Document:

<PAGE>

                                                                     EXHIBIT 4.3

                           FORM OF SERIES SUPPLEMENT

                    MBNA AMERICA BANK, NATIONAL ASSOCIATION

                              Seller and Servicer

                                      and

                             THE BANK OF NEW YORK

                                    Trustee

              on behalf of the Series 2001-__ Certificateholders

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

                           SERIES 2001-__ SUPPLEMENT

                          Dated as of ______ __, 2001

                                      to

                        POOLING AND SERVICING AGREEMENT

                          Dated as of August 4, 1994

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

                        MBNA MASTER CREDIT CARD TRUST II

                                SERIES  2001-__
<PAGE>

                               TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                                                       Page
<S>                                                                                                                    <C>
SECTION 1.     Designation............................................................................................   1

SECTION 2.     Definitions............................................................................................   1

SECTION 3.     Servicing Compensation and Assignment of Interchange...................................................  10

SECTION 4.     Delivery of the Certificate............................................................................  11

SECTION 5.     Article IV of the Agreement............................................................................  12

    SECTION 4.04            Rights of Certificateholders..............................................................  12

    SECTION 4.05            Allocations...............................................................................  12

    SECTION 4.06            Monthly Payments..........................................................................  15

    SECTION 4.07            Shared Principal Collections..............................................................  16

    SECTION 4.08            Seller's or Servicer's Failure to Make a Deposit or Payment...............................  17

    SECTION 4.09            Collections of Finance Charge Receivables Allocable to
                            Segregated Seller Interest................................................................  17

SECTION 6.     Article V of the Agreement.............................................................................  18

    SECTION 5.01.           Distributions.............................................................................  18

    SECTION 5.02.  Monthly Series Certificateholders' Statement.......................................................  18

SECTION 7.     Series 2001-__ Pay Out Events..........................................................................  19

SECTION 8.     Sale of Investor Interest Pursuant to Section 2.04(e) or 10.02(a) of the
               Agreement..............................................................................................  20

SECTION 9.     Distribution of Proceeds of Sale, Disposition or Liquidation of the
               Receivables Pursuant to Section 9.02 of the Agreement..................................................  20

SECTION 10.    Sale of Receivables....................................................................................  21

SECTION 11.    Series 2001-__ Termination.............................................................................  21

SECTION 12.    Counterparts...........................................................................................  21

SECTION 13.    Governing Law..........................................................................................  22

SECTION 14.    Additional Notices.....................................................................................  22

SECTION 15.    Additional Representations and Warranties of the Servicer..............................................  22

SECTION 16.    No Petition............................................................................................  22

SECTION 17.    Certain Tax Related Amendments.........................................................................  22

SECTION 18.    Treatment of Noteholders...............................................................................  23

SECTION 19.    Transfer of the Series 2001-__ Certificate.............................................................  23
</TABLE>

                                      -i-
<PAGE>

EXHIBITS
--------

EXHIBIT A      Form of Certificate

EXHIBIT B      Form of Monthly Payment Instructions and Notification to the
               Trustee

EXHIBIT C      Form of Monthly Series 2001-__ Certificateholder's Statement

SCHEDULE 1
----------

Schedule to the Exhibit C of the Pooling and Servicing Agreement

                                     -ii-
<PAGE>

          SERIES 2001-__ SUPPLEMENT, dated as of ______ __, 2001 (this "Series
                                                                        ------
Supplement"), by and between MBNA AMERICA BANK, NATIONAL ASSOCIATION, a national
----------
banking association, as Seller and Servicer, and THE BANK OF NEW YORK, as
Trustee under the Pooling and Servicing Agreement dated as of August 4, 1994
between MBNA America Bank, National Association and the Trustee (as amended, the
"Agreement").
 ---------

          Section 6.09 of the Agreement provides, among other things, that the
          ------------
Seller and the Trustee may at any time and from time to time enter into a
supplement to the Agreement for the purpose of authorizing the delivery by the
Trustee to the Seller for the execution and redelivery to the Trustee for
authentication of one or more Series of Certificates.

          Pursuant to this Series Supplement, the Seller and the Trust shall
create a new Series consisting of an Investor Certificate and shall specify the
Principal Terms thereof.

          SECTION 1. Designation.
                     -----------

          (a) There is hereby created a Series consisting of an Investor
Certificate to be issued pursuant to the Agreement and this Series Supplement
and to be known as the "Series 2001-__ Certificate." Such Investor Certificate
shall be issued in one Class and shall be designated the Asset Backed
Certificate, Series 2001-__ (the "Certificate"). The Certificate shall be issued
as one definitive certificate substantially in the form of Exhibit A hereto.
                                                           ---------

          (b) Series 2001-__ shall be included in Group One (as defined below).
Series 2001-__ shall not be subordinated to any other Series.

          (c) Except as expressly provided herein, (i) the provisions of Article
                                                                         -------
VI and Article XII of the Agreement relating to the registration,
--     -----------
authentication, delivery, presentation, cancellation and surrender of Registered
Certificates and the opinion described in subsection 6.09(b)(d)(i) and clauses
                                          -----------------------
(a) and (c) of the definition of Tax Opinion in Section 1.01 of the Agreement
shall not be applicable to the Certificate, and (ii) the provisions of Section
                                                                       -------
3.07 of the Agreement shall not apply to cause the Certificates to be treated as
----
debt for federal, state and local income and franchise tax purposes, but rather
the Seller intends and, together with the Certificateholders, agrees to treat
the Certificate for federal, state and local income and franchise tax purposes
as representing an equity interest in the assets of the Trust.

          (d) This Series Supplement is the Series 2001-__ Supplement referred
to in the Trust Agreement of the MBNA Credit Card Master Note Trust, dated as of
_____ __, 2001, among MBNA, as beneficiary, and Wilmington Trust Company, as
owner trustee.

          SECTION 2. Definitions.
                     -----------

          In the event that any term or provision contained herein shall
conflict with or be inconsistent with any provision contained in the Agreement,
the terms and provisions of this Series Supplement shall govern. All Article,
Section or subsection references herein shall mean Articles, Sections or
subsections of the Agreement, except as otherwise provided herein. All
capitalized terms not otherwise defined herein are defined in the Agreement.
Each capitalized
<PAGE>

term defined herein shall relate only to the Investor Certificate and no other
Series of Certificates issued by the Trust.

          "Accumulation Period" with respect to Series 2001-__ shall mean,
           -------------------
solely for the purposes of the definition of Group One Monthly Principal Payment
as such term is defined in each Supplement relating to Group One, the Revolving
Period.

          "Adjusted Outstanding Dollar Principal Amount" shall have the meaning
           --------------------------------------------
specified in the Indenture.

          "Aggregate Investor Default Amount" shall mean, with respect to any
           ---------------------------------
Monthly Period, the sum of the Investor Default Amounts with respect to such
Monthly Period.

          "Allocation Reset Date" shall mean, with respect to any Monthly
           ---------------------
Period, any date on which (a) the Investor Interest is increased as a result of
(i) the issuance of a new tranche of Notes, (ii) the accretion of principal on
Discount Notes, (iii) an increase in the outstanding dollar principal amount of
a tranche of Notes (other than an accretion of principal of a Discount Note) or
(iv) a release of funds from a pre-funded amount from a principal funding
account, (b) an Addition Date occurs or (c) a Removal Date occurs on which, if
any Series has been paid in full, Principal Receivables in an aggregate amount
approximately equal to the initial investor interest of such Series are removed
from the Trust; provided, however, that solely with respect to this term,
                --------  -------
"Series" shall mean any series of Investor Certificates (as defined in the
Agreement) and any tranche of Notes.

          "Available Funds" shall mean, with respect to any Monthly Period, an
           ---------------
amount equal to the sum of (i) Collections of Finance Charge Receivables and
amounts with respect to Annual Membership Fees allocated to the Investor
Certificate and deposited in the Finance Charge Account for such Monthly Period
(or to be deposited in the Finance Charge Account on the related Transfer Date
with respect to the preceding Monthly Period pursuant to the third paragraph of
subsection 4.03(a) and Section 2.08 of the Agreement and subsection 3(b) of this
------------------     ------------                      ---------------
Series Supplement), plus (ii) Principal Account Investment Proceeds to be
treated as Available Funds pursuant to Section 4.02(e) of the Agreement as
                                       ---------------
amended by Section 5(b) of this Supplement, plus (iii) Finance Charge Account
           ------------
Investment Proceeds to be treated as Available Funds pursuant to Section 4.02(e)
                                                                 ---------------
of the Agreement as amended by Section 5(b) of this Supplement, minus (iv) if
                               ------------
the Seller or The Bank of New York is the Servicer, any Servicer Interchange for
the related Monthly Period; provided, however, that solely with respect to
                            --------  -------
clause (i) above, Collections of Finance Charge Receivables allocable to an
increase in the Investor Interest as described in clause (i) of the definition
of Allocation Reset Date for each Monthly Period prior to the first Interest
Payment Date (as defined in the Indenture) of the tranche or tranches of Notes
related to such increase, may in the Seller's sole and absolute discretion
designate that such Collections of Finance Charge Receivables be treated as
"Available Funds" for any Monthly Period prior to such first Interest Payment
Date, provided that each such Collection of Finance Charge Receivables is
      --------
included in the calculation of Available Funds for a Monthly Period prior to
such first Interest Payment Date.

          "Available Investor Principal Collections" shall mean with respect to
           ----------------------------------------
any Monthly Period, an amount equal to (a) the Investor Principal Collections
for such Monthly

                                       2
<PAGE>

Period, plus (b) the amount of Shared Principal Collections with respect to
        ----
Group One that are allocated to Series 2001-__ in accordance with subsection
                                                                  ----------
4.07(b).
------

          "Closing Date" shall mean ______ __, 2001.
           ------------

          "Code" shall mean the Internal Revenue Code of 1986, as amended.
           ----

          "Cumulative Series Principal Shortfall" shall mean the sum of the
           -------------------------------------
Series Principal Shortfalls (as such term is defined in each of the related
Series Supplements) for each Series in Group One.

          "Daily Principal Shortfall" shall mean, on any date of determination,
           -------------------------
the excess of the Group One Monthly Principal Payment for the Monthly Period
relating to such date over the month to date amount of Collections processed in
respect of Principal Receivables for such Monthly Period allocable to investor
certificates of all outstanding Series in Group One, not subject to
reallocation, which are on deposit or to be deposited in the Principal Account
on such date.

          "Discount Note" shall have the meaning specified in the Indenture.
           -------------

          "Distribution Date" shall mean ______ __, 2001 and the fifteenth day
           -----------------
of each calendar month thereafter, or if such fifteenth day is not a Business
Day, the next succeeding Business Day.

          "Finance Charge Account Investment Proceeds" shall mean, with respect
           ------------------------------------------
to each Transfer Date, the investment earnings on deposits of Collections of
Finance Charge Receivables for the related Monthly Period in the Finance Charge
Account (net of investment expenses and losses) for the period from and
including the first day of the related Monthly Period to but excluding such
Transfer Date.

          "Fitch" shall mean Fitch, Inc., or any successor thereto.
           -----

          "Floating Investor Percentage" shall mean, with respect to any Monthly
           ----------------------------
Period, the percentage equivalent of a fraction, the numerator of which is the
Investor Interest as of the close of business on the last day of the preceding
Monthly Period (or with respect to the first Monthly Period, the Investor
Interest on the close of business on the Closing Date) and the denominator of
which is the greater of (a) the aggregate amount of Principal Receivables as of
the close of business on the last day of the preceding Monthly Period (or with
respect to the first calendar month in the first Monthly Period, the aggregate
amount of Principal Receivables in the Trust as of the close of business on the
day immediately preceding the Closing Date and with respect to the second
calendar month in the first Monthly Period, the aggregate amount of Principal
Receivables as of the close of business on the last day of the first calendar
month in the first Monthly Period), and (b) the sum of the numerators used to
calculate the Investor Percentages (as such term is defined in the Agreement)
for allocations with respect to Finance Charge Receivables or Default Amounts,
as applicable, for all outstanding Series on such date of determination;
provided, however, that with respect to any Monthly Period in which the Investor
--------  -------
Interest is increased on an Allocation Reset Date as described in clause (a) of
the definition

                                       3
<PAGE>

thereof, the numerator above, on and after the date of such increase, shall be
the sum of the Investor Interest as of the close of business on the last day of
the preceding Monthly Period, the amount of such increase in the Investor
Interest on such Allocation Reset Date and the amount of any other increases in
the Investor Interest on any prior Allocation Reset Date occurring in such
Monthly Period; provided further, however, that with respect to any Monthly
                -------- -------  -------
Period in which an Allocation Reset Date occurs, the denominator determined
pursuant to clause (a) hereof shall be, on and after such date, the aggregate
amount of Principal Receivables in the Trust as of the beginning of the day on
the most recently such occurring Allocation Reset Date (after adjusting for the
aggregate amount of Principal Receivables, if any, added to or removed from the
Trust on such Allocation Reset Date).

          "Group One" shall mean Series 2001-__ and each other Series specified
           ---------
in the related Supplement to be included in Group One.

          "Group One Monthly Principal Payment" shall mean with respect to any
           -----------------------------------
Monthly Period, for all Series in Group One (including Series 2001-__) which are
in an Amortization Period or Accumulation Period (as such terms are defined in
the related Supplements for all Series in Group One), the sum of (a) the
Controlled Distribution Amount for the related Transfer Date for any Series in
its Controlled Amortization Period (as such terms are defined in the related
Supplements for all Series in Group One), (b) the Controlled Deposit Amount for
the related Transfer Date for any Series (other than this Series 2001-__) in its
Accumulation Period, other than its Rapid Accumulation Period, if applicable (as
such terms are defined in the related Supplements for all Series in Group One),
(c) if Series 2001-__ is in its Accumulation Period, the Targeted Principal
Deposit Amount for such Monthly Period for this Series 2001-__, (d) the Investor
Interest as of the end of the prior Monthly Period taking into effect any
payments to be made on the following Distribution Date for any Series in Group
One in its Principal Amortization Period or Rapid Amortization Period (as such
terms are defined in the related Supplements for all Series in Group One), (e)
the Adjusted Investor Interest as of the end of the prior Monthly Period taking
into effect any payments or deposits to be made on the following Transfer Date
and Distribution Date for any Series in Group One in its Rapid Accumulation
Period (as such terms are defined in the related Supplements for all Series in
Group One), and (f) such other amounts as may be specified in the related
Supplements for all Series in Group One.

          "Indenture" shall mean the Indenture, dated as of _____ __, 2001,
           ---------
between MBNA Credit Card Master Note Trust, as  Issuer, and The Bank of New
York, as indenture trustee, as amended and supplemented from time to time.

          "Initial Dollar Principal Amount," with respect to any tranche of
           -------------------------------
Notes, shall have the meaning specified in the Indenture.

          "Initial Investor Interest" shall mean, when used in this Agreement,
           -------------------------
this Supplement or any other Supplement with respect to Series 2001-__ and with
respect to any Monthly Period, the Initial Dollar Principal Amount of any
tranche of Notes.

          "Insolvency Proceeds" shall mean any proceeds arising out of a sale,
           -------------------
disposition or liquidation of Receivables (or interests therein) pursuant to
Section 9.02(a) of the Agreement.
---------------

                                       4
<PAGE>

          "Investor Certificateholders" shall mean the Series 2001-__
           ---------------------------
Certificateholders.

          "Investor Certificate" shall mean the Series 2001-__ Certificate.
           --------------------

          "Investor Default Amount" shall mean, with respect to any Receivable
           -----------------------
in a Defaulted Account, an amount equal to the product of (a) the Default Amount
and (b) the Floating Investor Percentage on the day such Account became a
Defaulted Account.

          "Investor Default Target Deposit Amount" shall mean, for any Monthly
           --------------------------------------
Period, an amount equal to the product of (a) 1.5 and (b) the highest Aggregate
Investor Default Amount for the three immediately preceding Monthly Periods.

          "Investor Interest" with respect to Series 2001-__ shall mean, on any
           -----------------
date of determination, an amount equal to the sum of the Nominal Liquidation
Amounts for each tranche of Notes Outstanding as of such date of determination.

          "Investor Percentage" shall mean for any Monthly Period, (a) with
           -------------------
respect to Finance Charge Receivables and Default Amounts, the Floating Investor
Percentage and (b) with respect to Principal Receivables, the Principal Investor
Percentage.

          "Investor Principal Collections" shall mean, with respect to any
           ------------------------------
Monthly Period, the sum of (a) the aggregate amount deposited into the Principal
Account for such Monthly Period pursuant to subsections 4.05(a)(ii) or
                                            -----------------------
4.05(b)(ii), in each case, as applicable to such Monthly Period, and (b) the
-----------
aggregate amount of Unallocated Principal Collections deposited into the
Principal Account pursuant to subsection 4.05(c).
                              ------------------

          "Investor Servicing Fee" shall have the meaning specified in
           ----------------------
subsection 3(a) hereof.
---------------

          "Legal Maturity Date," with respect to any tranche of Notes, shall
           -------------------
have the meaning specified in the Indenture.

          "Monthly Period" shall have the meaning specified in the Agreement,
           --------------
except that the first Monthly Period with respect to the Investor Certificate
shall begin on and include the Closing Date and shall end on and include
__________ __, 2001.

          "Monthly Principal Accrual Date" shall have the meaning specified in
           ------------------------------
the Indenture.

          "Net Servicing Fee" shall have the meaning specified in subsection
           -----------------                                      ----------
3(a) of this Series Supplement.
----

          "Net Servicing Fee Rate" shall mean (a) so long as the Seller or The
           ----------------------
Bank of New York is the Servicer, 1.25% per annum and (b) if the Seller or The
Bank of New York is no longer the Servicer, 2.0% per annum.

                                       5
<PAGE>

          "Nominal Liquidation Amount," with respect to any tranche of Notes,
           --------------------------
shall have the meaning specified in the Indenture.

          "Note" or "Notes" shall mean each Note or the Notes (as defined in the
           ----      -----
Indenture) secured by the Collateral Certificate.

          "Note Amortization Period" shall mean, with respect to any tranche of
           ------------------------
Notes, the period commencing on [the first day of the Monthly Period] preceding
a Monthly Principal Accrual Date with respect to such tranche of Notes and
ending on the [last day of the Monthly Period] preceding a Monthly Principal
Accrual Date (as defined in the Indenture) with respect to such tranche of Notes
for which there is not a Monthly Principal Accrual Date occurring in the next
following Monthly Period.

          "Outstanding" shall have the meaning specified in the Indenture.
           -----------

          "Pay Out Commencement Date" shall mean the date on which a Trust Pay
           -------------------------
Out Event is deemed to occur pursuant to Section 9.01 or a Series 2001-__ Pay
                                         ------------
Out Event is deemed to occur pursuant to Section 7 hereof.
                                         ---------

          "Payment Request" shall have the meaning specified in the Indenture.
           ---------------

          "Permitted Assignee" shall mean any Person who, if it were the holder
           ------------------
of an interest in the Trust, as applicable, would not cause the Trust to be
taxable as a publicly traded partnership for federal income tax purposes.

          "Principal Account Investment Proceeds" shall mean, with respect to
           -------------------------------------
each Transfer Date, the investment earnings on deposits of Collections of
Principal Receivables for the related Monthly Period in the Principal Account
(net of investment expenses and losses) for the period from and including the
first day of the related Monthly Period to but excluding such Transfer Date.

          "Principal Allocation Investor Interest" shall mean, on any date of
           --------------------------------------
determination, an amount equal to the sum of (i) for any tranche of Notes in a
Note Amortization Period, the sum of the Nominal Liquidation Amounts for each
such tranche, each as of the last day of the Monthly Period prior to the
commencement of the most recent Note Amortization Period for such tranche and
(ii) for all other tranches of Notes Outstanding, the sum of the Nominal
Liquidation Amounts of each such tranche 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 tranche of Notes, the Initial Dollar Principal Amount of
such tranche).

          "Principal Investor Percentage" shall mean, with respect to any
           -----------------------------
Monthly Period, the percentage equivalent of a fraction, the numerator of which
is the Principal Allocation Investor Interest as of the close of business on the
last day of the preceding Monthly Period (or with respect to the first Monthly
Period, the Principal Allocation Investor Interest on the close of business on
the Closing Date) and the denominator of which is the greater of (a) the
aggregate amount of Principal Receivables in the Trust determined as of the
close of business on the last day of the prior Monthly Period (or with respect
to the first calendar month in the first Monthly

                                       6
<PAGE>

Period, the aggregate amount of Principal Receivables in the Trust determined as
of the close of business on the day preceding the Closing Date and with respect
to the second calendar month in the first Monthly Period, the aggregate amount
of Principal Receivables as of the close of business on the last day of the
first calendar month in the first Monthly Period), and (b) the sum of the
numerators used to calculate the Investor Percentages (as such term is defined
in the Agreement) for allocations with respect to Principal Receivables for all
outstanding Series on such date of determination; provided, however, that with
                                                  --------  -------
respect to any Monthly Period in which the Investor Interest is increased on an
Allocation Reset Date as described in clause (a) of the definition thereof, the
numerator above, on and after the date of such increase, shall be the sum of the
Principal Allocation Investor Interest as of the close of business on the last
day of the preceding Monthly Period, the amount of such increase in the Investor
Interest on such Allocation Reset Date and the amount of any other increases in
the Investor Interest on any prior Allocation Reset Date occurring in such
Monthly Period; provided further, however, that with respect to any Monthly
                -------- -------  -------
Period in which an Allocation Reset Date occurs, the denominator determined
pursuant to clause (a) hereof shall be, on and after such date, the aggregate
amount of Principal Receivables in the Trust as of the beginning of the day on
the most recently such occurring Allocation Reset Date (after adjusting for the
aggregate amount of Principal Receivables, if any, added to or removed from the
Trust on such Allocation Reset Date).

          "Rapid Amortization Period" shall mean the Amortization Period
           -------------------------
commencing on the Pay Out Commencement Date and ending on the earlier to occur
of (a) the Series 2001-__ Termination Date and (b) the termination of the Trust
pursuant to Section 12.01 of the Agreement.
            -------------

          "Rating Agency" shall mean, so long as any tranche of Notes is rated
           -------------
by Moody's, Moody's, so long as any tranche of Notes is rated by Standard &
Poor's, Standard & Poor's and, so long as any tranche of Notes is rated by
Fitch, Fitch.

          "Rating Agency Condition" shall mean the notification in writing by
           -----------------------
each Rating Agency to the Seller, the Servicer and the Trustee that an action
will not result in any Rating Agency reducing or withdrawing its then existing
rating of the investor certificates of any outstanding Series or class of a
Series with respect to which it is a Rating Agency.

          "Reallocated Available Funds" shall mean, with respect to any Monthly
           ---------------------------
Period, the dollar amount equal to all amounts of Available Funds paid to the
Series 2001-__ Certificateholders and allocated to any series of Notes and
targeted to be deposited into a  principal funding account on the related
Transfer Date pursuant to the Indenture, as notified to the Servicer pursuant to
a Payment Request.

          "Reallocated Principal Amount" shall mean, with respect to any Monthly
           ----------------------------
Period, the dollar amount equal to all amounts of Available Investor Principal
Collections paid to the Series 2001-__ Certificateholders and allocated to any
series of Notes and targeted to be deposited into an interest funding account or
paid to the Servicer as a portion of the Net Servicing Fee on the related
Transfer Date pursuant to the Indenture, as notified to the Servicer pursuant to
a Payment Request.

                                       7
<PAGE>

          "Reassignment Amount" shall mean, with respect to any Transfer Date,
           -------------------
the sum of (a) the Outstanding Dollar Principal Amount of all Notes on such
Transfer Date, (b) the Targeted Interest Deposit Amount with respect to the
immediately preceding Monthly Period and (c) any other fees and expenses of the
Indenture Trustee payable by the MBNA Credit Card Master Note Trust pursuant to
the Indenture, each after giving effect to any deposits and distributions
otherwise to be made on such Transfer Date.

          "Revolving Period" shall mean the period from and including the
           ----------------
Closing Date to, but not including, the Pay Out Commencement Date.

          "Segregated Seller Interest" shall mean a dollar amount of the Seller
           --------------------------
Interest equal to the aggregate balance in the Principal Funding sub-Account for
each tranche of Notes, as notified to the Servicer pursuant to Section 4.09 of
                                                               -------------
the Agreement.

          "Series 2001-__" shall mean the Series of the MBNA Master Credit Card
           --------------
Trust II represented by the Investor Certificate.

          "Series 2001-__ Certificate Representative" shall mean (a) if there is
           -----------------------------------------
one Holder of the Series 2001-__ Certificate, such Holder or the designee of
such Holder, and (b) if there is more than one Holder of the Series 2001-__
Certificate, the designee of the Holders of a majority of the outstanding
principal balance of the Series 2001-__ Certificate.

          "Series 2001-__ Certificateholders" shall mean the Holders of the
           ---------------------------------
Series 2001-__ Certificate.

          "Series 2001-__ Certificate" shall mean any investor certificate
           --------------------------
executed by the Seller and authenticated by or on behalf of the Trustee,
substantially in the form of Exhibit A hereto.
                             ---------

          "Series 2001-__ Monthly Principal Payment" shall mean, with respect to
           ----------------------------------------
any Monthly Period, an amount equal to (a) the Targeted Principal Deposit
Amount, plus (b) the Reallocated Principal Amount, minus (c) Reallocated
Available Funds, each for such Monthly Period.

          "Series 2001-__ Pay Out Event" shall have the meaning specified in
           ----------------------------
Section 7 hereof.
---------

          "Series 2001-__ Termination Date" shall mean the earlier to occur of
           -------------------------------
(a) the date designated by the Seller following the last Legal Maturity Date of
any tranche of Notes, and (b) the Trust Termination Date.

          "Series Principal Shortfall" shall mean with respect to any Transfer
           --------------------------
Date, the excess, if any, of (a) (i) with respect to any Transfer Date relating
to the Revolving Period, the Targeted Principal Deposit Amount specified in the
applicable Payment Request for the related Monthly Period, and (ii) with respect
to any Transfer Date relating to the Rapid Amortization Period, the Investor
Interest over (b) the Investor Principal Collections, plus the Reallocated

                                       8
<PAGE>

Available Funds for such Transfer Date, minus the Reallocated Principal Amount
for such Transfer Date.

          "Series Servicing Fee Percentage" shall mean 2.0%.
           -------------------------------

          "Servicer Interchange" shall mean, for any Transfer Date, the portion
           --------------------
of Collections of Finance Charge Receivables allocated to the Investor
Certificate and deposited in the Finance Charge Account with respect to the
related Monthly Period that is attributable to Interchange; provided, however,
                                                            --------  -------
that Servicer Interchange for any Transfer Date shall not exceed one-twelfth of
the product of (i) the Weighted Average Investor Interest for the related
Monthly Period and (ii) 0.75%; provided further, however, with respect to the
                               -------- -------  -------
first Transfer Date, the Servicer Interchange may equal but shall not exceed the
product of (i) the Weighted Average Investor Interest for the first Monthly
Period, (ii) 0.75% and (iii) a fraction, the numerator of which is [__] and the
denominator of which is 360; provided further, however, that in the event of a
                             -------- -------  -------
designation pursuant to the proviso in the definition of "Available Funds," the
portion of the Servicer Interchange in an amount equal to the relative portion
of Collections of Finance Charge Receivables so designated will be treated as
"Servicer Interchange" for the Transfer Date or Transfer Dates immediately
following the Monthly Period or Monthly Periods so designated.

          "Shared Principal Collections" shall mean, with respect to any
           ----------------------------
Transfer Date, either (a) the amount allocated to the Investor Certificate which
may be applied to the series principal shortfall with respect to other
outstanding Series in Group One or (b) the amounts allocated to the investor
certificates of other Series in Group One which the applicable Supplements for
such Series specify are to be treated as "Shared Principal Collections" and
which may be applied to cover the Series Principal Shortfall with respect to the
Investor Certificate.

          "Subordinated Note Percentage" shall mean, on any date or
           ----------------------------
determination, a fraction, the numerator of which is the aggregate Nominal
Liquidation Amount for all tranches of Notes which provide subordination
protection for any senior tranche of Notes and the denominator of which is the
aggregate Nominal Liquidation Amount for all tranches of Notes, each as of such
date of determination.

          "Targeted Interest Deposit Amount" shall mean, for each tranche of
           --------------------------------
Notes Outstanding with respect to any Monthly Period, the dollar amount equal to
all amounts targeted to be deposited into an interest funding account for each
tranche of Notes on the related Transfer Date, as notified to the Servicer
pursuant to a Payment Request.

          "Targeted Principal Deposit Amount" shall mean, for each tranche of
           ---------------------------------
Notes Outstanding with respect to any Monthly Period, the dollar amount equal to
all amounts targeted to be deposited into a principal funding account for each
tranche of Notes on the related Transfer Date, as notified to the Servicer
pursuant to a Payment Request.

          "Termination Proceeds" shall mean any proceeds arising out of a sale
           --------------------
of Receivables (or interests therein) pursuant to Section 12.01(b) of the
                                                  ----------------
Agreement with respect to Series 2001-__.

                                       9
<PAGE>

     "Unallocated Principal Collections" shall have the meaning specified in
      ---------------------------------
subsection 4.05(c).
------------------

     "Weighted Average Investor Interest" shall mean, with respect to any period
      ----------------------------------
the sum of the Investor Interest as of the close of business on each day during
such period divided by the actual number of days in such period.

     SECTION 3.  Servicing Compensation and Assignment of Interchange.
                 ----------------------------------------------------

     (a) The share of the Servicing Fee allocable to Series 2001-__ with respect
to any Transfer Date (the "Investor Servicing Fee") shall be equal to one-
                           ----------------------
twelfth of the product of (i) the Series Servicing Fee Percentage and (ii) the
Weighted Average Investor Interest for the Monthly Period preceding such
Transfer Date; provided, however, with respect to the first Transfer Date, the
               --------  -------
Investor Servicing Fee shall be equal to the product of (i) the Weighted Average
Investor Interest for the first Monthly Period, (ii) the Series Servicing Fee
Percentage and (iii) a fraction, the numerator of which is [__] and the
denominator of which is 360; provided further, however, that in the event of a
                             -------- -------  -------
designation pursuant to the proviso in the definition of "Available Funds," the
portion of the Investor Servicing Fee in an amount equal to the relative portion
of the Collections of Finance Charge Receivables so designated will be included
in the Investor Servicing Fee for the Transfer Date or Transfer Dates
immediately following the Monthly Period or Monthly Periods so designated.  On
each Transfer Date for which the Seller or The Bank of New York is the Servicer,
the Servicer Interchange with respect to the related Monthly Period that is on
deposit in the Finance Charge Account shall be withdrawn from the Finance Charge
Account and paid to the Servicer in payment of a portion of the Investor
Servicing Fee with respect to such Monthly Period.  Should the Servicer
Interchange on deposit in the Finance Charge Account on any Transfer Date with
respect to the related Monthly Period be less than one-twelfth of 0.75% of the
Weighted Average Investor Interest for such Monthly Period, the Investor
Servicing Fee with respect to such Monthly Period will not be paid to the extent
of such insufficiency of Servicer Interchange on deposit in the Finance Charge
Account; provided, however, that the Servicer Interchange with respect to the
         --------  -------
first Transfer Date may equal but shall not exceed the product of (i) the
Weighted Average Investor Interest for the first Monthly Period, (ii) 0.75% and
(iii) a fraction, the numerator of which is [__] and the denominator of which is
360; provided further, however, that in the event of a designation pursuant to
     -------- -------  -------
the proviso in the definition of "Available Funds," the portion of the Servicer
Interchange in an amount equal to the relative portion of the Collections of
Finance Charge Receivables so designated will be treated as "Servicer
Interchange" for the Transfer Date or Transfer Dates immediately following the
Monthly Period or Monthly Periods so designated.  The share of the Investor
Servicing Fee allocable to the Series 2001-__ Certificate with respect to any
Transfer Date (the "Net Servicing Fee") shall be equal to one-twelfth of the
                    -----------------
product of (i) the Net Servicing Fee Rate and (ii) the Weighted Average Investor
Interest for the related Monthly Period; provided, however, with respect to the
                                         --------  -------
first Transfer Date, the Net Servicing Fee shall be equal to the product of (i)
the Weighted Average Investor Interest for the first Monthly Period, (ii) the
Net Servicing Fee Percentage and (iii) a fraction, the numerator of which is
[__] and the denominator of which is 360; provided further, however, that in the
                                          -------- -------  -------
event of a designation pursuant to the proviso in the definition of "Available
Funds," the portion of the Net

                                       10
<PAGE>

Servicing Fee in an amount equal to the relative portion of the Collections of
Finance Charge Receivables so designated will be included in the Net Servicing
Fee for the Transfer Date or Transfer Dates immediately following the Monthly
Period or Monthly Periods so designated. Except as specifically provided above,
the Servicing Fee shall be paid by the cash flows from the Trust allocated to
the Seller or the certificateholders of other Series (as provided in the related
Supplements) and in no event shall the Trust, the Trustee or the Investor
Certificateholders be liable therefor. The Net Servicing Fee shall be payable to
the Servicer solely to the extent amounts are available for distribution in
respect thereof pursuant to the Indenture.

     (b) On or before each Transfer Date, the Seller shall notify the Servicer
of the amount of Interchange to be included as Collections of Finance Charge
Receivables and allocable to the Investor Certificateholders with respect to the
preceding Monthly Period as determined pursuant to this subsection 3(b).  Such
                                                        ---------------
amount of Interchange shall be equal to the product of (i) the total amount of
Interchange paid or payable to the Seller with respect to such Monthly Period,
(ii) a fraction the numerator of which is the aggregate amount of cardholder
charges for goods and services in the Accounts with respect to such Monthly
Period and the denominator of which is the aggregate amount of cardholder
charges for goods and services in [all MasterCard and VISA consumer revolving
credit card accounts owned by the Seller] with respect to such Monthly Period
and (iii) the Investor Percentage with regard to Finance Charge Receivables.  On
each Transfer Date, the Seller shall pay to the Servicer, and the Servicer shall
deposit into the Finance Charge Account, in immediately available funds, the
amount of Interchange to be so included as Collections of Finance Charge
Receivables allocable to the Investor Certificate with respect to the preceding
Monthly Period.  The Seller hereby assigns, sets-over, conveys, pledges and
grants a security interest and lien to the Trustee for the benefit of the
Investor Certificateholders in Interchange and the proceeds of Interchange, as
set forth in this subsection 3(b).  In connection with the foregoing grant of a
                  ---------------
security interest, this Series Supplement shall constitute a security agreement
under applicable law.  To the extent that a Supplement for a related Series,
other than Series 2001-__, assigns, sets-over, conveys, pledges or grants a
security interest in Interchange allocable to the Trust, all Investor
Certificates of any such Series (except as otherwise specified in any such
Supplement) and the Investor Certificate shall rank pari passu and be equally
and ratably entitled as provided herein to the benefits of such Interchange
without preference or priority on account of the actual time or times of
authentication and delivery, all in accordance with the terms and provisions of
this Series Supplement and other related Supplements.

     SECTION 4.  Delivery of the Certificate.
                 ---------------------------

     The Seller shall execute and deliver the Series 2001-__ Certificate to the
Trustee for authentication in accordance with Section 6.01 of the Agreement.
                                              ------------
The Trustee shall deliver such Certificate when authenticated in accordance with
Section 6.02 of the Agreement.
------------

     The Certificate shall be delivered as a Book-Entry Certificate as provided
in Sections 6.01 and 6.10 of the Agreement.
   -------------     ----

                                       11
<PAGE>

          SECTION 5.      Article IV of the Agreement.
                          ---------------------------

          (a) Except as otherwise provided in Section 5(b), Sections 4.01, 4.02
                                              ------------  -------------  ----
and 4.03 shall be read in their entirety as provided in the Agreement.
    ----

          (b) Notwithstanding any provision of the Agreement or this Series
Supplement to the contrary, Section 4.02(e) of the Agreement shall be amended to
                            ---------------
provide that on each Transfer Date the Trustee, at the Servicer's direction
given on or before such Transfer Date, shall (i) treat as Available Funds in
accordance with Section 4.06(a) Series 2001-__'s pro rata portion of Finance
                ---------------
Charge Account Investment Proceeds with respect to such Transfer Date based on
the ratio of the aggregate amount on deposit in the Finance Charge Account with
respect to Series 2001-__ at the commencement of such Transfer Date to the
amount on deposit in the Finance Charge Account at the commencement of such
Transfer Date and (ii) treat as Available Funds in accordance with Section
                                                                   -------
4.06(a) Series 2001-__'s pro rata portion of Principal Account Investment
-------
Proceeds with respect to such Transfer Date based on the ratio of the aggregate
amount on deposit in the Principal Account with respect to Series 2001-__ at the
commencement of such Transfer Date to the aggregate amount on deposit in the
Principal Account at the commencement of such Transfer Date.

          (c) Article IV (except for Sections 4.01, 4.02 and 4.03 thereof) shall
                                     -------------  ----     ----
be read in its entirety as follows and shall be applicable only to the Investor
Certificate:

                                  ARTICLE IV
                       RIGHTS OF CERTIFICATEHOLDERS AND
                   ALLOCATION AND APPLICATION OF COLLECTIONS

          SECTION 4.04   Rights of Certificateholders.  The Investor Certificate
                         ----------------------------
shall represent undivided interests in the Trust, consisting of the right to
receive, to the extent necessary to make the required payments with respect to
such Investor Certificate at the times and in the amounts specified in this
Agreement, (a) the Floating Investor Percentage and Principal Investor
Percentage (as applicable from time to time) of Collections received with
respect to the Receivables and (b) funds on deposit in the Collection Account,
the Finance Charge Account and the Principal Account.  The Seller Interest shall
not represent any interest in the Collection Account, the Finance Charge Account
or the Principal Account, except as specifically provided in this Article IV.
                                                                  ----------

          SECTION 4.05   Allocations.
                         -----------

          (a) Allocations During the Revolving Period. During the Revolving
              ---------------------------------------
Period, the Servicer shall, prior to the close of business on the day any
Collections are deposited in the Collection Account, allocate to the Investor
Certificateholders or the Holder of the Seller Interest and pay or deposit from
the Collection Account the following amounts as set forth below:

          (i) Allocate to the Investor Certificateholders the product of (y) the
     Floating Investor Percentage on the Date of Processing of such Collections
     and (z) the aggregate amount of Collections of Finance Charge Receivables
     on such Date of Processing, and of that allocation, deposit in the Finance
     Charge Account an amount equal to either (I) (A)

                                       12
<PAGE>

     prior to the date on which the amount of the Targeted Interest Deposit
     Amount with respect to the related Monthly Period is provided to the
     Servicer, an amount equal to the product of (1) the Floating Investor
     Percentage on the Date of Processing of such Collections and (2) the
     aggregate amount of Collections of Finance Charge Receivables on such Date
     of Processing, and (B) at all other times, the difference between (1) the
     sum of (x) the Targeted Interest Deposit Amount, (y) if the Seller or The
     Bank of New York is not the Servicer, the Net Servicing Fee and (z) the
     Investor Default Target Deposit Amount, each with respect to the related
     Monthly Period and (2) the amounts previously deposited in the Finance
     Charge Account with respect to the current Monthly Period pursuant to this
     subsection 4.05(a)(i) or (II) the amount of Collections of Finance Charge
     ---------------------
     Receivables allocated to the Investor Certificateholders on such Date of
     Processing pursuant to this subsection 4.05(a)(i); provided, that if a
                                 ---------------------  --------
     deposit pursuant to subsection 4.05(a)(i)(I) is made on any Date of
                         ------------------------
     Processing, on the related Transfer Date, the Servicer shall withdraw from
     the Collection Account and deposit into the Finance Charge Account an
     amount equal to the amount of Collections of Finance Charge Receivables
     that have been allocated to the Investor Certificateholders during the
     related Monthly Period but not previously deposited in the Finance Charge
     Account. Funds deposited into the Finance Charge Account pursuant to this
     subsection 4.05(a)(i) shall be applied in accordance with Section 4.06.
     ---------------------                                     ------------

          (ii) Allocate to the Investor Certificateholders an amount equal to
     the product of (1) the Principal Investor Percentage on the Date of
     Processing of such Collections and (2) the aggregate amount of Collections
     processed in respect of Principal Receivables on such Date of Processing,
     and, of such amount:

               (A) deposit in the Principal Account on each such Date of
          Processing an amount equal to the Daily Principal Shortfall;

               (B) deposit in the Principal Account the following amounts:

                    (1) on each such Date of Processing, an amount equal to the
               lesser of (x) the Subordinated Note Percentage of the Collections
               in respect of Principal Receivables allocated to the Investor
               Certificateholders pursuant to this subsection 4.05(a)(ii) and
                                                   ----------------------
               (y) the Investor Default Target Deposit Amount for the related
               Monthly Period; provided, however, that the aggregate amount
                               --------  -------
               deposited in the Principal Account pursuant to this Section
                                                                   -------
               4.05(a)(ii)(B)(1) for such Monthly Period shall not exceed an
               -----------------
               amount equal to the excess, if any, of (x) the Investor Default
               Target Deposit Amount over (y) the aggregate amount deposited i
                                     ----
               the Finance Charge Account pursuant to subsection 4.05(a)(i) for
                                                      ---------------------
               such Monthly Period, in excess of the sum of the Targeted
               Interest Deposit Amount and, if the Seller or the Bank of New
               York is not the Servicer, the Net Servicing Fee; and

                    (2) on the related Transfer Date, deposit in the Principal
               Account an amount equal to the lesser of (x) the Subordinated
               Note Percentage of the Collections in respect of Principal
               Receivables allocated

                                       13
<PAGE>

               to the Investor Certificateholders pursuant to this subsection
                                                                   ----------
               4.05(a)(ii) and (y) the excess, if any, of Reallocated Principal
               -----------
               Amount for the related Monthly Period over the aggregate amount
                                                     ----
               on deposit in the Principal Account pursuant to subsection
                                                               ----------
               4.05(a)(ii)(B)(1) on the close of business on the last day of the
               -----------------
               related Monthly Period; and

               (C) pay to the Holder of the Seller Interest on the related
          Transfer Date an amount equal to any excess; provided, however, that
                                                       --------  -------
          the amount to be paid to the Holder of the Seller Interest pursuant to
          this subsection 4.05(a)(ii)(C) with respect to any Date of Processing
               -------------------------
          shall be paid to the Holder of the Seller Interest if, and only to the
          extent that, the Seller Interest on such Transfer Date is equal to or
          greater than the Minimum Seller Interest (after giving effect to the
          inclusion in the Trust of all Receivables created on or prior to such
          Date of Processing and the application of payments referred to in
          subsection 4.03(b)) and otherwise shall be considered as Unallocated
          ------------------
          Principal Collections and deposited into the Principal Account in
          accordance with subsection 4.05(c).
                          ------------------

          (b)  Allocations During the Rapid Amortization Period. During the
               ------------------------------------------------
Rapid Amortization Period, the Servicer shall, prior to the close of business on
the day any Collections are deposited in the Collection Account, allocate to the
Investor Certificateholders and pay or deposit from the Collection Account the
following amounts as set forth below:

          (i)  Deposit into the Finance Charge Account an amount equal to the
     product of (A) the Floating Investor Percentage on the Date of Processing
     of such Collections and (B) the aggregate amount of Collections processed
     in respect of Finance Charge Receivables on such Date of Processing to be
     applied in accordance with Section 4.06.
                                ------------

          (ii) (A)  Deposit into the Principal Account an amount equal to the
     product of (1) the Principal Investor Percentage on the Date of Processing
     of such Collections and (2) the aggregate amount of Collections processed
     in respect of Principal Receivables on such Date of Processing; provided,
                                                                     --------
     however, that the amount deposited into the Principal Account pursuant to
     -------
     this subsection 4.05(b)(ii)(A) shall not exceed the Investor Interest as of
          -------------------------
     the close of business on the last day of the prior Monthly Period (after
     taking into account any payments, deposits and adjustments to be made to
     the Investor Interest on the Transfer Date relating to such Monthly Period)
     and (B) pay to the Holder of the Seller Interest an amount equal to the
     excess, if any, identified in the proviso to clause (A) above; provided,
                                                                    --------
     however, that the amount to be paid to the Holder of the Seller Interest
     -------
     pursuant to this subsection 4.05(b)(ii)(B) with respect to any Date of
                      -------------------------
     Processing shall be paid to the Holder of the Seller Interest if, and only
     to the extent that, the Seller Interest on such Date of Processing is equal
     to or greater than the Minimum Seller Interest (after giving effect to the
     inclusion in the Trust of all Receivables created on or prior to such Date
     of Processing and the application of payments referred to in subsection
                                                                  ----------
     4.03(b)) and otherwise shall be considered as Unallocated Principal
     -------
     Collections and deposited into the Principal Account in accordance with
     subsection 4.05(c).
     ------------------

          (c)  Unallocated Principal Collections. Any Collections in respect of
               ---------------------------------
Principal Receivables not allocated and paid to the Holder of the Seller
Interest because of the limitations

                                       14
<PAGE>

contained in subsections 4.05(a)(ii)(C) and 4.05(b)(ii)(B) and any amounts
             --------------------------     --------------
allocable to the Investor Certificate deposited in the Principal Account
pursuant to subsections 2.04(d)(iii) and 4.03(c) ("Unallocated Principal
            ------------------------     -------   ---------------------
Collections") shall be held in the Principal Account and, first, paid to the
-----------
Holder of the Seller Interest if, and only to the extent that, the Seller
Interest is greater than the Minimum Seller Interest and then included in the
Investor Principal Collections and distributed as Available Investor Principal
Collections to be applied pursuant to Section 4.06.
                                      ------------

          (d)  Payments.  With respect to the Investor Certificate, and
               --------
notwithstanding anything in the Agreement or this Series Supplement to the
contrary, whether or not the Servicer is required to make monthly or daily
deposits from the Collection Account into the Finance Charge Account or the
Principal Account pursuant to subsections 4.05(a) or 4.05(b), with respect to
                              -------------------    -------
any Monthly Period (i) the Servicer will only be required to deposit Collections
from the Collection Account into the Finance Charge Account or the Principal
Account up to the required amount to be deposited into any such deposit account
and distributed on or prior to the related Transfer Date to the Investor
Certificateholders and (ii) if at any time prior to such Transfer Date the
amount of Collections deposited in the Collection Account, the Finance Charge
Account or the Principal Account exceeds the amount required to be deposited
pursuant to clause (i) above, the Servicer will be permitted to withdraw the
excess from the Collection Account, the Finance Charge Account or the Principal
Account, as applicable.

     SECTION 4.06   Monthly Payments.  On or before each Transfer Date, the
                    ----------------
Servicer shall instruct the Trustee in writing (which writing shall be
substantially in the form of Exhibit B hereto) to withdraw and the Trustee,
                             ---------
acting in accordance with such instructions, shall withdraw on such Transfer
Date, to the extent of available funds, the amounts required to be withdrawn
from the Finance Charge Account and the Principal Account as follows:

          (a)  An amount equal to the Available Funds deposited into the Finance
Charge Account for the related Monthly Period will be paid on each Transfer Date
to the Series 2001-__ Certificateholders in accordance with Section 5.01.
                                                            ------------

          (b)  During the Revolving Period, an amount equal to the Available
Investor Principal Collections deposited into the Principal Account for the
related Monthly Period will be distributed on each Transfer Date in the
following priority:

          (i)  an amount equal to the lesser of (A) the Available Investor
     Principal Collections for such Transfer Date and (B) an amount equal to the
     Series 2001-__ Monthly Principal Payment for the related Monthly Period,
     shall be paid on each Transfer Date to the Series 2001-__
     Certificateholders in accordance with Section 5.01;
                                           ------------

          (ii) an amount equal to the lesser of (A) the Available Investor
     Principal Collections remaining after the application specified in
     subsection 4.06(b)(i) above and (B) the product of (1) a fraction, the
     ---------------------
     numerator of which is equal to the Available Investor Principal Collections
     remaining after the application specified in subsection 4.06(b)(i) above
                                                  ---------------------
     for such Transfer Date and the denominator of which is equal to the sum of
     the Available Investor Principal Collections available for sharing as
     specified in the related Series Supplement for each Series in Group One and
     (2) the Cumulative Series

                                       15
<PAGE>

     Principal Shortfall shall remain in the Principal Account to be treated as
     Shared Principal Collections and applied to Series in Group One other than
     this Series 2001-__; and

          (iii) an amount equal to the excess, if any, of (A) the Available
     Investor Principal Collections for such Transfer Date over (B) the
     applications specified in subsections 4.06(b)(i) and (ii) above shall be
                               ----------------------     ----
     paid to the Holder of the Seller Interest; provided, however, that the
                                                --------  -------
     amount to be paid to the Holder of the Seller Interest pursuant to this
     subsection 4.06(b)(iii) with respect to such Transfer Date shall be paid to
     -----------------------
     the Holder of the Seller Interest if, and only to the extent that, the
     Seller Interest on such Date of Processing is equal to or greater than the
     Minimum Seller Interest (after giving effect to the inclusion in the Trust
     of all Receivables created on or prior to such Transfer Date and the
     application of payments referred to in subsection 4.03(b)) and otherwise
                                            ------------------
     shall be considered as Unallocated Principal Collections and deposited into
     the Principal Account in accordance with subsection 4.05(c).
                                              ------------------

          (c)   During the Rapid Amortization Period, an amount equal to the
Available Investor Principal Collections deposited into the Principal Account
for the related Monthly Period will be distributed on each Transfer Date in the
following priority:

          (i)   an amount equal to the Investor Interest shall be paid on each
     Transfer Date to the Series 2001-__ Certificateholders in accordance with
     Section 5.01;
     ------------

          (ii)  an amount equal to the excess, if any, of (A) the Available
     Investor Principal Collections over (B) the applications specified in
     subsections 4.06(c)(i) above shall be paid to the Holder of the Seller
     ----------------------
     Interest; provided, however, that the amount to be paid to the Holder of
               --------  -------
     the Seller Interest pursuant to this subsection 4.06(c)(ii) with respect to
                                          ----------------------
     such Transfer Date shall be paid to the Holder of the Seller interest if,
     and only to the extent that, the Seller Interest on such Date of Processing
     is equal to or greater than the Minimum Seller Interest (after giving
     effect to the inclusion in the Trust of all Receivables created on or prior
     to such Transfer Date and the application of payments referred to in
     subsection 4.03(b)) and otherwise shall be considered as Unallocated
     ------------------
     Principal Collections and deposited into the Principal Account in
     accordance with subsection 4.05(c).
                     ------------------

          SECTION 4.07   Shared Principal Collections.
                         ----------------------------

          (a)   The portion of Shared Principal Collections on deposit in the
Principal Account equal to the amount of Shared Principal Collections allocable
to Series 2001-__ on any Transfer Date shall be applied as an Available Investor
Principal Collection pursuant to Section 4.06 and pursuant to such Section 4.06
                                 ------------                      ------------
shall be paid on such Transfer Date to the Series 2001-__ Certificate
Representative.

          (b)   Shared Principal Collections allocable to Series 2001-__ with
respect to any Transfer Date shall mean an amount equal to the Series Principal
Shortfall, if any, with respect to Series 2001-__ for such Transfer Date;
provided, however, that if the aggregate amount of Shared Principal Collections
--------  -------
for all Series for such Transfer Date is less than the Cumulative Series
Principal Shortfall for such Transfer Date, then Shared Principal Collections

                                       16
<PAGE>

allocable to Series 2001-__ on such Transfer Date shall equal the product of (i)
Shared Principal Collections for all Series for such Transfer Date and (ii) a
fraction, the numerator of which is the Series Principal Shortfall with respect
to Series 2001-__ for such Transfer Date and the denominator of which is the
aggregate amount of Cumulative Series Principal Shortfall for all Series for
such Transfer Date.

          (c)  Solely for the purpose of determining the amount of Available
Investor Principal Collections to be treated as Shared Principal Collections on
any Transfer Date allocable to other Series in Group One, on each Determination
Date, the Servicer shall determine the amount of Shared Principal Collections
with respect to Series 2001-__ as of such Determination Date for the following
Transfer Date.

          SECTION 4.08  Seller's or Servicer's Failure to Make a Deposit or
                        ---------------------------------------------------
Payment.
-------

          If the Servicer or the Seller fails to make, or give instructions to
make, any payment or deposit (other than as required by subsections 2.04(d) and
                                                        -------------------
(e) and 12.02(a) or Sections 10.02 and 12.01) required to be made or given by
---     --------    --------------     -----
the Servicer or Seller, respectively, at the time specified in the Agreement
(including applicable grace periods), the Trustee shall make such payment or
deposit from the applicable Investor Account without instruction from the
Servicer or Seller.  The Trustee shall be required to make any such payment,
deposit or withdrawal hereunder only to the extent that the Trustee has
sufficient information to allow it to determine the amount thereof.  The
Servicer shall, upon request of the Trustee, promptly provide the Trustee with
all information necessary to allow the Trustee to make such payment, deposit or
withdrawal.  Such funds or the proceeds of such withdrawal shall be applied by
the Trustee in the manner in which such payment or deposit should have been made
by the Seller or the Servicer, as the case may be.

          SECTION 4.09  Collections of Finance Charge Receivables Allocable to
                        ------------------------------------------------------
Segregated Seller Interest.
--------------------------

          The Series 2001-_ Certificate Representative may from time to time
notify the Servicer of the amount of the Seller Interest that is to be the
Segregated Seller Interest in an amount equal to the amounts on deposit in the
Principal Funding sub-Accounts (as defined in the Indenture) for any tranche of
Notes.  The Series 2001-_ Certificate Representative may from time to time, with
respect to any Monthly Period, request a payment to be made from Collections of
Finance Charge Receivables allocable to the Segregated Seller Interest held in
the Collection Account, in an amount not greater than the lesser of:

          (a) the aggregate amount of all Principal Funding sub-Account Earnings
     Shortfalls for all tranches of Notes with respect to such Monthly Period,
     and

          (b) the aggregate amount of all Collections of Finance Charge
     Receivables allocable to the Segregated Seller Interest with respect to
     such Monthly Period less any portion of the Defaulted Receivables and the
     Servicing Fee allocable to the Segregated Seller Interest with respect to
     such Monthly Period pursuant to Section 4.03(b).
                                     ---------------

                                       17
<PAGE>

The Servicer shall pay such amount to the Series 2001-_ Certificateholders on
the related Transfer Date.

          SECTION 6.    Article V of the Agreement.  Article V of the Agreement
                        --------------------------
shall read in its entirety as follows and shall be applicable only to the
Investor Certificateholders:

                                   ARTICLE V
                     DISTRIBUTIONS AND REPORTS TO INVESTOR
                               CERTIFICATEHOLDERS

          SECTION 5.01. Distributions.  On each Transfer Date, the Trustee shall
                        -------------
distribute (in accordance with the certificate delivered on or before the
related Transfer Date by the Servicer to the Trustee pursuant to subsection
                                                                 ----------
3.04(b)) to the Series 2001-__ Certificate Representative the aggregate amount
-------
payable to the Series 2001-__ Certificateholders pursuant to Section 4.06 to the
                                                             ------------
account of the Series 2001-__ Certificate Representative, as specified in
writing by the Series 2001-__ Certificate Representative, in immediately
available funds.

          SECTION 5.02.  Monthly Series Certificateholders' Statement.  On or
                         --------------------------------------------
before each Transfer Date, the Trustee shall forward to the Series 2001-__
Certificate Representative and each Rating Agency a statement substantially in
the form of Exhibit C to this Series Supplement prepared by the Servicer,
            ---------
delivered to the Trustee and setting forth, among other things, the following
information:

          (i)    the amount of the current distribution;

          (ii)   the amount of the current distribution which constitute
     Available Funds and Available Investor Principal Collections;

          (iii)  the amount of Collections of Principal Receivables processed
     during the related Monthly Period and allocated to Series 2001-__;

          (iv)   the amount of Collections of Finance Charge Receivables
     processed during the related Monthly Period and allocated to Series 2001-
     __;

          (v)    the aggregate amount of Principal Receivables, the Investor
     Interest, the Principal Allocation Investor Interest, the Floating Investor
     Percentage and the Principal Investor Percentage with respect to the
     Principal Receivables in the Trust as of the end of the day on the Record
     Date;

          (vi)   the aggregate outstanding balance of Accounts which were 30 to
     59, 60 to 89, 90 to 119, 120 to 149 and 150 or more days delinquent as of
     the end of the day on the Record Date;

          (vii)  the Aggregate Investor Default Amount for the related Monthly
     Period;

          (viii) the amount of the Investor Servicing Fee, the Net Servicing
     Fee and the Servicer Interchange for the related Monthly Period;

                                       18
<PAGE>

          (ix) the Investor Interest and the Principal Allocation Investor
     Interest as of the close of business on such Transfer Date; and

          (x)  such other items as are set forth in Exhibit C to this Series
                                                    ---------
     Supplement.

          SECTION 7.   Series 2001-__ Pay Out Events.  If any one of the
                       -----------------------------
following events shall occur with respect to the Investor Certificate:

          (a)  failure on the part of the Seller (i) to make any payment or
deposit required by the terms of the Agreement or this Series Supplement, on or
before the date occurring five days after the date such payment or deposit is
required to be made herein or (ii) duly to observe or perform in any material
respect any covenants or agreements of the Seller set forth in the Agreement or
this Series Supplement, which failure has a material adverse effect on the
Series 2001-__ Certificateholders and which continues unremedied for a period of
60 days after the date on which written notice of such failure, requiring the
same to be remedied, shall have been given to the Seller by the Trustee, or to
the Seller and the Trustee by the Holders of the Investor Certificate evidencing
Undivided Interests aggregating not less than 50% of the Investor Interest of
this Series 2001-__, and continues to affect materially and adversely the
interests of the Series 2001-__ Certificateholders for such period;

          (b)  any representation or warranty made by the Seller in the
Agreement or this Series Supplement, or any information contained in a computer
file or microfiche list required to be delivered by the Seller pursuant to
Section 2.01 or 2.06 of the Agreement, (i) shall prove to have been incorrect in
------------    ----
any material respect when made or when delivered, which continues to be
incorrect in any material respect for a period of 60 days after the date on
which written notice of such failure, requiring the same to be remedied, shall
have been given to the Seller by the Trustee, or to the Seller and the Trustee
by the Holders of the Investor Certificate evidencing Undivided Interests
aggregating not less than 50% of the Investor Interest of this Series 2001-__,
and (ii) as a result of which the interests of the Series 2001-__
Certificateholders are materially and adversely affected and continue to be
materially and adversely affected for such period; provided, however, that a
                                                   --------  -------
Series 2001-__ Pay Out Event pursuant to this subsection 7(b) hereof shall not
                                              ---------------
be deemed to have occurred hereunder if the Seller has accepted reassignment of
the related Receivable, or all of such Receivables, if applicable, during such
period in accordance with the provisions of the Agreement;

          (c)  the Seller shall fail to convey Receivables arising under
Additional Accounts, or Participations, to the Trust, as required by subsection
                                                                     ----------
2.06(a); or
-------

          (d)  any Servicer Default shall occur which would have a material
adverse effect on the Series 2001-__ Certificateholders;

then, in the case of any event described in subsection 7(a), (b) or (d) hereof,
                                            ---------------  ---    ---
after the applicable grace period set forth in such subparagraphs, if any,
either the Trustee or Holders of the Series 2001-__  Certificate evidencing
Undivided Interests aggregating not less than 50% of the Investor Interest of
this Series 2001-__  by notice then given in writing to the Seller and the
Servicer (and to the Trustee if given by the Certificateholders) may declare
that a pay out event (a "Series 2001-__  Pay Out Event") has occurred as of the
                         -----------------------------
date of such notice, and in the case of

                                       19
<PAGE>

any event described in subsection 7(c) hereof, a Series 2001-__ Pay Out Event
                       ---------------
shall occur without any notice or other action on the part of the Trustee or the
Investor Certificateholders immediately upon the occurrence of such event.

          SECTION 8. Sale of Investor Interest Pursuant to Section 2.04(e) or
                     --------------------------------------------------------
10.02(a) of the Agreement.
-------------------------

     (a)  (i)  Notwithstanding anything to the contrary in this Series
     Supplement or the Agreement, the reassignment deposit amount with respect
     to Series 2001-__ in connection with a reassignment of Principal
     Receivables pursuant to Section 2.04(e) of the Agreement shall be equal to
                             ---------------
     the Reassignment Amount for the first Transfer Date following the Monthly
     Period in which such reassignment obligation arises under the Agreement.

          (ii) Notwithstanding anything to the contrary in this Series
     Supplement or the Agreement, the minimum bid in connection with a sale of
     Receivables pursuant to Section 10.02(a) of the Agreement shall be equal to
                             ----------------
     the Reassignment Amount for the first Transfer Date following the Monthly
     Period in which such sale of receivables obligation arises under the
     Agreement.

     (b)  With respect to the proceeds from any reassignment of Principal
Receivables available for distribution to the Series 2001-__ Certificateholders
as described in this Section 8 or any Termination Proceeds from the sale of
                     ---------
Receivables (or interests therein) allocable to the Investor Interest deposited
into the Collection Account pursuant to Section 12.01(b) of the Agreement, the
                                        ----------------
Trustee shall, not later than 12:00 noon, New York City time, on the following
Transfer Date, make deposits or distributions of such amounts and pay such
amounts to the Series 2001-__ Certificateholders.

     (c)  Notwithstanding anything to the contrary in this Series Supplement or
the Agreement, the entire amount payable to the Series 2001-__
Certificateholders pursuant to Section 10.02(a) of the Agreement and all amounts
                               ----------------
available for distribution to the Series 2001-__ Certificateholders shall be
distributed in full to the Series 2001-__ Certificateholders on such date and
shall be deemed to be a final distribution pursuant to Section 12.01 of the
                                                       -------------
Agreement.

          SECTION 9. Distribution of Proceeds of Sale, Disposition or
                     ------------------------------------------------
Liquidation of the Receivables Pursuant to Section 9.02 of the Agreement.
------------------------------------------------------------------------

     (a)  Not later than 12:00 noon, New York City time, on the Transfer Date
following the date on which Insolvency Proceeds are deposited into the
Collection Account pursuant to Section 9.02(b) of the Agreement, the Trustee
                               ---------------
shall (after giving effect to any deposits and distributions otherwise to be
made on such Transfer Date) deduct from the Collection Account an amount equal
to the Investor Interest on such Transfer Date from the portion of the
Insolvency Proceeds allocated to Collections of Principal Receivables and pay
such amount to the Series 2001-__ Certificateholders, provided that the amount
                                                      --------
of such payment shall not exceed the product of (x) the portion of the
Insolvency Proceeds allocated to Collections of Principal Receivables and (y)
the Principal Investor Percentage with respect to the related Monthly Period.

                                       20
<PAGE>

The remainder of the portion of the Insolvency Proceeds allocated to Collections
of Principal Receivables and not allocated to other Series shall be allocated to
the Seller Interest and shall be released to the Seller on such Transfer Date.

     (b)  Not later than 12:00 noon, New York City time, on such Transfer Date,
the Trustee shall (in the following priority and, in each case, after giving
effect to any deposits and distributions otherwise to be made on such Transfer
Date) deduct from the Collection Account an amount equal to the product of (x)
the portion of the Insolvency Proceeds allocated to Collections of Finance
Charge Receivables and (y) the Floating Investor Percentage with respect to such
Monthly Period, and pay such amount to the Series 2001-__ Certificateholders.
The remainder of the Insolvency Proceeds allocated to Collections of Finance
Charge Receivables and not allocated to other Series shall be distributed to the
Seller on such Transfer Date.

     (c)  Notwithstanding anything to the contrary in this Series Supplement or
the Agreement, the entire amount to be paid to the Series 2001-__
Certificateholders pursuant to this Section, and all amounts on deposit in the
Collection Account for distribution to the Series 2001-__ Certificateholders
shall be distributed in full to the Series 2001-__ Certificateholders on the
Transfer Date on which funds are deposited pursuant to this Section (or, if not
so deposited on a Transfer Date, on the immediately following Transfer Date) and
shall be deemed to be a final distribution pursuant to Section 12.01 of the
                                                       --------------
Agreement.

     (d)  Notwithstanding any provision of the Agreement or this Series
Supplement, for purposes of Section 9.02(a) of the Agreement, the Holders of the
                            ---------------
Series 2001-__ Certificates shall be deemed to have disapproved a liquidation of
the Receivables following an Insolvency Event with respect to the Seller.

          SECTION 10. Sale of Receivables.  Upon notice to the Servicer by the
                      -------------------
Series 2001-__ Certificate Representative pursuant to the Indenture with respect
to any tranche of accelerated Notes or any tranche of Notes which has reached
its Legal Maturity Date, the Trustee will cause the Trust to sell to a Permitted
Assignee Principal Receivables and the related Finance Charge Receivables (or
interests therein) in an amount specified by the Series 2001-__ Certificate
Representative which shall be a portion of the Investor Interest of Series 2001-
__ equal to the Nominal Liquidation Amount of the affected tranche of Notes,
calculated as of the end of the prior Monthly Period (after giving effect to
deposits and distributions otherwise to be made with respect to such Monthly
Period).  The proceeds from such sale shall be immediately paid to the Series
2001-__ Certificate Representative.

          SECTION 11. Series 2001-__ Termination.  The right of the Investor
                      --------------------------
Certificateholders to receive payments from the Trust will terminate on the
first Business Day following the earlier to occur of (i) the date designated by
the Seller following the last Legal Maturity Date of any tranche of Notes, and
(ii) the Trust Termination Date.

          SECTION 12. Counterparts.  This Series Supplement may be executed in
                      ------------
any number of counterparts, each of which so executed shall be deemed to be an
original, but all of such counterparts shall together constitute but one and the
same instrument.

                                       21
<PAGE>

          SECTION 13. Governing Law.  THIS SERIES SUPPLEMENT SHALL BE CONSTRUED
                      -------------
IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT REFERENCE TO ITS
CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE
PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS; PROVIDED,
                                                                    --------
HOWEVER, THAT THE IMMUNITIES AND STANDARD OF CARE OF THE TRUSTEE IN THE
-------
ADMINISTRATION OF THE TRUST HEREUNDER SHALL BE GOVERNED BY THE LAWS OF THE STATE
OF NEW YORK.

          SECTION 14. Additional Notices.  For so long as the Investor
                      ------------------
Certificate shall be outstanding, the Seller agrees to provide Fitch with the
notice provided to each Rating Agency in subsection 2.06(c)(i) of the Agreement
                                         ---------------------
and agrees to provide to Fitch and Standard and Poor's the Opinion of Counsel
provided to Moody's pursuant to subsection 2.06(c)(vi) of the Agreement, in each
                                ----------------------
case in the times and the manner provided for in such subsections.

          SECTION 15. Additional Representations and Warranties of the Servicer.
                      ---------------------------------------------------------
MBNA America Bank, National Association, as initial Servicer, hereby makes, and
any Successor Servicer by its appointment under the Agreement shall make the
following representations and warranties:

          (a)  All Consents.  All authorizations, consents, orders or approvals
               ------------
of or registrations or declarations with any Governmental Authority required to
be obtained, effected or given by the Servicer in connection with the execution
and delivery of this Series Supplement by the Servicer and the performance of
the transactions contemplated by this Series Supplement by the Servicer, have
been duly obtained, effected or given and are in full force and effect.

          (b)  Rescission or Cancellation.  The Servicer shall not permit any
               --------------------------
rescission or cancellation of any Receivable except as ordered by a court of
competent jurisdiction or other Governmental Authority or in accordance with the
normal operating procedures of the Servicer.

          (c)  Receivables Not To Be Evidenced by Promissory Notes.  Except in
               ---------------------------------------------------
connection with its enforcement or collection of an Account, the Servicer will
take no action to cause any Receivable to be evidenced by an instrument (as
defined in the UCC as in effect in the State of Delaware).

          SECTION 16. No Petition.  The Seller, the Servicer and the Trustee, by
                      -----------
entering into this Series Supplement and each Certificateholder, by accepting
the Series 2001-__ Certificate or any portion thereof hereby covenant and agree
that they will not at any time institute against the Trust, or join in any
institution against the Trust of, any bankruptcy proceedings under any United
States Federal or state bankruptcy or similar law in connection with any
obligations relating to the Investor Certificateholders, the Agreement or this
Series Supplement.

          SECTION 17. Certain Tax Related Amendments.  In addition to being
                      ------------------------------
subject to amendment pursuant to any other provisions relating to amendments in
either the Agreement or this Series Supplement, this Series Supplement may be
amended by the Seller without the consent of the Servicer, Trustee or any
Investor Certificateholder if the Seller provides the

                                       22
<PAGE>

Trustee with (i) an Opinion of Counsel to the effect that such amendment or
modification would reduce the risk the Trust would be treated as taxable as a
publicly traded partnership pursuant to Code section 7704 and (ii) a certificate
that such amendment or modification would not materially and adversely affect
any Investor Certificateholder; provided, that no such amendment shall be deemed
                                --------
effective without the Trustee's consent, if the Trustee's rights, duties and
obligations hereunder are thereby modified. Promptly after the effectiveness of
any amendment pursuant to this Section 14, the Seller shall deliver a copy of
                               ----------
such amendment to each of the Servicer, the Trustee and each Rating Agency.

          SECTION 18. Treatment of Noteholders.  Subject to Section 9(d), for
                      ------------------------              ------------
purposes of any provision of the Agreement or this Series Supplement requiring
of permitting actions with the consent of, or at the direction of, Investor
Certificateholders holding a specified percentage of the aggregate unpaid
principal amount of Investor Certificates (a) each Noteholder will be deemed to
be a Certificateholder; (b) each Noteholder will be deemed to be the Holder of
an aggregate unpaid principal amount of Series 2001-__ Certificates equal to the
Adjusted Outstanding Dollar Principal Amount of such Noteholder's Notes; (c)
each series of Notes under the Indenture will be deemed to be a separate Series
of Investor Certificates and the Holder of a Note of such series will be deemed
to be the Holder of an aggregate unpaid principal amount of such Series of
Investor Certificates equal to the Adjusted Outstanding Dollar Principal Amount
of such Noteholder's Notes of such series; (d) each tranche of Notes under the
Indenture will be deemed to be a separate Class of Investor Certificates and the
Holder of a Note of such class or tranche will be deemed to be the Holder of an
aggregate unpaid principal amount of such Class of Investor Certificates equal
to the Adjusted Outstanding Dollar Principal Amount of such Noteholder's Notes
of such class or tranche and (e) any Notes owned by the MBNA Credit Card Master
Note Trust, the Seller, the Servicer, any other holder of the Seller Interest or
any Affiliate thereof will be deemed not to be outstanding, except that, in
determining whether the Trustee shall be protected in relying upon any such
consent or direction, only Notes which the Trustee knows to be so owned shall be
so disregarded.  Notes so owned which have been pledged in good faith shall not
be disregarded and may be regarded as outstanding if the pledgee establishes to
the satisfaction of the Trustee the pledgee's right so to act with respect to
such Notes and that the pledgee is not the Seller, the Servicer, any other
holder of the Seller Interest or any Affiliate thereof.

          SECTION 19. Transfer of the Series 2001-__ Certificate.  The Series
                      ------------------------------------------
2001-__ Certificate may not be sold, participated, transferred, assigned,
exchanged or otherwise pledged or conveyed in whole or in part except upon the
prior delivery to the Master Trust Trustee and the Owner Trustee a Master Trust
Tax Opinion and an Issuer Tax Opinion, respectively, with respect thereto.

                                       23
<PAGE>

          IN WITNESS WHEREOF, the Seller, the Servicer and the Trustee have
caused this Series 2001-__ Supplement to be duly executed by their respective
officers as of the day and year first above written.

                                        MBNA AMERICA BANK,
                                          NATIONAL ASSOCIATION,
                                          Seller and Servicer

                                        By:_______________________________
                                           Name:
                                           Title:

                                         THE BANK OF NEW YORK,
                                          Trustee

                                        By:_______________________________
                                           Name:
                                           Title:

                 [Signature Page to Series 2001-__ Supplement
                         dated as of ______ __, 2001]

                                       24<PAGE>

                                                                     EXHIBIT 4.9

                            FORM OF TRUST AGREEMENT
--------------------------------------------------------------------------------

                      MBNA CREDIT CARD MASTER NOTE TRUST

                                TRUST AGREEMENT

                       dated as of [_____________], 2001

                                    between

                   MBNA AMERICA BANK, NATIONAL ASSOCIATION,
                                as Beneficiary,

                                      and

                           WILMINGTON TRUST COMPANY,
                               as Owner Trustee

--------------------------------------------------------------------------------
<PAGE>

                               TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                                Page
                                                                                                ----
<S>                                                                                             <C>
                                             ARTICLE I
                                            DEFINITIONS

Section 1.01.  Definitions.....................................................................   1

Section 1.02.  Generic Terms...................................................................   3

                                            ARTICLE II
                                ORGANIZATION; DECLARATION OF TRUST
                                       BY THE OWNER TRUSTEE

Section 2.01.  Formation of Trust; Name........................................................   4

Section 2.02.  Transfer of Property to Trust; Initial Capital Contribution of Trust Estate.....   4

Section 2.03.  Purposes and Powers; Trust To Operate as a Single Purpose Entity................   4

Section 2.04.  Appointment of Owner Trustee; Declaration of Trust by the Owner Trustee.........   6

Section 2.05.  Title to Trust Estate...........................................................   7

Section 2.06.  Nature of Interest in the Trust Estate..........................................   7

Section 2.07.  Situs of Trust..................................................................   7

Section 2.08.  Tax Matters.....................................................................   7

Section 2.09.  Fiscal Year.....................................................................   7

                                            ARTICLE III
                                        REPRESENTATIONS AND
                                   WARRANTIES OF THE BENEFICIARY

Section 3.01.  Representations and Warranties of the Beneficiary...............................   7

                                             ARTICLE IV
                                        DISTRIBUTIONS OF FUNDS

Section 4.01.  Distribution of Funds...........................................................   9

Section 4.02.  Payments from Trust Estate Only.................................................   9

Section 4.03.  Method of Payment...............................................................   9

Section 4.04.  Establishment of Account........................................................   9

                                             ARTICLE V
                                     DUTIES OF THE OWNER TRUSTEE

Section 5.01.  Action Upon Instructions........................................................   9

Section 5.02.  No Duty to Act Under Certain Circumstances......................................  10
</TABLE>

                                      -i-
<PAGE>

                               TABLE OF CONTENTS
                                  (continued)

<TABLE>
<CAPTION>
                                                                                                Page
                                                                                                ----
<S>                                                                                             <C>
Section 5.03.  No Duties Except Under Specified Agreements or Instructions.....................  11

Section 5.04.  Trust Operation.................................................................  11

Section 5.05.  Execution of Documents..........................................................  12

Section 5.06.  Nonpetition Covenants...........................................................  12

                                              ARTICLE VI
                                      CONCERNING THE TRUSTEE BANK

Section 6.01.  Acceptance of Trust and Duties..................................................  12

Section 6.02.  Furnishing of Documents.........................................................  14

Section 6.03.  Representations and Warranties as to the Trust Estate...........................  14

Section 6.04.  Signature of Returns............................................................  14

Section 6.05.  Reliance; Advice of Counsel.....................................................  14

Section 6.06.  Not Acting in Individual Capacity...............................................  15

Section 6.07.  Representations and Warranties..................................................  15

                                             ARTICLE VII
                                    TERMINATION OF TRUST AGREEMENT

Section 7.01.  Termination.....................................................................  15

Section 7.02.  Certificate of Cancellation.....................................................  15

                                            ARTICLE VIII
                                 SUCCESSOR OWNER TRUSTEES, CO-TRUSTEES
                                      AND SEPARATE OWNER TRUSTEES

Section 8.01.  Resignation and Removal of the Owner Trustee; Appointment of Successors.........  16

Section 8.02.  Transfer Procedures.............................................................  16

Section 8.03.  Qualification of Owner Trustee..................................................  16

Section 8.04.  Co-trustees and Separate Owner Trustees.........................................  17

                                             ARTICLE IX
                                             AMENDMENTS

Section 9.01.  Amendments......................................................................  17

                                             ARTICLE X
                               OWNERSHIP INTERESTS AND CERTIFICATES

Section 10.01. Issuance of Trust Certificates..................................................  18

Section 10.02. Beneficial Interest; Prohibitions on Transfer...................................  18
</TABLE>

                                     -ii-
<PAGE>

                               TABLE OF CONTENTS
                                  (continued)

<TABLE>
<CAPTION>
                                                                                                Page
                                                                                                ----
<S>                                                                                             <C>
Section 10.03. Lost or Destroyed Trust Certificate.............................................  19

                                             ARTICLE XI
                       COMPENSATION OF OWNER TRUSTEE AND INDEMNIFICATION

Section 11.01. Owner Trustee's Fees and Expenses...............................................  19

Section 11.02. Indemnification.................................................................  20

                                            ARTICLE XII
                                           MISCELLANEOUS

Section 12.01. Conveyance by the Owner Trustee is Binding......................................  20

Section 12.02. Instructions; Notices...........................................................  21

Section 12.03. Severability....................................................................  21

Section 12.04. Limitation of Liability.........................................................  21

Section 12.05. Separate Counterparts...........................................................  22

Section 12.06. Successors and Assigns..........................................................  22

Section 12.07. Headings........................................................................  22

Section 12.08. Governing Law...................................................................  22

Section 12.09. No Recourse.....................................................................  22

Section 12.10. Acceptance of Terms of Agreement................................................  22
</TABLE>

                                     -iii-
<PAGE>

                                   EXHIBITS

<TABLE>
<CAPTION>
                                                                                         Page
                                                                                         ----
<S>                                                                                      <C>
EXHIBIT A   FORM OF TRUST CERTIFICATE ..................................................  A-1
</TABLE>

                                     -iv-
<PAGE>

     TRUST AGREEMENT dated as of [____________], 2001, between MBNA AMERICA
BANK, NATIONAL ASSOCIATION ("MBNA"), a national banking association, and
                             ----
WILMINGTON TRUST COMPANY, a Delaware banking corporation, as owner trustee (the
"Owner Trustee").
 -------------

     In consideration of the mutual agreements herein contained and other good
and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto, intending to be legally bound hereby, agree as
follows:

                                   ARTICLE I

                                  DEFINITIONS

          Section 1.01.  Definitions. (a) Capitalized terms used herein and not
                         -----------
defined herein have the meaning assigned to them in the Series 2001-__
Supplement. For purposes of this Agreement, the following terms have the
following meanings:

     "Agreement" means this Trust Agreement, as the same may be amended,
      ---------
modified or supplemented from time to time.

     "Beneficiary" means MBNA and each Permitted Affiliate Transferee and other
      -----------
transferee under Section 10.02.
                 -------------

     "Beneficiary Trust Account" means the account established by the Owner
      -------------------------
Trustee on behalf of the Trust in accordance with Section 4.04.
                                                  ------------

     "Code" means the Internal Revenue Code of 1986, as it may be amended from
      ----
time to time.

     "Delaware Business Trust Act" means the Delaware Business Trust Statute, 12
      ---------------------------
Del.C. (S)(S) 3801 et seq.
                   -- ---

     "Deliveries" is defined in Section 12.02.
      ----------                -------------

     "Disqualification Event" with respect to the Owner Trustee means (a) the
      ----------------------
bankruptcy, insolvency or dissolution of the Owner Trustee, (b) the occurrence
of the date of resignation of the Owner Trustee, as set forth in a notice of
resignation given pursuant to Section 8.01, or (c) the delivery to the Owner
                              ------------
Trustee of the instrument or instruments of removal referred to in Section 8.01
                                                                   ------------
(or, if such instruments specify a later effective date of removal, the
occurrence of such later date), or (d) failure of the Owner Trustee to qualify
under the requirements of Section 8.03.
                          ------------

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

     "Indemnified Person" is defined in Section 11.02.
      ------------------                -------------

                                       1
<PAGE>

     "Indenture" means the Indenture, between the Trust, and the Indenture
      ---------
Trustee, which by its terms is identified as being the Indenture referred to
herein, as amended, restated, supplemented or otherwise modified from time to
time.

     "Indenture Trustee" means The Bank of New York as trustee under the
      -----------------
Indenture, and each successor trustee under the Indenture.

     "Master Trust" means MBNA Master Credit Card Trust II.
      ------------

     "Note" is defined in the Indenture.
      ----

     "Noteholder" is defined in the Indenture.
      ----------

     "Note Rating Agency" is defined in the Indenture.
      ------------------

     "Owner Trustee" means Wilmington Trust Company, a Delaware banking
      -------------
corporation, not in its individual capacity but solely in its capacity as owner
trustee hereunder, and each successor trustee under Article VIII, in its
                                                    ------------
capacity as owner trustee hereunder, and each co-trustee under and to the extent
provided in Section 8.04, in its capacity as owner trustee hereunder.
            ------------

     "Ownership Interest" means the Ownership Interest issued by the Trust
      ------------------
hereunder with the rights and privileges set forth in Section 10.01.
                                                      -------------

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

     "Periodic Filing" means any filing or submission that the Trust is required
      ---------------
to make with any federal, state or local authority or regulatory agency.

     "Permitted Affiliate Transferee" is defined in Section 10.02.
      ------------------------------                -------------

     "Pooling and Servicing Agreement" means the Pooling and Servicing
      -------------------------------
Agreement, dated as of August 4, 1994, between MBNA, as Seller and as Servicer,
and The Bank of New York, as trustee, as amended, restated, supplemented or
otherwise modified from time to time, including as supplemented by the Series
2001-__ Supplement.

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

     "Secretary of State" means the Office of the Secretary of State of the
      ------------------
State of Delaware.

                                       2
<PAGE>

     "Securities Act" means the Securities Act of 1933, as amended.
      --------------

     "Seller Interest" is defined in the Pooling and Servicing Agreement.
      ---------------

     "Series 2001-__ Certificate" is defined in the Series 2001-__ Supplement.
      --------------------------

     "Series 2001-__ Supplement" means the Series 2001-__ Supplement, relating
      -------------------------
to the Pooling and Servicing Agreement, which by its terms is identified as
being the Series 2001-__ Supplement referred to herein, as amended, restated,
supplemented or otherwise modified from time to time.

     "Transaction Documents" mean the Indenture, the Trust Certificate and other
      ---------------------
documents delivered in connection herewith and therewith.

     "Trust" means the trust established by this Agreement.
      -----

     "Trust Certificate" is defined in Section 10.01.
      -----------------                -------------

     "Trust Estate" is defined in Section 2.04.
      ------------                ------------

     "Trustee Bank" means Wilmington Trust Company in its individual capacity,
      ------------
each bank appointed as successor Owner Trustee under Article VIII in its
                                                     ------------
individual capacity and each bank appointed as co-trustee under and to the
extent provided in Section 8.04 in its individual capacity.
                   ------------

          Section 1.02.  Generic Terms.   (a)  The terms "hereby," "hereof,"
                         -------------
"hereto," "herein," "hereunder" and any similar terms will refer to this
Agreement.

          (b)  Unless otherwise indicated in context, the terms "Section,"
"Exhibit" or "Schedule" will refer to a Section of, or an Exhibit or Schedule
to, this Agreement.

          (c)  Words of the masculine, feminine or neuter gender mean and
include the correlative words of other genders, and words importing the singular
number mean and include the plural number and vice versa.

          (d)  The terms "include," "including" and similar terms will be
construed as if followed by the phrase "without limitation."

          (e)  All terms defined in this Agreement will have the defined
meanings when used in any certificate or other document made or delivered
pursuant hereto or in connection herewith unless otherwise defined therein.

          (f)  Any agreement, instrument or statute defined or referred to
herein or in any certificate or other document made or delivered pursuant hereto
or in connection herewith means such agreement, instrument or statute as from
time to time amended, modified or supplemented and includes (in the case of
agreements or instruments) references to all attachments thereto and instruments
incorporated therein; references to a Person are also to its permitted
successors and assigns.

                                       3
<PAGE>

                                  ARTICLE II

                                 ORGANIZATION;
                   DECLARATION OF TRUST BY THE OWNER TRUSTEE

          Section 2.01.  Formation of Trust; Name. The Trust is hereby formed,
                         ------------------------
to be named "MBNA Credit Card Master Note Trust," under which name the Owner
Trustee may conduct any activities and business of the Trust contemplated
hereby, execute contracts and other instruments on behalf of the Trust and sue
and be sued on behalf of the Trust.

          Section 2.02.  Transfer of Property to Trust; Initial Capital
                         ----------------------------------------------
Contribution of Trust Estate. The Beneficiary hereby sells, assigns, grants and
----------------------------
transfers, over to the Owner Trustee, as of the date hereof, $1.00. The Owner
Trustee hereby acknowledges receipt in trust from the Beneficiary, as of the
date hereof, of the foregoing contribution, which shall constitute the initial
Trust Estate.

          Section 2.03.  Purposes and Powers; Trust To Operate as a Single
                         -------------------------------------------------
Purpose Entity. (a) The purpose of the Trust is to engage solely in a program of
--------------
acquiring interests in the Master Trust and issuing Notes under the Indenture
and related activities. Without limiting the generality of the foregoing, the
Trust may and shall have the power and authority to:

          (i)    acquire from MBNA the Series 2001-__ Certificate of the Master
Trust;

          (ii)   from time to time, grant a security interest in the Series
2001-__ Certificate, including the pledge of any portion of the Investor
Interest of the Series 2001-__ Certificate, and grant a security interest in
accounts established for the benefit of indebtedness of the Trust, all to secure
indebtedness of the Trust, or make any permitted transfer of interests in any
portion of the Investor Interest of the Series 2001-__ Certificate directly or
beneficially to any third party;

          (iii)  from time to time authorize and approve the issuance of Notes
pursuant to the Indenture without limitation to aggregate amounts and, in
connection therewith, determine the terms and provisions of such Notes and of
the issuance and sale thereof, including the following:

                 (A)  determining the principal amount of the Notes;

                 (B)  determining the maturity date of the Notes;

                 (C)  determining the rate of interest, if any, to be paid on
     the Notes;

                 (D)  determining the price or prices at which such Notes will
     be sold by the Trust;

                 (E)  determining the provisions, if any, for the redemption of
     such Notes;

                                       4
<PAGE>

                 (F)  determining the form, terms and provisions of the
     indentures, fiscal agency agreements or other instruments under which the
     Notes may be issued and the banks or trust companies to act as trustees,
     fiscal agents and paying agents thereunder;

                 (G)  preparing and filing all documents necessary or
     appropriate in connection with the registration of the Notes under the
     Securities Act of 1933, the qualification of indentures under the Trust
     Indenture Act of 1939 and the qualification under any other applicable
     federal, foreign, state, local or other governmental requirements;

                 (H)  preparing any offering memorandum or other descriptive
     material relating to the issuance of the Notes;

                 (I)  listing the Notes on any United States or non-United
     States stock exchange;

                 (J)  entering into one or more interest rate or currency swaps,
     caps, collars guaranteed investment contracts or other derivative
     agreements with counterparties (which may include, without limitation, MBNA
     or any of its affiliates) to manage interest rate or currency risk relating
     to the Notes;

                 (K)  appointing a paying agent or agents for purposes of
     payments on the Notes; and

                 (L)  arranging for the underwriting, subscription, purchase or
     placement of the Notes and selecting underwriters, managers and purchasers
     or agents for that purpose;

          (iv)   from time to time receive payments and proceeds with respect to
the Series 2001-_ Certificate and the Indenture and either invest or distribute
those payments and proceeds;

          (v)    from time to time make deposits to and withdrawals from
accounts established under the Indenture;

          (vi)   from time to time make and receive payments pursuant to
derivative agreements;

          (vii)  from time to time make payments on the Notes;

          (viii) from time to time acquire additional collateral from MBNA
America Bank, National Association or any special purpose vehicle established by
MBNA America Bank, National Association; and

          (ix)   from time to time perform such obligations and exercise and
enforce such rights and pursue such remedies as may be appropriate by virtue of
the Trust being party to any of the agreements contemplated in clauses (i)
through (viii) above.

                                       5
<PAGE>

In connection with any of the foregoing, the Trust may (x) execute and deliver,
and/or accept, such instruments, agreements, certificates, Uniform Commercial
Code financing statements and other documents, and create such security
interests, as may be necessary or desirable in connection therewith, and (y)
subject to the terms of this Agreement, take such other action as may be
necessary or incidental to the foregoing.

          (b)    The Owner Trustee and the Beneficiary, on behalf of the Trust,
are authorized and shall have the power to execute and deliver from time to time
loan agreements, purchase agreements, swap and other derivative agreements,
indentures, notes, security agreements, and other agreements and instruments as
are consistent with the purposes of the Trust. Without limiting the generality
of the foregoing, the Beneficiary, on behalf of the Trust, is specifically
authorized to execute and deliver without any further act, vote or approval, and
notwithstanding any other provision of this Agreement, the Delaware Business
Trust Act or other applicable law, rule or regulation, agreements, documents or
securities relating to the purposes of the Trust including:

          (i)    the Indenture, each Indenture Supplement and each Issuer's
Certificate (as defined in the Indenture);

          (ii)   the Notes;

          (iii)  each interest rate or currency swap, cap, collar, guaranteed
investment contract or other derivative agreement between the Trust and a
counterparty (which may include, without limitation, MBNA or any of its
affiliates) to manage interest rate or currency risk relating to the Notes; and

          (iv)   any other document necessary or desirable in connection with
the fulfillment of the purposes of the Trust described in, and pursuant to,
Section 2.03(a).
---------------

The authorization set forth in the preceding sentence will not be deemed a
restriction on the power and authority of the Beneficiary, on behalf of the
Trust, to execute and deliver other agreements, documents instruments and
securities or to take other actions on behalf of the Trust in connection with
the fulfillment of the purposes of the Trust described in, and pursuant to,
Section 2.03(a).
---------------

          (c)    The Owner Trustee and the Beneficiary will at all times
maintain the books, records and accounts of the Trust separate and apart from
those of any other Person, and will cause the Trust to hold itself out as being
a Person separate and apart from any other Person.

          (d)    The Trust will not engage in any business or own any assets
unrelated to the purposes of the Trust.

          Section 2.04.  Appointment of Owner Trustee; Declaration of Trust by
                         -----------------------------------------------------
the Owner Trustee. The Beneficiary hereby appoints Wilmington Trust Company as
-----------------
Owner Trustee of the Trust effective as of the date hereof, to have all the
rights, powers and duties set forth herein and the Delaware Business Trust Act.
The Owner Trustee hereby declares that it will hold the initial Trust Estate,
the Series 2001-__ Certificate and the other documents and assets described in
Section 2.03, together with any payments, proceeds or income of any kind from
------------
such documents

                                       6
<PAGE>

or assets or any other source and any other property held under this Agreement
(collectively, the "Trust Estate"), upon the trust set forth herein and for the
                    ------------
sole use and benefit of the Beneficiary.

          Section 2.05.  Title to Trust Estate. Title to all of the Trust Estate
                         ---------------------
will be vested in the Trust as a separate legal entity until this Agreement
terminates pursuant to Article VII; provided, however, that if the laws of any
                       -----------  --------  -------
jurisdiction require that title to any part of the Trust Estate be vested in the
trustees of a trust, then title to that part of the Trust Estate will be deemed
to be vested in the Owner Trustee or any co-trustee or separate trustee, as the
case may be, appointed pursuant to Article VIII.
                                   ------------

          Section 2.06.  Nature of Interest in the Trust Estate. The Beneficiary
                         --------------------------------------
will not have any legal title to or right to possession of any part of the Trust
Estate.

          Section 2.07.  Situs of Trust. It is the intention of the parties
                         --------------
hereto that the Trust constitute a business trust under the Delaware Business
Trust Act and that this Agreement constitute the governing instrument of the
Trust. The Owner Trustee will file a certificate of trust relating to the Trust
with the Secretary of State and maintain its principal office in the State of
Delaware. However, nothing herein shall restrict or prohibit the Owner Trustee
from having employees within or without the State of Delaware. Payments will be
received by the Trust only in Delaware, and payments will be made by the Trust
only from Delaware.

          Section 2.08.  Tax Matters. The parties hereto intend that, for income
                         -----------
and franchise tax purposes, the Trust will be treated as a security device and
disregarded as an entity and its assets shall be treated as owned in whole by
the Beneficiary, and the parties hereto will file all their tax returns in a
manner consistent with that intent unless otherwise required by a taxing
authority. Except as otherwise expressly provided herein, any tax elections
required or permitted to be made by the Trust under the Code or otherwise will
be made by the Beneficiary. The Trust will not elect to be treated as a
corporation for any tax purpose.

          Section 2.09.  Fiscal Year. The fiscal year of the Trust will end on
                         -----------
the last day of [December] of each year.

                                  ARTICLE III

                              REPRESENTATIONS AND
                         WARRANTIES OF THE BENEFICIARY

          Section 3.01.  Representations and Warranties of the Beneficiary. The
                         -------------------------------------------------
Beneficiary hereby represents and warrants to the Owner Trustee as of the date
of this Agreement and as of the date of each increase in the Investor Interest
of the Series 2001-__ Certificate that:

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

                                       7
<PAGE>

          (b)  The Beneficiary is duly qualified to do business and is in good
standing (or is exempt from such requirement) in any state required in order to
conduct its business, and has obtained all necessary licenses and approvals with
respect to the Beneficiary, in each jurisdiction in which failure to so qualify
or to obtain such licenses and approvals would have a material adverse effect on
the interests of the Noteholders hereunder or under the Indenture; provided,
                                                                   --------
however, that no representation or warranty is made with respect to any
-------
qualifications, licenses or approvals which the Owner Trustee or the Indenture
Trustee has or may be required at any time to obtain, if any, in connection with
the transactions contemplated hereby or by any other Transaction Document to
which the Owner Trustee or the Indenture Trustee, as the case may be, is a
party.

          (c)  The execution and delivery of this Agreement and the consummation
of the transactions provided for in this Agreement and in the other Transaction
Documents to which the Beneficiary is a party have been duly authorized by the
Beneficiary by all necessary corporate action on its part and each of this
Agreement and the other Transaction Documents to which the Beneficiary is a
party will remain, from the time of its execution, an official record of the
Beneficiary; the Beneficiary has the power and authority to assign the property
to be assigned to and deposited with the Trust.

          (d)  The execution and delivery of this Agreement, the performance of
the transactions contemplated by this Agreement and the fulfillment of the terms
hereof will not conflict with, result in any breach of any of the material terms
and provisions of, or constitute (with or without notice or lapse of time or
both) a material default under, any indenture, contract, agreement, mortgage,
deed of trust, or other instrument to which the Beneficiary is a party or by
which it or any of its properties are bound (other than violations of such
indentures, contracts, agreements, mortgages, deeds of trust or other
instruments which, individually or in the aggregate, would not have a material
adverse effect on the Beneficiary's ability to perform its obligation under this
Agreement).

          (e)  The execution and delivery of this Agreement, the performance of
the transactions contemplated by this Agreement and the fulfillment of the terms
hereof will not conflict with or violate any Requirements of Law applicable to
the Beneficiary.

          (f)  There are no proceedings or investigations pending or threatened
against the Beneficiary before any court, regulatory body, administrative
agency, or other tribunal or governmental instrumentality having jurisdiction
over the Beneficiary (i) asserting the invalidity of this Agreement or any of
the Transaction Documents, (ii) seeking to prevent the consummation of any of
the transactions contemplated by this Agreement or any of the Transaction
Documents, (iii) seeking any determination or ruling that, in the reasonable
judgment of the Beneficiary, would materially and adversely affect the
performance by the Beneficiary of its obligations under this Agreement or the
Transaction Documents, or (iv) seeking any determination or ruling that would
materially and adversely affect the validity or enforceability of this Agreement
or the Transaction Documents.

                                       8
<PAGE>

                                  ARTICLE IV

                            DISTRIBUTIONS OF FUNDS

          Section 4.01.  Distribution of Funds. All funds received by the Trust
                         ---------------------
to the extent not encumbered by the Indenture and otherwise available for
distribution (or if encumbered by the Indenture, which have been released by the
relevant parties benefitting from such encumbrance) will be applied in the
following order of priority:

          (i)    First, to pay any amounts owing to the Owner Trustee pursuant
to Sections 11.01 and 11.02; and
   --------------     -----

          (ii)   Second, to be distributed to the Beneficiary.

          Section 4.02.  Payments from Trust Estate Only. All payments to be
                         -------------------------------
made by the Owner Trustee on behalf of the Trust under this Agreement will be
made only from the income and the capital proceeds derived from the Trust Estate
and only to the extent that the Owner Trustee on behalf of the Trust will have
received income or capital proceeds from the Trust Estate. The Beneficiary
agrees that it will look solely to the income and capital proceeds derived from
the Trust Estate (to the extent available for payment as herein provided) and
that, except as specifically provided herein, the Owner Trustee will not be
subject to any liability in its individual capacity under this Agreement to the
Beneficiary or to any other Person.

          Section 4.03.  Method of Payment. All amounts payable to the
                         -----------------
Beneficiary pursuant to this Agreement will be paid by the Owner Trustee on
behalf of the Trust to the Beneficiary or a nominee therefor in such manner as
the Beneficiary may from time to time designate in written instructions to the
Owner Trustee. All funds received by the Owner Trustee on behalf of the Trust
not later than 2:00 p.m. (New York City time) on a Business Day will be applied
by the Owner Trustee on that Business Day. Funds received after that time will
be applied on the next following Business Day.

          Section 4.04.  Establishment of Account. The Beneficiary hereby
                         ------------------------
authorizes the Owner Trustee to establish and maintain an account on behalf of
the Trust into which all funds received by the Owner Trustee on behalf of the
Trust shall be deposited. Such account shall be designated the Beneficiary Trust
Account.

                                   ARTICLE V

                          DUTIES OF THE OWNER TRUSTEE

          Section 5.01.  Action Upon Instructions. (a) It is the intention of
                         ------------------------
the Beneficiary that the powers and duties of the Owner Trustee are to be purely
ministerial only, and that the Beneficiary will have the power to direct the
Owner Trustee as to all nonministerial matters concerning the administration of
the Trust (to the extent such matters are within the powers of the Beneficiary).
Accordingly, subject to subsections 5.01(b), 5.01(c), and Article XII, the
                        -------------------  -------      -----------
Beneficiary will direct the Owner Trustee in the management of the Trust and the
Trust Estate. Such direction shall be exercised at any time only by written
instruction of the Beneficiary delivered to the Owner Trustee pursuant to this
Article V.
---------

                                       9
<PAGE>

          (b)    The Owner Trustee will take such action or actions as may be
specified in any instructions delivered in accordance with subsection 5.01(a);
                                                           ------------------
provided, however, that the Owner Trustee will not be required to take any such
--------  -------
action if the Trustee Bank will have been advised by counsel, that such action
(i) is contrary to the terms hereof or of any document contemplated hereby to
which the Trust or the Owner Trustee is a party or is otherwise contrary to law,
or (ii) is reasonably likely to result in liability on the part of the Trustee
Bank, unless the Trustee Bank will have received additional indemnification or
security satisfactory to the Trustee Bank from the Beneficiary against all
costs, expenses and liabilities arising from the Owner Trustee's taking such
action.

          (c)    The Beneficiary will not direct the Owner Trustee to take or
refrain from taking any action contrary to this Agreement, nor will the Owner
Trustee be obligated to follow any such direction.

          (d)    In the event that the Owner Trustee is unsure as to the
application of any provision of this Agreement or any Transaction Document, or
such provision is ambiguous as to its application, or is, or appears to be, in
conflict with any other applicable provision, or this Agreement permits any
determination by the Owner Trustee or is silent or is incomplete as to the
course of action to be adopted, the Owner Trustee will promptly give notice to
the Beneficiary requesting written instructions as to the course of action to be
adopted and, to the extent the Owner Trustee acts in good faith in accordance
with such written instructions received from the Beneficiary, the Owner Trustee
will not be liable on account of such action to any Person. If the Owner Trustee
will not have received appropriate written instructions within 30 days of such
notice (or within such shorter period of time as reasonably may be specified in
such notice) it may, but shall be under no duty to, take or refrain from taking
such action, not inconsistent with this Agreement, as it deems to be in the best
interests of the Beneficiary, and will have no liability to any Person for such
action or inaction.

          (e)    The Owner Trustee will, subject to this Section 5.01, act in
                                                         ------------
accordance with the instructions given to it by the Beneficiary pursuant to
Section 5.01(b), and to the extent the Owner Trustee acts in good faith in
---------------
accordance with such instructions, the Owner Trustee will not be liable on
account of such action to any Person.

          Section 5.02.  No Duty to Act Under Certain Circumstances.
                         ------------------------------------------
Notwithstanding anything contained herein to the contrary, neither the Trustee
Bank nor the Owner Trustee, except a Trustee Bank authorized as co-trustee, will
be required to take any action in any jurisdiction other than in the State of
Delaware if the taking of such action would (i) require the consent or approval
or authorization or order of or the giving of notice to, or the registration
with or taking of any action in respect of, any state or other governmental
authority or agency of any jurisdiction other than the State of Delaware; (ii)
result in any fee, tax or governmental charge under the laws of any jurisdiction
or any political subdivisions thereof in existence on the date hereof other than
the State of Delaware becoming payable by the Trustee Bank; or (iii) subject the
Trustee Bank to personal jurisdiction in any jurisdiction other than the State
of Delaware for causes of action arising from acts unrelated to the consummation
of the transactions by the Trustee Bank or the Owner Trustee, as the case may
be, contemplated hereby. The Owner Trustee shall be entitled to obtain advice of
counsel (which advice shall be at the expense of the Beneficiary) to determine
whether any action required to be taken pursuant to the Agreement

                                       10
<PAGE>

results in the consequences described in clauses (i), (ii) and (iii) of the
preceding sentence.  In the event that said counsel advises the Owner Trustee
that such action will result in such consequences, the Owner Trustee may, or if
instructed to do so by the Beneficiary, shall appoint an additional trustee
pursuant to Section 8.04 hereby to proceed with such action.
            ------------

          Section 5.03.  No Duties Except Under Specified Agreements or
                         ----------------------------------------------
Instructions.
------------

          (a)    The Owner Trustee will not have any duty or obligation to
manage, control, use, make any payment in respect of, register, record, insure,
inspect, sell, dispose of, create, maintain or perfect any security interest or
title in or otherwise deal with any part of the Trust Estate, prepare, file or
record any document or report (including any tax related filing for any holder
of Notes), or to otherwise take or refrain from taking any action under, or in
connection with, this Agreement, the Trust or any document contemplated hereby
to which the Trust or the Owner Trustee is a party, except as expressly provided
by the terms of this Agreement or in written instructions from the Beneficiary
received pursuant to Section 5.01; and no implied duties or obligations will be
                     ------------
read into this Agreement against the Owner Trustee. Unless otherwise directed by
the Beneficiary in accordance with Section 5.01(a), the Owner Trustee shall have
                                   ---------------
no obligation or duty to take any action the Trust is authorized and empowered
to take pursuant to Section 2.03(a). The Owner Trustee nevertheless agrees that
                    ---------------
it will, in its individual capacity and at its own cost and expense, promptly
take all action as may be necessary to discharge any lien, pledge, security
interest or other encumbrance on any part of the Trust Estate which results from
actions by or claims against the Trustee Bank not related to the ownership of
any part of the Trust Estate.

          (b)    The Owner Trustee agrees that it will not manage, control, use,
lease, sell, dispose of or otherwise deal with any part of the Trust Estate
except (i) in accordance with the powers granted to, or the authority conferred
upon, the Owner Trustee pursuant to this Trust Agreement, or (ii) in accordance
with the express terms hereof or with written instructions from the Beneficiary
pursuant to Section 5.01. Unless otherwise directed by the Beneficiary in
            ------------
accordance with Section 5.01(a), the Owner Trustee shall not be required to
                ---------------
perform any obligations or duties of the Trust under the Indenture, which duties
and obligations shall be the sole responsibility of the Beneficiary.

          Section 5.04.  Trust Operation.   The operations of the Trust will be
                         ---------------
conducted in accordance with the following standards:

          (a)    the Trust will act solely in its own name through the Owner
Trustee or the Beneficiary;

          (b)    the Trust will not incur any indebtedness for money borrowed or
incur any obligations except in connection with the purposes set forth in
Section 2.03 of this Agreement;
------------

          (c)    the Trust's funds and assets will at all times be maintained
separately from those of the Beneficiary and its affiliates;

          (d)    the Trust will take all reasonable steps to continue its
identity as a separate legal entity and to make it apparent to third persons
that it is an entity with assets and liability distinct from those of the
Beneficiary, the Beneficiary's affiliates or any other third person, and

                                       11
<PAGE>

will use stationery and other business forms of the Owner Trustee or the Trust
and not that of the Beneficiary or any of its affiliates, and will use its best
efforts to avoid the appearance (i) of conducting business on behalf of the
Beneficiary or any affiliates thereof, or (ii) that the assets of the Trust are
available to pay the creditors of the Beneficiary or any affiliates thereof;

          (e)    the Trust will not hold itself out as being liable for the
debts of the Beneficiary or any affiliates thereof;

          (f)    the Trust will not engage in any transaction with the
Beneficiary or any affiliates thereof, except as required, or specifically
permitted, by this Agreement or unless such transaction is otherwise on terms
neither more favorable nor less favorable than the terms and conditions
available at the time to the Trust for comparable transactions with other
Persons; and

          (g)    the Trust will not enter into any voluntary bankruptcy or
insolvency proceeding without a finding by the Owner Trustee that the Trust's
liabilities exceeds its assets or that the Trust is unable to pay its debts in a
timely manner as they become due.

          Section 5.05.  Execution of Documents. The Owner Trustee will, at the
                         ----------------------
written direction of the Beneficiary, execute and deliver on behalf of the Trust
such instruments, agreements and certificates contemplated hereby to which the
Trust is a party (such direction to be conclusively evidenced by the Owner
Trustee's execution and delivery of such documents to, and acceptance by, the
Beneficiary or its counsel).

          Section 5.06.  Nonpetition Covenants.   Notwithstanding any prior
                         ---------------------
termination of the Trust or this Agreement, each of the Owner Trustee and the
Beneficiary covenants and agrees that it shall not at any time with respect to
the Trust or the Master Trust acquiesce, petition or otherwise invoke or cause
the Trust or the Master Trust to invoke the process of any court or government
authority for the purpose of commencing or sustaining a case against the Trust
or the Master Trust under any Federal or state bankruptcy, insolvency or similar
law or appointing a receiver, conservator, liquidator, assignee, trustee,
custodian, sequestrator or other similar official of the Trust or the Master
Trust or any substantial part of its property, or ordering the winding up or
liquidation of the affairs of the Trust or the Master Trust; provided, however,
                                                             --------  -------
that this Section 5.06 shall not operate to preclude any remedy described in
          ------------
Article VII of the Indenture.
-----------

                                  ARTICLE VI

                          CONCERNING THE TRUSTEE BANK

          Section 6.01.  Acceptance of Trust and Duties. The Trustee Bank
                         ------------------------------
accepts the trust hereby created and agrees to perform the same but only upon
the terms of this Agreement. The Trustee Bank also agrees to disburse all moneys
actually received by it constituting part of the Trust Estate in accordance with
the terms of this Agreement. The Trustee Bank will not be answerable or
accountable under any circumstances in its individual capacity, except (i) for
its own willful misconduct, bad faith or negligence, (ii) in the case of the
inaccuracy of any representation or warranty contained in Section 6.07, (iii)
                                                          ------------
for the failure by the Owner Trustee to perform obligations expressly undertaken
by it in the last sentence of subsection 5.03(a), or
                              ------------------

                                       12
<PAGE>

(iv) for taxes, fees or other charges on, based on or measured by, any fees,
commissions or other compensation earned by the Trustee Bank for acting as
trustee hereunder. In particular, but not by way of limitation:

          (a)    The Trustee Bank will not be personally liable for any error of
judgment made in good faith by an authorized officer of the Owner Trustee so
long as the same will not constitute negligence, bad faith or willful
misconduct;

          (b)    The Trustee Bank will not be personally liable with respect to
any action taken or omitted to be taken by the Owner Trustee in good faith in
accordance with the instructions of the Beneficiary;

          (c)    No provision of this Agreement or any Transaction Document will
require the Trustee Bank to expend or risk its personal funds or otherwise incur
any financial liability in the performance of any of its rights or powers
hereunder, if the Trustee Bank will have reasonable grounds for believing that
repayment of such funds or adequate indemnity against such risk or liability is
not reasonably assured or provided to it, including such advances as the Trustee
Bank may reasonably request;

          (d)    Under no circumstance will the Trustee Bank be personally
liable for the accuracy or performance of any representation, warranty,
covenant, agreement or other obligation, including any indebtedness, of the
Trust;

          (e)    The Trustee Bank will not be personally responsible or liable
for or in respect of the validity or sufficiency of this Agreement or for the
due execution hereof by the Beneficiary or with respect to any agreement entered
into by the Trust;

          (f)    Under no circumstances will the Trustee Bank be responsible or
liable for the action or inaction of the Beneficiary, nor will the Trustee Bank
be responsible for monitoring the performance of the Beneficiary's duties
hereunder or of any other Person acting for or on behalf of the Trust;

          (g)    In no event shall the Trustee Bank be personally liable (i) for
special, consequential or punitive damages unless such damages result from its
willful misconduct or gross negligence, (ii) for the acts or omissions of its
nominees, correspondents, clearing agencies or securities depositories, (iii)
for the acts or omissions of brokers or dealers, and (iv) for any losses due to
forces beyond the control of the Trustee Bank, including strikes, work
stoppages, acts of war or terrorism, insurrection, revolution, nuclear or
natural catastrophes or acts of God and interruptions, loss or malfunctions of
utilities, communications or computer (software and hardware) services.  The
Trustee Bank shall have no responsibility for the accuracy of any information
provided to the Beneficiary or any other Person that has been obtained from, or
provided to the Trustee Bank by, any other Person;

          (h)    the Trustee Bank shall not be liable for the default or
misconduct of the Indenture Trustee under any of the Transaction Documents or
otherwise, and the Trustee Bank shall have no obligation or liability to perform
the obligations of the Trust under this Agreement or the Transaction Documents,
in each case that are required to be performed by the Indenture Trustee under
the Indenture; and

                                       13
<PAGE>

          (i)    the Trustee Bank shall be under no obligation to exercise any
of the rights or powers vested in it by this agreement, or to institute, conduct
or defend any litigation under this Agreement or otherwise or in relation to
this Agreement or any Transaction Document, at the request, order or direction
of the Beneficiary, unless the Beneficiary has offered to the Trustee Bank
security or indemnity satisfactory to it against the costs, expenses and
liabilities that may be incurred by the Trustee Bank therein or thereby. The
right of the Trustee Bank to perform any discretionary act enumerated in this
Agreement or in any Transaction Document shall not be construed as a duty, and
the Trustee Bank shall not be answerable for other than its negligence or
willful misconduct in the performance of any such act.

          Section 6.02.  Furnishing of Documents. The Owner Trustee will furnish
                         -----------------------
to the Beneficiary, within a reasonable time under the circumstances after
receipt thereof, duplicates or copies of all reports, notices, requests,
demands, certificates, financial statements and any other instruments furnished
to the Owner Trustee with respect to the Trust or the Trust Estate.

          Section 6.03.  Representations and Warranties as to the Trust Estate.
                         -----------------------------------------------------
The Owner Trustee makes no representation or warranty as to, and shall not be
liable for, the title, value, condition, design, operation, merchantability or
fitness for use of the Trust Estate (or any part thereof) or any other
representation or warranty, express or implied, whatsoever with respect to the
Trust Estate (or any part thereof) except that the Owner Trustee, in its
individual capacity, hereby represents and warrants to the Beneficiary that it
will comply with the last sentence of subsection 5.03(a).
                                      ------------------

          Section 6.04.  Signature of Returns.   At the written direction of the
                         --------------------
Beneficiary, the Owner Trustee will sign on behalf of the Trust any Periodic
Filings of the Trust or other documents relating to the Trust prepared by, or on
behalf of, the Beneficiary.

          Section 6.05.  Reliance; Advice of Counsel. The Owner Trustee will
                         ---------------------------
incur no liability to anyone in acting upon any signature, instrument, notice,
resolution, request, consent, order, certificate, report, opinion, bond or other
document or paper believed by it to be genuine and believed by it to be signed
by the proper party or parties. The Owner Trustee may accept a certified copy of
a resolution of the board of directors or other governing body of any entity as
conclusive evidence that such resolution has been duly adopted by such body and
that the same is in full force and effect. As to any fact or matter the manner
of ascertainment of which is not specifically prescribed herein, the Owner
Trustee may for all purposes rely on an officer's certificate of the relevant
party, as to such fact or matter, and such officer's certificate will constitute
full protection to the Owner Trustee for any action taken or omitted to be taken
by it in good faith in reliance thereon. In the administration of the Trust, the
Owner Trustee may, at the expense of the Trust (i) execute the trust or any of
the powers hereof and perform its powers and duties hereunder directly or
through agents or attorneys, and the Owner Trustee will not be liable for the
default or misconduct of any agent or attorney appointed by it in good faith;
and (ii) consult with counsel, accountants and other skilled persons to be
selected and employed by it, and the Owner Trustee will not be liable for
anything done, suffered or omitted in good faith by it in accordance with the
advice or opinion of any such counsel, accountants or other skilled persons.

                                       14
<PAGE>

          Section 6.06.  Not Acting in Individual Capacity. Except as provided
                         ---------------------------------
in this Article VI, in accepting the trust hereby created the Trustee Bank acts
        ----------
solely as Owner Trustee hereunder and not in its individual capacity; and all
Persons having any claim against the Trust or the Owner Trustee, whether by
reason of the transactions contemplated by this Agreement or otherwise, will
look only to the Trust Estate (or a part thereof, as the case may be) for
payment or satisfaction thereof, except as specifically provided in this Article
                                                                         -------
VI.
--

          Section 6.07.  Representations and Warranties. The Trustee Bank, other
                         ------------------------------
than a Trustee Bank appointed as a co-trustee, hereby represents and warrants to
the Beneficiary that:

          (a)    The Trustee Bank is a Delaware banking corporation duly
organized and validly existing in good standing under the laws of the State of
Delaware. The Trustee Bank has all requisite corporate power and authority to
execute, deliver and perform its obligations under this Agreement.

          (b)    The Trustee Bank has taken all corporate action necessary to
authorize the execution and delivery by it of this Agreement, and this Agreement
will be executed and delivered by one of its officers who is duly authorized to
execute and deliver this Agreement on its behalf.

          (c)    Neither the execution nor the delivery by it of this Agreement,
nor the consummation by it of the transactions contemplated hereby nor
compliance by the Trustee Bank with any of the terms or provisions hereof will
contravene any federal or Delaware law, governmental rule or regulation
governing the banking or trust powers of the Owner Trustee or any judgment or
order binding on the Trustee Bank, or constitute any default under its charter
documents or by-laws or any indenture, mortgage, contract, agreement or
instrument to which the Trustee Bank is a party or by which any of the Trustee
Bank's properties may be bound.

          (d)    The Trustee Bank complies with all of the requirements of
Chapter 38, Title 12 of the Delaware Code relating to the qualification of a
trustee of a Delaware business trust.

                                  ARTICLE VII

                        TERMINATION OF TRUST AGREEMENT

          Section 7.01.  Termination. This Agreement will terminate and the
                         -----------
Trust created hereby will automatically dissolve and terminate, and this
Agreement will be of no further force or effect, upon the sale or other final
disposition by the Trust of all property constituting part of the Trust Estate
and the final distribution to the Beneficiary of all moneys or other property or
proceeds constituting part of the Trust Estate in accordance with the terms of
Article IV.
----------

          Section 7.02.  Certificate of Cancellation. Upon the termination of
                         ---------------------------
the Trust and written instruction from the Beneficiary, the Owner Trustee will
file a certificate of cancellation with the Secretary of State.

                                       15
<PAGE>

                                 ARTICLE VIII

                     SUCCESSOR OWNER TRUSTEES, CO-TRUSTEES
                          AND SEPARATE OWNER TRUSTEES

          Section 8.01.  Resignation and Removal of the Owner Trustee;
                         ---------------------------------------------
Appointment of Successors. Upon the occurrence of a Disqualification Event with
-------------------------
respect to the Owner Trustee, the Beneficiary may appoint a successor Owner
Trustee by an instrument signed by the Beneficiary. If a successor Owner Trustee
has not been appointed within 30 days after the giving of written notice of such
resignation or the delivery of the written instrument with respect to such
removal, the Owner Trustee or the Beneficiary may apply to any court of
competent jurisdiction to appoint a successor Owner Trustee to act until such
time, if any, as a successor Owner Trustee has been appointed as above provided.
Any successor Owner Trustee so appointed by such court will immediately and
without further act be superseded by any successor Owner Trustee appointed as
above provided within one year from the date of the appointment by such court.
The Owner Trustee may resign at any time without cause by giving at least 30
days' prior written notice to the Beneficiary. In addition, the Beneficiary may
at any time remove the Owner Trustee without cause by an instrument in writing
delivered to the Owner Trustee. No such removal or resignation shall become
effective until a successor Owner Trustee, however appointed, becomes vested as
Owner Trustee hereunder pursuant to Section 8.02. The Beneficiary will notify
                                    ------------
the Note Rating Agencies promptly after the resignation or removal of the Owner
Trustee and promptly after the appointment of a successor Owner Trustee.

          Section 8.02.  Transfer Procedures. Any successor Owner Trustee,
                         -------------------
however appointed, will execute and deliver to the predecessor Owner Trustee an
instrument accepting such appointment, and such other documents of transfer as
may be necessary, and thereupon such successor Owner Trustee, without further
act, will become vested with all the estates, properties, rights, powers, duties
and trust of the predecessor Owner Trustee in the trust hereunder with like
effect as if originally named an Owner Trustee herein and the predecessor Owner
Trustee will be fully discharged of its duties and obligations to serve as Owner
Trustee hereunder. The predecessor Owner Trustee shall promptly deliver to the
successor Owner Trustee all documents, statements and monies held by it under
this Agreement. The successor Owner Trustee shall promptly file an amendment to
the Certificate of Trust with the Secretary of State identifying the name and
principal place of business of such successor Owner Trustee in the State of
Delaware.

          Section 8.03.  Qualification of Owner Trustee. Any Owner Trustee will
                         ------------------------------
at all times (i) be a trust company or a banking corporation under the laws of
its state of incorporation or a national banking association, having all
corporate powers and all material governmental licenses, authorizations,
consents and approvals required to carry on a trust business in the State of
Delaware, (ii) comply with Section 3807 (and any other applicable Section) of
the Delaware Code relating to the treatment of Delaware Business Trusts (Title
12, Chapter 38), (iii) have a combined capital and surplus of not less than
$50,000,000 (or have its obligations and liabilities irrevocably and
unconditionally guaranteed by an affiliated Person having a combined capital and
surplus of at least $50,000,000) and (iv) have (or have a parent which has) a
rating of at least Baa3 by Moody's, at least BBB- by Standard & Poor's or, if
not rated, otherwise satisfactory to each Note Rating Agency.

                                       16
<PAGE>

          Section 8.04.  Co-trustees and Separate Owner Trustees. Whenever the
                         ---------------------------------------
Owner Trustee or the Beneficiary will deem it necessary or prudent in order
either to conform to any law of any jurisdiction in which all or any part of the
Trust Estate will be situated or to make any claim or bring any suit with
respect to the Trust Estate, or whenever the Owner Trustee or the Beneficiary
will be advised by counsel satisfactory to them that such action is necessary or
prudent, the Owner Trustee and the Beneficiary will execute and deliver an
agreement supplemental hereto and all other instruments and agreements, and will
take all other actions, necessary or proper to appoint one or more Persons
either as co-trustee or co-trustees jointly with the Owner Trustee of all or any
part of the Trust Estate, or as a separate trustee or separate trustees of all
or any part of the Trust Estate, and to vest in such Persons, in such capacity,
such title to the Trust Estate or any part thereof, and such rights or duties,
as may be necessary or desirable, all for such period and under such terms and
conditions as are satisfactory to the Owner Trustee and the Beneficiary. In case
a Disqualification Event will occur with respect to any such co-trustee or
separate trustee, the title to the Trust Estate and all rights and duties of
such co-trustee or separate trustee will, so far as permitted by law, vest in
and be exercised by the Owner Trustee, without the appointment of a successor to
such co-trustee or separate trustee.

                                  ARTICLE IX

                                  AMENDMENTS

          Section 9.01.  Amendments.
                         ----------

          (a)    This Agreement may be amended from time to time, by a written
instrument executed by the Owner Trustee, at the written direction of the
Beneficiary, and the Beneficiary, without the consent of the Indenture Trustee
or any Noteholders, upon issuance of a Master Trust Tax Opinion and an Issuer
Tax Opinion (each as defined in the Indenture), which shall not be expenses of
the Owner Trustee or Trustee Bank, and in compliance with Article X of the
                                                          ---------
Indenture; provided, however, that no such amendment shall increase the duties
           --------  -------
or obligations of the Owner Trustee under this Agreement or decrease its rights
or benefits hereunder, without the consent of the Owner Trustee, which consent
shall be evidenced by the Owner Trustee's execution of such amendment.
Additionally, notwithstanding the preceding sentence or any provision of Article
                                                                         -------
X of the Indenture to the contrary, this Agreement will be amended without the
-
consent of the Indenture Trustee or any of the Noteholders to add, modify or
eliminate such provisions as may be necessary or advisable in order to enable
all or a portion of the Trust (i) to qualify as, and to permit an election to be
made to cause the Trust to be treated as, a "financial asset securitization
investment trust" as described in the provisions of Section 860L of the Code,
(ii) to enable the Trust to qualify as a partnership for purposes of any state
tax laws or otherwise to avoid the imposition of state or local income or
franchise taxes imposed on the Trust's property or its income and (iii) to
prevent assets of the Trust from being deemed "plan assets" of Noteholders that
are employee benefit or other plans subject to ERISA or Section 4975 of the
Internal Revenue Code; 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 will not have an
Adverse Effect and is not reasonably expected to have an Adverse Effect at any
time in the future, (ii) the Note Rating Agencies have provided written
confirmation that such amendment will not have a Ratings Effect, and (iii) such

                                       17
<PAGE>

amendment does not affect the rights, benefits, protections, privileges,
immunities, duties or obligations of the Owner Trustee hereunder.

          (b)    If in the opinion of the Owner Trustee any instrument required
to be executed adversely affects any right, duty or liability of, or immunity or
indemnify in favor of, the Owner Trustee or the Trustee Bank under this
Agreement or any of the documents contemplated hereby, or would cause or result
in any conflict with or breach of any terms, conditions or provisions of, or
default under, the charter documents or by-laws of the Trustee Bank, the Owner
Trustee may in its good faith discretion decline to execute such instrument.

                                   ARTICLE X

                     OWNERSHIP INTERESTS AND CERTIFICATES

          Section 10.01. Issuance of Trust Certificates. (a) Promptly following
                         ------------------------------
the execution and delivery of this Agreement, the Owner Trustee on behalf of the
Trust will issue and deliver to the Beneficiary a certificate of beneficial
ownership of the Trust Estate substantially in the form of Exhibit A hereto (the
                                                           ---------
"Trust Certificate") evidencing the Beneficiary's ownership interest (the
 -----------------
"Ownership Interest") in the Trust.
 ------------------

          (b)    The Trust Certificate will be executed by manual signature on
behalf of the Trust by an authorized officer of the Owner Trustee. A Trust
Certificate bearing the manual signature of an individual who was, at the time
when such signature was affixed, an authorized officer will bind the Trust,
notwithstanding that such individual has ceased to be so authorized prior to the
delivery of such Trust Certificate. The Trust Certificate will be dated the date
of its execution.

          (c)    The Beneficiary will be entitled to all rights provided to it
under this Agreement and in the Trust Certificate and will be subject to the
terms and conditions contained in this Agreement and in the Trust Certificate.

          (d)    The Owner Trustee will maintain at its office referred to in
Section 2.07, or at the office of any agent appointed by it and approved in
------------
writing by the Beneficiary, a register for the registration of the Trust
Certificate. Such register will show the name and address of the holder of the
Trust Certificate, and the Owner Trustee will treat such register as definitive
and binding for all purposes hereunder.

          Section 10.02. Beneficial Interest; Prohibitions on Transfer. (a)  The
                         ---------------------------------------------
Ownership Interest will initially be beneficially owned by MBNA.  Transfers of
the Ownership Interest and the Trust Certificate may be made between MBNA and
any other Person who is an Affiliate of MBNA (a "Permitted Affiliate
                                                 -------------------
Transferee") upon delivery to the Master Trust Trustee and the Owner Trustee of
----------
a Master Trust Tax Opinion and an Issuer Tax Opinion, respectively, with respect
to such transfer.  The Beneficiary may not sell, participate, transfer, assign,
exchange or otherwise pledge or convey all or any part of its right, title and
interest in and to the Trust Certificate or its Ownership Interest to any other
Person, except (i) to any Permitted Affiliate Transferee, or (ii) to the extent
a corresponding transfer of the Series 2001-__ Certificate would be permitted by
the Pooling and Servicing Agreement.  Any purported transfer by the

                                       18
<PAGE>

Beneficiary of all or any part of its right, title and interest in and to the
Trust Certificate or its Ownership Interest by the Beneficiary to any Person,
which is not in compliance with the terms of this Section 10.02, will be null
                                                  -------------
and void.

          (b)    The Trust Certificate will bear a legend setting forth the
restriction on the transferability of the Ownership Interest substantially as
follows:

     "THIS CERTIFICATE OF BENEFICIAL INTEREST MAY NOT BE TRANSFERRED,
     ASSIGNED, EXCHANGED OR OTHERWISE PLEDGED OR CONVEYED EXCEPT IN
     COMPLIANCE WITH THE TERMS OF THE TRUST AGREEMENT REFERRED TO
     BELOW. IN ADDITION, THE BENEFICIAL INTEREST IN THE TRUST
     REPRESENTED BY THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE
     REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
     "ACT") OR ANY STATE SECURITIES LAWS AND MAY NOT BE DIRECTLY OR
      ---
     INDIRECTLY OFFERED OR SOLD OR OTHERWISE DISPOSED OF BY THE HOLDER
     HEREOF UNLESS SUCH TRANSACTION IS EXEMPT FROM REGISTRATION UNDER
     THE ACT, THE INVESTMENT COMPANY ACT OF 1940, AS AMENDED AND
     APPLICABLE STATE SECURITIES LAWS."

          (c)    The Owner Trustee shall not be required to ascertain whether
any purported transfer of the Ownership Interest and the Trust Certificate
complies with the Securities Act.

          Section 10.03. Lost or Destroyed Trust Certificate.  If the Trust
                         -----------------------------------
Certificate will become mutilated, destroyed, lost or stolen, the Owner Trustee
on behalf of the Trust will, upon the written request of the Beneficiary, and
compliance with all applicable terms of this paragraph, execute and deliver to
such holder in replacement thereof a new Trust Certificate dated the same date
as on the Trust Certificate so mutilated, destroyed, lost or stolen.  If the
Trust Certificate being replaced has been mutilated, destroyed, lost or stolen,
the Beneficiary will furnish to the Owner Trustee such security or indemnity as
may be required by the Owner Trustee to save the Owner Trustee harmless from any
damage, loss or liability in connection with such Trust Certificate, and the
Owner Trustee may require from the Beneficiary payment of a sum to reimburse the
Owner Trustee for, or to provide funds for, the payment of any costs, fees and
expenses and any tax or other governmental charge in connection therewith and
any charges paid or payable by the Owner Trustee.

                                  ARTICLE XI

               COMPENSATION OF OWNER TRUSTEE AND INDEMNIFICATION

          Section 11.01. Owner Trustee's Fees and Expenses. To the extent funds
                         ---------------------------------
are available pursuant to Section 4.01, the Trust will (i) pay to the Trustee
                          ------------
Bank all fees and other charges described in a separate fee agreement dated as
of the date hereof between the Trust and the Trustee Bank promptly when due
thereunder and (ii) reimburse the Trustee Bank for all other

                                       19
<PAGE>

reasonable out-of-pocket costs and expenses (including reasonable fees and
expenses of counsel) incurred by it in connection with its acting as Owner
Trustee of the Trust.

          Section 11.02. Indemnification. To the extent funds are available
                         ---------------
pursuant to Section 4.01, the Trust hereby agrees, whether or not any of the
            ------------
transactions contemplated by this Agreement will be consummated, to assume
liability for, and hereby indemnifies, protects, saves and keeps harmless the
Trustee Bank and its officers, directors, successors, assigns, legal
representatives, agents and servants (each an "Indemnified Person"), from and
                                               ------------------
against any and all liabilities, obligations, losses, damages, penalties, taxes,
claims, actions, investigations, proceedings, costs, expenses or disbursements
(including reasonable legal fees and expenses) of any kind and nature whatsoever
which may be imposed on, incurred by or asserted at any time against an
Indemnified Person (whether or not also indemnified against by any other person)
in any way relating to or arising out of (i) this Agreement or any other related
documents or the enforcement of any of the terms of any thereof, the
administration of the Trust Estate or the action or inaction of the Owner
Trustee, or the Trustee Bank under this Agreement, and (ii) the manufacture,
purchase, acceptance, nonacceptance, rejection, ownership, delivery, lease,
possession, use, operation, condition, sale, return or other disposition of any
property (including any strict liability, any liability without fault and any
latent and other defects, whether or not discoverable), except, in any such
case, to the extent that any such liabilities, obligations, losses, damages,
penalties, taxes, claims, actions, investigations, proceedings, costs, expenses
and disbursements are the result of any of the matters described in the third
sentence of Section 6.01 hereof; provided, however, that the Trust shall not be
            ------------         --------  -------
liable for or required to indemnify an Indemnified Person from and against
expenses arising or resulting from (i) the Indemnified Party's own willful
misconduct, bad faith or negligence, or (ii) the inaccuracy of any
representation or warranty contained in Section 6.07 made by the Indemnified
                                        ------------
Person.

     In case any such action, investigation or proceeding will be brought
involving an Indemnified Person, the Trust will assume the defense thereof,
including the employment of counsel and the payment of all expenses.  The
Trustee Bank will have the right to employ separate counsel in any such action,
investigation or proceeding and to participate in the defense thereof and the
reasonable counsel fees and expenses of such counsel will be paid by the Trust.
In the  event of any claim, action or proceeding for which indemnity will be
sought pursuant to this Section, the Owner Trustee's choice of legal counsel
shall be subject to the approval of the Beneficiary, which approval shall not be
unreasonably withheld.

     The indemnification set forth herein will survive the termination of this
Agreement and the resignation or removal of the Owner Trustee.

                                  ARTICLE XII

                                 MISCELLANEOUS

          Section 12.01. Conveyance by the Owner Trustee is Binding. Any sale or
                         ------------------------------------------
other conveyance of any part of the Trust Estate by the Owner Trustee made
pursuant to the terms of this Agreement will bind the Beneficiary and will be
effective to transfer or convey all beneficial interest of the Owner Trustee and
Beneficiary in and to such part of the Trust Estate, as the case may be.  No
purchaser or other grantee will be required to inquire as to the authorization,

                                       20
<PAGE>

necessity, expediency or regularity of such sale or conveyance or as to the
application of any sale or other proceeds with respect thereto by the Owner
Trustee or the officers.

          Section 12.02. Instructions; Notices. All instructions, notices,
                         ---------------------
requests or other communications ("Deliveries") desired or required to be given
                                   ----------
under this Agreement will be in writing and will be sent by (a) certified or
registered mail, return receipt requested, postage prepaid, (b) national prepaid
overnight delivery service, (c) telecopy or other facsimile transmission or (d)
personal delivery, with receipt acknowledged in writing, to the following
addresses:

          (i)       if to MBNA:

                    MBNA America Bank, National Association
                    400 Christiana Road
                    Newark, DE 19713
                    Attention: Jack Fioravanti
                    Facsimile: (302) ___-____

          (ii)      if to the Owner Trustee:

                    Wilmington Trust Company
                    Rodney Square North
                    1100 North Market Street
                    Wilmington, Delaware 19890-0001
                    Attention: Corporate Trust Administration
                    Facsimile: (302) 651-8882

     All Deliveries will be deemed given when actually received or refused by
the party to whom the same is directed (except to the extent sent by certified
or registered mail, return receipt requested, postage prepaid, in which event
such Deliveries will be deemed given three days after the date of mailing and
except to the extent sent by telecopy or other facsimile transmission, in which
event such Deliveries will be deemed given when answer back is received).
Either party may designate a change of address or supplemental address by notice
to the other party, given at least 15 days before such change of address is to
become effective.

          Section 12.03. Severability.  Any provision of this Agreement which is
                         ------------
prohibited or unenforceable in any jurisdiction will, as to such jurisdiction,
be ineffective to the extent of such prohibition or unenforceability without
invalidating the remaining provisions hereof, and any such prohibition or
unenforceability in any jurisdiction will not invalidate or render unenforceable
any provision hereof in any other jurisdiction.

          Section 12.04. Limitation of Liability. (a) Neither the Beneficiary
                         -----------------------
nor any officer, director, employee, agent, partner, shareholder, trustee or
principal of (i) the Beneficiary, (ii) the Trust or (iii) any Person owning,
directly or indirectly, any legal or beneficial interest in the Beneficiary,
will have any liability or obligation with respect to the Trust or the
performance of this Agreement or any other agreement, document or instrument
executed by the Trust, and the creditors of the Trust and all other Persons will
look solely to the Trust Estate for the

                                       21
<PAGE>

satisfaction of any claims with respect thereto. The foregoing limitation of
liability is subject to Section 12.06 and is in addition to, and not exclusive
                        -------------
of, any limitation of liability applicable to the Persons referred to above by
operation of law.

          (b)    All agreements entered into by the Trust under which the Trust
would have any material liability will contain an exculpatory provision
substantially to the following effect:

          Neither any trustee nor any beneficiary of MBNA
          Credit Card Note Trust nor any of their respective
          officers, directors, employers or agents will have any
          liability with respect to this agreement, and recourse
          may be had solely to the assets of MBNA Credit
          Card Note Trust with respect thereto.

          Section 12.05. Separate Counterparts. This Agreement may be executed
                         ---------------------
by the parties hereto in separate counterparts, each of which when so executed
and delivered will be an original, but all such counterparts will together
constitute but one and the same instrument.

          Section 12.06. Successors and Assigns.  All covenants and agreements
                         ----------------------
contained herein will be binding upon, and inure to the benefit of, the Owner
Trustee and its successors and assigns and the Beneficiary and their successors
and permitted assigns, all as herein provided.  Any request, notice, direction,
consent, waiver or other instrument or action by the Beneficiary will bind the
successors and assigns of the Beneficiary.

          Section 12.07. Headings. The headings of the various Sections herein
                         --------
are for convenience of reference only and will not limit any of the terms or
provisions herein.

          Section 12.08. Governing Law.  THIS AGREEMENT WILL BE GOVERNED BY, AND
                         -------------
CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF DELAWARE WITHOUT REGARD
TO CONFLICTS OF LAW PRINCIPLES OF SUCH STATE.

          Section 12.09. No Recourse.  The holder of the Trust Certificate by
                         -----------
accepting the Trust Certificate acknowledges that the Trust Certificate does not
represent an interest in or obligation of the Beneficiary, the Owner Trustee (in
its individual capacity), the Indenture Trustee or any Affiliate thereof, and no
recourse may be had against such parties or their assets, or against the assets
pledged under the Indenture.

          Section 12.10. Acceptance of Terms of Agreement.  THE RECEIPT AND
                         --------------------------------
ACCEPTANCE OF THE TRUST CERTIFICATE BY THE BENEFICIARY, WITHOUT ANY SIGNATURE OR
FURTHER MANIFESTATION OF ASSENT, SHALL CONSTITUTE THE UNCONDITIONAL ACCEPTANCE
BY THE BENEFICIARY OF ALL THE TERMS AND PROVISIONS OF THIS AGREEMENT, AND SHALL
CONSTITUTE THE AGREEMENT OF THE TRUST THAT THE TERMS AND PROVISIONS OF THIS
AGREEMENT SHALL BE BINDING, OPERATIVE AND EFFECTIVE AS BETWEEN THE TRUST AND THE
BENEFICIARY.

                          [Signature Page to Follow]

                                       22
<PAGE>

     IN WITNESS WHEREOF, the parties hereto have each caused this Agreement to
be duly executed, by their respective officers hereunto duly authorized all as
of the day and year first above written.

                                             WILMINGTON TRUST COMPANY, as
                                             Owner Trustee

                                             By:_________________
                                                Name:
                                                Title:

                                             MBNA AMERICA BANK, NATIONAL
                                             ASSOCIATION

                                             By:__________________
                                                Name:
                                                Title:

    [Signature Page to MBNA Credit Card Master Note Trust Trust Agreement]
<PAGE>

                                                                       EXHIBIT A

                           FORM OF TRUST CERTIFICATE

THIS CERTIFICATE OF BENEFICIAL INTEREST MAY NOT BE TRANSFERRED, ASSIGNED,
EXCHANGED OR OTHERWISE PLEDGED OR CONVEYED EXCEPT IN COMPLIANCE WITH THE TERMS
OF THE TRUST AGREEMENT REFERRED TO BELOW.  IN ADDITION, THE BENEFICIAL INTEREST
IN THE TRUST REPRESENTED BY THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "ACT") OR ANY STATE
                                                              ---
SECURITIES LAWS AND MAY NOT BE DIRECTLY OR INDIRECTLY OFFERED OR SOLD OR
OTHERWISE DISPOSED OF BY THE HOLDER HEREOF UNLESS SUCH TRANSACTION IS EXEMPT
FROM REGISTRATION UNDER THE ACT, THE INVESTMENT COMPANY ACT OF 1940, AS AMENDED
AND APPLICABLE STATE SECURITIES LAWS.

                      MBNA CREDIT CARD MASTER NOTE TRUST

                      CERTIFICATE OF BENEFICIAL INTEREST

                       UNDER TRUST AGREEMENT DATED AS OF

                               ________ __, ____

Certificate No.  [____]                            _______________ __,

     Wilmington Trust Company, a Delaware banking corporation, not in its
individual capacity but solely as trustee (the "Owner Trustee") under a Trust
                                                -------------
Agreement dated as of _______________ __, __________ (the "Trust Agreement"),
                                                           ---------------
between MBNA America Bank, National Association, as Beneficiary, and the Owner
Trustee, hereby certifies on behalf of the Trust that MBNA is the owner (the
"Owner") of the Ownership Interest in the Trust provided for and created by the
 -----
Trust Agreement.  This Certificate of Beneficial Interest is issued pursuant to
and is entitled to the benefits of the Trust Agreement, and the Owner hereof by
acceptance hereof agrees to be bound by the terms of the Trust Agreement.
Reference is hereby made to the Trust Agreement for a statement of the rights
and obligations of the Owner hereof.  The Owner Trustee may treat the Person in
whose name this Certificate of Beneficial Interest is registered on the note
register maintained by the Owner Trustee pursuant to Section 10.01(d) of the
                                                     ----------------
Trust Agreement as the absolute Owner hereof for all purposes.

     Capitalized terms used but not defined herein have the meanings ascribed to
them in or by reference to the Trust Agreement.

     THIS CERTIFICATE OF BENEFICIAL INTEREST AND THE TRUST AGREEMENT WILL IN ALL
RESPECTS BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE
OF DELAWARE, WITHOUT REGARD TO ANY CONFLICT-OF-LAW PROVISIONS.

                                      A-1
<PAGE>

     IN WITNESS WHEREOF, the Owner Trustee, on behalf of the Trust and not in
its individual capacity pursuant to the Trust Agreement, has caused this
Certificate of Beneficial Interest to be issued by the Trust as of the date
hereof.

                              MBNA CREDIT CARD MASTER NOTE TRUST,

                              By:  WILMINGTON TRUST COMPANY, as Owner Trustee
                              under Trust Agreement, and not in its individual
                              capacity

                              By:____________________
                                 Name:
                                 Title:

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