Document:

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                                                                     EXHIBIT 4.6

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           SECOND AMENDED AND RESTATED POOLING AND SERVICING AGREEMENT
                              Dated as of [ ], 2002

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

                           FIRST NATIONAL FUNDING LLC,
                                   Transferor,

                          FIRST NATIONAL BANK OF OMAHA,
                                    Servicer

                                       and

                              THE BANK OF NEW YORK,
                                     Trustee

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                     FIRST BANKCARD MASTER CREDIT CARD TRUST

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                                TABLE OF CONTENTS

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                                                     ARTICLE I

                                                    DEFINITIONS

Section 1.01.         Definitions................................................................................1
Section 1.02.         Other Definitional Provisions.............................................................19

                                                    ARTICLE II

                                CONVEYANCE OF RECEIVABLES; ISSUANCE OF CERTIFICATES

Section 2.01.         Conveyance of Receivables.................................................................20
Section 2.02.         Acceptance by Trustee.....................................................................22
Section 2.03.         Representations and Warranties of the Transferor..........................................23
Section 2.04.         Representations and Warranties of the Transferor Relating to the Agreement and the
                      Receivables...............................................................................25
Section 2.05.         Covenants of the Transferor...............................................................30
Section 2.06.         Addition of Accounts......................................................................35
Section 2.07.         Removal of Accounts.......................................................................37
Section 2.08.         Discount Option Receivables...............................................................39

                                                    ARTICLE III

                                    ADMINISTRATION AND SERVICING OF RECEIVABLES

Section 3.01.         Acceptance of Appointment and Other Matters Relating to the Servicer......................40
Section 3.02.         Servicing Compensation....................................................................41
Section 3.03.         Representations, Warranties and Covenants of the Servicer.................................42
Section 3.04.         Reports and Records for the Trustee.......................................................45
Section 3.05.         Annual Servicer's Certificate.............................................................46
Section 3.06.         Annual Independent Accountants' Servicing Report..........................................46
Section 3.07.         Tax Treatment.............................................................................47
Section 3.08.         Notices to the Transferor.................................................................47

                                                    ARTICLE IV

                    RIGHTS OF CERTIFICATEHOLDERS AND ALLOCATION AND APPLICATION OF COLLECTIONS

Section 4.01.         Rights of Certificateholders..............................................................48
Section 4.02.         Establishment of Accounts.................................................................48
Section 4.03.         Collections and Allocations...............................................................51
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                                                     ARTICLE V

ARTICLE V IS RESERVED AND SHALL BE SPECIFIED IN ANY SUPPLEMENT WITH RESPECT TO ANY SERIES.......................55

                                                    ARTICLE VI

                                                 THE CERTIFICATES

Section 6.01.         The Certificates..........................................................................55
Section 6.02.         Authentication of Certificates............................................................56
Section 6.03.         Registration of Transfer and Exchange of Certificates.....................................57
Section 6.04.         Mutilated, Destroyed, Lost or Stolen Certificates.........................................59
Section 6.05.         Persons Deemed Owners.....................................................................60
Section 6.06.         Appointment of Paying Agent...............................................................60
Section 6.07.         Access to List of Certificateholders' Names and Addresses.................................61
Section 6.08.         Authenticating Agent......................................................................62
Section 6.09.         Tender of Exchangeable Transferor Certificate.............................................63
Section 6.10.         Book-Entry Certificates...................................................................65
Section 6.11.         Notices to Clearing Agency................................................................66
Section 6.12.         Definitive Certificates...................................................................66
Section 6.13.         Global Certificate........................................................................66
Section 6.14.         Meetings of Certificateholders............................................................67
Section 6.15.         Transfers of Certain Certificates.........................................................67
Section 6.16.         Trust Tax Election........................................................................68

                                                    ARTICLE VII

                                     OTHER MATTERS RELATING TO THE TRANSFEROR

Section 7.01.         Liability of the Transferor...............................................................68
Section 7.02.         Merger or Consolidation of, or Assumption of the Obligations of, the Transferor...........68
Section 7.03.         Limitation on Liability...................................................................69
Section 7.04.         Liabilities...............................................................................69

                                                   ARTICLE VIII

                                      OTHER MATTERS RELATING TO THE SERVICER

Section 8.01.         Liability of the Servicer.................................................................70
Section 8.02.         Merger or Consolidation of, or Assumption of the Obligations of, the Servicer.............70
Section 8.03.         Limitation on Liability of the Servicer and Others........................................71
Section 8.04.         Servicer Indemnification of the Trust and the Trustee.....................................71
Section 8.05.         The Servicer Not To Resign................................................................72
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Section 8.06.         Access to Certain Documentation and Information Regarding the Receivables.................73
Section 8.07.         Delegation of Duties......................................................................73
Section 8.08.         Examination of Records....................................................................73

                                                    ARTICLE IX

                                                  PAY OUT EVENTS

Section 9.01.         Pay Out Events............................................................................73
Section 9.02.         Additional Rights Upon the Occurrence of Certain Events...................................74

                                                     ARTICLE X

                                                 SERVICER DEFAULTS

Section 10.01.        Servicer Defaults.........................................................................75
Section 10.02.        Trustee To Act; Appointment of Successor..................................................77
Section 10.03.        Notification to Certificateholders........................................................79
Section 10.04.        Waiver of Past Defaults...................................................................79

                                                    ARTICLE XI

                                                    THE TRUSTEE

Section 11.01.        Duties of Trustee.........................................................................79
Section 11.02.        Certain Matters Affecting the Trustee.....................................................81
Section 11.03.        Trustee Not Liable for Recitals in Certificates...........................................82
Section 11.04.        Trustee May Own Certificates..............................................................83
Section 11.05.        The Servicer To Pay Trustee's Fees and Expenses...........................................83
Section 11.06.        Eligibility Requirements for Trustee......................................................83
Section 11.07.        Resignation or Removal of Trustee.........................................................83
Section 11.08.        Successor Trustee.........................................................................84
Section 11.09.        Merger or Consolidation of Trustee........................................................84
Section 11.10.        Appointment of Co-Trustee or Separate Trustee.............................................85
Section 11.11.        Tax Returns...............................................................................86
Section 11.12.        Trustee May Enforce Claims Without Possession of Certificates.............................86
Section 11.13.        Suits for Enforcement.....................................................................86
Section 11.14.        Rights of Certificateholders To Direct Trustee............................................87
Section 11.15.        Representations and Warranties of Trustee.................................................87
Section 11.16.        Maintenance of Office or Agency...........................................................87

                                                    ARTICLE XII

                                                    TERMINATION

Section 12.01.        Termination of Trust......................................................................87
Section 12.02.        Optional Purchase From Collections........................................................89
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Section 12.03.        Final Payment With Respect to Any Series..................................................89
Section 12.04.        Termination Rights of Holder of Exchangeable Transferor Certificate.......................90

                                                   ARTICLE XIII

                                             MISCELLANEOUS PROVISIONS

Section 13.01.        Amendment.................................................................................91
Section 13.02.        Protection of Right, Title and Interest to Trust..........................................92
Section 13.03.        Limitation on Rights of Certificateholders................................................93
Section 13.04.        Governing Law.............................................................................94
Section 13.05.        Notices...................................................................................94
Section 13.06.        Severability of Provisions................................................................94
Section 13.07.        Assignment................................................................................95
Section 13.08.        Certificates Nonassessable and Fully Paid.................................................95
Section 13.09.        Further Assurances........................................................................95
Section 13.10.        No Waiver; Cumulative Remedies............................................................95
Section 13.11.        Counterparts..............................................................................95
Section 13.12.        Third-party Beneficiaries.................................................................95
Section 13.13.        Actions by Certificateholders.............................................................95
Section 13.14.        Rule 144A Information.....................................................................96
Section 13.15.        Merger and Integration....................................................................96
Section 13.16.        Headings..................................................................................96

EXHIBIT A             FORM OF EXCHANGEABLE TRANSFEROR CERTIFICATE
EXHIBIT B             FORM OF ASSIGNMENT OF RECEIVABLES IN ADDITIONAL ACCOUNTS
EXHIBIT C             FORM OF MONTHLY SERVICER'S CERTIFICATE
EXHIBIT D             FORM OF ANNUAL SERVICER'S CERTIFICATE
EXHIBIT E             FORM OF OPINION OF COUNSEL REGARDING ADDITIONAL ACCOUNTS
EXHIBIT F             FORM OF ANNUAL OPINION OF COUNSEL
EXHIBIT G             FORM OF REASSIGNMENT OF RECEIVABLES
EXHIBIT H             FORM OF RECONVEYANCE OF RECEIVABLES

SCHEDULE 1            LIST OF ACCOUNTS--COMPUTER LIST OR MICROFICHE DELIVERED SEPARATELY
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         THIS SECOND AMENDED AND RESTATED POOLING AND SERVICING AGREEMENT, dated
as of [ ], 2002, is made by and among FIRST NATIONAL FUNDING LLC, a Nebraska
limited liability company, as Transferor, FIRST NATIONAL BANK OF OMAHA, a
national banking association, as Servicer, and THE BANK OF NEW YORK, a New York
banking corporation, as Trustee, and amends and restates the Pooling and
Servicing Agreement, dated as of August 1, 1995, by and between First National
Bank of Omaha, as Transferor and Servicer, and the First National Bank of
Chicago (now known as Bank One, National Association), as Trustee, as amended
and restated as of June 26, 1997, as further amended (the "Existing PSA").

                             PRELIMINARY STATEMENTS

         A. On April 16, 2002, The Bank of New York became the successor to Bank
One, National Association, as Trustee under the Existing PSA.

         B. The parties desire to amend the Existing PSA, and to restate it in
its entirety, in order to, among other things, provide for the substitution of
First National Funding LLC for First National Bank of Omaha, in its capacity as
Transferor.

         In consideration of the mutual agreements contained herein, the
Existing PSA is hereby amended and restated in its entirety as follows and each
party agrees as follows for the benefit of the other parties and the
Certificateholders:

                                    ARTICLE I

                                   DEFINITIONS

         SECTION 1.01. DEFINITIONS. Whenever used in this Agreement, the
following words and phrases shall have the following meanings:

         "Account" shall mean each VISA(1) and MasterCard(1) credit card account
established pursuant to a Credit Card Agreement identified by account number and
by the Receivable balance as of [ ], 2002 in the Account Schedule delivered on
[      ], 2002, and as of each Addition Date in each computer file or microfiche
list delivered to the Trustee by the Servicer pursuant to Section 2.01 or
Section 2.06, including each Transferred Account and excluding (a) any Account
all the Receivables in which are either reassigned or assigned to the Transferor
or its designee or the Servicer in accordance with this Agreement and (b) any
inactive Accounts which in accordance with the Credit Card Guidelines have been
removed from the computer records of the Transferor. An Additional Account shall
be an Account only from and after the Addition Date with respect thereto and a
Removed Account shall be an Account only prior to the Removal Date with respect
thereto.

         "Account Information" shall have the meaning specified in subsection
2.02(b).

--------
(1) VISA and MasterCard are registered trademarks of VISA USA, Inc. and of
MasterCard International Incorporated, respectively.

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         "Addition Date" shall mean each date as of which Additional Accounts
will be included as Accounts pursuant to Section 2.06.

         "Additional Accounts" shall have the meaning specified in subsection
2.06(a).

         "Adjustment Amount" shall have the meaning specified in subsection
4.03(c).

         "Affiliate" of any Person shall mean any other Person controlling,
controlled by or under common control with such Person.

         "Aggregate Investor Default Amount" shall have, with respect to any
Series of Certificates, the meaning stated in the related Supplement.

         "Aggregate Investor Interest" shall mean, as of any date of
determination, the sum of the Investor Interests of all Series of Certificates
issued and outstanding on such date of determination.

         "Aggregate Investor Percentage" with respect to Principal Receivables,
Finance Charge Receivables and Receivables in Defaulted Accounts, as the case
may be, shall mean, as of any date of determination, the sum of the Investor
Percentages with respect to such items of all Series of Certificates issued and
outstanding on such date of determination; provided, however, that the Aggregate
Investor Percentage shall not exceed 100%.

         "Agreement" shall mean this Second Amended and Restated Pooling and
Servicing Agreement and all amendments hereof and supplements hereto, including
any Supplement.

         "Amortization Period" shall mean, with respect to any Series, the
period following the related Revolving Period, which shall be the controlled
amortization period, the rapid amortization period, or other amortization or
accumulation period, in each case as defined with respect to such Series in the
related Supplement.

         "Annual Membership Fee" shall have the meaning specified in the Credit
Card Agreement applicable to each Account for annual membership fees or similar
terms.

         "Annual Servicer's Certificate" shall mean a certificate substantially
in the form of Exhibit D.

         "Applicants" shall have the meaning specified in Section 6.07.

         "Appointment Day" shall have the meaning specified in subsection
9.02(a).

         "Assignment" shall have the meaning specified in subsection
2.06(c)(ii).

         "Authorized Newspaper" shall mean a newspaper of general circulation in
the Borough of Manhattan, the City of New York (and in such other cities as
shall be specified in the Supplements) printed in the English language and
customarily published on each Business Day, whether or not published on
Saturdays, Sundays and holidays.

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         "Automatic Additional Accounts" shall have the meaning specified in
subsection 2.06(b).

         "Average" shall mean as to any Class A Interest or Collateral Interest
(in each case, as defined in any Supplement) or the Investor Interest, for any
period, an amount equal to (a) the sum of the aggregate amount of such
Interest(s) at the end of each day during such period divided by (b) the number
of days in such period.

         "Average Principal Receivables" shall mean, for any period, an amount
equal to (a) the sum of the aggregate amount of Principal Receivables at the end
of each day during such period divided by (b) the number of days in such period.

         "Bank Portfolio" shall mean the MasterCard and VISA accounts originated
by FNBO or FNBSD, as the case may be.

         "Bearer Certificates" shall have the meaning specified in Section 6.01.

         "Bearer Rules" shall mean the provisions of the Internal Revenue Code,
in effect from time to time, governing the treatment of bearer obligations,
including Sections 163(f), 871, 881, 1441, 1442 and 4701, and any regulations
thereunder, including, to the extent applicable to any Series, Proposed or
Temporary Regulations.

         "BIF" shall mean the Bank Insurance Fund administered by the FDIC.

         "Book-Entry Certificates" shall mean beneficial interests in the
Investor Certificates, ownership and transfers of which shall be made through
book entries by a Clearing Agency as described in Section 6.10, provided that
after the occurrence of a condition whereupon book-entry registration and
transfer are no longer authorized and Definitive Certificates are to be issued
to the Certificate Owners, such certificates shall no longer be "Book-Entry
Certificates."

         "Business Day" shall mean any day other than a Saturday, a Sunday or a
day on which banking institutions in New York, New York, Chicago, Illinois,
Yankton, South Dakota, or Omaha, Nebraska (or with respect to any Series, any
additional city specified in the related Supplement) are authorized or obligated
by law or executive order to be closed.

         "Cash Advance Fees" shall have the meaning specified in the Credit Card
Agreement applicable to each Account for cash advance fees or similar terms.

         "Certificate" shall mean any one of the Investor Certificates of any
Series or the Exchangeable Transferor Certificate.

         "Certificateholder" or "Holder" shall mean the Person in whose name a
Certificate is registered in the Certificate Register and, if applicable, the
holder of any Bearer Certificate or Coupon, as the case may be.

         "Certificate Interest" shall mean interest payable in respect of the
Investor Certificates of any Series pursuant to Article IV of the Supplement for
such Series.

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         "Certificate Owner" shall mean, with respect to a Book-Entry
Certificate, the Person who is the beneficial owner of such Book-Entry
Certificate, as may be reflected on the books of the Clearing Agency, or on the
books of a Person maintaining an account with such Clearing Agency (directly or
as an indirect participant, in accordance with the rules of such Clearing
Agency).

         "Certificate Principal" shall mean principal payable in respect of the
Investor Certificates of any Series pursuant to Article IV of this Agreement.

         "Certificate Rate" shall mean, with respect to any Series of
Certificates, the percentage (or formula on the basis of which such rate shall
be determined) stated in the related Supplement, provided that unless otherwise
provided in a Supplement, such rate shall be calculated on the basis of actual
days elapsed and a 365-day or 366-day year, as the case may be.

         "Certificate Register" shall mean the register maintained pursuant to
Section 6.03, providing for the registration of the Certificates and transfers
and exchanges thereof.

         "Class" shall mean, with respect to any Series, any one of the classes
of Investor Certificates of that Series as specified in the related Supplement.

         "Clearing Agency" shall mean an organization registered as a "clearing
agency" pursuant to Section 17A of the Securities Exchange Act of 1934, as
amended.

         "Clearing Agency Participant" shall mean a broker, dealer, bank, other
financial institution or other Person for whom from time to time a Clearing
Agency or Foreign Clearing Agency effects book-entry transfers and pledges of
securities deposited with the Clearing Agency or Foreign Clearing Agency.

         "Closing Date" shall mean, with respect to any Series, the date of
issuance of such Series of Certificates, as specified in the related Supplement.

         "Collection Account" shall have the meaning specified in subsection
4.02(a).

         "Collections" shall mean all payments (including Insurance Proceeds and
recoveries, net of expense of collection, on Defaulted Accounts) received by the
Servicer or Transferor in respect of the Receivables, in the form of cash,
checks, wire transfers, ATM transfers or other form of payment in accordance
with the Credit Card Agreement in effect from time to time on any Receivables. A
Collection processed on an Account in excess of the aggregate amount of
Receivables in such Account as of the Date of Processing of such Collection
shall be deemed to be a payment in respect of Principal Receivables to the
extent of such excess. Collections of recoveries, net of expenses of collection,
on Defaulted Accounts shall be deemed to be Collections of Finance Charge
Receivables. Interest and other investment earnings (net of losses and
investment expenses) on funds on deposit in the Excess Funding Account will be
deemed Collections of Finance Charge Receivables, as set forth in subsection
4.02(e). Collections with respect to any Monthly Period shall include the amount
of Interchange (if any) allocable to any Series of Certificates pursuant to any
Supplement with respect to such Monthly Period (to the extent received by the
Trust and deposited into the Finance Charge Account or any Series Account, as
the case may be, on the Transfer Date following such Monthly Period), to be
applied as if such Collections were Finance Charge Receivables for all purposes.
The amount of

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Collections by check which is dishonored by the drawee bank of such check shall
be subtracted from the Collections of Principal Receivables in the Monthly
Period in which the dishonor occurs.

         "Corporate Trust Office" shall mean the principal corporate office of
the Trustee at which, at any particular time, its corporate trust business shall
be administered, which office at the date hereof is located at 2 North LaSalle
Street, Suite 1020, Chicago, Illinois 60602, except that for purposes of
subsection 6.03(d) and Section 11.16, such term shall mean the office or agency
of the Trustee in the Borough of Manhattan, the City of New York, which office
at the date hereof is located at 15 Broad Street, New York, New York 10007.

         "Coupon" shall have the meaning specified in Section 6.01.

         "Credit Adjustment" shall have the meaning specified in subsection
4.03(c).

         "Credit Card Agreement" shall mean the Agreement and Federal Truth in
Lending Statement for MasterCard and VISA credit card accounts between any
Obligor and FNBO, as such agreements may be amended, modified or otherwise
changed from time to time.

         "Credit Card Guidelines" shall mean the written policies and procedures
of FNBO relating to the operation of its credit card business, including,
without limitation, the policies and procedures for determining the
creditworthiness of credit card customers, the extension of credit to credit
card customers, its debt deferral and debt cancellation programs and relating to
the maintenance of credit card accounts and collection of credit card
receivables, as such policies and procedures may be amended from time to time.

         "Credit Card Originator" means (a) FNBO or FNBSD, as applicable, and
(b) with respect to Financial Institution Accounts, the originator of such
Accounts.

         "Cut Off Date" shall mean July 31, 1995.

         "Date of Processing" shall mean, with respect to any transaction, the
date on which such transaction is first recorded on the Servicer's computer
master file of VISA and MasterCard accounts (without regard to the effective
date of such recordation).

         "Debtor Relief Laws" means Title 11 of the United States Code and all
other applicable liquidation, conservatorship, bankruptcy, moratorium,
rearrangement, receivership, insolvency, reorganization, suspension of payments,
readjustment of debt, marshalling of assets or similar debtor relief laws of the
United States, any state or any foreign country from time to time in effect,
affecting the rights of creditors generally.

         "Default Amount" shall mean, with respect to any Distribution Date, the
aggregate amount of Principal Receivables (other than Ineligible Receivables) in
Accounts which become Defaulted Accounts during the Related Monthly Period.

         "Defaulted Account" shall mean each Account with respect to which, in
accordance with the Credit Card Guidelines or the Servicer's customary and usual
servicing procedures for servicing credit card receivables comparable to the
Receivables, the Servicer has charged off the

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Receivables in such Account as uncollectible. An Account shall become a
Defaulted Account on the day on which such Receivables are recorded as charged
off as uncollectible on the Servicer's computer master file of VISA and
MasterCard accounts. Notwithstanding any other provision hereof, any Receivables
in a Defaulted Account that are Ineligible Receivables shall be treated as
Ineligible Receivables rather than Receivables in Defaulted Accounts.

         "Definitive Certificate" shall have the meaning specified in Section
6.10.

         "Delinquent" shall mean as to any Account (other than a Defaulted
Account), the failure to have received the minimum monthly payment on the
respective due date of such payment, and "Delinquency" shall mean the
continuation of such failure beyond such due date.

         "Depository" shall have the meaning specified in Section 6.10.

         "Depository Agreement" shall mean, with respect to each Series, the
agreement among the Transferor, the Trustee and the Clearing Agency, or as
otherwise provided in the related Supplement.

         "Determination Date" shall mean the fourth Business Day prior to each
Transfer Date.

         "Discount Option Receivables" shall mean, on any Date of Processing on
and after the date on which the Transferor's exercise of its discount option
pursuant to Section 2.08 takes effect, the sum of (a) the aggregate Discount
Option Receivables at the end of the prior Date of Processing (which amount,
prior to the date on which the Transferor's exercise of its discount option
takes effect, shall be zero) plus (b) any new Discount Option Receivables
created on such Date of Processing minus (c) any Discount Option Receivables
Collections received on such Date of Processing. Discount Option Receivables
created on any Date of Processing shall mean the product of the amount of any
Principal Receivables created on such Date of Processing (without giving effect
to Discount Option Receivables) and the then applicable Discount Percentage.

         "Discount Option Receivable Collections" shall mean, on any Date of
Processing on and after the date on which the Transferor's exercise of its
discount option pursuant to Section 2.08 takes effect, the product of (a) a
fraction the numerator of which is the amount of Discount Option Receivables and
the denominator of which is the sum of the Principal Receivables and the
Discount Option Receivables, in each case on the last day of the Preceding
Monthly Period, and (b) Collections of Principal Receivables (without giving
effect to Discount Option Receivables) on such Date of Processing.

         "Discount Percentage" shall mean the percentage designated by the
Transferor pursuant to Section 2.08.

         "Distribution Account" shall have the meaning specified in subsection
4.02(c).

         "Distribution Date" shall mean, unless otherwise specified in any
Supplement for the related Series, the fifteenth day of the calendar month
following the Closing Date for such Series and the fifteenth day of each month
thereafter, or, if such fifteenth day is not a Business Day, the next succeeding
Business Day.

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         "Dollars," "$" or "U.S. $" shall mean United States dollars.

         "Draft Fees" shall have the meaning specified in the Credit Card
Agreement applicable to each Account for any draft fees or similar terms.

         "Effective Date" means [                    ], 2002.

         "Eligible Account" shall mean, as of the Cut Off Date (or, with respect
to Additional Accounts as of the relevant Addition Date), each Account owned by
FNBO:

                  (a) which was in existence, maintained or initially opened at
         least six months prior to its selection for inclusion in the Trust;

                  (b) which is payable in Dollars;

                  (c) the Obligor of which is not the U.S. government or any
         state or local governmental entity and has provided, as its most recent
         billing address, an address which is located in the United States or
         its territories or possessions, except that up to 1% (or any higher
         percentage as to which the Rating Agency Condition has been satisfied)
         of the aggregate Principal Receivables as of the most recently ended
         Monthly Period may have obligors who have provided billing addresses
         outside of those jurisdictions;

                  (d) which FNBO has not classified on its electronic records as
         counterfeit, canceled, fraudulent, stolen or lost;

                  (e) which has either been originated by FNBO or is a Financial
         Institutions Account;

                  (f) the Receivables of which FNBO has not charged off in its
         customary and usual manner for charging off such Receivables as of the
         Cut Off Date (or, with respect to Additional Accounts, as of the
         relevant Addition Date);

                  (g) was originated in the ordinary course of business;

                  (h) which is not more than 30 days Delinquent;

                  (i) which is free and clear of all liens that are equal or
         prior to the interest of the Trust;

                  (j) that is not subject to any agreement by FNBO restricting
         its ability to alter the terms of the account or granting to a third
         party a right to acquire the account upon the occurrence of specified
         events; and

                  (k) as to any Series, which meets any additional requirements
         set forth in the respective Supplement for such Series.

         "Eligible Receivable" shall mean each Receivable:

                  (a) which has arisen under an Eligible Account;

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                  (b) which was created in compliance, in all material respects,
         with all Requirements of Law applicable to the Credit Card Originator
         and pursuant to a Credit Card Agreement which complies, in all material
         respects, with all Requirements of Law applicable to the Credit Card
         Originator;

                  (c) with respect to which all consents, licenses, approvals or
         authorizations of, or registrations or declarations with, any
         Governmental Authority required to be obtained, effected or given by
         the Credit Card Originator in connection with the creation of such
         Receivable or the execution, delivery and performance by the Credit
         Card Originator of the Credit Card Agreement pursuant to which such
         Receivable was created, have been duly obtained, effected or given and
         are in full force and effect as of such date of creation;

                  (d) as to which, upon the transfer of such Receivable to the
         Trust, the Trust will have good and marketable title thereto, free and
         clear of all Liens (other than Liens permitted pursuant to subsection
         2.05(b));

                  (e) which is the legal, valid and binding payment obligation
         of the Obligor thereon, enforceable against such obligor in accordance
         with its terms, except as such enforceability may be limited by
         applicable bankruptcy, insolvency, reorganization, moratorium or other
         similar laws, now or hereafter in effect, affecting the enforcement of
         creditors' rights in general and except as such enforceability may be
         limited by general principles of equity (whether considered in a suit
         at law or in equity);

                  (f) which constitutes an "account" under and as defined in
         Article 9 of the UCC; and

                  (g) as to any Series, which meets any additional requirements
         set forth in the respective Supplement for such Series.

         "Enhancement" shall mean, with respect to any Series, the cash
collateral account, collateral invested amount, letter of credit, guaranteed
rate agreement, maturity guaranty facility, tax protection agreement, interest
rate swap or any other contract or agreement for the benefit of the
Certificateholders of such Series (or Certificateholders of a Class within such
Series) as designated in the applicable Supplement.

         "Enhancement Provider" shall mean, with respect to any Series, the
Person, if any, designated as such in the related Supplement.

         "ERISA" shall mean the Employee Retirement Income Security Act of 1974,
as amended from time to time.

         "Excess Finance Charge Collections" shall mean Collections of Finance
Charge Receivables allocated to a Series which are not required to fund payments
or deposits to or for the benefit of Certificateholders of such Series on the
related Distribution Date, as determined in accordance with the terms of the
applicable Supplement.

                                       8
<PAGE>

         "Excess Funding Account" shall mean the account established in
accordance with subsection 4.02(e).

         "Excess Funding Amount" shall mean the amount on deposit in the Excess
Funding Account, exclusive of interest (including reinvested interest) and other
investment income and earnings on funds on deposit in the Excess Funding
Account.

         "Excess Principal Collections" shall mean Collections of Principal
Receivables allocated to a Series which are not required to fund payments to or
for the benefit of Certificateholders of such Series on the related Distribution
Date, as determined in accordance with the terms of the applicable Supplement.

         "Exchange" shall mean either of the procedures described under Section
6.09.

         "Exchange Date" shall have the meaning, with respect to any Series
issued pursuant to an Exchange, specified in Section 6.09.

         "Exchange Notice" shall have the meaning, with respect to any Series
issued pursuant to an Exchange, specified in Section 6.09.

         "Exchangeable Transferor Certificate" shall mean the certificate
executed by the Transferor and authenticated by the Trustee, substantially in
the form of Exhibit A and exchangeable as provided in Section 6.09, provided
that at any time there shall be only one Exchangeable Transferor Certificate.

         "Existing PSA" is defined in the recitals to this Agreement.

         "Extended Trust Termination Date" shall have the meaning specified in
subsection 12.01(a).

         "FAS 140" shall mean the Statement of Financial Accounting Standards
No. 140, as amended, modified, supplemented or replaced from time to time.

         "FDIC" shall mean the Federal Deposit Insurance Corporation.

         "Finance Charge Account" shall have the meaning specified in subsection
4.02(b).

         "Finance Charge Receivables" shall mean (i) Receivables created in
respect of the Periodic Finance Charges, Annual Membership Fees, fees for
insufficient fund checks received in payment on Accounts, overlimit fees, Cash
Advance Fees, Late Fees and other similar fees and charges, including Special
Fees to the extent such Special Fees are categorized as Finance Charge
Receivables; (ii) Discount Option Receivables; and (iii) Collections consisting
of recoveries, net of expenses of collection, on Defaulted Receivables. Finance
Charge Receivables with respect to any Monthly Period shall include the amount
of Interchange (if any) allocable to any Series of Certificates pursuant to any
Supplement with respect to such Monthly Period (to the extent received by the
Trust and deposited into the Collection Account, the Finance Charge Account or
any Series Account, as the case may be, on the Transfer Date following such
Monthly Period).

                                       9
<PAGE>
         "Financial Institutions Accounts" shall mean revolving credit card
accounts acquired by FNBO from third-party financial institutions.

         "FNBO" shall mean First National Bank of Omaha.

         "FNBSD" shall mean First National Bank South Dakota.

         "Foreign Clearing Agency" shall mean any non-United States clearing
agency specified in the applicable Supplement.

         "Global Certificate" shall have the meaning specified in Section 6.13.

         "Governmental Authority" shall mean the United States of America, any
state or other political subdivision thereof and any entity exercising
executive, legislative, judicial, regulatory or administrative functions of or
pertaining to government.

         "Group" shall mean, with respect to any Series, the group of Series in
which the related Supplement specifies such Series is to be included.

         "Ineligible Receivable" shall have the meaning specified in subsection
2.04(d)(iii).

         "Initial Closing Date" shall mean August 8, 1995.

         "Initial Investor Interest" shall mean, with respect to any Series of
Certificates, the amount stated in the related Supplement.

         "Insolvency Event" shall have the meaning specified in subsection
9.02(a).

         "Insurance Proceeds" shall mean any amounts recovered pursuant to any
credit insurance policies or debt cancellation or debt deferral programs
covering any Obligor with respect to Receivables under such Obligor's Account.

         "Interchange" shall mean interchange fees payable to FNBO, in its
capacity as credit card issuer, through VISA USA, Inc. and MasterCard
International Incorporated.

         "Internal Revenue Code" shall mean the Internal Revenue Code of 1986,
as amended from time to time.

         "Investment Company Act" shall mean the Investment Company Act of 1940,
as amended from time to time.

         "Investor Account" shall mean each of the Collection Account, Finance
Charge Account, the Principal Account, the Excess Funding Account and the
Distribution Account.

         "Investor Certificate" shall mean any one of the certificates
(including, without limitation, the Bearer Certificates, the Registered
Certificates or the Global Certificates) executed by the Transferor (or its
predecessor) and authenticated by the Trustee substantially in the form (or
forms in the case of a Series with multiple classes) of the investor certificate
attached to the related Supplement.

                                       10
<PAGE>

         "Investor Certificateholder" shall mean the Holder of record of an
Investor Certificate.

         "Investor Charge Off" shall have, with respect to each Series, the
meaning specified in the applicable Supplement.

         "Investor Default Amount" shall have, with respect to any Series of
Certificates, the meaning stated in the related Supplement.

         "Investor Exchange" shall have the meaning specified in subsection
6.09(b).

         "Investor Interest" shall have, with respect to any Series of
Certificates, the meaning stated in the related Supplement.

         "Investor Monthly Servicing Fee" shall have, with respect to each
Series, the meaning specified in Section 3.02.

         "Investor Percentage" shall have, with respect to Principal
Receivables, Finance Charge Receivables and Receivables in Defaulted Accounts,
and any Series of Certificates, the meaning stated in the related Supplement.

         "Late Fees" shall have the meaning specified in the Credit Card
Agreement applicable to each Account for late fees or similar terms.

         "Lien" shall mean any mortgage, deed of trust, pledge, hypothecation,
assignment, participation or equity interest, deposit arrangement, encumbrance,
lien (statutory or other), preference, priority or other security agreement or
preferential arrangement of any kind or nature whatsoever, including, without
limitation, any conditional sale or other title retention agreement, any
financing lease having substantially the same economic effect as any of the
foregoing and the filing of any financing statement under the UCC (other than
any such financing statement filed for informational purposes only) or
comparable law of any jurisdiction to evidence any of the foregoing; provided,
however, that any assignment pursuant to Section 7.02 shall not be deemed to
constitute a Lien.

         "Maximum Addition Amount" shall mean, with respect to any Addition
Date, an aggregate principal balance as of such Addition Date of eligible
Additional Accounts not in excess of either (a) the product of (i) 15% and (ii)
the aggregate amount of Principal Receivables determined as of the first day of
the third preceding Monthly Period, minus the aggregate amount of Principal
Receivables in all of the Accounts that have been designated as Additional
Accounts since the first day of the third preceding Monthly Period (measured for
each such Additional Account as of the date such Additional Account was added to
the Trust), or (b) the product of (i) 20% and (ii) the aggregate amount of
Principal Receivables determined as of the first day of the calendar year in
which such Addition Date occurs, minus the aggregate amount of Principal
Receivables in all of the Accounts that have been designated as Additional
Accounts since the first day of such calendar year (measured, for each such
Additional Account, as of the date each such Additional Account was added to the
Trust).

         "Minimum Transferor Interest" shall mean, on any date of determination,
7% (or such higher percentage as may be specified in any Supplement or, upon
satisfaction of the Rating

                                       11
<PAGE>

Agency Condition for each outstanding Series, such lower percentage as may be
specified by the Transferor in a notice to the Trustee and the Servicer) of the
aggregate Principal Receivables on that date of determination.

         "Monthly Period" shall mean, unless otherwise defined in any
Supplement, the period from and including the first day of a calendar month to
and including the last day of a calendar month.

         "Monthly Servicer's Certificate" shall mean a certificate substantially
in the form of Exhibit C.

         "Monthly Servicing Fee" shall have the meaning specified in Section
3.02.

         "Monthly Transferor Servicing Fee" shall have the meaning specified in
Section 3.02.

         "Moody's" shall mean Moody's Investors Service, Inc.

         "Notice Date" shall have the meaning specified in subsection
2.06(c)(i).

         "Obligor" shall mean, with respect to any Account, the Person or
Persons obligated to make payments with respect to such Account, including any
guarantor thereof.

         "Officer's Certificate" shall mean a certificate signed by any vice
president or more senior officer of the Transferor or Servicer and delivered to
the Trustee.

         "Offshore Securities Market" shall mean any established securities
market organized under the laws of a country other than the United States in
which Investor Certificates are listed, including, without limitation, the
Eurobond market, as regulated by the Association of International Bond Dealers;
the Amsterdam Stock Exchange; the Australian Stock Exchange Limited; the Bourse
de Bruxelles; the Frankfurt Stock Exchange; The Stock Exchange of Hong Kong
Limited; The International Stock Exchange of the United Kingdom and the Republic
of Ireland, Ltd.; the Johannesburg Stock Exchange; the Bourse de Luxembourg; the
Borsa Valori di Milan; the Montreal Stock Exchange; the Bourse de Paris; the
Stockholm Stock Exchange; the Tokyo Stock Exchange; the Toronto Stock Exchange;
the Vancouver Stock Exchange; and the Zurich Stock Exchange.

         "Opinion of Counsel" shall mean a written opinion of counsel, who may
be counsel for or an employee of the Person providing the opinion, and who shall
be reasonably acceptable to the Trustee.

         "Paying Agent" shall mean any paying agent appointed pursuant to
Section 6.06 and shall initially be the Trustee.

         "Pay Out Commencement Date" shall mean, with respect to each Series,
the date on which (a) a Trust Pay Out Event is deemed to occur pursuant to
Section 9.01 or (b) a Series Pay Out Event is deemed to occur pursuant to the
Supplement for such Series.

                                       12
<PAGE>

         "Pay Out Event" shall mean, with respect to each Series, a Trust Pay
Out Event or a Series Pay Out Event.

         "Perfection Representations and Warranties" means the representations
and warranties set forth below:

         (a) General. This Agreement creates a valid and continuing security
interest (as defined in the applicable UCC) in the Receivables and the proceeds
thereof in favor of the Trust, which (i) in the case of existing Receivables and
the proceeds thereof, is enforceable upon execution of this Agreement against
creditors of and purchasers from the Transferor, or with respect to then
existing Receivables in Additional Accounts, as of the applicable Addition Date,
and which will be enforceable with respect to Receivables hereafter and
thereafter created and the proceeds thereof upon such creation, in each case as
such enforceability may be limited by applicable Debtor Relief Laws, now or
hereafter in effect, and by general principles of equity (whether considered in
a suit at law or in equity) and (ii) upon filing of the financing statements
described in subparagraph (d) below and, in the case of Receivables hereafter
created, upon the creation thereof, will be prior to all other Liens (other than
Liens permitted pursuant to subparagraph (c) below).

         (b) Accounts. The Receivables constitute "accounts" within the meaning
of UCC Section 9-102.

         (c) Creation. Immediately prior to the conveyance of the Receivables
pursuant to this Agreement, the Transferor owns and has good and marketable
title to the Receivables free and clear of any Lien, claim or encumbrance of any
Person; provided that nothing in this clause (c) shall prevent or be deemed to
prohibit the Transferor 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
the Transferor or the RPA Seller, 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.

         (d) Perfection. The Transferor has caused or will have caused, within
ten days of the Effective Date, 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 by the
Transferor to the Trust under this Agreement in the Receivables arising in the
Accounts designated to the Trust as of the Effective Date, and (if any
additional filing is so necessary) within 10 days of the applicable Addition
Date, in the case of such Receivables arising in Additional Accounts.

         (e) Priority. Other than the security interest granted to the Trust
pursuant to this Agreement, the Transferor has not pledged, assigned, sold,
granted a security interest in, or otherwise conveyed any of the Receivables.
The Transferor has not authorized the filing of and is not aware of any
financing statements against the Transferor that include a description of
collateral covering the Receivables other than any financing statement (i)
relating to the security interest granted to Trust hereunder or (ii) that has
been terminated.

                                       13
<PAGE>

         "Periodic Finance Charges" shall have the meaning specified in the
Credit Card Agreement applicable to each Account for finance charges (due to
periodic rate) or any similar term.

         "Permitted Investments" shall mean, unless otherwise provided in the
Supplement with respect to any Series (a) negotiable instruments or securities
represented by instruments in bearer or registered form which evidence (i)
obligations of or fully guaranteed as to timely payment of principal and
interest by the United States of America; (ii) time deposits or certificates of
deposit of any depository institution or trust company incorporated under the
laws of the United States of America or any state thereof and subject to
supervision and examination by federal or state banking or depository
institution authorities; provided, however, that at the time of the Trust's
investment or contractual commitment to invest therein, the certificates of
deposit or short-term deposits of such depository institution or trust company
shall have a credit rating from Moody's and Standard & Poor's of "P-1" and
"A-l+," respectively; (iii) commercial paper having, at the time of the Trust's
investment or contractual commitment to invest therein, a rating from Moody's
and Standard and Poor's of "P-1" and "A-l+," respectively; (iv) bankers
acceptances issued by any depository institution or trust company described in
clause (a)(ii) above; and (v) investments in money market or common trust funds
rated "AAA-m" or "AAA-mg" by Standard & Poor's and "Aaa" by Moody's or otherwise
approved in writing by each Rating Agency; (b) demand deposits in the name of
the Trust or the Trustee in any depository institution or trust company referred
to in clause (a)(ii) above; and (c) any other investment if each Rating Agency
confirms in writing that such investment will not adversely affect its then
current rating of the Investor Certificates.

         "Person" shall mean any legal person, including any individual,
corporation, partnership, joint venture, association, limited liability company,
joint-stock company, trust, unincorporated organization, governmental entity or
other entity of similar nature.

         "Pool Factor" shall mean, unless any Series is issued in more than one
Class as stated in any related Supplement, a number carried out to seven
decimals representing the ratio of the applicable Investor Interest as of such
Record Date (determined after taking into account any reduction in the Investor
Interest which will occur on the following Distribution Date) to the applicable
Initial Investor Interest.

         "Pool Index File" shall mean the file on the Servicer's computer system
that identifies MasterCard and VISA accounts which file is designated by the
Servicer as its "Pool Index File."

         "Portfolio Reassignment Price" shall have the meaning specified in
subsection 2.04(e).

         "Principal Account" shall have the meaning specified in subsection
4.02(b).
         "Principal Receivable" shall mean each Receivable other than (i)
Finance Charge Receivables, (ii) Receivables in Defaulted Accounts, and (iii)
Discount Option Receivables. A Receivable shall be deemed to have been created
at the end of the day on the Date of Processing of such Receivable. In
calculating the aggregate amount of Principal Receivables on any day, the amount
of Principal Receivables shall be reduced by the aggregate amount of credit
balances in the Accounts on such day. Any Receivables which the Transferor is
unable to transfer as

                                       14
<PAGE>

provided in subsection 2.05(d) shall not be included in calculating the
aggregate amount of Principal Receivables.

         "Principal Shortfall" is defined, as to any Series, in the related
Supplement.

         "Principal Terms" shall have the meaning, with respect to any Series
issued pursuant to an Exchange, specified in subsection 6.09(c).

         "QSPE" shall mean a "qualifying SPE" within the meaning of FAS 140.

         "Qualified Institution" shall have the meaning specified in subsection
4.02(a)(iii).

         "Rating Agency" shall mean, with respect to each Series and as of any
date of determination, the rating agency or agencies, if any, specified in the
related Supplement and rating such Series as of such date of determination.

         "Rating Agency Condition" shall mean the notification in writing by
each Rating Agency for each outstanding Series that has rated such Series at the
Transferor's request, that the action in question will not result in the Rating
Agency's reducing or withdrawing its then existing rating(s) of the applicable
Investor Certificates.

         "Reassignment" shall have the meaning specified in subsection
2.07(b)(ii).

         "Reassignment Date" shall have the meaning specified in subsection
2.04(e).

         "Receivable" shall mean any amount owing by the Obligors under
Accounts, including, without limitation, amounts due in connection with the sale
of goods and services, cash advances, access checks, Annual Membership Fees,
Cash Advance Fees, Periodic Finance Charges, Late Fees, fees for insufficient
funds checks given in payment on the Accounts, overlimit fees and Special Fees,
if any.

         "Receivables Purchase Agreement" means the Receivables Purchase
Agreement, dated as of [         ], 2002, between RPA Seller and Transferor.

         "Record Date" shall mean, with respect to any Distribution Date, the
last day of the preceding Monthly Period.

         "Registered Certificates" shall have the meaning specified in Section
6.01.

         "Related Monthly Period" shall mean the Monthly Period immediately
preceding a Monthly Period in which a specified Distribution Date, Determination
Date or Transfer Date occurs.

         "Removal Date" shall mean the date on which Receivables in certain
designated Removed Accounts will be reassigned by the Trustee to the Transferor.

         "Removal Notice Date" shall mean the day no later than the fifth
Business Day prior to a Removal Date.

                                       15
<PAGE>

         "Removed Accounts" shall have the meaning specified in subsection
2.07(a).

         "Requirements of Law" for any Person shall mean the certificate of
incorporation or articles of association and bylaws or other organizational or
governing documents of such Person, and any law, treaty, rule or regulation, or
determination of an arbitrator or Governmental Authority, in each case
applicable to or binding upon such Person or to which such Person is subject,
whether federal, state or local (including, without limitation, usury laws, the
federal Truth in Lending Act and Regulation Z and Regulation B of the Board of
Governors of the Federal Reserve System).

         "Responsible Officer" shall mean, as to the Trustee, any officer within
the Corporate Trust Office (or any successor group of the Trustee), including
any Vice President, any Assistant Secretary or any other officer of the Trustee
customarily performing functions similar to those performed by any person who at
the time shall be an above-designated officer and also, with respect to a
particular officer to whom any corporate trust matter is referred because of
such officer's knowledge of and familiarity with the particular subject, and as
to any other Person, any Vice President or higher officer.

         "Revolving Period" shall have, with respect to each Series, the meaning
specified in the related Supplement.

         "RPA Seller" means FNBO, in its capacity as RPA Seller under the
Receivables Purchase Agreement.

         "SAIF" shall mean the Savings Association Insurance Fund administered
by the FDIC.

         "Securities Act" shall mean the Securities Act of 1933, as amended.

         "Series" shall mean any series of Investor Certificates, which may
include within any such Series, a Class or Classes of Investor Certificates
subordinate to another such Class or Classes of Investor Certificates.

         "Series Account" shall mean any account or accounts established
pursuant to a Supplement for the benefit of such Series.

         "Series Pay Out Event" shall have, with respect to any Series, the
meaning specified pursuant to the Supplement for the related Series.

         "Series Servicing Fee Percentage" shall mean, with respect to any
Series, the amount specified in the related Supplement.

         "Series Termination Date" shall mean, with respect to any Series of
Certificates, the date stated in the related Supplement.

         "Servicer" shall mean initially First National Bank of Omaha, and its
permitted successors and assigns, and thereafter any Person appointed as
successor as herein provided to service the Receivables.

                                       16
<PAGE>

         "Servicer Default" shall have the meaning specified in Section 10.01.

         "Servicer Letter of Credit" shall mean a letter of credit supporting
the Servicer's obligations regarding Collections which is delivered to the
Trustee in accordance with subsection 4.03(a)(ii).

         "Service Transaction Fees" shall have the meaning specified in the
Credit Card Agreement applicable to each Account for any service transaction
fees or similar terms.

         "Servicing Officer" shall mean any officer of the Servicer involved in,
or responsible for, the administration and servicing of the Receivables whose
name appears on a list of servicing officers furnished to the Trustee by the
Servicer, as such list may from time to time be amended.

         "Special Fees" shall mean Receivables which are Draft Fees, Service
Transaction Fees, lost card fees, statement request fees, copy request fees,
foreign ATM fees, balance transfer fees, check fees, stop payment fees, skip
payment fees, return payment fees and any other fees which are not now but from
time to time may be assessed on the Accounts. On or after the date on which any
of such Special Fees begin to be assessed on the Accounts, the Transferor may
designate in an Officer's Certificate whether such Special Fees shall be treated
as Receivables.

         "Standard & Poor's" or "S&P" shall mean Standard & Poor's Ratings
Service, a division of the McGraw Hill Companies, Inc.

         "Successor Servicer" shall have the meaning specified in subsection
10.02(a).

         "Supplement" shall mean, with respect to any Series, a supplement to
this Agreement complying with the terms of Section 6.09 of this Agreement,
executed in conjunction with any issuance of any Series of Certificates (or, in
the case of the issuance of Certificates on the Initial Closing Date, the
Supplement executed in connection with the issuance of such Certificates).

         "Termination Notice" shall have, with respect to any Series, the
meaning specified in subsection 10.01(d).

         "Transaction Documents" means, at any time, this Agreement, the
Receivables Purchase Agreement, the Supplement for each outstanding Series, any
documents pursuant to which any outstanding Investor Certificate is sold as
permitted by Section 6.09 and any other document designated as a Transaction
Document in any of the foregoing.

         "Transfer Agent and Registrar" shall have the meaning specified in
Section 6.03 and shall initially be the Trustee's Corporate Trust Office.

         "Transfer Date" shall mean, with respect to any Series, the Business
Day immediately prior to each Distribution Date.

         "Transferor" shall mean First National Funding LLC, a Nebraska limited
liability company.

         "Transferor Exchange" shall have the meaning specified in subsection
6.09(b).

                                       17
<PAGE>

         "Transferor Interest" shall mean, on any date of determination, the
aggregate amount of Principal Receivables, plus the Excess Funding Amount, in
each case at the end of the day immediately prior to such date of determination,
minus the Aggregate Investor Interest at the end of such day.

         "Transferor Percentage" shall mean, on any date of determination, when
used with respect to Principal Receivables, Finance Charge Receivables and
Receivables in Defaulted Accounts, a percentage equal to 100% minus the
Aggregate Investor Percentage with respect to such categories of Receivables.

         "Transferred Account" shall mean an Account (i) for which a new credit
account number has been issued under circumstances not requiring standard
application and credit evaluation procedures under the Credit Card Guidelines
and (ii) which can be traced or identified by reference to or by way of the
computer files or microfiche lists delivered to the Trustee pursuant to Section
2.01 or 2.06 as an account into which an Account has been transferred.

         "Trust" shall mean the trust created by this Agreement, the corpus of
which shall consist of the Receivables now existing or hereafter created and all
moneys due or to become due with respect thereto, all proceeds (as defined in
Section 9-102 of the UCC) of the Receivables and Insurance Proceeds relating
thereto, the right to receive certain amounts paid or payable as Interchange (if
provided for in any Supplement), such funds as from time to time are deposited
in the Collection Account, the Excess Funding Account, the Finance Charge
Account, the Principal Account, the Distribution Account and any Series Account
and the rights to any Enhancement with respect to any Series.

         "Trust Assets" shall have the meaning specified in Section 2.01.

         "Trustee" shall mean The Bank of New York, a New York banking
corporation, and its successors and any corporation resulting from, or surviving
any consolidation or merger to which it or its successors may be a party and any
successor trustee appointed as herein provided.

         "Trust Extension" shall have the meaning specified in subsection
12.01(a).

         "Trust Pay Out Event" shall have, with respect to each Series, the
meaning specified in Section 9.01.

         "Trust Termination Date" shall mean the earlier to occur of (a) unless
a Trust Extension shall have occurred, the day after the Distribution Date with
respect to any Series following the date on which funds shall have been
deposited in the Distribution Account or the applicable Series Account for the
payment of Investor Certificateholders of each Series then issued and
outstanding sufficient to pay in full the Aggregate Investor Interest plus
interest accrued at the applicable Certificate Rate through the end of the
related interest accrual period prior to the Distribution Date with respect to
each such Series, (b) if a Trust Extension shall have occurred, the Extended
Trust Termination Date, and (c) July 31, 2020.

         "UCC" shall mean the Uniform Commercial Code, as in effect in the State
of Nebraska and in any other state where filing of a financing statement is
required under any Transaction Document or in any other specified jurisdiction.

                                       18
<PAGE>

         "Undivided Interest" shall mean the undivided interest of any
Certificateholder in the Trust.

         SECTION 1.02. OTHER DEFINITIONAL PROVISIONS.

                  (a) All terms defined in any Supplement or this Agreement
         shall have the defined meanings when used in any certificate or other
         document made or delivered pursuant hereto unless otherwise defined
         therein.

                  (b) As used herein and in any certificate or other document
         made or delivered pursuant hereto or thereto, accounting terms not
         defined in Section 1.01, and accounting terms partially defined in
         Section 1.01 to the extent not defined, shall have the respective
         meanings given to them under generally accepted accounting principles
         or regulatory accounting principles, as applicable. To the extent that
         the definitions of accounting terms herein are inconsistent with the
         meanings of such terms under generally accepted accounting principles
         or regulatory accounting principles, the definitions contained herein
         shall control.

                  (c) The agreements, representations and warranties of FNBO in
         this Agreement and in any Supplement in each of its capacities as
         Transferor and Servicer, shall be deemed to be the agreements,
         representations and warranties of FNBO solely in each such capacity for
         so long as FNBO acts in each such capacity under this Agreement.

                  (d) The words "thereof," "herein" and "hereunder" and words of
         similar import when used in this Agreement shall refer to any
         Supplement or this Agreement as a whole and not to any particular
         provision of this Agreement or any Supplement.

                  (e) Section, subsection, schedule and exhibit references
         contained in this Agreement or any supplement are references to
         sections, subsections, schedules and exhibits in or to this Agreement
         or any supplement unless otherwise specified.

                  (f) The Monthly Servicer Certificate, the form of which is
         attached as Exhibit C to this Agreement, and the Annual Servicer
         Certificate, the form of which is attached as Exhibit D to this
         Agreement, shall be in substantially the form of Exhibit C or Exhibit
         D, as the case may be, with such changes as the Servicer may determine
         to be necessary or desirable; provided, however, that no such change
         shall serve to exclude information required by this Agreement or any
         Supplement. The Servicer shall, upon making such determination, deliver
         to the Trustee and each Rating Agency an Officer's Certificate to which
         shall be annexed the form of the related Exhibit, as so changed. Upon
         the delivery of such Officer's Certificate to the Trustee, the related
         Exhibit, as so changed, shall for all purposes of this Agreement
         constitute such Exhibit. The Trustee may conclusively rely upon such
         Officer's Certificate in determining whether the related Exhibit, as
         changed, conforms to the requirements of this Agreement.

                  (g) All references to Investor Certificates, Investor
         Certificateholders, Certificateholders and Holders in this Agreement
         and, unless otherwise required by the context, in the Transaction
         Documents, shall include the Collateralized Trust Obligations and the
         CTO Securityholders, as applicable, each as defined in the Supplements
         for

                                       19
<PAGE>

         Series 2000-2 and Series 2001-1; provided, however, that, as specified
         in such Supplements, the Collateralized Trust Obligations do not
         represent Undivided Interests in the Trust except for the purposes
         specified in such Supplements; and provided, further, that in
         determining whether the Holders of Investor Certificates representing
         the requisite percentage of the unpaid Initial Investor Interest have
         given any request, demand, authorization, direction, notice, consent or
         waiver hereunder, Investor Certificates owned by the Transferor, FNBO,
         the Servicer or any of their Affiliates shall be disregarded, except
         that in determining whether the Trustee shall be protected in relying
         on any such action, only Investor Certificates that a Responsible
         Officer of the Trustee actually knows to be so owned shall be so
         disregarded. Investor Certificates so owned that have been pledged in
         good faith may be included if the pledgee establishes to the
         satisfaction of the Trustee the pledgee's right so to act with respect
         to such Investor Certificates and that the pledgee is not the
         Transferor, FNBO, the Servicer or any Affiliate of any of the foregoing
         Persons. In making any such determination, the Trustee may conclusively
         rely on the representations of the pledgee and shall not be required to
         undertake any independent investigation.

                                   ARTICLE II

               CONVEYANCE OF RECEIVABLES; ISSUANCE OF CERTIFICATES

         SECTION 2.01. CONVEYANCE OF RECEIVABLES. The Transferor does hereby
transfer, assign, set over, grant and otherwise convey to the Trust for the
benefit of the Certificateholders, without recourse, all of its right, title and
interest in and to (i) the Receivables now existing and hereafter created and
arising in connection with the Accounts (other than Receivables in Additional
Accounts), (ii) all moneys due or to become due with respect thereto (including
all Finance Charge Receivables), (iii) recoveries (net of expenses of
collection) on Defaulted Accounts, (iv) Insurance Proceeds relating to such
Receivables, (v) any Enhancement provided in accordance with the terms of any
Supplement, (vi) all of its rights, remedies, powers and privileges under the
Receivables Purchase Agreement and (vii) all proceeds of any of the foregoing
(collectively, the "Trust Assets").

         In connection with such transfer, assignment, setover, grant and
conveyance, the Transferor agrees to record and file, at its own expense,
financing statements (including any continuation statements with respect to such
financing statement when applicable) with respect to the Receivables now
existing and hereafter created for the transfer of accounts (as defined in the
UCC) meeting the requirements of applicable state law in such manner and in such
jurisdictions as are necessary to perfect, and maintain the perfection of, the
assignment of the Receivables to the Trust, and to deliver a file-stamped copy
of each such financing statement or continuation statement or other evidence of
such filing (which may, for purposes of this Section 2.01, consist of telephone
confirmation of such filing) to the Trustee on or prior to the date of issuance
of the Certificates, and in the case of any continuation statements filed
pursuant to this Section 2.01, as soon as practicable after receipt thereof by
the Transferor. The foregoing transfer, assignment, setover, grant and
conveyance to the Trust shall be made to the Trustee, on behalf of the Trust,
and each reference in this Agreement to such transfer, assignment, setover,
grant and conveyance shall be construed accordingly.

                                       20
<PAGE>

         In connection with such transfer, the Transferor agrees, at its own
expense, on or prior to the Initial Closing Date (i) to indicate in the Pool
Index File maintained in its computer files that Receivables created in
connection with the Accounts (other than any Additional Accounts) have been
transferred to the Trust pursuant to this Agreement for the benefit of the
Certificateholders by identifying such Accounts in the Pool Index File by
setting the trust indicator flag to "1," and to cause FNBO to make a similar
notation in its computer files, and (ii) to deliver to the Trustee a computer
file or microfiche list containing a true and complete list of all such
Accounts, identified by account number and setting forth the Receivable balance
as of the Cut Off Date. Such file or list shall be marked as Schedule 1 to this
Agreement, delivered to the Trustee as confidential and proprietary, and is
hereby incorporated into and made a part of this Agreement. The Transferor and
the Servicer each agree not to alter the file designation referenced in clause
(i) of this paragraph with respect to any Account during the term of this
Agreement unless and until such Account becomes a Removed Account.

         The parties intend that the transfer shall be deemed to be a sale, but
if, and to the extent that, such transfer is not deemed to be a sale, the
Transferor shall be deemed hereunder to have granted, and does hereby so grant,
to the Trustee a first priority perfected security interest in all of the
Transferor's right, title and interest in, and under the Receivables now
existing and hereafter created and arising in connection with the Accounts
(other than Receivables in Additional Accounts), all payments on such
Receivables received after the Cut Off Date, all Insurance Proceeds relating
thereto and all proceeds thereof (including recoveries, net of expenses of
collection on Defaulted Accounts) and Investor Accounts and that this Agreement
shall constitute a security agreement under applicable law.

         Pursuant to the request of the Transferor, the Trustee shall cause
Certificates in authorized denominations evidencing the entire interest in the
Trust to be duly authenticated and delivered to or upon the order of the
Transferor pursuant to Section 6.02.

         By executing this Agreement and the Receivables Purchase Agreement, the
parties hereto and thereto do not intend to cancel, release or in any way impair
the conveyances previously made by FNBO and FNBSD, as "Transferor" and
"Co-Transferor" under the Existing PSA. Without limiting the foregoing, the
parties hereto acknowledge and agree as follows:

                  (i) The Trust created by and maintained under the Existing PSA
         shall continue to exist and be maintained under this Agreement.

                  (ii) All series of Investor Certificates issued under the
         Existing PSA shall constitute Series issued and outstanding under this
         Agreement, and any Supplement executed in connection with such Series
         shall constitute a Supplement executed hereunder.

                  (iii) All references to the Existing PSA in any other
         instruments or documents shall be deemed to constitute references to
         this Agreement. All references in such instruments or documents to FNBO
         or FNBSD as "Transferor" or "Co-Transferor" of receivables and related
         assets under the Existing PSA shall be deemed to constitute references
         to the Transferor in such capacity hereunder.

                                       21
<PAGE>

                  (iv) The Transferor hereby assumes and agrees to perform all
         obligations of FNBO or FNBSD, as "Transferor" or "Co-Transferor" (but
         not as "Servicer"), under or in connection with the Existing PSA (as
         amended and restated by this Agreement) and any Supplements to the
         Existing PSA.

                  (v) To the extent this Agreement requires that certain actions
         are to be taken as of the Initial Closing Date or another date prior to
         the Effective Date, execution of such action by FNBO or FNBSD under the
         Existing PSA shall constitute satisfaction of such requirement.

         SECTION 2.02. ACCEPTANCE BY TRUSTEE.

                  (a) The Trustee hereby acknowledges its acceptance, on behalf
         of the Trust, of all right, title and interest previously held by the
         Transferor in and to the Receivables now existing and hereafter created
         and arising in connection with the Accounts (other than Receivables in
         Additional Accounts), all moneys due or to become due with respect
         thereto (including all Finance Charge Receivables), all proceeds of
         such Receivables (including recoveries, net of expenses of collection,
         on Defaulted Accounts), Insurance Proceeds relating to such
         Receivables, and the proceeds thereof, and declares that it shall
         maintain such right, title and interest, upon the Trust herein set
         forth, for the benefit of all Certificateholders. The Trustee further
         acknowledges that, prior to or simultaneously with the execution and
         delivery of this Agreement, the Servicer delivered to the Trustee the
         computer file or microfiche list described in the third paragraph of
         Section 2.01.

                  (b) The Trustee hereby agrees not to disclose to any Person
         any of the account numbers or other information contained in the
         computer files or microfiche lists delivered to the Trustee by the
         Servicer pursuant to Sections 2.01, 2.06 and 2.07 ("Account
         Information") except as is required in connection with the performance
         of its duties hereunder or in enforcing the rights of the
         Certificateholders or to a Successor Servicer appointed pursuant to
         Section 10.02 or as mandated pursuant to any Requirement of Law
         applicable to the Trustee. The Trustee agrees (i) to take such measures
         as shall be reasonably requested by the Transferor to protect and
         maintain the security and confidentiality of such information, and, in
         connection therewith, shall allow the Transferor to inspect the
         Trustee's security and confidentiality arrangements from time to time
         during normal business hours; and (ii) not to use any of the Account
         Information to compete, directly or indirectly, with the Transferor. In
         the event that the Trustee is required by law to disclose any Account
         Information, the Trustee shall provide the Transferor with prompt
         written notice, unless such notice is prohibited by law, of any such
         request or requirements so that the Transferor or the affected Credit
         Card Originator may request a protective order or other appropriate
         remedy. The Trustee shall make best efforts to provide the Transferor
         with written notice no later than five Business Days prior to any
         disclosure pursuant to this subsection 2.02(b).

                  (c) The Trustee shall have no power to create, assume or incur
         indebtedness or other liabilities in the name of the Trust other than
         as contemplated in this Agreement. Neither the Trust nor the Trustee
         accepts any duty or obligation of the Transferor

                                       22
<PAGE>

         hereunder to any Person, including, but not limited to any duty or
         obligation to any Obligor.

         SECTION 2.03. REPRESENTATIONS AND WARRANTIES OF THE TRANSFEROR. The
Transferor hereby represents and warrants to the Trust as of the Effective Date,
each Closing Date and, with respect to Additional Accounts, the related Addition
Date:

                  (a) ORGANIZATION AND GOOD STANDING. The Transferor is a
         limited liability company validly existing in good standing under the
         laws of the State of Nebraska and has full power, authority and legal
         right to own its properties and conduct its business as presently owned
         and conducted, and to execute, deliver and perform its obligations
         under this Agreement and each other Transaction Document to which the
         Transferor is a party and to execute and deliver to the Trustee the
         Certificates pursuant hereto.

                  (b) DUE QUALIFICATION. The Transferor is duly qualified to do
         business and is in good standing (or is exempt from such requirement)
         in any state required in order to conduct business, and has obtained
         all necessary licenses and approvals with respect to the Transferor
         required under federal and Nebraska law; provided, however, that no
         representation or warranty is made with respect to any qualifications,
         licenses or approvals which the Trustee would have to obtain to do
         business in any state in which the Trustee seeks to enforce any
         Receivable.

                  (c) DUE AUTHORIZATION. The execution, delivery and performance
         of this Agreement and each other Transaction Document to which the
         Transferor is a party and the execution and delivery to the Trustee of
         the Certificates by the Transferor and the consummation of the
         transactions provided for in this Agreement and each such other
         Transaction Document have been duly authorized by the Transferor by all
         necessary limited liability company action on its part.

                  (d) NO CONFLICTS. The execution and delivery of this
         Agreement, the Certificates and each other Transaction Document to
         which the Transferor is a party, the performance of the transactions
         contemplated by this Agreement and each such Transaction Document and
         the fulfillment of the terms hereof and thereof, will not conflict
         with, result in any breach of any of the material terms and provisions
         of, or constitute (with or without notice or lapse of time or both) a
         material default under, any indenture, contract, agreement, mortgage,
         deed of trust, or other instrument to which the Transferor is a party
         or by which it or any of its properties are bound.

                  (e) NO VIOLATION. The execution and delivery of this
         Agreement, the Certificates and each other Transaction Document to
         which the Transferor is a party, the performance of the transactions
         contemplated by this Agreement and each such Transaction Document and
         the fulfillment of the terms hereof and thereof, will not conflict with
         or violate in any material way any Requirements of Law applicable to
         the Transferor.

                  (f) NO PROCEEDINGS. There are no proceedings or investigations
         pending or, to the best knowledge of the Transferor, threatened against
         the Transferor before any

                                       23
<PAGE>

         court, regulatory body, administrative agency, or other tribunal or
         governmental instrumentality (i) asserting the invalidity of this
         Agreement, the Certificates or any other Transaction Document, (ii)
         seeking to prevent the issuance of the Certificates or the consummation
         of any of the transactions contemplated by this Agreement, the
         Certificates and each such Transaction Document, (iii) seeking any
         determination or ruling that, in the reasonable judgment of the
         Transferor, would materially and adversely affect the performance by
         the Transferor of its obligations under this Agreement or any other
         Transaction Document, (iv) seeking any determination or ruling that
         would materially and adversely affect the validity or enforceability of
         this Agreement, the Certificates or any other Transaction Document or
         (v) seeking to affect adversely the income tax attributes of the Trust.

                  (g) ELIGIBILITY OF ACCOUNTS. As of the Cut Off Date and each
         Addition Date prior to the date hereof, each Account was an Eligible
         Account and no selection procedures adverse to the Investor
         Certificateholders have been employed in selecting the Accounts from
         among the Eligible Accounts.

                  (h) ALL CONSENTS REQUIRED. All approvals, authorizations,
         consents, orders or other actions of any Person or of any governmental
         body or official required in connection with the execution and delivery
         by the Transferor of this Agreement, the Certificates and each other
         Transaction Document to which the Transferor is a party, the
         performance by the Transferor of the transactions contemplated by this
         Agreement and each such other Transaction Document, and the fulfillment
         of the terms hereof and thereof, have been obtained; provided, however,
         that no representation or warranty is made as to state securities or
         blue sky laws regarding the distribution of the Certificates.

                  (i) INSOLVENCY. The Transferor is not insolvent and no
         Insolvency Event with respect to the Transferor has occurred, and the
         transfers of the Receivables and the other Trust Assets by the
         Transferor to the Trust contemplated hereby have not been made in
         contemplation of such insolvency or Insolvency Event.

                  For the purposes of the representations and warranties made by
         the Transferor in this Section 2.03, "Certificates" shall mean the
         Certificates issued during the period commencing on December 31, 1995,
         and ending on the date hereof. The representations and warranties set
         forth in this Section 2.03 shall survive the transfer and assignment of
         the respective Receivables to the Trust, and termination of the rights
         and obligations of the Servicer pursuant to Section 10.01. The
         Transferor hereby represents and warrants to the Trust, with respect to
         any Series of Certificates, as of its Closing Date, unless otherwise
         stated in such Supplement, that the representations and warranties of
         the Transferor set forth in Section 2.03, are true and correct as of
         such date (for the purposes of such representations and warranties,
         "Certificates" shall mean the Certificates issued on the related
         Closing Date). Upon discovery by the Transferor, the Servicer or the
         Trustee of a breach of any of the foregoing representations and
         warranties, the party discovering such breach shall give prompt written
         notice to the others.

                                       24
<PAGE>

         SECTION 2.04. REPRESENTATIONS AND WARRANTIES OF THE TRANSFEROR RELATING
TO THE AGREEMENT AND THE RECEIVABLES.

                  (a) BINDING OBLIGATION; VALID TRANSFER AND ASSIGNMENT. The
         Transferor hereby represents and warrants to the Trust that, as of the
         Effective Date, each Closing Date and, with respect to Additional
         Accounts, the related Addition Date:

                           (i) This Agreement and each other Transaction
                  Document to which the Transferor is a party constitutes and,
                  in the case of Additional Accounts, when the related
                  Assignment is executed and delivered on behalf of RPA Seller,
                  will constitute, a legal, valid and binding obligation of the
                  Transferor, enforceable against the Transferor in accordance
                  with its terms, except (A) as such enforceability may be
                  limited by applicable bankruptcy, insolvency, reorganization,
                  moratorium or other similar laws now or hereafter in effect
                  affecting the enforcement of creditors rights in general and
                  the rights of creditors of national banking associations, and
                  (B) as such enforceability may be limited by general
                  principles of equity (whether considered in a suit at law or
                  in equity).

                           (ii) This Agreement (as supplemented by Assignments
                  made pursuant to Section 2.06) constitutes either (A) a valid
                  transfer, assignment, setover and conveyance to the Trust of
                  all right, title and interest of the Transferor in and to the
                  Receivables now existing (or, with respect to Additional
                  Accounts, existing on the applicable Addition Date) and
                  hereafter (or thereafter) created and arising in connection
                  with the Accounts, and all proceeds of such Receivables and
                  Insurance Proceeds relating thereto, and such Receivables and
                  all proceeds thereof and Insurance Proceeds relating thereto
                  will be held by the Trust free and clear of any Lien except
                  for (1) Liens permitted under subsection 2.05(b), (2) the
                  interest of the Transferor as Holder of the Exchangeable
                  Transferor Certificate and (3) the Servicer's right, if any,
                  to interest accruing on, and investment earnings, if any, in
                  respect of the Finance Charge Account, the Collection Account,
                  the Principal Account or any Series Account, as provided in
                  this Agreement or the related Supplement, or (B) a grant of a
                  security interest (as defined in the UCC) in such property to
                  the Trust, which is enforceable with respect to the existing
                  Receivables, the proceeds thereof and Insurance Proceeds
                  relating thereto upon execution and delivery of this
                  Agreement, or, with respect to Receivables then existing in
                  Additional Accounts, upon execution and delivery of the
                  related Assignment, and which will be enforceable with respect
                  to such Receivables hereafter (or thereafter) created, the
                  proceeds thereof and Insurance Proceeds relating thereto, upon
                  such creation. If this Agreement (as supplemented by
                  Assignments made pursuant to Section 2.06) constitutes the
                  grant of a security interest to the Trust in such property,
                  all actions necessary under the applicable UCC in any
                  jurisdiction to be taken to give the Trustee a first priority
                  perfected security interest in the Receivables and proceeds
                  thereof (subject to Section 9-315 of the UCC), except for
                  Liens permitted under subsection 2.05(b), have been taken.
                  Neither the Transferor nor any Person (other than the Trustee)
                  shall have any claim to or interest in the Collection Account,
                  the Excess Funding Account, the Principal Account, the Finance
                  Charge Account, the Distribution Account or

                                       25
<PAGE>
                  any Series Account, or the Enhancement for any Series, except
                  for the Servicer's rights, if any, to receive interest
                  accruing on, and investment earnings in respect of, the
                  Finance Charge Account, the Collection Account and Principal
                  Account as provided in this Agreement (or, if applicable, any
                  Series Account as provided in any Supplement) and, if this
                  Agreement constitutes the grant of a security interest in such
                  property, except for the interest of the Transferor in such
                  property as a debtor for purposes of the UCC and the interests
                  of the Transferor as Holder of the Exchangeable Transferor
                  Certificate.

                  (b) ELIGIBILITY OF RECEIVABLES. The Transferor hereby
         represents and warrants to the Trust as of the Initial Closing Date,
         the Effective Date, each Closing Date and, with respect to Additional
         Accounts, the related Addition Date that:

                           (i) Each Account designated as an Account is an
                  Eligible Account as of the date of such designation, all then
                  existing Receivables in each such Account are Eligible
                  Receivables as of the date of such designation and, as of the
                  date of creation of any new Receivable in an Account, such
                  Receivable will be an Eligible Receivable.

                           (ii) Each Receivable then existing has been conveyed
                  to the Trust free and clear of any Lien (other than Liens
                  permitted under subsection 2.05(b)) and in compliance, in all
                  material respects, with all Requirements of Law applicable to
                  the Transferor and/or FNBO.

                           (iii) With respect to each Receivable then existing,
                  all consents, orders, licenses, approvals or authorizations of
                  or registrations or declarations with any Governmental
                  Authority required to be obtained, effected or given by the
                  Transferor or FNBO in connection with the conveyance of such
                  Receivable to the Trust have been duly obtained, effected or
                  given and are in full force and effect.

                           (iv) On each day on which any new Receivable is
                  created, the Transferor shall be deemed to represent and
                  warrant to the Trust that (A) each Receivable created on such
                  day is an Eligible Receivable, (B) each Receivable created on
                  such day has been conveyed to the Trust in compliance, in all
                  material respects, with all Requirements of Law applicable to
                  the Transferor or FNBO, (C) with respect to each such
                  Receivable, all consents, licenses, approvals or
                  authorizations of or registrations or declarations with, any
                  Governmental Authority required to be obtained, effected or
                  given by the Transferor or FNBO in connection with the
                  conveyance of such Receivable to the Trust have been duly
                  obtained, effected or given and are in full force and effect
                  and (D) the representations and warranties set forth in
                  subsections 2.04(a) and 2.04(b)(ii) are true and correct with
                  respect to each Receivable created on such day as if made on
                  such day.

                           (v) As of the Effective Date, and as of each Addition
                  Date with respect to Additional Accounts, and as of each
                  Removal Date with respect to Removed Accounts, Schedule 1 to
                  this Agreement, as supplemented by the related computer

                                       26
<PAGE>

                  files or microfiche lists delivered pursuant to Section 2.06
                  or Section 2.07 in connection with each Addition Date or
                  Removal Date, is an accurate and complete listing in all
                  material respects of all the Accounts as of each such date
                  (or, with respect to the Schedule delivered on the Effective
                  Date, as of the most recent month end) and the information
                  contained therein with respect to the identity of such
                  Accounts and the Receivables existing thereunder is true and
                  correct in all material respects as of each such specified
                  date.

                           (vi) The Transferor is the legal and beneficial owner
                  of all right, title and interest in each Receivable and
                  Transferor has the full right, power and authority to transfer
                  such Receivables to the Trust.

                  (c) NOTICE OF BREACH. The representations and warranties set
         forth in this Section 2.04 shall survive the transfer and assignment of
         the respective Receivables to the Trust. Upon discovery by the
         Transferor, the Servicer or the Trustee of a breach of any of the
         representations and warranties set forth in this Section 2.04, the
         party discovering such breach shall give prompt written notice to the
         other parties mentioned above. The Transferor agrees to cooperate with
         the Servicer and the Trustee in attempting to cure any such breach.

                  (d) TRANSFER OF INELIGIBLE RECEIVABLES.

                           (i) Automatic Removal. In the event of a breach with
                  respect to a Receivable of any representations and warranties
                  set forth in subsection 2.04(b)(ii), or in the event that a
                  Receivable is not an Eligible Receivable as a result of the
                  failure to satisfy the conditions set forth in clause (d) of
                  the definition of Eligible Receivable, and any of the
                  following three conditions is met: (A) as a result of such
                  breach or event such Receivable is charged off as
                  uncollectible or the Trust's rights in, to or under such
                  Receivable or its proceeds are impaired or the proceeds of
                  such Receivable are not available for any reason to the Trust
                  free and clear of any Lien, except Liens permitted under
                  subsection 2.05(b); (B) the Lien upon the subject Receivable
                  (1) arises in favor of the United States of America or any
                  State or any agency or instrumentality thereof and involves
                  taxes or liens arising under Title IV of ERISA or (2) has been
                  consented to by the Transferor or the applicable Credit Card
                  Originator; or (C) the unsecured short-term debt rating of
                  FNBO is not at least "P-1" by Moody's and the Lien upon the
                  subject Receivable ranks prior to the Lien created pursuant to
                  this Agreement, then, upon the earlier to occur of the
                  discovery of such breach or event by the Transferor or the
                  Servicer or receipt by the Transferor of written notice of
                  such breach or event given by the Trustee, Receivables of the
                  Account containing such ineligible Receivable shall be
                  automatically removed from the Trust on the terms and
                  conditions set forth in subsection 2.04(d)(iii).

                           (ii) Removal After Cure Period. In the event of a
                  breach of any of the representations and warranties set forth
                  in subsection 2.04(b) other than a breach or event as set
                  forth in clause (d)(i) above, and as a result of such breach
                  the related Account becomes a Defaulted Account or the Trust's
                  rights in, to or under

                                       27
<PAGE>

                  the Receivable or its proceeds are impaired or the proceeds of
                  such Receivable are not available for any reason to the Trust
                  free and clear of any Lien, except Liens permitted under
                  subsection 2.05(b), then upon the expiration of 60 days (or
                  such longer period as may be agreed to by the Trustee in its
                  sole discretion, but in no event later than 150 days) from the
                  earlier to occur of the discovery of any such event by either
                  the Transferor or the Servicer, or receipt by the Transferor
                  of written notice of any such event given by the Trustee, the
                  Receivables of the Account containing such ineligible
                  Receivable shall be removed from the Trust on the terms and
                  conditions set forth in subsection 2.04(d)(iii); provided,
                  however, that no such removal shall be required to be made if,
                  on any day within such applicable period, such representations
                  and warranties with respect to such Receivable shall then be
                  true and correct in all material respects as if such
                  Receivable had been created on such day.

                           (iii) Procedures for Removal. When the provisions of
                  subsection 2.04(d)(i) or (ii) above require removal of a
                  Receivable, the Transferor shall accept reassignment of such
                  Receivable (an "Ineligible Receivable") by directing the
                  Servicer to deduct the principal balance of each such
                  Ineligible Receivable from the Principal Receivables in the
                  Trust and to decrease the Transferor Interest by such amount.
                  On and after the date of such removal, each Ineligible
                  Receivable shall be deducted from the aggregate amount of
                  Principal Receivables used in the calculation of any Investor
                  Percentage, the Transferor Percentage or the Transferor
                  Interest. In the event that the exclusion of an Ineligible
                  Receivable from the calculation of the Transferor Interest
                  would cause the Transferor Interest to be reduced below the
                  Minimum Transferor Interest or would otherwise not be
                  permitted by law, the Transferor shall immediately, but in no
                  event later than 10 Business Days after such event, make a
                  deposit in the Excess Funding Account in immediately available
                  funds prior to the next succeeding Transfer Date in an amount
                  equal to the amount by which the Transferor Interest would be
                  reduced below the Minimum Transferor Interest. The portion of
                  such deposit allocated to the Investor Certificates of each
                  Series shall be distributed to the Investor Certificateholders
                  of each Series in the manner specified in Article IV, if
                  applicable, on the Distribution Date relating to the Monthly
                  Period in which such deposit is made. Upon the reassignment to
                  the Transferor of an Ineligible Receivable, the Trust shall
                  automatically and without further action be deemed to
                  transfer, assign, set over and otherwise convey to the
                  Transferor, without recourse, representation or warranty, all
                  the right, title and interest of the Trust in and to such
                  Ineligible Receivable, all moneys due or to become due with
                  respect thereto and all proceeds thereof and Insurance
                  Proceeds relating thereto and Interchange (if any) allocated
                  to such Ineligible Receivable pursuant to any Supplement. Such
                  reassigned Ineligible Receivable shall be treated by the Trust
                  as collected in full as of the date on which it was
                  transferred. The Trustee shall execute such documents and
                  instruments of transfer or assignment and take other actions
                  as shall reasonably be requested by the Transferor to evidence
                  the conveyance of such Ineligible Receivable pursuant to this
                  subsection 2.04(d)(iii). The obligation of the Transferor set
                  forth in this subsection 2.04(d)(iii), or the automatic
                  removal of such Receivable from the Trust, as the case may be,
                  shall

                                       28
<PAGE>

                  constitute the sole remedy respecting any breach of the
                  representations and warranties set forth in the
                  above-referenced subsections with respect to such Receivable
                  available to Certificateholders or the Trustee on behalf of
                  Certificateholders.

                           (iv) Proceeds Held by Servicer. For the purposes of
                  subsections 2.04(d)(i) and (ii) above, proceeds of a
                  Receivable shall not be deemed to be impaired hereunder solely
                  because such proceeds are held by the Servicer (if the
                  Servicer is FNBO or the Transferor) for more than the
                  applicable period under Section 9-315 of the UCC.

                  (e) REASSIGNMENT OF TRUST PORTFOLIO. In the event of a breach
         of any of the representations and warranties set forth in subsections
         2.03(a), (b) or (c) or subsection 2.04(a) which has a material adverse
         effect on the Receivables or the availability of the proceeds of the
         Receivables to the Trust, either the Trustee or the Holders of Investor
         Certificates evidencing more than 50% of the aggregate unpaid Initial
         Investor Interests of all Series, by notice then given in writing to
         the Transferor (and to the Trustee and the Servicer, if given by the
         Investor Certificateholders), may direct the Transferor to accept
         reassignment of an amount of Principal Receivables (as specified below)
         within 60 days of such notice (or within such longer period as may be
         specified in such notice), and the Transferor shall be obligated to
         accept reassignment of such Principal Receivables on a Transfer Date
         specified by the Transferor (as to such Transfer Date, the
         "Reassignment Date") occurring within such applicable period on the
         terms and conditions set forth below; provided, however, that no such
         reassignment shall be required to be made if, at any time during such
         applicable period, the representations and warranties contained in
         subsections 2.03(a), (b) or (c) or subsection 2.04(a), as applicable,
         shall then be true and correct in all material respects. The Transferor
         shall deposit in next-day funds on the Reassignment Date an amount
         equal to the reassignment deposit amount for such Receivables in the
         Distribution Account or Series Account, as provided in the related
         Supplement, for distribution to the Investor Certificateholders
         pursuant to Article XII. The reassignment deposit amount with respect
         to each Series for such reassignment, unless otherwise stated in the
         related Supplement, shall be equal to (i) the unpaid Initial Investor
         Interest of such Series at the end of the day on the last day of the
         Monthly Period preceding the Reassignment Date, less the amount, if
         any, previously allocated for payment of principal, or paid as
         principal to such Certificateholders on the related Distribution Date
         in the Monthly Period in which the Reassignment Date occurs, plus (ii)
         an amount equal to all interest accrued but unpaid on the Investor
         Certificates of such Series at the applicable Certificate Rate through
         such last day, less the amount, if any, previously allocated for
         payment of interest or paid as interest to the Certificateholders of
         such Series on the related Distribution Date in the Monthly Period in
         which the Reassignment Date occurs (the "Portfolio Reassignment
         Price"). Payment of the reassignment deposit amount with respect to
         each Series, and all other amounts in the Distribution Account or the
         applicable Series Account in respect of the preceding Monthly Period
         shall be considered a prepayment in full of the Receivables represented
         by the Investor Certificates. On the Reassignment Date on which such
         amount has been deposited in full into the Distribution Account or the
         applicable Series Account, the Receivables and all moneys due or to
         become due with respect thereto and

                                       29
<PAGE>

         all proceeds of the Receivables and Insurance Proceeds relating thereto
         and Interchange (if any) allocated to the Receivables pursuant to any
         Supplement shall be released to the Transferor after payment of all
         amounts otherwise due hereunder on or prior to such dates and the
         Trustee shall execute and deliver such instruments of transfer or
         assignment, in each case without recourse, representation or warranty,
         as shall be prepared by and as are reasonably requested by the
         Transferor to vest in the Transferor, or its designee or assignee, all
         right, title and interest of the Trust in and to the Receivables, all
         moneys due or to become due with respect thereto and all proceeds of
         the Receivables and Insurance Proceeds relating thereto and Interchange
         (if any) allocated to the Receivables pursuant to any Supplement. If
         the Trustee or the Investor Certificateholders give notice directing
         the Transferor to accept reassignment as provided above, the obligation
         of the Transferor to accept reassignment of the Receivables and pay the
         reassignment deposit amount pursuant to this subsection 2.04(e) shall
         constitute the sole remedy respecting a breach of the representations
         and warranties contained in subsections 2.03(a), (b) or (c) and
         subsection 2.04(a) available to the Investor Certificateholders or the
         Trustee on behalf of the Investor Certificateholders.

                  (f) PERFECTION REPRESENTATIONS AND WARRANTIES. The Transferor
         hereby makes the Perfection Representations and Warranties to the
         Trust. The rights and remedies with respect to any breach of the
         Perfection Representations and Warranties made under this Section
         2.04(f) shall be continuing and shall survive any termination of this
         Agreement. Neither the Trust nor the Trustee shall waive a breach of
         any Perfection Representation and Warranty. In order to evidence the
         interests of the Transferor and the Trust under this Agreement, the
         Transferor and the Servicer shall, from time to time take such action,
         and execute and deliver such instruments (including, without
         limitation, such actions or filings as are requested by the Trustee and
         financing statements under the UCC as enacted and then in effect in any
         other jurisdiction in which the Transferor is organized, has its
         principal place of business or maintains any books, records, files, or
         other information concerning the Receivables) in order to maintain and
         perfect, as a first priority interest, the security interest in the
         Receivables. The Transferor hereby authorizes each of the Servicer and
         the Trustee to file financing statements under the UCC without the
         Transferor's signature where allowed by applicable law.

         SECTION 2.05. COVENANTS OF THE TRANSFEROR. The Transferor hereby
covenants that:

                  (a) RECEIVABLES TO BE ACCOUNTS. The Transferor will take no
         action to cause any Receivable to be evidenced by any instrument (as
         defined in the UCC). Each Receivable shall be payable pursuant to a
         contract which does not create a Lien on any goods purchased
         thereunder. The Transferor will take no action to cause any Receivable
         to be anything other than an "account" (as defined in the UCC).

                  (b) SECURITY INTERESTS. Except for the conveyances hereunder,
         the Transferor will not sell, pledge, assign or transfer to any other
         Person, or grant, create, incur, assume or suffer to exist any Lien on
         any Receivable, whether now existing or hereafter created, or any
         interest therein; the Transferor will immediately notify the Trustee of
         the existence of any Lien on any Receivable; and the Transferor shall
         defend the right, title and interest of the Trust in, to and under the
         Receivables, whether now existing or hereafter created,

                                       30
<PAGE>

         against all claims of third parties; provided, however, that nothing in
         this subsection 2.05(b) shall prevent or be deemed to prohibit the
         Transferor from suffering to exist upon any of the Receivables any
         Liens for taxes if such taxes shall not at the time be due and payable
         or if the Transferor 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; and, provided
         further, that nothing in this subsection 2.05(b) shall prevent the
         Transferor from granting a Lien solely on the Transferor's Interest as
         Holder of the Exchangeable Transferor Certificate.

                  (c) CREDIT CARD AGREEMENTS AND ACCOUNT GUIDELINES. The
         Transferor shall enforce the covenant in the Receivables Purchase
         Agreement requiring FNBO to comply with and perform its obligations
         under the Credit Card Agreements relating to the Accounts and the
         Credit Card Guidelines and all applicable rules and regulations of VISA
         USA, Inc. and MasterCard International Incorporated except insofar as
         any failure to comply or perform would not materially and adversely
         affect the rights and interests of the Trustee or the
         Certificateholders hereunder or under the Certificates or any other
         Transaction Documents. Except as expressly provided in any Supplement,
         the Transferor may permit FNBO to change the terms and conditions of
         the Credit Card Agreements or the Credit Card Guidelines in any respect
         (including, without limitation, the reduction of the required minimum
         monthly payment, the calculation of the amount, or the timing, of
         charge-offs and the Periodic Finance Charges and other fees to be
         assessed thereon) only if such change (i) would not, in the reasonable
         belief of the Transferor, cause a Pay Out Event to occur, and (ii) is
         made applicable to a substantial portion of the comparable segment of
         the revolving credit card accounts owned and serviced by FNBO which
         have characteristics the same as, or substantially similar to, the
         Accounts that are the subject of such change, except as otherwise
         restricted by an endorsement, sponsorship, or other agreement between
         FNBO and an unrelated third party or by the terms of the Credit Card
         Agreements; provided, however, with respect to FNBO, that clause (ii)
         shall be deemed to be satisfied at any time that the Transferor
         Interest exceeds 14% of the Principal Receivables; and provided,
         further, that for purposes of FNBO's debt deferral and debt
         cancellation program, the requirements of subsection 2.05(c)(ii) shall
         be deemed to be satisfied if the opportunity to initiate the change is
         made available to a substantial portion of the comparable segment of
         the revolving credit card accounts owned and serviced by FNBO which
         have characteristics the same as, or substantially similar to, the
         Accounts to which such opportunity is made available.

                  (d) ACCOUNT ALLOCATIONS. In the event that the Transferor is
         unable for any reason to transfer Receivables to the Trust in
         accordance with the provisions of this Agreement (including, without
         limitation, by reason of the application of the provisions of Section
         9.02 or an order by any federal governmental agency having regulatory
         authority over the Transferor or FNBO or any court of competent
         jurisdiction that the Transferor not transfer any additional Principal
         Receivables to the Trust) then, in any such event, (i) the Transferor
         agrees to allocate and pay to the Trust, after the date of such
         inability, all Collections with respect to Principal Receivables, and
         all amounts which would have constituted Collections with respect to
         Principal Receivables but for the Transferor's inability to transfer
         such Receivables (up to an aggregate amount equal to the amount of
         Principal Receivables in the Trust on such date); (ii) the Transferor
         agrees

                                       31
<PAGE>

         to have such amounts applied as Collections in accordance with Article
         IV; and (iii) for only so long as all Collections and all amounts which
         would have constituted Collections are allocated and applied in
         accordance with clauses (i) and (ii) above, Principal Receivables (and
         all amounts which would have constituted Principal Receivables but for
         the Transferor's inability to transfer Receivables to the Trust) that
         are written off as uncollectible in accordance with this Agreement
         shall continue to be allocated in accordance with Article IV, and all
         amounts that would have constituted Principal Receivables but for the
         Transferor's inability to transfer Receivables to the Trust shall be
         deemed to be Principal Receivables for the purpose of calculating (A)
         the applicable Investor Percentage with respect to any Series and (B)
         the Aggregate Investor Percentage thereunder. If the Transferor is
         unable pursuant to any Requirement of Law to allocate Collections as
         described above, the Transferor agrees that it shall in any such event
         allocate, after the occurrence of such event, payments on each Account
         with respect to the principal balance of such Account first to the
         oldest principal balance of such Account and to have such payments
         applied as Collections in accordance with Article IV. The parties
         hereto agree that Finance Charge Receivables, whenever created, accrued
         in respect of Principal Receivables that have been conveyed to the
         Trust, or that would have been conveyed to the Trust but for the above
         described inability to transfer such Receivables, shall continue to be
         a part of the Trust notwithstanding any cessation of the transfer of
         additional Principal Receivables to the Trust and Collections with
         respect thereto shall continue to be allocated and paid in accordance
         with Article IV.

                  (e) DELIVERY OF COLLECTIONS. The Transferor agrees to pay to
         the Servicer all payments received by the Transferor in respect of the
         Receivables as soon as practicable after receipt thereof by the
         Transferor but, in any event, no later than two Business Days after the
         Date of Processing.

                  (f) CONVEYANCE OF ACCOUNTS. The Transferor covenants and
         agrees that, except as provided in Section 2.05(b), it will not convey,
         assign, exchange or otherwise transfer the Accounts to any Person prior
         to the termination of this Agreement pursuant to Article XII; provided,
         however, that the Transferor shall not be prohibited hereby from
         conveying, assigning, exchanging or otherwise transferring the Accounts
         in connection with a transaction complying with the provisions of
         Section 7.02.

                  (g) RECEIVABLES PURCHASE AGREEMENT. The Transferor, in its
         capacity as purchaser of Receivables from the RPA Seller under the
         Receivables Purchase Agreement, shall enforce the covenants and
         agreements of the RPA Seller as set forth in the Receivables Purchase
         Agreement, including its agreement to designate Additional Accounts as
         and when required in order for the Transferor to fulfill its
         undertakings in Section 2.06. The Transferor shall not amend, waive or
         otherwise modify the Receivables Purchase Agreement except in
         accordance with its terms.

                  (h) OFFICIAL RECORDS. The resolutions of the Board of
         Directors of the Transferor's Managing Member approving each of the
         Transaction Documents and all documents relating thereto are and shall
         be continuously reflected in the minutes of the Board of Directors of
         the Transferor's Managing Member and in the official records of the
         Transferor. Each of the Transaction Documents and all documents
         relating thereto

                                       32
<PAGE>

         are and shall, continuously from the time of their respective execution
         by the Transferor, be official records of the Transferor.

                  (i) TRANSFEROR INTEREST. Except as otherwise permitted herein,
         including in Sections 6.03 and 7.02, the Transferor agrees not to
         transfer, assign, exchange or otherwise convey or pledge, hypothecate
         or otherwise grant a security interest in the Transferor Interest (or
         any interest therein) and any such attempted transfer, assignment,
         exchange, conveyance, pledge, hypothecation or grant shall be void.

                  (j) PERIODIC FINANCE CHARGES AND OTHER FEES. The Transferor
         hereby agrees that, except as otherwise required by any Requirement of
         Law, or as is deemed by FNBO to be necessary in order for it to
         maintain its credit card business, based upon a good faith assessment
         by FNBO of the nature of the competition in the credit card business,
         it shall not at any time permit FNBO to reduce the Periodic Finance
         Charges assessed on any Receivable or other fees on any Account if, as
         a result of such reduction, the Transferor's reasonable expectation of
         the Portfolio Yield for any Series as of such date would be less than
         the then Base Rate for that Series.

                  (k) COVENANTS REGARDING OPERATIONS. The Transferor shall:

                           (i) Not incur, assume or guarantee any indebtedness
                  other than the Transferor's obligations with respect to or
                  contemplated by the Transaction Documents; provided, however,
                  the Transferor may, in the ordinary course of business, incur
                  unsecured trade debt with trade creditors in amounts that are
                  normal and reasonable under the circumstances.

                           (ii) Not engage in any business or activity other
                  than as permitted in its articles of organization.

                           (iii) Not consolidate or merge with or into any other
                  entity or convey or transfer its properties and assets
                  substantially as an entirety to any entity.

                           (iv) Not dissolve or liquidate, in whole or in part.

                           (v) Not commingle its funds or assets with those of
                  any other individual or entity.

                           (vi) Not hold itself out as being liable for the
                  debts of any other party and not pay from its assets any
                  obligations or indebtedness of any other individual or entity.

                           (vii) Pay from its assets all obligations and
                  indebtedness of any kind incurred by the Transferor.

                           (viii) Not form, or cause to be formed, any
                  subsidiaries.

                           (ix) Not file any voluntary petition or consent to
                  the filing of any petition in or institute any bankruptcy,
                  reorganization, arrangement, insolvency or

                                       33
<PAGE>

                  liquidation proceeding or other proceeding under any federal
                  or state bankruptcy or similar law on behalf of itself without
                  the prior unanimous written consent of all of its members,
                  including the Independent Member (as defined in its Operating
                  Agreement).

                           (x) Not permit its managing member to withdraw.

                           (xi) At all times have at least one managing member
                  which shall have each of the characteristics of the
                  Independent Member as set forth on Appendix A to its Operating
                  Agreement.

                           (xii) Act solely in its name and through its duly
                  authorized agents in the conduct of its business, and shall
                  conduct its business so as not to mislead others as to the
                  identity of the entity with which they are concerned.

                           (xiii) Transact business with any Affiliate, if at
                  all, on an arms length basis and pursuant to enforceable
                  agreements. For purposes of this covenant and the definition
                  of the term "Affiliate", the term "control" means the
                  possession, directly or indirectly, of the power to direct or
                  the cause the direction of the management and policies of a
                  Person, whether through ownership of voting securities, by
                  contract or otherwise.

                           (xiv) Maintain separate records and books of account
                  and shall not commingle its records and books of account with
                  the records and books of account of any entity.

                           (xv) Make no asset distributions, including, without
                  limitation, any distribution of dividends, except to the
                  extent of cash on hand in excess of that needed to cover the
                  expected cash needs of the Transferor.

                           (xvi) Observe all organizational formalities in its
                  relations with its members.

                           (xvii) Notwithstanding any other provisions of this
                  Agreement, not terminate, dissolve or liquidate while owing
                  any amount under the Transaction Documents despite the
                  occurrence of any event which might terminate the continued
                  membership of a member in the Transferor, including the
                  following:

                                    (A) a member:

                                             (1) makes an assignment for the
                                    benefit of creditors;

                                             (2) files a voluntary petition in
                                    bankruptcy;

                                             (3) is adjudged bankrupt or
                                    insolvent, or has entered against it an
                                    order for relief, in any bankruptcy or
                                    insolvency proceeding;

                                       34
<PAGE>

                                             (4) files a petition or answer
                                    seeking for itself any reorganization,
                                    arrangement, composition, readjustment,
                                    liquidation, dissolution or similar relief
                                    under any statute, law or regulation;

                                             (5) files an answer or other
                                    pleading admitting or failing to contest the
                                    material allegations of a petition filed
                                    against it in any proceeding of this nature;

                                             (6) seeks, consents to or
                                    acquiesces in the appointment of a trustee,
                                    receiver or liquidator of the member or of
                                    all or any substantial part of its
                                    properties; or

                                    (B) 120 days after the commencement of any
                           proceeding against the member seeking reorganization,
                           arrangement, composition, readjustment, liquidation,
                           dissolution or similar relief under any statute, law
                           or regulation, if the proceeding has not been
                           dismissed, or if within 90 days after the appointment
                           without the member's consent or acquiescence of a
                           trustee, receiver or liquidator of the member or of
                           all or any substantial part of its properties, the
                           appointment is not vacated or stayed, or within 90
                           days after the expiration of any such stay, the
                           appointment is not vacated.

         SECTION 2.06. ADDITION OF ACCOUNTS.

                  (a) If, during any Monthly Period, the Transferor Interest
         averaged over that period is less than the Minimum Transferor Interest
         (calculated using the Average Principal Receivables for such Monthly
         Period as the aggregate Principal Receivables on the date of
         determination), the Transferor shall designate additional eligible
         MasterCard or VISA accounts ("Additional Accounts") to be included as
         Accounts in a sufficient amount such that the average of the Transferor
         Interest as a percentage of the Average Principal Receivables for such
         Monthly Period, computed by assuming that the amount of the Average
         Principal Receivables of such Additional Accounts shall be deemed to be
         outstanding in the Trust during each day of such Monthly Period, is at
         least equal to the Minimum Transferor Interest. Receivables from such
         Additional Accounts shall be transferred to the Trust on or before the
         tenth Business Day following such Monthly Period; provided, however,
         that to the extent the Transferor designates Additional Accounts with
         Principal Receivables substantially in excess of the amount of
         Principal Receivables required under this subsection 2.06(a), such
         excess shall be deemed to be optional Additional Accounts under
         subsection 2.06(b) below and will be permitted to be so designated
         solely to the extent permitted by subsection 2.06(b).

                  (b) In addition to its obligation under subsection 2.06(a),
         the Transferor may, but shall not be obligated to, designate from time
         to time certain Additional Accounts (the "Automatic Additional
         Accounts") to be included as Accounts, provided that the Transferor
         shall not make more than one such designation in any one Monthly
         Period; and provided, further, that such Automatic Additional Accounts
         shall not exceed the

                                       35
<PAGE>

         Maximum Addition Amount or include Financial Institutions Accounts
         unless the Transferor shall have received the notice from the Rating
         Agencies required by subsection 2.06(c)(vii) below.

                  (c) The Transferor agrees that any such transfer of
         Receivables from Additional Accounts, under subsection 2.06(a) or (b)
         shall satisfy the following conditions (to the extent provided below):

                           (i) on or before the fifth Business Day prior to the
                  Addition Date with respect to additions pursuant to subsection
                  2.06(a) and on or before the tenth Business Day prior to the
                  Addition Date with respect to additions pursuant to subsection
                  2.06(b) (the "Notice Date"), the Transferor shall give the
                  Trustee, each Rating Agency and the Servicer written notice
                  that such Additional Accounts will be included, which notice
                  shall specify the approximate aggregate amount of the
                  Receivables to be transferred;

                           (ii) on or before the Addition Date, the Transferor
                  shall have delivered to the Trustee a written assignment
                  (including an acceptance by the Trustee on behalf of the Trust
                  for the benefit of the Investor Certificateholders) in
                  substantially the form of Exhibit B (the "Assignment") and the
                  Transferor shall direct the Servicer to indicate in its
                  computer files (and to cause FNBO to indicate in its computer
                  files) that the Receivables created in connection with the
                  Additional Accounts have been transferred to the Trust and,
                  within five Business Days thereafter, the Servicer shall have
                  delivered to the Trustee a computer file or microfiche list
                  containing a true and complete list of all Additional
                  Accounts, identified by account number and the aggregate
                  amount of the Receivables in such Additional Accounts, as of
                  the Addition Date, which computer file or microfiche list
                  shall be as of the date of such Assignment, shall be
                  incorporated into and made a part of such Assignment and this
                  Agreement, and shall be subject to the Trustee's
                  confidentiality obligations under Section 2.02 hereof;

                           (iii) the Transferor shall represent and warrant that
                  (A) each Additional Account is, as of the Addition Date, an
                  Eligible Account, and each Receivable in such Additional
                  Account, is, as of the Addition Date, an Eligible Receivable,
                  (B) no selection procedures believed by the Transferor to be
                  materially adverse to the interests of the Investor
                  Certificateholders were utilized in selecting the Additional
                  Accounts from the available Eligible Accounts and (C) as of
                  the Addition Date, the Transferor is not insolvent;

                           (iv) the Transferor shall represent and warrant that,
                  as of the Addition Date, the Assignment constitutes either (A)
                  a valid transfer and assignment to the Trust of all right,
                  title and interest of the Transferor in and to the Receivables
                  then existing and thereafter created in the Additional
                  Accounts, and all proceeds (as defined in the UCC) of such
                  Receivables and Insurance Proceeds relating thereto and such
                  Receivables and all proceeds thereof and Insurance Proceeds
                  relating thereto will be held by the Trust free and clear of
                  any Lien, except for (1) Liens permitted under subsection
                  2.05(b), (2) the interest of the Transferor as Holder of

                                       36
<PAGE>

                  the Exchangeable Transferor Certificate and (3) the Servicer's
                  right, if any, to receive interest accruing on, and investment
                  earnings in respect of, the Finance Charge Account, the
                  Collection Account, the Principal Account, or any Series
                  Account as provided in this Agreement and any related
                  Supplement or (B) a grant of a first priority security
                  interest (as defined in the UCC) in such property to the
                  Trust, which is enforceable with respect to then existing
                  Receivables of the Additional Accounts, the proceeds (as
                  defined in the UCC) thereof and Insurance Proceeds relating
                  thereto upon the conveyance of such Receivables to the Trust,
                  and which will be enforceable with respect to the Receivables
                  thereafter created in respect of Additional Accounts conveyed
                  on such Addition Date, the proceeds (as defined in the UCC)
                  thereof and Insurance Proceeds relating thereto upon such
                  creation;

                           (v) the Transferor shall deliver an Officer's
                  Certificate substantially in the form of Schedule 2 to Exhibit
                  B to the Trustee (with a copy thereof to each Rating Agency)
                  confirming the items set forth in paragraph (ii) above; it
                  being understood that the Trustee may conclusively rely on
                  such Officer's Certificate, shall have no duty to make
                  inquiries with regard to the matters set forth therein and
                  shall incur no liability in so relying;

                           (vi) the Transferor shall deliver an Opinion of
                  Counsel with respect to the Receivables in the Additional
                  Accounts to the Trustee (with a copy to any of the Rating
                  Agencies which shall have requested in writing such copies)
                  substantially in the form of Exhibit E; and

                           (vii) with respect to Financial Institutions Accounts
                  or Accounts in excess of the Maximum Addition Amount, the
                  Transferor shall have received notice from each Rating Agency
                  that the inclusion of such accounts as Additional Accounts
                  pursuant to subsection 2.06(b) will not result in the
                  reduction or withdrawal of its then existing rating of any
                  Series of Investor Certificates then issued and outstanding.

         SECTION 2.07. REMOVAL OF ACCOUNTS.

                  (a) Subject to the conditions set forth below, the Transferor
         may, but shall not be obligated to, designate Receivables from Accounts
         for deletion and removal ("Removed Accounts") from the Trust; provided,
         however, that the Transferor shall not make more than one such
         designation in any one Monthly Period. On or before the fifth Business
         Day (the "Removal Notice Date") prior to the date on which the
         designated Removed Accounts will be reassigned by the Trustee to the
         Transferor (the "Removal Date"), the Transferor shall give the Trustee
         and the Servicer written notice that the Receivables from such Removed
         Accounts are to be reassigned to the Transferor.

                  (b) The Transferor shall be permitted to designate and require
         reassignment to it of the Receivables from Removed Accounts only upon
         satisfaction of the following conditions:

                                       37
<PAGE>

                           (i) the removal of any Receivables of any Removed
                  Accounts on any Removal Date shall not, in the reasonable
                  belief of the Transferor, (A) cause a Pay Out Event to occur;
                  provided, however, that for the purposes of this subsection
                  2.07(b)(i), the Receivables of each Removed Account shall be
                  considered to have been removed as of the Removal Date, (B)
                  cause the Transferor Interest as a percentage of the aggregate
                  amount of Principal Receivables to be less than the Minimum
                  Transferor Interest on such Removal Date, or (C) result in the
                  failure to make any payment specified in the related
                  Supplement with respect to any Series;

                           (ii) on or prior to the Removal Date, the Transferor
                  shall have delivered to the Trustee for execution a written
                  assignment in substantially the form of Exhibit G (the
                  "Reassignment") and, within five Business Days thereafter, the
                  Transferor shall have delivered to the Trustee a computer file
                  or microfiche list containing a true and complete list of all
                  Removed Accounts identified by account number and the
                  aggregate amount of the Receivables in such Removed Accounts
                  as of the Removal Date, which computer file or microfiche list
                  shall as of the Removal Date modify and amend and be made a
                  part of this Agreement;

                           (iii) the Transferor shall represent and warrant as
                  of each Removal Date that (x)(i) Accounts (or administratively
                  convenient groups of Accounts, such as billing cycles) were
                  chosen for removal randomly or otherwise not on a basis
                  intended to select particular accounts or groups of accounts
                  for any reason other than administrative convenience and (ii)
                  no selection procedure was used by the Transferor which is
                  materially adverse to the interests of the Investor
                  Certificateholders or (y) Accounts were identified for removal
                  because of a third-party cancellation, or expiration without
                  renewal, of an affinity, private-label, agent bank or similar
                  arrangement;

                           (iv) on or before the tenth Business Day prior to the
                  Removal Date, each Rating Agency shall have received notice of
                  such proposed removal of the Receivables of such Accounts and
                  the Transferor shall have received notice prior to the Removal
                  Date from such Rating Agency that such proposed removal will
                  not result in a downgrade or withdrawal of its then current
                  rating of any outstanding Series of the Investor Certificates;

                           (v) on any Removal Notice Date, the amount of the
                  Principal Receivables of the Removed Accounts to be reassigned
                  to the Transferor on the related Removal Date shall not equal
                  or exceed 5% of the aggregate amount of the Principal
                  Receivables on such Removal Date, provided that if any Series
                  has been paid in full, the Principal Receivables in such
                  Removed Accounts may equal the Initial Investor Interest of
                  such Series; and

                           (vi) the Transferor shall have delivered to the
                  Trustee an Officer's Certificate confirming the items set
                  forth in clauses (i) through (v) above. The Trustee may
                  conclusively rely on such Officer's Certificate, shall have no
                  duty to

                                       38
<PAGE>

                  make inquiries with regard to the matters set forth therein
                  and shall incur no liability in so relying.

                  Upon satisfaction of the above conditions, the Trustee shall
         execute and deliver the Reassignment to the Transferor, and the
         Receivables from the Removed Accounts shall no longer constitute a part
         of the Trust.

         SECTION 2.08. DISCOUNT OPTION RECEIVABLES.

                  (a) The Transferor shall have the option to designate a
         percentage (the "Discount Percentage") of the Principal Receivables in
         all or certain of the Accounts created on and after such date of
         designation to be treated as Finance Charge Receivables ("Discount
         Option Receivables") in accordance with the provisions of this Section
         2.08. The Discount Percentage shall not apply to Finance Charges, or
         any other fees and charges (other than Insurance Proceeds) or to
         Receivables in or recoveries of Defaulted Accounts. The Discount
         Percentage may be fixed or variable and shall not exceed 4%.

                  (b) Discount Option Receivables shall be considered Finance
         Charge Receivables for all purposes hereunder, including for the
         purposes of allocating Collections pursuant to Article IV.

                  (c) The Transferor shall have the option to increase the
         Discount Percentage to a percentage not greater than 4%, to reduce the
         Discount Percentage, to apply the Discount Percentage to Principal
         Receivables created in Accounts not previously subject to the Discount
         Percentage and to cease to apply the Discount Percentage to Principal
         Receivables created in Accounts previously subject to the Discount
         Percentage; provided, however, that the Transferor shall not change any
         existing Discount Option Receivables into Principal Receivables and the
         Transferor shall not increase the Discount Percentage during any Rapid
         Amortization Period or if such increase would cause the Transferor
         Interest to be less than the Minimum Transferor Interest.

                  (d) The Transferor shall provide to the Servicer, the Trustee
         and each Rating Agency 30 days' prior written notice of any
         designation, increase or reduction of the Discount Percentage, and such
         designation, increase or reduction shall become effective on the date
         specified in such notice unless such designation, increase or reduction
         in the reasonable belief of the Transferor would cause a Pay Out Event,
         or an event which, with notice or the lapse of time or both, would
         constitute a Pay Out Event, to occur; provided, however, that the
         Rating Agency Condition shall have been satisfied.

                                       39
<PAGE>

                                   ARTICLE III

                   ADMINISTRATION AND SERVICING OF RECEIVABLES

         SECTION 3.01. ACCEPTANCE OF APPOINTMENT AND OTHER MATTERS RELATING TO
THE SERVICER.

                  (a) FNBO agrees to act as the Servicer under this Agreement.
         The Investor Certificateholders of each Series by their acceptance of
         the related Certificates consent to FNBO's acting as Servicer.

                  (b) The Servicer shall service and administer the Receivables
         and shall collect payments due under the Receivables in accordance with
         its customary and usual servicing procedures for servicing credit card
         receivables comparable to the Receivables and in accordance with the
         Credit Card Guidelines and shall have full power and authority acting
         alone or through any party properly designated by it hereunder, to do
         any and all things in connection with such servicing and administration
         which it may deem necessary or desirable. Without limiting the
         generality of the foregoing and subject to Section 10.01, the Servicer
         is hereby authorized and empowered (i) to make withdrawals from the
         Collection Account or any Investor Account or Series Account to the
         extent and as set forth in this Agreement and the applicable
         Supplement, (ii) unless such power and authority is revoked by the
         Trustee on account of the occurrence of a Servicer Default pursuant to
         Section 10.01, to instruct the Trustee to make withdrawals and
         payments, from the Finance Charge Account, the Principal Account and
         any Series Account, in accordance with such instructions as set forth
         in this Agreement, (iii) unless such power and authority is revoked by
         the Trustee on account of the occurrence of a Servicer Default pursuant
         to Section 10.01, to instruct the Trustee in writing, as set forth in
         this Agreement, (iv) to execute and deliver, on behalf of the Trust for
         the benefit of the Certificateholders, any and all instruments of
         satisfaction or cancellation, or of partial or full release or
         discharge, and all other comparable instruments, with respect to the
         Receivables and, after the Delinquency of any Receivable and to the
         extent permitted under and in compliance with applicable law and
         regulations, to commence enforcement proceedings with respect to such
         Receivables and (v) to make any filings, reports, notices,
         applications, registrations with, and to seek any consents or
         authorizations from, the Securities and Exchange Commission and any
         state securities authority on behalf of the Trust as may be necessary
         or advisable to comply with any federal or state securities or
         reporting requirements. The Trustee agrees that it shall promptly
         follow the instructions of the Servicer to withdraw funds from the
         Principal Account, the Finance Charge Account or any Series Account and
         to take any action required under any Enhancement at such time as
         required under this Agreement. The Trustee shall execute at the
         Servicer's written request such documents prepared by the Transferor
         and acceptable to the Trustee as may be necessary or appropriate to
         enable the Servicer to carry out its servicing and administrative
         duties hereunder.

                  (c) In the event that the Transferor is unable for any reason
         to transfer Receivables to the Trust in accordance with the provisions
         of this Agreement (including, without limitation, by reason of the
         application of the provisions of Section 9.02 or the

                                       40
<PAGE>

         order of any federal governmental agency having regulatory authority
         over the Transferor or any court of competent jurisdiction that the
         Transferor not transfer any additional Principal Receivables to the
         Trust) then, in any such event, (i) the Servicer agrees to allocate,
         after such date, all Collections with respect to Principal Receivables,
         and all amounts which would have constituted Collections with respect
         to Principal Receivables but for the Transferor's inability to transfer
         such Receivables (up to an aggregate amount equal to the aggregate
         amount of Principal Receivables in the Trust as of such date) in
         accordance with subsection 2.05(e); (ii) the Servicer agrees to apply
         such amounts as Collections in accordance with Article IV; and (iii)
         for only so long as all Collections and all amounts which would have
         constituted Collections are allocated and applied in accordance with
         clauses (i) and (ii) above, Principal Receivables and all amounts which
         would have constituted Principal Receivables but for the Transferor's
         inability to transfer Receivables to the Trust that are written off as
         uncollectible in accordance with this Agreement shall continue to be
         allocated in accordance with Article IV and all amounts which would
         have constituted Principal Receivables but for the Transferor's
         inability to transfer Receivables to the Trust shall be deemed to be
         Principal Receivables for the purpose of calculating the applicable
         Investor Percentage thereunder. If the Servicer is unable pursuant to
         any Requirement of Law to allocate payments on the Accounts as
         described above, the Servicer agrees that it shall in any such event
         allocate, after the occurrence of such event, payments on each Account
         with respect to the principal balance of such Account first to the
         oldest principal balance of such Account and to have such payments
         applied as Collections in accordance with Article IV. The parties
         hereto agree that Finance Charge Receivables, whenever created, accrued
         in respect of Principal Receivables which have been conveyed to the
         Trust, or which would have been conveyed to the Trust but for the above
         described inability to transfer such Receivables, shall continue to be
         a part of the Trust notwithstanding any cessation of the transfer of
         additional Principal Receivables to the Trust and Collections with
         respect thereto shall continue to be allocated and paid in accordance
         with Article IV.

                  (d) The Servicer shall not be obligated to use separate
         servicing procedures, offices, employees or accounts for servicing the
         Receivables from the procedures, offices, employees and accounts used
         by the Servicer in connection with servicing other credit card
         receivables.

                  (e) The Servicer shall maintain fidelity bond coverage
         insuring against losses through wrongdoing of its officers and
         employees who are involved in the servicing of credit card receivables
         covering such actions and in such amounts as the Servicer believes to
         be reasonable from time to time.

                  (f) The relationship of the Servicer (and of any successor to
         the Servicer as servicer under this Agreement) to the Trustee under
         this Agreement is intended by the parties to be that of an independent
         contractor and not that of a joint venturer, partner or agent of the
         Trustee.

         SECTION 3.02. SERVICING COMPENSATION. As compensation for its servicing
activities hereunder and reimbursement for its expenses as set forth in the
immediately following paragraph, the Servicer shall be entitled to receive a
monthly servicing fee in respect of any

                                       41
<PAGE>

Monthly Period or portion thereof prior to the termination of the Trust pursuant
to Section 12.01 (with respect to each Monthly Period, the "Monthly Servicing
Fee"). The share of the Monthly Servicing Fee allocable to each Series of
Investor Certificateholders with respect to any Monthly Period (or portion
thereof) shall be payable on the related Distribution Date and, with respect to
each Series (unless otherwise provided in the related Supplement), shall be
equal to one-twelfth of the product of (a) the applicable Series Servicing Fee
Percentage per annum and (b) the Investor Interest of such Series as of the last
day of the Monthly Period preceding such Distribution Date (the "Investor
Monthly Servicing Fee") and shall be paid to the Servicer pursuant to Article
IV. The servicing fee payable by the Holder of the Exchangeable Transferor
Certificate shall be equal to the product of one-twelfth of the product of (i)
the Transferor Interest and (ii) the weighted average of the Series Servicing
Fee Percentages with respect to each Series of Investor Certificates then
outstanding (the "Monthly Transferor Servicing Fee"). The Monthly Servicing Fee
shall equal the sum of (A) the aggregate amount of Investor Monthly Servicing
Fees with respect to each Series then outstanding and (B) the Monthly Transferor
Servicing Fee. The Investor Monthly Servicing Fee with respect to any Series is
payable in arrears on the related Transfer Date (unless otherwise provided in
the related Supplement) and the Monthly Transferor Servicing Fee is payable in
arrears no later than the last Transfer Date with respect to any Series
occurring in a Monthly Period. The Monthly Transferor Servicing Fee and, unless
otherwise provided in a Supplement, each Investor Monthly Servicing Fee, shall
be calculated on the basis of actual days elapsed and a year of 365 days or 366
days, as the case may be. The compensation payable to the Servicer hereunder,
including the Monthly Servicing Fee, may not be transferred except to a
Successor Servicer.

         The Servicer's expenses include the amounts due to the Trustee pursuant
to Section 11.05 and the reasonable fees and disbursements of independent public
accountants and all other expenses incurred by the Servicer in connection with
its activities hereunder, provided that the Servicer shall not be liable for any
liabilities, costs or expenses of the Trust, the Investor Certificateholders or
the Certificate Owners arising under any tax law, including without limitation
any federal, state or local income or franchise taxes or any other tax imposed
on or measured by income (or any interest or penalties with respect thereto or
arising from a failure to comply therewith). The Servicer shall be required to
pay such expenses for its own account and shall not be entitled to any payment
therefor other than the Monthly Servicing Fee.

         SECTION 3.03. REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE
SERVICER. FNBO, as initial Servicer, hereby makes, and any Successor Servicer by
its appointment hereunder shall make (with such changes as shall be applicable
to the Successor Servicer), the following representations, warranties and
covenants on which the Trustee has relied in accepting the Receivables in trust
and in authenticating the Certificates issued as of the date hereof:

                  (a) ORGANIZATION AND GOOD STANDING. The Servicer is a national
         banking association duly organized, validly existing and in good
         standing under the laws of the United States and has full corporate
         power, authority and legal right to own its properties and conduct its
         credit card business as such properties are presently owned and such
         business is presently conducted, and to execute, deliver and perform
         its obligations under this Agreement and the other Transaction
         Documents to which it is a party.

                                       42
<PAGE>

                  (b) DUE QUALIFICATION. The Servicer is not required to qualify
         nor register as a foreign corporation in any state in order to service
         the Receivables as required by this Agreement and the other Transaction
         Documents to which it is a party, other than such states as to which
         the Servicer has so qualified or failure to so qualify would not have a
         material adverse effect on the Servicer's ability to perform its
         obligations hereunder, and has obtained all licenses and approvals
         necessary in order to so service the Receivables as required under
         federal and Nebraska law.

                  (c) DUE AUTHORIZATION. The execution, delivery and performance
         of this Agreement and the other Transaction Documents to which it is a
         party have been duly authorized by the Servicer by all necessary
         corporate action on the part of the Servicer and this Agreement, and
         each such other Transaction Document, will remain, from the time of its
         execution, an official record of the Servicer.

                  (d) BINDING OBLIGATION. This Agreement and each other
         Transaction Document to which the Servicer is a party constitutes a
         legal, valid and binding obligation of the Servicer, enforceable in
         accordance with its terms, except as enforceability may be limited by
         applicable bankruptcy, insolvency, reorganization, moratorium or other
         similar laws now or hereinafter in effect, affecting the enforcement of
         creditors' rights in general and the rights of creditors of national
         banking associations.

                  (e) NO VIOLATION. The execution and delivery of this Agreement
         and each other Transaction Document to which the Servicer is a party by
         the Servicer, and the performance of the transactions contemplated by
         this Agreement and each such other Transaction Document and the
         fulfillment of the terms hereof and thereof applicable to the Servicer,
         will not conflict with, violate, result in any breach of any of the
         material terms and provisions of, or constitute (with or without notice
         or lapse of time or both) a default under any Requirement of Law
         applicable to the Servicer or any indenture contract, agreement,
         mortgage, deed of trust or other instrument to which the Servicer is a
         party or by which it is bound.

                  (f) NO PROCEEDINGS. There are no proceedings or investigations
         pending or, to the best knowledge of the Servicer, threatened against
         the Servicer before any court, regulatory body, administrative agency
         or other tribunal or governmental instrumentality seeking to prevent
         the issuance of the Certificates or the consummation of any of the
         transactions contemplated by this Agreement and the other Transaction
         Documents, seeking any determination or ruling that, in the reasonable
         judgment of the Servicer, would materially and adversely affect the
         performance by the Servicer of its obligations under this Agreement or
         any other Transaction Document to which it is a party, or seeking any
         determination or ruling that would materially and adversely affect the
         validity or enforceability of this Agreement or any other Transaction
         Document.

                  (g) COMPLIANCE WITH REQUIREMENTS OF LAW. The Servicer shall
         duly satisfy all obligations on its part to be fulfilled under or in
         connection with each Receivable and the related Account, will maintain
         in effect all qualifications required under Requirements of Law in
         order to service properly each Receivable and the related Account and
         will comply in all material respects with all other Requirements of Law
         in

                                       43
<PAGE>
         connection with servicing each Receivable and the related Account, the
         failure to comply with which would have a material adverse effect on
         the Certificateholders or any Enhancement Provider.

                  (h) NO RESCISSION OR CANCELLATION. The Servicer shall not
         permit any rescission or cancellation of a Receivable except as ordered
         by a court of competent jurisdiction or other Governmental Authority or
         in the ordinary course of its business and in accordance with the
         Credit Card Guidelines. The Servicer shall reflect any such rescission
         or cancellation in its computer file of revolving credit card accounts.

                  (i) PROTECTION OF HOLDERS' RIGHTS. The Servicer shall take no
         action which, nor omit to take any action the omission of which, would
         materially impair the rights of Holders in any Receivable or Account,
         nor shall it, except in the ordinary course of its business and in
         accordance with the Credit Card Guidelines, reschedule, revise or defer
         Collections due on the Receivables, except as permitted in subsection
         3.03(h).

                  (j) RECEIVABLES NOT TO BE EVIDENCED BY PROMISSORY NOTES.
         Except in connection with its enforcement or collection of an Account,
         the Servicer will take no action to cause any Receivable to be
         evidenced by any instrument, other than an instrument that, taken
         together with one or more other writings, constitutes chattel paper
         and, if any Receivable is so evidenced (whether or not in connection
         with the enforcement or collection of an Account), it shall be
         reassigned or assigned to the Servicer as provided in this Section.

                  (k) ALL CONSENTS REQUIRED. All approvals, authorizations,
         consents, orders or other actions of any Person or of any governmental
         body or official required in connection with the execution and delivery
         by the Servicer of this Agreement and each other Transaction Document
         to which it is a party, the performance by the Servicer of the
         transactions contemplated by this Agreement and the other Transaction
         Documents and the fulfillment by the Servicer of the terms hereof and
         thereof have been obtained; provided that the Servicer makes no
         representation or warranty as to state securities or "blue sky" laws.

                  (l) MAINTENANCE OF RECORDS AND BOOKS OF ACCOUNT. The Servicer
         shall maintain and implement administrative and operating procedures
         (including the ability to recreate records evidencing the Receivables
         in the event of the destruction of the originals thereof), and keep and
         maintain all documents, books, computer records and other information,
         reasonably necessary or advisable for the collection of all the
         Receivables. Such documents, books and computer records shall reflect
         all facts giving rise to the Receivables, all payments and credits with
         respect thereto, and, to the extent required pursuant to Section 2.01,
         such computer records shall indicate the interests of the Trustee in
         the Receivables.

         If any of the representations, warranties or covenants of the Servicer
contained in paragraph (g), (h), (i) or (j) of this Section 3.03 with respect to
any Receivable or the related Account is breached, and as a result of such
breach the Trust's rights in, to or under any Receivables in the related Account
or the proceeds of such Receivables are materially impaired

                                       44
<PAGE>

or such proceeds are not available for any reason to the Trust free and clear of
any Lien, then no later than the expiration of 60 days from the earlier to occur
of the discovery of such event by the Servicer, or receipt by the Servicer of
notice of such event given by the Trustee, all Receivables in the Account or
Accounts to which such event relates shall be reassigned or assigned to the
Servicer as set forth below; provided that such Receivables will not be
reassigned or assigned to the Servicer if, on any day prior to the end of such
60-day or longer period, (i) the relevant representation and warranty shall be
true and correct, or the relevant covenant shall have been complied with, in all
material respects and (ii) the Servicer shall have delivered to the Trustee an
Officer's Certificate describing the nature of such breach and the manner in
which such breach was cured. The Trustee will have no duty to monitor for such
events, but will provide notice to the Servicer only upon its receipt of such
notice from another party.

         The Servicer shall effect such assignment by making a deposit into the
Collection Account in immediately available funds prior to the next succeeding
Business Day in an amount equal to the aggregate amount of such Receivables,
which deposit shall be considered a Collection with respect to such Receivables
and shall be applied in accordance with Article IV of this Agreement and each
Supplement.

         Upon each such assignment to the Servicer, the Trust shall
automatically and without further action be deemed to transfer, assign, set over
and otherwise convey to the Servicer, without recourse, representation or
warranty all right, title and interest of the Trust in and to such Receivables,
all moneys due or to become due and all amounts received with respect thereto
and all proceeds thereof. The Trust shall execute such documents and instruments
of transfer or assignment and take such other actions as shall be reasonably
requested by the Servicer to effect the conveyance of any such Receivables
pursuant to this Section. The obligation of the Servicer to accept assignment of
such Receivables, and to make the deposits, if any, required to be made to the
Collection Account as provided in the preceding paragraph, shall constitute the
sole remedy respecting the event giving rise to such obligation available to the
Trust, the Certificateholders or any Enhancement Provider.

         SECTION 3.04. REPORTS AND RECORDS FOR THE TRUSTEE.

                  (a) DAILY REPORTS. On each Business Day, the Servicer, with
         prior notice, shall prepare and make available at the office of the
         Servicer for inspection by the Trustee a record setting forth (i) the
         aggregate amount of Collections processed by the Servicer on the
         preceding Business Day and (ii) the aggregate amount of Receivables as
         of the close of business on the preceding Business Day.

                  (b) MONTHLY SERVICER'S CERTIFICATE. Unless otherwise stated in
         the related Supplement with respect to any Series, on each
         Determination Date the Servicer shall forward, as provided in Section
         13.05, to the Trustee, the Paying Agent, any Enhancement Provider and
         each Rating Agency, a certificate of a Servicing Officer in the form of
         Exhibit C (which includes any Schedule thereto specified as such in the
         applicable Supplement) for each Series setting forth the following
         information for the preceding Monthly Period: (i) the aggregate amount
         of Collections processed for the Trust, (ii) the aggregate amount of
         Collections of Principal Receivables processed, (iii) the aggregate
         amount of Collections of Finance Charge Receivables processed,

                                       45
<PAGE>

         (iv) the aggregate Investor Percentage of Collections of Principal
         Receivables, (v) the aggregate Investor Percentage of Collections of
         Finance Charge Receivables, (vi) the aggregate amount of Principal
         Receivables in Accounts which became Defaulted Accounts, (vii) the
         aggregate Investor Percentage of Principal Receivables in Accounts
         which became Defaulted Accounts, (viii) the Interchange allocated to
         the Trust, (ix) the aggregate amount of Recoveries for the Trust, (x)
         the aggregate Adjustment Amount for the Trust, (xi) the aggregate
         amount of Receivables in the Trust at the end of the Monthly Period,
         (xii) the aggregate amount of the Collections of Principal Receivables
         allocated to such Series, (xiii) the aggregate amount of Collections of
         Finance Charge Receivables allocated to such Series, (xiv) the
         aggregate amount, if any, of withdrawals, drawings or payments under
         any Enhancement, if any, for such Series required to be made pursuant
         to the related Transaction Documents, (xv) the sum of all amounts
         payable to the Investor Certificateholders of each Series on the
         succeeding Distribution Date in respect of Certificate Principal and
         Certificate Interest, (xvi) for months during which the Servicer is
         required to make deposits of Collections after the Distribution Date,
         the balance on deposit in the Finance Charge Account and the Principal
         Account or any Series Account (not covered elsewhere in the
         certificate) applicable to any Series outstanding on such Determination
         Date with respect to Collections processed by the Servicer during the
         preceding Monthly Period and (xvii) such other matters as are set forth
         in Exhibit C or the applicable Supplement.

         SECTION 3.05. ANNUAL SERVICER'S CERTIFICATE. On or before March 31 of
each calendar year, the Servicer will deliver, as provided in Section 13.05, to
the Trustee, any Enhancement Provider and the Rating Agency, an Officer's
Certificate substantially in the form of Exhibit D stating that (a) a review of
the activities of the Servicer during the 12-month period ending on December 31
of the prior calendar year, and of its performance under this Agreement was made
under the supervision of the officer signing such certificate, (b) to the best
of such officer's knowledge based on such review, the Servicer has fully
performed all its obligations under this Agreement throughout such period, or,
if there has been a default in the performance of any such obligation,
specifying each such default known to such officer and the nature and status
thereof, (c) during such period, for each outstanding Series, the Servicer
prepared the monthly reports required by Section 3.04(b) and each other monthly
report required by the applicable Supplement in accordance with Section 3.04(b)
and the applicable provisions of each such Supplement, (d) the amounts included
in such reports agree with the computer records of the Servicer and (e) the
calculated amounts included in such reports are mathematically correct and made
in accordance with the applicable definitions in this Agreement and the other
applicable Transaction Documents. A copy of such certificate may be obtained by
any Investor Certificateholder by a request in writing to the Trustee addressed
to the Corporate Trust Office.

         SECTION 3.06. ANNUAL INDEPENDENT ACCOUNTANTS' SERVICING REPORT.

                  (a) On or before March 31 of each calendar year, beginning
         with March 31, 2003, the Servicer shall provide to the Trustee, any
         Enhancement Provider and each Rating Agency a copy of the report
         required by 12 C.F.R. Section 363.3(b) (or any comparable successor
         regulation) from a firm of nationally recognized independent certified
         public accountants (who may also render other services to the Servicer
         or the Transferor) to the effect that, in accordance with attestation
         standards established by the American Institute

                                       46
<PAGE>

         of Certified Public Accountants, such firm has examined the Servicer's
         assertion that it maintained effective internal accounting controls
         during the preceding calendar year, and that such firm is of the
         opinion that the Servicer's assertion is fairly stated in all material
         respects, based on the criteria established in "Internal
         Control-Integrated Framework" issued by the Committee of Sponsoring
         Organizations of the Treadway Commission. Unless otherwise provided
         with respect to any Series in the related Supplement, a copy of such
         report may be obtained by any Investor Certificateholder by a request
         in writing to the Trustee addressed to the Corporate Trust Office.

                  (b) On or before March 31 of each calendar year, beginning
         with March 31, 2003, the Servicer shall cause a firm of nationally
         recognized independent certified public accountants (who may also
         render other services to the Servicer or the Transferor) to furnish a
         report (or reports) to the Trustee, prepared using attestation
         standards established by the American Institute of Certified Public
         Accountants, to the effect that they have examined the Servicer's
         assertions for each outstanding Series made pursuant to subsections
         3.05(c), (d) and (e) above, and have concluded that such assertions are
         fairly stated in all material respects, except for such exceptions as
         shall be set forth in such report. The Servicer shall also provide
         copies of the report for each Series to each Rating Agency and
         Enhancement Provider. A copy of such report may be obtained by any
         Investor Certificateholder by a request in writing to the Trustee
         addressed to the Corporate Trust Office.

         SECTION 3.07. TAX TREATMENT. The Transferor has structured this
Agreement and the Investor Certificates with the intention that the Investor
Certificates will qualify under applicable federal, state, local and foreign tax
law as indebtedness of the Transferor. The Transferor, the Servicer, the Holder
of the Exchangeable Transferor Certificate (and any Person acquiring an interest
in the Exchangeable Transferor Certificate), each Investor Certificateholder,
and each Certificate Owner, agree to treat and to take no action inconsistent
with the treatment of the Investor Certificates (or beneficial interest therein)
as indebtedness of the Transferor for purposes of federal, state, local and
foreign income or franchise taxes and any other tax imposed on or measured by
income. Each Investor Certificateholder and the Holder of the Exchangeable
Transferor Certificate (and any Person acquiring an interest in the Exchangeable
Transferor Certificate), by acceptance of its Certificate and each Certificate
Owner, by acquisition of a beneficial interest in a Certificate, agree to be
bound by the provisions of this Section 3.07. Each Certificateholder agrees that
it will cause any Certificate Owner (and any Person acquiring an interest in the
Exchangeable Transferor Certificate) acquiring an interest in a Certificate
through it to comply with this Agreement as to treatment as indebtedness under
applicable tax law, as described in this Section 3.07. The Trustee agrees that
it shall not file a tax return on behalf of the Trust or apply for a taxpayer
identification number for the Trust except in compliance with a directive or
order from a Governmental Authority requiring such action to be taken.

         SECTION 3.08. NOTICES TO THE TRANSFEROR. In the event that FNBO is no
longer acting as Servicer, any Successor Servicer appointed pursuant to Section
10.02 shall deliver or make available to the Transferor each certificate and
report required to be prepared, forwarded or delivered thereafter pursuant to
Sections 3.04, 3.05 and 3.06.

                                       47
<PAGE>

                                   ARTICLE IV

                   RIGHTS OF CERTIFICATEHOLDERS AND ALLOCATION
                         AND APPLICATION OF COLLECTIONS

         SECTION 4.01. RIGHTS OF CERTIFICATEHOLDERS. Each Series of Investor
Certificates shall represent Undivided Interests in the Trust, including the
benefits of any Enhancement issued with respect to such Series and the right to
receive the Collections and other amounts at the times and in the amounts
specified in this Article IV to be deposited in the Investor Accounts or to be
paid to the Investor Certificateholders of such Series; provided, however, that
the aggregate interest represented by such Certificates at any time in the
Principal Receivables shall not exceed an amount equal to the Investor Interest
at such time. The Exchangeable Transferor Certificate shall represent the
remaining Undivided Interest in the Trust, including the right to receive the
Collections and other amounts at the times and in the amounts specified in this
Article IV to be paid to the Holder of the Exchangeable Transferor Certificate;
provided, however, that the aggregate interest represented by such Exchangeable
Transferor Certificate at any time in the Principal Receivables shall not exceed
the Transferor Interest at such time and such Certificate shall not represent
any interest in the Investor Accounts, except as provided in this Agreement, or
the benefits of any Enhancement issued with respect to any Series.

         SECTION 4.02. ESTABLISHMENT OF ACCOUNTS.

                  (a) THE COLLECTION ACCOUNT. The Servicer, for the benefit of
         the Certificateholders, shall establish and maintain in the name of the
         Trustee, on behalf of the Trust, a non-interest-bearing segregated
         account (the "Collection Account") bearing a designation clearly
         indicating that the funds deposited therein are held in trust for the
         benefit of the Certificateholders, or shall cause such Collection
         Account to be established and maintained, with an office or branch of
         (i) the Servicer, (ii) a depository institution or trust company (which
         may include the Trustee or an Affiliate of the Servicer) organized
         under the laws of the United States of America or any one of the states
         thereof or the District of Columbia and with deposit insurance provided
         by BIF or SAIF; provided, however, that at all times the certificates
         of deposit, short-term deposits or commercial paper or the long-term
         unsecured debt obligations (other than such obligation whose rating is
         based on collateral or on the credit of a Person other than such
         institution or trust company) of such depository institution or trust
         company shall have a credit rating from Moody's and Standard & Poor's
         of not less than "P-1" and "A-1," respectively, in the case of the
         certificates of deposit, short-term deposits or commercial paper, or a
         rating from Moody's of not less than "Aa3" and from Standard & Poor's
         of not less than "AA" in the case of the long-term unsecured debt
         obligations, or (iii) a depository institution, which may include the
         Servicer or the Trustee, which is acceptable to each Rating Agency, as
         evidenced by a letter from such Rating Agency (as to an institution
         described in clause (ii) or (iii), a "Qualified Institution");
         provided, further, that upon the failure of the Servicer to be a
         Qualified Institution, the Collection Account shall not be permitted to
         be maintained with the Servicer. Pursuant to authority granted to it
         pursuant to subsection 3.01(b), the Servicer shall have the revocable
         power to withdraw funds from the Collection Account for the purposes of
         carrying out its duties hereunder. The

                                       48
<PAGE>

         Servicer is hereby authorized to withdraw from the Collection Account
         any funds not required by this Agreement to be deposited into the
         Collection Account.

                  (b) THE FINANCE CHARGE AND PRINCIPAL ACCOUNTS. The Trustee,
         for the benefit of the Investor Certificateholders, shall establish and
         maintain with a Qualified Institution, which may include the Trustee,
         in the name of the Trust two segregated trust accounts (the "Finance
         Charge Account" and the "Principal Account," respectively), bearing a
         designation clearly indicating that the funds therein are held for the
         benefit of the Investor Certificateholders. The Trustee shall possess
         all right, title and interest in all funds on deposit from time to time
         in the Finance Charge Account and the Principal Account and in all
         proceeds thereof. The Finance Charge Account and the Principal Account
         shall be under the sole dominion and control of the Trustee for the
         benefit of the Investor Certificateholders. Pursuant to authority
         granted to it hereunder, the Servicer shall have the revocable power to
         instruct the Trustee to withdraw funds from the Finance Charge Account
         and Principal Account for the purpose of carrying out the Servicer's
         duties hereunder. The Trustee at all times shall maintain accurate
         records reflecting each transaction in the Principal Account and the
         Finance Charge Account and that funds held therein shall at all times
         be held in trust for the benefit of the Investor Certificateholders.

                  (c) THE DISTRIBUTION ACCOUNT. The Trustee, for the benefit of
         the Investor Certificateholders of each Series, shall cause to be
         established and maintained in the name of the Trust, with an office or
         branch of a Qualified Institution (other than FNBO), a
         non-interest-bearing segregated demand deposit account (the
         "Distribution Account") bearing a designation clearly indicating that
         the funds deposited therein are held in trust for the benefit of the
         Investor Certificateholders. The Trustee shall possess all right, title
         and interest in all funds on deposit from time to time in the
         Distribution Account and in all proceeds thereof. The Distribution
         Account shall be under the sole dominion and control of the Trustee for
         the benefit of the Investor Certificateholders.

                  (d) ADMINISTRATION OF COLLECTION ACCOUNT, PRINCIPAL ACCOUNT,
         FINANCE CHARGE ACCOUNT. Funds on deposit in the Principal Account and
         the Finance Charge Account shall, to the extent reasonably practicable,
         be invested in Permitted Investments. Funds on deposit in the
         Collection Account may, at the direction of the Servicer, be invested
         in Permitted Investments. Any such investment shall mature and such
         funds shall be available for withdrawal on or prior to the Transfer
         Date following the Record Date occurring in the Monthly Period in which
         such funds were processed for collection. The Trustee shall maintain
         for the benefit of the Investor Certificateholders possession of the
         negotiable instruments or securities evidencing the Permitted
         Investments described in clause (a) of the definition thereof from the
         time of purchase thereof until maturity. At the end of each month, all
         interest and earnings (net of losses and investment expenses) on funds
         on deposit in the Collection Account or the Principal Account and the
         Finance Charge Account shall be deposited by the Trustee in a separate
         deposit account with a Qualified Institution in the name of the
         Servicer, or a Person designated in writing by the Servicer, which
         shall not constitute a part of the Trust, or shall otherwise be turned
         over by the Trustee to the Servicer not less frequently than monthly.
         Subject to the restrictions set forth above, the Servicer, or a Person
         designated in writing by the Servicer, of which the Trustee shall have
         received written notification thereof, shall have the authority to

                                       49
<PAGE>

         instruct the Trustee with respect to the investment of funds on deposit
         in the Collection Account, the Principal Account and the Finance Charge
         Account. For purposes of determining the availability of funds or the
         balances in the Collection Account, the Finance Charge Account and the
         Principal Account for any reason under this Agreement, all investment
         earnings on such funds shall be deemed not to be available or on
         deposit.

                  (e) EXCESS FUNDING ACCOUNT. The Trustee, for the benefit of
         the Certificateholders, shall establish and maintain or cause to be
         established and maintained in the name of the Trustee, on behalf of the
         Trust, with a Qualified Institution a segregated trust account, which
         may be a subaccount of the Collection Account, bearing a designation
         clearly indicating that the funds deposited therein are held for the
         benefit of the Investor Certificateholders (the "Excess Funding
         Account"). The Trustee shall possess all right, title and interest in
         all funds on deposit from time to time in the Excess Funding Account
         and in all proceeds thereof. The Excess Funding Account shall be under
         the sole dominion and control of the Trustee for the benefit of the
         Investor Certificateholders. If, at any time, the institution holding
         the Excess Funding Account ceases to be a Qualified Institution, the
         Trustee (or the Servicer on its behalf) shall within 30 Business Days
         establish a new Excess Funding Account meeting the conditions specified
         above with a Qualified Institution and shall transfer any cash and/or
         any investments to such new Excess Funding Account, and from the date
         such new Excess Funding Account is established, it shall be the "Excess
         Funding Account." Pursuant to the authority granted to the Servicer in
         Section 3.01(b), the Servicer shall have the power, revocable by the
         Trustee, to make withdrawals and payments from the Excess Funding
         Account and to instruct the Trustee to make withdrawals and payments
         from the Excess Funding Account for the purposes of carrying out the
         Servicer's or the Trustee's duties hereunder. Pursuant to the authority
         granted to the Paying Agent in Section 6.06(a), the Paying Agent shall
         have the power, revocable as set forth in Section 6.06(a), to make
         withdrawals and payments from the Excess Funding Account for purposes
         of making distributions to Investor Certificateholders.

                  At the written direction of the Servicer, funds on deposit in
         the Excess Funding Account to be invested shall be invested by the
         Trustee in Permitted Investments selected by the Servicer. All such
         Permitted Investments shall be held by the Trustee for the benefit of
         the Investor Certificateholders. The Trustee shall maintain for the
         benefit of the Investor Certificateholders possession of the negotiable
         instruments or securities, if any, evidencing such Permitted
         Investments. Funds on deposit in the Excess Funding Account on any date
         (after giving effect to any withdrawals from the Excess Funding Account
         on such date) will be invested in Permitted Investments that will
         mature so that funds will be available at the close of business on the
         next Business Day following such date.

                  On each Business Day, the Servicer shall determine the amount
         by which the Transferor Interest exceeds the Minimum Transferor
         Interest on such date and shall instruct the Trustee to withdraw such
         amount from the Excess Funding Account on such day and pay such amount
         to the Holder of the Exchangeable Transferor Certificate.

                                       50
<PAGE>

                  On each Determination Date, the Servicer shall instruct the
         Trustee to withdraw on the next succeeding Distribution Date from the
         Excess Funding Account and deposit in the Collection Account all
         interest and other investment earnings (net of losses and investment
         expenses) on funds on deposit in the Excess Funding Account, for
         application as Collections of Finance Charge Receivables with respect
         to the Related Monthly Period. Interest (including reinvested interest)
         and other investment income and earnings on funds on deposit in the
         Excess Funding Account shall not be considered part of the Excess
         Funding Amount for purposes of this Agreement.

                  On each Determination Date on which one or more Series in a
         particular Group is in an Amortization Period, the Servicer shall
         determine the aggregate amount of Principal Shortfalls, if any, with
         respect to each Series in such Group (after giving effect to the
         allocation and payment provisions in subsection 4.03(e) and in the
         Supplement with respect to each such Series on the next succeeding
         Distribution Date), and the Servicer shall instruct the Trustee to
         withdraw such amount (up to the Excess Funding Amount) from the Excess
         Funding Account on the next succeeding Distribution Date and allocate
         such amount among each such Series in the applicable Group as Excess
         Principal Collections as specified in each related Supplement.

         SECTION 4.03. COLLECTIONS AND ALLOCATIONS.

                  (a) COLLECTIONS. Collections shall be allocated and
         distributed as indicated below:

                           (i) Except as provided below, the Servicer shall
                  deposit all Collections in the Collection Account as promptly
                  as possible after the Date of Processing of such Collections,
                  but in no event later than the second Business Day following
                  such Date of Processing. In the event of the insolvency of the
                  Servicer, then, immediately upon the occurrence of such event
                  and thereafter, the Servicer shall deposit all Collections
                  into the Collection Account which shall be established and
                  maintained with a Qualified Institution other than the
                  Servicer in accordance with subsection 4.02(a), and in no such
                  event shall the Servicer deposit any Collections thereafter
                  into any account established, held or maintained with the
                  Servicer. The Servicer shall allocate such amounts to each
                  Series of Investor Certificates and to the Holder of the
                  Exchangeable Transferor Certificate in accordance with this
                  Article IV and shall withdraw the required amounts from the
                  Collection Account or pay such amounts to the Holder of the
                  Exchangeable Transferor Certificate in accordance with this
                  Article IV, in both cases as modified by any Supplement. The
                  Servicer shall make such deposits or payments on the date
                  indicated therein by wire transfer or as otherwise provided in
                  the Supplement for any Series of Certificates with respect to
                  such Series.

                           (ii) Notwithstanding anything in this Agreement to
                  the contrary, for so long as, and only so long as, FNBO shall
                  remain the Servicer hereunder, and (A) the Servicer provides
                  to the Trustee a letter of credit covering collection and
                  payment obligations of the Servicer acceptable to each Rating
                  Agency, as evidenced by a letter from such Rating Agency (the
                  "Servicer Letter of Credit"),

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<PAGE>

                  or (B) the Servicer shall have and maintain a certificate of
                  deposit or short-term deposit rating of not less than "P-1" by
                  Moody's and of not less than "A-1" by Standard & Poor's (or
                  such other rating below "A-1" or "P-1," as the case may be,
                  which is satisfactory to each Rating Agency), or (C) such
                  other arrangement is made by the Servicer which is acceptable
                  to the Rating Agencies, and the Rating Agency Condition has
                  been satisfied as to such alternate arrangement, the Servicer
                  need not deposit Collections into the Collection Account as
                  provided in subsection 4.03(a)(i) above, or deposit amounts
                  from the Collection Account into the Principal Account or the
                  Finance Charge Account or any Series Account, as provided in
                  subsection 4.03(a)(i), but may make a single deposit in the
                  Collection Account in immediately available funds not later
                  than noon, Chicago time, on the Transfer Date following the
                  Related Monthly Period. Subject to the express terms of any
                  Supplement, but notwithstanding anything else in this
                  Agreement to the contrary, with respect to any Monthly Period,
                  whether the Servicer is required to make deposits of
                  Collections pursuant to subsection 4.03(a)(i) above or the
                  preceding sentence of this subsection 4.03(a)(ii), (1) the
                  Servicer will only be required to deposit Collections into the
                  Collection Account up to the aggregate amount of Collections
                  required to be deposited into any Series Account or, without
                  duplication, distributed on or prior to the related
                  Distribution Date to Investor Certificateholders or to any
                  Enhancement Provider pursuant to the terms of any Supplement
                  or agreement whereby the Enhancement is provided, and (2) if
                  at any time prior to such Distribution Date the amount of
                  Collections deposited in the Collection Account exceeds such
                  required amount, the Servicer will be permitted to withdraw
                  the excess from the Collection Account for distribution to the
                  Transferor or payments pursuant to Section 3.02. The Servicer
                  shall give prompt written notice to the Trustee within five
                  Business Days of a downgrading by Moody's or Standard & Poor's
                  of the Servicer's certificate of deposit or short-term rating
                  below "P-1" and "A-1," as the case may be.

                           (iii) Prior to the termination of the Servicer Letter
                  of Credit, if on any Transfer Date the Servicer shall not be
                  making in full the remittances of Collections required to be
                  made by the Servicer pursuant to subsection 4.03(a)(i) or
                  (ii), the Servicer shall by 9:00 a.m. (Chicago time) on such
                  Transfer Date notify the Trustee of such failure pursuant to
                  an Officer's Certificate certifying that such remittances will
                  not be made in full and specifying the shortfall between the
                  amount that is required to be remitted by the Servicer to the
                  Distribution Account and the amount of funds that will
                  actually be so remitted. The Trustee shall not later than
                  11:00 a.m. (Chicago time) on such Transfer Date draw on the
                  Servicer Letter of Credit, if any, in accordance with the
                  terms thereof, in the amount of such shortfall. The Trustee
                  shall deposit into the Distribution Account the amount
                  received from the issuer of the Servicer Letter of Credit in
                  respect of such drawing. Amounts deposited by the Trustee
                  pursuant to this Section shall be deemed to constitute the
                  Servicer remittances of Collections to the Distribution
                  Account with respect to which the draw on the Servicer Letter
                  of Credit was made. In the event a draw is made on the
                  Servicer Letter of Credit or to the extent that Collections
                  required to be deposited into the Collection Account or any
                  Series Account equals or exceeds in the aggregate 90% of the
                  amount of the Servicer

                                       52
<PAGE>

                  Letter of Credit or such other higher percentage as agreed in
                  writing by the Rating Agencies, the Servicer shall, commencing
                  on the Distribution Date to which such draw relates, remit
                  Collections as required by subsection 4.03(a)(i). The Servicer
                  Letter of Credit may be terminated by the Servicer at its sole
                  option (A) upon 15 Business Days' prior notice to the Trustee,
                  the Rating Agencies, the Transferor, the Enhancement Providers
                  and the issuer of the Servicer Letter of Credit, and (B) upon
                  delivery to the Trustee of an Officer's Certificate of the
                  Servicer certifying that, as of the date the Servicer Letter
                  of Credit terminates, all amounts which would have been
                  required to be deposited into the Collection Account pursuant
                  to Section 4.03 had the Servicer Letter of Credit not been in
                  effect shall have been so deposited. The Servicer shall,
                  commencing on the date the Servicer Letter of Credit is
                  terminated, remit Collections as required by Section 4.03. The
                  Trustee shall surrender the Servicer Letter of Credit to the
                  issuer thereof promptly following the earlier of (1) the
                  termination date under the Servicer Letter of Credit, (2) the
                  appointment of a Successor Servicer or (3) the termination of
                  the Trust.

                  (b) ALLOCATIONS FOR THE EXCHANGEABLE TRANSFEROR CERTIFICATE.
         Throughout the existence of the Trust, unless otherwise stated in any
         Supplement, the Servicer shall allocate to the Holder of the
         Exchangeable Transferor Certificate an amount equal to the product of
         (i) the Transferor Percentage and (ii) the aggregate amount of such
         Collections allocated to Principal Receivables and Finance Charge
         Receivables, respectively, in respect of each Monthly Period.
         Notwithstanding anything in this Agreement to the contrary, unless
         otherwise stated in any Supplement, the Servicer need not deposit this
         amount or any other amounts so allocated to the Exchangeable Transferor
         Certificate pursuant to any Supplement into the Collection Account and
         shall pay, or be deemed to pay, such amounts as collected to the Holder
         of the Exchangeable Transferor Certificate; provided, however, that
         amounts so allocated to the Transferor shall be deposited to the Excess
         Funding Account, as collected, to the extent that the Transferor
         Interest is less than the Minimum Transferor Interest.

                  (c) ADJUSTMENTS FOR MISCELLANEOUS CREDITS AND FRAUDULENT
         CHARGES. For each Monthly Period, the Servicer shall be obligated to
         reduce, on a net basis, the aggregate amount of Principal Receivables
         used to calculate the Transferor Interest (a "Credit Adjustment") with
         respect to any Principal Receivable (i) which was created in respect of
         merchandise refused or returned by the Obligor thereunder or as to
         which the Obligor thereunder has asserted a counterclaim or defense,
         (ii) which is reduced by the Servicer by any rebate, refund,
         charge-back or adjustment (including Servicer errors), (iii) which was
         created as a result of a fraudulent or counterfeit charge or (iv) which
         was credited pursuant to a debt cancellation or debt deferral program
         and not recovered during such Monthly Period from Collections from
         insurance proceeds or reserves funded by fees generated through such
         programs. In the event that the inclusion of the amount of a Credit
         Adjustment in the calculation of the Transferor Interest would cause
         the Transferor Interest to be an amount less than the Minimum
         Transferor Interest, the Transferor shall make a deposit, no later than
         the earlier of (A) the Business Day following the Date of Processing of
         such Credit Adjustment, and (B) the last day of the Monthly Period in
         which such Date of Processing occurs, to the Excess Funding Account

                                       53
<PAGE>

         in immediately available funds in an amount equal to the amount by
         which the Transferor Interest would be reduced below the Minimum
         Transferor Interest. Any amount deposited into the Excess Funding
         Account in connection with the adjustment of a Receivable as specified
         above shall be applied in accordance with Article IV and the terms of
         each Supplement. In the event that the Transferor shall fail to pay to
         the Servicer for deposit into the Excess Funding Account any amount
         required to be so paid pursuant to this Section 4.03 or subsection
         2.04(d)(iii) (an "Adjustment Amount"), and shall not have subsequently
         paid such Amount, Collections of Principal Receivables shall not be
         distributed or otherwise released to the Transferor hereunder, but
         shall instead be deposited to the Excess Funding Account until an
         amount equal to the Adjustment Amount has been so deposited. The
         Adjustment Amount shall be reduced to the extent of such deposits. In
         addition, in the event that the Transferor shall repurchase the
         Receivables or the Certificates of any Series pursuant to this
         Agreement, including pursuant to Article XII, the purchase price with
         respect to any Series shall include the Adjustment Amount allocable to
         such Series, if any.

                  In the event that the Servicer adjusts upwards the principal
         amount of any Receivable, the Aggregate Principal Receivables shall be
         increased by the amount of such upward adjustment.

                  (d) TRANSFER OF DEFAULTED ACCOUNTS. Unless otherwise provided
         in any Supplement, on the last day of each Monthly Period, the Trust
         shall automatically and without further action or consideration be
         deemed to transfer, set over, and otherwise convey to the Transferor,
         without recourse, representation or warranty, all the right, title and
         interest of the Trust in and to Receivables in Accounts which became
         Defaulted Accounts during such Monthly Period, all moneys due or to
         become due with respect thereto, all proceeds thereof (other than
         recoveries, net of expenses of collection, and Insurance Proceeds
         relating thereto) and Interchange (if any) allocable to the Trust with
         respect to such Receivables.

                  (e) EXCESS PRINCIPAL COLLECTIONS. On each Distribution Date,
         Excess Principal Collections from each Group shall be allocated to each
         outstanding Series in such Group pro rata based on the Principal
         Shortfall, if any, for each such Series in such Group, and then, at the
         option of the Transferor, any remainder may be applied as principal
         with respect to any Series of variable funding Certificates in such
         Group. The Servicer shall pay any remaining Excess Principal
         Collections on any Business Day to the Holder of the Exchangeable
         Transferor Certificate, provided that if the Transferor Interest as
         determined on such Business Day (after giving effect to any Principal
         Receivables transferred to the Trust on such date) does not exceed the
         Minimum Transferor Interest on such date, then such remaining Excess
         Principal Collections shall be deposited in the Excess Funding Account
         to be held and/or distributed as provided in subsection 4.02(e).

                  (f) EXCESS FINANCE CHARGE COLLECTIONS. On each Distribution
         Date, Excess Finance Charge Collections from each Group shall be
         allocated by the Servicer to each outstanding Series in such Group pro
         rata based on the Finance Charge Shortfalls (as defined in the related
         Supplements) for all such Series in such Group. The Servicer shall

                                       54
<PAGE>

         pay any Excess Finance Charge Collections remaining on such
         Distribution Date after payment in full of Finance Charge Shortfalls
         for all Series in such Group to the Holder of the Exchangeable
         Transferor Certificate.

                  (g) UNCOVERED DILUTIONS. For Series 1997-2, 2000-1, 2000-2,
         2000-3 and 2001-1, in the event that there is an Adjustment Amount on
         any Distribution Date (after all other withdrawals and deposits have
         been made), the Investor Interest for each such Series shall be reduced
         by a pro rata portion of such Adjustment Amount, starting with the most
         junior Investor Certificate or, for Series 2000-2 and 2001-1, the CTO
         Interest (as defined in the applicable Supplement), and continuing
         until the full Adjustment Amount has been applied, through each more
         senior Class. For purposes of this Section 4.03(g), any such Adjustment
         Amount shall be reduced by an amount equal to the Transferor Interest
         as of the related Determination Date (after giving effect to reductions
         thereto, under Section 4.03(c) or otherwise, on such date). The
         Adjustment Amount shall be allocated by the Servicer to each
         outstanding Series pro rata by multiplying the Adjustment Amount times
         a fraction, the numerator of which is the applicable Investor
         Percentage for Finance Charge Receivables for such Series for the
         Related Monthly Period and the denominator of which is the sum of such
         Investor Percentages for all outstanding Series (calculated on a
         weighted average basis if such Investor Percentage has been reset
         during the Related Monthly Period). Thereafter, any such reductions in
         the applicable Investor Interest may be reinstated to the extent of any
         monies available under the applicable Supplement for the reimbursement
         of Investor Charge Offs and not required for reimbursement of Investor
         Charge Offs, in the reverse order in which such reductions were
         originally imposed. This subsection 4.03(g) shall be deemed to amend
         the Supplement for each such Series. Adjustment Amounts allocable to
         any other Series shall be applied and reimbursed as specified in the
         applicable Supplement.

                                   ARTICLE V

               ARTICLE V IS RESERVED AND SHALL BE SPECIFIED IN ANY
                      SUPPLEMENT WITH RESPECT TO ANY SERIES

                                   ARTICLE VI

                                THE CERTIFICATES

         SECTION 6.01. THE CERTIFICATES. Subject to Sections 6.10 and 6.13, the
Investor Certificates of each Series and any Class thereof may be issued in
bearer form (the "Bearer Certificates") or in fully registered form (the
"Registered Certificates"). Such Certificates may be issued in discount form, or
with attached interest coupons and a special coupon (collectively, the
"Coupons"), and shall be substantially in the form of the exhibits with respect
thereto attached to the related Supplement. The Exchangeable Transferor
Certificate shall be substantially in the form of Exhibit A. The Investor
Certificates and the Exchangeable Transferor Certificate shall, upon issue
pursuant hereto or to Section 6.09 or Section 6.10, be executed and delivered by
the Transferor to the Trustee for authentication and redelivery as provided in
Sections 2.01 and 6.02. Any Investor Certificate shall be issuable in a minimum
denomination of $20,000 Undivided Interest and shall not be subdivided for
resale into

                                       55
<PAGE>

Undivided Interests smaller than an Undivided Interest the initial offering
price for which would have been at least $20,000, unless otherwise specified in
any Supplement, and shall be issued upon original issuance in an original
principal amount equal to the Initial Investor Interest. The Exchangeable
Transferor Certificate shall also be issued as a single certificate. Each
Certificate shall be executed by manual or facsimile signature on behalf of the
Transferor by its Chairman, President or any Executive Vice President.
Certificates bearing the manual or facsimile signature of the individual who
was, at the time when such signature was affixed, authorized to sign on behalf
of the Transferor or the Trustee shall not be rendered invalid, notwithstanding
that such individual has ceased to be so authorized prior to the authentication
and delivery of such Certificates or does not hold such office at the date of
such Certificates. No Certificate shall be entitled to any benefit under this
Agreement, or be valid for any purpose, unless there appears on such Certificate
a certificate of authentication substantially in the form provided for herein,
executed by or on behalf of the Trustee by the manual signature of a duly
authorized signatory, and such certificate upon any Certificate shall be
conclusive evidence, and the only evidence, that such Certificate has been duly
authenticated and delivered hereunder. All Certificates shall be dated the date
of their authentication except Bearer Certificates which shall be dated the
applicable Issuance Date as provided in the related Supplement.

         SECTION 6.02. AUTHENTICATION OF CERTIFICATES.

                  (a) Contemporaneously with the initial assignment and transfer
         of the Receivables, whether now existing or hereafter created (other
         than Receivables in Additional Accounts) and the other components to
         the Trust, the Trustee shall authenticate and deliver the Exchangeable
         Transferor Certificate to the Transferor simultaneously with its
         delivery to the Transferor of the initial Series of Investor
         Certificates.

                  (b) Upon purchase of the Investor Interest, the Trustee shall
         authenticate and deliver the initial Series of Investor Certificates,
         upon the written order of the Transferor, to the underwriters for the
         sale of the Book-Entry Certificates evidenced by such Investor
         Certificates, and against payment to the Transferor of the Initial
         Investor Interest (net of any purchase or underwriting discount). Upon
         the receipt of such payment and the issuance of the Investor
         Certificates, such Investor Certificates shall be fully paid and
         nonassessable.

                  (c) Upon an Exchange as provided in Section 6.09 and the
         satisfaction of certain other conditions specified therein, the Trustee
         shall authenticate and deliver the Investor Certificates of additional
         Series (with the designation provided in the related Supplement), upon
         the order of the Transferor, to the persons designated in such
         Supplement. Upon the order of the Transferor, the Certificates of any
         Series shall be duly authenticated by or on behalf of the Trustee, in
         authorized denominations equal to (in the aggregate) the Initial
         Investor Interest of such Series of Investor Certificates.

                  (d) If specified in the related Supplement for any Series, the
         Trustee shall authenticate and deliver outside the United States the
         Global Certificate that is issued upon original issuance thereof, upon
         the written order of the Transferor, to the Depository against payment
         of the purchase price therefor.

                                       56
<PAGE>

                  (e) If specified in the related Supplement for any Series, the
         Trustee shall authenticate Book-Entry Certificates that are issued upon
         original issuance thereof, upon the written order of the Transferor, to
         a Clearing Agency or its nominee as provided in Section 6.10 against
         payment of the purchase price thereof.

         SECTION 6.03. REGISTRATION OF TRANSFER AND EXCHANGE OF CERTIFICATES.

                  (a) The Trustee shall cause to be kept at the office or agency
         to be maintained by a transfer agent and registrar (the "Transfer Agent
         and Registrar"), in accordance with the provisions of Section 11.16, a
         register (the "Certificate Register") in which, subject to such
         reasonable regulations as it may prescribe, the Transfer Agent and
         Registrar shall provide for the registration of the Investor
         Certificates of each Series (unless otherwise provided in the related
         Supplement) and of transfers and exchanges of the Investor Certificates
         as herein provided. The Trustee is hereby initially appointed Transfer
         Agent and Registrar for the purposes of registering the Investor
         Certificates and transfers and exchanges of the Investor Certificates
         as herein provided. If any form of Investor Certificate is issued as a
         Global Certificate, the Trustee may, or if and so long as any Series of
         Investor Certificates are listed on an Offshore Securities Market and
         such exchange shall so require, the Trustee shall appoint a co-transfer
         agent and co-registrar in the location required by the Offshore
         Securities Market. Any reference in this Agreement to the Transfer
         Agent and Registrar shall include any co-transfer agent and
         co-registrar unless the context otherwise requires. The Trustee shall
         be permitted to resign as Transfer Agent and Registrar upon 30 days'
         written notice to the Servicer; provided, however, that such
         resignation shall not be effective until the appointment by the
         Transferor of a successor Transfer Agent and Registrar, and acceptance
         of the appointment by such successor.

                  Upon surrender for registration of transfer of any Certificate
         at any office or agency of the Transfer Agent and Registrar, the
         Transferor shall execute, subject to the provisions of subsection
         6.03(c), and the Trustee shall authenticate and deliver, in the name of
         the designated transferee or transferees, one or more new Certificates
         in authorized denominations of like aggregate Undivided Interests,
         provided that the provisions of this paragraph shall not apply to
         Bearer Certificates.

                  At the option of an Investor Certificateholder, Investor
         Certificates may be exchanged for other Investor Certificates of the
         same Series in authorized denominations of like aggregate Undivided
         Interests, upon surrender of the Investor Certificates to be exchanged
         at any such office or agency. At the option of any Holder of Registered
         Certificates, Registered Certificates may be exchanged for other
         Registered Certificates of the same Series in authorized denominations
         of like aggregate Undivided Interests in the Trust, upon surrender of
         the Registered Certificates to be exchanged at any office or agency of
         the Transfer Agent and Registrar maintained for such purpose. At the
         option of a Bearer Certificateholder, subject to applicable laws and
         regulations (including without limitation, the Bearer Rules), Bearer
         Certificates may be exchanged for other Bearer Certificates or
         Registered Certificates of the same Series in authorized denominations
         of like aggregate Undivided Interests in the Trust, in the manner
         specified in the Supplement for such Series, upon surrender of the
         Bearer Certificates to be

                                       57
<PAGE>

         exchanged at an office or agency of the Transfer Agent and Registrar
         located outside the United States. Each Bearer Certificate surrendered
         pursuant to this Section 6.03 shall have attached thereto (or be
         accompanied by) all unmatured Coupons, provided that any Bearer
         Certificate so surrendered after the close of business on the Record
         Date (of, if the Record Date is not a Business Day, after the close of
         business of the Business Day immediately preceding the Record Date)
         preceding the relevant Distribution Date after the related Series
         Termination Date need not have attached the Coupons relating to such
         Distribution Date.

                  Whenever any Investor Certificates of any Series are so
         surrendered for exchange, the Transferor shall execute, and the Trustee
         shall authenticate and (unless the Transfer Agent and Registrar is
         different than the Trustee, in which case the Transfer Agent and
         Registrar shall) deliver, the Investor Certificates of such Series
         which the Certificateholder making the exchange is entitled to receive.
         Every Investor Certificate presented or surrendered for registration of
         transfer or exchange shall be accompanied by a written instrument of
         transfer in a form satisfactory to the Trustee and the Transfer Agent
         and Registrar duly executed by the Certificateholder thereof or his
         attorney-in-fact duly authorized in writing.

                  The preceding provisions of this Section 6.03 notwithstanding,
         the Trustee or the Transfer Agent and Registrar, as the case may be,
         shall not be required to register the transfer of or exchange any
         Investor Certificate of any Series for a period of 15 days preceding
         the due date for any payment with respect to the Investor Certificates
         of such Series.

                  Unless otherwise provided in the related Supplement, no
         service charge shall be made for any registration of transfer or
         exchange of Certificates, but the Transfer Agent and Registrar may
         require payment of a sum sufficient to cover any tax or governmental
         charge that may be imposed in connection with any transfer or exchange
         of Certificates.

                  All Investor Certificates (together with any Coupons attached
         to Bearer Certificates) surrendered for registration of transfer and
         exchange shall be canceled by the Transfer Agent and Registrar and
         disposed of in a manner satisfactory to the Trustee and the Transferor.
         The Trustee shall cancel and destroy the Global Certificates upon its
         exchange in full for Definitive Certificates and shall deliver a
         certificate of destruction to the Transferor. Such certificate shall
         also state that a certificate or certificates of each Foreign Clearing
         Agency to the effect referred to in Section 6.13 was received with
         respect to each portion of the Global Certificate exchanged for
         Definitive Certificates.

                  The Transferor shall execute and deliver to the Trustee or the
         Transfer Agent and Registrar, as applicable, Bearer Certificates and
         Registered Certificates in such amounts and at such times as are
         necessary to enable the Trustee to fulfill its responsibilities under
         this Agreement and the Certificates.

                  (b) Except as provided in Section 6.09 or 7.02 or in any
         Supplement, in no event shall the Exchangeable Transferor Certificate
         or any interest therein be transferred hereunder, in whole or in part,
         unless the Transferor shall have consented in writing to

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<PAGE>

         such transfer and unless the Trustee shall have received (i)
         confirmation in writing from each Rating Agency that such transfer will
         not result in a lowering or withdrawal of its then existing rating of
         any Series of Investor Certificates, and (ii) an Opinion of Counsel to
         the effect that (A) the conveyed interest in the Exchangeable
         Transferor Certificate will be treated as either debt or an interest in
         a partnership for federal income tax purposes and that the conveyance
         of such interest will not cause the Trust to be characterized for
         federal income tax purposes as an association taxable as a corporation
         or as a publicly traded partnership or otherwise have any material
         adverse impact on the federal or applicable state income taxation of
         any outstanding Series of Investor Certificates or any Certificate
         Owner and (B) such transfer will not cause or constitute an event in
         which gain or loss would be recognized for federal income tax purposes
         by any Investor Certificateholder.

                  (c) Unless otherwise provided in the related Supplement,
         registration of transfer of Registered Certificates containing a legend
         relating to the restrictions on transfer of such Registered
         Certificates (which legend shall be set forth in the Supplement
         relating to such Investor Certificates) shall be effected only if the
         conditions set forth in such related Supplement are satisfied.

                  Whenever a Registered Certificate containing the legend set
         forth in the related Supplement is presented to the Transfer Agent and
         Registrar for registration of transfer, the Transfer Agent and
         Registrar shall promptly seek instructions from the Servicer regarding
         such transfer. The Transfer Agent and Registrar and the Trustee shall
         be entitled to receive written instructions signed by a Servicing
         Officer prior to registering any such transfer or authenticating new
         Registered Certificates, as the case may be. The Servicer hereby agrees
         to indemnify the Transfer Agent and Registrar and the Trustee and to
         hold each of them harmless against any loss, liability or expense
         incurred without negligence or bad faith on their part arising out of
         or in connection with actions taken or omitted by them in reliance on
         any such written instructions furnished pursuant to this subsection
         6.03(c).

                  (d) If specified in any Supplement, the Transfer Agent and
         Registrar will maintain at its expense in the Borough of Manhattan, the
         City of New York (and subject to this Section 6.03, if specified in the
         related Supplement for any Series, any other city designated in such
         Supplement) an office or offices or an agency or agencies where
         Investor Certificates of such Series may be surrendered for
         registration of transfer or exchange.

         SECTION 6.04. MUTILATED, DESTROYED, LOST OR STOLEN CERTIFICATES. If (a)
any mutilated Certificate (together, in the case of Bearer Certificates, with
all unmatured Coupons, if any, appertaining thereto) is surrendered to the
Transfer Agent and Registrar, or the Transfer Agent and Registrar receives
evidence to its satisfaction of the destruction, loss or theft of any
Certificate and (b) there is delivered to the Transfer Agent and Registrar and
the Trustee such security or indemnity as may be required by them to save each
of them and the Transferor harmless, then, in the absence of notice to the
Trustee that such Certificate has been acquired by a bona fide purchaser, the
Transferor shall execute and the Trustee shall authenticate and (unless the
Transfer Agent and Registrar is different from the Trustee, in which case the
Transfer Agent

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<PAGE>

and Registrar shall) deliver (in compliance with applicable law), in exchange
for or in lieu of any such mutilated, destroyed, lost or stolen Certificate, a
new Certificate of like tenor and aggregate Undivided Interest. In connection
with the issuance of any new Certificate under this Section 6.04, the Trustee or
the Transfer Agent and Registrar may require the payment of a sum sufficient to
cover any tax or other governmental charge that may be imposed in relation
thereto and any other expenses (including the fees and expenses of the Trustee
and the Transfer Agent and Registrar) connected therewith. Any duplicate
Certificate issued pursuant to this Section 6.04 shall constitute complete and
indefeasible evidence of ownership in the Trust, as if originally issued,
whether or not the lost, stolen or destroyed Certificate shall be found at any
time.

         SECTION 6.05. PERSONS DEEMED OWNERS.

                  (a) Prior to due presentation of a Certificate for
         registration of transfer, the Trustee, the Paying Agent, the Transfer
         Agent and Registrar and any agent of any of them may treat the Person
         in whose name any Certificate is registered as the owner of such
         Certificate for the purpose of receiving distributions pursuant to
         Article V (as described in any Supplement) and for all other purposes
         whatsoever, and neither the Trustee, the Paying Agent, the Transfer
         Agent and Registrar nor any agent of any of them shall be affected by
         any notice to the contrary. In the case of a Bearer Certificate, the
         Trustee, the Paying Agent, the Transfer Agent and Registrar and any
         agent of any of them may treat the holder of a Bearer Certificate or
         Coupon as the owner of such Bearer Certificate or Coupon for the
         purpose of receiving distributions pursuant to Article IV and Article
         XII and for all other purposes whatsoever, and neither the Trustee, the
         Paying Agent, the Transfer Agent and Registrar nor any agent of any of
         them shall be affected by any notice to the contrary.

                  (b) Notwithstanding (a) above, in determining whether the
         holders of Investor Certificates evidencing the requisite Undivided
         Interests have given any request, demand, authorization, direction,
         notice, consent or waiver hereunder, Investor Certificates owned by the
         Transferor, the Servicer or any Affiliate thereof shall be disregarded
         and deemed not to be outstanding, except that, in determining whether
         the Trustee shall be protected in relying upon any such request,
         demand, authorization, direction, notice, consent or waiver, only
         Investor Certificates which a Responsible Officer in the Corporate
         Trust Office of the Trustee knows to be so owned shall be so
         disregarded. Investor Certificates so owned that have been pledged in
         good faith shall not be disregarded as outstanding, if the pledgee
         establishes to the satisfaction of the Trustee the pledgee's right so
         to act with respect to such Investor Certificates and that the pledgee
         is not the Transferor, the Servicer or an Affiliate thereof.

         SECTION 6.06. APPOINTMENT OF PAYING AGENT.

                  (a) The Paying Agent shall make distributions to Investor
         Certificateholders from the appropriate account or accounts maintained
         for the benefit of Certificateholders as specified in this Agreement or
         the related Supplement for any Series pursuant to Articles IV and V
         hereof. Any Paying Agent shall have the revocable power to withdraw
         funds from such appropriate account or accounts for the purpose of
         making distributions

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<PAGE>

         referred to above. The Trustee (or the Servicer if the Trustee is the
         Paying Agent) may revoke such power and remove the Paying Agent, if the
         Trustee (or the Servicer if the Trustee is the Paying Agent) determines
         in its sole discretion that the Paying Agent shall have failed to
         perform its obligations under this Agreement in any material respect or
         for other good cause. The Trustee (or the Servicer if the Trustee is
         the Paying Agent) shall notify the Rating Agencies of the removal of
         any Paying Agent. The Paying Agent, unless the Supplement with respect
         to any Series states otherwise, shall initially be the Trustee. If any
         form of Investor Certificate is issued as a Global Certificate, or if
         and so long as any Series of Investor Certificates are listed on any
         Offshore Securities Market and such exchange shall so require, the
         Trustee shall appoint a co-paying agent in the location required by
         such Offshore Securities Market. The Trustee shall be permitted to
         resign as Paying Agent upon 30 days' written notice to the Servicer. In
         the event that the Trustee shall no longer be the Paying Agent, the
         Trustee shall appoint a successor to act as Paying Agent (which shall
         be a bank or trust company). The provisions of Sections 11.01, 11.02
         and 11.03 shall apply to the Trustee also in its role as Paying Agent,
         for so long as the Trustee shall act as Paying Agent. Any reference in
         this Agreement to the Paying Agent shall include any co-paying agent
         unless the context requires otherwise.

                  If specified in the related Supplement for any Series, so long
         as the Investor Certificates of such Series are outstanding, the
         Transferor shall maintain a co-paying agent in New York City (for
         Registered Certificates only) or any other city designated in such
         Supplement. If and so long as any Series of Investor Certificates is
         listed on any Offshore Securities Market and such exchange so requires,
         the Transferor shall maintain a co-paying agent in the location
         required by such Offshore Securities Market.

                  (b) The Trustee shall cause the Paying Agent (other than
         itself) to execute and deliver to the Trustee an instrument in which
         such Paying Agent shall agree with the Trustee that such Paying Agent
         will hold all sums, if any, held by it for payment to the
         Certificateholders in trust for the benefit of the Certificateholders
         entitled thereto until such sums shall be paid to such
         Certificateholders and shall agree, and if the Trustee is the Paying
         Agent it hereby agrees, that it shall comply with all requirements of
         the Internal Revenue Code regarding the withholding by the Trustee of
         payments in respect of federal income taxes due from Certificate
         Owners.

         SECTION 6.07. ACCESS TO LIST OF CERTIFICATEHOLDERS' NAMES AND
ADDRESSES. The Trustee will furnish or cause to be furnished by the Transfer
Agent and Registrar to the Servicer or the Paying Agent, within five Business
Days after receipt by the Trustee of a request therefor from the Servicer or the
Paying Agent, respectively, in writing, a list in such form as the Servicer or
the Paying Agent may reasonably require, of the names and addresses of the
Investor Certificateholders as of the most recent Record Date for payment of
distributions to Investor Certificateholders. Unless otherwise provided in the
related Supplement, holders of Investor Certificates evidencing Undivided
Interests aggregating not less than 10% of the Investor Interest of the Investor
Certificates of any Series (the "Applicants") may apply in writing to the
Trustee, and if such application states that the Applicants desire to
communicate with other Investor Certificateholders of any Series with respect to
their rights under this Agreement or under the Investor Certificates and is
accompanied by a copy of the communication which such Applicants

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<PAGE>

propose to transmit, then the Trustee, after having been adequately indemnified
by such Applicants for its costs and expenses, shall afford or shall cause the
Transfer Agent and Registrar to afford such Applicants access during normal
business hours to the most recent list of Certificateholders held by the Trustee
and shall give the Servicer notice that such request has been made, within five
Business Days after the receipt of such application. Such list shall be as of a
date no more than 45 days prior to the date of receipt of such Applicant's
request. Every Certificateholder, by receiving and holding a Certificate, agrees
with the Trustee that neither the Trustee, the Transfer Agent and Registrar nor
any of their respective agents shall be held accountable by reason of the
disclosure of any such information as to the names and addresses of the
Certificateholders hereunder, regardless of the source from which such
information was obtained.

         SECTION 6.08. AUTHENTICATING AGENT.

                  (a) The Trustee may appoint one or more authenticating agents
         with respect to the Certificates which shall be authorized to act on
         behalf of the Trustee in authenticating the Certificates in connection
         with the issuance, delivery, registration of transfer, exchange or
         repayment of the Certificates. Whenever reference is made in this
         Agreement to the authentication of Certificates by the Trustee or the
         Trustee's certificate of authentication, such reference shall be deemed
         to include authentication on behalf of the Trustee by an authenticating
         agent and a certificate of authentication executed on behalf of the
         Trustee by an authenticating agent. Each authenticating agent must be
         acceptable to the Transferor.

                  (b) Any institution succeeding to the corporate agency
         business of an authenticating agent shall continue to be an
         authenticating agent without the execution or filing of any paper or
         any further act on the part of the Trustee or such authenticating
         agent.

                  (c) An authenticating agent may at any time resign by giving
         written notice of resignation to the Trustee and to the Transferor. The
         Trustee may at any time, with or without cause, terminate the agency of
         an authenticating agent by giving notice of termination to such
         authenticating agent and to the Transferor. Upon receiving such a
         notice of resignation or upon such a termination, or in case at any
         time an authenticating agent shall cease to be acceptable to the
         Trustee or the Transferor, the Trustee promptly may appoint a successor
         authenticating agent. Any successor authenticating agent upon
         acceptance of its appointment hereunder shall become vested with all
         the rights, powers and duties of its predecessor hereunder, with like
         effect as if originally named as an authenticating agent. No successor
         authenticating agent shall be appointed unless acceptable to the
         Trustee and the Transferor.

                  (d) The Trustee agrees to pay each authenticating agent from
         time to time reasonable compensation for its services under this
         Section 6.08, and the Trustee shall be entitled to be reimbursed and
         the Servicer shall reimburse the Trustee for such reasonable payments
         actually made, subject to the provisions of Section 11.05.

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<PAGE>

                  (e) The provisions of Sections 11.01, 11.02 and 11.03 shall be
         applicable to any authenticating agent.

                  (f) Pursuant to an appointment made under this Section 6.08,
         the Certificates may have endorsed thereon, in lieu of the Trustee's
         certificate of authentication, an alternate certificate of
         authentication in substantially the following form:

         This is one of the certificates described in the within mentioned
Pooling and Servicing Agreement.

                                                                         ,
                              ------------------------------------------
                              as Authenticating Agent for the Trustee

                              By
                                 ----------------------------------------
                                  Authorized Officer

         SECTION 6.09. TENDER OF EXCHANGEABLE TRANSFEROR CERTIFICATE.

                  (a) Upon any Exchange, the Trustee shall issue to the Holder
         of the Exchangeable Transferor Certificate under Section 6.01, for
         execution and redelivery to the Trustee for authentication under
         Section 6.02, one or more new Series of Investor Certificates. Any such
         Series of Investor Certificates shall be substantially in the form
         specified in the related Supplement and shall bear, upon its face, the
         designation for such Series to which it belongs, as selected by the
         Transferor. Except as specified in any Supplement for a related Series,
         all Investor Certificates of any Series shall rank pari passu and be
         equally and ratably entitled as provided herein to the benefits hereof
         (except that the Enhancement provided for any Series shall not be
         available for any other Series) without preference, priority or
         distinction on account of the actual time or times of authentication
         and delivery, all in accordance with the terms and provisions of this
         Agreement and the related Supplement.

                  (b) The Holder of the Exchangeable Transferor Certificate may
         tender the Exchangeable Transferor Certificate to the Trustee in
         exchange for (i) one or more newly issued Series of Investor
         Certificates and (ii) a reissued Exchangeable Transferor Certificate
         (any such tender, a "Transferor Exchange"). In addition, to the extent
         permitted for any Series of Investor Certificates as specified in the
         related Supplement, the Investor Certificateholders of such Series may
         tender their Investor Certificates and the Holder of the Exchangeable
         Transferor Certificate may tender the Exchangeable Transferor
         Certificate to the Trustee pursuant to the terms and conditions set
         forth in such Supplement in exchange for (i) one or more newly issued
         Series of Investor Certificates and (ii) a reissued Exchangeable
         Transferor Certificate (an "Investor Exchange"). The Transferor
         Exchange and Investor Exchange are referred to collectively herein as
         an "Exchange." The Holder of the Exchangeable Transferor Certificate
         may perform an Exchange by notifying the Trustee, in writing at least
         five days in advance (an "Exchange Notice") of the date upon which the
         Exchange is to occur (an "Exchange Date"). Any Exchange Notice shall
         state the designation of any Series to be issued on the Exchange Date
         and, with respect to each such Series: (A) its Initial Investor
         Interest (or the method

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<PAGE>

         for calculating such Initial Investor Interest), (B) its Certificate
         Rate (or the method for allocating interest payments or other cash
         flows to such Series), if any, (C) the Enhancement Provider, if any,
         with respect to such Series, and (D) the excess of the Principal
         Receivables in the Trust over the Minimum Transferor Interest after
         giving effect to the Exchange. On the Exchange Date, the Trustee shall
         authenticate and deliver any such Series of Investor Certificates only
         upon delivery to it of the following: (A) a Supplement satisfying the
         criteria set forth in subsection 6.09(c) executed by the Transferor and
         specifying the Principal Terms of such Series, (B) the applicable
         Enhancement, if any, (C) the agreement, if any, pursuant to which the
         Enhancement Provider agrees to provide the Enhancement, if any, (D) an
         Opinion of Counsel to the effect that the newly issued Series of
         Investor Certificates will be treated as debt or as a partnership
         interest (in which case such opinion shall also state that the Trust
         will not be taxable as a corporation or a publicly traded partnership)
         for federal income tax purposes and that the issuance of the newly
         issued Series of Investor Certificates will not adversely affect the
         federal income tax characterization of the Holder of any outstanding
         Series of Investor Certificates or any Certificate Owner, (E) written
         confirmation from each Rating Agency that the Exchange will not result
         in such Rating Agency's reducing or withdrawing its rating on any then
         outstanding Series or Class as to which it is a Rating Agency, (F) an
         Officer's Certificate signed by a Vice President (or any more senior
         officer) of the Transferor that on the Exchange Date (1) the
         Transferor, after giving effect to the Exchange, would not be required
         to add Additional Accounts pursuant to subsection 2.06(a) and (2) after
         giving effect to such Exchange, the Transferor Interest would be at
         least equal to the Minimum Transferor Interest, and (G) the existing
         Exchangeable Transferor Certificate or applicable Investor
         Certificates, as the case may be. Upon satisfaction of such conditions,
         the Trustee shall cancel the existing Exchangeable Transferor
         Certificate or applicable Investor Certificates, as the case may be,
         and issue, as provided above, such Series of Investor Certificates and
         a new Exchangeable Transferor Certificate, dated the Exchange Date.
         There is no limit to the number of Exchanges that may be performed
         under this Agreement.

                  (c) In conjunction with an Exchange, the parties hereto shall
         execute a Supplement, which shall specify the relevant terms with
         respect to any newly issued Series of Investor Certificates, which may
         include without limitation: (i) its name or designation, (ii) an
         Initial Investor Interest or the method of calculating the Initial
         Investor Interest, (iii) the Certificate Rate (or formula for the
         determination thereof), (iv) the Closing Date, (v) the rating agency or
         agencies rating such Series, (vi) the name of the Clearing Agency, if
         any, (vii) the rights of the Holder of the Exchangeable Transferor
         Certificate that have been transferred to the Holders of such Series
         pursuant to such Exchange (including any rights to allocations of
         Collections of Finance Charge Receivables and Principal Receivables),
         (viii) the interest payment date or dates and the date or dates from
         which interest shall accrue, (ix) the method of allocating Collections
         with respect to Principal Receivables for such Series and, if
         applicable, with respect to other Series and the method by which the
         principal amount of Investor Certificates of such Series shall amortize
         or accrete and the method for allocating Collections with respect to
         Finance Charge Receivables and Receivables in Defaulted Accounts, (x)
         the names of any accounts to be used by such Series and the terms
         governing the operation of any such account, (xi) the Series Servicing
         Fee Percentage, (xii) the Minimum Transferor

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<PAGE>

         Interest, the Series Termination Date, (xiii) the terms of any
         Enhancement with respect to such Series, (xiv) the Enhancement
         Provider, if applicable, (xv) the base rate applicable to such Series,
         (xvi) the terms on which the Certificates of such Series may be
         repurchased or remarketed to other investors, (xvii) any deposit into
         any account provided for such Series, (xviii) the number of Classes of
         such Series, and if more than one Class, the rights and priorities of
         each such Class, (xix) whether Interchange or other fees will be
         included in the funds available to be paid for such Series, (xx) the
         priority of any Series with respect to any other Series, (xxi) the
         rights, if any, of the holders of the Exchangeable Transferor
         Certificate that have been transferred to the holders of such Series,
         (xxii) the Pool Factor, (xxiii) whether such Series will be part of a
         Group, and (xxiv) any other relevant terms of such Series (including
         whether or not such Series will be pledged as collateral for an
         issuance of any other securities, including commercial paper) (as to
         all such terms, the "Principal Terms" of such Series). The terms of
         such Supplement may modify or amend the terms of this Agreement solely
         as applied to such new Series. If on the date of the issuance of such
         Series there is issued and outstanding one or more Series of Investor
         Certificates and no Series of Investor Certificates is currently rated
         by a Rating Agency, then as a condition to such Exchange a nationally
         recognized investment banking firm or commercial bank shall also
         deliver to the Trustee an officers certificate stating, in substance,
         that the Exchange will not have an adverse effect on the timing or
         distribution of payments to such other Series of Investor Certificates
         then issued and outstanding.

         SECTION 6.10. BOOK-ENTRY CERTIFICATES. Unless otherwise provided in any
related Supplement, the Investor Certificates, upon original issuance, shall be
issued in the form of typewritten Certificates representing the Book-Entry
Certificates, to be delivered to the depository specified in such Supplement
(the "Depository") which shall be the Clearing Agency or Foreign Clearing
Agency, by or on behalf of such Series. The Investor Certificates of each Series
shall, unless otherwise provided in the related Supplement, initially be
registered on the Certificate Register in the name of the nominee of the
Clearing Agency or Foreign Clearing Agency. No Certificate Owner will receive a
definitive certificate representing such Certificate Owner's interest in the
related Series of Investor Certificates, except as provided in Section 6.12 or
in the respective Supplement. Unless and until definitive, fully registered
Investor Certificates of any Series ("Definitive Certificates") have been issued
to Certificate Owners pursuant to Section 6.12:

                  (a) the provisions of this Section 6.10 shall be in full force
         and effect with respect to each such Series;

                  (b) the Transferor, the Servicer, the Paying Agent, the
         Transfer Agent and Registrar and the Trustee may deal with the Clearing
         Agency and the Clearing Agency Participants for all purposes (including
         the making of distributions on the Investor Certificates of each such
         Series) as the authorized representatives of the Certificate Owners;

                  (c) to the extent that the provisions of this Section 6.10
         conflict with any other provisions of this Agreement, the provisions of
         this Section 6.10 shall control with respect to each such Series; and

                                       65
<PAGE>

                  (d) the rights of Certificate Owners of each such Series shall
         be exercised only through the Clearing Agency or Foreign Clearing
         Agency and the applicable Clearing Agency Participants and shall be
         limited to those established by law and agreements between such
         Certificate Owners and the Clearing Agency or Foreign Clearing Agency
         and/or the Clearing Agency Participants. Pursuant to the Depository
         Agreement applicable to a Series, unless and until Definitive
         Certificates of such Series are issued pursuant to Section 6.12, the
         initial Clearing Agency will make book-entry transfers among the
         Clearing Agency Participants and receive and transmit distributions of
         principal and interest on the Investor Certificates to such Clearing
         Agency Participants.

         SECTION 6.11. NOTICES TO CLEARING AGENCY. Whenever notice or other
communication to the Certificateholders is required under this Agreement, unless
and until Definitive Certificates shall have been issued to Certificate Owners
pursuant to Section 6.12, the Trustee shall give all such notices and
communications specified herein to be given to Holders of the Investor
Certificates to the Clearing Agency or Foreign Clearing Agency for distribution
to Holders of Investor Certificates.

         SECTION 6.12. DEFINITIVE CERTIFICATES. If (a)(i) the Transferor advises
the Trustee in writing that the Clearing Agency or Foreign Clearing Agency is no
longer willing or able to discharge properly its responsibilities under the
applicable Depository Agreement, and (ii) the Trustee or the Transferor is
unable to locate a qualified successor; or (b) the Transferor, at its option,
advises the Trustee in writing that it elects to terminate the book-entry system
through the Clearing Agency or Foreign Clearing Agency with respect to any
Series of Certificates; or (c) after the occurrence of a Servicer Default,
Certificate Owners of a Series representing beneficial interests aggregating not
less than 50% of the Investor Interest of such Series advise the Trustee and the
applicable Clearing Agency or Foreign Clearing Agency through the applicable
Clearing Agency Participants in writing that the continuation of a book-entry
system through the applicable Clearing Agency or Foreign Clearing Agency is no
longer in the best interests of the Certificate Owners, the Trustee shall notify
all Certificate Owners of such Series, through the applicable Clearing Agency
Participants, of the occurrence of any such event and of the availability of
Definitive Certificates to Certificate Owners of such Series requesting the
same. Upon surrender to the Trustee of the Investor Certificates of such Series
by the applicable Clearing Agency or Foreign Clearing Agency, accompanied by
registration instructions from the applicable Clearing Agency or Foreign
Clearing Agency for registration, the Trustee shall issue the Definitive
Certificates of such Series. Neither the Transferor nor the Trustee shall be
liable for any delay in delivery of such instructions and may conclusively rely
on, and shall be protected in relying on, such instructions. Upon the issuance
of Definitive Certificates of such Series, all references herein to obligations
imposed upon or to be performed by the applicable Clearing Agency or Foreign
Clearing Agency shall be deemed to be imposed upon and performed by the Trustee,
to the extent applicable with respect to such Definitive Certificates, and the
Trustee shall recognize the Holders of the Definitive Certificates of such
Series as Certificateholders of such Series hereunder.

         SECTION 6.13. GLOBAL CERTIFICATE. If specified in the related
Supplement for any Series, the Investor Certificates may be initially issued in
the form of a single temporary Global Certificate (the "Global Certificate") in
bearer form, without interest coupons, in the denomination of the Initial
Investor Interest and substantially in the form attached to the related

                                       66
<PAGE>

Supplement. Unless otherwise specified in the related Supplement, the provision
of this Section 6.13 shall apply to such Global Certificate. The Global
Certificate will be authenticated by the Trustee upon the same conditions, in
substantially the same manner and with the same effect as the Definitive
Certificates. The Global Certificate may be exchanged in the manner described in
the related Supplement for Registered or Bearer Certificates in definitive form.

         SECTION 6.14. MEETINGS OF CERTIFICATEHOLDERS. To the extent provided by
the Supplement for any Series issued in whole or in part in Bearer Certificates,
the Servicer, the Transferor or the Trustee may at any time call a meeting of
the Certificateholders of such Series, to be held at such time and at such place
as the Servicer, the Transferor or the Trustee, as the case may be, shall
determine, for the purpose of approving a modification of or amendment to, or
obtaining a waiver of, any covenant or condition set forth in this Agreement
with respect to such Series or in the Certificates of such Series, subject to
Section 13.01 of this Agreement.

         SECTION 6.15. TRANSFERS OF CERTAIN CERTIFICATES.

                  (a) Notwithstanding any other provision of this Agreement, any
         Certificate (including Exchangeable Transferor Certificates) for which
         an Opinion of Counsel has not been issued opining that such
         Certificates would be treated as debt for federal income tax purposes
         (each, a "Subject Certificate") shall be subject to the next succeeding
         paragraph.

                  (b) No transfer (or purported transfer) of all or any part of
         a Subject Certificate (or any economic interest therein), whether to
         another Certificateholder or to a person who is not a
         Certificateholder, shall be effective, and any such transfer (or
         purported transfer) shall be void ab initio, and no Person shall
         otherwise become a Holder of a Subject Certificate if (i) at the time
         of such transfer (or purported transfer) any Subject Certificates are
         traded on an established securities market; (ii) after such transfer
         (or purported transfer) the Trust would have more than 100 Holders of
         Subject Certificates; or (iii) the Subject Certificates have been
         issued in a transaction or transactions that were required to be
         registered under the Securities Act of 1933 (the "1933 Act"), and to
         the extent such offerings or sales were required to be registered under
         the 1933 Act by reason of Regulation S (17 C.F.R. 230.901 through
         230.904 or any successor thereto) such offerings or sales would not
         have been required to be registered under the 1933 Act if the interests
         so offered or sold had been offered and sold within the United States.
         For purposes of clause (i) of the preceding sentence, an established
         securities market is a national securities exchange described in
         Treasury Regulation 1-7704-1(b). For purposes of determining whether
         the Trust will have more than 100 Holders of Subject Certificates, each
         Person indirectly owning an interest in the Trust through a partnership
         (including any entity treated as a partnership for federal income tax
         purposes), a grantor trust or an S corporation (each such entity a
         "flow-through entity") shall be treated as a Holder of a Subject
         Certificate unless the Servicer determines, after consulting with
         qualified tax counsel, that less than substantially all of the value of
         the beneficial owner's interest in the flow-through entity is
         attributable to the flow-through entity's interest (direct or indirect)
         in the Trust.

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         SECTION 6.16. TRUST TAX ELECTION. No Person, including the Trustee,
shall have the authority to make an election under Treasury Regulation
301.7701-3(c) to cause the Trust to be classified as an association taxable as a
corporation.

                                   ARTICLE VII

                    OTHER MATTERS RELATING TO THE TRANSFEROR

         SECTION 7.01. LIABILITY OF THE TRANSFEROR. The Transferor shall be
liable in accordance herewith solely to the extent of the obligations
specifically undertaken by the Transferor.

         SECTION 7.02. MERGER OR CONSOLIDATION OF, OR ASSUMPTION OF THE
OBLIGATIONS OF, THE TRANSFEROR.

                  (a) The Transferor shall not consolidate with or merge into,
         or convey or transfer its properties and assets substantially as an
         entirety to, any other Person, unless:

                           (i) the corporation formed by such consolidation or
                  into which the Transferor is merged or the Person which
                  acquires by conveyance or transfer the properties and assets
                  of the Transferor substantially as an entirety shall be, if
                  the Transferor is not the surviving entity, organized and
                  existing under the laws of the United States of America or any
                  state, and shall be either (1) a business entity that may not
                  become a debtor in a proceeding under Title 11 of the United
                  States Code or (2) a special-purpose entity, the powers and
                  activities of which shall be limited to the performance of
                  Transferor's obligations under this Agreement and under the
                  other Transaction Documents and shall expressly assume, by an
                  agreement supplemental hereto, executed and delivered to the
                  Trustee, in form satisfactory to the Trustee, the performance
                  of every covenant and obligation of the Transferor, as
                  applicable hereunder and thereunder, and shall benefit from
                  all the rights granted to the Transferor, as applicable
                  hereunder and thereunder. To the extent that any right,
                  covenant or obligation of the Transferor, as applicable
                  hereunder, is inapplicable to the successor entity, such
                  successor entity shall be subject to such covenant or
                  obligation, or benefit from such right, as would apply, to the
                  extent practicable, to such successor entity. In furtherance
                  hereof, in applying this Section 7.02 to a successor entity,
                  Section 9.02 hereof shall be applied by reference to events of
                  involuntary liquidation, receivership or conservatorship
                  applicable to such successor entity as shall be set forth in
                  the Officer's Certificate described in subsection 7.02(a);

                           (ii) the Transferor shall have delivered to the
                  Trustee an Officer's Certificate signed by a Vice President
                  (or any more senior officer) of the Transferor stating that
                  such consolidation, merger, conveyance or transfer and such
                  supplemental agreement comply with this Section 7.02 and that
                  all conditions precedent herein provided for relating to such
                  transaction have been complied with and an Opinion of Counsel
                  that such supplemental agreement is legal, valid and binding;
                  and

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                           (iii) the Servicer shall have delivered notice to the
                  Rating Agencies of such consolidation, merger, conveyance or
                  transfer and the Rating Agency Condition shall have been met.

                  (b) The obligations of the Transferor hereunder shall not be
         assignable nor shall any Person succeed to the obligations of the
         Transferor hereunder except for mergers, consolidations, assumptions or
         transfers in accordance with the provisions of the foregoing paragraph.

         SECTION 7.03. LIMITATION ON LIABILITY. The directors, officers,
employees or agents of the Transferor shall not be under any liability to the
Trust, the Trustee, the Certificateholders, any Enhancement Provider or any
other Person hereunder or pursuant to any document delivered hereunder, it being
expressly understood that all such liability is expressly waived and released as
a condition of, and as consideration for, the execution of this Agreement and
any Supplement and the issuance of the Certificates; provided, however, that
this provision shall not protect the officers, directors, employees or agents of
the Transferor against any liability which would otherwise be imposed by reason
of willful misfeasance, bad faith or gross negligence in the performance of
duties or by reason of reckless disregard of obligations and duties hereunder.
Except as provided in Section 7.04, the Transferor shall not be under any
liability to the Trust, the Trustee, the Certificateholders, any Enhancement
Provider or any other Person for any action taken or for refraining from the
taking of any action in its capacity as Transferor pursuant to this Agreement or
any Supplement whether arising from express or implied duties under this
Agreement or any Supplement; provided, however, that this provision shall not
protect the Transferor against any liability which would otherwise be imposed by
reason of willful misfeasance, bad faith or gross negligence in the performance
of duties or by reason of reckless disregard of obligations and duties
hereunder. The Transferor and any director, officer, employee or agent may rely
in good faith on any document of any kind prima facie properly executed and
submitted by any Person respecting any matters arising hereunder.

         SECTION 7.04. LIABILITIES.

                  (a) The Transferor shall indemnify and hold harmless the Trust
         and the Trustee, its officers, directors, employees and agents from and
         against any reasonable loss, liability, expense, damage or injury
         suffered or sustained by reason of any acts, omissions or alleged acts
         or omissions arising out of or based upon the arrangement created by
         this Agreement or any Supplement or any other Transaction Document;
         provided, however, that the Transferor shall not indemnify the Trustee
         if such acts, omissions or alleged acts or omissions constitute or are
         caused by fraud, negligence or willful misconduct by the Trustee; and
         provided, further, that the Transferor shall not indemnify the Trust,
         the Investor Certificateholders or the Certificate Owners for any
         liabilities, costs or expenses of the Trust with respect to any action
         taken by the Trustee at the direction of Holders of Investor
         Certificates evidencing Undivided Interests aggregating not less than
         50% of the Investor Interest of the respective Series; and provided,
         further, that the Transferor shall not indemnify the Trust, the
         Investor Certificateholders or the Certificate Owners as to any losses,
         claims or damages that would be incurred by any of them if the Investor
         Certificates were notes secured by the Receivables, for example, as a
         result of the performance of the Receivables, market

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         fluctuations, a shortfall or failure to make payment under any
         Enhancement or other similar market or investment risks associated with
         ownership of such secured notes; and provided, further, that the
         Transferor shall not indemnify the Trust, the Investor
         Certificateholders or the Certificate Owners for any liabilities, costs
         or expenses of the Trust, the Investor Certificateholders or the
         Certificate Owners for any liabilities, costs or expenses of the Trust,
         the Trustee or the Investor Certificateholders arising under any tax
         law, including, without limitation, any federal, state, local or
         foreign income or franchise taxes or any other tax imposed on or
         measured by income (or any interest or penalties with respect thereto
         or arising from a failure to comply therewith) required to be paid by
         the Trust, the Investor Certificateholders or the Certificate Owners in
         connection herewith to any taxing authority.

                  (b) The Transferor shall be liable directly to and shall
         indemnify the injured party for all losses, claims, damages,
         liabilities and expenses of the Trust to the extent that the Transferor
         would be liable if the Trust were a partnership under the Delaware
         Revised Uniform Limited Partnership Act in which the Transferor were a
         general partner; provided, however, that the Transferor shall not be
         liable for (i) any losses incurred by a Certificateholder or a
         Certificate Owner in its capacity as an investor in the Certificates or
         (ii) any liabilities, costs or expenses of the Investor
         Certificateholders or the Certificate Owners arising under any tax law,
         including, without limitation, any federal, state, local or foreign
         income or franchise taxes or any other tax imposed on or measured by
         income (or any interest or penalties with respect thereto or arising
         from a failure to comply therewith) required to be paid by the Investor
         Certificateholders or the Certificate Owners in connection herewith to
         any taxing authority.

                  (c) Any indemnification under this Section 7.04 shall not be
         payable from the assets of the Trust. The provisions of this indemnity
         shall run directly to and be enforceable by an injured party subject to
         the limitations hereof. Any injured party seeking indemnification
         hereunder shall give the Transferor prompt written notice of any
         potential loss, liability, expense, damage or injury, including actual
         or threatened litigation. The Transferor shall be entitled to assume
         the defense of and to negotiate the settlement of any such claim. The
         obligations of the Transferor under this subsection 7.04 shall be
         evidenced by the Exchangeable Transferor Certificate, which shall be
         deemed to be a separate Class of Certificate from all other
         Certificates issued by the Trust.

                                  ARTICLE VIII

                     OTHER MATTERS RELATING TO THE SERVICER

         SECTION 8.01. LIABILITY OF THE SERVICER. The Servicer shall be liable
in accordance herewith only to the extent of the obligations specifically
undertaken by the Servicer in such capacity herein.

         SECTION 8.02. MERGER OR CONSOLIDATION OF, OR ASSUMPTION OF THE
OBLIGATIONS OF, THE SERVICER. The Servicer shall not consolidate with or merge
into any other corporation or convey or transfer its properties and assets
substantially as an entirety to any Person, unless:

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                  (a) the corporation formed by such consolidation or into which
         the Servicer is merged or the Person which acquires by conveyance or
         transfer the properties and assets of the Servicer substantially as an
         entirety shall be a corporation organized and existing under the laws
         of the United States of America or any State or the District of
         Columbia, and shall be a state or national banking association or other
         entity which is not subject to the bankruptcy laws of the United States
         of America and, if the Servicer is not the surviving entity, shall
         expressly assume, by an agreement supplemental hereto, executed and
         delivered to the Trustee in form satisfactory to the Trustee, the
         performance of every covenant and obligation of the Servicer hereunder
         (to the extent that any right, covenant or obligation of the Servicer,
         as applicable hereunder, is inapplicable to the successor entity, such
         successor entity shall be subject to such covenant or obligation, or
         benefit from such right, as would apply, to the extent practicable, to
         such successor entity);

                  (b) the Servicer shall have delivered to the Trustee an
         Officer's Certificate that such consolidation, merger, conveyance or
         transfer and such supplemental agreement comply with this Section 8.02
         and that all conditions precedent herein provided for relating to such
         transaction have been complied with and an Opinion of Counsel that such
         supplemental agreement is legal, valid and binding with respect to the
         Servicer; and

                  (c) the Servicer shall have delivered notice to the Rating
         Agencies of such consolidation, merger, conveyance or transfer.

         SECTION 8.03. LIMITATION ON LIABILITY OF THE SERVICER AND OTHERS. The
directors, officers, employees or agents of the Servicer shall not be under any
liability to the Trust, the Trustee, the Certificateholders, any Enhancement
Provider or any other Person hereunder or pursuant to any document delivered
hereunder, it being expressly understood that all such liability is expressly
waived and released as a condition of, and as consideration for, the execution
of this Agreement and any Supplement and the issuance of the Certificates;
provided, however, that this provision shall not protect the directors,
officers, employees and agents of the Servicer against any liability which would
otherwise be imposed by reason of willful misfeasance, bad faith or gross
negligence in the performance of duties or by reason of reckless disregard of
obligations and duties hereunder. Except as provided in Section 8.04, and except
in its capacity as RPA Seller as provided in Section 5(n) of the Receivables
Purchase Agreement, the Servicer shall not be under any liability to the Trust,
the Trustee, its officers, directors, employees and agents, the
Certificateholders or any other Person for any action taken or for refraining
from the taking of any action in good faith in its capacity as Servicer pursuant
to this Agreement or any Supplement; provided, however, that this provision
shall not protect the Servicer against any liability which would otherwise be
imposed by reason of willful misfeasance, bad faith or gross negligence in the
performance of duties or by reason of its reckless disregard of its obligations
and duties hereunder or under any Supplement. The Servicer may rely in good
faith on any document of any kind prima facie properly executed and submitted by
any Person respecting any matters arising hereunder. The Servicer shall not be
under any obligation to appear in, prosecute or defend any legal action which is
not incidental to its duties to service the Receivables in accordance with this
Agreement which in its reasonable opinion may involve it in any expense or
liability.

         SECTION 8.04. SERVICER INDEMNIFICATION OF THE TRUST AND THE TRUSTEE.
The Servicer shall indemnify and hold harmless the Trust and the Trustee, its
officers, directors, employees

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<PAGE>

and agents, from and against any reasonable loss, liability, expense, damage or
injury suffered or sustained by reason of any acts or omissions or alleged acts
or omissions of the Servicer with respect to activities of the Trust or the
Trustee pursuant to this Agreement or any other Transaction Document, including,
but not limited to any judgment, award, settlement, reasonable attorneys' fees
and other costs or expenses incurred in connection with the defense of any
actual or threatened action, proceeding or claim; provided, however, that the
Servicer shall not indemnify the Trustee if such acts, omissions or alleged acts
or omissions constitute or are caused by fraud, negligence, or willful
misconduct by the Trustee; and provided, further, that the Servicer shall not
indemnify the Trust, the Investor Certificateholders or the Certificate Owners
for any liabilities, costs or expenses of the Trust with respect to any action
taken by the Trustee at the direction of Holders of Investor Certificates
evidencing Undivided Interests aggregating not less than 50% of the Investor
Interest of the respective Series; and provided, further, that the Servicer
shall not indemnify the Trust, the Investor Certificateholders or the
Certificate Owners as to any losses, claims or damages that would be incurred by
any of them if the Investor Certificates were notes secured by the Receivables,
for example, as a result of the performance of the Receivables, market
fluctuations, a shortfall or failure to make payment under any Enhancement or
other similar market or investment risks associated with ownership of such
secured notes; and provided, further, that the Servicer shall not indemnify the
Trust, the Investor Certificateholders or the Certificate Owners for any
liabilities, costs or expenses of the Trust, the Investor Certificateholders or
the Certificate Owners arising under any tax law, including, without limitation,
any federal, state, local or foreign income or franchise taxes or any other tax
imposed on or measured by income (or any interest or penalties with respect
thereto or arising from a failure to comply therewith) required to be paid by
the Trust, the Investor Certificateholders or the Certificate Owners in
connection herewith to any taxing authority. Any such indemnifications under
this Section 8.04 shall not be payable from the assets of the Trust. The
provisions of this indemnity shall run directly to and be enforceable by an
injured party subject to the limitations hereof. Any injured party seeking
indemnification hereunder shall give the Servicer prompt written notice of any
potential loss, liability, expense, damage or injury, including actual or
threatened litigation. The Servicer shall be entitled to assume the defense of
and to negotiate the settlement of any such claim.

         SECTION 8.05. THE SERVICER NOT TO RESIGN. The Servicer shall not resign
from the obligations and duties hereby imposed on it except upon determination
that (a) the performance of its duties hereunder is no longer permissible under
applicable law and (b) there is no reasonable action which the Servicer could
take to make the performance of its duties hereunder permissible under
applicable law. Any such determination permitting the resignation of the
Servicer shall be evidenced as to clause (a) above by an Opinion of Counsel to
such effect delivered to the Trustee. No such resignation shall become effective
until the Trustee or a Successor Servicer shall have assumed the
responsibilities and obligations of the Servicer in accordance with Section
10.02 hereof. If the Trustee is unable within 120 days of the date of such
determination to appoint a Successor Servicer, the Trustee shall (i) serve as
Successor Servicer hereunder until such time as a Successor Servicer shall have
been appointed and assumed the obligations of the Servicer in accordance with
Section 10.02 hereunder or (ii) if the Trustee is legally unable so to act,
petition a court of competent jurisdiction to appoint a Successor Servicer in
accordance with Section 10.02 such that the appointment is made within the
120-day period.

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         SECTION 8.06. ACCESS TO CERTAIN DOCUMENTATION AND INFORMATION REGARDING
THE RECEIVABLES. The Servicer shall provide to the Trustee access to the
documentation regarding the Accounts and the Receivables in such cases where the
Trustee is required in connection with the enforcement of the rights of the
Investor Certificateholders, or by applicable statutes or regulations to review
such documentation, such access being afforded without charge but only (a) upon
reasonable request, (b) during normal business hours, (c) subject to the
Servicer's normal security and confidentiality procedures, and (d) at offices
designated by the Servicer. Nothing in this Section 8.06 shall derogate from the
obligation of FNBO, the Transferor, the Trustee or the Servicer to observe any
applicable law prohibiting disclosure of information regarding the Obligors and
the failure of the Servicer to provide access as provided in this Section 8.06
as a result of such obligations shall not constitute a breach of this Section
8.06.

         SECTION 8.07. DELEGATION OF DUTIES. It is understood and agreed by the
parties hereto that the Servicer may delegate certain of its duties hereunder to
any Affiliate which is wholly owned by the Servicer or its parent, First
National of Nebraska, Inc. In the ordinary course of business, the Servicer may
at any time delegate any duties hereunder to any Person who agrees to conduct
such duties in accordance with the Credit Card Guidelines. Any such delegations
shall not relieve the Servicer of its liability and responsibility with respect
to such duties and shall not constitute a resignation within the meaning of
Section 8.05 hereof. If any such delegation is to a party other than an
Affiliate, as permitted above, notification thereof shall be given to each
Rating Agency.

         SECTION 8.08. EXAMINATION OF RECORDS. The Servicer shall clearly and
unambiguously identify each Account (including any Additional Account designated
pursuant to Section 2.06) in its computer or other records to reflect that the
Receivables arising in such Account have been conveyed to the Trust pursuant to
this Agreement. The Servicer shall, prior to the sale or transfer to a third
party of any receivable held in its custody, examine its computer and other
records to determine that such receivable is not a Receivable.

                                   ARTICLE IX

                                 PAY OUT EVENTS

         SECTION 9.01. PAY OUT EVENTS. If any one of the following events (each,
a "Trust Pay Out Event") shall occur:

                  (a) the Transferor or FNBO shall consent to the appointment of
         a conservator or receiver or liquidator in any insolvency, readjustment
         of debt, marshalling of assets and liabilities or similar proceedings
         of or relating to all or substantially all of its property; or a decree
         or order of a court or agency or supervisory authority having
         jurisdiction in the premises for the appointment of a conservator or
         receiver or liquidator in any insolvency, readjustment of debt,
         marshalling of assets and liabilities or similar proceedings, or for
         the winding-up or liquidation of its affairs, shall have been entered
         against the Transferor or FNBO, and such decree or order shall have
         remained in force undischarged or unstayed for a period of 60 days; or
         the Transferor or FNBO shall admit in writing its inability to pay its
         debts generally as they become due, file a petition to take advantage
         of any applicable insolvency or reorganization statute, make an
         assignment for the benefit of its creditors or voluntarily suspend

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<PAGE>
         payment of its obligations; or the Transferor shall become unable for
         any reason to transfer Receivables to the Trust in accordance with the
         provisions of this Agreement; or FNBO shall become unable for any
         reason to transfer Receivables to the Transferor in accordance with the
         provisions of the Receivables Purchase Agreement; or

                  (b) the Trust shall become subject to regulation by the
         Securities and Exchange Commission as an "investment company" within
         the meaning of the Investment Company Act;

then a Pay Out Event with respect to all Series of Certificates shall occur
without any notice or other action on the part of the Trustee or the Investor
Certificateholders immediately upon the occurrence of such event. Upon receipt
by the Trustee of a written notice that a Pay Out Event has occurred, the
Trustee will notify each Rating Agency of the occurrence of such Pay Out Event.

         SECTION 9.02. ADDITIONAL RIGHTS UPON THE OCCURRENCE OF CERTAIN EVENTS.

                  (a) If the Transferor or FNBO shall consent to the appointment
         of a conservator, receiver or liquidator for the winding-up or
         liquidation of its affairs, or a decree or order of a court, agency or
         supervisory authority having jurisdiction in the premises for the
         appointment of a conservator, receiver or liquidator for the winding-up
         or liquidation of its affairs shall have been entered against the
         Transferor or FNBO (an "Insolvency Event"), the Transferor shall on the
         day of such Insolvency Event (the "Appointment Day") immediately cease
         to transfer Principal Receivables to the Trust and shall promptly give
         notice to the Trustee of such Insolvency Event. Notwithstanding any
         cessation of the transfer to the Trust of additional Principal
         Receivables, Finance Charge Receivables, whenever created, accrued in
         respect of Principal Receivables which have been transferred to the
         Trust shall continue to be a part of the Trust, and Collections with
         respect thereto shall continue to be allocated and paid in accordance
         with Article IV. Within 15 days of the Appointment Day, the Trustee
         shall (i) publish a notice in an Authorized Newspaper that an
         Insolvency Event has occurred and that the Trustee intends to sell,
         dispose of or otherwise liquidate the Receivables in a commercially
         reasonable manner and (ii) send written notice to the Investor
         Certificateholders describing the provisions of this Section 9.02 and
         requesting instructions from such Holders. Unless within 90 days from
         the day notice pursuant to clause (i) above is first published, the
         Trustee shall have received written instructions of Holders of Investor
         Certificates evidencing more than 50% of each Class of the Investor
         Interest of each Series issued and outstanding to the effect that such
         Certificateholders disapprove of the liquidation of the Receivables and
         wish to continue having Principal Receivables transferred to the Trust
         as before such Insolvency Event, the Trust shall terminate and the
         Trustee shall sell, dispose of or otherwise liquidate the Receivables
         in a commercially reasonable manner and on commercially reasonable
         terms, which shall include the solicitation of competitive bids. The
         Trustee may obtain a prior determination from any such conservator,
         receiver or liquidator that the terms and manner of any proposed sale,
         disposition or liquidation are commercially reasonable. The provisions
         of Sections 9.01 and 9.02 shall not be deemed to be mutually exclusive.

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<PAGE>

                  (b) Notwithstanding the termination of the Trust in accordance
         with subsection 9.02(a), the rights of the Certificateholders to
         amounts due hereunder shall continue until payment in full of such
         amounts. The proceeds from the sale, disposition or liquidation of the
         Receivables pursuant to subsection (a) above shall be treated as
         Collections on the Receivables and shall be allocated and deposited in
         accordance with the provisions of Article IV, provided that the Trustee
         shall determine conclusively in its sole discretion the amount of such
         proceeds which are allocable to Finance Charge Receivables and the
         amount of such proceeds which are allocable to Principal Receivables.

                  (c) The Trustee may appoint an agent or agents to assist with
         its responsibilities pursuant to this Article IX with respect to
         competitive bids.

                                    ARTICLE X

                                SERVICER DEFAULTS

         SECTION 10.01. SERVICER DEFAULTS. If any one of the following events
(subject to the last paragraph of this Section 10.01, a "Servicer Default")
shall occur and be continuing:

                  (a) any failure by the Servicer to make any payment, transfer
         or deposit or to give instructions or notice to the Trustee pursuant to
         Article IV or to instruct the Trustee to make any required drawing,
         withdrawal or payment under any Enhancement on or before the later of
         (i) the date occurring 10 Business Days after the date such payment,
         transfer, deposit, withdrawal or drawing or such instruction or notice
         is required to be made or given, as the case may be, under the terms of
         this Agreement, or (ii) three Business Days after written notice of
         such failure shall have been given to the Servicer;

                  (b) failure on the part of the Servicer duly to observe or
         perform in any respect any other covenants or agreements of the
         Servicer set forth in this Agreement, which has a material adverse
         effect on the Investor Certificateholders of any Series and which
         continues unremedied for a period of 60 days after the date on which
         written notice of such failure, requiring the same to be remedied,
         shall have been given to the Servicer by the Trustee, or to the
         Servicer and the Trustee by the Holders of Investor Certificates
         evidencing Undivided Interests aggregating not less than 50% of the
         unpaid Initial Investor Interest of any Series adversely affected
         thereby and continues to materially adversely affect such Investor
         Certificateholders for such period; or the Servicer shall delegate its
         duties under this Agreement, except as permitted by Section 8.07;

                  (c) any representation, warranty or certification made by the
         Servicer in this Agreement or in any certificate delivered pursuant to
         this Agreement shall prove to have been incorrect when made, which has
         a material adverse effect on the Investor Certificateholders of any
         Series and which continues to be incorrect in any material respect for
         a period of 60 days after the date on which written notice of such
         failure, requiring the same to be remedied, shall have been given to
         the Servicer by the Trustee, or to the Servicer and the Trustee by the
         Holders of Investor Certificates evidencing

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<PAGE>

         Undivided Interests aggregating not less than 50% of the unpaid Initial
         Investor Interest of any Series adversely affected thereby and
         continues to materially adversely affect such Investor
         Certificateholders for such period; or

                  (d) the Servicer shall consent to the appointment of a
         conservator or receiver or liquidator in any insolvency, readjustment
         of debt, marshalling of assets and liabilities or similar proceedings
         of or relating to the Servicer or of or relating to all or
         substantially all of its property; or a decree or order of a court or
         agency or supervisory authority having jurisdiction in the premises for
         the appointment of a conservator or receiver or liquidator in any
         insolvency, readjustment of debt, marshalling of assets and liabilities
         or similar proceedings, or for the winding-up or liquidation of its
         affairs, shall have been entered against the Servicer, and such decree
         or order shall have remained in force undischarged or unstayed for a
         period of 60 days; or the Servicer shall admit in writing its inability
         to pay its debts generally as they become due, file a petition to take
         advantage of any applicable insolvency or reorganization statute, make
         any assignment for the benefit of its creditors or voluntarily suspend
         payment of its obligations;

then, so long as such Servicer Default shall not have been remedied or waived,
either the Trustee, or the Holders of Investor Certificates evidencing more than
50% of the aggregate unpaid Initial Investor Interests of all outstanding
Series, by notice then given in writing to the Servicer (and to the Trustee if
given by the Investor Certificateholders) (a "Termination Notice"), may
terminate all of the rights and obligations (other than unsatisfied obligations
for acts or omissions during its tenure as Servicer) of the Servicer as Servicer
under this Agreement. After receipt by the Servicer of such Termination Notice,
and on the date that a Successor Servicer shall have been appointed by the
Trustee pursuant to Section 10.02, all authority and power of the Servicer under
this Agreement shall pass to and be vested in a Successor Servicer; and, without
limitation, the Trustee is hereby authorized and empowered (upon the failure of
the Servicer to cooperate) to execute and deliver, on behalf of the Servicer, as
attorney-in-fact or otherwise, all documents and other instruments upon the
failure of the Servicer to execute or deliver such documents or instruments, and
to do and accomplish all other acts or things necessary or appropriate to effect
the purposes of such transfer of servicing rights and obligations. The Servicer
agrees to cooperate with the Trustee and such Successor Servicer in effecting
the termination of the responsibilities and rights of the Servicer to conduct
servicing hereunder, including, without limitation, the transfer to such
Successor Servicer of all authority of the Servicer to service the Receivables
provided for under this Agreement, including, without limitation, all authority
over all Collections which shall on the date of transfer be held by the Servicer
for deposit, or which have been deposited by the Servicer, in the Collection
Account, the Finance Charge Account or the Principal Account and any Series
Account, or which shall thereafter be received with respect to the Receivables,
and in assisting the Successor Servicer and in enforcing all rights to Insurance
Proceeds and Interchange (if any) applicable to the Trust. The Servicer shall
promptly transfer its electronic records or electronic copies thereof relating
to the Receivables to the Successor Servicer in such electronic form as the
Successor Servicer may reasonably request and shall promptly transfer to the
Successor Servicer all other records, correspondence and documents necessary for
the continued servicing of the Receivables in the manner and at such times as
the Successor Servicer shall reasonably request. To the extent that compliance
with this Section 10.01 shall require the Servicer to disclose to the Successor
Servicer information of any kind which the Servicer reasonably deems to be
confidential, the

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Successor Servicer shall be required to enter into such customary licensing and
confidentiality agreements as the Servicer shall deem necessary to protect its
interests. The Servicer shall, on the date of any servicing transfer, transfer
all of its rights and obligations under the Enhancement with respect to any
Series to the Successor Servicer. The Servicer being terminated shall bear all
costs of a Service Transfer, including but not limited to those of the Trustee
reasonably allocable to specific employees and overhead, legal fees and
expenses, accounting and financial consulting fees and expenses, and costs of
amending this Agreement, if necessary.

         Notwithstanding the foregoing, a delay in or failure of performance
referred to in subsection 10.01(a) for a period of 10 Business Days or under
subsection 10.01(b) or (c) for a period of 60 days, shall not constitute a
Servicer Default if such delay or failure could not be prevented by the exercise
of reasonable diligence by the Servicer and such delay or failure was caused by
an act of God or the public enemy, acts of declared or undeclared war, public
disorder, rebellion, riot or sabotage, epidemics, landslides, lightning, fire,
hurricanes, tornadoes, earthquakes, nuclear disasters or meltdowns, floods,
power outages or similar causes. The preceding sentence shall not relieve the
Servicer from using its best efforts to perform its obligations in a timely
manner in accordance with the terms of this Agreement and the Servicer shall
provide the Trustee, any Enhancement Provider, the Transferor and the Holders of
Investor Certificates with an Officer's Certificate giving prompt notice of such
failure or delay by it, together with a description of the cause of such failure
or delay and its efforts so to perform its obligations.

         SECTION 10.02. TRUSTEE TO ACT; APPOINTMENT OF SUCCESSOR.

                  (a) On and after the receipt by the Servicer of a Termination
         Notice pursuant to Section 10.01, the Servicer shall continue to
         perform all servicing functions under this Agreement until the date
         specified in the Termination Notice or otherwise specified by the
         Trustee in writing or, if no such date is specified in such Termination
         Notice, or otherwise specified by the Trustee, until a date mutually
         agreed upon by the Servicer and Trustee. The Trustee shall notify each
         Rating Agency of such removal of the Servicer. The Trustee shall, as
         promptly as possible after the giving of a Termination Notice, appoint
         a successor servicer (the "Successor Servicer"), and such Successor
         Servicer shall accept its appointment by a written assumption in a form
         acceptable to the Trustee. The Trustee may obtain bids from any
         potential successor servicer. If the Trustee is unable to obtain any
         bids from any potential successor servicer and the Servicer delivers an
         Officer's Certificate to the effect that it cannot in good faith cure
         the Servicer default which gave rise to a transfer of servicing, and
         the Trustee is legally unable to act as Successor Servicer, then the
         Trustee shall notify each Enhancement Provider of the proposed sale of
         the Receivables and shall offer such Enhancement Provider the
         opportunity to bid on the Receivables. The proceeds of such sale shall
         be deposited in the Distribution Account or any Series Account, as
         provided in the related Supplement, for distribution to the Investor
         Certificateholders of each outstanding Series pursuant to Section 12.03
         of this Agreement. In the event that a Successor Servicer has not been
         appointed and has not accepted its appointment at the time when the
         Servicer ceases to act as Servicer, the Trustee without further action
         shall automatically be appointed the Successor Servicer.
         Notwithstanding the above, the Trustee shall, if it is legally unable
         so to act, petition a court of competent jurisdiction to appoint any
         established financial

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         institution having, in the case of an entity that is subject to
         risk-based capital adequacy requirements, risk-based capital of at
         least $50,000,000 or, in the case of an entity that is not subject to
         risk-based capital requirements, having a net worth of not less than
         $50,000,000 and whose regular business includes the servicing of VISA
         or MasterCard credit card receivables as the Successor Servicer
         hereunder. The Trustee shall notify each Rating Agency upon the
         appointment of a Successor Servicer.

                  (b) Upon its appointment, the Successor Servicer shall be the
         successor in all respects to the Servicer with respect to servicing
         functions under this Agreement and shall be subject to all the
         responsibilities, duties and liabilities relating thereto placed on the
         Servicer by the terms and provisions hereof, and all references in this
         Agreement to the Servicer shall be deemed to refer to the Successor
         Servicer. Any Successor Servicer, by its acceptance of its appointment,
         will automatically agree to be bound by the terms and provisions of
         each Enhancement. Notwithstanding the above, or anything in this
         Section 10.02 to the contrary, the Trustee, if it becomes Servicer
         pursuant to this Section, shall have no responsibility or obligation
         (i) to repurchase or substitute any Account or Receivable, (ii) for any
         representation or warranty of the Servicer hereunder, and (iii) for any
         act or omission of either a predecessor or successor Servicer other
         than the Trustee. The Trustee may conduct any activity required of it
         as Servicer hereunder through an Affiliate or through an agent. Neither
         the Trustee nor any other successor Servicer shall be deemed to be in
         default hereunder due to any act or omission of a predecessor Servicer,
         including but not limited to failure to timely deliver to the Trustee
         any Monthly Servicer's Certificate, any funds required to be deposited
         to the Trust Fund, or any breach of its duty to cooperate with a
         transfer of servicing as required by Section 10.01.

                  (c) In connection with such appointment and assumption, the
         Trustee shall be entitled to such compensation, or may make such
         arrangements for the compensation of the Successor Servicer out of
         Collections, as it and such Successor Servicer shall agree; provided,
         however, that no such compensation shall be in excess of the Monthly
         Servicing Fee permitted to the Servicer pursuant to Section 3.02. The
         Transferor agrees that if the Servicer is terminated hereunder, it will
         agree to deposit a portion of the Collections in respect of Finance
         Charge Receivables that it is entitled to receive pursuant to Article
         IV to pay its share of the compensation of the Successor Servicer.

                  (d) All authority and power granted to the Successor Servicer
         under this Agreement shall automatically cease and terminate upon
         termination of the Trust pursuant to Section 12.01 and shall pass to
         and be vested in the Transferor and, without limitation, the Transferor
         is hereby authorized and empowered to execute and deliver, on behalf of
         the Successor Servicer, as attorney-in-fact or otherwise, all documents
         and other instruments, and to do and accomplish all other acts or
         things necessary or appropriate to effect the purposes of such transfer
         of servicing rights. The Successor Servicer agrees to cooperate with
         the Transferor in effecting the termination of the responsibilities and
         rights of the Successor Servicer to conduct servicing on the
         Receivables. The Successor Servicer shall transfer its electronic
         records relating to the Receivables to the Transferor in such
         electronic form as the Transferor may reasonably request and shall
         transfer all other records, correspondence and documents to the
         Transferor in the manner and at such times as the Transferor shall
         reasonably request. To the extent that compliance with this

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         Section 10.02 shall require the Successor Servicer to disclose to the
         Transferor information of any kind which the Successor Servicer deems
         to be confidential, the Transferor shall be required to enter into such
         customary licensing and confidentiality agreements as the Successor
         Servicer shall reasonably deem necessary to protect its interests.

                  (e) Nothing in this Agreement shall be construed to require
         any Successor Servicer to assume or succeed to any duty or obligation
         of the Transferor.

         SECTION 10.03. NOTIFICATION TO CERTIFICATEHOLDERS. Within two Business
Days after the Servicer becomes aware of any Servicer Default, the Servicer
shall give prompt written notice thereof to the Trustee and any Enhancement
Provider and the Trustee shall give notice to the Investor Certificateholders at
their respective addresses appearing in the Certificate Register. Upon any
termination or appointment of a Successor Servicer pursuant to this Article X,
the Trustee shall give prompt written notice thereof to Investor
Certificateholders at their respective addresses appearing in the Certificate
Register.

         SECTION 10.04. WAIVER OF PAST DEFAULTS. The Holders of Investor
Certificates evidencing not less than 66 2/3% of the unpaid Initial Investor
Interest of each Series adversely affected by any default by the Servicer or
Transferor may, on behalf of all Certificateholders of such Series, waive any
default (whether or not a Servicer Default) by the Servicer or Transferor in the
performance of its obligations hereunder and its consequences, except a default
in the failure to make any required payments to Certificateholders, which
default does not result from the failure of the Paying Agent (other than FNBO as
Paying Agent) to perform its obligations to make any required deposits or
payments of interest and principal in accordance with Article IV, in which case
the default may be waived only by all Holders of Investor Certificates of each
Series adversely affected by that default. Upon any such waiver of a past
default, such default shall cease to exist, and any default arising therefrom
shall be deemed to have been remedied for every purpose of this Agreement. No
such waiver shall extend to any subsequent or other default or impair any right
consequent thereon except to the extent expressly so waived.

                                   ARTICLE XI

                                   THE TRUSTEE

         SECTION 11.01. DUTIES OF TRUSTEE.

                  (a) The Trustee, prior to the occurrence of any Servicer
         Default and after the curing or waiving of all Servicer Defaults which
         may have occurred, undertakes to perform such duties and only such
         duties as are specifically set forth in this Agreement. If a
         Responsible Officer has received written notice that a Servicer Default
         has occurred (which has not been cured or waived), the Trustee shall
         exercise such of the rights and powers vested in it by this Agreement,
         and use the same degree of care and skill in its exercise, as a prudent
         person would exercise or use under the circumstances in the conduct of
         such person's own affairs; provided, however, that if the Trustee is
         acting as Successor Servicer, it shall in such capacity use the same
         standard of care and skill as are required of the Servicer under this
         Agreement; and provided, further, that for purposes of

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         determining the standard of care required of the Trustee under this
         subsection 11.01(a), the appointment of a Successor Trustee shall be
         deemed a cure of the Servicer Default which occasioned such
         appointment.

                  (b) The Trustee, upon receipt of all resolutions,
         certificates, statements, opinions, reports, documents, orders or other
         instruments furnished to the Trustee which are specifically required to
         be furnished pursuant to any provision of this Agreement, shall examine
         them to determine whether they substantially conform on their face to
         the requirements of this Agreement, but shall not be required to verify
         the accuracy of the contents thereof or to verify any calculations
         contained therein.

                  (c) Subject to subsection 11.01(a), no provision of this
         Agreement shall be construed to relieve the Trustee from liability for
         its own negligent action, its own negligent failure to act or its own
         wilful misconduct; provided, however, that:

                           (i) the Trustee shall not be personally liable for an
                  error of judgment made in good faith by a Responsible Officer
                  or Responsible Officers of the Trustee, unless it shall be
                  proved that the Trustee was negligent in ascertaining the
                  pertinent facts; and

                           (ii) the Trustee shall not be charged with knowledge
                  of any failure by the Servicer referred to in clauses (a) and
                  (b) of Section 10.01 unless a Responsible Officer of the
                  Trustee obtains actual knowledge of such failure or the
                  Trustee receives written notice of such failure from the
                  Servicer or any Holders of Investor Certificates evidencing
                  Undivided Interests aggregating not less than 10% of the
                  Investor Interest of any Series adversely affected thereby.

                  (d) The Trustee shall not be required to expend or risk its
         own funds or otherwise incur financial liability in the performance of
         any of its duties hereunder, or in the exercise of any of its rights or
         powers, if there is reasonable ground for believing that the repayment
         of such funds or adequate indemnity against such risk or liability is
         not reasonably assured to it, and none of the provisions contained in
         this Agreement shall in any event require the Trustee to perform, or be
         responsible for the manner of performance of, any of the obligations
         under this Agreement of the Transferor at any time or of the Servicer
         except during such time, if any, as the Trustee shall be the Successor
         Servicer.

                  (e) Except for actions expressly authorized by this Agreement,
         the Trustee shall take no action reasonably likely to impair the
         interests of the Trust in any Receivable now existing or hereafter
         created or to impair the value of any Receivable now existing or
         hereafter created.

                  (f) Except as provided in this subsection 11.01(f), the
         Trustee shall have no power to vary the corpus of the Trust, including,
         without limitation, the power to (i) accept any substitute obligation
         for a Receivable initially assigned to the Trust under Section 2.01 or
         2.06 hereof, (ii) add any other investment, obligation or security to
         the Trust, except for an addition permitted under Section 2.06 or (iii)
         withdraw from the

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         Trust any Receivables, except for a withdrawal permitted under Sections
         2.07, 9.02, 10.02, 12.01 or 12.02 or subsections 2.04(d), 2.04(e) or
         Article IV.

                  (g) In the event that the Paying Agent or the Transfer Agent
         and Registrar shall fail to perform any obligation, duty or agreement
         in the manner or on the day required to be performed by the Paying
         Agent or the Transfer Agent and Registrar, as the case may be, under
         this Agreement, the Trustee shall be obligated promptly to perform such
         obligation, duty or agreement in the manner so required, but shall not
         be obligated to expend its own funds in so performing.

                  (h) If the Transferor has agreed to transfer any of its credit
         card receivables (other than the Receivables) to another Person, upon
         the written request of the Transferor, the Trustee will enter into such
         intercreditor agreements with the transferee of such receivables as are
         customary and necessary to identify separately the rights, if any, of
         the Trust and such other Person in the Transferor's credit card
         receivables, provided that the Trustee shall not be required to enter
         into any intercreditor agreement which could adversely affect the
         interests of the Certificateholders and, upon the request of the
         Trustee, the Transferor will deliver an Opinion of Counsel on any
         matters relating to such intercreditor agreement, reasonably requested
         by the Trustee.

                  (i) The Trustee shall not be personally liable with respect to
         any action taken, suffered or omitted to be taken by it in good faith
         in accordance with the direction of the Holders of Investor
         Certificates evidencing Undivided Interests aggregating more than 50%
         of the Investor Interest of any Series relating to the time, method and
         place of conducting any proceeding for any remedy available to the
         Trustee, or exercising any trust or power conferred upon the Trustee in
         relation to such Series, under this Agreement.

         SECTION 11.02. CERTAIN MATTERS AFFECTING THE TRUSTEE. Except as
otherwise provided in Section 11.01:

                  (a) the Trustee may rely on and shall be protected in acting
         on, or in refraining from acting in accord with, any assignment of
         Receivables in Additional Accounts, the initial report, the Monthly
         Servicer's Certificates, the Annual Servicer's Certificates, the
         monthly payment instructions and notification to the Trustee, the
         monthly Certificateholder's statements, any resolution, Officer's
         Certificate, certificate of auditors or any other certificate,
         statement, instrument, opinions report, notice, request, consent,
         order, appraisal, bond or other paper or document believed by it to be
         genuine and to have been signed or presented to it pursuant to this
         Agreement by the proper party or parties;

                  (b) the Trustee may consult with counsel, and any Opinion of
         Counsel shall be full and complete authorization and protection in
         respect of any action taken or suffered or omitted by it hereunder in
         good faith and in accordance with such Opinion of Counsel;

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                  (c) the Trustee shall be under no obligation to exercise any
         of the rights or powers vested in it by this Agreement or any
         Enhancement, or to institute, conduct or defend any litigation
         hereunder or in relation hereto, at the request, order or direction of
         any of the Certificateholders or any Enhancement Provider, pursuant to
         the provisions of this Agreement, unless such Certificateholders or
         Enhancement Provider shall have offered to the Trustee reasonable
         security or indemnity against the costs, expenses and liabilities which
         may be incurred therein or thereby; nothing contained herein shall,
         however, relieve the Trustee of the obligations, upon the occurrence of
         any Servicer Default (which has not been cured or waived), to exercise
         such of the rights and powers vested in it by this Agreement and any
         Enhancement, and to use the same degree of care and skill in its
         exercise as a prudent person would exercise or use under the
         circumstances in the conduct of his own affairs;

                  (d) the Trustee shall not be personally liable for any action
         taken, suffered or omitted by it in good faith and believed by it to be
         authorized or within the discretion or rights or powers conferred upon
         it by this Agreement;

                  (e) the Trustee shall not be bound to make any investigation
         into the facts of matters stated or computations contained in any
         assignment of Receivables in Additional Accounts, the initial report,
         the Monthly Servicer's Certificate, the Annual Servicer's Certificate,
         the monthly payment instructions and notification to the Trustee, the
         monthly Certificateholder's statement, any resolution, certificate,
         statement, instrument, opinion, report, notice, request, consent,
         order, approval, bond or other paper or document, unless requested in
         writing so to do by Holders of Investor Certificates evidencing
         undivided interests aggregating more than 50% of the Investor Interest
         of any Series which could be adversely affected if the Trustee does not
         perform such acts;

                  (f) the Trustee may execute any of the trusts or powers
         hereunder or perform any duties hereunder either directly or by or
         through agents or attorneys or a custodian, and the Trustee shall not
         be responsible for any misconduct or negligence on the part of any such
         agent, attorney or custodian appointed by it with due care and in
         accordance with the terms of this Agreement; and

                  (g) except as may be required by subsection 11.01(a), the
         Trustee shall not be required to make any initial or periodic
         examinations of any documents or records related to the Receivables or
         the Accounts for the purpose of establishing the presence or absence of
         defects, the compliance by the Transferor with its representations and
         warranties or for any other purpose.

         SECTION 11.03. TRUSTEE NOT LIABLE FOR RECITALS IN CERTIFICATES. The
Trustee assumes no responsibility for the correctness of the recitals contained
herein and in the Certificates (other than the certificate of authentication on
the Certificates). Except as set forth in Section 11.15, the Trustee makes no
representations as to the validity or sufficiency of this Agreement or of the
Certificates (other than the certificate of authentication on the Certificates)
or of any Receivable or related document. The Trustee shall not be accountable
for the use or application by the Transferor of any of the Certificates or of
the proceeds of such Certificates, or for the use or application of any funds
paid to the Transferor in respect of the Receivables or deposited in or

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withdrawn from the Collection Account, the Principal Account or the Finance
Charge Account, or any Series Account by the Servicer.

         SECTION 11.04. TRUSTEE MAY OWN CERTIFICATES. The Trustee may not in its
individual capacity, but may in a fiduciary capacity, become the owner or
pledgee of Investor Certificates, and the Trustee may transact banking business
with the Transferor or the Servicer, in each case with the same rights as it
would have if it were not the Trustee.

         SECTION 11.05. THE SERVICER TO PAY TRUSTEE'S FEES AND EXPENSES. The
Servicer covenants and agrees to pay to the Trustee from time to time, and the
Trustee shall be entitled to receive reasonable compensation (which shall not be
limited by any provision of law in regard to the compensation of a trustee of an
express trust) for all services rendered by it in the execution of the Trust
hereby created and in the exercise and performance of any of the powers and
duties hereunder of the Trustee, and, subject to Section 8.04, the Servicer will
pay or reimburse the Trustee (without reimbursement from any Investor Account,
any Series Account or otherwise) upon its request for all reasonable expenses,
disbursements and advances incurred or made by the Trustee in accordance with
any of the provisions of this Agreement except any such expense, disbursement or
advance as may arise from its own negligence or bad faith and except as provided
in the following sentence. If the Trustee is appointed Successor Servicer
pursuant to Section 10.02, the provisions of this Section 11.05 shall not apply
to expenses, disbursements and advances made or incurred by the Trustee in its
capacity as Successor Servicer.

         The obligations of the Servicer under this Section 11.05 shall survive
the termination of the Trust and the resignation or removal of the Trustee.

         SECTION 11.06. ELIGIBILITY REQUIREMENTS FOR TRUSTEE. The Trustee
hereunder shall at all times be a corporation organized and doing business under
the laws of the United States of America or any state thereof authorized under
such laws to exercise corporate trust powers, having a long-term unsecured debt
rating of at least "Baa3" by Moody's and "BBB" by Standard & Poor's having, in
the case of an entity that is subject to risk-based capital adequacy
requirements, risk-based capital of at least $50,000,000 or, in the case of an
entity that is not subject to risk-based capital adequacy requirements, having a
combination capital and surplus of at least $50,000,000 and subject to
supervision or examination by federal or state authority. If such corporation
publishes reports of condition at least annually, pursuant to law or to the
requirements of the aforesaid supervising or examining authority, then for the
purpose of this Section 11.06, the combined capital and surplus of such
corporation shall be deemed to be its combined capital and surplus as set forth
in its most recent report of condition so published. In case at any time the
Trustee shall cease to be eligible in accordance with the provisions of this
Section 11.06, the Trustee shall resign immediately in the manner and with the
effect specified in Section 11.07.

         SECTION 11.07. RESIGNATION OR REMOVAL OF TRUSTEE.

                  (a) The Trustee may at any time resign and be discharged from
         the Trust hereby created by giving written notice thereof to the
         Servicer. Upon receiving such notice of resignation, the Servicer shall
         promptly appoint a successor trustee by written instrument, in
         duplicate, one copy of which instrument shall be delivered to the
         resigning

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         Trustee and one copy to the successor trustee. If no successor trustee
         shall have been so appointed and have accepted within 30 days after the
         giving of such notice of resignation, the resigning Trustee may
         petition any court of competent jurisdiction for the appointment of a
         successor trustee.

                  (b) If at any time the Trustee shall cease to be eligible in
         accordance with the provisions of Section 11.06 hereof and shall fail
         to resign after written request therefor by the Transferor, or if at
         any time the Trustee shall be legally unable to act, or shall be
         adjudged a bankrupt or insolvent, or a receiver of the Trustee or of
         its property shall be appointed, or any public officer shall take
         charge or control of the Trustee or of its property or affairs for the
         purpose of rehabilitation, conservation or liquidation, then the
         Transferor may, but shall not be required to, remove the Trustee and
         promptly appoint a successor trustee by written instrument, in
         duplicate, one copy of which instrument shall be delivered to the
         Trustee so removed and one copy to the successor trustee.

                  (c) Any resignation or removal of the Trustee and appointment
         of a successor trustee pursuant to any of the provisions of this
         Section 11.07 shall not become effective until acceptance of
         appointment by the successor trustee as provided in Section 11.08
         hereof and any liability of the Trustee arising hereunder shall survive
         such appointment of a successor trustee.

         SECTION 11.08. SUCCESSOR TRUSTEE.

                  (a) Any successor trustee appointed as provided in Section
         11.07 hereof shall execute, acknowledge and deliver to the Transferor
         and to its predecessor Trustee an instrument accepting such appointment
         hereunder, and thereupon the resignation or removal of the predecessor
         Trustee shall become effective and such successor trustee, without any
         further act, deed or conveyance, shall become fully vested with all the
         rights, powers, duties and obligations of its predecessor hereunder,
         with the like effect as if originally named as Trustee herein. The
         predecessor Trustee shall deliver to the successor trustee all
         documents and statements held by it hereunder, and the Transferor and
         the predecessor Trustee shall execute and deliver such instruments and
         do such other things as may reasonably be required for fully and
         certainly vesting and confirming in the successor trustee all such
         rights, powers, duties and obligations.

                  (b) No successor trustee shall accept appointment as provided
         in this Section 11.08 unless at the time of such acceptance such
         successor trustee shall be eligible under the provisions of Section
         11.06 hereof.

                  (c) Upon acceptance of appointment by a successor trustee as
         provided in this Section 11.08, such successor trustee shall mail
         notice of such succession hereunder to all Certificateholders at their
         addresses as shown in the Certificate Register.

         SECTION 11.09. MERGER OR CONSOLIDATION OF TRUSTEE. Any Person into
which the Trustee may be merged or converted or with which it may be
consolidated, or any Person resulting from any merger, conversion or
consolidation to which the Trustee shall be a party, or any Person succeeding to
the corporate trust business of the Trustee, shall be the successor of the

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Trustee hereunder, provided such corporation shall be eligible under the
provisions of Section 11.06 hereof, without the execution or filing of any paper
or any further act on the part of any of the parties hereto, anything herein to
the contrary notwithstanding.

         SECTION 11.10. APPOINTMENT OF CO-TRUSTEE OR SEPARATE TRUSTEE.

                  (a) Notwithstanding any other provisions of this Agreement, at
         any time, for the purpose of meeting any legal requirements of any
         jurisdiction in which any part of the Trust may at the time be located,
         the Trustee shall have the power and may execute and deliver all
         instruments to appoint one or more Persons to act as a co-trustee or
         co-trustees, or separate trustee or separate trustees, of all or any
         part of the Trust, and to vest in such Person or Persons, in such
         capacity and for the benefit of the Certificateholders, such title to
         the Trust, or any part thereof, and, subject to the other provisions of
         this Section 11.10, such powers, duties, obligations, rights and trusts
         as the Trustee may consider necessary or desirable. No co-trustee or
         separate trustee hereunder shall be required to meet the terms of
         eligibility as a successor trustee under Section 11.06 and no notice to
         Certificateholders of the appointment of any co-trustee or separate
         trustee shall be required under Section 11.08 hereof.

                  (b) Every separate trustee and co-trustee shall, to the extent
         permitted by law, be appointed and act subject to the following
         provisions and conditions:

                           (i) all rights, powers, duties and obligations
                  conferred or imposed upon the Trustee shall be conferred or
                  imposed upon and exercised or performed by the Trustee and
                  such separate trustee or co-trustee jointly (it being
                  understood that such separate trustee or co-trustee is not
                  authorized to act separately without the Trustee joining in
                  such act), except to the extent that under any laws of any
                  jurisdiction in which any particular act or acts are to be
                  performed (whether as Trustee hereunder or as successor to the
                  Servicer hereunder), the Trustee shall be incompetent or
                  unqualified to perform such act or acts, in which event such
                  rights, powers, duties and obligations (including the holding
                  of title to the Trust or any portion thereof in any such
                  jurisdiction) shall be exercised and performed singly by such
                  separate trustee or co-trustee, but solely at the direction of
                  the Trustee;

                           (ii) no trustee hereunder shall be personally liable
                  by reason of any act or omission of any other trustee
                  hereunder; and

                           (iii) the Trustee may at any time accept the
                  resignation of or remove any separate trustee or co-trustee.

                  (c) Any notice, request or other writing given to the Trustee
         shall be deemed to have been given to each of the then separate
         trustees and co-trustees, as effectively as if given to each of them.
         Every instrument appointing any separate trustee or co-trustee shall
         refer to this Agreement and the conditions of this Article XI. Each
         separate trustee and co-trustee, upon its acceptance of the trusts
         conferred, shall be vested with the estates or property specified in
         its instrument of appointment, either jointly with the Trustee or
         separately, as may be provided therein, subject to all the provisions
         of this Agreement,

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         specifically including every provision of this Agreement relating to
         the conduct of, affecting the liability of, or affording protection to,
         the Trustee. Every such instrument shall be filed with the Trustee and
         a copy thereof given to the Servicer.

                  (d) Any separate trustee or co-trustee may at any time
         constitute the Trustee as its agent or attorney-in-fact with full power
         and authority, to the extent not prohibited by law, to do any lawful
         act under or in respect to this Agreement on its behalf and in its
         name. If any separate trustee or co-trustee shall die, become incapable
         of acting, resign or be removed, all of its estates, properties,
         rights, remedies and trusts shall vest in and be exercised by the
         Trustee, to the extent permitted by law, without the appointment of a
         new or successor trustee.

         SECTION 11.11. TAX RETURNS. In the event the Trustee receives a
directive or order from a Governmental Authority pursuant to Section 3.07 that
the Trust shall be required to file tax returns, the Trustee, as soon as
practicable after it is made aware of such requirement, shall prepare or cause
to be prepared any tax returns required to be filed by the Trust and, to the
extent possible, shall file such returns at least five days before such returns
are due to be filed. The Trustee is hereby authorized to sign any such return on
behalf of the Trust. The Servicer shall prepare or shall cause to be prepared
all tax information required by law to be distributed to Certificateholders and
shall deliver such information to the Trustee at least five days prior to the
date it is required by law to be distributed to Certificateholders. The
Servicer, upon request, will furnish the Trustee with all such information known
to the Servicer as may be reasonably required in connection with the preparation
of all tax returns of the Trust. In no event shall the Trustee or the Servicer
be liable for any liabilities, costs or expenses of the Trust, the Investor
Certificateholders or the Certificate Owners arising under any tax law,
including, without limitation, federal, state, local or foreign income or excise
taxes or any other tax imposed on or measured by income (or any interest or
penalty with respect thereto or arising from a failure to comply therewith).

         SECTION 11.12. TRUSTEE MAY ENFORCE CLAIMS WITHOUT POSSESSION OF
CERTIFICATES. All rights of action and claims under this Agreement or any Series
of Certificates may be prosecuted and enforced by the Trustee without the
possession of any of the Certificates or the production thereof in any
proceeding relating thereto, and any such proceeding instituted by the Trustee
shall be brought in its own name as trustee. Any recovery of judgment shall,
after provision for the payment of the reasonable compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel, be for the
ratable benefit of any Series of Certificateholders in respect of which such
judgment has been obtained.

         SECTION 11.13. SUITS FOR ENFORCEMENT. If a Servicer Default shall occur
and be continuing, the Trustee, in its discretion may, subject to the provisions
of Section 10.01, proceed to protect and enforce its rights and the rights of
any Series of Certificateholders under this Agreement by a suit, action or
proceeding in equity or at law or otherwise, whether for the specific
performance of any covenant or agreement contained in this Agreement or in aid
of the execution of any power granted in this Agreement or for the enforcement
of any other legal, equitable or other remedy as the Trustee, being advised by
counsel, shall deem most effectual to protect and enforce any of the rights of
the Trustee or any Series of Certificateholders.

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         SECTION 11.14. RIGHTS OF CERTIFICATEHOLDERS TO DIRECT TRUSTEE. Holders
of Investor Certificates evidencing Undivided Interests aggregating more than
50% of the Aggregate Investor Interest (or, with respect to any remedy, trust or
power that does not relate to all Series, 50% of the aggregate Investor Interest
of the Investor Certificates of all Series to which such remedy, trust or power
relates) shall have the right to direct the time, method and place of conducting
any proceeding for any remedy available to the Trustee, or exercising any trust
or power conferred on the Trustee; provided, however, that, subject to Section
11.01, the Trustee shall have the right to decline to follow any such direction
if the Trustee being advised by counsel determines that the action so directed
may not lawfully be taken, or if the Trustee in good faith shall, by a
Responsible Officer or Responsible Officers of the Trustee, determine that the
proceedings so directed would be illegal or involve it in personal liability or
be unduly prejudicial to the rights of Certificateholders not parties to such
direction; and provided, further, that nothing in this Agreement shall impair
the right of the Trustee to take any action deemed proper by the Trustee and
which is not inconsistent with such direction of such Holders of Investor
Certificates.

         SECTION 11.15. REPRESENTATIONS AND WARRANTIES OF TRUSTEE. The Trustee
represents and warrants that:

                  (a) the Trustee is a New York banking corporation with trust
         powers and is organized, existing and authorized to engage in the
         business of banking under the laws of the United States;

                  (b) the Trustee has full power, authority and right to
         execute, deliver and perform this Agreement, and has taken all
         necessary action to authorize the execution, delivery and performance
         by it of this Agreement; and

                  (c) this Agreement has been duly executed and delivered by the
         Trustee.

         SECTION 11.16. MAINTENANCE OF OFFICE OR AGENCY. If required by any
Supplement, the Trustee will maintain at its expense in the Borough of
Manhattan, the City of New York an office or offices, or agency or agencies,
where notices and demands to or upon the Trustee in respect of the Certificates
and this Agreement may be served. The Trustee will give prompt written notice to
the Servicer and to Certificateholders (or in the case of Holders of Bearer
Certificates in the manner provided for in the related Supplement) of any change
in the location of the Certificate Register or any such office or agency.

                                   ARTICLE XII

                                   TERMINATION

         SECTION 12.01. TERMINATION OF TRUST.

                  (a) The respective obligations and responsibilities of the
         Transferor, the Servicer and the Trustee created hereby (other than the
         obligation of the Trustee to make payments to Certificateholders as
         hereafter set forth) shall terminate, except with respect to the duties
         described in Sections 2.04(d), 2.04(e), 7.04, 8.04 and 11.05 and
         subsection 12.03(b), on the Trust Termination Date; provided, however,
         that the Trust shall not

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         terminate on the date specified in clause (a) of the definition of
         "Trust Termination Date" if each of the Servicer and the Holder of the
         Exchangeable Transferor Certificate notify the Trustee in writing, not
         later than five Business Days preceding such date, that they desire
         that the Trust not terminate on such date, which notice (such notice, a
         "Trust Extension") shall specify the date on which the Trust shall
         terminate (such date, the "Extended Trust Termination Date"); provided,
         however, that the Extended Trust Termination Date shall be not later
         than July 31, 2020. The Servicer and the Holder of the Exchangeable
         Transferor Certificate may, on any date following the Trust Extension,
         so long as no Series of Certificates is outstanding, deliver a notice
         in writing to the Trustee changing the Extended Trust Termination Date.

                  (b) In the event that (i) the Trust has not terminated by the
         last Distribution Date occurring in the second month preceding the
         Trust Termination Date, and (ii) the Investor Interest of any Series
         (after giving effect to all transfers, withdrawals, deposits and
         drawings to occur on such date and the payment of principal on any
         Series of Certificates to be made on the related Distribution Date
         during such month pursuant to Article IV) would be greater than zero,
         the Servicer shall sell within 30 days after such Transfer Date all the
         Receivables. The Servicer shall notify each Enhancement Provider of the
         proposed sale of the Receivables and shall provide each Enhancement
         Provider (other than the Transferor, FNBO or any of their Affiliates)
         an opportunity to bid on the Receivables. The proceeds of any such sale
         shall be treated as Collections on the Receivables and shall be
         allocated and deposited in accordance with Article IV; provided,
         however, that the Trustee shall determine conclusively in its sole
         discretion the amount of such proceeds which are allocable to Finance
         Charge Receivables and the amount of such proceeds which are allocable
         to Principal Receivables. During such 30-day period, the Servicer shall
         continue to collect payments on the Receivables and allocate and
         deposit such payments in accordance with the provisions of Article IV.

                  (c) All principal or interest with respect to any Series of
         Investor Certificates shall be due and payable no later than the Series
         Termination Date with respect to such Series. Unless otherwise provided
         in a Supplement, in the event that the Investor Interest of any Series
         of Certificates is greater than zero on its Series Termination Date
         (after giving effect to all transfers, withdrawals, deposits and
         drawings to occur on such date and the payment of principal to be made
         on such Series on such date), the Trustee will sell or cause to be
         sold, and pay the proceeds to all Certificateholders of such Series pro
         rata in final payment of all principal of and accrued interest on such
         Series of Certificates, an amount of Principal Receivables and the
         related Finance Charge Receivables (or interests therein) up to 110% of
         the Investor Interest of such Series at the close of business on such
         date (but not more than the applicable Investor Percentage of Principal
         Receivables and the related Finance Charge Receivables on such date for
         such Series). The Trustee shall notify each Enhancement Provider of the
         proposed sale of such Receivables and shall provide each Enhancement
         Provider (other than the Transferor, FNBO or any of their Affiliates)
         an opportunity to bid on such Receivables. Any proceeds of such sale in
         excess of such principal and interest paid to the Certificateholders of
         such Series shall be paid to the Holder of the Exchangeable Transferor
         Certificate. Upon such Series Termination Date with respect to the
         applicable

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         Series of Certificates, final payment of all amounts allocable to any
         Investor Certificates of such Series shall be made in the manner
         provided in Section 12.03.

         SECTION 12.02. OPTIONAL PURCHASE FROM COLLECTIONS.

                  (a) If so provided in any Supplement, the Servicer may, but
         shall not be obligated to, cause a final distribution to be made in
         respect of the related Series of Certificates on a Distribution Date
         specified in such Supplement by depositing from Collections into the
         Distribution Account or the applicable Series Account, not later than
         the Transfer Date preceding such Distribution Date, for application in
         accordance with Section 12.03, the amount specified in such Supplement;
         provided, however, that if the short-term deposits or long-term
         unsecured debt obligations of the Servicer (or, if neither such
         deposits nor such obligations of the Servicer are rated by Moody's,
         then the short-term deposits or long-term unsecured debt obligations of
         the holding company of the Servicer so long as such holding company is
         First National of Nebraska, Inc.) are not rated at the time of such
         purchase of Receivables at least "P-3" or "Baa3," respectively, by
         Moody's, no such event shall occur unless the Servicer shall deliver an
         Opinion of Counsel reasonably acceptable to the Trustee that such
         deposit into the Distribution Account or any Series Account as provided
         in the related Supplement would not constitute a fraudulent conveyance
         of the Servicer. To the extent permitted by FAS 140, the Servicer's
         rights under this Section 12.02(a) may be exercised by any of its
         Affiliates, which may include the Transferor.

                  (b) The amount deposited pursuant to subsection 12.02(a) shall
         be paid to the Investor Certificateholders of the related Series
         pursuant to Section 12.03 on the related Distribution Date following
         the date of such deposit. All Certificates of a Series which are
         purchased pursuant to subsection 12.02(a) shall be delivered upon such
         purchase to, and be canceled by, the Transfer Agent and Registrar and
         be disposed of in a manner satisfactory to the Trustee and the
         Transferor. The Investor Interest of each Series which is purchased
         pursuant to subsection 12.02(a) shall, for the purposes of the
         definition of "Transferor Interest," be deemed to be equal to zero on
         the Distribution Date following the making of the deposit, and the
         Transferor Interest shall thereupon be deemed to have been increased by
         the Investor Interest of such Series.

         SECTION 12.03. FINAL PAYMENT WITH RESPECT TO ANY SERIES.

                  (a) Written notice of any termination specifying the
         Distribution Date upon which the Investor Certificateholders of any
         Series may surrender their Certificates for payment of the final
         distribution with respect to such Series and cancellation shall be
         given (subject to at least two Business Days' prior notice from the
         Servicer to the Trustee) by the Trustee to Investor Certificateholders
         of such Series mailed not later than the fifth day of the month of such
         final distribution (or in the manner provided by the Supplement
         relating to such Series) specifying (i) the Distribution Date (which
         shall be the Distribution Date in the month (A) in which the deposit is
         made pursuant to subsections 2.04(e), 9.02(b), 10.02(c), or subsection
         12.02(a) of the Agreement or such other Section as may be specified in
         the related Supplement or (B) in which the related Series Termination
         Date occurs) upon which final payment of such Investor Certificates

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         will be made upon presentation and surrender of such Investor
         Certificates at the office or offices therein designated (which, in the
         case of Bearer Certificates, shall be outside the United States), (ii)
         the amount of any such final payment and (iii) that the Record Date
         otherwise applicable to such Distribution Date is not applicable,
         payments being made only upon presentation and surrender of the
         Investor Certificates at the office or offices therein specified. The
         Servicer's notice to the Trustee in accordance with the preceding
         sentence shall be accompanied by an Officer's Certificate setting forth
         the information specified in Article V of this Agreement covering the
         period during the then current calendar year through the date of such
         notice and setting forth the date of such final distribution. The
         Trustee shall give such notice to the Transfer Agent and Registrar and
         the Paying Agent at the time such notice is given to such Investor
         Certificateholders.

                  (b) Notwithstanding the termination of the Trust pursuant to
         subsection 12.01(a) or the occurrence of the Series Termination Date
         with respect to any Series, all funds then on deposit in the Finance
         Charge Account, the Principal Account, the Distribution Account or any
         Series Account applicable to the related Series shall continue to be
         held in trust for the benefit of the Certificateholders of the related
         Series and the Paying Agent or the Trustee shall pay such funds to the
         Certificateholders of the related Series upon surrender of their
         Certificates (which surrenders and payments, in the case of Bearer
         Certificates, shall be made only outside the United States). In the
         event that all of the Investor Certificateholders of any Series shall
         not surrender their Certificates for cancellation within six months
         after the date specified in the above-mentioned written notice, the
         Trustee shall give a second written notice (or, in the case of Bearer
         Certificates, publication notice) to the remaining Investor
         Certificateholders of such Series upon receipt of the appropriate
         records from the Transfer Agent and Registrar to surrender their
         Certificates for cancellation and receive the final distribution with
         respect thereto. If, within one and one-half years after the second
         notice with respect to a Series, all the Investor Certificates of such
         Series shall not have been surrendered for cancellation, the Trustee
         may take appropriate steps, or may appoint an agent to take appropriate
         steps, to contact the remaining Investor Certificateholders of such
         Series concerning surrender of their Certificates, and the cost thereof
         shall be paid out of the funds in the Distribution Account or any
         Series Account held for the benefit of such Investor
         Certificateholders. The Trustee and the Paying Agent shall pay to the
         Transferor upon request any moneys held by them for the payment of
         principal or interest which remains unclaimed for two years. After
         payment to the Transferor, Investor Certificateholders entitled to the
         moneys must look to the Transferor for payment as general creditors
         unless an applicable abandoned property law designates another Person.

                  (c) All Certificates surrendered for payment of the final
         distribution with respect to such Certificates and cancellation shall
         be canceled by the Transfer Agent and Registrar and be disposed of in a
         manner satisfactory to the Trustee and the Transferor.

         SECTION 12.04. TERMINATION RIGHTS OF HOLDER OF EXCHANGEABLE TRANSFEROR
CERTIFICATE. Upon the termination of the Trust pursuant to Section 12.01, and
after payment of all amounts due hereunder on or prior to such termination and
the surrender of the Exchangeable Transferor Certificate, the Trustee shall
execute a written reconveyance substantially in the form

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of Exhibit H pursuant to which it shall reconvey to the Holder of the
Exchangeable Transferor Certificate (without recourse, representation or
warranty) all right, title and interest of the Trust in the Receivables, whether
then existing or thereafter created, all moneys due or to become due with
respect thereto (including all accrued interest theretofore posted as Finance
Charge Receivables) and all proceeds thereof and Insurance Proceeds relating
thereto and Interchange (if any) allocable to the Trust pursuant to any
Supplement, except for amounts held by the Trustee pursuant to subsection
12.03(b). The Trustee shall execute and deliver such instruments of transfer and
assignment, in each case without recourse, as shall be reasonably requested by
the Holder of the Exchangeable Transferor Certificate to vest in such Holder all
right, title and interest which the Trust had in the Receivables.

                                  ARTICLE XIII

                            MISCELLANEOUS PROVISIONS

         SECTION 13.01. AMENDMENT.

                  (a) This Agreement or any Supplement may be amended in writing
         from time to time by the Servicer, the Transferor and the Trustee,
         without the consent of any of Certificateholders, provided that such
         action shall not, as evidenced by an Opinion of Counsel for the
         Transferor addressed and delivered to the Trustee, adversely affect in
         any material respect the interests of any Investor Certificateholder;
         provided, further, that each Rating Agency shall have notified the
         Transferor, the Servicer and the Trustee in writing that such action
         will not result in a reduction or withdrawal of the rating of any
         outstanding Series or Class to which it is a Rating Agency; and
         provided, further, such amendment would not cause the Trust to fail to
         be a QSPE.

                  (b) This Agreement or any Supplement may also be amended in
         writing from time to time by the Servicer, the Transferor and the
         Trustee with the consent of the Holders of Investor Certificates
         evidencing not less than 66 2/3% of the unpaid Initial Investor
         Interest of each outstanding Series adversely affected by such
         amendment for the purpose of adding any provisions to or changing in
         any manner or eliminating any of the provisions of this Agreement or
         any Supplement or modifying in any manner the rights of Investor
         Certificateholders of any Series then issued and outstanding; provided,
         however, that no such amendment shall (i) reduce in any manner the
         amount of, or delay the timing of, distributions which are required to
         be made on, or the amount available under any Credit Enhancement for,
         any Investor Certificates of such Series without the consent of each
         Investor Certificateholder of such Series, (ii) change the definition
         of or the manner of calculating the Investor Interest, the Investor
         Percentage or the Investor Default Amount of such Series without the
         consent of each Investor Certificateholder of such Series or (iii)
         reduce the aforesaid percentage required to consent to any such
         amendment, without the consent of each Investor Certificateholder of
         all Series adversely affected. The Trustee may, but shall not be
         obligated to, enter into any such amendment which affects the Trustee's
         rights, duties or immunities under this Agreement or otherwise.

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                  (c) Notwithstanding anything in this Section 13.01 to the
         contrary, the Series Supplement with respect to any Series may be
         amended on the items and in accordance with the procedures provided in
         such Series Supplement. No Supplement shall be amended without the
         consent of the Holders specified in such Supplement if the effect of
         such amendment would be to cause the Trust to fail to be a QSPE.

                  (d) Promptly after the execution of any such amendment (other
         than an amendment pursuant to paragraph (a)), the Trustee shall furnish
         notification of the substance of such amendment to each Investor
         Certificateholder of each Series adversely affected and to each Rating
         Agency providing a rating for such Series and any Enhancement Provider
         for such Series.

                  (e) It shall not be necessary for the consent of Investor
         Certificateholders under this Section 13.01 to approve the particular
         form of any proposed amendment, but it shall be sufficient if such
         consent shall approve the substance thereof. The manner of obtaining
         such consents and of evidencing the authorization of the execution
         thereof by Investor Certificateholders shall be subject to such
         reasonable requirements as the Trustee may prescribe.

                  (f) Any Series Supplement executed and delivered pursuant to
         Section 6.09 and any amendments regarding the addition to or removal of
         Receivables from the Trust as provided in Sections 2.06 and 2.07,
         executed in accordance with the provisions hereof, shall not be
         considered amendments to this Agreement for the purpose of subsections
         13.01(a) and (b).

                  (g) In connection with any amendment, the Trustee may request
         an Opinion of Counsel from the Transferor or Servicer to the effect
         that the amendment is authorized or permitted, or complies with all
         requirements of this Agreement.

         SECTION 13.02. PROTECTION OF RIGHT, TITLE AND INTEREST TO TRUST.

                  (a) The Servicer shall cause this Agreement, all amendments
         hereto and/or all financing statements and continuation statements and
         any other necessary documents covering the Certificateholders and the
         Trustee's right, title and interest to the Trust to be promptly
         recorded, registered and filed, and at all times to be kept recorded,
         registered and filed, all in such manner and in such places as may be
         required by law fully to preserve and protect the right, title and
         interest of the Certificateholders or the Trustee, as the case may be,
         hereunder to all property comprising the Trust. The Servicer shall
         deliver to the Trustee file-stamped copies of, or filing receipts for,
         any document recorded, registered or filed as provided above, as soon
         as available following such recording, registration or filing. The
         Transferor shall cooperate fully with the Servicer in connection with
         the obligations set forth above and will execute any and all documents
         reasonably required to fulfill the intent of this subsection 13.02(a).

                  (b) Within 30 days after the Transferor makes any change in
         its name, identity or organizational structure which would make any
         financing statement or continuation statement filed in accordance with
         paragraph (a) above materially misleading within the

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         meaning of the UCC, the Transferor shall give the Trustee and the
         Servicer notice of any such change and the Servicer shall file such
         financing statements or amendments as may be necessary to continue the
         perfection of the Trust's security interest in the Receivables and the
         proceeds thereof.

                  (c) Each of the Transferor and the Servicer will give the
         Trustee prompt written notice of any relocation of any office from
         which it services Receivables or keeps records concerning the
         Receivables or of its jurisdiction of organization and whether, as a
         result of such change, the applicable provisions of the UCC would
         require the filing of any amendment of any previously filed financing
         or continuation statement or of any new financing statement and the
         Servicer shall file such financing statements or amendments as may be
         necessary to continue the perfection of the Trust's security interest
         in the Receivables and the proceeds thereof. Each of the Transferor and
         the Servicer will at all times maintain each office from which it
         services Receivables and its principal executive office within the
         United States of America.

                  (d) The Servicer will deliver to the Trustee: (i) upon each
         date that any Additional Accounts are to be included in the Accounts
         pursuant to Section 2.06, an Opinion of Counsel substantially in the
         form of Exhibit E; and (ii) on or before March 31 of each year,
         beginning with March 31, 1998, an Opinion of Counsel, substantially in
         the form of Exhibit F.

         SECTION 13.03. LIMITATION ON RIGHTS OF CERTIFICATEHOLDERS.

                  (a) The death or incapacity of any Certificateholder shall not
         operate to terminate this Agreement or the Trust, nor shall such death
         or incapacity entitle such Certificateholders, legal representatives or
         heirs to claim an accounting or to take any action or commence any
         proceeding in any court for a partition or winding-up of the Trust, nor
         otherwise affect the rights, obligations and liabilities of the parties
         hereto or any of them.

                  (b) No Certificateholder shall have any right to vote (except
         with respect to the Investor Certificateholders as provided in Section
         13.01 hereof) or in any manner otherwise control the operation and
         management of the Trust, or the obligations of the parties hereto, nor
         shall anything herein set forth, or contained in the terms of the
         Certificates, be construed so as to constitute the Certificateholders
         from time to time as partners or members of an association; nor shall
         any Certificateholder be under any liability to any third person by
         reason of any action taken by the parties to this Agreement pursuant to
         any provision hereof.

                  (c) No Certificateholder shall have any right by virtue of any
         provisions of this Agreement to institute any suit, action or
         proceeding in equity or at law upon or under or with respect to this
         Agreement, unless such Certificateholder previously shall have given
         written notice to the Trustee, and unless the Holders of Certificates
         evidencing Undivided Interests aggregating more than 50% of the
         Investor Interest of any Series which may be adversely affected but for
         the institution of such suit, action or proceeding, shall have made
         written request upon the Trustee to institute such action, suit

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         or proceeding in its own name as Trustee hereunder and shall have
         offered to the Trustee such reasonable indemnity as it may require
         against the costs, expenses and liabilities to be incurred therein or
         thereby, and the Trustee, for 60 days after its receipt of such notice,
         request and offer of indemnity, shall have neglected or refused to
         institute any such action, suit or proceeding; it being understood and
         intended, and being expressly covenanted by each Certificateholder with
         every other Certificateholder and the Trustee, that no one or more
         Certificateholders shall have the right in any manner whatever by
         virtue or by availing itself or themselves of any provisions of this
         Agreement to affect, disturb or prejudice the rights of the
         Certificateholders of any other of the Certificates, or to obtain or
         seek to obtain priority over or preference to any other such
         Certificateholder, or to enforce any right under this Agreement, except
         in the manner herein provided and for the equal, ratable and common
         benefit of all Certificateholders. For the protection and enforcement
         of the provisions of this Section 13.03, each and every
         Certificateholder and the Trustee shall be entitled to such relief as
         can be given either at law or in equity.

         SECTION 13.04. GOVERNING LAW. This Agreement shall be construed in
accordance with the laws of the State of Nebraska without reference to its
conflict of law provisions, and the obligations, rights and remedies of the
parties hereunder shall be determined in accordance with such laws.

         SECTION 13.05. NOTICES. All demands, notices and communications
hereunder shall be in writing and shall be deemed to have been duly given if
personally delivered at, sent by facsimile to, sent by courier at or mailed by
registered mail, return receipt requested, to (a) in the case of the Transferor,
to First National Funding LLC, 1620 Dodge Street, Omaha, Nebraska 68197,
Attention: Matthew W. Lawver, with a copy to Kutak Rock LLP, 1650 Farnam Street,
Omaha, Nebraska 68102; (b) in the case of the Servicer, to First National Bank
of Omaha, 1620 Dodge Street, Omaha, Nebraska 68197, Attention: Matthew W.
Lawver, with a copy to Kutak Rock LLP, 1650 Farnam Street, Omaha, Nebraska
68102; (c) in the case of the Trustee, to the Corporate Trust Office; (d) in the
case of the Enhancement Provider for a particular Series, the address, if any,
specified in the Supplement relating to such Series; and (e) in the case of the
Rating Agency for a particular Series, the address, if any, specified in the
Supplement relating to such Series; or, as to each party, at such other address
as shall be designated by such party in a written notice to each other party.
Unless otherwise provided with respect to any Series in the related Supplement
any notice required or permitted to be mailed to a Certificateholder shall be
given by first-class mail, postage prepaid, at the address of such
Certificateholder as shown in the Certificate Register, or with respect to any
notice required or permitted to be made to the holders of Bearer Certificates,
by publication in the manner provided in the related Supplement. If and so long
as any Series or Class is listed on any Offshore Securities Market and such
Exchange shall so require, any Notice to Investor Certificateholders shall be
published in the manner required by such Offshore Securities Market. Any notice
so mailed within the time prescribed in this Agreement shall be conclusively
presumed to have been duly given, whether or not the Certificateholder receives
such notice.

         SECTION 13.06. SEVERABILITY OF PROVISIONS. If any one or more of the
covenants, agreements, provisions or terms of this Agreement shall for any
reason whatsoever be held invalid, then such covenants, agreements, provisions
or terms shall be deemed severable from the remaining covenants, agreements,
provisions or terms of this Agreement and shall in no way

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affect the validity or enforceability of the other provisions of this Agreement
or of the Certificates or rights of the Certificateholders thereof.

         SECTION 13.07. ASSIGNMENT. Notwithstanding anything to the contrary
contained herein, except as provided in Section 8.02, this Agreement may not be
assigned by the Servicer without the prior consent of Holders of Investor
Certificates evidencing Undivided Interests aggregating not less than 66 2/3% of
the Investor Interest of each Series on a Series by Series basis.

         SECTION 13.08. CERTIFICATES NONASSESSABLE AND FULLY PAID. It is the
intention of the parties to this Agreement that the Certificateholders shall not
be personally liable for obligations of the Trust, that the Undivided Interests
represented by the Certificates shall be nonassessable for any losses or
expenses of the Trust or for any reason whatsoever, and that Certificates upon
authentication thereof by the Trustee pursuant to Sections 2.01 and 6.02 are and
shall be deemed fully paid.

         SECTION 13.09. FURTHER ASSURANCES. The Transferor and the Servicer
agree to do and perform, from time to time, any and all acts and to execute any
and all further instruments required or reasonably requested by the Trustee more
fully to effect the purposes of this Agreement, including, without limitation,
the execution of any financing statements or continuation statements relating to
the Receivables for filing under the provisions of the UCC of any applicable
jurisdiction.

         SECTION 13.10. NO WAIVER; CUMULATIVE REMEDIES. No failure to exercise
and no delay in exercising, on the part of the Trustee, any Enhancement Provider
or the Investor Certificateholders, any right, remedy, power or privilege
hereunder, shall operate as a waiver thereof; nor shall any single or partial
exercise of any right, remedy, power or privilege hereunder preclude any other
or further exercise thereof or the exercise of any other right, remedy, power or
privilege. The rights, remedies, powers and privileges herein provided are
cumulative and not exhaustive of any rights, remedies, powers and privileges
provided by law.

         SECTION 13.11. COUNTERPARTS. This Agreement 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 together shall constitute one and
the same instrument.

         SECTION 13.12. THIRD-PARTY BENEFICIARIES. This Agreement will inure to
the benefit of and be binding upon the parties hereto, the Certificateholders
and, to the extent provided in the related Supplement, to the Enhancement
Provider named therein, and the respective successors and permitted assigns.
Except as otherwise provided in this Article XIII, no other Person will have any
right or obligation hereunder.

         SECTION 13.13. ACTIONS BY CERTIFICATEHOLDERS.

                  (a) Wherever in this Agreement a provision is made that an
         action may be taken or a notice, demand or instruction given by
         Investor Certificateholders, such action, notice or instruction may be
         taken or given by any Investor Certificateholder, unless such provision
         requires a specific percentage of Investor Certificateholders.

                                       95
<PAGE>

                  (b) Any request, demand, authorization, direction, notice,
         consent, waiver or other act by a Certificateholder shall bind such
         Certificateholders and every subsequent holder of such Certificate
         issued upon the registration of transfer thereof or in exchange
         therefor or in lieu thereof in respect of anything done or omitted to
         be done by the Trustee or the Servicer in reliance thereon, whether or
         not notation of such action is made upon such Certificate.

         SECTION 13.14. RULE 144A INFORMATION. For so long as any of the
Investor Certificates of any Series or any Class are "restricted securities"
within the meaning of Rule 144(a)(3) under the Securities Act, each of the
Transferor, the Servicer, the Trustee and the Enhancement Provider for such
Series agree to cooperate with each other to provide to any Investor
Certificateholders of such Series or Class and to any prospective purchaser of
Certificates designated by such an Investor Certificateholder upon the request
of such Investor Certificateholder or prospective purchaser, any information
required to be provided to such holder or prospective purchaser to satisfy the
condition set forth in Rule 144A(d)(4) under the Securities Act.

         SECTION 13.15. MERGER AND INTEGRATION. Except as specifically stated
otherwise herein, this Agreement sets forth the entire understanding of the
parties relating to the subject matter hereof, and all prior understandings,
written or oral, are superseded by this Agreement. This Agreement may not be
modified, amended, waived or supplemented except as provided herein.

         SECTION 13.16. HEADINGS. The headings herein are for purposes of
reference only and shall not otherwise affect the meaning or interpretation of
any provision hereof.

                                       96
<PAGE>

         IN WITNESS WHEREOF, the Transferor, the Servicer and the Trustee have
caused this Agreement to be duly executed by their respective officers as of the
day and year first above written.

                            FIRST NATIONAL FUNDING LLC, as
                            Transferor

                            By    First National Funding Corporation, its
                                  Managing Member

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

                            FIRST NATIONAL BANK OF OMAHA, as
                            Servicer

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

                            THE BANK OF NEW YORK, as Trustee

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

                 POOLING AND SERVICING AGREEMENT SIGNATURE PAGE

                                       97

<PAGE>
                                    EXHIBIT A

                   FORM OF EXCHANGEABLE TRANSFEROR CERTIFICATE

No. [ ]                                                                 One Unit

                     FIRST BANKCARD MASTER CREDIT CARD TRUST
                            ASSET BACKED CERTIFICATE

THIS CERTIFICATE WAS ISSUED PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE ACT), AND MAY BE SOLD ONLY PURSUANT TO A
REGISTRATION STATEMENT EFFECTIVE UNDER THE ACT OR AN EXEMPTION FROM THE
PROVISIONS OF SECTION 5 OF THE ACT. IN ADDITION, THE TRANSFER OF THIS
CERTIFICATE IS SUBJECT TO RESTRICTIONS SET FORTH IN THE POOLING AND SERVICING
AGREEMENT REFERRED TO HEREIN. A COPY OF THE POOLING AND SERVICING AGREEMENT WILL
BE FURNISHED TO THE HOLDER OF THIS CERTIFICATE BY THE TRUSTEE UPON WRITTEN
REQUEST.

                         This Certificate represents an
                            Undivided Interest in the
                     First Bankcard Master Credit Card Trust

Evidencing an Undivided Interest in a trust, the corpus of which consists of a
portfolio of MasterCard(1) and VISA(1) credit card receivables generated or
acquired by First National Bank of Omaha and transferred to First National
Funding LLC and other assets and interests constituting the Trust under the
Pooling and Servicing Agreement described below.

                     (Not an interest in or an obligation of
                          First National Bank of Omaha
                           or any Affiliate thereof.)

         This certifies that [               ] (the "Holder") is the registered
owner of an undivided interest in a trust (the "Trust"), the corpus of which
consists of a portfolio of receivables (the "Receivables") now existing or
hereafter created under selected MasterCard and VISA credit card accounts (the
"Accounts") generated or acquired by First National Bank of Omaha, a national
banking association organized under the laws of the United States, and
transferred to First National Funding LLC (the "Transferor"), all monies due in
payment of the Receivables, all proceeds of such Receivables and Insurance
Proceeds relating to the Receivables, and the other assets and interests
constituting the Trust pursuant to a Second Amended and Restated Pooling and
Servicing Agreement dated as of        , 2002, as supplemented by any Supplement
relating to a Series of Investor Certificates (the "Pooling and Servicing
Agreement"), by and between First National Funding LLC, as Transferor, First
National Bank of Omaha, as Servicer, and The Bank of New York, as Trustee (the
"Trustee").

----------
         (1) MasterCard and VISA are registered trademarks of MasterCard
International Incorporated and of VISA USA, Inc., respectively.

<PAGE>
         This Certificate is the Exchangeable Transferor Certificate issued
under and is subject to the terms, provisions and conditions of the Pooling and
Servicing Agreement, to which Pooling and Servicing Agreement, as amended from
time to time, the Holder by virtue of the acceptance hereof assents and by which
the Holder is bound.

         This Certificate does not represent an obligation of, or any interest
in, First National Bank of Omaha, the Transferor or the Servicer, and neither
the Certificates nor the Accounts or Receivables are insured or guaranteed by
the Federal Deposit Insurance Corporation or any other governmental agency. This
Certificate is limited in right of payment to certain Collections respecting the
Receivables, all as more specifically set forth hereinabove and in the Pooling
and Servicing Agreement.

         Unless the certificate of authentication hereon has been executed by or
on behalf of the Trustee, by manual signature, this Certificate shall not be
entitled to any benefit under the Pooling and Servicing Agreement, or be valid
for any purpose.

         IN WITNESS WHEREOF, First National Funding LLC has caused this
Certificate to be duly executed under its official seal.

                                        FIRST NATIONAL FUNDING LLC, as
                                        Transferor

                                        By  First National Funding Corporation,
                                            its Managing Member

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

Date: ____________, 20__

                                      A-2

<PAGE>

                 FORM OF TRUSTEE'S CERTIFICATE OF AUTHENTICATION

                          Certificate of Authentication

         This is the Exchangeable Transferor Certificate referred to in the
within mentioned Pooling and Servicing Agreement.

                                        THE BANK OF NEW YORK, as Trustee

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

                                      A-3

<PAGE>
                                    EXHIBIT B

            FORM OF ASSIGNMENT OF RECEIVABLES IN ADDITIONAL ACCOUNTS

         ASSIGNMENT NO. [ ] OF RECEIVABLES IN ADDITIONAL ACCOUNTS, dated as of
[         ], 20[ ] by and between FIRST NATIONAL FUNDING LLC, a Nebraska limited
liability company ("Transferor"), and THE BANK OF NEW YORK, a New York banking
corporation (the "Trustee"), pursuant to the Pooling and Servicing Agreement
referred to below.

                                   WITNESSETH:

         WHEREAS, Transferor and the Trustee are parties to the Second Amended
and Restated Pooling and Servicing Agreement dated as of [ ], 2002 (hereinafter
as such agreement may have been, or may from time to time be, amended,
supplemented or otherwise modified, the "Pooling and Servicing Agreement");

         WHEREAS, pursuant to the Pooling and Servicing Agreement, Transferor
wishes to designate Additional Accounts to be included as Accounts and to convey
the Receivables of such Additional Accounts, whether now existing or hereafter
created, to the Trust as part of the corpus of the Trust (as each such term is
defined in the Pooling and Servicing Agreement); and

         WHEREAS, the Trustee is willing to accept such designation and
conveyance subject to the terms and conditions hereof;

         NOW, THEREFORE, Transferor and the Trustee hereby agree as follows:

         1. Defined Terms. All terms defined in the Pooling and Servicing
Agreement and used herein shall have such defined meanings when used herein,
unless otherwise defined herein.

            "Addition Date" shall mean, with respect to the Additional Accounts
         designated hereby, [ ], 20[ ].

            "Notice Date" shall mean, with respect to the Additional Accounts
         designated hereby, [ ], 20[ ] (which shall be a date on or prior to the
         fifth Business Day prior to the Addition Date with respect to additions
         pursuant to Subsection 2.06(a) of the Pooling and Servicing Agreement
         and the tenth Business Day prior to the Addition Date with respect to
         additions pursuant to Subsection 2.06(b) of the Pooling and Servicing
         Agreement).

         2. Designation of Additional Accounts. Transferor shall deliver to the
Trustee not later than five Business Days after the Addition Date, a computer
file or microfiche list containing a true and complete list of each MasterCard
and VISA account which as of the Addition Date shall be deemed to be an
Additional Account, such accounts being identified by account number and by the
amount of Receivables in such accounts as of the close of business on the
Addition Date. Such list shall be delivered five Business Days after the date of
this

<PAGE>

Assignment and shall be marked as Schedule 1 to this Assignment and, as of the
Addition Date, shall be incorporated into and made a part of this Assignment.

         3. Conveyance of Receivables.

         (a)  Transferor does hereby transfer, assign, set-over and otherwise
              convey to the Trust for the benefit of the Certificateholders,
              without recourse on and after the Addition Date, all right, title
              and interest of Transferor in and to the Receivables now existing
              and hereafter created in the Additional Accounts designated
              hereby, all monies due or to become due with respect thereto
              (including all Finance Charge Receivables) and all proceeds of
              such Receivables and Insurance Proceeds relating thereto.

         (b)  In connection with such transfer, Transferor agrees to record and
              file, at its own expense, a financing statement with respect to
              the Receivables now existing and hereafter created in the
              Additional Accounts designated hereby (which may be a single
              financing statement with respect to all such Receivables) for the
              transfer of accounts as defined in Section 9-102 of the UCC
              meeting the requirements of applicable law in such manner and such
              jurisdiction as are necessary to perfect the assignment of such
              Receivables to the Trust, and to deliver a file-stamped copy of
              such financing statement or other evidence of such filing (which
              may, for purposes of this Section 3, consist of telephone
              confirmation of such filing) to the Trustee on or prior to the
              date of the Assignment.

         (c)  In connection with such transfer, Transferor further agrees, at
              its own expense, on or prior to the date of this Assignment to
              have FNBO, as Servicer, indicate in its computer files that
              Receivables created in connection with the Additional Accounts
              designated hereby have been transferred to the Trust pursuant to
              this Assignment for the benefit of the Certificateholders.

         (d)  The parties intend that the transfer shall be deemed to be a sale,
              but if, and to the extent that, such transfer is not deemed to be
              a sale, Transferor shall be deemed hereunder to have granted, and
              does hereby so grant, to the Trustee a first priority perfected
              security interest in all of Transferor's right, title and interest
              in, and under the Receivables now existing and hereafter created
              and arising in connection with the Additional Accounts, all
              payments on such Receivables received after the Addition Date, all
              Insurance Proceeds relating thereto and all proceeds thereof
              (including recoveries, net of expenses of collection on Defaulted
              Accounts) and that this Assignment shall constitute a security
              agreement under applicable law.

         4. Acceptance by Trustee. The Trustee hereby acknowledges its
acceptance on behalf of the Trust for the benefit of the Certificateholders of
all right, title and interest previously held by Transferor in and to the
Receivables now existing and hereafter created, and declares that it shall
maintain such right, title and interest, upon the trust herein set forth, for
the benefit of all Certificateholders.

                                      B-2
<PAGE>

         5. Representations and Warranties of Transferor. Transferor hereby
represents and warrants to the Trust as of the Addition Date:

         (a)  Legal Valid and Binding Obligation. This Assignment constitutes a
              legal, valid and binding obligation of Transferor enforceable
              against Transferor in accordance with its terms, except as such
              enforceability may be limited by applicable bankruptcy,
              insolvency, reorganization, moratorium or other similar laws now
              or hereafter in effect affecting the enforcement of creditors'
              rights in general and the rights of creditors of national banking
              associations and except as such enforceability may be limited by
              general principles of equity (whether considered in a suit at law
              or in equity).

         (b)  Eligibility of Accounts and Receivables. Each Additional Account
              designated hereby is an Eligible Account and each Receivable in
              such Additional Account is an Eligible Receivable.

         (c)  Selection Procedures. No selection procedures believed by
              Transferor to be materially adverse to the interests of the
              Investor Certificateholders were utilized in selecting the
              Additional Accounts designated hereby from the available
              [Financial Institutions Accounts] [Accounts owned by FNBO]
              constituting Eligible Accounts [and in connection with its
              acquisition of Financial Institution Accounts added to the Trust,
              Transferor has conducted a due diligence review of the accounts of
              each selling third-party financial institution, including a review
              of its origination policies and a review of a random sample of its
              recently processed account applications. Based on such diligence
              reviews, such Financial Institution Accounts were originated under
              origination policies which do not differ significantly from those
              used by FNBO.]

         (d)  Insolvency. Transferor is not insolvent and, after giving effect
              to the conveyance set forth in Section 3 of the Assignment, will
              not be insolvent.

         (e)  Security Interest. This Assignment constitutes either (i) a valid
              transfer and assignment to the Trust of all right, title and
              interest of Transferor in and to Receivables existing and
              hereafter created in the Additional Accounts designated hereby,
              and all proceeds (as defined in the UCC), of such Receivables and
              Insurance Proceeds relating thereto, and such Receivables and any
              proceeds thereof and Insurance Proceeds relating thereto will be
              held by the Trust free and clear of any Lien except for (x) Liens
              permitted under Subsection 2.05(b) of the Pooling and Servicing
              Agreement, (y) the interest of the Holder of the Exchangeable
              Transferor Certificate and (z) Servicer's right to receive
              interest accruing on, and investment earnings in respect of, the
              Finance Charge Account, the Collection Account, the Principal
              Account or any Series Account as provided in the Pooling and
              Servicing Agreement and any related Supplement; or (ii) it
              constitutes a grant of a first priority security interest (as
              defined in the UCC) in such property to the Trust, which is
              enforceable with respect to the existing Receivables of the
              Additional Accounts designated hereby, the proceeds (as defined in
              the UCC) thereof and Insurance Proceeds relating thereto upon the

                                       B-3
<PAGE>

              conveyance of such Receivables to the Trust, and which will be
              enforceable with respect to the Receivables thereafter created in
              respect of Additional Accounts designated hereby, the proceeds (as
              defined in the UCC) thereof and Insurance Proceeds relating
              thereto, upon such creation.

         (f)  Required Rating Agency Representations. To the extent this
              Assignment constitutes a grant of a security interest, with
              respect to existing Receivables in the Additional Accounts:

              (i)   This Assignment creates a valid and continuing security
                    interest (as defined in the UCC) in such Receivables and
                    proceeds thereof and Insurance Proceeds relating thereto in
                    favor of the Trustee, which security interest is prior to
                    all other Liens (except Liens permitted under Subsection
                    2.05(b) of the Pooling and Servicing Agreement), and is
                    enforceable as such as against creditors of and purchasers
                    from the Transferor;

              (ii)  Such Receivables constitute "accounts" within the meaning of
                    the UCC;

              (iii) Transferor owns and has good and marketable title to such
                    Receivables free and clear of any Lien, claim or encumbrance
                    of any Person (except Liens permitted under Subsection
                    2.05(b) of the Pooling and Servicing Agreement);

              (iv)  Transferor has caused or will have caused, within ten days,
                    the filing of all appropriate financing statements in the
                    proper filing office in the appropriate jurisdictions under
                    applicable law in order to perfect the security interest in
                    such Receivables granted to the Trustee hereunder;

              (v)   Other than the security interest granted to the Trustee
                    pursuant to this Assignment, Transferor has not pledged,
                    assigned, sold, granted a security interest in, or otherwise
                    conveyed any of such Receivables and has not authorized the
                    filing of and is not aware of any financing statements
                    against Transferor that include a description of collateral
                    covering the Receivables other than any financing statement
                    (i) relating to the security interest granted the Trustee
                    hereunder or (ii) that has been terminated and Transferor is
                    not aware of any judgment or tax lien filings against
                    Transferor;

              (vi)  The representations made in clauses (i) through (v) above
                    will be true with respect to Receivables hereafter created
                    in respect of Additional Accounts designated hereby upon
                    such creation; and

              (vii) Transferor confirms and agrees that the foregoing
                    representations and warranties shall survive the execution
                    and delivery of this Assignment and that any breach thereof
                    may not be waived without prior written confirmation from
                    each Rating Agency that none of its ratings on

                                      B-4
<PAGE>

                    outstanding Investor Certificates or related commercial
                    paper shall be adversely affected by such waiver.

         6. Conditions Precedent. The acceptance by the Trustee set forth in
Section 4 and the amendment of the Pooling and Servicing Agreement set forth in
Section 7 are subject to the satisfaction, on or prior to the Addition Date, of
the following conditions precedent:

         (a)  Officer's Certificate. Transferor shall have delivered to the
              Trustee a certificate of a Vice President or more senior officer
              substantially in the form of Schedule 2 hereto, certifying that
              (i) all requirements set forth in Section 2.06 of the Pooling and
              Servicing Agreement for designating Additional Accounts and
              conveying the Principal Receivables of such Accounts, whether now
              existing or hereafter created, have been satisfied and (ii) each
              of the representations and warranties made by Transferor in
              Section 5 is true and correct as of the Addition Date. The Trustee
              may conclusively rely on such Officer's Certificate, shall have no
              duty to make inquiries with regard to the matters set forth
              therein, and shall incur no liability in so relying.

         (b)  Opinion of Counsel. Transferor shall have delivered to the Trustee
              an Opinion of Counsel with respect to the Additional Accounts
              designated hereby substantially in the form of Exhibit E to the
              Pooling and Servicing Agreement.

         (c)  Additional Information. Transferor shall have delivered to the
              Trustee such information as was reasonably requested by the
              Trustee to satisfy itself as to the accuracy of the representation
              and warranty set forth in Subsection 5(d) to this Assignment.

         7. Amendment of the Pooling and Servicing Agreement. The Pooling and
Servicing Agreement is hereby amended to provide that all references therein to
the "Pooling and Servicing Agreement", to "this Agreement" and "herein" shall be
deemed from and after the Addition Date to be a dual reference to the Pooling
and Servicing Agreement as supplemented by this Assignment. Except as expressly
amended hereby, all of the representations, warranties, terms, covenants and
conditions of the Pooling and Servicing Agreement shall remain unamended and
shall continue to be, and shall remain, in full force and effect in accordance
with its terms and except as expressly provided herein shall not constitute or
be deemed to constitute a waiver of compliance with or a consent to
noncompliance with any term or provision of the Pooling and Servicing Agreement.

         8. Counterparts. This Assignment 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 together shall constitute one and the
same instrument.

         9. Governing Law. This Assignment shall be governed by and construed in
accordance with the laws of the State of Nebraska, without regard to its
conflict of law provisions.

                                      B-5
<PAGE>

         IN WITNESS WHEREOF, the undersigned have caused this Assignment of
Receivables in Additional Accounts to be duly executed and delivered by their
respective duly authorized officers on the day and year first above written.

                                         FIRST NATIONAL FUNDING LLC, as
                                         Transferor

                                         By  First National Funding Corporation,
                                             its Managing Member

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

                                         THE BANK OF NEW YORK, as Trustee

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

ACKNOWLEDGED AND AGREED:

                                         SERVICER:

                                         FIRST NATIONAL BANK OF OMAHA

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

<PAGE>
                                    EXHIBIT C

                     FORM OF MONTHLY SERVICER'S CERTIFICATE

               FIRST BANKCARD MASTER CREDIT CARD TRUST SERIES [ ]
                             MONTHLY PERIOD ENDING:

The undersigned, a duly authorized representative of First National Bank of
Omaha ("FNBO"), as Servicer pursuant to the Amended and Restated Pooling and
Servicing Agreement dated as of            , and the Series [ ] Supplement dated
as of                 (collectively, as amended, the "Pooling and Servicing
Agreement") by and between FNBO, as Servicer, First National Funding LLC, as
Transferor, and The Bank of New York, as trustee (the "Trustee"), does hereby
certify as follows:

(a) Capitalized terms used in this Certificate have their respective meanings
set forth in the Pooling and Servicing Agreement. References herein to certain
sections and subsections are references to the respective sections and
subsections of the Pooling and Servicing Agreement. This Certificate is
delivered pursuant to Articles III, IV and V of the Pooling and Servicing
Agreement.

(b) FNBO is the Servicer under the Pooling and Servicing Agreement.

(c) The undersigned is a Servicing Officer.

(d) The date of this Certificate is a Determination Date under the Pooling and
Servicing Agreement relating to the               Distribution Date (the
"Distribution Date").

(e) To the knowledge of the undersigned, there are no Liens on any Receivables
in the Trust except as described below:

                         [If applicable, insert "None".]

(f) To the knowledge of the undersigned, no Series [ ] Pay Out Event and no
Trust Pay Out Event has occurred except as described below:

                         [If applicable, insert "None"]

(g) As of the date hereof the Available Spread Account Amount equals the
Required Spread Account Amount and, if the Reserve Account Funding Date has
occurred, the Available Reserve Account Amount equals the Required Reserve
Account Amount.

A.   INFORMATION REGARDING THE PERFORMANCE OF THE TRUST

   1.  Principal Receivables

       (a) Beginning of Monthly Period Principal
           Receivables
                                                            --------------------
       (b) End of Monthly Period Principal Receivables
                                                            --------------------
       (c) Average Principal Receivables
                                                            --------------------
<PAGE>

   2.  End of Monthly Period Trust Receivables
                                                            --------------------

   3. Delinquent Balances

           Delinquency          Aggregate Account            Percentage of
            Category                 Balance               Total Receivables
--------------------------------------------------------------------------------

      (a) 30 to 59 days
                              --------------------------------------------------
      (b) 60 to 89 days
                              --------------------------------------------------
      (c) 90 to 119 days
                              --------------------------------------------------
      (d) 120 to 149 days
                              --------------------------------------------------
      (e) 150 or more days
                              --------------------------------------------------
              Total:
                              --------------------------------------------------

   4. Aggregate amount of Collections

                                                            --------------------
      (a) Total Collections
                                                            --------------------
      (b) Total Collections of Principal Receivables
                                                            --------------------
      (c) Total Collections of Finance Charge Receivables
                                                            --------------------
      (d) Aggregate Investor Percentage for Outstanding
          Series
                                                            --------------------
      (e) Aggregate Investor Percentage of Collections
          of Principal Receivables
                                                            --------------------
      (f) Aggregate Investor Percentage of Collections
          of Finance Charge Receivables
                                                            --------------------

   5.  Aggregate amount of Principal Receivables
       in Accounts which became Defaulted Accounts
       during the Monthly Period
                                                            --------------------

   6.  Calculation of Interchange allocable to the
       Trust for the Monthly Period
                                                            --------------------

       (a) Sales net of cash advances during the Monthly
           Period on all FNBO MasterCard and VISA(1)
           accounts
                                                            --------------------

       (b) Sales net of cash advances during the Monthly
           Period on Accounts transferred to the Trust
                                                            --------------------

       (c) Total amount of Interchange paid or payable to
           FNBO with respect to the Monthly Period
                                                            --------------------

       (d) Amount of Interchange allocable to the Trust
           with respect to the Monthly Period ([c]/[b/a])
                                                            --------------------

   7.  The aggregate amount of Collections of
       Finance Charge Receivables in the Trust for
       the Monthly Period
                                                            --------------------

----------

(1) MasterCard and VISA are registered trademarks of MasterCard International
Incorporated and VISA USA, Inc., respectively.

                                       C-2
<PAGE>
       (a) Interchange
                                                            --------------------
       (b) Recoveries
                                                            --------------------
       (c) Finance Charges and Fees
                                                            --------------------
       (d) Discount Receivables
                                                            --------------------
           Total
                                                            --------------------

   8.  Aggregate Amount of Adjustment Amounts for
       the Monthly Period
                                                            --------------------

B. INFORMATION REGARDING THE SERIES [ ] SECURITIES

   1.  Investor Interest at the close of business
       on the Distribution Date during the Monthly
       Period

       (a) Class A Interest
                                                            --------------------
       (b) Class B Interest
                                                            --------------------
       (c) [CTO[Collateral] Interest
                                                            --------------------
              Total Investor Interest
                                                            --------------------

   2.  Investor Principal Balances at the close of
       business on the Distribution Date during
       the Monthly Period

       (a) Class A Investor Principal Balance
                                                            --------------------
       (b) Class B Investor Principal Balance
                                                            --------------------
       (c) [CTO[Collateral] Investor Principal Balance
                                                            --------------------
              Total Investor Principal Balance
                                                            --------------------

   3.  Fixed Investor Percentage for the Monthly
       Period

       (a) Class A Fixed Percentage
                                                            --------------------
       (b) Class B Investor Principal Balance
                                                            --------------------
       (c) [CTO[Collateral] Fixed Percentage
                                                            --------------------
              Total Fixed Investor Percentage
                                                            --------------------

   4.  Floating Investor Percentage for the Monthly
       Period

       (a) Class A Floating Percentage
                                                            --------------------
       (b) Class B Floating Percentage
                                                            --------------------
       (c) [CTO[Collateral] Floating Percentage
                                                            --------------------
              Total Floating Investor Percentage
                                                            --------------------
   5.  Investor Principal Collections processed
       during the Monthly Period and allocated to
       the Series
                                                            --------------------
   6.  Excess Principal Collections from other
       Group I Series allocated to the Series as
       Shared Principal Collections
                                                            --------------------
   7.  Aggregate amounts treated as Available
       Principal Collections pursuant to
       subsections [4.08 (a)(iv), (v), (vii),
       (viii)]as added by the related Series
       Supplement
                                                            --------------------
   8.  Reallocated Principal Collections pursuant
       to Section [4.10]
                                                            --------------------

                                       C-3
<PAGE>

   9.  AVAILABLE PRINCIPAL COLLECTIONS (5+6+7+8)
                                                            --------------------
   10. Principal Funding Investment Proceeds
                                                            --------------------
   11. Investor Finance Charge Collections
       (including Interchange and Recoveries)
       processed during the Monthly Period
                                                            --------------------
   12. Excess Finance Charge Collections from
       Group I allocated to the Series
                                                            --------------------
   13. Reserve Account withdrawals pursuant to
       Section [4.15(b) or (d)] as added by the
       related Series Supplement
                                                            --------------------
   14. AVAILABLE FINANCE CHARGE COLLECTIONS (10+11+12+13)
                                                            --------------------
   15. Excess amounts from Spread Account to be
       treated as Available Finance Charge
       Collections pursuant to Section [4.16(h)]
       as added by the related Series Supplement
                                                            --------------------
   16. The aggregate amount of all Principal
       Receivables in Accounts which became
       Defaulted Accounts during the Monthly
       Period which were allocated to the Series

       (a) Default Amount
                                                            --------------------
       (b) Floating Investor Percentage (B.4 above)
                                                            --------------------
           Total Investor Default Amount
                                                            --------------------
   17. The aggregate amount of Adjustment Amounts
       allocated to the Series for the Monthly
       Period

       (a) Adjustment Amount
                                                            --------------------
       (b) Series allocation percentage pursuant to
           Section [4.03(g)] as added by the related
           Series Supplement
                                                            --------------------
       (c) Total Series Adjustment Amount
                                                            --------------------

   18. The aggregate amount of Investor
       Charge-Offs (including any Adjustment
       Amounts not covered by the Transferor
       Interest) for the Monthly Period

       (a) Class A Investor Charge-Offs
                                                            --------------------
       (b) Class B Investor Charge-Offs
                                                            --------------------
       (c) [CTO[Collateral] Investor Charge-Offs
                                                            --------------------
           Total Investor Charge-Offs
                                                            --------------------

   19. Investor Servicing Fee for the Monthly
       Period payable to the Servicer
                                                            --------------------

                                      C-4
<PAGE>

   20. Ratings of the Class A Certificates

       Moody's
                                                            --------------------
       S&P
                                                            --------------------
       Fitch
                                                            --------------------

   21. Ratings of the Class B Certificates
                                                            --------------------
       Moody's
                                                            --------------------
       S&P
                                                            --------------------
       Fitch
                                                            --------------------

   22. Ratings of the Collateralized Trust
       Obligations

       Moody's
                                                            --------------------
       S&P
                                                            --------------------
       Fitch
                                                            --------------------

   23. Certificate Rate for the Monthly Period

       (a) Class A Certificate Rate
                                                            --------------------
       (b) Class B Certificate Rate
                                                            --------------------
       (c) Collateral Certificate Rate
                                                            --------------------

   24. Adjustment for Uncovered Dilutions

       (a) Adjustment Amount for Trust
                                                            --------------------

       (b) Adjustment Amount allocated to the
           Series
                                                            --------------------

       (c) Adjustment Amount allocated and applied
           to reduce Collateral Investor Principal
           Balance
                                                            --------------------

       (d) Adjustment Amount allocated and applied
           to reduce Class B Investor Principal
           Balance
                                                            --------------------

       (e) Adjustment Amount allocated and applied
           to reduce Class A Investor Principal
           Balance
                                                            --------------------

C. QUARTERLY NET YIELD

     1. Base Rate for the Monthly Period
                                                            --------------------
     2. Portfolio Yield for the Monthly Period
                                                            --------------------
     3. Net Yield for the Monthly Period
        (Portfolio Yield MINUS Base Rate)
                                                            --------------------
     4. Quarterly Net Yield for the related
        Distribution Date
                                                            --------------------

D. INFORMATION REGARDING THE PRINCIPAL ACCUMULATION ACCOUNT

     1. Opening Principal Accumulation Account
        Balance on the Distribution Date for the
        Monthly Period
                                                            --------------------
     2. Controlled Deposit Amount to be deposited
        to the Principal Accumulation Account on
        the Distribution Date for the Monthly
        Period
                                                            --------------------

        (a) Controlled Accumulation Amount
                                                            --------------------
        (b) Accumulation Shortfall
                                                            --------------------
        (c) Controlled Deposit Amount (a+b)
                                                            --------------------

                                       C-5

<PAGE>

     3. Amounts withdrawn from the Principal
        Accumulation Account for distribution to
        Investors on the related Distribution Date

        (a) Distribution in reduction of the
            Class A Interest
                                                            --------------------
        (b) Distribution in reduction of the
            Class B Interest
                                                            --------------------
        (c) Distribution in reduction of the
            Collateral Interest
                                                            --------------------

     4. Principal Accumulation Account ending
        balance after deposit/withdrawal on the
        Distribution Date for the Monthly Period
                                                            --------------------

E. INFORMATION REGARDING THE SPREAD ACCOUNT

     1. Opening Available Spread Account Amount on
        the Distribution Date for the Monthly
        Period
                                                            --------------------
     2. Aggregate amount required to be withdrawn
        pursuant to Section [4.16(c)] as added by
        the related Series Supplement for
        distribution to Collateral Securityholders
        pursuant to Section [4.08(a)(vi)] as added
        by the related Series Supplement
                                                            --------------------
     3. Aggregate amount required to be withdrawn
        pursuant to Section [4.16(d)] as added by
        the related Series Supplement for
        distribution in reduction of the
        Collateral Investor Principal Balance
                                                            --------------------
     4. Spread Account percentage for the
        Distribution Date for the Monthly Period,
        calculated pursuant to Section [4.16(g)]
        as added by the related Series Supplement
                                                            --------------------
     5. Closing Required Spread Account Amount for
        the Distribution Date for the Monthly
        Period (using Spread Account Percentage
        calculated pursuant to Section [4.16(g))]
        as added by the related Series Supplement
                                                            --------------------
     6. Amount required to be treated as Available
        Finance Charge Collections pursuant to
        Section [4.16(h)] as added by the related
        Series Supplement
                                                            --------------------
     7. Amount on deposit in Spread Account after
        required withdrawals on the Distribution
        Date for the Monthly Period (1-(2+3+6))
                                                            --------------------
     8. Spread Account Deficiency, if any
        (5 MINUS 7)
                                                            --------------------
     9. Amounts deposited pursuant to Section
        [4.08(a)(ix) or 4.15(c)] as added by the
        related Series Supplement
                                                            --------------------
    10. Remaining Spread Account Deficiency, if
        any (8 minus 9)
                                                            --------------------

                                   C-6

<PAGE>

F. INFORMATION REGARDING THE RESERVE ACCOUNT

     1. Reserve Account Funding Date
                                                            --------------------
     2. Opening Available Reserve Account Amount
        on the Distribution Date for the Monthly
        Period
                                                            --------------------
     3. Aggregate amount required to be withdrawn
        pursuant to Section 4.15 for inclusion in
        Available Finance Charge Collections:
                                                            --------------------
        (a) Covered Amount
                                                            --------------------
        (b) Principal Funding Investment Proceeds
                                                            --------------------
        (c) Reserve Draw Amount (a MINUS b)
                                                            --------------------
     4. Required Reserve Account Amount
                                                            --------------------
     5. Reserve Account Surplus (4-(2-3))
                                                            --------------------

G. INFORMATION REGARDING CONTROLLED ACCUMULATION PERIOD
   (REQUIRED ON AND AFTER DISTRIBUTION DATE)

     1. Accumulation Period Length (months)
                                                            --------------------

     H. AGGREGATE OPENING AND CLOSING BALANCE ON
        DEPOSIT AND WITHDRAWALS FROM ANY OTHER
        ENHANCEMENT ACCOUNTS

        1. Opening Balance
                                                            --------------------
        2. Withdrawals pursuant to Section [ ]
                                                            --------------------
        3. Closing Balance
                                                            --------------------

        IN WITNESS thereof, the undersigned has duly executed and delivered this
        Certificate the __________day of ____________________, ____________.

                                         FIRST NATIONAL BANK OF OMAHA
                                         Servicer

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

                                      C-7
<PAGE>

                               Schedule To Monthly
                             Servicer's Certificate*

                           FIRST NATIONAL FUNDING LLC

                                   ----------

                     FIRST BANKCARD MASTER CREDIT CARD TRUST

                                   ----------

         *A separate schedule may be attached for each Series, with appropriate
changes and additions to reflect the specifics of the related Series Supplement.
<PAGE>
                                    EXHIBIT D

                      FORM OF ANNUAL SERVICER'S CERTIFICATE

                          FIRST NATIONAL BANK OF OMAHA

                                  -----------

                     FIRST BANKCARD MASTER CREDIT CARD TRUST

         The undersigned, a duly authorized representative of First National
Bank of Omaha ("FNBO"), as Servicer pursuant to the Second Amended and Restated
Pooling and Servicing Agreement dated as of __________, 2002 (the "Pooling and
Servicing Agreement") by and between FNBO, First National Funding LLC ("FNF"),
as Transferor, and The Bank of New York, as trustee (the "Trustee"), does hereby
certify that:

         1. FNBO is Servicer under the Pooling and Servicing Agreement.

         2. The undersigned is duly authorized pursuant to the Pooling and
Servicing Agreement to execute and deliver this Certificate to the Trustee.

         3. This Certificate is delivered pursuant to Section 3.05 of the
Pooling and Servicing Agreement.

         4. A review of the activities of the Servicer during the twelve-month
period ending on December 31, [ ], was conducted under our supervision.

         5. Based on such review, the Servicer has, to the best of our
knowledge, fully performed all its obligations under the Pooling and Servicing
Agreement throughout such period and no default in the performance of such
obligations has occurred or is continuing except as set forth in Paragraph 6
below.

         6. The following is a description of each default in the performance of
the Servicer's obligations under the provisions of the Pooling and Servicing
Agreement, including any Supplement known to us to have been made during such
period which sets forth in detail (i) the nature of each such default, (ii) the
action taken by the Servicer, if any, to remedy each such default and (iii) the
current status of each such default:

                         [If applicable, insert "None".]

         7. (a) During such period, for each outstanding Series, the Servicer
prepared the monthly reports required by Section 3.04(b) of the Pooling and
Servicing Agreement and each other monthly report required by the applicable
Supplement in accordance with Section 3.04(b) and the applicable provisions of
each such Supplement, (b) the amounts included in such reports agree with the
computer records of the Servicer and (c) the calculated amounts included in such
reports are mathematically correct and made in accordance with the applicable
definitions in this Agreement and the other applicable Transaction Documents,
except as set forth in paragraph 6 above.

<PAGE>
         IN WITNESS WHEREOF, the undersigned has duly executed this certificate
this __ day of _______________, __.

                                       FIRST NATIONAL BANK OF OMAHA, as Servicer

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

                                      D-2

<PAGE>
                                   EXHIBIT E

                           FORM OF OPINION OF COUNSEL

                PROVISIONS TO BE INCLUDED IN OPINION OF COUNSEL
             TO BE DELIVERED PURSUANT TO SECTION 2.06(c)(vi) OF THE
              AMENDED AND RESTATED POOLING AND SERVICING AGREEMENT

         The opinions set forth below may be subject to appropriate
qualifications, assumptions, limitations and exceptions.

         1. The Additional Account Receivables constitute "accounts" (as defined
in Section 9-102 of the UCC) and the provisions of the Assignment and Pooling
and Servicing Agreement, as supplemented and amended, (together, the
"Agreements") are effective to create a valid security interest in FNBO's
interests in the Additional Account Receivables and the proceeds thereof in
favor of the Trustee for the benefit of the Certificateholders to secure the
payment obligations under the Agreement to the extent such obligations
constitute indebtedness.

         2. The security interest created by the Agreements in the Additional
Account Receivables and the proceeds thereof has been perfected under Article 9
of the Uniform Commercial Code of Nebraska as a result of the filing of the
Financing Statement with the Secretary of State of Nebraska, and as of the date
of the Lien Searches, such security interest is of first priority under Article
9 of the Nebraska Uniform Commercial Code.

         3. The Financing Statement is in appropriate form for filing and has
been duly filed in the appropriate filing office in Nebraska, all fees and taxes
payable in connection with said filing of the Financing Statement have been paid
in full, and no other filings or actions, with respect to the interests of the
Trustee in the Additional Account Receivables, are necessary to perfect the
interest of the Trustee in the Additional Account Receivables, and the proceeds
thereof, conveyed to the Trustee, except that appropriate continuation
statements must be filed in accordance with the applicable laws of Nebraska.

         4. The perfection and priority of the security interest granted to the
Trustee in the Additional Account Receivables and the proceeds thereof is not
affected by an increase or decrease in the relative interests in the Additional
Account Receivables of the Holder of the Exchangeable Transferor Certificate and
of the Investor Certificateholders.

<PAGE>

                                    EXHIBIT F

                        FORM OF ANNUAL OPINION OF COUNSEL

         The opinions set forth below may be subject to appropriate
qualifications, assumptions, limitations and exceptions.

         1. No further filings or actions are required under the UCC or other
Nebraska law prior to _______, ____, in order to maintain the perfection and
priority of the security interest created by Agreements in favor of the Trust in
Transferor's rights in the Receivables and the proceeds thereof (the "Specified
Assets"). Based solely upon our review of the UCC Searches as described and
defined in such opinion, we hereby confirm to you that no Person other than the
Trustee has filed any financing statement with the Filing Offices as described
and defined in such opinion that covers the Specified Assets and that would have
priority over the security interest of the Trustee by virtue of such filing.

         2. Confirmation or update, as applicable, of the FIRREA analysis
delivered on the most recent Closing Date.

<PAGE>
                                    EXHIBIT G

                       FORM OF REASSIGNMENT OF RECEIVABLES

         REASSIGNMENT NO.__ OF RECEIVABLES (the "Reassignment"), dated as of
__________, __, by and between FIRST NATIONAL FUNDING LLC, a Nebraska limited
liability company, and THE BANK OF NEW YORK, a New York banking corporation (the
"Trustee"), pursuant to the Pooling and Servicing Agreement referred to below.

                              W I T N E S S E T H :

         WHEREAS, the Bank and the Trustee are parties to the Second Amended and
Restated Pooling and Servicing Agreement, dated as of ______________, 2002,
(hereinafter as such agreement may have been, or may from time to time be,
amended, supplemented or otherwise modified, the "Pooling and Servicing
Agreement");

           WHEREAS, pursuant to the Pooling and Servicing Agreement, the
Transferor wishes to remove all Receivables from certain designated Accounts
(the "Removed Accounts") and to cause the Trustee to reconvey the Receivables of
such Removed Accounts, whether now existing or hereafter created, from the Trust
to the Transferor (as each such term is defined in the Pooling and Servicing
Agreement); and

          WHEREAS, the Trustee is willing to accept such designation and to
reconvey the Receivables in the Removed Accounts subject to the terms and
conditions hereof

          NOW THEREFORE, the Transferor and the Trustee hereby agree as follows:

          1. Defined Terms. All terms defined in the Pooling and Servicing
Agreement and used herein shall have such defined meanings when used herein,
unless otherwise defined herein.

             "Removal Date" shall mean, with respect to the Removed Accounts
         designated hereby, __________, __.

             "Removal Notice Date" shall mean, with respect to the Removed
         Accounts designated hereby,_____,_____ (which shall be a date on or
         prior to the fifth Business Day prior to the Removal Date).

         2. Designation of Removed Accounts. The Transferor shall deliver to the
Trustee, not later than five Business Days after the Removal Date, a computer
file or microfiche list containing a true and complete list of each MasterCard
and VISA account which as of the Removal Date shall be deemed to be a Removed
Account, such accounts being identified by account number and by the aggregate
amount of Receivables in such accounts as of the close of business on the
Removal Date. Such list shall be marked as Schedule I to this Reassignment and
shall be incorporated into and made a part of this Reassignment as of the
Removal Date.

<PAGE>

         3. Conveyance of Receivables.

                  (a) The Trustee does hereby reconvey to the Transferor,
         without recourse on and after the Removal Date, all right, title and
         interest of the Trust in and to the Receivables now existing and
         hereafter created in the Removed Accounts designated hereby, all monies
         due or to become due with respect thereto (including all Finance Charge
         Receivables), all proceeds (as defined in Section 9-102 of the UCC) of
         such Receivables and Insurance Proceeds relating thereto.

                  (b) In connection with such transfer, the Trustee agrees to
         execute and deliver to the Transferor on or prior to the date of this
         Reassignment, a termination statement with respect to the Receivables
         now existing and hereafter created in the Removed Accounts designated
         hereby (which may be a single termination statement with respect to all
         such Receivables) evidencing the release by the trust of its Lien on
         the Receivables in the Removed Accounts, and meeting the requirements
         of applicable state law, in such manner and such jurisdictions as are
         necessary to remove such Lien.

         4. Representations and Warranties of the Bank. The Transferor hereby
represents and warrants to the Trust as of the Removal Date:

                  (a) Legal, Valid and Binding Obligation. This Reassignment
         constitutes a legal, valid and binding obligation of the Transferor
         enforceable against the Transferor in accordance with its terms, except
         as such enforceability may be limited by applicable bankruptcy,
         insolvency, reorganization, moratorium or other similar laws now or
         hereafter in effect affecting the enforcement of creditors' rights in
         general and the rights of creditors of national banking associations
         and except as such enforceability may be limited by general principles
         of equity (whether considered in a suit at law or in equity).

                  (b) Selection Procedures. No selection procedures believed by
         the [Transferor] to be materially adverse to the interests of the
         Investor Certificateholders were utilized in selecting the Removed
         Accounts designated hereby.

         5. Conditions Precedent. The amendment of the Pooling and Servicing
Agreement set forth in Section 6 hereof is subject to the satisfaction, on or
prior to the Removal Date, of the following condition precedent:

                  The Transferor shall have delivered to the Trustee an
         Officer's Certificate certifying that (i) as of the Removal Date, all
         requirements set forth in Section 2.07 of the Pooling and Servicing
         Agreement for designating Removed Accounts and reconveying the
         Receivables of such Removed Accounts, whether now existing or hereafter
         created, have been satisfied, and (ii) each of the representations and
         warranties made by the Transferor in Section 4 hereof is true and
         correct as of the Removal Date. The Trustee may conclusively rely on
         such Officer's Certificate, shall have no duty to make inquiries with
         regard to the matters set forth therein and shall incur no liability in
         so relying.

         6. Amendment of the Pooling and Servicing Agreement. The Pooling and
Servicing Agreement is hereby amended to provide that all references therein to
the "Pooling and Servicing Agreement," to "this Agreement" and "herein" shall be
deemed from and after the Removal Date

                                      G-2
<PAGE>

to be a dual reference to the Pooling and Servicing Agreement as supplemented by
this Reassignment. Except as expressly amended hereby, all of the
representations, warranties, terms, covenants and conditions of the Pooling and
Servicing Agreement shall remain unamended and shall continue to be, and shall
remain, in full force and effect in accordance with its terms and except as
expressly provided herein shall not constitute or be deemed to constitute a
waiver of compliance with or a consent to non-compliance with any term or
provision of the Pooling and Servicing Agreement.

         7. Counterparts. This Reassignment 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 together shall constitute one and the
same instrument.

         8. Governing Law. This Reassignment shall be construed in accordance
with the laws of the State of Nebraska, without reference to its conflict of law
provisions.

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

                                         FIRST NATIONAL FUNDING LLC, as
                                         Transferor

                                         By  First National Funding Corporation,
                                             its Managing Member

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

                                         THE BANK OF NEW YORK, as Trustee

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

                                      G-3

<PAGE>

                                                                      Schedule I
                                                                 to Reassignment
                                                                  of Receivables

                                REMOVED ACCOUNTS

<PAGE>

                                    EXHIBIT H

                       FORM OF RECONVEYANCE OF RECEIVABLES

         RECONVEYANCE of RECEIVABLES, dated as of _____________, 20__ by and
between FIRST NATIONAL FUNDING LLC, a Nebraska limited liability company (the
"Transferor"), and THE BANK OF NEW YORK, a New York banking corporation (the
"Trustee"), pursuant to the Pooling and Servicing Agreement referred to below.

                              W I T N E S S E T H:

         WHEREAS, the Transferor and the Trustee are parties to the Second
Amended and Restated Pooling and Servicing Agreement dated as of _____________,
2002 (hereinafter as such agreement may have been, or may from time to time be,
amended, supplemented or otherwise modified, the "Pooling and Servicing
Agreement");

         WHEREAS, pursuant to the Pooling and Servicing Agreement, the
Transferor wishes to cause the Trustee to reconvey all of the Receivables and
proceeds thereof, whether now existing or hereafter created, from the Trust to
the Transferor pursuant to the terms of Section 12.04 of the Pooling and
Servicing Agreement upon termination of the Trust pursuant to Subsection
12.01(a) of the Pooling and Servicing Agreement (as each such term is defined in
the Pooling and Servicing Agreement);

         WHEREAS, the Trustee is willing to reconvey the Receivables subject to
the terms and conditions hereof;

         NOW THEREFORE, the Transferor and the Trustee hereby agree as follows:

         1. Defined Terms. All terms defined in the Pooling and Servicing
Agreement and used herein shall have such defined meanings when used herein,
unless otherwise defined herein.

         "Reconveyance Date" shall mean ____________, 20__.

         2. Return of Lists of Accounts. The Trustee shall deliver to the
Transferor, not later than three Business Days after the Reconveyance Date, each
and every computer file or microfiche list of Accounts delivered to the Trustee
pursuant to the terms of the Pooling and Servicing Agreement.

         3. Conveyance of Receivables.

                  (a) The Trustee does hereby convey to the Transferor, without
         recourse, on and after the Reconveyance Date, all right, title and
         interest of the Trust in and to each and every Receivable now existing
         and hereafter created in the Accounts, all monies due or to become due
         with respect thereto (including all Finance Charge Receivables), all
         proceeds (as defined in Section 9-102 of the UCC) of such receivables
         and Insurance Proceeds relating to such Receivables, except for
         amounts, if any, held by the Trustee pursuant to Subsection 12.03(b) of
         the Pooling and Servicing Agreement.

<PAGE>

                  (b) In connection with such transfer, the Trustee agrees to
         execute and deliver to the Transferor on or prior to the date of this
         Reconveyance, such UCC termination statements as the Transferor may
         reasonably request, evidencing the release by the Trust of its lien on
         the Receivables.

         4. Counterparts. This Reconveyance 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 together shall constitute one and the
same instrument.

         5. Governing Law. This Reconveyance shall be construed in accordance
with the laws of the State of Nebraska without reference to its conflict of law
provisions.

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

                                         FIRST NATIONAL FUNDING LLC, as
                                         Transferor

                                         By  First National Funding Corporation,
                                             its Managing Member

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

                                         THE BANK OF NEW YORK, as Trustee

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

                                      H-2

<PAGE>
                                                                      SCHEDULE 1

                                LIST OF ACCOUNTS

                            Delivered to Trustee only<PAGE>

                                                                     EXHIBIT 4.7

================================================================================

                          COLLATERAL SERIES SUPPLEMENT
                          Dated as of [       ], 2002

                                       to

           SECOND AMENDED AND RESTATED POOLING AND SERVICING AGREEMENT
                          Dated as of [       ], 2002

                                   ----------

                           FIRST NATIONAL FUNDING LLC,
                                   Transferor,

                          FIRST NATIONAL BANK OF OMAHA,
                                    Servicer,

                                       and

                              THE BANK OF NEW YORK,
                                     Trustee

================================================================================

                     FIRST BANKCARD MASTER CREDIT CARD TRUST

================================================================================

<PAGE>

                                TABLE OF CONTENTS
<Table>
<Caption>
                                                                                                               Page
<S>                        <C>                                                                                 <C>
         Section 1.        Designation...........................................................................1

         Section 2.        Interpretation and Definitions........................................................2

         Section 3.        Reassignment and Transfer Terms.......................................................4

         Section 4.        Delivery and Payment for the Collateral Certificate...................................4

         Section 5.        Form of Delivery of Collateral Certificate............................................5

         Section 6.        Article IV of Agreement...............................................................5

         Section 7.        Pay Out Events and Events of Default..................................................6

         Section 8.        Modification to and Ratification of Agreement.........................................6

         Section 9.        Servicer Indemnification............................................................. 6

         Section 10.       Counterparts......................................................................... 6

         Section 11.       Successors and Assigns............................................................... 6

         Section 12.       Governing Law........................................................................ 6

         Section 13.       No Petition.......................................................................... 7

         Section 14.       Amendments........................................................................... 7
</Table>

<PAGE>

         COLLATERAL SERIES SUPPLEMENT dated as of [          ], 2002 (this
"Supplement"), among FIRST NATIONAL FUNDING LLC, a Nebraska limited liability
company, as Transferor, FIRST NATIONAL BANK OF OMAHA, a national banking
association, as Servicer, and THE BANK OF NEW YORK, as Trustee (the "Trustee")
under the Second Amended and Restated Pooling and Servicing Agreement dated as
of [         ], 2002, among the Transferor, the Servicer and the Trustee (as
further amended and supplemented from time to time, the "Agreement").

         Section 6.09 of the Agreement provides, among other things, that the
Transferor and the Trustee may at any time and from time to time enter into a
Supplement to the Agreement for the purpose of authorizing the delivery by
Trustee to Transferor for the execution and redelivery to the Trustee for
authentication of one or more Series of Investor Certificates.

         Pursuant to this Supplement, the Transferor and the Trustee shall
create a new Series of Investor Certificates and shall specify the Principal
Terms thereof and add and amend certain provisions of the Agreement.

         SECTION 1. DESIGNATION.

                  (a) There is hereby created a Series of Investor Certificates
         to be issued pursuant to the Agreement and this Supplement to be known
         as the "First Bankcard Master Credit Card Trust Collateral Certificate"
         or the "Collateral Certificate."

                  (b) The Collateral Certificate will be transferred by the
         Transferor to First National Master Note Trust (the "Note Trust")
         pursuant to a Transfer and Servicing Agreement dated as of [         ],
         2002 among the Transferor, the Servicer and the Note Trust. The Note
         Trust will pledge the Collateral Certificate as collateral for one or
         more series of notes (each, a "Note Series") to be issued by the Note
         Trust pursuant to a Master Indenture dated as of [           ], 2002
         between the Note Trust and The Bank of New York, as trustee (the
         "Indenture Trustee"), and one or more supplements to the Master
         Indenture (each, an "Indenture Supplement" and, together with the
         Master Indenture referred to above, as amended from time to time, the
         "Indenture"). The portion of the Collateral Certificate primarily
         securing each Note Series shall be treated as a separate Series (each,
         a "Collateral Series") under the Agreement and this Supplement.

                  (c) Certain of the Principal Terms and other terms pertaining
         to each Collateral Series will be defined in the applicable Indenture
         Supplements (and are hereby incorporated by reference into this
         Supplement), including whether or not such Collateral Series will be
         part of a Group. Unless and until the Trust has been terminated as
         permitted by Section 3(b) of this Supplement: (a) the Indenture and
         each Indenture Supplement executed and delivered by the Note Trust
         shall be a supplement to this Supplement; (b) a new Collateral Series
         shall be issued upon the issuance of each Note Series and shall have
         the same designation (e.g., Series 2002-1) and belong to the same Group
         as the related Note Series; (c) the amounts payable as interest on and
         principal of each Collateral Series shall equal the aggregate of the
         amounts payable on the related Note Series (including amounts payable
         from any spread account or cash collateral account or other
         Enhancement) and shall be payable at the times and in the

<PAGE>

         amounts specified in the Indenture Supplement for the related Note
         Series, (d) all amounts available and applied as credit enhancement
         with respect to each Note Series shall be deemed to be available and
         applied as credit enhancement with respect to the related Collateral
         Series; (e) all amounts payable to the Transferor pursuant to the
         related Indenture Supplement shall be deemed to be payable to the
         Transferor pursuant to this Supplement; and (f) the holders of the
         Notes of each Note Series shall be third party beneficiaries of the
         Agreement and this Supplement.

                  (d) The Transferor and the Servicer shall each deliver to the
         Indenture Trustee and the Owner Trustee, at the applicable address
         specified in the Indenture, a copy of each notice, report, certificate
         or other document required to be delivered by the Transferor or the
         Servicer, as applicable, to the Trustee pursuant to the Agreement or
         this Supplement.
                  (e) The expenses payable by the Servicer pursuant to Section
         3.02 of the Agreement shall include the expenses of servicing the
         Receivables, including payment of the reasonable fees and disbursements
         (including, without limitation, reasonable legal fees and
         disbursements) of the Indenture Trustee and the Owner Trustee and other
         reasonable fees which are not expressly stated in the Transaction
         Documents to be payable by the Issuer, the Transferor or the
         Securityholders, other than Federal, state and local income and
         franchise taxes, if any, of the Issuer, any Securityholder or the
         Trust.
         SECTION 2. INTERPRETATION AND DEFINITIONS. If any term or provision
contained herein shall conflict with or be inconsistent with any provision
contained in the Agreement, the terms and provisions of this Supplement shall
govern. All Article, Section or subsection references herein shall mean Article,
Section or subsections of the Agreement, as amended or supplemented by this
Supplement, except as otherwise provided herein. All capitalized terms not
otherwise defined herein are used herein as defined in the Agreement. Each
capitalized term defined herein shall relate only to the Collateral Certificate
and no other Series of Certificates issued by the Trust.

         "Amortization Period" means, for any Collateral Series, any period
specified in the related Indenture Supplement during which a share of principal
collections is set aside to repay the principal investment in the related Note
Series.

         "Base Rate" is defined for each Collateral Series in the related
Indenture Supplement.

         "Business Day" is defined in Annex A to the Indenture.

         "Closing Date" is defined for each Collateral Series in the related
Indenture Supplement.

         "Collateral Certificate" is defined in Section 1 of this Supplement.

         "Collateral Series" is defined in Section 1 of this Supplement.

         "Distribution Date" is defined for each Collateral Series in the
related Indenture Supplement.

         "Excess Finance Charge Collections" means for each Collateral Series,
all amounts identified as such in the related Indenture Supplement.

                                       2
<PAGE>

         "Finance Charge Shortfall" is defined for each Collateral Series in the
related Indenture Supplement.

         "Indenture" is defined in Section 1 of this Supplement.

         "Indenture Supplement" is defined in Section 1 of this Supplement.

         "Indenture Trustee" is defined in Section 1 of this Supplement.

         "Investor Certificate" means Collateral Certificate.

         "Investor Certificateholder" means the holder of record of any Investor
Certificate.

         "Investor Interest" means, for each Collateral Series, the "Collateral
Amount" of the related Note Series, as defined in the related Indenture
Supplement.

         "Investor Percentage" means, for each Collateral Series, the
"Allocation Percentage" for the related Note Series, as defined in the related
Indenture Supplement.

         "Investor Monthly Servicing Fee" means for each Collateral Series, the
"Noteholder Servicing Fee" for the related Note Series as defined in the related
Indenture Supplement.

         "Minimum Transferor Interest" is defined for each Collateral Series in
the related Indenture Supplement.

         "Note Series" is defined in Section 1 of this Supplement.

         "Note Trust" is defined in Section 1 of this Supplement.

         "Owner Trustee" means the trustee for the Note Trust.

         "Portfolio Yield" is defined for each Collateral Series in the related
Indenture Supplement.

         "Principal Shortfall" is defined for each Collateral Series in the
related Indenture Supplement.

         "Rating Agency" is defined for each Collateral Series in the related
Indenture Supplement.

         "Record Date" is defined for each Collateral Series in the related
Indenture Supplement.

         "Series Accounts" is defined for each Collateral Series in the related
Indenture Supplement.

         "Series Servicing Fee Percentage" is defined for each Collateral Series
in the related Indenture Supplement.

                                       3
<PAGE>

         "Series Termination Date" means, for each Collateral Series, the Final
Maturity Date for the related Note Series, as defined in the related Indenture
Supplement.

         "Shared Principal Collections" is defined for each Collateral Series in
the related Indenture Supplement.

         "Tax Opinion" means, with respect to any action, an Opinion of Counsel
to the effect that, for Federal income tax purposes, (a) such action will not
adversely affect the tax characterization as debt of Investor Certificates of
any outstanding Series or Class with respect to which an Opinion of Counsel was
delivered at the time of their issuance that such Investor Certificates would be
characterized as debt, (b) such actions will not cause the Trust to be
classified, for federal income tax purposes, as an association (or publicly
traded partnership) taxable as a corporation and (c) such action will not cause
or constitute an event in which gain or loss would be recognized by any
Certificateholder.

         SECTION 3. REASSIGNMENT AND TRANSFER TERMS.

                  (a) If the Servicer purchases, redeems or prepays any Note
         Series pursuant to an optional redemption provision under the related
         Indenture Supplement, then the related Collateral Series shall be
         deemed to have been retired. Upon the termination of any Note Series
         pursuant to the Indenture, the related Collateral Series shall also
         terminate.

                  (b) Once each Series issued under the Agreement has been
         retired, other than the Collateral Series and any other Series the
         requisite holders of which have consented to the following
         transactions, the holder of the Transferor Interest shall have the
         option to transfer the Transferor Interest to the Note Trust, upon
         which transfer the Trust shall terminate, and all of the Trust Assets
         shall be distributed to the Note Trust, as holder of all of the
         beneficial interests in the Trust; provided that such termination shall
         not take effect until the Transferor has delivered to the Indenture
         Trustee a Tax Opinion (as defined in the Master Indenture) with respect
         to the termination and favorable legal opinions as to (i) the
         enforceability of any documents executed by the Transferor in
         connection with the termination and (ii) the validity and priority of
         the security interest in the Receivables and the proceeds thereof
         granted by the Transferor to the Note Trust pursuant to the Transfer
         and Servicing Agreement, on terms substantially similar to the most
         recent legal opinion delivered by the Transferor's counsel as to the
         validity and priority of the security interest granted by the
         Transferor to the Trustee in connection with the then most recently
         issued Note Series.

         SECTION 4. DELIVERY AND PAYMENT FOR THE COLLATERAL CERTIFICATE. The
Transferor shall execute and deliver the Collateral Certificate to the Trustee
for authentication in accordance with Section 6.02 of the Agreement. The Trustee
shall deliver the Collateral Certificate when authenticated in accordance with
Section 6.02 of the Agreement. For convenience, the Collateral Certificate shall
be registered in the name of the Indenture Trustee, as secured party,
notwithstanding that the Collateral Certificate shall have been initially issued
to the Transferor, transferred by the Transferor to the Note Trust pursuant to
the Transfer and Servicing Agreement and pledged by the Note Trust to the
Indenture Trustee pursuant to the Indenture.

                                       4
<PAGE>

         SECTION 5. FORM OF DELIVERY OF COLLATERAL CERTIFICATE.

                  (a) The Collateral Certificate shall be delivered as a
         Definitive Certificate, substantially in the form of Exhibit A hereto,
         and shall be represented by a single certificate.

                  (b) Each Collateral Certificate shall constitute a "security"
         within the meaning of (i) Article 8 of the Uniform Commercial Code
         (including Section 8-102(a)(15) thereof) as in effect from time to time
         in the State of Nebraska and (ii) the Uniform Commercial Code of any
         other applicable jurisdiction that presently or hereafter substantially
         includes the 1994 revisions to Article 8 thereof as adopted by the
         American Law Institute and the National Conference of Commissioners on
         Uniform State Laws.

                  (c) The Collateral Certificate may not be sold, participated,
         transferred, assigned or otherwise pledged or conveyed in whole or in
         part except upon the prior delivery to the Trustee and the [Owner
         Trustee] (as defined in the Indenture) of a Tax Opinion (as defined
         herein and in the Indenture) with respect thereto.

         SECTION 6. ARTICLE IV OF AGREEMENT. Sections 4.01, 4.02 and 4.03 of the
Agreement shall read in their entirety as provided in the Agreement. In
addition, Article IV of the Agreement shall include Section 4.01A and Section
4.04, each to read in its entirety as follows, each to be inserted in order in
the Agreement and each to be applicable only to the Collateral Certificate:

                                   ARTICLE IV

                        RIGHTS OF CERTIFICATEHOLDERS AND
                    ALLOCATION AND APPLICATION OF COLLECTIONS

                  Section 4.01A Rights of Holders of Collateral Certificate. The
         Collateral Certificate shall represent an undivided interest in the
         Trust, consisting of the right to receive (a) the sum of the related
         Investor Percentages of Collections, (b) funds on deposit in the
         Collection Account and the Excess Funding Account allocable to the
         Collateral Certificate and funds on deposit in the Series Accounts for
         any related Note Series, (c) Excess Principal Collections allocated to
         the Collateral Certificate in accordance with Section 4.03(e) and any
         related Indenture Supplement, (d) Excess Finance Charge Collections
         allocated to the Collateral Certificate in accordance with Section
         4.03(f) and any related Indenture Supplement and (e) any related
         Enhancement for the Collateral Certificate and related Note Series.
         Unless otherwise specified in the related Indenture Supplement, each
         Collateral Series shall consist of a single Class and shall not be
         senior or subordinated to any other Series. The Transferor Interest
         shall not represent any interest in the Collection Account, the Excess
         Funding Account or any Series Accounts, except as specifically provided
         in this Article IV and the related Indenture Supplement.

                  Section 4.04 Allocations. The Servicer shall, prior to the
         close of

                                       5
<PAGE>

         business on the day any Collections are deposited in the Collection
         Account, allocate from the Collection Account to the Collateral Series
         related to each Note Series the amounts specified in the related
         Indenture Supplement, which shall be deposited or otherwise applied as
         provided in such Indenture Supplement.

         SECTION 7. PAY OUT EVENTS AND EVENTS OF DEFAULT. In addition to the Pay
Out Events specified in Section 9.01 of the Agreement, the Pay Out Events
specified in the related Indenture Supplement, as well as the Trust Pay Out
Events specified in the Indenture, shall be applicable to each Collateral
Series. In addition, each Note Series will have the benefit of applicable
"Events of Default," as defined in the Indenture. Upon the occurrence of an
applicable Event of Default, the Indenture Trustee shall have the right to
foreclose upon a portion of the Receivables, as defined (and subject to the
limitations stated) in the Indenture notwithstanding the continuing existence of
the Trust, and the Trustee shall cooperate with the Indenture Trustee in the
exercise of such right.

         SECTION 8. MODIFICATION TO AND RATIFICATION OF AGREEMENT. For purposes
of this Supplement and each Collateral Series:

                  (a) Sections 3.07 (Tax Treatment) and 12.01(c) (Termination of
         Trust) shall not be applicable to any Collateral Series; and

                  (b) For purposes of voting with respect to any consent,
         approval, waiver, direction or other matter under the Agreement or this
         Supplement, (i) each class of notes included in any Note Series shall
         be deemed to be a Class of Certificates in the related Collateral
         Series, (ii) the Outstanding Amount (as defined in the Indenture) of
         each class of notes shall be deemed to be its unpaid Initial Investor
         Interest, (iii) the Indenture Trustee shall vote with respect to any
         consent, approval, waiver, direction or other matter under the
         Agreement or this Supplement, but only as directed by the beneficial
         owners of such notes and the (iv) provisions for voting by beneficial
         owners of such notes specified in the Indenture shall apply mutatis
         mutandis to voting under the Agreement and this Supplement.

                  (c) In addition, to the extent that the terms of this
         Supplement (directly or as supplemented by any Indenture Supplement)
         are deemed to be inconsistent with the terms of the Agreement, this
         Supplement shall be deemed to modify or amend the terms of the
         Agreement solely as applied to each Collateral Series affected by any
         such inconsistency, as permitted by Section 6.09(c) of the Agreement.
         Otherwise, as amended and supplemented by this Supplement (and the
         various Indenture Supplements executed from time to time), the
         Agreement is in all respects ratified and confirmed and the Agreement
         as so amended and supplemented by this Supplement shall be read, taken
         and construed as one and the same instrument.

         SECTION 9. SERVICER INDEMNIFICATION. (a) The Servicer shall indemnify
and hold harmless the Note Trust, the Trust, the Trustee, the Owner Trustee and
the Indenture Trustee, and their respective officers, directors, employees and
agents (each, an "Indemnified Person"), from and against any loss, liability,
expense, damage or injury (i) suffered or sustained by reason of any acts or
omissions or alleged acts or omissions of the Servicer with respect to
activities of the Trust, the Note Trust, the Indenture Trustee, the Trustee or
the Owner Trustee pursuant to this Agreement or any other Transaction Document,
or (ii) arising from or incurred in connection with the Owner Trustee's
administration of the Note Trust and the performance of its duties pursuant to
any Transaction Document, including any judgment, award, settlement, reasonable
attorneys' fees and other costs or expenses incurred in connection with the
defense of any actual or threatened action, proceeding or claim; provided,
however, that the Servicer shall not indemnify any such Indemnified Person if
such acts, omissions or alleged acts or omissions constitute or are caused by
fraud, negligence, or willful misconduct by such Indemnified Person; and
provided, further, that the Servicer shall not indemnify the Note Trust, the
Trust or any Noteholder or Note Owner for any liabilities, costs or expenses
with respect to any action taken by the Trustee, at the direction of Holders of
the Notes and the Investor Certificates, or by the Indenture Trustee at the
direction of the Noteholders, in either case, given in accordance with the
applicable Transaction Documents; and provided, further, that the Servicer shall
not indemnify the Note Trust, the Trust or any Noteholder or Note Owner as to
any losses, claims or damages incurred by any of them as owners of secured
notes, for example, as a result of the performance of the Receivables, market
fluctuations, a shortfall or failure to make payment under any Enhancement or
other similar market or investment risks associated with ownership of secured
notes; and provided, further, that the Servicer shall not indemnify the Note
Trust, the Trust or any Noteholder or Note Owner for any liabilities, costs or
expenses of the Trust, the Note Trust, the Noteholders or the Note Owners
arising under any tax law, including, without limitation, any federal, state,
local or foreign income or franchise taxes or any other tax imposed on or
measured by income (or any interest or penalties with respect thereto or arising
from a failure to comply therewith) required to be paid by the Note Trust, the
Noteholders or the Note Owners in connection herewith to any taxing authority.
Any such indemnifications under this Section 9 shall not be payable from the
assets of the Note Trust or the Trust and shall be subordinated to the Notes.
The provisions of this indemnity shall run directly to and be enforceable by an
injured party, subject to the limitations hereof. The Servicer shall also
indemnify the Indenture Trustee as provided in Section 6.07 of the Indenture.

                  (b) The Servicer shall not be liable under this Section 9 for
         any settlement of any claim or action effected without its prior
         written consent, which shall not be unreasonably withheld.

                  (c) Promptly after receipt by an injured party under this
         Section 9 of notice of the commencement of any action or proceeding for
         which such injured party is entitled to indemnification under this
         Section 9, such injured party will, if a claim in respect thereof is to
         be made against the Servicer under this Section 9, notify the Servicer
         of the commencement thereof; but the omission to so notify the Servicer
         (i) will not relieve it from any liability under Section 9 unless and
         to the extent that such failure to notify results in the forfeiture by
         the Servicer, or the material impairment, of substantial rights and
         defenses and (ii) will not, in any event, relieve the Servicer from any
         obligations to any injured party that are in addition to the
         indemnification obligation provided in this Section 9. If any such
         action or proceeding is brought that involves any injured party, the
         injured party shall promptly notify the Servicer of the commencement
         thereof and the Servicer will be entitled to participate therein and,
         to the extent that it may wish, to assume the defense thereof, with
         counsel reasonably satisfactory to such injured party; provided,
         however, that if (x) the use of counsel chosen by the Servicer to
         represent the injured party would present such counsel with a conflict
         of interest which, if such counsel had been retained, would have
         required such counsel to withdraw from such representation, (y) the
         injured party shall have been advised by counsel that there may be one
         or more legal defenses available to it that are different from or
         additional to those available to the Servicer or to other indemnified
         parties, or (z) the Servicer shall not have employed counsel
         satisfactory to the injured party to represent the injured party within
         a reasonable time after receipt by the Servicer of notice of the
         institution of such action or proceeding, then, in each such case, (1)
         the Servicer shall not have the right to direct the defense of such
         action on behalf of such injured party or parties, (2) such injured
         party or parties shall have the right to select separate counsel to
         defend such action on behalf of such injured party or parties (provided
         that, if more than one injured party is subject to the circumstances
         described in clause (y), then, to the extent permitted by the rules of
         professional conduct applicable to attorneys, all such indemnified
         parties shall be represented by one such separate counsel) and (3) all
         costs and expenses of each such injured party in connection with such
         action or proceeding shall be paid by the Servicer pursuant to Section
         9(a) above. The Servicer may settle any claim for which an injured
         party seeks indemnification under this Section 9 so long as (A) the
         Servicer pays the settlement in full and (B) as a result thereof, the
         injured party is released from all liability under such claim.

                  (d) After notice from the Servicer to such injured party of
         the Servicer's election so to assume the defense thereof and approval
         by such injured party of counsel appointed to defend such action, the
         Servicer will not be liable to such injured party under this Section 9
         for any legal or other expenses, other than reasonable costs of
         investigation, subsequently incurred by such injured party in
         connection with the defense thereof, unless (i) the injured party shall
         have employed separate counsel in accordance with the immediately
         preceding paragraph or (ii) the Servicer has authorized in writing the
         employment of counsel for the injured party at the expense of the
         Servicer. If the Servicer assumes the defense of any such action or
         proceeding, the injured party shall have the right to employ separate
         counsel therein, and to participate in the defense thereof, but the
         fees and expenses of such counsel shall be borne exclusively by such
         injured party without any right or entitlement to reimbursement by the
         Servicer or its Affiliates except as otherwise provided in the
         preceding sentence and in the preceding paragraph.

                  (e) The provisions of this Section 9 shall survive the
         termination of this Agreement and the earlier removal or resignation of
         the Owner Trustee.

         SECTION 10. COUNTERPARTS. This 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 11. SUCCESSORS AND ASSIGNS. This Supplement shall be binding
upon and inure to the benefit of the parties hereto and their respective
successors and assigns.

         SECTION 12. GOVERNING LAW. This Supplement shall be construed in
accordance with the laws of the State of Nebraska, 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.

                                       6
<PAGE>

         SECTION 13. NO PETITION. The Servicer, the Trustee and (with respect to
the Trust only) the Transferor, by entering into this Supplement, and the Note
Trust as Investor Certificateholder, by accepting a Collateral Certificate,
hereby covenant and agree that they will not at any time institute against the
Trust or the Transferor, or join in any institution against the Trust or the
Transferor of, any bankruptcy proceedings under any United States Federal or
state bankruptcy or similar law in connection with any obligations relating to
the Investor Certificateholders, the Agreement or this Supplement; provided,
however that nothing herein shall prohibit the Trustee from filing proofs of
claim or otherwise participating in any such proceedings instituted by any other
person.

         SECTION 14. AMENDMENTS. This Supplement may be amended pursuant to
Section 13.01 of the Agreement. This Supplement may also be amended by the
Transferor without the consent of the Servicer, the Trustee or any Investor
Certificateholder if the Transferor provides the Trustee with: (a) an Opinion of
Counsel to the effect that such amendment or modification would (i) reduce the
risk that the Trust would be treated as taxable as a publicly traded partnership
pursuant to Internal Revenue Code Section 7704 or (ii) permit the Trust or a
relevant portion thereof to be treated as a "financial asset securitization
investment trust" and (iii) in either case, (A) would not cause the Trust to be
classified, for Federal income tax purposes, as an association (or publicly
traded partnership) taxable as a corporation and (B) would not cause or
constitute an event in which gain or loss would be recognized by any Investor
Certificateholder; (b) an Officer's Certificate confirming that such amendment
or modification would not materially and adversely affect any Investor
Certificateholder and (c) satisfaction of the Rating Agency Condition with
respect to each outstanding Collateral Series; provided that no such amendment
shall be deemed effective without the Trustee's consent, if the Trustee's
rights, duties and obligations hereunder are thereby modified. Prior to the
execution of any such amendment (other than an amendment pursuant to Section
13.01(a) of the Agreement), the Trustee shall furnish notification of the
substance of such amendment to each Rating Agency.

                  [Remainder of page intentionally left blank]

                                       7
<PAGE>

         IN WITNESS WHEREOF, the parties have caused this Supplement to be duly
executed by their respective officers as of the day and year first above
written.

                                         FIRST NATIONAL FUNDING LLC,
                                         as Transferor

                                         By  First National Funding Corporation,
                                             its Managing Member

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

                                         FIRST NATIONAL BANK OF OMAHA,
                                         as Servicer

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

                                         THE BANK OF NEW YORK,
                                         as Trustee

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

                   COLLATERAL SERIES SUPPLEMENT SIGNATURE PAGE

<PAGE>

                                    EXHIBIT A
                                       TO
                          COLLATERAL SERIES SUPPLEMENT

                         FORM OF COLLATERAL CERTIFICATE

No. _________

                     FIRST BANKCARD MASTER CREDIT CARD TRUST
                             COLLATERAL CERTIFICATE

Evidencing an undivided interest in the First Bankcard Master Credit Card Trust,
the corpus of which consists of a portfolio of receivables created under credit
card accounts originated or acquired by First National Bank of Omaha ("FNBO")
and other assets and interests constituting the trust under the Pooling and
Servicing Agreement described below.

                   (Not an interest in or obligation of FNBO)

         This certifies that THE BANK OF NEW YORK, AS SECURED PARTY (the
"Certificateholder"), is the registered owner of an undivided interest in a
trust (the "Trust"), the corpus of which consists of a portfolio of receivables
(the "Receivables") now existing or hereafter created under selected credit card
accounts originated or acquired by FNBO and transferred to the Trust, all monies
due or to become due with respect to the Receivables, all proceeds of such
Receivables and Insurance Proceeds relating to the Receivables and the other
assets and interests constituting the Trust pursuant to the Second Amended and
Restated Pooling and Servicing Agreement, dated as of [         ], 2002, as
amended and supplemented, including by the Collateral Series Supplement, dated
as of [        ], 2002 (collectively, the "Pooling and Servicing Agreement"),
among First National Funding LLC, as Transferor, FNBO, as Servicer, and The Bank
of New York, as Trustee.

         THIS COLLATERAL CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF, OR AN
INTEREST IN, THE TRANSFEROR OR THE SERVICER, AND NONE OF THIS CERTIFICATE, THE
RECEIVABLES AND THE ACCOUNTS IS INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT
INSURANCE CORPORATION OR ANY OTHER GOVERNMENTAL AGENCY. THIS COLLATERAL
CERTIFICATE IS LIMITED IN RIGHT OF PAYMENT TO CERTAIN COLLECTIONS RESPECTING THE
RECEIVABLES, ALL AS MORE SPECIFICALLY SET FORTH ABOVE AND IN THE POOLING AND
SERVICING AGREEMENT.

         To the extent not defined herein, capitalized terms used herein have
the meanings assigned in or pursuant to the Pooling and Servicing Agreement.
This Collateral Certificate is issued under and is subject to the terms,
provisions and conditions of the Pooling and Servicing Agreement, to which
Pooling and Servicing Agreement, as amended from time to time, the
Certificateholder by virtue of its acceptance hereof assents and by which the
Certificateholder is bound.

<PAGE>
         This Certificate represents all Series entitled "First Bankcard Master
Credit Card Trust Collateral Certificate."

         Unless the certificate of authentication hereon has been executed by or
on behalf of the Trustee, by manual or facsimile signature of a duly authorized
signatory, this Certificate shall not be entitled to any benefit under the
Pooling and Servicing Agreement or be valid for any purpose.

         IN WITNESS WHEREOF, the Trustee has caused this Collateral Certificate
to be duly executed.

                                           THE BANK OF NEW YORK,
                                           as Trustee

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

                                      A-2
<PAGE>

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

         This is the Collateral Certificate referred to in the within-mentioned
Pooling and Servicing Agreement.

                                         THE BANK OF NEW YORK
                                         as Trustee

                                         By
                                             -----------------------------------
                                             Authorized Officer

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