Document:

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                                                                     EXHIBIT 4.2

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                      SERIES [200_-_] INDENTURE SUPPLEMENT
                    Dated as of [                  ], 200[ ]

                                       to

                                MASTER INDENTURE
                      Dated as of [                ], 2002

                                   ----------

                        FIRST NATIONAL MASTER NOTE TRUST,
                                     Issuer,

                                       and

                              THE BANK OF NEW YORK,
                 Indenture Trustee on behalf of the Noteholders

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                        FIRST NATIONAL MASTER NOTE TRUST

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                                TABLE OF CONTENTS

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                                                                           Page
<S>                                                                       <C>
                                   ARTICLE I

CREATION OF THE SERIES [200_-_] NOTES.........................................1

                                   ARTICLE II

DEFINITIONS...................................................................1

                                  ARTICLE III

                            Noteholder Servicing Fee

Section 3.01.       Servicing Compensation...................................14

                                   ARTICLE IV

            RIGHTS OF SERIES [200_-_] NOTEHOLDERS AND ALLOCATION AND
                           APPLICATION OF COLLECTIONS

Section 4.01.       Collections and Allocations..............................15
Section 4.02.       Determination of Monthly Interest........................17
Section 4.03.       Determination of Monthly Principal.......................18
Section 4.04.       Application of Available Finance Charge Collections and
                    Available Principal Collections..........................19
Section 4.05.       Investor Charge-Offs.....................................22
Section 4.06.       Reallocated Principal Collections........................22
Section 4.07.       Excess Finance Charge Collections........................22
Section 4.08.       Excess Principal Collections.............................22
Section 4.09.       Certain Series Accounts..................................23
Section 4.10.       Reserve Account..........................................24
[Section 4.11.      Cash Collateral Account..................................26
Section 4.12.       Spread Account...........................................27
Section 4.13.       Investment Instructions..................................29
Section 4.14.       Accumulation Period......................................30
Section 4.15        Suspension of Accumulation Period........................31
[Section 4.16.      Determination of LIBOR...................................33
Section 4.17        Interchange..............................................33
[Section 4.18.      Pre-Funding Account......................................34
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                                    ARTICLE V

               DELIVERY OF SERIES [200_-_] NOTES; DISTRIBUTIONS;
                     REPORTS TO SERIES [200_-_] NOTEHOLDERS

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<S>                                                                          <C>
Section 5.01.         Delivery and Payment for the Series [200_-_] Notes......35
Section 5.02.         Distributions...........................................35
Section 5.03.         Reports and Statements to Series [200_-_] Noteholders...36

                                   ARTICLE VI

Series [200_-_]       Pay Out Events..........................................37

                                  ARTICLE VII

              REDEMPTION; FINAL DISTRIBUTIONS; SERIES TERMINATION

Section 7.01.         Optional Redemption of Series [200_-_] Notes; Final
                      Distributions...........................................39
Section 7.02.         Series Termination......................................40

                                  ARTICLE VIII

                            MISCELLANEOUS PROVISIONS

Section 8.01.         Ratification of Indenture; Amendments...................40
Section 8.02.         Form of Delivery of the Series [200_-_] Notes...........40
Section 8.03.         Counterparts............................................40
Section 8.04.         Governing Law...........................................40
Section 8.05.         Limitation of Liability.................................41
Section 8.06.         Rights of Indenture Trustee.............................41
Section 8.07.         Additional Requirements for Registration of and
                      Limitations on Transfer and Exchange of Notes...........41
</Table>

EXHIBITS

EXHIBIT A-1                FORM OF CLASS A NOTE
EXHIBIT A-2                FORM OF CLASS B NOTE
EXHIBIT A-3                FORM OF CLASS C NOTE
EXHIBIT A-4                ALTERNATE FORM OF CLASS C NOTE
EXHIBIT B                  FORM OF MONTHLY PAYMENT INSTRUCTIONS AND
                           NOTIFICATION TO INDENTURE TRUSTEE
EXHIBIT C                  FORM OF MONTHLY NOTEHOLDERS' STATEMENT
EXHIBIT D                  FORM OF MONTHLY SERVICER'S CERTIFICATE

                                       ii
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                      SERIES [200_-_] INDENTURE SUPPLEMENT

         SERIES [200_-_] INDENTURE SUPPLEMENT, dated as of [ ], 200[ ] (the
"Indenture Supplement"), between FIRST NATIONAL MASTER NOTE TRUST, a business
trust organized and existing under the laws of the State of Delaware (herein,
"Issuer" or the "Trust"), and THE BANK OF NEW YORK, a New York banking
corporation, not in its individual capacity, but solely as indenture trustee
(herein, together with its successors in the trusts thereunder as provided in
the Master Indenture referred to below, "Indenture Trustee") under the Master
Indenture, dated as of [ ], 2002 (the "Indenture"), between Issuer and Indenture
Trustee (the Indenture, together with this Indenture Supplement, the
"Agreement").

         Pursuant to Section 2.11 of the Indenture, Transferor may direct Issuer
to issue one or more Series of Notes. The Principal Terms of this Series are set
forth in this Indenture Supplement to the Indenture.

                                   ARTICLE I

                      CREATION OF THE SERIES [200_-_] NOTES

         There is hereby created and designated a Series of Notes to be issued
pursuant to the Indenture and this Indenture Supplement to be known as "First
National Master Note Trust, Series [200_-_]" or the "Series [200_-_] Notes." The
Series [200_-_] Notes shall be issued in three Classes, known as the "Class A
[Floating Rate] Asset Backed Notes, Series [200_-_]," the "Class B [Floating
Rate] Asset Backed Notes, Series [200_-_]," and the "Class C [Floating Rate]
Asset Backed Notes, Series [200_-_]."

         [Series [200_-_] shall be included in Group One and shall be a
Principal Sharing Series. Series [200_-_] shall be an Excess Allocation Series
with respect to Group One only. Series [200_-_] shall not be subordinated to any
other Series. Series [200_-_] shall be a Paired Series with Series [ ].]

                                   ARTICLE II

                                  DEFINITIONS

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

         "Accumulation Period" means, unless a Pay Out Event shall have occurred
prior thereto, the period commencing at the opening of business on the
Controlled Accumulation Date and ending on the first to occur of (a) the
commencement of the Rapid Amortization Period and (b) the Series Termination
Date.

         "Accumulation Period Length" is defined in subsection 4.14.

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         "Accumulation Shortfall" means (a) for the first Distribution Date
during the Accumulation Period, zero; and (b) thereafter, for any Distribution
Date during the Accumulation Period, the excess, if any, of the Controlled
Deposit Amount for the previous Distribution Date over the amount deposited into
the Principal Accumulation Account pursuant to subsection 4.04(c)(i) for the
previous Distribution Date.

         "Allocation Percentage" means, with respect to any Monthly Period, the
percentage equivalent of a fraction:

                  (a) the numerator of which shall be equal to:

                           (i) for Principal Collections during the Revolving
                  Period, and for Finance Charge Collections during the
                  Revolving Period and the Accumulation Period, and for Default
                  Amounts at any time, the Collateral Amount at the end of the
                  last day of the prior Monthly Period (or, in the case of the
                  Monthly Period in which the Closing Date occurs, on the
                  Closing Date); or

                           (ii) for Finance Charge Collections during the Rapid
                  Amortization Period and for Principal Collections during the
                  Rapid Amortization Period and the Accumulation Period, the
                  Collateral Amount at the end of the last day of the Revolving
                  Period, or, with respect to Finance Charge Collections, if
                  later, at the end of the last day of the Accumulation Period;

         provided, however, that prior to the occurrence of a Pay Out Event
         Transferor may, by written notice to Indenture Trustee, Servicer and
         each Rating Agency, reduce the numerator used for purposes of
         allocating Principal Collections and Finance Charge Collections to
         Series [200_-_] at any time if (x) the Rating Agency Condition shall
         have been satisfied with respect to such reduction and (y) Transferor
         shall have delivered to Indenture Trustee an Officer's Certificate to
         the effect that, based on the facts known to such officer at that time,
         in the reasonable belief of Transferor, such designation will not cause
         a Pay Out Event or an event that, after the giving of notice or the
         lapse of time, would cause a Pay Out Event to occur with respect to
         Series [200_-_]; and provided, further, that Transferor may designate
         that the numerator for Finance Charge Collections during the Rapid
         Amortization Period will be the Collateral Amount at the end of the
         last day of the prior Monthly Period by notice to Servicer and
         Indenture Trustee, if the Rating Agency Condition has been met; and

                  (b) the denominator of which shall be the greater of (x) the
         Aggregate Principal Receivables determined as of the close of business
         on the last day of the prior Monthly Period and (y) the sum of the
         numerators used to calculate the allocation percentages for allocations
         with respect to Finance Charge Collections, Principal Collections or
         Default Amounts, as applicable, for all outstanding Series and all
         outstanding Series under (and as defined in) the Pooling and Servicing
         Agreement (other than any Series represented by the Collateral
         Certificate) on such date of determination; provided, that if one or
         more Reset Dates occur in a Monthly Period, the denominator of the
         Allocation Percentage for the portion of the Monthly Period falling on
         and after such

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         Reset Date and prior to any subsequent Reset Date will be recalculated
         for such period using amounts determined as of the close of business on
         the subject Reset Date.

         ["Available Cash Collateral Amount" means, with respect to any Transfer
Date, an amount equal to the lesser of (a) the amount on deposit in the Cash
Collateral Account (before giving effect to any deposit to, or withdrawal from,
the Cash Collateral Account made or to be made with respect to such date) and
(b) the Required Cash Collateral Amount for such Transfer Date.]

         "Available Finance Charge Collections" means, for any Monthly Period,
an amount equal to the sum of (a) the Investor Finance Charge Collections for
such Monthly Period, plus (b) the Excess Finance Charge Collections allocated to
Series [200_-_] for such Monthly Period, plus (c) Principal Accumulation
Investment Proceeds, if any, with respect to the related Transfer Date, plus (d)
amounts on deposit in the Reserve Account, [Pre-Funding Account,] [Cash
Collateral Account], [Spread Account] and Excess Funding Account deposited into
the Finance Charge Account on the related Transfer Date to be treated as
Available Finance Charge Collections pursuant to subsections 4.10(b) or (d),
[4.11], 4.12(c) and [4.18(b)].

         "Available Principal Collections" means, for any Monthly Period, an
amount equal to the sum of (a) the Investor Principal Collections for such
Monthly Period, minus (b) the amount of Reallocated Principal Collections with
respect to such Monthly Period which pursuant to Section 4.06 are required to be
applied on the related Distribution Date, plus (c) any Excess Principal
Collections, plus (d) the aggregate amount to be treated as Available Principal
Collections pursuant to subsections 4.04(a)(v) and (vi) for the related
Distribution Date.

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

         "Available Spread Account Amount" means, for any Transfer Date, an
amount equal to the lesser of (a) the amount on deposit in the Spread Account
(exclusive of Investment Earnings on such date and before giving effect to any
deposit to, or withdrawal from, the Spread Account made or to be made with
respect to such date) and (b) the Required Spread Account Amount, in each case
on such Transfer Date.

         "Base Rate" means, for any Monthly Period, the annualized percentage
equivalent of a fraction, (a) the numerator of which is equal to the sum of (i)
the Monthly Interest and (ii) the Noteholder Servicing Fee, each with respect to
the related Distribution Date, and (b) the denominator of which is the
Collateral Amount plus amounts on deposit in the Principal Accumulation Account
as of the first day of such Monthly Period.

         ["Cash Collateral Account" is defined in Section 4.11(a).]

         "Class A Default Interest" is defined in subsection 4.02(a).

         "Class A Interest Shortfall" is defined in subsection 4.02(a).

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         ["Class A/B] Expected Principal Payment Date" means [              ].

         "Class A Monthly Interest Payment" is defined in subsection 4.02(a).

         "Class A Note Initial Principal Balance" means $[              ].

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

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

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

         "Class A Notes" means any one of the Notes executed by Issuer and
authenticated by or on behalf of Indenture Trustee, substantially in the form of
Exhibit A-1.

         "Class A Required Amount" means, for any Distribution Date, an amount
equal to the excess of the amounts described in subsection 4.04(a)(i) over the
[sum of (a)] Available Finance Charge Collections applied to pay such amount
pursuant to subsection 4.04(a), [and (b) any amount withdrawn from the Cash
Collateral Account and applied to pay such amount pursuant to subsection
4.11(c).]

         "Class B Default Interest" is defined in subsection 4.02(b).

         "Class B Interest Shortfall" is defined in subsection 4.02(b).

         "Class B Monthly Interest Payment" is defined in subsection 4.02(b).

         "Class B Note Initial Principal Balance" means $[              ].

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

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

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

         "Class B Notes" means any one of the Notes executed by Issuer and
authenticated by or on behalf of Indenture Trustee, substantially in the form of
Exhibit A-2.

         "Class B Required Amount" means, for any Distribution Date, an amount
equal to the excess of the amount described in subsection 4.04(a)(ii) over the
[sum of (a)] Available Finance Charge Collections applied to pay such amount
pursuant to subsection 4.04(a), [and (b) any

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amount withdrawn from the Cash Collateral Account and applied to pay such amount
pursuant to subsection 4.11(c).]

         "Class C Default Interest" is defined in subsection 4.02(c).

         "Class C Expected Principal Payment Date" means [              ].

         "Class C Interest Shortfall" is defined in subsection 4.02(c).

         "Class C Monthly Interest Payment" is defined in subsection 4.02(c).

         "Class C Note Initial Principal Balance" means $[          ].

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

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

         ["Class C Note Purchase Agreement" means the Note Purchase Agreement,
dated as of [ ], 200[ ], between First National Bank of Omaha, Transferor and
the initial purchaser of the Class C Notes.]

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

         "Class C Notes" means any one of the Notes executed by Issuer and
authenticated by or on behalf of Indenture Trustee, substantially in the form of
Exhibit A-3 or Exhibit A-4.

         "Closing Date" means [               ], 200[   ].

         "Collateral Amount" means, as of any date of determination, an amount
equal to the result of (a) the Initial Collateral Amount, minus (b) the amount
of principal previously paid to the Series [200_-_] Noteholders (other than any
principal payments made from funds on deposit in the Spread Account), minus (c)
the balance on deposit in the Principal Accumulation Account, minus (d) the
excess, if any, of the aggregate amount of Investor Charge-Offs and Reallocated
Principal Collections over the reimbursements of such amounts pursuant to
subsection 4.04(a)(vi) prior to such date.

         "Controlled Accumulation Amount" means, (a) for any Transfer Date with
respect to the Accumulation Period an amount equal to one-[ ] of the Collateral
Amount at the end of the Revolving Period; provided, however, that if the
Accumulation Period Length is determined to be less than [ ] months pursuant to
Section 4.14 or 4.15, the Controlled Accumulation Amount shall be equal to (i)
the Initial Collateral Amount divided by (ii) the Accumulation Period Length;
provided, further, that the Controlled Accumulation Amount for any Distribution
Date shall not exceed the Note Principal Balance minus any amount already on
deposit in the Principal Accumulation Account on such Transfer Date.

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         "Controlled Accumulation Date" means [ ], or such later date as is
determined in accordance with Sections 4.14 and 4.15.

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

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

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

         "Default Interest" means, for any Distribution Date, Class A Default
Interest, Class B Default Interest and Class C Default Interest for such
Distribution Date.

         ["Designated Maturity" means, for any LIBOR Determination Date, one
month; provided that LIBOR for the initial Interest Period will be determined by
straight-line interpolation (based on the actual number of days in the initial
Interest Period) between two rates determined in accordance with the definition
of LIBOR, one of which will be determined for a Designated Maturity of one month
and the other of which will be determined for a Designated Maturity of two
months.]

         "Dilution" means any downward adjustment made by Servicer in the amount
of any Receivable (a) because of a rebate, refund, unauthorized charge,
fraudulent or counterfeit charge or billing error to an accountholder, (b)
because such Receivable was created in respect of merchandise which was refused
or returned by an accountholder, (c) because of a credit pursuant to a debt
cancellation or debt deferral program which is not recovered from Collections or
from Insurance Proceeds or (d) for any other reason other than receiving
Collections therefor or charging off such amount as uncollectible.

         "Distribution Account" is defined in subsection 4.09(a).

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         "Distribution Date" means [ ] 15, 200[ ] and the 15th day of each
calendar month thereafter, or if such 15th day is not a Business Day, the next
succeeding Business Day.

         "Excess Spread Percentage" means Net Yield.

         "Finance Charge Account" is defined in Section 4.09(a).

         "Finance Charge Collections" means Collections of Finance Charge
Receivables.

         "Finance Charge Shortfall" is defined in Section 4.07.

         ["Funding Period" means the period commencing on the Closing Date and
ending upon the first to occur of (x) the commencement of the Rapid Amortization
Period, (y) the date on which the Collateral Amount equals the Note Principal
Balance and (z) [___________], 200[__].]

         "Group One" means Series [200_-_], the outstanding PSA Series (other
than any Series represented by the Collateral Certificate) and each other Series
hereafter specified in the related Indenture Supplement to be included in Group
One.

         "Initial Collateral Amount" means $[              ].

         ["Initial Pre-Funded Amount" means $[____________].]

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

         "Investment Earnings" means, for any Distribution Date, all interest
and earnings on Permitted Investments included in the Spread Account (net of
losses and investment expenses) during the period commencing on and including
the Distribution Date immediately preceding such Distribution Date and ending on
but excluding such Distribution Date.

         "Investor Charge-Offs" is defined in Section 4.05.

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

         "Investor Finance Charge Collections" means, with respect to any Date
of Processing, an amount equal to the product of (a) the Allocation Percentage
for such Date of Processing and (b) Collections in respect of Finance Charge
Receivables received on such date and, with respect to any Monthly Period, the
aggregate of such sums for each Date of Processing in such Monthly Period.

         "Investor Principal Collections" means, with respect to any Date of
Processing, an amount equal to the product of (a) the Allocation Percentage for
such day and (b) Collections in

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respect of Principal Receivables received on such Date of Processing and, with
respect to any Monthly Period, the aggregate of such sums for each Date of
Processing in such Monthly Period.

         ["LIBOR" means, for any Interest Period, an interest rate per annum for
such Interest Period determined by Indenture Trustee in accordance with the
provisions of Section 4.16.]

         ["LIBOR Determination Date" means (i) [ ], 200[ ] for the period from
and including the Closing Date through and including [ ], 200[ ] and (ii) the
second London Business Day prior to the commencement of the second and each
subsequent Interest Period.]

         ["London Business Day" means any day on which dealings in deposits in
United States dollars are transacted in the London interbank market.]

         "Monthly Interest" means, for any Distribution Date, the sum of the
Class A Monthly Interest Payment, the Class B Monthly Interest Payment, and the
Class C Monthly Interest Payment for such Distribution Date.

         "Monthly Period" means the period from and including the first day of
the calendar month preceding a related Distribution Date to and including the
last day of such calendar month; provided that the Monthly Period related to the
[ ] 200[ ] Distribution Date shall mean the period from and including the
Closing Date to and including the last day of [ ] 200[ ].

         "Monthly Principal" is defined in Section 4.03.

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

                  (a) the lower of (i) the Class A Required Amount and (ii) the
         greater of (A)(x) the product of (I) [ ]% and (II) the Initial
         Collateral Amount minus (y) the amount of unreimbursed Investor
         Charge-Offs (after giving effect to Investor Charge-Offs for the
         related Monthly Period) and unreimbursed Reallocated Principal
         Collections (as of the previous Distribution Date) and (B) zero; and

                  (b) the lower of (i) the sum of the Class B Required Amount
         and the Servicing Fee Required Amount and (ii) the greater of (A)(x)
         the product of (I) [ ]% and (II) the Initial Collateral Amount minus
         (y) the amount of unreimbursed Investor Charge-Offs (after giving
         effect to Investor Charge-Offs for the related Monthly Period) and
         unreimbursed Reallocated Principal Collections (as of the previous
         Distribution Date and as required in clause (a) above) and (B) zero.

         "Net Yield" means, with respect to any Monthly Period, Portfolio Yield
with respect to such Monthly Period minus the Base Rate with respect to such
Monthly Period.

         "Note Principal Balance" means, on any date of determination, an amount
equal to the sum of the Class A Note Principal Balance, the Class B Note
Principal Balance and the Class C Note Principal Balance.

                                       8
<PAGE>

         "Noteholder Servicing Fee" is defined in Section 3.01.

         "Paired Series" means a Series that has been paired with Series
[200_-_] (which Series may be prefunded or partially prefunded or may be a
Variable Interest) such that a reduction of the Collateral Amount results in (or
permits) an increase of the Collateral Amount of the Paired Series.

         "Percentage Allocation" is defined in subsection 4.01(b)(ii)(B).

         "Permitted Investments" is defined in Annex A to the Indenture.

         "Portfolio Yield" means, for any Monthly Period, the annualized
percentage equivalent of a fraction, (a) the numerator of which is equal to the
sum of (i) the Available Finance Charge Collections (excluding any Excess
Finance Charge Collections and any amounts withdrawn from the [Cash Collateral
Account,] [the Spread Account,] [the Pre-Funding Account,] [the Principal
Accumulation Account,] or the Reserve Account, except that Excess Finance Charge
Collections from other Series applied for the benefit of Series [200_-_] Notes
may be included if the Rating Agency Condition is met), minus (ii) the Investor
Default Amount and the Uncovered Dilution Amount for such Monthly Period and (b)
the denominator of which is the Collateral Amount plus amounts on deposit in the
Principal Accumulation Account as of the first day of such Monthly Period.

         ["Pre-Funded Amount" means, as of any date of determination, the amount
on deposit in the Pre-Funding Account (net of all interest and other investment
income).]

         ["Pre-Funding Account" is defined in subsection 4.18(a).]

         ["Pre-Funding Investment Proceeds" means, with respect to each Transfer
Date, the investment earnings on funds in the Pre-Funding Account (net of
investment expenses and losses) for the period from and including the
immediately preceding Transfer Date (or, in the case of the first Transfer Date,
from and including the Closing Date) to but excluding such Transfer Date.]

         "Principal Account" is defined in Section 4.09(a).

         "Principal Accumulation Account" is defined in subsection 4.09(a).

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

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

         "Principal Collections" means Collections of Principal Receivables.

                                       9
<PAGE>

         "Principal Shortfall" is defined in subsection 4.08.

         "PSA Series" means a Series under (and as defined in) the Pooling and
Servicing Agreement.

         "Qualified Maturity Agreement" means an agreement in which a Qualified
Maturity Agreement Institution agrees to make a deposit into the Principal
Accumulation Account on or before the [Class A/B] Expected Principal Payment
Date in an amount equal to the initial Note Principal Balance (reduced by any
amount on deposit in the Principal Accumulation Account [excluding the Class C
Note Initial Principal Balance]) [and a further deposit into the Principal
Accumulation Account on the Class C Expected Principal Payment Date in an amount
equal to the Class C Note Initial Principal Balance.]

         "Qualified Maturity Agreement Institution" means a counterparty having
short-term debt ratings of no less than "P-1/A-1" by Moody's and Standard &
Poor's, respectively, or long-term unsecured ratings of no less than "Aa3" by
Moody's and "A+" by Standard & Poor's.

         "Quarterly Net Yield" means, for any Distribution Date, the average of
the Net Yields for each of the three preceding Monthly Periods, and, for
purposes of the [ ] 200[ ] and [ ] 200[ ] Distribution Dates, the Net Yields for
[ ] and [ ] 200[ ] shall be deemed to be [ ]% and [ ]%, respectively.

         "Rapid Amortization Period" means the period commencing on the date on
which a Trust Pay Out Event or a Series [200_-_] Pay Out Event is deemed to
occur and ending on the Series Termination Date.

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

         "Reallocated Principal Collections" means, for any Transfer Date,
Investor Principal Collections applied in accordance with Section 4.06 in an
amount not to exceed the Monthly Principal Reallocation Amount for the related
Monthly Period.

         "Reassignment Amount" means, for any Transfer Date, after giving effect
to any deposits and distributions otherwise to be made on the related
Distribution Date, the sum of (i) the Note Principal Balance on the related
Distribution Date, plus (ii) Monthly Interest for the related Distribution Date
and any Monthly Interest previously due but not distributed to the Series [200 -
] Noteholders, plus (iii) the amount of Default Interest, if any, for the
related Distribution Date and any Default Interest previously due but not
distributed to the Series [200_-_] Noteholders on a prior Distribution Date.

         ["Reference Banks" means four major banks in the London interbank
market selected by Servicer.]

         ["Required Cash Collateral Amount" means, for any Transfer Date, the
greatest of (a) an amount equal to [ ]% of the Collateral Amount (after taking
into account deposits to the Principal Accumulation Account on such Transfer
Date and payments to be made on the related Distribution Date), (b) $[ ] and (c)
for any Transfer Date occurring on or after the commencement of the Rapid
Amortization Period, an amount equal to [ ]% of the Collateral

                                       10
<PAGE>

Amount as of the close of business on the last day of the Revolving Period;
provided that the Required Cash Collateral Amount will never exceed the Note
Principal Balance, minus the Principal Accumulation Account Balance (after
taking into account deposits to the Principal Accumulation Account on such
Transfer Date and payments to be made on the related Distribution Date); and
provided, further, that Transferor may reduce the Required Cash Collateral
Amount at any time if Indenture Trustee has been provided evidence that the
Rating Agency Condition has been satisfied.]

         ["Required Draw Amount" is defined in subsection 4.11(c).]

         "Required Reserve Account Amount" means, for any Transfer Date on or
after the Reserve Account Funding Date, an amount equal to (a) [ ]% of the sum
of the Note Principal Balance or (b) any other amount designated by Transferor;
provided, however, that if such designation is of a lesser amount, Transferor
shall (i) provide Servicer and Indenture Trustee with evidence that the Rating
Agency Condition shall have been satisfied and (ii) deliver to Indenture Trustee
a certificate of an Authorized Officer to the effect that, based on the facts
known to such officer at such time, in the reasonable belief of Transferor, such
designation will not cause a Pay Out Event or an event that, after the giving of
notice or the lapse of time, would cause a Pay Out Event to occur with respect
to Series [200_-_].

         "Required Retained Transferor Percentage" means, for purposes of Series
[200_-_], [ ]%.

         "Required Spread Account Amount" means, for any date of determination,
(a) prior to the occurrence of a Pay Out Event, the product of (i) the Spread
Account Percentage in effect on such date and (ii) the Initial Collateral
Amount; provided that the Required Spread Account Amount shall not exceed the
Class C Note Principal Balance minus the excess, if any, of the Principal
Accumulation Account Balance over the sum of the Class A Note Principal Balance
and the Class B Note Principal Balance on such date of determination and (b)
after the occurrence of a Pay Out Event, an amount equal to the Class C Note
Principal Balance on such date of determination.

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

         "Reserve Account Funding Date" means the Transfer Date designated by
Servicer which occurs not later than the earliest of (a) the Transfer Date with
respect to the Monthly Period which commences [ ] months prior to the
commencement of the Accumulation Period (which commencement shall be subject to
postponement pursuant to Section 4.15); (b) the first Transfer Date for which
the Quarterly Net Yield is less than [ ]%, but in such event the Reserve Account
Funding Date shall not be required to occur earlier than the Transfer Date with
respect to the Monthly Period which commences [ ] months prior to the
commencement of the Accumulation Period; (c) the first Transfer Date for which
the Quarterly Net Yield is less than [ ]%, but in such event the Reserve Account
Funding Date shall not be required to occur earlier than the Transfer Date with
respect to the

                                       11
<PAGE>

Monthly Period which commences [ ] months prior to the commencement of the
Accumulation Period; and (d) the first Transfer Date for which the Quarterly Net
Yield is less than [ ]%, but in such event the Reserve Account Funding Date
shall not be required to occur earlier than the Transfer Date with respect to
the Monthly Period which commences [ ] months prior to the commencement of the
Accumulation Period; provided, however, that subject to satisfaction of the
Rating Agency Condition, the Reserve Account Funding Date may be any date
selected by Servicer; provided, however, that the Reserve Account Funding Date
shall be the Distribution Date immediately following the date on which a
Qualified Maturity Agreement is terminated if (a) such Qualified Maturity
Agreement is terminated because the provider of such Qualified Maturity
Agreement ceases to qualify as a Qualified Maturity Agreement Institution, (b)
such Qualified Maturity Agreement is terminated prior to the earlier of the
[Class A/B] Expected Principal Payment Date [and the Class C Expected Principal
Payment Date] and the commencement of the Rapid Amortization Period, (c) such
Qualified Maturity Agreement is terminated after the later of the last day of
the [ , 200 ] Monthly Period and, at the election of Transferor, the date to
which the commencement of the Controlled Accumulation Period may be postponed
pursuant to Section 4.14 (as determined on the date of such termination) and (d)
Transferor does not obtain a substitute Qualified Maturity Agreement.

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

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

         "Reset Date" means:

                  (a) each Addition Date and each "Addition Date" (as such term
         is defined in the Pooling and Servicing Agreement), in each case
         relating to Additional Accounts;

                  (b) each Removal Date and each "Removal Date" (as such term is
         defined in the Pooling and Servicing Agreement) on which Principal
         Receivables are removed from the Receivables Trust;

                  (c) each date on which there is an increase in the outstanding
         balance of any Variable Interest or any variable funding certificate
         issued pursuant to the Pooling and Servicing Agreement; and

                  (d) each date on which a new Series or Class of Notes is
         issued and each date on which a new "Series" or "Class" (each as
         defined in the Pooling and Servicing Agreement) of investor
         certificates is issued by the Certificate Trust.

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

         "Series [200_-_]" means the Series of Notes the terms of which are
specified in this Indenture Supplement.

                                       12
<PAGE>
         "Series [200_-_] Collection Account" is defined in Section 4.09(a).

         "Series [200_-_] Final Maturity Date" is defined in Section 4.09(a).

         "Series [200_-_] Final Maturity Date" means the [ ] 200[ ] Distribution
Date.

         "Series [200_-_] Note" means a Class A Note, a Class B Note or a Class
C Note.

         "Series [200_-_] Noteholder" means a Class A Noteholder, a Class B
Noteholder or a Class C Noteholder.

         "Series [200_-_] Pay Out Event" is defined in Section 6.01.

         "Series Allocation Percentage" means, with respect to any Monthly
Period, the percentage equivalent of a fraction, the numerator of which is the
numerator used in determining the Allocation Percentage for Finance Charge
Collections for that Monthly Period and the denominator of which is the sum of
the numerators used in determining the Allocation Percentage for Finance Charge
Receivables for all outstanding Series and PSA Series for such Monthly Period;
provided that if one or more Reset Dates occur in a Monthly Period, the Series
Allocation Percentage will be the percentage equivalent of a fraction, the
numerator of which is an amount equal to the sum of the numerators used in
determining the Allocation Percentage for Finance Charge Collections for Series
[200_-_] for each day during that Monthly Period divided by the total number of
days in such Monthly Period and the denominator of which is an amount equal to
the sum of the numerators used in determining the Allocation Percentages for
Finance Charge Receivables for all outstanding Series and PSA Series for each
day during such Monthly Period divided by the total number of days in such
Monthly Period.

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

         "Series Termination Date" means the earliest to occur of (a) the date
on which the Note Principal Balance is paid in full, (b) the date on which the
Collateral Amount is reduced to zero and (c) the Series [200_-_] Final Maturity
Date.

         "Servicer Interchange" means, with respect to any Monthly Period, an
amount equal to one-twelfth of the product of (a) [1.00%] and (b) the Collateral
Amount as of the last day of the preceding Monthly Period; provided, however,
that Servicer Interchange for the [ ] 200[ ] Distribution Date shall be $[ ].

         "Servicing Fee Required Amount" means, for any Distribution Date, an
amount equal to the excess of the amount described in subsection 4.04(a)(iii)
over [(a)] the Available Finance Charge Collections applied to pay such amount
pursuant to subsection 4.04(a) [and (b) any amount withdrawn from the Cash
Collateral Account and applied to pay such amount pursuant to subsection
4.11(c).]

         "Spread Account" is defined in subsection 4.12(a).

         "Spread Account Deficiency" means the excess, if any, of the Required
Spread Account Amount over the Available Spread Account Amount.

         "Spread Account Percentage" [is defined in the Class C Note Purchase
Agreement] [means (i) [__]% if the Quarterly Net Yield on such Distribution Date
is greater than or equal to [__]%, (ii) [__]% if the Quarterly Net Yield on such
Distribution Date is less than [__]% and greater than or equal to [__]%, (iii)
[__]% if the Quarterly Net Yield on such Distribution Date is less than [__]%
and greater than or equal to [__]%, (iv) [__]% if the Quarterly Net Yield on
such Distribution Date is less than [__]% and greater than or equal to [__]%,
(v) [__]% if the Quarterly Net Yield on such

                                       13
<PAGE>

Distribution Date is less than [__]% and greater than or equal to [__]%, (vi)
[__]% if the Quarterly Net Yield on such Distribution Date is less than [__]%
and greater than or equal to [__]%, (vii) [__]% if the Quarterly Net Yield on
such Distribution Date is less than [__]% and greater than or equal to [__]%,
and (viii) [__]% if the Quarterly Net Yield on such Distribution Date is less
than [__]%; [provided, that if a Pay Out Event is deemed to occur, the Spread
Account Percentage shall be [__]%]].

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

         "Uncovered Dilution Amount" means an amount equal to the product of (x)
the Series Allocation Percentage for the related Monthly Period, times (y) the
aggregate Dilutions occurring during that Monthly Period as to which any deposit
is required to be made to the Excess Funding Account pursuant to Section 3.09(a)
of the Transfer and Servicing Agreement or Section 4.03(c) of the Pooling and
Servicing Agreement but has not been made; provided that, if the Transferor
Interest is greater than zero at the time the deposit referred to in clause (y)
is required to be made, the Uncovered Dilution Amount for such amount to be
deposited shall be deemed to be zero.

         Each capitalized term defined herein shall relate to the Series
[200_-_]  Notes and no other Series of Notes issued by Issuer, unless the
context otherwise requires. All capitalized terms used herein and not otherwise
defined herein have the meanings ascribed to them in Annex A to the Master
Indenture.

         The interpretive rules specified in Section 1.2 of the Master Indenture
also apply to this Indenture Supplement. If any term or provision contained
herein shall conflict with or be inconsistent with any term or provision
contained in the Master Indenture, the terms and provisions of this Indenture
Supplement shall be controlling.

                                  ARTICLE III

                            NOTEHOLDER SERVICING FEE

         SECTION 3.01. SERVICING COMPENSATION. The share of the Servicing Fee
allocable to Series [200_-_] for any Transfer Date (the "Noteholder Servicing
Fee") shall be equal to one-twelfth of the product of (a) the Series Servicing
Fee Percentage and (b) the Collateral Amount as of the last day of the Monthly
Period preceding such Transfer Date; provided, however, that with respect to the
first Transfer Date, the Noteholder Servicing Fee shall be equal to $[ ];
provided, further, that if Transferor or Indenture Trustee is Servicer, the
Noteholder Servicing Fee shall be reduced by the amount, if any, by which the
Servicer Interchange for such Monthly Period exceeds the amount of Interchange
included as Collections of Finance Charge Receivables allocable to the Series
[200_-_] Notes with respect to such Monthly Period pursuant to Section 4.17 of
this Indenture Supplement. The remainder of the Servicing Fee shall be paid by
the Holders of the Transferor Interest or the Noteholders of other

                                       14
<PAGE>

Series (as provided in the related Indenture Supplements) and in no event shall
Issuer, Indenture Trustee or the Series [200_-_] Noteholders be liable for the
share of the Servicing Fee to be paid by the Holders of the Transferor Interest
or the Noteholders of any other Series.

                                   ARTICLE IV

                      RIGHTS OF SERIES [200_-_] NOTEHOLDERS
                  AND ALLOCATION AND APPLICATION OF COLLECTIONS

SECTION 4.01. COLLECTIONS AND ALLOCATIONS.

         (a) ALLOCATIONS. Finance Charge Collections, Principal Collections and
Receivables in Defaulted Accounts shall be allocated and distributed to Series
[200_-_] as set forth in this Article.

         (b) ALLOCATIONS TO THE SERIES [200_-_] NOTEHOLDERS. On each Date of
Processing, Servicer shall allocate to the Series [200_-_] Noteholders the
following amounts as set forth below:

                  (i) Allocations of Finance Charge Collections. Servicer shall
         allocate to the Series [200_-_] Noteholders an amount equal to the
         product of (A) the Allocation Percentage and (B) the aggregate Finance
         Charge Collections processed on such Date of Processing and shall
         deposit such amount into the Finance Charge Account in accordance with
         Section 8.04 of the Indenture and subsection 4.01(c).

                  (ii) Allocations of Principal Collections. Servicer shall
         allocate to the Series [200_-_] Noteholders the following amounts as
         set forth below:

                           (A) Allocations During the Revolving Period.

                                    (1) During the Revolving Period an amount
                           equal to the product of the Allocation Percentage and
                           the aggregate amount of Principal Collections
                           processed on each Date of Processing, shall be
                           allocated to the Series [200_-_] Noteholders and,
                           first, if any other Principal Sharing Series is
                           outstanding and in its accumulation period or
                           amortization period, retained in the Principal
                           Account for application, to the extent necessary, as
                           Excess Principal Collections to other Principal
                           Sharing Series on the related Distribution Date,
                           second, deposited to the Excess Funding Account to
                           the extent necessary so that the Transferor Interest
                           is not less than the Minimum Transferor Interest and,
                           third, paid to the Holders of the Transferor
                           Interest.

                                    (2) With respect to each Monthly Period
                           falling in the Revolving Period, to the extent that
                           Collections of Principal Receivables allocated to the
                           Series [200_-_] Noteholders pursuant to this
                           subsection 4.01(b)(ii) are paid to Transferor,
                           Transferor

                                       15
<PAGE>

                           shall make an amount equal to the Reallocated
                           Principal Collections for the related Transfer Date
                           available on that Transfer Date for application in
                           accordance with Section 4.06.

                                    (B) Allocations During the Accumulation
                           Period. During the Accumulation Period an amount
                           equal to the product of the Allocation Percentage and
                           the aggregate amount of Principal Collections
                           processed on each Date of Processing (the product for
                           any such date is hereinafter referred to as a
                           "Percentage Allocation") shall be allocated to the
                           Series [200_-_] Noteholders and deposited into the
                           Principal Account in accordance with Section 8.04 of
                           the Indenture and subsection 4.01(c).

                                    (C) Allocations During the Rapid
                           Amortization Period. During the Rapid Amortization
                           Period, an amount equal to the product of the
                           Allocation Percentage and the aggregate amount of
                           Principal Collections processed on each Date of
                           Processing shall be allocated to the [200_-_]
                           Noteholders and deposited into the Principal Account
                           until applied as provided herein; provided, however,
                           that after the date on which an amount of such
                           Principal Collections equal to the Note Principal
                           Balance has been deposited into the Principal Account
                           such amount shall be, first, if any other Principal
                           Sharing Series is outstanding and in its accumulation
                           period or amortization period, retained in the
                           Principal Account for application, to the extent
                           necessary, as Excess Principal Collections to other
                           Principal Sharing Series on the related Distribution
                           Date, second, deposited in the Excess Funding Account
                           to the extent necessary so that the Transferor
                           Interest is not less than the Minimum Transferor
                           Interest and, third, paid to the holders of the
                           Transferor Interest.

                  (c) During any period when Servicer is permitted by Section
         4.03 of the Pooling and Servicing Agreement or Section 8.04 of the
         Indenture to make a single monthly deposit to the Collection Account,
         amounts allocated to the Noteholders pursuant to Sections 4.01(a) and
         (b) with respect to any Monthly Period need not be deposited into the
         Collection Account or any Series Account prior to the related Transfer
         Date, and, when so deposited, (x) may be deposited net of any amounts
         required to be distributed to Transferor and, if FNBO is Servicer,
         Servicer, and (y) shall be deposited into the Finance Charge Account
         (in the case of Collections of Finance Charge Receivables) and the
         Principal Account (in the case of Collections of Principal Receivables
         (not including any Excess Principal Collections allocated to Series
         [200_-_] pursuant to Section 4.03(e) of the Pooling and Servicing
         Agreement or Section 8.05 of the Indenture)). The exception to the
         daily deposit requirements provided by the second paragraph of Section
         8.04(a) of the Indenture shall not be available during any Monthly
         Period during the Rapid Amortization Period, or at any time that the
         Transferor Interest is less than the Minimum Transferor Interest, or at
         any time that the Available Spread Account Amount is less than the
         Required Spread Account Amount, and provided, further, that for
         purposes of this sentence, the amount of Collections of Principal
         Receivables required to be deposited or distributed on the related
         Transfer Date during the Accumulation Period shall include an amount
         equal to the Controlled Deposit

                                       16
<PAGE>

         Amount and the amount of Collections of Finance Charge Receivables
         required to be deposited or distributed on the related Distribution
         Date shall include an amount equal to the sum of:

                           (i) the Monthly Interest that was payable on the
                  previous Distribution Date; plus

                           (ii) the Noteholder Servicing Fee due on the related
                  Distribution Date; plus

                           (iii) an amount equal to [________]% of the Investor
                  Default Amount for the previous Distribution Date.

                  (d) On any date, Servicer may withdraw from the Collection
         Account or any Series Account any amounts inadvertently deposited in
         such account that should have not been so deposited.

         SECTION 4.02. DETERMINATION OF MONTHLY INTEREST.

                  (a) The amount of monthly interest ("Class A Monthly Interest
         Payment") distributable from the Distribution Account with respect to
         the Class A Notes on any Distribution Date shall be an amount equal to
         the product of (i) (A) a fraction, the numerator of which is the actual
         number of days in the related Interest Period and the denominator of
         which is 360, times (B) the Class A Note Interest Rate in effect with
         respect to the related Interest Period and (ii) the Class A Note
         Principal Balance as of the close of business on the last day of the
         preceding Monthly Period (or, with respect to the initial Distribution
         Date, the Class A Note Initial Principal Balance).

                  On the Determination Date preceding each Distribution Date,
         Servicer shall determine the excess, if any (the "Class A Interest
         Shortfall"), of (x) the aggregate amount accrued pursuant to this
         Section 4.02(a) as of the prior Distribution Date over (y) the amount
         actually transferred from the Distribution Account for payment of such
         amount. If the Class A Interest Shortfall for any Distribution Date is
         greater than zero, on each subsequent Distribution Date until such
         Class A Interest Shortfall is fully paid, an additional amount ("Class
         A Default Interest") equal to the product of (i) (A) a fraction, the
         numerator of which is the actual number of days in the related Interest
         Period and the denominator of which is 360, times (B) the Class A Note
         Interest Rate in effect with respect to the related Interest Period and
         (ii) such Class A Interest Shortfall (or the portion thereof which has
         not been paid to the Class A Noteholders) shall be payable as provided
         herein with respect to the Class A Notes. Notwithstanding anything to
         the contrary herein, Class A Default Interest shall be payable or
         distributed to the Class A Noteholders only to the extent permitted by
         applicable law.
                  (b) The amount of monthly interest ("Class B Monthly Interest
         Payment") distributable from the Distribution Account with respect to
         the Class B Notes on any Distribution Date shall be an amount equal to
         the product of (i) (A) a fraction, the numerator of which is the actual
         number of days in the related Interest Period and the denominator of
         which is 360, times (B) the Class B Note Interest Rate in effect with

                                       17
<PAGE>

         respect to the related Interest Period and (ii) the Class B Note
         Principal Balance as of the close of business on the last day of the
         preceding Monthly Period (or, with respect to the initial Distribution
         Date, the Class B Note Initial Principal Balance).

                  On the Determination Date preceding each Distribution Date,
         Servicer shall determine the excess, if any (the "Class B Interest
         Shortfall"), of (x) the aggregate amount accrued pursuant to this
         Section 4.02(b) as of the prior Distribution Date over (y) the amount
         of funds actually transferred from the Distribution Account for payment
         of such amount. If the Class B Interest Shortfall for any Distribution
         Date is greater than zero, on each subsequent Distribution Date until
         such Class B Interest Shortfall is fully paid, an additional amount
         ("Class B Default Interest") equal to the product of (i) (A) a
         fraction, the numerator of which is the actual number of days in the
         related Interest Period and the denominator of which is 360, times (B)
         the Class B Note Interest Rate in effect with respect to the related
         Interest Period and (ii) such Class B Interest Shortfall (or the
         portion thereof which has not been paid to the Class B Noteholders)
         shall be payable as provided herein with respect to the Class B Notes.
         Notwithstanding anything to the contrary herein, Class B Default
         Interest shall be payable or distributed to the Class B Noteholders
         only to the extent permitted by applicable law.

                  (c) The amount of monthly interest ("Class C Monthly Interest
         Payment") distributable from the Distribution Account with respect to
         the Class C Notes on any Distribution Date shall be an amount equal to
         the product of (i) (A) a fraction, the numerator of which is the actual
         number of days in the related Interest Period and the denominator of
         which is 360, times (B) the Class C Note Interest Rate in effect with
         respect to the related Interest Period and (ii) the Class C Note
         Principal Balance as of the close of business on the last day of the
         preceding Monthly Period (or, with respect to the initial Distribution
         Date, the Class C Note Initial Principal Balance).

                  On the Determination Date preceding each Distribution Date,
         Servicer shall determine the excess, if any (the "Class C Interest
         Shortfall"), of (x) the aggregate amount accrued pursuant to this
         Section 4.02(c) as of the prior Distribution Date over (y) the amount
         of funds actually transferred from the Distribution Account for payment
         of such amount. If the Class C Interest Shortfall for any Distribution
         Date is greater than zero, on each subsequent Distribution Date until
         such Class C Interest Shortfall is fully paid, an additional amount
         ("Class C Default Interest") equal to the product of (i) (A) a
         fraction, the numerator of which is the actual number of days in the
         related Interest Period and the denominator of which is 360, times (B)
         the Class C Note Interest Rate in effect with respect to the related
         Interest Period and (ii) such Class C Interest Shortfall (or the
         portion thereof which has not been paid to the Class C Noteholders)
         shall be payable as provided herein with respect to the Class C Notes.
         Notwithstanding anything to the contrary herein, Class C Default
         Interest shall be payable or distributed to the Class C Noteholders
         only to the extent permitted by applicable law.

         SECTION 4.03. DETERMINATION OF MONTHLY PRINCIPAL. The amount of monthly
principal to be transferred from the Principal Account with respect to the Notes
on each Transfer Date (the

                                       18
<PAGE>

"Monthly Principal"), beginning with the Transfer Date in the month following
the month in which the Accumulation Period or, if earlier, the Rapid
Amortization Period, begins, shall be equal to the least of (i) the Available
Principal Collections on deposit in the Principal Account with respect to such
Transfer Date, (ii) for each Transfer Date with respect to the Accumulation
Period, the Controlled Deposit Amount for such Transfer Date, (iii) the
Collateral Amount (after taking into account any adjustments to be made on such
Distribution Date pursuant to Sections 4.05 and 4.06) prior to any deposit into
the Principal Accumulation Account on such Transfer Date, and (iv) the Note
Principal Balance, minus any amount already on deposit in the Principal
Accumulation Account on such Transfer Date.

         SECTION 4.04. APPLICATION OF AVAILABLE FINANCE CHARGE COLLECTIONS AND
AVAILABLE PRINCIPAL COLLECTIONS. On or before each Transfer Date, Servicer shall
instruct Indenture Trustee in writing (which writing shall be substantially in
the form of Exhibit B) to withdraw and Indenture Trustee, acting in accordance
with such instructions, shall withdraw on such Transfer Date or related
Distribution Date, as applicable, to the extent of available funds, the amount
required to be withdrawn from the Finance Charge Account, the Principal Account,
the Principal Funding Account and the Distribution Account as follows:

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

                           (i) an amount equal to Class A Monthly Interest
                  Payment for such Distribution Date, plus any Class A Interest
                  Shortfall, plus the amount of any Class A Default Interest for
                  such Distribution Date, plus the amount of any Class A Default
                  Interest previously due but not distributed to Class A
                  Noteholders on a prior Distribution Date shall be deposited by
                  Servicer or Indenture Trustee into the Distribution Account;

                           (ii) an amount equal to Class B Monthly Interest
                  Payment for such Distribution Date, plus any Class B Interest
                  Shortfall, plus the amount of any Class B Default Interest for
                  such Distribution Date, plus the amount of any Class B Default
                  Interest previously due but not distributed to Class B
                  Noteholders on a prior Distribution Date shall be deposited by
                  Servicer or Indenture Trustee into the Distribution Account;

                           (iii) if Servicer is a Person other than FNBO or an
                  Affiliate of FNBO, an amount equal to the Noteholder Servicing
                  Fee for such Transfer Date, plus the amount of any Noteholder
                  Servicing Fee previously due but not distributed to Servicer
                  on a prior Transfer Date, shall be distributed to Servicer;

                           (iv) an amount equal to Class C Monthly Interest
                  Payment for such Distribution Date, plus any Class C Interest
                  Shortfall, plus the amount of any Class C Default Interest for
                  such Distribution Date, plus the amount of any Class C Default
                  Interest previously due but not distributed to the Class C
                  Noteholders on a prior Distribution Date shall be deposited by
                  Servicer or Indenture Trustee into the Distribution Account;

                                       19
<PAGE>

                           (v) an amount equal to the Investor Default Amount
                  and any Uncovered Dilution Amount for such Distribution Date
                  shall be treated as a portion of Available Principal
                  Collections for such Distribution Date and, during the
                  Accumulation Period or the Rapid Amortization Period,
                  deposited into the Principal Account on the related Transfer
                  Date;

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

                           (vii) [(A) an amount equal to the excess, if any, of
                  the Required Cash Collateral Amount over the Available Cash
                  Collateral Amount shall be deposited into the Cash Collateral
                  Account and then (B)] an amount equal to the excess, if any,
                  of the Required Spread Account Amount over the Available
                  Spread Account Amount shall be deposited into the Spread
                  Account;

                           (viii) if Servicer is FNBO or an Affiliate of FNBO,
                  an amount equal to the Noteholder Servicing Fee for such
                  Transfer Date, plus the amount of any Noteholder Servicing Fee
                  previously due but not distributed to Servicer on a prior
                  Transfer Date, shall be distributed to Servicer;

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

                           (x) [an amount equal to any other payments owed to
                  the Class C Noteholders under the Class C Note Purchase
                  Agreement shall be paid to the Class C Noteholders]; and

                           (xi) the balance, if any, will constitute a portion
                  of Excess Finance Charge Collections for such Distribution
                  Date.

                  (b) On each Transfer Date with respect to the Revolving
         Period, an amount equal to the Available Principal Collections for the
         related Monthly Period shall be treated as Excess Principal Collections
         and applied in accordance with Section 8.05 of the Indenture.

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

                           (i) during the Accumulation Period, an amount equal
                  to the Monthly Principal for such Transfer Date shall be
                  deposited into the Principal Accumulation Account;

                                       20
<PAGE>

                           (ii) during the Rapid Amortization Period, an amount
                  equal to the Monthly Principal for such Transfer Date shall be
                  deposited into the Distribution Account on such Transfer Date
                  and on each subsequent Transfer Date for payment to the Class
                  A Noteholders on the related Distribution Date until the Class
                  A Note Principal Balance has been paid in full;

                           (iii) during the Rapid Amortization Period, after
                  giving effect to the distribution referred to in clause (ii)
                  above, an amount equal to the Monthly Principal remaining, if
                  any, shall be deposited into the Distribution Account on such
                  Transfer Date and on each subsequent Transfer Date for payment
                  to the Class B Noteholders on the related Distribution Date
                  until the Class B Note Principal Balance has been paid in
                  full;

                           (iv) during the Rapid Amortization Period, after
                  giving effect to the distributions referred to in clauses (ii)
                  and (iii) above, an amount equal to the Monthly Principal
                  remaining, if any, shall be deposited into the Distribution
                  Account on such Transfer Date and on each subsequent Transfer
                  Date for payment to the Class C Noteholders on the related
                  Distribution Date until the Class C Note Principal Balance has
                  been paid in full; and

                           (v) in the case of each of the Accumulation Period
                  and the Rapid Amortization Period, the balance of such
                  Available Principal Collections remaining after application in
                  accordance with clauses (i) through (iv) above shall be
                  treated as Excess Principal Collections and applied in
                  accordance with Section 8.05 of the Indenture.

                  (d) On each Distribution Date, Indenture Trustee shall pay in
         accordance with Section 5.02 to the Class A Noteholders from the
         Distribution Account, the amount deposited into the Distribution
         Account pursuant to Section 4.04(a)(i) on the preceding Transfer Date,
         to the Class B Noteholders from the Distribution Account, the amount
         deposited into the Distribution Account pursuant to Section 4.04(a)(ii)
         and to the Class C Noteholders from the Distribution Account, the
         amount deposited into the Distribution Account pursuant to Section
         4.04(a)(iv).

                  (e) On the earlier to occur of (i) the first Transfer Date
         with respect to the Rapid Amortization Period and (ii) the Transfer
         Date immediately preceding the Class A/B Expected Principal Payment
         Date, Indenture Trustee, acting in accordance with instructions from
         Servicer, shall withdraw from the Principal Accumulation Account and
         deposit into the Distribution Account amounts necessary to pay first,
         to the Class A Noteholders, until paid in full, second, to the Class B
         Noteholders, until paid in full, and, if the Rapid Amortization Period
         has commenced, any remainder to the Class C Noteholders, the amounts
         deposited into the Principal Accumulation Account pursuant to
         subsections 4.04(c)(i). On the Class C Expected Principal Payment Date,
         if the Rapid Amortization Period has not commenced, Indenture Trustee,
         acting in accordance with instructions from Servicer, shall withdraw
         from the Principal Accumulation Account and deposit into the
         Distribution Account for payment to the Class C Noteholders the amounts
         deposited into the Principal Accumulation Account pursuant to

                                       21
<PAGE>

         subsection 4.04(c)(i) on the related Transfer Date. Indenture Trustee,
         acting in accordance with the instructions of Servicer, shall in
         accordance with Section 5.02 pay from the Distribution Account to the
         Class A Noteholders, the Class B Noteholders and the Class C
         Noteholders, as applicable, the amounts deposited for the account of
         such Noteholders into the Distribution Account pursuant to this
         subsection 4.04(e).

         SECTION 4.05. INVESTOR CHARGE-OFFS. On each Determination Date,
Servicer shall calculate the Investor Default Amount and any Uncovered Dilution
Amount for the related Distribution Date. If, on any Distribution Date, the sum
of the Investor Default Amount and any Uncovered Dilution Amount for such
Distribution Date exceeds the sum of the amount of Available Finance Charge
Collections [and the amount withdrawn from the Cash Collateral Account]
allocated with respect thereto pursuant to subsection 4.04(a)(v) [and 4.11(c),
respectively,] with respect to such Distribution Date, the Collateral Amount
will be reduced (but not below zero) by the amount of such excess (such
reduction, an "Investor Charge-Off").

         SECTION 4.06. REALLOCATED PRINCIPAL COLLECTIONS. On each Transfer Date,
Servicer shall apply, or shall instruct Indenture Trustee in writing to apply,
Reallocated Principal Collections with respect to that Transfer Date, to fund
any deficiency pursuant to and in the priority set forth in subsections
4.04(a)(i), (ii) and (iii), after giving effect to any withdrawal from [the Cash
Collateral Account or] the Spread Account to cover such payments. On each
Transfer Date, the Collateral Amount shall be reduced by the amount of
Reallocated Principal Collections for such Transfer Date.

         SECTION 4.07. EXCESS FINANCE CHARGE COLLECTIONS. [Series [200_-_] shall
be an Excess Allocation Series with respect to Group One only.] For this
purpose, each outstanding series of certificates issued by First Bankcard Master
Credit Card Trust (other than series represented by the Collateral Certificate)
shall be deemed to be a Series in Group One. Subject to Section 8.06 of the
Indenture, Excess Finance Charge Collections with respect to the Excess
Allocation Series in Group One for any Transfer Date will be allocated to Series
[200_-_] in an amount equal to the product of (x) the aggregate amount of Excess
Finance Charge Collections with respect to all the Excess Allocation Series in
Group One for such Distribution Date and (y) a fraction, the numerator of which
is the Finance Charge Shortfall for Series [200_-_] for such Distribution Date
and the denominator of which is the aggregate amount of Finance Charge
Shortfalls for all the Excess Allocation Series in Group One for such
Distribution Date. The "Finance Charge Shortfall" for Series [200_-_] for any
Distribution Date will be equal to the excess, if any, of (a) the full amount
required to be paid, without duplication, pursuant to subsections 4.04(a)(i)
through (xi) on such Distribution Date over (b) the Available Finance Charge
Collections with respect to such Distribution Date (excluding any portion
thereof attributable to Excess Finance Charge Collections).

         SECTION 4.08. EXCESS PRINCIPAL COLLECTIONS. Subject to Section 4.03(e)
of the Pooling and Servicing Agreement and Section 8.05 of the Indenture, Excess
Principal Collections allocable to Series [200_-_] on any Transfer Date will be
equal to the product of (x) the aggregate amount of Excess Principal Collections
with respect to all Principal Sharing Series for such Transfer Date and (y) a
fraction, the numerator of which is the Principal Shortfalls for Series [200_-_]
for such Transfer Date and the denominator of which is the aggregate amount of
Principal Shortfall for all the Series which are Principal Sharing Series for
such Transfer Date.

                                       22
<PAGE>

For this purpose, each outstanding series of certificates issued by First
Bankcard Master Credit Card Trust (other than any series represented by the
Collateral Certificate) shall be deemed to be a Principal Sharing Series. The
"Principal Shortfall" for Series [200_-_] will be equal to (a) for any Transfer
Date with respect to the Revolving Period, zero, (b) for any Transfer Date with
respect to the Accumulation Period, the excess, if any, of the Controlled
Deposit Amount with respect to such Transfer Date over the amount of Available
Principal Collections for such Transfer Date (excluding any portion thereof
attributable to Excess Principal Collections) and (c) for any Transfer Date with
respect to the Rapid Amortization Period, the excess, if any, of the Collateral
Amount with respect to such Transfer Date over the amount of Available Principal
Collections for such Transfer Date (excluding any portion thereof attributable
to Excess Principal Collections). Excess Principal Collections remaining on any
Transfer Date after payment of Principal Shortfalls for all Series in Group I,
and after any application of Excess Principal Collections as principal with
respect to any Variable Interest or variable funding certificates in such Group
will be distributed to the Holder of the Transferor Interest or deposited in the
Excess Funding Account in accordance with subsection 4.03(e) of the Pooling and
Servicing Agreement or Section 8.05 of the Indenture, as applicable.

         SECTION 4.09. CERTAIN SERIES ACCOUNTS.

                  (a) Indenture Trustee shall establish and maintain with a
         Qualified Institution, which may be Indenture Trustee in the name of
         the Trust, on behalf of the Trust, for the benefit of the Noteholders,
         three segregated trust accounts with such Qualified Institution (the
         "Series [200_-_] Collection Account", the "Principal Accumulation
         Account" and the "Distribution Account"), bearing a designation clearly
         indicating that the funds deposited therein are held for the benefit of
         the Series [200_-_] Noteholders. The Indenture Trustee shall also
         establish two subaccounts in the Series [200_-_] Collection Account
         (the "Principal Account" and the "Finance Charge Account") for deposits
         of Collections of Principal Receivables and Finance Charge Receivables.
         Indenture Trustee shall possess all right, title and interest in all
         funds on deposit from time to time in the Series [200_-_] Collection
         Account, the Principal Accumulation Account and the Distribution
         Account and in all proceeds thereof. The Series [200_-_] Collection
         Account, the Principal Accumulation Account and the Distribution
         Account shall be under the sole dominion and control of Indenture
         Trustee for the benefit of the Series [200_-_] Noteholders. If at any
         time the institution holding the Series [200_-_] Collection Account,
         the Principal Accumulation Account and the Distribution Account ceases
         to be a Qualified Institution, Transferor shall notify Indenture
         Trustee in writing, and Indenture Trustee upon being notified (or
         Servicer on its behalf) shall, within ten (10) Business Days, establish
         a new Series [200_-_] Collection Account, a new Principal Accumulation
         Account and a new Distribution Account meeting the conditions specified
         above with a Qualified Institution, and shall transfer any cash or any
         investments to such new Series [200_-_] Collection Account, new
         Principal Accumulation Account and new Distribution Account. Indenture
         Trustee, at the written direction of Servicer, shall (i) make
         withdrawals from the Finance Charge Account, the Principal Account, the
         Principal Accumulation Account and the Distribution Account from time
         to time, in the amounts and for the purposes set forth in this
         Indenture Supplement, and (ii) on each Transfer Date (from and after
         the commencement of the Accumulation Period) prior to the termination
         of the Principal Accumulation Account, make deposits into the Principal
         Accumulation Account in the amounts specified in, and otherwise in
         accordance with, subsection 4.04(c)(i). Indenture Trustee at all times
         shall maintain accurate records

                                       23
<PAGE>

         reflecting each transaction in the Finance Charge Account, the
         Principal Account, the Principal Accumulation Account and the
         Distribution Account.

                  (b) Funds on deposit in the Finance Charge Account, the
         Principal Account, the Principal Accumulation Account and the
         Distribution Account, from time to time shall be invested and
         reinvested at the direction of Servicer by Indenture Trustee in
         Permitted Investments that will mature so that such funds will be
         available for withdrawal on or prior to the following Transfer Date.

                  On each Transfer Date with respect to the Accumulation Period
         and on the first Transfer Date with respect to the Rapid Amortization
         Period, Indenture Trustee, acting at Servicer's direction given on or
         before such Transfer Date, shall transfer from the Principal
         Accumulation Account to the Finance Charge Account the Principal
         Accumulation Investment Proceeds on deposit in the Principal
         Accumulation Account for application as Available Finance Charge
         Collections in accordance with Section 4.04.

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

                  On each Distribution Date, all interest and earnings (net of
         losses and investment expenses) on funds on deposit in the Principal
         Account, the Finance Charge Account and the Distribution Account shall
         be deposited by Indenture Trustee in a separate deposit account with a
         Qualified Institution in the name of Servicer, or a Person designated
         in writing by Servicer, which shall not constitute a part of the Trust,
         or shall otherwise be turned over by Indenture Trustee to Servicer.

                  (c) Indenture Trustee shall hold such of the Permitted
         Investments of funds in any Series Account (including the Reserve
         Account, Spread Account [Cash Collateral Account and Pre-Funding
         Account]) as consists of instruments, deposit accounts, negotiable
         documents, money, goods, letters of credit, and advices of credit in
         the State of New York and/or Illinois. Indenture Trustee shall hold
         such of the Permitted Investments as constitutes investment property
         through a securities intermediary, which securities intermediary shall
         agree with Indenture Trustee that (a) such investment property shall at
         all times be credited to a securities account of Indenture Trustee, (b)
         such securities intermediary shall treat Indenture Trustee as entitled
         to exercise the rights that comprise each financial asset credited to
         such securities account, (c) all property credited to such securities
         account shall be treated as a financial asset, (d) such securities
         intermediary shall comply with entitlement orders originated by
         Indenture Trustee without the further consent of any other person or
         entity, (e) such securities intermediary will not agree with any person
         or entity other than Indenture Trustee to comply with entitlement
         orders originated by such other person or entity, (f) such securities
         accounts and the property credited thereto shall not be subject to any
         lien, security interest or right of set-off in favor of such securities
         intermediary or anyone claiming through it (other than Indenture
         Trustee), and (g) such agreement shall be governed by the laws of the
         State of New York. Terms used in the preceding sentence that are
         defined in the New York UCC and not otherwise defined herein shall have
         the meaning set forth in the New York UCC. Except as permitted by this
         subsection 4.09(c), Indenture Trustee shall not hold Permitted
         Investments through an agent or nominee.

         SECTION 4.10. RESERVE ACCOUNT.

                  (a) Indenture Trustee shall establish and maintain with a
         Qualified Institution, which may be Indenture Trustee in the name of
         the Trust, on behalf of the Trust, for the

                                       24
<PAGE>

         benefit of the Series [200_-_] Noteholders, a segregated trust account
         (the "Reserve Account"), bearing a designation clearly indicating that
         the funds deposited therein are held for the benefit of the Series
         [200_-_] Noteholders. Indenture Trustee shall possess all right, title
         and interest in all funds on deposit from time to time in the Reserve
         Account and in all proceeds thereof. The Reserve Account shall be under
         the sole dominion and control of Indenture Trustee for the benefit of
         the Series [200_-_] Noteholders. If at any time the institution holding
         the Reserve Account ceases to be a Qualified Institution, Transferor
         shall notify Indenture Trustee, and Indenture Trustee upon being
         notified (or Servicer on its behalf) shall, within ten (10) Business
         Days, establish a new Reserve Account meeting the conditions specified
         above with a Qualified Institution, and shall transfer any cash or any
         investments to such new Reserve Account. Indenture Trustee, at the
         direction of Servicer, shall (i) make withdrawals from the Reserve
         Account from time to time in an amount up to the Available Reserve
         Account Amount at such time, for the purposes set forth in this
         Indenture Supplement, and (ii) on each Transfer Date (from and after
         the Reserve Account Funding Date) prior to termination of the Reserve
         Account, make a deposit into the Reserve Account in the amount
         specified in, and otherwise in accordance with, subsection 4.04(a)(ix).

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

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

                  (c) On or before each Transfer Date with respect to the
         Accumulation Period and on or before the first Transfer Date with
         respect to the Rapid Amortization Period, Servicer shall calculate the
         Reserve Draw Amount; provided, however, that such amount will be
         reduced to the extent that funds otherwise would be available for
         deposit in the Reserve Account under Section 4.04(a)(ix) with respect
         to such Transfer Date.

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

                                       25
<PAGE>

         Charge Account for application as Available Finance Charge Collections
         for such Transfer Date.

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

                  (f) Upon the earliest to occur of (i) the termination of the
         Trust pursuant to Article VIII of the Trust Agreement, (ii) the first
         Transfer Date relating to the Rapid Amortization Period and (iii) the
         Transfer Date immediately preceding the Class A/B Expected Principal
         Payment Date, Indenture Trustee, acting in accordance with the
         instructions of Servicer, after the prior payment of all amounts owing
         to the Series [200_-_] Noteholders that are payable from the Reserve
         Account as provided herein, shall withdraw from the Reserve Account all
         amounts, if any, on deposit in the Reserve Account and (i) deposit such
         amounts in the Spread Account, to the extent that funds on deposit in
         the Spread Account are less than the Required Spread Account Amount,
         and (ii) distribute any such amounts remaining after application
         pursuant to subsection 4.10(f)(i) to the Holders of the Transferor
         Interest. The Reserve Account shall thereafter be deemed to have
         terminated for purposes of this Indenture Supplement. Funds on deposit
         in the Reserve Account at any time that the Accumulation Period is
         suspended pursuant to Section 4.15 shall remain on deposit until
         applied in accordance with subsection 4.10(d), (e) or (f).

         [SECTION 4.11. CASH COLLATERAL ACCOUNT.

                  (a) Indenture Trustee shall establish and maintain with a
         Qualified Institution, which may be Indenture Trustee in the name of
         the Trust, on behalf of the Trust, for the benefit of the Series
         [200_-_] Noteholders, a segregated trust account (the "Cash Collateral
         Account"), bearing a designation clearly indicating that the funds
         deposited therein are held for the benefit of the Series [200_-_]
         Noteholders. Indenture Trustee shall possess all right, title and
         interest in all funds on deposit from time to time in the Cash
         Collateral Account and in all proceeds thereof. The Cash Collateral
         Account shall be under the sole dominion and control of Indenture
         Trustee for the benefit of the Series [200_-_] Noteholders. If at any
         time the institution holding the Cash Collateral Account ceases to be a
         Qualified Institution, Transferor shall notify Indenture Trustee, and
         Indenture Trustee upon being notified (or Servicer on its behalf)
         shall, within ten (10) Business Days, establish a new Cash Collateral
         Account meeting the conditions specified above with a Qualified
         Institution, and shall transfer any cash or any investments to such new
         Cash Collateral Account.

                  (b) On the Closing Date, Transferor shall deposit $[ ] in
         immediately available funds into the Cash Collateral Account. Funds on
         deposit in the Cash Collateral

                                       26
<PAGE>

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

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

                  (c) On each Determination Date, Servicer shall calculate the
         amount (the "Required Draw Amount") by which the sum of the amounts
         required to be distributed or deposited pursuant to subsections
         4.04(a)(i) through (v) with respect to the related Transfer Date
         exceeds the amount of Available Finance Charge Collections with respect
         to the related Monthly Period. If the Required Draw Amount for any
         Transfer Date is greater than zero, Servicer shall give written notice
         to Indenture Trustee of such positive Required Draw Amount on the
         related Determination Date. On the related Transfer Date, the Required
         Draw Amount, if any, up to the Available Cash Collateral Amount, shall
         be withdrawn from the Cash Collateral Account and distributed to fund
         any deficiency pursuant to subsections 4.04(a)(i) through (v) (in the
         order of priority set forth in Section 4.04(a)).

                  (d) If, after giving effect to all deposits to and withdrawals
         from the Cash Collateral Account with respect to any Transfer Date, the
         amount on deposit in the Cash Collateral Account exceeds the Required
         Cash Collateral Amount, Indenture Trustee acting in accordance with the
         instructions of Servicer, shall withdraw an amount equal to such excess
         from the Cash Collateral Account and (i) deposit such amounts in the
         Spread Account, to the extent that funds on deposit in the Spread
         Account are less than the Required Spread Account Amount and (ii)
         distribute such amounts remaining after application pursuant to
         subsection 4.11(d) to Transferor.]

         SECTION 4.12. SPREAD ACCOUNT.

                  (a) On or prior to the Closing Date, Indenture Trustee shall
         establish and maintain with a Qualified Institution, which may be
         Indenture Trustee in the name of the Trust, on behalf of the Trust, for
         the benefit of the Class C Noteholders and Transferor, a segregated
         account (the "Spread Account"), bearing a designation clearly
         indicating that the funds deposited therein are held for the benefit of
         the Class C Noteholders and Transferor. Except as otherwise provided in
         this Section 4.12, Indenture Trustee shall possess all right, title and
         interest in all funds on deposit from time to time in the Spread

                                       27
<PAGE>

         Account and in all proceeds thereof. The Spread Account shall be under
         the sole dominion and control of Indenture Trustee for the benefit of
         the Class C Noteholders and the Holder of the Transferor Interest. If
         at any time the institution holding the Spread Account ceases to be a
         Qualified Institution, Servicer shall notify Indenture Trustee, and
         Indenture Trustee upon being notified (or Servicer on its behalf)
         shall, within ten (10) Business Days (or such longer period as to which
         the Rating Agencies may consent) establish a new Spread Account meeting
         the conditions specified above with a Qualified Institution and shall
         transfer any cash or any investments to such new Spread Account.
         Indenture Trustee, at the written direction of Servicer, shall (i) make
         withdrawals from the Spread Account from time to time in an amount up
         to the Available Spread Account Amount at such time, for the purposes
         set forth in this Indenture Supplement, and (ii) on each Transfer Date
         prior to termination of the Spread Account, make a deposit into the
         Spread Account in the amount specified in, and otherwise in accordance
         with, subsection 4.12(f).

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

                  On each Transfer Date (but subject to subsections 4.12(c),
         4.12(d) and 4.12(f)), the Investment Earnings, if any, accrued since
         the preceding Transfer Date on funds on deposit in the Spread Account
         shall be paid to the Holders of the Transferor Interest by Indenture
         Trustee upon written direction of Servicer. For purposes of determining
         the availability of funds or the balance in the Spread Account for any
         reason under this Indenture Supplement (subject to subsections 4.12(c),
         4.12(d) and 4.12(f)), all Investment Earnings shall be deemed not to be
         available or on deposit; provided that after the maturity of the Series
         [200_-_] Notes has been accelerated as a result of an Event of Default,
         all Investment Earnings shall be added to the balance on deposit in the
         Spread Account and treated like the rest of the Available Spread
         Account Amount.

                  (c) If, on any Transfer Date, the aggregate amount of
         Available Finance Charge Collections [and the amount, if any, withdrawn
         from the Cash Collateral Account available for deposit into the
         Distribution Account] pursuant to subsection[s] 4.04(a)(iv) [and
         4.11(c), respectively,] is less than the aggregate amount required to
         be deposited pursuant to subsection 4.04(a)(iv), Indenture Trustee, at
         the written direction of Servicer, shall withdraw from the Spread
         Account the amount of such deficiency up to the Available Spread
         Account Amount and, if the Available Spread Account Amount is less than
         such deficiency, Investment Earnings credited to the Spread Account,
         and deposit such amount in the Distribution Account for payment to the
         Class C Noteholders in respect of interest on the Class C Notes.

                  (d) On the earlier of Series [200_-_] Final Maturity Date and
         the date on which the Class A Note Principal Balance and the Class B
         Note Principal Balance have been paid in full, after applying any funds
         on deposit in the Spread Account as described

                                       28
<PAGE>

         in subsection 4.12(c), Indenture Trustee at the written direction of
         Servicer shall withdraw from the Spread Account an amount equal to the
         lesser of (i) the Class C Note Principal Balance (after any payments to
         be made pursuant to subsection 4.04(c) on such date) and (ii) the
         Available Spread Account Amount and, if the Available Spread Account
         Amount is not sufficient to reduce the Class C Note Principal Balance
         to zero, Investment Earnings credited to the Spread Account up to the
         amount required to reduce the Class C Note Principal Balance to zero,
         and Indenture Trustee upon the written direction of Servicer or
         Servicer shall deposit such amounts into the Collection Account for
         distribution to the Class C Noteholders in accordance with subsection
         5.02(e).

                  (e) On any day following the occurrence of an Event of Default
         with respect to Series [200_-_] and acceleration of the maturity of the
         Series [200_-_] Notes pursuant to Section 5.03 of the Indenture,
         Servicer shall withdraw from the Spread Account an amount equal to the
         Available Spread Account Amount and Indenture Trustee or Servicer shall
         deposit such amounts into the Distribution Account for distribution to
         the Class C Noteholders until the Class C Note Principal Balance is
         paid in full[, to the Class A Noteholders until the Class A Note
         Principal Balance is paid in full,] [and to the Class B Noteholders
         until the Class B Note Principal Balance is paid in full,] [in that
         order of priority,] in accordance with Section 5.02, to fund any
         shortfalls in amounts owed to such Noteholders.

                  (f) If on any Transfer Date, after giving effect to all
         withdrawals from the Spread Account, the Available Spread Account
         Amount is less than the Required Spread Account Amount then in effect,
         Available Finance Charge Collections shall be deposited into the Spread
         Account pursuant to subsection 4.04(a)(vii) up to the amount of the
         Spread Account Deficiency and, if such Available Finance Charge
         Collections are less than such Spread Account Deficiency, investment
         earnings on funds on deposit in the Spread Account shall be held and
         not distributed pursuant to subsection 4.12(b) until such Spread
         Account Deficiency is reduced to zero through subsequent deposits
         pursuant to subsection 4.04(a)(vii).

                  (g) If, after giving effect to all deposits to and withdrawals
         from the Spread Account with respect to any Transfer Date, the amount
         on deposit in the Spread Account exceeds the Required Spread Account
         Amount, Indenture Trustee acting in accordance with the instructions of
         Servicer, shall withdraw an amount equal to such excess from the Spread
         Account and distribute such amount to Transferor. On the date on which
         the Class C Note Principal Balance has been paid in full, after making
         any payments to the Noteholders required pursuant to subsections
         4.12(c), (d) and (e), Indenture Trustee, at the written direction of
         Servicer, shall withdraw from the Spread Account all amounts then
         remaining in the Spread Account and pay such amounts to the holders of
         the Transferor Interest.

         SECTION 4.13. INVESTMENT INSTRUCTIONS. Any investment instructions
required to be given to Indenture Trustee pursuant to the terms hereof must be
given to Indenture Trustee no later than 11:00 a.m., New York City time, on the
date such investment is to be made. In the event Indenture Trustee receives such
investment instruction later than such time, Indenture Trustee may, but shall
have no obligation to, make such investment. In the event Indenture

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<PAGE>

Trustee is unable to make an investment required in an investment instruction
received by Indenture Trustee after 11:00 a.m., New York City time, on such day,
such investment shall be made by Indenture Trustee on the next succeeding
Business Day. In no event shall Indenture Trustee be liable for any investment
not made pursuant to investment instructions received after 11:00 a.m., New York
City time, on the day such investment is requested to be made.

         SECTION 4.14. ACCUMULATION PERIOD. The Accumulation Period is scheduled
to commence at the beginning of business on [_______], 200[_]; provided that if
the Accumulation Period Length (determined as described below) on any
Determination Date on or after the [______________] Determination Date is less
than [__] months, the date on which the Accumulation Period actually commences
will be changed to the first Business Day of the month that is the number of
whole months prior to the month in which the [Class A/B] Expected Principal
Payment Date occurs equal to the Accumulation Period Length (so that, as a
result of such election, the number of Monthly Periods in the Accumulation
Period will equal the Accumulation Period Length); provided that (i) the length
of the Accumulation Period will not be less than [___________] month[s], (ii)
such determination of the Accumulation Period Length shall be made on each
Determination Date on and after the [________, 20__] Determination Date but
prior to the commencement of the Accumulation Period, and any postponement of
the Accumulation Period shall be subject to the subsequent lengthening of the
Accumulation Period to the Accumulation Period Length determined on any
subsequent Determination Date, but the Accumulation Period shall in no event
commence prior to the Controlled Accumulation Date, and (iii) notwithstanding
any other provision of this Indenture Supplement to the contrary, no
postponement of the commencement of the Accumulation Period shall be made after
a Pay Out Event shall have occurred and be continuing with respect to any other
Series. The "Accumulation Period Length" will mean a number of whole months such
that the amount available for distribution of principal on the Class A Notes
[and] the Class B Notes [and the Class C Notes] on the [Class A/B] Expected
Principal Payment Date is expected to equal or exceed the sum of the Class A
Note Principal Balance [and the] Class B Note Principal Balance [and the Class C
Note Principal Balance], assuming for this purpose that (1) the payment rate
with respect to Principal Collections remains constant at the lowest level of
such payment rate during the [___] preceding Monthly Periods (or such lower
payment rate as Servicer may select), (2) the total amount of Principal
Receivables in the Trust (and the principal amount on deposit in the Excess
Funding Account, if any) remains constant at the level on such date of
determination, (3) no Pay Out Event with respect to any Series will subsequently
occur and (4) no additional Series (other than any Series being issued on such
date of determination) will be subsequently issued. Servicer shall calculate the
Accumulation Period Length on each Determination Date on and after the [_______]
Determination Date as necessary to determine whether the Accumulation Period is
postponed and to set the Reserve Account Funding Date. If the calculation
results in a postponement, Servicer shall provide notice to Indenture Trustee,
Transferor, Issuer and each Rating Agency. Any notice by Servicer confirming the
postponement of the Accumulation Period pursuant to this Section 4.14 shall
specify (i) the Accumulation Period Length, (ii) the commencement date of the
Accumulation Period and (iii) the Controlled Accumulation Amount with respect to
each Monthly Period during the Accumulation Period. The method for determining
the Accumulation Period Length may be changed if the Rating Agency Condition is
met.

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<PAGE>

         SECTION 4.15 SUSPENSION OF ACCUMULATION PERIOD.

                  (a) Servicer may elect to suspend the commencement of the
         Accumulation Period with prior notice to the Rating Agencies, at any
         time prior to the Distribution Date preceding the [Class A/B] Expected
         Principal Payment Date. The commencement of the Accumulation Period
         shall be suspended upon delivery by Servicer to Indenture Trustee of
         (i) an Officer's Certificate stating that Servicer has elected to
         suspend the commencement of the Accumulation Period and that all
         conditions precedent to such suspension set forth in this Section 4.15
         have been satisfied, (ii) a copy of an executed Qualified Maturity
         Agreement and (iii) an Opinion of Counsel addressed to Indenture
         Trustee as to the due authorization, execution and delivery and the
         validity and enforceability of such Qualified Maturity Agreement.
         Issuer does hereby transfer, assign, set-over, and otherwise convey to
         Indenture Trustee for the benefit of the Series [200_-_] Noteholders,
         without recourse, all of its rights under any Qualified Maturity
         Agreement obtained in accordance with this Section 4.15 and all
         proceeds thereof. Such property shall constitute part of the Trust
         Estate and Collateral for all purposes of the Indenture. The foregoing
         transfer, assignment, set-over and conveyance does not constitute and
         is not intended to result in a creation or an assumption by Indenture
         Trustee or any Noteholder of any obligation of Issuer or any other
         Person in connection with a Qualified Maturity Agreement or under any
         agreement or instrument relating thereto.

                  Indenture Trustee hereby acknowledges its acceptance, to the
         extent validly transferred, assigned, set-over or otherwise conveyed to
         Indenture Trustee, for the benefit of the Series [200_-_] Noteholders,
         of all of the rights previously held by Issuer under any Qualified
         Maturity Agreement obtained by Issuer and all proceeds thereof, and
         declares that it shall hold such rights upon the trust set forth herein
         and in the Agreement, and subject to the terms hereof and thereof, for
         the benefit of the Series [200_-_] Noteholders.

                  (b) Each Qualified Maturity Agreement shall obligate the
         provider to deposit into the Principal Accumulation Account on or
         before the [Expected Principal Payment Date an amount equal to the
         initial Note Principal Balance (reduced by any amount on deposit in the
         Principal Accumulation Account)] [Class A/B Expected Principal Payment
         Date an amount equal to the initial Note Principal Balance (excluding
         the Class C Note Initial Principal Balance and reduced by any amount on
         deposit in the Principal Accumulation Account) and a further deposit
         into the Principal Accumulation Account on or before the Class C
         Expected Principal Payment Date in an amount equal to the Class C Note
         Principal Balance]; provided, however, that Issuer may instead elect to
         fund all or a portion of such deposits with the proceeds of the
         issuance of a new Series or with the Available Principal Collections
         with respect to such Transfer Date. The amounts so deposited shall be
         applied on the [Class A/B] Expected Principal Payment Date [and the
         Class C Expected Principal Payment Date, respectively,] pursuant to
         subsection 4.04(c) as if the commencement of the Accumulation Period
         had not been suspended.

                  (c) Each Qualified Maturity Agreement shall terminate at the
         close of business on the [Class A/B] Expected Principal Payment Date;
         provided, however, that Servicer may terminate a Qualified Maturity
         Agreement prior to such Distribution Date,

                                       31
<PAGE>

         with notice to each Rating Agency, if (i) the Available Reserve Account
         Amount equals the Required Reserve Account Amount and (ii) one of the
         following events occurs: (A) Issuer obtains a substitute Qualified
         Maturity Agreement, (B) the provider of the Qualified Maturity
         Agreement ceases to qualify as a Qualified Institution and Issuer is
         unable to obtain a substitute Qualified Maturity Agreement or (C) a Pay
         Out Event occurs. In addition, if the available Reserve Account Amount
         equals the Required Reserve Account Amount, Servicer may terminate a
         Qualified Maturity Agreement prior to the later of (1) the date on
         which the Accumulation Period was scheduled to begin, before giving
         effect to the suspension of the Accumulation Period, and (2) the date
         to which the commencement of the Accumulation Period is postponed
         pursuant to Section 4.14 (as determined on the Determination Date
         preceding the date of such termination), in which case the commencement
         of the Accumulation Period shall be determined as if the commencement
         had not been postponed. In the event that the provider of a Qualified
         Maturity Agreement ceases to qualify as a Qualified Institution,
         Servicer shall use its best efforts to obtain a substitute Qualified
         Maturity Agreement, unless a substitute Qualified Maturity Agreement is
         not required for any of the reasons listed in this subsection (c).

                  (d) If a Qualified Maturity Agreement is terminated prior to
         the earlier of the [Class A/B] [Class C] Expected Principal Payment
         Date and the commencement of the Rapid Amortization Period and Issuer
         does not obtain a substitute Qualified Maturity Agreement, the
         Accumulation Period shall commence on the latest of (i) the beginning
         of business on [_____________], 20[__], (ii) the date to which the
         commencement of the Accumulation Period is postponed pursuant to
         Section 4.l4 (as determined on the date of such termination) and (iii)
         the first day of the Monthly Period following the date of such
         termination. The Issuer shall notify the Rating Agencies if it intends
         to terminate a Qualified Maturity Agreement prior to the [Class A/B]
         [Class C] Expected Principal Payment Date.

                  (e) The Issuer does hereby transfer, assign, set-over, and
         otherwise convey to the Indenture Trustee for the benefit of the Series
         200_-_] Noteholders, without recourse, all of its rights under any
         Qualified Maturity Agreement obtained in accordance with this Section
         4.15 and all proceeds thereof. Such property shall constitute part of
         the Trust Estate for all purposes of the Indenture. The foregoing
         transfer, assignment, set-over and conveyance does not constitute and
         is not intended to result in a creation or an assumption by Indenture
         Trustee or any Noteholder of any obligation of the Issuer or any other
         Person in connection with a Qualified Maturity Agreement or under any
         agreement or instrument relating thereto.

                  Indenture Trustee hereby acknowledges its acceptance, to the
         extent validly transferred, assigned, set-over or otherwise conveyed to
         Indenture Trustee, for the benefit of the Series [200_-_] Noteholders,
         of all of the rights previously held by Issuer under any Qualified
         Maturity Agreement obtained by Issuer and all proceeds thereof, and
         declares that it shall hold such rights upon the trust set forth herein
         and in the Agreement, and subject to the terms hereof and thereof, for
         the benefit of the Series [200_-_] Noteholders.

                                       32
<PAGE>

         [SECTION 4.16. DETERMINATION OF LIBOR.

                  (a) On each LIBOR Determination Date in respect of an Interest
         Period, Indenture Trustee shall determine LIBOR on the basis of the
         rate for deposits in United States dollars for a period of the
         Designated Maturity which appears on Telerate Page 3750 as of 11:00
         a.m., London time, on such date. If such rate does not appear on
         Telerate Page 3750, the rate for that LIBOR Determination Date shall be
         determined on the basis of the rates at which deposits in United States
         dollars are offered by the Reference Banks at approximately 11:00 a.m.,
         London time, on that day to prime banks in the London interbank market
         for a period of the Designated Maturity. Indenture Trustee shall
         request the principal London office of each of the Reference Banks to
         provide a quotation of its rate. If at least two (2) such quotations
         are provided, the rate for that Interest Period shall be the arithmetic
         mean of the quotations. If fewer than two (2) quotations are provided
         as requested, the rate for that Interest Period will be the arithmetic
         mean of the rates quoted by major banks in New York City, selected by
         Servicer, at approximately 11:00 a.m., New York City time, on that day
         for loans in United States dollars to leading European banks for a
         period of the Designated Maturity.

                  (b) The Class A Note Interest Rate, Class B Note Interest Rate
         and Class C Note Interest Rate applicable to the then current and the
         immediately preceding Interest Periods may be obtained by telephoning
         Indenture Trustee at its corporate trust office at [(312) 827-8500] or
         such other telephone number as shall be designated by Indenture Trustee
         for such purpose by prior written notice by Indenture Trustee to each
         Series [200_-_] Noteholder from time to time.

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

         SECTION 4.17 INTERCHANGE. On or prior to each Determination Date,
Transferor shall cause FNBO to notify Servicer of the amount of Interchange to
be included as Collections of Finance Charge Receivables allocable to the Series
[200_-_] Notes with respect to the Related Monthly Period, which amount shall be
equal to the product of:

                  (a) the total amount of Interchange paid or payable to FNBO
         with respect to such Related Monthly Period;

                  (b) a fraction the numerator of which is the volume during the
         Related Monthly Period of sales net of cash advances on the Accounts
         and the denominator of which is the amount of sales net of cash
         advances during the Related Monthly Period on all VISA and MasterCard
         accounts owned by FNBO; and

                  (c) the Allocation Percentage for Finance Charge Collections
         with respect to such Related Monthly Period.

On each Transfer Date, Transferor shall pay to Servicer, and Servicer shall
deposit into the Collection Account, in immediately available funds, an amount
equal to the Interchange to be so included as Collections of Finance Charge
Receivables allocable to the Series [200_-_] Notes

                                       33
<PAGE>

with respect to the Related Monthly Period. Transferor hereby assigns, sets
over, conveys, pledges and grants a security interest and lien to Indenture
Trustee for the benefit of the Series [200_-_] Noteholders its security interest
in Interchange and the proceeds of Interchange, as set forth in this Section
4.17. In connection with the foregoing grant of a security interest, this
Indenture Supplement shall constitute a security agreement under applicable law.
To the extent that an Indenture Supplement for a related Series, other than
Series [200_-_], assigns, sets over, conveys, pledges or grants a security
interest in Interchange allocable to the Trust, all Notes of any such Series
(except that any Series may be subordinated to the Series [200_-_] Notes to the
extent specified in any such Indenture Supplement) and the Series [200_-_] Notes
shall rank pari passu and be equally and ratably entitled in accordance with
their respective allocation percentages for Finance Charge Collections as
provided herein to the benefits of such Interchange without preference or
priority on account of the actual time or times of authentication and delivery,
all in accordance with the terms and provisions of this Indenture Supplement and
other related Indenture Supplements.

         [SECTION 4.18. PRE-FUNDING ACCOUNT.

                  (a) Indenture Trustee shall establish and maintain with a
         Qualified Institution, in the name of Issuer, on behalf of Issuer, for
         the benefit of the Series [200_-_] Noteholders, a segregated trust
         account (the "Pre-Funding Account"), bearing a designation clearly
         indicating that the funds deposited therein are held for the benefit of
         the Series [200_-_] Noteholders. Indenture Trustee shall possess all
         right, title and interest in all funds on deposit from time to time in
         the Pre-Funding Account and in all proceeds thereof. The Pre-Funding
         Account shall be under the sole dominion and control of Indenture
         Trustee for the benefit of the Series [200_-_] Noteholders. If at any
         time the institution holding the Pre-Funding Account ceases to be a
         Qualified Institution, Transferor shall notify Indenture Trustee, and
         Indenture Trustee upon being notified (or Servicer on its behalf)
         shall, within ten (10) Business Days, establish a new Pre-Funding
         Account meeting the conditions specified above with a Qualified
         Institution, and shall transfer any cash or any investments to such new
         Pre-Funding Account.

                  (b) Transferor shall on the Closing Date deposit into the
         Pre-Funding Account the Initial Pre-Funded Amount from the proceeds of
         the sale of the Series [200_-_] Notes. On the Business Day preceding
         each Transfer Date, Indenture Trustee, acting in accordance with
         written instructions from Servicer, shall withdraw from the Pre-Funding
         Account and deposit into the Collection Account all interest and other
         investment income on the Pre-Funded Amount with respect to the prior
         Monthly Period. Such investment income shall be deemed to be Finance
         Charge Collections allocated to Series [200_-_]. Interest (including
         reinvested interest) and other investment income on funds on deposit in
         the Pre-Funding Account shall not be considered part of the Pre-Funded
         Amount for purposes of this Indenture Supplement.

                  (c) Funds on deposit in the Pre-Funding Account shall be
         invested at the written direction of Servicer by Indenture Trustee in
         Permitted Investments. Funds on deposit in the Pre-Funding Account on
         the Closing Date and thereafter shall be invested

                                       34
<PAGE>

         in Permitted Investments that will mature so that such funds will be
         available for withdrawal on or prior to the Business Day preceding the
         next increase in the Collateral Amount pursuant to subsection 4.18(e)
         or, if earlier, on the next succeeding Transfer Date.

                  (d) If the Pre-Funded Amount exceeds zero at the end of the
         Funding Period, on the first Distribution Date on or after the last day
         of the Funding Period, Servicer shall apply or shall cause Indenture
         Trustee to apply the Pre-Funded Amount to the payment by Indenture
         Trustee of principal on the Notes on a pro rata basis based on the
         Class A Note Principal Balance, the Class B Note Principal Balance and
         the Class C Note Principal Balance.

                  (e) On each Distribution Date during the Funding Period, the
         Collateral Amount shall increase to the extent that the Transferor
         Interest will not be less than the Minimum Transferor Interest on such
         date (in each case after giving effect to all changes to occur on that
         date, including the change resulting from the operation of this Section
         4.18); provided, however, that the Collateral Amount shall in no event
         exceed the Note Principal Balance. Upon any increase in the Collateral
         Amount pursuant to this Section 4.18, Servicer shall instruct Indenture
         Trustee in writing to withdraw from the Pre-Funding Account and pay to
         Transferor no later than the next succeeding Business Day an amount
         equal to the amount of such increase in the Collateral Amount.]

                                   ARTICLE V

                DELIVERY OF SERIES [200_-_] NOTES; DISTRIBUTIONS;
                     REPORTS TO SERIES [200_-_] NOTEHOLDERS

         SECTION 5.01. DELIVERY AND PAYMENT FOR THE SERIES [200_-_] NOTES.
Issuer shall execute and issue, and Indenture Trustee shall authenticate, the
Series [200_-_] Notes in accordance with Section 2.03 of the Indenture.
Indenture Trustee shall deliver the Series [200_-_] Notes to or upon the written
order of Issuer when so authenticated.

         SECTION 5.02. DISTRIBUTIONS.

                  (a) On each Distribution Date, Indenture Trustee shall
         distribute to each Class A Noteholder of record on the related Record
         Date (other than as provided in Section 11.02 of the Indenture) such
         Class A Noteholder's pro rata share of the amounts on deposit in the
         Distribution Account [(including amounts withdrawn from the Spread
         Account (at the times and in the amounts specified in Section 4.12))]
         that are allocated and available on such Distribution Date and that are
         payable to the Class A Noteholders pursuant to this Indenture
         Supplement.

                  (b) On each Distribution Date, Indenture Trustee shall
         distribute to each Class B Noteholder of record on the related Record
         Date (other than as provided in Section 11.02 of the Indenture) such
         Class B Noteholder's pro rata share of the amounts on deposit in the
         Distribution Account [(including amounts withdrawn from the Spread

                                       35
<PAGE>

         Account (at the times and in the amounts specified in Section 4.12))]
         that are allocated and available on such Distribution Date and that are
         payable to the Class B Noteholders pursuant to this Indenture
         Supplement.

                  (c) On each Distribution Date, Indenture Trustee shall
         distribute to each Class C Noteholder of record on the related Record
         Date (other than as provided in Section 11.02 of the Indenture) such
         Class C Noteholder's pro rata share of the amounts on deposit in the
         Distribution Account (including amounts withdrawn from the Spread
         Account (at the times and in the amounts specified in Section 4.12))
         that are allocated and available on such Distribution Date and that are
         payable to the Class C Noteholders pursuant to this Indenture
         Supplement.

                  (d) The distributions to be made pursuant to this Section 5.02
         are subject to the provisions of Sections 6.01 and 7.01 of the Transfer
         and Servicing Agreement, Section 11.02 of the Indenture and Section
         7.01 of this Indenture Supplement.

                  (e) Except as provided in Section 11.02 of the Indenture with
         respect to a final distribution, distributions to [200_-_] Noteholders
         hereunder shall be made by (i) check mailed to each Series [200_-_]
         Noteholder (at such Noteholder's address as it appears in the Note
         Register), except that for any Series [200_-_] Notes registered in the
         name of the nominee of a Clearing Agency [and for the Class C Notes],
         such distribution shall be made by wire transfer of immediately
         available funds and (ii) without presentation or surrender of any
         Series [200_-_] Note or the making of any notation thereon.

         SECTION 5.03. REPORTS AND STATEMENTS TO SERIES [200_-_] NOTEHOLDERS.

                  (a) On each Distribution Date, Indenture Trustee shall forward
         to each Series [200_-_] Noteholder a statement substantially in the
         form of Exhibit C prepared by Servicer.

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

                  (c) A copy of each statement or certificate provided pursuant
         to paragraph (a) or (b) may be obtained by any Series [200_-_]
         Noteholder by a request in writing to Servicer.

                  (d) On or before January 31 of each calendar year, beginning
         with January 31, 2002, Indenture Trustee shall furnish or cause to be
         furnished to each Person who at any time during the preceding calendar
         year was a Series [200_-_] Noteholder, a statement prepared by Servicer
         containing the information which is required to be contained in the
         statement to Series [200_-_] Noteholders, as set forth in paragraph (a)
         above, aggregated for such calendar year or the applicable portion
         thereof during which such Person was a Series [200_-_] Noteholder,
         together with other information as is required to be provided

                                       36
<PAGE>

         by an issuer of indebtedness under the Code. Such obligation of
         Indenture Trustee shall be deemed to have been satisfied to the extent
         that substantially comparable information shall be provided by Servicer
         pursuant to any requirements of the Code as from time to time in
         effect.

                                   ARTICLE VI

                         SERIES [200_-_] PAY OUT EVENTS

         If any one of the following events shall occur with respect to the
Series [200_-_] Notes:

                  (a) failure on the part of Transferor or the "Transferor"
         under the Pooling and Servicing Agreement (i) to make any payment or
         deposit required to be made by it by the terms of the Pooling and
         Servicing Agreement, the Collateral Series Supplement, the Transfer and
         Servicing Agreement, the Indenture or this Indenture Supplement on or
         before the date occurring five (5) Business Days after the date such
         payment or deposit is required to be made therein or herein or (ii)
         duly to observe or perform in any material respect any other of its
         covenants or agreements set forth in the Transfer and Servicing
         Agreement, the Pooling and Servicing Agreement, Collateral Series
         Supplement, the Indenture or this Indenture Supplement, which failure
         has a material adverse effect on the Series [200_-_] Noteholders which
         continues unremedied for a period of sixty (60) days after the date on
         which written notice of such failure, requiring the same to be
         remedied, shall have been given to Transferor by Indenture Trustee, or
         to Transferor and Indenture Trustee by Holders of Series [200_-_] Notes
         evidencing more than 25% of the Note Principal Balance and which
         continues to materially and adversely affect the interest of the Series
         [200_-_] Noteholders;

                  (b) any representation or warranty made by Transferor or the
         "Transferor" under the Pooling and Servicing Agreement or the Transfer
         and Servicing Agreement, or any supplement to either of them, shall
         prove to have been incorrect in any material respect when made or when
         delivered, which continues to be incorrect in any material respect for
         a period of sixty (60) days after the date on which written notice of
         such failure, requiring the same to be remedied, shall have been given
         to Transferor by Indenture Trustee, or to Transferor and Indenture
         Trustee by Holders of Series [200_-_] Notes evidencing more than 25% of
         the Note Principal Balance and which continues to materially and
         adversely affect the interest of the Series [200_-_] Noteholders for
         such period; provided, however, that a Series [200_-_] Pay Out Event
         pursuant to this subsection (b) of Article VI shall not be deemed to
         have occurred hereunder if Transferor has accepted reassignment of the
         related Receivable, or all of such Receivables, if applicable, during
         such period in accordance with the provisions of the Transfer and
         Servicing Agreement or the Pooling and Servicing Agreement;

                                       37
<PAGE>

                  (c) a failure by Transferor or the "Transferor" under the
         Pooling and Servicing Agreement to convey Receivables in Additional
         Accounts to the Receivables Trust within five (5) Business Days after
         the day on which it is required to convey such Receivables pursuant to
         subsection 2.06(a) of the Transfer and Servicing Agreement or
         subsection 2.06(a) of the Pooling and Servicing Agreement,
         respectively, provided that such failure shall not give rise to a Pay
         Out Event if, prior to the date on which such conveyance was required
         to be completed, Transferor causes a reduction in the invested amount
         of any Variable Interest or any variable funding certificate issued
         under the Pooling and Servicing Agreement to occur, so that, after
         giving effect to that reduction, the Transferor Interest is not less
         than the Minimum Transferor Interest;

                  (d) any Servicer Default or any "Servicer Default" under the
         Pooling and Servicing Agreement shall occur that would have a material
         adverse effect on the Series [200_-_] Noteholders;

                  (e) the Portfolio Yield averaged over three consecutive
         Monthly Periods is less than the Base Rate averaged over such period;

                  (f) the Class A Note Principal Balance or the Class B Note
         Principal Balance shall not be paid in full on the Class A/B Expected
         Principal Payment Date or the Class C Note Principal Balance shall not
         be paid in full on the Class C Expected Principal Payment Date,
         respectively;

                  (g) without limiting the foregoing, the occurrence of an Event
         of Default with respect to Series [200_-_] and acceleration of the
         maturity of the Series [200_-_] Notes pursuant to Section 5.03 of the
         Indenture; or

                  (h) prior to the Certificate Trust Termination Date, the
         occurrence of a Trust Pay Out Event as defined in the Pooling and
         Servicing Agreement and specified in Section 9.01 of that Agreement;

then, in the case of any event described in subsection (a), (b) or (d), after
the applicable grace period, if any, set forth in such subparagraphs, either
Indenture Trustee or the holders of Series [200_-_] Notes evidencing more than
50% of the aggregate unpaid principal amount of Series [200_-_] Notes by notice
then given in writing to Transferor and Servicer (and to Indenture Trustee if
given by the Series [200_-_] Noteholders) may declare that a "Series Pay Out
Event" with respect to Series [200_-_] (a "Series [200_-_] Pay Out Event") has
occurred as of the date of such notice, and, in the case of any event described
in subsection (c), (e), (f), (g) or (h) a Series [200_-_] Pay Out Event shall
occur without any notice or other action on the part of Indenture Trustee or the
Series [200_-_] Noteholders immediately upon the occurrence of such event.

                                       38
<PAGE>

                                  ARTICLE VII

                                   REDEMPTION;
                     FINAL DISTRIBUTIONS; SERIES TERMINATION

         SECTION 7.01. OPTIONAL REDEMPTION OF SERIES [200_-_] NOTES; FINAL
DISTRIBUTIONS.

                  (a) On any day occurring on or after the date on which the
         outstanding principal balance of the Series [200_-_] Notes is reduced
         to 10% or less of the initial Note Principal Balance of the Series
         [200_-_] Notes, Servicer shall have the option to direct Transferor to
         redeem the Series [200_-_] Notes, at a purchase price equal to (i) if
         such day is a Distribution Date, the Reassignment Amount for such
         Distribution Date or (ii) if such day is not a Distribution Date, the
         Reassignment Amount for the Distribution Date following such day.

                  (b) Servicer shall give Indenture Trustee at least thirty (30)
         days' prior written notice of the date on which Servicer intends to
         direct Transferor to make such optional redemption. Not later than
         12:00 noon, New York City time, on such day Transferor shall deposit
         into the Collection Account in immediately available funds the excess
         of the Reassignment Amount over the amount, if any, on deposit in the
         Principal Accumulation Account. Such redemption option is subject to
         payment in full of the Reassignment Amount. Following such deposit into
         the Collection Account in accordance with the foregoing, the Collateral
         Amount for Series [200_-_] shall be reduced to zero and the Series
         [200_-_] Noteholders shall have no further security interest in the
         Receivables. The Reassignment Amount shall be distributed as set forth
         in subsection 7.01(d).

                  (c) The amount to be paid by Transferor with respect to Series
         [200_-_] in connection with a reassignment of Receivables to Transferor
         pursuant to Section 2.04(e) of the Transfer and Servicing Agreement or
         Section 2.04(e) of the Pooling and Servicing Agreement shall equal the
         Reassignment Amount for the Distribution Date related to the
         Reassignment Date.

                  (d) With respect to (a) the Reassignment Amount deposited into
         the Collection Account pursuant to this Section 7.01 or (b) the
         proceeds of any sale of Receivables pursuant to Section 5.05(a)(iii) of
         the Indenture with respect to Series [200_-_], Indenture Trustee shall,
         in accordance with the written direction of Servicer, not later than
         12:00 noon, New York City time, on the related Distribution Date, make
         distributions of the following amounts (in the priority set forth below
         and, in each case, after giving effect to any deposits and
         distributions otherwise to be made on such date) in immediately
         available funds: (i) (x) the Class A Note Principal Balance on such
         Distribution Date will be distributed to the Class A Noteholders and
         (y) an amount equal to the sum of (A) Class A Monthly Interest Payment
         for such Distribution Date, (B) any Class A Interest Shortfall for such
         Distribution Date and (C) the amount of Class A Default Interest, if
         any, for such Distribution Date and any Class A Default Interest
         previously due but not distributed to the Class A Noteholders on any
         prior Distribution Date, will be distributed to the Class A
         Noteholders, (ii) (x) the Class B Note Principal Balance on such
         Distribution Date will be distributed to the Class B Noteholders and
         (y) an amount equal to the sum of (A) Class B Monthly Interest Payment
         for such Distribution Date, (B) any Class B Interest Shortfall for such
         Distribution Date and (C) the amount of Class B Default Interest, if
         any, for such Distribution Date and any Class B Default Interest
         previously due but not distributed to the Class B Noteholders on any
         prior Distribution Date, will be distributed to the Class B
         Noteholders, (iii) (x) the Class C Note Principal Balance on such
         Distribution Date will be distributed to the Class C Noteholders and

                                       39
<PAGE>

         (y) an amount equal to the sum of (A) Class C Monthly Interest Payment
         for such Distribution Date, (B) any Class C Interest Shortfall for such
         Distribution Date, (C) the amount of Class C Default Interest, if any,
         for such Distribution Date and any Class C Default Interest previously
         due but not distributed to the Class C Noteholders on any prior
         Distribution Date [and (D) any other amounts owed to the Class C
         Noteholders under the Class C Note Purchase Agreement will be
         distributed to the Class C Noteholders] and (iv) any excess shall be
         released to Issuer.

         SECTION 7.02. SERIES TERMINATION. On the Series [200_-_] Final Maturity
Date, the unpaid principal amount of the Series [200_-_] Notes shall be due and
payable, and the right of the Series [200_-_] Noteholders to receive payments
from Issuer will be limited solely to the right to receive payments pursuant to
Section 5.05 of the Indenture.

                                  ARTICLE VIII

                            MISCELLANEOUS PROVISIONS

         SECTION 8.01. RATIFICATION OF INDENTURE; AMENDMENTS. As supplemented by
this Indenture Supplement, the Indenture is in all respects ratified and
confirmed and the Indenture as so supplemented by this Indenture Supplement
shall be read, taken and construed as one and the same instrument. This
Indenture Supplement may be amended only by a Supplemental Indenture entered in
accordance with the terms of Section 10.01 or 10.02 of the Indenture. For
purposes of the application of Section 10.02 to any amendment of this Indenture
Supplement, the Series [200_-_] Noteholders shall be the only Noteholders whose
vote shall be required.

         SECTION 8.02. FORM OF DELIVERY OF THE SERIES [200_-_] NOTES. The Class
A Notes [and] [the Class B Notes] [and the Class C Notes] shall be Book-Entry
Notes and shall be delivered as Registered Notes to [ ] as provided in Sections
2.01, 2.03 and 2.12 of the Indenture. [The Class C Notes shall be Definitive
Notes and shall be registered in the Note Register in the name of the initial
purchaser of the Class C Notes identified in the Class C Note Purchase
Agreement.]

         SECTION 8.03. COUNTERPARTS. This Indenture Supplement may be executed
in two or more counterparts, and by different parties on separate counterparts,
each of which shall be an original, but all of which shall constitute one and
the same instrument.

         SECTION 8.04. GOVERNING LAW. THIS INDENTURE 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.

                                       40
<PAGE>

         SECTION 8.05. LIMITATION OF LIABILITY. Notwithstanding any other
provision herein or elsewhere, this Agreement has been executed and delivered by
Wilmington Trust Company, not in its individual capacity, but solely in its
capacity as Owner Trustee of the Trust, in no event shall Wilmington Trust
Company, in its individual capacity, have any liability in respect of the
representations, warranties, or obligations of Issuer hereunder or under any
other document, as to all of which recourse shall be had solely to the assets of
Issuer, and for all purposes of this Agreement and each other document, Owner
Trustee (as such or in its individual capacity) shall be subject to, and
entitled to the benefits of, the terms and provisions of the Trust Agreement.

         SECTION 8.06. RIGHTS OF INDENTURE TRUSTEE. Indenture Trustee shall have
herein the same rights, protections, indemnities and immunities as specified in
the Master Indenture.

         SECTION 8.07. ADDITIONAL REQUIREMENTS FOR REGISTRATION OF AND
LIMITATIONS ON TRANSFER AND EXCHANGE OF NOTES. (a) All transfers will be subject
to the transfer restrictions set forth on the Notes, [and (b) the Class C Notes
will be subject to limitations on transfer and exchange set forth in the Class C
Note Purchase Agreement].

                            [Signature page follows]

                                       41
<PAGE>

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

                                  FIRST NATIONAL MASTER NOTE TRUST, as Issuer

                                  By Wilmington Trust Company, not in its
                                     individual capacity, but solely as Owner
                                     Trustee

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

                                  THE BANK OF NEW YORK,
                                  as Indenture Trustee

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

Acknowledged and Accepted:

FIRST NATIONAL BANK OF OMAHA,
as Servicer

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

FIRST NATIONAL FUNDING LLC,
as Transferor

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

                       INDENTURE SUPPLEMENT SIGNATURE PAGE

                                       42
<PAGE>

                                   EXHIBIT A-1

       FORM OF CLASS A [FLOATING RATE] ASSET BACKED NOTE, SERIES [200_-_]

         UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO ISSUER OR ITS AGENT
FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS
REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO
SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.

         THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF COVENANTS AND AGREES
THAT IT WILL NOT AT ANY TIME INSTITUTE AGAINST FIRST BANKCARD MASTER CREDIT CARD
TRUST, A COMMON LAW TRUST ORGANIZED UNDER THE LAWS OF NEBRASKA ("FBMCCT"), FIRST
NATIONAL FUNDING CORPORATION, A NEBRASKA BUSINESS CORPORATION ("FNFC"),
TRANSFEROR OR ISSUER, OR SOLICIT OR JOIN OR COOPERATE WITH OR ENCOURAGE ANY
INSTITUTION IN INSTITUTING AGAINST FBMCCT, FNFC, TRANSFEROR OR ISSUER, ANY
BANKRUPTCY, REORGANIZATION, ARRANGEMENT, INSOLVENCY OR LIQUIDATION PROCEEDINGS,
OR OTHER PROCEEDINGS UNDER ANY UNITED STATES FEDERAL OR STATE BANKRUPTCY OR
SIMILAR LAW IN CONNECTION WITH ANY OBLIGATION RELATING TO THE NOTES, THE
INDENTURE OR ANY OF THE TRANSACTION DOCUMENTS.

         THE HOLDER OF THIS CLASS A NOTE, BY ACCEPTANCE OF THIS NOTE, AND EACH
HOLDER OF A BENEFICIAL INTEREST THEREIN, AGREE TO TREAT THE CLASS A NOTES AS
INDEBTEDNESS OF ISSUER FOR APPLICABLE FEDERAL, STATE, AND LOCAL INCOME AND
FRANCHISE TAX LAW AND FOR PURPOSES OF ANY OTHER TAX IMPOSED ON, OR MEASURED BY,
INCOME.

         THE HOLDER OF THIS CLASS A NOTE SHALL BE DEEMED TO REPRESENT AND
WARRANT THAT EITHER (I) IT IS NOT ACQUIRING THE NOTE WITH THE PLAN ASSETS OF AN
"EMPLOYEE BENEFIT PLAN" AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT
INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA"), WHICH IS SUBJECT TO TITLE I
OF ERISA, A "PLAN" AS DEFINED IN SECTION 4975 OF THE INTERNAL REVENUE CODE OF
1986, AS AMENDED (THE "CODE"), AN ENTITY DEEMED TO HOLD THE PLAN ASSETS OF ANY
OF THE FOREGOING BY REASON OF INVESTMENT BY AN EMPLOYEE BENEFIT PLAN OR PLAN IN
SUCH ENTITY, OR A GOVERNMENTAL PLAN SUBJECT TO APPLICABLE LAW THAT IS
SUBSTANTIALLY SIMILAR TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF ERISA OR
SECTION 4975 OF THE CODE (EACH SUCH ENTITY A "BENEFIT PLAN"); OR (II) THE

<PAGE>
ACQUISITION AND HOLDING OF THE CLASS A NOTE WILL NOT GIVE RISE TO A NON-EXEMPT
PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE
(OR, IN THE CASE OF A GOVERNMENTAL PLAN, ANY SUBSTANTIALLY SIMILAR APPLICABLE
LAW).

                                      A1-2
<PAGE>

REGISTERED                                                      $              *
                                                                ----------------
No. R-                                                          CUSIP NO.
      ----------                                                         -------

                        FIRST NATIONAL MASTER NOTE TRUST

           CLASS A [FLOATING RATE] ASSET BACKED NOTE, SERIES [200_-_]

         First National Master Note Trust (herein referred to as "Issuer"), a
Delaware statutory business trust governed by a Trust Agreement dated as of [ ],
2002, for value received, hereby promises to pay to Cede & Co., or registered
assigns, subject to the following provisions, the principal sum of DOLLARS, or
such greater or lesser amount as determined in accordance with the Indenture, on
the [ ] 200[ ] Distribution Date, except as otherwise provided below or in the
Indenture. Issuer will pay interest on the unpaid principal amount of this Note
at the Class A Note Interest Rate on each Distribution Date until the principal
amount of this Note is paid in full. Interest on this Note will accrue for each
Distribution Date from and including the most recent Distribution Date on which
interest has been paid to but excluding such Distribution Date or, for the
initial Distribution Date, from and including the Closing Date to but excluding
such Distribution Date. Interest will be computed on the basis of a 360-day year
and the actual number of days elapsed. Principal of this Note shall be paid in
the manner specified in the Indenture Supplement referred to on the reverse
hereof.

         The principal of and interest on this Note are payable in such coin or
currency of the United States of America as at the time of payment is legal
tender for payment of public and private debts.

         Reference is made to the further provisions of this Note set forth on
the reverse hereof, which shall have the same effect as though fully set forth
on the face of this Note.

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

--------

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

                                      A1-3
<PAGE>

         IN WITNESS WHEREOF, Issuer has caused this Class A Note to be duly
executed.

                                       FIRST NATIONAL MASTER NOTE TRUST,
                                       as Issuer

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

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

Dated:                    , 200[   ]
      --------------------      ---

                                      A1-4
<PAGE>

                INDENTURE TRUSTEE'S CERTIFICATE OF AUTHENTICATION

         This is one of the Class A Notes described in the within-mentioned
Indenture.

                                        THE BANK OF NEW YORK,
                                        as Indenture Trustee

                                        By
                                          --------------------------------------
                                          Authorized Signatory

                                        Dated
                                             -----------------------------------

                                      A1-5
<PAGE>

                        FIRST NATIONAL MASTER NOTE TRUST

           CLASS A [FLOATING RATE] ASSET BACKED NOTE, SERIES [200_-_]

                         SUMMARY OF TERMS AND CONDITIONS

         This Class A Note is one of a duly authorized issue of Notes of Issuer,
designated as First National Master Note Trust, Series [200_-_] (the "Series
[200_-_] Notes"), issued under a Master Indenture dated as of [ ], 2002 (the
"Master Indenture"), between Issuer and The Bank of New York, as indenture
trustee (the "Indenture Trustee"), as supplemented by the Indenture Supplement
dated as of [ ], 200[ ] (the "Indenture Supplement"), and representing the right
to receive certain payments from Issuer. The term "Indenture," unless the
context otherwise requires, refers to the Master Indenture as supplemented by
the Indenture Supplement. The Notes are subject to all of the terms of the
Indenture. All terms used in this Note that are defined in the Indenture shall
have the meanings assigned to them in or pursuant to the Indenture. In the event
of any conflict or inconsistency between the Indenture and this Note, the
Indenture shall control.

         The Class B Notes and the Class C Notes will also be issued under the
Indenture.

         The Noteholder, by its acceptance of this Note, agrees that it will
look solely to the property of Issuer allocated to the payment of this Note for
payment hereunder and that neither Owner Trustee nor Indenture Trustee is liable
to the Noteholders for any amount payable under the Notes or the Indenture or,
except in the case of Indenture Trustee as expressly provided in the Indenture,
subject to any liability under the Indenture.

         This Note does not purport to summarize the Indenture and reference is
made to the Indenture for the interests, rights and limitations of rights,
benefits, obligations and duties evidenced thereby, and the rights, duties and
immunities of Indenture Trustee.

         THIS CLASS A NOTE DOES NOT REPRESENT AN OBLIGATION OF, OR AN INTEREST
IN, ISSUER, FIRST NATIONAL BANK OF OMAHA, FIRST NATIONAL FUNDING CORPORATION,
FIRST NATIONAL FUNDING LLC, OR ANY OF THEIR AFFILIATES, AND IS NOT INSURED OR
GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER
GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

         Issuer, Transferor, Indenture Trustee and any agent of Issuer,
Transferor or Indenture Trustee shall treat the person in whose name this Class
A Note is registered as the owner hereof for all purposes, and neither Issuer,
Transferor, Indenture Trustee nor any agent of Issuer, Transferor or Indenture
Trustee shall be affected by notice to the contrary.

         THIS CLASS A NOTE 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.

                                      A1-6
<PAGE>

                                   ASSIGNMENT

         Social Security or other identifying number of assignee
                                                                 ---------------

         FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers
unto _________________  (name and address of assignee) the within certificate
and all rights thereunder, and hereby irrevocably constitutes and appoints
____________________ attorney, to transfer said certificate on the books kept
for registration thereof, with full power of substitution in the premises.

Dated:                                                                        **
      ------------------------------         ---------------------------------
                                             Signature Guaranteed:

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

                                      A1-7
<PAGE>

                                   EXHIBIT A-2

       FORM OF CLASS B [FLOATING RATE] ASSET BACKED NOTE, SERIES [200_-_]

         UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO ISSUER OR ITS AGENT
FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS
REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO
SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.

         THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF COVENANTS AND AGREES
THAT IT WILL NOT AT ANY TIME INSTITUTE AGAINST FIRST BANKCARD MASTER CREDIT CARD
TRUST, A COMMON LAW TRUST ORGANIZED UNDER THE LAWS OF NEBRASKA ("FBMCCT"), FIRST
NATIONAL FUNDING CORPORATION, A NEBRASKA BUSINESS CORPORATION ("FNFC"),
TRANSFEROR OR ISSUER, OR SOLICIT OR JOIN OR COOPERATE WITH OR ENCOURAGE ANY
INSTITUTION IN INSTITUTING AGAINST FBMCCT, FNFC, TRANSFEROR OR ISSUER, ANY
BANKRUPTCY, REORGANIZATION, ARRANGEMENT, INSOLVENCY OR LIQUIDATION PROCEEDINGS,
OR OTHER PROCEEDINGS UNDER ANY UNITED STATES FEDERAL OR STATE BANKRUPTCY OR
SIMILAR LAW IN CONNECTION WITH ANY OBLIGATION RELATING TO THE NOTES, THE
INDENTURE OR ANY OF THE TRANSACTION DOCUMENTS.

         THE HOLDER OF THIS CLASS B NOTE, BY ACCEPTANCE OF THIS NOTE, AND EACH
HOLDER OF A BENEFICIAL INTEREST THEREIN, AGREE TO TREAT THE CLASS B NOTES AS
INDEBTEDNESS OF ISSUER FOR APPLICABLE FEDERAL, STATE, AND LOCAL INCOME AND
FRANCHISE TAX LAW AND FOR PURPOSES OF ANY OTHER TAX IMPOSED ON, OR MEASURED BY,
INCOME.

         THE HOLDER OF THIS CLASS B NOTE SHALL BE DEEMED TO REPRESENT AND
WARRANT THAT EITHER (I) IT IS NOT ACQUIRING THE NOTE WITH THE PLAN ASSETS OF AN
"EMPLOYEE BENEFIT PLAN" AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT
INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA"), WHICH IS SUBJECT TO TITLE I
OF ERISA, A "PLAN" AS DEFINED IN SECTION 4975 OF THE INTERNAL REVENUE CODE OF
1986, AS AMENDED (THE "CODE"), AN ENTITY DEEMED TO HOLD THE PLAN ASSETS OF ANY
OF THE FOREGOING BY REASON OF INVESTMENT BY AN EMPLOYEE BENEFIT PLAN OR PLAN IN
SUCH ENTITY, OR A GOVERNMENTAL PLAN SUBJECT TO APPLICABLE LAW THAT IS
SUBSTANTIALLY SIMILAR TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF ERISA OR
SECTION 4975 OF THE CODE (EACH SUCH ENTITY A "BENEFIT PLAN"); OR (II) THE
ACQUISITION AND HOLDING OF THE CLASS B NOTE

                                      A1-8
<PAGE>

WILL NOT GIVE RISE TO A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF
ERISA OR SECTION 4975 OF THE CODE (OR, IN THE CASE OF A GOVERNMENTAL PLAN, ANY
SUBSTANTIALLY SIMILAR APPLICABLE LAW).

                                      A2-2
<PAGE>

REGISTERED                                                      $              *
                                                                ----------------
No. R-                                                          CUSIP NO.
      ----------                                                         -------

                        FIRST NATIONAL MASTER NOTE TRUST

           CLASS B [FLOATING RATE] ASSET BACKED NOTE, SERIES [200_-_]

         First National Master Note Trust (herein referred to as "Issuer"), a
Delaware statutory business trust governed by a Trust Agreement dated as of [ ],
2002, for value received, hereby promises to pay to Cede & Co., or registered
assigns, subject to the following provisions, the principal sum of __________
DOLLARS, or such greater or lesser amount as determined in accordance with the
Indenture, on the [ ] 200[ ] Distribution Date, except as otherwise provided
below or in the Indenture. Issuer will pay interest on the unpaid principal
amount of this Note at the Class B Note Interest Rate on each Distribution Date
until the principal amount of this Note is paid in full. Interest on this Note
will accrue for each Distribution Date from and including the most recent
Distribution Date on which interest has been paid to but excluding such
Distribution Date or, for the initial Distribution Date, from and including the
Closing Date to but excluding such Distribution Date. Interest will be computed
on the basis of a 360-day year and the actual number of days elapsed. Principal
of this Note shall be paid in the manner specified in the Indenture Supplement
referred to on the reverse hereof.

         The principal of and interest on this Note are payable in such coin or
currency of the United States of America as at the time of payment is legal
tender for payment of public and private debts.

         Reference is made to the further provisions of this Note set forth on
the reverse hereof, which shall have the same effect as though fully set forth
on the face of this Note.

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

         THIS CLASS B NOTE IS SUBORDINATED TO THE EXTENT NECESSARY TO FUND
PAYMENTS ON THE CLASS A NOTES TO THE EXTENT SPECIFIED IN THE INDENTURE
SUPPLEMENT.

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

                                      A2-3
<PAGE>

         IN WITNESS WHEREOF, Issuer has caused this Class B Note to be duly
executed.

                                    FIRST NATIONAL MASTER NOTE TRUST,
                                    as Issuer

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

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

Dated:                    , 200[   ]
      --------------------      ---

                                      A2-4
<PAGE>

                INDENTURE TRUSTEE'S CERTIFICATE OF AUTHENTICATION

         This is one of the Class B Notes described in the within-mentioned
Indenture.

                                    THE BANK OF NEW YORK,
                                    as Indenture Trustee

                                    By
                                      ------------------------------------------
                                      Authorized Signatory

                                    Dated
                                         ---------------------------------------

                                      A2-5
<PAGE>

                        FIRST NATIONAL MASTER NOTE TRUST

           CLASS B [FLOATING RATE] ASSET BACKED NOTE, SERIES [200_-_]

                         SUMMARY OF TERMS AND CONDITIONS

         This Class B Note is one of a duly authorized issue of Notes of Issuer,
designated as First National Master Note Trust, Series [200_-_] (the "Series
[200_-_]Notes"), issued under a Master Indenture dated as of [ ], 2002 (the
"Master Indenture"), between Issuer and The Bank of New York, as indenture
trustee (the "Indenture Trustee"), as supplemented by the Indenture Supplement
dated as of [ ], 200[ ] (the "Indenture Supplement"), and representing the right
to receive certain payments from Issuer. The term "Indenture," unless the
context otherwise requires, refers to the Master Indenture as supplemented by
the Indenture Supplement. The Notes are subject to all of the terms of the
Indenture. All terms used in this Note that are defined in the Indenture shall
have the meanings assigned to them in or pursuant to the Indenture. In the event
of any conflict or inconsistency between the Indenture and this Note, the
Indenture shall control.

         The Class A Notes and the Class C Notes will also be issued under the
Indenture.

         The Noteholder, by its acceptance of this Note, agrees that it will
look solely to the property of Issuer allocated to the payment of this Note for
payment hereunder and that neither Owner Trustee nor Indenture Trustee is liable
to the Noteholders for any amount payable under the Notes or the Indenture or,
except in the case of Indenture Trustee as expressly provided in the Indenture,
subject to any liability under the Indenture.

         This Note does not purport to summarize the Indenture and reference is
made to the Indenture for the interests, rights and limitations of rights,
benefits, obligations and duties evidenced thereby, and the rights, duties and
immunities of Indenture Trustee.

         THIS CLASS B NOTE DOES NOT REPRESENT AN OBLIGATION OF, OR AN INTEREST
IN, ISSUER, FIRST NATIONAL BANK OF OMAHA, FIRST NATIONAL FUNDING CORPORATION,
FIRST NATIONAL FUNDING LLC, OR ANY OF THEIR AFFILIATES, AND IS NOT INSURED OR
GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER
GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

         Issuer, Transferor, Indenture Trustee and any agent of Issuer,
Transferor or Indenture Trustee shall treat the person in whose name this Class
B Note is registered as the owner hereof for all purposes, and neither Issuer,
Transferor, Indenture Trustee nor any agent of Issuer, Transferor or Indenture
Trustee shall be affected by notice to the contrary.

         THIS CLASS B NOTE 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.

                                      A2-6
<PAGE>

                                   ASSIGNMENT

         Social Security or other identifying number of assignee
                                                                 ---------------

         FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers
unto _______________ (name and address of assignee) the within certificate and
all rights thereunder, and hereby irrevocably constitutes and appoints
_______________ attorney, to transfer said certificate on the books kept for
registration thereof, with full power of substitution in the premises.

Dated:                                                                        **
      ---------------------------            ---------------------------------
                                             Signature Guaranteed:

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

                                      A2-7
<PAGE>

                                   EXHIBIT A-3

       FORM OF CLASS C [FLOATING RATE] ASSET BACKED NOTE, SERIES [200_-_]

         THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED (THE "SECURITIES ACT"), IN RELIANCE UPON EXEMPTIONS PROVIDED BY THE
SECURITIES ACT. NO RESALE OR OTHER TRANSFER OF THIS NOTE MAY BE MADE EXCEPT IN
COMPLIANCE WITH THE REGISTRATION PROVISIONS OF THE SECURITIES ACT AND ANY
APPLICABLE PROVISIONS UNDER STATE BLUE SKY OR SECURITIES LAWS OR PURSUANT TO AN
AVAILABLE EXEMPTION FROM SUCH PROVISIONS. THE TRANSFER OF THIS NOTE IS SUBJECT
TO CERTAIN CONDITIONS SET FORTH IN A NOTE PURCHASE AGREEMENT RELATING HERETO.

         THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF COVENANTS AND AGREES
THAT IT WILL NOT AT ANY TIME INSTITUTE AGAINST FIRST bankcard MASTER CREDIT CARD
TRUST, A COMMON LAW TRUST ORGANIZED UNDER THE LAWS OF NEBRASKA ("FBMCCT"), FIRST
NATIONAL FUNDING CORPORATION, A NEBRASKA BUSINESS CORPORATION ("FNFC"),
TRANSFEROR OR ISSUER, OR SOLICIT OR JOIN OR COOPERATE WITH OR ENCOURAGE ANY
INSTITUTION IN INSTITUTING AGAINST FBMCCT, FNFC, TRANSFEROR OR ISSUER, ANY
BANKRUPTCY, REORGANIZATION, ARRANGEMENT, INSOLVENCY OR LIQUIDATION PROCEEDINGS,
OR OTHER PROCEEDINGS UNDER ANY UNITED STATES FEDERAL OR STATE BANKRUPTCY OR
SIMILAR LAW IN CONNECTION WITH ANY OBLIGATION RELATING TO THE NOTES, THE
INDENTURE OR ANY OF THE TRANSACTION DOCUMENTS.

         THE HOLDER OF THIS CLASS C NOTE, BY ACCEPTANCE OF THIS NOTE, AND EACH
HOLDER OF A BENEFICIAL INTEREST THEREIN, AGREE TO TREAT THE CLASS C NOTES AS
INDEBTEDNESS OF ISSUER FOR APPLICABLE FEDERAL, STATE, AND LOCAL INCOME AND
FRANCHISE TAX LAW AND FOR PURPOSES OF ANY OTHER TAX IMPOSED ON, OR MEASURED BY,
INCOME.

         THE HOLDER OF THIS CLASS C NOTE SHALL BE DEEMED TO REPRESENT AND
WARRANT THAT EITHER (I) IT IS NOT ACQUIRING THE NOTE WITH THE PLAN ASSETS OF AN
"EMPLOYEE BENEFIT PLAN" AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT
INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA"), WHICH IS SUBJECT TO TITLE I
OF ERISA, A "PLAN" AS DEFINED IN SECTION 4975 OF THE INTERNAL REVENUE CODE OF
1986, AS AMENDED (THE "CODE"), AN ENTITY DEEMED TO HOLD THE PLAN ASSETS OF ANY
OF THE FOREGOING BY REASON OF INVESTMENT BY AN EMPLOYEE BENEFIT PLAN OR PLAN IN
SUCH ENTITY, OR A GOVERNMENTAL PLAN SUBJECT TO APPLICABLE LAW THAT IS
SUBSTANTIALLY SIMILAR TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF ERISA OR
SECTION 4975 OF THE CODE (EACH SUCH ENTITY A "BENEFIT PLAN"); OR (II) THE
ACQUISITION AND HOLDING OF THE CLASS C NOTE WILL NOT GIVE RISE TO A NON-EXEMPT
PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE

<PAGE>
(OR, IN THE CASE OF A GOVERNMENTAL PLAN, ANY SUBSTANTIALLY SIMILAR APPLICABLE
LAW).

                                      A3-2
<PAGE>

REGISTERED                                                      $              *
                                                                ----------------
No. R-
      ----------

                        FIRST NATIONAL MASTER NOTE TRUST

           CLASS C [FLOATING RATE] ASSET BACKED NOTE, SERIES [200_-_]

         First National Master Note Trust (herein referred to as "Issuer"), a
Delaware statutory business trust governed by a Trust Agreement dated as of [ ],
2002, for value received, hereby promises to pay to ____________, or registered
assigns, subject to the following provisions, the principal sum of _____________
DOLLARS, or such greater or lesser amount as determined in accordance with the
Indenture, on the [ ] 200[ ] Distribution Date, except as otherwise provided
below or in the Indenture. Issuer will pay interest on the unpaid principal
amount of this Note at the Class C Note Interest Rate on each Distribution Date
until the principal amount of this Note is paid in full. Interest on this Note
will accrue for each Distribution Date from and including the most recent
Distribution Date on which interest has been paid to but excluding such
Distribution Date or, for the initial Distribution Date, from and including the
Closing Date to but excluding such Distribution Date. Interest will be computed
on the basis of a 360-day year and the actual number of days elapsed. Principal
of this Note shall be paid in the manner specified in the Indenture Supplement
referred to on the reverse hereof.

         The principal of and interest on this Note are payable in such coin or
currency of the United States of America as at the time of payment is legal
tender for payment of public and private debts.

         Reference is made to the further provisions of this Note set forth on
the reverse hereof, which shall have the same effect as though fully set forth
on the face of this Note.

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

         THIS CLASS C NOTE IS SUBORDINATED TO THE EXTENT NECESSARY TO FUND
PAYMENTS ON THE CLASS A AND CLASS B NOTES TO THE EXTENT SPECIFIED IN THE
INDENTURE SUPPLEMENT.

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

                                      A3-3
<PAGE>

         IN WITNESS WHEREOF, Issuer has caused this Class C Note to be duly
executed.

                                      FIRST NATIONAL MASTER NOTE TRUST,
                                      as Issuer

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

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

Dated:                      , 200[   ]
        --------------------      ---

                                      A3-4
<PAGE>

                INDENTURE TRUSTEE'S CERTIFICATE OF AUTHENTICATION

         This is one of the Class C Notes described in the within-mentioned
Indenture.

                                        THE BANK OF NEW YORK,
                                        as Indenture Trustee

                                        By
                                          --------------------------------------
                                          Authorized Signatory

                                        Dated
                                             -----------------------------------

                                      A3-5
<PAGE>

                        FIRST NATIONAL MASTER NOTE TRUST

           CLASS C [FLOATING RATE] ASSET BACKED NOTE, SERIES [200_-_]

                         SUMMARY OF TERMS AND CONDITIONS

         This Class C Note is one of a duly authorized issue of Notes of Issuer,
designated as First National Master Note Trust, Series [200_-_] (the "Series
[200_-_] Notes"), issued under a Master Indenture dated as of [ ], 2002 (the
"Master Indenture"), between Issuer and The Bank of New York, as indenture
trustee ("Indenture Trustee"), as supplemented by the Indenture Supplement dated
as of [ ], 200[ ] (the "Indenture Supplement"), and representing the right to
receive certain payments from Issuer. The term "Indenture," unless the context
otherwise requires, refers to the Master Indenture as supplemented by the
Indenture Supplement. The Notes are subject to all of the terms of the
Indenture. All terms used in this Note that are defined in the Indenture shall
have the meanings assigned to them in or pursuant to the Indenture. In the event
of any conflict or inconsistency between the Indenture and this Note, the
Indenture shall control.

         The Class A Notes and the Class B Notes will also be issued under the
Indenture.

         The Noteholder, by its acceptance of this Note, agrees that it will
look solely to the property of Issuer allocated to the payment of this Note for
payment hereunder and that neither Owner Trustee nor Indenture Trustee is liable
to the Noteholders for any amount payable under the Notes or the Indenture or,
except in the case of Indenture Trustee as expressly provided in the Indenture,
subject to any liability under the Indenture.

         This Note does not purport to summarize the Indenture and reference is
made to the Indenture for the interests, rights and limitations of rights,
benefits, obligations and duties evidenced thereby, and the rights, duties and
immunities of Indenture Trustee.

         THIS CLASS C NOTE DOES NOT REPRESENT AN OBLIGATION OF, OR AN INTEREST
IN, ISSUER, FIRST NATIONAL BANK OF OMAHA, FIRST NATIONAL FUNDING CORPORATION,
FIRST NATIONAL FUNDING LLC, OR ANY OF THEIR AFFILIATES, AND IS NOT INSURED OR
GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER
GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

         Issuer, Transferor, Indenture Trustee and any agent of Issuer,
Transferor or Indenture Trustee shall treat the person in whose name this Class
C Note is registered as the owner hereof for all purposes, and neither Issuer,
Transferor, Indenture Trustee nor any agent of Issuer, Transferor or Indenture
Trustee shall be affected by notice to the contrary.

         THIS CLASS C NOTE 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.

                                      A3-6
<PAGE>
                                   ASSIGNMENT

         Social Security or other identifying number of assignee
                                                                 ---------------

         FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers
unto __________________ (name and address of assignee) the within certificate
and all rights thereunder, and hereby irrevocably constitutes and appoints
_______________ attorney, to transfer said certificate on the books kept for
registration thereof, with full power of substitution in the premises.

Dated:                                                                        **
      --------------------------             ---------------------------------
                                             Signature Guaranteed:

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

                                      A3-7
<PAGE>
                                  EXHIBIT A-4

       FORM OF CLASS C [FLOATING RATE] ASSET BACKED NOTE, SERIES [200_-_]

         UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO ISSUER OR ITS AGENT
FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS
REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO
SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.

         THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF COVENANTS AND AGREES
THAT IT WILL NOT AT ANY TIME INSTITUTE AGAINST FIRST BANKCARD MASTER CREDIT CARD
TRUST, A COMMON LAW TRUST ORGANIZED UNDER THE LAWS OF NEBRASKA ("FBMCCT"), FIRST
NATIONAL FUNDING CORPORATION, A NEBRASKA BUSINESS CORPORATION ("FNFC"),
TRANSFEROR OR ISSUER, OR SOLICIT OR JOIN OR COOPERATE WITH OR ENCOURAGE ANY
INSTITUTION IN INSTITUTING AGAINST FBMCCT, FNFC, TRANSFEROR OR ISSUER, ANY
BANKRUPTCY, REORGANIZATION, ARRANGEMENT, INSOLVENCY OR LIQUIDATION PROCEEDINGS,
OR OTHER PROCEEDINGS UNDER ANY UNITED STATES FEDERAL OR STATE BANKRUPTCY OR
SIMILAR LAW IN CONNECTION WITH ANY OBLIGATION RELATING TO THE NOTES, THE
INDENTURE OR ANY OF THE TRANSACTION DOCUMENTS.

         THE HOLDER OF THIS CLASS C NOTE, BY ACCEPTANCE OF THIS NOTE, AND EACH
HOLDER OF A BENEFICIAL INTEREST THEREIN, AGREE TO TREAT THE CLASS C NOTES AS
INDEBTEDNESS OF ISSUER FOR APPLICABLE FEDERAL, STATE, AND LOCAL INCOME AND
FRANCHISE TAX LAW AND FOR PURPOSES OF ANY OTHER TAX IMPOSED ON, OR MEASURED BY,
INCOME.

         THE HOLDER OF THIS CLASS C NOTE SHALL BE DEEMED TO REPRESENT AND
WARRANT THAT EITHER (I) IT IS NOT ACQUIRING THE NOTE WITH THE PLAN ASSETS OF AN
"EMPLOYEE BENEFIT PLAN" AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT
INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA"), WHICH IS SUBJECT TO TITLE I
OF ERISA, A "PLAN" AS DEFINED IN SECTION 4975 OF THE INTERNAL REVENUE CODE OF
1986, AS AMENDED (THE "CODE"), AN ENTITY DEEMED TO HOLD THE PLAN ASSETS OF ANY
OF THE FOREGOING BY REASON OF INVESTMENT BY AN EMPLOYEE BENEFIT PLAN OR PLAN IN
SUCH ENTITY, OR A GOVERNMENTAL PLAN SUBJECT TO APPLICABLE LAW THAT IS
SUBSTANTIALLY SIMILAR TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF ERISA OR
SECTION 4975 OF THE CODE (EACH SUCH ENTITY A "BENEFIT PLAN"); OR (II) THE
ACQUISITION AND HOLDING OF THE CLASS C NOTE WILL NOT GIVE RISE TO A NON-EXEMPT

<PAGE>
PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE
(OR, IN THE CASE OF A GOVERNMENTAL PLAN, ANY SUBSTANTIALLY SIMILAR APPLICABLE
LAW).

                                      A4-2
<PAGE>
REGISTERED                                                      $              *
                                                                ----------------
No. R-                                                          CUSIP NO.
      ----------                                                         -------

                        FIRST NATIONAL MASTER NOTE TRUST

           CLASS C [FLOATING RATE] ASSET BACKED NOTE, SERIES [200_-_]

         First National Master Note Trust (herein referred to as "Issuer"), a
Delaware statutory business trust governed by a Trust Agreement dated as of [ ],
2002, for value received, hereby promises to pay to Cede & Co., or registered
assigns, subject to the following provisions, the principal sum of
________________ DOLLARS, or such greater or lesser amount as determined in
accordance with the Indenture, on the [ ] 200[ ] Distribution Date, except as
otherwise provided below or in the Indenture. Issuer will pay interest on the
unpaid principal amount of this Note at the Class C Note Interest Rate on each
Distribution Date until the principal amount of this Note is paid in full.
Interest on this Note will accrue for each Distribution Date from and including
the most recent Distribution Date on which interest has been paid to but
excluding such Distribution Date or, for the initial Distribution Date, from and
including the Closing Date to but excluding such Distribution Date. Interest
will be computed on the basis of a 360-day year and the actual number of days
elapsed. Principal of this Note shall be paid in the manner specified in the
Indenture Supplement referred to on the reverse hereof.

         The principal of and interest on this Note are payable in such coin or
currency of the United States of America as at the time of payment is legal
tender for payment of public and private debts.

         Reference is made to the further provisions of this Note set forth on
the reverse hereof, which shall have the same effect as though fully set forth
on the face of this Note.

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

         THIS CLASS C NOTE IS SUBORDINATED TO THE EXTENT NECESSARY TO FUND
PAYMENTS ON THE CLASS A NOTES AND THE CLASS B NOTES TO THE EXTENT SPECIFIED IN
THE INDENTURE SUPPLEMENT.

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

                                      A4-3
<PAGE>
         IN WITNESS WHEREOF, Issuer has caused this Class C Note to be duly
executed.

                                      FIRST NATIONAL MASTER NOTE TRUST,
                                      as Issuer

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

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

Dated:                      , 200[   ]
        --------------------      ---

                                      A4-4
<PAGE>
               INDENTURE TRUSTEE'S CERTIFICATE OF AUTHENTICATION

         This is one of the Class C Notes described in the within-mentioned
Indenture.

                                         THE BANK OF NEW YORK,
                                         as Indenture Trustee

                                         By
                                           -------------------------------------
                                           Authorized Signatory

                                         Dated
                                              ----------------------------------

                                      A4-5
<PAGE>
                        FIRST NATIONAL MASTER NOTE TRUST

           CLASS C [FLOATING RATE] ASSET BACKED NOTE, SERIES [200_-_]

                         SUMMARY OF TERMS AND CONDITIONS

         This Class C Note is one of a duly authorized issue of Notes of Issuer,
designated as First National Master Note Trust, Series [200_-_] (the "Series
[200_-_]Notes"), issued under a Master Indenture dated as of [ ], 2002 (the
"Master Indenture"), between Issuer and The Bank of New York, as indenture
trustee (the "Indenture Trustee"), as supplemented by the Indenture Supplement
dated as of [ ], 200[ ] (the "Indenture Supplement"), and representing the right
to receive certain payments from Issuer. The term "Indenture," unless the
context otherwise requires, refers to the Master Indenture as supplemented by
the Indenture Supplement. The Notes are subject to all of the terms of the
Indenture. All terms used in this Note that are defined in the Indenture shall
have the meanings assigned to them in or pursuant to the Indenture. In the event
of any conflict or inconsistency between the Indenture and this Note, the
Indenture shall control.

         The Class A Notes and the Class B Notes will also be issued under the
Indenture.

         The Noteholder, by its acceptance of this Note, agrees that it will
look solely to the property of Issuer allocated to the payment of this Note for
payment hereunder and that neither Owner Trustee nor Indenture Trustee is liable
to the Noteholders for any amount payable under the Notes or the Indenture or,
except in the case of Indenture Trustee as expressly provided in the Indenture,
subject to any liability under the Indenture.

         This Note does not purport to summarize the Indenture and reference is
made to the Indenture for the interests, rights and limitations of rights,
benefits, obligations and duties evidenced thereby, and the rights, duties and
immunities of Indenture Trustee.

         THIS CLASS C NOTE DOES NOT REPRESENT AN OBLIGATION OF, OR AN INTEREST
IN, ISSUER, FIRST NATIONAL BANK OF OMAHA, FIRST NATIONAL FUNDING CORPORATION,
FIRST NATIONAL FUNDING LLC, OR ANY OF THEIR AFFILIATES, AND IS NOT INSURED OR
GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER
GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

         Issuer, Transferor, Indenture Trustee and any agent of Issuer,
Transferor or Indenture Trustee shall treat the person in whose name this Class
C Note is registered as the owner hereof for all purposes, and neither Issuer,
Transferor, Indenture Trustee nor any agent of Issuer, Transferor or Indenture
Trustee shall be affected by notice to the contrary.

         THIS CLASS C NOTE 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.

                                      A4-6
<PAGE>
                                   ASSIGNMENT

         Social Security or other identifying number of assignee
                                                                ----------------

         FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers
unto ______________  (name and address of assignee) the within certificate and
all rights thereunder, and hereby irrevocably constitutes and appoints
_______________ attorney, to transfer said certificate on the books kept for
registration thereof, with full power of substitution in the premises.

Dated:                                                                        **
      --------------------------             ---------------------------------

                                             Signature Guaranteed:

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

                                      A4-7
<PAGE>

                                    EXHIBIT B

                    FORM OF MONTHLY PAYMENT INSTRUCTIONS AND
                        NOTIFICATION TO INDENTURE TRUSTEE

                        FIRST NATIONAL MASTER NOTE TRUST
                                 SERIES [200_-_]

         The undersigned, a duly authorized representative of First National
Bank of Omaha ("FNBO"), as Servicer pursuant to the Transfer and Servicing
Agreement, dated as of [ ], 2002 (the "Transfer and Servicing Agreement")
between FNBO, as Servicer, First National Funding LLC, as transferor
("Transferor") and First National Master Note Trust, as issuer ("Issuer"), does
hereby certify as follows:

                  A. Capitalized terms used in this Certificate have their
         respective meanings set forth in the Master Indenture dated as of [ ],
         2002 (the "Indenture") between Issuer and The Bank of New York, as
         indenture trustee ("Indenture Trustee") as supplemented by the [200_-_]
         Indenture Supplement dated as of [ ], 200[ ] between Issuer and
         Indenture Trustee (as amended and supplemented, the "Indenture
         Supplement").

                  B. FNBO is Servicer.

                  C. The undersigned is an Authorized Officer of Servicer.

I.       INSTRUCTION TO MAKE A WITHDRAWAL

         Pursuant to Section 4.04, Servicer does hereby instruct Indenture
Trustee (i) to make a withdrawal from the Distribution Account (or other Series
Account as specified below) on ______________, 200_, which date is a
Distribution Date under the Indenture Supplement, in an aggregate amount (equal
to the Available Finance Charge Collections) as set forth below in respect of
the following amounts and (ii) to apply the proceeds of such withdrawal in
accordance with subsection 4.04(a):

    A.   Pursuant to subsection 4.04(a)(i):

         Class A Monthly Interest Payment for the
         preceding Interest Period.................................$____________

         Class A Interest Shortfall due to
         Class A Noteholders.......................................$____________

         Class A Default Interest for such
         Distribution Date.........................................$____________

<PAGE>
         Class A Default Interest previously due but
         not distributed to Class A Noteholders....................$____________

    B.   Pursuant to subsection 4.04(a)(ii):

         Class B Monthly Interest Payment for the
         preceding Interest Period.................................$____________

         Class B Interest Shortfall due to
         Class B Noteholders.......................................$____________

         Class B Default Interest for such
         Distribution Date.........................................$____________

         Class B Default Interest previously due but
         not distributed to Class B Noteholders....................$____________

    C.   Pursuant to subsection 4.04(a)(iii) if Servicer
         is not FNBO or an Affiliate of FNBO:

         Noteholder Servicing Fee for such Distribution
         Date, plus the amount of any Noteholder
         Servicing Fee previously due but not
         distributed to Servicer on a prior Distribution
         Date......................................................$____________

    D.   Pursuant to subsection 4.04(a)(iv):

         Class C Monthly Interest Payment for the
         preceding Interest Period.................................$____________

         Class C Interest Shortfall due to
         Class C Noteholders.......................................$____________

         Class C Default Interest for such
         Distribution Date.........................................$____________

         Class C Default Interest previously due but
         not distributed to Class C Noteholders....................$____________

    E.   Pursuant to subsection 4.04(a)(v):

         Investor Default Amount to be treated as Available
         Principal Collections.....................................$____________

                                      B-2
<PAGE>
         Uncovered Dilution Amount for such
         Distribution Date to be treated as Available
         Principal Collections....................................$_____________

    F.   Pursuant to subsection 4.04(a)(vi):

         Investor Charge Offs and the amount of
         Reallocated Principal Collections not
         previously reimbursed to be treated as
         Available Principal Collections .........................$_____________

    G.   Pursuant to subsection 4.04(a)(vii):

         Amounts to be deposited into the [Cash
         Collateral Account] [and the Spread Account] ............$_____________

    H.   Pursuant to subsection 4.04(a)(viii):

         Noteholder Servicing Fee for such Distribution
         Date, plus the amount of any Noteholder
         Servicing Fee previously due but not
         distributed to Servicer on a prior Distribution Date.....$_____________

    I.   Pursuant to subsection 4.04(a)(ix):

         Amount to be deposited into the Reserve Account .........$_____________

    J.   [Pursuant to subsection 4.04(a)(x):

         Additional amounts to be paid to the Class C
         Noteholders] ............................................$_____________

    K.   Pursuant to subsection 4.04(a)(xi):

         The balance will constitute Excess Finance Charge
         Collections for such Distribution Date ..................$_____________

         Pursuant to Section 4.04(b) and (c), Servicer does hereby instruct
Indenture Trustee (i) to make a withdrawal from the Distribution Account (or
other Series Account specified below) on , 200 , which date is a Distribution
Date under the Indenture Supplement, in an aggregate amount (equal to the
Available Principal Collections) as set forth below in respect of the following
amounts and (ii) to apply the proceeds of such withdrawal in accordance with
Section 4.04(b) and (c):

                                      B-3
<PAGE>
    A.   Pursuant to subsection 4.04(b):

         During the Revolving Period, amount equal to
         the Available Principal Collections to be
         treated as Excess Principal Collections and
         applied in accordance with Section 8.05 of the
         Indenture................................................$_____________

    B.   Pursuant to subsection 4.04(c)(i):

         During the Accumulation Period, Monthly
         Principal for such Transfer Date to be
         deposited into the Principal Accumulation
         Account..................................................$_____________

    C.   Pursuant to subsection 4.04(c)(ii):

         During the Rapid Amortization Period,
         Monthly Principal for such Transfer Date for
         payment to the Class A Noteholders on such
         Distribution Date until the Class A Note
         Principal Balance has been paid in full..................$_____________

    D.   Pursuant to subsection 4.04(c)(iii):

         During the Rapid Amortization Period, after
         giving effect to Clause (C) above, if any
         remaining Monthly Principal, to the Class B
         Noteholders on such Distribution Date until
         the Class B Note Principal Balance has been
         paid in full.............................................$_____________

    E.   Pursuant to subsection 4.04(c)(iv):

         During the Rapid Amortization Period, after
         giving effect to Clause (D) above, if any
         remaining Monthly Principal, to the Class C
         Noteholders, on such Distribution Date until
         the Class C Note Principal Balance has been
         paid in full.............................................$_____________

    F.   Pursuant to subsection 4.04(c)(v):

         Amount, if any, remaining after giving effect
         to Clauses (B) through (E) above, to be treated
         as Excess Principal Collections..........................$_____________

                                      B-4
<PAGE>
         Pursuant to Section 4.06, Servicer does hereby instruct Indenture
Trustee (i) to make a withdrawal from the Distribution Account on ___________,
200_ which date is a Distribution Date under the Indenture Supplement, in an
aggregate amount (equal to the Available Principal Collections) as set forth
below in respect of the following amounts and (ii) to apply the proceeds of such
withdrawal in accordance with Section 4.06:

           Reallocated Principal Collections to fund any
           deficiency pursuant to and in the priority set
           forth subsections 4.04(a)(i), (ii) and (iii) of the
           Indenture Supplement...................................$_____________

         Pursuant to Section 4.09, Servicer does hereby instruct Indenture
Trustee to transfer from the Principal Accumulation Account to the Collection
Account, the Principal Accumulation Investment Proceeds on deposit in the
Principal Accumulation Account for application as Available Finance Charge
Collections in the following amount.

                                                                  $_____________

         Pursuant to Section 4.10, Servicer does hereby instruct Indenture
Trustee to withdraw from the Reserve Account an amount equal to any Reserve
Account Surplus to be deposited into the Spread Account in accordance with
Section 4.10(e), in the following amount.

                                                                  $_____________

         [Pursuant to Section 4.11, Servicer does hereby instruct Indenture
Trustee to withdraw from the Cash Collateral Account an amount equal to the
excess of the Available Cash Collateral Amount over the Required Cash Collateral
Amount to be deposited into the Collection Account for application as Available
Finance Charge Collections in accordance with Section 4.11(b), in the following
amount.]

                                                                  $_____________

         Pursuant to Section 4.12, Servicer does hereby instruct Indenture
Trustee to withdraw from the Spread Account an amount equal to a deficiency in
Class C Monthly Interest Payment up to the Available Spread Account Amount, in
the following amount.

                                                                  $_____________

II.      INSTRUCTIONS TO MAKE CERTAIN PAYMENTS

         Pursuant to Section 5.02, Servicer does hereby instruct Indenture
Trustee or Paying Agent, as the case may be, to pay in accordance with Section
5.02 from the Collection Account or the Principal Funding Account, as
applicable, on , which date is a Distribution Date under the Indenture
Supplement, the following amounts:

                                      B-5
<PAGE>
         A.        Pursuant to subsection 5.02(a):

         (1)       Class A Noteholder's pro rata share of the
                   amounts on deposit in the Distribution
                   Account that are allocated and available on
                   such Distribution Date to pay interest on the
                   Class A Notes pursuant to the Indenture
                   Supplement.....................................$_____________

         (2)       Class A Noteholder's pro rata share of the
                   amounts on deposit in the Distribution
                   Account that are allocated and available on
                   such Distribution Date to pay principal of the
                   Class A Notes pursuant to the Indenture
                   Supplement.....................................$_____________

         B.        Pursuant to subsection 5.02(b):

         (1)       Class B Noteholder's pro rata share of the
                   amounts on deposit in the Distribution
                   Account that are allocated and available on
                   such Distribution Date to pay interest on the
                   Class B Notes pursuant to the Indenture
                   Supplement.....................................$_____________

         (2)       Class B Noteholder's pro rata share of the
                   amounts on deposit in the Distribution
                   Account that are allocated and available on
                   such Distribution Date to pay principal of the
                   Class B Notes pursuant to the Indenture
                   Supplement.....................................$_____________

         C.        Pursuant to subsection 5.02(c):

         (1)       Class C Noteholder's pro rata share of the
                   amounts on deposit in the Distribution
                   Account that are allocated and available on
                   such Distribution Date to pay interest of the
                   Class C Notes pursuant to the Indenture
                   Supplement, including amounts withdrawn
                   from the Spread Account........................$_____________

                                      B-6
<PAGE>
         (2)       Class C Noteholder's pro rata share of the amounts on
                   deposit in the Distribution Account that are allocated
                   and available on such Distribution Date to pay
                   principal on the Class C Notes pursuant to the
                   Indenture Supplement...........................$_____________

         IN WITNESS WHEREOF, the undersigned has duly executed this certificate
this _____________day of _____________________, 200__.

                                        FIRST NATIONAL BANK OF OMAHA,
                                        as Servicer

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

                                      B-7
<PAGE>

                                    EXHIBIT C

                      FORM OF MONTHLY REPORT TO NOTEHOLDERS

                 FIRST NATIONAL MASTER NOTE TRUST SERIES [     ]
                     MONTHLY PERIOD ENDING:
                                            ----------------

The undersigned, a duly authorized representative of First National Bank of
Omaha ("FNBO"), as Servicer pursuant to the Transfer and Servicing Agreement
dated as of _____________ (as amended, the "Transfer and Servicing Agreement")
by and between FNBO, as Servicer, First National Funding LLC, as Transferor, and
First National Master Note Trust, as Issuer, does hereby certify as follows:

(a) The rights of the Issuer under the Transfer and Servicing Agreement have
been assigned to The Bank of New York, as Indenture Trustee, under the Master
Indenture dated as of [_________], 2002 (the "Indenture"), by and between Issuer
and the Indenture Trustee, and acknowledged by Transferor and Servicer, as
supplemented by the Series [_____] Indenture Supplement, dated as of
[_____________], by and between Issuer and Indenture Trustee, and acknowledged
by Transferor and Servicer (the "Supplement"). Capitalized terms used in this
Certificate have their respective meanings set forth in the Transfer and
Servicing Agreement. References herein to certain sections and subsections are
references to the respective sections and subsections of the Transfer and
Servicing Agreement. This Certificate is delivered pursuant to Section 3.04 of
the Transfer and Servicing Agreement and Article VIII and IX of the Indenture.

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

(c) The undersigned is a Servicing Officer.

(d) The date of this Certificate is the Determination Date 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[, the amount on deposit in the Cash Collateral
Account equals the Required Cash Collateral Amount] and, if the Reserve Account
Funding Date has occurred, the Available Reserve Account Amount equals the
Required Reserve Account Amount.

<PAGE>

<Table>
<S>                                                         <C>                         <C>
A.   INFORMATION REGARDING THE PERFORMANCE OF THE RECEIVABLES

     1.   Principal Receivables

          (a)  Beginning of Monthly Period Principal Receivables
                                                                                        --------------------
          (b)  End of Monthly Period Principal Receivables
                                                                                        --------------------
          (c)  Average Principal Receivables
                                                                                        --------------------
     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 Allocation Percentages for Outstanding Series
                                                                                        --------------------
          (e)  Aggregate Allocation Percentage of Collections of Principal
               Receivables
                                                                                        --------------------
          (f)  Aggregate Allocation 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 Issuer 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
               designated to the Issuer
                                                                                        --------------------
</Table>

----------

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

                                      C-2
<PAGE>

<Table>
<S>                                                                                     <C>
          (c)  Total amount of Interchange paid or payable to FNBO with respect
               to the Monthly Period
                                                                                        --------------------
          (d)  Amount of Interchange allocable to the Issuer with respect to the
               Monthly Period ([c]/[b/a])
                                                                                        --------------------

     7.   The aggregate amount of Collections of Finance Charge Receivables for
          the Issuer for the Monthly Period

          (a)  Interchange
                                                                                        --------------------
          (b)  Recoveries
                                                                                        --------------------
          (c)  Finance Charges and Fees
                                                                                        --------------------
          (d)  Discount Receivables
                                                                                        --------------------
               Total
                                                                                        --------------------
     8.   Aggregate Uncovered Dilution Amount for the Monthly Period
                                                                                        --------------------
B.   INFORMATION REGARDING THE SERIES [      ] NOTES

     1.   Collateral Amount at the close of business on the prior Distribution
          Date
                                                                                        --------------------
          (a)  Reductions due to Investor Charge-Offs (including Uncovered
               Dilution Amounts) to be made on the related Distribution Date
                                                                                        --------------------
          (b)  Reimbursements to be made on the related Distribution Date from
               Available Finance Charge Collections
                                                                                        --------------------
          (c)  Collateral Amount at the close of business on the Distribution
               Date
                                                                                        --------------------

     2.   Note Principal Balance at the close of business on the Distribution
          Date during the Monthly Period

          (a)  Class A Note Principal Balance
                                                                                        --------------------
          (b)  Class B Note Principal Balance
                                                                                        --------------------
          (c)  Class C Note Principal Balance
                                                                                        --------------------
                    Total Note Principal Balance
                                                                                        --------------------

     3.   Allocation Percentages for the Monthly Period

          (a)  Principal Collections
                                                                                        --------------------
          (b)  Finance Charge Collections
                                                                                        --------------------
          (c)  Default Amounts
                                                                                        --------------------

     4.   Investor Principal Collections processed during the Monthly Period and
          allocated to the Series
                                                                                        --------------------

     5.   Excess Principal Collections from other Group I Series allocated to
          the Series

                                                                                        --------------------
</Table>

                                      C-3
<PAGE>

<Table>
<S>                                                                                     <C>
     6.   Aggregate amounts treated as Available Principal Collections pursuant
          to subsections [______________] of the related Indenture Supplement
                                                                                        --------------------

     7.   Reallocated Principal Collections pursuant to Section [4.06] of the
          related Indenture Supplement
                                                                                        --------------------

     8.   AVAILABLE PRINCIPAL COLLECTIONS (4+5+6+7)
                                                                                        --------------------

     9.   Principal Accumulation Investment Proceeds
                                                                                        --------------------

     10.  Investor Finance Charge Collections (including Interchange and
          Recoveries) processed during the Monthly Period
                                                                                        --------------------

     11.  Excess Finance Charge Collections from Group I allocated to the Series
                                                                                        --------------------

     12.  Reserve Account withdrawals pursuant to Section [4.10(b) or (d)] of
          the related Indenture Supplement
                                                                                        --------------------

     13.  Distributions of principal and interest to Noteholders on the
          Distribution Date:

          (a)  Class A Noteholders
                                                                                        --------------------
          (b)  Class B Noteholders
                                                                                        --------------------
          (c)  Class C Noteholders
                                                                                        --------------------

     14.  Distributions of principal to Noteholders on the Distribution Date:

          (a)  Class A Noteholders
                                                                                        --------------------
          (b)  Class B Noteholders
                                                                                        --------------------
          (c)  Class C Noteholders
                                                                                        --------------------

     15.  Distributions of interest to Noteholders on the Distribution Date:

          (a)  Class A Noteholders
                                                                                        --------------------
          (b)  Class B Noteholders
                                                                                        --------------------
          (c)  Class C Noteholders
                                                                                        --------------------

     16.  AVAILABLE FINANCE CHARGE COLLECTIONS (9+10+11+12)
                                                                                        --------------------

     17.  Excess amounts from [Spread Account] [and Cash Collateral Account] to
          be treated as Available Finance Charge Collections pursuant to
          Section[s] [4.12(c)] [and 4.11(b) and (c)] of the related Indenture
          Supplement
                                                                                        --------------------
</Table>

                                      C-4
<PAGE>

<Table>
<S>                                                                                     <C>
     18.  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)  Allocation Percentage (B.3.(c) above)
                                                                                        --------------------
               Total Investor Default Amount (axb)
                                                                                        --------------------

     19.  The aggregate amount of Uncovered Dilution Amount allocated to the
          Series for the Monthly Period

          (a)  Dilutions not covered by Transferor
                                                                                        --------------------
          (b)  Series Allocation Percentage (as defined in the related Indenture
               Supplement)
                                                                                        --------------------
          (c)  Total Uncovered Dilution Amount
                                                                                        --------------------

     20.  The aggregate amount of Investor Charge-Offs (including any Uncovered
          Dilution Amount not covered by the Transferor) for the Monthly Period
                                                                                        --------------------

     21.  Noteholder Servicing Fee for the Monthly Period payable to the
          Servicer
                                                                                        --------------------

     22.  Ratings of the Class A Notes

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

     23.  Ratings of the Class B Notes

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

     24.  Ratings of the Class C Notes

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

     25.  Note Interest Rate for the Monthly Period

          (a)  Class A Note Interest Rate
                                                                                        --------------------
          (b)  Class B Note Interest Rate
                                                                                        --------------------
          (c)  Class C Note Interest Rate

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

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
                                                                                        --------------------
</Table>

                                      C-5
<PAGE>

<Table>
<S>                                                                                     <C>
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)
                                                                                        --------------------

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

          (a)  Distribution in reduction of the Class A Notes
                                                                                        --------------------
          (b)  Distribution in reduction of the Class B Notes
                                                                                        --------------------
          (c)  Distribution in reduction of the Class C Notes
                                                                                        --------------------

     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
          [4.12(c)] of the related Indenture Supplement for distribution to
          Class C Noteholders pursuant to Section [4.04(a)(iv)] of the related
          Indenture Supplement
                                                                                        --------------------

     3.   Aggregate amount required to be withdrawn pursuant to Section
          [4.12(d)] of the related Indenture Supplement for distribution in
          reduction of the Class C Note Principal Balance
                                                                                        --------------------

     4.   Spread Account Percentage for the Distribution Date for the Monthly
          Period
                                                                                        --------------------

     5.   Closing Required Spread Account Amount for the Distribution Date for
          the Monthly Period
                                                                                        --------------------

     6.   Amount on deposit in Spread Account after required withdrawals on the
          Distribution Date for the Monthly Period (1-(2+3))
                                                                                        --------------------

     7.   Spread Account Deficiency, if any (5 MINUS 6)
                                                                                        --------------------
</Table>

                                      C-6
<PAGE>

<Table>
<S>                                                                                     <C>
     8.   Amounts deposited pursuant to Section [4.04(a)(vii) or 4.10(e)] of the
          related Indenture Supplement
                                                                                        --------------------

     9.   Remaining Spread Account Deficiency, if any (7 minus 8)
                                                                                        --------------------

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 4.10(d)
          of the related Indenture Supplement for inclusion in Available Finance
          Charge Collections:

          (a)  Covered Amount
                                                                                        --------------------
          (b)  Principal Accumulation 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 [ ] of the related Indenture
          Supplement
                                                                                        --------------------

     3.   Closing Balance
                                                                                        --------------------

[I.  PRE-FUNDING ACCOUNT]

     1.   Opening Balance
                                                                                        --------------------

     2.   Withdrawals pursuant to Section 4.18 of the related Indenture
          Supplement
                                                                                        --------------------

     3.   Closing Balance
                                                                                        --------------------

     4.   Balance to be distributed as principal to Noteholders (following end
          of Funding Period)
                                                                                        --------------------

[J.  INFORMATION REGARDING THE CASH COLLATERAL ACCOUNT]

     1.   Opening Available Cash Collateral Amount on the Distribution Date for
          the Monthly Period
                                                                                        --------------------
</Table>

                                      C-7
<PAGE>
<Table>
<S>                                                                                     <C>
     2.   Required Draw Amount required to be withdrawn pursuant to Section
          4.12(c) of the related Indenture Supplement
                                                                                        --------------------

     3.   Required Cash Collateral Amount
                                                                                        --------------------

     4.   Deposits pursuant to Section 4.04(vii) of the related Indenture
          Supplement
                                                                                        --------------------

     5.   Closing Available Cash Collateral Amount
                                                                                        --------------------

[K.  OTHER ENHANCEMENT]

     1.   Aggregate amount of drawings on any other Enhancement for the Series
                                                                                        --------------------

     2.   Amount available under other Enhancement for the Series

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

         IN WITNESS thereof, the undersigned has duly executed and delivered
     this Certificate the _______ day of _____________________, _______.
                                                                                        --------------------
</Table>

                                            FIRST NATIONAL BANK OF OMAHA,
                                            Servicer

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

                                      C-8
<PAGE>

                                    EXHIBIT D

                     FORM OF MONTHLY SERVICER'S CERTIFICATE

                          FIRST NATIONAL BANK OF OMAHA

                FIRST NATIONAL MASTER NOTE TRUST, SERIES [200_-_]

         The undersigned, a duly authorized representative of First National
Bank of Omaha ("FNBO"), as Servicer pursuant to the Transfer and Servicing
Agreement, dated as of [       ], 2002 (as amended and supplemented, the
"Transfer and Servicing Agreement"), among First National Funding LLC, as
Transferor, First National Bank of Omaha, as Servicer and First National Master
Note Trust, as Issuer, does hereby certify as follows:

         1. Capitalized terms used in this Certificate have their respective
meanings set forth in the Transfer and Servicing Agreement or the Master
Indenture dated as of [         ], 2002 (as amended or supplemented, the "Master
Indenture"), between Issuer and The Bank of New York, as indenture trustee
("Indenture Trustee") as supplemented by the Series [200_-_] Indenture
Supplement, dated as of [       ], 200[  ], between Issuer and Indenture Trustee
(as amended and supplemented, the "Indenture Supplement") and together with the
Master Indenture, the "Indenture"), as applicable.

         2. FNBO is, as of the date hereof, Servicer under the Transfer and
Servicing Agreement.

         3. The undersigned is an Authorized Officer of Servicer.

         4. This Certificate relates to the Distribution Date occurring on
_______________, 200_.

         5. As of the date hereof, to the best knowledge of the undersigned,
Servicer has performed in all material respects all of its obligations under the
Transfer and Servicing Agreement and the Indenture through the Monthly Period
preceding such Distribution Date [or, if there has been a default in the
performance of any such obligation, set forth in detail the (i) nature of such
default, (ii) the action taken by Servicer, if any, to remedy such default and
(iii) the current status of each such default]; if applicable, insert "None".

         6. As of the date hereof, to the best knowledge of the undersigned, no
Pay Out Event occurred on or prior to such Distribution Date.

<PAGE>
         IN WITNESS WHEREOF, the undersigned has duly executed and delivered
this Certificate this ____ day of __________________, 20__.

                                            FIRST NATIONAL BANK OF OMAHA, as
                                            Servicer

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

                                      D-2<PAGE>
                                                                     EXHIBIT 4.3

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

                        TRANSFER AND SERVICING AGREEMENT
                              Dated as of [ ], 2002

                                   ----------

                           FIRST NATIONAL FUNDING LLC,
                                   Transferor,

                          FIRST NATIONAL BANK OF OMAHA,
                                    Servicer,

                                       and

                        FIRST NATIONAL MASTER NOTE TRUST,
                                     Issuer

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

                        FIRST NATIONAL MASTER NOTE TRUST

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

<PAGE>

<Table>
<S>                 <C>                                                                                          <C>
                                                    ARTICLE I

                                                   DEFINITIONS

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

                                                    ARTICLE II

                                            CONVEYANCE OF RECEIVABLES

Section 2.01.         Conveyance of Receivables..................................................................2
Section 2.02.         Acceptance by Issuer.......................................................................4
Section 2.03.         Representations and Warranties of Transferor Relating to Transferor........................4
Section 2.04.         Representations and Warranties of Transferor Relating to Transaction Documents and
                      the Receivables............................................................................6
Section 2.05.         Covenants of Transferor...................................................................12
Section 2.06.         Addition of Accounts......................................................................17
Section 2.07.         Removal of Accounts.......................................................................20
Section 2.08.         Discount Option Receivables...............................................................21

                                                   ARTICLE III

                                   ADMINISTRATION AND SERVICING OF RECEIVABLES

Section 3.01.         Acceptance of Appointment and Other Matters Relating to Servicer..........................22
Section 3.02.         Servicing Compensation....................................................................24
Section 3.03.         Representations, Warranties and Covenants of Servicer.....................................24
Section 3.04.         Reports and Records for Indenture Trustee.................................................28
Section 3.05.         Annual Servicer's Certificate.............................................................29
Section 3.06.         Annual Independent Accountants' Servicing Report..........................................29
Section 3.07.         Tax Treatment.............................................................................30
Section 3.08.         Notices to Transferor.....................................................................30
Section 3.09.         Adjustments...............................................................................30
Section 3.10.         Transfer of Receivables in Defaulted Accounts.............................................31
Section 3.11.         Reports to the Commission.................................................................31

                                                    ARTICLE IV

                                       OTHER MATTERS RELATING TO TRANSFEROR

Section 4.01.         Liability of Transferor...................................................................32
Section 4.02.         Merger or Consolidation of, or Assumption of the Obligations of, Transferor...............32
Section 4.03.         Limitation on Liability of Transferor.....................................................33
Section 4.04.         Transferor Indemnification ...............................................................33
</Table>

<PAGE>

<Table>
<S>                  <C>                                                                                      <C>
                                                    ARTICLE V

                                        OTHER MATTERS RELATING TO SERVICER

Section 5.01.         Liability of Servicer.....................................................................35
Section 5.02.         Merger or Consolidation of, or Assumption of the Obligations of, Servicer.................35
Section 5.03.         Limitation on Liability of Servicer and Others............................................36
Section 5.04.         Servicer Indemnification..................................................................37
Section 5.05.         Servicer Not To Resign....................................................................39
Section 5.06.         Access to Certain Documentation and Information Regarding the Receivables.................39
Section 5.07.         Delegation of Duties......................................................................39
Section 5.08.         Examination of Records....................................................................39

                                                    ARTICLE VI

                                                INSOLVENCY EVENTS

Section 6.01.         Rights upon the Occurrence of an Insolvency Event.........................................40

                                                   ARTICLE VII

                                                SERVICER DEFAULTS

Section 7.01.         Servicer Defaults.........................................................................40
Section 7.02.         Indenture Trustee to Act; Appointment of Successor........................................42
Section 7.03.         Notification to Noteholders...............................................................44

                                                   ARTICLE VIII

                                                   TERMINATION

Section 8.01.         Termination of Agreement..................................................................44

                                                    ARTICLE IX

                                             MISCELLANEOUS PROVISIONS

Section 9.01.         Amendment; Waiver of Past Defaults........................................................44
Section 9.02.         Protection of Right, Title and Interest to Issuer.........................................46
Section 9.03.         GOVERNING LAW.............................................................................47
Section 9.04.         Notices; Payments.........................................................................47
Section 9.05.         Severability of Provisions................................................................47
Section 9.06.         Further Assurances........................................................................48
Section 9.07.         No Waiver; Cumulative Remedies............................................................48
Section 9.08.         Counterparts..............................................................................48
Section 9.09.         Third-party Beneficiaries.................................................................48
</Table>

                                       ii
<PAGE>

<Table>
<S>                 <C>                                                                                        <C>
Section 9.10.         Actions by Noteholders....................................................................48
Section 9.11.         Rule 144A Information.....................................................................48
Section 9.12.         Merger and Integration....................................................................49
Section 9.13.         No Bankruptcy Petition....................................................................49
Section 9.14.         Rights of Indenture Trustee...............................................................49
Section 9.15.         Rights of Owner Trustee...................................................................49
Section 9.16.         Assignment................................................................................49
Section 9.17.         Headings..................................................................................49

EXHIBIT A             PROVISIONS TO BE INCLUDED IN OPINION OF COUNSEL WITH RESPECT TO AMENDMENTS
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             PROVISIONS TO BE INCLUDED IN OPINION OF COUNSEL WITH RESPECT TO ADDITION OF ACCOUNTS
EXHIBIT F             PROVISIONS TO BE INCLUDED IN ANNUAL OPINION OF COUNSEL
EXHIBIT G             FORM OF REASSIGNMENT OF RECEIVABLES IN REMOVED ACCOUNTS

SCHEDULE 1            LIST OF ACCOUNTS--COMPUTER LIST OR MICROFICHE DELIVERED SEPARATELY
</Table>

                                      iii

<PAGE>

         TRANSFER AND SERVICING AGREEMENT (this "Agreement"), dated as of
[         ], 2002 among FIRST NATIONAL FUNDING LLC, a Nebraska limited liability
company, as Transferor, FIRST NATIONAL BANK OF OMAHA, a national banking
association, as Servicer, and FIRST NATIONAL MASTER NOTE TRUST, a business trust
organized under the laws of the State of Delaware, as Issuer.

         In consideration of the mutual agreements herein contained, each party
agrees as follows for the benefit of the other parties, the Noteholders and any
Enhancement Provider to the extent provided herein, in the Indenture and in any
Indenture Supplement:

                                   ARTICLE I

                                  DEFINITIONS

         SECTION 1.01. DEFINITIONS. Capitalized terms used herein and not
otherwise defined herein are defined in Annex A to the Master Indenture, dated
as of the date hereof, between First National Master Note Trust, as Issuer, and
The Bank of New York, as Indenture Trustee.

         SECTION 1.02. OTHER DEFINITIONAL PROVISIONS. All terms defined directly
or by reference in this Agreement shall have the defined meanings when used in
any certificate or other document delivered pursuant hereto unless otherwise
defined therein. For purposes of this Agreement and all such certificates and
other documents, unless the context otherwise requires: (a) accounting terms not
otherwise defined in this Agreement, and accounting terms partly defined in this
Agreement to the extent not defined, shall have the respective meanings given to
them under GAAP; (b) terms defined in Article 9 of the UCC as in effect in the
State of Nebraska and not otherwise defined in this Agreement are used as
defined in that Article; (c) any reference to each Rating Agency shall only
apply to any specific rating agency if such rating agency is then rating any
outstanding Series; (d) references to any amount as on deposit or outstanding on
any particular date means such amount at the close of business on such day; (e)
the words "hereof," "herein" and "hereunder" and words of similar import refer
to this Agreement (or the certificate or other document in which they are used)
as a whole and not to any particular provision of this Agreement (or such
certificate or document); (f) references to any Section, Schedule or Exhibit are
references to Sections, Schedules and Exhibits in or to this Agreement (or the
certificate or other document in which the reference is made), and references to
any paragraph, Section, clause or other subdivision within any Section or
definition refer to such paragraph, subsection, clause or other subdivision of
such Section or definition; (g) the term "including" means "including without
limitation;" (h) references to any law or regulation refer to that law or
regulation as amended from time to time and include any successor law or
regulation; (i) references to any Person include that Person's successors and
assigns; and (j) headings are for purposes of reference only and shall not
otherwise affect the meaning or interpretation of any provision hereof.

<PAGE>

                                   ARTICLE II

                            CONVEYANCE OF RECEIVABLES

         SECTION 2.01. CONVEYANCE OF RECEIVABLES.

                  (a) By execution of this Agreement, Transferor does hereby
         transfer, assign, set over and otherwise convey to Issuer, without
         recourse except as provided herein, all its right, title and interest
         in, to and under (i) the Collateral Certificate and (ii) effective on
         the Certificate Trust Termination Date, (A) the Receivables existing at
         the opening of business on the Certificate Trust Termination Date, and
         thereafter created from time to time until the termination of Issuer,
         all Collections and Recoveries allocable to Issuer as provided herein
         and the right to any Enhancement with respect to any Series, in each
         case together with all monies due or to become due and all amounts
         received or receivable with respect thereto and all proceeds thereof
         and Insurance Proceeds relating thereto and (B) without limiting the
         generality of the foregoing or the following, all of Transferor's
         rights, remedies, powers and privileges under the Receivables Purchase
         Agreement and (C) all proceeds of any of the foregoing. Such property,
         together with all monies and other property credited to the Collection
         Account, the Series Accounts and the Excess Funding Account (including
         any subaccounts of any such account) and the rights of Issuer under
         this Agreement and the Trust Agreement shall constitute the assets of
         Issuer (the "Trust Assets"). The foregoing does not constitute and is
         not intended to result in the creation or assumption by Issuer, Owner
         Trustee, Indenture Trustee or any Noteholder of any obligation of any
         Credit Card Originator, Servicer, Transferor or any other Person in
         connection with the Accounts or the Receivables or under any agreement
         or instrument relating thereto, including any obligation to Obligors,
         clearance systems or insurers.

                  (b) On or prior to the Initial Closing Date, Transferor shall
         deliver to Issuer a registered certificate representing the Collateral
         Certificate. On or prior to the Certificate Trust Termination Date,
         Transferor agrees to record and file, at its own expense, financing
         statements (and continuation statements when applicable) with respect
         to the Receivables conveyed by Transferor existing on the Certificate
         Trust Termination Date and thereafter created 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 transfer and
         assignment of its interest in such Receivables to Issuer, and to
         deliver a file stamped copy of each such financing statement or other
         evidence of such filing (which may, for purposes of this Section 2.01
         consist of telephone confirmation of such filing promptly followed by
         delivery to Owner Trustee of a file-stamped copy) to Owner Trustee as
         soon as practicable after the Certificate Trust Termination Date, and
         (if any additional filing is so necessary) as soon as practicable after
         the applicable Addition Date, in the case of Receivables arising in any
         Additional Accounts. Owner Trustee shall be under no obligation
         whatsoever to file such financing or continuation statements or to make
         any other filing under the UCC in connection with such transfer and
         assignment.

                  (c) Transferor further agrees, at its own expense, (i) on or
         prior to (w) the Certificate Trust Termination Date, (x) the applicable
         Addition Date, in the case of

                                       2
<PAGE>

         Additional Accounts and (y) the applicable Removal Date, in the case of
         Removed Accounts, to indicate in the appropriate computer files that
         Receivables created (or reassigned, in the case of Removed Accounts) in
         connection with the Accounts owned by FNBO have been conveyed to Issuer
         pursuant to this Agreement (or conveyed to Transferor or its designee
         in accordance with Section 2.07, in the case of Removed Accounts) by
         including in such computer files the code identifying each such Account
         (or, in the case of Removed Accounts, either by including a code
         identifying the Removed Accounts or by deleting the code identifying
         such Account) and (ii) on or prior to the Certificate Trust Termination
         Date, to deliver to Issuer an Account Schedule, specifying for each
         such Account, as of the most recent calendar month end, its account
         number and, the aggregate amount outstanding in such Account and the
         aggregate amount of Principal Receivables outstanding in such Account.
         Such Account Schedule, as supplemented from time to time to reflect
         Additional Accounts and Removed Accounts, shall be in the form of
         computer files or microfiche lists and shall be marked as Schedule 1 to
         this Agreement and is hereby incorporated into and made a part of this
         Agreement. Once the code referenced in clause (i) of this paragraph has
         been included with respect to any Account, Transferor further agrees
         not to alter such code during the remaining term of this Agreement
         unless and until (A) such Account becomes a Removed Account, or (B)
         Transferor shall have delivered to Issuer at least 30 days' prior
         written notice of its intention to do so and has taken such action as
         is necessary or advisable to cause the interest of Issuer in the
         Receivables and the other Trust Assets to continue to be perfected with
         the priority required by this Agreement.

                  (d) The parties intend that the transfer made herein 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 to have granted,
         and does hereby so grant, to Issuer, effective on the Certificate Trust
         Termination Date, a first priority perfected security interest in all
         of Transferor's right, title and interest, whether owned on the
         Certificate Trust Termination Date or thereafter acquired, in, to and
         under the Receivables and the other Trust Assets conveyed by
         Transferor, and all money, accounts, general intangibles, chattel
         paper, instruments, documents, goods, investment property, deposit
         accounts, certificates of deposit, letters of credit and advices of
         credit consisting of, arising from or related to the Trust Assets, to
         secure Transferor's obligations hereunder, and that this Agreement
         shall constitute a security agreement under applicable law.

                  (e) On or prior to each Determination Date following the
         Certificate Trust Termination Date, Transferor shall cause FNBO to
         notify Servicer of the amount of Interchange to be included as
         Collections of Finance Charge Receivables allocable to the Accounts
         with respect to the Related Monthly Period, which amount shall be equal
         to the product of:

                           (i) the total amount of Interchange paid or payable
                  to FNBO with respect to such Related Monthly Period; and

                           (ii) a fraction the numerator of which is the volume
                  during the Related Monthly Period of sales net of cash
                  advances on the Accounts and the

                                       3
<PAGE>

                  denominator of which is the amount of sales net of cash
                  advances during the Related Monthly Period on all VISA and
                  MasterCard accounts owned by FNBO.

On each Transfer Date following the Certificate Trust Termination Date,
Transferor shall pay to Servicer, or cause FNBO to pay to Servicer, and Servicer
shall deposit into the Collection Account for each outstanding Series, in
immediately available funds, each Series pro rata share of such Interchange, as
specified in the applicable Indenture Supplement.

         SECTION 2.02. ACCEPTANCE BY ISSUER.

                  (a) Issuer hereby acknowledges its acceptance of all right,
         title and interest to the property, now existing and hereafter created,
         conveyed to Issuer pursuant to Section 2.01. Owner Trustee shall
         maintain a copy of Schedule 1, as delivered to it from time to time, at
         its Corporate Trust Office.

                  (b) Owner Trustee hereby agrees not to disclose to any Person
         any of the account numbers or other information contained in the
         Account Schedule marked as Schedule 1 and delivered to Owner Trustee or
         Issuer, from time to time, except (i) to a Successor Servicer or as
         required by a Requirement of Law applicable to Owner Trustee, (ii) in
         connection with the performance of Owner Trustee's or Issuer's duties
         hereunder, (iii) to Indenture Trustee in connection with its duties in
         enforcing the rights of Noteholders or (iv) to bona fide creditors of
         Servicer or Transferor for the limited purpose of enabling any such
         creditor to identify Receivables or Accounts subject to this Agreement
         or the Receivables Purchase Agreement. Owner Trustee agrees (i) to take
         such measures as shall be reasonably requested by Transferor to protect
         and maintain the security and confidentiality of such information and,
         in connection therewith, shall allow Transferor or its duly authorized
         representatives to inspect Owner Trustee's security and confidentiality
         arrangements as they specifically relate to the administration of
         Issuer from time to time during normal business hours upon prior
         written notice and (ii) not to use any Account Schedule information to
         compete, directly or indirectly, with Transferor or FNBO. Owner Trustee
         shall promptly notify Transferor of any request received by Owner
         Trustee to disclose information of the type described in this Section
         2.02(b), which notice shall in any event be provided no later than five
         (5) Business Days prior to disclosure of any such information unless
         Owner Trustee is compelled pursuant to a Requirement of Law to disclose
         such information prior to the date that is five (5) Business Days after
         the giving of such notice.

         SECTION 2.03. REPRESENTATIONS AND WARRANTIES OF TRANSFEROR RELATING TO
TRANSFEROR. Transferor hereby represents and warrants to Issuer as of each
Closing Date and the Certificate Trust Termination Date and, with respect to
Additional Accounts, the related Addition Date that:

                  (a) ORGANIZATION AND GOOD STANDING. 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, to execute, deliver and perform its obligations under each
         Transaction Document to which it is a party.

                                       4
<PAGE>

                  (b) DUE QUALIFICATION. Transferor is duly qualified to do
         business and is in good standing (or is exempt from such requirements)
         in any state required in order to conduct business, and has obtained
         all necessary licenses and approvals with respect to 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 Indenture Trustee would have to obtain to
         do business in any state in which Indenture Trustee seeks to enforce
         any Receivable.

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

                  (d) NO CONFLICTS. The execution and delivery of this Agreement
         and each other Transaction Document to which 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 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
         and each other Transaction Document to which 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 Transferor or FNBO.

                  (f) NO PROCEEDINGS. There are no proceedings or investigations
         pending or, to the best knowledge of Transferor, threatened against
         Transferor, before any court, regulatory body, administrative agency,
         or other tribunal or governmental instrumentality (i) asserting the
         invalidity of the Notes or any other Transaction Documents, (ii)
         seeking to prevent the issuance of the Notes or the consummation of any
         of the transactions contemplated by the Notes or any other Transaction
         Documents, (iii) seeking any determination or ruling that, in the
         reasonable judgment of Transferor, would materially and adversely
         affect the performance by Transferor of its obligations under any
         Transaction Document, (iv) seeking any determination or ruling that
         would materially and adversely affect the validity or enforceability of
         the Notes or any other Transaction Document or (v) seeking to affect
         adversely the income tax attributes of Issuer under the federal or any
         applicable state income or franchise tax systems.

                  (g) 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 Transferor of this Agreement and each other Transaction Document to
         which Transferor is a party, the performance by Transferor of the
         transactions contemplated by this Agreement and each such other

                                       5
<PAGE>

         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 Notes.

                  (h) INSOLVENCY. No Insolvency Event with respect to Transferor
         has occurred. Transferor did not (i) execute the Transaction Documents,
         (ii) grant to Issuer the security interests described in Section 2.01,
         (iii) cause, permit, or suffer the perfection or attachment of such a
         security interest, (iv) otherwise effectuate or consummate any transfer
         to Issuer pursuant to any Transaction Document or (v) acquire its
         interest in Issuer, in each case: (A) in contemplation of insolvency;
         (B) with a view to preferring one creditor over another or to
         preventing the application of its assets in the manner required by
         applicable law or regulations; (C) after committing an act of
         insolvency; or (D) with any intent to hinder, delay, or defraud itself
         or its creditors.

The representations and warranties set forth in this Section 2.03 shall survive
the transfer and assignment by Transferor of the respective Receivables and
other Trust Assets to Issuer and the pledge thereof to Indenture Trustee
pursuant to the Indenture. Upon discovery by Transferor, Servicer or Owner
Trustee of a breach of any of the representations and warranties set forth in
this Section 2.03, the party discovering such breach shall give prompt written
notice to the others and each Enhancement Provider, if any, entitled thereto
pursuant to the relevant Indenture Supplement. Transferor agrees to cooperate
with Servicer and Owner Trustee in attempting to cure any such breach. For
purposes of the representations and warranties set forth in this Section 2.03,
each reference to an Indenture Supplement shall be deemed to refer only to those
Indenture Supplements in effect as of the date of the relevant representation or
warranty.

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

                  (a) REPRESENTATIONS AND WARRANTIES. Transferor represents and
         warrants to Issuer as of each Closing Date, the Certificate Trust
         Termination Date and, with respect to Additional Accounts, the related
         Addition Date that:

                           (i) Enforceability. Each Transaction Document to
                  which Transferor is a party constitutes and, in the case of
                  Additional Accounts, the related Assignment, when executed and
                  delivered on behalf of Transferor, will constitute, 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 Debtor Relief
                  Laws now or hereafter in effect and by general principles of
                  equity (whether considered in a suit at law or in equity).

                           (ii) Accurate Account Schedule. As of the Certificate
                  Trust Termination Date, as of each Addition Date with respect
                  to Additional Accounts, and as of the applicable Removal Date
                  with respect to Removed Accounts, the Account Schedule
                  delivered pursuant to this Agreement, as supplemented to such
                  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 Account Schedule delivered on the Certificate
                  Trust Termination Date, as of the then most recent month end)

                                       6
<PAGE>

                  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
                  such specified date.

                           (iii) No Liens. (A) On and after the Certificate
                  Trust Termination Date, 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 Issuer pursuant to this Agreement, and (B)
                  each Receivable conveyed to Issuer by Transferor pursuant to
                  this Agreement has been conveyed to Issuer free and clear of
                  any Lien (other than Liens permitted under Section 2.05(b))
                  and in compliance, in all material respects, with all
                  Requirements of Law applicable to Transferor and/or FNBO.

                           (iv) Consents. All approvals, licenses,
                  authorizations, consents, orders or other actions of any
                  Person or registrations or declarations with any Governmental
                  Authority required to be obtained, effected or given by
                  Transferor or FNBO in connection with the conveyance of the
                  Collateral Certificate and the Receivables to Issuer pursuant
                  to this Agreement have been duly obtained, effected or given
                  and are in full force and effect.

                           (v) Collateral Certificate. The transfer and
                  assignment of the Collateral Certificate herein contemplated
                  constitutes either (A) a sale of the Collateral Certificate,
                  (B) a grant of a perfected security interest therein from
                  Transferor to Issuer or (C) a grant of a perfected security
                  interest therein from Transferor to Indenture Trustee. The
                  Collateral Certificate has not been sold, transferred,
                  assigned or pledged by Transferor to any Person other than
                  pursuant to this Agreement. Immediately prior to the transfer
                  and assignment herein contemplated, Transferor had good and
                  marketable title to the Collateral Certificate, free and clear
                  of all Liens and rights of others except for Liens permitted
                  by Section 2.05(b) and, immediately upon the transfer thereof,
                  Issuer shall have good and marketable title to the Collateral
                  Certificate, free and clear of all Liens and rights of others
                  or a first priority perfected security interest therein except
                  for Liens permitted by Section 2.05(b); and the transfer has
                  been perfected, by the filing of appropriate financing
                  statements pursuant to the UCC, under the UCC. Transferor has
                  no knowledge of any current statutory or other non-consensual
                  liens to which the Collateral Certificate is subject. All
                  actions necessary under the applicable UCC in any jurisdiction
                  to be taken (A) to give Issuer a first priority perfected
                  security interest or ownership interest in the Collateral
                  Certificate except for Liens permitted by Section 2.05(b), and
                  (B) to give Indenture Trustee a first priority perfected
                  security interest in the Collateral Certificate (including,
                  without limitation, UCC filings with each of the Delaware
                  Secretary of State (Issuer as debtor) and Nebraska Secretary
                  of State (Transferor as debtor)), in each case subject to any
                  statutory or other nonconsensual liens with respect to the
                  Collateral Certificate, have been taken. The representations
                  made in this subsection (v) shall not be made on or after the
                  Certificate Trust Termination Date.

                           (vi) Perfection. This Agreement or, in the case of
                  Additional Accounts, the related Assignment, constitutes
                  either a valid sale, transfer and

                                       7
<PAGE>

                  assignment to Issuer of all right, title and interest of
                  Transferor in the Receivables and other Trust Assets conveyed
                  to Issuer by Transferor hereunder or thereunder or a grant of
                  a security interest in such property to Issuer, which, (A)
                  with respect to Receivables existing on the Certificate Trust
                  Termination Date and the proceeds thereof, is enforceable upon
                  the Certificate Trust Termination Date or (B) with respect to
                  the then existing Receivables in Additional Accounts added
                  after the Certificate Trust Termination Date, as of the
                  applicable Addition Date, and which will be enforceable with
                  respect to such Receivables thereafter created and the
                  proceeds thereof upon such creation, in each case except 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). All
                  actions necessary under the applicable UCC in any jurisdiction
                  to be taken to give Issuer a first priority perfected security
                  interest in such property and proceeds, except for Liens
                  permitted under Section 2.05(b), have been taken.

                           (vii) Accounts. Except as otherwise expressly
                  provided in this Agreement or any other Transaction Document,
                  neither Transferor nor any other Person has any claim to or
                  interest in the Collection Account, the Excess Funding
                  Account, any Series Account or any Enhancement.

                           (viii) Eligible Accounts. With respect to Additional
                  Accounts added after the Certificate Trust Termination Date,
                  each such Account is classified as an Eligible Account as of
                  the relevant Addition Date and no selection procedures adverse
                  to the Noteholders have been employed in selecting the
                  Accounts from among the Eligible Accounts.

                           (ix) Eligible Receivables. On the date each
                  Additional Account added after the Certificate Trust
                  Termination Date becomes an Account, each Receivable contained
                  in such Additional Account is an Eligible Receivable. As of
                  the date of the creation of any new Receivable in an Account,
                  such Receivable is an Eligible Receivable.

                           (x) Subsequent Receivables. On each day after the
                  Certificate Trust Termination Date on which any new Receivable
                  is created, Transferor represents and warrants to Issuer that
                  the representations and warranties made in Section 2.04(a)(i),
                  (iii), (iv), (vi) and (ix) are true and correct with respect
                  to each such Receivable as of such day of creation.

                           (xi) Additional Perfection Representations and
                  Warranties. Debtor hereby makes the Perfection Representations
                  and Warranties to Secured Party. For purposes of this Section
                  2.04(a)(xi): Debtor shall mean Transferor, Secured Party shall
                  mean Issuer, and Specified Agreement shall mean this Transfer
                  and Servicing Agreement. The rights and remedies with respect
                  to any breach of the Perfection Representations and Warranties
                  made under this Section 2.04(a)(xi) shall be continuing and
                  shall survive any termination of the Specified Agreement.
                  Secured Party shall not waive a breach of any Perfection
                  Representation and

                                       8
<PAGE>

                  Warranty. In order to evidence the interests of Debtor and
                  Secured Party under the Specified Agreement, the Debtor and
                  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
                  Secured Party and financing statements under the UCC as
                  enacted and then in effect in any other jurisdiction in which
                  the Debtor 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 Secured Party's security
                  interest in the Receivables. Debtor hereby authorizes Servicer
                  and Indenture Trustee to file financing statements under the
                  UCC without Debtor's signature where allowed by applicable
                  law.

                  (b) As of the Certificate Trust Termination Date, Transferor
         agrees that (i) all representations and warranties made by it in its
         capacity as Transferor under the Pooling and Servicing Agreement with
         respect to any Account or Receivable pursuant to Section 2.04 of the
         Pooling and Servicing Agreement and (ii) all of the covenants made by
         it under Section 2.05 of the Pooling and Servicing Agreement, in each
         case, shall be deemed for all purposes (including the reassignment
         obligations under Section 2.04(d)) to have been made by Transferor to
         Issuer pursuant to this Agreement as of the day when each was made or
         deemed made, as if this Agreement had been in effect on that day.

                  (c) NOTICE OF BREACH. The representations and warranties of
         Transferor made pursuant to this Section 2.04 shall survive the
         transfer and assignment by Transferor of the Collateral Certificate and
         Receivables to Issuer and the pledge thereof to Indenture Trustee
         pursuant to the Indenture and the Certificate Trust Termination Date.
         Upon discovery by Transferor, Servicer or a Responsible Officer of
         Owner Trustee of a breach of any of the representations and warranties
         by Transferor made pursuant to this Section 2.04, the party discovering
         such breach shall give prompt written notice to the others and to each
         Enhancement Provider, if any, entitled thereto pursuant to the relevant
         Indenture Supplement. Transferor agrees to cooperate with Servicer and
         Owner Trustee in attempting to cure any such breach. For purposes of
         the representations and warranties made pursuant to this Section 2.04,
         each reference to an Indenture Supplement shall be deemed to refer only
         to those Indenture Supplements in effect as of the date of the relevant
         representations or warranties.
                  (d) TRANSFER OF INELIGIBLE RECEIVABLES.

                           (i) Automatic Removal. From and after the Certificate
                  Trust Termination Date, in the event of a breach with respect
                  to a Receivable of any representations and warranties set
                  forth in subsection 2.04(a)(iii)(B), 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 Issuer'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 Issuer
                  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

                                       9
<PAGE>

                  or any agency or instrumentality thereof and involves taxes or
                  liens arising under Title IV of ERISA or (2) has been
                  consented to by 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 Transferor or Servicer or
                  receipt by Transferor of written notice of such breach or
                  event given by Indenture Trustee, Receivables of the Account
                  containing such ineligible Receivable shall be automatically
                  reassigned to Transferor 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(a) other than a breach or event as set
                  forth in subsection 2.04(d)(i) above, and as a result of such
                  breach the related Account becomes a Defaulted Account or
                  Issuer's rights in, to or under the Receivable or its proceeds
                  are impaired or the proceeds of such Receivable are not
                  available for any reason to Issuer 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 Indenture 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 Transferor or Servicer,
                  or receipt by Transferor of written notice of any such event
                  given by Indenture Trustee, the Receivables of the Account
                  containing such ineligible Receivable shall be reassigned to
                  Transferor 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 Reassignment. When the
                  provisions of subsection 2.04(d)(i) or (ii) above require
                  reassignment of a Receivable, Transferor shall accept
                  reassignment of such Receivable (an "Ineligible Receivable")
                  by directing Servicer to deduct the principal balance of each
                  such Ineligible Receivable from the Aggregate Principal
                  Receivables in the Trust and to decrease Transferor Interest
                  by such amount. On and after the date of such reassignment,
                  each Ineligible Receivable shall be assigned a principal
                  balance of zero for the purpose of determining the Principal
                  Receivables on any day. In the event that the exclusion of an
                  Ineligible Receivable from the calculation of the Aggregate
                  Principal Balance would cause Transferor Interest to be
                  reduced below the Minimum Transferor Interest or would
                  otherwise not be permitted by law, 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
                  Transferor Interest would be reduced below the Minimum
                  Transferor Interest. The portion of such deposit allocated to
                  the Notes of each Series shall be distributed to the
                  Noteholders of each Series in the manner specified in Article
                  IV, if applicable, on the Distribution Date relating to the

                                       10
<PAGE>

                  Monthly Period in which such deposit is made. Upon the
                  reassignment to Transferor of an Ineligible Receivable, Issuer
                  shall automatically and without further action be deemed to
                  transfer, assign, set over and otherwise convey to Transferor,
                  without recourse, representation or warranty, all the right,
                  title and interest of Issuer 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 Indenture Supplement.
                  Such reassigned Ineligible Receivable shall be treated by
                  Issuer as collected in full as of the date on which it was
                  transferred. Issuer and Indenture Trustee shall execute such
                  documents and instruments of transfer or assignment and take
                  other actions as shall reasonably be requested by Transferor
                  to evidence the conveyance of such Ineligible Receivable
                  pursuant to this subsection 2.04(d)(iii). The obligation of
                  Transferor set forth in this subsection 2.04(d)(iii), or the
                  automatic reassignment of such Receivable from Issuer, as the
                  case may be, shall 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 Issuer or Indenture Trustee on behalf of
                  Noteholders.

                           (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 Servicer (if Servicer is
                  FNBO or Transferor) for more than the applicable period under
                  Section 9-315 of the UCC.

                  (e) REASSIGNMENT OF TRUST PORTFOLIO. From and after the
         Certificate Trust Termination Date, 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)(i), (vi) or (vii) which has a material
         adverse effect on the Receivables or the availability of the proceeds
         of the Receivables to Issuer, then Indenture Trustee or the Majority
         Holders, by notice then given in writing to Transferor (and to
         Indenture Trustee and Servicer, if given by the Majority Holders), may
         direct 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
         Transferor shall be obligated to accept reassignment of such Principal
         Receivables on a Transfer Date specified by 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, each such
         representation and warranty shall then be true and correct in all
         material respects. Transferor shall deposit in next-day funds on the
         Reassignment Date an amount equal to the reassignment deposit amount
         for such Receivables in the Collection Account or the applicable Series
         Account, as provided in the related Indenture Supplement, for
         distribution to the Noteholders pursuant to this Indenture and the
         applicable Indenture Supplement. The reassignment deposit amount with
         respect to each Series for such reassignment, unless otherwise stated
         in the related Indenture Supplement, shall be equal to (i) the
         aggregate outstanding Note Principal Balance of such Series at the end
         of the day on the last day of the Monthly Period preceding the

                                       11
<PAGE>

         Reassignment Date, less the amount, if any, previously allocated for
         payment of principal, or paid as principal to such Noteholders 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 Notes of such Series at the applicable Note
         Interest Rate through such last day, less the amount, if any,
         previously allocated for payment of interest or paid as interest to the
         Noteholders 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 Collection Account
         or the applicable Series Account in respect of the preceding Monthly
         Period shall be considered a prepayment in full of the Receivables. On
         the Reassignment Date on which such amount has been deposited in full
         into the Collection Account or the applicable Series Account, the
         Receivables and 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 Indenture Supplement shall be released to Transferor after
         payment of all amounts otherwise due hereunder on or prior to such
         dates and Issuer and Indenture 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 Transferor to vest in Transferor, or its
         designee or assignee, all right, title and interest of Issuer and
         Indenture Trustee 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 Indenture Supplement. If Indenture
         Trustee or the Majority Holders give notice directing Transferor to
         accept reassignment as provided above, the obligation of 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) or subsections 2.04(a)(i),
         (vi) or (vii) available to the Noteholders, Issuer or Indenture
         Trustee.

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

                  (a) RECEIVABLES TO BE ACCOUNTS. 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.
         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
         and under the other Transaction Documents, 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 or the
         Collateral Certificate, whether now existing or hereafter created, or
         any interest therein; Transferor will immediately notify Issuer,
         Indenture Trustee and each Enhancement Provider entitled to such notice
         pursuant to the relevant Indenture Supplement of the existence of any
         Lien on any Receivable or the Collateral Certificate; and Transferor
         shall defend the right, title and interest of Issuer and Indenture
         Trustee in, to and under the Receivables and the Collateral
         Certificate, whether now existing or

                                       12
<PAGE>

         hereafter created, against all claims of third parties; provided,
         however, that nothing in this subsection 2.05(b) shall prevent or be
         deemed to prohibit Transferor from suffering to exist upon any of the
         Receivables or the Collateral Certificate any Liens for taxes if such
         taxes shall not at the time be due and payable or if 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 be deemed to prohibit the transfer of
         Transferor Interest in accordance with this Agreement and the Trust
         Agreement.

                  (c) CREDIT CARD AGREEMENTS AND ACCOUNT GUIDELINES. 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 Issuer, Indenture Trustee or the
         Noteholders under any Transaction Documents or the Notes. Except as
         expressly provided in any Indenture Supplement, 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 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 Transferor Interest exceeds 14% of the Aggregate
         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 Transferor is
         unable for any reason to transfer Receivables to Issuer in accordance
         with the provisions of this Agreement (including, without limitation,
         by reason of the application of the provisions of Section 6.01 or an
         order by any federal governmental agency having regulatory authority
         over Transferor or FNBO or any court of competent jurisdiction that
         Transferor not transfer any additional Principal Receivables to Issuer)
         then, in any such event, (i) Transferor agrees to allocate and pay to
         Issuer, after the date of such inability, all Collections with respect
         to Principal Receivables, all Discount Option Receivables Collections,
         and all amounts which would have constituted Collections with respect
         to Principal Receivables and Discount Option Receivables Collections
         but for Transferor's inability to transfer such Receivables (up to an
         aggregate amount equal to the amount of

                                       13
<PAGE>

         Principal Receivables and Discount Option Receivables in the Trust on
         such date); (ii) Transferor agrees to have such amounts applied as
         Collections in accordance with Article VIII of the Indenture; 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 Discount Option
         Receivables (and all amounts which would have constituted Principal
         Receivables or Discount Option Receivables, as the case may be, but for
         Transferor's inability to transfer Receivables to Issuer) that are
         written off as uncollectible in accordance with this Agreement shall
         continue to be allocated in accordance with Article VIII of the
         Indenture, and all amounts that would have constituted Principal
         Receivables or Discount Option Receivables, as the case may be, but for
         Transferor's inability to transfer Receivables to Issuer shall be
         deemed to be Principal Receivables or Discount Option Receivables, as
         the case may be, for the purpose of calculating the applicable
         Allocation Percentage with respect to any Series. If Transferor is
         unable pursuant to any Requirement of Law to allocate Collections as
         described above, 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 VIII of the
         Indenture. The parties hereto agree that Finance Charge Receivables,
         whenever created, accrued in respect of Principal Receivables that have
         been conveyed to Issuer, or that would have been conveyed to Issuer but
         for the above described inability to transfer such Receivables, shall
         continue to be owned by Issuer notwithstanding any cessation of the
         transfer of additional Principal Receivables and Discount Option
         Receivables to Issuer and Collections with respect thereto shall
         continue to be allocated and paid in accordance with Article VIII of
         the Indenture.

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

                  (f) CONVEYANCE OF ACCOUNTS. 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 VIII;
         provided, however, that 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 4.02.

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

                                       14
<PAGE>

                  (h) OFFICIAL RECORDS. The resolutions of the Board of
         Directors of 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
         Transferor's Managing Member and in the official records of Transferor.
         Each of the Transaction Documents and all documents relating thereto
         are and shall, continuously from the time of their respective execution
         by Transferor, be official records of Transferor.

                  (i) TRANSFEROR INTEREST. Except as otherwise permitted in
         Section 3.04 of the Trust Agreement or Section 4.02 of this Agreement,
         Transferor agrees not to transfer, assign, exchange or otherwise convey
         or pledge, hypothecate or otherwise grant a security interest in
         Transferor Interest (or any interest therein) or any Supplemental
         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. 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, 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. Transferor shall:

                           (i) Not incur, assume or guarantee any indebtedness
                  other than Transferor's obligations with respect to or
                  contemplated by the Transaction Documents.

                           (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, except as
                  specifically permitted by the Transaction Documents.

                           (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 Transferor.

                                       15
<PAGE>

                           (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 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 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 Transferor, including the following:

                                    (A) a member:

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

                                             (2) files a voluntary petition in
                                    bankruptcy;

                                       16
<PAGE>

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

                                             (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.

                  (l) SALE TREATMENT. Transferor agrees to treat the conveyance
         hereunder of the Collateral Certificate and the proceeds thereof and
         the Receivables and the proceeds thereof as a sale for accounting
         purposes.

                  (m) AMENDMENT OF THE ORGANIZATIONAL DOCUMENTS. Transferor
         shall not amend in any material respect its certificate of formation or
         its limited liability company agreement without providing the Rating
         Agencies with notice no later than the fifth Business Day prior to such
         amendment (unless the right to such notice is waived by the Rating
         Agency) and satisfying the Rating Agency Condition.

         SECTION 2.06. ADDITION OF ACCOUNTS.

                  (a) If, during any Monthly Period ending on or after the
         Certificate Trust Termination Date, 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),
         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 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

                                       17
<PAGE>

         such Monthly Period, is at least equal to the Minimum Transferor
         Interest. For purposes of the preceding sentence, the terms "Transferor
         Interest" and "Minimum Transferor Interest" shall have the meanings
         assigned to such terms in the Pooling and Servicing Agreement with
         respect to any day prior to the Certificate Trust Termination Date.
         Receivables from such Additional Accounts shall be transferred to
         Issuer on or before the tenth Business Day following such Monthly
         Period; provided, however, that to the extent 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),
         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 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
         Maximum Addition Amount or include Financial Institutions Accounts
         unless Transferor shall have received the notice from the Rating
         Agencies required by subsection 2.06(c)(vii) below.

                  (c) 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"), Transferor shall give Issuer,
                  Indenture Trustee, each Rating Agency and 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, Transferor shall
                  have delivered to Indenture Trustee, a written assignment
                  (including an acceptance by Issuer) in substantially the form
                  of Exhibit B (the "Assignment") and Transferor shall direct
                  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 Issuer and, within five Business Days
                  thereafter, Servicer shall have delivered to Issuer, with a
                  copy delivered to Indenture 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
                  confidentiality obligations under Section 2.02 hereof;

                                       18
<PAGE>

                           (iii) 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 Transferor to be
                  materially adverse to the interests of the Noteholders were
                  utilized in selecting the Additional Accounts from the
                  available Eligible Accounts (or, in the case of Financial
                  Institutions Accounts, from the available Financial
                  Institutions Accounts constituting Eligible Accounts) and (C)
                  as of the Addition Date, Transferor is not insolvent;

                           (iv) Transferor shall represent and warrant that, as
                  of the Addition Date, the Assignment constitutes either (A) a
                  valid transfer and assignment to Issuer of all right, title
                  and interest of 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 Issuer free and clear of any Lien,
                  except for (1) Liens permitted under subsection 2.05(b), (2)
                  the interest of the Holder of Transferor Interest and (3)
                  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 the Indenture and any related Indenture
                  Supplement or (B) a grant of a first priority perfected
                  security interest (as defined in the UCC) in such property to
                  Issuer, 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 Issuer, 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) Transferor shall deliver an Officer's Certificate
                  substantially in the form of Schedule 2 to Exhibit B to Issuer
                  and Indenture Trustee (with a copy thereof to each Rating
                  Agency); it being understood that Issuer and Indenture 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) Transferor shall deliver an Opinion of Counsel
                  with respect to the Receivables in the Additional Accounts to
                  Issuer and Indenture 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,
                  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 Notes then issued and outstanding.

                                       19
<PAGE>

         SECTION 2.07. REMOVAL OF ACCOUNTS.

                  (a) Subject to the conditions set forth below, on or after the
         Certificate Trust Termination Date Transferor may, but shall not be
         obligated to, designate Receivables from Accounts to be reassigned to
         it or its designee ("Removed Accounts"); provided, however, that
         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 Issuer to Transferor (the "Removal
         Date"), Transferor shall give Issuer, Indenture Trustee and Servicer
         written notice that the Receivables from such Removed Accounts are to
         be reassigned to Transferor.

                  (b) Transferor shall be permitted to designate and require
         reassignment to it of the Receivables from Removed Accounts on or after
         the Certificate Trust Termination Date only upon satisfaction of the
         following conditions:

                           (i) the removal of any Receivables of any Removed
                  Accounts on any Removal Date shall not, in the reasonable
                  belief of 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 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 Indenture
                  Supplement with respect to any Series;

                           (ii) on or prior to the Removal Date, Transferor
                  shall have delivered to Issuer and Indenture Trustee for
                  execution a written assignment in substantially the form of
                  Exhibit G (the "Reassignment") and, within five Business Days
                  thereafter, Transferor shall have delivered to Issuer 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) 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 Transferor which is
                  materially adverse to the interests of the Noteholders 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

                                       20
<PAGE>

                  Receivables of such Accounts and 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;

                           (v) on any Removal Notice Date, the amount of the
                  Principal Receivables of the Removed Accounts to be reassigned
                  to Transferor on the related Removal Date shall not equal or
                  exceed 5% of the Aggregate 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 Collateral Amount of such Series; and

                           (vi) Transferor shall have delivered to Issuer and
                  Indenture Trustee an Officer's Certificate confirming the
                  items set forth in clauses (i) through (v) above. Issuer and
                  Indenture 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.

                  Upon satisfaction of the above conditions, Issuer and
         Indenture Trustee shall execute and deliver the Reassignment to
         Transferor, and the Receivables from the Removed Accounts shall,
         without further action, be deemed to be transferred, assigned and
         conveyed to Transferor or its designee, effective as of the Removal
         Date, without recourse.

         SECTION 2.08. DISCOUNT OPTION RECEIVABLES.

                  (a) On or after the Certificate Trust Termination Date,
         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 the Indenture.

                  (c) 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 Transferor shall not change any existing
         Discount Option Receivables into Principal Receivables and Transferor
         shall not increase the Discount Percentage during

                                       21
<PAGE>

         any Rapid Amortization Period (as defined in any Indenture Supplement)
         or if such increase would cause Transferor Interest to be less than the
         Minimum Transferor Interest.

                  (d) Transferor shall provide to Servicer, Issuer, Indenture
         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 if such designation, increase or reduction in
         the reasonable belief of Transferor, as set forth by Transferor in an
         Officer's Certificate delivered to the Indenture Trustee, would not
         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.

                                  ARTICLE III

                   ADMINISTRATION AND SERVICING OF RECEIVABLES

         Prior to the Certificate Trust Termination Date, the Receivables shall
be serviced as provided in the Pooling and Servicing Agreement, and this Article
III will have no effect. On and after the Certificate Trust Termination Date:

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

                  (a) FNBO agrees to act as Servicer under this Agreement. The
         Noteholders of each Series by their acceptance of the related Notes
         consent to FNBO acting as Servicer.

                  (b) Servicer shall service and administer the Receivables and
         shall collect payments due under the Receivables and shall charge off
         Receivables as uncollectible, in accordance with its customary and
         usual servicing procedures for servicing credit card receivables
         comparable to the Receivables and, subject to subsection (d) below, 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
         7.01, Servicer is hereby authorized and empowered (i) to make
         withdrawals from the Collection Account, the Excess Funding Account or
         any Series Account to the extent and as set forth in this Agreement,
         the Indenture or any Indenture Supplement, (ii) unless such power and
         authority is revoked on account of the occurrence of a Servicer Default
         pursuant to Section 7.01, to instruct Indenture Trustee to make
         withdrawals and payments, from the Collection Account, the Excess
         Funding Account and any Series Account, in accordance with such
         instructions as set forth in this Agreement, the Indenture or any
         Indenture Supplement, (iii) unless such power and authority is revoked
         on account of the occurrence of a Servicer Default pursuant to Section
         7.01, to instruct Indenture Trustee in writing, as set forth in this
         Agreement, the Indenture or any Indenture Supplement, (iv) to take any
         actions required or permitted under any Enhancement, (v) to execute and
         deliver, on behalf of Issuer for the benefit of the Noteholders, any
         and all instruments of satisfaction or cancellation, or of partial or
         full

                                       22
<PAGE>

         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 (vi) to make any filings, reports, notices,
         applications, registrations with, and to seek any consents or
         authorizations from, the Commission and any state securities authority
         on behalf of Issuer as may be necessary or advisable to comply with any
         federal or state securities or reporting requirements. Indenture
         Trustee agrees that it shall promptly follow the instructions of
         Servicer to withdraw funds from the Collection Account, the Excess
         Funding Account or any Series Account and to take any action required
         under any Enhancement at such time as required under this Agreement,
         the Indenture or any Indenture Supplement. Each of Owner Trustee and
         Indenture Trustee shall execute at Servicer's written request such
         documents prepared by Transferor and acceptable to Owner Trustee or
         Indenture Trustee (as applicable) as may be necessary or appropriate to
         enable Servicer to carry out its servicing and administrative duties
         hereunder.

                  Owner Trustee shall furnish Servicer with any powers of
         attorney and other documents from Owner Trustee and Indenture Trustee
         necessary or appropriate to enable Servicer to carry out its servicing
         and administrative duties hereunder.

                  (c) In the event that Transferor is unable for any reason to
         transfer Receivables to Issuer in accordance with the provisions of
         this Agreement (including by reason of the application of the
         provisions of Section 6.01 or the order of any federal governmental
         agency having regulatory authority over Transferor or any court of
         competent jurisdiction that Transferor not transfer any additional
         Principal Receivables to Issuer) then, in any such event, Servicer
         agrees to allocate in accordance with the provisions of Section
         2.05(d).

                  (d) Servicer shall comply with and perform its servicing
         obligations with respect to the Accounts and Receivables in accordance
         with 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 so comply or perform would not materially and adversely
         affect Issuer, Indenture Trustee or the Noteholders.

                  (e) 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 Servicer in connection with servicing other credit card receivables.

                  (f) 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 Servicer believes to be reasonable from
         time to time.

                  (g) The relationship of Servicer (and of any successor to
         Servicer as servicer under this Agreement) to Indenture Trustee under
         this Agreement is intended by the

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<PAGE>

         parties to be that of an independent contractor and not that of a joint
         venturer, partner or agent of Indenture 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, Servicer shall be entitled to receive a monthly
servicing fee in respect of any Monthly Period or portion thereof after the
Certificate Trust Termination Date (with respect to each Monthly Period, the
"Monthly Servicing Fee"). The share of the Monthly Servicing Fee allocable to
each Series of Notes 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 Indenture Supplement), shall be
equal to one-twelfth of the product of (a) the applicable Series Servicing Fee
Percentage per annum and (b) the Collateral Amount of such Series as of the last
day of the Monthly Period preceding such Distribution Date (the "Noteholder
Servicing Fee") and shall be paid to Servicer pursuant to the applicable
Indenture Supplement. The servicing fee payable by the Holder of Transferor
Interest shall be equal to the product of one-twelfth of the product of (i)
Transferor Interest and (ii) the weighted average of the Series Servicing Fee
Percentages with respect to each Series of Notes then outstanding (the
"Transferor Servicing Fee"). The Monthly Servicing Fee for each Monthly Period
shall equal the sum of (A) the aggregate amount of Noteholder Servicing Fees for
such Monthly Period with respect to each Series then outstanding and (B)
Transferor Servicing Fee for such Monthly Period. The Noteholder Servicing Fee
with respect to any Series is payable in arrears on the related Transfer Date
(unless otherwise provided in the related Indenture Supplement) and Transferor
Servicing Fee is payable in arrears no later than the last Transfer Date with
respect to any Series occurring in a Monthly Period. Transferor Servicing Fee
and, unless otherwise provided in an Indenture Supplement, each Noteholder
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
Servicer hereunder, including the Monthly Servicing Fee, may not be transferred
except to a Successor Servicer. In no event shall Issuer, Indenture Trustee, the
Noteholders of a Series or any Enhancement Provider be liable for Transferor
Servicing Fee.

         Servicer's expenses include the amounts due to Owner Trustee pursuant
to Article VII of the Trust Agreement and the reasonable fees and disbursements
of Indenture Trustee, Administrator, any Paying Agent, any Transfer Agent and
Registrar, independent public accountants and all other expenses incurred by
Servicer in connection with its activities hereunder, including expenses related
to the enforcement of the Receivables and all other fees and expenses that are
not expressly stated in this Agreement or any other Transaction Document to be
payable by Issuer, the Noteholders of a Series or Transferor, including the
costs of filing the UCC continuation statements and the costs and expenses
relating to obtaining and maintaining the listing of any Notes on any stock
exchange. Servicer shall not be liable for any liabilities, costs or expenses of
the Trust or the Noteholders 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). 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 SERVICER.
FNBO, as initial Servicer, hereby makes, and any successor Servicer by its
appointment hereunder shall

                                       24
<PAGE>

make (with such changes as shall be applicable to such Successor Servicer), on
each Closing Date (and on the date of any such appointment) the following
representations and warranties and covenants to Issuer on which Owner Trustee
has relied in executing the Notes and Indenture Trustee has relied in
authenticating Notes:

                  (a) ORGANIZATION AND GOOD STANDING. Servicer is a national
         banking association (or with respect to such Successor Servicer, such
         other corporate entity as may be applicable) 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 business as such properties are presently
         owned and as 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.

                  (b) DUE QUALIFICATION. 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
         Servicer has so qualified and is in good standing or failure to so
         qualify and maintain good standing would not have a material adverse
         effect on Servicer's ability to perform its obligations hereunder or
         the interests of Noteholders, 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 Servicer by all necessary corporate
         action on the part of Servicer and this Agreement, and each such other
         Transaction Document, will remain, from the time of its execution, an
         official record of Servicer.

                  (d) BINDING OBLIGATION. This Agreement and each other
         Transaction Document to which Servicer is a party constitutes a legal,
         valid and binding obligation of Servicer, enforceable in accordance
         with its terms, except as enforceability may be limited by applicable
         Debtor Relief Laws now or hereinafter in effect, affecting the
         enforcement of creditors' rights in general and the rights of creditors
         of national banking associations and by general principles of equity
         (whether considered in a suit at law or in equity).

                  (e) NO VIOLATION. The execution and delivery of this Agreement
         and each other Transaction Document to which Servicer is a party by
         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 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
         Servicer or any indenture contract, agreement, mortgage, deed of trust
         or other instrument to which Servicer is a party or by which it is
         bound.

                                       25
<PAGE>

                  (f) NO PROCEEDINGS. There are no proceedings or investigations
         pending or, to the best knowledge of Servicer, threatened against
         Servicer before any court, regulatory body, administrative agency or
         other tribunal or governmental instrumentality seeking to prevent the
         issuance of the Notes 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
         Servicer, would materially and adversely affect the performance by
         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. 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 properly service each Receivable and the related Account and
         will comply in all material respects with all other Requirements of Law
         in connection with servicing each Receivable and the related Account,
         the failure to comply with which would have a material adverse effect
         on the interests of the Noteholders or any Enhancement Provider.

                  (h) NO RESCISSION OR CANCELLATION. 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. Servicer shall reflect any such rescission or
         cancellation in its computer file of revolving credit card accounts.

                  (i) PROTECTION OF HOLDERS' RIGHTS. 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,
         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 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 Servicer of this Agreement and each other Transaction Document to
         which it is a party, the performance by Servicer of the transactions
         contemplated by this Agreement and the other Transaction Documents and
         the fulfillment by Servicer of the terms hereof and thereof have been
         obtained; provided

                                       26
<PAGE>

         that Servicer makes no representation or warranty as to state
         securities or "blue sky" laws.

                  (l) MAINTENANCE OF RECORDS AND BOOKS OF ACCOUNT. 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 documents, books and computer records shall indicate the interests
         of Issuer in the Receivables.

                  (m) TRANSACTION DOCUMENTS. Servicer shall observe and perform
         each and every obligation of Servicer under any other Transaction
         Documents.

                  (n) DELINQUENCIES. Receivables will be charged off at the
         earlier of (a) the date they become 180 days Delinquent, or (b) when
         required pursuant to the Credit Card Guidelines.

         As of the Certificate Trust Termination Date, Servicer agrees that all
representations and warranties made by it in its capacity as Servicer under the
Pooling and Servicing Agreement with respect to any Account or Receivable
pursuant to Section 3.03 of the Pooling and Servicing Agreement shall be deemed
for all purposes to have been made by Servicer to Issuer pursuant to this
Agreement as of the day when each was made or deemed made, as if this Agreement
had been in effect on that day.

         After the Certificate Trust Termination Date, if any of the
representations, warranties or covenants of Servicer contained in paragraph (g),
(h), (i) or (j) of this Section 3.03 or paragraphs (g) (h), (i) or (j) of
Section 3.03 of the Pooling and Servicing Agreement with respect to any
Receivable or the related Account is breached, and as a result of such breach
Issuer's rights in, to or under any Receivables in the related Account or the
proceeds of such Receivables are materially impaired or such proceeds are not
available for any reason to Issuer free and clear of any Lien, then no later
than the expiration of 60 days (or such longer period, not in excess of 150
days, as may be agreed to by Indenture Trustee) from the earlier to occur of the
discovery of such event by Servicer, or receipt by Servicer of notice of such
event given by Indenture Trustee, all Receivables in the Account or Accounts to
which such event relates shall be reassigned or assigned to Servicer as set
forth below; provided that such Receivables will not be reassigned or assigned
to 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) Servicer shall have delivered to Indenture Trustee an Officer's Certificate
describing the nature of such breach and the manner in which such breach was
cured. Indenture Trustee will have no duty to monitor for such events, but will
provide notice to Servicer only upon its receipt of notice from another party.

         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

                                       27
<PAGE>

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 VIII of the Indenture and each Indenture Supplement.

         Upon each such assignment to Servicer, Issuer and Indenture Trustee
shall automatically and without further action be deemed to transfer, assign,
set over and otherwise convey to Servicer, without recourse, representation or
warranty all right, title and interest of Issuer and Indenture Trustee in and to
such Receivables, all moneys due or to become due and all amounts received with
respect thereto and all proceeds thereof. Issuer and Indenture Trustee shall
execute such documents and instruments of transfer or assignment and take such
other actions as shall be reasonably requested by Servicer to effect the
conveyance of any such Receivables pursuant to this Section. The obligation of
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 Issuer, Owner Trustee, Holders (or Indenture
Trustee on behalf of the Noteholders) or any Enhancement Provider.

         SECTION 3.04. REPORTS AND RECORDS FOR INDENTURE TRUSTEE.

                  (a) DAILY REPORTS. On each Business Day, Servicer, with prior
         notice, shall prepare and make available at the office of Servicer for
         inspection by Indenture Trustee a record setting forth (i) the
         aggregate amount of Collections processed by 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 Indenture Supplement with respect to any Series, on each
         Determination Date Servicer shall forward to Indenture Trustee, Paying
         Agent, any Enhancement Provider and each Rating Agency a certificate of
         a Servicing Officer substantially in the form of Exhibit C (which
         includes any Schedule thereto specified as such in the applicable
         Indenture Supplement) for each Series setting forth the following
         information for the preceding Monthly Period: (i) the aggregate amount
         of Collections processed for Issuer, (ii) the aggregate amount of
         Collections of Principal Receivables processed, (iii) the aggregate
         amount of Collections of Finance Charge Receivables processed, (iv) the
         aggregate Allocation Percentage of Collections of Principal
         Receivables, (v) the aggregate Allocation Percentage of Collections of
         Finance Charge Receivables, (vi) the aggregate amount of Principal
         Receivables in Accounts which became Defaulted Accounts, (vii) the
         aggregate Allocation Percentage of Principal Receivables in Accounts
         which became Defaulted Accounts, (viii) the Interchange allocated to
         Issuer, (ix) the aggregate amount of Recoveries for Issuer, (x) the
         aggregate Adjustment Amount for Issuer, (xi) the aggregate amount of
         Receivables in Issuer 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 Noteholders of each Series on the succeeding Distribution Date
         in respect of principal and interest,

                                       28
<PAGE>

         (xvi) for months during which Servicer is required to make deposits of
         Collections after the Distribution Date, the balance on deposit in the
         Collection 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 Servicer during the
         preceding Monthly Period, (xvii) the portfolio yield and the base rate
         for each Series then outstanding and (xviii) such other matters as are
         set forth in Exhibit C or the applicable Indenture Supplement. The
         monthly Servicer's certificate shall be in substantially the form of
         Exhibit C, with such changes as 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 Indenture
         Supplement. Servicer shall, upon making such determination, deliver to
         Indenture Trustee and each Rating Agency an Officer's Certificate to
         which shall be annexed the form of Exhibit C as so changed. Upon the
         delivery of such Officer's Certificate to the Trustee, Exhibit C, 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 Exhibit C, as changed, conforms to
         the requirements of this Agreement.

                  [(c) TRANSFERRED ACCOUNTS. Servicer shall deliver to Indenture
         Trustee, within a reasonable time period after any Transferred Account
         is created, but in any event not later than 15 days after the end of
         the month within which the Transferred Account is created, a notice
         specifying the new account number for any Transferred Account and the
         replaced account number.]

         SECTION 3.05. ANNUAL SERVICER'S CERTIFICATE. On or before March 31 of
each calendar year, Servicer will deliver to Indenture Trustee, Owner Trustee,
any Enhancement Provider and each Rating Agency an Officer's Certificate
substantially in the form of Exhibit D stating that (a) a review of the
activities of 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, 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, Servicer prepared the monthly reports required by
Section 3.04(b) of this Agreement and each other monthly report required by the
applicable Indenture Supplement in accordance with Section 3.04(b) of this
Agreement and the applicable provisions of each such Indenture Supplement, (d)
the amounts included in such reports agree with the computer records of 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 Noteholder by a request in writing to Indenture 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, Servicer shall provide to Indenture Trustee, Owner
         Trustee, any Enhancement Provider and each Rating Agency a copy of the
         report required by 12 C.F.R. Section 363.3(b)

                                       29
<PAGE>
         (or any comparable successor regulation) from a firm of nationally
         recognized independent certified public accountants (who may also
         render other services to Servicer or Transferor) to the effect that, in
         accordance with attestation standards established by the American
         Institute of Certified Public Accountants, such firm has examined
         Servicer's assertion that it maintained effective internal accounting
         controls during the preceding calendar year, and that such firm is of
         the opinion that 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 Indenture Supplement, a copy
         of such report may be obtained by any Noteholder by a request in
         writing to Indenture Trustee addressed to the Corporate Trust Office.
                  (b) On or before March 31 of each calendar year, beginning
         with March 31, 2003, Servicer shall cause a firm of nationally
         recognized independent certified public accountants (who may also
         render other services to Servicer or Transferor) to furnish a report
         (or reports) to Indenture Trustee, prepared using attestation standards
         established by the American Institute of Certified Public Accountants,
         to the effect that they have examined 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. Servicer shall also provide copies of the report for each
         Series to each Rating Agency, the Owner Trustee and Enhancement
         Provider. A copy of such report may be obtained by any Noteholder by a
         request in writing to Indenture Trustee addressed to the Corporate
         Trust Office.

         SECTION 3.07. TAX TREATMENT. Transferor has structured this Agreement
and the Notes to facilitate a secured, credit-enhanced financing on favorable
terms with the intention that the Notes will constitute indebtedness of
Transferor for federal income and state and local income and franchise tax
purposes. Transferor, Servicer, each Holder of Transferor Interest and each
Noteholder by acceptance of its Note (and each Note Owner, by its acceptance of
an interest in the applicable Note) agree to treat and to take no action
inconsistent with the treatment of the Notes (or beneficial interests therein)
as indebtedness of Transferor for purposes of federal, state, local and foreign
income or franchise taxes and any other tax imposed on or measured by income.
Each Holder of Transferor Interest, each Noteholder, by acceptance of its Note,
and each Note Owner, by acquisition of a beneficial interest in a Note, agrees
to be bound by the provisions of this Section 3.07. Each Noteholder agrees that
it will cause any Note Owner acquiring an interest in a Note through it to
comply with this Agreement as to treatment as indebtedness under applicable tax
law, as described in this Section 3.07.

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

         SECTION 3.09. ADJUSTMENTS. For each Monthly Period, Servicer shall be
obligated to reduce, on a net basis, the Aggregate Principal Receivables used to
calculate Transferor Interest (a "Credit Adjustment") with respect to any
Principal Receivable (i) which was created in respect

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<PAGE>

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 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 Transferor Interest would cause Transferor Interest to be
an amount less than the Minimum Transferor Interest, 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 in
immediately available funds in an amount equal to the amount by which 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 VIII
of the Indenture and each Indenture Supplement. In the event that Transferor
shall fail to pay to Servicer for deposit into the Excess Funding Account any
amount required to be so paid pursuant to this Section 3.09 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 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 the event that Servicer adjusts upwards the principal amount of any
Receivable, the Aggregate Principal Receivables shall be increased by the amount
of such upward adjustment.

         SECTION 3.10. TRANSFER OF RECEIVABLES IN DEFAULTED ACCOUNTS. Unless
otherwise provided in any Indenture Supplement, on the last day of each Monthly
Period, Issuer and Indenture Trustee shall automatically and without further
action or consideration be deemed to transfer, set over, and otherwise convey to
Transferor, without recourse, representation or warranty, all the right, title
and interest of Issuer and Indenture Trustee 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
relating thereto) and Interchange (if any) allocable to the Trust with respect
to such Receivables.

         SECTION 3.11. REPORTS TO THE COMMISSION. Servicer shall, on behalf of
Issuer, cause to be filed with the Commission any periodic reports required to
be filed under the provisions of the Securities Exchange Act of 1934, and the
rules and regulations of the Commission thereunder. Transferor shall, at its own
expense, cooperate in any reasonable request of Servicer in connection with such
filings. Issuer agrees to cooperate with Servicer in connection with such
filings.

                                       31
<PAGE>
                                   ARTICLE IV

                      OTHER MATTERS RELATING TO TRANSFEROR

         SECTION 4.01. LIABILITY OF TRANSFEROR. Transferor shall be liable in
accordance herewith to the extent, and only to the extent, of the obligations
specifically undertaken by it in its capacity as Transferor hereunder.

         SECTION 4.02. MERGER OR CONSOLIDATION OF, OR ASSUMPTION OF THE
OBLIGATIONS OF, TRANSFEROR.

                  (a) 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 Transferor is merged or the Person which acquires
                  by conveyance or transfer the properties and assets of
                  Transferor substantially as an entirety shall be, if
                  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
                  Indenture Trustee and Owner Trustee, in form satisfactory to
                  Indenture Trustee and Owner Trustee, the performance of every
                  covenant and obligation of Transferor, as applicable hereunder
                  and thereunder, and shall benefit from all the rights granted
                  to Transferor, as applicable hereunder and thereunder. To the
                  extent that any right, covenant or obligation of 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 4.02 to a
                  successor entity, Section 6.01 hereof shall be applied by
                  reference to events of involuntary liquidation, receivership
                  or conservatorship applicable to such successor entity;

                           (ii) Transferor shall have delivered to Indenture
                  Trustee an Officer's Certificate signed by a Vice President
                  (or any more senior officer) of Transferor stating that such
                  consolidation, merger, conveyance or transfer and such
                  supplemental agreement comply with this Section 4.02 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 enforceable against such surviving entity in accordance
                  with its terms;

                                       32
<PAGE>

                           (iii) 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;

                           (iv) Transferor shall have delivered to Indenture
                  Trustee and each Rating Agency a Tax Opinion, dated the date
                  of such consolidation, merger, conveyance or transfer, with
                  respect thereto; and

                           (v) if Transferor is not the surviving entity, the
                  surviving entity shall file new UCC-1 financing statements
                  with respect to the interest of Issuer in the Receivables and
                  the Collateral Certificate, if any.

                  (b) This Section 4.02 shall not be construed to prohibit or in
         any way limit Transferor's ability to effectuate any consolidation or
         merger pursuant to which Transferor would be the surviving entity.

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

         SECTION 4.03. LIMITATION ON LIABILITY OF TRANSFEROR. Subject to Section
4.01 and except as provided in Section 4.04, neither Transferor, any Holder of
Transferor Interest nor any of the directors, officers, employees or agents of
Transferor acting in such capacities shall be under any liability to Issuer,
Owner Trustee, the Holders, any Enhancement Provider or any other Person for any
action taken or for refraining from the taking of any action in good faith in
their capacities as Transferor pursuant to this Agreement; provided that this
provision shall not protect Transferor, any Holder of Transferor Interest or any
such Person 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.
Transferor and any director, officer, employee or agent of Transferor may rely
in good faith on any document of any kind prima facie properly executed and
submitted by any Person (other than Transferor) respecting any matters arising
hereunder.

         SECTION 4.04. TRANSFEROR INDEMNIFICATION. (a) Transferor shall
indemnify and hold harmless Issuer, the Certificate Trust, Certificate Trust
Trustee, Indenture Trustee and Owner 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 arising out of
or based upon the arrangement created by this Agreement and the other
Transaction Documents, or (ii) arising from or incurred in connection with Owner
Trustee's administration of Issuer and the performance of its duties pursuant to
this Agreement or any other 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 Transferor 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 Transferor shall not

                                       33
<PAGE>

indemnify Issuer, the Certificate Trust or any Noteholder or Note Owner for any
liabilities, costs or expenses with respect to any action taken by Certificate
Trust Trustee at the direction of the Holders of Notes and Investor
Certificates, or by Indenture Trustee at the direction of the Noteholders, in
either case given in accordance with the applicable Transaction Documents; and
provided, further, that Transferor shall not indemnify Issuer, the Certificate
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
Transferor shall not indemnify Issuer, the Certificate Trust or any Noteholder
or Note Owner for any liabilities, costs or expenses of the Receivables Trust,
Issuer, 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 Issuer, the Certificate Trust, the Noteholders or the
Note Owners in connection herewith to any taxing authority. Any such
indemnifications under this Section 4.04 shall not be payable from the assets of
the Issuer or the Certificate 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.

                  (a) Transferor shall not be liable under this Section 4.04 for
         any settlement of any claim or action effected without its prior
         written consent, which shall not be unreasonably withheld.

                  (b) Promptly after receipt by an injured party under this
         Section 4.04 of notice of the commencement of any action or proceeding
         for which such injured party is entitled to indemnification under this
         Section 4.04, such injured party will, if a claim in respect thereof is
         to be made against Transferor under this Section 4.04, notify
         Transferor of the commencement thereof; but the omission to so notify
         Transferor (i) will not relieve it from any liability under Section
         4.04 unless and to the extent that such failure to notify results in
         the forfeiture by Transferor, or the material impairment, of
         substantial rights and defenses and (ii) will not, in any event,
         relieve Transferor from any obligations to any injured party that are
         in addition to the indemnification obligation provided in this Section
         4.04. If any such action or proceeding is brought that involves any
         injured party, the injured party shall promptly notify Transferor of
         the commencement thereof and Transferor 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 Transferor
         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 Transferor or to other indemnified
         parties, or (z) Transferor shall not have employed counsel satisfactory
         to the injured party to represent the injured party within a reasonable
         time after receipt by Transferor of notice of the institution of such
         action or proceeding, then, in each such case, (1) Transferor 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

                                       34
<PAGE>

         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 Transferor pursuant to Section
         4.04(a) above. Transferor may settle any claim for which an injured
         party seeks indemnification under this Section 4.04 so long as (A)
         Transferor pays the settlement in full and (B) as a result thereof, the
         injured party is released from all liability under such claim.

                  (c) After notice from Transferor to such injured party of
         Transferor's election so to assume the defense thereof and approval by
         such injured party of counsel appointed to defend such action,
         Transferor will not be liable to such injured party under this Section
         4.04 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) Transferor has authorized in writing the
         employment of counsel for the injured party at the expense of
         Transferor. If Transferor 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
         Transferor or its Affiliates except as otherwise provided in the
         preceding sentence and in the preceding paragraph.

                  (d) The provisions of this Section 4.04 shall survive the
         termination of this Agreement and the earlier removal or resignation of
         the Owner Trustee.

                                   ARTICLE V

                       OTHER MATTERS RELATING TO SERVICER

         SECTION 5.01. LIABILITY OF SERVICER. Servicer shall be liable in
accordance herewith only to the extent of the obligations specifically
undertaken by Servicer in such capacity herein.

         SECTION 5.02. MERGER OR CONSOLIDATION OF, OR ASSUMPTION OF THE
OBLIGATIONS OF, SERVICER.

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

                           (i) the Person formed by such consolidation or into
                  which Servicer is merged or the Person which acquires by
                  conveyance or transfer the properties and assets of Servicer
                  substantially as an entirety shall be a national banking
                  association, state banking corporation or other entity
                  organized and existing under the laws of the United States or
                  any of its states that is not subject to the

                                       35
<PAGE>

                  bankruptcy laws of the United States of America and, if
                  Servicer is not the surviving entity, shall expressly assume,
                  by an agreement supplemental hereto, executed and delivered to
                  Owner Trustee and Indenture Trustee in form satisfactory to
                  Owner Trustee and Indenture Trustee, the performance of every
                  covenant and obligation of Servicer hereunder (to the extent
                  that any right, covenant or obligation of 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);

                           (ii) Servicer shall have delivered to Indenture
                  Trustee an Officer's Certificate that such consolidation,
                  merger, conveyance or transfer and such supplemental agreement
                  comply with this Section 5.02 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 Servicer and enforceable against such surviving
                  entity in accordance with its terms;

                           (iii) Servicer shall have delivered notice to the
                  Rating Agencies of such consolidation, merger, conveyance or
                  transfer; and

                           (iv) either (A) the entity formed by such
                  consolidation or into which Servicer is merged or the Person
                  which acquired by conveyance or transfer the properties and
                  assets of Servicer substantially as an entirety shall be an
                  Eligible Servicer (taking into account, in making such
                  determination, the experience and operations of the
                  predecessor Servicer) or (B) upon the effectiveness of such
                  consolidation, merger, conveyance or transfer, a Successor
                  Servicer shall have assumed the obligations of Servicer in
                  accordance with this Agreement.

                  (b) This Section 5.02 shall not be construed to prohibit or in
         any way limit Servicer's ability to effectuate any consolidation or
         merger pursuant to which Servicer would be the surviving entity.

         SECTION 5.03. LIMITATION ON LIABILITY OF SERVICER AND OTHERS. Except as
provided in Section 5.04 and with respect to Indenture Trustee, Section 6.07 of
the Indenture, neither Servicer nor any of the directors, officers, employees or
agents of Servicer in its capacity as Servicer shall be under any liability to
Issuer, Owner Trustee, Indenture Trustee, the Holders, any Enhancement Providers
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;
provided that this provision shall not protect Servicer or any such Person
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. Servicer and
any director, officer, employee or agent of Servicer may rely in good faith on
any document of any kind prima facie properly executed and submitted by any
Person (other than Servicer) respecting any matters arising hereunder. Servicer
shall not be under any obligation to appear in, prosecute or defend any legal
action which is not incidental to its duties as Servicer in accordance with this
Agreement and which in its reasonable judgment may involve it in any

                                       36
<PAGE>

expense or liability. Servicer may, in its sole discretion, undertake any such
legal action which it may deem necessary or desirable for the benefit of the
Holders with respect to this Agreement and the rights and duties of the parties
hereto and the interests of the Holders hereunder. Servicer shall not be liable
for any settlement of any claim or action effected without its prior written
consent, which shall not be unreasonably withheld.
         SECTION 5.04. SERVICER INDEMNIFICATION. (a) Servicer shall indemnify
and hold harmless Issuer, the Certificate Trust, the Certificate Trust Trustee,
Owner Trustee and Indenture Trustee (unless acting as Servicer), 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 Servicer with respect to activities of the Certificate Trust,
Issuer, Indenture Trustee, Certificate Trust Trustee or Owner Trustee pursuant
to this Agreement or any other Transaction Document, or (ii) arising from or
incurred in connection with Owner Trustee's administration of Issuer and the
performance of its duties pursuant to this Agreement or any other 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
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
Servicer shall not indemnify Issuer, the Certificate Trust or any Noteholder or
Note Owner for any liabilities, costs or expenses with respect to any action
taken by Certificate Trust Trustee, at the direction of Holders of the Notes and
the Investor Certificates, or by Indenture Trustee at the direction of the
Noteholders, in either case, given in accordance with the applicable Transaction
Documents; and provided, further, that Servicer shall not indemnify Issuer, the
Certificate 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 Servicer shall not indemnify Issuer, the Certificate Trust or any
Noteholder or Note Owner for any liabilities, costs or expenses of the
Receivables Trust, Issuer, 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 Issuer, the Noteholders or the Note
Owners in connection herewith to any taxing authority. Any such indemnifications
under this Section 5.04 shall not be payable from the assets of Issuer or the
Certificate 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. Servicer shall also indemnify Indenture Trustee as
provided in Section 6.07 of the Indenture.
                  (a) Servicer shall not be liable under this Section 5.04 for
         any settlement of any claim or action effected without its prior
         written consent, which shall not be unreasonably withheld.

                                       37
<PAGE>

                  (b) Promptly after receipt by an injured party under this
         Section 5.04 of notice of the commencement of any action or proceeding
         for which such injured party is entitled to indemnification under this
         Section 5.04, such injured party will, if a claim in respect thereof is
         to be made against Servicer under this Section 5.04, notify Servicer of
         the commencement thereof; but the omission to so notify Servicer (i)
         will not relieve it from any liability under Section 5.04 unless and to
         the extent that such failure to notify results in the forfeiture by
         Servicer, or the material impairment, of substantial rights and
         defenses and (ii) will not, in any event, relieve Servicer from any
         obligations to any injured party that are in addition to the
         indemnification obligation provided in this Section 5.04. If any such
         action or proceeding is brought that involves any injured party, the
         injured party shall promptly notify Servicer of the commencement
         thereof and 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 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 Servicer or to other indemnified parties, or (z)
         Servicer shall not have employed counsel satisfactory to the injured
         party to represent the injured party within a reasonable time after
         receipt by Servicer of notice of the institution of such action or
         proceeding, then, in each such case, (1) 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 Servicer pursuant to Section 5.04(a) above. Servicer may settle
         any claim for which an injured party seeks indemnification under this
         Section 5.04 so long as (A) Servicer pays the settlement in full and
         (B) as a result thereof, the injured party is released from all
         liability under such claim.

                  (c) After notice from Servicer to such injured party of
         Servicer's election so to assume the defense thereof and approval by
         such injured party of counsel appointed to defend such action, Servicer
         will not be liable to such injured party under this Section 5.04 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) Servicer has authorized in writing the
         employment of counsel for the injured party at the expense of Servicer.
         If 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 Servicer or its Affiliates
         except as otherwise provided in the preceding sentence and in the
         preceding paragraph.

                                       38
<PAGE>

                  (d) The provisions of this Section 5.04 shall survive the
         termination of this Agreement and the earlier removal or resignation of
         the Owner Trustee.

         SECTION 5.05. SERVICER NOT TO RESIGN. Servicer shall not resign from
the obligations and duties hereby imposed on it except (a) upon determination
that (i) the performance of its duties hereunder is no longer permissible under
applicable law and (ii) there is no reasonable action which Servicer could take
to make the performance of its duties hereunder permissible under applicable law
or (b) as may be required, in connection with Servicer's consolidation with, or
merger into any other corporation or Servicer's conveyance or transfer of its
properties and assets substantially as an entirety to any person in each case,
in accordance with Section 5.02. Any such determination permitting the
resignation of Servicer shall be evidenced as to clause (a) above by an Opinion
of Counsel to such effect delivered to Indenture Trustee. No such resignation
shall become effective until Indenture Trustee or a Successor Servicer shall
have assumed the responsibilities and obligations of Servicer in accordance with
Section 7.02 hereof. If Indenture Trustee is unable within 120 days of the date
of such determination to appoint a Successor Servicer, Indenture Trustee shall
(i) serve as Successor Servicer hereunder until such time as a Successor
Servicer shall have been appointed and assumed the obligations of Servicer in
accordance with Section 7.02 hereunder or (ii) if Indenture Trustee is legally
unable so to act, petition a court of competent jurisdiction to appoint a
Successor Servicer in accordance with Section 7.02 such that the appointment is
made within the 120-day period.

         SECTION 5.06. ACCESS TO CERTAIN DOCUMENTATION AND INFORMATION REGARDING
THE RECEIVABLES. Servicer shall provide to Indenture Trustee access to the
documentation regarding the Accounts and the Receivables in such cases where
Indenture Trustee is required in connection with the enforcement of the rights
of the Noteholders, 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 Servicer's
normal security and confidentiality procedures and (d) at offices designated by
Servicer. Nothing in this Section 5.06 shall derogate from the obligation of
FNBO, Transferor, Indenture Trustee and Servicer to observe any applicable law
prohibiting disclosure of information regarding the Obligors and the failure of
Servicer to provide access as provided in this Section 5.06 as a result of such
obligation shall not constitute a breach of this Section 5.06.

         SECTION 5.07. DELEGATION OF DUTIES. It is understood and agreed by the
parties hereto that Servicer may delegate certain of its duties hereunder to any
Affiliate which is wholly owned by Servicer or its parent, First National of
Nebraska, Inc. In the ordinary course of business, 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 and this Agreement. Any such
delegations shall not relieve Servicer of its liability and responsibility with
respect to such duties and shall not constitute a resignation within the meaning
of Section 5.05 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, Indenture Trustee and each Enhancement Provider entitled
therefrom pursuant to the applicable Indenture Supplement.

         SECTION 5.08. EXAMINATION OF RECORDS. 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

                                       39
<PAGE>

conveyed to Issuer pursuant to this Agreement. 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 VI

                                INSOLVENCY EVENTS

         SECTION 6.01. RIGHTS UPON THE OCCURRENCE OF AN INSOLVENCY EVENT. If an
Insolvency Event occurs with respect to Transferor, FNBO or any Holder of
Transferor Interest (excluding any Supplemental Interest), Transferor shall on
the day any such event occurs, immediately cease to transfer Principal
Receivables to Issuer and shall promptly give notice to Indenture Trustee, Owner
Trustee and the Rating Agencies thereof. Notwithstanding any cessation of the
transfer to Issuer of additional Principal Receivables, Principal Receivables
transferred to Issuer prior to the occurrence of such Insolvency Event and
Collections in respect of such Principal Receivables, and Finance Charge
Receivables whenever created accrued in respect of such Principal Receivables,
shall continue to be property of Issuer.

                                  ARTICLE VII

                                SERVICER DEFAULTS

         SECTION 7.01. SERVICER DEFAULTS. If any one of the following events
(subject to the last paragraph of this Section 7.01, a "Servicer Default") shall
occur and be continuing after the Certificate Trust Termination Date:

                  (a) any failure by Servicer to make any payment, transfer or
         deposit or to give instructions or notice to Indenture Trustee pursuant
         to Article VIII of the Indenture (as modified by any Indenture
         Supplement) or to instruct Indenture 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, the Indenture or any Indenture Supplement
         or (ii) three Business Days after written notice of such failure shall
         have been given to Servicer;

                  (b) failure on the part of Servicer duly to observe or perform
         in any respect any other covenants or agreements of Servicer set forth
         in this Agreement which has a material adverse effect on the
         Noteholders of any Series (which determination shall be made without
         regard to whether funds are then available pursuant to any Enhancement)
         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 Servicer by Indenture Trustee, or to
         Servicer and Indenture Trustee by the Holders of not less than 50% of
         the Outstanding Amount of any Series adversely affected thereby and
         continues to materially adversely affect such Holders for such period;
         or Servicer shall delegate its duties under this Agreement, except as
         permitted by Section 5.07;

                                       40
<PAGE>

                  (c) any representation, warranty or certification made by
         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 Noteholders of any Series (which
         determination shall be made without regard to whether funds are then
         available pursuant to any Enhancement) 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 Servicer by Indenture Trustee, or to
         Servicer and Indenture Trustee by the Holders of Notes evidencing not
         less than 50% of the Outstanding Amount of any Series adversely
         affected thereby and continues to materially adversely affect such
         Holders for such period; or

                  (d) 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 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 Servicer, and such decree or order shall have remained
         in force undischarged or unstayed for a period of 60 days; or 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;

                  (e) with respect to any Series, any other event specified in
         the Indenture Supplement for such Series,

then, so long as such Servicer Default shall not have been remedied or waived,
either Indenture Trustee, or the Majority Holders of all outstanding Series, by
notice then given in writing to Servicer (and to Indenture Trustee if given by
the Majority Holders) and to any Enhancement Provider entitled thereto pursuant
to the applicable Indenture Supplement (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 Servicer as Servicer under this
Agreement. Upon the occurrence of a Servicer Default, the Indenture Trustee
shall promptly notify each Rating Agency of such Servicer Default.

         After receipt by Servicer of such Termination Notice, and on the date
that a Successor Servicer shall have been appointed by Indenture Trustee
pursuant to Section 7.02, all authority and power of Servicer under this
Agreement shall pass to and be vested in the Successor Servicer (a "Service
Transfer"); and, without limitation, Indenture Trustee is hereby authorized and
empowered (upon the failure of Servicer to cooperate) to execute and deliver, on
behalf of Servicer, as attorney-in-fact or otherwise, all documents and other
instruments upon the failure of 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. Servicer agrees to cooperate with Indenture Trustee and the
Successor Servicer in effecting the termination of the responsibilities and
rights of Servicer to conduct servicing hereunder including the transfer to the
Successor Servicer of all authority of Servicer to

                                       41
<PAGE>

service the Receivables provided for under this Agreement, including all
authority over all Collections which shall on the date of transfer be held by
Servicer for deposit, or which have been deposited by Servicer, in the
Collection Account or 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 Issuer. 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 7.01 shall require Servicer to
disclose to the Successor Servicer information of any kind which Servicer
reasonably deems to be confidential, the Successor Servicer shall be required to
enter into such customary licensing and confidentiality agreements as Servicer
shall deem necessary to protect its interests. Servicer shall, on the date of
any Service Transfer, transfer all of its rights and obligations under the
Enhancement with respect to any Series to the Successor Servicer. Servicer being
terminated shall bear all costs of a Service Transfer, including but not limited
to those of Indenture 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, any delay in or failure of performance
referred to in Section 7.01(a) for a period of ten Business Days or under
Section 7.01(b) or (c) for a period of 60 days (in addition to any period
provided in Section 7.01(a), (b) or (c)) shall not constitute a Servicer Default
until the expiration of such additional ten Business Days or 60 days,
respectively, if such delay or failure could not be prevented by the exercise of
reasonable diligence by 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,
tornados, earthquakes, nuclear disasters or meltdowns, floods, power outages or
similar causes. The preceding sentence shall not relieve Servicer from the
obligation to use its best efforts to perform its obligations in a timely manner
in accordance with the terms of this Agreement and Servicer shall provide
Indenture Trustee, each Rating Agency, any Enhancement Provider entitled thereto
pursuant to the relevant Indenture Supplement and Transferor with an Officer's
Certificate giving immediate notice of such failure or delay by it, together
with a description of the cause of such failure or delay and its efforts to so
perform its obligations.

         SECTION 7.02. INDENTURE TRUSTEE TO ACT; APPOINTMENT OF SUCCESSOR.

                  (a) On and after the receipt by Servicer of a Termination
         Notice pursuant to Section 7.01, Servicer shall continue to perform all
         servicing functions under this Agreement until the date specified in
         the Termination Notice or otherwise specified by Indenture Trustee or
         until a date mutually agreed upon by Servicer and Indenture Trustee;
         however, the parties acknowledge and agree that the Indenture Trustee
         will not be obligated to designate or agree to a date prior to the date
         on which a Successor Servicer appointed in accordance with this Section
         7.02 is willing to accept its appointment. Indenture Trustee shall, as
         promptly as possible after the giving of a Termination Notice, appoint
         an Eligible Servicer as a successor servicer (the "Successor
         Servicer"), and such Successor Servicer shall accept its appointment by
         a written assumption in a form acceptable to Indenture Trustee. If a
         Successor Servicer has not been appointed or has not accepted its
         appointment at the time when Servicer ceases to act as Servicer,

                                       42
<PAGE>

         Indenture Trustee without further action shall automatically be
         appointed the Successor Servicer. Indenture Trustee may delegate any of
         its servicing obligations to an Affiliate of Indenture Trustee or agent
         in accordance with Section 3.01(b) and 5.07. Notwithstanding the
         foregoing, Indenture Trustee shall, if it is legally unable so to act,
         petition a court of competent jurisdiction to appoint an Eligible
         Servicer as the Successor Servicer hereunder. Indenture Trustee shall
         give prompt notice to each Rating Agency and each Enhancement Provider,
         if any, entitled thereto pursuant to the applicable Indenture
         Supplement upon the appointment of a Successor Servicer.

                  (b) Upon its appointment, the Successor Servicer shall be the
         successor in all respects to Servicer with respect to servicing
         functions under this Agreement and shall be subject to all the
         responsibilities, duties and liabilities (except for liabilities
         arising during the period of time when the prior Servicer was
         performing and acting as Servicer) relating thereto placed on Servicer
         by the terms and provisions hereof, and all references in this
         Agreement to Servicer shall be deemed to refer to the Successor
         Servicer.

                  (c) In connection with any Termination Notice, Indenture
         Trustee will review any bids which it obtains from Eligible Servicers
         and shall be permitted to appoint any Eligible Servicer submitting such
         a bid as a Successor Servicer for servicing compensation not in excess
         of the aggregate Monthly Servicing Fees for all Series; provided,
         however, that the Holder of Transferor Interest shall be responsible
         for payment of the portion of such aggregate Monthly Servicing Fees
         allocable to the Holder of Transferor Interest and that no such monthly
         compensation paid out of Collections shall be in excess of such
         aggregate Monthly Servicing Fees. Each Holder of Transferor Interest
         agrees that, if FNBO (or any Successor Servicer) is terminated as
         Servicer hereunder, the portion of the Collections in respect of
         Finance Charge Receivables that Holders of Transferor Interest are
         entitled to receive pursuant to this Agreement or any Indenture
         Supplement shall be reduced by an amount sufficient to pay their share
         (determined by reference to the Indenture Supplements with respect to
         any outstanding Series) 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 Issuer pursuant to the Trust Agreement and shall pass to
         and be vested in Transferor and, 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 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 Transferor in such electronic form as Transferor may
         reasonably request and shall transfer all other records, correspondence
         and documents to Transferor in the manner and at such times as
         Transferor shall reasonably request. To the extent that compliance with
         this Section 7.02 shall require the Successor Servicer to disclose to
         Transferor information of any kind which the Successor Servicer deems
         to be confidential, Transferor shall be required to enter into such

                                       43
<PAGE>

         customary licensing and confidentiality agreements as the Successor
         Servicer shall 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 Transferor.

         SECTION 7.03. NOTIFICATION TO NOTEHOLDERS. Within two Business Days
after Servicer becomes aware of any Servicer Default, Servicer shall give notice
thereof to Indenture Trustee, each Rating Agency and any Enhancement Provider
entitled thereto pursuant to the relevant Indenture Supplement and Indenture
Trustee shall give notice to the Noteholders at their respective addresses
appearing in the Note Register. Upon any termination or appointment of a
Successor Servicer pursuant to Section 5.05 or this Article VII, Indenture
Trustee shall give prompt written notice thereof to Noteholders at their
respective addresses appearing in the Note Register and to any Enhancement
Provider entitled thereto under the applicable Indenture Supplement.

                                  ARTICLE VIII

                                   TERMINATION

         SECTION 8.01. TERMINATION OF AGREEMENT. This Agreement and the
respective obligations and responsibilities of Issuer, Transferor and Servicer
under this Agreement shall terminate, except with respect to the duties
described in Section 5.04, on the Trust Termination Date.

                                   ARTICLE IX

                            MISCELLANEOUS PROVISIONS

         SECTION 9.01. AMENDMENT; WAIVER OF PAST DEFAULTS.

                  (a) This Agreement may be amended from time to time by
         Servicer, Transferor and Issuer, without the consent of any of
         Indenture Trustee or any Noteholder to cure any ambiguity, to correct
         or supplement any provisions herein which may be inconsistent with any
         other provisions herein or to add any other provisions with respect to
         matters or questions raised under this Agreement which shall not be
         inconsistent with the provisions of this Agreement; provided, however,
         that such action shall not adversely affect in any material respect the
         interests of any of the Noteholders. Additionally, this Agreement may
         be amended from time to time by Servicer, Transferor and Issuer by a
         written instrument signed by each of them, without the consent of
         Indenture Trustee or any of the Noteholders; provided that (i)
         Transferor shall have delivered to Indenture Trustee and Owner Trustee
         an Officer's Certificate, dated the date of any such Amendment, stating
         that Transferor reasonably believes that such amendment will not have
         an Adverse Effect and (ii) the Rating Agency Condition shall have been
         satisfied with respect to any such amendment. Additionally,
         notwithstanding the preceding sentence, this Agreement will be amended
         by Servicer and Issuer at the direction of Transferor without the
         consent of Indenture Trustee or any of the Noteholders or

                                       44
<PAGE>

         Enhancement Providers to add, modify or eliminate such provisions as
         may be necessary or advisable in order to enable all or a portion of
         Issuer (A) to qualify as, and to permit an election to be made to cause
         Issuer to be treated as, a "financial asset securitization investment
         trust" as described in the provisions of Section 860L of the Code and
         (B) to avoid the imposition of state or local income or franchise taxes
         imposed on Issuer's property or its income; provided, however, that (1)
         Transferor delivers to Indenture Trustee and Owner Trustee an Officer's
         Certificate to the effect that the proposed amendments meet the
         requirements set forth in this Section, (2) the Rating Agency Condition
         has been satisfied and (3) such amendment does not affect the rights,
         duties or obligations of Indenture Trustee or Owner Trustee hereunder.

                  (b) This Agreement may also be amended from time to time by
         Servicer, Transferor and Issuer, with the consent of the Noteholders
         holding more than 66?% of the Outstanding Amount of the Notes of each
         Series affected thereby for which Transferor has not delivered an
         Officer's Certificate stating that there is no Adverse Effect, for the
         purpose of adding any provisions to or changing in any manner or
         eliminating any of the provisions of this Agreement or of modifying in
         any manner the rights of the Noteholders; provided, however, that no
         such amendment shall (i) reduce in any manner the amount of or delay
         the timing of any distributions to be made to Noteholders or deposits
         of amounts to be so distributed or the amount available under any
         Enhancement without the consent of each affected Noteholder, (ii)
         change the definition of or the manner of calculating the interest of
         any Noteholder without the consent of each affected Noteholder or (iii)
         reduce the aforesaid percentage required to consent to any such
         amendment without the consent of each affected Noteholder.

                  (c) Promptly after the execution of any such amendment or
         consent, Issuer shall furnish notification of the substance of such
         amendment to Indenture Trustee and each Noteholder, and Servicer shall
         furnish notification of the substance of such amendment to each Rating
         Agency and each Enhancement Provider.

                  (d) It shall not be necessary for the consent of Noteholders
         under this Section 9.01 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 Noteholders
         shall be subject to such reasonable requirements as Indenture Trustee
         may prescribe.

                  (e) Notwithstanding anything in this Section 9.01 to the
         contrary, no amendment may be made to this Agreement which would
         adversely affect in any material respect the interests of any
         Enhancement Provider without the consent of such Enhancement Provider.

                  (f) Any Indenture Supplement executed in accordance with the
         provisions of Article X of the Indenture shall not be considered an
         amendment of this Agreement for the purposes of this Section 9.01.

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<PAGE>

                  (g) The Noteholders holding 66-2/3% or more of the Outstanding
         Amount of the Notes of each Series adversely affected by a default by
         Transferor or Servicer in the performance of their obligations
         hereunder may, on behalf of all Noteholders, waive any such default and
         its consequences, except the failure to make any distributions required
         to be made to Noteholders or to make any required deposits of any
         amounts to be so distributed, which requires the consent of all
         Noteholders 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. Upon the occurrence of any
         such waiver, Indenture Trustee shall promptly notify each Rating Agency
         of such waiver.

                  (h) Owner Trustee may, but shall not be obligated to, enter
         into any such amendment which affects Owner Trustee's rights, duties or
         immunities under this Agreement or otherwise. In connection with the
         execution of any amendment hereunder, Owner Trustee shall be entitled
         to receive the Opinion of Counsel described in Section 9.02(d).

         SECTION 9.02. PROTECTION OF RIGHT, TITLE AND INTEREST TO ISSUER.

                  (a) Servicer shall cause this Agreement, all amendments and
         supplements hereto and all financing statements and continuation
         statements and any other necessary documents covering Indenture
         Trustee's and Issuer's right, title and interest to Issuer 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 Issuer hereunder, and of Indenture Trustee and
         Noteholders under the Indenture, to all property comprising the Trust
         Assets. Servicer shall deliver to Indenture 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. Transferor shall cooperate fully with Servicer
         in connection with the obligations set forth above and will execute any
         and all documents reasonably required to fulfill the intent of this
         paragraph.

                  (b) Within thirty (30) days after 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) seriously misleading within the meaning of the UCC,
         Transferor shall give Issuer and Indenture Trustee notice of any such
         change, and Servicer shall file such financing statements or amendments
         as may be necessary to continue the perfection of Issuer's security
         interest or ownership interest in the Receivables and the proceeds
         thereof.

                  (c) Each of Transferor and Servicer shall give Indenture
         Trustee prompt notice of any relocation of its chief principal
         executive office or any change in the jurisdiction under whose laws it
         is organized and whether, as a result of such relocation or 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

                                       46
<PAGE>

         financing statement, and Servicer shall file such financing statements
         or amendments as may be necessary to perfect or to continue the
         perfection of Issuer's security interest in the Receivables and the
         proceeds thereof. Each of Transferor and Servicer shall at all times
         maintain its chief principal executive offices within the United States
         and shall at all times be organized under the laws of a jurisdiction
         located within the United States.

                  (d) Transferor shall deliver to Indenture Trustee, Owner
         Trustee and any Enhancement Provider entitled thereto pursuant to the
         relevant Indenture Supplement (i) upon the execution and delivery of
         each amendment of this Agreement, an Opinion of Counsel to the effect
         specified in Exhibit A; (ii) on each Addition Date on which any
         Supplemental Accounts are to be designated as Accounts pursuant to
         Section 2.08(a) or (b), an Opinion of Counsel substantially in the form
         of Exhibit E; and (iii) on or before March 31 of each year, an Opinion
         of Counsel substantially in the form of Exhibit F.

         SECTION 9.03. 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 OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES
HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

         SECTION 9.04. NOTICES; PAYMENTS.

                  (a) All demands, notices, instructions, directions and
         communications (collectively, "Notices") under this Agreement shall be
         in writing and shall be deemed to have been duly given if personally
         delivered at, mailed by registered mail, return receipt requested, or
         sent by facsimile transmission (i) in the case of Transferor and
         Servicer, to First National Bank of Omaha, [ ], (ii) in the case of
         Issuer or Owner Trustee, to the Corporate Trust Office, Attention:
         Institutional Trust Services, with a copy to the Administrator, (iii)
         in the case of the Rating Agency for a particular Series, the address,
         if any, specified in the Indenture Supplement relating to such Series
         and (iv) to any other Person as specified in the Indenture or any
         Indenture Supplement; or, as to each party, at such other address or
         facsimile number as shall be designated by such party in a written
         notice to each other party.

                  (b) Any Notice required or permitted to be given to a Holder
         of Registered Notes shall be given by first-class mail, postage
         prepaid, at the address of such Holder as shown in the Note Register.
         Any Notice so mailed within the time prescribed in this Agreement shall
         be conclusively presumed to have been duly given, whether or not the
         Noteholder receives such Notice.

         SECTION 9.05. 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 provisions shall be deemed
severable from the remaining provisions of this Agreement and shall in no way
affect the validity or enforceability of the remaining provisions of this
Agreement or of the Notes or the rights of the Noteholders.

                                       47
<PAGE>

         SECTION 9.06. FURTHER ASSURANCES. Transferor and 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 Owner Trustee and
Indenture Trustee more fully to effect the purposes of this Agreement, including
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 9.07. NO WAIVER; CUMULATIVE REMEDIES. No failure to exercise
and no delay in exercising, on the part of Owner Trustee, Indenture Trustee, the
Noteholders or any Enhancement Provider, any right, remedy, power or privilege
under this Agreement shall operate as a waiver thereof; nor shall any single or
partial exercise of any right, remedy, power or privilege under this Agreement
preclude any other or further exercise thereof or the exercise of any other
right, remedy, power or privilege. The rights, remedies, powers and privileges
provided under this Agreement are cumulative and not exhaustive of any rights,
remedies, powers and privileges provided by law.

         SECTION 9.08. 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 9.09. THIRD-PARTY BENEFICIARIES. This Agreement will inure to
the benefit of and be binding upon the parties hereto, Indenture Trustee, the
Noteholders, and any Enhancement Provider. Except as otherwise expressly
provided in this Agreement, no other Person will have any right or obligation
hereunder.

         SECTION 9.10. ACTIONS BY NOTEHOLDERS.

                  (a) Wherever in this Agreement a provision is made that an
         action may be taken or a Notice given by Noteholders, such action or
         Notice may be taken or given by any Noteholder, unless such provision
         requires a specific percentage of Noteholders.

                  (b) Any Notice, request, authorization, direction, consent,
         waiver or other act by the Noteholder shall bind such Holder and every
         subsequent Holder of such Note and of any Note 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 Issuer,
         Owner Trustee, Transferor or Servicer in reliance thereon, whether or
         not notation of such action is made upon such Note.

         SECTION 9.11. RULE 144A INFORMATION. For so long as any of the Notes of
any Series or Class are "restricted securities" within the meaning of Rule
144(a)(3) under the Securities Act, each of Transferor, Owner Trustee, Indenture
Trustee, Servicer and any Enhancement Provider agree to cooperate with each
other to provide to any Noteholders of such Series or Class and to any
prospective purchaser of Notes designated by such Noteholder, upon the request
of such Noteholder 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.

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<PAGE>

         SECTION 9.12. 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 9.13. NO BANKRUPTCY PETITION. Each of Issuer (with respect to
Transferor only), Servicer, each Enhancement Provider, if any, and each Holder
of a Supplemental Interest and Transferor (with respect to Issuer only)
severally and not jointly, hereby covenants and agrees that it will not at any
time institute against, solicit or join or cooperate with or encourage any
institution against Issuer or Transferor of, any bankruptcy, reorganization,
arrangement, insolvency or liquidation proceedings or other similar proceeding
under any United States federal or state bankruptcy or similar law. Nothing in
this Section 9.13 shall preclude, or be deemed to estop, any of the foregoing
Persons from taking (to the extent such action is otherwise permitted to be
taken by such Person hereunder) or omitting to take any action prior to such
date in (a) any case or proceeding with respect to Issuer or Transferor
voluntarily filed or commenced by or on behalf of Issuer or Transferor,
respectively, under or pursuant to any such law or (b) any involuntary case or
proceeding pertaining to Issuer or Transferor, as applicable under or pursuant
to any such law.

         SECTION 9.14. RIGHTS OF INDENTURE TRUSTEE. Indenture Trustee shall have
herein the same rights, protections, indemnities and immunities as specified in
the Indenture.

         SECTION 9.15. RIGHTS OF OWNER TRUSTEE. Each of the parties hereto
acknowledges and agrees that this Agreement is being executed and delivered by
Wilmington Trust Company, not individually but solely and exclusively in its
capacity as Owner Trustee on behalf of First National Master Note Trust for the
purpose and with the intention of binding First National Master Note Trust. No
obligations or liabilities hereunder shall run against Wilmington Trust Company
in its individual capacity or against its properties or assets.

         SECTION 9.16. ASSIGNMENT. Notwithstanding anything to the contrary
contained herein, except as provided in Section 5.02, this Agreement may not be
assigned by Servicer without the prior consent of the Majority Holders of each
Series.

         SECTION 9.17. HEADINGS. The headings herein are for purposes of
reference only and shall not otherwise affect the meaning or interpretation of
any provision hereof.

                  [Remainder of page intentionally left blank]

                                       49
<PAGE>

         IN WITNESS WHEREOF, Transferor, Servicer and Issuer have caused this
Transfer and Servicing 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
                                       -----------------------------------------
                                     Name
                                           -------------------------------------
                                     Title
                                           -------------------------------------

                                     FIRST NATIONAL BANK OF OMAHA, as
                                     Servicer

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

                                     FIRST NATIONAL MASTER NOTE TRUST,
                                     Issuer

                                     By    Wilmington Trust Company, not in its
                                           individual capacity but solely as
                                           Owner Trustee on behalf of Issuer

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

                 TRANSFER AND SERVICING AGREEMENT SIGNATURE PAGE

<PAGE>

Acknowledged and Accepted:

THE BANK OF NEW YORK,
not in its individual capacity but
solely as Indenture Trustee

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

<PAGE>

                                    EXHIBIT A

                 PROVISIONS TO BE INCLUDED IN OPINION OF COUNSEL
                           WITH RESPECT TO AMENDMENTS

         The opinions set forth below may be subject to all the qualifications,
assumptions, limitations and exceptions taken or made in the Opinions Of Counsel
delivered on any applicable Closing Date.

                  (i) The Amendment to the Transfer and Servicing Agreement has
         been duly authorized, executed and delivered by Transferor and Servicer
         and constitutes the legal, valid and binding agreement of Transferor
         and Servicer, respectively, enforceable in accordance with its terms,
         except as such enforceability may be limited by applicable bankruptcy,
         insolvency, reorganization, moratorium or other laws from time to time
         in effect affecting creditors' rights generally or the rights of
         creditors of national banking associations. The enforceability of the
         respective obligations of Transferor and Servicer is also subject to
         general principles of equity (regardless of whether such enforceability
         is considered in a proceeding in equity or at law).

                  (ii) The Amendment has been entered into in accordance with
         the terms and provisions of Section 9.01 of the Transfer and Servicing
         Agreement.

<PAGE>

                                    EXHIBIT B

                        FORM OF ASSIGNMENT OF RECEIVABLES
                             IN ADDITIONAL ACCOUNTS

      (As required by Section 2.06 of the Transfer and Servicing Agreement)

         ASSIGNMENT No.___ OF RECEIVABLES IN ADDITIONAL ACCOUNTS (this
"Assignment") dated as of ______________, by and among FIRST NATIONAL FUNDING
LLC, a Nebraska limited liability company, as Transferor (the "Transferor"),
FIRST NATIONAL BANK OF OMAHA, a national banking association, as Servicer (the
"Servicer") and FIRST NATIONAL MASTER NOTE TRUST (the "Issuer"), pursuant to the
Transfer and Servicing Agreement referred to below.

                                   WITNESSETH:

         WHEREAS, Transferor, Servicer and Issuer are parties to the Transfer
and Servicing Agreement, dated as of [     ], 2002 (as it may be amended and
supplemented from time to time the "Agreement"); and

         WHEREAS, pursuant to the 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 Issuer
(as each such term is defined in the Agreement); and

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

         NOW, THEREFORE, Transferor, Servicer and Issuer hereby agree as
follows:

         1. DEFINED TERMS. All terms defined in the 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 Section 2.06(a) of
         the Agreement and the tenth Business Day prior to the Addition Date
         with respect to additions pursuant to Section 2.06(b) of the
         Agreement).

         2. DESIGNATION OF ADDITIONAL ACCOUNTS. Transferor shall deliver to
Issuer 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 Assignment and shall be

<PAGE>

marked as Schedule 1 to this Assignment and, as of the Addition Date, shall be
incorporated into and made a part of this Assignment and shall supplement
Schedule 1 to the Agreement as required by Section 2.01(c) of the Agreement.

         3. CONVEYANCE OF RECEIVABLES.

         (a)      Transferor does hereby transfer, assign, set-over and
                  otherwise convey to Issuer, without recourse, except as set
                  forth in the Agreement, 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 and all amounts received or receivable with respect
                  thereto and the proceeds thereof,] (including all Finance
                  Charge Receivables) and all proceeds of such Receivables and
                  Insurance Proceeds and Recoveries relating thereto. The
                  foregoing does not constitute and is not intended to result in
                  the creation or assumption by Issuer, Owner Trustee, Indenture
                  Trustee, any Noteholders or any Enhancement Provider of any
                  obligation of Servicer, Transferor, the Credit Card Originator
                  or any other Person in connection with the Accounts, the
                  Receivables or under any agreement or instrument relating
                  thereto, including any obligation to Obligors, merchant banks,
                  merchants clearance systems or insurers.

         (b)      In connection with such transfer, Servicer agrees to record
                  and file, at its own expense, a financing statement (and
                  continuation statements, when applicable) 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, and
                  maintain the perfection of, the assignment of such Receivables
                  to Issuer, 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 Indenture Trustee on or prior
                  to the date of the Assignment.

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

         (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 Issuer 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

                                      B-2
<PAGE>

                  proceeds thereof (including Recoveries) and this Assignment
                  shall constitute a security agreement under applicable law.

         4. ACCEPTANCE BY ISSUER. Issuer hereby acknowledges its acceptance of
all right, title and interest in and to the Receivables now existing and
hereafter created, conveyed to it by Transferor pursuant to Section 3(a) of this
Assignment.

         5. REPRESENTATIONS AND WARRANTIES OF TRANSFEROR. Transferor hereby
represents and warrants to Issuer 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 Issuer
                  or the Noteholders 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, FNBO 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. No Insolvency Event with
                  respect for FNBO or Transferor has occurred, and the transfer
                  pursuant to Section 3(a) has not been made in contemplation of
                  the occurrence thereof.

         (e)      SECURITY INTEREST. This Assignment constitutes either (A) a
                  valid transfer and assignment to Issuer of all right, title
                  and interest of Transferor in and to the Receivables existing
                  and hereafter created in the Additional Accounts, and all
                  proceeds (as defined in the UCC) of such Receivables and
                  Insurance Proceeds relating thereto [and all monies due or to
                  become due and all amounts received with respect thereto and
                  the proceeds thereof] and such Receivables[, monies and

                                      B-3
<PAGE>

                  amounts received or receivable] and all proceeds thereof and
                  Insurance Proceeds relating thereto will be held by Issuer
                  free and clear of any Lien, except for (1) Liens permitted
                  under subsection 2.05(b) of the Agreement, (2) the interest of
                  the Holder of Transferor Interest and (3) 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 the Indenture and any related Indenture Supplement
                  or (B) a grant of a first priority security interest (as
                  defined in the UCC) in such property to Issuer, 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
                  execution and delivery of this Assignment, 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;

         (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 Issuer, which
                           security interest is prior to all other Liens (except
                           Liens permitted under Subsection 2.05(b) of the
                           Agreement), and is enforceable as such as against
                           creditors of and purchasers from 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 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 Issuer hereunder;

                  (v)      Other than the security interest granted to Issuer
                           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 to Issuer
                           hereunder or (ii) that has been terminated and
                           Transferor is not aware of any judgment or tax lien
                           filings against Transferor;

                                      B-4
<PAGE>

                  (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 outstanding Notes or related
                           commercial paper shall be adversely affected by such
                           waiver.

         (g)      RAPID AMORTIZATION EVENT. Transferor reasonably believes that
                  the addition of the Receivables arising in the Additional
                  Accounts will not, based on the facts known to Transferor,
                  then or thereafter cause a Pay Out Event to occur with respect
                  to any Series.

         (h)      NO CONFLICT. The execution and delivery by Transferor of this
                  Assignment, the performance of the transactions contemplated
                  by this Assignment and the fulfillment of the terms hereof
                  applicable to Transferor, will not conflict with or violate
                  any Requirements of Law applicable to Transferor or 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 Transferor is a party or by which it or
                  its properties are bound.

         (i)      NO PROCEEDINGS. There are no proceedings or investigations
                  pending or, to the best knowledge of Transferor, threatened
                  against Transferor before any court, regulatory body,
                  administrative agency or other tribunal or governmental
                  instrumentality (i) asserting the invalidity of this
                  Assignment, (ii) seeking to prevent the consummation of any of
                  the transactions contemplated by this Assignment, (iii)
                  seeking any determination or ruling that, in the reasonable
                  judgment of Transferor, would materially and adversely affect
                  the performance by Transferor of its obligations under this
                  Assignment, (iv) seeking any determination or ruling that
                  would materially and adversely affect the validity or
                  enforceability of this Assignment or (v) seeking to affect
                  adversely the income tax attributes of Issuer under the
                  federal, or applicable state income or franchise tax systems.

         (j)      ALL CONSENTS. All authorizations, consents, orders or
                  approvals or other actions of any Person or of any court or
                  other governmental authority required to be obtained by
                  Transferor in connection with the execution and delivery of
                  this Assignment by Transferor and the performance of the
                  transactions contemplated by this Assignment by Transferor,
                  have been obtained.

         6. CONDITIONS PRECEDENT. The acceptance by Issuer set forth in Section
4 and the amendment of the Agreement set forth in Section 7 are subject to the
satisfaction, on or prior to the Addition Date, of the following conditions
precedent:

                                      B-5
<PAGE>

         (a)      OFFICER'S CERTIFICATE. Transferor shall have delivered to
                  Issuer and Indenture 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 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. Issuer and Indenture 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 Issuer
                  and Indenture Trustee an Opinion of Counsel with respect to
                  the Additional Accounts designated hereby substantially in the
                  form of Exhibit E to the Agreement.

         (c)      ADDITIONAL INFORMATION. Transferor shall have delivered to
                  Issuer and Indenture Trustee such information as was
                  reasonably requested by either of Issuer or Indenture 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 AGREEMENT. The Agreement is hereby amended to
provide that all references therein to the "Transfer and Servicing Agreement,"
to "this Agreement" and "herein" shall be deemed from and after the Addition
Date to be a reference to the Transfer and Servicing Agreement as supplemented
by this Assignment. Except as expressly amended hereby, all of the
representations, warranties, terms, covenants and conditions of the Transfer 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 Transfer 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.

         10. RIGHTS OF OWNER TRUSTEE. Each of the parties hereto acknowledges
and agrees that this Assignment is being executed and delivered by Wilmington
Trust Company, not individually but solely and exclusively in its capacity as
Owner Trustee on behalf of First National Master Note Trust for the purpose and
with the intention of binding First National Master Note Trust. No obligations
or liabilities hereunder shall run against Wilmington Trust Company in its
individual capacity or against its properties or assets.

                                      B-6
<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,
                                          Transferor

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

                                          FIRST NATIONAL BANK OF OMAHA,
                                          Servicer

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

                                          FIRST NATIONAL MASTER NOTE TRUST,
                                          Issuer

                                          By   Wilmington Trust Company, not in
                                               its individual capacity but
                                               solely on behalf of Issuer

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

                                      B-7
<PAGE>
                                                                      SCHEDULE 1
                                                    TO ASSIGNMENT OF RECEIVABLES
                                                          IN ADDITIONAL ACCOUNTS

                                ACCOUNT SCHEDULE

                              (ADDITIONAL ACCOUNTS)

                                      B-8
<PAGE>
                                                                      SCHEDULE 2
                                                    TO ASSIGNMENT OF RECEIVABLES
                                                          IN ADDITIONAL ACCOUNTS

                              OFFICER'S CERTIFICATE

                      (Officer's Certificate Of Transferor)

         (i) All requirements set forth in Section 2.06 of the 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
of the Assignment is true and correct as of the Addition Date.

                                      B-9
<PAGE>

                                    EXHIBIT C

                     FORM OF MONTHLY SERVICER'S CERTIFICATE

                   FIRST NATIONAL MASTER NOTE TRUST SERIES [ ]
                             MONTHLY PERIOD ENDING: __________

The undersigned, a duly authorized representative of First National Bank of
Omaha ("FNBO"), as Servicer pursuant to the Transfer and Servicing Agreement
dated as of __________________ (as amended, the "Transfer and Servicing
Agreement") by and between FNBO, as Servicer, First National Funding LLC, as
Transferor, and First National Master Note Trust, as Issuer, does hereby certify
as follows:

(a) The rights of the Issuer under the Transfer and Servicing Agreement have
been assigned to The Bank of New York, as Indenture Trustee, under the Master
Indenture dated as of [_____________], 2002 (the "Indenture"), by and between
Issuer and the Indenture Trustee, and acknowledged by Transferor and Servicer,
as supplemented by the Series [___] Indenture Supplement, dated as of
[_____________], by and between Issuer and Indenture Trustee, and acknowledged
by Transferor and Servicer (the "Supplement"). Capitalized terms used in this
Certificate have their respective meanings set forth in the Transfer and
Servicing Agreement. References herein to certain sections and subsections are
references to the respective sections and subsections of the Transfer and
Servicing Agreement. This Certificate is delivered pursuant to Section 3.04 of
the Transfer and Servicing Agreement and Article VIII and IX of the Indenture.

(b) FNBO is Servicer under Transferor and Servicing Agreement.

(c) The undersigned is a Servicing Officer.

(d) The date of this Certificate is the Determination Date 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[, the amount on deposit in the Cash Collateral
Account equals the Required Cash Collateral Amount] and, if the Reserve Account
Funding Date has occurred, the Available Reserve Account Amount equals the
Required Reserve Account Amount.

<PAGE>

A. INFORMATION REGARDING THE PERFORMANCE OF THE RECEIVABLES

   1.  Principal Receivables

       (a) Beginning of Monthly Period Principal Receivables

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

       (b) End of Monthly Period Principal Receivables

                                                            --------------------
       (c) Average Principal Receivables

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

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

   3.  Delinquent Balances

<Table>
<Caption>
                       Delinquency         Aggregate Account     Percentage of
                         Category               Balance        Total Receivables
                       -----------         -----------------   -----------------
<S>                                        <C>                 <C>
       (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:
                                            -----------------    ---------------
</Table>

   4.  Aggregate amount of Collections
                                                                 ---------------

       (a) Total Collections
                                                                 ---------------
       (b) Total Collections of Principal Receivables
                                                                 ---------------
       (c) Total Collections of Finance Charge Receivables
                                                                 ---------------
       (d) Aggregate Allocation Percentages for Outstanding
           Series
                                                                 ---------------
       (e) Aggregate Allocation Percentage of Collections of
           Principal Receivables
                                                                 ---------------
       (f) Aggregate Allocation 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 Issuer 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 designated to the Issuer
                                                                 ---------------

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

                                      C-2
<PAGE>

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

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

   7.  The aggregate amount of Collections of Finance Charge
       Receivables for the Issuer for the Monthly Period
       (a) Interchange
                                                                 ---------------
       (b) Recoveries
                                                                 ---------------
       (c) Finance Charges and Fees
                                                                 ---------------
       (d) Discount Receivables
                                                                 ---------------
           Total
                                                                 ---------------

   8.  Aggregate Uncovered Dilution Amount for the
       Monthly Period
                                                                 ---------------

B. INFORMATION REGARDING THE SERIES [      ] NOTES

   1.  Collateral Amount at the close of business on the prior
       Distribution Date
                                                                 ---------------

       (a) Reductions due to Investor Charge-Offs (including
           Uncovered Dilution Amounts) to be made on the
           related Distribution Date
                                                                 ---------------

       (b) Reimbursements to be made on the related
           Distribution Date from Available Finance Charge
           Collections
                                                                 ---------------

       (c) Collateral Amount at the close of business on the
           Distribution Date
                                                                 ---------------

   2.  Note Principal Balance at the close of business on the
       Distribution Date during the Monthly Period
       (a) Class A Note Principal Balance
                                                                 ---------------
       (b) Class B Note Principal Balance
                                                                 ---------------
       (c) Class C Note Principal Balance
                                                                 ---------------
              Total Note Principal Balance
                                                                 ---------------

   3.  Allocation Percentages for the Monthly Period
       (a) Principal Collections
                                                                 ---------------
       (b) Finance Charge Collections
                                                                 ---------------

       (c) Default Amounts
                                                                 ---------------

   4.  Investor Principal Collections processed during the
       Monthly Period and allocated to the Series
                                                                 ---------------

   5.  Excess Principal Collections from other Group I Series
       allocated to the Series
                                                                 ---------------

                                      C-3
<PAGE>

   6.  Aggregate amounts treated as Available Principal
       Collections pursuant to subsections
       [____________________] of the related Indenture Supplement
                                                                 ---------------

   7.  Reallocated Principal Collections pursuant to Section
       [4.06] of the related Indenture Supplement
                                                                 ---------------

   8.  AVAILABLE PRINCIPAL COLLECTIONS (4+5+6+7)
                                                                 ---------------

   9.  Principal Accumulation Investment Proceeds
                                                                 ---------------

  10.  Investor Finance Charge Collections (including
       Interchange and Recoveries) processed during the
       Monthly Period
                                                                 ---------------

  11.  Excess Finance Charge Collections from Group I
       allocated to the Series
                                                                 ---------------

  12.  Reserve Account withdrawals pursuant to Section
       [4.10(b) or (d)] of the related Indenture Supplement
                                                                 ---------------

  13.  Distributions of principal and interest to Noteholders
       on the Distribution Date:
       (a) Class A Noteholders
                                                                 ---------------
       (b) Class B Noteholders
                                                                 ---------------
       (c) Class C Noteholders
                                                                 ---------------

  14.  Distributions of principal to Noteholders on the
       Distribution Date:
       (a) Class A Noteholders
                                                                 ---------------
       (b) Class B Noteholders
                                                                 ---------------
       (c) Class C Noteholders
                                                                 ---------------

  15.  Distributions of interest to Noteholders on the
       Distribution Date:
       (a) Class A Noteholders
                                                                 ---------------
       (b) Class B Noteholders
                                                                 ---------------
       (c) Class C Noteholders
                                                                 ---------------

  16.  AVAILABLE FINANCE CHARGE COLLECTIONS (9+10+11+12)
                                                                 ---------------

  17.  Excess amounts from [Spread Account] [and Cash
       Collateral Account] to be treated as Available Finance
       Charge Collections pursuant to Section[s] [4.12(c)]
       [and 4.11(b) and (c)] of the related Indenture Supplement
                                                                 ---------------

                                      C-4
<PAGE>

  18.  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) Allocation Percentage (B.3.(c) above)
                                                                 ---------------
           Total Investor Default Amount (axb)
                                                                 ---------------

  19.  The aggregate amount of Uncovered Dilution Amount
       allocated to the Series for the Monthly Period
       (a) Dilutions not covered by Transferor
                                                                 ---------------
       (b) Series Allocation Percentage (as defined in the
           related Indenture Supplement)
                                                                 ---------------
       (c) Total Uncovered Dilution Amount
                                                                 ---------------

  20.  The aggregate amount of Investor Charge-Offs
       (including any Uncovered Dilution Amount not covered by
       Transferor) for the Monthly Period
                                                                 ---------------

  21.  Noteholder Servicing Fee for the Monthly Period
       payable to Servicer
                                                                 ---------------
  22.  Ratings of the Class A Notes
       Moody's
                                                                 ---------------
       S&P
                                                                 ---------------
       Fitch
                                                                 ---------------

  23.  Ratings of the Class B Notes
       Moody's
                                                                 ---------------
       S&P
                                                                 ---------------
       Fitch
                                                                 ---------------

  24.  Ratings of the Class C Notes
       Moody's
                                                                 ---------------
       S&P
                                                                 ---------------
       Fitch
                                                                 ---------------

  25.  Note Interest Rate for the Monthly Period
       (a) Class A Note Interest Rate
                                                                 ---------------
       (b) Class B Note Interest Rate
                                                                 ---------------
       (c) Class C Note Interest Rate
                                                                 ---------------

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

                                      C-5
<PAGE>

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)
                                                                 ---------------

   3.  Amounts withdrawn from the Principal Accumulation Account
       for distribution to Noteholders on the related
       Distribution Date
       (a) Distribution in reduction of the Class A Notes
                                                                 ---------------
       (b) Distribution in reduction of the Class B Notes
                                                                 ---------------
       (c) Distribution in reduction of the Class C Notes
                                                                 ---------------

   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 [4.12(c)] of the related Indenture Supplement
       for distribution to Class C Noteholders pursuant to
       Section [4.04(a)(iv)] of the related Indenture Supplement
                                                                 ---------------

   3.  Aggregate amount required to be withdrawn pursuant to
       Section [4.12(d)] of the related Indenture Supplement for
       distribution in reduction of the Class C Note Principal
       Balance
                                                                 ---------------

   4.  Spread Account Percentage for the Distribution Date for
       the Monthly Period
                                                                 ---------------

   5.  Closing Required Spread Account Amount for the
       Distribution Date for the Monthly Period
                                                                 ---------------

   6.  Amount on deposit in Spread Account after required
       withdrawals on the Distribution Date for the
       Monthly Period (1-(2+3))
                                                                 ---------------

   7.  Spread Account Deficiency, if any (5 MINUS 6)
                                                                 ---------------

                                      C-6
<PAGE>

   8.  Amounts deposited pursuant to Section [4.04(a)(vii)
       or 4.10(e)] of the related Indenture Supplement
                                                                 ---------------

   9.  Remaining Spread Account Deficiency, if any (7 minus 8)
                                                                 ---------------

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 4.10(d) of the related Indenture Supplement for
       inclusion in Available Finance Charge Collections:
       (a) Covered Amount
                                                                 ---------------
       (b) Principal Accumulation 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 [  ] of the related
       Indenture Supplement
                                                                 ---------------
   3.  Closing Balance
                                                                 ---------------

[I. PRE-FUNDING ACCOUNT]

   1.  Opening Balance
                                                                 ---------------
   2.  Withdrawals pursuant to Section 4.18 of the related
       Indenture Supplement
                                                                 ---------------
   3.  Closing Balance
                                                                 ---------------

   4.  Balance to be distributed as principal to Noteholders
       (following end of Funding Period)
                                                                 ---------------

[J. INFORMATION REGARDING THE CASH COLLATERAL ACCOUNT

   1.  Opening Available Cash Collateral Amount on the
       Distribution Date for the Monthly Period
                                                                 ---------------

                                      C-7
<PAGE>
   2.  Required Draw Amount required to be withdrawn pursuant
       to Section 4.12(c) of the related Indenture Supplement
                                                                 ---------------

  3.   Required Cash Collateral Amount
                                                                 ---------------

  4.   Deposits pursuant to Section 4.04(vii) of the related
       Indenture Supplement
                                                                 ---------------

  5.   Closing Available Cash Collateral Amount
                                                                 ---------------

[L. OTHER ENHANCEMENT]

   1.  Aggregate amount of drawings on any other Enhancement
       for the Series
                                                                 ---------------

   2.  Amount available under other Enhancement for the Series
                                                                 ---------------

   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-8
<PAGE>

                               Schedule To Monthly
                             Servicer's Certificate*

                           FIRST NATIONAL FUNDING LLC

                                   ----------

                        FIRST NATIONAL MASTER NOTE TRUST

                                   ----------

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

<PAGE>

                                    EXHIBIT D

                      FORM OF ANNUAL SERVICER'S CERTIFICATE

                                   ----------

                        FIRST NATIONAL MASTER NOTE TRUST

         The undersigned, a duly authorized representative of First National
Bank of Omaha ("FNBO"), as Servicer pursuant to the Transfer and Servicing
Agreement dated as of ____________, 2002 (the "Agreement") by and between FNBO,
as Servicer, First National Funding LLC ("FNF"), as transferor ("Transferor"),
and First National Master Note Trust, as issuer ("Issuer"), does hereby certify
that:

         1. FNBO is Servicer under the Agreement. Capitalized terms used without
definition in this Certificate shall have the meanings assigned in or pursuant
to the Agreement.

         2. The undersigned is a Servicing Officer who is duly authorized
pursuant to the Agreement to execute and deliver this Certificate to Indenture
Trustee.

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

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

         5. Based on such review, Servicer has, to the best of my knowledge,
fully performed all its obligations under the 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
Servicer's obligations under the provisions of the Agreement, including any
Supplement, known to me to have been made during such period which sets forth in
detail (i) the nature of each such default, (ii) the action taken by 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, Servicer
prepared the monthly reports required by Section 3.04(b) of the Agreement and
each other monthly report required by the applicable Indenture Supplement in
accordance with Section 3.04(b) and the applicable provisions of each such
Indenture Supplement, (b) the amounts included in such reports agree with the
computer records of 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

                 PROVISIONS TO BE INCLUDED IN OPINION OF COUNSEL
                      WITH RESPECT TO ADDITION OF ACCOUNTS

         The opinions set forth below may be subject to certain qualifications,
assumptions, limitations and exceptions taken or made in the Opinions of Counsel
delivered on any applicable Closing Date.

         1. The Receivables arising in such Additional Accounts constitute
accounts.

         2. The Transfer and Servicing Agreement, as supplemented by the
Assignment, creates in favor of the Trust a security interest in Transferor's
rights in the Receivables in such Additional Accounts and the proceeds thereof
(the "Specified Assets").

         3. The security interest in the Specified Assets created by the
Transfer and Servicing Agreement will be perfected by the filing of the
Financing Statements as described and defined in such opinion. 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 Trust 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 Trust by virtue of such filing.

         4. The Receivables Purchase Agreement, as supplemented by the
assignment of the Specified Assets by FNBO to Transferor, creates in favor of
Transferor a security interest in the RPA Seller's rights in the Specified
Assets.

         5. The security interest in the Specified Assets created by the
Receivables Purchase Agreement will be perfected by the filing of the Financing
Statements as described and defined in such opinion. 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 Transferor 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 Transferor by virtue of such filing.

<PAGE>

                                    EXHIBIT F

                          PROVISIONS TO BE INCLUDED IN
                            ANNUAL OPINION OF COUNSEL

         The opinions set forth below may be subject to certain qualifications,
assumptions, limitations and exceptions taken or made in the Opinion of Counsel
to Transferor with respect to similar matters delivered on the Initial Closing
Date. Unless otherwise indicated, all capitalized terms used herein shall have
the meanings assigned in or pursuant to the Transfer and Servicing Agreement to
which this Exhibit F is attached.

         1. [PRIOR TO CERTIFICATE TRUST TERMINATION DATE.] 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 first priority
security interests created by the Transaction Documents in favor of Issuer and
Indenture Trustee in Transferor's rights in the Collateral Certificate and the
proceeds thereof. 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
Issuer and Indenture Trustee has filed any financing statement with the Filing
Offices as described and defined in such opinion that covers the Collateral
Certificate and proceeds thereof and that would have priority over the security
interest of Issuer and Indenture Trustee by virtue of such filing.

         2. [AFTER CERTIFICATE TRUST TERMINATION DATE.] 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 first priority
security interests created by the Transaction Documents in favor of Issuer and
Indenture Trustee in Transferor's rights and Issuer's rights, respectively, in
the Receivables, Transferor's rights and Issuer's rights, respectively, under
the Receivables Purchase Agreement, and the proceeds of any of the foregoing
(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 Issuer and Indenture 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 interests of
Issuer and Indenture Trustee by virtue of such filing.

         3. Confirmation or update, as applicable, of the FIRREA analysis
delivered on the Initial Closing Date.

<PAGE>

                                    EXHIBIT G

                       FORM OF REASSIGNMENT OF RECEIVABLES
                               IN REMOVED ACCOUNTS

         REASSIGNMENT No. ___ OF RECEIVABLES dated as of ______ , by and among
FIRST NATIONAL FUNDING LLC, a Nebraska limited liability company, as transferor
("Transferor"), FIRST NATIONAL BANK OF OMAHA, a national banking association, as
servicer ("Servicer"), FIRST NATIONAL MASTER NOTE TRUST, as issuer ("Issuer"),
and THE BANK OF NEW YORK, as indenture trustee ("Indenture Trustee") pursuant to
the Transfer and Servicing Agreement referred to below.

                                   WITNESSETH:

         WHEREAS Transferor, Servicer and Issuer are parties to the Transfer and
Servicing Agreement, dated as of [ ], 2002 (as it may be amended and
supplemented from time to time the "Agreement");

         WHEREAS, Issuer has assigned its rights under the Agreement, and the
Receivables transferred thereunder, to Indenture Trustee;

         WHEREAS pursuant to the Agreement, with respect to certain designated
Accounts Transferor wishes to cause Issuer to reconvey the Receivables of such
Removed Accounts, whether now existing or hereafter created, from Issuer to
Transferor; and

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

         NOW, THEREFORE, Transferor, Servicer, Indenture Trustee and Issuer
hereby agree as follows:

         SECTION 1. DEFINED TERMS. All terms defined in the Agreement and used
herein shall have such defined meanings when used herein, unless otherwise
defined herein.

         "Removal Date" means, with respect to the Removed Accounts designated
hereby, _______, ____.

         "Removal Notice Date" means, 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).

         SECTION 2. DESIGNATION OF REMOVED ACCOUNTS. Transferor shall deliver to
Issuer and Indenture 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, and by the aggregate amount of
Principal Receivables outstanding, in such accounts as of the close of business
on the

<PAGE>

Removal Date. Such list shall be marked as Schedule 1 to this Reassignment,
shall be incorporated into and made a part of this Reassignment as of the
Removal Date, and shall supplement any Account Schedule previously delivered
pursuant to the Agreement.

         SECTION 3. CONVEYANCE OF RECEIVABLES.

                  (a) Issuer does hereby transfer, assign, set over and
         otherwise convey to Transferor, without representation, warranty or
         recourse, on and after the Removal Date, all right, title and interest
         of Issuer in, to and under the Receivables existing at the close of
         business on the Removal Date and thereafter created from time to time
         in the Removed Accounts designated hereby, all Recoveries related
         thereto, all monies due or to become due and all amounts received or
         receivable with respect thereto and all proceeds thereof.

                  (b) In connection with such transfer, Issuer agrees to execute
         and deliver to Transferor on or prior to the date this Reassignment is
         delivered, applicable termination statements prepared by Transferor
         with respect to the Receivables existing at the close of business on
         the Removal Date and thereafter created from time to time in the
         Removed Accounts designated hereby and the proceeds thereof evidencing
         the release by Issuer of its interest in the Receivables in the Removed
         Accounts, and meeting the requirements of applicable state law, in such
         manner and such jurisdictions as are necessary to terminate such
         interest.

         SECTION 4. REPRESENTATIONS AND WARRANTIES OF TRANSFEROR. Transferor
hereby represents and warrants to Issuer and Indenture Trustee as of the Removal
Date:

                  (a) LEGAL VALID AND BINDING OBLIGATION. This Reassignment
         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) SELECTION PROCEDURES. No selection procedures believed by
         Transferor to be materially adverse to the interests of the Issuer or
         the Noteholders were utilized in selecting the Removed Accounts
         designated hereby and such 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. [ALTERNATIVE REPRESENTATION: 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.]

         SECTION 5. CONDITIONS PRECEDENT. The amendment of the Agreement set
forth in Section 6 hereof is subject to the satisfaction, on or prior to the
Removal Date, of the following condition precedent:

                                      G-2
<PAGE>

                  Transferor shall have delivered to Indenture Trustee an
         Officer's Certificate certifying that (i) as of the Removal Date, all
         requirements set forth in Section 2.07 of the 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
         Transferor in Section 4 hereof is true and correct as of the Removal
         Date. Indenture 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.

         SECTION 6. RATIFICATION OF AGREEMENT. The Agreement is hereby amended
to provide that all references therein to the "Transfer and Servicing
Agreement," to "this Agreement" and "herein" shall be deemed from and after the
Removal Date to be a reference to the Transfer and Servicing Agreement as
supplemented by this Reassignment. As supplemented by this Reassignment, the
Agreement is in all respects ratified and confirmed and the Agreement as so
supplemented by this Reassignment shall be read, taken and construed as one and
the same instrument.

         SECTION 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 shall constitute one and the same
instrument.

         SECTION 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, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE
PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

         SECTION 9. RIGHTS OF OWNER TRUSTEE. Each of the parties hereto
acknowledges and agrees that this Agreement is being executed and delivered by
Wilmington Trust Company, not individually but solely and exclusively in its
capacity as Owner Trustee on behalf of First National Master Note Trust for the
purpose and with the intention of binding First National Master Note Trust. No
obligations or liabilities hereunder shall run against Wilmington Trust Company
in its individual capacity or against its properties or assets.

                                      G-3
<PAGE>

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

                                                FIRST NATIONAL FUNDING LLC,
                                                Transferor

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

                                                FIRST NATIONAL BANK OF OMAHA,
                                                Servicer

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

                                                FIRST NATIONAL MASTER NOTE
                                                TRUST, Issuer

                                                By    Wilmington Trust Company,
                                                      not in its individual
                                                      capacity but solely on
                                                      behalf of Issuer

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

                                                THE BANK OF NEW YORK,
                                                as Indenture Trustee

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

                                      G-4
<PAGE>
                                                                      SCHEDULE 1
                                                  TO REASSIGNMENT OF RECEIVABLES
                                                             IN REMOVED ACCOUNTS

                                ACCOUNT SCHEDULE

                               (REMOVED ACCOUNTS)

                                      G-5
<PAGE>
                                                                      SCHEDULE 2
                                                  TO REASSIGNMENT OF RECEIVABLES
                                                             IN REMOVED ACCOUNTS

                              OFFICER'S CERTIFICATE

                                      G-6
<PAGE>

                                   SCHEDULE 1

                                ACCOUNT SCHEDULE

                       [Original list delivered separately

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