Document:

Indenture

 Exhibit 4.3 
  

  
 MELLON BANK PFL MASTER NOTE TRUST 
  
 as Issuer

  
 and 
  
 WELLS FARGO BANK, NATIONAL ASSOCIATION 
  
 as Indenture Trustee 
  

  
 INDENTURE 
  
 dated as of June [    ], 2004 
  

 TABLE OF CONTENTS 
  
 GRANTING CLAUSE 
  
 ARTICLE I 
  
 DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION 
  

					
	 Section 1.01.
	  	 Definitions
	  	2
	 Section 1.02.
	  	 Compliance Certificates and Opinions
	  	19
	 Section 1.03.
	  	 Form of Documents Delivered to Indenture Trustee
	  	19
	 Section 1.04.
	  	 Acts of Noteholders.
	  	20
	 Section 1.05.
	  	 Notices, etc., to Indenture Trustee and Issuer
	  	21
	 Section 1.06.
	  	 Notices to Noteholders, Waiver.
	  	21
	 Section 1.07.
	  	 Conflict with Trust Indenture Act
	  	22
	 Section 1.08.
	  	 Effect of Headings and Table of Contents
	  	22
	 Section 1.09.
	  	 Successors and Assigns
	  	22
	 Section 1.10.
	  	 Separability
	  	22
	 Section 1.11.
	  	 Benefits of Indenture
	  	22
	 Section 1.12.
	  	 Governing Law
	  	22
	 Section 1.13.
	  	 Counterparts
	  	22
	 Section 1.14.
	  	 Indenture Referred to in the Trust Agreement
	  	23
	 Section 1.15.
	  	 Legal Holidays
	  	23
		
	ARTICLE II	  	 
		
	NOTE FORMS	  	 
			
	 Section 2.01.
	  	 Forms Generally
	  	24
	 Section 2.02.
	  	 Forms of Notes
	  	24
	 Section 2.03.
	  	 Form of Indenture Trustee’s Certificate of Authentication
	  	24
	 Section 2.04.
	  	 Notes Issuable in the Form of a Global Note.
	  	25
	 Section 2.05.
	  	 Temporary Global Notes and Permanent Global Notes.
	  	27
	 Section 2.06.
	  	 Beneficial Ownership of Global Notes
	  	28
	 Section 2.07.
	  	 Notices to Depository
	  	29
		
	ARTICLE III	  	 
		
	THE NOTES	  	 
			
	 Section 3.01.
	  	 General Title; General Limitations; Issuable in Series; Terms of a Series or class.
	  	30
	 Section 3.02.
	  	 Denominations
	  	33
	 Section 3.03.
	  	 Execution, Authentication and Delivery and Dating.
	  	33
	 Section 3.04.
	  	 Temporary Notes.
	  	34
	 Section 3.05.
	  	 Registration, Transfer and Exchange.
	  	34
	 Section 3.06.
	  	 Mutilated, Destroyed, Lost and Stolen Notes.
	  	36
	 Section 3.07.
	  	 Payment of Interest; Interest Rights Preserved.
	  	36

  

 i 

					
	 Section 3.08.
	  	 Persons Deemed Owners
	  	37
	 Section 3.09.
	  	 Cancellation
	  	37
	 Section 3.10.
	  	 New Issuances of Notes.
	  	37
	 Section 3.11.
	  	 Specification of Required Subordinated Amount and other Terms with Respect to each Class
	  	39
	 Section 3.12.
	  	 Reallocation Groups
	  	39
	 Section 3.13.
	  	 Excess Available Funds Sharing Groups
	  	39
		
	ARTICLE IV	  	 
		
	ACCOUNTS AND INVESTMENTS	  	 
			
	 Section 4.01.
	  	 Collections
	  	40
	 Section 4.02.
	  	 Accounts.
	  	40
	 Section 4.03.
	  	 Investment of Funds in the Accounts.
	  	40
			
	 	  	ARTICLE V	  	 
			
	 	  	ALLOCATIONS DEPOSITS AND PAYMENTS	  	 
			
	 Section 5.01.
	  	 Allocations of Available Funds
	  	43
	 Section 5.02.
	  	 Allocations of Available Principal Amounts
	  	43
	 Section 5.03.
	  	 Final Payment
	  	43
	 Section 5.04.
	  	 Payments within a Series or Class
	  	44
		
	ARTICLE VI	  	 
		
	SATISFACTION AND DISCHARGE	  	 
			
	 Section 6.01.
	  	 Satisfaction and Discharge of Indenture
	  	45
	 Section 6.02.
	  	 Application of Trust Money
	  	45
	 Section 6.03.
	  	 Cancellation of Notes Held by the Issuer or Transferor
	  	45
		
	ARTICLE VII	  	 
		
	EVENTS OF DEFAULT AND REMEDIES	  	 
			
	 Section 7.01.
	  	 Events of Default
	  	47
	 Section 7.02.
	  	 Acceleration of Maturity, Rescission and Annulment.
	  	48
	 Section 7.03.
	  	 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee
	  	49
	 Section 7.04.
	  	 Indenture Trustee May File Proofs of Claim
	  	50
	 Section 7.05.
	  	 Indenture Trustee May Enforce Claims Without Possession of Notes
	  	50
	 Section 7.06.
	  	 Application of Money Collected
	  	51
	 Section 7.07.
	  	 Indenture Trustee May Elect to Hold the Collateral Certificate
	  	51
	 Section 7.08.
	  	 Sale of Collateral Certificate for Accelerated Notes
	  	51
	 Section 7.09.
	  	Noteholders Have the Right to Direct the Time, Method and Place of Conducting Any Proceeding for Any Remedy Available to the Indenture Trustee	  	52
	 Section 7.10.
	  	 Limitation on Suits
	  	52

  

 ii 

					
	 Section 7.11.
	  	 Unconditional Right of Noteholders to Receive Principal and Interest; Limited Recourse
	  	52
	 Section 7.12.
	  	 Restoration of Rights and Remedies
	  	53
	 Section 7.13.
	  	 Rights and Remedies Cumulative
	  	53
	 Section 7.14.
	  	 Delay or Omission Not Waiver
	  	53
	 Section 7.15.
	  	 Control by Noteholders
	  	53
	 Section 7.16.
	  	 Waiver of Past Defaults
	  	54
	 Section 7.17.
	  	 Undertaking for Costs
	  	54
	 Section 7.18.
	  	 Waiver of Stay or Extension Laws
	  	54
		
	ARTICLE VIII	  	 
		
	THE INDENTURE TRUSTEE	  	 
			
	 Section 8.01.
	  	 Certain Duties and Responsibilities.
	  	55
	 Section 8.02.
	  	 Notice of Defaults
	  	56
	 Section 8.03.
	  	 Certain Rights of Indenture Trustee
	  	56
	 Section 8.04.
	  	 Not Responsible for Recitals or Issuance of Notes
	  	57
	 Section 8.05.
	  	 May Hold Notes
	  	57
	 Section 8.06.
	  	 Money Held in Trust
	  	57
	 Section 8.07.
	  	 Compensation and Reimbursement, Limit on Compensation, Reimbursement and Indemnity.
	  	57
	 Section 8.08.
	  	 Disqualification; Conflicting Interests
	  	58
	 Section 8.09.
	  	 Corporate Indenture Trustee Required; Eligibility
	  	58
	 Section 8.10.
	  	 Resignation and Removal; Appointment of Successor.
	  	59
	 Section 8.11.
	  	 Acceptance of Appointment by Successor
	  	60
	 Section 8.12.
	  	 Merger, Conversion, Consolidation or Succession to Business
	  	61
	 Section 8.13.
	  	 Preferential Collection of Claims Against Issuer
	  	61
	 Section 8.14.
	  	 Appointment of Authenticating Agent
	  	61
	 Section 8.15.
	  	 Tax Returns
	  	63
	 Section 8.16.
	  	 Representations and Covenants of the Indenture Trustee
	  	63
	 Section 8.17.
	  	 Custody of the Collateral
	  	63
	 Section 8.18.
	  	 Indenture Trustee’s Application for Instructions from the Issuer
	  	64
		
	ARTICLE IX	  	 
	
	 NOTEHOLDERS’ MEETINGS, LISTS, REPORTS BY INDENTURE TRUSTEE, ISSUER
 AND ADMINISTRATOR

			
	 Section 9.01.
	  	 Issuer To Furnish Indenture Trustee Names and Addresses of Noteholders
	  	65
	 Section 9.02.
	  	 Preservation of Information; Communications to Noteholders.
	  	65
	 Section 9.03.
	  	 Reports by Indenture Trustee.
	  	66
	 Section 9.04.
	  	 Meetings of Noteholders; Amendments and Waivers.
	  	67
	 Section 9.05.
	  	 Reports by Issuer to the Commission
	  	68
	 Section 9.06.
	  	 Reports by Indenture Trustee
	  	68
	 Section 9.07.
	  	 Monthly Noteholders’ Statement
	  	68
	 Section 9.08.
	  	 Payment Instruction to Master Trust.
	  	69

  

 iii 

					
	ARTICLE X	  	 
	
	 INDENTURE SUPPLEMENTS; AMENDMENTS TO THE POOLING AND SERVICING
 AGREEMENT AND AMENDMENTS TO THE TRUST AGREEMENT

			
	 Section 10.01.
	  	 Supplemental Indentures Without Consent of Noteholders
	  	70
	 Section 10.02.
	  	 Supplemental Indentures with Consent of Noteholders
	  	71
	 Section 10.03.
	  	 Execution of Indenture Supplements
	  	72
	 Section 10.04.
	  	 Effect of Indenture Supplements
	  	73
	 Section 10.05.
	  	 Conformity with Trust Indenture Act
	  	73
	 Section 10.06.
	  	 Reference in Notes to Indenture Supplements
	  	73
	 Section 10.07.
	  	 Amendments to the Pooling and Servicing Agreement
	  	73
	 Section 10.08.
	  	 Amendments to the Trust Agreement.
	  	74
	 Section 10.09.
	  	 Notice
	  	74
		
	ARTICLE XI	  	 
	
	REPRESENTATIONS, WARRANTIES AND COVENANTS OF ISSUER
			
	 Section 11.01.
	  	 Payment of Principal and Interest
	  	76
	 Section 11.02.
	  	 Maintenance of Office or Agency
	  	76
	 Section 11.03.
	  	 Money for Note Payments to be Held in Trust
	  	76
	 Section 11.04.
	  	 Statement as to Compliance
	  	78
	 Section 11.05.
	  	 Legal Existence
	  	78
	 Section 11.06.
	  	 Further Instruments and Acts
	  	78
	 Section 11.07.
	  	 Compliance with Laws
	  	78
	 Section 11.08.
	  	 Notice of Events of Default
	  	78
	 Section 11.09.
	  	 Certain Negative Covenants
	  	78
	 Section 11.10.
	  	 No Other Business
	  	79
	 Section 11.11.
	  	 No Borrowing
	  	79
	 Section 11.12.
	  	 Rule 144A Information
	  	79
	 Section 11.13.
	  	 Performance of Obligations; Servicing of Receivables.
	  	79
	 Section 11.14.
	  	 Issuer May Consolidate, Etc., Only on Certain Terms.
	  	80
	 Section 11.15.
	  	 Successor Substituted
	  	82
	 Section 11.16.
	  	 Guarantees, Loans, Advances and Other Liabilities
	  	82
	 Section 11.17.
	  	 Capital Expenditures
	  	82
	 Section 11.18.
	  	 Restricted Payments
	  	82
		
	ARTICLE XII	  	 
		
	EARLY REDEMPTION OF NOTES	  	 
			
	 Section 12.01.
	  	 Applicability of Article
	  	84
	 Section 12.02.
	  	 Optional Repurchase
	  	84
	 Section 12.03.
	  	 Notice
	  	85

  

 iv 

					
	ARTICLE XIII	  	 
		
	COLLATERAL	  	 
			
	 Section 13.01.
	  	 Recording, Etc.
	  	86
	 Section 13.02.
	  	 Trust Indenture Act Requirements
	  	87
	 Section 13.03.
	  	 Suits To Protect the Collateral
	  	87
	 Section 13.04.
	  	 Purchaser Protected
	  	88
	 Section 13.05.
	  	 Powers Exercisable by Receiver or Indenture Trustee
	  	88
	 Section 13.06.
	  	 Determinations Relating to Collateral
	  	88
	 Section 13.07.
	  	 Release of Collateral.
	  	88
	 Section 13.08.
	  	 Certain Actions by Indenture Trustee
	  	89
	 Section 13.09.
	  	 Opinions as to Collateral.
	  	89
	 Section 13.10.
	  	 Delegation of Duties
	  	90
		
	ARTICLE XIV	  	 
		
	MISCELLANEOUS	  	 
			
	 Section 14.01.
	  	 No Petition
	  	91
	 Section 14.02.
	  	 Trust Obligations
	  	91
	 Section 14.03.
	  	 Limitations on Liability.
	  	91
	 Section 14.04.
	  	 Tax Treatment
	  	91
	 Section 14.05.
	  	 Actions Taken by the Issuer
	  	92
	 Section 14.06.
	  	 Alternate Payment Provisions
	  	92
	 Section 14.07.
	  	 Termination of Issuer
	  	92
	 Section 14.08.
	  	 Final Distribution.
	  	92
	 Section 14.09.
	  	 Termination Distributions
	  	93
	 Section 14.10.
	  	 Derivative Counterpart as Third-Party Administrator
	  	93

  

 v 

			
	 	  	EXHIBITS
		
	 EXHIBIT A
	  	[FORM OF] PAYMENT INSTRUCTIONS
		
	 EXHIBIT B
	  	[FORM OF] MONTHLY NOTEHOLDERS’ STATEMENT
		
	 EXHIBIT C
	  	[FORM OF] INVESTMENT LETTER
		
	 EXHIBIT D-1
	  	[FORM OF] CLEARANCE SYSTEM CERTIFICATE TO BE GIVEN TO THE TRUSTEE BY EUROCLEAR OR CLEARSTREAM, LUXEMBOURG FOR DELIVERY OF DEFINITIVE NOTES IN EXCHANGE FOR A PORTION OF A TEMPORARY GLOBAL
NOTE
		
	 EXHIBIT D-2
	  	[FORM OF] CERTIFICATE TO BE DELIVERED TO EUROCLEAR OR CLEARSTREAM, LUXEMBOURG BY [·] WITH
RESPECT TO REGISTERED NOTES SOLD TO QUALIFIED INSTITUTIONAL BUYERS
		
	 EXHIBIT D-3
	  	[FORM OF] CERTIFICATE TO BE DELIVERED TO EUROCLEAR OR CLEARSTREAM, LUXEMBOURG BY A BENEFICIAL OWNER OF NOTES, OTHER THAN A QUALIFIED INSTITUTIONAL BUYER

  

 vi 

  
 RECONCILIATION AND TIE BETWEEN TRUST INDENTURE 
 ACT OF 1939 AND INDENTURE PROVISIONS* 
  

					
	 Trust Indenture
 Act
Section

	 	 	  	 Indenture Section

	 310(a)(1)
	 	 	  	  6.11
	  (a)(2)
	 	 	  	  6.11
	  (a)(3)
	 	 	  	  6.10
	  (a)(4)
	 	 	  	Not Applicable
	  (a)(5)
	 	 	  	  6.11
	  (b)
	 	 	  	  6.08, 6.11
	  (c)
	 	 	  	Not Applicable
	 311(a)
	 	 	  	  6.12
	  (b)
	 	 	  	  6.12
	  (c)
	 	 	  	Not Applicable
	 312(a)
	 	 	  	  7.01, 7.02(a)
	  (b)
	 	 	  	  7.02(b)
	  (c)
	 	 	  	  7/02(c)
	 313(a)
	 	 	  	  7.04
	  (b)
	 	 	  	  7.04
	  (c)
	 	 	  	  7.03, 7.04
	  (d)
	 	 	  	  7.04
	 314(a)
	 	 	  	  3.09, 7.03(a)
	  (b)
	 	 	  	  3.06
	  (c)(1)
	 	 	  	  2.11, 8.09(c), 12.01(a)
	  (c)(2)
	 	 	  	  2.11, 8.09(c), 12.01(a)
	  (c)(3)
	 	 	  	  2.11, 8.09(c), 12.01(a)
	  (d)(1)
	 	 	  	  2.11, 8.09(c), 12.01(b)
	  (d)(2)
	 	 	  	Not Applicable
	  (d)(3)
	 	 	  	Not Applicable
	  (e)
	 	 	  	  12.01(a)
	 315(a)
	 	 	  	  6.01(b)
	  (b)
	 	 	  	  6.02
	  (c)
	 	 	  	  6.01(c)
	  (d)
	 	 	  	  6.01(d)
	  (d)(1)
	 	 	  	  6.01(d)
	  (d)(2)
	 	 	  	  6.01(d)
	  (d)(3)
	 	 	  	  6.01(d)
	  (e)
	 	 	  	  5.14
	 316(a)(1)(A)
	 	 	  	  5.12
	 316(a)(1)(B)
	 	 	  	  5.13
	 316(a)(2)
	 	 	  	Not Applicable
	 316(b)
	 	 	  	  5.08
	 317(a)(1)
	 	 	  	  5.04
	 317(a)(2)
	 	 	  	  5.04(d)
	 317(b)
	 	 	  	  5.04(a)
	 318(a)
	 	 	  	  12.07

	*	 	This reconciliation and tie shall not, for any purpose be part of the within indenture. 

  

 vii 

 THIS INDENTURE between MELLON BANK PFL MASTER NOTE TRUST, a statutory business trust organized under the
laws of the State of Delaware (the “Issuer”), having its principal office at Rodney Square North, 1100 North Market Street, Wilmington, Delaware 19890-0001, and WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association,
in its capacity as Indenture Trustee (the “Indenture Trustee”), is made and entered into as of June [    ], 2004. 
  
 RECITALS OF THE ISSUER 
  
 The Issuer has duly authorized the execution and delivery of this Indenture to provide for the issuance of its notes to be issued in one or more fully
registered series or classes. 
  
 All things necessary to make
this Indenture a valid agreement of the Issuer, in accordance with its terms, have been done. 
  
 GRANTING CLAUSE 
  
 The
Issuer hereby grants to the Indenture Trustee for the benefit and security of (a) the Noteholders, (b) each Derivative Counterparty to a Derivative Agreement entered into in connection with issuance of a class of Notes that expressly states that
such Derivative Counterparty is entitled to the benefit of the Collateral, and (c) the Indenture Trustee, in its individual capacity (the “Secured Party”), a security interest in all of its right, title and interest, whether now
owned or hereafter acquired, in and to: 
  

	 	(i)	 	the Collateral Certificate; 

  

	 	(ii)	 	the Collection Account; 

  

	 	(iii)	 	any Supplemental Account; 

  

	 	(iv)	 	all sub-Accounts in the Collection Account or any Supplemental Account; 

  

	 	(v)	 	all investment property, money and other property held in or through the Collection Account, any Supplemental Account or any sub-Account thereof; 

  

	 	(vi)	 	all rights, benefits and powers under any Derivative Agreement relating to any class of Notes; 

  

	 	(vii)	 	all rights of enforcement against any of the representations and warranties made by the Administrator pursuant to the Trust Agreement; 

  

	 	(viii)	 	all present and future claims, demands, causes of and choses in action in respect of any of the foregoing and all interest, principal, payments and distributions of any nature or
type on any of the foregoing; 

  

	 	(ix)	 	all accounts, general intangibles, chattel paper, instruments, documents, goods, money, investment property, deposit accounts, certificates of deposit, letters of credit,
letter-of-credit rights and advices of credit consisting of, arising from, or relating to any of the foregoing; and 

	 	(x)	 	all proceeds of the foregoing. 

  
 The collateral described above is referred to as the “Collateral.” The Security Interest in the Collateral is granted to secure the Notes
(and, to the extent specified in the applicable Indenture Supplement or Derivative Agreement, the obligations under any applicable Derivative Agreements) equally and ratably without prejudice, priority or distinction between any Note and any other
Note by reason of difference in time of issuance or otherwise, except as otherwise expressly provided in this Indenture, or in the Indenture Supplement which establishes any class of Notes, and to secure (i) the payment of all amounts due on such
Notes (and, to the extent so specified, the obligations under any applicable Derivative Agreements) in accordance with their terms, (ii) the payment of all other sums payable by the Issuer under this Indenture or any Indenture Supplement and (iii)
compliance by the Issuer with the provisions of this Indenture or any Indenture Supplement. This Indenture is a security agreement within the meaning of the UCC. 
  
 The Indenture Trustee acknowledges the grant of such Security Interest, and accepts the Collateral in trust hereunder in
accordance with the provisions hereof and agrees to perform the duties herein to the end that the interests of the Noteholders may be adequately and effectively protected. 
  
 Particular Notes and Derivative Agreements will benefit from the Security Interest to the extent (and only to the extent)
proceeds of and distributions on the Collateral are allocated for their benefit pursuant to this Indenture and the applicable Indenture Supplement. 
  
 AGREEMENTS OF THE PARTIES 
  
 To set forth or to provide for the establishment of the terms and conditions upon which the Notes are and are to be authenticated, issued and delivered,
and in consideration of the premises and the purchase of Notes by the Holders thereof, it is mutually covenanted and agreed as follows, for the equal and proportionate benefit of all Holders of the Notes or of a series or class thereof, as the case
may be: 
  
 LIMITED RECOURSE 
  
 The obligation of the Issuer to make payments of principal, interest and
other amounts on the Notes and to make payments on Derivative Agreements is limited in recourse as set forth in Section 7.11. 
  
 ARTICLE I 
  
 DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION 
  
 Section 1.01. Definitions. For all purposes of this Indenture and of any Indenture Supplement, except as otherwise expressly provided or unless the
context otherwise requires: 
  
 (1) the terms defined in this
Article have the meanings assigned to them in this Article, and include the plural as well as the singular; 
  

 2 

 (2) all other terms used herein which are defined in the Trust Indenture Act or by Commission rule under
the Trust Indenture Act or in the Series 2004-MC Supplement, either directly or by reference therein, have the meanings assigned to them therein; 
  
 (3) all accounting terms not otherwise defined herein have the meanings assigned to them in accordance with generally accepted accounting principles and,
except as otherwise herein expressly provided, the term “generally accepted accounting principles” with respect to any computation required or permitted hereunder means such accounting principles as are generally accepted in the United
States of America at the date of such computation; 
  
 (4) all
references in this Indenture to designated “Articles,” “Sections” and other subdivisions are to the designated Articles, Sections and other subdivisions of this Indenture as originally executed. The words “herein,”
“hereof” and “hereunder” and other words of similar import refer to this Indenture as a whole and not to any particular Article, Section or other subdivision; and 
  
 (5) “including” and words of similar import shall be deemed to be followed by “without limitation.”

  
 “Accounts” means, collectively, the
Collection Account and any Supplemental Account, in each case including any sub-Accounts therein. 
  
 “Act” when used with respect to any Noteholder, is defined in Section 1.04(a). 
  
 “action,” when used with respect to any Noteholder, is
defined in Section 1.04(a). 
  
 “Adjusted
Outstanding Dollar Principal Amount” means at any time with respect to any series or class of Notes, the Outstanding Dollar Principal Amount of all Outstanding Notes of such series or class at such time, less any funds on deposit in the
Principal Funding Account or the related sub-Account, as applicable, for such series or class at such time. 
  
 “Administrator” means Mellon Bank, N.A. as administrator of the Mellon Premium Finance Loan Owner Trust. 
  
 “Adverse Effect” means, whenever used in this Indenture with
respect to any series or class of Notes with respect to any action, that such action will (a) at the time of its occurrence or at any future date result in the occurrence of an Early Redemption Event or Event of Default relating to such series or
class, as applicable, (b) adversely affect the amount of funds available to be distributed to the Noteholders of any such series or class pursuant to this Indenture or the timing of such distributions, or (c) adversely affect the security interest
of the Indenture Trustee in the Collateral. 
  
 “AFCO
Acceptance” means AFCO Acceptance Corporation, a California corporation. 
  

 3 

 “AFCO Credit” means AFCO Credit Corporation, a New York corporation. 
  
 “Affiliate” means, with respect to any specified Person, any
other Person directly or indirectly controlling or controlled by or under direct or indirect common control with such specified Person. For the purposes of this definition, “control” when used with respect to any specified Person means the
power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings
correlative to the foregoing. 
  
 “Authenticating
Agent” means any Person authorized by the Indenture Trustee to authenticate Notes under Section 8.14. 
  
 “Available Funds” (i) with respect to all series of Notes, means the amount of Available Funds (as defined in the Series 2004-MC
Supplement) which are payable to the Issuer pursuant to Section 4.11(a) of the Pooling and Servicing Agreement as supplemented by the Series 2004-MC Supplement plus any amounts to be treated as Available Funds pursuant to Section
4.03(d) and (ii) with respect to any series of Notes, has the meaning specified in the related Indenture Supplement. 
  
 “Available Funds Allocation Amount” means, on any date of determination during any Monthly Period for any class or series of Notes
(exclusive of (a) any Notes within such class or series that will be paid in full during such Monthly Period, and (b) any Notes that will have a Nominal Liquidation Amount of zero during such Monthly Period), an amount equal to the sum of (i) the
Nominal Liquidation Amount for such class or series, as applicable, as of the last day of the preceding Monthly Period, plus (ii) the aggregate amount of any increases in the Nominal Liquidation Amount of such class or series, as applicable,
as a result of the accretion of principal on Discount Notes of such class or series, as applicable during such Monthly Period. 
  
 “Available Principal Amounts” (i) with respect to all series of Notes, means the amount of Available Investor Principal Collections (as
defined in the Series 2004-MC Supplement) which are payable to the Issuer pursuant to Section 4.11(b)(i) or Section 4.11(c)(i) of the Pooling and Servicing Agreement as supplemented by the Series 2004-MC Supplement and (ii) with
respect to any series of Notes, has the meaning specified in the related Indenture Supplement. 
  
 “Business Day,” unless otherwise specified in the Indenture Supplement for any class of Notes, means any day other than (a) a Saturday or Sunday or (b) any other day on which national banking
associations or state banking institutions in New York, New York, Minneapolis, Minnesota or Pittsburgh, Pennsylvania, are authorized or obligated by law, executive order or governmental decree to be closed. 
  
 “class” means, with respect to any Note, the class specified
in the applicable Indenture Supplement. 
  
 “Collateral” is defined in the Granting Clause. 
  

 4 

 “Collateral Certificate” means the Series 2004-MC Certificate issued pursuant to the
Pooling and Servicing Agreement and the Series 2004-MC Supplement, as amended, supplemented, restated or otherwise modified from time to time. 
  
 “Collection Account” is defined in Section 4.02(a). 
  
 “Collections” is defined in Section 4.01. 
  
 “Commission” means the Securities and Exchange Commission,
as from time to time constituted, created under the Securities Exchange Act, or, if at any time after the execution of this Indenture such Commission is not existing and performing the duties now assigned to it under the Trust Indenture Act, then
the body performing such duties on such date. 
  
 “Corporate Trust Office” means the principal office of the Indenture Trustee in Minneapolis, Minnesota at which at any particular time its corporate trust business will be principally administered, which office at the date
hereof is located at Sixth Street and Marquette Avenue, MAC N9311-161, Minneapolis, Minnesota 55479, Attention: Corporate Trust Services. 
  
 “Daily Available Funds Amount” means, for any day during any Monthly Period, an amount equal to the product of (a) the amount determined
pursuant to clause (i) of the definition of Available Funds (as defined in the Series 2004-MC Supplement) for such Monthly Period and (b) the percentage equivalent of a fraction, the numerator of which is the Available Funds Allocation Amount for
such series or class of Notes for such day and the denominator of which is the Available Funds Allocation Amount for all series of Notes for such day. 
  
 “Daily Principal Amount” means, for any day during any Monthly Period on which Collections of Principal Receivables are processed
pursuant to Section 4.7 of the Series 2004-MC Supplement for any series or class of Notes, an amount equal to the product of (a) the aggregate amount allocated to the Investor Certificateholders (as defined in the Series 2004-MC Supplement)
pursuant to Section 4.7(a)(ii) of the Pooling and Servicing Agreement as supplemented by the Series 2004-MC Supplement and (b) the percentage equivalent of a fraction, the numerator of which is the Principal Allocation Amount for such series
or class of Notes for such day and the denominator of which is the Principal Allocation Amount for all series of Notes for such day. 
  
 “Depository” means a U.S. Depository or a Foreign Depository, as the case may be. 
  
 “Derivative Agreement” means any currency, interest rate or
other swap, cap, collar, guaranteed investment contract or other derivative agreement. 
  
 “Derivative Counterparty” means any party to any Derivative Agreement other than the Issuer or the Indenture Trustee. 
  
 “Discount Note” means a Note that provides for an amount less than the Stated Principal Amount (but
not less than the Initial Dollar Principal Amount) thereof to be due and payable upon the occurrence of an Early Redemption Event or other optional or mandatory redemption or the occurrence of an Event of Default and the acceleration of such Note,
in each case before the Expected Principal Payment Date of the applicable Note. 
  

 5 

 “Dollar” means (a) United States dollars, or (b) denominated in United States dollars.

  
 “Early Redemption Event” is defined in
Section 12.01. 
  
 “Effective Date” means
the date on which this Indenture is executed and delivered by the parties hereto. 
  
 “Entity” means any Person other than an individual or government (including any agency or political subdivision thereof). 
  
 “ERISA” means the Employee Retirement Income Security Act of 1974, as the same may be amended from time to
time. 
  
 “Event of Default” is defined in
Section 7.01. 
  
 “Excess Available Funds Sharing
Group” means all Excess Available Funds Sharing Series that have the same Excess Available Funds Sharing Group designation. 
  
 “Excess Available Funds Sharing Series” means a series that, pursuant to the Indenture Supplement therefor, will share certain excess
Available Funds with other series in the same Excess Available Funds Sharing Group, as more specifically set forth in such Indenture Supplement. 
  
 “Exchange Date” means, with respect to any class of Notes, the latest of: 
  
 (a) any date that is after the related issuance date; and 
  
 (b) the earliest date on which such an exchange of a beneficial interest in a Temporary Global Note for a beneficial
interest in a Permanent Global Note is permitted by applicable law. 
  
 “Expected Principal Payment Date” means, with respect to any series or class of Notes, the scheduled due date of any payment of principal on such Notes, as specified in the related Indenture Supplement, or if such day is
not a Business Day, the next following Business Day. 
  
 “FDIC” means the Federal Deposit Insurance Corporation or any successor thereto. 
  
 “Federal Bankruptcy Code” means Title 11 of the United States Code, as amended from time to time. 
  
 “Fitch” means Fitch, Inc., or any successor thereto.

  

 6 

 “Foreign Depository” means the Person specified in the applicable Indenture Supplement,
in its capacity as depository for the accounts of any clearing agencies located outside the United States. 
  
 “Global Note” means any Note issued pursuant to Section 2.04. 
  
 “group” means any one or more series of Notes which are specified as belonging to a common group (including
any Excess Available Funds Sharing Group, Reallocation Group or any group established by an Indenture Supplement) in the applicable Indenture Supplement. A particular series may be included in more than one group if the Indenture Supplement for such
series so provides. 
  
 “Holder,” when used with
respect to any Note, means a Noteholder. 
  
 “Indenture” or “this Indenture” means this Indenture as originally executed and as amended, supplemented, restated or otherwise modified from time to time by one or more indentures supplemental hereto
entered into pursuant to the applicable provisions hereof, and will include the terms of particular series or classes of Notes created as contemplated by Section 3.01. 
  
 “Indenture Supplement” means, with respect to any series of Notes, a supplement to this Indenture, executed
and delivered in conjunction with the issuance of such Notes pursuant to Section 10.01, together with any applicable terms document related to such Indenture Supplement and any amendment to the Indenture Supplement executed pursuant to
Section 10.01 or 1002, and, in either case, including all amendments thereof and supplements thereto. 
  
 “Indenture Trustee” means the Person named as the Indenture Trustee in the first paragraph of this Indenture until a successor Indenture
Trustee shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Indenture Trustee” means and includes each Person who is then an Indenture Trustee hereunder. If at any time there is more than
one such Person, “Indenture Trustee” as used with respect to the Notes of any series or class means the Indenture Trustee with respect to Notes of that series or class. 
  
 “Indenture Trustee Authorized Officer”, when used with respect to the Indenture Trustee, means any vice
president, any assistant vice president, the treasurer, any assistant treasurer, any senior trust officer or trust officer, or any other officer of the Indenture Trustee customarily performing functions similar to those performed by any of the above
designated officers and also means, with respect to a particular corporate trust matter, any other officer to whom such matter is referred because of his knowledge of and familiarity with the particular subject. 
  
 “Initial Dollar Principal Amount” means (a) unless otherwise
specified in the applicable Indenture Supplement, with respect to classes of Dollar Interest-bearing Notes, the aggregate initial principal amount of the Outstanding Notes of such class, and (b) with respect to classes of Discount Notes, the amount
specified in the applicable Indenture Supplement as the Initial Dollar Principal Amount thereof. 
  

 7 

 “Interest-bearing Note” means a Note that bears interest at a stated or computed rate on
the principal amount thereof. A Note may be both an Interest-bearing Note and a Discount Note. 
  
 “Interest Payment Date” means, with respect to any series or class of Notes, the scheduled due date of any payment of interest on such Notes, as specified in the applicable Indenture Supplement, or if
such day is not a Business Day, the next following Business Day; provided, however, that upon the acceleration of a series or class of Notes following an Event of Default or upon the occurrence of an Early Redemption Event, or other
optional or mandatory redemption of that series or class of Notes, each Monthly Principal Accrual Date will be an Interest Payment Date. 
  
 “Internal Revenue Code” means the Internal Revenue Code of 1986, as amended from time to time. 
  
 “Investor Certificate” is defined in the Pooling and
Servicing Agreement. 
  
 “Investor
Certificateholder” is defined in the Pooling and Servicing Agreement. 
  
 “Investor Interest” is defined in the Series 2004-MC Supplement. 
  
 “Investment Company Act” means the Investment Company Act of 1940, as amended. 
  
 “Issuer” is defined in the first paragraph of this
Indenture. 
  
 “Issuer Authorized Officer” means
(a) an authorized signatory of the Owner Trustee, or (b) the chairman or vice-chairman of the board of directors, chairman or vice-chairman of the executive committee of the board of directors, the president, any vice-president, the secretary, any
assistant secretary, the treasurer, or any assistant treasurer, in each case of the Administrator, or any other officer or employee of the Administrator who is authorized to act on behalf of the Issuer. 
  
 “Issuer Certificate” means a certificate (including an
Officer’s Certificate) signed in the name of an Issuer Authorized Officer or the Issuer by an Issuer Authorized Officer and, in each case delivered to the Indenture Trustee relating to, among other things, the issuance of a new class of Notes.
Wherever this Indenture requires that an Issuer Certificate be signed also by an accountant or other expert, such accountant or other expert (except as otherwise expressly provided in this Indenture) may be in the employ of the Administrator.

  
 “Issuer Tax Opinion” means, with respect to
any action, an Opinion of Counsel to the effect that, for Federal income tax purposes, (a) such action will not adversely affect the tax characterization as debt of any Outstanding series or class of Notes that were characterized as debt at the time
of their issuance, (b) following such action the Issuer will not be treated as an association (or publicly traded partnership) taxable as a corporation, (c) such action will not cause or constitute an event in which gain or loss would be recognized
by any Holder of any such Notes and (d) except as provided in the related Indenture Supplement, where such action is the issuance of a series or class of Notes, following such action such series or class of Notes will be properly characterized as
debt. 
  

 8 

 “Legal Maturity Date” means, with respect to a series or class of Notes, the date
specified in the Indenture Supplement, for such Note as the fixed date on which the principal of such series or class of Notes is due and payable. 
  
 “Majority Holders” means, with respect to any series or class of Notes or all Outstanding Notes, the Holders of a majority in Outstanding
Dollar Principal Amount of the Outstanding Notes of that series or class or of all Outstanding Notes, as the case may be. 
  
 “Master Trust” means Mellon Bank Premium Finance Loan Master Trust, established pursuant to the Pooling and Servicing Agreement.

  
 “Master Trust Tax Opinion” means, with
respect to any action, an Opinion of Counsel to the effect that, for Federal income tax purposes, (a) such action will not adversely affect the tax characterization as debt of the Investor Certificates, as defined in the Pooling and Servicing
Agreement, of any outstanding series or class under the Master Trust that were characterized as debt at the time of their issuance, (b) following such action the Master Trust will not be treated as an association (or publicly traded partnership)
taxable as a corporation and (c) such action will not cause or constitute an event in which gain or loss would be recognized by any Investor Certificateholder, as defined in the Pooling and Servicing Agreement. 
  
 “Mellon Bank “ means Mellon Bank, N.A., a national banking
association and its successors and assigns. 
  
 “Monthly
Interest Accrual Date” means, with respect to any Outstanding series or class of Notes: 
  
 (a) each Interest Payment Date for such series or class, and 
  
 (b) for any Monthly Period in which no Interest Payment Date for such series or class occurs, the date in such Monthly Period corresponding numerically to
the next Interest Payment Date for such series or class of Notes, or in the case of a series or class of Discount Notes, the Expected Principal Payment Date for that series or class, or as otherwise specified in the applicable Indenture Supplement
for such series or class of Notes; provided, however, that 
  
 (i) for the Monthly Period in which a series or class of Notes is issued, the date of issuance of such series or class will be the first Monthly Interest Accrual Date for such Monthly Period for such series or class
of Notes, 
  
 (ii) for the Monthly Period next
following the Monthly Period in which a series or class of Notes is issued, unless otherwise indicated in the related Indenture Supplement, the first day of such Monthly Period will be the first Monthly Interest Accrual Date in such next following
Monthly Period for such series or class of Notes, 
  
 (iii) any date on which proceeds from a sale of Receivables following 
  

 9 

 an Event of Default and acceleration of any class of Notes are deposited into the interest funding
account for such Notes will be a Monthly Interest Accrual Date for such class of Notes, 
  
 (iv) if there is no such numerically corresponding date in such Monthly Period, then the Monthly Interest Accrual Date will be the last
Business Day of such Monthly Period, and 
  
 (v)
if such numerically corresponding date in such Monthly Period is not a Business Day, then the Monthly Interest Accrual Date will be the next following Business Day (unless such Business Day would fall in the following Monthly Period in which case
the Monthly Interest Accrual Date will be the last Business Day of such earlier month). 
  
 “Monthly Noteholders’ Statement” means a report substantially in the form of Exhibit B, as the same may be supplemented as set forth in the related Indenture Supplement. 
  
 “Monthly Period” has the meaning specified in the Series
2004-MC Supplement. 
  
 “Monthly Principal Accrual
Date” means, with respect to any Outstanding series or class of Notes: 
  
 (a) for any Monthly Period in which an Expected Principal Payment Date for such series or class occurs, such Expected Principal Payment Date, or as otherwise specified in the applicable Indenture Supplement for such
class of Notes, and 
  
 (b) for any Monthly Period in which no
Expected Principal Payment Date for such series or class occurs, the date in such Monthly Period corresponding numerically to the next Expected Principal Payment Date for such class of Notes (or for any month following the last Expected Principal
Payment Date, the date in such month corresponding numerically to the preceding Expected Principal Payment Date for such class of Notes), or as otherwise specified in the applicable Indenture Supplement, for such class of Notes; provided,
however, that: 
  
 (i) following a Trust
Pay Out Event as described in Section 9.1(a) of the Pooling and Servicing Agreement, the second Business Day following such Pay Out Event shall be a Monthly Principal Accrual Date, 
  
 (ii) any date on which prefunded excess amounts are released
from any principal funding subaccount and deposited into the principal funding subaccount of any class of Notes on or after the Expected Principal Payment Date for such class of Notes will be a Monthly Principal Accrual Date for such class of Notes,

  
 (iii) any date on which proceeds from a sale
of Receivables following an Event of Default and acceleration of any class of Notes are deposited into the principal funding account for such Notes will be a Monthly Principal Accrual Date for such class of Notes, 
  
 (iv) if there is no numerically corresponding date in such
Monthly Period, then the Monthly Principal Accrual Date will be the last Business Day of such Monthly Period, and 
  

 10 

 (v) if such numerically corresponding date in such Monthly Period is not a Business Day,
the Monthly Principal Accrual Date will be the next following Business Day (unless such Business Day would fall in the following month in which case the Monthly Principal Accrual Date will be the last Business Day of such earlier Monthly Period).

  
 “Monthly Principal Payment” means, with
respect to any series of Notes, an amount, not less than zero, equal to (a) the Targeted Principal Deposit Amount plus (b) the Reallocated Principal Amount minus (c) Reallocated Available Funds, each with respect to such series of
Notes for such Monthly Period. 
  
 “Moody’s”
means Moody’s Investors Service, Inc., or any successor thereto. 
  
 “Nominal Liquidation Amount” means, with respect to any Outstanding class of Notes, an amount determined in accordance with the applicable Indenture Supplement. The Nominal Liquidation Amount for a series of Notes will be
the sum of the Nominal Liquidation Amounts of all of the classes of Notes of that series. 
  
 “non-Performing,” with respect to a Derivative Agreement, means not Performing. 
  
 “Note” or “Notes” means any note or notes of any series or class authenticated and delivered from time to time under
this Indenture. 
  
 “Note Accumulation Period”
means, with respect to any series or class of Notes, the period commencing on the first day of the Monthly Period for which there is a Targeted Principal Deposit Amount with respect to such series or class of Notes and ending on the last day of the
Monthly Period preceding the next following Monthly Period for which there is no Targeted Principal Deposit Amount with respect to such series or class of Notes; provided, however, that, with respect to any class of Notes that has been
accelerated following an event of default, has had an early redemption event or will be partially redeemed during a partial or limited amortization, the related Note Accumulation Period will commence on the effective date of such acceleration, early
redemption event or partial or limited amortization period. 
  
 “Note Owner” means the beneficial owner of an interest in a Global Note. 
  
 “Note Rating Agency” means, with respect to any Outstanding series or class of Notes, each statistical Note Rating Agency selected by the
Issuer to rate such Notes. 
  
 “Note Register” is
defined in Section 3.05. 
  
 “Note
Registrar” means the Person who keeps the Note Register specified in Section 3.05. 
  

 11 

 “Noteholder” means a Person in whose name a Note is registered in the Note Register.

  
 “Officer’s Certificate” means a
certificate signed by the Administrator or the Owner Trustee and delivered to the Indenture Trustee. Wherever this Indenture requires that an Officer’s Certificate be signed also by an accountant or other expert, such accountant or other expert
(except as otherwise expressly provided in this Indenture) may be in the employ of the Administrator. 
  
 “Opinion of Counsel” means a written opinion of counsel acceptable to the Indenture Trustee, who may, without limitation, and except as
otherwise expressly provided in this Indenture, be an employee of or of counsel to the Issuer, the Administrator or any of their Affiliates. 
  
 “Outstanding,” when used with respect to a Note or with respect to Notes of any series or class means, as of the date of determination,
all such Notes theretofore authenticated and delivered under this Indenture, except: 
  
 (a) any Notes theretofore canceled by the Indenture Trustee or delivered to the Indenture Trustee for cancellation pursuant to Section 3.09; 
  
 (b) any Notes for whose full payment (including principal and interest) or redemption money in the necessary amount has been
theretofore deposited with the Indenture Trustee or any Paying Agent in trust for the Holders of such Notes; provided that, if such Notes are to be redeemed, notice of such redemption has been duly given if required pursuant to this
Indenture, the related Indenture Supplement, or provision therefor satisfactory to the Indenture Trustee has been made; 
  
 (c) any Notes that are deemed to have been paid in full pursuant to Section 5.03; and 
  
 (d) any such Notes in exchange for or in lieu of which other Notes have been authenticated and delivered pursuant to this
Indenture, or which will have been paid pursuant to the terms of Section 3.06, (except with respect to any such Note as to which proof satisfactory to the Indenture Trustee is presented that such Note is held by a person in whose hands such
Note is a legal, valid and binding obligation of the Issuer). 
  
 For purposes of
determining the amounts of deposits, allocations, reallocations or payments to be made, unless the context clearly requires otherwise, references to “Notes” will be deemed to be references to “Outstanding Notes.” In determining
whether the Holders of the requisite principal amount of such Outstanding Notes have given any request, demand, authorization, direction, notice, consent or waiver hereunder, and for purposes of Section 9.04, Notes beneficially owned by the
Issuer, AFCO Acceptance, AFCO Credit, Mellon Bank or the Transferor or any Affiliate of the Issuer, AFCO Acceptance, AFCO Credit, Mellon Bank or the Transferor will be disregarded and deemed not to be Outstanding. In determining whether the
Indenture Trustee will be protected in relying upon any such request, demand, authorization, direction, notice, consent or waiver, only Notes that an Indenture Trustee Authorized Officer knows to be owned by the Issuer, AFCO Acceptance, AFCO Credit,
Mellon Bank or the Transferor or any Affiliate 
  

 12 

 of the Issuer, AFCO Acceptance, AFCO Credit, Mellon Bank or the Transferor will be so disregarded. Notes so owned which
have been pledged in good faith may be regarded as Outstanding if the pledgee creates to the satisfaction of the Indenture Trustee the pledgee’s right to act as owner with respect to such Notes and that the pledgee is not the Issuer, AFCO
Acceptance, AFCO Credit, Mellon Bank or the Transferor or any other obligor upon the Notes or any Affiliate of the Issuer, AFCO Acceptance, AFCO Credit, Mellon Bank or the Transferor or such other obligor. 
  
 “Outstanding Dollar Principal Amount” means at any time,

  
 (a) with respect to any series or class of non-Discount Notes,
the aggregate Initial Dollar Principal Amount of the Outstanding Notes of such series or class at such time, less the amount of any withdrawals from the Principal Funding sub-Account for such class of Notes for payment of principal to the Holders of
such class or the applicable Derivative Counterparty pursuant to the related Indenture Supplement, and 
  
 (b) with respect to any series or class of Discount Notes, an amount of the Outstanding Notes of such series or class calculated by reference to the
applicable formula set forth in the applicable Indenture Supplement, taking into account the amount and timing of payments of principal made to the Holders of such series or class or to the applicable Derivative Counterparty and accretions of
principal, each pursuant to the related Indenture Supplement. 
  
 “Owner Trustee” means Chase Manhattan Bank U.S.A., N.A., not in its individual capacity but solely as owner trustee of the Issuer, and each of its successors and assigns. 
  
 “Paired Series” means (a) each series which has been paired
with another series (which series may be prefunded or partially prefunded), such that the reduction of the Nominal Liquidation Amount of such series as a result of a deposit to the Principal Funding Account for such series results in a corresponding
increase of the Nominal Liquidation Amount of such other series, as described in the related Indenture Supplements, and (b) such other series. 
  
 “Paying Agent” means any Person authorized by the Issuer to pay the principal of or interest on any Notes on behalf of the Issuer, which
shall initially be the Indenture Trustee. 
  
 “Payment
Date” means, with respect to any series or class of Notes, the applicable Principal Payment Date or Interest Payment Date. 
  
 “Payment Instruction” means an instruction substantially in the form of Exhibit A, or such other form as the Issuer may determine,
as the same may be supplemented as set forth in the related Indenture Supplement. 
  
 “Performing” means, with respect to any Derivative Agreement, no payment default or repudiation of performance by a Derivative Counterparty has occurred, and such Derivative Agreement has not been
terminated. 
  
 “Permanent Global Note” is
defined in Section 2.05. 
  

 13 

 “Permitted Investments” means, unless otherwise provided in the Indenture Supplement
with respect to any series of Notes: 
  
 (a)
instruments, investment property or other property consisting of 
  
 (i) obligations of or fully guaranteed by the United States of America; 
  
 (ii) time deposits or certificates of deposit of any depository institution or trust company incorporated under the laws of the United
States of America or any state thereof (or domestic branches of foreign depository institutions or trust companies) and subject to supervision and examination by federal or state banking or depository institution authorities; provided,
however, that at the time of the Indenture Trustee’s investment or contractual commitment to invest therein, the certificates of deposit or short-term deposits of such depository institution or trust company shall have a credit rating
from Moody’s and Standard & Poor’s of P-1 and A-l+, respectively, and, if rated by Fitch, Fl+ from Fitch; 
  
 (iii) commercial paper (including but not limited to asset backed commercial paper) having, at the time of the Indenture Trustee’s
investment or contractual commitment to invest therein, a rating from Moody’s and Standard & Poor’s of P-I and A-1+, respectively, and, if rated by Fitch, F1+ from Fitch; 
  
 (iv) bankers’ acceptances issued by any depository institution or trust company described in clause
(a)(ii) above; and 
  
 (v) investments in money
market funds rated AAA-m or AAA-mg by Standard & Poor’s and Aaa by Moody’s or otherwise approved in writing by each Note Rating Agency; 
  
 (b) demand deposits in the name of the Indenture Trustee in any depository institution or trust company referred to in clause (a)(ii) above; 

 
 (c) uncertificated securities that are registered in the name of the
Indenture Trustee upon books maintained for that purpose by the issuer thereof and identified on books maintained for that purpose by the Indenture Trustee as held for the benefit of the Noteholders, and consisting of shares of an open end
diversified investment company which is registered under the Investment Company Act, and which (i) invests its assets exclusively in obligations of or guaranteed by the United States of America or any instrumentality or agency thereof having in each
instance a final maturity date of less than one year from their date of purchase or other Permitted Investments, (ii) seeks to maintain a constant net asset value per share, (iii) has aggregate net assets of not less than $100,000,000 on the date of
purchase of such shares and (iv) with respect to which each Note Rating Agency confirms in writing that such investment will not cause a Ratings Effect; and 
  
 (d) any other investment if each Note Rating Agency confirms in writing that such investment will not cause a Ratings Effect. 
  

 14 

 Permitted Investments may include investments for which the Trustee or an Affiliate receives compensation as advisor or
otherwise. 
  
 “Person” means any individual,
corporation, estate, partnership, limited liability company, limited liability partnership, joint venture, association, joint-stock company, business trust, trust, unincorporated organization or government or any agency or political subdivision
thereof. 
  
 “Place of Payment” means, with
respect to any class of Notes issued hereunder, the city or political subdivision so designated with respect to such class of Notes in accordance with the provisions of Section 3.01. 
  
 “Pooling and Servicing Agreement” means the Amended and
Restated Pooling and Servicing Agreement, dated as of June 15, 2001, between the Transferor, AFCO Acceptance and AFCO Credit as servicers, Premium Financing Specialists, Inc., and Premium Financing Specialists of California, Inc., as back-up
servicers and Wells Fargo Bank, National Association, as successor to Wells Fargo Bank Minnesota, National Association, as trustee, as amended, restated and supplemented from time to time. 
  
 “Predecessor Notes” of any particular Note means every
previous Note evidencing all or a portion of the same debt as that evidenced by such particular Note; and, for the purposes of this definition, any Note authenticated and delivered under Section 3.06 in lieu of a mutilated, lost, destroyed or
stolen Note will be deemed to evidence the same debt as the mutilated, lost, destroyed or stolen Note. 
  
 “Principal Allocation Amount” shall mean, on any date of determination during any Monthly Period for any class or series of Notes
(exclusive of (x) any Notes within such class or series that will be paid in full during such Monthly Period and (y) any notes that will have a Nominal Liquidation Amount of zero during such Monthly Period), an amount equal to the sum of (a) for any
Notes within such class or series of Notes in a Note Accumulation Period, the sum of the Nominal Liquidation Amounts for such Notes as of the close of business on the day prior to the commencement of the most recent Note Accumulation Period for such
Notes, and (b) for all other Notes Outstanding within such class or series of Notes, (i) the sum of the Nominal Liquidation Amounts for such Notes, each as of the close of business on the last day of the immediately preceding Monthly Period (or,
with respect to the first Monthly Period for any such series or class of Notes, the Initial Dollar Principal Amount of such Notes), plus (ii) the aggregate amount of any increases in the Nominal Liquidation Amount of such Notes as a result of
the accretion of principal on Discount Notes of such class or series, as applicable, during such Monthly Period on or prior to such date. 
  
 “Principal Excess” means for any series of Notes, with respect to any Monthly Period, the excess, if any, of (a) the sum of the
Daily Principal Amounts for each day during such Monthly Period for such series of Notes minus Reallocated Principal Amounts for the related Monthly Period for such series, over (b) an amount equal to the Targeted Principal Deposit
Amount for the related Monthly Period for such series; provided, however, that if the Rapid Amortization Period (as defined in the Series 2004-MC Supplement) has commenced, the amount computed pursuant to clause (b) shall be the
Nominal Liquidation Amount of such series of Notes. 
  

 15 

 “Principal Payment Date” means, with respect to any series or class of Notes, each
Expected Principal Payment Date, or upon the acceleration of such series or class of Notes following an Event of Default or upon the occurrence of an Early Redemption Event, or other optional or mandatory redemption of such series or class of Notes,
each Monthly Principal Accrual Date. 
  
 “Principal
Shortfall” means, for any series of Notes, with respect to any Monthly Period, the excess, if any, of (a) an amount equal to the Targeted Principal Deposit Amount for the related Monthly Period for such series, over (b) the
sum of the Daily Principal Amounts for each day during such Monthly Period for such series of Notes plus Reallocated Available Funds for the related Monthly Period for such series minus Reallocated Principal Amounts for the related
Monthly Period for such series; provided, however, that if the Rapid Amortization Period (as defined in the Series 2004-MC Supplement) has commenced, the amount computed pursuant to clause (a) shall be the Nominal Liquidation Amount of
such series of Notes. 
  
 “Qualified Account”
means either (a) a segregated account (including a securities account) with a Qualified Institution or (b) a segregated trust account with the corporate trust department of a depository institution organized under the laws of the United States of
America or any one of the States thereof or the District of Columbia (or any domestic branch of a foreign bank), having corporate trust powers and acting as trustee for funds deposited in such account, so long as any of the securities of such
depository institution shall have a credit rating from each Note Rating Agency in one of its generic rating categories which signifies investment grade. 
  
 “Qualified Institution” means (a) a depository institution, which may include the Indenture Trustee or the Owner Trustee (so long as it
is a paying agent under the Indenture), organized under the laws of the United States of America or any one of the States thereof or the District of Columbia, the deposits in which are insured by the FDIC and which at all times has a short-term
unsecured debt rating in the applicable investment category of each Note Rating Agency or (b) a depository institution acceptable to each Note Rating Agency. 
  
 “Ratings Effect” means a reduction, qualification or withdrawal of any then current rating of the Notes. 
  
 “Reallocated Available Funds” means, with respect to any
series of Notes for any Monthly Period, the aggregate amount of series Available Funds to be deposited into a principal funding account, paid to noteholders or otherwise treated as series Available Principal Amounts on the related Transfer Date
pursuant to the related Indenture Supplement. 
  
 “Reallocated Principal Amount” means, with respect to any series of Notes for any Monthly Period, the aggregate amount of series Available Principal Amounts to be deposited into an interest funding account, paid to the
Servicer as a portion of the Servicing Fee or otherwise treated as series Available Funds on the related Transfer Date pursuant to the related Indenture Supplement; provided, however, that the Reallocated Principal Amount for any
series of Notes for any Monthly Period shall not exceed the sum of the Daily Principal Amounts for each day during such Monthly Period for the subordinated notes of such series of Notes. 
  

 16 

 “Reallocation Group” means all Reallocation Series that have the same Reallocation Group
designation. 
  
 “Reallocation Series” means a
series that, pursuant to the Indenture Supplement therefor, will share certain Available Funds or other specified amounts within a specified Reallocation Group with other series in the same Reallocation Group, as more specifically set forth in such
Indenture Supplement. 
  
 “Receivables” is
defined in the Pooling and Servicing Agreement. 
  
 “Record Date” for the interest or principal payable on any Note on any applicable Payment Date means the last day of the month before the related Interest Payment Date or Principal Payment Date, as applicable, unless
otherwise specified in the applicable Indenture Supplement. 
  
 “Registered Note” means a Note issued in registered form. 
  
 “Registered Noteholder” means a holder of a Registered Note. 
  
 “Required Subordinated Amount” means, with respect to any class of a senior class of Notes, the amount specified in the related Indenture
Supplement. 
  
 “Secured Party” is defined in the
Granting Clause. 
  
 “Securities Act” means the
Securities Act of 1933, as amended from time to time. 
  
 “Securities Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time. 
  
 “Security Interest” means the security interest granted pursuant to the Granting Clause. 
  
 “senior class,” with respect to a class of Notes of any
series, has the meaning specified in the related Indenture Supplement. 
  
 “series” means, with respect to any Note, the series specified in the applicable Indenture Supplement. 
  
 “Series Available Funds Shortfalls,” with respect to any Excess Available Funds Sharing Series, has the meaning specified in the related
Indenture Supplement. 
  
 “Series 2004-MC
Supplement” means the Series 2004-MC Supplement to the Pooling and Servicing Agreement dated as of June [    ], 2004, as amended, supplemented, restated or otherwise modified from time to time. 
  
 “Servicer” is defined in the Pooling and Servicing
Agreement. 
  

 17 

 “Standard & Poor’s” means Standard & Poor’s Ratings Services, a
division of The McGraw-Hill Companies, Inc., or any successor thereto. 
  
 “Stated Principal Amount,” with respect to any Note, has the meaning specified in the related Indenture Supplement. 
  
 “sub-Account” means each portion of an Account designated as such pursuant to this Indenture or the related Indenture Supplement.

  
 “subordinated class,” with respect to a class
of Notes of any series, has the meaning specified in the related Indenture Supplement. 
  
 “subordinated Notes” means Notes of a subordinated class of a series. 
  
 “Supplemental Account” means the trust account or accounts designated as such and established pursuant to Section 4.02(a).

  
 “Targeted Interest Deposit Amount,” for each
series or class of Notes, is defined in the related Indenture Supplement. 
  
 “Targeted Principal Deposit Amount,” for each series or class of Notes, is defined in the related Indenture Supplement 
  
 “Temporary Global Note” is defined in Section 2.05. 
  
 “Transfer Date” is defined in the Pooling and Servicing
Agreement. 
  
 “Transferor” means Mellon Premium
Finance Loan Owner Trust, a Delaware business trust, and its successors, as transferor under the Pooling and Servicing Agreement. 
  
 “Trust Agreement” means the Amended and Restated Trust Agreement, dated as of
[            ], between [            ], as Administrator, and Chase Manhattan Bank U.S.A., N.A., as Owner Trustee,
as amended, supplemented, restated or supplemented from time to time. 
  
 “Trust Indenture Act” means the Trust Indenture Act of 1939, as amended by the Trust Indenture Reform Act of 1990, as in force at the date as of which this Indenture was executed except as provided in Section 10.05.

  
 “UCC” means, unless the context otherwise
requires, the Uniform Commercial Code, as in effect in the relevant jurisdiction. 
  
 “U.S. Depository” means, unless otherwise specified by the Issuer pursuant to either Section 2.04, 2.06, or 3.01, with respect to Notes of any class issuable or issued as Global
Note within the United States, The Depository Trust Company, New York, New York, or any successor thereto registered as a clearing agency under the Securities Exchange Act, or other applicable statute regulation. 
  

 18 

 “Weighted Average Principal Allocation Amount” means, with respect to any period for any
class or series of Notes, the sum of the Principal Allocation Amounts for such class or series, as applicable, as of the close of business on each day during such period divided by the actual number of days in such period. 
  
 Section 1.02. Compliance Certificates and Opinions. Upon any
application or request by the Issuer to the Indenture Trustee to take any action under any provision of this Indenture, the Issuer will furnish to the Indenture Trustee (i) an Officer’s Certificate stating that all conditions precedent, if any,
provided for in this Indenture relating to the proposed action have been complied with and (ii) an Opinion of Counsel stating that in the opinion of such counsel all such conditions precedent, if any, have been complied with, except that in the case
of any such application or request as to which the furnishing of such documents is specifically required by any provision of this Indenture relating to such particular application or request, no additional certificate or opinion need be furnished.

  
 Every certificate or opinion with respect to compliance with a
condition or covenant provided for in this Indenture (except for the written statement required by Section 11.04) will include: 
  
 (a) a statement that each individual signing such certificate or opinion has read such covenant or condition and the definitions herein relating thereto;

  
 (b) a brief statement as to the nature and scope of the
examination or investigation upon which the statements or opinions contained in such certificate or opinion are based; 
  
 (c) a statement that such individual has made such examination or investigation as is necessary to express an informed opinion as to whether or not such
covenant or condition has been complied with; and 
  
 (d) a
statement as to whether, in the opinion of each such individual, such condition or covenant has been complied with. 
  
 Section 1.03. Form of Documents Delivered to Indenture Trustee. In any case where several matters are required to be certified by, or covered by an
opinion of, one or more specified Persons, one such Person may certify or give an opinion with respect to some matters and one or more other such Persons as to the other matters, and any such Person may certify or give an opinion as to such matters
in one or several documents. 
  
 Any certificate or opinion of the
Issuer may be based, insofar as it relates to legal matters, upon a certificate or opinion of, or representations by, counsel, unless the Issuer knows, or in the exercise of reasonable care should know, that the certificate or opinion or
representations are erroneous. Any such certificate or opinion of, or representation by, counsel may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, the Issuer stating that the information
with respect to such factual matters is in the possession of the Issuer, unless such counsel knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations are erroneous. 
  

 19 

 Where any Person is required to make, give or execute two or more applications, requests, consents,
certificates, statements, opinions or other instruments under this Indenture, they may, but need not, be consolidated and form one instrument. 
  
 Section 1.04. Acts of Noteholders. 
  
 (a) Any request, demand, authorization, direction, notice, consent, waiver or other action (collectively, “action”) provided by this Indenture
to be given or taken by Noteholders of any series or class may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Noteholders in person or by an agent duly appointed in writing; and, except as
herein otherwise expressly provided, such action shall become effective when such instrument or instruments are delivered to the Indenture Trustee, and, where it is hereby expressly required, to the Issuer. Such instrument or instruments (and the
action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of the Noteholders signing such instrument or instruments. Proof of execution of any such instrument or of a writing appointing any such agent
shall be sufficient for any purpose of this Indenture and (subject to Section 8.01) conclusive in favor of the Indenture Trustee and the Issuer, if made in the manner provided in this Section. 
  
 (b) The fact and date of the execution by any Person of any such instrument
or writing may be proved by the affidavit of a witness to such execution or by the certificate of any notary public or other officer authorized by law to take acknowledgments of deeds, certifying that the individual signing such instrument or
writing acknowledged to him the execution thereof. Where such execution is by an officer of a corporation or a member of a partnership, on behalf of such corporation or partnership, such certificate or affidavit shall also constitute sufficient
proof of his authority. The fact and date of the execution of any such instrument or writing, or the authority of the person executing the same, may also be proved in any other manner which the Indenture Trustee deems sufficient. 
  
 (c) The ownership of Registered Notes shall be proved by the Note Register.

  
 (d) If the Issuer shall solicit from the Holders any action,
the Issuer may, at its option, by an Officer’s Certificate, fix in advance a record date for the determination of Holders entitled to give such action, but the Issuer shall have no obligation to do so. If the Issuer does not so fix a record
date, such record date shall be the later of thirty (30) days before the first solicitation of such action or the date of the most recent list of Noteholders furnished to the Indenture Trustee pursuant to Section 9.01 before such
solicitation. Such action may be given before or after the record date, but only the Holders of record at the close of business on the record date shall be deemed to be Holders for the purposes of determining whether Holders of the requisite
proportion of Notes Outstanding have authorized or agreed or consented to such action, and for that purpose the Notes Outstanding shall be computed as of the record date; provided that no such authorization, agreement or consent by the
Holders on the record date shall be deemed effective unless it will become effective pursuant to the provisions of this Indenture not later than six months after the record date. 
  
 (e) Any request, demand, authorization, direction, notice, consent, waiver or other action by the Holder of any Note shall
bind the Holder of every Note issued upon the 
  

 20 

 transfer thereof or in exchange therefor or in lieu thereof, in respect of anything done or suffered to be done by the
Indenture Trustee or the Issuer in reliance thereon whether or not notation of such action is made upon such Note. 
  
 Section 1.05. Notices, etc., to Indenture Trustee and Issuer. Any action of Noteholders or other document provided or permitted by this Indenture
to be made upon, given or furnished to, or filed with, 
  
 (a) the
Indenture Trustee by any Noteholder or by the Issuer shall be sufficient for every purpose hereunder if made, given, furnished or filed in writing to or with the Indenture Trustee at its Corporate Trust Office, or 
  
 (b) the Issuer by the Indenture Trustee or by any Noteholder shall be
sufficient for every purpose hereunder (except as provided in Section 7.01(c)) if in writing and mailed, first-class postage prepaid, to the Issuer addressed to it at the address of its principal office specified in the first paragraph of
this Indenture or at any other address previously furnished in writing to the Indenture Trustee by the Issuer. 
  
 Section 1.06. Notices to Noteholders, Waiver. 
  
 (a) Where this Indenture, any Indenture Supplement or any Registered Note provides for notice to Registered Noteholders of any event, such notice shall be
sufficiently given (unless otherwise herein, in such Indenture Supplement or in such Registered Note expressly provided) if in writing and mailed, first-class postage prepaid, sent by facsimile, sent by electronic transmission or personally
delivered to each Holder of Registered Note affected by such event, at such Noteholder’s address as it appears in the Note Register, not later than the latest date, and not earlier than the earliest date, prescribed for the giving of such
notice. In any case where notice to Registered Noteholders is given by mail, facsimile, electronic transmission or delivery neither the failure to mail, send by facsimile, electronic transmission or deliver such notice, nor any defect in any notice
so mailed, to any particular Noteholders shall affect the sufficiency of such notice with respect to other Noteholders and any notice that is mailed, sent by facsimile, electronic transmission or delivered in the manner herein provided shall
conclusively have been presumed to have been duly given. 
  
 Where
this Indenture, any Indenture Supplement or any Registered Note provides for notice in any manner, such notice may be waived in writing by the Person entitled to receive such notice, either before or after the event, and such waiver shall be the
equivalent of such notice. Waivers of notice by Registered Noteholders shall be filed with the Indenture Trustee, but such filing shall not be a condition precedent to the validity of any action taken in reliance upon such waiver. 
  
 (b) In case, by reason of the suspension of regular mail service as a result
of a strike, work stoppage or otherwise, it shall be impractical to mail notice of any event to any Holder of a Registered Note when such notice is required to be given pursuant to any provision of this Indenture, then any method of notification as
shall be satisfactory to the Indenture Trustee and the Issuer shall be deemed to be a sufficient giving of such notice. 
  

 21 

 (c) With respect to any class of Notes, the applicable Indenture Supplement may specify different or
additional means of giving notice to the Holders of the Notes of such class. 
  
 (d) Where this Indenture provides for notice to any Note Rating Agency, failure to give such notice shall not affect any other rights or obligations created hereunder and shall not under any circumstance constitute an
Adverse Effect. 
  
 Section 1.07. Conflict with Trust Indenture
Act. If and to the extent that any provision of this Indenture limits, qualifies or conflicts with the duties imposed by, or with another provision (an “incorporated provision”) included in this Indenture by operation of, Sections 310
to 318, inclusive, of the Trust Indenture Act, such imposed duties or incorporated provision shall control. If any provision of this Indenture modifies or excludes any provision of the Trust Indenture Act that may be so modified or excluded, the
latter provision shall be deemed to apply to this Indenture as so modified or excluded, as the case may be. 
  
 Section 1.08. Effect of Headings and Table of Contents. The Article and Section headings herein and the Table of Contents are for convenience only
and shall not affect the construction hereof. 
  
 Section 1.09.
Successors and Assigns. All covenants and agreements in this Indenture by the Issuer shall bind its successors and assigns, whether so expressed or not. All covenants and agreements of the Indenture Trustee in this Indenture shall bind its
successors, co-trustees and agents of the Indenture Trustee. 
  
 Section 1.10. Separability. In case any provision in this Indenture or in the Notes shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or
impaired thereby. 
  
 Section 1.11. Benefits of Indenture.
Nothing in this Indenture or in any Notes, express or implied, shall give to any Person, other than the parties hereto and their successors hereunder, any Authenticating Agent or Paying Agent, the Note Registrar, Derivative Counterparties (to the
extent specified in the applicable Derivative Agreement) and the Holders of Notes (or such of them as may be affected thereby), any benefit or any legal or equitable right, remedy or claim under this Indenture. 
  
 Section 1.12. Governing Law. THIS INDENTURE SHALL BE CONSTRUED IN
ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS (OTHER THAN SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW) AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL
BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 
  
 Section 1.13.
Counterparts. This Indenture may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. 
  

 22 

 Section 1.14. Indenture Referred to in the Trust Agreement. This is the Indenture referred to in
the Trust Agreement. 
  
 Section 1.15. Legal Holidays. In
any case where the date on which any payment is due shall not be a Business Day, then (notwithstanding any other provision of the Notes or this Indenture) payment need not be made on such date, but may be made on the next succeeding Business Day
with the same force and effect as if made on the date on which nominally due, and no interest shall accrue for the period from and after any such nominal date. 
  

[END OF ARTICLE I] 
  

 23 

 ARTICLE II 
  
 NOTE FORMS 
  
 Section 2.01. Forms Generally. The Notes shall have such appropriate insertions, omissions, substitutions and other variations as are required or
permitted by this Indenture or the applicable Indenture Supplement and may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon, as may be required to comply with applicable laws or regulations
or with the rules of any securities exchange, or as may, consistently herewith, be determined by the Issuer, as evidenced by the Issuer’s execution of such Notes. Any portion of the text of any Note may be set forth on the reverse thereof, with
an appropriate reference thereto on the face of the Note. 
  
 The
definitive Notes shall be typewritten, printed, lithographed or engraved or produced by any combination of these methods (with or without steel engraved borders) or may be produced in any other manner, all as determined by the Issuer, as evidenced
by the Issuer’s execution of such Notes, subject, with respect to the Notes of any series or class, to the rules of any securities exchange on which such Notes are listed. 
  
 Section 2.02. Forms of Notes. Each Note shall be in one of the forms approved from time to time by or pursuant to an
Indenture Supplement. Before the delivery of a Note to the Indenture Trustee for authentication in any form approved by or pursuant to an Issuer Certificate, the Issuer shall deliver to the Indenture Trustee the Issuer Certificate by or pursuant to
which such form of Note has been approved, which Issuer Certificate shall have attached thereto a true and correct copy of the form of Note which has been approved thereby or, if an Issuer Certificate authorizes a specific officer or officers of the
Administrator to approve a form of Note, a certificate of such officer or officers approving the form of Note attached thereto. Any form of Note approved by or pursuant to an Issuer Certificate must be acceptable as to form to the Indenture Trustee,
such acceptance to be evidenced by the Indenture Trustee’s authentication of Notes in that form or a certificate signed by an Indenture Trustee Authorized Officer and delivered to the Issuer. 
  

 24 

 Section 2.03. Form of Indenture Trustee’s Certificate of Authentication. The form of
Indenture Trustee’s Certificate of Authentication for any Note issued pursuant to this Indenture shall be substantially as follows: 
  
 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 
  
 This is one of the Notes of the series or class designated therein referred to in the within-mentioned Indenture. 
  

			
	 WELLS FARGO BANK, NATIONAL
 ASSOCIATION,
 as Indenture Trustee,

		
	By:	 	  

	 	 	Authorized Signatory
		
	Dated:	 	  

  
 Section 2.04.
Notes Issuable in the Form of a Global Note. 
  
 (a) If
the Issuer establishes pursuant to Sections 2.02 and 3.01 that the Notes of a particular series or class are to be issued in whole or in part in the form of one or more Global Notes, then the Issuer shall execute and the Indenture
Trustee or its agent shall, in accordance with Section 3.03 and the Issuer Certificate delivered to the Indenture Trustee or its agent thereunder, authenticate and deliver, such Global Note or Notes, which, unless otherwise provided in the
applicable Indenture Supplement (i) shall represent, and shall be denominated in an amount equal to the aggregate Stated Principal Amount (or in the case of Discount Notes, the aggregate Stated Principal Amount at the Expected Principal Payment Date
of such Notes) of the Outstanding Notes of such series or class to be represented by such Global Note or Notes, or such portion thereof as the Issuer shall specify in an Issuer Certificate, (ii) in the case of Registered Notes, shall be registered
in the name of the Depository for such Global Note or Notes or its nominee, (iii) shall be delivered by the Indenture Trustee or its agent to the Depository or pursuant to the Depository’s instruction, (iv) if applicable, shall bear a legend
substantially to the following effect: “Unless this Note is presented by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”), to the 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” and (v) may bear such other
legend as the Issuer, upon advice of counsel, deems to be applicable. 
  
 (b) Notwithstanding any other provisions of this Section 2.04 or of Section 3.05, and subject to the provisions of paragraph (c) below, unless the terms of a Global Note or the applicable Indenture Supplement expressly permit
such Global Note to be exchanged in whole or in part for individual Notes, a Global Note may be transferred, in whole but not in part and in the manner provided in Section 3.05, only to a nominee of the Depository for such Global Note, or to
the Depository, or a successor Depository for such Global Note selected or approved by the Issuer, or to a nominee of such successor Depository. 
  

 25 

 (c) With respect to Notes issued within the United States, unless otherwise specified in the applicable
Indenture Supplement, or with respect to Notes issued outside the United States, if specified in the applicable Indenture Supplement: 
  
 (i) If at any time the Depository for a Global Note notifies the Issuer that it is unwilling or unable to continue as Depository for such
Global Note or if at any time the Depository for the Notes for such series or class ceases to be a clearing agency registered under the Securities Exchange Act, or other applicable statute or regulation, the Issuer shall appoint a successor
Depository with respect to such Global Note. If a successor Depository for such Global Note is not appointed by the Issuer within ninety (90) days after the Issuer receives such notice or becomes aware of such ineligibility, the Issuer shall
execute, and the Indenture Trustee or its agent, upon receipt of an Issuer Certificate requesting the authentication and delivery of individual Notes of such series or class in exchange for such Global Note, shall authenticate and deliver,
individual Notes of such series or class of like tenor and terms in an aggregate Stated Principal Amount equal to the Stated Principal Amount of the Global Note in exchange for such Global Note. 
  
 (ii) If specified by the Issuer pursuant to Sections
2.02 and 3.01 with respect to Notes issued or issuable in the form of a Global Note, the Depository for such Global Note may surrender such Global Note in exchange in whole or in part for individual Notes of such series or class of like
tenor and terms in definitive form on such terms as are acceptable to the Issuer and such Depository. Thereupon the Issuer shall execute, and the Indenture Trustee or its agent shall authenticate and deliver, without service charge, (A) to each
Person specified by such Depository a new Note or Notes of the same series or class of like tenor and terms and of any authorized denomination as requested by such Person in aggregate Stated Principal Amount equal to and in exchange for such
Person’s beneficial interest in the Global Note; and (B) to such Depository a new Global Note of like tenor and terms and in an authorized denomination equal to the difference, if any, between the Stated Principal Amount of the surrendered
Global Note and the aggregate Stated Principal Amount of Notes delivered to the Holders thereof. 
  
 (iii) If any Event of Default has occurred with respect to such Global Notes, and Holders of Notes evidencing not less than 50% of the
unpaid Outstanding Dollar Principal Amount of the Global Notes of that class advise the Indenture Trustee and the Depository that a Global Note is no longer in the best interest of the Noteholders, the Holders of Global Notes of that class may
exchange such Notes for individual Notes. 
  
 (iv) In any exchange provided for in any of the preceding three paragraphs, the Issuer shall execute and the Indenture Trustee or its agent shall authenticate and deliver individual Notes in definitive registered form in authorized
denominations. Upon the exchange of the entire Stated Principal Amount of a Global Note for individual Notes, such Global Note shall be 
  

 26 

 canceled by the Indenture Trustee or its agent. Except as provided in the preceding paragraphs, Notes
issued in exchange for a Global Note pursuant to this Section shall be registered in such names and in such authorized denominations as the Depository for such Global Note, pursuant to instructions from its direct or indirect participants or
otherwise, shall instruct the Indenture Trustee or the Note Registrar. The Indenture Trustee or the Note Registrar shall deliver such Notes to the Persons in whose names such Notes are so registered. 
  
 Section 2.05. Temporary Global Notes and Permanent Global Notes.

  
 (a) If specified in the applicable Indenture Supplement for
any class, all or any portion of a Global Note initially may be issued in the form of a single temporary Global Registered Note (the “Temporary Global Note”), without interest coupons, in the denomination of the entire aggregate principal
amount of such class and substantially in the form set forth in the exhibit with respect thereto attached to the applicable Indenture Supplement. The Temporary Global Note shall be authenticated by the Indenture Trustee upon the same conditions, in
substantially the same manner and with the same effect as the Notes in definitive form. The Temporary Global Note may be exchanged as described below or in the applicable Indenture Supplement for permanent Registered Notes (the
“Permanent Global Notes”). 
  
 (b) Unless
otherwise provided in the applicable Indenture Supplement, exchanges of beneficial interests in Temporary Global Notes for beneficial interests in Permanent Global Notes shall be made as provided in this clause. The Administrator shall, upon its
determination of the date of completion of the distribution of the Notes of such class, so advise the Indenture Trustee, the Issuer, the Foreign Depository, and each foreign clearing agency forthwith. Without unnecessary delay, but in any event not
prior to the Exchange Date, the Issuer shall execute and deliver to the Indenture Trustee at its London office or its designated agent outside the United States Permanent Global Notes in registered form in an aggregate principal amount equal to the
entire aggregate principal amount of such class. The Temporary Global Note may be exchanged for an equal aggregate principal amount of Permanent Global Notes only on or after the Exchange Date. A United States Person may exchange the portion of the
Temporary Global Note beneficially owned by it only for an equal aggregate principal amount of Permanent Global Notes in registered form bearing the applicable legend set forth in the form of Registered Note attached to the applicable Indenture
Supplement and having a minimum denomination of $500,000, which may be in temporary form if the Issuer so elects. The Issuer may waive the $500,000 minimum denomination requirement if it so elects. Upon any demand for exchange for Permanent Global
Notes in accordance with this clause, the Issuer shall cause the Indenture Trustee to authenticate and deliver the Permanent Global Notes to the Holder according to the instructions of the Holder, in the case of Registered Notes, but in either case
only upon presentation to the Indenture Trustee of a written statement substantially in the form of Exhibit D-1 (or such other form as the Issuer may determine) with respect to the Temporary Global Note, or portion thereof being exchanged,
signed by a foreign clearing agency and dated on the Exchange Date or a subsequent date, to the effect that it has received in writing or by tested telex a certification substantially in the form of (i) in the case of beneficial ownership of the
Temporary Global Note, or a portion thereof being exchanged, by a United States institutional investor pursuant to this clause, the certificate in the form of Exhibit D-2 (or such other form as the Issuer may determine) signed by the
Administrator which sold the 
  

 27 

 relevant Notes or (ii) in all other cases, the certificate in the form of Exhibit D-3 (or such other form as the
Issuer may determine), the certificate referred to in this clause (ii) being dated on the earlier of the first payment of interest in respect of such Note and the date of the delivery of such Note in definitive form. Upon receipt of such
certification, the Indenture Trustee shall cause the Temporary Global Note to be endorsed in accordance with clause (d). Any exchange as provided in this Section shall be made free of charge to the Holders and the beneficial owners of the Temporary
Global Note and to the beneficial owners of the Permanent Global Note issued in exchange, except that a person receiving the Permanent Global Note must bear the cost of insurance, postage, transportation and the like in the event that such Person
does not receive such Permanent Global Note in person at the offices of a foreign clearing agency. 
  
 (c) The delivery to the Indenture Trustee by a foreign clearing agency of any written statement referred to above may be relied upon by the Issuer and the
Indenture Trustee as conclusive evidence that a corresponding certification or certifications has or have been delivered to such foreign clearing agency pursuant to the terms of this Indenture. 
  
 (d) Upon any such exchange of all or a portion of the Temporary Global Note
for a Permanent Global Note or Notes, such Temporary Global Note shall be endorsed by or on behalf of the Indenture Trustee to reflect the reduction of its principal amount by an amount equal to the aggregate principal amount of such Permanent
Global Note or Notes. Until so exchanged in full, such Temporary Global Note shall in all respects be entitled to the same benefits under this Indenture as Permanent Global Notes authenticated and delivered hereunder except that the beneficial
owners of such Temporary Global Note shall not be entitled to receive payments of interests on the Notes until they have exchanged their beneficial interests in such Temporary Global Note for Permanent Global Notes. 
  
 Section 2.06. Beneficial Ownership of Global Notes. Until definitive
Notes have been issued to the applicable Noteholders pursuant to Section 2.04 or as otherwise specified in any applicable Indenture Supplement: 
  
 (a) the Issuer and the Indenture Trustee may deal with the applicable clearing agency and the clearing agency’s participants for all purposes
(including the making of distributions) as the authorized representatives of the respective Note Owners; and 
  
 (b) the rights of the respective Note Owners shall be exercised only through the applicable clearing agency and the clearing agency’s participants
and shall be limited to those established by law and agreements between such Note Owners and the clearing agency and/or the clearing agency’s participants. Pursuant to the operating rules of the applicable clearing agency, unless and until
Notes in definitive form are issued pursuant to Section 2.04, the clearing agency shall make book-entry transfers among the clearing agency’s participants and receive and transmit distributions of principal and interest on the related
Notes to such clearing agency’s participants. 
  
 For
purposes of any provision of this Indenture requiring or permitting actions with the consent of, or at the direction of, Noteholders evidencing a specified percentage of the aggregate unpaid principal amount of Outstanding Notes, such direction or
consent may be given by Note Owners (acting through the clearing agency and the clearing agency’s participants) owning interests in Notes evidencing the requisite percentage of principal amount of Notes. 
  

 28 

 Section 2.07. Notices to Depository. Whenever any notice or other communication is required to be
given to Noteholders with respect to which book-entry Notes have been issued, unless and until Notes in definitive form shall have been issued to the related Note Owners, the Indenture Trustee shall give all such notices and communications to the
applicable Depository. 
  
 [END OF ARTICLE II] 
  

 29 

 ARTICLE III 
  
 THE NOTES 
  
 Section 3.01. General Title; General Limitations; Issuable in Series; Terms of a Series or class. 
  
 (a) The aggregate Stated Principal Amount of Notes which may be
authenticated and delivered and Outstanding under this Indenture is not limited. 
  
 (b) The Notes may be issued in one or more series or classes up to an aggregate Stated Principal Amount of Notes as from time to time may be authorized by the Issuer. All Notes of each series or class under this
Indenture shall in all respects be equally and ratably entitled to the benefits hereof with respect to such series or class without preference, priority or distinction on account of the actual time of the authentication and delivery or Expected
Principal Payment Date or Legal Maturity Date of the Notes of such series or class, except as specified in the applicable Indenture Supplement for such series or class. 
  
 (c) Each Note issued must be part of a series and class of Notes for purposes of allocations pursuant to Article V. A
series of Notes is created pursuant to an Indenture Supplement. A class of Notes is created pursuant to an Indenture Supplement or pursuant to an Issuer Certificate or terms document, each related to the Indenture Supplement for the applicable
series. 
  
 (d) Each series of Notes may be assigned to a group or
groups of Notes for purposes of allocations pursuant to Article V. The related Indenture Supplement shall identify the group or groups, if any, to which a series of Notes has been assigned and the manner and extent to which series in the same
group shall share amounts. Any Series of Notes may be designated as a Paired Series. 
  
 (e) Each series of Notes may, but need not be, subdivided into multiple classes. Notes belonging to a class in any series may be entitled to specified payment priorities over other classes of Notes in that series.

  
 (f) There shall also be established in or pursuant to an
Indenture Supplement or pursuant to an Issuer Certificate or terms document related to the applicable Indenture Supplement before the initial issuance of Notes of each such series or class, provision for: 
  
 (i) the series designation; 
  
 (ii) the Stated Principal Amount of the Notes; 

 
 (iii) whether such series belongs to any group or groups;

  
 (iv) whether such Notes are of a particular
class of Notes; 
  
 (v) the Required Subordinated
Amount (if any) for such class of Notes; 
  

 30 

 (vi) the currency or currencies in which such Notes will be denominated and in which
payments of principal of, and interest on, such Notes will or may be payable; 
  
 (vii) if the principal of or interest, if any, on such Notes are to be payable, at the election of the Issuer or a Holder thereof, in a currency or currencies other than that in which the Notes are stated to be
payable, the period or periods within which, and the terms and conditions upon which, such election may be made; 
  
 (viii) if the amount of payments of principal of or interest, if any, on such Notes may be determined with reference to an index based on
(A) a currency or currencies other than that in which the Notes are stated to be payable, (B) changes in the prices of one or more other securities or groups or indexes of securities or (C) changes in the prices of one or more commodities or groups
or indexes of commodities, or any combination of the foregoing, the manner in which such amounts will be determined; 
  
 (ix) the price or prices at which the Notes will be issued; 
  
 (x) the times at which such Notes may, pursuant to any optional or mandatory redemption provisions, be
redeemed, and the other terms and provisions of any such redemption provisions; 
  
 (xi) the rate per annum at which such Notes will bear interest, if any, or the formula or index on which such rate will be determined,
including all relevant definitions, and the date from which interest will accrue; 
  
 (xii) each Interest Payment Date, Expected Principal Payment Date and Legal Maturity Date for such Notes; 
  
 (xiii) the Initial Dollar Principal Amount of such Notes,
and the means for calculating the Outstanding Dollar Principal Amount of such Notes; 
  
 (xiv) whether or not application will be made to list such Notes on any securities exchange; 
  
 (xv) any Events of Default or Early Redemption Events with
respect to such Notes, if not set forth herein and any additions, deletions or other changes to the Events of Default or Early Redemption Events set forth herein that shall be applicable to such Notes (including a provision making any Event of
Default or Early Redemption Event set forth herein inapplicable to the Notes of that series or class); 
  
 (xvi) the appointment by the Indenture Trustee of an Authenticating Agent in one or more places other than the location of the office of
the Indenture Trustee with power to act on behalf of the Indenture Trustee and subject to its direction in the authentication and delivery of such Notes in connection with such transactions as will be specified in the provisions of this Indenture or
in or pursuant to the applicable Indenture Supplement creating such series or class; 
  

 31 

 (xvii) if such Notes will be issued in whole or in part in the form of a Global Note or
Global Notes, the terms and conditions, if any, upon which such Global Note or Global Notes may be exchanged in whole or in part for other individual Notes; and the Depository for such Global Note or Global Notes (if other than the Depository
specified in Section 1.01); 
  
 (xviii)
the subordination of such Notes to any other indebtedness of the Issuer, including without limitation, the Notes of any other series or class; 
  
 (xix) if such Notes are to have the benefit of any Derivative Agreement, the terms and provisions of such agreement; 
  
 (xx) the Record Date for any Payment Date of such Notes, if
different from the last day of the month before the related Payment Date; 
  
 (xxi) the controlled accumulation amount, if any, the controlled amortization amount, if any, or other principal amortization amount, if any, scheduled for such Notes; 
  
 (xxii) whether such series will be a Paired Series; and

  
 (xxiii) any other terms of such Notes which
will not be inconsistent with the provisions of this Indenture; 
  
 all upon such
terms as may be determined in or pursuant to an Indenture Supplement with respect to such series or class. 
  
 (g) The form of the Notes of each series or class shall be established pursuant to the provisions of this Indenture and the related Indenture Supplement
creating such series or class. The Notes of each series or class shall be distinguished from the Notes of each other series or class in such manner, reasonably satisfactory to the Indenture Trustee, as the Issuer may determine. 
  
 (h) Unless otherwise provided with respect to Notes of a particular series or
class, the Notes of any particular series or class shall be issued in registered form, without coupons. 
  
 (i) Any terms or provisions in respect of the Notes of any series or class issued under this Indenture may be determined pursuant to this Section by
providing in the applicable Indenture Supplement for the method by which such terms or provisions shall be determined. 
  
 (j) The Notes of each series or class may have such Expected Principal Payment Date or Dates or Legal Maturity Date or Dates, be issuable at such premium
over or discount from their face value, bear interest at such rate or rates (which may be fixed or floating), 
  

 32 

 from such date or dates, payable in such installments and on such dates and at such place or places to the Holders of
Notes registered as such on such Record Dates, or may bear no interest, and have such terms, all as shall be provided for in or pursuant to the applicable Indenture Supplement. 
  
 Section 3.02. Denominations. The Notes of each class shall be issuable in such denominations and currency as shall be
provided in the provisions of this Indenture or in or pursuant to the applicable Indenture Supplement. In the absence of any such provisions with respect to the Registered Notes of any class, the Registered Notes of that class shall be issued in
denominations of $1,000 and multiples thereof. 
  
 Section 3.03.
Execution, Authentication and Delivery and Dating. 
  
 (a)
The Notes shall be executed on behalf of the Issuer by an Issuer Authorized Officer. The signature of any officer of the Administrator or the Owner Trustee on the Notes may be manual or facsimile. 
  
 (b) Notes bearing the manual or facsimile signatures of individuals who were
at any time an Issuer Authorized Officer shall bind the Issuer, notwithstanding that such individuals or any of them have ceased to hold such offices before the authentication and delivery of such Notes or did not hold such offices at the date of
issuance of such Notes. 
  
 (c) At any time and from time to time
after the execution and delivery of this Indenture, the Issuer may deliver Notes executed by the Issuer to the Indenture Trustee for authentication; and the Indenture Trustee shall, upon request by an Officer’s Certificate, authenticate and
deliver such Notes as in this Indenture provided and not otherwise. 
  
 (d) Before any such authentication and delivery, the Indenture Trustee shall be entitled to receive, in addition to any Officer’s Certificate and Opinion of Counsel required to be furnished to the Indenture Trustee pursuant to
Section 1.02, the Issuer Certificate and any other opinion or certificate relating to the issuance of the class of Notes required to be furnished pursuant to Section 2.02 or Section 3.10. 
  
 (e) The Indenture Trustee shall not be required to authenticate such Notes if
the issue thereof shall adversely affect the Indenture Trustee’s own rights, duties or immunities under the Notes and this Indenture. 
  
 (f) Unless otherwise provided in the form of Note for any class, all Notes shall be dated the date of their authentication. 
  
 (g) No Note shall be entitled to any benefit under this Indenture or be valid
or obligatory for any purpose unless there appears on such Note a certificate of authentication substantially in the form provided for herein executed by the Indenture Trustee by manual signature of an authorized signatory, and such certificate upon
any Note shall be conclusive evidence, and the only evidence, that such Note has been duly authenticated and delivered hereunder. 
  

 33 

 Section 3.04. Temporary Notes. 
  
 (a) Pending the preparation of definitive Notes of any class, the Issuer may execute, and, upon receipt of the documents
required by Section 3.03, together with an Officer’s Certificate, the Indenture Trustee shall authenticate and deliver, temporary Notes which are printed, lithographed, typewritten, mimeographed or otherwise produced, in any authorized
denomination, substantially of the tenor of the definitive Notes in lieu of which they are issued and with such appropriate insertions, omissions, substitutions and other variations as the Issuer may determine, as evidenced by the Issuer’s
execution of such Notes. 
  
 (b) If temporary Notes of any class
are issued, the Issuer shall cause definitive Notes of such class to be prepared without unreasonable delay. After the preparation of definitive Notes, the temporary Notes of such class shall be exchangeable for definitive Notes of such class upon
surrender of the temporary Notes of such class at the office or agency of the Issuer in a Place of Payment, without charge to the Holder; and upon surrender for cancellation of any one or more temporary Notes the Issuer shall execute and the
Indenture Trustee shall authenticate and deliver in exchange therefor a like Stated Principal Amount of definitive Notes of such class of authorized denominations and of like tenor and terms. Until so exchanged the temporary Notes of such class
shall in all respects be entitled to the same benefits under this Indenture as definitive Notes of such class. 
  
 Section 3.05. Registration, Transfer and Exchange. 
  
 (a) The Issuer shall keep or cause to be kept a register (herein sometimes referred to as the “Note Register”) in which, subject to such
reasonable regulations as it may prescribe, the Issuer shall provide for the registration of Registered Notes, or of Registered Notes of a particular class, and for transfers of Registered Notes or of Registered Notes of such class. Any such
register shall be in written form or in any other form capable of being converted into written form within a reasonable time. At all reasonable times the information contained in such register or registers shall be available for inspection by the
Indenture Trustee at the office or agency to be maintained by the Issuer as provided in Section 11.02. 
  
 (b) Subject to Section 2.04, upon surrender for transfer of any Registered Note of any class at the office or agency of the Issuer in a Place of
Payment, if the requirements of Section 8-401 (a) of the UCC are met, the Issuer shall execute, and, upon receipt of such surrendered note, the Indenture Trustee shall authenticate and deliver, in the name of the designated transferee or
transferees, one or more new Registered Notes of such class of any authorized denominations, of a like aggregate Stated Principal Amount, Expected Principal Payment Date and Legal Maturity Date and of like terms. 
  
 (c) Subject to Section 2.04, at the option of the Holder, Notes of any
class may be exchanged for other Notes of such class of any authorized denominations, of a like aggregate Stated Principal Amount, Expected Principal Payment Date and Legal Maturity Date and of like terms, upon surrender of the Notes to be exchanged
at such office or agency. Whenever any Notes are so surrendered for exchange, the Issuer shall execute, and the Trustee shall authenticate and deliver, the Notes which the Noteholders making the exchange are entitled to receive. 
  

 34 

 (d) All Notes issued upon any transfer or exchange of Notes shall be the valid and legally binding
obligations of the Issuer, evidencing the same debt, and entitled to the same benefits under this Indenture, as the Notes surrendered upon such transfer or exchange. 
  
 (e) Every Note presented or surrendered for transfer or exchange shall (if so required by the Issuer or the Indenture
Trustee) be duly endorsed, or be accompanied by a written instrument of transfer in form satisfactory to the Issuer and the Note Registrar duly executed, by the Holder thereof or his attorney duly authorized in writing. 
  
 (f) Unless otherwise provided in the Note to be transferred or exchanged, no
service charge shall be made on any Noteholder for any transfer or exchange of Notes, but the Issuer may (unless otherwise provided in such Note) require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed
in connection with any transfer or exchange of Notes, other than exchanges pursuant to Section 3.04 or 10.06 not involving any transfer. 
  
 (g) None of the Issuer, the Indenture Trustee, any agent of the Indenture Trustee, any Paying Agent or the Note Registrar shall have any responsibility or
liability for any aspect of the records relating to or payments made on account of beneficial ownership interests of a Global Note or for maintaining, supervising or reviewing any records relating to such beneficial ownership interests. 

 
 (h) The Issuer initially appoints Wells Fargo Bank, National Association,
to act as Note Registrar for the Registered Notes on its behalf. The Issuer may at any time and from time to time authorize any Person to act as Note Registrar in place of the Indenture Trustee with respect to any class of Notes issued under this
Indenture. 
  
 (i) Registration of transfer of Notes containing
the following legend or to which the following legend is applicable: 
  
 THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”). NEITHER THIS NOTE NOR ANY PORTION HEREOF MAY BE OFFERED OR SOLD EXCEPT IN COMPLIANCE WITH THE REGISTRATION PROVISIONS OF THE
SECURITIES ACT AND ANY APPLICABLE PROVISIONS OF ANY STATE BLUE SKY OR SECURITIES LAWS OR PURSUANT TO AN AVAILABLE EXEMPTION FROM SUCH REGISTRATION PROVISIONS. THE TRANSFER OF THIS NOTE IS SUBJECT TO CERTAIN CONDITIONS SET FORTH IN THE INDENTURE
REFERRED TO HEREIN.” 
  
 shall be effected only if such transfer is made
pursuant to an effective registration statement under the Securities Act, or is exempt from the registration requirements under the Securities Act. In the event that registration of a transfer is to be made in reliance upon an exemption from the
registration requirements under the Securities Act other than Rule 144A under the Securities Act or Rule 903 or Rule 904 of Regulation S under the Securities Act, the transferor or the transferee shall deliver, at its expense, to the Issuer and the
Indenture Trustee, an investment letter from the transferee, substantially in the form of the investment letter attached hereto as Exhibit C or such other form as the Issuer may determine, and no registration of transfer shall be made until such
letter is so delivered. 
  

 35 

 Notes issued upon registration or transfer of, or Notes issued in exchange for, Notes bearing the legend
referred to above shall also bear such legend unless the Issuer, the Trustee and the Note Registrar receive an Opinion of Counsel, satisfactory to each of them, to the effect that such legend may be removed. 
  
 Whenever a Note containing the legend referred to above is presented to the
Note Registrar for registration of transfer, the Note Registrar shall promptly seek instructions from the Issuer regarding such transfer and shall be entitled to receive an Issuer Certificate prior to registering any such transfer. The Issuer hereby
agrees to indemnify the Note Registrar and the Indenture Trustee and to hold each of them harmless against any loss, liability or expense incurred without negligence or bad faith on their part arising out of or in connection with actions taken or
omitted by them in relation to any such instructions furnished pursuant to this clause. 
  
 Section 3.06. Mutilated, Destroyed, Lost and Stolen Notes. 
  
 (a) If (i) any mutilated Note is surrendered to the Indenture Trustee, or the Issuer and the Indenture Trustee receive evidence to their satisfaction of
the destruction, loss or theft of any Note, and (ii) there is delivered to the Issuer and the Indenture Trustee such security or indemnity as may be required by them to save each of them harmless, then, in the absence of notice to the Issuer or the
Indenture Trustee that such Note has been acquired by a protected purchaser, the Issuer shall execute and upon its request the Indenture Trustee shall authenticate and deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or
stolen Note, a new Note of like tenor, series or class, Expected Principal Payment Date, Legal Maturity Date and Stated Principal Amount, bearing a number not contemporaneously Outstanding. 
  
 (b) In case any such mutilated, destroyed, lost or stolen Note has become or
is about to become due and payable, the Issuer in its discretion may, instead of issuing a new Note, pay such Note. 
  
 (c) Upon the issuance of any new Note under this Section, the Issuer may require the payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Indenture Trustee) connected therewith. 
  
 (d) Every new Note issued pursuant to this Section in lieu of any destroyed, lost or stolen Note shall constitute an original additional contractual
obligation of the Issuer, whether or not the destroyed, lost or stolen Note shall be at any time enforceable by anyone, and shall be entitled to all the benefits of this Indenture equally and proportionately with any and all other Notes of the same
series or class duly issued hereunder. 
  
 (e) The provisions of
this Section are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Notes. 
  

 36 

 Section 3.07. Payment of Interest; Interest Rights Preserved. 
  
 (a) Unless otherwise provided with respect to such Note pursuant to
Section 3.01, interest payable on any Registered Note shall be paid to the Person in whose name that Note (or one or more Predecessor Notes) is registered at the close of business on the most recent Record Date. 
  
 (b) Subject to clause (a), each Note delivered under this Indenture upon
transfer of or in exchange for or in lieu of any other Note shall carry the rights to interest accrued or principal accreted and unpaid, and to accrue or accrete, which were carried by such other Note. 
  
 Section 3.08. Persons Deemed Owners. The Issuer, the Indenture
Trustee, the Owner Trustee, the Administrator and any agent of the Issuer, the Indenture Trustee, the Owner Trustee, or the Administrator may treat the Person who is proved to be the owner of such Note pursuant to Section 1.04(c) as the owner
of such Note for the purpose of receiving payment of principal of and (subject to Section 3.07) interest on such Note and for all other purposes whatsoever, whether or not such Note be overdue, and neither the Issuer, the Indenture Trustee,
the Owner Trustee, nor any agent of the Issuer, the Indenture Trustee, the Owner Trustee, or the Administrator shall be affected by notice to the contrary. 
  
 Section 3.09. Cancellation. All Notes surrendered for payment, redemption, transfer, conversion or exchange shall, if surrendered to any Person
other than the Indenture Trustee, be delivered to the Indenture Trustee and, if not already canceled, shall be promptly canceled by it. The Issuer may at any time deliver to the Indenture Trustee for cancellation any Notes previously authenticated
and delivered hereunder which the Issuer may have acquired in any manner whatsoever, and all Notes so delivered shall be promptly canceled by the Indenture Trustee. No Note shall be authenticated in lieu of or in exchange for any Notes canceled as
provided in this Section, except as expressly permitted by this Indenture. The Indenture Trustee shall dispose of all canceled Notes in accordance with its customary procedures and shall deliver a certificate of such disposition to the Issuer.

  
 Section 3.10. New Issuances of Notes. 
  
 (a) The Issuer may issue new Notes of any series or class, so long as the
following conditions precedent are satisfied: 
  
 (i) on or before the third Business Day before the date that the new issuance is to occur, the Issuer gives the Indenture Trustee and the Note Rating Agencies written notice of the issuance; 
  
 (ii) on or prior to the date that the new issuance is to
occur, the Issuer delivers to the Indenture Trustee and each Note Rating Agency an Issuer Certificate to the effect that: 
  
 (A) the Issuer reasonably believes that the new issuance shall not at the time of its occurrence or at a future date cause an Adverse
Effect on any Outstanding Notes; 
  
 (B) all
instruments furnished to the Indenture Trustee conform to the requirements of this Indenture and constitute sufficient authority hereunder for the Indenture Trustee to authenticate and deliver such Notes; 
  

 37 

 (C) the form and terms of such Notes have been established in conformity with the
provisions of this Indenture; and 
  
 (D) all
laws and requirements with respect to the execution and delivery by the Issuer of such Notes have been complied with, the Issuer has the trust power and authority to issue such Notes and such Notes have been duly authorized and delivered by the
Issuer and, assuming due authentication and delivery by the Indenture Trustee, constitute legal, valid and binding obligations of the Issuer enforceable in accordance with their terms (subject, as to enforcement of remedies, to applicable
bankruptcy, reorganization, insolvency, moratorium or other laws and legal principles affecting creditors’ rights generally from time to time in effect and to general equitable principles, whether applied in an action at law or in equity) and
entitled to the benefits of this Indenture, equally and ratably with all other Notes, if any, of such series or class Outstanding, subject to the terms of this Indenture and each Indenture Supplement; 
  
 (iii) on or before the date that the new issuance is to
occur, the Issuer shall have delivered to the Indenture Trustee and the Note Rating Agencies a Master Trust Tax Opinion and an Issuer Tax Opinion with respect to such issuance; 
  
 (iv) on or before the date that the new issuance is to occur, the Issuer shall have delivered to the Trustee
an Indenture Supplement and, if applicable, the Issuer Certificate or terms document relating to the applicable series and class of Notes; 
  
 (v) no Trust Pay Out Event as defined in the Pooling and Servicing Agreement or Series 2004-MC Pay Out Event as defined in the Series
2004-MC Supplement shall have occurred and be continuing as of the date of the new issuance; 
  
 (vi) the Note Rating Agencies have provided written confirmation that such issuance shall not have a Ratings Effect; 
  
 (vii) the conditions specified herein or in Section
3.11 are satisfied; and 
  
 (viii) any other
conditions specified herein in the applicable Indenture Supplement; 
  
 provided, however, that any one of the aforementioned conditions (other than clauses (iii) and (iv)) may be eliminated or modified as a condition precedent to any new issuance of a series or class of Notes if the Issuer has
obtained written confirmation from each Note Rating Agency that there will be no Ratings Effect with respect to any Outstanding Notes as a result of a new issuance of Notes. 
  

 38 

 (b) The Issuer and the Indenture Trustee shall not be required to obtain the consent of any Noteholder of
any Outstanding series or class to issue any additional Notes of any series or class. 
  
 Section 3.11. Specification of Required Subordinated Amount and other Terms with Respect to each Class. The applicable Indenture Supplement for each class of Notes shall specify a Required Subordinated
Amount of each subordinated class of Notes, if any. 
  
 Section
3.12. Reallocation Groups. Available Funds and other specified amounts allocated to each series in a Reallocation Group shall be reallocated to cover interest and expenses related to each series in such Reallocation Group as specified in each
related Indenture Supplement. The reallocation provisions of the Indenture Supplement for each series in the same Reallocation Group are required to be identical in all material respects. 
  
 Section 3.13. Excess Available Funds Sharing Groups. The Issuer shall reallocate and redistribute certain excess
Available Funds to cover Series Available Funds Shortfalls incurred by Excess Available Funds Sharing Series in a particular Excess Available Funds Sharing Group as specified in the related Indenture Supplements; provided, however,
that the Administrator may, at any time, direct the Indenture Trustee to, and the Indenture Trustee shall, discontinue the sharing of excess Available Funds among series. Following the delivery by the Administrator of such an Officer’s
Certificate to the Indenture Trustee there shall not be any further sharing of excess Available Funds among series. 
  
 [END OF ARTICLE III] 
  

 39 

 ARTICLE IV 
  
 ACCOUNTS AND INVESTMENTS 
  
 Section 4.01. Collections. Except as otherwise expressly provided herein, the Indenture Trustee may demand payment or delivery of, and shall
receive and collect, directly and without intervention or assistance from any fiscal agent or other intermediary, all money and other property payable to or receivable by the Indenture Trustee pursuant to this Indenture including, without
limitation, all funds and other property payable to the Indenture Trustee in connection with the Collateral (collectively, the “Collections”). The Indenture Trustee shall hold all such money and property received by it as part of
the Collateral and shall apply it as provided in this Indenture. 
  
 Section 4.02. Accounts. 
  
 (a) Accounts;
Deposits to and Distributions from Accounts. On or before the Effective Date, the Issuer shall cause to be established and maintained one or more Qualified Accounts (collectively, the “Collection Account”) in the name of the
Indenture Trustee, bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Indenture Trustee, the Noteholders and any applicable Derivative Counterparty. All collections received from the Master
Trust pursuant to Section 5.01 of the Pooling and Servicing Agreement as supplemented by the Series 2004-MC Supplement shall be deposited into the Collection Account. From time to time in connection with the issuance of a series or class of
Notes, the Indenture Trustee may establish one or more Qualified Accounts denominated as “Supplemental Accounts” in the name of the Indenture Trustee. The Collection Account shall be under the sole dominion and control of the
Indenture Trustee for the benefit of the Indenture Trustee, the Noteholders and any applicable Derivative Counterparty. If, at any time, the institution holding the Collection Account ceases to be a Qualified Institution, the Issuer shall within ten
(10) Business Days (or such longer period, not to exceed thirty (30) calendar days, as to which each Note Rating Agency may consent in writing) establish a new Collection Account that is a Qualified Account and shall transfer any cash and/or
investments to such new Collection Account. From the date such new Collection Account is established, it shall be the “Collection Account.” Supplemental Accounts shall be created as specified in the applicable Indenture Supplement. Any
Supplemental Account shall receive deposits as set forth in the applicable Indenture Supplement. 
  
 (b) All payments to be made from time to time by or on behalf of the Indenture Trustee to Noteholders out of funds in the Accounts pursuant to this
Indenture shall be made by or on behalf of the Indenture Trustee to the Paying Agent not later than 12:00 noon (central time) on the applicable Payment Date or earlier, if necessary, or as otherwise provided in Article V hereof or the
applicable Indenture Supplement but only to the extent of available funds in the applicable Supplemental Account or sub-Account. 
  
 Section 4.03. Investment of Funds in the Accounts. 
  
 (a) Funds on deposit in the Accounts shall be invested and reinvested by the Indenture Trustee at the written direction of the Issuer in one or more
Permitted Investments. 
  

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 The Issuer may authorize the Indenture Trustee to make specific investments pursuant to written instructions, in such
amounts as the Issuer shall specify. Notwithstanding the foregoing, funds held by the Indenture Trustee in any of the Accounts shall be invested in Permitted Investments that will mature in each case no later than one day prior to the date on which
such funds in the Accounts are scheduled to be transferred or distributed by the Indenture Trustee pursuant to this Indenture (or as necessary to provide for timely payment of principal or interest on the applicable Principal Payment Date or
Interest Payment Date). 
  
 (b) All funds deposited from time to
time in the Accounts pursuant to this Indenture and all investments made with such funds shall be held by the Indenture Trustee in the Accounts as part of the Collateral as herein provided, subject to withdrawal by the Indenture Trustee for the
purposes set forth herein. 
  
 (c) Funds and other property in any
of the Accounts shall not be commingled with any other funds or property of the Issuer or the Indenture Trustee. The Indenture Trustee shall: 
  
 (i) hold each Permitted Investment (other than those described in clause (c) of the definition thereof) that constitutes investment
property through a securities intermediary, which securities intermediary shall agree with the Indenture Trustee that (A) such investment property at all times shall be credited to a securities account of the Indenture Trustee, (B) all property
credited to such securities account shall be treated as a financial asset, (C) such securities intermediary shall treat the Indenture Trustee as entitled to exercise the rights that comprise each financial asset credited to such securities account,
(D) such securities intermediary shall comply with entitlement orders originated by the Indenture Trustee without the further consent of any other person or entity, (E) such securities intermediary shall not agree with any person or entity other
than the Indenture Trustee to comply with entitlement orders originated by any person or entity other than the Indenture Trustee, (F) such securities account and all property credited thereto shall not be subject to any lien, security interest,
right of set-off, or encumbrance in favor of such securities intermediary or anyone claiming through such securities intermediary (other than the Indenture Trustee), and (G) such agreement between such securities intermediary and the Indenture
Trustee shall be governed by the laws of the State of Minnesota; 
  
 (ii) maintain possession of each other Permitted Investment not described in clause (i) above (other than those described in clause (c) of the definition thereof) in the State of Minnesota separate and apart from all
other property held by the Indenture Trustee; and 
  
 (iii) cause each Permitted Investment described in clause (c) of the definition thereof to be registered in the name of the Indenture Trustee by the issuer thereof; 
  
 provided, that, other than following an Event of Default and acceleration pursuant to Section 7.02, no
Permitted Investment shall be disposed of prior to its maturity. 
  

 41 

 Notwithstanding any other provision of this Indenture, the Indenture Trustee shall not hold any Permitted Investment
through an agent except as expressly permitted by this Section 4.03(c). Each term used in this Section 4.03(c) and defined in the New York UCC shall have the meaning set forth in the New York UCC. 
  
 (d) On each Transfer Date, all interest and earnings (net of losses and
investment expenses) accrued since the preceding Transfer Date on funds on deposit in the Collection Account shall be treated as Available Funds and applied pursuant to Section 5.01 for such Transfer Date. Unless otherwise stated in the related
Indenture Supplement, for purposes of determining the availability of funds or the balance in the Accounts for any reason under this Indenture or any Indenture Supplement, investment earnings on such funds shall be deemed not to be available or on
deposit. 
  
 Subject to Section 8.01(c), the Indenture
Trustee shall not in any way be held liable by reason of any insufficiency in such Accounts resulting from any loss on any Permitted Investment included therein except for losses attributable to the Indenture Trustee’s failure to make payments
on such Permitted Investments issued by the Indenture Trustee, in its commercial capacity, in accordance with their terms. 
  
 (e) Funds on deposit in the Accounts shall be invested and reinvested by the Indenture Trustee to the fullest extent practicable, in such manner as the
Indenture Trustee shall from time to time determine, but only in one or more Permitted Investments, upon the occurrence of any of the following events: 
  
 (i) the Issuer shall have failed to give investment directions to the Indenture Trustee; or 
  
 (ii) an Event of Default shall have occurred and is
continuing but no Notes have been declared due and payable pursuant to Section 7.02. 
  
 [END OF ARTICLE IV] 
  

 42 

 ARTICLE V 
  

ALLOCATIONS DEPOSITS AND PAYMENTS 
  
 Section 5.01. Allocations of Available Funds. With respect to each Monthly Period, the Servicer shall allocate to each series of Notes its portion
of Available Funds in an amount equal to the sum of (i) the sum of the Daily Available Funds Amounts for each day during such Monthly Period for such series of Notes, (ii) such series’ pro rata portion of Finance Charge Account
Investment Proceeds allocated to Series 2004-MC pursuant to Section 5(b) of the Series 2004-MC Supplement with respect to the related Transfer Date based on the aggregate amount on deposit in the Finance Charge Account with respect to such
series of Notes to the aggregate amount on deposit in the Finance Charge Account with respect to all series of Notes and (iii) such series’ pro rata portion of Principal Account Investment Proceeds allocated to Series 2004-MC pursuant to
Section 5(b) of the Series 2004-MC Supplement with respect to the related Transfer Date based on the aggregate amount on deposit in the Principal Account with respect to such series of Notes to the aggregate amount on deposit in the Principal
Account with respect to all series of Notes for application in accordance with the related Indenture Supplement. 
  
 Section 5.02. Allocations of Available Principal Amounts. With respect to each Monthly Period, the Servicer shall allocate all Available Principal
Amounts to each series of Notes with a Monthly Principal Payment for such Monthly Period in an amount equal to its Monthly Principal Payment; provided, however, that in the event that Available Principal Amounts for any Monthly Period
are less than the aggregate Monthly Principal Payments for all series of Notes, Available Principal Amounts shall be allocated to each series of Notes with a Monthly Principal Payment for such Monthly Period in an amount equal to the lesser of (a)
the sum of the Daily Principal Amounts for each day during such Monthly Period for such series of Notes and (b) the Monthly Principal Payment for such series of Notes for such Monthly Period for application in accordance with the related Indenture
Supplement; provided further, however, that any excess Available Principal Amounts identified in the application of clause (a) of the preceding proviso, or in the application of this proviso, shall be allocated to each series of
Notes that has not been allocated sufficient Available Principal Amounts to cover its full Monthly Principal Payment up to the amount of such insufficiency pro rata (based on the ratio of the Weighted Average Principal Allocation Amount for
such series of Notes for such Monthly Period to the Weighted Average Principal Allocation Amount for all series of Notes with an unpaid Monthly Principal Payment for such Monthly Period) for application in accordance with the related Indenture
Supplement. 
  
 Section 5.03. Final Payment. Each class of
Notes shall be considered to be paid in full, the Holders of such class of Notes shall have no further right or claim, and the Issuer shall have no further obligation or liability with respect to such class of Notes, on the earliest to occur of:

  
 (a) the date of the payment in full of the Stated Principal
Amount of and all accrued interest on that class of Notes; 
  

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 (b) the date on which the Outstanding Dollar Principal Amount of such Notes, after giving effect to all
deposits, allocations, reallocations, sales of Receivables and payments to be made on such date, is reduced to zero, and all accrued interest on such Notes is paid in full; or 
  
 (c) on the Legal Maturity Date of such Notes, after giving effect to all deposits, allocations, reallocations, sales of
Receivables and payments to be made on such date. 
  
 Section
5.04. Payments within a Series or Class. All payments of principal, interest or other amounts to Holders of the Notes of a series or class shall be made in accordance with the related Indenture Supplement. 
  
 [END OF ARTICLE V] 
  

 44 

 ARTICLE VI 
  
 SATISFACTION AND DISCHARGE 
  
 Section 6.01. Satisfaction and Discharge of Indenture. This Indenture shall cease to be of further effect with respect to any series or class of
Notes (except as to any surviving rights of transfer or exchange of Notes of that series or class expressly provided for herein or in the form of Note for that series or class), and the Indenture Trustee, on demand of and at the expense of the
Issuer, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture as to that series or class, when: 
  
 (a) all Notes of that series or class theretofore authenticated and delivered (other than (A) Notes of that series or class which have been destroyed,
lost or stolen and which have been replaced or paid as provided in Section 3.06, and (B) Notes of that series or class for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Issuer and
thereafter repaid to the Issuer or discharged from that trust, as provided in Section 11.03) have been delivered to the Indenture Trustee canceled or for cancellation; 
  
 (b) the Issuer has paid or caused to be paid all other sums payable hereunder (including payments to the Indenture Trustee
pursuant to Section 8.07) by the Issuer with respect to the Notes of that series or class; and 
  
 (c) the Issuer has delivered to the Indenture Trustee an Officer’s Certificate and an Opinion of Counsel each stating that all conditions precedent
herein provided for relating to the satisfaction and discharge of this Indenture with respect to the Notes of that series or class have been complied with. 
  
 Notwithstanding the satisfaction and discharge of this Indenture with respect to any series or class of Notes, the obligations of the Issuer to the Indenture Trustee with
respect to that series or class under Section 8.07 and the obligations of the Indenture Trustee under Sections 6.02 and 11.03 shall survive such satisfaction and discharge. 
  
 Section 6.02. Application of Trust Money. All money and obligations
deposited with the Indenture Trustee pursuant to Section 6.01 or Section 6.03 and all money received by the Indenture Trustee in respect of such obligations shall be held in trust and applied by it, in accordance with the provisions of
the series or class of Notes in respect of which it was deposited and this Indenture, to the payment, either directly or through any Paying Agent (including the Issuer acting as its own Paying Agent) as the Indenture Trustee may determine, to the
Persons entitled thereto, of the principal and interest for whose payment that money and obligations have been deposited with or received by the Indenture Trustee; but that money and obligations need not be segregated from other funds held by the
Indenture Trustee except to the extent required by law. 
  
 Section 6.03. Cancellation of Notes Held by the Issuer or Transferor. If the Issuer, the Transferor or any of their Affiliates holds any Notes, that Holder may, subject to any provisions of a related Indenture Supplement limiting the
repayment of subordinated classes of Notes, by notice from that Holder to the Indenture Trustee cause that Note to be canceled, 
  

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 whereupon (a) the Note shall no longer be Outstanding, and (b) the Issuer shall cause the Investor Interest of the
Collateral Certificate to be reduced by an amount equal to the Nominal Liquidation Amount of that cancelled Note. 
  
 [END OF ARTICLE VI] 
  

 46 

 ARTICLE VII 
  
 EVENTS OF DEFAULT AND REMEDIES 
  
 Section 7.01. Events of Default. “Event of Default,” wherever used herein, means with respect to any series
or class of Notes any one of the following events (whatever the reason for such Event of Default and whether it will be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any
order, rule or regulation of any administrative or governmental body), unless such event is either expressly stated to be inapplicable to a particular series or class or specifically deleted or modified in the applicable Indenture Supplement
creating such series or class of Notes or in the form of Note for such series or class: 
  
 (a) with respect to any class of Notes, a default by the Issuer in the payment of any interest on such Notes when such interest becomes due and payable, and continuance of such default for a period of thirty-five (35)
days following the date on which such interest became due and payable; 
  
 (b) with respect to any class of Notes, a default by the Issuer in the payment of the principal amount of such Notes at the applicable Legal Maturity Date; 
  
 (c) a default in the performance, or breach, of any covenant or warranty of the Issuer in this Indenture in respect of the
Notes of such series or class (other than a covenant or warranty in respect of the Notes of such series or class a default in the performance of which or the breach of which is elsewhere in this Section specifically dealt with), all of such
covenants and warranties in this Indenture which are not expressly stated to be for the benefit of a particular series and class of Notes being deemed to be in respect of the Notes of all series or classes for this purpose, and continuance of such
default or breach for a period of sixty (60) days after there has been given, by registered or certified mail, to the Issuer by the Indenture Trustee or to the Issuer and the Indenture Trustee by the Holders of at least 25% in Outstanding Dollar
Principal Amount of the Outstanding Notes of such series or class, a written notice specifying such default or breach and requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder and, as a result of such
default, the interests of the Holders of the Notes of such series or class are materially and adversely affected and continue to be materially and adversely affected during the sixty (60) day period; 
  
 (d) the entry of an order for relief against the Issuer under the Federal
Bankruptcy Code by a court having jurisdiction in the premises or a decree or order by a court having jurisdiction in the premises adjudging the Issuer a bankrupt or insolvent under any other applicable Federal or State law, or the entry of a decree
or order approving as properly filed a petition seeking reorganization, arrangement, adjustment or composition of or in respect of the Issuer under the Federal Bankruptcy Code or any other applicable Federal or State law, or appointing a receiver,
liquidator, assignee, trustee, sequestrator (or other similar official) of the Issuer or of any substantial part of its property, or ordering the winding up or liquidation of its affairs, and the continuance of any such decree or order unstayed and
in effect for a period of ninety (90) consecutive days; 
  

 47 

 (e) the consent by the Issuer to the institution of bankruptcy or insolvency proceedings against it, or
the filing by it of a petition or answer or consent seeking reorganization or relief under the Federal Bankruptcy Code or any other applicable Federal or State law, or the consent by it to the filing of any such petition or to the appointment of a
receiver, liquidator, assignee, trustee, sequestrator (or other similar official) of the Issuer or of any substantial part of its property, or the making by it of an assignment for the benefit of creditors, or the admission by it in writing of its
inability to pay its debts generally as they become due, or the taking of corporate action by the Issuer in furtherance of any such action; or 
  
 (f) with respect to any series or class, any additional Event of Default specified in the Indenture Supplement for such series or class as applying to
such series or class, or specified in the form of Note for such series or class. 
  
 Section 7.02. Acceleration of Maturity, Rescission and Annulment. 
  
 (a) If an Event of Default described in clause (a), (b), (c) or (f) (if the Event of Default under clause (c) or (f) is with respect to less than all
series and classes of Notes then Outstanding) of Section 7.01, occurs and is continuing with respect to any series or class, then and in each and every such case, unless the principal of all the Notes of such series or class shall have
already become due and payable, the Indenture Trustee may, and shall, at the direction of the Majority Holders of the Notes of such series or class then Outstanding hereunder (each such series or class acting as a separate class), by notice in
writing to the Issuer (and to the Indenture Trustee if given by Holders), may declare the Outstanding principal amount of all the Notes of such series or class then Outstanding and all interest accrued or principal accreted and unpaid (if any)
thereon to be due and payable immediately, and upon any such declaration the same shall become and shall be immediately due and payable, anything in this Indenture, the related Indenture Supplement or in the Notes of such series or class to the
contrary notwithstanding. Such payments are subject to Article V and the allocation, deposits and payment sections of the related Indenture Supplement. 
  

(b) If an Event of Default described in clause (c) or (f) (if the Event of Default under clause (c) or (f) is with respect to all series and classes of
Notes then Outstanding) of Section 7.01 occurs and is continuing, then and in each and every such case, unless the principal of all the Notes shall have already become due and payable, the Indenture Trustee may, and shall, at the direction of
the Majority Holders of all the Notes then Outstanding hereunder (treated as one class), by notice in writing to the Issuer (and to the Indenture Trustee if given by Holders), may declare the Outstanding principal amount of all the Notes then
Outstanding and all interest accrued or principal accreted and unpaid (if any) thereon to be due and payable immediately, and upon any such declaration the same shall become and shall be immediately due and payable, notwithstanding anything in this
Indenture, the related Indenture Supplements or the Notes to the contrary. 
  
 (c) If an Event of Default described in clause (d) or (e) of Section 7.01 occurs and is continuing, then the Notes of all series and classes shall automatically be and become immediately due and payable by the
Issuer, without notice or demand to any Person, and the Issuer shall automatically and immediately be obligated to pay off the Notes. 
  

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 At any time after such a declaration of acceleration has been made with respect to the Notes of any series or class and
before a judgment or decree for payment of the money due has been obtained by the Indenture Trustee as hereinafter in this Article VII, provided, the Majority Holders of such series or classes, by written notice to the Issuer and the
Indenture Trustee, may rescind and annul such declaration and its consequences if: 
  
 (a) the Issuer has paid or deposited with the Indenture Trustee a sum sufficient to pay (i) all overdue installments of interest on the Notes of such series or class, (ii) the principal of any Notes of such series or
class which have become due otherwise than by such declaration of acceleration, and interest thereon at the rate or rates prescribed therefor by the terms of the Notes of such series or class, to the extent that payment of such interest is lawful,
(iii) interest upon overdue installments of interest at the rate or rates prescribed therefor by the terms of the Notes of such series or class to the extent that payment of such interest is lawful, and (iv) all sums paid by the Indenture Trustee
hereunder and the reasonable compensation, expenses and disbursements of the Indenture Trustee, its agents and counsel and all other amounts due the Indenture Trustee under Section 8.07; and 
  
 (b) all Events of Default with respect to such series or class of Notes,
other than the nonpayment of the principal of the Notes of such series or class which has become due solely by such acceleration, have been cured or waived as provided in Section 7.16. 
  
 No such rescission shall affect any subsequent default or impair any right
consequent thereon. 
  
 Section 7.03. Collection of
Indebtedness and Suits for Enforcement by Indenture Trustee. The Issuer covenants that if: 
  
 (a) the Issuer defaults in the payment of interest on any series or class of Notes when such interest becomes due and payable and such default continues
for a period of thirty-five (35) days following the date on which such interest became due and payable, or 
  
 (b) the Issuer defaults in the payment of the principal of any series or class of Notes at the Legal Maturity Date thereof; 
  
 and any such default continues beyond any specified grace period provided with respect to
such series or class of Notes, the Issuer shall, upon demand of the Indenture Trustee, pay (subject to the allocation provided in Article V, this Article VII and any related Indenture Supplement) to the Indenture Trustee, for the
benefit of the Holders of any such Notes of the affected series or class, the whole amount then due and payable on any such Notes for principal and interest, with interest, to the extent that payment of such interest will be legally enforceable,
upon the overdue principal and upon overdue installments of interest, (i) in the case of Interest-bearing Notes, at the rate of interest applicable to the stated principal amount thereof, unless otherwise specified in the applicable Indenture
Supplement; and (ii) in the case of Discount Notes, as specified in the applicable Indenture Supplement, and in addition thereto, shall pay such further amount as will be sufficient to cover the costs and expenses of collection, including the
reasonable compensation, expenses, disbursements and advances of the Indenture Trustee, its agents and counsel and all other amounts due the Indenture Trustee under Section 8.07. 
  

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 If the Issuer fails to pay such amounts forthwith upon such demand, the Indenture Trustee, in its own
name and as trustee of an express trust, may institute a judicial proceeding for the collection of the sums so due and unpaid, and may prosecute such proceeding to judgment or final decree, and may enforce the same against the Issuer or any other
obligor upon the Notes of such series or class and collect the money adjudged or decreed to be payable in the manner provided by law out of the Collateral or any other obligor upon such Notes, wherever situated. 
  
 Section 7.04. Indenture Trustee May File Proofs of Claim. In case of
the pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other judicial proceeding relative to the Issuer or any other obligor upon the Notes or the property of the Issuer or of
such other obligor or their creditors, the Indenture Trustee (irrespective of whether the principal of the Notes shall then be due and payable as therein expressed or by declaration or otherwise and irrespective of whether the Indenture Trustee
shall have made any demand on the Issuer for the payment of overdue principal or interest) shall be entitled and empowered, by intervention in such proceedings or otherwise, 
  
 (i) to file and prove a claim for the whole amount of principal and interest owing and unpaid in respect of
the Notes and to file such other papers or documents as may be necessary and advisable in order to have the claims of the Indenture Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Indenture
Trustee, its agents and counsel and all other amounts due the Indenture Trustee under Section 8.07) and of the Noteholders allowed in such judicial proceeding, and 
  
 (ii) to collect and receive any funds or other property payable or deliverable on any such claims and to
distribute the same; 
  
 and any receiver, assignee, trustee, liquidator,
sequestrator (or other similar official) in any such judicial proceeding is hereby authorized by each Noteholder to make such payment to the Indenture Trustee and in the event that the Indenture Trustee shall consent to the making of such payments
directly to the Noteholders, to pay to the Indenture Trustee any amount due to it for the reasonable compensation, expenses, disbursements and advances of the Indenture Trustee, its agents and counsel, and any other amounts due the Indenture Trustee
under Section 8.07. 
  
 Nothing herein contained shall be
deemed to authorize the Indenture Trustee to authorize or consent to or accept or adopt on behalf of any Noteholder any plan or reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Holder thereof, or to
authorize the Indenture Trustee to vote in respect of the claim of any Noteholder in any such proceeding. 
  
 Section 7.05. Indenture Trustee May Enforce Claims Without Possession of Notes. All rights of action and claims under this Indenture or the
Notes of any series or class may be prosecuted and enforced by the Indenture Trustee without the possession of any of the Notes of such series or class or the production thereof in any proceeding relating thereto, and any such proceeding instituted
by the Indenture Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment shall, after provision for the payment of the 
  

 50 

 reasonable compensation, expenses, disbursements and advances of the Indenture Trustee, its agent and counsel, be for the
ratable benefit of the Holders of the Notes of the series or class in respect of which such judgment has been recovered. 
  
 Section 7.06. Application of Money Collected. Any money or other property collected by the Indenture Trustee with respect to a series or class of
Notes pursuant to this Article VII shall be applied in the following order, at the date or dates fixed by the Indenture Trustee and, in case of the distribution of such money on account of principal or interest, upon presentation of the Notes
of such series or class and the notation thereon of the payment if only partially paid and upon surrender thereof if fully paid: 
  
 (a) first, to the payment of all amounts due the Indenture Trustee under Section 8.07(a); 
  
 (b) second, to the payment of the amounts then due and unpaid upon the Notes
of that series or class for principal and interest, in respect of which or for the benefit of which such money has been collected, ratably, without preference or priority of any kind (but subject to the allocation provided in Article V of
this Indenture and the related Indenture Supplements), according to the amounts due and payable on such Notes for principal and interest, respectively; and 
  
 (c) third, to the Issuer. 
  
 Section 7.07. Indenture Trustee May Elect to Hold the Collateral Certificate. Following an acceleration of any series or class of Notes, the
Indenture Trustee may elect to continue to hold the Collateral Certificate and apply distributions on the Collateral Certificate in accordance with the regular distribution provisions pursuant to Article V of this Indenture, except that
principal shall be paid on the accelerated class of Notes to the extent funds are received from the Master Trust and allocated to the accelerated class, and payment is permitted by the subordination provisions of the accelerated class. 

 
 Section 7.08. Sale of Collateral Certificate for Accelerated Notes.
In the case of a series of Notes that has been accelerated following an Event of Default, the Indenture Trustee may, and at the direction of the Majority Holders of that series of Notes shall, cause the Master Trust to sell the Collateral
Certificate, to the extent of the Notes’ pro rata portion, in an amount up to the Nominal Liquidation Amount of such series of Notes plus any accrued, past due and additional interest on such series or class, but only if at least one of
the following conditions is met: 
  
 (i) the
Holders of 90% of the aggregate Outstanding Dollar Principal Amount of such accelerated series of Notes shall have consented thereto; or 
  
 (ii) the net proceeds of such sale (plus amounts on deposit in the applicable sub-Accounts) would be sufficient to pay all outstanding
amounts due on such accelerated series of Notes; or 
  
 (iii) if the Indenture Trustee shall have determined that the funds to be allocated to the accelerated series of Notes may not be sufficient on an ongoing basis to 
  

 51 

 make all payments on such Notes as such payments would have become due if such series of Notes had not
been declared due and payable, and the Holders of not less that 66 2/3% of the aggregate Outstanding Dollar
Principal Amount of Notes of such accelerated series, as applicable, consent to such sale. 
  
 Section 7.09. Noteholders Have the Right to Direct the Time, Method and Place of Conducting Any Proceeding for Any Remedy Available to the Indenture
Trustee. The Majority Holders of any accelerated series or class of Notes have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Indenture Trustee, or exercising any trust or power conferred
on the Indenture Trustee. This right may be exercised only if the direction provided by the Noteholders does not conflict with applicable law or this Indenture and does not have a substantial likelihood of involving the Indenture Trustee in personal
liability. 
  
 Section 7.10. Limitation on Suits. No Holder
of any Note of any series or class shall have any right to institute any proceeding, judicial or otherwise, with respect to this Indenture, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless: 
  
 (a) such Holder has previously given written notice to the Indenture Trustee
of a continuing Event of Default with respect to Notes of such series or class; 
  
 (b) the Holders of not less than 25% in Outstanding Dollar Principal Amount of the Outstanding Notes of such series or class have made written request to the Indenture Trustee to institute proceedings in respect of
such Event of Default in its own name as Indenture Trustee hereunder; 
  
 (c) such Holder or Holders have offered to the Indenture Trustee indemnity reasonably satisfactory to it against the costs, expenses and liabilities to be incurred in compliance with such request; 
  
 (d) the Indenture Trustee for sixty (60) days after its receipt of such
notice, request and offer of indemnity has failed to institute any such proceeding; and 
  
 (e) no direction inconsistent with such written request has been given to the Indenture Trustee during such sixty (60) day period by the Majority Holders of such series or class; 
  
 it being understood and intended that no one or more Holders of Notes of such series or class
shall have any right in any manner whatever by virtue of, or by availing of, any provision of this Indenture to affect, disturb or prejudice the rights of any other Holders of Notes of such series or class, or to obtain or to seek to obtain priority
or preference over any other such Holders or to enforce any right under this Indenture, except in the manner herein provided and for the equal and proportionate benefit of all the Holders of all Notes of such series or class. 
  
 Section 7.11. Unconditional Right of Noteholders to Receive Principal
and Interest; Limited Recourse. Notwithstanding any other provisions in this Indenture, the Holder of any Note shall have the right, which is absolute and unconditional, to receive payment of the 
  

 52 

 principal of and interest on such Note on the Legal Maturity Date expressed in the related Indenture Supplement and to
institute suit for the enforcement of any such payment, and such right shall not be impaired without the consent of such Holder; provided, however, that notwithstanding any other provision of this Indenture to the contrary, the
obligation to pay principal of or interest on the Notes or any other amount payable to any Noteholder shall be without recourse to the Transferor, AFCO Acceptance, AFCO Credit, the Indenture Trustee, the Owner Trustee or any affiliate, officer,
employee or director of any of them, and the obligation of the Issuer to pay principal of or interest on the Notes or any other amount payable to any Noteholder shall be subject to Article V and the allocation and payment provisions of the
Indenture Supplements. 
  
 Section 7.12. Restoration of Rights
and Remedies. If the Indenture Trustee or any Noteholder has instituted any proceeding to enforce any right or remedy under this Indenture and such proceeding has been discontinued or abandoned for any reason, then and in every such case the
Issuer, the Indenture Trustee and the Noteholders shall, subject to any determination in such proceeding, be restored severally and respectively to their former positions hereunder, and thereafter all rights and remedies of the Indenture Trustee and
the Noteholders shall continue as though no such proceeding had been instituted. 
  
 Section 7.13. Rights and Remedies Cumulative. No right or remedy herein conferred upon or reserved to the Indenture Trustee or to the Noteholders is intended to be exclusive of any other right or remedy, and
every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or
remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy. 
  
 Section 7.14. Delay or Omission Not Waiver. No delay or omission of the Indenture Trustee or of any Holder of any Note to exercise any right or
remedy accruing upon any Event of Default shall impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and remedy given by this Article or by law to the Indenture Trustee or to the
Noteholders may be exercised from time to time, and as often as may be deemed expedient, by the Indenture Trustee or by the Noteholders, as the case may be. 
  
 Section 7.15. Control by Noteholders. The Majority Holders of any series or class shall have the right to direct the time, method and place of
conducting any proceeding for any remedy available to the Indenture Trustee or exercising any trust or power conferred on the Indenture Trustee with respect to the Notes of such series or class, provided that: 
  
 (a) the Indenture Trustee shall have the right to decline to follow any such
direction if the Indenture Trustee, being advised by counsel, determines that the action so directed may not lawfully be taken or would conflict with this Indenture or if the Indenture Trustee in good faith shall, by an Indenture Trustee Authorized
Officer, determine that the proceedings so directed would involve it in personal liability or be unjustly prejudicial to the Holders not taking part in such direction, and 
  

 53 

 (b) the Indenture Trustee may take any other action permitted hereunder deemed proper by the Indenture
Trustee which is not inconsistent with such direction. 
  
 Section
7.16. Waiver of Past Defaults. The Majority Holders of any series or class may on behalf of the Holders of all the Notes of such series or class waive any past default hereunder or under the related Indenture Supplement with respect to such
series or class and its consequences, except a default not theretofore cured: 
  
 (a) in the payment of the principal of or interest on any Note of such series or class, or 
  
 (b) in respect of a covenant or provision hereof which under Article X cannot be modified or amended without the consent of the Holder of each
Outstanding Note of such series or class. 
  
 Upon any such
waiver, such default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured, for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other default or impair any right
consequent thereon. 
  
 Section 7.17. Undertaking for
Costs. All parties to this Indenture agree, and each Holder of any Note by his acceptance thereof shall be deemed to have agreed, that any court may in its discretion require, in any suit for the enforcement of any right or remedy under this
Indenture, or in any suit against the Indenture Trustee for any action taken or omitted by it as Indenture Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs of such suit, and that such court may in its
discretion assess reasonable costs, including reasonable attorneys’ fees and expenses, against any party litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant; but the
provisions of this Section shall not apply to any suit instituted by the Indenture Trustee, to any suit instituted by any Noteholder, or group of Noteholders, holding in the aggregate more than 25% in Outstanding Dollar Principal Amount of the
Outstanding Notes of any series or class to which the suit relates, or to any suit instituted by any Noteholders for the enforcement of the payment of the principal of or interest on any Note on or after the applicable Legal Maturity Date expressed
in such Note. 
  
 Section 7.18. Waiver of Stay or Extension
Laws. The Issuer covenants (to the extent that it may lawfully do so) that it shall not at any time insist upon, or plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay or extension law wherever enacted, now or
at any time hereafter in force, which may affect the covenants or the performance of this Indenture; and the Issuer (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it
shall not hinder, delay or impede the execution of any power herein granted to the Indenture Trustee, but shall suffer and permit the execution of every such power as though no such law had been enacted. 
  
 [END OF ARTICLE VII] 
  

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 ARTICLE VIII 
  
 THE INDENTURE TRUSTEE 
  
 Section 8.01. Certain Duties and Responsibilities. 
  
 (a) The Indenture Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Indenture with respect to the Notes
of any series or classes, and no implied covenants or obligations shall be read into this Indenture against the Indenture Trustee. 
  
 (b) In the absence of bad faith on its part, the Indenture Trustee may, with respect to Notes of any series or class, conclusively rely, as to the truth
of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Indenture Trustee and conforming to the requirements of this Indenture; but in the case of any such certificates or opinions
which by any provision hereof are specifically required to be furnished to the Indenture Trustee, the Indenture Trustee shall be under a duty to examine the same to determine whether or not they conform to the requirements of this Indenture but need
not confirm or investigate the accuracy of any mathematical calculations or other facts stated therein. 
  
 (c) In case an Event of Default with respect to any series or class of Notes has occurred and is continuing, the Indenture Trustee shall exercise with
respect to the Notes of such series or class such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in their exercise, as a fiduciary would exercise or use under the circumstances in the conduct of
such person’s own affairs. 
  
 (d) No provision of this
Indenture shall be construed to relieve the Indenture Trustee from liability for its own negligent action, its own negligent failure to act, or its own willful misconduct, except that: 
  
 (i) clause (d) shall not be construed to limit the effect of clause (a) of this Section; 
  
 (ii) the Indenture Trustee shall not be liable for any error
of judgment made in good faith by an Indenture Trustee Authorized Officer, unless it shall be proved that the Indenture Trustee was negligent in ascertaining the pertinent facts; 
  
 (iii) the Indenture Trustee shall not be liable with respect to any action taken or omitted to be taken by
it in good faith in accordance with the direction of the Majority Holders of any series or class relating to the time, method and place of conducting any proceeding for any remedy available to the Indenture Trustee, or exercising any trust or power
conferred upon the Indenture Trustee, under this Indenture with respect to the Notes of such series or class; and 
  
 (iv) no provision of this Indenture shall require the Indenture Trustee to expend or risk its own funds or otherwise incur any financial
liability in the performance of any of its duties hereunder, or in the exercise of any of its rights 
  

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 or powers, if it shall have reasonable grounds for believing that repayment of such funds or indemnity
satisfactory to the Indenture Trustee against such risk or liability is not reasonably assured to it. 
  
 (e) Whether or not therein expressly so provided, every provision of this Indenture relating to the conduct or affecting the liability of or affording
protection to the Indenture Trustee shall be subject to the provisions of this Section. 
  
 Section 8.02. Notice of Defaults. Within ninety (90) days after the occurrence of any default hereunder with respect to Notes of any series or class, 
  
 (a) the Indenture Trustee shall transmit by mail to all Registered
Noteholders of such series or class, as their names and addresses appear in the Note Register, notice of such default hereunder known to the Indenture Trustee, and 
  
 (b) the Indenture Trustee shall give prompt written notification thereof to the Note Rating Agencies, unless such default
shall have been cured or waived; 
  
 provided, however, that, except
in the case of a default in the payment of the principal of or interest on any Note of such series or class, the Indenture Trustee shall be protected in withholding such notice if and so long as the board of directors, the executive committee or a
trust committee of directors and/or Indenture Trustee Authorized Officers of the Indenture Trustee in good faith determine that the withholding of such notice is in the interests of the Noteholders of such series or class. For the purpose of this
Section, the term “default,” with respect to Notes of any series or class, means any event which is, or after notice or lapse of time or both would become, an Event of Default with respect to Notes of such series or class. 
  
 Section 8.03. Certain Rights of Indenture Trustee. Except as otherwise
provided in Section 8.01: 
  
 (a) the Indenture Trustee
may conclusively rely and shall be protected in acting or refraining from acting upon any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture or other paper or document
(whether in its original or facsimile form) believed by it to be genuine and to have been signed or presented by the proper party or parties; 
  
 (b) any request or direction of the Issuer mentioned herein shall be sufficiently evidenced by an Officer’s Certificate; 
  
 (c) whenever in the administration of this Indenture the Indenture Trustee
shall deem it desirable that a matter be proved or established before taking, suffering or omitting any action hereunder, the Indenture Trustee (unless other evidence be herein specifically prescribed) may, in the absence of bad faith on its part,
rely upon an Officer’s Certificate; 
  
 (d) the Indenture
Trustee may consult with counsel of its own selection and the advice of such counsel or any Opinion of Counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith
and in reliance thereon; 
  

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 (e) the Indenture Trustee shall be under no obligation to exercise any of the rights or powers vested in
it by this Indenture at the request or direction of any of the Noteholders pursuant to this Indenture, unless such Noteholders shall have offered to the Indenture Trustee security or indemnity reasonably satisfactory to it against the costs,
expenses and liabilities which might be incurred by it in compliance with such request or direction; 
  
 (f) the Indenture Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement,
instrument, opinion, report, notice, request, direction, consent, order, bond, debenture or other paper or document, but the Indenture Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it may
see fit, and, if the Indenture Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine the books, records and premises of the Issuer, personally or by agent or attorney; 
  
 (g) the Indenture Trustee may execute any of the trusts or powers hereunder
or perform any duties hereunder either directly or by or through agents or attorneys and the Indenture Trustee shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed with due care by it hereunder;
and 
  
 (h) the Indenture Trustee shall not be responsible for
filing any financing statements or continuation statements in connection with the Notes, but shall cooperate with the Issuer in connection with the filing of such financing statements or continuation statements. 
  
 Section 8.04. Not Responsible for Recitals or Issuance of Notes. The
recitals contained herein and in the Notes, except the certificates of authentication, shall be taken as the statements of the Issuer, and the Indenture Trustee assumes no responsibility for their correctness. The Indenture Trustee makes no
representations as to the validity or sufficiency of this Indenture or of the Notes. The Indenture Trustee shall not be accountable for the use or application by the Issuer of Notes or the proceeds thereof. 
  
 Section 8.05. May Hold Notes. The Indenture Trustee, any Paying Agent,
the Note Registrar or any other agent of the Issuer, in its individual or any other capacity, may, become the owner or pledgee of Notes and, subject to Sections 8.08 and 8.13, may otherwise deal with the Issuer with the same rights it
would have if it were not Indenture Trustee, Paying Agent, Note Registrar or such other agent. 
  
 Section 8.06. Money Held in Trust. Money held by the Indenture Trustee in trust hereunder need not be segregated from other funds except to the extent required by law. The Indenture Trustee shall be under no
liability for interest on any money received by it hereunder except as otherwise agreed with the Issuer. 
  
 Section 8.07. Compensation and Reimbursement, Limit on Compensation, Reimbursement and Indemnity. 
  
 (a) The Issuer agrees 
  
 (i) to pay to the Indenture Trustee from time to time
reasonable compensation for all services rendered by it hereunder (which compensation shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust); 
  

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 (ii) except as otherwise expressly provided herein, to reimburse the Indenture Trustee
upon its request for all reasonable expenses, disbursements and advances incurred or made by the Indenture Trustee in accordance with any provision of this Indenture (including the reasonable compensation and the reasonable expenses and
disbursements of its agents and counsel), except any such expense, disbursement or advance as may be attributable to its negligence or bad faith; and 
  
 (iii) to indemnify the Indenture Trustee for, and to hold it harmless against, any and all loss, liability or expense incurred without
negligence or bad faith on its part, arising out of or in connection with the acceptance or administration of this trust, including the costs and expenses of defending itself against any claim or liability (whether asserted by the Issuer, the
Servicer, any Holder or any other Person) in connection with the exercise or performance of any of its powers or duties hereunder. 
  
 The Indenture Trustee shall have no recourse to any asset of the Issuer other than funds available pursuant to Section 7.06 or to any Person other than the
Servicer or the Issuer. 
  
 (b) This Section shall survive the
termination of this Indenture and the resignation or replacement of the Indenture Trustee under Section 8.10. 
  
 Section 8.08. Disqualification; Conflicting Interests. If the Indenture Trustee has or shall acquire a conflicting interest within the meaning of
the Trust Indenture Act, the Indenture Trustee shall, if so required by the Trust Indenture Act, either eliminate such interest or resign, to the extent and in the manner provided by, and subject to the provisions of, the Trust Indenture Act and
this Indenture. Nothing herein shall prevent the Indenture Trustee from filing with the Commission the application referred to in the second to last paragraph of Section 3.10(b) of the Trust Indenture Act. 
  
 Section 8.09. Corporate Indenture Trustee Required; Eligibility. There
shall at all times be an Indenture Trustee hereunder with respect to each series or class of Notes, which shall be a corporation organized and doing business under the laws of the United States of America or of any State, authorized under such laws
to exercise corporate trust powers, having a combined capital and surplus of at least $50,000,000, subject to supervision or examination by Federal or State authority, and having a rating of at least BBB- by Standard & Poor’s. If such
corporation publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purposes of this Section, the combined capital and surplus of such corporation
shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. The Issuer may not, nor may any Person directly or indirectly controlling, controlled by, or under common control with the
Issuer, serve as Indenture Trustee. If at any time the Indenture Trustee with respect to any series or class of Notes shall cease to be eligible in accordance with the provisions of this Section, it shall resign immediately in the manner and with
the effect hereinafter specified in this Article. 
  

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 Section 8.10. Resignation and Removal; Appointment of Successor. 
  
 (a) No resignation or removal of the Indenture Trustee and no appointment of
a successor Indenture Trustee pursuant to this Article shall become effective until the acceptance of appointment by the successor Indenture Trustee under Section 8.11. 
  
 (b) The Indenture Trustee may resign with respect to any series or class of Notes at any time by giving written notice
thereof to the Issuer. If an instrument of acceptance by a successor Indenture Trustee shall not have been delivered to the Indenture Trustee within thirty (30) days after the giving of such notice of resignation, the resigning Indenture Trustee may
petition any court of competent jurisdiction for the appointment of a successor Indenture Trustee. 
  
 (c) The Indenture Trustee may be removed with respect to any series or class of Notes at any time by Act of the Majority Holders of that series or class,
delivered to the Indenture Trustee and to the Issuer. 
  
 (d) If
at any time: 
  
 (i) the Indenture Trustee fails
to comply with Section 3.10(b) of the Trust Indenture Act with respect to any series or class of Notes after written request therefor by the Issuer or by any Noteholder who has been a bona fide Holder of a Note of that series or class for at least
six (6) months, or 
  
 (ii) the Indenture Trustee
ceases to be eligible under Section 8.09 with respect to any series or class of Notes and fails to resign after written request therefor by the Issuer or by any such Noteholder, or 
  
 (iii) the Indenture Trustee becomes incapable of acting with
respect to any series or class of Notes, or 
  
 (iv) the Indenture Trustee is adjudged bankrupt or insolvent or a receiver of the Indenture Trustee or of its property is appointed or any public officer takes charge or control of the Indenture Trustee or of its property or affairs for the
purpose of rehabilitation, conservation or liquidation, 
  
 then, in any such
case, (A) the Issuer may remove the Indenture Trustee, with respect to the series or class, or in the case of clause (iv), with respect to all series or classes, or (B) subject to Section 7.17, any Noteholder who has been a bona fide Holder
of a Note of such series and class for at least six (6) months may, on behalf of itself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Indenture Trustee with respect to such series or class and
the appointment of a successor Indenture Trustee with respect to the series or class, or, in the case of clause (iv), with respect to all series and classes. 
  

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 (e) If the Indenture Trustee resigns, is removed or becomes incapable of acting with respect to any
series or class of Notes, or if a vacancy shall occur in the office of the Indenture Trustee with respect to any series or class of Notes for any cause, the Issuer shall promptly appoint a successor Indenture Trustee for that series or class of
Notes. If, within one year after such resignation, removal or incapacity, or the occurrence of such vacancy, a successor Indenture Trustee with respect to such series or class of Notes is appointed by Act of the Majority Holders of such series or
class delivered to the Issuer and the retiring Indenture Trustee, the successor Indenture Trustee so appointed shall, forthwith upon its acceptance of such appointment, become the successor Indenture Trustee with respect to such series or class and
supersede the successor Indenture Trustee appointed by the Issuer with respect to such series or class. If no successor Indenture Trustee with respect to such series or class shall have been so appointed by the Issuer or the Noteholders of such
series or class and accepted appointment in the manner hereinafter provided, any Noteholder who has been a bona fide Holder of a Note of that series or class for at least six (6) months may, on behalf of itself and all others similarly situated,
petition any court of competent jurisdiction for the appointment of a successor Indenture Trustee with respect to such series or class. 
  
 (f) The Issuer shall give written notice of each resignation and each removal of the Indenture Trustee with respect to any series or class and each
appointment of a successor Indenture Trustee with respect to any series or class to each Noteholder as provided in Section 1.06 and to each Note Rating Agency. Each notice shall include the name of the successor Indenture Trustee and the
address of its principal Corporate Trust Office. 
  
 Section 8.11.
Acceptance of Appointment by Successor. Every successor Indenture Trustee appointed hereunder shall execute, acknowledge and deliver to the Issuer and to the predecessor Indenture Trustee an instrument accepting such appointment, with a copy
to the Note Rating Agencies, and thereupon the resignation or removal of the predecessor Indenture Trustee shall become effective with respect to any series or class as to which it is resigning or being removed as Indenture Trustee, and such
successor Indenture Trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the predecessor Indenture Trustee with respect to any such series or class; but, on request of the Issuer
or the successor Indenture Trustee, such predecessor Indenture Trustee shall, upon payment of its reasonable charges, if any, execute and deliver an instrument transferring to such successor Indenture Trustee all the rights, powers and trusts of the
predecessor Indenture Trustee, and shall duly assign, transfer and deliver to such successor Indenture Trustee all property and money held by such predecessor Indenture Trustee hereunder with respect to all or any such series or class, subject
nevertheless to its lien, if any, provided for in Section 8.07. Upon request of any such successor Indenture Trustee, the Issuer shall execute any and all instruments for more fully and certainly vesting in and confirming to such successor
Indenture Trustee all such rights, powers and trusts. 
  
 In case
of the appointment hereunder of a successor Indenture Trustee with respect to the Notes of one or more (but not all) series or classes, the Issuer, the predecessor Indenture Trustee and each successor Indenture Trustee with respect to the Notes of
any applicable series or class shall execute and deliver an Indenture Supplement which shall contain such provisions as shall be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties of the predecessor Indenture
Trustee with respect to the Notes of any series or 
  

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 class as to which the predecessor Indenture Trustee is not being succeeded shall continue to be vested in the predecessor
Indenture Trustee, and shall add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Indenture Trustee, it being understood that nothing
herein or in such Indenture Supplement shall constitute such Indenture Trustees co-trustees of the same trust and that each such Indenture Trustee shall be Indenture Trustee of a trust or trusts hereunder separate and apart from any trust or trusts
hereunder administered by any other such Indenture Trustee. 
  
 No
successor Indenture Trustee with respect to any series or class of Notes shall accept its appointment unless at the time of such acceptance such successor Indenture Trustee shall be qualified and eligible with respect to that series or class under
this Article. 
  
 Section 8.12. Merger, Conversion,
Consolidation or Succession to Business. Any corporation into which the Indenture Trustee may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the
Indenture Trustee shall be a party, or any corporation succeeding to all or substantially all of the corporate trust business of the Indenture Trustee, shall be the successor of the Indenture Trustee hereunder, provided such corporation shall be
otherwise qualified and eligible under this Article, without the execution or filing of any paper or any further act on the part of any of the parties hereto. The Issuer shall give prompt written notice of such merger, conversion, consolidation or
succession to the Note Rating Agencies. In case any Notes shall have been authenticated, but not delivered, by the Indenture Trustee then in office, any successor by merger, conversion or consolidation to such authenticating Indenture Trustee may
adopt such authentication and deliver the Notes so authenticated with the same effect as if such successor Indenture Trustee had itself authenticated such Notes. 
  
 Section 8.13. Preferential Collection of Claims Against Issuer. If and when the Indenture Trustee shall be or become
a creditor of the Issuer (or any other obligor upon the Notes), the Indenture Trustee shall be subject to the provisions of Section 311 of the Trust Indenture Act. An Indenture Trustee who has resigned or been removed shall be subject to Section 311
(a) of the Trust Indenture Act to the extent provided therein. 
  
 Section 8.14. Appointment of Authenticating Agent. At any time when any of the Notes remain Outstanding the Indenture Trustee, with the approval of the Issuer, may appoint an Authenticating Agent or Agents with respect to one or more
series or classes of Notes that shall be authorized to act on behalf of the Indenture Trustee to authenticate Notes of such series or classes issued upon exchange, registration of transfer or partial redemption thereof or pursuant to Section
3.06, and Notes so authenticated shall be entitled to the benefits of this Indenture and shall be valid and obligatory for all purposes as if authenticated by the Indenture Trustee hereunder. Wherever reference is made in this Indenture to the
authentication and delivery of Notes by the Indenture Trustee or the Indenture Trustee’s certificate of authentication, such reference shall be deemed to include authentication and delivery on behalf of the Indenture Trustee by an
Authenticating Agent and a certificate of authentication executed on behalf of the Indenture Trustee by an Authenticating Agent. Each Authenticating Agent shall be acceptable to the Issuer and shall at all times be a corporation organized and doing
business under the laws of the United States of America, any State thereof or the District of Columbia, authorized under such laws to act as an Authenticating Agent, having a combined capital and surplus of not less 
  

 61 

 than $50,000,000 and, if other than the Issuer itself, subject to supervision or examination by Federal or State
authority. If such Authenticating Agent publishes reports of condition at least annually, pursuant to law or to the requirements of said supervising or examining authority, then for the purposes of this Section, the combined capital and surplus of
such Authenticating Agent shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time an Authenticating Agent shall cease to be eligible in accordance with the provisions of
this Section, such Authenticating Agent shall resign immediately in the manner and with the effect specified in this Section. The initial Authenticating Agent for the Notes of all series and classes shall be Wells Fargo Bank, National Association.

  
 Any corporation into which an Authenticating Agent may be
merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which such Authenticating Agent shall be a party, or any corporation succeeding to the corporate agency or
corporate trust business of an Authenticating Agent, shall continue to be an Authenticating Agent, provided such corporation shall be otherwise eligible under this Section, without the execution or filing of any paper or any further act on the part
of the Indenture Trustee or the Authenticating Agent. 
  
 An
Authenticating Agent may resign at any time by giving written notice thereof to the Indenture Trustee and to the Issuer. The Indenture Trustee may at any time terminate the agency of an Authenticating Agent by giving written notice thereof to such
Authenticating Agent and to the Issuer. Upon receiving such a notice of resignation or upon such a termination, or in case at any time such Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section, the
Indenture Trustee, with the approval of the Issuer, may appoint a successor Authenticating Agent which shall be acceptable to the Issuer and shall give notice to each Noteholder as provided in Section 1.06. Any successor Authenticating Agent
upon acceptance of its appointment hereunder shall become vested with all the rights, powers and duties of its predecessor hereunder, with like effect as if originally named as an Authenticating Agent. No successor Authenticating Agent shall be
appointed unless eligible under the provisions of this Section. 
  
 The Indenture Trustee agrees to pay to each Authenticating Agent (other than an Authenticating Agent appointed at the request of the Issuer from time to time) reasonable compensation for its services under this Section, and the Indenture
Trustee shall be entitled to be reimbursed for such payments, subject to the provisions of Section 8.07. 
  
 If an appointment with respect to one or more series or classes is made pursuant to this Section, the Notes of such series or classes may have endorsed
thereon, in addition to the Indenture Trustee’s certificate of authentication, an alternate certificate of authentication in the following form: 
  
 This is one of the Notes of the series or classes 
 designated therein referred to in the within- 
 mentioned Indenture. 
  

			
	 WELLS FARGO BANK, NATIONAL
 ASSOCIATION, as
 Indenture Trustee

		
	 By:
	 	  

	 	 	 As Authenticating Agent

		
	 By:
	 	  

	 Authorized Signatory

  

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 Section 8.15. Tax Returns. In the event the Issuer shall be required to file tax returns, the
Servicer shall prepare or shall cause to be prepared such tax returns and shall provide such tax returns to the Owner Trustee or the Administrator for signature at least five (5) days before such tax returns are due to be filed. The Issuer, in
accordance with the terms of each Indenture Supplement, shall also prepare or shall cause to be prepared all tax information required by law to be distributed to Noteholders and shall deliver such information to the Indenture Trustee at least five
(5) days prior to the date it is required by law to be distributed to Noteholders. The Indenture Trustee, upon written request, shall furnish the Servicer with all such information known to the Indenture Trustee as may be reasonably requested and
required in connection with the preparation of all tax returns of the Issuer, and shall, upon request, execute such returns. In no event shall the Indenture Trustee or the Owner Trustee be personally liable for any liabilities, costs or expenses of
the Issuer or any Noteholder arising under any tax law, including without limitation, federal, state or local income or excise taxes or any other tax imposed on or measured by income (or any interest or penalty with respect thereto arising from a
failure to comply therewith). 
  
 Section 8.16. Representations
and Covenants of the Indenture Trustee. The Indenture Trustee represents, warrants and covenants that: 
  
 (i) The Indenture Trustee is a national banking association duly organized and validly existing under the federal laws of the Unites
States; 
  
 (ii) The Indenture Trustee has full
power and authority to deliver and perform this Indenture and has taken all necessary action to authorize the execution, delivery and performance by it of this Indenture and other documents to which it is a party; and 
  
 (iii) Each of this Indenture and other documents to which it
is a party has been duly executed and delivered by the Indenture Trustee and constitutes its legal, valid and binding obligation in accordance with its terms. 
  

Section 8.17. Custody of the Collateral. The Collateral Certificate shall be registered in the name of the Indenture Trustee and shall be
delivered to and held by the Indenture Trustee in the State of Minnesota separate and apart from all other property held by the Indenture Trustee. The Indenture Trustee shall hold such of the Collateral as constitutes a Permitted Investment in
accordance with Section 4.03(c). All other Collateral that is not described in the preceding two sentences (i) that constitutes investment property shall be held by 
  

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 the Indenture Trustee through a securities intermediary, which securities intermediary shall agree with the Indenture
Trustee that (A) such investment property at all times shall be credited to a securities account of the Indenture Trustee, (B) all property credited to such securities account shall be treated as a financial asset, (C) such securities intermediary
shall treat the Indenture Trustee as entitled to exercise the rights that comprise each financial asset credited to such securities account, (D) such securities intermediary shall comply with entitlement orders originated by the Indenture Trustee
without the further consent of any other person or entity, (E) such securities intermediary shall not agree with any person or entity other than the Indenture Trustee to comply with entitlement orders originated by any person or entity other than
the Indenture Trustee, (F) such securities account and all property credited thereto shall not be subject to any lien, security interest, right of set-off, or encumbrance in favor of such securities intermediary or anyone claiming through such
securities intermediary (other than the Indenture Trustee), and (G) such agreement between such securities intermediary and the Indenture Trustee shall be governed by the laws of the State of New York; and (ii) not described in clause (i) above
shall be held by the Indenture Trustee in the State of New York separate and apart from all other property held by the Indenture Trustee. Notwithstanding any other provision of this Indenture, the Indenture Trustee shall not hold any Collateral
through an agent except as expressly permitted by this Section 8.17 and Section 4.03(c). Each term used in this Section 8.17 and defined in the New York UCC shall have the meaning set forth in the New York UCC. 
  
 Section 8.18. Indenture Trustee’s Application for Instructions from
the Issuer. Any application by the Indenture Trustee for written instructions from the Issuer may, at the option of the Indenture Trustee, set forth in writing any action proposed to be taken or omitted by the Indenture Trustee under and in
accordance with this Indenture and the date on and/or after which such action shall be taken or such omission shall be effective, provided that such application shall make specific reference to this Section 8.18. The Indenture Trustee shall
not be liable for any action taken by, or omission of, the Indenture Trustee in accordance with a proposal included in such application on or after the date specified in such application (which date shall not be less than five (5) Business Days
after the date any officer of the Issuer actually receives such application, unless any such officer shall have consented in writing to any earlier date) unless prior to taking any such action (or the effective date in the case of an omission), the
Indenture Trustee shall have received written instructions in response to such application specifying the action be taken or omitted. 
  
 [END OF ARTICLE VIII] 
  

 64 

 ARTICLE IX 
  
 NOTEHOLDERS’ MEETINGS, LISTS, REPORTS BY INDENTURE TRUSTEE, 
 ISSUER AND ADMINISTRATOR 
  
 Section 9.01. Issuer To Furnish Indenture Trustee Names and Addresses of Noteholders. The Issuer shall furnish or cause to be furnished to
the Indenture Trustee: 
  
 (a) not more than fifteen (15) days
after each Record Date, in each year in such form as the Indenture Trustee may reasonably require, a list of the names and addresses of the Registered Noteholders of such series or classes as of such date, and 
  
 (b) at such other times as the Indenture Trustee may request in writing,
within thirty (30) days after the receipt by the Issuer of any such request, a list of similar form and content as of a date not more than fifteen (15) days before the time such list is furnished; 
  
 provided, however, that so long as the Indenture Trustee is the Note Registrar,
no such list shall be required to be furnished. 
  
 Section 9.02.
Preservation of Information; Communications to Noteholders. 
  
 (a) The Indenture Trustee shall preserve, in as current a form as is reasonably practicable, the names and addresses of Registered Noteholders contained in the most recent list furnished to the Indenture Trustee as provided in Section
9.01 and the names and addresses of Registered Noteholders received by the Indenture Trustee in its capacity as Note Registrar. The Indenture Trustee may destroy any list furnished to it as provided in Section 9.01 upon receipt of a new
list so furnished. 
  
 (b) If three (3) or more Holders of Notes
of any series or class (hereinafter referred to as “applicants”) apply in writing to the Indenture Trustee, and furnish to the Indenture Trustee reasonable proof that each such applicant has owned a Note of such series or class for a
period of at least six (6) months preceding the date of such application, and such application states that the applicants desire to communicate with other Holders of Notes of such series or class or with the Holders of all Notes with respect to
their rights under this Indenture or under such Notes and is accompanied by a copy of the form of proxy or other communication which such applicants propose to transmit, then the Indenture Trustee shall, within five (5) Business Days after the
receipt of such application, at its election, either 
  
 (i) afford such applicants access to the information preserved at the time by the Indenture Trustee in accordance with Section 9.02(a), or 
  
 (ii) inform such applicants as to the approximate number of Holders of Notes of such series or class or all Notes, as the case may be,
whose names and addresses appear in the information preserved at the time by the Indenture Trustee in accordance with Section 9.02(a), and as to the approximate cost of mailing to such Noteholders the form of proxy or other communication, if
any, specified in such application. 
  

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 If the Indenture Trustee shall elect not to afford such applicants access to such information, the
Indenture Trustee shall, upon the written request of such applicants, mail to each Holder of a Registered Note of such series or class or to all Registered Noteholders, as the case may be, whose names and addresses appear in the information
preserved at the time by the Indenture Trustee in accordance with Section 9.02(a), a copy of the form of proxy or other communication which is specified in such request, with reasonable promptness after a tender to the Indenture Trustee of
the material to be mailed and of payment, or provision for the payment, of the reasonable expenses of mailing, unless, within five (5) days after such tender, the Indenture Trustee shall mail to such applicants and file with the Commission, together
with a copy of the material to be mailed, a written statement to the effect that, in the opinion of the Indenture Trustee, such mailing would be contrary to the best interests of the Holders of Notes of such series or class or all Noteholders, as
the case may be, or would be in violation of applicable law. Such written statement shall specify the basis of such opinion. If the Commission, after opportunity for a hearing upon the objections specified in the written statement so filed, shall
enter an order refusing to sustain any of such objections or if, after the entry of an order sustaining one or more of such objections, the Commission shall find, after notice and opportunity for hearing, that all the objections so sustained have
been met and shall enter an order so declaring, the Indenture Trustee shall mail copies of such material to all Registered Noteholders of such series or class or all Registered Noteholders, as the case may be, with reasonable promptness after the
entry of such order and the renewal of such tender; otherwise the Indenture Trustee shall be relieved of any obligation or duty to such applicants respecting their application. 
  
 (c) Every Holder of Notes, by receiving and holding the same, agrees with the Issuer and the Indenture Trustee that neither
the Issuer nor the Indenture Trustee shall be held accountable by reason of the disclosure of any such information as to the names and addresses of the Holders of Notes in accordance with Section 9.02(b), regardless of the source from which
such information was derived, and that the Indenture Trustee shall not be held accountable by reason of mailing any material pursuant to a request made under Section 9.02(b). 
  
 Section 9.03. Reports by Indenture Trustee. 
  
 (a) The term “reporting date” as used in this Section means
[            ]. Within sixty (60) days after the reporting date in each year, beginning in 2005, the Indenture Trustee shall transmit to Noteholders, in the manner and to the extent
provided in Section 313(c) of the Trust Indenture. Act, a brief report dated as of such reporting date if required by Section 313 (a) of the Trust Indenture Act. 
  
 (b) To the extent required by the Trust Indenture Act, the Indenture Trustee shall mail each year to all Registered
Noteholders, with a copy to the Note Rating Agencies a report concerning: 
  
 (i) Its eligibility and qualifications to continue as trustee under this Indenture; 
  
 (ii) any amounts advanced by the Indenture Trustee under this Indenture. 
  

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 (iii) the amount, interest rate and maturity date of indebtedness owing by the Issuer to
the Indenture Trustee in the Indenture Trustee’s individual capacity; 
  
 (iv) the property and funds physically held by the Indenture Trustee as Indenture Trustee; 
  
 (v) any release or release and substitution of Collateral subject to the lien of this Indenture which has not previously been reported;
and 
  
 (vi) any action taken by the Indenture
Trustee that materially affects the Notes and that has not previously been reported. 
  
 (c) The Indenture Trustee shall comply with Sections 313(b) and 313(c) of the Trust Indenture Act. 
  
 (d) A copy of each such report shall, at the time of such transmission to Noteholders, be filed by the Indenture Trustee with each stock exchange upon
which the Notes are listed, and also with the Commission. The Issuer shall notify the Indenture Trustee when the Notes are admitted to trading on any stock exchange. 
  
 Section 9.04. Meetings of Noteholders; Amendments and Waivers. 
  
 (a) The Indenture Trustee may call a meeting of the Noteholders of a series
or class at any time. The Indenture Trustee shall call a meeting upon request of the Issuer or the Holders of at least 10% in aggregate Outstanding Dollar Principal Amount of the Outstanding Notes of such series or class. In any case, a meeting
shall be called after notice is given to the Noteholders pursuant to Section 1.06. 
  
 (b) Except for any consent that must be given by the Holders of each Outstanding Note affected or any action to be taken by the Issuer as holder of the Collateral Certificate, any resolution presented at any meeting
at which a quorum is present may be adopted by the affirmative vote of the Majority Holders of that series or class, as the case may be. For any vote, request, demand, authorization, direction, notice, consent, waiver or other action provided by the
Series 2004-MC Supplement to be given or taken by the holder of the Collateral Certificate, any resolution presented at any meeting at which the Majority Holders of all Outstanding Notes is present may be adopted by the affirmative vote of the
Majority Holders of all Outstanding Notes. However, any resolution with respect to any consent, waiver, request, demand, notice, authorization, direction or other action which may be given by the Holders of not less than a specified percentage in
aggregate Outstanding Dollar Principal Amount of Outstanding Notes of a series or class or all Notes may be adopted at any meeting at which a quorum is present only by the affirmative vote of the Holders of not less than the specified percentage in
aggregate Outstanding Dollar Principal Amount of the Outstanding Notes of that series or class or all Outstanding Notes, as the case may be. Any resolution passed or decision taken at any meeting of Noteholders duly held in accordance with this
Indenture shall be binding on all Noteholders of the affected series or class. 
  

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 (c) The quorum at any meeting shall be persons holding or representing the Majority Holders of a series
or class or all Notes, as the case may be; provided, however, that if any action is to be taken at that meeting concerning a consent, waiver, request, demand, notice, authorization, direction or other action that may be given by the
Holders of not less than a specified percentage in aggregate Outstanding Dollar Principal Amount of the Outstanding Notes of a series or class or all Notes, as applicable, the persons holding or representing such specified percentage in aggregate
Outstanding Dollar Principal Amount of the Outstanding Notes of such series or class or all Notes shall constitute a quorum. 
  
 (d) The ownership of Registered Notes shall be proved by the Note Register. 
  
 (e) The Issuer may make reasonable rules for other matters relating to action by or a meeting of Noteholders not otherwise
covered by this Section. 
  
 Section 9.05. Reports by Issuer to
the Commission. The Issuer shall: 
  
 (a) file with the
Indenture Trustee, within fifteen (15) days after the Issuer is required to file the same with the Commission, copies of the annual reports and of the information, documents and other reports (or copies of such portions of any of the foregoing as
the Commission may from time to time by rules and regulations prescribe) which the Issuer may be required to file with the Commission pursuant to Section 13 or Section 15(d) of the Securities Exchange Act; or, if the Issuer is not required to file
information, documents or reports pursuant to either of said Sections, then it shall file with the Indenture Trustee and the Commission, in accordance with rules and regulations prescribed from time to time by the Commission, such of the
supplementary and periodic information, documents and reports which may be required pursuant to Section 13 of the Securities Exchange Act in respect of a security listed and registered on a national securities exchange as may be prescribed from time
to time in such rules and regulations; 
  
 (b) file with the
Indenture Trustee and the Commission, in accordance with rules and regulations prescribed from time to time by the Commission, such additional information, documents and reports with respect to compliance by the Issuer with the conditions and
covenants of this Indenture as may be required from time to time by such rules and regulations; and 
  
 (c) transmit by mail to all Registered Noteholders, as their names and addresses appear in the Note Register, within thirty (30) days after the filing
thereof with the Indenture Trustee, such summaries of any information, documents and reports required to be filed by the Issuer pursuant to paragraphs (a) and (b) of this Section as may be required by rules and regulations prescribed from time to
time by the Commission. 
  
 Section 9.06. Reports by Indenture
Trustee. The Indenture Trustee shall report to the Issuer with respect to the amount on deposit in the Accounts, and the identity of the investments included therein, as the Issuer may from time to time reasonably request which, absent the
occurrence of an Event of Default hereunder, shall not occur more often than monthly. 
  
 Section 9.07. Monthly Noteholders’ Statement. On each Transfer Date the Issuer shall, in cooperation with the Servicer of the Master Trust, complete and deliver to the Indenture Trustee and the Master
Trust Trustee (with a copy to each Note Rating Agency) a Monthly Noteholders’ Statement. 
  

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 Section 9.08. Payment Instruction to Master Trust. 
  
 (a) Promptly after the receipt by the Issuer of each Monthly Servicer’s
Certificate under the Series 2004-MC Supplement, the Issuer shall, in cooperation with the Servicer of the Master Trust, complete the Payment Instruction and deliver a copy thereof to the Indenture Trustee and the Master Trust Trustee. 

 
 (b) From time to time, the Issuer shall notify the Servicer under the
Series 2004-MC Supplement of the information necessary to be provided by the Issuer under Section 5.2 of the Pooling and Servicing Agreement as supplemented by the Series 2004-MC Supplement to calculate the Investor Interest and the Principal
Allocation Investor Interest of the Collateral Certificate. 
  
 [END OF ARTICLE IX] 
  

 69 

 ARTICLE X 
  

INDENTURE SUPPLEMENTS; AMENDMENTS TO THE POOLING AND 
 SERVICING AGREEMENT AND AMENDMENTS TO THE TRUST AGREEMENT 
  
 Section 10.01. Supplemental Indentures Without Consent of Noteholders. Without the consent of the Holders of any Notes but with prior notice to
each Note Rating Agency, the Issuer and the Indenture Trustee, at any time and from time to time, upon delivery of a Master Trust Tax Opinion and an Issuer Tax Opinion and upon delivery by the Issuer to the Indenture Trustee of an Officer’s
Certificate to the effect that the Issuer reasonably believes that such amendment shall not have an Adverse Effect and is not reasonably expected to have an Adverse Effect at any time in the future, may amend this Indenture or any Indenture
Supplement or enter into one or more Indenture Supplements, in form satisfactory to the Indenture Trustee, for any of the following purposes: 
  
 (a) to evidence the succession of another Entity to the Issuer, and the assumption by any such successor of the covenants of the Issuer herein and in the
Notes; or 
  
 (b) to add to the covenants of the Issuer, or to
surrender any right or power herein conferred upon the Issuer by the Issuer, for the benefit of the Holders of the Notes of any or all series or classes (and if such covenants or the surrender of such right or power are to be for the benefit of less
than all series or classes of Notes, stating that such covenants are expressly being included or such surrenders are expressly being made solely for the benefit of one or more specified series or classes); or 
  
 (c) to cure any ambiguity, to correct or supplement any provision herein
which may be inconsistent with any other provision herein, or to make any other provisions with respect to matters or questions arising under this Indenture; or 
  

(d) to add to this Indenture such provisions as may be expressly permitted by the Trust Indenture Act, excluding, however, the provisions referred to
in Section 316(a)(2) of the Trust Indenture Act as in effect at the date as of which this Indenture was executed or any corresponding provision in any similar federal statute hereafter enacted; or 
  
 (e) to establish any form of Note, as provided in Article II, and to
provide for the issuance of any series or class of Notes as provided in Article III and to set forth the terms thereof, and/or to add to the rights of the Holders of the Notes of any series or class; or 
  
 (f) to evidence and provide for the acceptance of appointment by another
corporation as a successor Indenture Trustee hereunder with respect to one or more series or classes of Notes and to add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of
the trusts hereunder by more than one Indenture Trustee, pursuant to Section 8.11; or 
  
 (g) to add any additional Early Redemption Events or Events of Default in respect of the Notes of any or all series or classes (and if such additional Events of Default are to be in respect of less than all series or
classes of Notes, stating that such Events of Default are expressly being included solely for the benefit of one or more specified series or classes); or 
  

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 (h) to provide for the consolidation of the Master Trust and the Issuer into a single Entity or the
transfer of assets in the Master Trust to the Issuer after the termination of all series of Investor Certificates (other than the Collateral Certificate); or 
  
 (i) if one or more additional Sellers under the Pooling and Servicing Agreement are added to, or replaced under, the Pooling and Servicing Agreement, or
one or more additional Administrators under the Trust Agreement are added to, or replaced under, the Trust Agreement, to make any necessary changes to the Indenture or any other related document; or 
  
 (j) to provide for the inclusion in the Owner Trust of additional collateral
(in addition to the Collateral Certificate) and the issuance of Notes backed by any such additional collateral; 
  
 (k) to provide for additional or alternative credit enhancement for any class of Notes; or 
  
 (l) to qualify for sale treatment under generally accepted accounting principles. 
  
 Additionally, notwithstanding any provision of this Article X to the
contrary, this Indenture or any Indenture Supplement may be amended without the consent of the Indenture Trustee or any of the Noteholders, upon delivery of a Master Trust Tax Opinion and an Issuer Tax Opinion for the purpose of adding any
provisions to, or changing in any manner or eliminating any of the provisions of, this Indenture or any Indenture Supplement or of modifying in any manner the rights of the Holders of the Notes under this Indenture or any Indenture Supplement;
provided, however, that (i) the Issuer shall deliver to the Indenture Trustee and the Owner Trustee an Officer’s Certificate to the effect that the Issuer reasonably believes that such amendment shall not have an Adverse Effect
and is not reasonably expected to have an Adverse Effect at any time in the future and (ii) the Note Rating Agencies have provided written confirmation that such amendment shall not have a Ratings Effect. 
  
 Section 10.02. Supplemental Indentures with Consent of Noteholders.
With prior notice to each applicable Note Rating Agency and the consent of not less than 66 2/3% in Outstanding
Dollar Principal Amount of each class affected by such amendment of this Indenture or any Indenture Supplement by Act of said Holders delivered to the Issuer and the Indenture Trustee, the Issuer and the Indenture Trustee, upon delivery of a Master
Trust Tax Opinion and an Issuer Tax Opinion, may enter into an amendment of this Indenture or such Indenture Supplement for the purpose of adding any provisions to, or changing in any manner or eliminating any of the provisions of, this Indenture or
any Indenture Supplement or of modifying in any manner the rights of the Holders of the Notes of each such series or class under this Indenture or any Indenture Supplement; provided, however, that no such amendment or Indenture
Supplement shall, without the consent of the Holder of each Outstanding Note affected thereby: 
  
 (a) change the scheduled payment date of any payment of interest on any Note, or change an Expected Principal Payment Date or Legal Maturity Date of any
Note; 
  

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 (b) reduce the Stated Principal Amount of, or the interest rate on any Note, or change the method of
computing the Outstanding Dollar Principal Amount, the Adjusted Outstanding Dollar Principal Amount or the Nominal Liquidation Amount in a manner that is adverse to the Holder of any Note; 
  
 (c) reduce the amount of a Discount Note payable upon the occurrence of an
Early Redemption Event or other optional or mandatory redemption or upon the acceleration of its maturity; 
  
 (d) impair the right to institute suit for the enforcement of any payment on any Note; 
  
 (e) reduce the percentage in Outstanding Dollar Principal Amount of the Outstanding Notes of any series or class, the
consent of whose Holders is required for any such Indenture Supplement, or the consent of whose Holders is required for any waiver of compliance with the provisions of this Indenture or of defaults hereunder and their consequences, provided for in
this Indenture; 
  
 (f) modify any of the provisions of this
Section or Section 7.18, except to increase any percentage of Holders required to consent to any such amendment or to provide that other provisions of this Indenture cannot be modified or waived without the consent of the Holder of each
Outstanding Note affected thereby; 
  
 (g) permit the creation of
any lien or other encumbrance on the Collateral that secures any class of Notes that is prior to the lien in favor of the Holders of the Notes of such class; 
  
 (h) change any Place of Payment where any principal of, or interest on, any Note is payable, unless otherwise provided in the applicable Indenture
Supplement; 
  
 (i) change the method of computing the amount of
principal of, or interest on, any Note on any date; or 
  
 (j)
make any other amendment not permitted by Section 10.01. 
  
 An amendment of this Indenture or an Indenture Supplement which changes or eliminates any covenant or other provision of this Indenture which has expressly been included solely for the benefit of one or more particular series or class of
Notes, or which modifies the rights of the Holders of Notes of such series or class with respect to such covenant or other provision, shall be deemed not to affect the rights under this Indenture of the Holders of Notes of any other series or class.

  
 It shall not be necessary for any Act of Noteholders under
this Section to approve the particular form of any proposed amendment or Indenture Supplement, but it shall be sufficient if such Act shall approve the substance thereof. 
  
 Section 10.03. Execution of Indenture Supplements. In executing or accepting the additional trusts created by any
amendment of this Indenture or Indenture Supplement 
  

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 permitted by this Article or the modifications thereby of the trusts created by this Indenture, the Indenture Trustee
shall receive, and (subject to Section 8.01) shall be fully protected in relying upon, an Opinion of Counsel stating that the execution of such amendment or Indenture Supplement is authorized or permitted by this Indenture and that all
conditions precedent thereto have been satisfied. The Indenture Trustee may, but shall not (except to the extent required in the case of an amendment or Indenture Supplement entered into under Section 10.01(d) or 10.01(f )) be
obligated to, enter into any such Indenture Supplement which affects the Indenture Trustee’s own rights, duties or immunities under this Indenture or otherwise. 
  
 Section 10.04. Effect of Indenture Supplements. Upon the execution of any amendment of this Indenture or Indenture
Supplement under this Article, this Indenture shall be modified in accordance therewith with respect to each series or class of Notes affected thereby, or all Notes, as the case may be, and such amendment or Indenture Supplement shall form a part of
this Indenture for all purposes; and every Holder of Notes theretofore or thereafter authenticated and delivered hereunder shall be bound thereby to the extent provided therein. 
  
 Section 10.05. Conformity with Trust Indenture Act. Every amendment of this Indenture or Indenture Supplement
executed pursuant to this Article shall conform to the requirements of the Trust Indenture Act as then in effect. 
  
 Section 10.06. Reference in Notes to Indenture Supplements. Notes authenticated and delivered after the execution of any amendment of this
Indenture or Indenture Supplement pursuant to this Article may, and shall if required by the Indenture Trustee, bear a notation in form approved by the Indenture Trustee as to any matter provided for in such amendment or Indenture Supplement. If the
Issuer shall so determine, new Notes so modified as to conform, in the opinion of the Indenture Trustee and the Issuer, to any such amendment or Indenture Supplement may be prepared and executed by the Issuer and authenticated and delivered by the
Indenture Trustee in exchange for Outstanding Notes. 
  
 Section
10.07. Amendments to the Pooling and Servicing Agreement. By their acceptance of a Note, the Noteholders acknowledge that the Seller and the Master Trust Trustee may amend the Pooling and Servicing Agreement and any supplement thereto without
the consent of the Holders of any Investor Certificates (including the Issuer) or any Noteholder, so long as such amendment or supplement would not materially adversely affect the interest of the Holders of any Investor Certificates. 
  
 For purposes of any vote or consent under the Pooling and Servicing Agreement
or any supplement thereto: 
  
 (i) that requires
the consent or vote of each Investor Certificateholder, each Noteholder shall be treated as an Investor Certificateholder under the Pooling and Servicing Agreement and any related supplement thereto; 
  
 (ii) that requires the consent or vote of any series of
Investor Certificates, each series of Notes shall be treated as a series of Investor Certificates under the Pooling and Servicing Agreement and any related supplement thereto; and 
  

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 (iii) that requires the consent or vote of any class of Investor Certificates, each class
of Notes shall be treated as a class of Investor Certificates under the Pooling and Servicing Agreement and any related supplement thereto. 
  
 By their acceptance of a Note, each Noteholder shall be deemed to have consented to any amendment to the Pooling and Servicing Agreement, the Series
2004-MC Supplement, the Trust Agreement and any other document or agreement relating to any of the foregoing for the purpose of providing for the transfer of Receivables from the Transferor (or any additional seller under the Pooling and Servicing
Agreement) to a bankruptcy remote special purpose entity and from such entity to the Master Trust and the substitution of a bankruptcy remote special purpose entity as the Administrator of the Issuer. 
  
 Section 10.08. Amendments to the Trust Agreement. 
  
 (a) Subject to the provisions of the Trust Agreement, without the consent of
the Holders of any Notes or the Indenture Trustee, the Owner Trustee (at the written direction of the Administrator) and the Administrator may amend the Trust Agreement so long as such amendment shall not have an Adverse Effect and is not reasonably
expected to have an Adverse Effect at any time in the future. 
  
 (b) Subject to the provisions of the Trust Agreement, (A) in the case of a significant change in the permitted activities of the Issuer which is not materially adverse to Holders of the Notes, with the consent of the Majority Holders of
each class of Notes affected by such change, and (B) in all other cases, with the consent of the Holders of not less than 66 2/3% in Outstanding Dollar Principal Amount of the Outstanding Notes affected by such amendment, by Act of said Holders delivered to the Master Trust Trustee, the Transferor and the Owner Trustee (at the written direction of the
Administrator) may amend the Trust Agreement for the purpose of adding, changing or eliminating any provisions of the Trust Agreement or of modifying the rights of those Noteholders. 
  
 Section 10.09. Notice. If the Issuer, as holder of the Collateral
Certificate for the benefit of the Noteholders, receives a request for a consent to any amendment, modification, waiver or supplement under this Indenture, the Pooling and Servicing Agreement, the Trust Agreement or other document contemplated
herein, the Issuer shall forthwith provide notice of such proposed amendment, modification, waiver or supplement, as provided in Section 1.06, to each Noteholder as of such date that is entitled to vote on a consent to such matter and to each
Note Rating Agency. The Issuer shall request from such Noteholders directions as to (i) whether or not the Issuer should take or refrain from taking any action which the holder of the Collateral Certificate has the option to direct, (ii) whether or
not to give or execute any waivers, consents, amendments, modifications or supplements as a holder of such Collateral Certificate and (iii) the casting of any vote with respect to the Collateral Certificate or the Noteholders of a series or class if
a vote has been called for with respect thereto; provided, that, in directing any action or casting any vote or giving any consent as the holder of the Collateral Certificate, the Owner Trustee on behalf of the Issuer shall vote or consent
with respect to such Collateral Certificate the applicable series or class, as the case may be, in the same proportion as the Notes were actually voted by Holders thereof as notified by such Noteholders to the Owner Trustee on 
  

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 behalf of the Issuer at least two (2) Business Days before the Owner Trustee on behalf of the Issuer takes such action or
casts such vote or gives such consent. 
  
 [END OF ARTICLE X]

  

 75 

 ARTICLE XI 
  

REPRESENTATIONS, WARRANTIES AND COVENANTS OF ISSUER 
  
 Section 11.01. Payment of Principal and Interest. With respect to each series or class of Notes, the Issuer shall duly and punctually pay the
principal of and interest on such Notes in accordance with their terms and this Indenture, and shall duly comply with all the other terms, agreements and conditions contained in, or made in this Indenture for the benefit of, the Notes of such series
or class. 
  
 Section 11.02. Maintenance of Office or
Agency. The Issuer shall maintain an office, agency or Paying Agent in each Place of Payment where Notes may be presented or surrendered for payment, where Notes may be surrendered for transfer or exchange and where notices and demands to or
upon the Issuer in respect of the Notes and this Indenture may be served. The Issuer shall give prompt written notice to the Indenture Trustee of the location, and of any change in the location, of such office or agency. If at any time the Issuer
shall fail to maintain such office or agency or shall fail to furnish the Indenture Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office of the Indenture Trustee,
and the Issuer hereby appoints the Indenture Trustee its agent to receive all such presentations, surrenders, notices and demands. 
  
 Section 11.03. Money for Note Payments to be Held in Trust. The Paying Agent, on behalf of the Indenture Trustee, shall make distributions to
Noteholders from the Collection Account or other applicable Account pursuant to the provisions of Article V of this Indenture or any Indenture Supplement and shall report the amounts of such distributions to the Indenture Trustee. Any Paying
Agent shall have the revocable power to withdraw funds from the Collection Account or other applicable Account for the purpose of making the distributions referred to above. The Indenture Trustee may revoke such power and remove the Paying Agent if
the Indenture Trustee determines in its sole discretion that the Paying Agent has failed to perform its obligations under this Indenture or any Indenture Supplement in any material respect. The Paying Agent upon removal shall return all funds in its
possession to the Indenture Trustee. 
  
 The Issuer shall cause
each Paying Agent (other than the Indenture Trustee) for any series or class of Notes to execute and deliver to the Indenture Trustee an instrument in which such Paying Agent shall agree with the Indenture Trustee (and if the Indenture Trustee acts
as Paying Agent, it so agrees), subject to the provisions of this Section, that such Paying Agent shall: 
  
 (a) hold all sums held by it for the payment of principal of or interest on Notes of such series or class in trust for the benefit of the Persons entitled
thereto until such sums shall be paid to such Persons or otherwise disposed of as herein provided; 
  
 (b) if such Paying Agent is not the Indenture Trustee, give the Indenture Trustee notice of any default by the Issuer (or any other obligor upon the Notes
of such series or class) in the making of any such payment of principal or interest on the Notes of such series or class; 
  

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 (c) if such Paying Agent is not the Indenture Trustee, at any time during the continuance of any such
default, upon the written request of the Indenture Trustee, forthwith pay to the Indenture Trustee all sums so held in trust by such Paying Agent; 
  
 (d) immediately resign as a Paying Agent and, if such Paying Agent is not the Indenture Trustee, forthwith pay to the Indenture Trustee all sums held by
it in trust for the payment of Notes if at any time it ceases to meet the standards described in this Section required to be met by a Paying Agent at the time of its appointment; and 
  
 (e) comply with all requirements of the Internal Revenue Code with respect to the withholding from any payments made by it
on any Notes of any applicable withholding taxes imposed thereon and with respect to any applicable reporting requirements in connection therewith. 
  
 The Issuer may at any time, for the purpose of obtaining the satisfaction and discharge of this Indenture with respect to any series or class of Notes or
for any other purpose, pay, or by an Officer’s Certificate direct any Paying Agent to pay, to the Indenture Trustee all sums held in trust by the Issuer or such Paying Agent in respect of each and every series or class of Notes as to which it
seeks to discharge this Indenture or, if for any other purpose, all sums so held in trust by the Issuer in respect of all Notes, such sums to be held by the Indenture Trustee upon the same trusts as those upon which such sums were held by the Issuer
or such Paying Agent; and, upon such payment by any Paying Agent to the Indenture Trustee, such Paying Agent shall be released from all further liability with respect to such money. 
  
 Any money deposited with the Indenture Trustee or any Paying Agent, or then held by the Issuer, in trust for the payment of
the principal of or interest on any Note of any series or class and remaining unclaimed for two years after such principal or interest has become due and payable shall be paid to the Issuer upon request in an Officer’s Certificate, or (if then
held by the Issuer) shall be discharged from such trust; and the Holder of such Note shall thereafter, as an unsecured general creditor, look only to the Issuer for payment thereof, and all liability of the Indenture Trustee or such Paying Agent
with respect to such trust money, and all liability of the Issuer as trustee thereof, shall thereupon cease. The Indenture Trustee or such Paying Agent, before being required to make any such repayment, may at the expense of the Issuer give notice
to the Holders of the Notes as to which the money to be repaid was held in trust, as provided in Section 1.06, a notice that such funds remain unclaimed and that, after a date specified in the notice, which shall not be less than thirty (30)
days from the date on which the notice was first mailed or published to the Holders of the Notes as to which the money to be repaid was held in trust, any unclaimed balance of such funds then remaining shall be paid to the Issuer free of the trust
formerly impressed upon it. 
  
 The Issuer initially authorizes
Wells Fargo Bank, National Association to act as Paying Agent for the Notes on its behalf. The Issuer may at any time and from time to time authorize one or more Persons (including the Indenture Trustee) to act as Paying Agent in addition to or in
place of the Indenture Trustee with respect to any series or class of Notes issued under this Indenture. 
  

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 Each Paying Agent shall at all times have a combined capital and surplus of at least $50,000,000 and be
subject to supervision or examination by a United States Federal or State authority or be regulated by or subject to the supervision or examination of a governmental authority of a nation that is member of the Organization for Economic Co-operation
and Development. If such Paying Agent publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purposes of this Section, the combined capital and
surplus of such Paying Agent shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition as so published. 
  
 Section 11.04. Statement as to Compliance. The Issuer shall deliver to the Indenture Trustee and the Note Rating Agencies, on or before
[                    ] of each year, beginning in 2005, a written statement signed by an Issuer Authorized Officer stating that: 

 
 (a) a review of the activities of the Issuer during the prior year and of
the Issuer’s performance under this Indenture and under the terms of the Notes has been made under such Issuer Authorized Officer’s supervision; and 
  

(b) to the best of such Issuer Authorized Officer’s knowledge, based on such review, the Issuer has complied in all material respects with all
conditions and covenants under this Indenture throughout such year, or, if there has been a default in the fulfillment of any such condition or covenant (without regard to any grace period or requirement of notice), specifying each such default
known to such Issuer Authorized Officer and the nature and status thereof. 
  
 Section 11.05. Legal Existence. The Issuer shall do or cause to be done all things necessary to preserve and keep in full force and effect its legal existence. 
  
 Section 11.06. Further Instruments and Acts. Upon request of the
Indenture Trustee, the Issuer shall execute and deliver such further instruments and do such further acts as may be reasonably necessary or proper to carry out more effectively the purpose of this Indenture. 
  
 Section 11.07. Compliance with Laws. The Issuer shall comply with the
requirements of all applicable laws, the noncompliance with which would, individually or in the aggregate, materially and adversely affect the ability of the Issuer to perform its obligations under the Notes or this Indenture. 
  
 Section 11.08. Notice of Events of Default. The Issuer agrees to give
the Indenture Trustee and the Note Rating Agencies prompt written notice of each Event of Default hereunder and each default on the part of the Master Trust or the Seller of its respective obligations under the Pooling and Servicing Agreement and
any default of a Derivative Counterparty. 
  
 Section 11.09.
Certain Negative Covenants. The Issuer shall not: 
  
 (a)
claim any credit on, or make any deduction from the principal or interest payable in respect of, the Notes (other than amounts withheld in good faith from such payments under the Internal Revenue Code or other applicable tax law); 
  

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 (b) permit the validity or effectiveness of this Indenture to be impaired, or permit the lien in favor of
the Indenture Trustee, the Noteholders and any applicable Derivative Counterparty created by this Indenture to be amended, hypothecated, subordinated, terminated or discharged, or permit any Person to be released from any covenants or obligations
with respect to the Notes under this Indenture except as may be expressly permitted hereby; 
  
 (c) permit any lien, charge, excise, claim, security interest, mortgage or other encumbrance (other than the lien in favor of the Indenture Trustee, the Noteholders and any applicable Derivative Counterparty created
by this Indenture) to be created on or extend to or otherwise arise upon or burden the Collateral or any part thereof or any interest therein or the proceeds thereof, or 
  
 (d) permit the lien in favor of the Indenture Trustee, the Noteholders and any applicable Derivative Counterparty created by
this Indenture not to constitute a valid first priority security interest in the Collateral; or 
  
 (e) voluntarily dissolve or liquidate. 
  
 Section 11.10. No Other Business. The Issuer shall not engage in any business other than as permitted under the Trust Agreement. 
  
 Section 11.11. No Borrowing. The Issuer shall not issue, incur,
assume, guarantee or otherwise become liable, directly or indirectly, for any indebtedness for borrowed money except for the Notes. 
  
 Section 11.12. Rule 144A Information. For so long as any of the Notes of any series or class are “restricted securities” within the
meaning of Rule 144(a)(3) under the Securities Exchange Act, the Issuer agrees to provide to any Noteholder of such series or class and to any prospective purchaser of Notes designated by such Noteholder, upon the request of such Noteholder or
prospective purchaser, any information required to be provided to such Holder or prospective purchaser to satisfy the conditions set forth in Rule 144A(d)(4) under the Securities Exchange Act. 
  
 Section 11.13. Performance of Obligations; Servicing of Receivables.

  
 (a) The Issuer shall not take any action and shall use its
best efforts not to permit any action to be taken by others that would release any Person from any of such Person’s material covenants or obligations under any instrument or agreement included in the Collateral or that would result in the
amendment, hypothecation, subordination, termination or discharge of, or impair the validity or effectiveness of, any such instrument or agreement, except as expressly provided in this Indenture, the Trust Agreement or such other instrument or
agreement. 
  
 (b) The Issuer shall punctually perform and observe
all of its obligations and agreements contained in this Indenture, any Indenture Supplement, the Trust Agreement and in the instruments and agreements relating to the Collateral, including but not limited to filing or causing to be filed all UCC
financing statements and continuation statements required to be filed by the terms of this Indenture and the Trust Agreement in accordance with and within the time periods provided for herein and therein. Except as otherwise expressly provided
herein or 
  

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 therein, the Issuer shall not waive, amend, modify, supplement or terminate this Indenture, any Indenture Supplement or
the Trust Agreement or any provision thereof without the consent of the Holders of a majority of the Outstanding Amount of the Notes of each adversely affected series or class. 
  
 (c) Without derogating from the absolute nature of the assignment granted to the Indenture Trustee under this Indenture or
the rights of the Indenture Trustee hereunder, the Issuer agrees (i) that it shall not, without the prior written consent of the Indenture Trustee and a majority in Outstanding Amount of the Notes of each affected series or class, amend, modify,
waive, supplement, terminate or surrender, or agree to any amendment, modification, supplement, termination, waiver or surrender of, the terms of any Collateral (except to the extent otherwise provided in this Indenture or the Trust Agreement), or
waive timely performance or observance by the Servicer of its obligations under the Pooling and Servicing Agreement; and (ii) that any such amendment, modification, waiver, supplement, termination or surrender shall not (A) increase or reduce in any
manner the amount of, or accelerate or delay the timing of, collections of payments on the Receivables or distributions that are required to be made for the benefit of the Noteholders or (B) reduce the aforesaid percentage of the Notes that is
required to consent to any such amendment, modification, waiver, supplement, termination or surrender without the consent of the Holders of all the Outstanding Notes. If any such amendment, modification, waiver, supplement, termination or surrender
shall be so consented to by the Indenture Trustee and such Noteholders, the Issuer agrees to execute and deliver, in its own name and at its own expense, such agreements, instruments, consents and other documents as are necessary or appropriate in
the circumstances. 
  
 Section 11.14. Issuer May Consolidate,
Etc., Only on Certain Terms. 
  
 (a) The Issuer shall not
consolidate or merge with or into any other Person, unless: 
  
 (1) the Person (if other than the Issuer) formed by or surviving such consolidation or merger (i) shall be a Person organized and existing under the laws of the United States of America or any state or the District of
Columbia, (ii) shall not be subject to regulation as an “investment company” under the Investment Company Act and (iii) shall expressly assume, by an Indenture Supplement, executed and delivered to the Indenture Trustee, in a form
satisfactory to the Indenture Trustee, the due and punctual payment of the principal of and interest on all Notes and the performance of every covenant of this Indenture on the part of the Issuer to be performed or observed; 
  
 (2) immediately after giving effect to such transaction, no
Event of Default or Pay Out Event shall have occurred and be continuing; 
  
 (3) the Issuer shall have delivered to the Indenture Trustee an Officer’s Certificate and an Opinion of Counsel each stating that (i) such consolidation or merger and such Indenture Supplement comply with this
Section 11.14, (ii) all conditions precedent in this Section 11.14 relating to such transaction have been complied with (including any filing required by the Securities Exchange Act), and (iii) such Indenture Supplement is duly
authorized, executed and delivered and is valid, binding and enforceable against such person; 
  

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 (4) the Issuer shall have received written confirmation from each Note Rating Agency that
there will be no Ratings Effect with respect to any Outstanding Notes as a result of such consolidation or merger; 
  
 (5) the Issuer shall have received an Opinion of Counsel (and shall have delivered copies thereof to the Indenture Trustee) to the effect
that such transaction will not have any material adverse tax consequence to any Noteholder; and 
  
 (6) any action that is necessary to maintain the lien and security interest created by this Indenture shall have been taken; and

  
 (7) such action shall not be contrary to the
status of the Issuer as a qualified special purpose entity under existing accounting literature. 
  
 (b) The Issuer shall not convey or transfer any of its properties or assets, including those included in the Collateral, substantially as an entirety to
any Person, unless: 
  
 (1) the Person that
acquires by conveyance or transfer the properties and assets of the Issuer the conveyance or transfer of which is hereby restricted shall (A) be a United States citizen or a Person organized and existing under the laws of the United States of
America or any state, or the District of Columbia, (B) expressly assume, by an Indenture Supplement, executed and delivered to the Indenture Trustee, in form satisfactory to the Indenture Trustee, the due and punctual payment of the principal of and
interest on all Notes and the performance or observance of every agreement and covenant of this Indenture on the part of the Issuer to be performed or observed, all as provided herein, (C) expressly agree by means of such Indenture Supplement that
all right, title and interest so conveyed or transferred shall be subject and subordinate to the rights of Holders of the Notes, (D) unless otherwise provided in such Indenture Supplement, expressly agree to indemnify, defend and hold harmless the
Issuer against and from any loss, liability or expense arising under or related to this Indenture and the Notes, (E) expressly agree by means of such Indenture Supplement that such Person (or if a group of Persons, then one specified Person) shall
make all filings with the Commission (and any other appropriate Person) required by the Securities Exchange Act in connection with the Notes and (F) not be an “investment company” as defined in the Investment Company Act; 
  
 (2) immediately after giving effect to such transaction, no
Event of Default or Pay Out Event shall have occurred and be continuing; 
  
 (3) the Issuer shall have received written confirmation from each Note Rating Agency that there will be no Ratings Effect with respect to any Outstanding Notes as a result of such conveyance or transfer; 

 
 (4) the Issuer shall have received an Opinion of Counsel
(and shall have delivered copies thereof to the Indenture Trustee) to the effect that such transaction will not have any material adverse tax consequence to any Noteholder; 
  

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 (5) any action that is necessary to maintain the lien and security interest created by
this Indenture shall have been taken; and 
  
 (6)
the Issuer shall have delivered to the Indenture Trustee an Officer’s Certificate and an Opinion of Counsel each stating that such conveyance or transfer and such Indenture Supplement comply with this Section 11.14 and that all
conditions precedent herein provided for relating to such transaction have been complied with (including any filing required by the Securities Exchange Act). 
  
 Section 11.15. Successor Substituted. Upon any consolidation or merger, or any conveyance or transfer of the properties and assets of the Issuer
substantially as an entirety in accordance with Section 11.14 hereof, the Person formed by or surviving such consolidation or merger (if other than the Issuer) or the Person to which such conveyance or transfer is made shall succeed to, and
be substituted for, and may exercise every right and power of, the Issuer under this Indenture with the same effect as if such Person had been named as the Issuer herein. In the event of any such conveyance or transfer, the Person named as the
Issuer in the first paragraph of this Indenture or any successor which shall theretofore have become such in the manner prescribed in this Section 11.15 shall be released from its obligations under this Indenture as issued immediately upon
the effectiveness of such conveyance or transfer, provided that the Issuer shall not be released from any obligations or liabilities to the Indenture Trustee or the Noteholders arising prior to such effectiveness. 
  
 Section 11.16. Guarantees, Loans, Advances and Other Liabilities.
Except as contemplated by this Indenture or the Trust Agreement, the Issuer shall not make any loan or advance or credit to, or guarantee (directly or indirectly or by an instrument having the effect of assuring another’s payment or performance
on any obligation or capability of so doing or otherwise), endorse or otherwise become contingently liable, directly or indirectly, in connection with the obligations, stocks or dividends of, or own, purchase, repurchase or acquire (or agree
contingently to do so) any stock, obligations, assets or securities of, or any other interest in, or make any capital contribution to, any other Person. 
  
 Section 11.17. Capital Expenditures. The Issuer shall not make any expenditure (by long-term or operating lease or otherwise) for capital assets
(either realty or personalty). 
  
 Section 11.18. Restricted
Payments. The Issuer shall not, directly or indirectly, (i) pay any dividend or make any distribution (by reduction of capital or otherwise), whether in cash, property, securities or a combination thereof, to the Owner Trustee or any owner of a
beneficial interest in the Issuer or otherwise with respect to any ownership or equity interest or security in or of the Issuer or to the Servicer, (ii) redeem, purchase, retire or otherwise acquire for value any such ownership or equity interest or
security or (iii) set aside or otherwise segregate any amounts for any such purpose; provided, however, that the Issuer may make, or cause to be made, (x) distributions as contemplated by, and to the extent funds are available for such purpose
under, the Trust Agreement and (y) payments to the Indenture Trustee pursuant to Section 8.07 hereof. The Issuer shall not, directly or indirectly, make payments to or distributions from the Collection Account except in accordance with this
Indenture or any Indenture Supplement. 
  

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 [END OF ARTICLE XI) 
  

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 ARTICLE XII 
  
 EARLY REDEMPTION OF NOTES 
  
 Section 12.01. Applicability of Article. Unless otherwise specified in the applicable Indenture Supplement related to a series or class of Notes,
pursuant to the terms of this Article, the Issuer shall redeem and pay, provided that funds are available, each affected series or class of Notes upon the occurrence of any Early Redemption Event. Unless otherwise specified in the applicable
Indenture Supplement relating to a series or class of Notes, or in the form of Notes for such series or class, the following are “Early Redemption Events”: 
  
 (a) with respect to any class of Notes, the occurrence of the Expected Principal Payment Date of such Note; 
  
 (b) the occurrence of any Pay Out Event as defined in the Pooling and
Servicing Agreement or any Series 2004-MC Pay Out Event as described in the Series 2004-MC Supplement; 
  
 (c) The Issuer becomes an investment company within the meaning of the Investment Company Act; or 
  
 (d) with respect to any series or class of Notes, any additional Early
Redemption Event specified in the Indenture Supplement for such series or class as applying to such series or class. 
  
 The redemption price of a class of Notes so redeemed shall equal the Outstanding principal amount of such class, plus interest accrued and unpaid
to but excluding the date of redemption, the payment of which shall be subject to Article V, Article VII and the allocations, deposits and payments sections of the related Indenture Supplement. 
  
 If the Issuer is unable to pay the redemption price in full on the Monthly
Principal Payment Date following the end of the Monthly Period in which the Early Redemption Event occurs, monthly payments on such class of Notes shall thereafter be made on each following Monthly Principal Payment Date until the Outstanding
principal amount of such class, plus all accrued and unpaid interest, is paid in full or the Legal Maturity Date occurs, whichever is earlier, subject to Article V, Article VII and the allocations, deposits and payments sections
of the related Indenture Supplement. Any funds in any Supplemental Account for a redeemed class shall be applied to make the principal and interest payments on that class on the redemption date, subject to Article V, Article VII and
the allocations, deposits and payments sections of the related Indenture Supplement. Principal payments on redeemed classes shall be made first to the senior-most Notes until paid in full, then to the subordinated Notes until paid in full.

  
 Section 12.02. Optional Repurchase. Unless otherwise
provided in the applicable Indenture Supplement for a series or class of Notes, the Servicer has the right, but not the obligation, to redeem a series or class of Notes in whole but not in part on any day on or after the day on which the aggregate
Nominal Liquidation Amount of such series or class is reduced to less than 10% of its Initial Dollar Principal Amount; provided, however, that if such series or class of Notes is of a subordinated class, the Servicer shall not redeem
such Notes if the 
  

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 provisions of the related Indenture Supplement would prevent the payment of such subordinated Note until a level of
prefunding of the principal funding sub-accounts for the senior classes of Notes for that series has been reached such that the amount of such deficiency in the required subordination of a senior class of Notes is no longer required to provide
subordination protection for the senior classes of that series. If the Servicer elects to redeem a series or class of Notes, it shall cause the Issuer to notify the Holders of such redemption at least thirty (30) days prior to the redemption date.
The redemption price of a series or class so redeemed shall equal the Outstanding principal amount of such class, plus interest accrued and unpaid or principal accreted and unpaid on such class to but excluding the date of redemption, the payment of
which shall be subject to Article V, Article VII and the allocations, deposits and payments sections of the related Indenture Supplement. 
  
 If the Issuer is unable to pay the redemption price in full on the redemption date, monthly payments on such class of Notes shall thereafter be made until
the Outstanding principal amount of such class, plus all accrued and unpaid interest, is paid in full or the Legal Maturity Date occurs, whichever is earlier, subject to Article V, Article VII and the allocations, deposits and payments
sections of the related Indenture Supplement. Any funds in any Supplemental Account for a redeemed class shall be applied to make the principal and interest payments on that class on the redemption date in accordance with the related Indenture
Supplement. Principal payments on redeemed classes shall be made in accordance with the related Indenture Supplement. 
  
 Section 12.03. Notice. Promptly after the occurrence of any Early Redemption Event or a redemption pursuant to Section 12.02, the Issuer
shall notify the Indenture Trustee and the Note Rating Agencies in writing of the identity, Stated Principal Amount and Outstanding Dollar Principal Amount of the affected series or class of Notes to be redeemed. Notice of redemption shall promptly
be given as provided in Section 1.06. All notices of redemption shall state (a) the date on which the redemption of the applicable series or class of Notes pursuant to this Article shall begin, which will be the Principal Payment Date next
following the end of the Monthly Period in which the applicable Early Redemption Event or redemption pursuant to Section 12.02, occurs, (b) the redemption price for such series or class of Notes, which will be equal to the Outstanding
principal amount of such series or class plus interest accrued or principal accreted and unpaid (if any), the payment of which will be subject to Article V, Article VII and the allocations, deposits and payments sections of the related
Indenture Supplement and (c) the series or class of Notes to be redeemed pursuant to this Article. 
  
 [END OF ARTICLE XII] 
  

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 ARTICLE XIII 
  
 COLLATERAL 
  
 Section 13.01. Recording, Etc. 
  
 (a) The Issuer intends the Security Interest granted pursuant to this Indenture in favor of the Indenture Trustee to be prior to all other liens in
respect of the Collateral. Subject to Section 13.03, the Issuer shall take all actions necessary to obtain and maintain a perfected lien on and security interest in the Collateral in favor of the Indenture Trustee. The Issuer shall from time
to time execute and deliver all such supplements and amendments hereto and all such financing statements, continuation statements, instruments of further assurance and other instruments, all as prepared by the Issuer, and shall take such other
action necessary or advisable to: 
  
 (i) grant a
Security Interest more effectively in all or any portion of the Collateral; 
  
 (ii) maintain or preserve the Security Interest (and the priority thereof) created by this Indenture or carry out more effectively the purposes hereof; 
  
 (iii) perfect, publish notice of or protect the validity of any grant made or to be made by this Indenture;

  
 (iv) enforce the Collateral Certificate, the
Derivative Agreements and each other instrument or agreement included in the Collateral; 
  
 (v) preserve and defend title to the Collateral and the rights of the Indenture Trustee in such Collateral against the claims of all
persons and parties; or 
  
 (vi) pay all taxes or
assessments levied or assessed upon the Collateral when due. 
  
 (b) The Issuer shall from time to time promptly pay and discharge all financing and continuation statement recording and/or filing fees, charges and taxes relating to this Indenture, any amendments thereto and any other instruments of
further assurance. The Issuer hereby designates the Indenture Trustee its agent and attorney-in-fact to execute upon the Issuer’s failure to do so, any financing statement, continuation statement or other instrument required by the Indenture
Trustee pursuant to this Section. 
  
 (c) Without limiting the
generality of clauses (a)(ii) or (a)(iii): 
  
 (i) The Issuer shall cause this Indenture, all amendments and supplements hereto and/or all financing statements and continuation statements and any other necessary documents covering the Indenture Trustee’s right, title and interest
to the Collateral to be promptly recorded, registered and filed, and at all times to be kept, recorded, registered and filed, all in such manner and in such 
  

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 places as may be required by law fully to preserve and protect the right, title and interest of the
Indenture Trustee to all property comprising the Collateral. The Issuer shall deliver to the Indenture Trustee file-stamped copies of, or filing receipts for, any document recorded, registered or filed as provided above, as soon as available
following such recording, registration or filing. 
  
 (ii) Within 30 days after the Issuer makes any change in its name, identity or corporate structure which would make any financing statement or continuation statement filed in accordance with paragraph (d)(i) seriously misleading within the
meaning of Section 9-402(7) (or any comparable provision) of the UCC, the Issuer shall give the Indenture Trustee notice of any such change and shall file such financing statements or amendments as may be necessary to continue the perfection of the
Indenture Trustee’s security interest in the Collateral. 
  
 (d) The Issuer shall give the Indenture Trustee prompt notice of any relocation of its chief executive office, place of business or State of location, and any change in the jurisdiction of its organization, and whether, as a result of such
relocation or change, the applicable provision of the UCC would require the filing of any amendment of any previously filed financing or continuation statement or of any new financing statement and shall file such financing statements or amendments
as may be necessary to perfect or to continue the perfection of the Indenture Trustee’s security interest in the Collateral. The Issuer shall at all times maintain its chief executive office within the United States. 
  
 (e) The duty of the Indenture Trustee to execute any instrument required
pursuant to this Section shall arise only if the Indenture Trustee has knowledge of the type described in Section 7.01(c) of any default of the Issuer in complying with the provisions of this Section. 
  
 Section 13.02. Trust Indenture Act Requirements. The release of any
Collateral from the lien created by this Indenture or the release of, in whole or in part, such liens, shall not be deemed to impair the Security Interests in contravention of the provisions hereof if and to the extent the Collateral or liens are
released pursuant to the terms hereof. The Indenture Trustee and each of the Noteholders and any applicable Derivative Counterparty acknowledge that a release of Collateral or liens strictly in accordance with the terms hereof shall not be deemed
for any purpose to be an impairment of the Security Interests in contravention of the terms of this Indenture. To the extent applicable, without limitation, the Issuer and each other obligor on the Notes shall cause Trust Indenture Act Section
3.14(d) relating to the release of property or securities from the liens hereof to be complied with. Any certificate or opinion required by Trust Indenture Act Section 3.14(d) may be made by an officer of the appropriate obligor, except in cases in
which Trust Indenture Act Section 3.14(d) requires that such certificate or opinion be made by an independent person. 
  
 Section 13.03. Suits To Protect the Collateral. Subject to the provisions of this Indenture, the Indenture Trustee shall have power to institute
and to maintain such suits and proceedings as it may deem expedient to prevent any impairment of the Collateral by any acts which may be unlawful or in violation of this Indenture, and such suits and proceedings as the 
  

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 Indenture Trustee may deem expedient to preserve or protect the interests of the Noteholders and any applicable
Derivative Counterparty and the interests of the Indenture Trustee and the Holders of the Notes in the Collateral (including power to institute and maintain suits or proceedings to restrain the enforcement of or compliance with any legislative or
other governmental enactment, rule or order that may be unconstitutional or otherwise invalid if the enforcement of, or compliance with, such enactment, rule or order would impair the Security Interests or be prejudicial to the interests of the
Holders of the Notes or the Indenture Trustee). No counterparties to a Derivative Agreement may direct the Indenture Trustee to enforce the Security Interest. Each Derivative Counterparty’s rights consist solely of the right to receive
collections allocated for its benefit pursuant to the related Indenture Supplement. 
  
 Section 13.04. Purchaser Protected. In no event shall any purchaser in good faith of any property purported to be released hereunder be bound to ascertain the authority of the Indenture Trustee to execute the
release or to inquire as to the satisfaction of any conditions required by the provisions hereof for the exercise of such authority or to see to the application of any consideration given by such purchaser or other transferee; nor shall any
purchaser or other transferee of any property or rights permitted by this Article to be sold be under any obligation to ascertain or inquire into the authority of the Issuer or any other obligor, as applicable, to make any such sale or other
transfer. 
  
 Section 13.05. Powers Exercisable by Receiver or
Indenture Trustee. In case the Collateral shall be in the possession of a receiver or trustee, lawfully appointed, the powers conferred in this Article upon the Issuer or any other obligor, as applicable, with respect to the release, sale or
other disposition of such property may be exercised by such receiver or trustee, and an instrument signed by such receiver or trustee shall be deemed the equivalent of any similar instrument of the Issuer or any other obligor, as applicable, or of
any officer or officers thereof required by the provisions of this Article. 
  
 Section 13.06. Determinations Relating to Collateral. In the event (i) the Indenture Trustee shall receive any written request from the Issuer or any other obligor for consent or approval with respect to any
matter or thing relating to any Collateral or the Issuer’s or any other obligor’s obligations with respect thereto or (ii) there shall be due to or from the Indenture Trustee under the provisions hereof any performance or the delivery of
any instrument or (iii) the Indenture Trustee shall become aware of any nonperformance by the Issuer or any other obligor of any covenant or any breach of any representation or warranty of the Issuer or any other obligor set forth in this Indenture,
then, in each such event, the Indenture Trustee shall be entitled to hire experts, consultants, agents and attorneys to advise the Indenture Trustee on the manner in which the Indenture Trustee should respond to such request or render any requested
performance or response to such nonperformance or breach (the expenses of which shall be reimbursed to the Agent and the Indenture Trustee pursuant to Section 8.07). The Indenture Trustee shall be fully protected in the taking of any action
recommended or approved by any such expert, consultant, agent or attorney or agreed to by the Majority Holders of the Outstanding Notes. 
  

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 Section 13.07. Release of Collateral. 
  
 (a) Subject to the payment of its fees and expenses pursuant to Section
8.07, the Indenture Trustee shall, at the request of the Issuer or when otherwise required by the provisions of this Indenture, execute instruments to release property from the lien of this Indenture, or convey the Indenture Trustee’s
interest in the same, in a manner and under circumstances which are not inconsistent with the provisions of this Indenture. No party relying upon an instrument executed by the Indenture Trustee as provided in this Article shall be bound to ascertain
the Indenture Trustee’s authority, inquire into the satisfaction of any conditions precedent or see to the application of any funds. 
  
 (b) Upon delivery of an Officer’s Certificate certifying that the Issuer’s obligations under this Indenture have been satisfied and discharged
by complying with the provisions of this Article, the Indenture Trustee shall (i) execute and deliver such releases, termination statements and other instruments (in recordable form, where appropriate) as the Issuer or any other obligor, as
applicable, may reasonably request evidencing the termination of the Security Interests created by this Indenture and (ii) not to be deemed to hold the Security Interests for the benefit of the Indenture Trustee, the Noteholders and any applicable
Derivative Counterparty. 
  
 (c) The Transferor and the
Noteholders shall be entitled to receive at least ten (10) days written notice when the Indenture Trustee proposes to take any action pursuant to clause (a), accompanied by copies of any instruments involved, and the Indenture Trustee shall also be
entitled to require, as a condition to such action, an Opinion of Counsel, stating the legal effect of any such action, outlining the steps required to complete the same, and concluding that all conditions precedent to the taking of such action have
been complied with. Counsel rendering any such opinion may rely, without independent investigation, on the accuracy and validity of any certificate or other instrument delivered to the Indenture Trustee in connection with any such action.

  
 Section 13.08. Certain Actions by Indenture Trustee.
Any action taken by the Indenture Trustee pursuant to this Article in respect of the release of Collateral shall be taken by the Indenture Trustee as its interest in such Collateral may appear, and no provision of this Article is intended to, or
shall, excuse compliance with any provision hereof. 
  
 Section
13.09. Opinions as to Collateral. 
  
 (a) On the Effective
Date, the Issuer shall furnish to the Indenture Trustee an Opinion of Counsel either stating that, in the opinion of such counsel, such action has been taken with respect to the recording and filing of this Indenture, any indentures supplemental
hereto, and any other requisite documents, and with respect to the execution and filing of any financing statements and continuation statements, as are necessary to perfect and maintain the perfection of the Security Interest granted by this
Indenture in favor of the Indenture Trustee and reciting the details of such action, or stating that, in the opinion of such counsel, no such action is necessary to make such lien and security interest perfected. 
  
 (b) On or before March 31 in each calendar year, beginning in 2005, the
Issuer shall furnish to the Indenture Trustee an Opinion of Counsel with respect to each Uniform Commercial Code financing statement which has been filed by the Issuer either stating that, (i) in 
  

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 the opinion of such counsel, such action has been taken with respect to the recording, filing, rerecording and refiling
of this Indenture, any indentures supplemental hereto and any other requisite documents and with respect to the execution and filing of any financing statements and continuation statements as is necessary to maintain the first priority lien and
Security Interest created by this Indenture and reciting the details of such action or (ii) in the opinion of such counsel no such action is necessary to maintain such lien and Security Interest. Such Opinion of Counsel shall also describe the
recording, filing, re-recording and refiling of this Indenture, any indentures supplemental hereto and any other requisite documents and the execution and filing of any financing statements and continuation statements that shall, in the opinion of
such counsel, be required to maintain the lien and Security Interest of this Indenture until March 31 in the following calendar year. 
  
 Section 13.10. Delegation of Duties. The Issuer may contract with or appoint other Persons (including the Transferor and its Affiliates) to assist
it in performing its duties under this Indenture, and any performance of such duties by a Person identified to the Indenture Trustee in an Officer’s Certificate shall be deemed to be action taken by the Issuer. 
  
 [END OF ARTICLE XIII] 
  

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 ARTICLE XIV 
  
 MISCELLANEOUS 
  
 Section 14.01. No Petition. The Indenture Trustee, by entering into this Indenture, each Derivative Counterparty, by designating that the
obligations of the Issuer pursuant to the applicable Derivative Agreement are secured by the Collateral, and each Noteholder, by accepting a Note, agrees that it will not at any time institute against the Transferor, the Master Trust or the Issuer,
or join in any institution against the Transferor, the Master Trust or the Issuer of, 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 obligations relating to the Notes, this Indenture or any Derivative Agreement. 
  
 Section 14.02. Trust Obligations. No recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer on the Notes or
under this Indenture or any certificate or other writing delivered in connection herewith or therewith, against (i) the Owner Trustee in its individual capacity, (ii) any owner of a beneficial interest in the Issuer or (iii) any partner, owner,
Administrator, agent, officer, director, employee or agent of the Owner Trustee in its individual capacity, any holder of a beneficial interest in the Issuer or the Owner Trustee or of any successor or assign of the Owner Trustee in its individual
capacity, except as any such Person may have expressly agreed (it being understood that the Owner Trustee has no such obligations in its individual capacity). 
  

Section 14.03. Limitations on Liability. 
  
 (a) It is expressly understood and agreed by the parties hereto that (i) this Indenture is executed and delivered by the Administrator not individually or
personally but solely as Administrator, in the exercise of the powers and authority conferred and vested in it, (ii) each of the representations, undertakings and agreements herein made on the part of the Issuer is made and intended not as a
personal representation, undertaking or agreement by the Administrator but is made and intended for the purpose of binding only the Issuer, (iii) nothing herein contained shall be construed as creating any liability on the Administrator individually
or personally, to perform any covenant of the Issuer either expressed or implied contained herein, all such liability, if any, being expressly waived by the parties to this Indenture and by any Person claiming by, through or under them and (iv)
under no circumstances shall the Administrator be personally liable for the payment of any indebtedness or expenses of the Issuer or be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by
the Issuer under this Indenture or any related documents. 
  
 (b)
None of the Indenture Trustee, the Owner Trustee, the Transferor or any other Administrator of the Issuer or any of their respective officers, directors, employers or agents shall have any liability with respect to this Indenture, and recourse may
be had solely to the Collateral pledged to secure the Notes issued by Mellon Bank PFL Master Note Trust. 
  
 Section 14.04. Tax Treatment. The Issuer and the Noteholders agree that the Notes are intended to be debt of the Transferor for federal, state and
local income and franchise tax purposes and agree to treat the Notes accordingly for all such purposes, unless otherwise required by a taxing authority. 
  

 91 

 Section 14.05. Actions Taken by the Issuer. Any and all actions that are to be taken by the Issuer
may be taken by either the Administrator or the Owner Trustee on behalf of the Issuer. 
  
 Section 14.06. Alternate Payment Provisions. Notwithstanding any provision of this Indenture or any of the Notes to the contrary, the Issuer, with the written consent of the Indenture Trustee, may enter into
any agreement with any Holder of a Note providing for a method of payment or notice that is different from the methods provided for in this Indenture for such payments or notices. The Issuer shall furnish to the Indenture Trustee a copy of each such
agreement and the Indenture Trustee shall cause payments or notices, as applicable, to be made in accordance with such agreements. 
  
 Section 14.07. Termination of Issuer. The Issuer and the respective obligations and responsibilities of the Indenture Trustee created hereby (other
than the obligation of the Indenture Trustee to make payments to Noteholders as hereinafter set forth) shall terminate, except with respect to the duties described in Section 14.08(b), as provided in the Trust Agreement. 
  
 Section 14.08. Final Distribution. 
  
 (a) The Servicer shall give the Indenture Trustee at least thirty (30) days
prior written notice of the Payment Date on which the Noteholders of any series or class may surrender their Notes for payment of the final distribution on and cancellation of such Notes. Not later than the fifth day of the month in which the final
distribution in respect of such Series or Class is payable to Noteholders, the Indenture Trustee shall provide notice to Noteholders of such series or class specifying (i) the date upon which final payment of such series or class will be made upon
presentation and surrender of Notes of such series or class at the office or offices therein designated, (ii) the amount of any such final payment and (iii) that the Record Date otherwise applicable to such payment date is not applicable, payments
being made only upon presentation and surrender of such Notes at the office or offices therein specified. The Indenture Trustee shall give such notice to the Note Registrar and the Paying Agent at the time such notice is given to Noteholders.

  
 (b) Notwithstanding a final distribution to the Noteholders of
any series or class (or the termination of the Issuer), except as otherwise provided in this paragraph, all funds then on deposit in any Account allocated to such Noteholders shall continue to be held in trust for the benefit of such Noteholders,
and the Paying Agent or the Indenture Trustee shall pay such funds to such Noteholders upon surrender of their Notes, if certificated. In the event that all such Noteholders shall not surrender their Notes for cancellation within six (6) months
after the date specified in the notice from the Indenture Trustee described in paragraph (a), the Indenture Trustee shall give a second notice to the remaining such Noteholders to surrender their Notes for cancellation and receive the final
distribution with respect thereto. If within one year after the second notice all such Notes shall not have been surrendered for cancellation, the Indenture Trustee may take appropriate steps, or may appoint an agent to take appropriate steps, to
contact 
  

 92 

 the remaining such Noteholders concerning surrender of their Notes, and the cost thereof shall be paid out of the funds
in the Collection Account or any Supplemental Account held for the benefit of such Noteholders. The Indenture Trustee and the Paying Agent shall pay to the Issuer any monies held by them for the payment of principal or interest that remains
unclaimed for two (2) years. After payment to the Issuer, Noteholders entitled to the money must look to the Issuer for payment as general creditors unless an applicable abandoned property law designates another Person. 
  
 Section 14.09. Termination Distributions. Upon the termination of the
Issuer pursuant to the terms of the Trust Agreement, the Indenture Trustee shall release, assign and convey to the Administrator or any of its designees, without recourse, representation or warranty, all of its right, title and interest in the
Collateral, whether then existing or thereafter created, all monies due or to become due and all amounts received or receivable with respect thereto (including all moneys then held in any Account) and all proceeds thereof, except for amounts held by
the Indenture Trustee pursuant to Section 14.08(b). The Indenture Trustee shall execute and deliver such instruments of transfer and assignment as shall be provided to it, in each case without recourse, as shall be reasonably requested by the
Administrator to vest in the Administrator or any of its designees all right, title and interest which the Indenture Trustee had in the Collateral and such other property. 
  
 Section 14.10. Derivative Counterpart as Third-Party Administrator. Each Derivative Counterparty is a third-party
Administrator of this Indenture to the extent specified in the applicable Derivative Agreement or Indenture Supplement. 
  
 [END OF ARTICLE XIV] 
  

 93 

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

			
	 MELLON BANK PFL MASTER NOTE TRUST, by
 [                        ], as Administrator

		
	 By:
	 	  

	 	 	         Name:

	 	 	         Title:

	
	 WELLS FARGO BANK, NATIONAL ASSOCIATION, as
 Indenture Trustee and not in its individual capacity

		
	 By:
	 	  

	 	 	         Name:

	 	 	         Title:

  
 Acknowledged and Accepted: 
  

			
	 AFCO ACCEPTANCE
CORPORATION,
as Servicer

		
	 By:
	 	  

	 	 	 Name:

	 	 	 Title:

	
	 AFCO CREDIT CORPORATION,
as Servicer

		
	 By:
	 	  

	 	 	 Name:

	 	 	 Title:

  

 94 

			
	 STATE OF [            ]
	 	 )

	 	 	 )ss:

	 COUNTY OF [            ]
	 	 )

  
 On
[    ], [    ], before me personally came                 , to me known, who, being by me duly sworn, did depose and say
that he resides at                 ; that he is a                  of
[                ], acting not in its individual capacity but solely as Administrator of the Mellon Bank PFL Master Note Trust, one of the parties described in
and which executed the above instrument; that he knows the corporate seal of the Administrator; that the seal affixed to that instrument is such corporate seal; that it was affixed by authority of the board of directors of the corporation; and that
he signed his name thereto by like authority. 
  

	
	  

	 Name

	  

	 [Notarial Seal]

  

 95 

			
	 STATE OF NEW YORK
	 	 )

	 	 	 )ss:

	 COUNTY OF NEW YORK
	 	 )

  
 On
[    ], [    ], before me personally came [    ], to me known, who, being by me duly sworn, did depose and say that he resides at [    ]; that he is
[    ] of Wells Fargo Bank, National Association, one of the parties described in and which executed the above instrument; that he knows the corporate seal of said corporation; that the seal affixed to that instrument is such
corporate seal; that it was affixed by authority of the board of directors of the corporation; and that he signed his name thereto by like authority. 
  

	
	  

	 Name

	  

	 [Notarial Seal]

  

 96 

 EXHIBIT A 
  
 [FORM OF] PAYMENT INSTRUCTION 
  

  
 MELLON BANK PFL MASTER NOTE
TRUST 
  

  
 Unless otherwise indicated, capitalized terms used in this Payment Instruction have their respective meanings set forth in the Indenture; provided,
that the “preceding Monthly Period” shall mean the Monthly Period immediately preceding the calendar month in which this Payment Instruction is delivered. This Payment Instruction is delivered pursuant to Section 9.08, of the
Indenture. 
  
 The date of this Payment Instruction is a Transfer
Date under the Pooling and Servicing Agreement. 
  

								
	I.       	 	 Allocations of Available Funds:
	  	 	  	 	 
	 	 	 A.     Available Funds paid to Series
[            ]
	  	 	  	$	            
	 	 	 [B.    Available Funds paid to Series [            
]
	  	 	  	$	            
	 	 	 C.     Available Funds paid to Series
[            ]
	  	 	  	$	            
	 	 	 	  	Total	  	$	            ]
				
	II.     	 	 Locations of Available Principal Amounts
	  	 	  	 	 
	 	 	 A.     Available Principal Amounts paid to Series
[        ]
	  	 	  	$	            
	 	 	 [B.    Available Principal Amounts paid to Series
[        ]
	  	 	  	$	            
	 	 	 C.     Available Principal Amounts paid to Series
[        ]
	  	 	  	$	            
	 	 	 	  	Total	  	$	            ]

  

 A-1 

 IN WITNESS WHEREOF, the undersigned has duly executed and delivered this Payment Instruction this
             day of             ,             .

  

			
	 [                            ],
 as Administrator of the Mellon Bank PFL Master
 Note Trust

		
	 By:
	 	  

	 	 	 Name:

	 	 	 Title:

  

 A-2 

 Schedule to Payment Instruction * 
  

  
 MELLON BANK PFL MASTER NOTE TRUST 
  

  

	*	 	A separate schedule is to be attached for each series, with appropriate changes and additions to reflect the specifics of the related Indenture Supplement. 

 

 A-3 

 EXHIBIT B 
  
 [FORM OF] MONTHLY NOTEHOLDERS’ STATEMENT 
  
 Date:             
    ,              
  
 MELLON BANK PFL MASTER NOTE TRUST 
 MONTHLY PERIOD ENDING
                 ,              
  
 Reference is made to the Series 2004-MC Supplement (the “Series 2004-MC
Supplement”), dated as of June [_], 2004, between Mellon Premium Finance Loan Owner Trust as transferor (the “Transferor”), AFCO Credit Corporation as servicer, AFCO Acceptance Corporation as servicer, Premium Financing Specialists,
Inc. as back-up servicer, Premium Financing Specialists of California, Inc., as back-up servicer and Wells Fargo Bank, National Association, as Trustee, and the Indenture (the “Indenture”), dated as of May     ,
2001, between Mellon Bank PFL Master Note Trust, as Issuer, and Wells Fargo Bank, National Association, as Indenture Trustee. Terms used herein and not defined herein have the meanings ascribed to them in the Series 2004-MC Supplement, the Indenture
and the related Indenture Supplements, as applicable. 
  
 The
following computations are prepared with respect to the Transfer Date of                  ,
             and with respect to the performance of the Trust during the related Monthly Period. 
  

	A.	 	Reductions of and Increases to Nominal Liquidation Amount: 

  

																	
	 Series

	  	Nominal
Liquidation
Amount for
prior
Monthly
Period

	  	Increases
from
accretions
on Principal
for Discount
Notes

	  	Increases
from
amounts
withdrawn
from the
Principal
Funding
sub-Account
in respect of
Prefunding
Excess
Amount

	  	 Reimburse-
 ments from
Available
Funds

	  	Reductions
due to
reallocations
of Available
Principal
Amounts

	  	Reductions
due to
Investor
Charge-Offs

	  	Reductions
due to
amounts on
deposit in
the Principal
Funding
sub-Account

	  	Current
Nominal
Liquidation
Amount

	 [Series [        ]
	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 
	 [Series [        ]
	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 
	 Total:]
	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 

  

 B-1 

 IN WITNESS WHEREOF, the undersigned has duly executed and delivered this Monthly Noteholders’
Statement this             th day of     ,             . 
  

			
	 [                            ],
 as Administrator of the Mellon Bank PFL
 Master Note Trust

		
	 By:
	 	  

	 	 	 Name:

	 	 	 Title:

  

 B-2 

 Schedule to Payment Instruction* 
  

  
 MELLON BANK PFL MASTER NOTE TRUST 
  

  

	*	 	A separate schedule is to be attached for each series, with appropriate changes and additions to reflect the specifics of the related Indenture Supplement. 

 

 B-3 

 EXHIBIT C 
  
 [FORM OF] INVESTMENT LETTER 
  
 [Date] 
  
 Wells Fargo Bank, National Association as Indenture Trustee, 
 [address] 
 Attention: Corporate Trust Department 
 Mellon Bank PFL Master Note Trust 
  
 c/o
[                        ], as Administrator 
 [address] 
 Attention: [                ] 
  

			
	 Re:
	 	 Purchase of $
                    * principal amount of Mellon Bank PFL Master

	 	 	 Note Trust, Series [-], Class [-] Notes 

  
 Ladies and Gentlemen: 
  
 In connection with our purchase of the above Notes (the “Notes”) we
confirm that: 
  
 (1) We understand that the Notes are not being
registered under the Securities Act of 1933, as amended (the “Securities Act”), and are being sold to us in a transaction that is exempt from the registration requirements of the Securities Act. 
  
 (2) Any information we desire concerning the Notes or any other matter
relevant to our decision to purchase the Notes is or has been made available to us. 
  
 (3) We have such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of an investment in the Notes, and we (and any account for which we are purchasing under
paragraph (iv) below) are able to bear the economic risk of an investment in the Notes. We (and any account for which we are purchasing under paragraph (iv) below) are an “accredited investor” (as such term is defined in Rule 501(a)(1),
(2) or (3) of Regulation D under the Securities Act). 
  
 (4) We
are acquiring the Notes for our own account or for accounts as to which we exercise sole investment discretion and not with a view to any distribution of the Notes, subject, nevertheless, to the understanding that the disposition of our property
shall at all times be and remain within our control; 
  
 (5) We
agree that the Notes must be held indefinitely by us unless subsequently registered under the Securities Act or an exemption from any registration requirements of the Securities Act and any applicable state securities law is available;

	*	 	Not less than $250,000 minimum principal amount. 

  

 C-1 

 (6) We agree that in the event that at some future time we wish to dispose of or exchange any of the
Notes (such disposition or exchange not being currently foreseen or contemplated), we will not transfer or exchange any of the Notes unless: 
  
 (a)(i) the sale is of at least U.S. $250,000 principal amount of Notes to an Eligible Purchaser (as defined below), (ii) a letter to
substantially the same effect as paragraphs (1), (2), (3), (4), (5) and (6) of this letter is executed promptly by the purchaser and (3) all offers or solicitations in connection with the sale, whether directly or through any agent acting on our
behalf, are limited only to Eligible Purchasers and are not made by means of any form of general solicitation or general advertising whatsoever; or 
  
 (b) the Notes are transferred pursuant to Rule 144 under the Securities Act by us after we have held them for more than three years; or

  
 (c) the Notes are sold in any other
transaction that does not require registration under the Securities Act and, if the Issuer, the Servicer, the Trustee or the Note Registrar so requests, we theretofore have furnished to such party an opinion of counsel satisfactory to such party, in
form and substance satisfactory to such party, to such effect; or 
  
 (d) the Notes are transferred pursuant to an exception from the registration requirements of the Securities Act under Rule 144A under the Securities Act; and 
  
 (7) We understand that the Notes will bear a legend to substantially the
following effect: 
  
 “THIS NOTE HAS NOT
BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”). NEITHER THIS NOTE NOR ANY PORTION HEREOF MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN COMPLIANCE WITH THE REGISTRATION PROVISIONS OF
THE SECURITIES ACT AND ANY APPLICABLE PROVISIONS OF ANY 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 THE INDENTURE REFERRED TO
HEREIN.” 
  
 This legend may be removed if the Issuer, the
Trustee and the Note Registrar have received an opinion of counsel satisfactory to them, in form and substance satisfactory to them, to the effect that the legend may be removed. 
  
 “Eligible Purchaser” means either an Eligible Dealer or a corporation, partnership or other entity which we have
reasonable grounds to believe and do believe can make representations with respect to itself to substantially the same effect as the representations set forth herein. “Eligible Dealer” means any corporation or other entity the principal
business of which is acting as a broker and/or dealer in securities. Capitalized terms used but not defined herein shall have the meanings given to such terms in the Indenture dated as of June[    ], 2004, 
  

 C-2 

 between Mellon Bank PFL Master Note Trust and Wells Fargo Bank, National Association, as
indenture trustee. 
  

			
	 Very truly yours,

	  

	 (Name of Purchaser)

		
	 By
	 	  

	 (Authorized officer)

  

 C-3 

 EXHIBIT D-1 
  
 [FORM OF] CLEARANCE SYSTEM CERTIFICATE 
 TO BE GIVEN TO THE TRUSTEE BY 
 EUROCLEAR OR CLEARSTREAM, LUXEMBOURG FOR 
 DELIVERY OF DEFINITIVE NOTES IN EXCHANGE FOR A PORTION OF A 
 TEMPORARY GLOBAL NOTE 
  
 MELLON
BANK PFL MASTER NOTE TRUST, 
 Series [•], Class [•] Notes 
 [Insert title or sufficient description of Notes to be delivered] 
  
 We refer to that portion of the Temporary Global Note in respect of the Mellon Bank PFL Master Note Trustee Asset Backed Notes, Series
[            ], Class [    ] Notes to be exchanged for definitive Notes (the “Submitted Portion”) pursuant to this certificate (the
“Notes”) as provided in the Indenture dated as of June [    ], 2004, (as amended and supplemented, the “Indenture”) in respect of such issue. This is to certify that (i) we have received a certificate
or certificates, in writing or by tested telex, with respect to each of the persons appearing in our records as being entitled to a beneficial interest in the Submitted Portion and with respect to such person’s beneficial interest either (a)
from such person, substantially in the form of Exhibit D-2 to the Indenture Supplement, or (b) from
                             ,
            , substantially in the form of Exhibit D-3 to the Indenture Supplement, and (ii) the Submitted Portion includes no part of the Temporary Global Note excepted in such
certificates. 
  
 We further certify that as of the date hereof we
have not received any notification from any of the persons giving such certificates to the effect that the statements made by them with respect to any part of the Submitted Portion are no longer true and cannot be relied on as of the date hereof.

  
 We understand that this certificate is required in connection
with certain securities and tax laws in the United States of America. If administrative or legal proceedings are commenced or threatened in connection with which this certificate is or would be relevant, we irrevocably authorize you to produce this
certificate or a copy hereof to any interested party in such proceedings. 
  

					
	 Dated:
                                 ,
            ,*
	 	 [                                     
                           

	 	 	 as operator of the Euroclear System]

	 	 	 [Clearstream, Luxembourg]

			
	 	 	 By
	 	  

	*	 	To be dated on the date of the proposed exchange. 

  
  

 D-1-1 

 EXHIBIT D-2 
  
 [FORM OF] CERTIFICATE TO BE DELIVERED TO 
 EUROCLEAR OR CLEARSTREAM, LUXEMBOURG 
 BY [•] WITH RESPECT TO REGISTERED NOTES SOLD TO QUALIFIED

 INSTITUTIONAL BUYERS 
  
 MELLON BANK PFL MASTER NOTE TRUST, 
 Series
[·], Class [·] Notes 
  
 In connection with the initial issuance and placement of the Series
[·], Class [·] Notes (the “Notes”),
an institutional investor in the United States (an “institutional investor”) is purchasing [U.S.$/(pound)/(U)/SF] aggregate principal amount of the Notes hold in our account at
[                                    , as operator of the
Euroclear System] [Clearstream, Luxembourg] on behalf of such investor. 
  
 We reasonably believe that such institutional investor is a qualified institutional buyer as such term is defined under Rule 144A of the Securities Act of 1933, as amended. 
  
 [We understand that this certificate is required in connection with United States laws. We irrevocably authorize you to
produce this certificate or a copy hereof to any interested party in any administrative or legal proceedings or official inquiry with respect to the matters covered by this certificate.] 
  
 The Definitive Notes in respect of this certificate are to be issued in registered form in the minimum denomination of
[U.S.$/(pound)/(U)/SF] and such Definitive Notes (and, unless the Indenture or terms document relating to the Notes otherwise provides, any Notes issued in exchange or substitution for or on registration of transfer of Notes) shall bear the
following legend: 
  
 “THIS NOTE HAS NOT
BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933. NEITHER THIS NOTE NOR ANY PORTION HEREOF MAY BE OFFERED OR SOLD, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES OR TO U.S. PERSONS (EACH AS DEFINED HEREIN), EXCEPT IN COMPLIANCE WITH THE
REGISTRATION PROVISIONS OF SUCH ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM SUCH REGISTRATION PROVISIONS. THE TRANSFER OF THIS NOTE IS SUBJECT TO CERTAIN CONDITIONS SET FORTH IN THE INDENTURE REFERRED TO HEREIN. 
  
 Dated:
                 ,             ,* 
  

			
	 	 	 [                            ]

		
	 By
	 	  

	 Authorized officer

	*	 	To be dated on the date of the proposed exchange. 

  
  

 D-2-1 

 EXHIBIT D-3 
  
 [FORM OF] CERTIFICATE TO BE DELIVERED 
 TO EUROCLEAR OR CLEARSTREAM, LUXEMBOURG 
 BY A BENEFICIAL OWNER 
 OF NOTES, OTHER THAN A QUALIFIED INSTITUTIONAL BUYER 
  
 MELLON BANK PFL MASTER NOTE TRUST, 
 Series
[·], Class [·] Notes 
  
 This is to certify that as of the date hereof and except as provided in the
third paragraph hereof, the Series [·], Class [·] Notes held by you for our account (the “Notes”) (i) are owned by a person that is a United States person, or (ii) are owned by a United States person that is (A) the foreign branch of a United States financial institution (as
defined in U.S. Treasury Regulations Section 1.165-12(c)(1)(v)) (a “financial institution”) purchasing for its own account or for resale, or (B) a United States person who acquired the Notes through the foreign branch of a financial
institution and who holds the Notes through the financial institution on the date hereof (and in either case (A) or (B), the financial institution hereby agrees to comply with the requirements of Section 165(i)(3)(A), (B) or (C) of the Internal
Revenue Code of 1986, as amended, and the regulations thereunder), or (iii) are owned by a financial institution for purposes of resale during the Restricted Period (as defined in U.S. Treasury Regulations Section 1.163-5(c)(2)(i)(D)(7)). In
addition, financial institutions described in clause (iii) of the preceding sentence (whether or not also described in clause (i) or (ii)) certify that they have not acquired the Notes for purposes of resale directly or indirectly to a United States
person or to a person within the United States or its possessions. 
  
 This certificate excepts and does not relate to [U.S.$/(pound)/(U)/SF] principal amount of Notes held by you for our account, as to which we are not yet able to certify beneficial ownership. We understand that delivery of Definitive Notes
in such principal amount cannot be made until we are able to so certify. 
  
 We understand that this certificate is required in connection with certain securities and tax laws in the United States of America. If administrative or legal proceedings are commenced or threatened in connection with
which this certificate is or would be relevant, we irrevocably authorize you to produce this certificate or a copy hereof to any interested party in such proceedings. As used herein, “United States” means the United States of America,
including the States and the District of Columbia, its territories, its possessions and other areas subject to its jurisdiction; and “United States Person” means a citizen or resident of the United States, a corporation, partnership or
other entity created or organized in or under the laws of the United States, or any political subdivision thereof, or an estate or trust the income of which is subject to United States federal income taxation regardless of its source. 
  

					
	 Dated:                 ,
            *
	 	By	 	  

	 	 	 Name:

	*	 	This certificate must be dated on the earlier of the date of the first payment of interest in respect of the Notes and the date of the delivery of the Notes in definitive form.

  

 D-3-1 

 As, or as agent for, the beneficial owner(s) of the interest in the Notes to which this certificate
relates. 
  

 D-3-2Indunture Supplement Series 2004-1

 Exhibit 4.4 
  

  
 MELLON BANK PFL MASTER NOTE TRUST 
  
 as Issuer

  
 and 
  
 WELLS FARGO BANK, NATIONAL ASSOCIATION 
  
 as Indenture Trustee 
  
 SERIES 2004-1 INDENTURE SUPPLEMENT 
  
 dated as of June [    ], 2004 
  
 to 
  
 INDENTURE 
  
 dated as of June [    ], 2004 
  

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page

	 Section 1.01.
	  	 Definitions
	  	1
	 Section 1.02.
	  	 Governing Law
	  	9
	 Section 1.03.
	  	 Counterparts
	  	9
	 Section 1.04.
	  	 Ratification of Indenture
	  	10
	
	ARTICLE II
	
	The Notes
			
	 Section 2.01.
	  	 Creation and Designation; Transfers
	  	11
	
	ARTICLE III
	
	Allocations, Deposits and Payments
			
	 Section 3.01.
	  	Allocations of Series 2004-1 Available Funds	  	13
	 Section 3.02.
	  	Targeted Deposits to the Interest Funding Account	  	13
	 Section 3.03.
	  	Allocations of Series 2004-1 Available Funds to Interest Funding sub-Accounts	  	15
	 Section 3.04.
	  	Amounts to be Treated as Series 2004-1 Available Funds; Class C Reserve Account Deposits to the Interest Funding Sub-Account	  	15
	 Section 3.05.
	  	Allocations of Reductions from Investor Charge-Offs to the Nominal Liquidation Amount of Subordinated Classes	  	16
	 Section 3.06.
	  	Allocations of Reimbursements of Nominal Liquidation Amount Deficits	  	17
	 Section 3.07.
	  	Application of Series 2004-1 Available Principal Amounts	  	17
	 Section 3.08.
	  	Computation of Reductions to the Nominal Liquidation Amount of Subordinated Classes from Reallocations of Series 2004-1 Available Principal Amounts	  	19
	 Section 3.09.
	  	Targeted Deposits of Series 2004-1 Available Principal Amounts to the Principal Funding Account	  	19
	 Section 3.10.
	  	Allocations among Principal Funding sub-Accounts	  	21
	 Section 3.11.
	  	Amounts to be Treated as Series 2004-1 Available Principal Amounts; Other Deposits to Principal Funding sub-Accounts	  	21
	 Section 3.12.
	  	Withdrawals from Interest Funding Account	  	22
	 Section 3.13.
	  	Withdrawals from Principal Funding Account	  	22
	 Section 3.14.
	  	Calculation of Nominal Liquidation Amount	  	22
	 Section 3.15.
	  	Netting of Deposits and Payments	  	23
	 Section 3.16.
	  	Targeted Deposits to the Class C Reserve Account	  	23
	 Section 3.17.
	  	Withdrawals from the Class C Reserve Account	  	23
	 Section 3.18.
	  	Targeted Deposits to the Accumulation Reserve Account	  	24
	 Section 3.19.
	  	Withdrawals from the Accumulation Reserve Account	  	24
	 Section 3.20.
	  	Computation of Interest	  	25

					
	 Section 3.21.
	  	 Excess Available Funds Sharing
	  	25
	 Section 3.22.
	  	 Calculation Agent; Determination of LIBOR
	  	25
	 Section 3.23.
	  	 Payments of Interest and Principal
	  	26
	 Section 3.24.
	  	 Monthly Noteholder Report
	  	27
	
	ARTICLE IV
	
	Early Redemption of Notes
			
	 Section 4.01.
	  	 Early Redemption Events
	  	28
	
	ARTICLE V
	
	Accounts and Investments
			
	 Section 5.01.
	  	 Accounts
	  	29

  

 ii 

 EXHIBITS 
  

			
		
	EXHIBIT A-1	  	 FORM OF CLASS A NOTE

		
	EXHIBIT A-2	  	 FORM OF CLASS B NOTE

		
	EXHIBIT A-3	  	 FORM OF CLASS C NOTE

		
	EXHIBIT A-4	  	 FORM OF CLASS D NOTE

		
	EXHIBIT B	  	 FORM OF SERIES 2004-1 SCHEDULE TO PAYMENT INSTRUCTIONS

		
	EXHIBIT C	  	 FORM OF SERIES 2004-1 SCHEDULE TO MONTHLY NOTEHOLDERS’ STATEMENT

  

 iii 

 This SERIES 2004-1 INDENTURE SUPPLEMENT (this “Indenture Supplement”), by and between MELLON
BANK PFL MASTER NOTE TRUST, a statutory business trust created under the laws of the State of Delaware (the “Issuer”), having its principal office at Rodney Square North, 1100 North Market Street, Wilmington, Delaware 19890, and
WELLS FARGO BANK, National Association, a national banking association (the “Indenture Trustee”), is made and entered into as of June [    ], 2004. 
  
 Section 1.01. Definitions. For all purposes of this Indenture
Supplement, except as otherwise expressly provided or unless the context otherwise requires: 
  

	 	(1)	 	the terms defined in this Article have the meanings assigned to them in this Article, and include the plural as well as the singular; 

  

	 	(2)	 	all other terms used herein which are defined in the Indenture, either directly or by reference therein, have the meanings assigned to them therein; 

  

	 	(3)	 	all accounting terms not otherwise defined herein have the meanings assigned to them in accordance with generally accepted accounting principles and, except as otherwise herein
expressly provided, the term “generally accepted accounting principles” with respect to any computation required or permitted hereunder means such accounting principles as are generally accepted in the United States of America at the date
of such computation; 

  

	 	(4)	 	all references in this Indenture to designated “Articles,” “Sections” and other subdivisions are to the designated Articles, Sections and other subdivisions of
this Indenture Supplement as originally executed. The words “herein,” “hereof’ and “hereunder” and other words of similar import refer to this Indenture Supplement as a whole and not to any particular Article, Section
or other subdivision; 

  

	 	(5)	 	in the event that any term or provision contained herein shall conflict with or be inconsistent with any term or provision contained in the Indenture, the terms and provisions of
this Indenture Supplement shall be controlling; 

  

	 	(6)	 	each capitalized term defined herein shall relate only to the Series 2004-1 Notes and no other Series of Notes issued by the Issuer; and 

  

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

  
 “Accumulation Commencement Date” means, for each Class of
Notes, the first Business Day of the month that is nine (9) whole calendar months prior to the Expected Principal Payment Date for such Class of Notes; provided, however, that, if the Accumulation Period Length for such Class of Notes
is less than nine (9) months, the Accumulation Commencement 
  

 1 

 Date will be the first Business Day of the month that is the number of whole months prior to such Expected Principal
Payment Date at least equal to the Accumulation Period Length and, as a result, the number of Monthly Periods during the period from the Accumulation Commencement Date to such Expected Principal Payment Date will at least equal the Accumulation
Period Length. 
  
 “Accumulation Period Length”
is defined in Section 3.09(b)(ii). 
  
 “Accumulation Reserve Account” means the trust account designated as such and established pursuant to Section 5.01(a). 
  
 “Accumulation Reserve Account Funding Date” means a Transfer Date selected by the [Administrator] which occurs not later than the
earliest of: (a) the Transfer Date with respect to the Monthly Period which commences three (3) months prior to the commencement of the Controlled Accumulation Period; [(b) the first Transfer Date for which the Portfolio Adjusted Yield is less than
1.0%, 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 nine (9) months prior to the commencement of the Controlled Accumulation
Period; (c) the first Transfer Date for which the Portfolio Adjusted Yield is less than 1.5%, 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 6 months prior to the commencement of the Controlled Accumulation Period; and (d) the first Transfer Date for which the Portfolio Adjusted Yield is less than 2.0%, 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 4 months prior to the commencement of the Controlled Accumulation Period]. 
  
 “Accumulation Reserve Draw Amount” means, for any Transfer Date, the sum of the Class A Reserve Draw
Amount, the Class B Reserve Draw Amount and the Class C Reserve Draw Amount, in each case for such Transfer Date. 
  
 “Accumulation Reserve Account Earnings” means, with respect to each Transfer Date, the investment earnings on funds in the Accumulation
Reserve Account (net of investment expenses and losses) for the period from and including the immediately preceding Transfer Date to but excluding such Transfer Date. 
  
 “Aggregate Series Available Funds Shortfall” means the sum of the Series Available Funds Shortfalls (as
such term is defined in each of the related Indenture Supplements) for each Excess Available Funds Sharing Series in Excess Available Funds Sharing Group One. 
  

“Available Accumulation Reserve Account Amount” means, as to any Transfer Date, the lesser of (a) the amount on deposit in the
Accumulation Reserve Account on such date (after taking into account any interest and earnings retained in the Accumulation Reserve Account pursuant to Section 5.01(a) on such date, but before giving effect to any deposit made or to be made pursuant
to Section 5.01(a) to the Accumulation Reserve Account on such date) and (b) the Required Accumulation Reserve Account Amount. 
  
 “Base Rate” means, with respect to any Monthly Period, the sum of (i) the Weighted Average Interest Rates for the Outstanding Series
2004-1 Notes and (ii) the Series 2004-1 Servicing Fee Percentage (as such term is defined in the Series 2004-MC Supplement), in each case, for such Monthly Period. 
  

 2 

 “Calculation Agent” is defined in Section 2.04(a). 
  
 “Class” means either the Class A Notes, the Class B Notes,
the Class C Notes or the Class D Notes. 
  
 “Class A
Additional Interest” is defined in subsection 3.02(a). 
  
 “Class A Covered Amount” means an amount, determined as of each Transfer Date with respect to any Monthly Period, equal to the product of (a) (i) a fraction, the numerator of which is the actual number of days in such
Monthly Period and the denominator of which is 360, times (ii) the Class A Interest Rate for such Monthly Period, and (b) the amount on deposit in the Principal Funding sub-Account for the Class A Notes as of the Record Date preceding such Transfer
Date. 
  
 “Class A Interest Rate” means, with
respect to each Interest Period, a per annum rate equal to [    ]% per annum in excess of LIBOR, as determined on the related LIBOR Determination Date. 
  
 “Class A Monthly Interest” is defined in subsection 3.02(a). 
  
 “Class A Notes” is defined in subsection 2.01. 

 
 “Class A Principal Funding Investment Proceeds” means,
with respect to each Transfer Date, the investment earnings on funds in the Principal Funding sub-Account for the Class A Notes (net of investment expenses and losses) for the period from and including the immediately preceding Transfer Date to but
excluding such Transfer Date. 
  
 “Class A Principal
Funding Investment Shortfall” means, with respect to each Transfer Date relating to the Controlled Accumulation Period, the amount, if any, by which the Class A Principal Funding Investment Proceeds for such Transfer Date are less than the
Class A Covered Amount determined as of such Transfer Date. 
  
 “Class A Reserve Draw Amount” means, with respect to each Transfer Date with respect to the Controlled Accumulation Period, an amount equal to the Class A Principal Funding Investment Shortfall with respect to such Transfer
Date less the funds deposited into the Interest Funding sub-Account for the Class A Notes on such Transfer Date pursuant to Section 3.02(a). 
  
 “Class B Additional Interest” is defined in subsection 3.02(b). 
  
 “Class B Covered Amount” means an amount, determined as of each Transfer Date with respect to any Monthly
Period, equal to the product of (a) (i) a fraction, the numerator of which is the actual number of days in such Monthly Period and the denominator of which is 360, times (ii) the Class B Interest Rate for such Monthly Period, and (b) the amount on
deposit in the Principal Funding sub-Account for the Class B Notes as of the Record Date preceding such Transfer Date. 
  

 3 

 “Class B Deficiency Amount” is defined in subsection 3.02(b). 
  
 “Class B Interest Rate” means, with respect to each Interest
Period, a per annum rate equal to [    ]% per annum in excess of LIBOR, as determined on the related LIBOR Determination Date. 
  
 “Class B Monthly Interest” is defined in subsection 3.02(b) 
  
 “Class B Notes” is defined in subsection 2.01. 
  
 “Class B Principal Funding Investment Proceeds” means, with
respect to each Transfer Date, the investment earnings on funds in the Principal Funding sub-Account for the Class B Notes (net of investment expenses and losses) for the period from and including the immediately preceding Transfer Date to but
excluding such Transfer Date. 
  
 “Class B Principal
Funding Investment Shortfall” means, with respect to each Transfer Date relating to the Controlled Accumulation Period, the amount, if any, by which the Class B Principal Funding Investment Proceeds for such Transfer Date are less than the
Class B Covered Amount determined as of such Transfer Date. 
  
 “Class B Reserve Draw Amount” means, with respect to each Transfer Date with respect to the Controlled Accumulation Period, an amount equal to the Class B Principal Funding Investment Shortfall with respect to such Transfer
Date less the funds deposited into the Interest Funding sub-Account for the Class B Notes on such Transfer Date pursuant to Section 3.02(b). 
  
 “Class C Additional Interest” is defined in subsection 3.02(c). 
  
 “Class C Covered Amount” means an amount, determined as of each Transfer Date with respect to any Monthly
Period, equal to the product of (a) (i) a fraction, the numerator of which is the actual number of days in such Monthly Period and the denominator of which is 360, times (ii) the Class C Interest Rate for such Monthly Period, and (b) the amount on
deposit in the Principal Funding sub-Account for the Class C Notes as of the Record Date preceding such Transfer Date. 
  
 “Class C Deficiency Amount” is defined in subsection 3.02(c). 
  
 “Class C Interest Rate” means, with respect to each Interest Period, a per annum rate equal to
[    ]% per annum in excess of LIBOR, as determined on the related LIBOR Determination Date. 
  
 “Class C Monthly Interest” is defined in subsection 3.02(c). 
  
 “Class C Notes” is defined in subsection 2.01. 
  

 4 

 “Class C Principal Funding Investment Proceeds” means, with respect to each Transfer
Date, the investment earnings on funds in the Principal Funding sub-Account for the Class C Notes (net of investment expenses and losses) for the period from and including the immediately preceding Transfer Date to but excluding such Transfer Date.

  
 “Class C Principal Funding Investment
Shortfall” means, with respect to each Transfer Date relating to the Controlled Accumulation Period, the amount, if any, by which the Class C Principal Funding Investment Proceeds for such Transfer Date are less than the Class C Covered
Amount determined as of such Transfer Date. 
  
 “Class C
Required Reserve Account Amount” means, for any Transfer Date, an amount equal to [    ]% of the [Adjusted] Outstanding Dollar Principal Amount of the Class C Notes. 
  
 “Class C Reserve Account” means the trust account designated
as such and established pursuant to Section 5.01(a). 
  
 “Class C Reserve Draw Amount” means, with respect to each Transfer Date with respect to the Controlled Accumulation Period, an amount equal to the Class C Principal Funding Investment Shortfall with respect to such Transfer
Date less the funds deposited into the Interest Funding sub-Account for the Class C Notes on such Transfer Date pursuant to Section 3.02(c). 
  
 “Class D Notes” is defined in subsection 2.01. 
  

“Closing Date” means June [    ], 2004. 
  
 “Controlled Accumulation Amount” means (i) with respect to the Class A Notes,
$[            ], (ii) with respect to the Class B Notes, $[            ], and (iii) with respect to the Class C
Notes, $[            ]; provided, however, that if the Accumulation Period Length with respect to such class is determined to be less than nine (9) months pursuant to
Section 3.09(b)(ii), the Controlled Accumulation Amount for any Transfer Date will be equal to (i) the Initial Dollar Principal Amount of such Class of Notes divided by (ii) the number of months in the Controlled Accumulation Period as
determined in accordance with Section 3.09(b)(ii). 
  
 “Controlled Accumulation Period” means, unless a Pay Out Event shall have occurred prior thereto, the period commencing at the close of business on the Controlled Accumulation Date or such later date as is determined in
accordance with Section 3.09(b)(ii) and ending on the first to occur of (a) the commencement of the Rapid Amortization Period and (b) the Series 2004-1 Termination Date. 
  
 “Distribution Date” means
[            ], 2004 and the fifteenth day of each calendar month thereafter, or if such fifteenth day is not a Business Day, the next succeeding Business Day. 
  
 “Expected Principal Payment Date” means
[            ]. 
  

 5 

 “Finance Charge Receivables” is defined in the Pooling and Servicing Agreement.

  
 “Initial Dollar Principal Amount” means (a)
with respect to the Class A Notes, $[            ], (b) with respect to the Class B Notes, $[            ], (a)
with respect to the Class C Notes, $[            ] and (d) with respect to the Class D Notes, $[            ].

  
 “Interest Funding Account” means the trust
account designated as such and established pursuant to Section 5.01(a). 
  
 “Interest Funding sub-Account Earnings” means, with respect to each Transfer Date, the investment earnings on funds in the Interest Funding Account (net of investment expenses and losses) for the
period from and including the immediately preceding Transfer Date to but excluding such Transfer Date. 
  
 “Interest Payment Date” shall mean the 15th day of December, March, June and September, commencing on the [September] 2004 Distribution
Date (or, if any such day is not a Business Day, the next succeeding Business Day); provided that if any Class of Notes has been accelerated during a Monthly Period after the occurrence of an Event of Default, or if an Early Redemption Event
with respect to any Class of Notes occurs during any Monthly Period, “Interest Payment Date” shall mean the 15th day of each calendar month (or, if any such day is not a Business Day, the next succeeding Business Day) beginning with the calendar month following such Monthly Period. 
  
 “Interest Period” means, with respect to any Payment Date, the period from and including the previous
Interest Payment Date through the day preceding such Payment Date, except the initial Interest Period will be the period from and including the Closing Date through the day preceding the initial Payment Date. 
  
 “Investor Charge-Offs” means, with respect to any Transfer
Date, the aggregate amount, if any, by which the Series 2004-1 Investor Default Amount, if any, for the preceding Monthly Period exceeds the Series 2004-1 Available Funds for such Transfer Date available after giving effect to clause (a) through (c)
of Section 3.01. 
  
 “Legal Maturity Date”
means [            ]. 
  
 “LIBOR” means, for any Interest Period, an interest rate per annum determined by the Trustee for each Interest Period in accordance with the provisions of Section 3.22. 
  
 “LIBOR Determination Date” means June
[    ], 2004 for the initial Interest Period and the second London Business Day prior to the commencement of each subsequent Interest Period. 
  
 “London Business Day” means any Business Day on which dealings in deposits in United States Dollars are
transacted in the London interbank market. 
  
 “Monthly
Interest Period” is defined in subsection 3.02(a). 
  

 6 

 “Nominal Liquidation Amount” means, with respect to each Class of Notes, the amount
calculated pursuant to Section 3.14 of this Indenture Supplement. The Nominal Liquidation Amount for the Series 2004-1 Notes will be the sum of the Nominal Liquidation Amounts of all of the Classes of Notes of the Series 2004-1 Notes.

  
 “Nominal Liquidation Amount Deficit” means,
with respect to any Class of Notes, the excess of the Adjusted Outstanding Dollar Principal Amount of that Class over the Nominal Liquidation Amount of that Class. 
  
 “Notes” means the Class A Notes, the Class B Notes, the Class C Notes and the Class D Notes, collectively.

  
 “Paying Agent” means Wells Fargo Bank, N.A.

  
 “PFA Accumulation Earnings” means, with
respect to each Transfer Date, the investment earnings on funds in the Principal Funding Account (net of investment expenses and losses) for the period from and including the immediately preceding Transfer Date to but excluding such Transfer Date.

  
 “Portfolio Adjusted Yield” means, with
respect to any Transfer Date, the average of the percentages obtained for each of the three preceding Monthly Periods by subtracting the Base Rate from the Portfolio Yield for such Monthly Period and deducting 0.50% from the result for each Monthly
Period. 
  
 “Portfolio Yield” means, with respect
to any Monthly Period, the annualized percentage equivalent of a fraction, the numerator of which is (a) the amount of Available Funds allocated to the Series 2004-1 Notes pursuant to Section 501 of the Indenture, plus (b) any Interest
Funding sub-Account Earnings on the related Transfer Date, plus (c) any amounts to be treated as Series 2004-1 Notes Available Funds pursuant to Sections 3.21(a), minus (d) the Series 2004-1 Notes Investor Default Amount for
such Monthly Period, and the denominator of which is the Weighted Average Available Funds Allocation Amount for the Series 2004-1 Notes for such Monthly Period. 
  

“Predecessor Note” means, with respect to any particular Note, every previous Note evidencing all or a portion of the same debt as
that evidenced by such particular Note; and, for the purpose of this definition, any Note authenticated and delivered under Section 306 of the Indenture in lieu of a mutilated, lost, destroyed or stolen Note shall be deemed to evidence the
same debt as the mutilated, lost, destroyed or stolen Note. 
  
 “Principal Funding Account” means the trust account designated as such and established pursuant to Section 5.01(a). 
  
 “Principal Funding sub-Account Amount” means, with respect to any Class of Notes as of any date, the amount on deposit in the Principal
Funding sub-Account for such Class of Notes on such date. 
  
 “Record Date” means, for any Transfer Date, the last Business Day of the preceding Monthly Period. 
  

 7 

 “Reference Banks” means four major banks in the London interbank market selected by the
[Administrator]. 
  
 “Required Accumulation Reserve
Account Amount” means, with respect to any Transfer Date on or after the Accumulation Reserve Account Funding Date and with respect to each Class of Notes, an amount equal to (a) [0.50]% of the outstanding principal balance of such Class of
Notes or (b) any other amount designated by the Administrator; provided that if such designation is of a lesser amount, the Issuer shall (i) provide the Trustee with evidence that the Rating Agency Condition has been satisfied and (ii) deliver to
the Trustee a certificate of an authorized officer to the effect that, based on the facts known to such officer at such time, in the reasonable belief of the Issuer, 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 the Series 2004-1 Notes. 
  
 “Series 2004-1 Available Funds” means, with respect to any Transfer Date, the sum of (a) Available Funds allocated to the Series 2004-1
pursuant to Section 501 of the Indenture, and (b) any amounts to be treated as Series 2004-1 Available Funds pursuant to Section 3.04(a). 
  
 “Series 2004-1 Available Principal Amounts” means the sum of (a) Available Principal Amounts allocated to the Series 2004-1 pursuant to
Section 502 of the Indenture and (b) any amounts to be treated as Series 2004-1 Available Principal Amounts pursuant to Section 3.11(a). 
  
 “Series 2004-1 Indenture Trustee Fee” means, with respect to any Monthly Period, the pro rata portion of the amounts payable to
the Indenture Trustee for fees with respect to such Monthly Period (as such term is defined in the [Fee Letter]) allocable to the Series 2004-1 Notes based on the ratio of the Weighted Average Available Funds Allocation Amount for the Series 2004-1
Notes for such Monthly Period to the Weighted Average Available Funds Allocation Amount for all series of Notes for such Monthly Period. 
  
 “Series 2004-1 Investor Default Amount” means, with respect to any Monthly Period, the sum, for each day during such Monthly Period, of
the product of the Investor Default Amounts (as such term is defined in the Series 2004-MC Supplement) with respect to each such day and the percentage equivalent of a fraction the numerator of which is the Available Funds Allocation Amount for the
Series 2004-1 for such day and the denominator of which is the Available Funds Allocation Amount for all series of Notes for such day. 
  
 “Series 2004-1 Servicing Fee” means, with respect to any Monthly Period, the pro rata portion of the Investor Servicing Fee (as
such term is defined in the Series 2004-MC Supplement) allocable to the Series 2004-1 Notes based on the ratio of the Weighted Average Available Funds Allocation Amount for the Series 2004-1 Notes for such Monthly Period to the Weighted Average
Available Funds Allocation Amount for all series of Notes for such Monthly Period. 
  
 “Series 2004-1 Termination Date” means the earliest to occur of (a) the Principal Payment Date on which the Outstanding Dollar Principal Amount of each Class of Notes is paid in full, (b) the Legal
Maturity Date and (c) the date on which the Indenture is discharged and satisfied pursuant to Article VI thereof. 
  

 8 

 “Series Available Funds Shortfall” means, with respect to any Transfer Date with respect
to the Series 2004-1 Notes, the excess, if any, of (a) the aggregate amount targeted to be paid or applied pursuant to Sections 3.01 (a) through (e) for any Transfer Date over (b) the Series 2004-1 Available Funds (excluding any
amounts to be treated as Series 2004-1 Available Funds pursuant to Section 3.21(a)) for such Transfer Date; provided, however, that the Issuer, when authorized by an Officer’s Certificate, may amend or otherwise modify this
definition of Series Available Funds Shortfall provided the Note Rating Agencies confirm in writing that the amendment or modification will not cause a Ratings Effect with respect to any Outstanding Notes. 
  
 “Shared Excess Available Funds” means, with respect to any
Transfer Date with respect to any series of Notes, either (a) the amount of Series 2004-1 Available Funds for such Transfer Date available after application in accordance with Sections 3.01 (a) through (g) or (b) the amounts allocated
to other series of Notes identified as an Excess Available Funds Sharing Series in Excess Available Funds Sharing Group One which the applicable Indenture Supplements for such series specify are to be treated as “Shared Excess Available
Funds.” 
  
 “Targeted Interest Deposit
Amount” means, with respect to the Series 2004-1 Notes for any Transfer Date, the aggregate amount targeted to be deposited in the Interest Funding Account pursuant to Section 3.02 for such Transfer Date. 
  
 “Targeted Principal Deposit Amount” means, with respect to
the Series 2004-1 Notes for any Transfer Date, the aggregate amount targeted to be deposited in the Principal Funding Account pursuant to Section 3.09 for such Transfer Date. 
  
 “Telerate Page 3750” means the display page currently so designated on the Dow Jones Telerate Service (or
such other page as may replace that page on that service for the purpose of displaying comparable rates or prices). 
  
 “Weighted Average Available Funds Allocation Amount” means, with respect to any Monthly Period for any Class of Notes, the sum of the
Available Funds Allocation Amount for such Class, as of the close of business on each day during such Monthly Period divided by the actual number of days in such period. 
  
 Section 1.02. Governing Law. THIS INDENTURE SUPPLEMENT WILL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS
OF THE STATE OF NEW YORK WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS (OTHER THAN SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW) AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH
LAWS. 
  
 Section 1.03. Counterparts. This Indenture
Supplement may be executed in any number of counterparts, each of which so executed will be deemed to be an original, but all such counterparts will together constitute but one and the same instrument. 
  

 9 

 Section 1.04. Ratification of Indenture. As supplemented by this Indenture Supplement, the
Indenture is in all respects ratified and confirmed and the Indenture as so supplemented by this Indenture Supplement shall be read, taken and construed as one and the same instrument. 
  
 [END OF ARTICLE I] 
  

 10 

 ARTICLE II 
  
 The Notes 
  
 Section 2.01. Creation and Designation; Transfers. (a) There is hereby created a Series of Notes to be issued in four classes pursuant to the
Indenture and this Series Supplement and to be known together as the “Series 2004-1 Notes.” The four classes shall be designated the Class A Floating Rate Notes, Series 2004-1 (the “Class A Notes”), Class B Floating
Rate Notes, Series 2004-1 (the “Class B Notes”), Class C Floating Rate Notes, Series 2004-1 (the “Class C Notes”) and Class D Floating Rate Notes, Series 2004-1 (the “Class D Notes”). The Class A
Notes, Class B Notes, Class C Notes and Class D Notes shall be substantially in the forms of Exhibits A-1, A-2, A-3 and A-4 attached hereto, respectively. 
  
 (b) The Series 2004-1 Notes shall be an Excess Available Funds Sharing Series in Excess Available Funds Sharing Group A and shall not be in any other
group. The Series 2004-1 Notes shall not be subordinated to any other series of Notes. 
  
 (c) Each Prospective Owner of a Note shall be deemed to have represented and warranted, and each Prospective Owner of a Definitive Note shall represent and warrant in writing, to the Indenture Trustee that:

  
 (i) With respect to any Prospective Owner of
a Class A Note, Class B Note or Class C Note, such Person either (A) is not acquiring the Class A Note, Class B Note or Class C Note for, or on behalf of, an employee benefit plan or other retirement arrangement subject to Section 406 of the
Employee Retirement Income Security Act of 1974, as amended (“ERISA”) or Section 4975 of the Internal Revenue Code of 1986, as amended (the “Code”) or any substantially similar applicable law (“Similar Law”), or any
entity deemed to hold the plan assets of the foregoing (a “Benefit Plan”), or (B) is acquiring the Class A Note, Class B Note or Class C Note for, or on behalf of, a Benefit Plan and its acquisition and holding of such Class A Note, Class
B Note or Class C Note will (x) not result in a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code which is not covered by Prohibited Transaction Class Exemption (“PTCE”) 84-14, PTCE 90-1, PTCE 91-38,
PTCE 95-60, PTCE 96-23 or some other applicable exemption and (y) will not cause a non-exempt violation of any substantially Similar Law; or 
  
 (ii) With respect to any Prospective Owner of a Class D Note, such Person is not acquiring the Class D Note for, or on behalf of, a
Benefit Plan that is subject to ERISA Requirements. 
  
 In addition, each purchaser of a Class D Note, by its acceptance hereof, represents, acknowledges and agrees that: (i) such Noteholder has not acquired and shall not sell, trade or transfer any interest in the Note nor cause any interest in
the Note to be marketed, on or through either (a) an “established securities market” within the meaning of Section 7704(b)(1) of the Code (including an interdealer quotation system that regularly disseminates firm buy or sell quotations by
identified brokers or dealers by 
  

 11 

 electronic means or otherwise) or (b) a “secondary market (or the substantial equivalent
thereof)” within the meaning of Section 7704(b)(2) of the Code (including a market wherein interests in such classes of notes are regularly quoted by any person making a market in such interests and a market wherein any person regularly makes
available bid or offer quotes with respect to interests in such classes of notes and stands ready to effect buy or sell transactions at the quoted prices for itself or on behalf of others). 
  
 [END OF ARTICLE II] 
  

 12 

 ARTICLE III 
  
 Allocations, Deposits and Payments 
  
 Section 3.01. Allocations of Series 2004-1 Available Funds. On each Transfer Date, based on the Monthly Noteholder Statement, the Indenture Trustee
will apply Series 2004-1 Available Funds, as follows: 
  
 (a)
first, to pay the Series 2004-1 Indenture Trustee Fee plus any previously due and unpaid Series 2004-1 Indenture Trustee Fee to the Indenture Trustee; 
  
 (b) second, to pay the Series 2004-1 Servicing Fee plus any previously due and unpaid Series 2004-1 Servicing Fee to the Servicer; 
  
 (c) third, to make the targeted deposits to the Interest Funding Account
pursuant to Section 3.02; 
  
 (d) fourth, to be treated as
Series 2004-1 Available Principal Amounts for application in accordance with Section 3.07 in an amount equal to the Series 2004-1 Investor Default Amount, if any, for the preceding Monthly Period. 
  
 (e) fifth, to be treated as Series 2004-1 Available Principal Amounts for
application in accordance with Section 3.07 in an amount equal to the Nominal Liquidation Amount Deficit, if any; 
  
 (f) sixth, beginning on the Accumulation Reserve Account Funding Date, to make the targeted deposit to the Accumulation Reserve Account, if any, pursuant
to Section 3.18; 
  
 (g) seventh, to make the targeted
deposit to the Class C Reserve Account, if any, pursuant to Section 3.16; 
  
 (h) eighth, to be treated as Shared Excess Available Funds for application in accordance with Section 3.21; and 
  
 (i) ninth, to the Issuer. 
  
 Section 3.02. Targeted Deposits to the Interest Funding Account. The aggregate amount of Series 2004-1 Available Funds targeted to be deposited
into the Interest Funding Account pursuant to Section 3.01(c) on each Transfer Date is equal to the sum of the following amounts. The targeted deposit on any Transfer Date will also include any shortfall in the targeted deposit with respect
to any prior Transfer Date which has not been previously deposited. 
  
 (a) Class A Interest. The amount of targeted monthly interest with respect to the Class A Notes on any Transfer Date (the “Class A Monthly Interest”) shall equal the product of (i)(A) a fraction, the numerator of
which is the actual number of days in the period (the “Monthly Interest Period”) from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding)
the related Distribution Date and the denominator of which is 360, times (B) the Class A Interest Rate, times 
  

 13 

 (ii) the outstanding principal balance of the Class A Notes determined as of the Record Date preceding the related
Transfer Date; provided that in addition to Class A Monthly Interest an amount equal to the amount of any unpaid Class A Deficiency Amounts, as defined below, from prior Monthly Interest Periods, plus an amount equal to the product of (A)(1) a
fraction, the numerator of which is the actual number of days in the related Monthly Interest Period and the denominator of which is 360, times (2) the sum of the Class A Interest Rate in effect with respect to the related Monthly Period and 2% per
annum and (B) any Class A Deficiency Amount from the prior Transfer Date, as defined below (or the portion thereof which has not theretofore been paid to Class A Holders) (the “Class A Additional Interest”) shall also be included in
the targeted interest amount with respect to the Class A Notes on any Transfer Date. The “Class A Deficiency Amount” for any Transfer Date shall equal the excess, if any, of the aggregate amount targeted pursuant to this subsection
3.02(a) for the prior Monthly Interest Period over the amount actually deposited or available to be deposited on such Transfer Date into the Interest Funding sub-Account for the Class A Notes. 
  
 (b) Class B Interest. The amount of targeted monthly interest with
respect to the Class B Notes on any Transfer Date (the “Class B Monthly Interest”) shall equal the product of (i)(A) a fraction, the numerator of which is the actual number of days in the period (the “Monthly Interest
Period”) from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) the related Distribution Date and the denominator of which is 360, times (B) the
Class B Interest Rate, times (ii) the outstanding principal balance of the Class B Notes determined as of the Record Date preceding the related Transfer Date; provided that in addition to Class B Monthly Interest an amount equal to the amount of any
unpaid Class B Deficiency Amounts, as defined below, from prior Monthly Interest Periods, plus an amount equal to the product of (A)(1) a fraction, the numerator of which is the actual number of days in the related Monthly Interest Period and the
denominator of which is 360, times (2) the sum of the Class B Interest Rate in effect with respect to the related Monthly Period and 2% per annum and (B) any Class B Deficiency Amount from the prior Transfer Date, as defined below (or the portion
thereof which has not theretofore been paid to Class B Holders) (the “Class B Additional Interest”) shall also be included in the targeted interest amount with respect to the Class B Notes on any Transfer Date. The “Class B
Deficiency Amount” for any Transfer Date shall equal the excess, if any, of the aggregate amount targeted pursuant to this subsection 3.02(b) for the prior Monthly Interest Period over the amount actually deposited or available to be
deposited on such Transfer Date into the Interest Funding sub-Account for the Class B Notes. 
  
 (c) Class C Interest. The amount of targeted monthly interest with respect to the Class C Notes on any Transfer Date (the “Class C Monthly Interest”) shall equal the product of (i)(A) a
fraction, the numerator of which is the actual number of days in the period (the “Monthly Interest Period”) from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date)
to (but excluding) the related Distribution Date and the denominator of which is 360, times (B) the Class C Interest Rate, times (ii) the outstanding principal balance of the Class C Notes determined as of the Record Date preceding the related
Transfer Date; provided that in addition to Class C Monthly Interest an amount equal to the amount of any unpaid Class C Deficiency Amounts, as defined below, from prior Monthly Interest Periods, plus an amount equal to the product of (A)(1) a
fraction, the numerator of which is the actual number of days in the related Monthly Interest Period and the denominator of which 
  

 14 

 is 360, times (2) the sum of the Class C Interest Rate in effect with respect to the related Monthly Period and 2% per
annum and (B) any Class C Deficiency Amount from the prior Transfer Date, as defined below (or the portion thereof which has not theretofore been paid to Class C Holders) (the “Class C Additional Interest”) shall also be included in
the targeted interest amount with respect to the Class C Notes on any Transfer Date. The “Class C Deficiency Amount” for any Transfer Date shall equal the excess, if any, of the aggregate amount targeted pursuant to this subsection
3.02(c) for the prior Monthly Interest Period over the amount actually deposited or available to be deposited on such Transfer Date into the Interest Funding sub-Account for the Class C Notes. 
  
 (d) Class D Interest. The Class D Notes shall not be interest bearing.

  
 Section 3.03. Allocations of Series 2004-1 Available Funds
to Interest Funding sub-Accounts. The aggregate amount to be deposited to the Interest Funding Account pursuant to Section 3.01(c) for each Monthly Period will be allocated, and a portion deposited into the Interest Funding sub-Account
for each Class of Notes, as follows: 
  
 (a) Series 2004-1
Available Funds at Least Equal to Targeted Amounts. If the amount of funds available for a Monthly Period pursuant to Section 3.01 is at least equal to the aggregate amount of the deposits and payments targeted by Section 3.02,
then the full amount of each such deposit and payment will be made to the applicable Interest Funding sub-Accounts. 
  
 (b) Series 2004-1 Available Funds are Less than Targeted Amounts. If the amount of funds available for a Monthly Period pursuant to Section
3.01 is less than the aggregate amount of the deposits targeted by Section 3.02, then the amount available will be allocated to each Class of Notes as follows: 
  
 (i) first, to the Class A Notes up to the amount of the deposits targeted by Section 3.02(a) with
respect to the Class A Notes, and 
  
 (ii)
second, to the Class B Notes up to the amount of the deposits targeted by Section 3.02(a) with respect to the Class B Notes, and 
  
 (iii) third, to the Class C Notes up to the amount of the deposits targeted by Section 3.02(a) with respect to the Class C Notes.

  
 Section 3.04. Amounts to be Treated as Series 2004-1 Available
Funds; Class C Reserve Account Deposits to the Interest Funding Sub-Account. The following deposits and payments will be made on the following dates: 
  
 (a) Amounts to be Treated as Series 2004-1 Available Funds. In addition to Available Funds allocated to the Series 2004-1 Notes pursuant to
Section 5.01 of the Indenture, the following amounts shall be treated as Series 2004-1 Available Funds for application in accordance with this Article III for any Monthly Period: 
  
 (i) Accumulation Earnings Shortfall. The aggregate
amount withdrawn from the Accumulation Reserve Account pursuant to Section 3.19(a) will be treated as Series 2004-1 Available Funds for such Monthly Period. 
  

 15 

 (ii) Sub-Account Earnings. Any PFA Accumulation Earnings, any Accumulation Reserve
Account Earnings and any Interest Funding sub-Account Earnings for any Transfer Date will be treated as Series 2004-1 Available Funds for such Transfer Date. 
  

(iii) Shared Excess Available Funds. Any Shared Excess Available Funds allocable to the Series 2004-1 will be treated as Series
2004-1 Available Funds pursuant to Section 3.21(a). 
  
 (b)
Class C Reserve Account. Withdrawals made from the Class C Reserve Account pursuant to Section 3.17(a) will be deposited into the applicable Interest Funding sub-Account on the Transfer Date. 
  
 Section 3.05. Allocations of Reductions from Investor Charge-Offs to the
Nominal Liquidation Amount of Subordinated Classes. On each Transfer Date when there is an Investor Charge-Off with respect to the related Monthly Period, that reduction will be allocated (and reallocated) on that date to each Class of
Notes as set forth in this Section. 
  
 (a) Initially, the amount
of such Investor Charge-Off will be allocated to each Class of Outstanding Notes pro rata based on the ratio of the Weighted Average Available Funds Allocation Amount for such Class for such Monthly Period to the Weighted Average Available
Funds Allocation Amount for the Series 2004-1 Notes for such Monthly Period. 
  
 (b) Immediately afterwards, the amount of Investor Charge-Offs allocated to the Class A Notes pursuant to clause (a) will be reallocated to the Class D Notes and will reduce the Nominal Liquidation Amount of the Class
D Notes by such amount. If such reduction would cause the Nominal Liquidation Amount of the Class D Notes to be reduced below zero, then the Nominal Liquidation Amount of the Class C Notes shall be reduced by the amount by which the Nominal
Liquidation Amount of the Class D Notes would have been reduced below zero. If such reduction would cause the Nominal Liquidation Amount of the Class C Notes to be reduced below zero, then the Nominal Liquidation Amount of the Class B Notes shall be
reduced by the amount by which the Nominal Liquidation Amount of the Class C Notes would have been reduced below zero. If such reduction would cause the Nominal Liquidation Amount of the Class B Notes to be reduced below zero, then the Nominal
Liquidation Amount of the Class A Notes shall be reduced by the amount by which the Nominal Liquidation Amount of the Class B Notes would have been reduced below zero. 
  
 (c) Immediately afterwards, the amount of Investor Charge-Offs allocated to the Class B Notes pursuant to clause (a) will be
reallocated to the Class D Notes and will reduce the Nominal Liquidation Amount of the Class D Notes by such amount. If such reduction would cause the Nominal Liquidation Amount of the Class D Notes to be reduced below zero, then the Nominal
Liquidation Amount of the Class C Notes shall be reduced by the amount by which the Nominal Liquidation Amount of the Class D Notes would have been reduced below zero. If such reduction would cause the Nominal Liquidation Amount of the Class C Notes
to be reduced below zero, then the Nominal Liquidation Amount of the Class B Notes shall be reduced by the amount by which the Nominal Liquidation Amount of the Class C Notes would have been reduced below zero. 
  

 16 

 (d) Immediately afterwards, the amount of Investor Charge-Offs allocated to the Class C Notes pursuant to
clause (a) will be reallocated to the Class D Notes and will reduce the Nominal Liquidation Amount of the Class D Notes by such amount. If such reduction would cause the Nominal Liquidation Amount of the Class D Notes to be reduced below zero, then
the Nominal Liquidation Amount of the Class C Notes shall be reduced by the amount by which the Nominal Liquidation Amount of the Class D Notes would have been reduced below zero. 
  
 (e) Immediately afterwards, the amount of Investor Charge-Offs allocated to the Class D Notes pursuant to clause (a) will
reduce the Nominal Liquidation Amount of the Class D Notes by such amount. 
  
 Section 3.06. Allocations of Reimbursements of Nominal Liquidation Amount Deficits. If, as of any Transfer Date, there are Series 2004-1 Available Funds available pursuant to Section 3.01(e) to
reimburse any Nominal Liquidation Amount Deficits as of such Transfer Date, such funds will be allocated to each Class of Notes as follows: 
  
 (a) first, to the Class A Notes up to the Nominal Liquidation Amount Deficit thereof, but in no event will the Nominal Liquidation Amount of the Class A
Notes be increased above the Adjusted Outstanding Dollar Principal Amount of the Class A Notes, 
  
 (b) second, to the Class B Notes up to the Nominal Liquidation Amount Deficit thereof, but in no event will the Nominal Liquidation Amount of the Class B
Notes be increased above the Adjusted Outstanding Dollar Principal Amount of the Class B Notes, 
  
 (c) third, to the Class C Notes up to the Nominal Liquidation Amount Deficit thereof, but in no event will the Nominal Liquidation Amount of the Class C
Notes be increased above the Adjusted Outstanding Dollar Principal Amount of the Class C Notes, and 
  
 (d) fourth, to the Class D Notes up to the Nominal Liquidation Amount Deficit thereof, but in no event will the Nominal Liquidation Amount of the Class D
Notes be increased above the Adjusted Outstanding Dollar Principal Amount of the Class D Notes. 
  
 Section 3.07. Application of Series 2004-1 Available Principal Amounts. On each Transfer Date, the Indenture Trustee will apply Series 2004-1
Available Principal Amounts as follows: 
  
 (a) first, with
respect to each Monthly Period, if after giving effect to payments to be made with respect to such Monthly Period pursuant to Sections 3.01(a), the Indenture Trustee has not received the full amount to be paid pursuant to Section
3.01(a) with respect to that Monthly Period, then Series 2004-1 Available Principal Amounts (in an amount not to exceed the sum of the Daily Principal Amounts for each day during such Monthly Period for all Class D Notes, Class C Notes and Class
B Notes) will be paid to the Indenture Trustee in an amount equal to the amount of the deficiency in the amount to be paid pursuant to Section 3.01(a). 
  

(b) second, with respect to each Monthly Period, if after giving effect to payments to be made with respect to such Monthly Period pursuant to
Sections 3.01(b), the Servicer has not received the full amount to be paid pursuant to Section 3.01(b) with respect to that Monthly Period, then Series 2004-1 Available Principal Amounts (in an amount, not less than zero, not to

  

 17 

 exceed the sum of the Daily Principal Amounts for each day during such Monthly Period for all Class D Notes, Class C
Notes and Class B Notes minus the aggregate amount of Series 2004-1 Available Principal Amounts reallocated pursuant to clause (a) above) will be paid to the Servicer in an amount equal to the amount of the deficiency in the amount to be paid
pursuant to Section 3.01(b). 
  
 (c) third, with respect to
each Monthly Period, if after giving effect to deposits to be made with respect to such Monthly Period pursuant to Section 3.01(c), the Class A Notes have not received the full amount targeted to be deposited pursuant to Section 3.02
with respect to that Monthly Period, then Series 2004-1 Available Principal Amounts (in an amount, not less than zero, not to exceed the sum of the Daily Principal Amounts for each day during such Monthly Period for all Class D Notes, Class C Notes
and Class B Notes minus the aggregate amount of Series 2004-1 Available Principal Amounts reallocated pursuant to clauses (a) and (b) above) will be allocated to the Interest Funding sub-Account of the Class A Notes up to the amount of the
deficiency in the targeted amount to be deposited into the Interest Funding sub-Account of the Class A Notes; 
  
 (d) fourth, with respect to each Monthly Period, if after giving effect to deposits to be made with respect to such Monthly Period pursuant to Section
3.01 (c) the Class B Notes have not received the full amount targeted to be deposited pursuant to Section 3.02 with respect to that Monthly Period, then Series 2004-1 Available Principal Amounts (in an amount, not less than zero, not to
exceed the sum of the Daily Principal Amounts for each day during such Monthly Period for all Class D Notes and Class C Notes minus the aggregate amount of Series 2004-1 Available Principal Amounts reallocated pursuant to clauses (a) through
(c) above) will be allocated to the Interest Funding sub-Account of the Class B Notes up to the amount of the deficiency in the targeted amount to be deposited into the Interest Funding sub-Account for the Class B Notes; 
  
 (e) fifth, with respect to each Monthly Period, if after giving effect to
deposits to be made with respect to such Monthly Period pursuant to Section 3.01 (c) the Class C Notes have not received the full amount targeted to be deposited pursuant to Section 3.02 with respect to that Monthly Period, then Series
2004-1 Available Principal Amounts (in an amount, not less than zero, not to exceed the sum of the Daily Principal Amounts for each day during such Monthly Period for all Class D Notes minus the aggregate amount of Series 2004-1 Available
Principal Amounts reallocated pursuant to clauses (a) through (d) above) will be allocated to the Interest Funding sub-Account of the Class C Notes up to the amount of the deficiency in the targeted amount to be deposited into the Interest Funding
sub-Account for the Class C Notes; 
  
 (f) sixth, to make the
targeted deposits to the Principal Funding Account pursuant to Section 3.09; and 
  
 (g) seventh, to the Issuer for reinvestment in the Investor Interest of the Collateral Certificate. 
  

 18 

 Section 3.08. Computation of Reductions to the Nominal Liquidation Amount of Subordinated Classes from
Reallocations of Series 2004-1 Available Principal Amounts. 
  
 (a) Each reallocation of Series 2004-1 Available Principal Amounts paid to the Servicer and the Indenture Trustee pursuant to Section 3.07(a) and (b) will reduce the Nominal Liquidation Amount of the Class D Notes. If such reduction
would cause the Nominal Liquidation Amount of the Class D Notes to be reduced below zero, then the Nominal Liquidation Amount of the Class C Notes shall be reduced by the amount by which the Nominal Liquidation Amount of the Class D Notes would have
been reduced below zero. If such reduction would cause the Nominal Liquidation Amount of the Class C Notes to be reduced below zero, then the Nominal Liquidation Amount of the Class B Notes shall be reduced by the amount by which the Nominal
Liquidation Amount of the Class C Notes would have been reduced below zero. 
  
 (b) Each reallocation of Series 2004-1 Available Principal Amounts deposited to the Interest Funding sub-Account of the Class A Notes pursuant to Section 3.07(c) will reduce the Nominal Liquidation Amount
(determined after giving effect to clause (a) above) of the Class D Notes. If such reduction would cause the Nominal Liquidation Amount of the Class D Notes to be reduced below zero (determined after giving effect to clause (a) above), then the
Nominal Liquidation Amount of the Class C Notes shall be reduced by the amount by which the Nominal Liquidation Amount of the Class D Notes would have been reduced below zero. If such reduction would cause the Nominal Liquidation Amount of the Class
C Notes to be reduced below zero (determined after giving effect to clause (a) above), then the Nominal Liquidation Amount of the Class B Notes shall be reduced by the amount by which the Nominal Liquidation Amount of the Class C Notes would have
been reduced below zero. 
  
 (c) Each reallocation of Series
2004-1 Available Principal Amounts deposited to the Interest Funding sub-Account of the Class B Notes pursuant to Section 3.07(d) will reduce the Nominal Liquidation Amount (determined after giving effect to clause (a) above) of the Class D
Notes. If such reduction would cause the Nominal Liquidation Amount of the Class D Notes to be reduced below zero (determined after giving effect to clause (a) above), then the Nominal Liquidation Amount of the Class C Notes shall be reduced by the
amount by which the Nominal Liquidation Amount of the Class D Notes would have been reduced below zero (determined after giving effect to clause (a) above). 
  
 (d) Each reallocation of Series 2004-1 Available Principal Amounts deposited to the Interest Funding sub-Account of the Class C Notes pursuant to
Section 3.07(e) will reduce the Nominal Liquidation Amount (determined after giving effect to clause (a) above) of the Class D Notes. 
  
 Section 3.09. Targeted Deposits of Series 2004-1 Available Principal Amounts to the Principal Funding Account. The amount of the deposit
targeted for each Class of Notes with respect to any Monthly Period to be deposited into the Principal Funding sub-Account for that Class will be the sum of (i) the amount determined pursuant to clause (a), (b) or (c) with respect to such Class for
such Monthly Period, as applicable, or if more than one such clause is applicable, the highest amount determined pursuant to any one of such clauses, and (ii) any deposit targeted pursuant to clause (i) with respect to such Class for any prior
Monthly Period 
  

 19 

 but for which the full targeted deposit was not made, but in no case more than the Nominal Liquidation Amount of such
Class (computed immediately before giving effect to such deposit but after giving effect to any Investor Charge-Offs and any reallocations of Series 2004-1 Available Principal Amounts on such date). 
  
 (a) Principal Payment Date. With respect to the Monthly Period
immediately preceding the Principal Payment Date, the deposit targeted for that Class of Notes is equal to the Nominal Liquidation Amount of that Class of Notes as of the close of business on the last day of the Monthly Period preceding such Monthly
Period (determined after giving effect to any Investor Charge-Offs and any reallocations, payments or deposits of Series 2004-1 Available Principal Amounts on the following Transfer Date). 
  
 (b) Budgeted Deposits. 
  
 (i) Subject to Section 3.09(c), with respect to each
Monthly Period, beginning with the Accumulation Commencement Date, the deposit targeted to be made into the Principal Funding sub-Account for that Class will be the Controlled Accumulation Amount for that Class. 
  
 (ii) Notwithstanding anything to the contrary in clause (i),
on or before the Transfer Date immediately preceding the first Business Day of the month that is nine (9) months prior to the Expected Principal Payment Date, and each Determination Date thereafter until the Accumulation Commencement Date, provided
that no Pay Out Event (as defined in the Series 2004-MC Supplement) has occurred, the Issuer will determine the “Accumulation Period Length”, which will mean a number of months such that the amount available for distribution of
principal will equal or exceed the aggregate Outstanding Dollar Principal Amount of the Class A Notes, the Class B Notes and the Class C Notes, assuming for this purpose that (1) the payment rate with respect to Principal Collections (as defined in
the Pooling and Servicing Agreement) remains constant at the lowest level of such payment rate during the nine preceding Monthly Periods (or such lower payment rate as the [Administrator] may select), (2) the total amount of Principal Receivables in
the Master Trust (and the principal amount on deposit in the Excess Funding Account, if any) remains constant at the level on such date of determination, (3) no Pay Out Event (as defined in the Pooling and Servicing Agreement) with respect to any
Series (as defined in the Pooling and Servicing Agreement) will subsequently occur and (4) no additional series (other than any series being issued on such date of determination) will be subsequently issued; provided, however, that the
Accumulation Period Length will not be determined to be less than one month; provided further, however, that the determination of the Accumulation Period Length may be changed at any time if the Note Rating Agencies provide
prior written confirmation that a Ratings Effect will not occur with respect to such change. 
  
 (c) Event of Default, Early Redemption Event. If any Class of Notes has been accelerated during a Monthly Period after the occurrence of an Event of Default, or if an Early Redemption Event with respect to any
Class of Notes occurs during such Monthly Period, the deposit targeted for that Class of Notes with respect to that Monthly Period and each following Monthly Period is equal to the Nominal Liquidation Amount of that Class of Notes as of the close of
business on the last day of the preceding Monthly Period (after taking into account any reallocations, payments or deposits on the following Transfer Date). 
  

 20 

 Section 3.10. Allocations among Principal Funding sub-Accounts. The aggregate amount of the
deposits to be made to the Principal Funding Account for each Class of Notes pursuant to Section 3.09 for each Monthly Period will be allocated, and a portion deposited in the Principal Funding sub-Account for each Class of Notes, as follows:

  
 (a) Series 2004-1 Available Principal Amounts Equal to
Targeted Amount. If Series 2004-1 Available Principal Amounts remaining after giving effect to Sections 3.07(a) through (e) are equal to the aggregate amount of Series 2004-1 Available Principal Amounts targeted to be deposited
into the Principal Funding Account for all Classes of Notes pursuant to Section 3.09, then that targeted amount shall be deposited in the Principal Funding sub-Account established for each Class of Notes. 
  
 (b) Series 2004-1 Available Principal Amounts Are Less Than Targeted
Amounts. If Series 2004-1 Available Principal Amounts remaining after giving effect to Sections 3.07(a) through (e) are less than the aggregate amount targeted to be deposited into the Principal Funding Account for all Classes of
Notes pursuant to Section 3.09, then the amount available will be deposited in the Principal Funding sub-Account established for each Class in the following priority: 
  
 (i) first, the amount available will be allocated to the Class A Notes up to the amount targeted to be
deposited into the Principal Funding sub-Account for the Class A Notes pursuant to Section 3.09; 
  
 (ii) second, the amount available after the application in clause (i) above will be allocated to the Class B Notes up to the amount
targeted to be deposited into the Principal Funding sub-Account for the Class B Notes pursuant to Section 3.09; 
  
 (iii) third, the amount available after the applications in clauses (i) and (ii) above will be allocated to the Class C Notes, up to the
amount targeted to be deposited into the Principal Funding sub-Account for the Class C Notes pursuant to Section 3. 09; and 
  
 (iv) fourth, the amount available after the applications in clauses (i), (ii) and (iii) above will be allocated to the Class D Notes, up
to the amount targeted to be deposited into the Principal Funding sub-Account for the Class D Notes pursuant to Section 3. 09. 
  
 Section 3.11. Amounts to be Treated as Series 2004-1 Available Principal Amounts; Other Deposits to Principal Funding sub-Accounts. The following
deposits and payments will be made on the following dates: 
  
 (a) Amounts to be Treated as Series 2004-1 Available Principal Amounts. In addition to Available Principal Amounts allocated to the Series 2004-1 Notes pursuant to Section 502 of the Indenture, the following amounts shall be
treated as Series 2004-1 Available Principal Amounts for application in accordance with this Article III for any Monthly Period: 
  
 (i) Reallocated Series 2004-1 Available Funds. Series 2004-1 Available Principal Amounts will include Series 2004-1 Available Funds
reallocated to be treated as Series 2004-1 Available Principal Amounts pursuant to Section 3.01(d) or 3.01(e). 
  

 21 

 (b) Class C Reserve sub-Account. Withdrawals made from the Class C Reserve sub-Account pursuant to
Section 3.17(b) will be deposited into the Class C Principal Funding sub-Account on the Transfer Date. 
  
 Section 3.12. Withdrawals from Interest Funding Account. On each Interest Payment Date, an amount equal to the interest due on the applicable Class
of Notes on such Interest Payment Date (including any overdue and additional interest with respect to prior Interest Payment Dates) will be withdrawn from that Interest Funding sub-Account and remitted to the Paying Agent. Withdrawals made pursuant
to this Section 3.12 with respect to any Class of Notes will be made from the Interest Funding sub-Account established for that Class only after all allocations and reallocations have been made pursuant to Sections 3.02, 3.03,
3.04 and 3.07. In no event will the aggregate amount of the withdrawals from an Interest Funding sub-Account for any month be more than the amount on deposit in the applicable Interest Funding sub-Account. 
  
 After payment in full of any interest on any Class of Notes, any amount
remaining on deposit in the applicable Interest Funding sub-Account will be paid to the Issuer. 
  
 Section 3.13. Withdrawals from Principal Funding Account. On each applicable Principal Payment Date with respect to each Class of Notes, an amount
equal to the principal due on the applicable Class of Notes on the applicable Principal Payment Date will be withdrawn from such Principal Funding sub-Account and remitted to the Paying Agent. Withdrawals made pursuant to this Section 3.13
with respect to any Class of Notes will be made from the Principal Funding sub-Accounts established for that Class only after all allocations have been made pursuant to Sections 3.09, 3.10 and 3.11. In no event will the amount
of the withdrawal be more than the amount on deposit in the applicable Principal Funding sub-Account. 
  
 Upon payment in full of any Class of Notes, any remaining amount on deposit in the applicable Principal Funding sub-Account will be paid to the Issuer.

  
 Section 3.14. Calculation of Nominal Liquidation
Amount. On or prior to each Transfer Date, the Issuer shall calculate the Nominal Liquidation Amount of each Class of Outstanding Series 2004-1 Notes which shall be the following amount: 
  
 (a) as of the date of issuance of such Class of Notes, the Initial Dollar
Principal Amount of such Class of Notes; and 
  
 (b) thereafter,
the sum of, without duplication: 
  
 (i) the
Nominal Liquidation Amount of such Class of Notes immediately after the prior date of determination; plus 
  

 22 

 (ii) such Class’ allocable share of all reimbursements of its Nominal Liquidation
Amount Deficit pursuant to Section 3.01(e) since the prior date of determination determined as set forth in Section 3.06; minus 
  
 (iii) such Class’ allocable share of all reallocations of Series 2004-1 Available Principal Amounts pursuant to Section 3.07
since the prior date of determination, determined as set forth in Section 3.08; minus 
  
 (iv) the amount of the reduction of the Nominal Liquidation Amount of such Class resulting from an allocation of Investor Charge-Offs
since the prior date of determination, determined as set forth in Section 3.05; minus 
  
 (v) the amount deposited in the applicable Principal Funding sub-Account for such Class (after giving effect to any deposits, allocations,
reallocations or withdrawals to be made on that day) since the prior date of determination; 
  
 provided, however, that (1) the Nominal Liquidation Amount of a Class of Notes may never be less than zero, (2) the Nominal Liquidation Amount of any Class of Notes may never be greater than the
Outstanding principal amount of such Class and [(3) the Nominal Liquidation Amount of any Class of Notes that has caused a sale of its allocable portion of the Series 2004-MC Certificate pursuant to Section [    ]
of the Indenture will be zero]. 
  
 The Nominal Liquidation Amount
for the Series 2004-1 Notes will be the sum of the Nominal Liquidation Amounts of all Classes of the Series 2004-1 Notes. 
  
 Section 3.15. Netting of Deposits and Payments. The Issuer, in its sole discretion, may make all deposits to Interest Funding sub-Accounts and
Principal Funding sub-Accounts pursuant to Sections 3.02 and 3.10 with respect to any Monthly Period net of, and after giving effect to, (a) all reallocations to be made pursuant to Section 3.07 and (b) all payments to the
Issuer pursuant to Section 3.07(g). 
  
 Section 3.16.
Targeted Deposits to the Class C Reserve Account. The aggregate deposit targeted to be made to the Class C Reserve Account with respect to each Transfer Date is an amount equal to the amount required to cause the amount on deposit in the
Class C Reserve Account to be at least equal to the Class C Required Reserve Account Amount. 
  
 Section 3.17. Withdrawals from the Class C Reserve Account. Withdrawals from the Class C Reserve Account will be made as follows: 
  
 (a) Payments of Interest. If the amount on deposit in the Interest Funding sub-Account for the Class C Notes is
insufficient to pay in full the amounts for which withdrawals are required under Section 3.12 with respect to the Class C Notes, on the Transfer Date immediately preceding the related Interest Payment Date, an amount equal to that deficiency
will be withdrawn from the Class C Reserve Account and deposited into the Interest Funding sub-Account for the Class C Notes. 
  
 (b) Payments of Principal. If, [on and after the earliest to occur of (i) the date on which the Class C Notes are accelerated pursuant to
Section 702 of the Indenture following an 
  

 23 

 Event of Default with respect to the Class C Notes, (ii) any date on or after the Transfer Date immediately preceding the
Expected Principal Payment Date on which the amount on deposit in the Principal Funding sub-Account for the Class C Notes equals or exceeds the Outstanding Dollar Principal Amount of the Class C Notes and (iii) the Legal Maturity Date for the Class
C Notes], the amount on deposit in the Principal Funding sub-Account for the Class C Notes is insufficient to pay in full the amounts for which withdrawals are required under Section 3.13, an amount equal to that deficiency will be withdrawn
from the Class C Reserve Account and deposited into the Principal Funding sub-Account for the Class C Notes on the Transfer Date before the date of the applicable withdrawal required pursuant to Section 3.13. 
  
 (c) Withdrawal of Excess Amounts. If on any Transfer Date with respect
to which the Class C Notes have not been accelerated, the amount on deposit in the Class C Reserve Account exceeds the Class C Required Reserve Account Amount, the amount of such excess will be withdrawn from the Class C Reserve Account and paid to
the Issuer. Upon payment in full of the Class C Notes, any amount on deposit in the Class C Reserve Account will be applied in accordance with the preceding sentence. 
  
 Section 3.18. Targeted Deposits to the Accumulation Reserve Account. The aggregate deposit targeted to be made to the
Accumulation Reserve Account with respect to each Monthly Period is an amount equal to the Required Accumulation Reserve Account Amount. 
  
 Section 3.19. Withdrawals from the Accumulation Reserve Account. On or before each Transfer Date with respect to the Controlled Accumulation
Period, the [Administrator] shall calculate (i) prior to the payment in full of the Class A Nominal Liquidation Amount, the Class A Reserve Draw Amount, (ii) prior to the payment in full of the Class B Nominal Liquidation Amount, the Class B Reserve
Draw Amount, and (iii) prior to the payment in full of the Class C Nominal Liquidation Amount, the Class C Reserve Draw Amount. Withdrawals for any Class of Notes will be made from the Accumulation Reserve Account as specified below. 
  
 (a) On each Transfer Date, first, the Class A Reserve Draw Amount, if any, up
to the Available Accumulation Reserve Account Amount, second, following withdrawal of the Class A Reserve Draw Amount, the Class B Reserve Draw Amount, if any, up to any remaining Available Accumulation Reserve Account Amount, and third following
withdrawal of the Class A Reserve Draw Amount and the Class B Reserve Draw Amount, the Class C Reserve Draw Amount, if any, up to any remaining Available Accumulation Reserve Account Amount shall be withdrawn from the Accumulation Reserve Account on
such Transfer Date by the Indenture Trustee (acting in accordance with the instructions of the [Administrator]) and deposited into the Interest Funding sub-Accounts for the Class A Notes, Class B Notes and Class C Notes, respectively. 
  
 (b) Payment to Issuer. If on any Transfer Date the aggregate amount on
deposit in the Accumulation Reserve Account exceeds the Required Accumulation Reserve Account Amount, the amount of such excess will be withdrawn from the Accumulation Reserve Account and paid to the Issuer. 
  

 24 

 (c) On each Transfer Date, all interest and earnings (net of losses and investment expenses) accrued
since the preceding Transfer Date on funds on deposit in the Accumulation Reserve Account shall be retained in the Accumulation Reserve Account (to the extent that the Available Accumulation Reserve Account Amount is less than the Required
Accumulation Reserve Account Amount) and the balance, if any, shall be included in Series 2004-1 Available Funds for such Transfer Date. For purposes of determining the availability of funds or the balance in the Accumulation Reserve Account for any
reason under this Series Supplement, except as otherwise provided in the preceding sentence, investment earnings on such funds shall be deemed not to be available or on deposit. 
  
 Section 3.20. Computation of Interest. 
  
 (a) Interest on the Notes will be calculated on the basis of a 360-day year for the actual number of days elapsed.

  
 (b) Interest for any period will be calculated from and
including the first day of such period, to but excluding the last day of such period. 
  
 Section 3.21. Excess Available Funds Sharing. 
  
 (a) Shared Excess Available Funds allocable to the Series 2004-1 Notes on any Transfer Date shall be treated as Series 2004-1 Available Funds for such Transfer Date. 
  
 (b) Shared Excess Available Funds allocable to the Series 2004-1 Notes with
respect to any Transfer Date shall mean an amount equal to the Series Available Funds Shortfall, if any, with respect to the Series 2004-1 Notes for such Transfer Date; provided, however, that if the aggregate amount of Shared Excess
Available Funds for all Excess Available Funds Sharing Series in Excess Available Funds Sharing Group One for such Transfer Date is less than the Aggregate Series Available Funds Shortfall for such Transfer Date, then Shared Excess Available Funds
allocable to the Series 2004-1 Notes on such Transfer Date shall equal the product of (i) Shared Excess Available Funds for all Excess Available Funds Sharing Series in Excess Available Funds Sharing Group One for such Transfer Date and (ii) a
fraction, the numerator of which is the Series Available Funds Shortfall with respect to the Series 2004-1 Notes for such Transfer Date and the denominator of which is the Aggregate Series Available Funds Shortfall for all Excess Available Funds
Sharing Series in Excess Available Funds Sharing Group One for such Transfer Date. 
  
 Section 3.22. Calculation Agent; Determination of LIBOR. 
  
 (a) The Issuer hereby agrees that for so long as any Class A Notes, Class B Notes or Class C Notes are Outstanding, there shall at all times be an agent
appointed to calculate LIBOR for each Interest Period (the “Calculation Agent”). The Issuer hereby initially appoints the Indenture Trustee as the Calculation Agent for purposes of determining LIBOR for each Interest Period. The
Calculation Agent may be removed by the Issuer at any time. If the Calculation Agent is unable or unwilling to act as such or is removed by the Issuer, or if the Calculation Agent fails to determine LIBOR for an Interest Period, the Issuer shall
promptly appoint a replacement Calculation Agent that does not control or is not controlled by or under common control with the Issuer or its Affiliates. The Calculation Agent may not resign its duties, and the Issuer may not remove the Calculation
Agent, without a successor having been duly appointed. 
  

 25 

 (b) On each LIBOR Determination Date, the Calculation Agent shall determine LIBOR on the basis of the
rate for deposits in United States dollars for a period equal to the relevant Interest Period (commencing on the first day of such Interest Period), which appears on Telerate Page 3750 as of 11:00 a.m., London time, on such date (or such other
source from which the Calculation Agent customarily obtains London interbank offered rates for deposits in United States dollars). If such rate does not appear on Telerate Page 3750 or such other source, the rate for that LIBOR Determination Date
shall be determined on the basis of the rates at which deposits in United States dollars are offered by the Reference Banks at approximately 11:00 a.m., London time, on that day to prime banks in the London interbank market for a period equal to the
relevant Interest Period (commencing on the first day of such Interest Period). The Calculation Agent shall request the principal London office of each of the Reference Banks to provide a quotation of its rate. If at least two such quotations are
provided, the rate for that LIBOR Determination Date shall be the arithmetic mean of the quotations. If fewer than two quotations are provided as requested, the rate for that LIBOR Determination Date will be the arithmetic mean of the rates quoted
by major banks in New York City, selected by the Beneficiary, at approximately 11:00 a.m., New York City time, on that day for loans in United States dollars to leading European banks for a period equal to the relevant Interest Period (commencing on
the first day of such Interest Period). 
  
 (c) The Class A
Interest Rate, Class B Interest Rate and Class C Interest Rate applicable to the then current and the immediately preceding Interest Periods may be obtained by telephoning the Indenture Trustee at the Corporate Trust Office at 1-800-344-5128 or such
other telephone number as shall be designated by the Indenture Trustee for such purpose by prior written notice by the Indenture Trustee to each Noteholder from time to time. 
  
 (d) On each LIBOR Determination Date, the Calculation Agent shall send to the Indenture Trustee and the [Issuer], by
facsimile transmission, notification of LIBOR for the following Interest Period. 
  
 Section 3.23. Payments of Interest and Principal. 
  
 (a) Any installment of interest or principal, if any, payable on any Note which is punctually paid or duly provided for by the Issuer and the Indenture Trustee on the applicable Interest Payment Date or Principal
Payment Date shall be paid by the Paying Agent to the Person in whose name such Note (or one or more Predecessor Notes) is registered on the Record Date, by wire transfer of immediately available funds to such Person’s account as has been
designated by written instructions received by the Paying Agent from such Person not later than the close of business on the third Business Day preceding the date of payment or, if no such account has been so designated, by check mailed first-class,
postage prepaid to such Person’s address as it appears on the Note Register on such Record Date, except that with respect to Notes registered on the Record Date in the name of the nominee of Cede & Co., payment shall be made by wire
transfer in immediately available funds to the account designated by such nominee. 
  

 26 

 (b) The right of the Noteholders to receive payments from the Issuer will terminate on the first Business
Day following the Series 2004-1 Termination Date. 
  
 Section
3.24. Monthly Noteholder Report. All deposits, withdrawals or payments to be made by the Indenture Trustee pursuant to this Article III shall be made based solely on the applicable Monthly Noteholder Report or the written notice of the
Issuer. 
  
 [END OF ARTICLE III] 
  

 27 

 ARTICLE IV 
  
 Early Redemption of Notes 
  
 Section 4.01. Early Redemption Events. In addition to the events identified as Early Redemption Events in Section 12.01 of the Indenture,
if: 
  
 (a) the average Net Portfolio Yield for any three
consecutive Monthly Periods is reduced to a rate which is less than the average Base Rate for such period; or 
  
 (b) the Nominal Liquidation Amount of either the Class A Notes, the Class B Notes or the Class C Notes shall not have been reduced to zero on the
respective scheduled payment date; 
  
 an “Early Redemption Event” with
respect to the Series 2004-1 Notes shall be deemed to have occurred. 
  
 [END OF ARTICLE IV] 
  

 28 

 ARTICLE V 
  
 Accounts and Investments 
  
 Section 5.01. Accounts. 
  
 (a) On or before the Closing Date, the Indenture Trustee will cause to be established and maintained four Qualified Accounts denominated as follows: the
“Interest Funding Account,” the “Principal Funding Account,” the “Accumulation Reserve Account” and the “Class C Reserve Account” in the name of the Indenture Trustee,
bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Series 2004-1 Noteholders (or, in the case of the Class C Reserve Account, for the benefit of the Class C Noteholders). The Interest Funding
Account, the Principal Funding Account, the Accumulation Reserve Account and the Class C Reserve Account constitute Supplemental Accounts and shall be under the sole dominion and control of the Indenture Trustee for the benefit of the Series 2004-1
Noteholders (or, in the case of the Class C Reserve Account, for the benefit of the Class C Noteholders). If, at any time, the institution holding either the Interest Funding Account, the Principal Funding Account, the Accumulation Reserve Account
or the Class C Reserve Account ceases to be a Qualified Institution, the Issuer will within ten (10) Business Days (or such longer period, not to exceed thirty (30) calendar days, as to which each Note Rating Agency may consent) establish a new
Interest Funding Account, Principal Funding Account, Accumulation Reserve Account or Class C Reserve Account, as the case may be, that is a Qualified Account and shall transfer any cash and/or investments to such new Interest Funding Account,
Principal Funding Account, Accumulation Reserve Account or Class C Reserve Account, as the case may be. From the date such new Interest Funding Account, Principal Funding Account, Accumulation Reserve Account or Class C Reserve Account is
established, it will be the “Interest Funding Account,” “Principal Funding Account,” “Accumulation Reserve Account” or “Class C Reserve Account,” as the case may be. Each Class of Notes will have its own
sub-Account within the Interest Funding Account and the Principal Funding Account. The Interest Funding Account, the Principal Funding Account, the Accumulation Reserve Account and the Class C Reserve Account will receive deposits pursuant to
Article III. 
  
 (b) On the Closing Date, the Issuer shall
deposit $[            ] into the Class C Reserve Account. 
  
 (c) All payments to be made from time to time by the Indenture Trustee to Noteholders-out of funds in the Interest Funding Account, the Principal Funding
Account, the Accumulation Reserve Account or the Class C Reserve Account pursuant to this Indenture Supplement will be made by the Indenture Trustee to the Paying Agent not later than 12:00 noon on the applicable Interest Payment Date or Principal
Payment Date but only to the extent of available funds in the applicable sub-Account or as otherwise provided in Article III. 
  
 (d) On each Transfer Date, all interest and earnings (net of losses and investment expenses) accrued since the preceding Transfer Date on funds on deposit
in the Class C Reserve Account will be retained in the Class C Reserve Account (to the extent that the sum of the amount on deposit in the Class C Reserve Account with respect to the related Monthly Period is less than the Class C Required Reserve
Account Amount for that Monthly Period) and the excess, if any, will be paid to the Issuer. 
  
 [END OF ARTICLE V] 
  

 29 

 IN WITNESS WHEREOF, the parties hereto have caused this Indenture Supplement to be duly executed, and
their respective corporate seals to be hereunto affixed and attested, all as of the day and year first above written. 
  

			
	 MELLON BANK PFL MASTER NOTE TRUST,

	
	 By: CHASE MANHATTAN BANK USA, NATIONAL
 ASSOCIATION, as Owner Trustee and not in its individual
 capacity

		
	 By:
	 	  

	 	 	 Name:

	 	 	 Title:

	
	 WELLS FARGO BANK, N.A., as Indenture Trustee
 and not in its individual capacity

		
	 By:
	 	  

	 	 	 Name:

	 	 	 Title:

  

 30 

					
	 STATE OF DELAWARE
	  	)	  	 
	 	  	 )
	  	 ss:

	 COUNTY OF CASTLE
	  	 )
	  	 

  
 On this
            day of             , 200_, before me personally came
                    , a
                     of
                        , to me known to be the person described in and who executed the foregoing instrument, and duly
acknowledged that [he] [she] executed the same for the purposes therein contained, and acknowledged the same to be [his][her] free act and deed. 
  

 Name 
  

 [Notarial Seal] 
  

 31 

					
	 STATE OF NEW YORK
	  	)	  	 
	 	  	 )
	  	 ss:

	 COUNTY OF NEW YORK
	  	 )
	  	 

  
 On
[    ], [    ], before me personally came [    ], to me known, who, being by me duly sworn, did depose and say that [he] [she] resides at [    ]; that [he] [she] is of
Wells Fargo Bank, N.A., one of the parties described in and which executed the above instrument; that [he][she] knows the corporate seal of said corporation; that the seal affixed to that instrument is such corporate seal; that it was affixed by
authority of the board of directors of the corporation; and that [he][she] signed his name thereto by like authority. 
  

 Name 
  

 [Notarial Seal] 
  

 32 

 INDENTURE SUPPLEMENT  
 EXHIBIT A-1 
  
 [FORM OF] CLASS A NOTE 
  
 UNLESS
THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR TO 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 THE ISSUER, MELLON BANK, N.A. OR THE
MASTER TRUST, OR JOIN IN ANY INSTITUTION AGAINST THE ISSUER, MELLON BANK, N.A. OR THE MASTER TRUST, OF, ANY BANKRUPTCY PROCEEDINGS UNDER ANY UNITED STATES FEDERAL OR STATE BANKRUPTCY OR SIMILAR LAW IN CONNECTION WITH ANY OBLIGATIONS RELATING TO THE
NOTES OR THE INDENTURE. 
  
 THE HOLDER OF THIS NOTE, BY ACCEPTANCE
OF THIS NOTE, AND EACH HOLDER OF A BENEFICIAL INTEREST IN THIS NOTE, BY THE ACQUISITION OF A BENEFICIAL INTEREST THEREIN, AGREE TO TREAT THE NOTES AS INDEBTEDNESS OF MELLON BANK, N.A. FOR APPLICABLE FEDERAL, STATE, AND LOCAL INCOME AND FRANCHISE TAX
LAW AND FOR PURPOSES OF ANY OTHER TAX IMPOSED ON OR MEASURED BY INCOME. 
  

 A-1-1 

			
	 REGISTERED
	 	up to
$                            *
	 No.     
	 	CUSIP NO.             

  
 MELLON BANK PFL MASTER
NOTE TRUST 
  
 [Floating Rate] 
  
 SERIES 2004-1 CLASS A NOTE 
  
 Mellon Bank PFL Master Note Trust, a statutory business trust created under
the laws of the State of Delaware (herein referred to as the “Issuer”), for value received, hereby promises to pay to CEDE & CO., or registered assigns, subject to the following provisions, a principal sum of
                         payable on the
                                  Payment Date (the “Expected
Principal Payment Date”), except as otherwise provided below or in the Indenture; provided, however, that the entire unpaid principal amount of this Note shall be due and payable on the
                 Payment Date (the “Legal Maturity Date”). Interest will accrue on this Note at the rate of
             and shall be due and payable on each Interest Payment Date from the Monthly Interest Accrual Date in the related Monthly Period (or, in the case of the first Transfer
Date, from the date of issuance of this Note) to but excluding the first Monthly Interest Accrual Date after the end of that Monthly Period. Interest will be computed on the basis of a 360-day year [of twelve 30-day months] [and the actual number of
days elapsed]. Such principal of and interest on this Note shall be paid in the manner specified on the reverse hereof. 
  
 The principal of and interest on this Note are payable in such coin or currency of the United States of America as at the time of payment is legal tender
for payment of public and private debts. All payments made by the Issuer with respect to this Note shall be applied first to interest due and payable on this Note as provided above and then to the unpaid principal of this Note. 
  
 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 the Indenture Trustee whose name appears below by manual signature, this Note shall
not be entitled to any benefit under the Indenture referred to on the reverse hereof, or be valid or obligatory for any purpose. 
  

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

  

 A-1-2 

 IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed, manually or in facsimile, by its Authorized
Officer. 
  

			
	 MELLON BANK PFL MASTER NOTE TRUST,
as Issuer

	
	 By: CHASE MANHATTAN BANK USA, NATIONAL
 ASSOCIATION, as Owner Trustee and not in its individual
 capacity

		
	 By:
	 	  

	 	 	 Name:

	 	 	 Title:

	
	Date:                 , 2004

  

 A-1-3 

 INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION 
  
 This is one of the Notes designated above and referred to in the
within-mentioned Indenture. 
  

			
	 WELLS FARGO BANK, N.A., not in its individual capacity but solely as Indenture Trustee

		
	 By:
	 	  

	 	 	 Name:

	 	 	 Title:

	
	 Date:             , 2004

  
  

 A-1-4 

 [REVERSE OF NOTE] 
  
 This Note is one of the Notes of a duly authorized issue of Notes of the Issuer, designated as its [Floating Rate] Asset
Backed Notes (herein called the “Notes”), all issued under an Indenture dated as of June [    ], 2004 (such indenture, as supplemented or amended, is herein called the “Indenture”),
as supplemented by an Indenture Supplement dated as of June [    ], 2004 (the “Indenture Supplement”), between the Issuer and Wells Fargo Bank, N.A., as indenture trustee (the “Indenture
Trustee”, which term includes any successor Indenture Trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights and obligations thereunder of
the Issuer, the Indenture Trustee and the Holders of the Notes. The Notes are subject to all terms of the Indenture. All terms used in this Note that are defined in the Indenture, as supplemented or amended, shall have the meanings assigned to them
in or pursuant to the Indenture, as so supplemented or amended. 
  
 The Class B Notes, the Class C Notes and the Class D Notes also will be issued under the Indenture. 
  
 The Notes are and will be equally and ratably secured by the collateral pledged as security therefor as provided in the Indenture. 
  
 Principal of the Notes will be payable on the Expected Principal Payment Date
in an amount described on the face hereof. 
  
 As described above,
the entire unpaid principal amount of this Note shall be due and payable on the Legal Maturity Date. Notwithstanding the foregoing, the entire unpaid principal amount of the Notes shall be due and payable on the date on which an Event of Default
relating solely to the non-payment of interest on the Notes shall have occurred and be continuing and the Indenture Trustee or the Holders of the Notes representing not less than a majority of the Outstanding Amount of the Notes have declared the
Notes to be immediately due and payable in the manner provided in Section 7.02 of the Indenture; provided, however, that such acceleration of the entire unpaid principal amount of the Notes may be rescinded by the holders of not
less than a majority of the Outstanding Amount of the Notes. All principal payments on the Notes shall be made pro rata to the Noteholders entitled thereto. 
  
 On any day occurring on or after the date on which the aggregate Nominal Liquidation Amount of any Class of Notes is reduced to less than 10% of its
Initial Dollar Principal Amount, the Issuer has the right, but not the obligation, to redeem such Class of Notes in whole but not in part, pursuant to Section 12.02 of the Indenture. The redemption price will be an amount equal to the
Outstanding principal amount of such Class, plus interest accrued and unpaid or principal accreted and unpaid on such Class to but excluding the date of redemption. 
  
 Subject to the terms and conditions of the Indenture, the Beneficiary, on behalf of the Trust, may from time to time issue,
or direct the Owner Trustee, on behalf of the Trust, to issue, one or more series or Classes of Notes. 
  

 A-1-5 

 On each Payment Date, the Paying Agent shall distribute to each Class A Noteholder of record on the
related Record Date (except for the final distribution with respect to this Note) such Class A Noteholder’s pro rata share of the amounts held by the Paying Agent that are allocated and available on such Payment Date to pay interest and
principal on the Class A Notes. Final payments of this Note will be made only upon presentation and surrender of this Note at the office or offices therein specified. 
  
 [Payments of interest on this Note due and payable on each Payment Date, together with the installment of principal, if any,
to the extent not in full payment of this Note, shall be made by check mailed to the Person whose name appears as the Registered Holder of this Note (or one or more Predecessor Notes) on the Note Register as of the close of business on each Record
Date, except that with respect to Notes registered on the Record Date in the name of the nominee of the clearing agency (initially, such nominee to be Cede & Co.), payments will be made by wire transfer in immediately available funds to the
account designated by such nominee. Such checks shall be mailed to the Person entitled thereto at the address of such Person as it appears on the Note Register as of the applicable Record Date without requiring that this Note be submitted for
notation of payment. Any reduction in the principal amount of this Note (or any one or more Predecessor Notes) effected by any payments made on any Payment Date shall be binding upon all future Holders of this Note and of any Note issued upon the
registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. If funds are expected to be available, as provided in the Indenture, for payment in full of the then remaining unpaid principal amount of this Note
on a Payment Date, then the Indenture Trustee, in the name of and on behalf of the Issuer, will notify the Person who was the Registered Holder hereof as of the Record Date preceding such Payment Date by notice mailed within five days of such
Payment Date and the amount then due and payable shall be payable only upon presentation and surrender of this Note at the Indenture Trustee’s principal Corporate Trust Office or at the office of the Indenture Trustee’s agent appointed for
such purposes located in the City of New York. On any payment of interest or principal being made, details of such payment shall be entered by the Indenture Trustee on behalf of the Issuer in Schedule A hereto.] 
  
 [As provided in the Indenture and subject to certain limitations set forth
therein, the transfer of this Note may be registered on the Note Register upon surrender of this Note for registration of transfer at the office or agency designated by the Issuer pursuant to the Indenture, duly endorsed by, or accompanied by a
written instrument of transfer in form satisfactory to the Indenture Trustee duly executed by, the Holder hereof or his attorney duly authorized in writing, with such signature guaranteed by a commercial bank or trust company located, or having a
correspondent located, in the City of New York or the city in which the Corporate Trust Office is located, or a member firm of a national securities exchange, and such other documents as the Indenture Trustee may require, and thereupon one or more
new Notes of authorized denominations and in the same aggregate principal amount will be issued to the designated transferee or transferees. No service charge will be charged for any registration of transfer or exchange of this Note, but the
transferor may be required to pay a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any such registration of transfer or exchange.] 
  
 Each Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note,
shall be deemed to have represented that such Person 
  

 A-1-6 

 either (i) is not acquiring the Note for, or on behalf of, a Benefit Plan, or (ii) is acquiring the Note for, or on
behalf of, a Benefit Plan and its acquisition and holding of such Note will (x) not result in a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code which is not covered by PTCE 84-14, PTCE 90-1, PTCE 91-38, PTCE
95-60, PTCE 96-23 or some other applicable exemption and (y) will not cause a non-exempt violation of any substantially similar applicable law. 
  
 Each Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees that no
recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Owner Trustee or the Indenture Trustee on the Notes or under the Indenture or any certificate or other writing delivered in connection therewith,
against (i) the Indenture Trustee or the Owner Trustee in its individual capacity, (ii) any owner of a beneficial interest in the Issuer or (iii) any partner, owner, beneficiary, agent, officer, director or employee of the Indenture Trustee or the
Owner Trustee in its individual capacity, any holder of a beneficial interest in the Issuer, the Owner Trustee or the Indenture Trustee or of any successor or assign of the Indenture Trustee or the Owner Trustee in its individual capacity, except as
any such Person may have expressly agreed and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay
any installment or call owing to such entity. 
  
 Each Noteholder
or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees that by accepting the benefits of the Indenture that such Noteholder that it will not at any time institute against Mellon
Bank, N.A., the Master Trust or the Issuer, or join in any institution against Mellon Bank, N.A., the Master Trust or the Issuer of, 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 obligations relating to the Notes, the Indenture or any Derivative Agreement. 
  
 Prior to the due presentment for registration of transfer of this Note, the Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture
Trustee may treat the Person in whose name this Note (as of the day of determination or as of such other date as may be specified in the Indenture) is registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither
the Issuer, the Indenture Trustee nor any such agent shall be affected by notice to the contrary. 
  
 The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Issuer
and the rights of the Holders of the Notes under the Indenture at any time by the Issuer with the consent of the Holders of Notes representing not less than a majority of the Outstanding Amount of all Notes at the time Outstanding. The Indenture
also contains provisions permitting the Holders of Notes representing specified percentages of the Outstanding Amount of the Notes, on behalf of the Holders of all the Notes, to waive compliance by the Issuer with certain provisions of the Indenture
and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Note (or any one of more Predecessor Notes) shall be conclusive and binding upon such Holder and upon all future Holders of this
Note and of any Note issued 
  

 A-1-7 

 upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent
or waiver is made upon this Note. The Indenture also permits the Indenture Trustee to amend or waive certain terms and conditions set forth in the Indenture without the consent of Holders of the Notes issued thereunder. 
  
 The term “Issuer” as used in this Note includes any
successor to the Issuer under the Indenture. 
  
 The Issuer is
permitted by the Indenture, under certain circumstances, to merge or consolidate, subject to the rights of the Indenture Trustee and the Holders of Notes under the Indenture. 
  
 The Notes are issuable only in registered form in denominations as provided in the Indenture, subject to certain limitations
therein set forth. 
  
 THIS NOTE AND THE INDENTURE WILL BE
CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS (OTHER THAN SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW) AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES
HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 
  
 No
reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Issuer, which is absolute and unconditional, to pay the principal of and interest on this Note at the times, place, and
rate, and in the coin or currency herein prescribed. 
  
 No
recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer on the Notes or under the Indenture or any certificate or other writing delivered in connection herewith or therewith, against (i) the Owner Trustee in its
individual capacity, (ii) any owner of a beneficial interest in the Issuer or (iii) any partner, owner, beneficiary, agent, officer, director, employee or agent of the Owner Trustee in its individual capacity, any holder of a beneficial interest in
the Issuer or the Owner Trustee or of any successor or assign of the Owner Trustee in its individual capacity, except as any such Person may have expressly agreed (it being understood that the Owner Trustee has no such obligations in its individual
capacity). The Holder of this Note by the acceptance hereof agrees that, except as expressly provided in the Indenture and the Indenture Supplement in the case of an Event of Default under the Indenture, the Holder shall have no claim against any of
the foregoing for any deficiency, loss or claim therefrom; provided, however, that nothing contained herein shall be taken to prevent recourse to, and enforcement against, the assets of the Issuer for any and all liabilities,
obligations and undertakings contained in the Indenture or in this Note. 
  

 A-1-8 

 ASSIGNMENT 
  

Social Security or taxpayer I.D. or other identifying number of assignee 
  
 ____________ 
  
 FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto 
  
 (name and address of assignee) 
  
 the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints attorney, to transfer said Note on the books kept for registration thereof, with full power of substitution in the premises.

  

					
	 Dated:

	 	 	 	 *

	 	 	 	 	Signature Guaranteed:

	*	 	NOTE: 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. 

  

 A-1-9 

 SCHEDULE A 
  

PART I 
  
 INTEREST PAYMENTS 
  

									
	 Interest
 Payment Date

	 	 Date of
 Payment

	 	 Total Amount
 of Interest Payable

	 	 Amount of
 Interest Paid

	 	 Confirmation of
 payment by or on
 behalf of the Trust

	 First
	 	 	 	 	 	 	 	 
	 	 	
	 	
	 	
	 	

	 Second
	 	 	 	 	 	 	 	 
	 	 	
	 	
	 	
	 	

  
 [continue numbering until the
appropriate number of interest payment dates for the Notes is reached] 
  

 A-1-10 

 PART II 
  
 PRINCIPAL PAYMENTS 
  

							
	 Date of Payment

	 	 Total Amount Payable

	 	 Total Amount Paid

	  	 Confirmation of payment by
 or on behalf of the Trust

	 	 	 	 	 	  	 
	
	 	
	 	
	  	

	 	 	 	 	 	  	 
	
	 	
	 	
	  	

  

							
	 Date of Payment

	 	 Total Amount Payable

	 	 Total Amount Paid

	  	 Confirmation of payment by
 or on behalf of the Trust

	 	 	 	 	 	  	 
	
	 	
	 	
	  	

	 	 	 	 	 	  	 
	
	 	
	 	
	  	

  
 [continue numbering until the
appropriate number of installment dates for the Notes is reached] 
  

 A-1-11 

 EXHIBIT A-2 
  
 [FORM OF] CLASS B NOTE 
  
 UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR
ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR TO 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 THE ISSUER, THE TRANSFEROR OR THE MASTER TRUST, OR JOIN IN ANY INSTITUTION AGAINST THE ISSUER, THE TRANSFEROR OR THE MASTER TRUST, OF, ANY BANKRUPTCY PROCEEDINGS UNDER ANY UNITED
STATES FEDERAL OR STATE BANKRUPTCY OR SIMILAR LAW IN CONNECTION WITH ANY OBLIGATIONS RELATING TO THE NOTES OR THE INDENTURE. 
  
 THE HOLDER OF THIS NOTE, BY ACCEPTANCE OF THIS NOTE, AND EACH HOLDER OF A BENEFICIAL INTEREST IN THIS NOTE, BY THE ACQUISITION OF A BENEFICIAL INTEREST
THEREIN, AGREE TO TREAT THE NOTES AS INDEBTEDNESS OF THE TRANSFEROR FOR APPLICABLE FEDERAL, STATE, AND LOCAL INCOME AND FRANCHISE TAX LAW AND FOR PURPOSES OF ANY OTHER TAX IMPOSED ON OR MEASURED BY INCOME. 
  

 A-2-1 

			
	 REGISTERED
	 	up to $        *
	 No.         
	 	CUSIP NO.            

  
 MELLON BANK PFL MASTER
NOTE TRUST 
  
 [Floating Rate] 
  
 SERIES 2004-1 CLASS B NOTE 
  
 Mellon Bank PFL Master Note Trust, a statutory business trust created under
the laws of the State of Delaware (herein referred to as the “Issuer”), for value received, hereby promises to pay to CEDE & CO., or registered assigns, subject to the following provisions, a principal sum of
                     payable on the
                     Payment Date (the “Expected Principal Payment Date”), except as otherwise provided below or in the
Indenture; provided, however, that the entire unpaid principal amount of this Note shall be due and payable on the             
             Payment Date (the “Legal Maturity Date”). Interest will accrue on this Note at the rate of
                     and shall be due and payable on each Interest Payment Date from the Monthly Interest Accrual Date in the related Monthly
Period (or, in the case of the first Transfer Date, from the date of issuance of this Note) to but excluding the first Monthly Interest Accrual Date after the end of that Monthly Period. Interest will be computed on the basis of a 360-day year [of
twelve 30-day months] [and the actual number of days elapsed]. Such principal of and interest on this Note shall be paid in the manner specified on the reverse hereof. 
  
 The principal of and interest on this Note are payable in such coin or currency of the United States of America as at the
time of payment is legal tender for payment of public and private debts. All payments made by the Issuer with respect to this Note shall be applied first to interest due and payable on this Note as provided above and then to the unpaid principal of
this Note. 
  
 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 the Indenture Trustee whose name appears below by manual signature, this Note shall
not be entitled to any benefit under the Indenture referred to on the reverse hereof, or be valid or obligatory for any purpose. 

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

  

 A-2-2 

 IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed, manually or in facsimile, by its
Authorized Officer. 
  

			
	 MELLON BANK PFL MASTER NOTE TRUST, as Issuer

	
	By: CHASE MANHATTAN BANK USA, NATIONAL ASSOCIATION, as Owner Trustee and not in its individual capacity
		
	 By:
	 	  

	 	 	Name:
	 	 	Title:
	
	 Date:                  ,
2004

  

 A-2-3 

 INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION 
  
 This is one of the Notes designated above and referred to in the
within-mentioned Indenture. 
  

			
	 WELLS FARGO BANK, N.A., not in its individual capacity but solely as Indenture Trustee

		
	 By:
	 	  

	 	 	Name:
	 	 	Title:
	
	 Date:             , 2004

  

 A-2-4 

 [REVERSE OF NOTE] 
  
 This Note is one of the Notes of a duly authorized issue of Notes of the Issuer, designated as its [Floating Rate] Asset
Backed Notes (herein called the “Notes”), all issued under an Indenture dated as of June [    ], 2004 (such indenture, as supplemented or amended, is herein called the “Indenture”), as
supplemented by an Indenture Supplement dated as of June [    ], 2004 (the “Indenture Supplement”), between the Issuer and Wells Fargo Bank, N.A., as indenture trustee (the “Indenture
Trustee”, which term includes any successor Indenture Trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights and obligations thereunder of
the Issuer, the Indenture Trustee and the Holders of the Notes. The Notes are subject to all terms of the Indenture. All terms used in this Note that are defined in the Indenture, as supplemented or amended, shall have the meanings assigned to them
in or pursuant to the Indenture, as so supplemented or amended. 
  
 The Class A Notes, the Class C Notes and the Class D Notes also will be issued under the Indenture. 
  
 The Notes are and will be equally and ratably secured by the collateral pledged as security therefor as provided in the Indenture. 
  
 Principal of the Notes will be payable on the Expected Principal Payment Date
in an amount described on the face hereof. 
  
 As described above,
the entire unpaid principal amount of this Note shall be due and payable on the Legal Maturity Date. Notwithstanding the foregoing, the entire unpaid principal amount of the Notes shall be due and payable on the date on which an Event of Default
relating solely to the non-payment of interest on the Notes shall have occurred and be continuing and the Indenture Trustee or the Holders of the Notes representing not less than a majority of the Outstanding Amount of the Notes have declared the
Notes to be immediately due and payable in the manner provided in Section 7.02 of the Indenture; provided, however, that such acceleration of the entire unpaid principal amount of the Notes may be rescinded by the holders of not
less than a majority of the Outstanding Amount of the Notes. All principal payments on the Notes shall be made pro rata to the Noteholders entitled thereto. 
  
 On any day occurring on or after the date on which the aggregate Nominal Liquidation Amount of any Class of Notes is reduced to less than 10% of its
Initial Dollar Principal Amount, the Issuer has the right, but not the obligation, to redeem such Class of Notes in whole but not in part, pursuant to Section 12.02 of the Indenture. The redemption price will be an amount equal to the
Outstanding principal amount of such Class, plus interest accrued and unpaid or principal accreted and unpaid on such Class to but excluding the date of redemption. 
  
 Subject to the terms and conditions of the Indenture, the Beneficiary, on behalf of the Trust, may from time to time issue,
or direct the Owner Trustee, on behalf of the Trust, to issue, one or more series or Classes of Notes. 
  

 A-2-5 

 On each Payment Date, the Paying Agent shall distribute to each Class B Noteholder of record on the
related Record Date (except for the final distribution with respect to this Note) such Class B Noteholder’s pro rata share of the amounts held by the Paying Agent that are allocated and available on such Payment Date to pay interest and
principal on the Class B Notes. Final payments of this Note will be made only upon presentation and surrender of this Note at the office or offices therein specified. 
  
 [Payments of interest on this Note due and payable on each Payment Date, together with the installment of principal, if any,
to the extent not in full payment of this Note, shall be made by check mailed to the Person whose name appears as the Registered Holder of this Note (or one or more Predecessor Notes) on the Note Register as of the close of business on each Record
Date, except that with respect to Notes registered on the Record Date in the name of the nominee of the clearing agency (initially, such nominee to be Cede & Co.), payments will be made by wire transfer in immediately available funds to the
account designated by such nominee. Such checks shall be mailed to the Person entitled thereto at the address of such Person as it appears on the Note Register as of the applicable Record Date without requiring that this Note be submitted for
notation of payment. Any reduction in the principal amount of this Note (or any one or more Predecessor Notes) effected by any payments made on any Payment Date shall be binding upon all future Holders of this Note and of any Note issued upon the
registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. If funds are expected to be available, as provided in the Indenture, for payment in full of the then remaining unpaid principal amount of this Note
on a Payment Date, then the Indenture Trustee, in the name of and on behalf of the Issuer, will notify the Person who was the Registered Holder hereof as of the Record Date preceding such Payment Date by notice mailed within five days of such
Payment Date and the amount then due and payable shall be payable only upon presentation and surrender of this Note at the Indenture Trustee’s principal Corporate Trust Office or at the office of the Indenture Trustee’s agent appointed for
such purposes located in the City of New York. On any payment of interest or principal being made, details of such payment shall be entered by the Indenture Trustee on behalf of the Issuer in Schedule A hereto.] 
  
 [As provided in the Indenture and subject to certain limitations set forth
therein, the transfer of this Note may be registered on the Note Register upon surrender of this Note for registration of transfer at the office or agency designated by the Issuer pursuant to the Indenture, duly endorsed by, or accompanied by a
written instrument of transfer in form satisfactory to the Indenture Trustee duly executed by, the Holder hereof or his attorney duly authorized in writing, with such signature guaranteed by a commercial bank or trust company located, or having a
correspondent located, in the City of New York or the city in which the Corporate Trust Office is located, or a member firm of a national securities exchange, and such other documents as the Indenture Trustee may require, and thereupon one or more
new Notes of authorized denominations and in the same aggregate principal amount will be issued to the designated transferee or transferees. No service charge will be charged for any registration of transfer or exchange of this Note, but the
transferor may be required to pay a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any such registration of transfer or exchange.] 
  
 Each Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note,
shall be deemed to have represented that such Person 
  

 A-2-6 

 either (i) is not acquiring the Note for, or on behalf of, a Benefit Plan, or (ii) is acquiring the Note for, or on
behalf of, a Benefit Plan and its acquisition and holding of such Note will (x) not result in a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code which is not covered by PTCE 84-14, PTCE 90-1, PTCE 91-38, PTCE
95-60, PTCE 96-23 or some other applicable exemption and (y) will not cause a non-exempt violation of any substantially similar applicable law. 
  
 Each Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees that no
recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Owner Trustee or the Indenture Trustee on the Notes or under the Indenture or any certificate or other writing delivered in connection therewith,
against (i) the Indenture Trustee or the Owner Trustee in its individual capacity, (ii) any owner of a beneficial interest in the Issuer or (iii) any partner, owner, beneficiary, agent, officer, director or employee of the Indenture Trustee or the
Owner Trustee in its individual capacity, any holder of a beneficial interest in the Issuer, the Owner Trustee or the Indenture Trustee or of any successor or assign of the Indenture Trustee or the Owner Trustee in its individual capacity, except as
any such Person may have expressly agreed and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay
any installment or call owing to such entity. 
  
 Each Noteholder
or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees that by accepting the benefits of the Indenture that such Noteholder that it will not at any time institute against Mellon
Bank, N.A., the Master Trust or the Issuer, or join in any institution against Mellon Bank, N.A., the Master Trust or the Issuer of, 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 obligations relating to the Notes, the Indenture or any Derivative Agreement. 
  
 Prior to the due presentment for registration of transfer of this Note, the Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture
Trustee may treat the Person in whose name this Note (as of the day of determination or as of such other date as may be specified in the Indenture) is registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither
the Issuer, the Indenture Trustee nor any such agent shall be affected by notice to the contrary. 
  
 The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Issuer
and the rights of the Holders of the Notes under the Indenture at any time by the Issuer with the consent of the Holders of Notes representing not less than a majority of the Outstanding Amount of all Notes at the time Outstanding. The Indenture
also contains provisions permitting the Holders of Notes representing specified percentages of the Outstanding Amount of the Notes, on behalf of the Holders of all the Notes, to waive compliance by the Issuer with certain provisions of the Indenture
and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Note (or any one of more Predecessor Notes) shall be conclusive and binding upon such Holder and upon all future Holders of this
Note and of any Note issued 
  

 A-2-7 

 upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent
or waiver is made upon this Note. The Indenture also permits the Indenture Trustee to amend or waive certain terms and conditions set forth in the Indenture without the consent of Holders of the Notes issued thereunder. 
  
 The term “Issuer” as used in this Note includes any
successor to the Issuer under the Indenture. 
  
 The Issuer is
permitted by the Indenture, under certain circumstances, to merge or consolidate, subject to the rights of the Indenture Trustee and the Holders of Notes under the Indenture. 
  
 The Notes are issuable only in registered form in denominations as provided in the Indenture, subject to certain limitations
therein set forth. 
  
 THIS NOTE AND THE INDENTURE WILL BE
CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS (OTHER THAN SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW) AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES
HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 
  
 No
reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Issuer, which is absolute and unconditional, to pay the principal of and interest on this Note at the times, place, and
rate, and in the coin or currency herein prescribed. 
  
 No
recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer on the Notes or under the Indenture or any certificate or other writing delivered in connection herewith or therewith, against (i) the Owner Trustee in its
individual capacity, (ii) any owner of a beneficial interest in the Issuer or (iii) any partner, owner, beneficiary, agent, officer, director, employee or agent of the Owner Trustee in its individual capacity, any holder of a beneficial interest in
the Issuer or the Owner Trustee or of any successor or assign of the Owner Trustee in its individual capacity, except as any such Person may have expressly agreed (it being understood that the Owner Trustee has no such obligations in its individual
capacity). The Holder of this Note by the acceptance hereof agrees that, except as expressly provided in the Indenture and the Indenture Supplement in the case of an Event of Default under the Indenture, the Holder shall have no claim against any of
the foregoing for any deficiency, loss or claim therefrom; provided, however, that nothing contained herein shall be taken to prevent recourse to, and enforcement against, the assets of the Issuer for any and all liabilities,
obligations and undertakings contained in the Indenture or in this Note. 
  

 A-2-8 

 ASSIGNMENT 
  

Social Security or taxpayer I.D. or other identifying number of assignee 
  
 ____________ 
  
 FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto 
  
 (name and address of assignee) 
  
 the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints attorney, to transfer said Note on the books kept for registration thereof, with full power of substitution in the premises.

  

			
	  
 Dated: 

	 	 *

	 	 	Signature Guaranteed:

  

	*	 	NOTE: 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. 

  

 A-2-9 

 SCHEDULE A 
  

PART I 
  
 INTEREST PAYMENTS 
  

									
	 Interest
 Payment Date

	  	Date of
Payment

	  	Total Amount
of Interest
Payable

	  	Amount of
Interest
Paid

	  	Confirmation of
payment by or on
behalf of the Trust

	 First
	  	 	  	 	  	 	  	 
	 	  	
	  	
	  	
	  	

	 Second
	  	 	  	 	  	 	  	 
	 	  	
	  	
	  	
	  	

  
 [continue numbering until the
appropriate number of interest payment dates for the Notes is reached] 
  

 A-2-10 

 PART II 
  

PRINCIPAL PAYMENTS 
  

							
	 Date of Payment

	 	 Total Amount Payable

	 	 Total Amount Paid

	  	 Confirmation of payment by
 or on behalf of the Trust

	 	 	 	 	 	  	 
	
	 	
	 	
	  	

	 	 	 	 	 	  	 
	
	 	
	 	
	  	

  

							
	 Date of Payment

	 	 Total Amount Payable

	 	 Total Amount Paid

	  	 Confirmation of payment by
 or on behalf of the Trust

	 	 	 	 	 	  	 
	
	 	
	 	
	  	

	 	 	 	 	 	  	 
	
	 	
	 	
	  	

  
 [continue numbering until the
appropriate number of installment dates for the Notes is reached] 
  

 A-2-11 

 EXHIBIT A-3 
  
 [FORM OF] CLASS C NOTE 
  
 UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR
ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR TO 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 THE ISSUER, THE TRANSFEROR OR THE MASTER TRUST, OR JOIN IN ANY INSTITUTION AGAINST THE ISSUER, THE TRANSFEROR OR THE MASTER TRUST, OF, ANY BANKRUPTCY PROCEEDINGS UNDER ANY UNITED
STATES FEDERAL OR STATE BANKRUPTCY OR SIMILAR LAW IN CONNECTION WITH ANY OBLIGATIONS RELATING TO THE NOTES OR THE INDENTURE. 
  
 THE HOLDER OF THIS NOTE, BY ACCEPTANCE OF THIS NOTE, AND EACH HOLDER OF A BENEFICIAL INTEREST IN THIS NOTE, BY THE ACQUISITION OF A BENEFICIAL INTEREST
THEREIN, AGREE TO TREAT THE NOTES AS INDEBTEDNESS OF THE TRANSFEROR FOR APPLICABLE FEDERAL, STATE, AND LOCAL INCOME AND FRANCHISE TAX LAW AND FOR PURPOSES OF ANY OTHER TAX IMPOSED ON OR MEASURED BY INCOME. 
  

 A-3-1 

			
	 REGISTERED
	 	up to $            *
	 No.     
	 	CUSIP NO.                    

  
 MELLON BANK PFL MASTER
NOTE TRUST 
  
 [Floating Rate] 
  
 SERIES 2004-1 CLASS C NOTE 
  
 Mellon Bank PFL Master Note Trust, a statutory business trust created under
the laws of the State of Delaware (herein referred to as the “Issuer”), for value received, hereby promises to pay to CEDE & CO., or registered assigns, subject to the following provisions, a principal sum of
                     payable on the
                     Payment Date (the “Expected Principal Payment Date”), except as otherwise provided below or in the
Indenture; provided, however, that the entire unpaid principal amount of this Note shall be due and payable on the
                     Payment Date (the “Legal Maturity Date”). Interest will accrue on this Note at the rate of
                 and shall be due and payable on each Interest Payment Date from the Monthly Interest Accrual Date in the related Monthly Period (or, in the case
of the first Transfer Date, from the date of issuance of this Note) to but excluding the first Monthly Interest Accrual Date after the end of that Monthly Period. Interest will be computed on the basis of a 360-day year [of twelve 30-day months]
[and the actual number of days elapsed]. Such principal of and interest on this Note shall be paid in the manner specified on the reverse hereof. 
  
 The principal of and interest on this Note are payable in such coin or currency of the United States of America as at the time of payment is legal tender
for payment of public and private debts. All payments made by the Issuer with respect to this Note shall be applied first to interest due and payable on this Note as provided above and then to the unpaid principal of this Note. 
  
 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 the Indenture Trustee whose name appears below by manual signature, this Note shall
not be entitled to any benefit under the Indenture referred to on the reverse hereof, or be valid or obligatory for any purpose. 
  

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

  

 A-3-2 

 IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed, manually or in facsimile, by its
Authorized Officer. 
  

			
	 MELLON BANK PFL MASTER NOTE TRUST,
as Issuer

	
	 By: CHASE MANHATTAN BANK USA, NATIONAL
 ASSOCIATION, as Owner Trustee and not in its individual
 capacity

		
	 By:
	 	  

	 	 	 Name:

	 	 	 Title:

	
	Date:             , 2004

	

  

 A-3-3 

 INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION 
  
 This is one of the Notes designated above and referred to in the
within-mentioned Indenture. 
  

			
	 WELLS FARGO BANK, N.A., not in its individual capacity but solely as Indenture Trustee

		
	 By:
	 	  

	 	 	 Name:

	 	 	 Title:

	 Date:             , 2004

  

 A-3-4 

 [REVERSE OF NOTE] 
  
 This Note is one of the Notes of a duly authorized issue of Notes of the Issuer, designated as its [Floating Rate] Asset
Backed Notes (herein called the “Notes”), all issued under an Indenture dated as of June [    ], 2004 (such indenture, as supplemented or amended, is herein called the “Indenture”), as
supplemented by an Indenture Supplement dated as of June [    ], 2004 (the “Indenture Supplement”), between the Issuer and Wells Fargo Bank, N.A., as indenture trustee (the “Indenture
Trustee”, which term includes any successor Indenture Trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights and obligations thereunder of
the Issuer, the Indenture Trustee and the Holders of the Notes. The Notes are subject to all terms of the Indenture. All terms used in this Note that are defined in the Indenture, as supplemented or amended, shall have the meanings assigned to them
in or pursuant to the Indenture, as so supplemented or amended. 
  
 The Class A Notes, the Class B Notes and the Class D Notes also will be issued under the Indenture. 
  
 The Notes are and will be equally and ratably secured by the collateral pledged as security therefor as provided in the Indenture. 
  
 Principal of the Notes will be payable on the Expected Principal Payment Date
in an amount described on the face hereof. 
  
 As described above,
the entire unpaid principal amount of this Note shall be due and payable on the Legal Maturity Date. Notwithstanding the foregoing, the entire unpaid principal amount of the Notes shall be due and payable on the date on which an Event of Default
relating solely to the non-payment of interest on the Notes shall have occurred and be continuing and the Indenture Trustee or the Holders of the Notes representing not less than a majority of the Outstanding Amount of the Notes have declared the
Notes to be immediately due and payable in the manner provided in Section 7.02 of the Indenture; provided, however, that such acceleration of the entire unpaid principal amount of the Notes may be rescinded by the holders of not
less than a majority of the Outstanding Amount of the Notes. All principal payments on the Notes shall be made pro rata to the Noteholders entitled thereto. 
  
 On any day occurring on or after the date on which the aggregate Nominal Liquidation Amount of any Class of Notes is reduced to less than 10% of its
Initial Dollar Principal Amount, the Issuer has the right, but not the obligation, to redeem such Class of Notes in whole but not in part, pursuant to Section 12.02, of the Indenture. The redemption price will be an amount equal to the
Outstanding principal amount of such Class, plus interest accrued and unpaid or principal accreted and unpaid on such Class to but excluding the date of redemption. 
  
 Subject to the terms and conditions of the Indenture, the Beneficiary, on behalf of the Trust, may from time to time issue,
or direct the Owner Trustee, on behalf of the Trust, to issue, one or more series or Classes of Notes. 
  

 A-3-5 

 On each Payment Date, the Paying Agent shall distribute to each Class C Noteholder of record on the
related Record Date (except for the final distribution with respect to this Note) such Class C Noteholder’s pro rata share of the amounts held by the Paying Agent that are allocated and available on such Payment Date to pay interest and
principal on the Class C Notes. Final payments of this Note will be made only upon presentation and surrender of this Note at the office or offices therein specified. 
  
 [Payments of interest on this Note due and payable on each Payment Date, together with the installment of principal, if any,
to the extent not in full payment of this Note, shall be made by check mailed to the Person whose name appears as the Registered Holder of this Note (or one or more Predecessor Notes) on the Note Register as of the close of business on each Record
Date, except that with respect to Notes registered on the Record Date in the name of the nominee of the clearing agency (initially, such nominee to be Cede & Co.), payments will be made by wire transfer in immediately available funds to the
account designated by such nominee. Such checks shall be mailed to the Person entitled thereto at the address of such Person as it appears on the Note Register as of the applicable Record Date without requiring that this Note be submitted for
notation of payment. Any reduction in the principal amount of this Note (or any one or more Predecessor Notes) effected by any payments made on any Payment Date shall be binding upon all future Holders of this Note and of any Note issued upon the
registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. If funds are expected to be available, as provided in the Indenture, for payment in full of the then remaining unpaid principal amount of this Note
on a Payment Date, then the Indenture Trustee, in the name of and on behalf of the Issuer, will notify the Person who was the Registered Holder hereof as of the Record Date preceding such Payment Date by notice mailed within five days of such
Payment Date and the amount then due and payable shall be payable only upon presentation and surrender of this Note at the Indenture Trustee’s principal Corporate Trust Office or at the office of the Indenture Trustee’s agent appointed for
such purposes located in the City of New York. On any payment of interest or principal being made, details of such payment shall be entered by the Indenture Trustee on behalf of the Issuer in Schedule A hereto.] 
  
 [As provided in the Indenture and subject to certain limitations set forth
therein, the transfer of this Note may be registered on the Note Register upon surrender of this Note for registration of transfer at the office or agency designated by the Issuer pursuant to the Indenture, duly endorsed by, or accompanied by a
written instrument of transfer in form satisfactory to the Indenture Trustee duly executed by, the Holder hereof or his attorney duly authorized in writing, with such signature guaranteed by a commercial bank or trust company located, or having a
correspondent located, in the City of New York or the city in which the Corporate Trust Office is located, or a member firm of a national securities exchange, and such other documents as the Indenture Trustee may require, and thereupon one or more
new Notes of authorized denominations and in the same aggregate principal amount will be issued to the designated transferee or transferees. No service charge will be charged for any registration of transfer or exchange of this Note, but the
transferor may be required to pay a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any such registration of transfer or exchange.] 
  
 Each Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note,
shall be deemed to have represented that such Person 
  

 A-3-6 

 either (i) is not acquiring the Note for, or on behalf of, a Benefit Plan, or (ii) is acquiring the Note for, or on
behalf of, a Benefit Plan and its acquisition and holding of such Note will (x) not result in a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code which is not covered by PTCE 84-14, PTCE 90-1, PTCE 91-38, PTCE
95-60, PTCE 96-23 or some other applicable exemption and (y) will not cause a non-exempt violation of any substantially similar applicable law. 
  
 Each Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees that no
recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Owner Trustee or the Indenture Trustee on the Notes or under the Indenture or any certificate or other writing delivered in connection therewith,
against (i) the Indenture Trustee or the Owner Trustee in its individual capacity, (ii) any owner of a beneficial interest in the Issuer or (iii) any partner, owner, beneficiary, agent, officer, director or employee of the Indenture Trustee or the
Owner Trustee in its individual capacity, any holder of a beneficial interest in the Issuer, the Owner Trustee or the Indenture Trustee or of any successor or assign of the Indenture Trustee or the Owner Trustee in its individual capacity, except as
any such Person may have expressly agreed and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay
any installment or call owing to such entity. 
  
 Each Noteholder
or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees that by accepting the benefits of the Indenture that such Noteholder that it will not at any time institute against Mellon
Bank, N.A., the Master Trust or the Issuer, or join in any institution against Mellon Bank, N.A., the Master Trust or the Issuer of, 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 obligations relating to the Notes, the Indenture or any Derivative Agreement. 
  
 Prior to the due presentment for registration of transfer of this Note, the Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture
Trustee may treat the Person in whose name this Note (as of the day of determination or as of such other date as may be specified in the Indenture) is registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither
the Issuer, the Indenture Trustee nor any such agent shall be affected by notice to the contrary. 
  
 The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Issuer
and the rights of the Holders of the Notes under the Indenture at any time by the Issuer with the consent of the Holders of Notes representing not less than a majority of the Outstanding Amount of all Notes at the time Outstanding. The Indenture
also contains provisions permitting the Holders of Notes representing specified percentages of the Outstanding Amount of the Notes, on behalf of the Holders of all the Notes, to waive compliance by the Issuer with certain provisions of the Indenture
and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Note (or any one of more Predecessor Notes) shall be conclusive and binding upon such Holder and upon all future Holders of this
Note and of any Note issued 
  

 A-3-7 

 upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent
or waiver is made upon this Note. The Indenture also permits the Indenture Trustee to amend or waive certain terms and conditions set forth in the Indenture without the consent of Holders of the Notes issued thereunder. 
  
 The term “Issuer” as used in this Note includes any
successor to the Issuer under the Indenture. 
  
 The Issuer is
permitted by the Indenture, under certain circumstances, to merge or consolidate, subject to the rights of the Indenture Trustee and the Holders of Notes under the Indenture. 
  
 The Notes are issuable only in registered form in denominations as provided in the Indenture, subject to certain limitations
therein set forth. 
  
 THIS NOTE AND THE INDENTURE WILL BE
CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS (OTHER THAN SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW) AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES
HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 
  
 No
reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Issuer, which is absolute and unconditional, to pay the principal of and interest on this Note at the times, place, and
rate, and in the coin or currency herein prescribed. 
  
 No
recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer on the Notes or under the Indenture or any certificate or other writing delivered in connection herewith or therewith, against (i) the Owner Trustee in its
individual capacity, (ii) any owner of a beneficial interest in the Issuer or (iii) any partner, owner, beneficiary, agent, officer, director, employee or agent of the Owner Trustee in its individual capacity, any holder of a beneficial interest in
the Issuer or the Owner Trustee or of any successor or assign of the Owner Trustee in its individual capacity, except as any such Person may have expressly agreed (it being understood that the Owner Trustee has no such obligations in its individual
capacity). The Holder of this Note by the acceptance hereof agrees that, except as expressly provided in the Indenture and the Indenture Supplement in the case of an Event of Default under the Indenture, the Holder shall have no claim against any of
the foregoing for any deficiency, loss or claim therefrom; provided, however, that nothing contained herein shall be taken to prevent recourse to, and enforcement against, the assets of the Issuer for any and all liabilities,
obligations and undertakings contained in the Indenture or in this Note. 
  

 A-3-8 

 ASSIGNMENT 
  

Social Security or taxpayer I.D. or other identifying number of assignee 
  
 ____________ 
  
 FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto 
  
 (name and address of assignee) 
  
 the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints attorney, to transfer said Note on the books kept for registration thereof, with full power of substitution in the premises.

  

									
	 Dated:

	 	 	 	 *

	 	 	 	 	 Signature Guaranteed:

	*	 	NOTE: 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. 

  

 A-3-9 

			
	 REGISTERED
	 	up to $            *
	 No.     
	 	CUSIP NO.                    

  
 MELLON BANK PFL MASTER
NOTE TRUST 
  
 [Floating Rate] 
  
 SERIES 2004-1 CLASS D NOTE 
  
 Mellon Bank PFL Master Note Trust, a statutory business trust created under
the laws of the State of Delaware (herein referred to as the “Issuer”), for value received, hereby promises to pay to
[                    ], or registered assigns, subject to the following provisions, a principal sum of
                     payable on the
                     Payment Date (the “Expected Principal Payment Date”), except as otherwise provided below or in the
Indenture; provided, however, that the entire unpaid principal amount of this Note shall be due and payable on the
                     Payment Date (the “Legal Maturity Date”). Such principal of and interest on this Note shall be paid in
the manner specified on the reverse hereof. 
  
 The principal on
this Note is 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. All payments made by the Issuer with respect to this Note shall be applied to the unpaid
principal of this Note. 
  
 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 the Indenture Trustee whose name appears below by manual signature, this Note shall
not be entitled to any benefit under the Indenture referred to on the reverse hereof, or be valid or obligatory for any purpose. 
  

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

  

 A-4-1 

 IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed, manually or in facsimile, by its
Authorized Officer. 
  

			
	 MELLON BANK PFL MASTER NOTE TRUST,
as Issuer

	
	 By: CHASE MANHATTAN BANK USA, NATIONAL
 ASSOCIATION, as Owner Trustee and not in its individual
 capacity

		
	 By:
	 	  

	 	 	 Name:

	 	 	 Title:

	
	Date:             , 2004

  

 A-4-2 

 INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION 
  
 This is one of the Notes designated above and referred to in the
within-mentioned Indenture. 
  

			
	 WELLS FARGO BANK, N.A., not in its individual capacity but solely as Indenture Trustee

		
	 By:
	 	  

	 	 	 Name:

	 	 	 Title:

	
	 Date:             , 2004

  

 A-4-3 

 [REVERSE OF NOTE] 
  
 This Note is one of the Notes of a duly authorized issue of Notes of the Issuer, designated as its [Floating Rate] Asset
Backed Notes (herein called the “Notes”), all issued under an Indenture dated as of June [    ], 2004 (such indenture, as supplemented or amended, is herein called the “Indenture”), as
supplemented by an Indenture Supplement dated as of June [    ], 2004 (the “Indenture Supplement”), between the Issuer and Wells Fargo Bank, N.A., as indenture trustee (the “Indenture
Trustee”, which term includes any successor Indenture Trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights and obligations thereunder of
the Issuer, the Indenture Trustee and the Holders of the Notes. The Notes are subject to all terms of the Indenture. All terms used in this Note that are defined in the Indenture, as supplemented or amended, shall have the meanings assigned to them
in or pursuant to the Indenture, as so supplemented or amended. 
  
 The Class A Notes, Class B Notes and Class C Notes also will be issued under the Indenture. 
  
 The Notes are and will be equally and ratably secured by the collateral pledged as security therefor as provided in the Indenture. 
  
 Principal of the Notes will be payable on the Expected Principal Payment Date
in an amount described on the face hereof. 
  
 As described above,
the entire unpaid principal amount of this Note shall be due and payable on the Legal Maturity Date. Notwithstanding the foregoing, the entire unpaid principal amount of the Notes shall be due and payable on the date on which an Event of Default
relating solely to the non-payment of interest on the Notes shall have occurred and be continuing and the Indenture Trustee or the Holders of the Notes representing not less than a majority of the Outstanding Amount of the Notes have declared the
Notes to be immediately due and payable in the manner provided in Section 7.02 of the Indenture; provided, however, that such acceleration of the entire unpaid principal amount of the Notes may be rescinded by the holders of not
less than a majority of the Outstanding Amount of the Notes. All principal payments on the Notes shall be made pro rata to the Noteholders entitled thereto. 
  
 On any day occurring on or after the date on which the aggregate Nominal Liquidation Amount of any Class of Notes is reduced to less than 10% of its
Initial Dollar Principal Amount, the Issuer has the right, but not the obligation, to redeem such Class of Notes in whole but not in part, pursuant to Section 12.02, of the Indenture. The redemption price will be an amount equal to the
Outstanding principal amount of such Class, plus interest accrued and unpaid or principal accreted and unpaid on such Class to but excluding the date of redemption. 
  
 Subject to the terms and conditions of the Indenture, the Beneficiary, on behalf of the Trust, may from time to time issue,
or direct the Owner Trustee, on behalf of the Trust, to issue, one or more series or Classes of Notes. 
  

 A-4-4 

 On each Payment Date, the Paying Agent shall distribute to each Class D Noteholder of record on the
related Record Date (except for the final distribution with respect to this Note) such Class D Noteholder’s pro rata share of the amounts held by the Paying Agent that are allocated and available on such Payment Date to pay interest and
principal on the Class D Notes. Final payments of this Note will be made only upon presentation and surrender of this Note at the office or offices therein specified. 
  
 [Payments of interest on this Note due and payable on each Payment Date, together with the installment of principal, if any,
to the extent not in full payment of this Note, shall be made by check mailed to the Person whose name appears as the Registered Holder of this Note (or one or more Predecessor Notes) on the Note Register as of the close of business on each Record
Date, except that with respect to Notes registered on the Record Date in the name of the nominee of the clearing agency (initially, such nominee to be Cede & Co.), payments will be made by wire transfer in immediately available funds to the
account designated by such nominee. Such checks shall be mailed to the Person entitled thereto at the address of such Person as it appears on the Note Register as of the applicable Record Date without requiring that this Note be submitted for
notation of payment. Any reduction in the principal amount of this Note (or any one or more Predecessor Notes) effected by any payments made on any Payment Date shall be binding upon all future Holders of this Note and of any Note issued upon the
registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. If funds are expected to be available, as provided in the Indenture, for payment in full of the then remaining unpaid principal amount of this Note
on a Payment Date, then the Indenture Trustee, in the name of and on behalf of the Issuer, will notify the Person who was the Registered Holder hereof as of the Record Date preceding such Payment Date by notice mailed within five days of such
Payment Date and the amount then due and payable shall be payable only upon presentation and surrender of this Note at the Indenture Trustee’s principal Corporate Trust Office or at the office of the Indenture Trustee’s agent appointed for
such purposes located in the City of New York. On any payment of interest or principal being made, details of such payment shall be entered by the Indenture Trustee on behalf of the Issuer in Schedule A hereto.] 
  
 [As provided in the Indenture and subject to certain limitations set forth
therein, the transfer of this Note may be registered on the Note Register upon surrender of this Note for registration of transfer at the office or agency designated by the Issuer pursuant to the Indenture, duly endorsed by, or accompanied by a
written instrument of transfer in form satisfactory to the Indenture Trustee duly executed by, the Holder hereof or his attorney duly authorized in writing, with such signature guaranteed by a commercial bank or trust company located, or having a
correspondent located, in the City of New York or the city in which the Corporate Trust Office is located, or a member firm of a national securities exchange, and such other documents as the Indenture Trustee may require, and thereupon one or more
new Notes of authorized denominations and in the same aggregate principal amount will be issued to the designated transferee or transferees. No service charge will be charged for any registration of transfer or exchange of this Note, but the
transferor may be required to pay a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any such registration of transfer or exchange.] 
  
 With respect to any Prospective Owner of a Class D Note, each Noteholder or Note Owner, by acceptance of a Note or, in the
case of a Note Owner, a beneficial interest in a Note, shall be deemed to have represented that such Person is not acquiring the Class D Note for, or on behalf of, a Benefit Plan. 
  

 A-4-5 

 In addition, each purchaser of a Class D Note, by its acceptance hereof, represents, acknowledges and
agrees that: (i) such Noteholder has not acquired and shall not sell, trade or transfer any interest in the Note nor cause any interest in the Note to be marketed, on or through either (a) an “established securities market” within the
meaning of Section 7704(b)(1) of the Code (including an interdealer quotation system that regularly disseminates firm buy or sell quotations by identified brokers or dealers by electronic means or otherwise) or (b) a “secondary market (or the
substantial equivalent thereof)” within the meaning of Section 7704(b)(2) of the Code (including a market wherein interests in such classes of notes are regularly quoted by any person making a market in such interests and a market wherein any
person regularly makes available bid or offer quotes with respect to interests in such classes of notes and stands ready to effect buy or sell transactions at the quoted prices for itself or on behalf of others). 
  
 Each Noteholder or Note Owner, by acceptance of a Note or, in the case of a
Note Owner, a beneficial interest in a Note, covenants and agrees that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Owner Trustee or the Indenture Trustee on the Notes or under the Indenture or
any certificate or other writing delivered in connection therewith, against (i) the Indenture Trustee or the Owner Trustee in its individual capacity, (ii) any owner of a beneficial interest in the Issuer or (iii) any partner, owner, beneficiary,
agent, officer, director or employee of the Indenture Trustee or the Owner Trustee in its individual capacity, any holder of a beneficial interest in the Issuer, the Owner Trustee or the Indenture Trustee or of any successor or assign of the
Indenture Trustee or the Owner Trustee in its individual capacity, except as any such Person may have expressly agreed and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any
unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity. 
  
 Each Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees that by
accepting the benefits of the Indenture that such Noteholder that it will not at any time institute against Mellon Bank, N.A., the Master Trust or the Issuer, or join in any institution against Mellon Bank, N.A., the Master Trust or the Issuer of,
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 obligations relating to the Notes, the Indenture or
any Derivative Agreement. 
  
 Prior to the due presentment for
registration of transfer of this Note, the Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture Trustee may treat the Person in whose name this Note (as of the day of determination or as of such other date as may be specified
in the Indenture) is registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither the Issuer, the Indenture Trustee nor any such agent shall be affected by notice to the contrary. 
  

 A-4-6 

 The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the
modification of the rights and obligations of the Issuer and the rights of the Holders of the Notes under the Indenture at any time by the Issuer with the consent of the Holders of Notes representing not less than a majority of the Outstanding
Amount of all Notes at the time Outstanding. The Indenture also contains provisions permitting the Holders of Notes representing specified percentages of the Outstanding Amount of the Notes, on behalf of the Holders of all the Notes, to waive
compliance by the Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Note (or any one of more Predecessor Notes) shall be conclusive
and binding upon such Holder and upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Note.
The Indenture also permits the Indenture Trustee to amend or waive certain terms and conditions set forth in the Indenture without the consent of Holders of the Notes issued thereunder. 
  
 The term “Issuer” as used in this Note includes any successor to the Issuer under the Indenture.

  
 The Issuer is permitted by the Indenture, under certain
circumstances, to merge or consolidate, subject to the rights of the Indenture Trustee and the Holders of Notes under the Indenture. 
  
 The Notes are issuable only in registered form in denominations as provided in the Indenture, subject to certain limitations therein set forth.

  
 THIS NOTE AND THE INDENTURE WILL BE CONSTRUED IN ACCORDANCE
WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK, 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. 
  
 No reference herein to the Indenture and no provision of this Note or of the
Indenture shall alter or impair the obligation of the Issuer, which is absolute and unconditional, to pay the principal of and interest on this Note at the times, place, and rate, and in the coin or currency herein prescribed. 
  
 No recourse may be taken, directly or indirectly, with respect to the
obligations of the Issuer on the Notes or under the Indenture or any certificate or other writing delivered in connection herewith or therewith, against (i) the Owner Trustee in its individual capacity, (ii) any owner of a beneficial interest in the
Issuer or (iii) any partner, owner, beneficiary, agent, officer, director, employee or agent of the Owner Trustee in its individual capacity, any holder of a beneficial interest in the Issuer or the Owner Trustee or of any successor or assign of the
Owner Trustee in its individual capacity, except as any such Person may have expressly agreed (it being understood that the Owner Trustee has no such obligations in its individual capacity). The Holder of this Note by the acceptance hereof agrees
that, except as expressly provided in the Indenture and the Indenture Supplement in the case of an Event of Default under the Indenture, the Holder shall have no claim against any of the foregoing for any deficiency, loss or claim therefrom;
provided, however, that nothing contained herein shall be taken to prevent recourse to, and enforcement against, the assets of the Issuer for any and all liabilities, obligations and undertakings contained in the Indenture or in this
Note. 
  

 A-4-7 

 ASSIGNMENT 
  

Social Security or taxpayer I.D. or other identifying number of assignee 
  
 _____________ 
  
 FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto 
  
 (name and address of assignee) 
  
 the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints attorney, to transfer said Note on the books kept for registration thereof, with full power of substitution in the premises.

  

			
	 Dated:

	 	 *

	 	 	Signature Guaranteed:

	*	 	NOTE: 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. 

  

 A-4-9 

 SCHEDULE A 
  

PART I 
  
 INTEREST PAYMENTS 
  

									
	 Interest
 Payment Date

	  	Date of
Payment

	  	Total Amount
of Interest
Payable

	  	Amount of
Interest Paid

	  	Confirmation of
payment by or on
behalf of the Trust

	 First
	  	 	  	 	  	 	  	 
	 	  	
	  	
	  	
	  	

	 Second
	  	 	  	 	  	 	  	 
	 	  	
	  	
	  	
	  	

  
 [continue numbering until the
appropriate number of interest payment dates for the Notes is reached] 
  

 A-4-10 

 PART II 
  

PRINCIPAL PAYMENTS 
  

							
	 Date of Payment

	 	 Total Amount Payable

	 	 Total Amount Paid

	  	Confirmation of payment by or
on behalf of the Trust

	 ___________
	 	___________	 	___________	  	___________
	 ___________
	 	___________	 	___________	  	___________

  

							
	 Date of Payment

	 	 Total Amount Payable

	 	 Total Amount Paid

	  	Confirmation of payment by or
on behalf of the Trust

	 ___________
	 	___________	 	___________	  	___________
	 ___________
	 	___________	 	___________	  	___________

  
 [continue numbering until the
appropriate number of installment dates for the Notes is reached] 
  
  

 A-4-11 

 EXHIBIT B 
  
 [FORM OF] SERIES 2004-1 SCHEDULE TO PAYMENT INSTRUCTIONS 
 MELLON BANK, N.A. 
  

  
 MELLON BANK PFL MASTER NOTE TRUST, SERIES 2004-1 
 MONTHLY PERIOD ENDING                 
    ,          
  

  
 Capitalized terms used in this notice have their respective meanings set
forth in the Indenture and the Indenture Supplement. Unless otherwise qualified, references herein to certain sections and subsections are references to the respective sections and subsections of the Indenture Supplement. This instruction is
delivered pursuant to Section 908, of the Indenture. 
  
 The Servicer does hereby instruct the Issuer to instruct the Indenture Trustee, and the Issuer does hereby instruct the Indenture Trustee, to make the following allocations and payments for the related Monthly Period on
                     ,         , which date is a Transfer Date under the Pooling and
Servicing Agreement, in aggregate amounts set forth below in respect of the following amounts: 
  
 I. Allocations and Payments of Series 2004-1 Available Funds. 
  

							
	 A.     
	 	 Allocation of Series 2004-1 Available Funds pursuant to Section 3.01, to be applied
on
 each Transfer Date by the Indenture Trustee in the following priority:
	 	 
				
	 	 	 1.
	 	Amount of targeted deposits paid to the Interest Funding Account pursuant to Section 3.02	 	$             
				
	 	 	 2.
	 	Amount paid in respect of the Series 2004-1 Servicing Fee to the Servicer	 	$             
				
	 	 	 3.
	 	Amount paid in respect of any previously due and unpaid Series 2004-1 Servicing Fee to the Servicer	 	$             
				
	 	 	 4.
	 	Amount to be treated as Series 2004-1 Available Principal Amounts pursuant to Section 3.07 in an amount equal to the Series 2004-1 Investor Default Amount, if any	 	$             
				
	 	 	 5.
	 	Amount to be treated as Series 2004-1 Available Principal Amounts pursuant to Section 3.07 in an amount equal to the Nominal Liquidation Amount Deficit, if any	 	$             
				
	 	 	 6.
	 	Amount to make the target deposit to the Accumulation Reserve Account pursuant to Section 3.24	 	$             

  

 B-1 

							
	 	 	 7.
	 	 Amount to make the target deposit to the Class C Reserve Account pursuant to Section 3.22 if any
	  	$             
				
	 	 	 8.
	 	 Amount paid or deposited as required by the terms document of any class or Class of Series 2004-1 Notes
	  	$             
				
	 	 	 9.
	 	 Amount to be treated as Shared Excess Available Funds for application in accordance with Section 3.25,
	  	$             
				
	 	 	 10.
	 	 Amount to paid to the Issuer
	  	$             
				
	 	 	 	 	 Total
	  	$             

  

									
	 B.
	 	 Allocations of deposits to Interest Funding sub-Accounts pursuant to Section 3.03:
	  	 
					
	 	 	 1.
	 	 	 	 Payments to Interest Funding sub-Accounts pursuant to Section 3.03:
	  	$             
					
	 	 	 	 	 a.
	 	 [Class/Class]
	  	$             
					
	 	 	 	 	 b.
	 	 [Class/Class]
	  	$             
					
	 	 	 	 	 	 	 Total
	  	$             

  

									
	 C.
	 	 Payments and deposits pursuant to Section 3.04, to be received on the following dates:
	  	 
				
	 	 	 1.
	 	 Withdrawals from the Class C Reserve Account deposited into the applicable Interest
Funding
 sub-Account on the related Transfer Date pursuant to Section 3.23(a)
	  	$             
				
	 	 	2.	 	 As of the date of receipt, Receivables Sales Proceeds deposited in the applicable Interest
Funding
 sub-Account as of the date of receipt by the Issuer
	  	$             

  

										
	 D.
	 	 Withdrawals from the Interest Funding Account pursuant to Section 3.13, to be made by the Indenture Trustee on the
following dates:

				
	 	 	1.	 	 Amount withdrawn from the applicable Interest Funding sub-Accounts and remitted to the
applicable
 Paying Agent on each Interest Payment Date, with respect to each Class of Dollar Notes
	  	$	             
				
	 	 	2.	 	 Amount withdrawn from the applicable Interest Funding sub-Accounts and converted to the
applicable
 foreign currency at the Spot Exchange Rate and remitted to the applicable Paying Agent for
Foreign
 Currency Notes with a non-Performing Derivative Agreement
	  	 	$             
				
	 	 	3.	 	 Amount withdrawn from the applicable Interest Funding sub-Accounts and invested in the
Investor Interest
 of the Collateral Certificate on each Principal Payment Date, with respect to each Class of
Discount Notes
	  	 	$             

  
  

 B-2 

									
	 	 	4.	 	 Amount withdrawn from the applicable Interest Funding sub-Accounts and paid
 to the applicable Derivative Party as specified in the applicable Derivative Agreement,
 with respect to each Class of Notes which has a Performing Derivative Agreement for interest
	  	$             
				
	 	 	5.	 	 Amount paid to the Issuer
	  	$             

  

										
	 II.
	 	 Allocations and Payments of Series 2004-1.
	  	 	 
			
	 A.
	 	 Re-allocation of Series 2004-1 Available Principal Amounts pursuant to Section
3.07(a)
 to be applied on the next Transfer Date by the Indenture Trustee:
	  	 	 
				
	 	 	1.	 	 Reallocated Class C Principal Collections:
	  	$	             
				
	 	 	2.	 	 Reallocated Class B Principal Collections:
	  	$	             
			
	 B.
	 	 Targeted Deposits of Series 2004-1 Available Principal Amounts to the Principal
 Funding Account pursuant to Section 3.10, to be made by the Indenture Trustee on the following dates:
	  	 	 
				
	 	 	1.	 	 On the applicable Principal Payment Date prior to any payment, the Nominal
 Liquidation Amount for the related Class of Notes:
	  	 	 
					
	 	 	 	 	a.	 	 [Class/Class]
	  	$	             
					
	 	 	 	 	b.	 	 [Class/Class]
	  	$	             
					
	 	 	 	 	 	 	 Total
	  	$	             
				
	 	 	2.	 	 In the applicable Principal Funding sub-Account for the related Class of Notes,
 the Controlled Accumulation Amount or the amount specified in Section 3.10(b)(ii):
	  	 	 
					
	 	 	 	 	a.	 	 [Class/Class]
	  	$	             
					
	 	 	 	 	b.	 	 [Class/Class]
	  	$	             
					
	 	 	 	 	 	 	 Total
	  	$	             
				
	 	 	3.	 	 In the applicable Principal Funding sub-Account, the Prefunding Target Amount
 for the Series 2004-1 on the related Transfer Date:
	  	 	 
					
	 	 	 	 	a.	 	 [Class/Class]
	  	$	             
					
	 	 	 	 	b.	 	 [Class/Class]
	  	$	             
					
	 	 	 	 	 	 	 Total
	  	$	             

  

 B-3 

										
	 	 	4.	 	In the case of an Event of Default, Early Redemption Event or other optional or mandatory redemption, on the applicable Transfer Date, the Nominal Liquidation Amount for the
related Class of Notes:	  	 	 
					
	 	 	 	 	a.	 	 [Class/Class]
	  	$	             
					
	 	 	 	 	b.	 	 [Class/Class]
	  	$	             
					
	 	 	 	 	 	 	 Total
	  	$	             
			
	 C.
	 	 Payments and deposits pursuant to Section 3.12, to be received on the following dates:
	  	 	 
				
	 	 	1.	 	 Withdrawals from the Class C Reserve Account deposited into the applicable Principal
Funding
 sub-Account on the related Transfer Date pursuant to Section 3.23(b)
	  	$	             
				
	 	 	2.	 	 As of the date of receipt, Receivables Sales Proceeds received pursuant to Section
3.20(c)(i)
 deposited in the applicable Principal Funding sub-Account as of the date of receipt by the
Issuer
	  	$	             
			
	 D.
	 	 Reallocations of deposits to Principal Funding sub-Accounts pursuant to Section 3.11:
	  	 	 
				
	 	 	1.	 	 Payments to Principal Funding sub-Accounts pursuant to Section 3.11(b)(i) for the Class A Notes
	  	$	             
				
	 	 	 2.
	 	 Payments to Principal Funding sub-Accounts pursuant to Section 3.11(b)(ii) for the Class B Notes
	  	 	$             
				
	 	 	 3.
	 	 Payments to Principal Funding sub-Accounts pursuant to Section 3.11(b)(iii) for the Class C Notes
	  	 	$             
		
	 E.
	 	 Withdrawals from the Principal Funding Account pursuant to Section 3.14 to be made by the Indenture Trustee on the
following dates:

				
	 	 	 1.
	 	 Amount withdrawn from the applicable Principal Funding sub-Accounts and remitted to the
applicable
 Paying Agent on each Principal Payment Date, with respect to each Class of Dollar Notes
	  	 	$             
				
	 	 	 2.
	 	 Amount withdrawn from the applicable Principal Funding sub-Accounts and paid to the
applicable
 Derivative Party as specified in the applicable Derivative Agreement, with respect to each Class
of
 Notes which has a Performing Derivative Agreement for Principal
	  	 	$             

  

 B-4 

										
				
	 	 	 3.
	 	 Dollar amount withdrawn from the applicable Principal Funding sub-Accounts and converted
to
 the applicable foreign currency at the Spot Exchange Rate pursuant to the applicable Derivative
Agreement,
 with respect to each Class of Notes which has a non-Performing Derivative Agreement for
principal
	  	$	            
				
	 	 	 4.
	 	 Amount of Prefunding Excess Amount withdrawn from the Principal Funding sub-Accounts and paid to the Master Trust to increase
the Investor Interest of the Collateral Certificate
	  	$	            
				
	 	 	5.	 	 Amount withdrawn from the applicable Principal Funding sub-Accounts on the Legal Maturity Date of any Class and applied to pay
principal of that Class or paid to the applicable Derivative Party for that Class as specified in the applicable Derivative Agreement
	  	$	            
				
	 	 	6.	 	 Amount paid to the Issuer
	  	$	            

  

								
			
	 F.
	 	 Amount of principal accreted on all Class of Discount Notes and paid to the Master Trust pursuant to Section
3.17(a)
	  	$	            
			
	 G.
	 	 Allocations of reductions from Investor Charge-Offs to the Nominal Liquidation Amount of subordinated classes pursuant to
Section 3.05:
	  	 	 
				
	 	 	1.	 	 Initial allocation of Investor Charge-Offs to each Class of Outstanding Notes
	  	$	            
				
	 	 	 	 	Class A	  	$	            
				
	 	 	 	 	Class B	  	$	            
				
	 	 	 	 	Class C	  	$	            
				
	 	 	2.	 	Amount reallocated to the Class C Notes, subject to the restrictions set forth in Section 3.05(c)	  	$	            
				
	 	 	3.	 	Amount reallocated to the Class B Notes, subject to the restrictions set forth in Section 3.05(d)	  	$	            
			
	H.	 	 Net proceeds from sales of Receivables for Accelerated Notes pursuant to Section 3.20
	  	$	            
			
	 III.    
	 	Targeted deposits to, and withdrawals of funds on deposit from, the Class C Reserve Account.	  	 	 
			
	 A.     
	 	Targeted deposit to the Class C Reserve Account pursuant to Section 3.22(a):	  	 	 
			
	 B.
	 	Deposits to the Class C Reserve sub-Accounts pursuant to Section 3.22:	  	 	 

  

 B-5 

									
	 	 	1.	  	 Sum of the Class C Reserve sub-Account deposits for each applicable Class of Outstanding Notes:
	  	 
					
	 	 	 	  	 a.
	  	 [Class]
	  	$            
					
	 	 	 	  	 b.
	  	 [Class]
	  	$            
					
	 	 	 	  	 	  	 Total
	  	$            

  
  

												
	C.     	 	 Withdrawals from the Class C Reserve Account pursuant to Section 3.23:
	  	 	 
					
	 	 	 1.
	 	 	 	Amount withdrawn from the applicable Class C Reserve sub-Account and deposited in the applicable Interest Funding sub-Account pursuant to Section 3.23(a):	  	 	 
						
	 	 	 	 	 	 	 a.
	  	Interest Funding sub-Account for [Class]	  	$	            
						
	 	 	 	 	 	 	 b.
	  	Interest Funding sub-Account for [Class]	  	$	            
						
	 	 	 	 	 	 	 	  	 Total
	  	$	            

  

										
	 	 	 2.
	 	Amount withdrawn from the Class C Reserve sub-Account and deposited in the applicable Principal Funding subAccount pursuant to Section 3.23(b):	  	 	 
					
	 	 	 	 	 a.
	  	Principal Funding sub-Account for [Class]	  	$	            
					
	 	 	 	 	 b.
	  	Principal Funding sub-Account for [Class]	  	$	            
					
	 	 	 	 	 	  	 Total
	  	$	            
				
	 	 	 3.
	 	Amounts paid to the Issuer pursuant to Section 3.23(c)	  	$	            

  
 IN WITNESS WHEREOF,
the undersigned has duly executed and delivered this Certificate this     th day of             ,
            . 
  

			
	 	 	 [                            ],

	 	 	 as Servicer

		
	 By:
	 	  

	 	 	 Name:

	 	 	 Title:

  

 B-6 

 EXHIBIT C 
  
 [FORM OF] SERIES 2004-1 SCHEDULE TO 
  

MONTHLY NOTEHOLDERS’ STATEMENT 
  
 Date:                  ,
             
  
 MELLON BANK PFL MASTER NOTE TRUST 
 MONTHLY PERIOD ENDING
                 ,              
  
 Reference is made to the Series 2001-D Supplement (the “Series 2001-D
Supplement”), dated as of May     , 2001, between Mellon Bank, N.A., a national banking association (the “Bank”), as Seller and Servicer, and Wells Fargo Bank, N.A., as Trustee, the Indenture (the
“Indenture”), dated as of May     , 2001 and the Indenture Supplement (the “Indenture Supplement”), dated as of May    , 2001, each between Mellon Bank PFL Master Note Trust,
as Issuer, and Wells Fargo Bank, N.A., as Indenture Trustee. Terms used herein and not defined herein have the meanings ascribed to them in the Series 2001-D Supplement, the Indenture and the Indenture Supplement, as applicable. 
  
 The following computations are prepared with respect to the Transfer Date of
                 ,              and with respect to the performance of the Trust during
the related Monthly Period. 
  

	A.	 	Targeted deposits to Interest Funding sub-Accounts: 

  

											
	 Class/Class

	  	Targeted Deposit
to Interest Funding
sub-Account for
applicable Monthly
Period

	  	Actual Deposit to
Interest Funding
sub-Account for
applicable Monthly
Period

	  	Shortfall from
earlier Monthly
Periods

	  	Interest Funding
sub-account
Balance prior to
Withdrawals

	  	Interest Funding
sub-Account
Earnings

	 [Class A Total:]
	  	 	  	 	  	 	  	 	  	 
						
	 [Class B Total:]
	  	 	  	 	  	 	  	 	  	 
						
	 [Class C Total:]
	  	 	  	 	  	 	  	 	  	 
						
	 [Total:]
	  	 	  	 	  	 	  	 	  	 

  

	B.	 	Interest to be paid on the corresponding Interest Payment Date: 

  

							
	 Class/Class

	 	 Interest Payment
 Date

	 	 Interest Rate

	  	 Amount of
 interest to be paid
 on corresponding
 Interest Payment
 Date

	 [Class A Total:]
	 	 	 	 	  	 
				
	 [Class B Total:]
	 	 	 	 	  	 
				
	 [Class C Total:]
	 	 	 	 	  	 
				
	 [Total:]
	 	 	 	 	  	 

  

 C-1 

	
	  
  
  
  
 C. Targeted deposits to Class C Reserve
sub-Accounts:
  

  

									
	 Class

	  	Targeted Deposit
to Class C Reserve
sub-Account for
applicable Monthly
Period

	  	Actual Deposit to
Class C Reserve
sub-Account for
applicable Monthly
Period

	  	Class C Reserve
sub-Account
Balance on
Transfer Date prior
to Withdrawals

	  	Class C Reserve
sub-Account
Earnings

	 [Total:]
	  	 	  	 	  	 	  	 

  
 D. Withdrawals to be made from the C
Reserve sub-Accounts on the corresponding [Transfer Date]: 
  

							
	 Class

	  	 Withdrawals
for
 Interest

	  	 Withdrawals
for
 Principal

	  	Class C Reserve
sub-Account
Balance on
Transfer Date after
Withdrawals

	 [Class C Total:]
	  	 	  	 	  	 

  
 E. Targeted deposits to Principal
Funding sub-Accounts: 
  

											
	 Class/Class

	  	Targeted Deposit
to Principal
Funding sub-
Account for
applicable Monthly
Period

	  	Actual Deposit to
Principal Funding
sub-Account for
applicable Monthly
Period

	  	Shortfall from
earlier Monthly
Periods

	  	Principal Funding
sub-Account
Balance on
Transfer Date

	  	Principal Funding
sub-Account
Earnings

	 [Class A Total:]
	  	 	  	 	  	 	  	 	  	 
						
	 [Class B Total:]
	  	 	  	 	  	 	  	 	  	 
						
	 [Class C Total:]
	  	 	  	 	  	 	  	 	  	 
						
	 [Total:]
	  	 	  	 	  	 	  	 	  	 

  

 C-2 

 F. Principal to be paid on the corresponding Principal Payment Date: 
  

					
	 Class/Class

	  	Principal
Payment
Date

	  	Amount of
principal to be paid
on corresponding
Principal Payment
Date

	 Class A Total:]
	  	 	  	 
			
	 [Class B Total:]
	  	 	  	 
			
	 [Class C Total:]
	  	 	  	 
			
	 [Total:]
	  	 	  	 

  
 G. Stated Principal Amount,
Outstanding Dollar Principal Amount and Nominal Liquidation Amount as of the end of the prior Monthly Period: 
  

									
	 Class/Class

	  	Initial Dollar
Principal
Amount

	  	Outstanding
Principal
Amount

	  	Adjusted
Outstanding
Principal
Amount

	  	Nominal
Liquidation
Amount

	 Class A Total:]
	  	 	  	 	  	 	  	 
					
	 [Class B Total:]
	  	 	  	 	  	 	  	 
					
	 [Class C Total:]
	  	 	  	 	  	 	  	 
					
	 [Total:]
	  	 	  	 	  	 	  	 

  
 H. Class A Usage of Class B and Class
C Subordinated Amounts: 
  

									
	 Class

	  	Class A Usage
of Class B
Subordinated
Amount for this
Monthly Period

	  	Class A Usage
of Class C
Subordinated
Amount for this
Monthly Period

	  	Cumulative
Class A Usage
of Class B
Subordinated
Amount

	  	Cumulative
Class A Usage
of Class C
Subordinated
Amount

	 [Total:]
	  	 	  	 	  	 	  	 

  
 I. Class B Usage of Class C
Subordinated Amounts: 
  

					
	 Class

	  	 Class B Usage of
 Class C
 Subordinated
 Amount for this
 Monthly Period

	  	 Cumulative
 Class B Usage of
 Class C
 Subordinated
 Amount

	 [Total:]
	  	 	  	 

  

 C-3 

 J. Reductions of and Increases to Nominal Liquidation Amount: 
  

																	
	 Class/
 Class

	  	Beginning
Nominal
Liquidation
Amount

	  	Increases
from
accretions
on Principal
for
Discount
Notes

	  	 Increases
from
amounts
withdrawn
from the
Principal
Funding
sub-
Account

in respect of
Prefunding
Excess
Amount

	  	 Reimburse-
 ments from
Series 2004-1
 Available
Funds

	  	 Reductions
due to
reallocations
of
 Series 2004-1
 Available
Principal
Amounts

	  	Reductions
due to
Investor
Charge-
Offs

	  	Reductions
due to
amounts on
deposit in
the
Principal
Funding
sub-
Account

	  	Ending
Nominal
Liquidation
Amount

	 [Class A
 Total:]
	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 
									
	 [Class B
 Total:]
	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 
									
	 [Class C
 Total:]
	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 
									
	 [Total:]
	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 

  
 K. Early Redemption Event: 

 

			
	 Current month Excess Available Funds
	  	            %
		
	 Three month Excess Available Funds
	  	            %

  

 C-4 

 IN WITNESS WHEREOF, the undersigned has duly executed and delivered this Monthly Noteholders’
Statement this     th day of                     ,         .

  

			
	 MELLON BANK, N.A.,
as Beneficiary of the Mellon Bank PFL
Master Note Trust 

		
	 By:
	 	  

	 	 	 Name:

	 	 	 Title:

  

 C-5

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