section 1.10 Shared Principal Collections. Subject to Section
8.5 of the Indenture, Shared Principal Collections for any Distribution Date
will be allocated to Series 2001-A in an amount equal to the product of (x) the
aggregate amount of Shared Principal Collections with respect to all Principal
Sharing Series for such Distribution Date and (y) a fraction, the numerator of
which is the Principal Shortfall for Series 2001-A for such Distribution Date
and the denominator of which is the aggregate amount of Principal Shortfalls for
all the Series which are Principal Sharing Series for such Distribution Date.
For this purpose, each outstanding series of certificates issued by Spiegel
Master Trust (other than series represented by the Collateral Certificate) shall
be deemed to be a Principal Sharing Series. The "Principal Shortfall" for Series
2001-A will be equal to (a) for any Distribution Date with respect to the
Revolving Period, zero, (b) for any Distribution Date with respect to the
Controlled Accumulation Period, the excess, if any, of the Controlled Deposit
Amount with respect to such Distribution Date over the amount of Available
Principal Collections for such Distribution Date (excluding any portion thereof
attributable to Shared Principal Collections), and (c) for any Distribution Date
with respect to the Rapid Amortization Period, the excess, if any, of the Note
Principal Balance (less the balance in the Principal Accumulation Account) over
the amount of Available Principal Collections for such Distribution Date
(excluding any portion thereof attributable to Shared Principal Collections).

                                       20

<PAGE>

     Section 1.11 Principal Accumulation Account.
                  ------------------------------

     (1) The Indenture Trustee shall establish and maintain with an Eligible
Institution, which may be the Indenture Trustee in the name of the Trust, on
behalf of the Trust, for the benefit of the Series 2001-A Noteholders, a
non-interest bearing segregated trust account with the corporate trust
department of such Eligible Institution (the "Principal Accumulation Account"),
bearing a designation clearly indicating that the funds deposited therein are
held for the benefit of the Series 2001-A Noteholders. The Indenture Trustee
shall possess all right, title and interest in all funds on deposit from time to
time in the Principal Accumulation Account and in all proceeds thereof. The
Principal Accumulation Account shall be under the sole dominion and control of
the Indenture Trustee for the benefit of the Series 2001-A Noteholders. If at
any time the institution holding the Principal Accumulation Account ceases to be
an Eligible Institution, the Servicer shall notify the Indenture Trustee in
writing, and the Indenture Trustee upon being notified (or the Servicer on its
behalf) shall, within ten (10) Business Days, establish a new Principal
Accumulation Account meeting the conditions specified above with an Eligible
Institution, and shall transfer any cash or any investments to such new
Principal Accumulation Account. The Indenture Trustee, at the written direction
of the Servicer, shall (i) make withdrawals from the Principal Accumulation
Account from time to time, in the amounts and for the purposes set forth in this
Indenture Supplement, and (ii) on each Distribution Date (from and after the
commencement of the Controlled Accumulation Period) prior to the termination of
the Principal Accumulation Account, make deposits into the Principal
Accumulation Account in the amounts specified in, and otherwise in accordance
with, subsection 4.4(c)(i).

     (2) Funds on deposit in the Principal Accumulation Account shall be
invested at the written direction of the Servicer by the Indenture Trustee in
Permitted Investments. Funds on deposit in the Principal Accumulation Account on
any Distribution Date, after giving effect to any withdrawals from the Principal
Accumulation Account on such Distribution Date, shall be invested in such
investments that will mature so that such funds will be available for withdrawal
on or prior to the following Distribution Date.

     The Indenture Trustee shall hold such of the Permitted Investments as
consists of instruments, deposit accounts, negotiable documents, money, goods,
letters of credit, and advices of credit in the State of New York and/or
Illinois. The Indenture Trustee shall hold such of the Permitted Investments as
constitutes investment property through a securities intermediary, which
securities intermediary shall agree with the Indenture Trustee that (a) such
investment property shall at all times be credited to a securities account of
the Indenture Trustee, (b) such securities intermediary shall treat the
Indenture Trustee as entitled to exercise the rights that comprise each
financial asset credited to such securities account, (c) all property credited
to such securities account shall be treated as a financial asset, (d) such
securities intermediary shall comply with entitlement orders originated by the

                                       21

<PAGE>

Indenture Trustee without the further consent of any other person or entity, (e)
such securities intermediary will not agree with any person or entity other than
the Indenture Trustee to comply with entitlement orders originated by such other
person or entity, (f) such securities accounts and the property credited thereto
shall not be subject to any lien, security interest or right of set-off in favor
of such securities intermediary or anyone claiming through it (other than the
Indenture Trustee), and (g) such agreement shall be governed by the laws of the
State of Illinois. Terms used in the preceding sentence that are defined in the
New York UCC and not otherwise defined herein shall have the meaning set forth
in the New York UCC.

     On each Distribution Date with respect to the Controlled Accumulation
Period and on the first Distribution Date with respect to the Rapid Amortization
Period, the Indenture Trustee, acting at the Servicer's written direction given
on or before such Distribution Date, shall transfer from the Principal
Accumulation Account to the Collection Account the Principal Accumulation
Investment Proceeds on deposit in the Principal Accumulation Account for
application as Available Finance Charge Collections in accordance with Section
4.4.

     Principal Accumulation Investment Proceeds (including reinvested interest)
shall not be considered part of the amounts on deposit in the Principal
Accumulation Account for purposes of this Indenture Supplement.

     Section 1.12 Reserve Account.
                  ---------------

     (1) The Indenture Trustee shall establish and maintain with an Eligible
Institution, which may be the Indenture Trustee in the name of the Trust, on
behalf of the Trust, for the benefit of the Series 2001-A Noteholders, a
non-interest bearing segregated trust account with the corporate trust
department of such Eligible Institution (the "Reserve Account"), bearing a
designation clearly indicating that the funds deposited therein are held for the
benefit of the Series 2001-A Noteholders. The Indenture Trustee shall possess
all right, title and interest in all funds on deposit from time to time in the
Reserve Account and in all proceeds thereof. The Reserve Account shall be under
the sole dominion and control of the Indenture Trustee for the benefit of the
Series 2001-A Noteholders. If at any time the institution holding the Reserve
Account ceases to be an Eligible Institution, the Servicer shall notify the
Indenture Trustee in writing, and the Indenture Trustee upon being notified (or
the Servicer on its behalf) shall, within ten (10) Business Days, establish a
new Reserve Account meeting the conditions specified above with an Eligible
Institution, and shall transfer any cash or any investments to such new Reserve
Account. The Indenture Trustee, at the written direction of the Servicer, shall
(i) make withdrawals from the Reserve Account from time to time in an amount up
to the Available Reserve Account Amount at such time, for the purposes set forth
in this Indenture Supplement, and (ii) on each Distribution Date (from and after
the Reserve Account Funding Date) prior to termination of the Reserve Account,
make a deposit into the

                                       22

<PAGE>

Reserve Account in the amount specified in, and otherwise in accordance with,
subsection 4.4(a)(vi).

     (2) Funds on deposit in the Reserve Account shall be invested at the
written direction of the Servicer by the Indenture Trustee in Permitted
Investments. Funds on deposit in the Reserve Account on any Distribution Date,
after giving effect to any withdrawals from the Reserve Account on such
Distribution Date, shall be invested in such investments that will mature so
that such funds will be available for withdrawal on or prior to the following
Distribution Date.

     The Indenture Trustee shall hold such of the Permitted Investments as
consists of instruments, deposit accounts, negotiable documents, money, goods,
letters of credit, and advices of credit in the State of New York. The Indenture
Trustee shall hold such of the Permitted Investments as constitutes investment
property through a securities intermediary, which securities intermediary shall
agree with the Indenture Trustee that (a) such investment property shall at all
times be credited to a securities account of the Indenture Trustee, (b) such
securities intermediary shall treat the Indenture Trustee as entitled to
exercise the rights that comprise each financial asset credited to such
securities account, (c) all property credited to such securities account shall
be treated as a financial asset, (d) such securities intermediary shall comply
with entitlement orders originated by the Indenture Trustee without the further
consent of any other person or entity, (e) such securities intermediary will not
agree with any person or entity other than the Indenture Trustee to comply with
entitlement orders originated by such other person or entity, (f) such
securities accounts and the property credited thereto shall not be subject to
any lien, security interest, or right of set-off in favor of such securities
intermediary or anyone claiming through it (other than the Indenture Trustee),
and (g) such agreement shall be governed by the laws of the State of New York.
Terms used in the preceding sentence that are defined in the New York UCC and
not otherwise defined herein shall have the meaning set forth in the New York
UCC.

     On each Distribution Date, all interest and earnings (net of losses and
investment expenses) accrued since the preceding Distribution Date on funds on
deposit in the Reserve Account shall be retained in the Reserve Account (to the
extent that the Available Reserve Account Amount is less than the Required
Reserve Account Amount) and the balance, if any, shall be deposited into the
Collection Account and included in Available Finance Charge Collections for such
Distribution Date. For purposes of determining the availability of funds or the
balance in the Reserve Account for any reason under this Indenture Supplement,
except as otherwise provided in the preceding sentence, investment earnings on
such funds shall be deemed not to be available or on deposit.

     (3) On or before each Distribution Date with respect to the Controlled
Accumulation Period and on or before the first Distribution Date with respect to
the Rapid Amortization Period, the Servicer shall calculate the Reserve Draw
Amount;

                                       23

<PAGE>

provided, however, that such amount will be reduced to the extent that funds
otherwise would be available for deposit in the Reserve Account under Section
4.4(a)(vi) with respect to such Distribution Date.

     (4) If for any Distribution Date the Reserve Draw Amount is greater than
zero, the Reserve Draw Amount, up to the Available Reserve Account Amount, shall
be withdrawn from the Reserve Account on such Distribution Date by the Indenture
Trustee (acting in accordance with the written instructions of the Servicer) and
deposited into the Collection Account for application as Available Finance
Charge Collections for such Distribution Date.

     (5) If the Reserve Account Surplus on any Distribution Date, after giving
effect to all deposits to and withdrawals from the Reserve Account with respect
to such Distribution Date, is greater than zero, the Indenture Trustee, acting
in accordance with the written instructions of the Servicer, shall withdraw from
the Reserve Account an amount equal to such Reserve Account Surplus and (i)
deposit such amounts in the Spread Account, to the extent that funds on deposit
in the Spread Account are less than the Required Spread Account Amount, and (ii)
distribute any such amounts remaining after application pursuant to subsection
4.10(e)(i) to the holders of the Seller Interest.

     (6) Upon the earliest to occur of (i) the termination of the Trust pursuant
to Article VIII of the Trust Agreement, (ii) the first Distribution Date
relating to the Rapid Amortization Period and (iii) the Expected Principal
Distribution Date, the Indenture Trustee, acting in accordance with the
instructions of the Servicer, after the prior payment of all amounts owing to
the Series 2001-A Noteholders that are payable from the Reserve Account as
provided herein, shall withdraw from the Reserve Account all amounts, if any, on
deposit in the Reserve Account and (i) deposit such amounts in the Spread
Account, to the extent that funds on deposit in the Spread Account are less than
the Required Spread Account Amount, and (ii) distribute any such amounts
remaining after application pursuant to subsection 4.10(f)(i) to the holders of
the Seller Interest. The Reserve Account shall thereafter be deemed to have
terminated for purposes of this Indenture Supplement. Funds on deposit in the
Reserve Account at any time that the Controlled Accumulation Period is suspended
pursuant to Section 4.15, shall remain on deposit until applied in accordance
with subsection 4.10(d), (e) or (f).

     Section 1.13 [Reserved].
                  ----------

                                       24

<PAGE>

     Section 1.14 Determination of LIBOR.
                  ----------------------

     (1) On each LIBOR Determination Date in respect of an Interest Period, the
Indenture Trustee, utilizing the services of the Counterparty as calculation
agent under the Swap (or the Servicer if the Swap is terminated), 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 Interest Period 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 Indenture Trustee shall request the
principal London office of each of the Reference Banks to provide a quotation of
its rate. If at least two (2) such quotations are provided, the rate for that
Interest Period shall be the arithmetic mean of the quotations. If fewer than
two (2) quotations are provided as requested, the rate for that Interest Period
will be the arithmetic mean of the rates quoted by major banks in New York City,
selected by the Counterparty or, if the Swap is terminated, the Servicer, 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.

     (2) 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 (312) 827-8500 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 Series 2001-A
Noteholder from time to time.

     (3) On each LIBOR Determination Date, the Indenture Trustee shall send to
the Servicer by facsimile transmission, notification of LIBOR for the following
Interest Period.

     Section 1.15 Investment Instructions. Any investment instructions required
to be given to the Indenture Trustee pursuant to the terms hereof must be given
to the Indenture Trustee no later than 11:00 a.m., New York City time, on the
date such investment is to be made. In the event the Indenture Trustee receives
such investment instruction later than such time, the Indenture Trustee may, but
shall have no obligation to, make such investment. In the event the Indenture
Trustee is unable to make an investment required in an investment instruction
received by the Indenture Trustee after 11:00 a.m., New York City time, on such
day, such investment shall be made by the Indenture Trustee on the next
succeeding Business Day. In no event shall the Indenture Trustee be liable for
any investment not made pursuant to investment instructions received after 11:00
a.m., New York City time, on the day such investment is requested to be made.

     Section 1.16 Controlled Accumulation Period. The Controlled Accumulation
Period is scheduled to commence at the opening of business

                                       25

<PAGE>

March 1, 2004. However, if the Accumulation Period Length (determined as
described below) is less than 12 months, the date on which the Controlled
Accumulation Period actually commences will be delayed to the first Business Day
of the month that is the number of whole months prior to the Expected Principal
Distribution Date at least equal to the Accumulation Period Length and, as a
result, the number of Monthly Periods in the Controlled Accumulation Period will
at least equal the Accumulation Period Length. On the Determination Date
immediately preceding the February 2004 Distribution Date, and each
Determination Date thereafter until the Controlled Accumulation Period begins,
the Servicer will determine the "Accumulation Period Length" which will equal
the number of whole months such that the sum of the Accumulation Period Factors
for each month during such period will be equal to or greater than the Required
Accumulation Factor Number; provided, however, that the Accumulation Period
Length will not be determined to be less than one month; provided further,
however, that the determination of the Accumulation Period Length may be changed
at any time if the Rating Agency Condition is satisfied.

     Section 1.17 Suspension of Controlled Accumulation Period. (a) The Issuer
may, in its sole discretion, elect to suspend the commencement of the Controlled
Accumulation Period with prior notice to the Rating Agencies. The commencement
of the Controlled Accumulation Period shall be suspended upon delivery by the
Issuer to the Indenture Trustee of (i) an Officer's Certificate stating that the
Issuer has elected to suspend the commencement of the Controlled Accumulation
Period and that all conditions precedent to such suspension set forth in this
Section 4.15 have been satisfied, (ii) a copy of an executed Qualified Maturity
Agreement and (iii) an Opinion of Counsel addressed to the Indenture Trustee as
to the due authorization, execution and delivery and the validity and
enforceability of such Qualified Maturity Agreement. The Issuer does hereby
transfer, assign, set-over, and otherwise convey to the Indenture Trustee for
the benefit of the Class A Noteholders, without recourse, all of its rights
under any Qualified Maturity Agreement obtained in accordance with this Section
4.15 and all proceeds thereof. Such property shall constitute part of the Trust
Estate for all purposes of the Indenture. The foregoing transfer, assignment,
set-over and conveyance does not constitute and is not intended to result in a
creation or an assumption by the Indenture Trustee or any Noteholder of any
obligation of the Issuer or any other Person in connection with a Qualified
Maturity Agreement or under any agreement or instrument relating thereto.

     The Indenture Trustee hereby acknowledges its acceptance, to the extent
validly transferred, assigned, set-over or otherwise conveyed to the Indenture
Trustee, for the benefit of the Class A Noteholders, of all of the rights
previously held by the Issuer under any Qualified Maturity Agreement obtained by
the Issuer and all proceeds thereof, and declares that it shall hold such rights
upon the trust set forth herein and in the Agreement, and subject to the terms
hereof and thereof, for the benefit of the Class A Noteholders.

                                       26

<PAGE>

    (b) The Issuer shall cause the provider of each Qualified Maturity Agreement
to deposit into the Principal Accumulation Account on or before the Expected
Principal Distribution Date an amount equal to the aggregate outstanding
principal balance of the Class A Notes on such Distribution Date; provided,
however, that the Issuer may instead elect to fund all or a portion of such
deposit with the proceeds of the issuance of a new Series or with the Available
Principal Collections with respect to such Distribution Date; and provided,
further, that the Issuer shall in no event cause or permit the provider of any
Qualified Maturity Agreement to fund under such Qualified Maturity Agreement
unless there are sufficient funds on deposit in the Collection Account allocated
to make required payments pursuant to Sections 4.4(a)(i) and (ii) for any
Distribution Date falling on or after the funding under such Qualified Maturity
Agreement. The amount deposited shall be applied on the Expected Principal
Distribution Date pursuant to Section 4.4(d) as if the commencement of the
Controlled Accumulation Period had not been suspended.

     (c) Each Qualified Maturity Agreement shall terminate at the close of
business on the Expected Principal Distribution Date; provided, however, that
the Issuer may terminate a Qualified Maturity Agreement prior to such
Distribution Date, with notice to each Rating Agency, if (i) the Available
Reserve Account Amount equals the Required Reserve Account Amount and (ii) one
of the following events occurs: (A) the Issuer obtains a substitute Qualified
Maturity Agreement, (B) the provider of the Qualified Maturity Agreement ceases
to qualify as an Eligible Institution and the Issuer is unable to obtain a
substitute Qualified Maturity Agreement or (C) a Pay Out Event occurs. In
addition, the Issuer may terminate a Qualified Maturity Agreement prior to the
later of (i) the date on which the Controlled Accumulation Period was scheduled
to begin, before giving effect to the suspension of the Controlled Accumulation
Period, and (b) the date to which the commencement of the Controlled
Accumulation Period may be postponed pursuant to Section 4.15 (as determined on
the Determination Date preceding the date of such termination), in which case
the commencement of the Controlled Accumulation Period shall be determined as if
the Issuer had not elected to suspend such commencement. In the event that the
provider of a Qualified Maturity Agreement ceases to qualify as an Eligible
Institution, the Issuer shall use its best efforts to obtain a substitute
Qualified Maturity Agreement.

     (d) If a Qualified Maturity Agreement is terminated prior to the earlier of
the Expected Principal Distribution Date and the commencement of the Rapid
Amortization Period and the Issuer does not obtain a substitute Qualified
Maturity Agreement, the Controlled Accumulation Period shall commence on the
latest of (i) March 1, 2004, (ii) at the election of the Issuer, the date to
which the commencement of the Controlled Accumulation Period may be postponed
pursuant to Section 4.14 (as determined on the date of such termination) and
(iii) the first day of the Monthly Period following the date of such
termination.

                                       27

<PAGE>

     Section 1.18 Insurance Policies. (a) On the Closing Date, the Issuer shall
enter into the Insurance Agreement, pursuant to which the Policies will be
issued for the benefit of the Series 2001-A Noteholders and the Counterparty.

     (b) Prior to 12:00 noon, New York City time, on the third Business Day
preceding each Distribution Date, the Servicer shall determine whether there
will be a Deficiency Amount on the following Distribution Date. If the Servicer
determines that there will be a Deficiency Amount on the following Distribution
Date, the Servicer shall complete the notice in the form set forth as an exhibit
to the related Policy (the "Notice") and submit such Notice in accordance with
the related Policy to the Insurer no later than 3:00 p.m., New York time, on
such Business Day, as a claim for an Insured Obligation in an amount equal to
such Deficiency Amount. The Insurer shall remit or cause to be remitted to the
Trustee such Deficiency Amount in accordance with the terms of the related
Policy.

     (c) The Indenture Trustee shall (i) receive as attorney-in-fact of the
applicable owners an Insured Obligation from the Insurer and (ii) distribute the
same to (a) the Class A Noteholders as provided in subsections 5.2(a) and (b) to
the extent that such amounts relate to Monthly Interest or principal of the
Class A Notes, respectively, and (b) the Counterparty or the Servicer to the
extent that such amounts relate to Net Swap Payments or Monthly Servicing Fees,
respectively. Any and all Insured Obligations disbursed by the Indenture Trustee
from claims made under the Policies shall not be considered payment by the
Issuer with respect to the Class A Notes or other applicable obligations, nor
shall such payments discharge the obligation of the Issuer with respect to the
Class A Notes or other obligations, and the Insurer shall become the owner of
such unpaid amounts due from the Issuer in respect of Insured Obligations.

     If on any Distribution Date, the Indenture Trustee or the Servicer
determines that the Insurer has paid more under any Policy than is required by
the terms hereof, the Indenture Trustee shall promptly return such excess to the
Insurer.

     The Indenture Trustee shall keep a complete and accurate record of the
amount of the Insured Obligations paid. The Insurer shall have the right to
inspect such record during normal business hours upon prior notice to the
Indenture Trustee.

     (d) So long as no Control Transfer Event shall have occurred and be
continuing, the Insurer shall be deemed to be the sole Holder of the Series
2001-A Notes for the purpose of exercising voting rights and the giving of any
consents, approvals, instructions, directions, declarations and notices relating
to the Series 2001-A Notes. However, for any amendment or waiver requiring the
consent of all affected Noteholders, the consent of the Insurer and all affected
Noteholders will be required.

                                       28

<PAGE>

     Section 1.19 Swap. (a) On or prior to the Closing Date, the Owner Trustee
shall, on behalf of the Issuer, enter into the Swap with the Counterparty for
the benefit of the Noteholders. The aggregate notional amount under the Swap
shall, at any time, be equal to the Note Principal Balance at such time. Net
Swap Receipts and early termination payments payable by the Counterparty shall
be deposited by the Indenture Trustee in the Collection Account on the day
received and treated as Available Finance Charge Collections. On any
Distribution Date when there shall be a Net Swap Payment, such Net Swap Payments
shall be paid as provided in Section 4.4(a)(i). On any Distribution Date when
there shall be an early termination payment or any other miscellaneous payment
payable by the Issuer to the Counterparty, such amount shall be paid as provided
in Section 4.4(a)(xi).

     (b) Each Swap shall be in substantially the same form as the initial Swap
attached hereto as Exhibit E.

     (c) The Servicer may, upon (i) satisfaction of the Rating Agency Condition
and, (ii) unless a Control Transfer Event has occurred, receipt of written
consent from the Insurer (which consent shall not be unreasonably withheld),
and, when required under the terms of the existing Swap, shall, obtain a
replacement Swap.

                                    ARTICLE V

     Delivery of Series 2001-A Notes; Distributions; Reports to Series 2001-A
Noteholders

     Section V.1 Delivery and Payment for the Series 2001-A Notes.

     The Issuer shall execute and issue, and the Indenture Trustee shall
authenticate, the Series 2001-A Notes in accordance with Section 2.3 of the
Indenture. The Indenture Trustee shall deliver the Series 2001-A Notes to or
upon the written order of the Trust when so authenticated.

Section  1.20     Distributions.

     (1) On each Distribution Date, the Paying Agent shall distribute to each
Class A Noteholder of record on the related Record Date (other than as provided
in Section 11.2 of the Indenture) such Class A Noteholder's pro rata share of
the amounts held by the Paying Agent that are allocated and available on such
Distribution Date to pay interest on the Class A Notes pursuant to this
Indenture Supplement, including amounts made available as a result of any draw
on the Policies.

     (2) On each Distribution Date, the Paying Agent shall distribute to each
Class A Noteholder of record on the related Record Date such Class A
Noteholder's pro rata share of the amounts held by the Paying Agent that are
allocated and

                                       29

<PAGE>

available on such Distribution Date to pay principal of the Class A Notes
pursuant to this Indenture Supplement, including amounts made available as a
result of any draw on the Policies.

     (3) The distributions to be made pursuant to this Section 5.2 are subject
to the provisions of Sections 2.6, 6.1 and 7.1 of the Transfer and Servicing
Agreement, Section 11.2 of the Indenture and Section 7.1 of this Indenture
Supplement.

     (4) Except as provided in Section 11.2 of the Indenture with respect to a
final distribution, distributions to Series 2001-A Noteholders hereunder shall
be made by (i) check mailed to each Series 2001-A Noteholder (at such
Noteholder's address as it appears in the Note Register), except that for any
Series 2001-A Notes registered in the name of the nominee of a Clearing Agency,
such distribution shall be made by wire transfer of immediately available funds
and (ii) without presentation or surrender of any Series 2001-A Note or the
making of any notation thereon.

     Section 1.21 Reports and Statements to Series 2001-A Noteholders.

     (1) On each Distribution Date, the Paying Agent, on behalf of the Indenture
Trustee, shall forward to each Series 2001-A Noteholder a statement
substantially in the form of Exhibit C prepared by the Servicer.

     (2) Not later than the second Business Day preceding each Distribution
Date, the Servicer shall deliver to the Owner Trustee, the Indenture Trustee,
the Paying Agent, the Insurer, the Counterparty and each Rating Agency (i) a
statement substantially in the form of Exhibit C prepared by the Servicer and
(ii) a certificate of an Authorized Officer substantially in the form of Exhibit
D; provided that the Servicer may amend the form of Exhibit C and Exhibit D,
from time to time, with the prior written consent of the Indenture Trustee.

     (3) A copy of each statement or certificate provided pursuant to paragraph
(a) or (b) may be obtained by any Series 2001-A Noteholder by a request in
writing to the Servicer.

     (4) On or before January 31 of each calendar year, beginning with January
31, 2002, the Paying Agent, on behalf of the Indenture Trustee, shall furnish or
cause to be furnished to each Person who at any time during the preceding
calendar year was a Series 2001-A Noteholder, a statement prepared by the
Servicer containing the information which is required to be contained in the
statement to Series 2001-A Noteholders, as set forth in paragraph (a) above,
aggregated for such calendar year or the applicable portion thereof during which
such Person was a Series 2001-A Noteholder, together with other information as
is required to be provided by an issuer of indebtedness under the Code. Such
obligation of the Paying Agent shall be deemed to have been satisfied to the
extent that substantially comparable information shall be provided by the
Servicer pursuant to any requirements of the Code as from time to time in
effect.

                                       30

<PAGE>

                                   ARTICLE VI

               Series 2001-A Pay Out Events and Events of Default
               --------------------------------------------------

     Section 1.22 Series 2001-A Pay Out Events. If any one of the following
events shall occur with respect to the Series 2001-A Notes:

     (1) failure on the part of the Seller or the "Seller" under the Pooling and
Servicing Agreement (i) to make any payment or deposit required to be made by
the Seller by the terms of the Transfer and Servicing Agreement, the Pooling and
Servicing Agreement, the Indenture or this Indenture Supplement on or before the
date occurring five (5) Business Days after the date such payment or deposit is
required to be made therein or herein or (ii) duly to observe or perform in any
material respect any other covenants or agreements of the Seller set forth in
the Transfer and Servicing Agreement, the Pooling and Servicing Agreement, the
Indenture or this Indenture Supplement, which failure has a material adverse
effect on the Series 2001-A Noteholders and which continues unremedied for a
period of forty-five (45) days after the date on which written notice of such
failure, requiring the same to be remedied, shall have been given to the Seller
by the Indenture Trustee, or to the Seller and the Indenture Trustee by any
Holder of the Series 2001-A Notes;

     (2) any representation or warranty made by the Seller in the Transfer and
Servicing Agreement or, prior to the SMT Termination Date, by the "Seller" under
the Pooling and Servicing Agreement in the Pooling and Servicing Agreement, or
any information contained in a computer file or microfiche list required to be
delivered by the Seller pursuant to Section 2.1 or subsection 2.6(c) of the
Transfer and Servicing Agreement or Section 2.1 or subsection 2.6(c) of the
Pooling and Servicing Agreement shall prove to have been incorrect in any
material respect when made or when delivered, which continues to be incorrect in
any material respect for a period of forty-five (45) days after the date on
which written notice of such failure, requiring the same to be remedied, shall
have been given to the Seller by the Indenture Trustee, or to the Seller and the
Indenture Trustee by any Holder of the Series 2001-A Notes and as a result of
which the interests of the Series 2001-A Noteholders are materially and
adversely affected for such period; provided, however, that a Series 2001-A Pay
Out Event pursuant to this subsection 6.1(b) shall not be deemed to have
occurred hereunder if the Seller has accepted reassignment of the related
Receivable, or all of such Receivables, if applicable, during such period in
accordance with the provisions of the Transfer and Servicing Agreement or the
Pooling and Servicing Agreement;

     (3) a failure by the Seller or the "Seller" under the Pooling and Servicing
Agreement to convey Receivables in Additional Accounts to the Trust within ten
(10) days after the day on which it is required to convey such Receivables
pursuant to subsection 2.6(a) of the Transfer and Servicing Agreement or
subsection 2.6(a) of the Pooling and Servicing Agreement;

          (4) any Servicer Default shall occur;

                                       31

<PAGE>

     (5) the average of the Portfolio Yields for any three consecutive Monthly
Periods is reduced to a rate which is less than the sum of the average of the
Base Rates for such period and the average of the Default Amount Rates for such
period; it being understood that, for purposes of such calculation, the result
of the Portfolio Yield for the first Monthly Period, minus the sum of the Base
Rate and the Default Amount Rate for the first Monthly Period shall be equal to
the Modified Excess Spread Percentage for the first Monthly Period;

     (6) the Note Principal Balance shall not be paid in full on the Expected
Principal Distribution Date;

     (7) prior to the SMT Termination Date, a Trust Pay Out Event shall occur
under (and as defined in) the Pooling and Servicing Agreement;

     (8) any draw shall be made on any Policy in accordance with the terms
thereof;

     (9) Insurer shall by notice to the Seller, the Servicer and the Indenture
Trustee declare a Pay Out Event in accordance with Section 5.01 of the Insurance
Agreement (which section is set forth in its entirety in Exhibit H) at any time
prior to a Control Transfer Event;

     (10) the Counterparty shall fail to make any net payment required to be
made by it under the Swap, and such failure is not cured within five Business
Days, or the Swap shall terminate prior to the Series 2001-A Final Maturity Date
and the Issuer shall fail to enter into a replacement Swap in accordance with
subsection 4.17(c);

     (11) without limiting the foregoing, the occurrence of an Event of Default
with respect to Series 2001-A; or

     (12) the occurrence of an Insolvency Event relating to the Insurer;

then, in the case of any event described in subsection (a), (b) or (d), after
the applicable grace period, if any, set forth in such subparagraphs, either the
Indenture Trustee or the Holders of Series 2001-A Notes evidencing more than 50%
of the aggregate unpaid principal amount of Series 2001-A Notes by notice then
given in writing to the Seller and the Servicer (and to the Indenture Trustee if
given by the Series 2001-A Noteholders) may declare that a "Series Pay Out
Event" with respect to Series 2001-A (a "Series 2001-A Pay Out Event") has
occurred as of the date of such notice, and, in the case of any event described
in subsection (c), (e), (f), (g), (h), (i), (j), (k) or (l), a Series 2001-A Pay
Out Event shall occur without any notice or other action on the part of the
Indenture Trustee or the Series 2001-A Noteholders immediately upon the
occurrence of such event.

                                       32

<PAGE>

     Section 1.23 Series 2001-A Events of Default. (a) For so long as no Control
Transfer Event has occurred, the Events of Default for Series 2001-A shall
include, in addition to the Events of Default specified in the Indenture, any
one of the following events (whatever the reason for such Event of Default and
whether it shall be voluntary or involuntary or be effected by operation of law
or pursuant to any judgment, decree or order of any court or any order, rule or
regulation of any administrative or governmental body):

               (i) default in the payment of interest on the Series 2001-A Notes
          when the same becomes due and payable, and such default shall continue
          for a period of twenty-eight (28) days;

               (ii) default in the observance or performance of any covenant or
          agreement of the Issuer made in the Indenture made in respect of the
          Series 2001-A Notes (other than a covenant or agreement, a default in
          the observance or performance of which is elsewhere in this Section
          6.2 or in Section 5.2 of the Indenture specifically dealt with) (all
          of such covenants and agreements in the Indenture which are not
          expressly stated to be for the benefit of a particular Series being
          deemed to be in respect of the Notes of Series 2001-A for this
          purpose) in any material respect and such default shall continue or
          not be cured for a period of forty-five (45) days after there shall
          have been given, by registered or certified mail, return receipt
          requested to the Issuer and the Indenture Trustee by the Insurer, a
          written notice specifying such default and requiring it to be remedied
          and stating that such notice is a "Notice of Default" hereunder; or

               (iii) any Servicer Default.

     (b) If an Event of Default for Series 2001-A shall have occurred and be
continuing and the Series 2001-A Notes have been accelerated pursuant to Section
5.3, so long as no Control Transfer Event has occurred, the Insurer shall have
the right, but not the obligation, to (i) exercise the rights of the Series
2001-A Noteholders described in Section 5.5 of the Indenture, and (ii) to pay
all or any portion of the outstanding principal balance of the Series 2001-A
Notes prior to the Series 2001-A Final Maturity Date. Following the occurrence
of an Event of Default for Series 2001-A, the Indenture Trustee shall continue
to submit claims under the Policies as necessary to enable the Issuer to
continue to make payments on each Distribution Date in accordance with the terms
of this Indenture Supplement.

     Section 1.24 Declarations of Default. So long as no Control Transfer Event
shall have occurred and be continuing, neither the Indenture Trustee nor the
Class A Noteholders may declare an Event of Default with respect to the Series
2001-A Notes. So long as no Control Transfer Event shall have occurred and be
continuing, an Event of Default with respect to the Series 2001-A Notes shall
occur only upon

                                       33

<PAGE>

delivery by the Insurer to the Indenture Trustee of notice of the occurrence of
an Event of Default.

                                   ARTICLE VII

Redemption of Series 2001-A Notes; Final Distributions; Series Termination

Section  1.25  Optional Redemption of Series 2001-A Notes; Final Distributions.

     (1) On any day occurring on or after the date on which the outstanding
principal balance of the Series 2001-A Notes is reduced to 10% or less of the
initial outstanding principal balance of Series 2001-A Notes, the Servicer shall
have the option to redeem the Series 2001-A Notes, at a purchase price equal to
(i) if such day is a Distribution Date, the Reassignment Amount for such
Distribution Date or (ii) if such day is not a Distribution Date, the
Reassignment Amount for the Distribution Date following such day; provided that
all amounts due and owing to the Insurer pursuant to the Insurance Agreement
shall have been paid to the Insurer.

     (2) The Issuer shall give the Servicer and the Indenture Trustee at least
thirty (30) days prior written notice of the date on which the Issuer intends to
exercise such optional redemption. Not later than 12:00 noon, New York City
time, on such day the Issuer shall deposit into the Collection Account in
immediately available funds the excess of the Reassignment Amount over the
amount, if any, on deposit in the Principal Accumulation Account. Such
redemption option is subject to payment in full of the Reassignment Amount.
Following such deposit into the Collection Account in accordance with the
foregoing, the Collateral Amount for Series 2001-A shall be reduced to zero and
the Series 2001-A Noteholders shall have no further security interest in the
Receivables. The Reassignment Amount shall be distributed as set forth in
subsection 7.1(d).

     (3) (i) The amount to be paid by the Seller with respect to Series 2001-A
in connection with a reassignment of Receivables to the Seller pursuant to
Section 2.4(e) of the Transfer and Servicing Agreement shall equal the
Reassignment Amount for the first Distribution Date following the Monthly Period
in which the reassignment obligation arises under the Transfer and Servicing
Agreement.

         (ii) The amount to be paid by the Seller with respect to Series 2001-A
in connection with a repurchase of the Notes pursuant to Section 7.1 of the
Transfer and Servicing Agreement shall equal the Reassignment Amount for the
Distribution Date of such repurchase.

     (4) With respect to the Reassignment Amount deposited into the Collection
Account pursuant to Section 7.1, the Indenture Trustee shall, in accordance with
the written direction of the Servicer, not later than 12:00 noon, New York City
time, on the related Distribution Date, make deposits or distributions of

                                       34

<PAGE>

the following amounts (in the priority set forth below and, in each case, after
giving effect to any deposits and distributions otherwise to be made on such
date) in immediately available funds: (i) (x) the Note Principal Balance on such
Distribution Date will be distributed to the Paying Agent for payment to the
Class A Noteholders and (y) an amount equal to the sum of (A) Monthly Interest
for such Distribution Date, (B) any Monthly Interest previously due but not
distributed to the Class A Noteholders on a prior Distribution Date and (C) the
amount of Additional Interest, if any, for such Distribution Date and any
Additional Interest previously due but not distributed to the Class A
Noteholders on any prior Distribution Date, will be distributed to the Paying
Agent for payment to the Class A Noteholders, (ii) any unpaid Monthly Insurance
Premiums, Reimbursement Amounts, interest thereon and other amounts payable to
the Insurer under the Insurance Agreement will be distributed to the Insurer
(iii) any amounts owed to the Counterparty under the Swap shall be distributed
to the Counterparty and (iv) any excess shall be released to the Issuer.

     (5) Notwithstanding anything to the contrary in this Indenture Supplement,
the Indenture or the Transfer and Servicing Agreement, all amounts distributed
to the Paying Agent pursuant to subsection 7.1(d) for payment to the Series
2001-A Noteholders shall be deemed distributed in full to the Series 2001-A
Noteholders on the date on which such funds are distributed to the Paying Agent
pursuant to this Section 7.1 and shall be deemed to be a final distribution
pursuant to Section 11.2 of the Indenture.

     Section 1.26 Series Termination. On the Series 2001-A Final Maturity Date,
the right of the Series 2001-A Noteholders to receive payments from the Issuer
will be limited solely to the right to receive payments pursuant to Section 5.5
of the Indenture.

                                  ARTICLE VIII

                            Miscellaneous Provisions
                            ------------------------

     Section 1.27 Ratification of Indenture; Amendments. 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. This Indenture Supplement
may be amended only by a Supplemental Indenture entered in accordance with the
terms of Section 10.1 or 10.2 of the Indenture. For purposes of the application
of Section 10.2 to any amendment of this Indenture Supplement, only the vote of
the Series 2001-A Noteholders shall be required. The Issuer and Indenture
Trustee shall not enter into any amendment to this Indenture Supplement to
provide for the termination of the Swap, any Policy or any Qualified Maturity
Agreement unless the Rating Agency Condition is satisfied with respect to such
amendment; it being understood that (i) the Servicer may obtain a replacement
Swap in accordance with Section 4.17 and (ii) the Issuer may terminate a
Qualified Maturity Agreement in accordance with Section 4.15, so long as such
replacement or termination is not affected through the amendment of this
Indenture Supplement.

                                       35

<PAGE>

     Section 1.28 Form of Delivery of the Series 2001-A Notes. The Series 2001-A
Notes shall be Book-Entry Notes and shall be delivered as Registered Notes as
provided in Section 2.1 of the Indenture.

     Section 1.29 Counterparts. This Indenture Supplement may be executed in two
or more counterparts, and by different parties on separate counterparts, each of
which shall be an original, but all of which shall constitute one and the same
instrument.

     Section 1.30 GOVERNING LAW. THIS INDENTURE SUPPLEMENT SHALL BE CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF ILLINOIS, 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, PROVIDED,
HOWEVER, THAT THE DUTIES AND OBLIGATIONS OF THE INDENTURE TRUSTEE SHALL BE
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REFERENCE
TO ITS CONFLICT OF LAW PROVISIONS.

     Section 1.31 Limitation of Liability. Notwithstanding any other provision
herein or elsewhere, this Agreement has been executed and delivered by Bankers
Trust Company, not in its individual capacity, but solely in its capacity as
Owner Trustee of the Trust, in no event shall Bankers Trust Company in its
individual capacity have any liability in respect of the representations,
warranties, or obligations of the Trust hereunder or under any other document,
as to all of which recourse shall be had solely to the assets of the Trust, and
for all purposes of this Agreement and each other document, the Owner Trustee
(as such or in its individual capacity) shall be subject to, and entitled to the
benefits of, the terms and provisions of the Trust Agreement.

     Section 1.32 Rights of the Indenture Trustee. The Indenture Trustee shall
have herein the same rights, protections, indemnities and immunities as
specified in the Master Indenture.

     Section 1.33 Third Party Beneficiary. This Indenture Supplement and the
Indenture will inure to the benefit of the Insurer.

     Section 1.34 Inconsistency. In the event of any inconsistency between (a)
the provisions of the Insurance Agreement set forth in Exhibits F, G and H and
(b) the Insurance Agreement, the provisions of the Insurance Agreement shall
prevail.

     Section 1.35 Collateral Series Supplement. Section 10(h) of the Collateral
Series Supplement, dated as of December 1, 2000 (the "Collateral Series
Supplement"), to the Pooling and Servicing Agreement shall not apply to the
Collateral Series (as defined in the Collateral Series Supplement) related to
the Series 2001-A Notes.

                                       36

<PAGE>

     Section 1.1 Section 1.36 Increase of Collateral Amount. The Seller may, in
its sole discretion, increase the Collateral Amount to cure any breach set forth
in Section 4.02(g)(i) of the Insurance Agreement; provided that, after giving
effect to any such increase, the Aggregate Principal Balance shall not be less
than the Minimum Aggregate Principal Balance; and provided, further that the
Servicer may, at the direction of the Seller, retain Principal Collections
otherwise distributable to the holders of the Seller Interest in the Excess
Funding Account for the purpose of increasing the Aggregate Principal Balance so
that the Aggregate Principal Balance shall at least equal the Minimum Aggregate
Principal Balance after giving effect to such increase; and provided further
that the Seller may, in its sole discretion, decrease the Collateral Amount if
such decrease would not cause a breach of the covenant set forth in Section
4.02(g)(i) of the Insurance Agreement.

     Section 1.37 Perfection Representations and Warranties. The parties hereto
agree that the representations, warranties and covenants set forth in Schedule I
shall be a part of this Indenture Supplement for all purposes.

                            [SIGNATURE PAGES FOLLOW]

                                       37

<PAGE>

     IN WITNESS WHEREOF, the undersigned have caused this Indenture Supplement
to be duly executed and delivered by their respective duly authorized officers
on the day and year first above written.

                                        SPIEGEL CREDIT CARD MASTER NOTE TRUST,
                                        as Issuer
                                        By: BANKERS TRUST COMPANY,
                                        not in its individual capacity
                                        but solely as Owner Trustee

                                        Name:   /s/ Eileen M. Hughes
                                               ---------------------------------
                                        Title:  Vice President
                                                --------------------------------

                                        THE BANK OF NEW YORK,
                                        as Indenture Trustee
                                        Name:   /s/ Robert D. Foltz
                                               ---------------------------------
                                        Title:  Agent
                                                --------------------------------

Signature page to
Indenture Supplement

                                       38

<PAGE>

Acknowledged and Accepted:

FIRST CONSUMERS NATIONAL BANK,
as Servicer

Name:  /s/ John R. Steele
       ----------------------------
Title:

Acknowledged and Accepted:

SPIEGEL CREDIT CORPORATION III,
as Seller

Name:  /s/ John R. Steele
       ----------------------------
Title:

Signature page to
Indenture Supplement

                                       39<PAGE>

                                                                   Exhibit 10.45

                                                                  Execution Copy
                                                                  --------------

                  FIRST CONSUMERS CREDIT CARD MASTER NOTE TRUST

                                     Issuer,

                                       and

                              THE BANK OF NEW YORK

                                Indenture Trustee

                      SERIES 2001-VFN INDENTURE SUPPLEMENT

                          Dated as of October 17, 2001

<PAGE>

                               TABLE OF CONTENTS

                                                                            Page

ARTICLE I CREATION OF THE SERIES 2001-VFN NOTES...............................1
     Section 1.1 Designation..................................................1

ARTICLE II DEFINITIONS........................................................1
     Section 2.1 Definitions..................................................1

ARTICLE III Optional Redemption of Notes; Final Distributions................14
     Section 3.1 Optional Redemption.........................................14
     Section 3.2 Delivery and Payment for the Series 2001-VFN Notes..........16
     Section 3.3 Private Placement of Class A Notes; Form of Delivery
                 of Series 2001-VFN..........................................16

ARTICLE IV RIGHTS OF NOTEHOLDERS AND ALLOCATION AND APPLICATION OF COLLECTIION
     Section 4.1 [Reserved]..................................................17
     Section 4.2 [Reserved]..................................................17
     Section 4.3 Allocations.................................................17
     Section 4.4 Defaulted Accounts..........................................20
     Section 4.5 Monthly Payments............................................20
     Section 4.6 Payment of Note Interest....................................23
     Section 4.7 Payment of Note Principal...................................24
     Section 4.9 Seller's or Servicer's Failure to Make a
                 Deposit or Payment..........................................25
     Section 4.10 Reallocated Principal Collections..........................26
     Section 4.11 Class A Increases..........................................27
     Section 4.12 Notice of Note Rate........................................27
     Section 4.13 Suspension of the Revolving Period.........................27
     Section 4.14 Maximum Class A Collateral Amount..........................28
     Section 4.15 Shared Principal Collections...............................28
     Section 4.16 Excess Finance Charge Collections..........................28
     Section 4.17 Termination of Series......................................29

ARTICLE V DISTRIBUTIONS AND REPORTS TO NOTEHOLDERS...........................29
     Section 5.1 Distributions...............................................29
     Section 5.2 Reports to Investors........................................30

<PAGE>

                                TABLE OF CONTENTS
                                   (continued)

                                                                            Page

ARTICLE VI SERIES PAY-OUT EVENTS.............................................30
     Section 6.1 Series Pay-Out Events.......................................30

ARTICLE VII MISCELLANEOUS....................................................33
     Section 7.1 Change in Account Terms.....................................33
     Section 7.2 Permitted Successor Servicer................................33
     Section 7.3 Successors and Assigns......................................34
     Section 7.4 Final Distribution..........................................34
     Section 7.5 Amendments..................................................34
     Section 7.6 Effectiveness...............................................34
     Section 7.7 Ratification of Indenture...................................35
     Section 7.8 Counterparts................................................35
     Section 7.9 GOVERNING LAW...............................................35
     Section 7.10 Consents...................................................35
     Section 7.11 Certain Calculations.......................................35
     Section 7.12 Repurchase Requests........................................36
     Section 7.13 Perfection Representations, Warranties and Covenants.......37
     Section 7.14 Rights of the Indenture Trustee............................37
     Section 7.15 Limitation of Liability....................................37

Exhibit A   Form of Class A Note
Exhibit B   Form of Monthly Payment Instructions and Notification
Exhibit C   Form of Investor Report

Schedule1   Perfection Representations, Warranties and Covenants

<PAGE>

          SERIES 2001-VFN INDENTURE SUPPLEMENT, dated as of October 17, 2001
     (the "Indenture Supplement"), between FIRST CONSUMERS CREDIT CARD MASTER
           --------------------
     NOTE TRUST, a trust organized and existing under the laws of the State of
     Illinois (herein, the "Issuer" or the "Trust"), and THE BANK OF NEW YORK, a
                            ------          -----
     banking corporation organized and existing under the laws of the State of
     New York, not in its individual capacity, but solely as indenture trustee
     (herein, together with its successors in the trusts thereunder as provided
     in the Master Indenture referred to below, the "Indenture Trustee") under
                                                     -----------------
     the Master Indenture, dated as of March 1, 2001 (the "Master Indenture")
                                                           ----------------
     between the Issuer and the Indenture Trustee (the Master Indenture,
     together with this Indenture Supplement, the "Indenture").
                                                   ---------

          Pursuant to Section 2.12 of the Indenture, the Seller may direct the
                      ------------
     Issuer to issue one or more Series of Notes. The Principal Terms of this
     Series are set forth in this Indenture Supplement to the Indenture.

                                    ARTICLE I

                      CREATION OF THE SERIES 2001-VFN NOTES

          Section 1.1 Designation. There is hereby created a Series of Notes to
                      -----------
     be issued pursuant to the Indenture to be known as the "Series 2001-VFN
                                                             ---------------
     Notes." The Series 2001-VFN Notes shall consist of the "Series 2001-VFN
     -----
     Class A Variable Funding Asset Backed Notes" (the "Class A Notes"). The
                                                        -------------
     Class A Notes shall be substantially in the form of Exhibit A to this
                                                         ---------
     Indenture Supplement.

                                   ARTICLE II

                                   DEFINITIONS

     Section 2.1 Definitions.
                 -----------

          (a) Whenever used in this Indenture Supplement, the following words
     and phrases shall have the following meanings, and the definitions of such
     terms are applicable to the singular as well as the plural forms of such
     terms and the masculine as well as the feminine and neuter genders of such
     terms.

          "Accrual Period" means the period from and including a Distribution
           --------------
     Date (or in the case of the initial Accrual Period, the Closing Date) to
     but excluding the succeeding Distribution Date.

          "Administrative Agent" means MGT or any successor in that capacity
           --------------------
     pursuant to the Note Purchase Agreement.

                                       A-1

<PAGE>

          "Aggregate Class A Increase Amount" means the cumulative amount of
           ---------------------------------
     Class A Increase Amounts.

          "Aggregate Excess Collateral Amount Increase Amount" means the
           --------------------------------------------------
     cumulative amount of Excess Collateral Amount Increase Amounts.

          "Allocation Percentage" means, on any date of determination:
           ---------------------

               (a) when used with respect to Principal Collections during the
          Revolving Period, the percentage equivalent of a fraction the
          numerator of which shall be the Collateral Amount on the preceding
          Business Day (taking into account all Class A Increases and Excess
          Collateral Amount Increases effected on such date of determination or
          any reduction in the Collateral Amount on such date of determination)
          and the denominator of which shall be the greater of (i) the aggregate
          amount of Principal Receivables as of the end of the day on the most
          recent Reset Date and (ii) the sum of the numerators used to calculate
          the Allocation Percentages with respect to Principal Receivables for
          all Series outstanding on the day after such Reset Date;

               (b) when used with respect to Principal Collections during an
          Amortization Period, the percentage equivalent of a fraction the
          numerator of which shall be the Collateral Amount as of the end of the
          day on the last day of the Revolving Period and the denominator of
          which shall be the greater of (i) the aggregate amount of Principal
          Receivables as of the end of the most recent Reset Date and (ii) the
          sum of the numerators used to calculate the Allocation Percentages for
          allocations with respect to Principal Receivables for all outstanding
          Series on the day after such Reset Date;

               (c) when used with respect to Finance Charge Collections during
          the Revolving Period, any Limited Amortization Period and the
          Controlled Amortization Period and with respect to Receivables in
          Defaulted Accounts at any time, the percentage equivalent of a
          fraction the numerator of which shall be the Collateral Amount as of
          the end of the day on the preceding Business Day (taking into account
          all Class A Increases and Excess Collateral Amount Increases effected
          on such date of determination or any reduction in the Collateral
          Amount on such date of determination) and the denominator of which
          shall be the greater of (i) the aggregate amount of Principal
          Receivables as of the end of the day on the most recent Reset Date and
          (ii) the sum of the numerators used to calculate the Allocation
          Percentages for allocations with respect to Finance Charge Collections
          or Defaulted Accounts, as applicable, for all outstanding Series on
          the day after such Reset Date; and

                                        2

<PAGE>

               (d) when used with respect to Finance Charge Collections during
          the Rapid Amortization Period, the percentage equivalent of a fraction
          the numerator of which shall be the Collateral Amount as of the end of
          the day on the last day of the Revolving Period and the denominator of
          which shall be the greater of (i) the aggregate amount of Principal
          Receivables as of the end of the day on the most recent Reset Date and
          (ii) the sum of the numerators used to calculate the Allocation
          Percentages with respect to Finance Charge Collections for all
          outstanding Series on the day after such Reset Date.

          "Amortization Period" means the Controlled Amortization Period, the
           -------------------
     Limited Amortization Period or the Rapid Amortization Period.

          "Average Allocation Percentage" means with respect to any Allocation
           -----------------------------
     Percentage for any Monthly Period the sum of the Allocation Percentages as
     of the close of business for each day in such Monthly Period divided by the
     number of days in such Monthly Period.

          "Average Class A Collateral Amount" means for any Monthly Period the
           ---------------------------------
     sum of the Class A Collateral Amounts as of the close of business for each
     day in such Monthly Period, divided by the number of days in such Monthly
     Period.

          "Average Collateral Amount" means for any Monthly Period the sum of
           -------------------------
     the Collateral Amounts as of the close of business for each day in such
     Monthly Period, divided by the number of days in such Monthly Period.

          "Base Rate" means, with respect to any Monthly Period, (a) the sum of
           ---------
     (i) the Note Interest for the Accrual Period ending in the month following
     the end of such Monthly Period and (ii) the amount of the Investor Monthly
     Servicing Fee allocable to the Series 2001-VFN Notes in respect of such
     Monthly Period, divided by (b) the Average Collateral Amount for the
     preceding Monthly Period, multiplied by (c) 12.

          "Breakage Payments" is defined in the Note Purchase Agreement.
           -----------------

          "Change of Control" means that:
           -----------------

               (i) Spiegel shall fail to own, directly or indirectly, free and
          clear of all liens, security interests or other encumbrances, at least
          51% of the outstanding shares of capital stock of FCNB, on a fully
          diluted basis; or

               (ii) the Otto family related investment entities shall fail to
          own or control at least 67% of the outstanding voting stock of
          Spiegel.

                                        3

<PAGE>

          "Class A Allocation Percentage" means, with respect to any date of
           -----------------------------
     determination, (a) during the Revolving Period, the percentage equivalent
     of a fraction, the numerator of which is the Class A Collateral Amount
     determined as of the close of business on the Business Day immediately
     preceding such date of determination and the denominator of which is the
     Collateral Amount determined as of the close of business on such day and
     (b) during an Amortization Period, the percentage equivalent of a fraction,
     the numerator of which is the Class A Collateral Amount as of the close of
     business on the last day of the Revolving Period and the denominator of
     which is the Collateral Amount as of the close of business on such last
     day.

          "Class A Collateral Amount" means, on any date of determination, an
           -------------------------
     amount equal to (a) the Initial Class A Collateral Amount, plus (b) the
     Aggregate Class A Increase Amount, minus (c) the aggregate amount of
     payments of principal paid to the Class A Noteholders pursuant to Section
                                                                       -------
     4.7 or from the proceeds of issuance of a new Series pursuant to the final
     ---
     paragraph of Section 4.13 prior to such date of determination, minus (d)
                  ------------
     the excess, if any, of the aggregate amount of Class A Investor Charge Offs
     over Class A Investor Charge Offs reimbursed pursuant to Section 4.5(d)
                                                              --------------
     prior to such date of determination.

          "Class A Expected Final Payment Date" means the January 2004
           -----------------------------------
     Distribution Date.

          "Class A Increase" means an increase in the Class A Collateral Amount
           ----------------
     pursuant to Section 4.11.
                 ------------

          "Class A Increase Amount" is defined in Section 4.11.
           -----------------------                ------------

          "Class A Increase Conditions" are set forth in Section 4.2 of the Note
           ---------------------------                   -----------
     Purchase Agreement.

          "Class A Investor Charge Off" is defined in Section 4.4.
           ---------------------------                -----------

          "Class A Monthly Total Principal Allocation" is defined in Section
           ------------------------------------------                -------
     4.7.
     ---

          "Class A Note Rate" means, with respect to any Accrual Period, the per
           -----------------                                                 ---
     annum rate equal to the percentage equivalent of a fraction (a) the
     -----
     numerator of which is the Note Interest for that Accrual Period, multiplied
     by a fraction the numerator of which is 365 (or 366, in a leap year) and
     the denominator of which is the number of days in that Accrual Period and
     (b) the denominator of which is the Average Class A Collateral Amount
     during that Accrual Period.

          "Class A Noteholder" means the holder of record of any Class A Note.
           ------------------

                                        4

<PAGE>

          "Class A Notes" means any one of the Notes executed by the Seller and
           -------------
     authenticated by or on behalf of the Indenture Trustee, substantially in
     the form of Exhibit A.
                 ---------

          "Class A Principal Allocation" means, with respect to any Deposit
           ----------------------------
     Date, an amount equal to the product of (A) the Class A Allocation
     Percentage on the Deposit Date for Principal Collections (or, during a
     Non-Renewal Amortization Period, the Non-Renewing Allocation Percentage),
     (B) the Allocation Percentage on the Deposit Date for Principal Collections
     and (C) the aggregate amount of Principal Collections processed on such
     Deposit Date, all as pursuant to Section 4.3(b)(ii).
                                      ------------------

          "Class Note Interest" is defined in the Note Purchase Agreement.
           -------------------

          "Closing Date" means the date of this Indenture Supplement.
           ------------

          "Collateral Amount" means, on any date of determination, the sum of
           -----------------
     (a) the Class A Collateral Amount, plus (b) the Excess Collateral Amount on
     such date of determination.

          "Commercial Paper" means commercial paper notes issued by any Conduit
           ----------------
     Purchaser to fund or maintain its initial purchase of the Class A Notes and
     any Class A Increase Amount.

          "Conduit Downgrade Event" means any action or other event related to
           -----------------------
     the Trust that causes a Rating Agency to reduce, or withdraw, its rating of
     the Commercial Paper issued by any Conduit Purchaser below the then current
     ratings of the Commercial Paper issued by such Conduit Purchaser.

          "Conduit Managing Agent" is defined in the Note Purchase Agreement.
           ----------------------

          "Conduit Purchaser" is defined in the Note Purchase Agreement.
           -----------------

          "Controlled Amortization Period" means an Amortization Period
           ------------------------------
     commencing on the day following the last day of the Revolving Period and
     continuing (a) to, but not including, the commencement of the Rapid
     Amortization Period or (b) to, and including, the earlier of (i) the Trust
     Termination Date and (ii) the Series Termination Date.

          "Controlled Distribution Amount" means, for each Monthly Period which
           ------------------------------
     commences during the Controlled Amortization Period, the sum of (a)
     one-twelfth of the Class A Collateral Amount as of the last day of the
     Revolving Period, plus (b) the Deficit Controlled Distribution Amount for
     the preceding Monthly Period; provided, that the Seller may, by written
                                   --------
     notice to the Administrative Agent delivered not less than five (5)
     Business Days prior to the related Distribution

                                       5

<PAGE>

     Date, specify a greater Controlled Distribution Amount for that
     Distribution Date (which shall be an integral multiple of $1,000,000).

          "Cycle" means, with respect to any Account, the monthly billing cycle
           -----
     for such Account as determined in accordance with the Charge Account
     Guidelines as in effect on the date of this Agreement.

          "Cycle Billing Date" means, with respect to any Account, each date on
           ------------------
     which bills are processed for the Cycle which includes such Account.

          "Default Estimate" means, for any Monthly Period, an amount equal to
           ----------------
     the product of (i) 1.5, multiplied by (ii) the arithmetic mean of the
     Investor Default Amounts for the prior three Monthly Periods.

          "Deficit Controlled Distribution Amount" means, for each Monthly
           --------------------------------------
     Period during the Controlled Amortization Period, the excess, if any, of
     the Controlled Distribution Amount for such Monthly Period over the amount
     of principal actually distributed with respect to the Class A Notes on the
     related Distribution Date.

          "Delinquency Amount" means, with respect to any Monthly Period, the
           ------------------
     aggregate amount of Receivables that were 31 or more days past due at the
     end of such Monthly Period.

          "Determination Date" means with respect to any Monthly Period, the
           ------------------
     last Business Day occurring in the first ten days of the succeeding
     calendar month.

          "Dilution" means, for any Monthly Period, the aggregate reduction in
           --------
     the outstanding balance of receivables in the entire portfolio of FCNB
     MasterCard and Visa credit card accounts during such Monthly Period that
     are due to, without duplication, (a) merchandise refused or returned by the
     obligor thereunder, (b) any rebate, refund, chargeback or adjustment, (c)
     the assertion of a counterclaim or defense by the obligor thereunder and
     either (i) the Servicer has agreed that such counterclaim or defense is
     valid or (ii) a final nonappealable judgment or decree has been entered in
     favor of such obligor in respect of such counterclaim or defense by a court
     or arbitral body having jurisdiction thereof, and (d) fraudulent or
     counterfeit charges, but only if and to the extent such fraudulent or
     counterfeit charges are not included as charge-offs under the Charge
     Account Guidelines.

          "Distribution Date" means the fifteenth day of each month, or, if such
           -----------------
     fifteenth day is not a Business Day, the next succeeding Business Day.

          "Enhancement Increase Amount" means a Class A Increase Condition after
           --------------------------
     giving effect to the related Class A Increase Amount and the resulting

                                       6

<PAGE>

     increase in the Collateral Amount, the amount, if any, that when added to
     the Excess Collateral Amount will cause the Excess Collateral Amount
     Allocation Percentage (after giving effect to such increase) to equal the
     Required Excess Collateral Amount Percentage then in effect.

          "Enhancement Increase Condition" means a Class A Increase.
           ------------------------------

          "Excess Allocation Series" is defined in Section 4.16.
           ------------------------                ------------

          "Excess Collateral Amount" means, on any date of determination, an
           ------------------------
     amount equal to (a) the sum of (i) the Initial Excess Collateral Amount and
     (ii) the Aggregate Excess Collateral Amount Increase Amount, minus (b) the
     aggregate amount of payments of principal paid to the Excess Collateral
     Amount Holders pursuant to Section 4.7 prior to such date of determination,
                                -----------
     minus (c) the excess, if any, of the sum of the aggregate amount of Excess
     Collateral Amount Investor Charge Offs and Excess Collateral Amount
     Reallocated Amounts over Excess Collateral Amount Investor Charge Offs and
     Excess Collateral Amount Reallocated Amounts reimbursed pursuant to Section
                                                                         -------
     4.5(d) prior to such date of determination.
     ------

          "Excess Collateral Amount Allocation Percentage" means, with respect
           ----------------------------------------------
     to any date of determination, the percentage equivalent of a fraction, the
     numerator of which is the Excess Collateral Amount determined as of the
     close of business on the immediately preceding Business Day and the
     denominator of which is the Collateral Amount determined as of the close of
     business on such Business Day.

          "Excess Collateral Amount Holder" means the holders of the Seller
           -------------------------------
     Interest.

          "Excess Collateral Amount Increase" means any increase in the Excess
           ---------------------------------
     Collateral Amount as provided in Section 4.8.
                                      ------------

          "Excess Collateral Amount Increase Amount" means the amount of any
           ----------------------------------------
     Excess Collateral Amount Increase pursuant to Section 4.8.
                                                   -----------

     "Excess Collateral Amount Investor Charge Off" is defined in Section 4.4.
      --------------------------------------------                ------------

          "Excess Collateral Amount Percentage" means, for any date of
           -----------------------------------
     determination, 100%, minus the Class A Allocation Percentage on that date.

          "Excess Collateral Amount Reallocated Amounts" is defined in Section
           --------------------------------------------                --------
     4.10.
     ----

          "Excess Spread" is defined in Section 4.5(f).
           -------------                --------------

                                       7

<PAGE>

          "Excess Spread Percentage" means, for any Monthly Period, the
           ------------------------
     difference between the Portfolio Yield and the Base Rate for such Monthly
     Period.

          "Finance Charge Shortfall" is defined in Section 4.16.
           ------------------------                ------------

          "Funding Costs" means any Breakage Payments and any additional costs
           -------------
     payable pursuant to Section 13.4 or 13.5 of the Note Purchase Agreement, to
                         ------------    ----
     the extent not paid pursuant to the Note Purchase Agreement.

          "Initial Class A Collateral Amount" means $198,000,000.
           ---------------------------------

          "Initial Collateral Amount" means the sum of the Initial Class A
           -------------------------
     Collateral Amount and the Initial Excess Collateral Amount.

          "Initial Excess Collateral Amount" means $34,941,176.
           --------------------------------

          "Investor Charge Off" means a Class A Investor Charge Off or an Excess
           -------------------
     Collateral Amount Investor Charge Off.

          "Investor Default Amount" means, for any Monthly Period, an amount
           -----------------------
     equal to the product of (a) the Default Amount for such Monthly Period and
     (b) the Average Allocation Percentage for such Monthly Period.

          "Investor Monthly Servicing Fee" means, for any Monthly Period, an
           ------------------------------
     amount equal to the product of (a) the Average Collateral Amount for that
     Monthly Period, (b) the applicable Series Servicing Fee Percentage and (c)
     a fraction, the numerator of which is the number of days in that Monthly
     Period and the denominator which is 365 (or 366, when applicable).

          "Limited Amortization Amount" means (a) for any Distribution Date
           ---------------------------
     relating to a Non-Renewal Amortization Period, the Class A Collateral
     Amount with respect to all Non-Renewing Ownership Groups, (b) for any
     Distribution Date relating to any other Limited Amortization Period, the
     excess, if any, of (i) the amount specified in the effective notice
     delivered by the Seller in accordance with Section 4.13, over (ii) the
                                                ------------  ----
     aggregate amount of principal distributed to the Series 2001-VFN
     Noteholders on all prior Distribution Dates, if any, related to any Monthly
     Period in such Limited Amortization Period and (c) for any other
     Distribution Date, any amount (which shall be in an amount satisfying the
     requirements of the second grammatical paragraph of Section 4.13) selected
                                                         ------------
     by the Seller with respect to that Distribution Date with not less than
     five Business Days' prior written notification by the Seller to the
     Administrative Agent.

                                       8

<PAGE>

          "Limited Amortization Period" means, unless the Controlled
           ---------------------------
     Amortization Period or the Rapid Amortization Period shall have occurred
     prior thereto, a period beginning on the first day of any Monthly Period
     (a) specified in the effective notice delivered by the Seller in accordance
     with Section 4.13 or (b) following any Purchase Commitment Expiration Date
          ------------
     as to which there is any Non-Renewing Ownership Group, if none of or less
     than all of the related Purchase Commitments have been assigned to other
     Persons pursuant to Section 15.4 of the Note Purchase Agreement, and ending
                         ------------
     upon the first to occur of (i) the commencement of the Controlled
     Amortization Period or the Rapid Amortization Period, and (ii) the last day
     of the Monthly Period related to the Distribution Date on which the Limited
     Amortization Amount is reduced to zero.

          "Maximum Class A Collateral Amount" is defined in Section 4.14.
           ---------------------------------                ------------

          "Maximum Reallocated Principal Reserves Amount" means, with respect to
           ---------------------------------------------
     any Monthly Period, the sum of (a) the aggregate amount of Note Interest
     payable on the Distribution Date following such Monthly Period (such amount
     to be estimated by the Servicer in good faith after consultation with the
     Administrative Agent) and (b) the Monthly Servicing Fee payable on the
     Distribution Date following such Monthly Period.

          "MGT" means Morgan Guaranty Trust Company of New York and its
           ---
     successors and assigns.

          "Minimum Seller Percentage" means, with respect to Series 2001-VFN,
           -------------------------
     7.00%.

          "Monthly Finance Charge Allocation" is defined in Section 4.3(c).
           ---------------------------------                --------------

          "Monthly Period Finance Charge Subaccount Allocation" is defined in
           ---------------------------------------------------
     Section 4.5.
     -----------

          "Non-Renewal Amortization Period" means a Limited Amortization Period
           -------------------------------
     which begins pursuant to clause (b) of the definition thereof.
                              ----------

          "Non-Renewing Allocation Percentage" means, with respect to any date
           ----------------------------------
     of determination, during a Non-Renewal Amortization Period, the percentage
     equivalent of a fraction, the numerator of which is the portion of the
     Class A Collateral Amount represented by the Class A Notes held by the
     Conduit Managing Agent for each Non-Renewing Ownership Group as of the
     close of business on the last day of the Revolving Period and the
     denominator of which is the Collateral Amount as of the close of business
     on such last day.

          "Non-Renewing Ownership Group" is defined in the Note Purchase
           ---------------------------
     Agreement.

                                       9

<PAGE>

          "Note Interest" is defined in the Note Purchase Agreement.
           -------------

          "Note Purchase Agreement" means the Note Purchase Agreement dated as
           -----------------------
     of October   , 2001 among the Seller, the Servicer, FCNB, SCCIII, MGT, as
                --
     the Administrative Agent and Conduit Managing Agent and the Conduit
     Purchasers, the other Conduit Managing Agents, and the Bank Purchasers
     identified therein, as amended and in effect from time to time.

          "Noteholder" means the holder of record of any Note.
           ----------

          "Notes" means the Class A Notes.
           -----

          "Official Body" means any government or political subdivision or any
           -------------
     agency, authority, bureau, central bank, commission, department or
     instrumentality thereof, or any court, tribunal, grand jury or arbitrator,
     in each case whether foreign or domestic.

          "Ownership Group" is defined in the Note Purchase Agreement.
           ---------------

          "Pay Out Commencement Date" means the date on which a Trust Pay Out
           -------------------------
     Event is deemed to occur pursuant to Section 5.1 of the Indenture or a
                                          -----------
     Series Pay Out Event is deemed to occur pursuant to Section 6.1 of this
                                                         -----------
     Indenture Supplement.

          "Pay Out Event" means a Trust Pay Out Event or a Series Pay Out Event.
           -------------

          "Portfolio Yield" means, with respect to any Monthly Period, the
           ---------------
     annualized percentage equivalent of a fraction, the numerator of which is
     an amount equal to the Allocation Percentage of Finance Charge Collections
     for such Monthly Period, such sum to be calculated on a cash basis after
     subtracting an amount equal to the Investor Default Amount for such Monthly
     Period, and the denominator of which is the Average Collateral Amount for
     such Monthly Period.

          "Principal Collections Subaccount" is defined in the Indenture.
           --------------------------------                -------------

          "Principal Shortfall" means, with respect to the Series 2001-VFN
           -------------------
     Notes, on any Deposit Date during a Monthly Period:

          (a) if such Monthly Period falls in the Controlled Amortization
     Period, the excess of the applicable Controlled Distribution Amount over
     the Class A Principal Allocation for such Deposit Date and for each prior
     Deposit Date during such Monthly Period;

          (b) if such Monthly Period falls in the Rapid Amortization Period, the
     excess of the Class A Collateral Amount over the aggregate amount deposited

                                       10

<PAGE>

     into the Principal Collections Subaccount pursuant to Section 4.3(b)(ii)(z)
                                                           ---------------------
     for such Deposit Date and for each prior Deposit Date during such Monthly
     Period;

          (c) if such Monthly Period falls in a Limited Amortization Period, the
     excess of the applicable Limited Amortization Amount over the Class A
     Principal Allocation for such Deposit Date and for each prior Deposit Date
     during such Monthly Period; and

          (d) if such Monthly Period falls in the Revolving Period, the excess
     of any applicable Limited Amortization Amount over the aggregate amount
     deposited into the Principal Collections Subaccount pursuant to Section
                                                                     -------
     4.3(b)(ii)(x) for such Deposit Date and for each prior Deposit Date during
     -------------
     such Monthly Period.

          "Purchase Commitment Expiration Date" is defined in the Note Purchase
           -----------------------------------
     Agreement.

          "Purchase Commitments" is defined in the Note Purchase Agreement.
           --------------------

          "Rapid Amortization Period" means an Amortization Period commencing on
           -------------------------
     the Pay Out Commencement Date and ending on the earlier to occur of (a) the
     Trust Termination Date or (b) the Series Termination Date.

          "Rating Agency" means the rating agency or agencies providing ratings
           -------------
     for the Notes issued by any Conduit Purchaser.

          "Rating Agency Condition" means, with respect to any action or series
           -----------------------
     of related actions or proposed transactions in the Note Purchase Agreement,
     the Indenture or this Indenture Supplement, that the Rating Agency or
     Agencies for the respective Notes shall have notified the related Conduit
     Managing Agent that such action or series of related actions or the
     consummation of such proposed transaction or series of related transactions
     will not result in a reduction or withdrawal of the rating or ratings of
     the Class A Notes.

          "Reallocated Principal Collections" is defined in Section 4.10.
           ---------------------------------                ------------

          "Reallocated Principal Reserves" is defined in subsection
           ------------------------------                ----------
     4.3(b)(ii)(x).
     -------------

          "Reassignment Amount" means, for any Distribution Date, after giving
           -------------------
     effect to any deposits and distributions otherwise to be made on such
     Distribution Date, the sum of (i) the outstanding principal balance of the
     Series 2001-VFN Notes on such Distribution Date, plus (ii) Note Interest
     for such Distribution Date and any Note Interest previously due but not
     distributed to the Series 2001-VFN Noteholders plus (iii) fees and other
     amounts owing under the Note Purchase Agreement or Fee Letter.

                                       11

<PAGE>

          "Record Date" means, with respect to any Distribution Date, the close
           -----------
     of business on the last Business Day of the preceding month.

          "Required Conduit Managing Agents" is defined in the Note Purchase
           --------------------------------
     Agreement.

          "Required Excess Collateral Amount" means, as of any date of
           ---------------------------------
     determination, an amount that if equal to the Excess Collateral Amount on
     such date of determination would cause the Excess Collateral Amount
     Allocation Percentage to be equal to the Required Excess Collateral Amount
     Percentage on such date of determination.

          "Required Excess Collateral Amount Percentage" means, with respect to
           --------------------------------------------
     any date of determination, 15.00%; provided, that the Seller may reduce
                                        --------
     such percentage from time to time so long as (a) the Rating Agency
     Condition has been satisfied with respect to such reduction, (b) the Seller
     shall have obtained the prior written consent of the Administrative Agent
     and the Conduit Managing Agents, and (c) the Trustee and the Seller shall
     have received an opinion of Rooks, Pitts and Poust or other outside tax
     counsel to the effect that for federal income tax purposes such reduction
     will not cause (i) the outstanding Class A Notes to be characterized other
     than as indebtedness or an interest in a partnership or (ii) the Trust to
     be taxable as a corporation or a publicly traded partnership.

          "Reset Date" means each day that is: (a) the last day prior to the
           ----------
     Closing Date; (b) the last day in a Monthly Period; (c) a day on which
     Receivables in Additional Accounts are added to the Trust pursuant to
     Section 2.6(a) or (b) of the Transfer and Servicing Agreement; (d) a day on
     --------------    ---
     which Receivables in Removed Accounts are removed from the Trust pursuant
     to Section 2.7; (e) the last day prior to any day on which a Series is
        -----------
     issued; and (f) the last day prior to any day on which there is an increase
     in the invested amount of any outstanding Series of variable funding Notes.

          "Revolving Period" means the period from and including the Closing
           ----------------
     Date to and including the earlier of (a) the close of business on the
     Scheduled Pay Out Commencement Date or (b) the Pay Out Commencement Date;
     provided, however, that the Revolving Period will be temporarily suspended
     --------  -------
     for the duration of any Limited Amortization Period.

          "SCCMNT Indenture Supplement" is defined in the Note Purchase
           ---------------------------
     Agreement.

          "Scheduled Pay Out Commencement Date" is defined in the Note Purchase
           -----------------------------------
     Agreement.

                                       12

<PAGE>

          "Scheduled Series 2001-VFN Termination Date" means the Distribution
           ------------------------------------------
     Date which occurs in the Monthly Period occurring 44 months after the
     earlier to occur of the commencement of the Controlled Amortization Period
     or the Rapid Amortization Period.

          "Series 2001-VFN" means the Series of the First Consumers Credit Card
           ---------------
     Master Note Trust represented by the Series 2001-VFN Notes.

          "Series Pay Out Event" is defined in Section 6.1 of this Indenture
           --------------------                -----------
     Supplement.

          "Series Servicing Fee Percentage" means (a) at any time when FCNB is
           -------------------------------
     Servicer, two percent (2.00%) per annum or such lesser percentage as FCNB
                                   --- -----
     may from time to time designate by written notice to the Indenture Trustee
     and the Administrative Agent (which lesser percentage shall be based on a
     good faith determination by FCNB that such percentage will result in
     payment of a Servicing Fee with respect to Series 2001-VFN at least
     adequate to cover FCNB's estimated costs of servicing the portion of the
     Receivables allocable to Series 2001-VFN), and (b) at any other time, two
     percent (2.00%) per annum.
                     --- -----

          "Series Termination Date" means the earlier to occur of (a) the day
           -----------------------
     after the Distribution Date on which the Series 2001-VFN Notes are paid in
     full, or (b) the Scheduled Series 2001-VFN Termination Date.

          "Total Deficiency Amount" is defined in Section 4.5.
           -----------------------                -----------

          Section 2.2 Terms. Each capitalized term defined herein shall relate
                      -----
     to the Series 2001-VFN Notes and no other Series of Notes issued by the
     Trust, unless the context otherwise requires. All capitalized terms used
     herein and not otherwise defined herein have the meanings ascribed to them
     in the Indenture or the Transfer and Servicing Agreement. 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 or the
     Transfer and Servicing Agreement, the terms and provisions of this
     Indenture Supplement shall govern.

          Section 2.3 Interpretive Rules. The interpretive rules specified in
                      ------------------
     Section 1.2 of the Indenture also apply to this Indenture Supplement. If
     -----------
     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.

          Section 2.4 Calculations. The Series 2001-VFN Notes are replacing and
                      ------------
     refinancing the Series 1999-B Certificates issued by the FCMT Trust that
     had substantially similar economic terms. For any Monthly Period commencing
     prior to the Closing Date and the portion of the October 2001 Monthly
     Period falling

                                       13

<PAGE>

     prior to the Closing Date, "Base Rate", "Delinquency Amount", "Dilution",
     "Excess Spread Percentage" and any other related calculations shall be
     calculated in accordance with the Series 1999-B transaction documents for
     purposes of this document, and for purposes of calculations required by
     this Indenture Supplement, the "Collateral Amount" and "Allocation
     Percentage" on each day falling in the October 2001 Monthly Period and
     prior to the Closing Date shall be deemed to have equaled the "Investor
     Amount" and the "Investor Percentage," respectively, under the Series
     Supplement for that Series on that day.

          Section 2.5 Interchange. On or prior to each Determination Date,
                      -----------
     Seller shall notify the Servicer of the amount of Interchange to be
     included as Collections of Finance Charge Receivables allocable to the
     Series 2001-VFN Noteholders with respect to the preceding Monthly Period,
     which allocation shall equal the Allocation Percentage for Finance Charge
     Receivables for such preceding Monthly Period times the total amount of
     Interchange for such Monthly Period. On each Transfer Date, Seller shall
     pay to the Servicer, and the Servicer shall deposit into the Finance Charge
     Subaccount, in immediately available funds, the amount of Interchange to be
     so included as Collections of Finance Charge Receivables allocable to the
     Series 2001-VFN Notes with respect to the preceding Monthly Period. Seller
     hereby assigns, sets-over, conveys, pledges and grants a security interest
     and lien to the Indenture Trustee for the benefit of the Series 2001-VFN
     Noteholders in such Interchange and the proceeds of such Interchange, as
     set forth in this Section 2.2. To the extent that an Indenture Supplement
                       -----------
     for a Series, other than Series 2001-VFN, assigns, sets-over, conveys,
     pledges or grants a security interest in Interchange allocable to the
     Trust, all Notes of any such Series (except as otherwise specified in any
     such Indenture Supplement) and the Series 2001-VFN Notes shall rank pari
                                                                         ----
     passu and be equally and ratably entitled as provided herein to the
     -----
     benefits of such Interchange without preference or priority on account of
     the actual time or times of authentication and delivery, all in accordance
     with the terms and provisions of this Indenture Supplement and the other
     related Indenture Supplements.

                                   ARTICLE III

                OPTIONAL REDEMPTION OF NOTES; FINAL DISTRIBUTIONS

          Section 3.1 Optional Redemption. On any day occurring after the end of
                      -------------------
     the Revolving Period and on or after the date on which the outstanding
     principal balance of the Series 2001-VFN Notes is reduced to 5% or less of
     the highest outstanding principal balance of Series 2001-VFN Notes since
     the Closing Date, the Servicer shall have the option to redeem the Series
     2001-VFN Notes, at a purchase price equal to (i) if such day is a
     Distribution Date, the Reassignment Amount for such Distribution Date or
     (ii) if such day is not a Distribution Date, the Reassignment Amount for
     the Distribution Date following such day.

                                       14

<PAGE>

          (a) The Servicer shall give the Indenture Trustee at least thirty (30)
     days prior written notice of the date on which the Servicer intends to
     exercise such optional redemption. Not later than 12:00 noon, New York City
     time, on such day the Servicer shall deposit the Reassignment Amount into
     the Collection Account in immediately available funds. Such redemption
     option is subject to payment in full of the Reassignment Amount. Following
     such deposit into the Collection Account in accordance with the foregoing,
     the Collateral Amount for Series 2001-VFN shall be reduced to zero and the
     Series 2001-VFN Noteholders shall have no further security interest in the
     Receivables. The Reassignment Amount shall be distributed as set forth in
     Section 3.1(c).
     --------------

          (b) (i) The amount to be paid by the Seller with respect to Series
     2001-VFN in connection with a reassignment of Receivables to the Seller
     pursuant to Section 2.4(e) of the Transfer and Servicing Agreement shall
                 --------------
     equal the Reassignment Amount for the first Distribution Date following the
     Monthly Period in which the reassignment obligation arises under the
     Transfer and Servicing Agreement.

          (c) The amount to be paid by the Servicer with respect to Series 2001-
     VFN in connection with a repurchase of the Notes pursuant to Section 7.1 of
                                                                  -----------
     the Transfer and Servicing Agreement shall equal the Reassignment Amount
     for the Distribution Date of such repurchase.

          (d) With respect to the Reassignment Amount deposited into the
     Collection Account, the Indenture Trustee shall, in accordance with the
     written direction of the Servicer, not later than 12:00 noon, New York City
     time, on the related Distribution Date, make distributions of the following
     amounts (in the priority set forth below and, in each case, after giving
     effect to any deposits and distributions otherwise to be made on such date)
     in immediately available funds: (x) the Note Principal Balance on such
     Distribution Date will be distributed to the Paying Agent for payment to
     the Class A Noteholders and (y) an amount equal to the sum of (A) Monthly
     Interest for such Distribution Date, and (B) any Monthly Interest
     previously due but not distributed to the Class A Noteholders on a prior
     Distribution Date and (C) any fees or amounts due and owing under the Note
     Purchase Agreement or Fee Letter will be distributed to the parties to
     which each such item is owed.

          (e) Notwithstanding anything to the contrary in this Indenture
     Supplement, the Indenture or the Transfer and Servicing Agreement, all
     amounts distributed to the Paying Agent pursuant to this Section 3.1 for
                                                              -----------
     payment to the Series 2001-VFN Noteholders shall be deemed distributed in
     full to the Series 2001-VFN Noteholders on the date on which such funds are
     distributed to the Paying Agent pursuant to this Section 3.1 and shall be
                                                      -----------
     deemed to be a final distribution pursuant to Section 11.2 of the
                                                   ------------
     Indenture.

                                       15

<PAGE>

          (f) On the Series 2001-VFN Final Maturity Date, the right of the
     Series 2001-VFN Noteholders to receive payments from the Issuer will be
     limited solely to the right to receive payments pursuant to Section 5.5 of
                                                                 -----------
     the Indenture.

          Section 3.2 Delivery and Payment for the Series 2001-VFN Notes. The
                      --------------------------------------------------
     Indenture Trustee shall deliver the initial Series 2001-VFN Notes on the
     Closing Date when authenticated in accordance with Section 2.3 of the
                                                        -----------
     Indenture. In addition, from time to time, within five Business Days of
     receipt of written instructions from the Seller, the Indenture Trustee
     shall authenticate and deliver additional Series 2001-VFN Notes to the
     Conduit Managing Agent for any additional Ownership Group.

          Section 3.3 Private Placement of Class A Notes; Form of Delivery of
                      -------------------------------------------------------
     Series 2001-VFN Notes.
     ---------------------

          (a) The Class A Notes have not been registered under the Securities
     Act of 1933, as amended, (the "Securities Act"), or any state securities
                                    --------------
     law. No transfer of any Class A Note shall be made except in accordance
     with the terms of the Note Purchase Agreement and either (i) pursuant to an
     effective registration under the Securities Act and applicable state
     securities or "blue sky" laws or (ii) in a transaction exempt from the
     registration requirements of the Securities Act and applicable state
     securities or "blue sky" laws, to (A) a person who the transferor
                    --------
     reasonably believes is a Qualified Institutional Buyer within the meaning
     thereof in Rule 144A under the Securities Act that is aware that the resale
     or other transfer is being made in reliance on Rule 144A, (2) a person who
     is an accredited investor as defined in Rule 501(a) under the Securities
     Act or (3) an institution which has such knowledge and experience in
     financial and business matters as to be capable of evaluating the merits
     and risks of the investment therein. The Class A Notes shall bear a legend
     to the effect set forth in Exhibit A. None of the Seller, the Transfer
                                ---------
     Agent and Registrar or the Indenture Trustee is obligated to register the
     Class A Notes under the Securities Act or any other securities or "blue
     sky" law or to take any other action not otherwise required under this
     Indenture Supplement or the Indenture to permit the transfer of Class A
     Notes without registration or as described above.

          (b) The Series 2001-VFN Notes shall not be delivered as Book-Entry
     Notes. The Series 2001-VFN Notes shall be delivered as Registered Notes as
     provided in Section 6.1 of the Indenture. The Class A Notes shall be
                 -----------
     substantially in the form of Exhibit A.
                                  ---------

                                       16

<PAGE>

                                   ARTICLE IV

                           RIGHTS OF NOTEHOLDERS AND
                   ALLOCATION AND APPLICATION OF COLLECTIONS

          Section 4.1 [Reserved]
                       --------

          Section 4.2 [Reserved]
                       --------

          Section 4.3 Allocations.
                      -----------

          (a) Allocations. Finance Charge Collections, Principal Collections and
              -----------
     Defaulted Receivables allocated to Series 2001-VFN pursuant to Article VIII
                                                                    ------------
     of the Indenture shall be allocated and distributed as set forth in this
     Article.

          (b) Allocations to the Series 2001-VFN Noteholders. The Servicer
              ----------------------------------------------
     shall, prior to the close of business on any Deposit Date, allocate to the
     Series 2001-VFN Noteholders the following amounts as set forth below:

          (c) Allocation of Finance Charge Collections. The Servicer shall
              ----------------------------------------
     allocate to the Series 2001-VFN Noteholders and transfer to the Finance
     Charge Subaccount for application as provided herein an amount equal to the
     product of (A) the Allocation Percentage on the Deposit Date of such
     Collections and (B) the aggregate amount of Finance Charge Collections for
     such Deposit Date; provided, however, that with respect to each Monthly
                        --------  -------
     Period falling in the Revolving Period or the Controlled Amortization
     Period, such amount shall be deposited in the Collection Account and
     allocated to the Finance Charge Subaccount only until such time as the
     amount retained in the Collection Account and allocated to the Finance
     Charge Subaccount pursuant to this Section equals the sum of (1) the
     aggregate amount of Note Interest with respect to the Distribution Date in
     the immediately succeeding Monthly Period (such amount to be estimated by
     the Servicer in good faith after consultation with the Administrative
     Agent), (2) at any time that FCNB is not the Servicer, the Investor Monthly
     Servicing Fee payable on the Transfer Date in the immediately succeeding
     Monthly Period and all accrued and unpaid Investor Monthly Servicing Fees
     with respect to prior Monthly Periods and (3) the Default Estimate for that
     Monthly Period; provided further, however, that notwithstanding the
                     -------- -------  -------
     foregoing proviso, (1) the entire Allocation Percentage of Finance Charge
               -------
     Collections shall be deposited in the Collection Account and allocated to
     the Finance Charge Subaccount on a daily basis if the Excess Spread
     Percentage for the preceding Monthly Period is less than 3.00% and (2)
     subject to Section 8.4(a) of the Indenture, on each Determination Date, the
                --------------
     Servicer shall deposit in the Finance Charge Subaccount any amounts not
     retained on a daily basis pursuant to the preceding proviso. Any portion of
                                                         -------
     such allocation not required to be transferred to the Finance Charge
     Subaccount pursuant to the preceding sentence shall be (x) first, deposited
     in the

                                       17

<PAGE>

     Excess Funding Account to the extent that the Seller Amount is less than
     the Minimum Seller Amount and (y) thereafter paid to the holders of the
     Seller Interest.

          (d) Allocations of Principal Collections. The Servicer shall allocate
              ------------------------------------
     to the Series 2001-VFN Noteholders the following amounts as set forth
     below:

                    (x) Allocations During the Revolving Period. During the
                        ---------------------------------------
               Revolving Period an amount equal to the product of the Allocation
               Percentage and the aggregate amount of Principal Collections
               deposited in the Collection Account on such Deposit Date, shall
               be allocated to the Series 2001-VFN Noteholders and transferred
               to the Principal Collections Subaccount for application as
               Reallocated Principal Collections on the related Distribution
               Date pursuant to Section 4.10(a) (all such amounts retained in
                                ---------------
               the Collection Account for application as Reallocated Principal
               Collections pursuant to this subsection 4.3(b)(ii)(x) being
                                            ------------------------
               hereinafter referred to as "Reallocated Principal Reserves");
                                           ------------------------------
               provided, however, that if the sum of (i) such Reallocated
               --------  -------
               Principal Reserves for any Deposit Date, (ii) all Reallocated
               Principal Reserves previously deposited in the Principal
               Collections Subaccount pursuant to this subsection 4.3(b)(ii)(x)
                                                       ------------------------
               on Deposit Dates occurring during the same Monthly Period and
               (iii) the aggregate amount of Finance Charge Collections
               deposited in the Finance Charge Subaccount pursuant to subsection
                                                                      ----------
               4.3(b)(i) on Deposit Dates occurring in the same Monthly Period,
               ---------
               exceeds the Maximum Reallocated Principal Reserves Amount for
               such Monthly Period, then such excess shall not be treated as
               Reallocated Principal Reserves and shall be (A) first, if any
               other Principal Sharing Series is outstanding and in its
               amortization period or accumulation period, retained in the
               Collection Account for application, to the extent necessary, as
               Shared Principal Collections to other Principal Sharing Series on
               the related Distribution Date, (B) second deposited in the Excess
               Funding Account to the extent necessary so that the Seller Amount
               is not less than the Minimum Seller Amount, and (C) third paid to
               the holders of the Seller Interest.

                    (y) Allocations During the Controlled Amortization Period
                        -----------------------------------------------------
               and any Limited Amortization Period. During the Controlled
               -----------------------------------
               Amortization Period and any Limited Amortization Period, an
               amount equal to the product of (I) the Allocation Percentage and
               (II) the aggregate amount of Principal Collections deposited in
               the Collection Account on such Deposit Date (the

                                       18

<PAGE>

               product for any such date is hereinafter referred to as a
               "Percentage Allocation") shall be allocated to the Series
                ---------------------
               2001-VFN Noteholders and transferred to the Principal Collections
               Subaccount; provided, however, that if the sum of such Percentage
                           --------  -------
               Allocation and all preceding Percentage Allocations with respect
               to the same Monthly Period exceeds (1) the Controlled
               Distribution Amount during the Controlled Amortization Period and
               (2) the Limited Amortization Amount during a Limited Amortization
               Period, in each case for the related Distribution Date, then such
               excess shall not be treated as a Percentage Allocation and shall
               be (A) first, if any other Principal Sharing Series is
               outstanding and in its amortization period or accumulation
               period, transferred to the Principal Collections Subaccount for
               application, to the extent necessary, as Shared Principal
               Collections to other Principal Sharing Series on the related
               Distribution Date, (B) second deposited in the Excess Funding
               Account to the extent necessary so that the Seller Amount is not
               less than the Minimum Seller Amount, and (C) third paid to the
               holders of the Seller Interest.

                    (z) Allocations During the Rapid Amortization Period. During
                        ------------------------------------------------
               the Rapid Amortization Period, an amount equal to the product of
               (I) the Allocation Percentage and (II) the aggregate amount of
               Principal Collections deposited in the Collection Account on such
               Deposit Date shall be allocated to the Series 2001-VFN
               Noteholders and transferred to the Principal Collections
               Subaccount; provided, however, that after the date on which an
                           --------  -------
               amount of such Collections equal to the Note Principal Balance
               has been deposited into the Collection Account and allocated to
               the Series 2001-VFN Noteholders, such amount shall be (A) first,
               if any other Principal Sharing Series is outstanding and in its
               amortization period or accumulation period, transferred to the
               Principal Collections Subaccount for application, to the extent
               necessary, as Shared Principal Collections to other Principal
               Sharing Series on the related Distribution Date, (B) second
               deposited in the Excess Funding Account to the extent necessary
               so that the Seller Amount is not less than the Minimum Seller
               Amount, and (C) third paid to the holders of the Seller Interest.

          (e) Monthly Allocations During the Revolving Period, Limited
              --------------------------------------------------------
     Amortization Period and Controlled Amortization Period. Prior to the
     ------------------------------------------------------
     commencement of the Rapid Amortization Period, on each Determination Date
     with respect to a Monthly Period, the Servicer shall deposit in the
     Collection Account and allocate to the Finance Charge Subaccount an amount
     equal to the excess, if any, of the aggregate amount of Collections that
     would have been

                                       19

<PAGE>

     deposited in the Collection Account and allocated to the Finance Charge
     Subaccount pursuant to Section 4.3(b)(i) but for the proviso thereto, over
                            -----------------             -------          ----
     the aggregate amount of Collections that were deposited in the Collection
     Account and allocated to the Finance Charge Subaccount pursuant to Section
                                                                        -------
     4.3(b)(i) during such Monthly Period (the "Monthly Finance Charge
     ---------                                  ----------------------
     Allocation"); provided, however, that so long as FCNB is the Servicer and
     ----------    --------  -------
     is affiliated with the holders of the Seller Interest, FCNB, as Servicer
     and as agent for the holders of the Seller Interest, may make a net deposit
     to the Collection Account on each Determination Date in an amount equal to
     the Monthly Finance Charge Allocation, minus all amounts payable or
     distributable to FCNB, as Servicer, or the holders of the Seller Interest
     pursuant to Section 4.5 on the related Transfer Date.
                 -----------

          Section 4.4 Defaulted Accounts. On each Determination Date, the
                      ------------------
     Servicer shall calculate the Investor Default Amount for the preceding
     Monthly Period and the Total Deficiency Amount for the related Distribution
     Date. If on such date the Total Deficiency Amount exceeds zero (such
     deficiency, the "Shortfall"), the Excess Collateral Amount (after being
                      ---------
     reduced by any Excess Collateral Amount Reallocated Amounts) will be
     reduced by the lesser of (a) the Investor Default Amount for the preceding
     Monthly Period and (b) such Shortfall (a "Excess Collateral Amount Investor
                                               ---------------------------------
     Charge Off"). In the event that such reduction would cause the Excess
     ----------
     Collateral Amount to be a negative number, the Excess Collateral Amount
     shall be reduced to zero, and the Class A Collateral Amount will be reduced
     by an amount equal to the excess of such reduction over the Excess
     Collateral Amount prior to such reduction (a "Class A Investor Charge Off")
                                                   ---------------------------

          Section 4.5 Monthly Payments. On each Determination Date, the
                      ----------------
     Servicer, pursuant to a Monthly Payment Instructions and Notification
     substantially in the form of Exhibit B to this Indenture Supplement, shall
                                  ---------
     instruct the Indenture Trustee in writing to withdraw, and on the
     succeeding Transfer Date the Indenture Trustee acting in accordance with
     such written instructions shall withdraw, the amounts required to be
     withdrawn from the Finance Charge Subaccount pursuant to Sections 4.5(a),
                                                              --------------
     (b), (c), (d), (e), and (f) and the amounts required to be withdrawn from
     ---  ---  ---  ---      ---
     the Principal Collection Subaccount pursuant to Section 4.10; provided that
                                                     ------------  --------
     the Servicer may amend the form of Exhibit B from time to time, with the
                                        ---------
     prior written consent of the Indenture Trustee. On each Determination Date,
     the Servicer shall also determine the amount (the "Total Deficiency
                                                        ----------------
     Amount"), if any, by which the sum of (a) Note Interest for the following
     -------
     Distribution Date, plus (b) the Investor Monthly Servicing Fee accrued in
     respect of the preceding Monthly Period and any unpaid Monthly Servicing
     Fees from prior Monthly Periods, plus (c) the Investor Default Amount, if
     any, for the preceding Monthly Period, exceeds the aggregate of (i) amounts
     allocated to the Finance Charge Subaccount in respect of the preceding
     Monthly Period, (ii)

                                       20

<PAGE>

     any amounts deposited or to be deposited in the Finance Charge Subaccount
     for the preceding Monthly Period, with respect to the portion of Ineligible
     Receivables constituting Finance Charge Receivables reassigned pursuant to
     Section 2.4(d) of the Indenture, (iii) any amounts deposited or to be
     -------------
     deposited in the Finance Charge Subaccount for the preceding Monthly
     Period, with respect to Investor Net Recoveries, and (iv) any amounts
     allocable to the Series 2001-VFN Notes in respect of Shared Finance Charge
     Collections in respect of the preceding Monthly Period (such sum, the
     "Monthly Period Finance Charge Subaccount Allocation").
      ---------------------------------------------------

          (a) Note Interest. On each Transfer Date, the Indenture Trustee,
              -------------
     acting in accordance with written instructions from the Servicer, shall
     withdraw from the Finance Charge Subaccount an amount equal to the Monthly
     Period Finance Charge Subaccount Allocation, to the extent necessary to pay
     the Note Interest for the related Distribution Date.

          (b) Servicing Fee. On each Transfer Date, the Indenture Trustee,
              -------------
     acting in accordance with written instructions from the Servicer, shall
     withdraw from the Finance Charge Subaccount an amount equal to the lesser
     of (i) the Monthly Period Finance Charge Subaccount Allocation less any
     amounts withdrawn from the Finance Charge Subaccount pursuant to Section
                                                                      -------
     4.5(a) and (ii) the Investor Monthly Servicing Fee accrued in respect of
     -----
     the preceding Monthly Period plus all accrued and unpaid Investor Monthly
     Servicing Fees in respect of previous Monthly Periods, and the Indenture
     Trustee shall in accordance with such written instructions pay such amount
     to the Servicer.

          (c) Defaults. On each Transfer Date, the Indenture Trustee, acting in
              --------
     accordance with written instructions from the Servicer, shall withdraw from
     the Finance Charge Subaccount an amount equal to the lesser of (i) the
     Monthly Period Finance Charge Subaccount Allocation less any amounts
     withdrawn from the Finance Charge Subaccount pursuant to Sections 4.5(a)
                                                              --------------
     and (b) and (ii) the Investor Default Amount, if any, for the preceding
         ---
     Monthly Period, and the Indenture Trustee shall in accordance with such
     written instructions (A) during the Revolving Period, apply such amount in
     accordance with Section 4.3(b)(ii)(x), (B) during the Controlled
                     --------------------
     Amortization Period or any Limited Amortization Period, deposit such amount
     in accordance with Section 4.3(b)(ii)(y) and (C) during the Rapid
                        --------------------
     Amortization Period, deposit such amount in accordance with Section
                                                                 -------
     4.3(b)(ii)(z) in each case as if such amounts were Collections of Principal
     ------------
     Receivables allocable to the Series 2001-VFN Notes received during the
     Monthly Period related to such Transfer Date.

          (d) Reimbursement of Investor Charge Offs and Excess Collateral Amount
              ------------------------------------------------------------------
     Reallocated Amounts. On each Transfer Date, the Indenture Trustee, acting
     -------------------
     in accordance with written instructions of the Servicer, shall withdraw
     from

                                       21

<PAGE>

     the Finance Charge Subaccount an amount equal to the lesser of (i) the
     Monthly Period Finance Charge Subaccount Allocation less any amounts
     withdrawn from the Finance Charge Subaccount pursuant to Sections 4.5(a),
                                                              --------------
     (b) and (c) and (ii) an amount equal to the aggregate amount of Investor
     ---     ---
     Charge Offs, if any, Excess Collateral Amount Reallocated Amounts which
     have not theretofore been reimbursed pursuant to this Section 4.5(d), if
                                                           -------------
     any, and shall in accordance with such written instructions (A) during the
     Revolving Period, apply such amount in accordance with Section
                                                            -------
     4.3(b)(ii)(x), (B) during the Controlled Amortization Period or any Limited
     ------------
     Amortization Period, deposit such amounts in accordance with Section
                                                                  -------
     4.3(b)(ii)(y) and (C) during the Rapid Amortization Period, deposit such
     ------------
     amounts in accordance with Section 4.3(b)(ii)(z) in each case, as if such
                                -------------
     amounts were Collections of Principal Receivables allocable to the Series
     2001-VFN Notes received during the Monthly Period related to such Transfer
     Date. On the date of any such reimbursement, the Collateral Amount shall be
     increased by the amount of such reimbursement of Investor Charge Offs and
     Excess Collateral Amount Reallocated Amounts.

          Reimbursements pursuant to this Section 4.5(d) shall be applied first
                                          -------------                   -----
     to reimburse the Class A Notes for Class A Investor Charge Offs, second, to
                                                                      ------
     the extent amounts are available following the reimbursement of the Class A
     Notes, to reimburse the Excess Collateral Amount for Excess Collateral
     Amount Reallocated Amounts and third, to the extent amounts are available
                                    -----
     following the reimbursement of the Excess Collateral Amount for Excess
     Collateral Amount Reallocated Amounts, to reimburse the Excess Collateral
     Amount for Excess Collateral Amount Investor Charge Offs.

          (e) Funding Costs. On each Transfer Date, the Indenture Trustee,
              -------------
     acting in accordance with written instructions from the Servicer, shall
     withdraw from the Finance Charge Subaccount an amount equal to the lesser
     of (i) the Monthly Period Finance Charge Subaccount Allocation, and (ii)
     the aggregate amount of Funding Costs owed to any Class A Noteholder and
     deposit the same into the Collection Account.

          (f) Excess Spread. On each Transfer Date, the Indenture Trustee,
              -------------
     acting in accordance with written instructions from the Servicer, shall
     withdraw from the Finance Charge Subaccount and deposit to the Collection
     Account an amount equal to excess, if any, of (i) the Monthly Period
     Finance Charge Subaccount Allocation, over (ii) all amounts withdrawn from
     the Finance Charge Subaccount pursuant to Sections 4.5(a), (b), (c), (d)
                                               --------------   ---  ---  ---
     and (e) (such excess, the "Excess Spread").
         ---                    -------------

          Section 4.6 Payment of Note Interest. On each Distribution Date, the
                      ------------------------
     Paying Agent shall pay in accordance with Section 5.1: (a) to each Conduit
                                               -----------
     Managing Agent from amounts available for that purpose pursuant to

                                       22

<PAGE>

     Section 4.5(a) in respect of the Class A Notes on the related Transfer Date
     -------------
     an amount equal to the Class Note Interest for the related Ownership Group
     for the Accrual Period ending on that Distribution Date; and (b) to the
     Excess Collateral Amount Holders from amounts available for that purpose
     pursuant to Section 4.5(f) on the related Transfer Date. If the amount of
                 -------------
     funds available for that purpose pursuant to Section 4.5(a) is less than
                                                  -------------
     the Note Interest for the Accrual Period ending on that Distribution Date,
     then the distribution pursuant to clause (a) above shall be made to the
                                       ---------
     Conduit Managing Agents pro rata based upon the Class Note Interest for
     their respective Ownership Groups.

          Section 4.7 Payment of Note Principal.
                      -------------------------

          (a) (i) On any Determination Date with respect to the Revolving Period
     following five (5) Business Days' prior written notification by the Seller
     to the Administrative Agent, and (ii) on the Determination Date in the
     calendar month following the Monthly Period in which an Amortization Period
     commences and on each Determination Date thereafter until the end of such
     Amortization Period, the Servicer shall instruct the Indenture Trustee in
     writing to withdraw, and on the next succeeding Transfer Date the Indenture
     Trustee shall, subject to the following paragraph, withdraw, from the
     Principal Collections Subaccount (A) the amount deposited in the Principal
     Collection Subaccount pursuant to Section 4.3(b)(ii)(x) (or such lesser
                                       --------------------
     amount as may be specified in the notification referred to above),
     4.3(b)(ii)(y) or 4.3(b)(ii)(z) during the preceding Monthly Period, (B) any
     ------------     ------------
     Shared Principal Collections from other Series allocated to the Series
     2001-VFN Notes including funds in the Excess Funding Account that are
     treated as Shared Principal Collections pursuant to Section 8.5 of the
                                                         -----------
     Indenture, and (C) the amount to be deposited in the Principal Collection
     Subaccount on such Transfer Date pursuant to Section 4.5(c) or 4.5(d) in
                                                  -------------     -----
     each case after giving effect to any reallocation of Collections pursuant
     to Section 4.10.
        ------------

          On the Determination Date preceding the final Transfer Date, the
     Servicer shall determine the amounts to be deposited pursuant to this
     sentence and on the final Transfer Date: (x) the Servicer shall, or shall
     instruct the Indenture Trustee in writing to, and the Indenture Trustee
     shall, withdraw from the Principal Collection Subaccount an amount which is
     no greater than the Collateral Amount as of the end of the day on the
     preceding Record Date; and (y) the Servicer shall, or shall instruct the
     Indenture Trustee in writing to, and the Indenture Trustee shall, withdraw
     from the Principal Collection Subaccount for allocation as Collections of
     Principal Receivables pursuant to Article IV, the amount, if any, remaining
                                       ----------
     in the Principal Collection Subaccount after giving effect to the
     withdrawals made pursuant to clause (x).
                                  ---------

          (b) On each Distribution Date occurring after a deposit is made
     pursuant to Section 4.7(a) of this Indenture Supplement, the Paying Agent
                 -------------
     shall pay in

                                       23

<PAGE>

     accordance with Section 5.1 of the Indenture, (A) to the Conduit Managing
                     -----------
     Agents (pro rata based upon the portions of the Class A Collateral Amount
     held by their respective Ownership Groups) from the Collection Account the
     lesser of (1) the amount available for this purpose pursuant to Section
                                                                     -------
     4.7(a) of this Indenture Supplement on the related Transfer Date and (2)
     ------
     the Class A Collateral Amount on such date (provided that during any
                                                 --------
     Non-Renewal Amortization Period, the amount so withdrawn shall be paid only
     to the Conduit Managing Agents for Non-Renewing Ownership Groups (pro rata
     based upon the portions of the Class A Collateral Amount held by their
     respective Ownership Groups) and shall be limited to the aggregate portion
     of the Class A Collateral Amount held by their respective Ownership
     Groups), and (B) to the Excess Collateral Amount Holders from the
     Collection Account the lesser of (1) the amount available for this purpose
     pursuant to Section 4.7(a) of this Indenture Supplement on the related
                 --------------
     Transfer Date less any amounts withdrawn from the Collection Account
     pursuant to clause (A) of this Section 4.7(b)(i) and (2) the Excess
                 ----------         -----------------
     Collateral Amount on such date.

          (c) On each Determination Date in respect of any Monthly Period in
     respect of which amounts have been deposited in the Principal Collections
     Subaccount pursuant to Section 4.8(b), the Servicer shall instruct the
                            --------------
     Indenture Trustee in writing to withdraw, and on the next succeeding
     Transfer Date the Indenture Trustee shall withdraw, from the Principal
     Collections Subaccount the amount deposited in the Principal Collection
     Subaccount pursuant to Section 4.8(b) during the preceding Monthly Period.
                            --------------
     On each Distribution Date occurring after a deposit is made pursuant to
     this Section 4.7(c), the Paying Agent shall pay in accordance with Section
          --------------                                                -------
     5.1 of the Indenture, to the Excess Collateral Amount Holders from the
     ---
     Collection Account the amount deposited into the Collection Account
     pursuant to this Section 4.7(c) on the related Transfer Date.
                      --------------

          Section 4.8 Increase and Decrease of Excess Collateral Amount. (a)
                      -------------------------------------------------
     Whenever an Enhancement Increase Condition exists and the Excess Collateral
     Amount Allocation Percentage is less than the Required Excess Collateral
     Amount Percentage, the Seller shall increase the Excess Collateral Amount
     by the applicable Enhancement Increase Amount. Such increase shall be
     effected by reducing the Seller Amount, if any, by the lesser of such
     Enhancement Increase Amount and the amount, if any, by which the Seller
     Amount exceeds the Minimum Seller Amount immediately prior to such increase
     and by reallocating such amount to the Excess Collateral Amount. If, after
     giving effect to the preceding sentence, the Excess Collateral Amount
     Allocation Percentage is less than the Required Excess Collateral Amount
     Percentage the Seller shall immediately make a deposit in the Excess
     Funding Account in immediately available funds in the amount necessary to
     cure such deficiency. Concurrently with the decrease in the Seller Amount
     and any required deposit to the Excess Funding Account, the Excess
     Collateral Amount shall be increased by the

                                       24

<PAGE>

     aggregate amount of such decrease and of such deposit. If the Seller makes
     a deposit to the Excess Funding Account as described above, and the balance
     on deposit in the Excess Funding Account as a result of such deposit
     exceeds 20% of the Portfolio Sub-Limit and is not reduced below that level
     for a period of 60 consecutive days, then the Seller shall give notice
     commencing a Limited Amortization Period with a Limited Amortization Amount
     of not less than the balance on deposit on the Excess Funding Account at
     the time such notice is given.

          (b) Unless the Pay Out Commencement Date shall have occurred, on any
     Distribution Date when the Excess Collateral Amount Allocation Percentage
     exceeds the Required Excess Collateral Amount Percentage (giving effect to
     any permitted reduction thereof), the Servicer shall allocate to the Excess
     Collateral Amount Holders from the Principal Collections Subaccount an
     amount equal to the lesser of (i) the excess of the amount of Collections
     of Principal Receivables allocated to the Principal Collections Subaccount
     pursuant to Section 4.3(b)(ii) over the amount of Excess Collateral Amount
                 ------------------
     Reallocated Amounts with respect to such Distribution Date and (ii) the
     amount that when subtracted from the Excess Collateral Amount (after giving
     effect to amounts previously allocated from the Principal Collections
     Subaccount pursuant to this Section 4.8(b)) will cause the Excess
                                 --------------
     Collateral Amount Allocation Percentage to equal the Required Excess
     Collateral Amount Percentage; provided, however, that in no event shall the
                                   --------  -------
     Excess Collateral Amount be reduced below 3 percent of the result of (x)
     the Portfolio Sub-limit (as defined in the Note Purchase Agreement),
     divided by (y) one minus the Required Excess Collateral Amount Percentage.

          Section 4.9 Seller's or Servicer's Failure to Make a Deposit or
                      ---------------------------------------------------
     Payment. If the Servicer or Seller fails to make, or give instructions to
     -------
     make, any payment or deposit (other than as required by Section 2.4(d),
                                                             --------------
     2.4(e), 8.4, 9.2 or 12.2 of the Indenture) required to be made or given by
     ------  ---  ---    ----
     the Servicer or Seller, respectively, at the time specified in the
     Indenture (including applicable grace periods), the Indenture Trustee shall
     make such payment or deposit from the applicable Series Account or from
     amounts otherwise owing to the Seller or the Servicer pursuant hereto
     without instruction from the Servicer or Seller. The Indenture Trustee
     shall be required to make any such payment, deposit or withdrawal hereunder
     only to the extent that the Indenture Trustee has sufficient information to
     allow it to determine the amount thereof. The Servicer shall, upon request
     of the Indenture Trustee, promptly provide the Indenture Trustee with all
     information necessary to allow the Indenture Trustee to make such payment,
     deposit or withdrawal. Such funds or the proceeds of such withdrawal shall
     be applied by the Indenture Trustee in the manner in which such payment or
     deposit should have been made by Seller or the Servicer, as the case may
     be.

                                       25

<PAGE>

          Section 4.10 Reallocated Principal Collections. (a) The Servicer shall
                       ---------------------------------
     apply or shall direct the Indenture Trustee in writing to apply on each
     Distribution Date the Collections in respect of the preceding Monthly
     Period allocated pursuant to Section 4.3(b)(ii)(x), 4.3(b)(ii)(y) or
                                  ---------------------  -------------
     4.3(b)(ii)(z) equal to the lesser of (a) the Excess Collateral Amount
     -------------
     Percentage of such amounts allocated pursuant to Section 4.3(b)(ii)(x),
                                                      ---------------------
     4.3(b)(ii)(y) or Section 4.3(b)(ii)(z) and (b) the Total Deficiency Amount
     -------------    ---------------------     ---
     for such Distribution Date (such amounts applied, the "Excess Collateral
                                                            -----------------
     Amount Reallocated Amounts") to pay the amounts specified in Sections
     --------------------------                                   --------
     4.5(a), (b) and (c) in the order of priority specified in Section 4.5. On
     ------  ---     ---                                       -----------
     each Distribution Date with respect to the Revolving Period, the Limited
     Amortization Period or the Controlled Amortization Period, the Servicer
     shall (or shall direct the Indenture Trustee in writing to) withdraw from
     the Principal Collections Subaccount and pay to the holder of the Seller
     Interest an amount equal to the excess of (i) the Collections in respect of
     the preceding Monthly Period allocated pursuant to Section 4.3(b)(ii) over
                                                        -----------------------
     (ii) the sum of (A) the amount of Excess Collateral Amount Reallocated
     Amounts and (B) the amount allocated to the C Excess Collateral Amount
     Holders pursuant to Section 4.8(b).
                         --------------

          (a) On any Deposit Date on which the sum of (i) all Reallocated
     Principal Reserves previously deposited in the Principal Collections
     Subaccount pursuant to subsection 4.3(b)(ii)(x) on Deposit Dates occurring
                            ------------------------
     in the same Monthly Period, plus (ii) the aggregate amount of Finance
     Charge Collections deposited in the Finance Charge Subaccount pursuant to
     subsection 4.3(b)(i) on Deposit Dates occurring in the same Monthly Period,
     --------------------
     exceeds the Maximum Reallocated Principal Reserves Amount, then the
     Servicer shall allocate, or cause the Indenture Trustee to allocate,
     Reallocated Principal Reserves in the amount of such excess, first, if any
     other Principal Sharing Series is outstanding and in its accumulation
     period or amortization period, to be retained in the Collection Account for
     application, to the extent necessary, as Shared Principal Collections to
     other Principal Sharing Series on the related Distribution Date, second to
     be deposited in the Excess Funding Account to the extent necessary so that
     the Seller Amount is not less than the Minimum Seller Amount and third to
     be paid to the holders of the Seller Interest.

          Section 4.11 Class A Increases. Subject to the satisfaction of the
                       -----------------
     Class A Increase Conditions, and subject to the terms and conditions of the
     Indenture, this Indenture Supplement and the Note Purchase Agreement, the
     Seller may, during the Revolving Period, request an increase in the
     outstanding principal balance of the Class A Notes to an amount not to
     exceed the Maximum Class A Collateral Amount (any such increase being
     referred to herein as a "Class A Increase" and the amount of such increase
                              ----------------
     as the "Class A Increase Amount") in the manner specified in the Note
             -----------------------
     Purchase Agreement.

                                       26

<PAGE>

          Section 4.12 Notice of Note Rate. On or prior to each Determination
                       -------------------
     Date and each Transfer Date, each Conduit Managing Agent shall during the
     Revolving Period provide the Servicer with certain information relating to
     the Class Note Interest (as defined in the Note Purchase Agreement)
     pursuant to Section 2.6 of the Note Purchase Agreement.
                 -----------

          Section 4.13 Suspension of the Revolving Period. The Seller may from
                       ----------------------------------
      time to time at its sole discretion and without the consent of any Series
     2001-VFN Noteholder or any other Person, unless a Trust Pay Out Event or a
     Series Pay Out Event shall have occurred prior thereto, suspend the
     Revolving Period and cause a Limited Amortization Period to commence for
     one or more Monthly Periods by delivering to the Servicer, the Indenture
     Trustee and the Administrative Agent, a written notice at least five days
     prior to the first day of the Monthly Period in which such Limited
     Amortization Period is scheduled to commence, which notice shall specify
     the Limited Amortization Amount for such Limited Amortization Period and
     the number of Monthly Periods in such Limited Amortization Period;
     provided, however, that any Limited Amortization Amount shall be in an
     --------  -------
     amount of not less than $1,000,000 per Conduit Purchaser; provided further
                                                               -------- -------
     that the Seller may not cause a Limited Amortization Period to commence
     unless, in the reasonable belief of the Seller, such Limited Amortization
     Period would not result in the occurrence of a Trust Pay Out Event or a
     Series Pay Out Event.

          During the Revolving Period, the Seller may also, subject to providing
     the prior written notification referred to in clause (x) of Section 4.7(a),
                                                   ----------    --------------
     from time to time cause a Limited Amortization Amount to be distributed to
     the Class A Noteholders on any Distribution Date from funds deposited for
     that purpose pursuant to Section 4.3(b)(ii), provided, that (a) except as
                              ------------------  -------
     permitted by the following clause (b), any such Limited Amortization Amount
                                ----------
     shall be in an amount of not less than $1,000,000 per Conduit Purchaser,
     (b) the Limited Amortization Amount may be less than $1,000,000 per Conduit
     Purchaser if the aggregate amount available in the Principal Collections
     Subaccount to pay such Limited Amortization Amount is less than $1,000,000
     per Conduit Purchaser and the Seller Amount would be less than zero if the
     Limited Amortization Amount is not distributed and (c) when a Limited
     Amortization Amount of less than $1,000,000 per Conduit Purchaser is
     permitted by clause (b), the Limited Amortization Amount shall nevertheless
                  ----------
     be in an amount that is an integral multiple of $500,000 unless the
     aggregate amount available in the Principal Collections Subaccount to pay
     such Limited Amortization Amount is less than the lowest integral multiple
     of $500,000 that is greater than or equal to the amount by which the Seller
     Amount is less than the Minimum Seller Amount.

          In addition, the Seller may from time to time cause the Class A Notes
     to be repaid in full or in part from the proceeds of issuance of another
     Series of Notes, provided that (i) the Administrative Agent shall receive
                      --------
     not less than five

                                       27

<PAGE>

     Business Days' prior written notice of any such prepayment, and (ii)
     together with any such prepayment, the Seller shall be required to pay Note
     Interest accrued on the prepaid amount through the date of prepayment, plus
     any Breakage Payment resulting from such prepayment.

          Section 4.14 Maximum Class A Collateral Amount. The Class A Notes will
                       ---------------------------------
     have a maximum aggregate principal amount equal to the Portfolio Sub-Limit
     (as defined in the Note Purchase Agreement) (the "Maximum Class A
                                                       ---------------
     Collateral Amount"), which represents the maximum Class A Collateral Amount
     -----------------
     pursuant to this Indenture Supplement. The Class A Collateral Amount shall
     at no time exceed the Maximum Class A Collateral Amount.

          Section 4.15 Shared Principal Collections. Subject to Section 8.5 of
                       ----------------------------             -----------
     the Indenture, Shared Principal Collections for any Distribution Date will
     be allocated to Series 2001-VFN in an amount equal to the product of (x)
     the aggregate amount of Shared Principal Collections with respect to all
     Principal Sharing Series for such Distribution Date and (y) a fraction, the
     numerator of which is the Principal Shortfall for Series 2001-VFN for such
     Distribution Date and the denominator of which is the aggregate amount of
     Principal Shortfalls for all the Series which are Principal Sharing Series
     for such Distribution Date. For this purpose, each outstanding series of
     certificates issued by First Consumers Master Trust (other than series
     represented by the Collateral Certificate) shall be deemed to be a
     Principal Sharing Series.

          Section 4.16 Excess Finance Charge Collections. Series 2001-VFN shall
                       ---------------------------------
     be an Excess Allocation Series with respect to Group One only. For this
     purpose, each outstanding series of certificates issued by First Consumers
     Master Trust (other than series represented by the Collateral Certificate)
     shall be deemed to be a Series in Group One. Subject to Section 8.6 of the
                                                             -----------
     Indenture, Excess Finance Charge Collections with respect to the Excess
     Allocation Series in Group One for any Distribution Date will be allocated
     to Series 2001-VFN in an amount equal to the product of (x) the aggregate
     amount of Excess Finance Charge Collections with respect to all the Excess
     Allocation Series in Group One for such Distribution Date and (y) a
     fraction, the numerator of which is the Finance Charge Shortfall for Series
     2001-VFN for such Distribution Date and the denominator of which is the
     aggregate amount of Finance Charge Shortfalls for all the Excess Allocation
     Series in Group One for such Distribution Date. The "Finance Charge
                                                          --------------
     Shortfall" for Series 2001-VFN for any Distribution Date will be equal to
     ---------
     the excess, if any, of (a) the full amount required to be paid, without
     duplication, pursuant to Sections 4.5(a) through (e) on such Distribution
                              ---------------         ---
     Date over (b) the Monthly Period Finance Charge Subaccount Allocation with
     respect to such Distribution Date (excluding any portion thereof
     attributable to Excess Finance Charge Collections).

                                       28

<PAGE>

          Section 4.17 Termination of Series. The entire Class A Collateral
                       ---------------------
     Amount shall be due and payable no later than the Series Termination Date.

                                    ARTICLE V

                           DISTRIBUTIONS AND REPORTS
                                 TO NOTEHOLDERS

          Section 5.1 Distributions. (a) On each Distribution Date, the Paying
                      -------------
     Agent shall distribute (in accordance with the certificate delivered by the
     Servicer to the Indenture Trustee pursuant to Section 3.4(b) of the
                                                   --------------
     Indenture) to each Conduit Managing Agent the amounts specified in Sections
                                                                        --------
     4.6 and 4.7 for such Distribution Date, together with any Funding Costs
     ---     ---
     payable to members of the related Ownership Group (but only from funds
     available for that purpose pursuant to Section 4.5(e)), by wire transfer of
     immediately available funds. If the total Funding Costs owed on any
     Distribution Date exceed the amounts available for that purpose pursuant to
     Section 4.5(e) on the related Transfer Date, then such amounts shall be
     --------------
     applied to pay Funding Costs to each Conduit Managing Agent pro rata based
     upon the aggregate Funding Costs owed to each member of their respective
     Ownership Groups.

          (b) On each Distribution Date, the Paying Agent shall distribute (in
     accordance with the certificate delivered by the Servicer to the Indenture
     Trustee pursuant to Section 3.4(b) of the Indenture) to each Excess
                         --------------
     Collateral Amount Holder of record on the immediately preceding Record Date
     (other than as provided in Section 2.4(e) of the Indenture or Section 12.3
                                --------------                     ------------
     of the Indenture respecting a final distribution) such Excess Collateral
     Amount Holder's pro rata share (based on the aggregate Undivided Interests
                     --- ----
     represented by the Excess Collateral Amount held by such Excess Collateral
     Amount Holder) of amounts available for that purpose as are payable to the
     Excess Collateral Amount pursuant to Sections 4.6 and 4.7 by wire transfer
                                          ------------     ---
     of immediately available funds.

          Section 5.2 Reports to Investors. (a) Monthly Noteholders' Statement.
                      --------------------      ------------------------------
     On or before each Distribution Date, the Paying Agent shall forward to each
     Series 2001-VFN Noteholder and each Rating Agency a statement substantially
     in the form of Exhibit C to this Indenture Supplement prepared by the
                    ---------
     Servicer.

          (b) Annual Noteholders' Tax Statement. On or before January 21 of each
              ---------------------------------
     calendar year, beginning with calendar year 2002, the Seller shall deliver
     to the Indenture Trustee a statement containing (i) the total amount
     distributed with respect to the Notes, (ii) the amount of such distribution
     allocable to principal and (iii) the amount of such distribution allocable
     to Note Interest, each aggregated for the preceding calendar year. On or
     before January 31 of each calendar year,

                                       29

<PAGE>

     beginning with calendar year 2002, the Indenture Trustee shall, at the
     written direction of the Servicer, distribute on behalf of the Seller, to
     each Person who at any time during the preceding calendar year was a Series
     2001-VFN Noteholder, a statement containing such customary information
     (consistent with the treatment of the Series 2001-VFN Notes as debt) as
     necessary or desirable to enable the Series 2001-VFN Noteholders to prepare
     their tax returns consistent with the treatment of the Series 2001-VFN
     Notes as debt instruments. Such obligations of the Indenture Trustee shall
     be deemed to have been satisfied to the extent that substantially
     comparable information shall be provided by the Indenture Trustee pursuant
     to any requirements of the Internal Revenue Code as from time to time in
     effect.

                                   ARTICLE VI

                             SERIES PAY-OUT EVENTS

          Section 6.1 Series Pay-Out Events. If any one of the following events
                      ---------------------
     shall occur with respect to the Series 2001-VFN Notes:

          (a) failure on the part of the Seller or the Servicer (i) to make any
     payment, transfer or deposit required by the terms of the Indenture or this
     Indenture Supplement or to give written instructions or to give written
     notice to the Indenture Trustee to make such payment, transfer or deposit
     (A) in the case of any payment, transfer or deposit of principal, or any
     instruction or notice with respect thereto, within five days after the date
     on which such payment, transfer, deposit, notice or instruction is required
     to be made or given, (B) in the case of any payment, transfer or deposit of
     interest, or any instruction or notice with respect thereto, on the date on
     which such payment, transfer, deposit, notice or instruction is required to
     be made or given and (C) in the case of any other payment, transfer or
     deposit, or any instruction or notice with respect thereto, within five
     Business Days after the date on which such payment, transfer, deposit,
     notice or instruction is required to be made or given or (ii) duly to
     observe or perform in any material respect any covenants or agreements
     applicable to it set forth in the Indenture or this Indenture Supplement,
     which failure has a material adverse effect on the Class A Noteholders and
     which continues unremedied for a period of 30 days after the date on which
     written notice of such failure, requiring the same to be remedied, shall
     have been given to the Seller by the Indenture Trustee, or to the Seller
     and the Indenture Trustee by the Administrative Agent at the direction of
     one or more Conduit Managing Agents and continues to affect materially and
     adversely the interests of the Class A Noteholders for such period;

          (b) any representation or warranty made by Seller in the Indenture or
     this Indenture Supplement, or any information contained in a computer file
     or microfiche list required to be delivered by Seller pursuant to Section
                                                                       -------
     2.1 or 2.6 of
     ---    ---

                                       30

<PAGE>

     the Transfer and Servicing Agreement, shall prove to have been incorrect in
     any material respect when made or when delivered, which continues to be
     incorrect in any material respect for a period of 30 days after the date on
     which written notice of such failure, requiring the same to be remedied,
     shall have been given to the Seller by the Indenture Trustee, or to the
     Seller and the Indenture Trustee by the Administrative Agent, and as a
     result of which the interests of the Class A Noteholders are materially and
     adversely affected and continue to be materially and adversely affected for
     such period; provided, however, that a Series Pay Out Event pursuant to
                  --------  -------
     this Section 6.1 shall not be deemed to have occurred hereunder if the
          -----------
     Seller has accepted reassignment of the related Receivable, or all of such
     Receivables, if applicable, and deposited any amounts required to be
     deposited in connection therewith during such period in accordance with the
     provisions of the Indenture;

          (c) (i) the Seller shall fail to designate Additional Accounts the
     Receivables of which will be Eligible Receivables, as required by Section
                                                                       -------
     2.6(a) of the Transfer and Servicing Agreement, and such failure shall
     ------
     continue for a period of five Business Days, or (ii) the Aggregate
     Principal Balance shall be less than the sum of the numerators used to
     determine the respective Allocation Percentages with respect to Principal
     Receivables for each outstanding Series for a period of ten (10) Business
     Days (or such longer period as the Required Conduit Managing Agents shall
     allow, but in no event longer than the number of days remaining in the
     Monthly Period in which such deficiency is reported);

          (d) any Servicer Default shall occur which would have a material
     adverse effect on the Holders of the Class A Notes; an event described in
     Section 6.1(d) of the SCCMNT Indenture Supplement shall occur; or an event
     --------------
     described in clause (ii) of Section 6.1(a) of the SCCCMNT Indenture
                  -----------    --------------
     Supplement relating to the Servicer shall occur (and the applicable grace
     period lapses without cure);

          (e) the Administrative Agent shall notify the Servicer and the
     Indenture Trustee in writing that the Purchase Commitment Expiration Date
     has occurred;

          (f) a Conduit Downgrade Event shall have occurred; or an event
     described in Section 6.1(i) of the SCCMNT Indenture Supplement shall occur;
                  --------------

          (g) the average of the Principal Payment Rates for any three
     consecutive Monthly Periods shall be less than 7.00%;

          (h) the average of the Excess Spread Percentages for any three
     consecutive Monthly Periods shall be less than 2.0%

          (i) 60 days following the date on which (A) the Securities and
     Exchange Commission, any banking regulatory authority or any other Official
     Body having jurisdiction over any Conduit Managing Agent or any of its
     subsidiaries (including,

                                       31

<PAGE>

     if applicable, the Administrative Agent) shall require the consolidation of
     the assets and liabilities of the related Conduit Purchaser on the balance
     sheet of such Conduit Managing Agent or any of its subsidiaries or shall
     require that capital be maintained with respect thereto under any capital
     requirements as if such assets were owned by such Conduit Managing Agent or
     any of its subsidiaries, or (B) the independent auditors for such Conduit
     Managing Agent shall have advised such Conduit Managing Agent or any of its
     subsidiaries in writing that in their opinion such consolidation is
     required by GAAP or applicable Law, rule or regulations;

          (j) a Change of Control shall occur;

          (k) FCNB shall (A) voluntarily seek, consent to, or acquiesce in the
     benefit or benefits of any Debtor Relief Law, or (B) become a party to (or
     be made the subject of) any proceeding provided for by any Debtor Relief
     Law, other than as a creditor or claimant, and, in the event such
     proceeding is involuntary, within 10 Business Days after FCNB has knowledge
     of such proceeding or the filing thereof, the petition instituting same has
     not been dismissed;

          (l) the Pension Benefit Guaranty Corporation shall file notice of a
     lien pursuant to Section 4068 of the Employee Retirement Income Security
     Act of 1974 with regard to any of the assets of FCNB which lien relates to
     an unpaid liability of at least $10,000,000 and shall not have been
     released within 40 days;

          (m) if at any time any Rating Agency withdraws or lowers its rating on
     the Notes below A2 for Moody's or A for S & P;

          (n) without limiting the foregoing, the occurrence of an Event of
     Default with respect to Series 2001-VFN and acceleration of the maturity of
     the Series 2001-VFN Notes pursuant to Section 5.3 of the Indenture; or
                                           -----------

          (o) prior to the FCMT Termination Date, a Trust Pay Out Event shall
     occur under (and as defined in) the Pooling and Servicing Agreement;

          (p) then, and in any such event described in subparagraph (a), (b),
                                                       ------------ ---  ---
     (d), (g), (j) or (l) after the applicable grace period set forth in such
     ---  ---  ---    ---
     subparagraphs, either the Indenture Trustee or the Administrative Agent at
     the direction of the Required Conduit Managing Agents by notice then given
     in writing to the Seller and the Servicer (and to the Indenture Trustee if
     given by the Administrative Agent) may declare that a pay out event (a
     "Series Pay Out Event") has occurred as of the date of such notice and in
      ---------------------
     the case of any event described in subparagraph (c), (e), (f), (h), (i),
                                        ------------ ---  ---  ---  ---  ---
     (k), (m), (n) or (o) a Series Pay Out Event shall occur without any notice
     ---  ---  ---    ---
     or other action on the part of the Indenture Trustee, the Administrative
     Agent or the Noteholders immediately upon the occurrence of such event.
     Upon the

                                       32

<PAGE>

     occurrence of a Pay Out Event, the Seller shall give prompt written notice
     to the Rating Agencies.

                                  ARTICLE VII

                                 MISCELLANEOUS

          Section 7.1 Change in Account Terms. FCNB hereby agrees that, except
                      -----------------------
     as required by any requirement of law, or as is deemed by FCNB to be
     necessary in order for FCNB to maintain its credit card business, based
     upon a good faith assessment by FCNB, in its sole discretion, of the nature
     of the competition in the credit card business, it shall not at any time
     change the formula for calculating the periodic finance charges assessed on
     any Receivable or reduce other fees on any Account if FCNB reasonably
     expects that any Pay Out Event will occur as a result of such change or
     reduction.

          Section 7.2 Permitted Successor Servicer. With respect to Series 2001-
                      ----------------------------
     VFN, any financial institution which does not qualify as a permitted
     Successor Servicer under Section 10.2 of the Indenture shall qualify as a
                              ------------
     permitted Successor Servicer if approved in writing by each Conduit
     Managing Agent and written notice is given thereof by the Seller to the
     Administrative Agent and each Rating Agency.

          Section 7.3 Successors and Assigns. This Indenture Supplement shall be
                      ----------------------
     binding upon and inure to the benefit of the parties hereto and their
     respective permitted successors and assigns, except that the Seller may not
     assign or transfer any of its rights under this Indenture Supplement
     (except to Affiliates) without the prior written consent of each Conduit
     Managing Agent and written notice is given thereof by the Seller to
     Administrative Agent.

          Section 7.4 Final Distribution. Written notice of any termination,
                      ------------------
     specifying the Distribution Date upon which the Series 2001-VFN Noteholders
     may surrender their Series 2001-VFN Notes for payment of the final
     distribution and cancellation shall be given by the Indenture Trustee not
     later than the 30th day immediately preceding the Distribution Date on
     which final payment of the Series 2001-VFN Notes shall be made.

          Section 7.5 Amendments. No amendment or waiver of any provision of the
                      ----------
     Indenture or this Indenture Supplement and no consent to any departure by
     the Seller, or the Servicer herefrom, shall be effective unless in a
     writing signed by (x) the Required Conduit Managing Agents and (y) in the
     case of any amendment, the Seller and the Servicer, and then such
     amendment, waiver or consent shall be effective only in the specific
     instance and for the specific purpose for which given; provided, however,
                                                            --------  -------
     that no such amendment, waiver or consent shall, unless in a writing signed
     by all the Conduit Managing Agents, do any of

                                       33

<PAGE>

     the following: (a) subject the Administrative Agent, the Conduit Purchasers
     or the Conduit Managing Agents to any additional obligations, (b) reduce
     the amount of Note Interest, principal or any fees payable hereunder, (c)
     postpone any date scheduled for any reduction of Class A Collateral Amount
     or for any payment of Note Interest or any fees payable hereunder, (d)
     amend any Pay Out Event or waive any automatic Pay Out Event, (e) amend the
     definition of "Base Rate," "Delinquency Amount," "Dilution," "Excess Spread
     Percentage," "Minimum Seller Percentage," "Liquidation Rate," "Portfolio
     Yield" or "Required Excess Collateral Amount Percentage," (f) change the
     percentage of, or the numbers of, Conduit Managing Agents, which shall be
     required for any amendment, waiver or consent or for any other action
     hereunder, or (g) amend this Section 13. The Servicer shall give each
                                  ----------
     Rating Agency prior written notice of each amendment to this Indenture
     Supplement. No amendment described in clause (b) through (e) above shall be
                                           ----------         ---
     effective unless the Rating Agency Condition has been satisfied.

          Section 7.6 Effectiveness. This Indenture Supplement shall become
                      -------------
     effective as of the day and year first above written.

          Section 7.7 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.

          Section 7.8 Counterparts. This Indenture Supplement may be executed in
                      ------------
     any number of counterparts, each of which so executed shall be deemed to be
     an original, but all of such counterparts shall together constitute but one
     and the same instrument.

          Section 7.9 GOVERNING LAW. THIS INDENTURE SUPPLEMENT SHALL BE
     CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF ILLINOIS, 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, PROVIDED, HOWEVER, THAT THE DUTIES AND OBLIGATIONS OF THE
     INDENTURE TRUSTEE SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE
     LAWS OF THE STATE OF NEW YORK WITHOUT REFERENCE TO ITS CHOICE OF LAW.

          Section 7.10 Consents. [Reserved.]
                       --------

          Section 7.11 Certain Calculations. In accordance with Section 1.3 of
                       --------------------                     -----------
     the Indenture, the Servicer has adopted the following method of determining
     the amount of Finance Charge Receivables:

                                       34

<PAGE>

               (i) At the close of business on each Cycle Billing Date for any
          Cycle of which any Accounts are included in the Trust, the amount of
          Finance Charge Receivables of all Accounts in such Cycle shall be
          equal to the result of (A) the amount of Finance Charges charged to
          all Accounts in such Cycle on such date minus (B) the amount of
          Finance Charge Receivables on all Accounts in such Cycle that have
          been charged off since the close of business on the preceding Cycle
          Billing Date. As of the end of each Monthly Period, the amount of
          Finance Charge Receivables for all Accounts shall equal (X) the sum of
          the amounts calculated pursuant to the preceding sentence for each
          Cycle of which Accounts are included in the Trust during that Monthly
          Period plus (Y) the Carry-Over Finance Charge Amount.

               (ii) For each Business Day in each Monthly Period, the amount of
          Collections allocated to Finance Charge Receivables for all Accounts
          shall be all Collections available for allocation on that Business Day
          up to an amount equal to the quotient of the result determined
          pursuant to clause (i) above as of the end of the immediately
          preceding Monthly Period divided by the number of Business Days in
          such present Monthly Period; provided, however, that (A) the amount of
                                       --------  -------
          Collections allocated to Finance Charge Receivables for all Accounts
          on the first Business Day of each Monthly Period shall equal the
          product of two times such quotient, (B) the amount of Collections
          allocated to Finance Charge Receivables for all Accounts on the last
          Business Day of each Monthly Period shall equal zero and (C) to the
          extent that the total Collections available for allocation on any
          Business Day (other than the last Business Day of a Monthly Period) is
          less than the amount that is to be allocated to Collections of Finance
          Charge Receivables on that Business Day, then the deficit shall be
          added to the amount of Collections that will be allocated to Finance
          Charge Receivables on the next Business Day.

               (iii) If, at the close of business on the last Business Day of
          any Monthly Period, the amount of Collections allocated to Finance
          Charge Receivables for all Accounts during such Monthly Period is less
          than the amount of Finance Charge Receivables for all Accounts
          calculated pursuant to clause (i) as of the end of the next preceding
          Monthly Period, then such deficit shall be the "Carry-Over Finance
                                                          ------------------
          Charge Amount" and shall be added to the amount of Finance Charges
          -------------
          Receivables as of the end of the then current Monthly Period pursuant
          to clause (i).
             ----------

               Notwithstanding the terms of Section 1.3 of the Indenture, the
                                            -----------
     Servicer shall not adopt a method of determining the amount of Finance
     Charge Receivables different from the method described above without the
     consent of each Conduit Managing Agent.

                                       35

<PAGE>

          Section 7.12 Repurchase Requests. On any Business Day, Seller may make
                       -------------------
     a written offer (a "Repurchase Offer") to each Conduit Managing Agent to
                         ----------------
     redeem all or a portion of the principal balance of the Class A Notes. Each
     Conduit Managing Agent may accept or reject such offer. If all of the
     Conduit Managing Agents accept the offer, then on the day that the
     repurchase is consummated the purchase price agreed upon between Seller and
     the Conduit Managing Agents shall be deposited in the Collection Account
     and shall be distributed to the Conduit Managing Agents on the date of the
     repurchase. Upon such payment, the Class A Collateral Amount shall decrease
     by an amount equal to the principal amount of the interest conveyed, and
     the Excess Collateral Amount shall automatically decrease to an amount so
     that the Excess Collateral Amount (after such decrease) shall equal the
     Required Excess Collateral Amount Percentage of the Collateral Amount
     (after such decrease). To the extent agreed upon between Seller and the
     Conduit Managing Agents, a portion of the purchase price paid shall
     decrease the amount of Class Note Interest and Program Commitment Fee
     payable on the next Distribution Date.

          Section 7.13 Perfection Representations, Warranties and Covenants. The
                       ----------------------------------------------------
     parties hereto agree that the representations, warranties and covenants set
     forth in Schedule I shall be a part of this Indenture Supplement for all
              ----------
     purposes.

          Section 7.14 Rights of the Indenture Trustee. The Indenture Trustee
                       -------------------------------
     shall be entitled to the same rights, protections, immunities and
     indemnities set forth in the Master Indenture as if specifically set forth
     herein.

          Section 7.15 Limitation of Liability. Notwithstanding any other
                       -----------------------
     provision herein or elsewhere, this Indenture Supplement has been executed
     and delivered by Bankers Trust Company, not in its individual capacity, but
     solely in its capacity as Owner Trustee of the Trust, in no event shall
     Bankers Trust Company in its individual capacity have any liability in
     respect of the representations, warranties, or obligations of the Trust
     hereunder or under any other document, as to all of which recourse shall be
     had solely to the assets of the Trust, and for all purposes of this
     Indenture Supplement and each other document, the Owner Trustee (as such or
     in its individual capacity) shall be subject to, and entitled to the
     benefits of, the terms and provisions of the Trust Agreement.

                              [Signatures follow]

                                       36

<PAGE>

     IN WITNESS WHEREOF, the undersigned have caused this Indenture Supplement
to be duly executed and delivered by their respective duly authorized officers
on the day and year first above written.

                                              FIRST CONSUMERS CREDIT CARD MASTER
                                              NOTE TRUST, as Issuer

                                              By: BANKERS TRUST COMPANY,
                                              not in its individual capacity
                                              but solely as Owner Trustee

                                              By: /s/ Illegible
                                                 -------------------------------
                                              Name: [Illegible]
                                              Title: Vice President

                                              THE BANK OF NEW YORK,
                                              as Indenture Trustee

                                              Name:
                                                   -----------------------------
                                              Title:
                                                    ----------------------------

                                       1

<PAGE>

     IN WITNESS WHEREOF, the undersigned have caused this Indenture Supplement
to be duly executed and delivered by their respective duly authorized officers
on the day and year first above written.

                                              FIRST CONSUMERS CREDIT CARD MASTER
                                              NOTE TRUST, as Issuer

                                              By: BANKERS TRUST COMPANY,
                                              not in its individual capacity
                                              but solely as Owner Trustee

                                              By:
                                                 -------------------------------
                                              Name:
                                                   -----------------------------
                                              Title:
                                                    ----------------------------

                                              THE BANK OF NEW YORK,
                                              as Indenture Trustee

                                              Name: Illegible
                                                    ----------------------------
                                              Title: ASSISTANT TREASURER
                                                    ----------------------------

                                       1

<PAGE>

Acknowledged and Accepted:

FIRST CONSUMER NATIONAL BANK,
as Seller and Servicer

/s/ Illegible
----------------------------
Name:
Title:

                                       2

<PAGE>

                                   EXHIBIT A
                                       to
                      SERIES 2001-VFN INDENTURE SUPPLEMENT

                        FORM OF SERIES 2001-VFN CLASS A
                             VARIABLE FUNDING NOTE

     THIS CLASS A NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,
AS AMENDED (THE "SECURITIES ACT"), OR ANY STATE SECURITIES LAWS. NO RESALE OR
                 ---------------
OTHER TRANSFER OF THIS CLASS A NOTE MAY BE MADE EXCEPT IN ACCORDANCE WITH THE
TERMS OF THE NOTE PURCHASE AGREEMENT AND EITHER (A) PURSUANT TO AN EFFECTIVE
REGISTRATION UNDER THE SECURITIES ACT AND APPLICABLE STATE SECURITIES OR "BLUE
SKY" LAWS OR (B) IN A TRANSACTION EXEMPT FROM THE REGISTRATION REQUIREMENTS OF
THE SECURITIES ACT AND APPLICABLE STATE SECURITIES OR "BLUE SKY" LAWS TO (I) A
PERSON WHO THE TRANSFEROR REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER
("QIB") WITHIN THE MEANING THEREOF IN RULE 144A UNDER THE SECURITIES ACT THAT IS
AWARE THAT THE RESALE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A,
(II) A PERSON WHO IS AN ACCREDITED INVESTOR AS DEFINED IN RULE 501(A) UNDER THE
SECURITIES ACT OR (III) AN INSTITUTION WHICH HAS SUCH KNOWLEDGE AND EXPERIENCE
IN FINANCIAL AND BUSINESS MATTERS AS TO BE CAPABLE OF EVALUATING THE MERITS AND
RISKS OF THE INVESTMENT THEREIN. NONE OF THE SELLER, THE TRANSFER AGENT AND
REGISTRAR OR THE INDENTURE TRUSTEE IS OBLIGATED TO REGISTER THE NOTES UNDER THE
SECURITIES ACT OR ANY OTHER SECURITIES OR "BLUE SKY" LAW.

     EACH CLASS A NOTEHOLDER AND EACH BENEFICIAL OWNER OF A CLASS A NOTE, BY ITS
ACCEPTANCE THEREOF OR OF SUCH BENEFICIAL INTEREST, WILL BE DEEMED TO HAVE
REPRESENTED AND AGREED AS FOLLOW: (i) SUCH HOLDER OR OWNER UNDERSTANDS THAT THE
CLASS A NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OR
ANY STATE OR OTHER APPLICABLE SECURITIES LAW AND MAY NOT BE OFFERED, SOLD OR
OTHERWISE TRANSFERRED UNLESS REGISTERED PURSUANT TO, OR EXEMPT FROM REGISTRATION
UNDER, THE SECURITIES ACT AND ANY OTHER APPLICABLE SECURITIES LAWS, (ii) SUCH
HOLDER OR OWNER WILL NOT OFFER, SELL, PLEDGE OR OTHERWISE TRANSFER SUCH CLASS A
NOTE OR ANY INTEREST THEREIN AT ANY TIME EXCEPT TO THE SELLER OR TO A PERSON
WHOM SUCH TRANSFEROR OF THE CLASS A NOTE REASONABLY BELIEVES IS A QIB PURCHASING
FOR ITS OWN ACCOUNT IN ACCORDANCE WITH RULE 144A TO WHOM NOTICE IS GIVEN THAT
THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE
144A AND AFTER DELIVERY OF THE DOCUMENTATION

                                       A-1

<PAGE>

REQUIRED BY THE INDENTURE AND THIS SUPPLEMENTAL INDENTURE, AND (iii) SUCH HOLDER
OR OWNER IS A QIB PURCHASING FOR ITS OWN ACCOUNT IN ACCORDANCE WITH RULE 144A
UNDER THE SECURITIES ACT AND HAS RECEIVED NOTICE THAT THE REOFFER, RESALE,
PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A.

     NEITHER THIS CLASS A NOTE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED,
ASSIGNED, EXCHANGED OR OTHERWISE PLEDGED OR CONVEYED, EXCEPT IN ACCORDANCE WITH
SECTION 2.5 OF THE INDENTURE REFERRED TO HEREIN. THE CLASS A NOTEHOLDER MAY NOT
-----------
SELL OR OTHERWISE TRANSFER ALL OR ANY PORTION OF THIS CLASS A NOTE, EXCEPT IN
ACCORDANCE WITH THE NOTE PURCHASE AGREEMENT.

     THE PRINCIPAL AMOUNT OF THIS CLASS A NOTE WILL BE REDUCED FROM TIME TO TIME
BY DISTRIBUTIONS ON THIS CLASS A NOTE ALLOCABLE TO PRINCIPAL. IN ADDITION, THIS
CLASS A NOTE MAY BE INCREASED AT THE REQUEST OF THE SELLER SUBJECT TO CERTAIN
TERMS AND CONDITIONS SET FORTH IN THE SERIES 2001-VFN INDENTURE SUPPLEMENT
REFERRED TO HEREIN. ACCORDINGLY, FOLLOWING THE INITIAL ISSUANCE OF THE CLASS A
NOTES, THE PRINCIPAL AMOUNT OF THIS CLASS A NOTE MAY VARY FROM TIME TO TIME.
ANYONE ACQUIRING THIS CLASS A NOTE MAY ASCERTAIN THE CURRENT PRINCIPAL AMOUNT OF
THIS CLASS A NOTE BY INQUIRY OF THE INDENTURE TRUSTEE. ON THE DATE OF THE
INITIAL ISSUANCE OF THE CLASS A NOTES, THE INDENTURE TRUSTEE IS THE BANK OF NEW
YORK.

     THIS CLASS A NOTE DOES NOT REPRESENT AN OBLIGATION OF, OR AN INTEREST IN,
FCNB, AND NONE OF THIS NOTE, THE RECEIVABLES AND THE ACCOUNTS IS INSURED OR
GUARANTEED BY THE FDIC OR ANY OTHER GOVERNMENTAL AGENCY. THIS CLASS A NOTE IS
LIMITED IN RIGHT OF PAYMENT TO CERTAIN COLLECTIONS RESPECTING THE RECEIVABLES,
ALL AS MORE SPECIFICALLY SET FORTH IN THE INDENTURE.

                                       A-2

<PAGE>

                                                        MAXIMUM PRINCIPAL AMOUNT
No.                                                         $
    ----------                                               -------------------

         FIRST CONSUMERS CREDIT CARD MASTER NOTE TRUST SERIES 2001-VFN
                   CLASS A VARIABLE FUNDING ASSET BACKED NOTE

     First Consumers Credit Card Master Note Trust (herein referred to as the
"Issuer" or the "Trust"), an Illinois common law trust governed by a Trust
Agreement dated as of March 1, 2001, for value received, hereby promises to pay
to [___], or registered assigns, subject to the following provisions, the
principal sum of [___] DOLLARS ($[___]), or such greater or lesser amount as
determined in accordance with the Indenture, on the Series 2001-VFN Final
Maturity Date (which is the earlier to occur of (a) the Distribution Date on
which the Note Principal Balance is paid in full and (b) the [January 2004]
Distribution Date, except as otherwise provided below or in the Indenture. The
Issuer will pay interest on the unpaid principal amount of this Note at the Note
Interest Rate on each Distribution Date until the principal amount of this Note
is paid in full. Interest on this Note will accrue for each Distribution Date
from and including the most recent Distribution Date on which interest has been
paid to but excluding such Distribution Date or, for the initial Distribution
Date, from and including the Closing Date to but excluding such Distribution
Date. Interest will be computed as provided in the Indenture. Principal of 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.

     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 or on
behalf of the Indenture Trustee, by manual signature, this Note shall not be
entitled to any benefit under the Indenture or the Indenture Supplement referred
to on the reverse hereof, or be valid for any purpose.

                                       A-3

<PAGE>

     IN WITNESS WHEREOF, the Issuer has caused this Class A Series 2001-VFN
Asset Backed Note to be duly executed.

                                              FIRST CONSUMERS CREDIT CARD MASTER
                                              NOTE TRUST,
                                              as Issuer

                                              By:  Bankers Trust Company, not in
                                                   its individual capacity but
                                                   solely as Owner Trustee under
                                                   the Trust Agreement

                                              By:
                                                 ------------------------------
                                              Name:
                                              Title:

Dated:

                                      A-4

<PAGE>

                            GRID TO CLASS A NOTE NO.
                                                    --

--------------------------------------------------------------------------------
  Date of        Principal       Class A Increase       Amount of       Notation
Transaction   Amount for this         Amount        Principal Payment   Made By
                Series before
              giving effect to
               the Transaction
                on such Date
--------------------------------------------------------------------------------
               $
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

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                                      A-5

<PAGE>

                        Trustee's Note of Authentication

     This is one of the Series 2001-VFN Class A Variable Funding Asset Backed
Notes referred to in the within-mentioned Indenture.

                                              THE BANK OF NEW YORK, as Indenture
                                              Trustee

                                              By:
                                                 -------------------------------
                                              Name
                                              Title

                                      A-6

<PAGE>

                                   EXHIBIT B
                                       to
                      SERIES 2001-VFN INDENTURE SUPPLEMENT

                    FORM OF MONTHLY PAYMENT INSTRUCTIONS AND
                       NOTIFICATION TO INDENTURE TRUSTEE

                 FIRST CONSUMERS CREDIT CARD MASTER NOTE TRUST
                                SERIES 2001-VFN

The undersigned, a duly authorized representative of First Consumers National
Bank ("FCNB"), as Servicer pursuant to the Master Indenture, dated as of March
1, 2001 (the "Master Indenture") between the Issuer and The Bank of New York, as
              ----------------
indenture trustee (the "Indenture Trustee"), as supplemented by the Indenture
                        -----------------
Supplement, dated as of [ ], 2001 (the "Indenture Supplement" and together with
                                        --------------------
the Master Indenture, the "Indenture"), does hereby certify as follows:
                           ---------

     A. Capitalized terms used in this Certificate have their respective
meanings set forth in the Indenture, as amended by the Series 2001-VFN Indenture
Supplement thereto; provided, that the "preceding Monthly Period" means the
                    --------
monthly Period immediately preceding the calendar month in which this
Certificate is delivered. References herein to certain sections and Sections are
references to the respective sections and Sections of the Indenture.

     B. FCNB is the Servicer under the Indenture.

     C. The undersigned is a Servicing Officer.

     D. The date of this notice is a Determination Date under the Indenture.

                                      B-1

<PAGE>

I.   INSTRUCTION TO MAKE A WITHDRAWAL

     Pursuant to Section 4.5, the Servicer does hereby instruct the Indenture
                 -----------
Trustee (i) to make a withdrawal from the Finance Charge Subaccount on
          ,     , which date is a Transfer Date under the Indenture, in an
----------  ----
aggregate amount as set forth below [, including $           to be withdrawn
                                                  ----------
from the Principal Subaccount pursuant to Section 4.10,] in respect of the
                                          ------------
following amounts and (ii) to apply the proceeds of such withdrawal in
accordance with Section 4.5:
                -----------

     A.   Pursuant to Section 4.5(a):
          --------------------------
          Note Interest for the preceding Accrual Period           $
                                                                    ------------

     B.   Pursuant to Section 4.5(b):
          --------------------------
          Investor Monthly Servicing Fee for the                   $
          preceding Monthly Period                                  ------------

     C.   Pursuant to Section 4.5(c):
          --------------------------
          Investor Default Amount for the preceding                $
          Monthly Period (less the aggregate amount                 ------------
          of Investor Charge Offs in respect of such
          Monthly Period)

     D.   Pursuant to Section 4.5(d):
          --------------------------
          Aggregate reimbursed Investor Charge Off                 $
          and Excess Collateral Amount Reallocated Amounts          ------------

     E.   Funding Costs for the Preceding Monthly Period           $
                                                                    ------------

     F.   Pursuant to Section 4.5(f):
          --------------------------
          Excess Spread payable to the Excess                      $
          Collateral Amount Holder                                  ------------

II.  INSTRUCTION TO MAKE A WITHDRAWAL

     Pursuant to Section 4.7, the Servicer does hereby instruct the Indenture
                 -----------
Trustee (i) to make a withdrawal from the Principal Collection Subaccount on
          ,     , which date is a Transfer Date under the Indenture, and (ii)
----------  ----
apply such amount in accordance with Section 4.7:
                                     -----------

     A.   Amounts to be distributed to the Conduit                 $
          Managing Agents in accordance                             ------------
          with Section 4.7(b)(A) and Section 5.1(a)

                                      B-2

<PAGE>

     B.   Amounts to be distributed to the Noteholders in          $
          accordance with Section 4.7(c) and Section 5.1(c)         ------------

     C.   Amount to be distributed to the holder of the            $
          Seller Interest                                           ------------

     IN WITNESS WHEREOF, the undersigned has duly executed this Certificate this
     day of           , 200  .
----        ----------     --

                                                  FIRST CONSUMERS NATIONAL BANK,
                                                  as Servicer

                                                  By:
                                                  Title

                                      B-3

<PAGE>

                                    EXHIBIT C
                                       to
                      SERIES 2001-VFN INDENTURE SUPPLEMENT

                                    [TO COME]

                                       C-1

<PAGE>

                                   SCHEDULE 1
                    TO SERIES 2001-VFN INDENTURE SUPPLEMENT

                     PERFECTION REPRESENTATIONS, WARRANTIES
                                 AND COVENANTS

     (a) In addition to the representations, warranties and covenants contained
in the Indenture, the Issuer hereby represents, warrants and covenants to the
Indenture Trustee as follows as of October   , 2001:
                                           --

          (1.) The Indenture creates a valid and continuing security interest
     (as defined in the applicable Uniform Commercial Code) in the Collateral
     Certificate in favor of the Indenture Trustee, which security interest is
     prior to all other Liens, and is enforceable as such against creditors of
     and purchasers from Issuer.

          (2.) The Collateral Certificate constitutes an "instrument," a
     "general intangible" or a "certificated security" within the meaning of the
     applicable Uniform Commercial Code.

          (3.) Issuer owns and has good and marketable title to the Collateral
     Certificate free and clear of any Lien, claim or encumbrance of any Person;
     provided that nothing in this paragraph(a)(3) shall prevent or be deemed to
     --------                      ---------------
     prohibit Issuer from suffering to exist upon any of the Receivables any
     Liens for any taxes if such taxes shall not at the time be due and payable
     or if Seller or Issuer, as applicable, shall currently be contesting the
     validity thereof in good faith by appropriate proceedings and shall have
     set aside on its books adequate reserves with respect thereto.

          (4.) There are no consents or approvals required by the terms of the
     Collateral Certificate for the pledge of the Collateral Certificate to the
     Indenture Trustee pursuant to the Indenture.

          (5.) Issuer (or the Administrator on behalf of the Issuer) has caused
     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 granted to the Indenture Trustee under the
     Indenture in the Collateral Certificate.

          (6.) There is only one executed copy of the Collateral Certificate and
     such copy has been delivered to the Indenture Trustee. The Collateral
     Certificate is registered in the name of the Indenture Trustee, upon
     original issue or registration of transfer by the Issuer.

          (7.) Other than the pledge of the Collateral Certificate to Indenture
     Trustee pursuant to the Indenture, Issuer has not pledged, assigned, sold,
     granted a security interest in, or otherwise conveyed the Collateral
     Certificate. Issuer has not authorized the filing of and is not aware of
     any financing statements against Issuer that include a description of
     collateral covering the Collateral Certificate, except for the financing
     statement filed pursuant to the Indenture.

                                        i

<PAGE>

          (8.) The Issuer is not aware of any judgment, ERISA or tax lien
     filings against the Issuer.

          (9.) The Collateral Certificate does not have any marks or notations
     indicating that it has been pledged, assigned or otherwise conveyed to any
     Person other than the Indenture Trustee.

          (10.) Notwithstanding any other provision of the Indenture, the
     representations and warranties set forth in this Schedule 1 shall be
                                                      ----------
     continuing, and remain in full force and effect, until such time as the
     Collateral Certificate is retired.

     (b) Indenture Trustee covenants that it shall not, without satisfying the
Rating Agency Condition, waive a breach of any representation or warranty set
forth in this Schedule 1.
              ----------

     (c) The Servicer covenants that, in order to evidence the interests of
Issuer and Indenture Trustee under the Indenture, Servicer shall take such
action, or execute and deliver such instruments (other than effecting a Filing
(as defined below), unless such Filing is effected in accordance with this
paragraph (c)) as may be necessary or advisable (including, without limitation,
--------------
such actions as are requested by Indenture Trustee) to maintain and perfect, as
a first priority interest, Indenture Trustee's security interest in the
Collateral Certificate. Servicer shall, from time to time and within the time
limits established by law, prepare and present to Indenture Trustee for
Indenture Trustee to authorize (based in reliance on the Opinion of Counsel
hereinafter provided for) the Servicer to file, all financing statements,
amendments, continuations, initial financing statements in lieu of a
continuation statement, terminations, partial terminations, releases or partial
releases, or any other filings necessary or advisable to continue, maintain and
perfect the Indenture Trustee's security interest in the Collateral Certificate
as a first-priority interest (each a "Filing"). Servicer shall present each such
                                      ------
Filing to the Indenture Trustee together with (x) an Opinion of Counsel to the
effect that such Filing is (i) consistent with grant of the security interest to
the Indenture Trustee pursuant to the Granting Clause of the Indenture, (ii)
satisfies all requirements and conditions to such Filing in the Indenture and
(iii) satisfies the requirements for a Filing of such type under the Uniform
Commercial Code in the applicable jurisdiction (or if the Uniform Commercial
Code does not apply, the applicable statute governing the perfection of security
interests), and (y) a form of authorization for Indenture Trustee's signature.
Upon receipt of such Opinion of Counsel and form of authorization, Indenture
Trustee shall promptly authorize in writing Servicer to, and Servicer shall,
effect such Filing under the Uniform Commercial Code without the signature of
Issuer or Indenture Trustee where allowed by applicable law. Notwithstanding
anything else in the Indenture to the contrary, the Servicer shall not have any
authority to effect a Filing without obtaining written authorization from the
Trustee in accordance with this paragraph (c).
                                -------------

                                       ii

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