Document:

EX-10.(K)

Exhibit 10(k)

	 	 	 	 	 
	Customer No.
	 	 	 	 
	Loan No.

	 	 

	 	 
	Loan No.

	 	 

	 	 
	Loan No.

	 	 

	 	 
	 

	 	 

	 	 

RBC BANK (USA)

WAIVER AGREEMENT 

     This Waiver Agreement (this “Agreement”) is made and entered into as of January 12, 2010 by
and between VIDEO DISPLAY CORPORATION, a Georgia corporation (“Parent”), LEXEL IMAGING SYSTEMS,
INC. (“Lexel”), FOX INTERNATIONAL, LTD., INC. (“Fox”), Z-AXIS, INC. (“Z-Axis”), TELTRON
TECHNOLOGIES, INC. (“Teltron”) and AYDIN DISPLAYS, INC. (“Aydin” and together with Lexel, Fox,
Z-Axis and Teltron, collectively, the “Subsidiaries”; and the Subsidiaries, together with Parent,
collectively, the “Borrower”), RONALD D. ORDWAY (“Guarantor”), and RBC BANK (USA) (formerly known
as RBC Centura Bank) (the “Bank”) (the “Bank”);

W I T N E S S E T H:

     WHEREAS, the Borrower and the Bank have made and entered into that certain Loan and Security
Agreement, dated as of September 26, 2008, as amended (the “Loan Agreement”; capitalized terms used
herein and not otherwise defined shall have the meanings ascribed thereto in the Loan Agreement);

     WHEREAS, the Guarantor has guaranteed the obligations of Borrower to Bank pursuant to that
certain Unconditional Guaranty Agreement, dated as of August 14, 2009, from the Guarantor in favor
of Bank (the “Guaranty”), but subject to the limitations set forth therein;

     WHEREAS, pursuant to the Loan Agreement, the Bank has extended to the Borrower (a) a primary
revolving loan facility in the original principal amount of up to $17,000,000, which primary
revolving loan is evidenced by a promissory note, dated as of September 26, 2008, as amended, from
Borrower to the order of the Bank in the original principal amount of $17,000,000, (b) a secondary
revolving loan facility in the original principal amount of up to $3,500,000, which secondary
revolving loan is evidenced by a promissory note, dated as of September 26, 2008, as amended, from
Borrower to the order of the Bank in the original principal amount of $3,500,000, and (c) a term
loan in the original principal amount of up to $1,700,000, which term loan is evidenced by a
promissory note, dated as of September 26, 2008, as amended, from Borrower to the order of the Bank
in the original principal amount of $1,700,000;

     WHEREAS, Defaults and Events of Default have occurred and are continuing under the Loan
Agreement;

     WHEREAS, Borrower desires to have the Bank waive the Existing Default (as defined herein), and
Bank is willing to agree to the same on the terms and conditions set forth herein;

 

 

     NOW THEREFORE, for and in consideration of the foregoing and for ten dollars ($10.00) and
other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged,
the parties hereto agree as follows:

ARTICLE 1.

Agreement; Acknowledgments

     Section 1.1 Acknowledgment of Default. An Event of Default (the “Existing Default”) has
occurred under Section 8.1(b) of the Loan Agreement as a result of the Borrower’s failure to comply
with Section 7.3 of the Loan Agreement (Asset Coverage Ratio) for the fiscal quarter ending
November 30, 2009.

     Section 1.2 Acknowledgment of the Borrower and Guarantor. The execution, delivery and
performance of this Agreement by the Bank and the acceptance by the Bank of performance of each of
the Borrower and the Guarantor hereunder (a) shall not constitute a waiver or release by the Bank
of any Default or Event of Default that may now or hereafter exist under the Loan Documents, except
the Existing Default to the extent provided herein, (b) shall not constitute a novation of the Loan
Documents as it is the intent of the parties only grant a waiver of the Existing Default on the
terms set forth herein, and (c) except as expressly provided in this Agreement, shall be without
prejudice to, and is not a waiver or release of, the Bank’s rights at any time in the future to
exercise any and all rights conferred upon the Bank by the Loan Documents or otherwise at law or in
equity, including but not limited to the right to institute foreclosure proceedings against the
Collateral and/or institute collection or arbitration proceedings against the Borrower and/or the
Guarantor and/or to exercise any right against any other Person not a party to this Agreement.

ARTICLE 2.

Waivers

     Section 2.1 Waiver Covenant. Upon strict satisfaction of the conditions specified hereinafter
in Article 4, Bank shall waive the Existing Default and shall not because of the Existing Defaults,

     2.1.1 accelerate any of the Loans or demand accelerated payment of the same;

     2.1.2 require the payment of interest at the Default Rate set forth in the Loan
Documents; or

     2.1.3 exercise any other remedies under the Loan Agreement or under the other Loan
Documents.

     Bank’s waiver of the Existing Default from such actions, subject to the terms and conditions
of this Agreement, is herein referred to as the “Waiver Covenant”. The effectiveness of each term
of the Waiver Covenant is expressly conditioned on the strict satisfaction of each and every
condition set forth in Article 4 of this Agreement. The Waiver Covenant applies

2

 

solely to the
Existing Default and to no other Defaults or Events of Default, whether now existing or hereinafter
arising and whether now known to the Bank or the Borrower and/or the Guarantor.

     Section 2.2 Continued Compliance With the Loan Documents. Notwithstanding anything in this
Agreement to the contrary, each of the Borrower and the Guarantor shall continue to perform and
comply strictly with each and every provision of the Loan Documents, except for the Existing
Default, which is being waived by the Bank pursuant to this Agreement and the Waiver Covenant (but
only upon satisfaction of the conditions set forth in Article 4 hereof).

ARTICLE 3.

Release; Waivers by Borrower and Guarantor

     Section 3.1 Release. In consideration of the accommodations and concessions made by the Bank
pursuant to this Agreement, each of the Borrower and the Guarantor does hereby irrevocably remise,
release, acquit, satisfy and forever discharge the Bank, its successors and assigns, all of its
affiliates and subsidiaries, past, present and future, and all of its shareholders, officers,
directors, employees, agents, attorneys, representatives and participants, from any and all manner
of debts, accountings, bonds, warranties, representations, covenants, promises, contracts,
controversies, agreements, claims, executions, counterclaims, demands and causes of action of any
nature or type whatsoever, whether at law or in equity, whether known or unknown, either now
accrued or hereafter maturing, which it now has or hereafter can, shall or may have by reason of
any matter, claim or action arising through the date hereof out of or relating to the
administration, funding or existence of the Loans from the Bank to the Borrower, or the Loan
Documents, or any other agreement or transaction between or among the Borrower, the Guarantor and
Bank.

     Section 3.2 Waivers. Each of the Borrower and the Guarantor acknowledges and agrees that the
Bank has all rights and remedies of a “secured party” under the Code and all rights and remedies
provided by applicable law. Each of the Borrower and the Guarantor waives any additional right to
notice of any Default or Event of Default or opportunity to cure any Default or Event of Default.
Notwithstanding anything to the contrary in Loan Agreement, any Security Agreement, any guaranty
agreement or any other Loan Document to which it is a party, the Borrower hereby irrevocably waives
(i) any right to notification required under Code Section 11-9-611 of the disposition of any
“Collateral” (as defined in the Loan Agreement and as defined in any Security Agreement) or any
other collateral in which the Borrower or any Guarantor has granted (or may hereafter grant) the
Bank a Lien, (ii) any right to redeem, under Code Section 11-9-623, any “Collateral” (as defined
in the Loan Agreement and as defined in any Security Agreement) or any other collateral in which
the Borrower or the Guarantor has granted (or may hereafter grant) Bank a Lien, and (iii) any other
right which the
Borrower or the Guarantor may waive under the Code (whether before or after default). Any
notice required to be given by Bank to the Borrower or the Guarantor (which is not otherwise
waivable under the Code), may be given by the Bank in the shortest time period permitted by the
Code, notwithstanding any provision of the Loan Documents requiring a longer notice period; where
“reasonable” notice is required under the Code and cannot be waived, 10 days’ notice shall be
deemed “reasonable”

3

 

notice for purposes of the Loan Agreement and each Security Agreement (except
for circumstances described in Code Section 11-9-611(d)).

     Section 3.3 Waiver of Trial by Jury. IN RECOGNITION OF THE HIGHER COSTS AND DELAY WHICH MAY
RESULT FROM A JURY TRIAL, THE PARTIES HERETO WAIVE ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM IN ANY
WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO OR ANY OF THEM
WITH RESPECT HERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER SOUNDING
IN CONTRACT OR TORT OR OTHERWISE; AND EACH PARTY HEREBY AGREES AND CONSENTS THAT ANY SUCH CLAIM,
DEMAND, ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY, AND THAT ANY
PARTY HERETO MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION WITH ANY COURT AS WRITTEN
EVIDENCE OF THE CONSENT OF THE PARTIES HERETO TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY.

     Section 3.4 Relief From Stay. (a) In entering into this Agreement, the Borrower, the
Guarantor and the Bank hereby stipulate, acknowledge and agree that the Bank gave up valuable
rights and agreed to forbear from exercising legal remedies available to it in exchange for the
promises, representations, acknowledgments and warranties of each of the Borrower and the Guarantor
as contained herein and that the Bank would not have entered into this Agreement but for such
promises, representations, acknowledgments, agreements, and warranties, all of which have been
accepted by the Bank in good faith, the breach of which by the Borrower and/or the Guarantor in any
way, at any time, now or in the future, would admittedly and confessedly constitute cause for
dismissal of any such bankruptcy petition pursuant to 11 U.S.C. § 1112(b).

(b) As additional consideration for the Bank agreeing to forbear from immediately enforcing its
rights and remedies under this Agreement and in the Loan Documents, including but not limited to
the institution of foreclosure proceedings, each of the Borrower and the Guarantor agrees that in
the event a bankruptcy petition under any Chapter of the Bankruptcy Code (11 U.S.C. §101, et seq.)
is filed by or against the Borrower at any time after the execution of this Agreement, the Bank
shall be entitled to the immediate entry of an order from the appropriate bankruptcy court granting
Bank complete relief from the automatic stay imposed by §362 of the Bankruptcy Code (11 U.S.C.
§362) to exercise its foreclosure and other rights, including but not limited to obtaining a
foreclosure judgment and foreclosure sale, upon the filing with the appropriate court of a motion
for relief from the automatic stay with a copy of this Agreement attached thereto. Each of the
Borrower and the Guarantor specifically agrees (i) that upon filing a motion for relief from the
automatic stay, the Bank shall be entitled to relief from the stay without the necessity of an
evidentiary hearing and without the necessity
or requirement of the Bank to establish or prove the value of the Collateral, the lack of adequate
protection of its interest in the Collateral, or the lack of equity in the Collateral; (ii) that
the lifting of the automatic stay hereunder by the appropriate bankruptcy court shall be deemed to
be “for cause” pursuant to §362(d)(1) of the Bankruptcy Code (11 U.S.C. §362(d)(1)); and (iii) that
the Borrower and the Guarantor will not directly or indirectly oppose or otherwise defend against
the Bank’s efforts to gain relief from the automatic stay, and (iv) the Bank shall be entitled to
recover from the Borrower and the Guarantor all of Bank’s costs and expenses (including the Bank’s

4

 

attorneys fees) incurred in connection with any bankruptcy or insolvency proceeding of any of them.
This provision is not intended to preclude Borrower from filing for protection under any Chapter of
the Bankruptcy Code. The remedies prescribed in this paragraph are not exclusive and shall not
limit Bank’s rights under the Loan Agreement, the Guaranty, any other Loan Document or under any
law.

     Section 3.5 (c) All of the above terms and conditions have been freely bargained for and are
all supported by reasonable and adequate consideration and the provisions herein are material
inducements for Bank entering into this Agreement.

ARTICLE 4.

Conditions to Effectiveness

     Section 4.1 Conditions. The Waiver Covenant shall become effective as of the date first
above written (the “Effective Date”) after all of the conditions set forth in Sections 4.2 through
4.3 hereof shall have been satisfied.

     Section 4.2 Execution of Agreement. This Agreement shall have been executed and delivered by
the Borrower and the Guarantor.

     Section 4.3 Representations and Warranties. (a) As of the Effective Date, the representations
and warranties set forth in the Loan Agreement, and the representations and warranties set forth in
each of the Loan Documents, shall be true and correct in all material respects; (b) as of the
Effective Date, no Defaults or Events of Default shall have occurred and be continuing, other than
the Existing Default that is the subject of the Waiver Covenant.

ARTICLE 5.

Miscellaneous

     Section 5.1 Entire Agreement; No Novation or Release. This Agreement, together with the Loan
Documents, as in effect on the Effective Date, reflects the entire understanding with respect to
the subject matter contained herein, and supersedes any prior agreements, whether written or oral.
This Agreement is not intended to be, and shall not be deemed or construed to be, a satisfaction,
novation or release of the Loan Agreement or any other Loan Document. Except as expressly set forth
herein with respect to the Existing Default and the Waiver Covenant, all representations,
warranties, terms, covenants and conditions of the Loan Agreement, the Guaranty and the other Loan
Documents shall remain unamended and unwaived and shall continue in full force and effect.

     Section 5.2 Fees and Expenses. All fees and expenses of Bank incurred in connection with the
issuance, preparation and closing of the transactions contemplated hereby shall be payable by the
Borrower and the Guarantor promptly upon the submission of the bill therefor. If the Borrower and
the Guarantor shall fail to promptly pay such bill, Bank is authorized to pay such bill through an
advance of funds by debiting Borrower’s accounts with Bank.

5

 

     Section 5.3 Choice of Law; Successors and Assigns. This Agreement shall be construed and
enforced in accordance with and governed by the internal laws (as opposed to the conflicts of laws
provisions) of the State of Georgia. This Agreement shall be binding upon and shall inure to the
benefit of the parties hereto and their respective successors and assigns.

6

 

WITNESS the hand and seal of each of the undersigned as of the date first written above.

	 	 	 	 	 	 	 
	 	 	BANK:	 	 
	 
	 	 	 	 	 	 
	 	 	RBC BANK (USA)	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Heather H. Allea	 	 
	 

	 	 	 	 

Senior Vice President
	 	 
	 
	 	 	 	 	 	 
	 	 	BORROWER:	 	 
	 
	 	 	 	 	 	 
	 	 	VIDEO DISPLAY CORPORATION	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Name:
	 	 

	 	 
	 

	 	Title:
	 	 

	 	 
	 

	 	 	 	 

	 	 
	 

	 	 	 	[SEAL]	 	 
	 
	 	 	 	 	 	 
	 	 	LEXEL IMAGING SYSTEMS, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Name:
	 	 

	 	 
	 

	 	Title:
	 	 

	 	 
	 

	 	 	 	 

	 	 
	 

	 	 	 	[SEAL]	 	 
	 
	 	 	 	 	 	 
	 	 	FOX INTERNATIONAL, LTD., INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Name:
	 	 

	 	 
	 

	 	Title:
	 	 

	 	 
	 

	 	 	 	 

	 	 
	 

	 	 	 	[SEAL]	 	 
	 
	 	 	 	 	 	 
	 	 	Z-AXIS, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Name:
	 	 

	 	 
	 

	 	Title:
	 	 

	 	 
	 

	 	 	 	 

	 	 
	 

	 	 	 	[SEAL]	 	 

7

 

	 	 	 	 	 	 	 
	 	 	TELTRON TECHNOLOGIES, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Name:
	 	 

	 	 
	 

	 	Title:
	 	 

	 	 
	 

	 	 	 	 

	 	 
	 

	 	 	 	[SEAL]	 	 
	 
	 	 	 	 	 	 
	 	 	AYDIN DISPLAYS, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Name:
	 	 

	 	 
	 

	 	Title:
	 	 

	 	 
	 

	 	 	 	 

	 	 
	 

	 	 	 	[SEAL]	 	 
	 
	 	 	 	 	 	 
	 	 	GUARANTOR:	 	 
	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 
	 	 	RONALD D. ORDWAY	 	 

8exv4w3

Exhibit 4.3

      

SERIES [20__-_] INDENTURE SUPPLEMENT

Dated as of [                    ], 20[    ]

to

MASTER INDENTURE

Dated as of October 24, 2002

 

FIRST NATIONAL MASTER NOTE TRUST,

Issuer,

and

THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.,

Indenture Trustee on behalf of the Noteholders

 

FIRST NATIONAL MASTER NOTE TRUST

 

 

 

TABLE OF CONTENTS

	 	 	 	 	 	 	 
	 	 	 	 	Page	 
	 
	 	 	 	 	 	 
	ARTICLE I

	 
	 	 	 	 	 	 
	CREATION OF THE SERIES [20__-_] NOTES	 	 	1	 
	 
	 	 	 	 	 	 
	ARTICLE II

	 
	 	 	 	 	 	 
	DEFINITIONS
	 	 	 	 	1	 
	 
	 	 	 	 	 	 
	ARTICLE III

	NOTEHOLDER SERVICING FEE

	 
	 	 	 	 	 	 
	Section 3.01.
	 	Servicing Compensation	 	 	16	 
	 
	 	 	 	 	 	 
	ARTICLE IV

	RIGHTS OF NOTEHOLDERS AND ALLOCATION AND APPLICATION OF COLLECTIONS

	 
	 	 	 	 	 	 
	Section 4.01.
	 	Collections and Allocations	 	 	16	 
	Section 4.02.
	 	Determination of Monthly Interest	 	 	18	 
	Section 4.03.
	 	Determination of Monthly Principal	 	 	20	 
	Section 4.04.
	 	Application of Available Finance Charge  Collections and Available Principal Collections	 	 	20	 
	Section 4.05.
	 	Investor Charge-Offs	 	 	23	 
	Section 4.06.
	 	Reallocated Principal Collections	 	 	23	 
	Section 4.07.
	 	Excess Finance Charge Collections	 	 	23	 
	Section 4.08.
	 	Excess Principal Collections	 	 	24	 
	Section 4.09.
	 	Certain Series Accounts	 	 	24	 
	Section 4.10.
	 	Reserve Account	 	 	26	 
	Section 4.11.
	 	Spread Account	 	 	27	 
	Section 4.12.
	 	Investment Instructions	 	 	29	 
	Section 4.13.
	 	Accumulation Period	 	 	29	 
	Section 4.14.
	 	Suspension of Accumulation Period	 	 	30	 
	Section 4.15.
	 	[Determination of LIBOR]	 	 	31	 
	Section 4.16.
	 	Interchange	 	 	32	 
	Section 4.17.
	 	Foreign Accounts	 	 	33	 
	Section 4.18.
	 	[Pre-Funding Account]	 	 	33	 
	 
	 	 	 	 	 	 
	ARTICLE V
	 	 	 	 
	DELIVERY OF NOTES; DISTRIBUTIONS; REPORTS TO NOTEHOLDERS
	 	 	 	 
	 
	 	 	 	 	 	 
	Section 5.01.
	 	Delivery and Payment for the [20__-_] Notes	 	 	34	 
	Section 5.02.
	 	Distributions	 	 	34	 
	Section 5.03.
	 	Reports and Statements to Series [20__[_] Noteholders	 	 	35	 
	 
	 	 	 	 	 	 
	ARTICLE VI

	SERIES [20__-_] PAY OUT EVENTS

	 
	 	 	 	 	 	 
	Section 6.01.
	 	Series [20__-_] Pay Out Events	 	 	36	 

 

 

	 	 	 	 	 	 	 
	Section 6.02.
	 	[Notice of Series [20__—_] Pay Out Events]	 	 	37	 
	 
	 	 	 	 	 	 
	ARTICLE VII

	REDEMPTION; FINAL DISTRIBUTIONS; SERIES TERMINATION

	 
	 	 	 	 	 	 
	Section 7.01.
	 	Optional Redemption of Series [20__—_] Notes; Final Distributions	 	 	37	 
	Section 7.02.
	 	Series Termination	 	 	39	 
	 
	 	 	 	 	 	 
	ARTICLE VIII

	MISCELLANEOUS PROVISIONS

	 
	 	 	 	 	 	 
	Section 8.01.
	 	Ratification of Indenture; Amendments	 	 	39	 
	Section 8.02.
	 	Form of Delivery of the Notes	 	 	39	 
	Section 8.03.
	 	Counterparts	 	 	40	 
	Section 8.04.
	 	Governing Law	 	 	40	 
	Section 8.05.
	 	Limitation of Liability	 	 	40	 
	Section 8.06.
	 	Rights of Indenture Trustee	 	 	40	 
	Section 8.07.
	 	Additional Requirements for Registration of and Limitations on Transfer and Exchange of Notes	 	 	40	 

	 	 	 	 	 
	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 B

	 	FORM OF MONTHLY PAYMENT
INSTRUCTIONS AND NOTIFICATION TO INDENTURE TRUSTEE	 	 
	EXHIBIT C

	 	FORM OF MONTHLY REPORT TO NOTEHOLDERS	 	 
	EXHIBIT D

	 	FORM OF MONTHLY SERVICER’S CERTIFICATE	 	 
	[EXHIBIT E

	 	FORM OF NOTE INVESTOR CERTIFICATION]	 	 

ii

 

SERIES [20_-_] INDENTURE SUPPLEMENT

     SERIES [20___-_] INDENTURE SUPPLEMENT, dated as of [                    ], 20[_
] (the “Indenture Supplement”), between FIRST NATIONAL MASTER NOTE TRUST, a statutory trust
organized and existing under the laws of the State of Delaware (herein, “Issuer” or the “Trust”),
and THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A. (formerly known as The Bank of New York Trust
Company, N.A.), a national banking association, duly organized and existing under the laws of the
United States, not in its individual capacity, but solely as successor indenture trustee to The
Bank of New York (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
October 24, 2002, and amended by the First Amendment to Master Indenture, dated as of November 17,
2003 (as amended, the “Indenture”), between Issuer and Indenture Trustee.

     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 [20_-_] 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
[20___-_]” or the “Series [20___-_] Notes”. The Series [20___-_] Notes shall be issued in three Classes,
known as the “Class A [Floating Rate] [___%] Asset Backed Notes, Series [20___-_],” the
“Class B [Floating Rate] [___%] Asset Backed Notes, Series [20___-_],” and the “Class C
[Floating Rate] [____%] Asset Backed Notes, Series [20___-_]”.

     [Series [20___-_] shall be included in Group One and shall be a Principal Sharing Series.
Series [20___-_] shall be an Excess Allocation Series with respect to Group One only. Series [20___-_]
shall not be subordinated to any other Series. Series [20___]-[  ] shall [not] 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 Section 4.13.

     “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 and Servicer, reduce the numerator used for purposes of
allocating Principal Collections and Finance Charge Collections to Series [20___-_] at any
time if (x) the Series 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 [20___-_]; 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 Series Rating Agency Condition has been met; and

     (b) the denominator of which shall be the greater of (x) the Aggregate Principal
Balance 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 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 Reset Date and prior to any subsequent Reset Date will be recalculated for

2

 

such period using amounts determined as of the close of business on the subject Reset 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 [20___-_] for such Monthly Period, plus (c) Principal
Accumulation Investment Earnings, if any, with respect to the related Transfer Date, plus (d)
amounts on deposit in the [Pre-Funding Account,] Reserve Account and Spread 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) [and] 4.11(g) [and 4.18(a)].

     “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
from other Series allocated to Series [20___-_] for such Monthly Period, 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 (including Investment Earnings to the extent retained in the
Reserve Account pursuant to subsection 4.10(b) on such date or any prior Transfer Date, and 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 (calculated by assuming that Interchange allocated to Series [20___-_] equals or
exceeds Servicer Interchange for such Monthly Period), 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.

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

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

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

     “Class A Note Initial Principal Balance” means $[_______].

3

 

     “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 amount described in subsection 4.04(a)(i) over the Available Finance Charge Collections applied
to pay such amount pursuant to subsection 4.04(a).

     “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 Note Purchase Agreement” means that certain Note Purchase Agreement, dated as of the
date hereof, by and among the Indenture Trustee, the Transferor, the Servicer and the Class B
Noteholder (or Class B Noteholders) pursuant to which the Class B Noteholder (or Class B
Noteholders) agree to purchase the Class B Notes, as such agreement may be amended, amended and
restated, or otherwise modified.]

     “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 Available Finance Charge Collections
applied to pay such amount pursuant to subsection 4.04(a).

4

 

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

     “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 that certain Note Purchase Agreement, dated as of the
date hereof, by and among the Indenture Trustee, the Transferor, the Servicer and the Class C
Noteholder (or Class C Noteholders) pursuant to which the Class C Noteholder (or Class C
Noteholders) agree to purchase the Class C Notes, as such agreement may be amended, amended and
restated, or otherwise modified.]

     “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.

     “Closing Date” means [_________], 20[___].

     “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
[20___-_] 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 4.13 or 4.14, 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 Transfer Date shall
not exceed the Note Principal Balance minus any amount already on deposit in the Principal
Accumulation Account on such Transfer Date.

     “Controlled Accumulation Date” means [_____________], or such later
date as is determined in accordance with Sections 4.13 and 4.14.

5

 

     “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 [30] [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 [30] [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.

     [“DBRS” means DBRS, Inc. or any successor that is a nationally recognized rating agency.]

     “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, an amount equal to the sum of the Class A
Default Interest, the Class B Default Interest and the 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 Obligor, (b) because such Receivable was created in respect of merchandise
which was refused or returned by an Obligor, (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.

6

 

     “Distribution Account” is defined in subsection 4.09(a).

     “Distribution Date” means [                    ] 15, 20[     ] 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 Servicing Fee” means, for each Distribution Date following a Servicer Default and the
appointment of a Successor Servicer, an amount equal to one-twelfth of the product of the
Collateral Amount as of the last day of the preceding Monthly Period and the excess of the market
rate servicing fee percentage determined by Indenture Trustee over the Series Servicing Fee
Percentage plus, if the Indenture Trustee is the Successor Servicer, an amount equal to the amount
of the reduction to the applicable Noteholder Servicing Fee pursuant to the second proviso in
Section 3.01 which is attributable to the fact that Interchange included in Finance Charge
Collections for the Related Monthly Period and allocated to Series [20     -     ] is less than Servicer
Interchange for such Monthly Period. Indenture Trustee may determine the market rate servicing fee
percentage by soliciting three or more written bids from qualified successor servicers and
averaging the rates offered in the bids.

     “Expected Principal Payment Date” means [                    ], 20[     ].

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

     “Finance Charge Collections” means Collections of Finance Charge Receivables.

     “Finance Charge Shortfall” means, for any Distribution Date and the related Transfer Date, an
amount equal to the excess, if any, of (a) the full amount required to be deposited or distributed,
without duplication, pursuant to subsections [4.04(a)(i) through (viii)] on such dates over (b)
amounts available for such deposits and distributions from the Available Finance Charge Collections
for the Related Monthly Period (excluding any portion thereof attributable to Excess Finance Charge
Collections).

     [“Fitch” means Fitch, Inc. or any successor that is a nationally recognized statistical rating
organization.]

     [“Foreign Account” means an Account, which as of July 31, 1995 (or, with respect to Additional
Accounts, as of the relevant Addition Date) was an Eligible Account, but subsequent to such date
the Obligor of which has provided, as its most recent billing address, an address which is not
located in the United States or its territories or possessions.]

     [“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) [                    ], 20[     ].

     “Group One” means Series [20     -     ] and each other Series specified in the related Indenture
Supplement to be included in Group One.

     “Initial Collateral Amount” means $[                    ] [plus the aggregate
amount paid to the Holder of the Transferor Interest pursuant to subsection 4.18(d)].

7

 

     [“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 Transfer Date (and the related Distribution Date), all
interest and earnings on Permitted Investments included in the applicable Series Account (net of
losses and investment expenses) during the period commencing on and including the Transfer Date
immediately preceding such Transfer Date and ending on but excluding such Transfer 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) Finance
Charge Collections 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) Principal Collections
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 4.15.]

     [“LIBOR Determination Date” means (i) [                    ], 20[     ] for the
period from and including the Closing Date through and including [                    ],
20[     ] 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 [                    ] 15, 20[     ]
Distribution Date shall mean the period from and including the Closing Date to and including the
last day of [                    ], 20[     ].]

8

 

     “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 any
amount as determined pursuant to 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.

     [“Note Purchase Agreement” means the Class B Note Purchase Agreement or the Class C Note
Purchase Agreement, as applicable.]

     “Noteholder Servicing Fee” is defined in Section 3.01.

     [“Paired Series” means a Series that has been paired with Series [20     -     ] (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.]

     “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 (i) the Available Finance Charge Collections
(excluding any Excess Finance Charge Collections and any amounts withdrawn from the [Spread
Account,] [or] [Pre-Funding Account,] except that Excess Finance Charge Collections from other
Series applied for the benefit of Series [20     -     ] 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.

9

 

     [“Pre-Funded Amount” means, as of any date of determination, the amount on deposit in the
Pre-Funding Account (net of all Investment Earnings).]

     [“Pre-Funding Account” is defined in subsection 4.09(a).]

     “Principal Account” is defined in subsection 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 Earnings” means, with respect to each Transfer Date, the
Investment Earnings, if any, on funds in the Principal Accumulation Account.

     “Principal Collections” means Collections of Principal Receivables.

     “Principal Shortfall” means (a) for any Distribution Date (and related Transfer Date), with
respect to the Revolving Period, zero, (b) for any Distribution Date (and related Transfer Date),
with respect to the Accumulation Period, an amount equal to the excess, if any, of the Controlled
Deposit Amount with respect to such date over the amount of Available Principal Collections for the
Related Monthly Period (excluding any portion thereof attributable to Excess Principal Collections)
and (c) for any Distribution Date (and related Transfer Date), with respect to the Rapid
Amortization Period, an amount equal to the excess, if any, of the Collateral Amount with respect
to such Transfer Date over the amount of Available Principal Collections for the Related Monthly
Period (excluding any portion thereof attributable to Excess Principal Collections).

     “QIB” means a “qualified institutional buyer” within the meaning of Rule 144A under the
Securities Act.

     “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
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.

     “Qualified Maturity Agreement Institution” means a counterparty having short-term debt ratings
of no less than [[“P-1/A-1+/F-1+”] by Moody’s and Standard & Poor’s and Fitch, respectively, or
long-term unsecured ratings of no less than “Aa3” by Moody’s, “AA—” by Standard & Poor’s and “AA-”
by Fitch.]

     “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 [                    ], 20[     ] and [                    ], 20[     ] Distribution Dates, the Net Yields for [                    ]
and [                    ], 20[     ] shall be deemed to be [                    ]% and [                    ]%, respectively.

10

 

     “Rapid Amortization Period” means the period commencing on the date on which a Trust Pay Out
Event or a Series [20     -     ] Pay Out Event is deemed to occur and ending on the Series Termination
Date.

     “Rating Agency” means each of [Moody’s, Standard & Poor’s, Fitch and/or DBRS].

     “Rating Agency Condition” means, with respect to any action,

     (a) with respect to the VFN Series 2008-2 Notes, Series 2007-1 Notes and the Series 2009-1
Notes, and any action subject to such condition, that each Rating Agency that has rated such Series
shall have notified the Issuer in writing that such action will not result in a reduction or
withdrawal of the rating, if any, of any Outstanding Series or Class of such Notes to which it is
the Rating Agency;

     (b) with respect to VFN Series 2008-3, VFN Series 2009-2, Series 2009-3 and Series [20     ] —[     ], and any action subject to such condition, (i) that [Moody’s, Standard & Poor’s and/or DBRS]
shall have notified the Issuer in writing that such action will not result in a reduction or
withdrawal of the rating, if any, of any Outstanding Class with respect to which [Moody’s, Standard
& Poor’s or DBRS], as applicable, is a Rating Agency or (ii) 10 days’ prior advance notice (or, if
10 days’ advance notice is impracticable, as much advance notice as is practicable) to Fitch, with
respect to any Outstanding Class with respect to which Fitch is a Rating Agency; and

     (c) with respect to future Series or Classes of Notes, obtaining such approvals or
confirmations or providing such notices as may be required by the Indenture and the indenture
supplement for the related Series or Class.

The definition of “Rating Agency Condition” with respect to any Series may be amended in accordance
with the terms of the Indenture and the related indenture supplement.

     “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 [20     -     ]
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 [20     -     ] Noteholders on a
prior Distribution Date.

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

     “Required Reserve Account Amount” means, for any Transfer Date on or after the Reserve Account
Funding Date, an amount equal to (a) [                    ]% of the Note Principal Balance or (b) any
other amount designated by Transferor; provided, however, that if such designation is of

11

 

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 [20     -     ].

     “Required Retained Transferor Percentage” means, for purposes of Series [20     -     ], [                    ]%.

     “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 4.09(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 4.14); (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 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,
further, that if a Qualified Maturity Agreement has been assigned to the Indenture Trustee in
accordance with the provisions of Section 4.14, the Reserve Account Funding Date shall be the
Distribution Date immediately following the date on which a Qualified Maturity Agreement is
terminated if (w) such Qualified Maturity Agreement is terminated because the provider of such
Qualified Maturity Agreement ceases to qualify as a Qualified Maturity Agreement Institution, (x) such
Qualified Maturity Agreement is terminated prior to the earlier of the Expected Principal Payment
Date and the commencement of the Rapid Amortization Period, (y) such Qualified Maturity Agreement
is terminated after the later of the last day of the [                    ], 20[     ]
Monthly Period and, at the election of Transferor, the date to which the commencement of the

12

 

Accumulation Period may be postponed pursuant to Section 4.13 (as determined on the date of
such termination) and (z) 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 Earnings for such Transfer Date are less than the
Covered Amount determined as of such Transfer Date.

     “Reset Date” means:

     (a) each Addition Date relating to Additional Accounts;

     (b) each Removal Date 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; and

     (d) each date on which a new Series or Class of Notes is issued.

     [“Reuters Screen LIBOR01 Page” means the display page currently so designated on the Reuters
system (or such page as may replace that page on that service for the purpose of displaying
comparable rates or prices.]

     “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 [20_-_]” means the Series of Notes the terms of which are specified in this Indenture
Supplement.

     “Series [20_-_] Final Maturity Date” means the [         ], 20[   ]
Distribution Date or, if earlier, the date of termination of the Trust.

     “Series [20_-_] Note” means a Class A Note, a Class B Note or a Class C Note.

     “Series [20_-_] Noteholder” means a Class A Noteholder, a Class B Noteholder or a Class C
Noteholder.

     “Series [20_-_] 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

13

 

denominator of which is the sum of the numerators used in determining the Allocation
Percentage for Finance Charge Receivables for all outstanding 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 [20_—] 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 for each day during such Monthly Period divided by the total number of days in
such Monthly Period.

     “Series Rating Agency Condition” means, with respect to the Series [20_—_] Notes and any
action subject to such condition, (a) that [Moody’s, Standard & Poor’s and/or DBRS] shall have
notified the Issuer in writing that such action will not result in the reduction or withdrawal of
the rating, if any, of any outstanding Class of Series [20_—_] Notes which [Moody’s, Standard &
Poor’s and/or DBRS], as applicable, has rated at the Transferor’s request and (b) with respect to
any outstanding Class of Series [20_—_] Notes that Fitch has rated at the Transferor’s request, 10
days’ advance notice (or, if 10 days’ advance notice is impracticable, as much advance notice as is
practicable) to Fitch.

     “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 [20_—_] Final Maturity Date.

     “Servicer Interchange” means, with respect to any Monthly Period, an amount equal to
one-twelfth of the product of (a) [1.50]% and (b) the Collateral Amount as of the last day of the
preceding Monthly Period; provided, however, that Servicer Interchange for the [ ], 20[  ] 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 the Available Finance Charge
Collections applied to pay such amount pursuant to subsection 4.04(a).

     “Spread Account” is defined in subsection 4.11(a).

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

14

 

     “Spread Account Percentage” means, for any Distribution Date, the applicable percentage
determined as follows:

	 	 	 	 	 
	 	 	 	 	then the Spread
	If the Quarterly Net Yield 	 	Account
	on such Distribution Date is	 	Percentage will
	greater than or equal to:	 	 and less than:	 	equal:
	[     ]%
	 	 	 	[     ]%
	[     ]%
	 	[     ]%	 	[     ]%
	[     ]%
	 	[     ]%	 	[     ]%
	[     ]%
	 	[     ]%	 	[     ]%
	[     ]%
	 	[     ]%	 	[     ]%
	[     ]%
	 	[     ]%	 	[     ]%
	[     ]%
	 	[     ]%	 	[     ]%
	[     ]%
	 	[     ]%	 	[     ]%
	[     ]%
	 	[     ]%	 	[     ]%
	 
	 	[     ]%	 	[     ]%

The Initial Spread Account Percentage shall be [       ]%. The Spread Account Percentage
shall remain unchanged until (a) it is increased to a higher required percentage as specified above
or (b) the Distribution Date on which the Quarterly Net Yield has increased to a level above that
for the then effective Spread Account Percentage on each of the three immediately preceding
Distribution Dates (inclusive of the current Distribution Date), in which case the Spread Account
Percentage shall be decreased to the next lowest percentage specified above.

     “Uncovered Dilution Amount” means, for any Distribution Date, an amount equal to the product
of (a) the Series Allocation Percentage for the Related Monthly Period times (b) 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 of the Transfer and Servicing Agreement but has
not been made (either directly by the Transferor or from Principal Collections otherwise
distributable to the Holder of the Transferor Interest).

     Each
capitalized term defined herein shall relate to the Series [20_-_] 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
Indenture.

     The interpretive rules specified in Section 1.02 of the Indenture also apply to this Indenture
Supplement. If any term or provision contained herein shall conflict with or be inconsistent with
any term or provision contained in the Indenture, the terms and provisions of this Indenture
Supplement shall be controlling.

15

 

ARTICLE III

NOTEHOLDER SERVICING FEE

     Section 3.01. Servicing Compensation. The share of the Servicing Fee allocable to Series
[20_—_] 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 FNBO 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 Finance Charge Collections allocable to the Series
[20_-_] Notes with respect to such Monthly Period pursuant to Section 4.16 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 Series (as provided in the related Indenture Supplements) and
in no event shall Issuer, Indenture Trustee or the Series [20_—_] 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 NOTEHOLDERS AND ALLOCATION

AND APPLICATION OF COLLECTIONS

     Section 4.01. Collections and Allocations.

     (a) Finance Charge Collections, Principal Collections and Receivables in Defaulted
Accounts shall be allocated and distributed to Series [20_-_] as set forth in this Article.

     (b) On each Date of Processing, Servicer shall allocate to the Series [20_-_]
Noteholders the following amounts as set forth below:

     (i) Allocations of Finance Charge Collections. An amount equal to the Investor
Finance Charge Collections processed on each Date of Processing shall be allocated
to the Series 20[___]—[ ] Noteholders and, first, deposited to the Finance Charge
Account to the extent required by Section 8.04 of the Indenture and subsection
4.01(c) below, and, second, paid to the Holder of the Transferor Interest.

     (ii) Allocations of Principal Collections.

     (A) Allocations During the Revolving Period.

     (1) During the Revolving Period an amount equal to the product
of the Investor Principal Collections processed on each Date of
Processing, shall be allocated to the Series [20_-_] Noteholders and,
first, if any other Principal Sharing Series is

16

 

outstanding and in its accumulation period or amortization
period, deposited to and retained in the Principal Account to the
extent necessary for application as Excess Principal Collections for
other Principal Sharing Series on the related Distribution Date,
second, deposited to the Excess Funding Account to the extent
necessary so that (x) the Transferor Interest is not less than the
Minimum Transferor Interest and (y) the aggregate Principal
Receivables in the Trust equals or exceeds the Minimum Aggregate
Principal Receivables and, third, paid to the Holder of the
Transferor Interest.

     (2) With respect to each Monthly Period falling in the Revolving
Period, to the extent that Investor Principal Collections allocated
to the Series [20_—_] Noteholders pursuant to this subsection
4.01(b)(ii) are paid to Transferor, Transferor 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 Investor Principal Collections
processed on each Date of Processing shall be allocated to the Series
[20_—_] 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 Investor Principal Collections
processed on each Date of Processing shall be allocated to the Series
[20_—_] Noteholders and deposited into the Principal Account until applied
pursuant to Section 4.06 and subsection 4.04(c) hereof; 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,
any Investor Principal Collections in excess of such amount shall be, first,
if any other Principal Sharing Series is outstanding and in its accumulation
period or amortization period, deposited to and 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 (x) the Transferor Interest is not less than the Minimum
Transferor Interest and (y) the aggregate Principal Receivables in the Trust
equals or exceeds the Minimum Aggregate Principal Receivables and, third,
paid to the Holder of the Transferor Interest.

     (c) During any period when Servicer is permitted by Section 8.04 of the Indenture to
make a single monthly deposit to the Collection Account, amounts allocated to the
Noteholders pursuant to subsections 4.01(a) and (b) with respect to any Monthly

17

 

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 Finance Charge Collections) and
the Principal Account (in the case of Collections of Principal Receivables (not including
any Excess Principal Collections allocated to Series [20_-_] pursuant to 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 (A) the Transferor Interest
is less than the Minimum Transferor Interest, (B) the Available Spread Account Amount is
less than the Required Spread Account Amount or (C) the aggregate Principal Receivables in
the Trust is less than the Minimum Aggregate Principal Receivables. For purposes of the
second paragraph of Section 8.04(a) of the Indenture, the amount of Principal Collections
required to be deposited or distributed on or prior to the related Distribution Date during
the Accumulation Period shall include an amount equal to the Controlled Deposit Amount.

     Notwithstanding the provisions of the second paragraph of Section 8.04(a) of the
Indenture, all Finance Charge Collections for each Monthly Period shall be deposited daily
to the Finance Charge Account and retained therein until the delivery of the statement
required by subsection 5.03(b) hereof. On or after the delivery of such statement, Finance
Charge Collections for the Related Monthly Period which are not required to be deposited or
distributed pursuant to such statement may be withdrawn by Servicer.

     (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
[30] [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 subsection 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,

18

 

the numerator of which is [30] [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
[30] [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) 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 subsection 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 [30] [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
[30] [the actual number of days in the related Interest Period] 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 subsection 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

19

 

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 [30] [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 to the Principal Accumulation Account or the Distribution
Account, as applicable, with respect to the Notes on each Transfer Date (the “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 the Related
Monthly Period, (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 the related
Distribution Date, as applicable, to the extent of available funds, the amounts required to be
withdrawn from the Finance Charge Account, the Principal Account, the Principal Accumulation
Account and the Distribution Account as follows:

     (a) On each Transfer Date, an amount equal to the Available Finance Charge Collections
for the Related Monthly Period will be withdrawn from the Finance Charge Account and
distributed, deposited or paid by Indenture Trustee 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 into the Distribution Account for distribution to the Class
A Noteholders;

     (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

20

 

on a prior Distribution Date shall be deposited into the Distribution Account for
distribution to the Class B Noteholders;

     (iii) 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 into the Distribution Account for distribution
to the Class C Noteholders;

     (v) an amount equal to the sum of 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 deposited into the
Principal Account for application pursuant to this Section 4.04;

     (vi) an amount equal to the sum of the aggregate amounts of Investor
Charge-Offs and 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 and deposited into the
Principal Account for application pursuant to this Section 4.04;

     (vii) 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;

     (viii) 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;

     (ix) all remaining amounts will constitute Excess Finance Charge Collections
for such Distribution Date to be applied in accordance with Section 4.07; and

     (x) [any other amounts required to be paid or deposited first, under the terms
of the Class B Note Purchase Agreement and the Class C Note Purchase Agreement, in
that order and priority, shall be so paid or deposited;] [and]

     [(x)][(xi)] any remaining amount to be paid to the Transferor.

     (b) On each Transfer Date with respect to the Revolving Period, Available Principal
Collections for the Related Monthly Period on deposit in the Principal Account

21

 

shall be withdrawn to be treated as Excess Principal Collections and applied in
accordance with Section 4.08 hereof.

     (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 withdrawn from the Principal Account and distributed or deposited in
the following priority:

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

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

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

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

     (v) on each Transfer Date with respect to the Accumulation Period or the Rapid
Amortization Period, the balance of such Available Principal Collections remaining
after giving effect to clauses (i) through (iv) above shall be retained in the
Principal Account to be treated as Excess Principal Collections and applied in
accordance with Section 4.08.

     (d) On each Distribution Date, Indenture Trustee shall make distributions from the
Distribution Account in accordance with Section 5.02 as follows: (i) to the Class A
Noteholders, the amount deposited into the Distribution Account pursuant to subsections
4.04(a)(i) and 4.04(c)(ii); (ii) to the Class B Noteholders, the amount deposited into the
Distribution Account pursuant to subsections 4.04(a)(ii) [and (x)] and 4.04(c)(iii); and
(iii) to the Class C Noteholders, the amount deposited into the Distribution Account
pursuant to subsections 4.04(a)(iv) [and (x)] and 4.04(c)(iv).

     (e) On the earlier to occur of (i) the first Transfer Date during the Rapid
Amortization Period and (ii) the Transfer Date immediately preceding the Expected Principal
Payment Date, Indenture Trustee 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

22

 

Noteholders, until paid in full, and, third, to the Class C Noteholders, until paid in
full, the amounts deposited into the Principal Accumulation Account pursuant to subsection
4.04(c)(i). In accordance with Section 5.02, on the related Distribution Date, Indenture
Trustee shall pay from the Distribution Account to the Class A Noteholders, the Class B
Noteholders and the Class C Noteholders, as applicable, the amounts deposited into the
Distribution Account for the account of such Noteholders pursuant to this subsection
4.04(e).

     [INSERT INFORMATION FOR DISTRIBUTIONS FROM PRE-FUNDING ACCOUNT, IF USED.]

     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 amount of Available Finance Charge Collections allocated
with respect thereto pursuant to subsection 4.04(a)(v) 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, Investor Principal Collections with
respect to such Transfer Date, in an amount not to exceed the Monthly Principal Reallocation Amount
for the Related Monthly Period, to fund any deficiency in amounts otherwise available for deposit
and distribution pursuant to and in the priority set forth in subsections [4.04(a)(i), (ii) and
(iii)], after giving effect to any application of funds from the Spread Account pursuant to Section
4.11, any application of funds from the Reserve Account pursuant to Section 4.10 and after
allocation and application of Excess Finance Charge Collections pursuant to Section 4.07 to cover
such payments. On each Transfer Date, the Collateral Amount shall be reduced by the amount of such
Reallocated Principal Collections, if any, for such Transfer Date.

     Section 4.07. Excess Finance Charge Collections.

     (a) Excess Finance Charge Collections from all Excess Allocation Series in Group One
will be allocated to cover any Finance Charge Shortfall or finance charge shortfalls for
other Excess Allocation Series in Group One pursuant to Section 8.06(a) of the Indenture
and, following a Servicer Default and the appointment of a Successor Servicer, Excess
Finance Charge Collections remaining after their application to cover Finance Charge
Shortfalls and other finance charge shortfalls for Group One, shall be paid to the Successor
Servicer to pay any unpaid Excess Servicing Fees or other unpaid excess servicing fees for
all Excess Allocation Series in Group One prior to any distribution to the Holder of the
Transferor Interest. If the remaining Excess Finance Charge Collections do not exceed the
aggregate amount of such unpaid fees, the remaining Excess Finance Charge Collections shall
be allocated among the Group One Excess Allocation Series pro rata based on the amount of
unpaid excess servicing fees for each such Series. Excess Finance Charge Collections with
respect to Group One shall be allocated to Series [20_-_] in accordance with this Section
4.07, without regard to whether the Rating Agency Condition has been met for purposes of the
definition of

23

 

“Portfolio Yield.” On each Transfer Date, Indenture Trustee, at the written direction
of the Servicer, shall deposit Excess Finance Charge Collections allocated to Series [20_-_]
to the Finance Charge Account prior to the applications to be made pursuant to Section 4.04.

     (b) Any Excess Finance Charge Collections relating to the Series [20_-_] Notes
remaining after the applications thereof specified in paragraph (a) above shall be applied[,
first, pursuant to subsection 4.04(a)(x) hereof and, second,] pursuant to subsection
4.04(a)[(x)][(xi)].

     Section 4.08. Excess Principal Collections. Excess Principal Collections from all Principal
Sharing Series in Group One will be allocated to cover any Principal Shortfall or principal
shortfalls for other Principal Sharing Series in Group One pursuant to Section 8.05 of the
Indenture. If (i) any Principal Shortfall remains after such allocation, (ii) any Series in Group
One is in an Amortization Period and (iii) the amount on deposit in the Excess Funding Account is
greater than zero, amounts on deposit in the Excess Funding Account will be treated as Excess
Principal Collections and allocated to cover any remaining Principal Shortfall or principal
shortfalls for other Principal Sharing Series in Group One pursuant to Section 8.03 of the
Indenture. Indenture Trustee, at the written direction of the Servicer, shall deposit Excess
Principal Collections allocated to Series [20_-_] to the Principal Accumulation Account or the
Distribution Account, 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, [         ] segregated trust accounts with such Qualified
Institution (the “Finance Charge Account,” the “Principal Account,” the “Principal
Accumulation Account,” the “Distribution Account,” the “Spread Account,” the “Reserve
Account” [and the “Pre-Funding Account”]), each bearing a designation clearly indicating
that the funds deposited therein are held for the benefit of the Series [20_-_] Noteholders.
The Finance Charge Account, the Principal Account, the Principal Accumulation Account, the
Distribution Account, [the Pre-Funding Account,] the Reserve Account and the Spread Account
are hereby designated as the Series Accounts for the Series [20_-_] Notes. Except as
otherwise provided in Section 4.11, Indenture Trustee shall possess all right, title and
interest in all funds on deposit from time to time in each Series Account and in all
proceeds thereof. Except as otherwise provided in Section 4.11, each Series Account shall
be under the sole dominion and control of Indenture Trustee for the benefit of the Series
[20_-_] Noteholders. If at any time the institution holding a Series 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 Account meeting the conditions specified above with a Qualified
Institution, and shall transfer any cash or any investments to such new Series Account.
Indenture Trustee, at the written direction of Servicer, shall make withdrawals from and
deposits to each Series Account from time to time, in the amounts and for the purposes set
forth in this Indenture Supplement. Indenture Trustee at all times

24

 

shall maintain accurate records reflecting each transaction in each Series Account, so
long as such accounts are established and maintained with Indenture Trustee.

     (b) [Except as otherwise provided in Section 4.18,] [F]unds on deposit in each Series
Account from time to time shall be invested and reinvested at the written 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. The Indenture
Trustee shall not be held liable for the performance of any Permitted Investments made in
accordance with the terms hereof.

     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
Earnings on deposit in the Principal Accumulation Account for application as Available
Finance Charge Collections in accordance with subsection 4.04(a).

     Principal Accumulation Investment Earnings (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 Investment Earnings 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 as consists of instruments, deposit accounts, negotiable documents, money,
goods, letters of credit, and advices of credit in the State of New York. 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

25

 

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.

     (d) No Permitted Investment in any Series Account shall be disposed of prior to its
maturity unless Servicer so directs and either (i) such disposal will not result in a loss
of all or part of the principal portion of such Permitted Investment or (ii) prior to the
maturity of such Permitted Investment, a default occurs in the payment of principal,
interest or any other amount with respect to such Permitted Investment.

     Section 4.10. Reserve Account.

     (a) Indenture Trustee, at the written 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)(vii).

     (b) On each Transfer Date, all Investment Earnings 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 the Related Monthly Period. For
purposes of determining the availability of funds or the balance in the Reserve Account for
any reason under this Indenture Supplement, Investment Earnings on such funds shall be
deemed not to be available or on deposit, except amounts retained pursuant to the preceding
sentence.

     (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)(vii) 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 Charge Account for application as
Available Finance Charge Collections for the Related Monthly Period.

     (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

26

 

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 Holder 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 Expected Principal Payment
Date, Indenture Trustee, acting in accordance with the written instructions of Servicer,
after the prior payment of all amounts owing to the Series [20_-_] 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 (A) 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 (B) distribute any such amounts remaining after
application pursuant to subsection 4.10(f)(A) to the Holder 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 4.14 shall remain on deposit until applied in
accordance with subsections 4.10(d), (e) or (f).

     Section 4.11. Spread Account.

     (a) Indenture Trustee shall establish and maintain the Spread Account for the benefit
of the Class C Noteholders and the Holder of the Transferor Interest, with an account
designation clearly indicating that the funds deposited therein are held for the benefit of
the Class C Noteholders and the Holder of the Transferor Interest. 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. 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 4.11(f). The Issuer will [make no] deposit into
the Spread Account on the Closing Date [an amount equal to the Required Spread Account
Amount.]

     (b) On each Transfer Date (but subject to subsections 4.11(c), 4.11(d) and 4.11(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 Holder 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 4.11(c), 4.11(d) and 4.11(f)), all Investment
Earnings shall be deemed not to be available or on deposit; provided that after the maturity
of the Series [20_-_] 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.

27

 

     (c) If, on any Transfer Date, the aggregate amount of Available Finance Charge
Collections otherwise available for application pursuant to subsection 4.04(a)(iv) is less
than the aggregate amount required to be deposited into the Distribution Account pursuant to
subsection 4.04(a)(iv), Indenture Trustee, at the written direction of Servicer, shall (i)
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, the
Indenture Trustee shall also withdraw Investment Earnings credited to the Spread Account in
an amount so that the total amount withdrawn equals such deficiency, and (ii) deposit such
amount into the Distribution Account for payment to the Class C Noteholders in respect of
interest on the Class C Notes pursuant to subsection 5.02(c).

     (d) On 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 in subsection 4.11(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 amount so withdrawn
is not sufficient to reduce the Class C Note Principal Balance to zero, shall also withdraw
Investment Earnings credited to the Spread Account up to the amount required to reduce the
Class C Note Principal Balance to zero. Indenture Trustee, upon the written direction of
Servicer, or Servicer, shall deposit such amounts into the Distribution Account for
distribution to the Class C Noteholders in accordance with subsection 5.02(c).

     (e) On the earlier to occur of (i) the Series [20_-_] Final Maturity Date and (ii) the
day following the occurrence of an Event of Default with respect to Series [20_-_] and
acceleration of the maturity of the Series [20_-_] 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)(viii) 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 the Spread Account shall be held and not
distributed pursuant to subsection 4.11(b) until such Spread Account Deficiency is reduced
to zero through subsequent deposits pursuant to subsection 4.04(a)(viii).

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     (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 and deposit it into the Finance
Charge Account for application as Available Finance Charge Collections. 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 4.11(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 Holder of the Transferor
Interest.

     Section 4.12. 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 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 4.13. Accumulation Period. The Accumulation Period is scheduled to commence at the
beginning of business on [                    ], 20[                    ]; 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 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 [                    ] 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 Series [20_-_] Notes on the
Expected Principal Payment Date is expected to equal or exceed the sum of the Class A Note
Principal Balance, 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

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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 in writing to Indenture Trustee, Transferor, Issuer and
each Rating Agency. Any notice by Servicer confirming the postponement of the Accumulation Period
pursuant to this Section 4.13 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.

     Section 4.14. Suspension of Accumulation Period.

     (a) Servicer may elect to suspend the commencement of the Accumulation Period with
prior written notice to the Rating Agencies, at any time prior to the Distribution Date
preceding the 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 4.14 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 [20_-_] Noteholders, without recourse, all of its
rights under any Qualified Maturity Agreement obtained in accordance with this Section 4.14
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 [20_-_] 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 Indenture, and subject
to the terms hereof and thereof, for the benefit of the Series [20_-_] 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); provided, however, that Issuer may

30

 

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 Expected Principal Payment
Date pursuant to subsection 4.04(c) as if the commencement of the Accumulation Period had
not been suspended. The Qualified Maturity Agreement may require that during the period
when the Accumulation Period is suspended, upon the occurrence of certain events, Available
Principal Collections will be deposited into the Principal Accumulation Account.

     (c) Each Qualified Maturity Agreement shall terminate at the close of business on the
Expected Principal Payment Date; provided, however, that Servicer may terminate a Qualified
Maturity Agreement prior to such Distribution Date, with notice to each Rating Agency, if
(i) the Available Reserve Account Amount equals the Required Reserve Account Amount and (ii)
one of the following events occurs: (A) 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, (C) a Pay Out Event occurs or (D) an event which may be declared to be a Pay Out
Event occurs, whether or not it is declared. 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 4.13 (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
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 this 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 Expected Principal Payment Date.

     Section 4.15. [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 Reuters Screen LIBOR01 Page as of
11:00 a.m., London time, on such date. If such rate does not appear on Reuters Screen
LIBOR01 Page, the rate for that LIBOR Determination Date

31

 

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 [20_-_] 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 4.16. Interchange. On or prior to each Determination Date, Transferor shall cause
FNBO to notify Servicer of the amount of Interchange to be included as Finance Charge Collections
allocable to the Series [20_-_] 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
Finance Charge Account, in immediately available funds, an amount equal to the Interchange to be so
included as Finance Charge Collections allocable to the Series [20_-_] Notes 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 [20_-_] Noteholders
its security interest in Interchange and the proceeds of Interchange, as set forth in this Section
4.16. 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 [20_-_], assigns, sets over,

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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 [20_-_] Notes to the extent specified in
any such Indenture Supplement) and the Series [20_-_] 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 4.17. Foreign Accounts. So long as any [Series 20_-_] Notes are Outstanding,
Receivables arising in Foreign Accounts shall constitute Eligible Receivables for all purposes
except that, to the extent that such Receivables exceed 1% (or any higher percentage as to which
the Rating Agency Condition has been met) of the aggregate Principal Receivables as of the most
recently ended Monthly Period, such Receivables may not be counted for purposes of determining
compliance with the tests for the Minimum Transferor Interest and the Minimum Aggregate Principal
Receivables.

     Section 4.18. [Pre-Funding Account.

     (a) 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 [20_-_] Notes. On
each Transfer Date, Indenture Trustee, acting in accordance with written instructions from
Servicer, shall withdraw from the Pre-Funding Account and deposit into the Finance Charge
Account all Investment Earnings on the Pre-Funded Amount with respect to the prior Monthly
Period. Such Investment Earnings shall be deemed to be Finance Charge Collections allocated
to Series [20_-_]. Investment Earnings 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.

     (b) Funds on deposit in the Pre-Funding Account on the Closing Date and thereafter
shall be invested 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(d) or, if earlier, on the next succeeding
Transfer Date.

     (c) 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.]

     (d) On each Distribution Date during the Funding Period, the Initial 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 Initial Collateral Amount shall in no event

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exceed the Note Principal Balance. Upon any increase in the Initial
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 the Holder of the Transferor
Interest no later than the next succeeding Business Day an amount equal to the amount of
such increase in the Initial Collateral Amount.]

ARTICLE V

     DELIVERY OF NOTES; DISTRIBUTIONS; REPORTS TO NOTEHOLDERS

     Section 5.01. Delivery and Payment for the [20_-_] Notes. Issuer shall execute and issue, and
Indenture Trustee shall authenticate, the Series [20_-_] Notes in accordance with Section 2.03 of
the Indenture. Indenture Trustee shall deliver the Series [20_-_] 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 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 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 4.11) 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 Series [20_-_] Noteholders hereunder shall be made by (i)
check mailed to each Series [20_-_] Noteholder (at such Noteholder’s address as it appears
in the Note Register), except that for any Series [20_-_] Notes registered in the name of
the nominee of a Clearing Agency, such distribution shall be made by wire

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transfer of immediately available funds and (ii) without presentation or surrender of
any Series [20_-_] Note or the making of any notation thereon.]

[or]

     [Except as provided in Section 11.02 of the Indenture with respect to the final
distribution, distributions to Class A Noteholders hereunder shall be made (i) for Class A
Noteholders, by check mailed to each Class A Noteholder (at such Noteholder’s address as it
appears in the Note Register), except that for any Class A Notes registered in the name of
the nominee of a Clearing Agency, such distribution shall be made by wire transfer of
immediately available funds and for the Class B Noteholders and the Class C Noteholders, as
specified in the applicable Note Purchase Agreement and (ii) without presentation or
surrender of any Series [20_—_] Note or the making of any notation thereon.]

Section 5.03. Reports and Statements to Series [20_-_] Noteholders.

     (a) On each Distribution Date, Indenture Trustee shall forward to each Series [20_-_]
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
and provided further, that the information set forth in Section III of Exhibit B may be
provided once for all outstanding Series.

     (c) A copy of each statement or certificate provided pursuant to paragraph (a) or (b)
may be obtained by any Series [20_-_] Noteholder by a request in writing to Servicer.

     (d) On or before January 31 of each calendar year, beginning with January 31, [20___],
Indenture Trustee shall furnish or cause to be furnished to each Person who at any time
during the preceding calendar year was a Series [20_—_]Noteholder, a statement prepared by
Servicer containing the information which is required to be contained in the statement to
Series [20_-_] 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
[20_-_] Noteholder, together with other information as is required to be provided 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.

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ARTICLE VI

SERIES [20_-_] PAY OUT EVENTS

     Section 6.01. Series [20_-_] Pay Out Events. If any one of the following events shall occur
with respect to the Series [20_-_] Notes:

     (a) failure on the part of Transferor (i) to make any payment or deposit required to be
made by it by the terms of 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 Indenture or this Indenture Supplement, which failure
has a material adverse effect on the Series [20_-_] 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 [20_-_] Notes evidencing more
than 25% of the Note Principal Balance and which continues to materially and adversely
affect the interest of the Series [20_-_] Noteholders;

     (b) any representation or warranty made by Transferor under the Transfer and Servicing
Agreement or any supplement thereto, 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 [20_-_] Notes evidencing more
than 25% of the Note Principal Balance and as a result of which the interests of the
Noteholders are materially and adversely affected and continue to be materially and
adversely affected for such period; provided, however, that a Series [20_-_] 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;

     (c) a failure by Transferor to convey Receivables arising under 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, 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 to occur, so that, after giving
effect to that reduction, the Transferor Interest is not less than the Minimum Transferor
Interest and the Aggregate Principal Receivables are not less than the Minimum Aggregate
Principal Receivables;

     (d) any Servicer Default shall occur that would have a material adverse effect on the
Series [20_-_] Noteholders;

36

 

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

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

     (g) without limiting the foregoing, the occurrence of an Event of Default with respect
to Series [20_-_] pursuant to Section 5.02 of the Indenture and acceleration of the maturity
of the Series [20_-_] Notes pursuant to Section 5.03 of the Indenture; or

     (h) the occurrence of a Trust Pay Out Event as defined in the Indenture;

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
[20_-_] Notes evidencing more than 50% of the aggregate unpaid principal amount of Series [20_-_]
Notes by notice then given in writing to Transferor and Servicer (and to Indenture Trustee if given
by the Series [20_-_] Noteholders) may declare that a “Series Pay Out Event” with respect to Series
[20_-_] (a “Series [20_-_] 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 [20_-_] Pay Out Event
shall occur without any notice or other action on the part of Indenture Trustee or the Series
[20_-_] Noteholders immediately upon the occurrence of such event.

     Section 6.02. [Notice of Series [20_-_] Pay Out Events]. [The Issuer agrees that upon the
occurrence of a Series [20_- _] Pay Out Event it shall notify the Federal Reserve Bank of New York
(“FRBNY”) at talfreports@ny.frb.org and FRBNY’s custodian at talf@bnymellon.com and all registered
holders of the Series [20___-_] Notes of such event and will provide the Indenture Trustee with the
material details of such event to be included in the periodic reports distributed to the Series
[20___ — _] Noteholders pursuant to subsection 5.03(a) of this Indenture Supplement.]

ARTICLE VII

REDEMPTION;

FINAL DISTRIBUTIONS; SERIES TERMINATION

     Section 7.01. Optional Redemption of Series [20_-_] Notes; Final Distributions.

     (a) On any day occurring on or after the date on which the outstanding principal
balance of the Series [20_-_] Notes is reduced to 10% or less of the initial Note Principal
Balance of the Series [20_-_] Notes, Servicer shall have the option to direct Transferor to
redeem the Series [20_-_] 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. This option shall not be exercisable if the purchase price (reduced by the amount on
deposit in the Principal Accumulation Account available for distribution to Noteholders)
exceeds the lesser of the estimated fair value, or the par value

37

 

plus accrued interest, of a portion of the Receivables in Eligible Accounts then
designated to the Receivables Trust equal to the Collateral Amount.

     (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 Finance Charge Account and Principal Account, as applicable, 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 Finance Charge Account and
Principal Account in accordance with the foregoing, the Collateral Amount for Series [20_-_]
shall be reduced to zero and the Series [20_-_] 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 [20_-_] in connection
with a reassignment of Receivables to Transferor pursuant to Section 2.04(e) of the Transfer
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 Finance Charge
Account and Principal 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
[20_-_], 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 (y) an amount equal to the sum

38

 

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 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 [20_-_] Final Maturity Date, the unpaid
principal amount of the Series [20_-_] Notes shall be due and payable, and the right of the Series
[20_-_] Noteholders to receive payments from Issuer will be limited solely to the right to receive
payments pursuant to Section 5.05 of the Indenture. References to the Series Termination Date in
Articles IV and V of the Indenture shall be deemed to be references to the Series [20_- _] Final
Maturity Date.

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 of the Indenture to any amendment of this Indenture Supplement, the
Series [20_-_] Noteholders shall be the only Noteholders whose vote shall be required.
Notwithstanding the provisions of Section 10.02 of the Indenture and Section 9.01(b) of the
Transfer and Servicing Agreement, this Indenture Supplement may be amended to increase the Series
Servicing Fee Percentage with the consent of the Holders of Notes representing more than 662/3% of
the principal balance of each Class of the Outstanding Series [20_- _] Notes and upon
compliance with the other provisions of such sections, as applicable, including satisfaction of the
Series Rating Agency Condition. 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. In
addition, any of this Indenture Supplement, the Indenture and any other Transaction Documents as
well as the structure or identity of the Issuer or the Transferor, may be amended, waived or
otherwise modified without the consent of any Series [20___]-[  ] Noteholder to the extent necessary
or desirable for FNBO and its affiliates to re-establish and maintain sale accounting treatment
with respect to transfers of Receivables in the event the accounting standards change and sale
accounting treatment is possible or in order to comply with the regulation entitled “Treatment by
the Federal Deposit Insurance Company as Conservator or Receiver of Financial Assets Transferred by
an Insured Depository Institution in Connection with a Securitization or a Participation,” 12
C.F.R. Section 360.6, as the same may be amended from time to time or any other similar federal
regulation, provided that the Rating Agency Condition shall be satisfied. To the extent the
consent of any Series [20___]-[  ] Noteholder to such amendment, waiver or other modification would
otherwise be required under this Indenture Supplement, the Indenture or any other Transaction
Document, each Series

39

 

[20___]-[  ] Noteholder shall be deemed to have consented by accepting a Series [20___]-[  ] Note,
provided that the Rating Agency Condition is satisfied.

     Section 8.02. Form of Delivery of the Notes. [The Class A Notes, 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.]

[or]

     [The Class A Notes shall be Book-Entry Notes and shall be delivered as Registered Notes to The
Bank of New York Mellon Trust Company, N.A., as custodian and sub agent for DTC, Clearstream and
Euroclear Bank S.A./N.V., as provided in Sections 2.01, 2.03 and 2.12 of the Indenture. The Class
B Notes and the Class C Notes shall be Definitive Notes and shall be registered in the Note
Register in the name of the initial purchaser or purchasers identified in the applicable 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.

     Section 8.05. Limitation of Liability. Notwithstanding any other provision herein or
elsewhere, this Indenture Supplement 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
Indenture Supplement 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 Indenture.

     Section 8.07. Additional Requirements for Registration of and Limitations on Transfer and
Exchange of Notes. [All transfers will be subject to the transfer restrictions set forth on the
Notes.]

[or]

     (a) [All transfers will be subject to the transfer restrictions set forth on the Notes,
as set forth in Exhibits A-1, A-2 and A-3, as applicable. The Class B Notes and

40

 

the Class C Notes may be subject to additional transfer restrictions as set forth in
the applicable Note Purchase Agreement.

     (b) The Class B Notes and the Class C Notes have not been, and will not be, registered
under the Securities Act or any state securities law. The Class B Notes and the Class C
Notes will be offered and sold only to “accredited investors,” as defined in Rule 501
promulgated under the Securities Act, purchasing for their own accounts or to an “accredited
investor” purchasing for a single account (which is an institutional “accredited investor”)
as to which the purchaser exercises sole investment discretion. No reoffer, resale, pledge
or other transfer of any Class B Notes or Class C Notes or any interest therein or
participation thereof subsequent to the initial purchase from the Transferor will be made
unless such resale or transfer is made pursuant to Rule 144A under the Securities Act to a
Person who the seller of the Class B Notes and the Class C Notes reasonably believes is a
QIB purchasing for its own account or a QIB purchasing for the account of a QIB, whom the
seller has informed, in each case, that the reoffer, resale, pledge or other transfer is
being made in reliance on Rule 144A and Transferor delivers to the Indenture Trustee a Note
Investor Certification in the form of Exhibit E.

     Neither the Transferor nor the Indenture Trustee is obligated to register the Class B
Notes and the Class C Notes under the Securities Act or any applicable state securities laws
or to take any action otherwise required under the Transaction Documents to permit the
transfer of Class B Notes or the Class C Notes without registration.

     (c) Each Series [20__—__]Note will bear legends substantially in the forms set forth in
Exhibits A-1, A-2 and A-3, as applicable.]

[Signature page follows]

41

 

     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 MELLON

TRUST COMPANY, N.A., 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

 

 

EXHIBIT A-1

FORM OF

CLASS A [FLOATING RATE] [__%] ASSET BACKED NOTE, SERIES [20__-_]

     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 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 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”), WHICH IS SUBJECT TO SECTION 4975 OF 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, NON-U.S. PLAN OR CHURCH 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, HOLDING AND DISPOSITION 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, NON-U.S. PLAN OR CHURCH PLAN, A
NON-EXEMPT VIOLATION OF ANY SUBSTANTIALLY SIMILAR APPLICABLE LAW).

A1-2

 

			
	REGISTERED
	 	$                           *
	No. R-              
	 	CUSIP NO.                     

FIRST NATIONAL MASTER NOTE TRUST

CLASS
A [FLOATING RATE] [___%] ASSET BACKED NOTE, SERIES [20___-_]

     First National Master Note Trust (herein referred to as “Issuer”), a Delaware statutory trust
governed by a Trust Agreement dated as of October 16, 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 [                                        ] 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 [of twelve 30-day months] [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 Note has been executed by Wilmington Trust Company, not in its individual capacity, but
solely in its capacity as Owner Trustee of the Issuer, in no event shall Wilmington Trust Company,
in its individual capacity, have any liability in respect of the 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 Note 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.

 

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

A1-3

 

     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:                                , 20[_]

A1-4

 

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 MELLON TRUST COMPANY, N.A.,
as Indenture Trustee

 	 
	 	By  	 	 
	 	 	Authorized Signatory 	 
	 	Dated 	 	 

A1-5

 

	 	 	 	 	 

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 [20___-_] (the “Series [20___-_] Notes”), issued under a Master
Indenture dated as of October 24, 2002 (the “Master Indenture”), between Issuer and The Bank of
New York Mellon Trust Company, N.A., formerly known as The Bank of New York Trust Company, N.A., as
indenture trustee (the “Indenture Trustee”), as supplemented by the Indenture Supplement dated as
of [                    ], 20[___] (the “Indenture Supplement”), and representing the
right to receive certain payments from the assets of the 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 REPRESENTS INDEBTEDNESS OF THE ISSUER AND IS LIMITED BY RECOURSE ONLY TO THE
COLLATERAL. THIS CLASS A NOTE DOES NOT REPRESENT AN INTEREST IN THE ISSUER AND DOES NOT REPRESENT
AN OBLIGATION OF, OR AN INTEREST IN, FIRST NATIONAL BANK OF OMAHA, FIRST NATIONAL FUNDING
CORPORATION, FIRST NATIONAL FUNDING LLC, OR ANY OTHER 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

A1-6

 

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

A1-7

 

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.

A1-8

 

EXHIBIT A-2

FORM OF

CLASS B [FLOATING RATE] [___%] ASSET BACKED NOTE, SERIES [20___-_]

     [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.]

     [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 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 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”), WHICH IS SUBJECT TO SECTION 4975 OF 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, NON-U.S. PLAN OR CHURCH 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, HOLDING AND DISPOSITION OF THE
CLASS B 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, NON-U.S. PLAN OR CHURCH PLAN,
A NON-EXEMPT VIOLATION OF ANY SUBSTANTIALLY SIMILAR APPLICABLE LAW).]

     [THE HOLDER OF THIS CLASS B NOTE SHALL BE DEEMED TO REPRESENT AND WARRANT THAT 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”), WHICH IS SUBJECT TO SECTION 4975 OF 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, NON-U.S. PLAN OR CHURCH PLAN SUBJECT TO APPLICABLE LAW THAT IS
SUBSTANTIALLY SIMILAR TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF ERISA OR SECTION 4975 OF THE
CODE.]

A2-2

 

	 	 	 
	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 trust
governed by a Trust Agreement dated as of October 16, 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
[            ] 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 [of twelve 30-day months.] [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 Note has been executed by Wilmington Trust Company, not in its individual capacity, but
solely in its capacity as Owner Trustee of the Issuer, in no event shall Wilmington Trust Company,
in its individual capacity, have any liability in respect of the 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 Note 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.

     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.]

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

A2-3

 

     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:                     , 20[    ]

A2-4

 

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 MELLON 

TRUST COMPANY, N.A.,as Indenture 

Trustee

 	 
	 	By  	 	 
	 	 	Authorized Signatory 	 
	 	Dated 	 	 

A2-5

 

	 	 	 	 	 

FIRST NATIONAL MASTER NOTE TRUST

CLASS
B [FLOATING RATE]
[      %] ASSET BACKED NOTE, SERIES [20___-_]

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 [20____-_] (the
“Series [20____-_] Notes”), issued under a Master
Indenture dated as of October 24, 2002 (the “Master Indenture”), between Issuer and The Bank of New
York Mellon Trust Company, N.A., formerly known as The Bank of New York Trust Company, N.A., as
indenture trustee (the “Indenture Trustee”), as supplemented by the Indenture Supplement dated as
of
[          ], 20[          ] (the “Indenture Supplement”), and representing the
right to receive certain payments from the assets of the 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 REPRESENTS INDEBTEDNESS OF THE ISSUER AND IS LIMITED BY RECOURSE ONLY TO THE
COLLATERAL. THIS CLASS B NOTE DOES NOT REPRESENT AN INTEREST IN THE ISSUER AND DOES NOT REPRESENT
AN OBLIGATION OF, OR AN INTEREST IN, FIRST NATIONAL BANK OF OMAHA, FIRST NATIONAL FUNDING
CORPORATION, FIRST NATIONAL FUNDING LLC, OR ANY OTHER 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

A2-6

 

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

A2-7

 

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.

A2-8

 

EXHIBIT A-3

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.]

     [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 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 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”), WHICH IS SUBJECT TO SECTION 4975 OF 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, NON-U.S. PLAN OR CHURCH 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, HOLDING AND DISPOSITION 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 (OR, IN THE CASE OF A GOVERNMENTAL PLAN, NON-U.S. PLAN OR CHURCH PLAN,
A NON-EXEMPT VIOLATION OF ANY SUBSTANTIALLY SIMILAR APPLICABLE LAW).]

     [THE
HOLDER OF THIS CLASS C NOTE SHALL BE DEEMED TO REPRESENT AND WARRANT THAT 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”), WHICH IS SUBJECT TO SECTION 4975 OF 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, NON-U.S. PLAN OR CHURCH PLAN SUBJECT TO APPLICABLE LAW THAT IS
SUBSTANTIALLY SIMILAR TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF ERISA OR SECTION 4975 OF THE
CODE.]

A3-2

 

	 	 	 
	REGISTERED

	 	$                         *
	No. R-             

	 	CUSIP NO.                     

FIRST NATIONAL MASTER NOTE TRUST

CLASS
C [FLOATING RATE] [__%] ASSET BACKED NOTE, SERIES [20_-_]

     First National Master Note Trust (herein referred to as “Issuer”), a Delaware statutory trust
governed by a Trust Agreement dated as of October 16, 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
[                  ] 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 [of twelve 30-day months] [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 Note has been executed by Wilmington Trust Company, not in its individual capacity, but
solely in its capacity as Owner Trustee of the Issuer, in no event shall Wilmington Trust Company,
in its individual capacity, have any liability in respect of the 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 Note 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.

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

A3-3

 

     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:                     , 20[     ]
	 	 	 	 	 	 

A3-4

 

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
MELLON TRUST COMPANY, N.A., as Indenture Trustee	 	 
	 
	 	 	 	 	 	 
	 

	 	By	 	 	 	 
	 

	 	 	 	 	 
	 

	 	 	 	Authorized Signatory	 	 
	 

	 	Dated	 	 	 	 
	 

	 	 	 	 	 	 

A3-5

 

FIRST NATIONAL MASTER NOTE TRUST

CLASS
C [FLOATING RATE]
[   %] ASSET BACKED NOTE,
SERIES [20____-_]

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 [20____-_] (the “Series [20_-_] Notes”), issued under a Master
Indenture dated as of October 24, 2002 (the “Master Indenture”), between Issuer and The Bank of New
York Mellon Trust Company, N.A., formerly known as The Bank of New York Trust Company, N.A., as
indenture trustee (the “Indenture Trustee”), as supplemented by the Indenture Supplement dated as
of [                    ], 20[    ] (the “Indenture Supplement”), and representing the
right to receive certain payments from the assets of the 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 REPRESENTS INDEBTEDNESS OF THE ISSUER AND IS LIMITED BY RECOURSE ONLY TO THE
COLLATERAL. THIS CLASS C NOTE DOES NOT REPRESENT AN INTEREST IN THE ISSUER AND DOES NOT REPRESENT
AN OBLIGATION OF, OR AN INTEREST IN, FIRST NATIONAL BANK OF OMAHA, FIRST NATIONAL FUNDING
CORPORATION, FIRST NATIONAL FUNDING LLC, OR ANY OTHER 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

A3-6

 

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

A3-7

 

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.

A3-8

 

EXHIBIT B

FORM OF MONTHLY PAYMENT INSTRUCTIONS AND

NOTIFICATION TO INDENTURE TRUSTEE

FIRST NATIONAL MASTER NOTE TRUST

SERIES [20____-_]

     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 October 24, 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 October 24, 2002 (the “Indenture”) between Issuer and
The Bank of New York Mellon Trust Company, N.A., formerly known as The Bank of New York
Trust Company, N.A., as indenture trustee (“Indenture Trustee”) as supplemented by the
Series [20____-_] Indenture Supplement dated as of [                    ], 20[    ] 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 [DEPOSITS AND] WITHDRAWALS ON THE TRANSFER DATE ON                     , 20        .

     [From the aggregate Collections wired to the Indenture Trustee with respect to the Related
Monthly Period on the Transfer Date, the Indenture Trustee shall make deposits to the Series
Accounts for Series [20____-_] as follows:

	 	 	 	 	 
	To the Finance Charge Account
	 	$	                    	 
	To the Principal Account
	 	$	                    	 

[TO BE USED IF SERVICER IS PERMITTED TO MAKE MONTHLY DEPOSITS PURSUANT TO THE TRANSFER AND
SERVICING AGREEMENT.]

     Pursuant to Section 4.09, Servicer does hereby instruct Indenture Trustee to transfer from the
Principal Accumulation Account to the Finance Charge Account, the Principal Accumulation Investment
Earnings on deposit in the Principal Accumulation Account, if any, [and the Investment Earnings on
deposit in the Pre-Funding Account] for application as Available Finance Charge Collections in the
following amount[s] and to deposit Investment Earnings, if any, on the funds on deposit in the
Principal Account, the Finance Charge Account and the Distribution Account to an account designated
by Servicer all on the Transfer Date specified above:

 

 

	 	 	 
	Investment Earnings from Principal
Accumulation Account to the Finance
Charge Account

	 	$                    
	 
	 	 
	[Investment Earnings from Pre-Funding
Account to the Finance Charge Account]

	 	$                    
	 
	 	 
	Investment Earnings on Principal Account,
Finance Charge Account and Distribution
Account to the order of Servicer

	 	$                    

     Pursuant to Section 4.10, Servicer does hereby instruct Indenture Trustee to withdraw funds
from the Reserve Account, and deposit such funds, all in accordance with Section 4.10, in the
following amounts and on the Transfer Date specified above:

	 	 	 	 	 
	A.

	 	Investment Earnings (to the extent not
required for Required Reserve Account
Amount) for deposit on the Transfer
Date to Finance Charge Account
pursuant to Section 4.10(b)
	 	$                    
	 
	 	 	 	 
	B.

	 	On each Transfer Date with respect to
the Accumulation Period or the Rapid
Amortization Period, the Reserve Draw
Amount (reduced by amounts otherwise
available under Section 4.04(a)(vii)
for deposit to the Reserve Account on
such Transfer Date) for deposit into
the Finance Charge Account pursuant
to Section 4.10(d)
	 	$                    
	 
	 	 	 	 
	C.

	 	Reserve Account Surplus, after giving
effect to all deposits to and withdrawals
from the Reserve Account with respect
to the Transfer Date, for deposit to the
Spread Account to the extent required
to meet Required Spread Account
Amount, pursuant to Section 4.10(e)
	 	$                    
	 
	 	 	 	 
	D.

	 	Remaining Reserve Account Surplus,
if any, for distribution to the Holder
of the Transferor Interest, pursuant
to Section 4.10(e)
	 	$                    

B-2

 

	 	 	 	 	 
	E.

	 	Upon the earliest to occur of (i)
Transfer Date preceding Expected
Principal Payment Date,
(ii) first Transfer Date relating to
Rapid Amortization Period or (iii)
termination of the Trust pursuant to
Article VIII of the Trust Agreement,
after all payments set forth above, all
remaining funds, for deposit to the
Spread Account to the extent required to
meet Required Spread Account Amount,
pursuant to Section 4.10(f)
	 	$                    
	 
	 	 	 	 
	F.

	 	After application pursuant to (E)
above, all remaining funds for
distribution to the Holder of the
Transferor Interest, pursuant to
Section 4.10(f)
	 	$                    

     Pursuant to Section 4.11, Servicer does hereby instruct Indenture Trustee to withdraw funds
from the Spread Account, and deposit such funds, all in accordance with Section 4.11, in the
following amounts and on the Transfer Date specified above:

	 	 	 	 	 
	A.

	 	On the earlier of
the Series [20_-_]
Final Maturity Date
and the day after
acceleration of the
Notes following an
Event of Default,
for deposit of the
Available Spread
Account Amount to
the Distribution
Account to pay
principal, pursuant
to Section 4.11(e)
	 	$                    
	 
	 	 	 	 
	B.

	 	On any Transfer
Date, for deposit
to the Distribution
Account, pursuant
to Section 4.11(c),
to the extent
required for the
deposit to be made
pursuant to
subsection
4.04(a)(iv) to pay
interest on the
Class C Notes
(reduced by
Available Finance
Charge Collections
used for such
deposit and using
Investment Earnings
on the Spread
Account, if needed)
	 	$                    

B-3

 

	 	 	 	 	 
	C.

	 	When the Principal
Balance of the
Class A Notes and
the Class B Notes
has been paid in
full, for deposit
to the Distribution
Account, pursuant
to Section 4.11(d),
to the extent
required to reduce
Class C Note
Principal Balance
to zero, and using
Investment Earnings
on Spread Account,
if needed
	 	$                    
	 
	 	 	 	 
	D.

	 	On any Transfer
Date, Investment
Earnings on the
Spread Account,
after application
above, to the
extent not required
to maintain
Required Spread
Account Amount
pursuant to
subsection 4.11(f),
for distribution to
the Holder of the
Transferor
Interest, pursuant
to subsection
4.11(b)
	 	$                    
	 
	 	 	 	 
	E.

	 	On any Transfer
Date, after
application above,
excess over
Required Spread
Account Amount for
deposit to the
Finance Charge
Account for
application as
Available Finance
Charge Collections
pursuant to
subsection 4.11(g)
	 	$                    

     [INSERT INFORMATION FOR PRE-FUNDING ACCOUNT IF USED]

     Pursuant to Section 4.04, Servicer does hereby instruct Indenture Trustee (i) to make
withdrawals from the Finance Charge Account on the Transfer Date specified above, in an aggregate
amount equal to the Available Finance Charge Collections, as set forth below and (ii) to apply the
proceeds of such withdrawals in accordance with subsection 4.04(a):

	 	 	 	 	 
	A.

	 	Pursuant to subsection 4.04(a)(i), for
deposit to the Distribution Account:
	 	 
	 	 	 
	 	 
	 	 	Class A Monthly Interest Payment for the
related Interest Period

	 	$                    
	 	 	 
	 	 
	 	 	Class A Interest Shortfall due to Class A
Noteholders

	 	$                    
	 	 	 
	 	 
	 	 	Class A Default Interest for the related
Distribution Date

	 	$                    
	 	 	 
	 	 
	 	 	Class A Default Interest previously due
but not distributed to Class A Noteholders

	 	$                    

B-4

 

	 	 	 	 	 
	B.

	 	Pursuant to subsection 4.04(a)(ii), for deposit to the
Distribution Account:	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	Class B Monthly Interest Payment for the related Interest
Period
	 	$
 

	 
	 	 	 	 	 	 
	 

	 	Class B Interest Shortfall due to Class B Noteholders
	 	$
 

	 
	 	 	 	 	 	 
	 

	 	Class B Default Interest for the related Distribution Date
	 	$
 

	 
	 	 	 	 	 	 
	 

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

	 
	 	 	 	 	 	 
	C.

	 	Pursuant to subsection 4.04(a)(iii), for distribution to
the Servicer:	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	Noteholder Servicing Fee for the related 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), for
deposit into the Distribution Account:	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	Class C Monthly Interest Payment for the preceding
Interest Period
	 	$
 

	 
	 	 	 	 	 	 
	 

	 	Class C Interest Shortfall due to
Class C Noteholders
	 	$
 

	 
	 	 	 	 	 	 
	 

	 	Class C Default Interest for the related
Distribution Date
	 	$
 

	 
	 	 	 	 	 	 
	 

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

	 
	 	 	 	 	 	 
	E.

	 	Pursuant to subsection 4.04(a)(v), for
deposit to the Principal Account:	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	Investor Default Amount to be treated as Available
Principal Collections
	 	$
 

B-5

 

	 	 	 	 	 
	 

	 	Uncovered Dilution Amount for the related Distribution
Date to be treated as Available Principal Collections
	 	$
 

	 
	 	 	 	 	 	 
	F.

	 	Pursuant to subsection 4.04(a)(vi), for
deposit to the Principal Account:	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	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):	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	Amount to be deposited into the Reserve Account (on and
after Reserve Account Funding Date)
	 	$
 

	 
	 	 	 	 	 	 
	H.

	 	Pursuant to subsection 4.04(a)(viii):	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	Amounts to be deposited into the Spread Account
	 	$
 

	 
	 	 	 	 	 	 
	I.

	 	Pursuant to subsection 4.04(a)(ix):	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	All remaining amounts will constitute Excess Finance
Charge Collections for the related
Distribution Date (See III below)
	 	$
 

	 
	 	 	 	 	 	 
	[J.

	 	Pursuant to subsection 4.04(a)(x):	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	(1) Other amounts to be paid or deposited under the
Class B Note Purchase Agreement
	 	$
 

	 
	 	 	 	 	 	 
	 

	 	(2) Other amounts to be paid or deposited under the
Class C Note Purchase Agreement
	 	$
]

	 
	 	 	 	 	 	 
	[J.]

	 	Pursuant to subsection 4.04(a)[(x)][(xi)]:	 	 	 	 
	 
	 	 	 	 	 	 
	[K.]
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	Any remaining amount to be paid to the Transferor
	 	$
 

     Pursuant to Section 4.04(b) and (c), Servicer does hereby instruct Indenture Trustee (i) to
make withdrawals from the Principal Account on the Transfer Date specified above, in an aggregate
amount equal to Available Principal Collections, as set forth below, and (ii) to apply the proceeds
of such withdrawals in accordance with Section 4.04(b) and (c):

B-6

 

	 	 	 	 	 
	A.

	 	Pursuant to subsection 4.04(b):	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	During the Revolving Period, an amount equal to the Available
Principal Collections (including amounts withdrawn from the
Finance Charge Account pursuant to subsections 4.04(a)(v) and
(vi) and excluding Reallocated Principal Collections) to be
treated as Excess Principal Collections
and applied in accordance with Section 4.08 (See III below)
	 	$
 

	 
	 	 	 	 	 	 
	B.

	 	Pursuant to subsection 4.04(c)(i):	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	On each Transfer Date with respect to 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):	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	On each Transfer Date with respect to the Rapid Amortization
Period, Monthly Principal for such Transfer Date to be
deposited to the Distribution Account for payment to the
Class A Noteholders on the related Distribution Date until an
aggregate amount equal to the Class A Note Principal Balance
has been so deposited
	 	$
 

	 
	 	 	 	 	 	 
	D.

	 	Pursuant to subsection 4.04(c)(iii):	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	On each Transfer Date with respect to the Rapid Amortization
Period, after giving effect to Clause (C) above, remaining
Monthly Principal, if any, to be deposited to the
Distribution Account for payment to the Class B Noteholders
on the related Distribution Date until an aggregate amount
equal to the Class B Note Principal Balance has been so
deposited
	 	$
 

B-7

 

	 	 	 	 	 
	E.

	 	Pursuant to subsection 4.04(c)(iv):	 	 
	 
	 	 	 	 
	 

	 	On each Transfer Date with respect to
the Rapid Amortization Period, after
giving effect to Clause (D) above,
remaining Monthly Principal, if any,
to be deposited to the Distribution
Account for payment to the Class C
Noteholders, on the related
Distribution Date until an aggregate
amount equal to the Class C Note
Principal Balance has been so
deposited
	 	$
 

	 
	 	 	 	 
	F.

	 	Pursuant to subsection 4.04(c)(v):	 	 
	 
	 	 	 	 
	 

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

	
     Pursuant to Section 4.06, Servicer does hereby instruct Indenture Trustee (i) to make a
withdrawal from the Principal Account on the Transfer Date specified above, as set forth below and
(ii) to apply the proceeds of such withdrawal in accordance with Section 4.06:

 
	 
	 

	 	Reallocated Principal
Collections, up to the
amount required to fund
any deficiency pursuant
to and in the priority
set forth in subsections
4.04(a)(i), (ii) and
(iii) of the Indenture
Supplement (after
application of Excess
Finance Charge
Collections from other
Series and amounts
available from the
Reserve Account) to be
deposited to the
Distribution Account for
payment to the Class A
and Class B Noteholders
or distributed to the
Servicer as set forth
below
	 	$                                                            
	 
	 	 	 	 
	 

	 	$                     to Distribution Account	 	 
	 

	 	$                     to Servicer	 	 

II. INSTRUCTIONS TO MAKE CERTAIN PAYMENTS ON THE DISTRIBUTION DATE ON                                         , 20___.

     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 Distribution Account or the
Principal Accumulation Account, as applicable, on the Distribution Date specified above, the
following amounts:

B-8

 

	 	 	 	 	 
	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 on the
Class C Notes pursuant to the
Indenture Supplement,
including amounts withdrawn
from the Spread Account
	 	$
 

B-9

 

	 	 	 	 	 
	(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 of the Class C Notes pursuant to the Indenture Supplement	 	$                                                            

III. EXCESS AMOUNTS.

     Pursuant to Section 4.07 and Section 8.06 of the Indenture, Servicer does hereby instruct
Indenture Trustee to apply Excess Finance Charge Collections from all Series in Group One in the
following amounts and priorities on the Transfer Date specified above:

	 	 	 	 	 
	A.

	 	Aggregate Excess Finance Charge
Collections, by Series:	 	 
	 
	 	 	 	 
	 

	 	Series
[             ]
	 	$                                                            
	 

	 	Series [             ]
	 	$                                                            
	 

	 	Total
	 	$                                                            
	 
	 	 	 	 
	B.

	 	Allocated to finance charge shortfalls:	 	 
	 
	 	 	 	 
	 

	 	Series [             ]
	 	$                                                            
	 

	 	Series [             ]
	 	$                                                            
	 

	 	Total
	 	$                                                            
	 
	 	 	 	 
	C.

	 	Allocated to excess servicing fees:	 	 
	 
	 	 	 	 
	 

	 	Series [             ]
	 	$                                                            
	 

	 	Series [             ]
	 	$                                                            
	 

	 	Total
	 	$                                                            
	 
	 	 	 	 
	[D.

	 	Allocated to the Class B Noteholders
and the Class C Noteholders pursuant
to subsection 4.04(a)(x):	 	 
	 
	 	 	 	 
	 

	 	(1) To the Class B Noteholders
	 	$                                                            
	 
	 	 	 	 
	 

	 	(2) To the Class C Noteholders
	 	$                                                            ]
	 
	 	 	 	 
	E.

	 	Remainder distributed in accordance
with [subsection 4.04(a)(x) and]
subsection 4.04(a)[(x)][(xi)]. See
I.[(k)(1) and (2) and] [K][L]
	 	                                                            

     Pursuant to Section 4.08 and Sections 8.03 and 8.05 of the Indenture, as applicable, Servicer
does hereby instruct Indenture Trustee to apply Excess Principal Collections from all

B-10

 

Principal Sharing Series in Group One and, if needed, amounts on deposit in the Excess
Funding Account, in the following amounts and priorities on the related Distribution Date:

	 	 	 	 	 
	A.

	 	Aggregate Excess Principal
Collections, by
Series:	 	 
	 
	 	 	 	 
	 

	 	Series
[               ]
	 	$                                                            
	 

	 	Series [         
             ]
	 	$                                                            
	 

	 	Total
	 	$                                                            
	 
	 	 	 	 
	B.

	 	Allocated to
principal
shortfalls and
deposited to the
related Series
Account:	 	 
	 
	 	 	 	 
	 

	 	Series [               ]
	 	$                                                            
	 

	 	Series [               ]
	 	$                                                            
	 

	 	Total
	 	$                                                            
	 
	 	 	 	 
	C.

	 	Allocated to
principal payments
on Variable
Interests at
Transferor’s
direction:	 	 
	 
	 	 	 	 
	 

	 	Series [               ]
	 	$                                                            
	 

	 	Series [               ]
	 	$                                                            
	 

	 	Total
	 	$                                                            
	 	 	 	 
	D.

	 	Deposited to Excess
Funding Account to
maintain Minimum
Transferor Interest
and Minimum
Aggregate Principal
Receivables
	 	$                                                            
	 
	 	 	 	 
	E.

	 	Remainder
distributed to
Holder of
Transferor Interest
	 	$                                                            

     IN WITNESS WHEREOF, the undersigned has duly executed this certificate this
                    day of                     , 20_.

	 	 	 	 	 
	 	 	FIRST NATIONAL BANK OF OMAHA,

as Servicer
	 
	 	 	 	 
	 

	 	By 
	 	 
	 

	 	 	 
	 

	 	 	Name
	 
	 

	 	 	 	 
	 

	 	 	Title
	 
	 

	 	 	 	 

B-11

 

EXHIBIT C

FORM OF MONTHLY REPORT TO NOTEHOLDERS

FIRST NATIONAL MASTER NOTE TRUST SERIES [20___-_]

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 October 24, 2002 (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 Mellon Trust Company, N.A., formerly known as The Bank of New York Trust Company,
N.A., as indenture trustee (the “Indenture Trustee”), under the Master Indenture dated as of
October 24, 2002 (the “Indenture”), by and between Issuer and the Indenture Trustee, and
acknowledged by Transferor and Servicer, as supplemented by the Series [20_-_] Indenture
Supplement, dated as of [                    ], 20[___], by and between Issuer and Indenture
Trustee, and acknowledged by Transferor and Servicer (the “Supplement”). Capitalized terms used in
this report have their respective meanings set forth in the Supplement. References herein to
certain sections and subsections are references to the respective sections and subsections of the
Supplement. This report is delivered pursuant to Section 5.03(a) of the Supplement.

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

(c) The undersigned is a Servicing Officer.

(d) With respect to this Certificate:

	 	 	 	 
	The Monthly Period is:
	 	 	 	 
	The Determination Date is:
	 	 	 	 
	The Record Date is:
	 	 	 	 
	The Transfer Date is:
	 	 	 	 
	The Distribution Date is:
	 	 	 	 
	The Controlled Accumulation Date is:
	 	 	 	 
	The Interest Period begins:
	 	 	 	 
	The Interest Period ends:
	 	 	 	 
	Number of days in Interest Period:
	 	 	 	 
	[Show by class if different]
	 	 	 	 

(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 [20_-_] Pay Out Event and no Trust
Pay Out Event has occurred except as described below:

[If
applicable, insert “None”]

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

	A.	 	INFORMATION REGARDING THE PERFORMANCE OF THE RECEIVABLES

	 	 	 	 	 	 	 
	1.
	 	Number of Accounts at Beginning of Monthly Period	 	 	                    	 
	 
	 	Number of Accounts at End of Monthly Period	 	 	                    	 
	 
	 	Average Account Balance at End of Monthly Period	 	 	                    	 
	 
	 	 	 	 	 	 
	2.
	 	Principal Receivables	 	 	 	 
	 
	 	(a)  Beginning of Monthly Period	 	 	                    	 
	 
	 	(b)  End of Monthly Period	 	 	                    	 
	 
	 	(c)  [Average Principal Receivables at End of Monthly Period]	 	 	                    	 
	 
	 	 	 	 	 	 
	3.
	 	Increase in Principal Receivables from Account Additions	 	 	                    	 
	 
	 	Increase in Finance Charge Receivables from Account Additions	 	 	                    	 
	 
	 	Increase in Total Receivables from Account Additions	 	 	                    	 
	 
	 	 	 	 	 	 
	4.
	 	Decrease in Principal Receivables from Removed Accounts	 	 	                    	 
	 
	 	Decrease in Finance Charge Receivables from Removed Accounts	 	 	                    	 
	 
	 	Decrease in Total Receivables from Removed Accounts	 	 	                    	 
	 
	 	 	 	 	 	 
	5.
	 	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:
	 	 	 	 	 	 	 	 
	 	 	 

C-2

 

	 	 	 	 	 	 	 
	6.
	 	Aggregate amount of Collections	 	 	                    	 
	 
	 	 	 	 	 	 
	 
	 	(a)  Total Collections	 	 	                    	 
	 
	 	(b)  Total Principal Collections	 	 	                    	 
	 
	 	(c)  Total Finance Charge Collections	 	 	                    	 
	 
	 	(d)  Aggregate Allocation Percentages for Outstanding Series	 	 	                    	 
	 
	 	(e)  Aggregate Allocation Percentages of Principal Collections	 	 	                    	 
	 
	 	(f)  Aggregate Allocation Percentages of Finance Charge Collections	 	 	                    	 
	 
	 	 	 	 	 	 
	7.
	 	Aggregate amount of Principal Receivables in Accounts which	 	 	 	 
	 
	 	became Defaulted Accounts during the Monthly Period	 	 	                    	 
	 
	 	 	 	 	 	 
	8.
	 	Servicer Interchange	 	 	                    	 
	 
	 	 	 	 	 	 
	9.
	 	The aggregate amount of Finance Charge Collections for the	 	 	 	 
	 
	 	Receivables Trust for the Monthly Period	 	 	 	 
	 
	 	(a)  Interchange	 	 	                    	 
	 
	 	(b)  Recoveries	 	 	                    	 
	 
	 	(c)  Finance Charges and Fees	 	 	                    	 
	 
	 	(d)  Discount Receivables	 	 	                    	 
	 
	 	Total
	 	 	                    	 
	 
	 	 	 	 	 	 
	10.
	 	Aggregate Uncovered Dilution Amount for the Monthly Period	 	 	                    	 
	 
	 	 	 	 	 	 
	11.
	 	End of Monthly Period Trust Receivables	 	 	                    	 
	 
	B. OUTSTANDING SECURITIES INFORMATION (TRUST LEVEL)
	 
	1.
	 	Outstanding principal balance of
all securities secured by pool assets (sum of all Series)	 	 	 	 
	 
	 	(a)  At end of prior Distribution Date	 	 	                    	 
	 
	 	(b)  Increase due to new securities issued	 	 	                    	 
	 
	 	(c)  Decrease due to principal payments	 	 	                    	 
	 
	 	(d)  Increases in variable securities	 	 	                    	 
	 
	 	(e)  Decreases in variable securities	 	 	                    	 
	 
	 	(f)  At end of Distribution Date	 	 	                    	 

C. INFORMATION REGARDING THE SERIES [20_-_] 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) made on the Distribution Date	 	 	                    	 
	 
	 	(b)  Reimbursements to be made on
the Distribution Date from Available Finance Charge Collections	 	 	                    	 
	 
	 	(c)  Collateral Amount at the close
of business on the Distribution Date	 	 	                    	 

C-3

 

	 	 	 
	2. Note Principal Balance at the close of business on the prior
Distribution Date
	 	 
	(a) Class A Note Principal Balance
	 	 
	 
	 
	(b) Class B Note Principal Balance
	 	 
	 
	 
	(c) Class C Note Principal Balance
	 	 
	 
	 
	Total Note Principal Balance
	 	 
	 
	 
	 
	 	 
	3. Series 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 available from other Group I
Series allocated to the Series
	 	 
	 
	 
	 
	 	 
	6. Aggregate amounts treated as Available Principal Collections
pursuant to subsections 4.04(a)(v) and (vi)
	 	 
	 
	 
	 
	 	 
	7. Reallocated Principal Collections (up to the Monthly Principal
Reallocation Amount) applied pursuant to Section 4.06
	 	 
	 
	 
	 
	 	 
	8. AVAILABLE PRINCIPAL COLLECTIONS (4+5+6-7)
	 	 
	 
	 
	 
	 	 
	9. Principal Accumulation Investment Earnings [and Investment
Earnings on Pre-Funding Account]
	 	 
	 
	 
	 
	 	 
	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)
	 	 
	 
	 
	 
	 	 
	13. Excess amounts from Spread Account treated as Available
Finance Charge Collections pursuant to Section 4.11(g)
	 	 
	 
	 
	 
	 	 
	14. AVAILABLE FINANCE CHARGE COLLECTIONS (9+10+11+12+13)
	 	 
	 
	 
	 
	 	 
	15. Available Finance Charge Collections were allocated in the
following priority:
	 	 
	 
	 
	(a) to Class A Noteholders,
	 	 
	Class A Monthly Interest
	 	 
	 
	 

C-4

 

	 	 	 
	Class A Interest Shortfall
	 	 
	 
	 
	Class A Default Amount
	 	 
	 
	 
	Class A Default Amount previously due but not
distributed
	 	 
	 
	 
	Total
	 	 
	 
	 
	 
	 	 
	(b) to Class B Noteholders,
	 	 
	 
	 
	Class B Monthly Interest
	 	 
	 
	 
	Class B Interest Shortfall
	 	 
	 
	 
	Class B Default Amount
	 	 
	 
	 
	Class B Default Amount previously due but not
distributed
	 	 
	 
	 
	Total
	 	 
	 
	 
	 
	 	 
	(c) to Servicer, the Noteholder Servicing Fee
(after adjustment for Servicer Interchange shortfall, if any)
	 	 
	 
	 
	 
	 	 
	(d) to Class C Noteholders,
	 	 
	 
	 
	Class C Monthly Interest
	 	 
	 
	 
	Class C Interest Shortfall
	 	 
	 
	 
	Class C Default Amount
	 	 
	 
	 
	Class C Default Amount previously due but not
distributed
	 	 
	 
	 
	Total
	 	 
	 
	 	 
	(e) Investor Default Amount and Uncovered Dilution Amount
were included in Available Principal Collections
	 	 
	 
	 
	 
	 	 
	(f) Investor Charge-Offs and Reallocated Principal
Collections not previously reimbursed were included in
Available Principal Collections
	 	 
	 
	 
	 
	 	 
	(g) to Reserve Account, excess of Required Reserve Account
Amount over the Available Reserve Account Amount
	 	 
	 
	 
	 
	 	 
	(h) to Spread Account, excess of Required Spread Account
Amount over Available Spread Account Amount
	 	 
	 
	 
	 
	 	 
	(i) remaining amount constitutes Excess Finance Charge
Collections (Go to 17(a))
	 	 
	 
	 
	 
	 	 
	[(j) amounts required to be deposited or paid under the Class
B Note Purchase Agreement and the Class C Note Purchase
Agreement
	 	 
	 
	 
	 
	 	 
	(i) Under the Class B Note Purchase Agreement
	 	 
	 
	 
	 
	 	 
	(ii) Under the Class C Note Purchase Agreement
	 	]
	 
	 
	 
	 	 

C-5

 

	 	 	 
	[(j)][(k)] the balance to the Holder of the Transferor Interest
	 	 
	 
	 
	 
	 	 
	16. Available Principal Charge Collections were allocated in the
following priority:
	 	 
	 
	 
	 
	 	 
	(a) during Revolving Period, treated as Excess Principal
Collections
	 	 
	 
	 
	 
	 	 
	(b) with respect to Accumulation Period,
	 	 
	(i) Monthly Principal deposited to Principal
Accumulation Account
	 	 
	 
	 
	(ii) balance treated as Excess Principal Collections
(Go to 17(b))
	 	 
	 
	 
	 
	 	 
	(c) with respect to Rapid Amortization Period,
	 	 
	(i) Monthly Principal to Class A Noteholders up to
Class A Note Principal Balance
	 	 
	 
	 
	(ii) Monthly Principal to Class B Noteholders up to Class B Note Principal Balance
	 	 
	 
	 
	(iii) Monthly Principal to Class C Noteholders up to Class C Note Principal Balance
	 	 
	 
	 
	(iv) balance treated as Excess Principal Collections
	 	 
	 
	 
	 
	 	 
	17. Excess funds were allocated in the following order of
priority:
	 	 
	 
	 	 
	(a) Excess Finance Charge Collections,
	 	 
	(i) to other Excess Allocation Series in Group One,
for finance charge shortfalls
	 	 
	 
	 
	(ii) to the Successor Servicer, for unpaid excess servicing fees
	 	 
	 
	 
	For this Series
	 	 
	 
	 
	For other Series
	 	 
	 
	 
	(iii) the remaining balance to be applied pursuant to 15[(j) and] (k)
	 	 
	 
	 	 
	(b) Excess Principal Collections,
	 	 
	(i) to other Excess Allocation Series in Group One,
for principal shortfalls
	 	 
	 
	 
	(ii) applied as principal for Variable Interests in
Group One
	 	 
	 
	 
	(iii) the balance to Holder of Transferor Interest
	 	 
	 
	 
	 
	 	 
	18. 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)
	 	 
	(c) Total Investor Default Amount (axb)
	 	 
	 
	 

C-6

 

	 	 	 	 	 
	19.

	 	Uncovered Dilution Amount allocated to the Series for the
Monthly Period	 	 
	 

	 	(a) Dilutions not covered by Transferor	 	 
	 

	 	(b) Allocation Percentage (B.3(c) above)	 	 
	 

	 	(c) Total Uncovered Dilution Amount (axb)	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	20.

	 	Investor Charge-Offs (including any Uncovered Dilution Amount
not covered by Transferor) for the Monthly Period	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	21.

	 	Ratings of the Class A Notes	 	 
	 

	 	[Moody’s]	 	 
	 

	 	 	 	 
	 

	 	[S&P]	 	 
	 

	 	 	 	 
	 

	 	[Fitch]	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	22.

	 	Ratings of the Class B Notes	 	 
	 

	 	[Moody’s]	 	 
	 

	 	 	 	 
	 

	 	[S&P]	 	 
	 

	 	 	 	 
	 

	 	[Fitch]	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	23.

	 	Ratings of the Class C Notes	 	 
	 

	 	[Moody’s]	 	 
	 

	 	 	 	 
	 

	 	[S&P]	 	 
	 

	 	 	 	 
	 

	 	[Fitch]	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	24.

	 	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	 	 
	 
	 	 	 	 
	25.

	 	Ending Note Principal Balance on the Distribution Date, after
taking into account distributions on the Notes:	 	 
	 

	 	(a) Class A Note Principal Balance	 	 
	 

	 	 	 	 
	 

	 	(b) Class B Note Principal Balance	 	 
	 

	 	 	 	 
	 

	 	(c) Class C Note Principal Balance	 	 
	 

	 	 	 	 
	 

	 	Total Note Principal Balance	 	 
	 

	 	 	 	 

D. QUARTERLY NET YIELD

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	[                    ]	 	[                    ]	 	[                    ]
	 	 	Monthly Period	 	Monthly Period	 	Monthly Period
	Yield

	 	[ ]%
	 	 	 	[ ]%
	 	 	 	[ ]%	 	 
	Less Investor Default Amt (18c)

	 	[ ]%
	 	 	 	[ ]%
	 	 	 	[ ]%	 	 
	Less Uncovered Dilution Amt (19c)

	 	[ ]%
	 	 	 	[ ]%
	 	 	 	[ ]%	 	 
	 

	 	 
	 	 	 	 
	 	 	 	 	 	 
	(a) Portfolio Yield

	 	 	 	[ ]%
	 	 	 	[ ]%
	 	 	 	[ ]%
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Monthly Interest

	 	[ ]%
	 	 	 	[ ]%
	 	 	 	[ ]%	 	 
	Plus Noteholder Servicing Fee

	 	[ ]%
	 	 	 	[ ]%
	 	 	 	[ ]%	 	 
	 

	 	 
	 	 	 	 
	 	 	 	 	 	 
	(b) Base Rate

	 	 	 	[ ]%
	 	 	 	[ ]%
	 	 	 	[ ]%
	 

	 	 	 	 
	 	 	 	 
	 	 	 	 

C-7

 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	(a)—(b) = Net Yield Percentage

	 	 	 	[ ]%
	 	 	 	[ ]%
	 	 	 	[ ]%
	Quarterly
Net Yield for Distribution Date [ ]%
	 	 	 	 	 	 	 	 	 	 

E. INFORMATION REGARDING THE PRINCIPAL ACCUMULATION ACCOUNT

	 	 	 	 	 
	1.

	 	Opening Principal Accumulation Account Balance on the
Distribution Date	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	2.

	 	Controlled Deposit Amount to be deposited to the Principal
Accumulation Account on the Distribution Date	 	 
	 

	 	(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 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	 	 
	 

	 	 	 	 

F. INFORMATION REGARDING THE SPREAD ACCOUNT

	 	 	 	 	 
	1.

	 	Opening Available Spread Account Amount on the Distribution Date	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	2.

	 	Aggregate amount required to be withdrawn pursuant to Section
4.11(c) for distribution to Class C Noteholders pursuant to
Section 4.04(a)(iv)	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	3.

	 	Aggregate amount required to be withdrawn pursuant to Section
4.11(d) or 4.11(e) for distribution in reduction of the Class C
Note Principal Balance	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	4.

	 	Spread Account Percentage for the Distribution Date	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	5.

	 	Closing Required Spread Account Amount for the Distribution Date	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	6.

	 	Amount on deposit in Spread Account after required withdrawals
on the Distribution Date (1-(2+3))	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	7.

	 	Spread Account Deficiency, if any (5 minus 6)	 	 
	 

	 	 	 	 
	 
	 	 	 	 

C-8

 

	 	 	 	 	 
	8.

	 	Amounts deposited pursuant to Sections 4.04(a)(viii) or
4.10(e) and (f)(A)	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	9.

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

	 	 	 	 
	 
	 	 	 	 
	10.

	 	Spread Account Surplus, if any (6 minus 5), included in
Available Finance Charge Collections	 	 
	 

	 	 	 	 

G. INFORMATION REGARDING THE RESERVE ACCOUNT

	 	 	 	 	 
	1.

	 	Reserve Account Funding Date	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	2.

	 	Opening Available Reserve Account Amount on the Distribution
Date	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	3.

	 	Aggregate amount required to be withdrawn pursuant to Section
4.10(d) for inclusion in Available Finance Charge Collections:	 	 
	 

	 	(a) Covered Amount	 	 
	 

	 	 	 	 
	 

	 	(b) Principal Accumulation Investment Earnings	 	 
	 

	 	 	 	 
	 

	 	(c) Reserve Draw Amount (a MINUS b)	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	4.

	 	Required Reserve Account Amount	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	5.

	 	Reserve Account Surplus (4-(2-3))	 	 
	 

	 	 	 	 

H. INFORMATION REGARDING ACCUMULATION PERIOD

	 	 	 	 	 
	1.

	 	Accumulation Period Length (months)	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	2.

	 	Controlled Accumulation Amount
(as recalculated, if Accumulation Period
Length is shortened pursuant to Section 4.13)	 	 
	 

	 	 	 	 

[I. ADD INFORMATION REGARDING PRE-FUNDING ACCOUNT, IF USED]

C-9

 

          IN WITNESS thereof, the undersigned has duly executed and delivered this Certificate the
      day of                          ,
 20     .

	 	 	 	 	 
	 	FIRST NATIONAL BANK OF OMAHA,

Servicer

 	 
	 	By  	 
	 	 	Name 	 
	 	 	Title 	 
	 

C-10

 

ATTACHMENT 1

TO

FORM OF MONTHLY REPORT TO NOTEHOLDERS

SERVICER’S CERTIFICATE

     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 October 24, 2002, 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:

	 	 	 	 	 
	1.

	 	The Transferor Interest is less than Minimum Transferor
Interest
	 	[Yes][No]
	 
	 	 	 	 
	 

	 	(a) Transferor Interest as of the Determination Date
	 	                                        
	 
	 

	 	(b) Minimum Transferor Interest as of the Determination Date
	 	                                        
	 
	 	 	 	 
	2.

	 	The Aggregate Principal Receivables is less than the Minimum
Aggregate Principal Receivables
	 	[Yes][No]
	 
	 	 	 	 
	 

	 	(a) Aggregate Principal Receivables as of the Determination
Date
	 	                                        
	 
	 

	 	(b) Minimum Aggregate Principal Receivables as of the
Determination Date
	 	                                        
	 
	 	 	 	 
	3.

	 	Are there any material modifications, extensions or waivers to pool asset terms, fees, penalties or
payments? If the answer is yes, please describe.
	 	[Yes][No]
	 
	 	 	 	 
	4.

	 	Are there any material breaches of representations and warranties relating to the pool assets or
material breaches of covenants under the Transaction Documents? If the answer is yes, please
describe.
	 	[Yes][No]
	 
	 	 	 	 
	5.

	 	Are there any material changes in the solicitation, credit-granting, underwriting, origination,
acquisition or pool selection criteria or procedures, as applicable, used to originate, acquire or
select the new pool assets? If the answer is yes, please describe.
	 	[Yes][No]
	 
	 	 	 	 
	6.

	 	Are there any material changes to the pool assets? If the answer is yes, please describe.
	 	[Yes][No]

C-11

 

          IN WITNESS thereof, the undersigned has duly executed and delivered this Certificate the         day of                                         ,
 20       .

	 	 	 	 	 
	 	FIRST NATIONAL BANK OF OMAHA,

Servicer

 	 
	 	By  	 	 
	 	 	Name 	 	 
	 	 	Title 	 	 
	 

C-12

 

EXHIBIT D

FORM OF MONTHLY SERVICER’S CERTIFICATE

FIRST NATIONAL BANK OF OMAHA

FIRST NATIONAL MASTER NOTE TRUST, SERIES [20___-_]

     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 October 24, 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 October 24, 2002 (as amended
or supplemented, the “Master Indenture”), between Issuer and The Bank of New York Mellon Trust
Company, N.A., formerly known as The Bank of New York Trust Company, N.A., as indenture trustee
(“Indenture Trustee”) as supplemented by the Series [20___-_] 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.

 

 

     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

 

	 	 	 	 	 

[EXHIBIT E

FORM OF NOTE INVESTOR CERTIFICATION

[DATE]

The Bank of New York

Mellon Trust Company, N.A.
 as
Indenture Trustee

2 North LaSalle Street

Suite 1020

Chicago, IL 60602

Attention: Corporate Trust Division

First National Master Note Trust

c/o First National Bank of Omaha,
 Administrator

1620
Dodge Street, Stop Code 3084

Omaha, NE 68197-3084

     Re: First National Master Note Trust, Series [20___-_]

Ladies and Gentlemen:

     In connection with our proposed purchase of $                     in principal amount of First National Master
Note Trust, Series [20___-_] Class [B/C] Notes (the “Notes”), we confirm that:

     1. We agree to be bound by the restrictions and conditions set forth in the Master Indenture,
dated as of October 24, 2002, as amended and as supplemented by the Series [20___-_] Indenture
Supplement thereto, dated as of [          ], [20___] (collectively, the “Indenture”), each
by and between First National Master Note Trust, as Issuer, and The Bank of New York Mellon Trust
Company, N.A., formerly known as The Bank of New York Trust Company, N.A., as Indenture Trustee
(the “Trustee”), and agree to be bound by, and not reoffer, resell, pledge or otherwise transfer
(any such act, a “Transfer”), the Notes except in compliance with such restrictions and conditions.

     2. We understand that the Notes have not been and will not be registered under the Securities
Act of 1933, as amended (the “Securities Act”), or any state securities law. We further agree and
understand that the Notes may be reoffered, resold, pledged or otherwise transferred only in
compliance with the Securities Act, applicable state securities laws and other applicable laws and
(i) when pursuant to any transaction complying with the requirements of Rule 144A under the
Securities Act, only to a person that we reasonably believe is a qualified institutional buyer
within the meaning of Rule 144A (a “QIB”) purchasing for its own account or a QIB purchasing for
the account of a QIB, whom we have informed, in each case, that the reoffer, resale, pledge or
other transfer is being made in reliance on Rule 144A or (ii) to an institutional “accredited
investor” as defined in Rule 501 (a)(1), (2), (3) or (7) promulgated under the Securities Act,
purchasing for its own account or to an institutional “accredited investor”

 

 

purchasing for a single account (which is an institutional “accredited investor”) as to which
the purchaser exercises sole investment discretion.

     3. We are [a QIB purchasing for our own account] [a QIB purchasing for the account of a
QIB][an institutional “accredited investor” acquiring the Notes for our own account or for a single
account which is an institutional “accredited investor” as to which we exercise sole investment
discretion]. We have such knowledge and experience in financial and business matters as to be
capable of evaluating the merits and risks of our investment in the Notes, and we and any account
for which we are acting are each able to bear the economic risk of our or its investment.

     4. We are acquiring the Notes purchased by us for investment purposes and not with a view to,
or for offer or sale in connection with, any distribution in violation of the Securities Act. We
hereby agree that we will not resell or otherwise transfer the Notes or any interest therein unless
the purchaser thereof provides or has provided to the addressee hereof a letter substantially in
the form hereof. We further understand that, on any proposed resale, pledge or transfer of any
Notes, we will be required to furnish to the Trustee and the Registrar such certification and other
information as the Trustee or the Registrar may reasonably require to confirm that the proposed
sale complies with the foregoing restrictions and with the restrictions and conditions of the Notes
and the Indenture pursuant to which the Notes were issued. We further understand that Notes
purchased by us will bear a legend to the foregoing effect.

     5. We are not (i) an employee benefit plan (as defined in Section 3(3) of the Employee
Retirement Income Security Act of 1974, as amended (“ERISA”)) that is subject to the provisions of
Title I of ERISA, (ii) a plan described in Section 4975(e)(1) of the Code, which is subject to
Section 4975 of the Code, (iii) a governmental plan, non-U.S. plan or church plan, subject to any
federal, state or local law which is, to a material extent, similar to the provisions of Section
406 of ERISA or Section 4975 of the Code, (iv) an entity whose underlying assets include plan
assets by reason of an employee benefit plan’s or other plan’s investment in such entity, or (v) a
person investing “plan assets” of any such plan.

     6. We further understand that, on any proposed resale, pledge or transfer of any Notes, we
will be required to furnish to Trustee and the Registrar such certification and other information
as Trustee or the Registrar may reasonably require to confirm that the proposed sale complies with
the foregoing restrictions and with the restrictions and conditions of the Notes and the Indenture
pursuant to which the Notes were issued. We further understand that Notes purchased by us will
bear a legend to the foregoing effect.

     7. The person signing this letter on behalf of the ultimate beneficial purchaser of the Notes
has been duly authorized by such beneficial purchaser of the Notes to do so, and this letter has
been duly executed and delivered and constitutes the legal, valid and binding obligation of the
purchaser, enforceable against the purchaser in accordance with its terms, except as such
enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws
or equitable principles affecting the enforcement of creditors’ rights generally and general
principles of equity.

E-2

 

     You are entitled to rely upon this letter and are irrevocably authorized to produce this
letter or a copy hereof to any interested party in any administrative or legal proceeding or
official inquiry with respect to the matters covered hereby.

	 	 	 	 	 
	 	

Very truly yours,

[NAME OF PURCHASER]

 	 
	 	By  	 	 
	 	 	Name  	 	 
	 	 	Title  	 	] 
	 

E-3

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