Document:

Exhibit 4.3

 EXHIBIT 4.3 
  

COMPOSITE COPY 
  

 
 MBNA CREDIT CARD MASTER NOTE TRUST 
  
 as Issuer 
  
 and 
  
 THE BANK OF NEW YORK 
  
 as Indenture Trustee 
  

  
 INDENTURE 
  
 dated as of May 24, 2001 
  

  
  

 TABLE OF CONTENTS 
  

					
	 	 	 	  	Page

	ARTICLE I	 	DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION	  	3
		
	 Section 101. Definitions
	  	3
		
	 Section 102. Compliance Certificates and Opinions
	  	19
		
	 Section 103. Form of Documents Delivered to Indenture Trustee
	  	20
		
	 Section 104. Acts of Noteholders
	  	20
		
	 Section 105. Notices, etc., to Indenture Trustee and Issuer
	  	22
		
	 Section 106. Notices to Noteholders; Waiver
	  	22
		
	 Section 107. Conflict with Trust Indenture Act
	  	23
		
	 Section 108. Effect of Headings and Table of Contents
	  	23
		
	 Section 109. Successors and Assigns
	  	23
		
	 Section 110. Separability
	  	23
		
	 Section 111. Benefits of Indenture
	  	23
		
	 Section 112. Governing Law; Submission to Jurisdiction; Agent for Service of Process
	  	23
		
	 Section 113. Counterparts
	  	24
		
	 Section 114. Indenture Referred to in the Trust Agreement
	  	24
		
	 Section 115. Legal Holidays
	  	24
			
	ARTICLE II	 	NOTE FORMS	  	25
		
	 Section 201. Forms Generally
	  	25
		
	 Section 202. Forms of Notes
	  	25
		
	 Section 203. Form of Indenture Trustee’s Certificate of Authentication
	  	25
		
	 Section 204. Notes Issuable in the Form of a Global Note
	  	26
		
	 Section 205. Temporary Global Notes and Permanent Global Notes
	  	28
		
	 Section 206. Beneficial Ownership of Global Notes
	  	29
		
	 Section 207. Notices to Depository
	  	30
			
	ARTICLE III	 	THE NOTES	  	31
		
	 Section 301. General Title; General Limitations; Issuable in Series; Terms of a Series, Class or Tranche
	  	31
		
	 Section 302. Denominations
	  	34
		
	 Section 303. Execution, Authentication and Delivery and Dating
	  	34
		
	 Section 304. Temporary Notes
	  	35
		
	 Section 305. Registration, Transfer and Exchange
	  	35

 TABLE OF CONTENTS 
 (continued) 
  

					
	 	  	Page

	 Section 306. Mutilated, Destroyed, Lost and Stolen Notes
	  	37
		
	 Section 307. Payment of Interest; Interest Rights Preserved
	  	38
		
	 Section 308. Persons Deemed Owners
	  	38
		
	 Section 309. Cancellation
	  	38
		
	 Section 310. New Issuances of Notes
	  	39
		
	 Section 311. Specification of Required Subordinated Amount and other Terms with Respect to each Tranche
	  	40
		
	 Section 312. Reallocation Groups
	  	41
		
	 Section 313. Excess Available Funds Sharing Groups
	  	41
			
	ARTICLE IV	 	ACCOUNTS AND INVESTMENTS	  	42
		
	 Section 401. Collections
	  	42
		
	 Section 402. Accounts
	  	42
		
	 Section 403. Investment of Funds in the Accounts
	  	42
			
	 ARTICLE V
	 	ALLOCATIONS, DEPOSITS AND PAYMENTS	  	45
		
	 Section 501. Allocations of Available Funds
	  	45
		
	 Section 502. Allocations of Available Principal Amounts
	  	45
		
	 Section 503. Final Payment
	  	45
		
	 Section 504. Payments within a Series, Class or Tranche
	  	46
		
	 Section 505. Allocations of Collections of Finance Charge Receivables Allocable to the Segregated Seller
Interest
	  	46
			
	ARTICLE VI	 	SATISFACTION AND DISCHARGE; CANCELLATION OF NOTES HELD BY THE ISSUER OR MBNA	  	47
		
	 Section 601. Satisfaction and Discharge of Indenture
	  	47
		
	 Section 602. Application of Trust Money
	  	47
		
	 Section 603. Cancellation of Notes Held by the Issuer or MBNA
	  	47
			
	ARTICLE VII	 	EVENTS OF DEFAULT AND REMEDIES	  	48
		
	 Section 701. Events of Default
	  	48
		
	 Section 702. Acceleration of Maturity; Rescission and Annulment
	  	49
		
	 Section 703. Collection of Indebtedness and Suits for Enforcement by Indenture Trustee
	  	50
		
	 Section 704. Indenture Trustee May File Proofs of Claim
	  	51
		
	 Section 705. Indenture Trustee May Enforce Claims Without Possession of Notes
	  	51
		
	 Section 706. Application of Money Collected
	  	52
		
	 Section 707. Indenture Trustee May Elect to Hold the Collateral Certificate
	  	52

  

 ii 

 TABLE OF CONTENTS 
 (continued) 
  

					
	 	  	Page

	 Section 708. Sale of Receivables for Accelerated Notes
	  	52
		
	 Section 709. Noteholders Have the Right to Direct the Time, Method and Place of Conducting Any Proceeding for Any Remedy
Available to the Indenture Trustee
	  	52
		
	 Section 710. Limitation on Suits
	  	53
		
	 Section 711. Unconditional Right of Noteholders to Receive Principal and Interest; Limited Recourse
	  	53
		
	 Section 712. Restoration of Rights and Remedies
	  	54
		
	 Section 713. Rights and Remedies Cumulative
	  	54
		
	 Section 714. Delay or Omission Not Waiver
	  	54
		
	 Section 715. Control by Noteholders
	  	54
		
	 Section 716. Waiver of Past Defaults
	  	54
		
	 Section 717. Undertaking for Costs
	  	55
		
	 Section 718. Waiver of Stay or Extension Laws
	  	55
			
	 ARTICLE VIII
	 	THE INDENTURE TRUSTEE	  	56
		
	 Section 801. Certain Duties and Responsibilities
	  	56
		
	 Section 802. Notice of Defaults
	  	57
		
	 Section 803. Certain Rights of Indenture Trustee
	  	57
		
	 Section 804. Not Responsible for Recitals or Issuance of Notes
	  	58
		
	 Section 805. May Hold Notes
	  	58
		
	 Section 806. Money Held in Trust
	  	58
		
	 Section 807. Compensation and Reimbursement, Limit on Compensation, Reimbursement and Indemnity
	  	59
		
	 Section 808. Disqualification; Conflicting Interests
	  	59
		
	 Section 809. Corporate Indenture Trustee Required; Eligibility
	  	59
		
	 Section 810. Resignation and Removal; Appointment of Successor
	  	60
		
	 Section 811. Acceptance of Appointment by Successor
	  	61
		
	 Section 812. Merger, Conversion, Consolidation or Succession to Business
	  	62
		
	 Section 813. Preferential Collection of Claims Against Issuer
	  	62
		
	 Section 814. Appointment of Authenticating Agent
	  	62
		
	 Section 815. Tax Returns
	  	64
		
	 Section 816. Representations and Covenants of the Indenture Trustee
	  	64
		
	 Section 817. Custody of the Collateral
	  	65
		
	 Section 818. Indenture Trustee’s Application for Instructions from the Issuer
	  	65

  

 iii 

 TABLE OF CONTENTS 
 (continued) 
  

					
	 	 	 	  	Page

	ARTICLE IX	 	NOTEHOLDERS’ MEETINGS, LISTS, REPORTS BY INDENTURE TRUSTEE, ISSUER AND BENEFICIARY	  	66
		
	 Section 901. Issuer To Furnish Indenture Trustee Names and Addresses of Noteholders
	  	66
		
	 Section 902. Preservation of Information; Communications to Noteholders
	  	66
		
	 Section 903. Reports by Indenture Trustee
	  	67
		
	 Section 904. Meetings of Noteholders; Amendments and Waivers
	  	68
		
	 Section 905. Reports by Issuer to the Commission
	  	69
		
	 Section 906. Reports by Indenture Trustee
	  	69
		
	 Section 907. Monthly Noteholders’ Statement
	  	70
		
	 Section 908. Payment Instruction to Master Trust
	  	70
			
	ARTICLE X	 	INDENTURE SUPPLEMENTS; AMENDMENTS TO THE POOLING AND SERVICING AGREEMENT AND AMENDMENTS TO THE TRUST AGREEMENT	  	71
		
	 Section 1001. Supplemental Indentures Without Consent of Noteholders
	  	71
		
	 Section 1002. Supplemental Indentures with Consent of Noteholders
	  	72
		
	 Section 1003. Execution of Indenture Supplements
	  	74
		
	 Section 1004. Effect of Indenture Supplements
	  	74
		
	 Section 1005. Conformity with Trust Indenture Act
	  	74
		
	 Section 1006. Reference in Notes to Indenture Supplements
	  	74
		
	 Section 1007. Amendments to the Pooling and Servicing Agreement
	  	74
		
	 Section 1008. Amendments to the Trust Agreement
	  	75
		
	 Section 1009. Notice
	  	75
			
	ARTICLE XI	 	REPRESENTATIONS, WARRANTIES AND COVENANTS OF ISSUER	  	76
		
	 Section 1101. Payment of Principal and Interest
	  	76
		
	 Section 1102. Maintenance of Office or Agency
	  	76
		
	 Section 1103. Money for Note Payments to be Held in Trust
	  	76
		
	 Section 1104. Statement as to Compliance
	  	78
		
	 Section 1105. Legal Existence
	  	78
		
	 Section 1106. Further Instruments and Acts
	  	78
		
	 Section 1107. Compliance with Laws
	  	78
		
	 Section 1108. Notice of Events of Default
	  	78
		
	 Section 1109. Certain Negative Covenants
	  	78

  

 iv 

 TABLE OF CONTENTS 
 (continued) 
  

					
	 	 	 	  	Page

	 Section 1110. No Other Business
	  	79
		
	 Section 1111. No Borrowing
	  	79
		
	 Section 1112. Rule 144A Information
	  	79
		
	 Section 1113. Performance of Obligations; Servicing of Receivables
	  	79
		
	 Section 1114. Issuer May Consolidate, Etc., Only on Certain Terms
	  	80
		
	 Section 1115. Successor Substituted
	  	82
		
	 Section 1116. Guarantees, Loans, Advances and Other Liabilities
	  	82
		
	 Section 1117. Capital Expenditures
	  	82
		
	 Section 1118. Restricted Payments
	  	82
			
	 ARTICLE XII
	 	EARLY REDEMPTION OF NOTES	  	83
		
	 Section 1201. Applicability of Article
	  	83
		
	 Section 1202. Optional Repurchase
	  	83
		
	 Section 1203. Notice
	  	84
			
	 ARTICLE XIII
	 	COLLATERAL	  	85
		
	 Section 1301. Recording, Etc.
	  	85
		
	 Section 1302. Trust Indenture Act Requirements
	  	86
		
	 Section 1303. Suits To Protect the Collateral
	  	86
		
	 Section 1304. Purchaser Protected
	  	87
		
	 Section 1305. Powers Exercisable by Receiver or Indenture Trustee
	  	87
		
	 Section 1306. Determinations Relating to Collateral
	  	87
		
	 Section 1307. Release of Collateral
	  	87
		
	 Section 1308. Certain Actions by Indenture Trustee
	  	88
		
	 Section 1309. Opinions as to Collateral
	  	88
		
	 Section 1310. Delegation of Duties
	  	89
			
	 ARTICLE XIV
	 	MISCELLANEOUS	  	90
		
	 Section 1401. No Petition
	  	90
		
	 Section 1402. Trust Obligations
	  	90
		
	 Section 1403. Limitations on Liability
	  	90
		
	 Section 1404. Tax Treatment
	  	91
		
	 Section 1405. Actions Taken by the Issuer
	  	91
		
	 Section 1406. Alternate Payment Provisions
	  	91
		
	 Section 1407. Termination of Issuer
	  	91
		
	 Section 1408. Final Distribution
	  	91

  

 v 

 TABLE OF CONTENTS 
 (continued) 
  

					
	 	 	 	  	Page

	 Section 1409. Termination Distributions
	  	92
		
	 Section 1410. Derivative Counterparty as Third-Party Beneficiary
	  	92
			
	 ARTICLE XV
	 	COMPLIANCE WITH REGULATION AB	  	93
		
	 Section 1501. Intent of the Parties; Reasonableness.
	  	93
		
	 Section 1502. Additional Representations and Warranties of the Indenture Trustee.
	  	93
		
	 Section 1503. Information to Be Provided by the Indenture Trustee.
	  	93
		
	 Section 1504. Report on Assessment of Compliance and Attestation.
	  	94

  

 -vi- 

 EXHIBITS 
  

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

  

 -vii- 

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

			
	 Trust Indenture
 Act Section

	  	 Indenture Section

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

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

  

 -viii- 

 THIS INDENTURE between MBNA CREDIT CARD MASTER NOTE TRUST, a statutory business trust organized under the
laws of the State of Delaware (the “Issuer”), having its principal office at Rodney Square North, 1100 North Market Street, Wilmington, Delaware 19890-0001, and THE BANK OF NEW YORK, a New York banking corporation, in its capacity
as Indenture Trustee (the “Indenture Trustee”), is made and entered into as of May 24, 2001. 
  
 RECITALS OF THE ISSUER 
  
 The Issuer has duly authorized the execution and delivery of this Indenture to provide for the issuance of its notes to be issued in one or more fully registered or bearer series, classes or tranches. 
  
 All things necessary to make this Indenture a valid agreement of the Issuer,
in accordance with its terms, have been done. 
  
 GRANTING
CLAUSE 
  
 The Issuer hereby grants to the Indenture Trustee
for the benefit and security of (a) the Noteholders, (b) each Derivative Counterparty to a Derivative Agreement entered into in connection with issuance of a tranche of Notes that expressly states that such Derivative Counterparty is
entitled to the benefit of the Collateral, and (c) the Indenture Trustee, in its individual capacity (the “Secured Party”), a security interest in all of its right, title and interest, whether now owned or hereafter acquired,
in and to: 
  

	 	(i)	the Collateral Certificate; 

  

	 	(ii)	the Collection Account; 

  

	 	(iii)	any Supplemental Account; 

  

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

  

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

  

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

  

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

  

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

  

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

	 	(x)	all proceeds of the foregoing. 

  
 The collateral described above is referred to as the “Collateral.” The Security Interest in the Collateral is granted to secure the Notes
(and, to the extent specified in the applicable Indenture Supplement or Derivative Agreement, the obligations under any applicable Derivative Agreements) equally and ratably without prejudice, priority or distinction between any Note and any other
Note by reason of difference in time of issuance or otherwise, except as otherwise expressly provided in this Indenture, or in the Indenture Supplement which establishes any tranche of Notes, and to secure (i) the payment of all amounts due on
such Notes (and, to the extent so specified, the obligations under any applicable Derivative Agreements) in accordance with their terms, (ii) the payment of all other sums payable by the Issuer under this Indenture or any Indenture Supplement
and (iii) compliance by the Issuer with the provisions of this Indenture or any Indenture Supplement. This Indenture is a security agreement within the meaning of the UCC. 
  
 The Indenture Trustee acknowledges the grant of such Security Interest, and accepts the Collateral in trust hereunder in
accordance with the provisions hereof and agrees to perform the duties herein to the end that the interests of the Noteholders may be adequately and effectively protected. 
  
 Particular Notes and Derivative Agreements will benefit from the Security Interest to the extent (and only to the extent)
proceeds of and distributions on the Collateral are allocated for their benefit pursuant to this Indenture and the applicable Indenture Supplement. 
  
 AGREEMENTS OF THE PARTIES 
  
 To set forth or to provide for the establishment of the terms and conditions upon which the Notes are and are to be authenticated, issued and delivered,
and in consideration of the premises and the purchase of Notes by the Holders thereof, it is mutually covenanted and agreed as follows, for the equal and proportionate benefit of all Holders of the Notes or of a series, class or tranche thereof, as
the case may be: 
  
 LIMITED RECOURSE 
  
 The obligation of the Issuer to make payments of principal, interest and
other amounts on the Notes and to make payments on Derivative Agreements is limited in recourse as set forth in Section 711. 
  

 2 

 ARTICLE I 
  

DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION 
  
 Section 101. Definitions. For all purposes of this Indenture and of any Indenture Supplement, except as otherwise expressly provided or unless
the context otherwise requires: 
  
 (1) the terms defined in
this Article have the meanings assigned to them in this Article, and include the plural as well as the singular; 
  
 (2) all other terms used herein which are defined in the Trust Indenture Act or by Commission rule under the Trust Indenture Act or in the Series
2001-D Supplement, either directly or by reference therein, have the meanings assigned to them therein; 
  
 (3) all accounting terms not otherwise defined herein have the meanings assigned to them in accordance with generally accepted accounting principles
and, except as otherwise herein expressly provided, the term “generally accepted accounting principles” with respect to any computation required or permitted hereunder means such accounting principles as are generally accepted in the
United States of America at the date of such computation; 
  
 (4) all references in this Indenture to designated “Articles,” “Sections” and other subdivisions are to the designated Articles, Sections and other subdivisions of this Indenture as originally executed. The words
“herein,” “hereof” and “hereunder” and other words of similar import refer to this Indenture as a whole and not to any particular Article, Section or other subdivision; and 
  
 (5) ”including” and words of similar import will be deemed to
be followed by “without limitation.” 
  
 “Accounts” means, collectively, the Collection Account and any Supplemental Account, in each case including any sub-Accounts therein. 
  

“Act,” when used with respect to any Noteholder, is defined in Section 104(a). 
  
 “action,” when used with respect to any Noteholder, is
defined in Section 104(a). 
  
 “Adjusted
Outstanding Dollar Principal Amount” means at any time with respect to any series, class or tranche of Notes, the Outstanding Dollar Principal Amount of all Outstanding Notes of such series, class or tranche at such time, less any
funds on deposit in the Principal Funding Account or the related sub-Account, as applicable, for such series, class or tranche at such time. 
  
 “Adverse Effect” means, whenever used in this Indenture with respect to any series, class or tranche of Notes with respect to any action,
that such action will (a) at the time of its occurrence or at any future date result in the occurrence of an Early Redemption Event or Event of Default relating to such series, class or tranche, as applicable, (b) adversely affect the
amount of funds available to be distributed to the Noteholders of any such series, class or tranche pursuant to this Indenture or the timing of such distributions, or (c) adversely affect the security interest of the Indenture Trustee in the
Collateral. 
  

 3 

 “Affiliate” means, with respect to any specified Person, any other Person directly or
indirectly controlling or controlled by or under direct or indirect common control with such specified Person. For the purposes of this definition, “control” when used with respect to any specified Person means the power to direct the
management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the
foregoing. 
  
 “Authenticating Agent” means any
Person authorized by the Indenture Trustee to authenticate Notes under Section 814. 
  
 “Authorized Newspaper” means, with respect to any tranche of Notes, publication in the newspaper of record specified in the applicable
Indenture Supplement for that tranche, or if and so long as Notes of that tranche are listed on any securities exchange and that exchange so requires, in the newspaper of record required by the applicable securities exchange, printed in any language
specified in the applicable Indenture Supplement or satisfying the requirements of such exchange. 
  
 “Available Funds” (i) with respect to all series of Notes, means the amount of Available Funds (as defined in the Series 2001-D
Supplement) which are payable to the Issuer pursuant to Section 4.06(a) of the Pooling and Servicing Agreement as supplemented by the Series 2001-D Supplement plus any amounts to be treated as Available Funds pursuant to
Section 403(d) and (ii) with respect to any series of Notes, has the meaning specified in the related Indenture Supplement. 
  
 “Available Funds Allocation Amount” means, on any date of determination during any Monthly Period for any tranche, class or series of
Notes (exclusive of (a) any Notes within such tranche, class or series which will be paid in full during such Monthly Period, and (b) any Notes which will have a Nominal Liquidation Amount of zero during such Monthly Period), an amount
equal to the sum of (i) the Nominal Liquidation Amount for such tranche, class or series, as applicable, as of the last day of the preceding Monthly Period, plus (ii) the aggregate amount of any increases in the Nominal Liquidation
Amount of such tranche, class or series, as applicable, as a result of (x) the issuance of a new tranche of Notes or the issuance of additional Notes in an Outstanding tranche of Notes, (y) the accretion of principal on Discount Notes of
such tranche, class or series, as applicable, or (z) the release of prefunded amounts (other than prefunded amounts deposited during such Monthly Period) for such tranche, class or series, as applicable, from a principal funding sub-account, in
each case during such Monthly Period. 
  
 “Available
Principal Amounts” (i) with respect to all series of Notes, means the amount of Available Investor Principal Collections (as defined in the Series 2001-D Supplement) which are payable to the Issuer pursuant to
Section 4.06(b)(i) or Section 4.06(c)(i) of the Pooling and Servicing Agreement as supplemented by the Series 2001-D Supplement and (ii) with respect to any series of Notes, has the meaning specified in the related
Indenture Supplement. 
  
 “Bearer Note” means a
Note in bearer form. 
  

 4 

 “Beneficiary” is defined in the Trust Agreement. 
  
 “Business Day,” unless otherwise specified in the Indenture
Supplement for any tranche of Notes, means any day other than (a) a Saturday or Sunday or (b) any other day on which national banking associations or state banking institutions in New York, New York or Newark, Delaware, are authorized or
obligated by law, executive order or governmental decree to be closed. 
  
 “class” means, with respect to any Note, the class specified in the applicable Indenture Supplement. 
  
 “Collateral” is defined in the Granting Clause. 
  

“Collateral Certificate” means the Series 2001-D Certificate issued pursuant to the Pooling and Servicing Agreement and the Series
2001-D Supplement, as amended, supplemented, restated or otherwise modified from time to time. 
  
 “Collection Account” is defined in Section 402(a). 
  
 “Collections” is defined in Section 401. 
  
 “Commission” means the Securities and Exchange Commission, as from time to time constituted, created under
the Securities Exchange Act, or, if at any time after the execution of this Indenture such Commission is not existing and performing the duties now assigned to it under the Trust Indenture Act, then the body performing such duties on such date.

  
 “Corporate Trust Office” means the principal
office of the Indenture Trustee in New York, New York at which at any particular time its corporate trust business will be principally administered, which office at the date hereof is located at 101 Barclay Street, Floor 12 East, New York, New York
10286. 
  
 “Daily Available Funds Amount” means,
for any day during any Monthly Period, an amount equal to the product of (a) the amount determined pursuant to clause (i) of the definition of Available Funds (as defined in the Series 2001-D Supplement) for such Monthly Period
minus, if MBNA or The Bank of New York is the Servicer, the Servicer Interchange (as defined in the Series 2001-D Supplement) for such Monthly Period and (b) the percentage equivalent of a fraction, the numerator of which is the
Available Funds Allocation Amount for such series, class or tranche of Notes for such day and the denominator of which is the Available Funds Allocation Amount for all series of Notes for such day. 
  
 “Daily Principal Amount” means, for any day during any
Monthly Period on which Collections of Principal Receivables are processed pursuant to Section 4.05 of the Series 2001-D Supplement for any series, class or tranche of Notes, an amount equal to the product of (a) the aggregate
amount allocated to the Investor Certificateholders (as defined in the Series 2001-D Supplement) pursuant to Section 4.05(a)(ii) or 4.05(b)(ii) of the Pooling and Servicing Agreement as supplemented by the Series 2001-D Supplement
and (b) the percentage equivalent of a fraction, the numerator of which is the Principal Allocation Amount for such series, class or tranche of Notes for such day and the denominator of which is the Principal Allocation Amount for all series of
Notes for such day. 
  

 5 

 “Depository” means a U.S. Depository or a Foreign Depository, as the case may be.

  
 “Derivative Agreement” means any currency,
interest rate or other swap, cap, collar, guaranteed investment contract or other derivative agreement. 
  
 “Derivative Counterparty” means any party to any Derivative Agreement other than the Issuer or the Indenture Trustee. 
  
 “Discount Note” means a Note that provides for an amount
less than the Stated Principal Amount (but not less than the Initial Dollar Principal Amount) thereof to be due and payable upon the occurrence of an Early Redemption Event or other optional or mandatory redemption or the occurrence of an
Event of Default and the acceleration of such Note, in each case before the Expected Principal Payment Date of the applicable Note. 
  
 “Dollar” means (a) United States dollars, or (b) denominated in United States dollars. 
  
 “Early Redemption Event” is defined in
Section 1201. 
  
 “Effective Date”
means the date on which this Indenture is executed and delivered by the parties hereto. 
  
 “Entity” means any Person other than an individual or government (including any agency or political subdivision thereof). 
  
 “ERISA” means the Employee Retirement Income Security Act of 1974, as the same may be amended from time to
time. 
  
 “Event of Default” is defined in
Section 701. 
  
 “Excess Available Funds
Sharing Group” means all Excess Available Funds Sharing Series that have the same Excess Available Funds Sharing Group designation. 
  
 “Excess Available Funds Sharing Series” means a series that, pursuant to the Indenture Supplement therefor, will share certain excess
Available Funds with other series in the same Excess Available Funds Sharing Group, as more specifically set forth in such Indenture Supplement. 
  
 “Exchange Date” means, with respect to any tranche of Notes, the latest of: 
  
 (a) in the case of exchanges of beneficial interests in Temporary Global
Notes for beneficial interests in Permanent Global Notes in registered form, any date that is after the related issuance date; 
  
 (b) in the case of exchanges of beneficial interests in Temporary Global Notes for beneficial interests in Permanent Global Notes in bearer form, the date
of presentation of certification of non-United States beneficial ownership (as described in Section 205); and 
  

 6 

 (c) the earliest date on which such an exchange of a beneficial interest in a Temporary Global Note for a
beneficial interest in a Permanent Global Note is permitted by applicable law. 
  
 “Expected Principal Payment Date” means, with respect to any series, class or tranche of Notes, the scheduled due date of any payment of principal on such Notes, as specified in the related Indenture
Supplement, or if such day is not a Business Day, the next following Business Day, unless such day is in the next calendar month, in which case such Expected Principal Payment Date, unless otherwise specified in the related Indenture Supplement,
will be the last Business Day of the current calendar month. 
  
 “FDIC” means the Federal Deposit Insurance Corporation or any successor thereto. 
  
 “Federal Bankruptcy Code” means Title 11 of the United States Code, as amended from time to time. 
  
 “Fitch” means Fitch, Inc., or any successor thereto.

  
 “foreign currency” means (a) a currency
other than Dollars, or (b) denominated in a currency other than Dollars. 
  
 “Foreign Depository” means the Person specified in the applicable Indenture Supplement, in its capacity as depository for the accounts of any clearing agencies located outside the United States.

  
 “Global Note” means any Note issued pursuant
to Section 204. 
  
 “group” means any
one or more series of Notes which are specified as belonging to a common group (including any Excess Available Funds Sharing Group, Reallocation Group or any group established by an Indenture Supplement) in the applicable Indenture Supplement. A
particular series may be included in more than one group if the Indenture Supplement for such series so provides. 
  
 “Holder,” when used with respect to any Note, means a Noteholder. 
  
 “Indenture” or “this Indenture” means this Indenture as originally executed and as
amended, supplemented, restated or otherwise modified from time to time by one or more indentures supplemental hereto entered into pursuant to the applicable provisions hereof, and will include the terms of particular series, classes or tranches of
Notes created as contemplated by Section 301. 
  
 “Indenture Supplement” means, with respect to any series of Notes, a supplement to this Indenture, executed and delivered in conjunction with the issuance of such Notes pursuant to Section 1001, together with
any applicable terms document related to such Indenture Supplement and any amendment to the Indenture Supplement executed pursuant to Section 1001 or 1002, and, in either case, including all amendments thereof and supplements
thereto. 
  

 7 

 “Indenture Trustee” means the Person named as the Indenture Trustee in the first
paragraph of this Indenture until a successor Indenture Trustee shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Indenture Trustee” means and includes each Person who is then an
Indenture Trustee hereunder. If at any time there is more than one such Person, “Indenture Trustee” as used with respect to the Notes of any series, class or tranche means the Indenture Trustee with respect to Notes of that series,
class or tranche. 
  
 “Indenture Trustee Authorized
Officer”, when used with respect to the Indenture Trustee, means any vice president, any assistant vice president, the treasurer, any assistant treasurer, any senior trust officer or trust officer, or any other officer of the Indenture
Trustee customarily performing functions similar to those performed by any of the above designated officers and also means, with respect to a particular corporate trust matter, any other officer to whom such matter is referred because of his
knowledge of and familiarity with the particular subject. 
  
 “Initial Dollar Principal Amount” means (a) unless otherwise specified in the applicable Indenture Supplement, with respect to tranches of Dollar Interest-bearing Notes, the aggregate initial principal amount of the
Outstanding Notes of such tranche, and (b) with respect to tranches of Discount Notes and foreign currency Notes, the amount specified in the applicable Indenture Supplement as the Initial Dollar Principal Amount thereof. 
  
 “Interest-bearing Note” means a Note that bears interest at
a stated or computed rate on the principal amount thereof. A Note may be both an Interest-bearing Note and a Discount Note. 
  
 “Interest Payment Date” means, with respect to any series, class or tranche of Notes, the scheduled due date of any payment of interest
on such Notes, as specified in the applicable Indenture Supplement, or if such day is not a Business Day, the next following Business Day, unless such day is in the next calendar month, in which case the Interest Payment Date, unless otherwise
specified in the related Indenture Supplement, will be the last Business Day of the current calendar month; provided, however, that upon the acceleration of a series, class or tranche of Notes following an Event of Default or upon the
occurrence of an Early Redemption Event, or other optional or mandatory redemption of that series, class or tranche of Notes, each Monthly Principal Accrual Date will be an Interest Payment Date. 
  
 “Internal Revenue Code” means the Internal Revenue Code of
1986, as amended from time to time. 
  
 “Investor
Certificate” is defined in the Pooling and Servicing Agreement. 
  
 “Investor Certificateholder” is defined in the Pooling and Servicing Agreement. 
  
 “Investor Interest” is defined in the Series 2001-D Supplement. 
  
 “Investment Company Act” means the Investment Company Act of 1940, as amended. 
  
 “Issuer” is defined in the first paragraph of this
Indenture. 
  

 8 

 “Issuer Authorized Officer” means (a) an authorized signatory of the Owner Trustee,
or (b) the chairman or vice-chairman of the board of directors, chairman or vice-chairman of the executive committee of the board of directors, the president, any vice-president, the secretary, any assistant secretary, the treasurer, or any
assistant treasurer, in each case of the Beneficiary, or any other officer or employee of the Beneficiary who is authorized to act on behalf of the Issuer. 
  
 “Issuer Certificate” means a certificate (including an Officer’s Certificate) signed in the name of an Issuer Authorized Officer, or
the Issuer by an Issuer Authorized Officer and, in each case delivered to the Indenture Trustee relating to, among other things, the issuance of a new tranche of Notes. Wherever this Indenture requires that an Issuer Certificate be signed also by an
accountant or other expert, such accountant or other expert (except as otherwise expressly provided in this Indenture) may be in the employ of the Beneficiary. 
  

“Issuer Tax Opinion” means, with respect to any action, an Opinion of Counsel to the effect that, for Federal income tax purposes,
(a) such action will not adversely affect the tax characterization as debt of any Outstanding series, class or tranche of Notes that were characterized as debt at the time of their issuance, (b) following such action the Issuer will not be
treated as an association (or publicly traded partnership) taxable as a corporation, (c) such action will not cause or constitute an event in which gain or loss would be recognized by any Holder of any such Notes, and (d) except as
provided in the related Indenture Supplement, where such action is the issuance of a series, class or tranche of Notes, following such action such series, class or tranche of Notes will be properly characterized as debt. 
  
 “Legal Maturity Date” means, with respect to a series, class
or tranche of Notes, the date specified in the Indenture Supplement, for such Note as the fixed date on which the principal of such series, class or tranche of Notes is due and payable. 
  
 “Majority Holders” means, with respect to any series, class or tranche of Notes or all Outstanding Notes,
the Holders of a majority in Outstanding Dollar Principal Amount of the Outstanding Notes of that series, class or tranche or of all Outstanding Notes, as the case may be. 
  
 “Master Trust” means MBNA Master Credit Card Trust II, established pursuant to the Pooling and Servicing
Agreement. 
  
 “Master Trust Tax Opinion” means,
with respect to any action, an Opinion of Counsel to the effect that, for Federal income tax purposes, (a) such action will not adversely affect the tax characterization as debt of the Investor Certificates, as defined in the Pooling and
Servicing Agreement, of any outstanding series or class under the Master Trust that were characterized as debt at the time of their issuance, (b) following such action the Master Trust will not be treated as an association (or publicly traded
partnership) taxable as a corporation and (c) such action will not cause or constitute an event in which gain or loss would be recognized by any Investor Certificateholder, as defined in the Pooling and Servicing Agreement. 
  
 “MBNA” means MBNA America Bank, National Association and its
successors and assigns. 
  

 9 

 “Monthly Interest Accrual Date” means, with respect to any Outstanding series, class or
tranche of Notes: 
  
 (a) each Interest Payment Date for such
series, class or tranche, and 
  
 (b) for any
Monthly Period in which no Interest Payment Date for such series, class or tranche occurs, the date in such Monthly Period corresponding numerically to the next Interest Payment Date for such series, class or tranche of Notes, or in the case of a
series, class or tranche of Discount Notes, the Expected Principal Payment Date for that series, class or tranche, or as otherwise specified in the applicable Indenture Supplement for such series, class or tranche of Notes; provided,
however, that 
  
 (i) for the Monthly
Period in which a series, class or tranche of Notes is issued, the date of issuance of such series, class or tranche will be the first Monthly Interest Accrual Date for such Monthly Period for such series, class or tranche of Notes, 
  
 (ii) for the Monthly Period next following the Monthly
Period in which a series, class or tranche of Notes is issued, unless otherwise indicated in the related Indenture Supplement, the first day of such Monthly Period will be the first Monthly Interest Accrual Date in such next following Monthly Period
for such series, class or tranche of Notes, 
  
 (iii) any date on which proceeds from a sale of Receivables following an Event of Default and acceleration of any tranche of Notes are deposited into the interest funding account for such Notes will be a Monthly Interest Accrual Date for
such tranche of Notes, 
  
 (iv) if there is no
such numerically corresponding date in such Monthly Period, then the Monthly Interest Accrual Date will be the last Business Day of such Monthly Period, and 
  
 (v) if such numerically corresponding date in such Monthly Period is not a Business Day, then the Monthly Interest Accrual Date will be
the next following Business Day (unless such Business Day would fall in the following Monthly Period in which case the Monthly Interest Accrual Date will be the last Business Day of such earlier month). 
  
 “Monthly Noteholders’ Statement” means a report
substantially in the form of Exhibit B, as the same may be supplemented as set forth in the related Indenture Supplement. 
  
 “Monthly Period” has the meaning specified in the Series 2001-D Supplement. 
  
 “Monthly Principal Accrual Date” means, with respect to any Outstanding series, class or tranche of Notes:

  
 (a) for any Monthly Period in which an Expected Principal
Payment Date for such series, class or tranche occurs, such Expected Principal Payment Date, or as otherwise specified in the applicable Indenture Supplement for such tranche of Notes, and 
  
 (b) for any Monthly Period in which no Expected Principal Payment Date for
such series, class or tranche occurs, the date in such Monthly Period corresponding numerically to the next Expected Principal Payment Date for such tranche of Notes (or for any month following the last Expected Principal Payment Date, the date in
such month corresponding 

  

 10 

 
numerically to the preceding Expected Principal Payment Date for such tranche of Notes), or as otherwise specified in the applicable Indenture Supplement,
for such tranche of Notes; provided, however, that: 
  
 (i) following a Pay Out Event as described in subsection 9.01(a) of the Pooling and Servicing Agreement, the second Business Day following such Pay Out Event shall be a Monthly Principal Accrual Date,

  
 (ii) any date on which prefunded excess
amounts are released from any principal funding subaccount and deposited into the principal funding subaccount of any tranche of Notes on or after the Expected Principal Payment Date for such tranche of Notes will be a Monthly Principal Accrual Date
for such tranche of Notes, 
  
 (iii) any date on
which proceeds from a sale of Receivables following an Event of Default and acceleration of any tranche of Notes are deposited into the principal funding account for such Notes will be a Monthly Principal Accrual Date for such tranche of Notes,

  
 (iv) if there is no numerically corresponding
date in such Monthly Period, then the Monthly Principal Accrual Date will be the last Business Day of such Monthly Period, and 
  
 (v) if such numerically corresponding date in such Monthly Period is not a Business Day, the Monthly Principal Accrual Date will be the
next following Business Day (unless such Business Day would fall in the following month in which case the Monthly Principal Accrual Date will be the last Business Day of such earlier Monthly Period). 
  
 “Monthly Principal Payment” means, with respect to any
series of Notes, an amount, not less than zero, equal to (a) the Targeted Principal Deposit Amount, plus (b) the Reallocated Principal Amount, minus (c) Reallocated Available Funds, each with respect to such series of
Notes for such Monthly Period. 
  
 “Moody’s”
means Moody’s Investors Service, Inc., or any successor thereto. 
  
 “Nominal Liquidation Amount” means, with respect to any Outstanding tranche of Notes, an amount determined in accordance with the applicable Indenture Supplement. The Nominal Liquidation Amount for a series of Notes will be
the sum of the Nominal Liquidation Amounts of all of the tranches of Notes of that series. 
  
 “non-Performing,” with respect to a Derivative Agreement, means not Performing. 
  
 “Note” or “Notes” means any note or notes of any series, class or tranche authenticated and delivered from time to time
under this Indenture. 
  
 “Note Accumulation
Period” means, with respect to any series, class or tranche of Notes, the period commencing on the first day of the Monthly Period for which there is a Targeted Principal Deposit Amount with respect to such series, class or tranche of Notes
and 

  

 11 

 
ending on the last day of the Monthly Period preceding the next following Monthly Period for which there is no Targeted Principal Deposit Amount with respect
to such series, class or tranche of Notes; provided, however, that, with respect to any tranche of Notes which has been accelerated following an event of default, has had an early redemption event or will be partially redeemed during a
partial or limited amortization, the related Note Accumulation Period will commence on the effective date of such acceleration, early redemption event or partial or limited amortization period. 
  
 “Note Owner” means the beneficial owner of an interest in a
Global Note. 
  
 “Note Rating Agency” means, with
respect to any Outstanding series, class or tranche of Notes, each statistical Note Rating Agency selected by the Issuer to rate such Notes. 
  
 “Note Register” is defined in Section 305. 
  
 “Note Registrar” means the Person who keeps the Note Register specified in Section 305.

  
 “Noteholder” means a Person in whose name a
Note is registered in the Note Register or the bearer of any Bearer Note (including a Global Note in bearer form), as the case may be. 
  
 “Officer’s Certificate” means a certificate signed by the Beneficiary or the Owner Trustee and delivered to the Indenture Trustee.
Wherever this Indenture requires that an Officer’s Certificate be signed also by an accountant or other expert, such accountant or other expert (except as otherwise expressly provided in this Indenture) may be in the employ of the Beneficiary.

  
 “Opinion of Counsel” means a written opinion
of counsel acceptable to the Indenture Trustee, who may, without limitation, and except as otherwise expressly provided in this Indenture, be an employee of or of counsel to the Issuer, the Beneficiary or any of their Affiliates. 
  
 “Outstanding,” when used with respect to a Note or with
respect to Notes of any series, class or tranche means, as of the date of determination, all such Notes theretofore authenticated and delivered under this Indenture, except: 
  
 (a) any Notes theretofore canceled by the Indenture Trustee or delivered to the Indenture Trustee for cancellation, or
canceled by the Issuer, MBNA or any Affiliate thereof pursuant to Section 309; 
  
 (b) any Notes for whose full payment (including principal and interest) or redemption money in the necessary amount has been theretofore deposited with the Indenture Trustee or any Paying Agent in trust for the
Holders of such Notes; provided that, if such Notes are to be redeemed, notice of such redemption has been duly given if required pursuant to this Indenture, the related Indenture Supplement, or provision therefor satisfactory to the
Indenture Trustee has been made; 
  

 12 

 (c) any Notes which are deemed to have been paid in full pursuant to Section 503; and

  
 (d) any such Notes in exchange for or in lieu of which other
Notes have been authenticated and delivered pursuant to this Indenture, or which will have been paid pursuant to the terms of Section 306 (except with respect to any such Note as to which proof satisfactory to the Indenture Trustee is
presented that such Note is held by a person in whose hands such Note is a legal, valid and binding obligation of the Issuer). 
  
 For purposes of determining the amounts of deposits, allocations, reallocations or payments to be made, unless the context clearly requires otherwise,
references to “Notes” will be deemed to be references to “Outstanding Notes.” In determining whether the Holders of the requisite principal amount of such Outstanding Notes have given any request, demand, authorization,
direction, notice, consent or waiver hereunder, and for purposes of Section 904, Notes beneficially owned by the Issuer or MBNA or any Affiliate of the Issuer or MBNA will be disregarded and deemed not to be Outstanding. In determining
whether the Indenture Trustee will be protected in relying upon any such request, demand, authorization, direction, notice, consent or waiver, only Notes which an Indenture Trustee Authorized Officer knows to be owned by the Issuer or MBNA or any
Affiliate of the Issuer or MBNA will be so disregarded. Notes so owned which have been pledged in good faith may be regarded as Outstanding if the pledgee creates to the satisfaction of the Indenture Trustee the pledgee’s right to act as owner
with respect to such Notes and that the pledgee is not the Issuer, MBNA or any other obligor upon the Notes or any Affiliate of the Issuer, MBNA or such other obligor. 
  
 “Outstanding Dollar Principal Amount” means at any time, 
  
 (a) with respect to any series, class or tranche of non-Discount Notes, the
aggregate Initial Dollar Principal Amount of the Outstanding Notes of such series, class or tranche at such time, less the amount of any withdrawals from the Principal Funding sub-Account for such tranche of Notes for payment of principal to the
Holders of such tranche or the applicable Derivative Counterparty pursuant to the related Indenture Supplement, and 
  
 (b) with respect to any series, class or tranche of Discount Notes, an amount of the Outstanding Notes of such series, class or tranche calculated by
reference to the applicable formula set forth in the applicable Indenture Supplement, taking into account the amount and timing of payments of principal made to the Holders of such series, class or tranche or to the applicable Derivative
Counterparty and accretions of principal, each pursuant to the related Indenture Supplement. 
  
 “Owner Trustee” means Wilmington Trust Company, not in its individual capacity but solely as owner trustee of the Issuer, and each of its successors and assigns. 
  
 “Paying Agent” means any Person authorized by the Issuer to
pay the principal of or interest on any Notes on behalf of the Issuer, which shall initially be the Indenture Trustee. 
  
 “Payment Date” means, with respect to any series, class or tranche of Notes, the applicable Principal Payment Date or Interest Payment
Date. 
  

 13 

 “Payment Instruction” means an instruction substantially in the form of Exhibit
A, or such other form as the Issuer may determine, as the same may be supplemented as set forth in the related Indenture Supplement. 
  
 “Performing” means, with respect to any Derivative Agreement, no payment default or repudiation of performance by a Derivative
Counterparty has occurred, and such Derivative Agreement has not been terminated. 
  
 “Permanent Global Note” is defined in Section 205. 
  
 “Permitted Investments” means, unless otherwise provided in the Indenture Supplement with respect to any series of Notes: 
  
 (a) instruments, investment property or other property consisting of:

  
 (i) obligations of or fully guaranteed by the
United States of America; 
  
 (ii) time deposits
or certificates of deposit of any depository institution or trust company incorporated under the laws of the United States of America or any state thereof (or domestic branches of foreign depository institutions or trust companies) and subject to
supervision and examination by federal or state banking or depository institution authorities; provided, however, that at the time of the Indenture Trustee’s investment or contractual commitment to invest therein, the certificates
of deposit or short-term deposits of such depository institution or trust company shall have a credit rating from Moody’s and Standard & Poor’s of P-1 and A-1+, respectively, and, if rated by Fitch, F1+ from Fitch; 
  
 (iii) commercial paper (including but not limited to asset
backed commercial paper) having, at the time of the Indenture Trustee’s investment or contractual commitment to invest therein, a rating from Moody’s and Standard & Poor’s of P-1 and A-1+, respectively, and, if rated by
Fitch, F1+ from Fitch; 
  
 (iv) bankers’
acceptances issued by any depository institution or trust company described in clause (a)(ii) above; and 
  
 (v) investments in money market funds rated AAA-m or AAA-mg by Standard & Poor’s and Aaa by Moody’s or otherwise
approved in writing by each Note Rating Agency; 
  
 (b) demand
deposits in the name of the Indenture Trustee in any depository institution or trust company referred to in clause (a)(ii) above; 
  
 (c) uncertificated securities that are registered in the name of the Indenture Trustee upon books maintained for that purpose by the issuer thereof and
identified on books maintained for that purpose by the Indenture Trustee as held for the benefit of the Noteholders, and consisting of shares of an open end diversified investment company which is registered under the Investment Company Act, and
which (i) invests its assets exclusively in obligations of or guaranteed by the United States of America or any instrumentality or agency thereof having in each instance a final maturity date of less than one year from their date of purchase or
other 

  

 14 

 
Permitted Investments, (ii) seeks to maintain a constant net asset value per share, (iii) has aggregate net assets of not less than $100,000,000 on
the date of purchase of such shares and (iv) with respect to which each Note Rating Agency confirms in writing that such investment will not cause a Ratings Effect; and 
  
 (d) any other investment if each Note Rating Agency confirms in writing that such investment will not cause a Ratings
Effect. 
  
 “Person” means any individual,
corporation, estate, partnership, limited liability company, limited liability partnership, joint venture, association, joint-stock company, business trust, trust, unincorporated organization or government or any agency or political subdivision
thereof. 
  
 “Place of Payment” means, with
respect to any tranche of Notes issued hereunder, the city or political subdivision so designated with respect to such tranche of Notes in accordance with the provisions of Section 301. 
  
 “Pooling and Servicing Agreement” means the Pooling and
Servicing Agreement, dated as of August 4, 1994, between MBNA, as Seller and Servicer, and The Bank of New York, as trustee, as amended, restated and supplemented from time to time. 
  
 “Predecessor Notes” of any particular Note means every previous Note evidencing all or a portion of the
same debt as that evidenced by such particular Note; and, for the purposes of this definition, any Note authenticated and delivered under Section 306 in lieu of a mutilated, lost, destroyed or stolen Note will be deemed to evidence the
same debt as the mutilated, lost, destroyed or stolen Note. 
  
 “Principal Allocation Amount” shall mean, on any date of determination during any Monthly Period for any tranche, class or series of Notes (exclusive of (x) any Notes within such tranche, class or series which will be
paid in full during such Monthly Period and (y) any notes which will have a Nominal Liquidation Amount of zero during such Monthly Period), an amount equal to the sum of (a) for any Notes within such tranche, class or series of Notes in a
Note Accumulation Period, the sum of the Nominal Liquidation Amounts for such Notes as of the close of business on the day prior to the commencement of the most recent Note Accumulation Period for such Notes, and (b) for all other Notes
Outstanding within such tranche, class or series of Notes, (i) the sum of the Nominal Liquidation Amounts for such Notes, each as of the close of business on the last day of the immediately preceding Monthly Period (or, with respect to the
first Monthly Period for any such series, class or tranche of Notes, the Initial Dollar Principal Amount of such Notes), plus (ii) the aggregate amount of any increases in the Nominal Liquidation Amount of such Notes as a result of
(x) the issuance of additional Notes in an Outstanding series, class or tranche of Notes, (y) the accretion of principal on Discount Notes of such tranche, class or series, as applicable, or (z) the release of prefunded amounts (other
than prefunded amounts deposited during such Monthly Period) for such tranche, class or series, as applicable, from a principal funding sub-Account, in each case during such Monthly Period on or prior to such date. 
  
 “Principal Excess” means for any series of Notes, with
respect to any Monthly Period, the excess, if any, of (a) the sum of the Daily Principal Amounts for each day during 

  

 15 

 
such Monthly Period for such series of Notes, minus Reallocated Principal Amounts for the related Monthly Period for such series, over
(b) an amount equal to the Targeted Principal Deposit Amount for the related Monthly Period for such series; provided, however, that if the Rapid Amortization Period (as defined in the Series 2001-D Supplement) has commenced, the
amount computed pursuant to clause (b) shall be the Nominal Liquidation Amount of such series of Notes. 
  
 “Principal Payment Date” means, with respect to any series, class or tranche of Notes, each Expected Principal Payment Date, or upon the
acceleration of such series, class or tranche of Notes following an Event of Default or upon the occurrence of an Early Redemption Event, or other optional or mandatory redemption of such series, class or tranche of Notes, each Monthly Principal
Accrual Date. 
  
 “Principal Shortfall” means for
any series of Notes, with respect to any Monthly Period, the excess, if any, of (a) an amount equal to the Targeted Principal Deposit Amount for the related Monthly Period for such series, over (b) the sum of the Daily Principal
Amounts for each day during such Monthly Period for such series of Notes, plus Reallocated Available Funds for the related Monthly Period for such series, minus Reallocated Principal Amounts for the related Monthly Period for such
series; provided, however, that if the Rapid Amortization Period (as defined in the Series 2001-D Supplement) has commenced, the amount computed pursuant to clause (a) shall be the Nominal Liquidation Amount of such series of
Notes. 
  
 “Qualified Account” means either
(a) a segregated account (including a securities account) with a Qualified Institution or (b) a segregated trust account with the corporate trust department of a depository institution organized under the laws of the United States of
America or any one of the States thereof or the District of Columbia (or any domestic branch of a foreign bank), having corporate trust powers and acting as trustee for funds deposited in such account, so long as any of the securities of such
depository institution shall have a credit rating from each Note Rating Agency in one of its generic rating categories which signifies investment grade. 
  
 “Qualified Institution” means (a) a depository institution, which may include the Indenture Trustee or the Owner Trustee (so long as
it is a paying agent under the Indenture), organized under the laws of the United States of America or any one of the States thereof or the District of Columbia, the deposits in which are insured by the FDIC and which at all times has a short-term
unsecured debt rating in the applicable investment category of each Note Rating Agency or (b) a depository institution acceptable to each Note Rating Agency. 
  
 “Ratings Effect” means a reduction, qualification or withdrawal of any then current rating of the Notes.

  
 “Reallocated Available Funds” means, with
respect to any series of Notes for any Monthly Period, the aggregate amount of series Available Funds to be deposited into a principal funding account, paid to noteholders or otherwise treated as series Available Principal Amounts on the related
Transfer Date pursuant to the related Indenture Supplement. 
  
 “Reallocated Principal Amount” means, with respect to any series of Notes for any Monthly Period, the aggregate amount of series Available Principal Amounts to be deposited into an interest funding account, paid to the
Servicer as a portion of the Net Servicing Fee or 

  

 16 

 
otherwise treated as series Available Funds on the related Transfer Date pursuant to the related Indenture Supplement; provided however, that the
Reallocated Principal Amount for any series of Notes for any Monthly Period shall not exceed the sum of the Daily Principal Amounts for each day during such Monthly Period for the subordinated notes of such series of Notes. 
  
 “Reallocation Group” means all Reallocation Series that have
the same Reallocation Group designation. 
  
 “Reallocation
Series” means a series that, pursuant to the Indenture Supplement therefor, will share certain Available Funds or other specified amounts within a specified Reallocation Group with other series in the same Reallocation Group, as more
specifically set forth in such Indenture Supplement. 
  
 “Receivables” is defined in the Pooling and Servicing Agreement. 
  
 “Record Date” for the interest or principal payable on any Note on any applicable Payment Date means the last day of the month before the related Interest Payment Date or Principal Payment Date, as
applicable, unless otherwise specified in the applicable Indenture Supplement. 
  
 “Registered Note” means a Note issued in registered form. 
  
 “Registered Noteholder” means a holder of a Registered Note. 
  
 “Regulation AB” means Subpart 229.1100 – Asset Backed Securities (Regulation AB), 17 C.F.R.
§§229.1100-229.1123, as such may be amended from time to time, and subject to such clarification and interpretation as have been provided by the Commission in the adopting release (Asset-Backed Securities, Securities Act Release
No. 33-8518, 70 Fed. Reg. 1,506, 1,531 (January 7, 2005)) or by the staff of the Commission, or as may be provided by the Commission or its staff from time to time. 
  
 “Required Subordinated Amount” means, with respect to any tranche of a senior class of Notes, the amount
specified in the related Indenture Supplement. 
  
 “Sarbanes Certification” is defined in Section 1504(iii). 
  
 “Secured Party” is defined in the Granting Clause. 
  
 “Securities Act” means the Securities Act of 1933, as amended from time to time. 
  
 “Securities Exchange Act” means the Securities Exchange Act
of 1934, as amended from time to time. 
  
 “Securitization
Transaction” means any issuance of new Notes of any series, class or tranche, pursuant to Section 310, whether publicly offered or privately placed, rated or unrated. 
  
 “Security Interest” means the security interest granted pursuant to the Granting Clause. 
  

 17 

 “Seller” means MBNA in its capacity as Seller under the Pooling and Servicing Agreement.

  
 “senior class,” with respect to a class of
Notes of any series, has the meaning specified in the related Indenture Supplement. 
  
 “series” means, with respect to any Note, the series specified in the applicable Indenture Supplement. 
  
 “Series Available Funds Shortfalls,” with respect to any Excess Available Funds Sharing Series, has the meaning specified in the related
Indenture Supplement. 
  
 “Series 2001-D
Supplement” means the Series 2001-D Supplement to the Pooling and Servicing Agreement, dated as of May 24, 2001, as amended, supplemented, restated or otherwise modified from time to time. 
  
 “Servicer” is defined in the Pooling and Servicing
Agreement. 
  
 “Servicing Criteria” means the
“servicing criteria” set forth in Item 1122(d) of Regulation AB, as such may be amended from time to time. 
  
 “Standard & Poor’s” means Standard & Poor’s Ratings Services or any successor thereto. 
  
 “Stated Principal Amount,” with respect to any Note, has the
meaning specified in the related Indenture Supplement. 
  
 “sub-Account” means each portion of an Account designated as such pursuant to this Indenture or the related Indenture Supplement. 
  
 “subordinated class,” with respect to a class of Notes of any series, has the meaning specified in the related Indenture Supplement.

  
 “subordinated Notes” means Notes of a
subordinated class of a series. 
  
 “Supplemental
Account” means the trust account or accounts designated as such and established pursuant to Section 402(a). 
  
 “Targeted Interest Deposit Amount,” for each series, class or tranche of Notes, is defined in the related Indenture Supplement.

  
 “Targeted Principal Deposit Amount,” for each
series, class or tranche of Notes, is defined in the related Indenture Supplement 
  
 “Temporary Global Note” is defined in Section 205. 
  
 “terms document” means, with respect to any series, class or tranche of Notes, the Issuer Certificate or a supplement or terms document
to the Indenture Supplement that establishes such series, class or tranche. 
  

 18 

 “tranche” means, with respect to any class of Notes, Notes of such class which have
identical terms, conditions and tranche designation. Notes of a single tranche may be issued on different dates. 
  
 “Transfer Date” is defined in the Pooling and Servicing Agreement. 
  
 “Trust Agreement” means the Amended and Restated Trust Agreement, dated as of May 24, 2001, between
MBNA, as Beneficiary, and Wilmington Trust Company, as Owner Trustee, as amended, supplemented, restated or supplemented from time to time. 
  
 “Trust Indenture Act” means the Trust Indenture Act of 1939, as amended by the Trust Indenture Reform Act of 1990, as in force at the
date as of which this Indenture was executed except as provided in Section 1005. 
  
 “UCC” means, unless the context otherwise requires, the Uniform Commercial Code, as in effect in the relevant jurisdiction. 
  
 “U.S. Depository” means, unless otherwise specified by the Issuer pursuant to either
Section 204, 206, or 301, with respect to Notes of any tranche issuable or issued as Global Note within the United States, The Depository Trust Company, New York, New York, or any successor thereto registered as a clearing
agency under the Securities Exchange Act, or other applicable statute regulation. 
  
 “Weighted Average Principal Allocation Amount” means, with respect to any period for any tranche, class or series of Notes, the sum of the Principal Allocation Amounts for such tranche, class or
series, as applicable, as of the close of business on each day during such period divided by the actual number of days in such period. 
  
 Section 102. Compliance Certificates and Opinions. Upon any application or request by the Issuer to the Indenture Trustee to take any action
under any provision of this Indenture, the Issuer will furnish to the Indenture Trustee (i) an Officer’s Certificate stating that all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been
complied with and (ii) an Opinion of Counsel stating that in the opinion of such counsel all such conditions precedent, if any, have been complied with, except that in the case of any such application or request as to which the furnishing of
such documents is specifically required by any provision of this Indenture relating to such particular application or request, no additional certificate or opinion need be furnished. 
  
 Notwithstanding the provisions of Section 310 and of the preceding paragraph, if all Notes of a tranche are not
to be originally issued at one time, it will not be necessary to deliver the Issuer Certificate otherwise required pursuant to Section 310 or the Officer’s Certificate and Opinion of Counsel otherwise required pursuant to such
preceding paragraph at or before the time of authentication of each Note of such tranche if such documents are delivered at or prior to the authentication upon original issuance of the first Note of such tranche to be issued. 
  
 The Trustee may rely, as to authorization by the Issuer of any tranche of
Notes, the form and terms thereof and the legality, validity, binding effect and enforceability thereof, upon the Opinion of Counsel and the other documents delivered pursuant to Section 310 and this Section, as applicable, in connection
with the first authentication of Notes of such tranche. 
  

 19 

 Every certificate or opinion with respect to compliance with a condition or covenant provided for in this
Indenture (except for the written statement required by Section 1104) will include: 
  
 (a) a statement that each individual signing such certificate or opinion has read such covenant or condition and the definitions herein relating thereto;

  
 (b) a brief statement as to the nature and scope of the
examination or investigation upon which the statements or opinions contained in such certificate or opinion are based; 
  
 (c) a statement that such individual has made such examination or investigation as is necessary to express an informed opinion as to whether or not such
covenant or condition has been complied with; and 
  
 (d) a
statement as to whether, in the opinion of each such individual, such condition or covenant has been complied with. 
  
 Section 103. Form of Documents Delivered to Indenture Trustee. In any case where several matters are required to be certified by, or covered
by an opinion of, one or more specified Persons, one such Person may certify or give an opinion with respect to some matters and one or more other such Persons as to the other matters, and any such Person may certify or give an opinion as to such
matters in one or several documents. 
  
 Any certificate or
opinion of the Issuer may be based, insofar as it relates to legal matters, upon a certificate or opinion of, or representations by, counsel, unless the Issuer knows, or in the exercise of reasonable care should know, that the certificate or opinion
or representations are erroneous. Any such certificate or opinion of, or representation by, counsel may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, the Issuer stating that the
information with respect to such factual matters is in the possession of the Issuer, unless such counsel knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations are erroneous. 
  
 Where any Person is required to make, give or execute two or more
applications, requests, consents, certificates, statements, opinions or other instruments under this Indenture, they may, but need not, be consolidated and form one instrument. 
  
 Section 104. Acts of Noteholders. 
  
 (a) Any request, demand, authorization, direction, notice, consent, waiver or other action (collectively,
“action”) provided by this Indenture to be given or taken by Noteholders of any series, class or tranche may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Noteholders in person or by
an agent duly appointed in writing; and, except as herein otherwise expressly provided, such action will become effective when such instrument or instruments are delivered to the Indenture Trustee, and, where it is hereby expressly required, to the
Issuer. Such instrument or instruments (and the 

  

 20 

 
action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of the Noteholders signing such instrument or
instruments. Proof of execution of any such instrument or of a writing appointing any such agent will be sufficient for any purpose of this Indenture and (subject to Section 801) conclusive in favor of the Indenture Trustee and the
Issuer, if made in the manner provided in this Section. 
  
 (b)
The fact and date of the execution by any Person of any such instrument or writing may be proved by the affidavit of a witness to such execution or by the certificate of any notary public or other officer authorized by law to take acknowledgments of
deeds, certifying that the individual signing such instrument or writing acknowledged to him the execution thereof. Where such execution is by an officer of a corporation or a member of a partnership, on behalf of such corporation or partnership,
such certificate or affidavit will also constitute sufficient proof of his authority. The fact and date of the execution of any such instrument or writing, or the authority of the person executing the same, may also be proved in any other manner
which the Indenture Trustee deems sufficient. 
  
 (c)    (i) The ownership of Registered Notes will be proved by the Note Register. 
  
 (ii) The ownership of Bearer Notes or coupons will be proved by the production of such Bearer Notes or coupons or by a certificate,
satisfactory to the Issuer, executed by any bank, trust company or recognized securities dealer, wherever situated, satisfactory to the Issuer. Each such certificate will be dated and will state that on the date thereof a Bearer Note or coupon
bearing a specified serial number was deposited with or exhibited to such bank, trust company or recognized securities dealer by the Person named in such certificate. Any such certificate may be issued in respect of one or more Bearer Notes or
coupons specified therein. The holding by the Person named in any such certificate of any Bearer Note specified therein will be presumed to continue for a period of one year from the date of such certificate unless at the time of any determination
of such holding (A) another certificate bearing a later date issued in respect of the same Bearer Note or coupon produced, (B) the Bearer Note or coupon specified in such certificate is produced by some other Person or (C) the Bearer
Note or coupon specified in such certificate has ceased to be Outstanding. 
  
 (d) If the Issuer will solicit from the Holders any action, the Issuer may, at its option, by an Officer’s Certificate, fix in advance a record date for the determination of Holders entitled to give such action,
but the Issuer will have no obligation to do so. If the Issuer does not so fix a record date, such record date will be the later of thirty (30) days before the first solicitation of such action or the date of the most recent list of Noteholders
furnished to the Indenture Trustee pursuant to Section 901 before such solicitation. Such action may be given before or after the record date, but only the Holders of record at the close of business on the record date will be deemed to
be Holders for the purposes of determining whether Holders of the requisite proportion of Notes Outstanding have authorized or agreed or consented to such action, and for that purpose the Notes Outstanding will be computed as of the record date;
provided that no such authorization, agreement or consent by the Holders on the record date will be deemed effective unless it will become effective pursuant to the provisions of this Indenture not later than six months after the record date.

  

 21 

 (e) Any request, demand, authorization, direction, notice, consent, waiver or other action by the Holder
of any Note will bind the Holder of every Note issued upon the transfer thereof or in exchange therefor or in lieu thereof, in respect of anything done or suffered to be done by the Indenture Trustee or the Issuer in reliance thereon whether or not
notation of such action is made upon such Note. 
  
 Section 105. Notices, etc., to Indenture Trustee and Issuer. Any action of Noteholders or other document provided or permitted by this Indenture to be made upon, given or furnished to, or filed with, 
  
 (a) the Indenture Trustee by any Noteholder or by the Issuer will be
sufficient for every purpose hereunder if made, given, furnished or filed in writing to or with the Indenture Trustee at its Corporate Trust Office, or 
  
 (b) the Issuer by the Indenture Trustee or by any Noteholder will be sufficient for every purpose hereunder (except as provided in
Section 701(c)) if in writing and mailed, first-class postage prepaid, to the Issuer addressed to it at the address of its principal office specified in the first paragraph of this Indenture or at any other address previously furnished
in writing to the Indenture Trustee by the Issuer. 
  
 Section 106. Notices to Noteholders; Waiver.  
  
 (a) Where this Indenture, any Indenture Supplement or any Registered Note provides for notice to Registered Noteholders of any event, such notice will be sufficiently given (unless otherwise herein, in such Indenture Supplement or in such
Registered Note expressly provided) if in writing and mailed, first-class postage prepaid, sent by facsimile, sent by electronic transmission or personally delivered to each Holder of Registered Note affected by such event, at such Noteholder’s
address as it appears in the Note Register, not later than the latest date, and not earlier than the earliest date, prescribed for the giving of such notice. In any case where notice to Registered Noteholders is given by mail, facsimile, electronic
transmission or delivery neither the failure to mail, send by facsimile, electronic transmission or deliver such notice, nor any defect in any notice so mailed, to any particular Noteholders will affect the sufficiency of such notice with respect to
other Noteholders and any notice that is mailed, sent by facsimile, electronic transmission or delivered in the manner herein provided shall conclusively have been presumed to have been duly given. 
  
 Where this Indenture, any Indenture Supplement or any Registered Note
provides for notice in any manner, such notice may be waived in writing by the Person entitled to receive such notice, either before or after the event, and such waiver will be the equivalent of such notice. Waivers of notice by Registered
Noteholders will be filed with the Indenture Trustee, but such filing will not be a condition precedent to the validity of any action taken in reliance upon such waiver. 
  
 (b) In case, by reason of the suspension of regular mail service as a result of a strike, work stoppage or otherwise, it
will be impractical to mail notice of any event to any Holder of a Registered Note when such notice is required to be given pursuant to any provision of this Indenture, then any method of notification as will be satisfactory to the Indenture Trustee
and the Issuer will be deemed to be a sufficient giving of such notice. 
  

 22 

 (c) No notice will be given by mail, facsimile, electronic transmission or otherwise delivered to a
Holder of Bearer Notes or coupons in bearer form. In the case of any tranche with respect to which any Bearer Notes are Outstanding, any notice required or permitted to be given to Holders of such Bearer Notes will be published in an Authorized
Newspaper within the time period prescribed in this Indenture or the applicable Indenture Supplement. 
  
 (d) With respect to any tranche of Notes, the applicable Indenture Supplement may specify different or additional means of giving notice to the Holders of
the Notes of such tranche. 
  
 (e) Where this Indenture provides
for notice to any Note Rating Agency, failure to give such notice will not affect any other rights or obligations created hereunder and will not under any circumstance constitute an Adverse Effect. 
  
 Section 107. Conflict with Trust Indenture Act. If and to the
extent that any provision of this Indenture limits, qualifies or conflicts with the duties imposed by, or with another provision (an “incorporated provision”) included in this Indenture by operation of, Sections 310 to 318, inclusive, of
the Trust Indenture Act, such imposed duties or incorporated provision will control. If any provision of this Indenture modifies or excludes any provision of the Trust Indenture Act that may be so modified or excluded, the latter provision will be
deemed to apply to this Indenture as so modified or excluded, as the case may be. 
  
 Section 108. Effect of Headings and Table of Contents. The Article and Section headings herein and the Table of Contents are for convenience only and will not affect the construction hereof. 
  
 Section 109. Successors and Assigns. All covenants and agreements
in this Indenture by the Issuer will bind its successors and assigns, whether so expressed or not. All covenants and agreements of the Indenture Trustee in this Indenture shall bind its successors, co-trustees and agents of the Indenture Trustee.

  
 Section 110. Separability. In case any provision
in this Indenture or in the Notes will be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions will not in any way be affected or impaired thereby. 
  
 Section 111. Benefits of Indenture. Nothing in this Indenture or
in any Notes, express or implied, will give to any Person, other than the parties hereto and their successors hereunder, any Authenticating Agent or Paying Agent, the Note Registrar, Derivative Counterparties (to the extent specified in the
applicable Derivative Agreement) and the Holders of Notes (or such of them as may be affected thereby), any benefit or any legal or equitable right, remedy or claim under this Indenture. 
  
 Section 112. Governing Law; Submission to Jurisdiction; Agent for Service of Process. This Indenture shall be
governed by and construed in accordance with the laws of the State of Delaware, without regard to principles of conflict of laws. The parties hereto declare that it is their intention that this Indenture shall be regarded as made under the laws of
the State of Delaware and that the laws of said State shall be applied in interpreting its provisions in all cases where legal interpretation shall be required. Each of the parties hereto agrees (a) that this Indenture involves at least
$100,000.00, and (b) that this Indenture has been entered into by the 

  

 23 

 
parties hereto in express reliance upon 6 DEL. C. § 2708. Each of the parties hereto hereby irrevocably and unconditionally agrees (a) to be
subject to the jurisdiction of the courts of the State of Delaware and of the federal courts sitting in the State of Delaware, and (b)(1) to the extent such party is not otherwise subject to service of process in the State of Delaware, to appoint
and maintain an agent in the State of Delaware as such party’s agent for acceptance of legal process, and (2) that, to the fullest extent permitted by applicable law, service of process may also be made on such party by prepaid certified
mail with a proof of mailing receipt validated by the United States Postal Service constituting evidence of valid service, and that service made pursuant to (b)(1) or (2) above shall, to the fullest extent permitted by applicable law, have the
same legal force and effect as if served upon such party personally within the State of Delaware. 
  
 Section 113. Counterparts. This Indenture may be executed in any number of counterparts, each of which so executed will be deemed to be an
original, but all such counterparts will together constitute but one and the same instrument. 
  
 Section 114. Indenture Referred to in the Trust Agreement. This is the Indenture referred to in the Trust Agreement. 
  

Section 115. Legal Holidays. In any case where the date on which any payment is due shall not be a Business Day, then (notwithstanding any
other provision of the Notes or this Indenture) payment need not be made on such date, but may be made on the next succeeding Business Day with the same force and effect as if made on the date on which nominally due, and no interest shall accrue for
the period from and after any such nominal date. 
  
 [END OF
ARTICLE I] 
  

 24 

 ARTICLE II 
  

NOTE FORMS 
  
 Section 201. Forms Generally. The Notes will have such appropriate insertions, omissions, substitutions and other variations as are required
or permitted by this Indenture or the applicable Indenture Supplement and may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon, as may be required to comply with applicable laws or
regulations or with the rules of any securities exchange, or as may, consistently herewith, be determined by the Issuer, as evidenced by the Issuer’s execution of such Notes. Any portion of the text of any Note may be set forth on the reverse
thereof, with an appropriate reference thereto on the face of the Note. 
  
 The definitive Notes will be typewritten, printed, lithographed or engraved or produced by any combination of these methods (with or without steel engraved borders) or may be produced in any other manner, all as determined by the Issuer, as
evidenced by the Issuer’s execution of such Notes, subject, with respect to the Notes of any series, class or tranche, to the rules of any securities exchange on which such Notes are listed. 
  
 Section 202. Forms of Notes. Each Note will be in one of the
forms approved from time to time by or pursuant to an Indenture Supplement. Before the delivery of a Note to the Indenture Trustee for authentication in any form approved by or pursuant to an Issuer Certificate, the Issuer will deliver to the
Indenture Trustee the Issuer Certificate by or pursuant to which such form of Note has been approved, which Issuer Certificate will have attached thereto a true and correct copy of the form of Note which has been approved thereby or, if an Issuer
Certificate authorizes a specific officer or officers of the Beneficiary to approve a form of Note, a certificate of such officer or officers approving the form of Note attached thereto. Any form of Note approved by or pursuant to an Issuer
Certificate must be acceptable as to form to the Indenture Trustee, such acceptance to be evidenced by the Indenture Trustee’s authentication of Notes in that form or a certificate signed by an Indenture Trustee Authorized Officer and delivered
to the Issuer. 
  
 Section 203. Form of Indenture
Trustee’s Certificate of Authentication. The form of Indenture Trustee’s Certificate of Authentication for any Note issued pursuant to this Indenture will be substantially as follows: 
  

 25 

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 
  
 This is one of the Notes of the series, class or tranche designated therein referred to in the within-mentioned Indenture.

  

			
	 THE BANK OF NEW YORK,

	as Indenture Trustee,
		
	By:	 	  

	 	 	Authorized Signatory
		
	Dated:	 	  

  
 Section 204. Notes Issuable in the Form of a Global Note. 
  
 (a) If the Issuer establishes pursuant to Sections 202 and 301 that the Notes of a particular series, class or tranche are to be issued in whole or in part in the form of one or more Global Notes, then
the Issuer will execute and the Indenture Trustee or its agent will, in accordance with Section 303 and the Issuer Certificate delivered to the Indenture Trustee or its agent thereunder, authenticate and deliver, such Global Note or
Notes, which, unless otherwise provided in the applicable Indenture Supplement (i) will represent, and will be denominated in an amount equal to the aggregate Stated Principal Amount (or in the case of Discount Notes, the aggregate Stated
Principal Amount at the Expected Principal Payment Date of such Notes) of the Outstanding Notes of such series, class or tranche to be represented by such Global Note or Notes, or such portion thereof as the Issuer will specify in an Issuer
Certificate, (ii) in the case of Registered Notes, will be registered in the name of the Depository for such Global Note or Notes or its nominee, (iii) will be delivered by the Indenture Trustee or its agent to the Depository or pursuant
to the Depository’s instruction, (iv) if applicable, will bear a legend substantially to the following effect: “Unless this Note is presented by an authorized representative of The Depository Trust Company, a New York corporation
(“DTC”), to the Issuer or its agent for registration of transfer, exchange or payment, and any note issued is registered in the name of Cede & Co. or in such other name as is requested by an authorized representative of DTC (and
any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), any transfer, pledge or other use hereof for value or otherwise by or to any person is wrongful inasmuch as the registered
owner hereof, Cede & Co., has an interest herein” and (v) may bear such other legend as the Issuer, upon advice of counsel, deems to be applicable. 
  
 (b) Notwithstanding any other provisions of this Section 204 or of Section 305, and subject to the
provisions of paragraph (c) below, unless the terms of a Global Note or the applicable Indenture Supplement expressly permit such Global Note to be exchanged in whole or in part for individual Notes, a Global Note may be transferred, in whole
but not in part and in the manner provided in Section 305, only to a nominee of the Depository for such Global Note, or to the Depository, or a successor Depository for such Global Note selected or approved by the Issuer, or to a nominee
of such successor Depository. 
  

 26 

 (c) With respect to Notes issued within the United States, unless otherwise specified in the applicable
Indenture Supplement, or with respect to Notes issued outside the United States, if specified in the applicable Indenture Supplement: 
  
 (i) If at any time the Depository for a Global Note notifies the Issuer that it is unwilling or unable to continue as Depository for such
Global Note or if at any time the Depository for the Notes for such series, class or tranche ceases to be a clearing agency registered under the Securities Exchange Act, or other applicable statute or regulation, the Issuer will appoint a successor
Depository with respect to such Global Note. If a successor Depository for such Global Note is not appointed by the Issuer within ninety (90) days after the Issuer receives such notice or becomes aware of such ineligibility, the Issuer will
execute, and the Indenture Trustee or its agent, upon receipt of an Issuer Certificate requesting the authentication and delivery of individual Notes of such series, class or tranche in exchange for such Global Note, will authenticate and deliver,
individual Notes of such series, class or tranche of like tenor and terms in an aggregate Stated Principal Amount equal to the Stated Principal Amount of the Global Note in exchange for such Global Note. 
  
 (ii) The Issuer may at any time and in its sole discretion
determine that the Notes of any series, class or tranche or portion thereof issued or issuable in the form of one or more Global Notes will no longer be represented by such Global Note or Notes. In such event the Issuer will execute, and the
Indenture Trustee, upon receipt of an Issuer Request for the authentication and delivery of individual Notes of such series, class or tranche in exchange in whole or in part for such Global Note, will authenticate and deliver individual Notes of
such series, class or tranche of like tenor and terms in definitive form in an aggregate Stated Principal Amount equal to the Stated Principal Amount of such Global Note or Notes representing such series, class or tranche or portion thereof in
exchange for such Global Note or Notes. 
  
 (iii)
If specified by the Issuer pursuant to Sections 202 and 301 with respect to Notes issued or issuable in the form of a Global Note, the Depository for such Global Note may surrender such Global Note in exchange in whole or in part for
individual Notes of such series, class or tranche of like tenor and terms in definitive form on such terms as are acceptable to the Issuer and such Depository. Thereupon the Issuer will execute, and the Indenture Trustee or its agent will
authenticate and deliver, without service charge, (A) to each Person specified by such Depository a new Note or Notes of the same series, class or tranche of like tenor and terms and of any authorized denomination as requested by such Person in
aggregate Stated Principal Amount equal to and in exchange for such Person’s beneficial interest in the Global Note; and (B) to such Depository a new Global Note of like tenor and terms and in an authorized denomination equal to the
difference, if any, between the Stated Principal Amount of the surrendered Global Note and the aggregate Stated Principal Amount of Notes delivered to the Holders thereof.  
  
 (iv) If any Event of Default has occurred with respect to such Global Notes, and Holders of Notes evidencing
not less than 50% of the unpaid Outstanding Dollar Principal Amount of the Global Notes of that tranche advise the Indenture Trustee and the Depository that a Global Note is no longer in the best interest of the Noteholders, the Holders of Global
Notes of that tranche may exchange such Notes for individual Notes. 
  

 27 

 (v) In any exchange provided for in any of the preceding three paragraphs, the Issuer
will execute and the Indenture Trustee or its agent will authenticate and deliver individual Notes in definitive registered form in authorized denominations. Upon the exchange of the entire Stated Principal Amount of a Global Note for individual
Notes, such Global Note will be canceled by the Indenture Trustee or its agent. Except as provided in the preceding paragraphs, Notes issued in exchange for a Global Note pursuant to this Section will be registered in such names and in such
authorized denominations as the Depository for such Global Note, pursuant to instructions from its direct or indirect participants or otherwise, will instruct the Indenture Trustee or the Note Registrar. The Indenture Trustee or the Note Registrar
will deliver such Notes to the Persons in whose names such Notes are so registered. 
  
 Section 205. Temporary Global Notes and Permanent Global Notes. 
  
 (a) If specified in the applicable Indenture Supplement for any tranche, all or any portion of a Global Note may initially be issued in the form of a
single temporary Global Bearer Note or Registered Note (the “Temporary Global Note”), without interest coupons, in the denomination of the entire aggregate principal amount of such tranche and substantially in the form set forth in the
exhibit with respect thereto attached to the applicable Indenture Supplement. The Temporary Global Note will be authenticated by the Indenture Trustee upon the same conditions, in substantially the same manner and with the same effect as the Notes
in definitive form. The Temporary Global Note may be exchanged as described below or in the applicable Indenture Supplement for permanent global Bearer Notes or Registered Notes (the “Permanent Global Notes”). 
  
 (b) Unless otherwise provided in the applicable Indenture Supplement,
exchanges of beneficial interests in Temporary Global Notes for beneficial interests in Permanent Global Notes will be made as provided in this clause. The Beneficiary will, upon its determination of the date of completion of the distribution of the
Notes of such tranche, so advise the Indenture Trustee, the Issuer, the Foreign Depository, and each foreign clearing agency forthwith. Without unnecessary delay, but in any event not prior to the Exchange Date, the Issuer will execute and deliver
to the Indenture Trustee at its London office or its designated agent outside the United States Permanent Global Notes in bearer or registered form (as specified in the applicable Indenture Supplement) in an aggregate principal amount equal to the
entire aggregate principal amount of such tranche. Bearer Notes so issued and delivered may have coupons attached. The Temporary Global Note may be exchanged for an equal aggregate principal amount of Permanent Global Notes only on or after the
Exchange Date. A United States Person may exchange the portion of the Temporary Global Note beneficially owned by it only for an equal aggregate principal amount of Permanent Global Notes in registered form bearing the applicable legend set forth in
the form of Registered Note attached to the applicable Indenture Supplement and having a minimum denomination of $500,000, which may be in temporary form if the Issuer so elects. The Issuer may waive the $500,000 minimum denomination requirement if
it so elects. Upon any demand for exchange for Permanent Global Notes in accordance with this clause, the Issuer will cause the Indenture Trustee to authenticate and deliver the Permanent Global Notes to the Holder (x) outside the United
States, in the case of 

  

 28 

 
Bearer Notes and (y) according to the instructions of the Holder, in the case of Registered Notes, but in either case only upon presentation to the
Indenture Trustee of a written statement substantially in the form of Exhibit D-1 (or such other form as the Issuer may determine) with respect to the Temporary Global Note, or portion thereof being exchanged, signed by a foreign clearing
agency and dated on the Exchange Date or a subsequent date, to the effect that it has received in writing or by tested telex a certification substantially in the form of (i) in the case of beneficial ownership of the Temporary Global Note, or a
portion thereof being exchanged, by a United States institutional investor pursuant to this clause, the certificate in the form of Exhibit D-2 (or such other form as the Issuer may determine) signed by the Beneficiary which sold the relevant
Notes or (ii) in all other cases, the certificate in the form of Exhibit D-3 (or such other form as the Issuer may determine), the certificate referred to in this clause (ii) being dated on the earlier of the first payment of
interest in respect of such Note and the date of the delivery of such Note in definitive form. Upon receipt of such certification, the Indenture Trustee will cause the Temporary Global Note to be endorsed in accordance with clause (d). Any exchange
as provided in this Section will be made free of charge to the Holders and the beneficial owners of the Temporary Global Note and to the beneficial owners of the Permanent Global Note issued in exchange, except that a person receiving the Permanent
Global Note must bear the cost of insurance, postage, transportation and the like in the event that such Person does not receive such Permanent Global Note in person at the offices of a foreign clearing agency. 
  
 (c) The delivery to the Indenture Trustee by a foreign clearing agency of any
written statement referred to above may be relied upon by the Issuer and the Indenture Trustee as conclusive evidence that a corresponding certification or certifications has or have been delivered to such foreign clearing agency pursuant to the
terms of this Indenture. 
  
 (d) Upon any such exchange of all or
a portion of the Temporary Global Note for a Permanent Global Note or Notes, such Temporary Global Note will be endorsed by or on behalf of the Indenture Trustee to reflect the reduction of its principal amount by an amount equal to the aggregate
principal amount of such Permanent Global Note or Notes. Until so exchanged in full, such Temporary Global Note will in all respects be entitled to the same benefits under this Indenture as Permanent Global Notes authenticated and delivered
hereunder except that the beneficial owners of such Temporary Global Note will not be entitled to receive payments of interests on the Notes until they have exchanged their beneficial interests in such Temporary Global Note for Permanent Global
Notes. 
  
 Section 206. Beneficial Ownership of Global
Notes. Until definitive Notes have been issued to the applicable Noteholders pursuant to Section 204 or as otherwise specified in any applicable Indenture Supplement: 
  
 (a) the Issuer and the Indenture Trustee may deal with the applicable clearing agency and the clearing agency’s
participants for all purposes (including the making of distributions) as the authorized representatives of the respective Note Owners; and 
  
 (b) the rights of the respective Note Owners will be exercised only through the applicable clearing agency and the clearing agency’s participants and
will be limited to those established by law and agreements between such Note Owners and the clearing agency and/or the clearing agency’s participants. Pursuant to the operating rules of the applicable clearing agency, unless and until Notes in
definitive form are issued pursuant to Section 204, the clearing 

  

 29 

 
agency will make book-entry transfers among the clearing agency’s participants and receive and transmit distributions of principal and interest on the
related Notes to such clearing agency’s participants. 
  
 For
purposes of any provision of this Indenture requiring or permitting actions with the consent of, or at the direction of, Noteholders evidencing a specified percentage of the aggregate unpaid principal amount of Outstanding Notes, such direction or
consent may be given by Note Owners (acting through the clearing agency and the clearing agency’s participants) owning interests in Notes evidencing the requisite percentage of principal amount of Notes. 
  
 Section 207. Notices to Depository. Whenever any notice or other
communication is required to be given to Noteholders with respect to which book-entry Notes have been issued, unless and until Notes in definitive form will have been issued to the related Note Owners, the Indenture Trustee will give all such
notices and communications to the applicable Depository. 
  
 [END
OF ARTICLE II] 
  

 30 

 ARTICLE III 
  
 THE NOTES 
  
 Section 301. General Title; General Limitations; Issuable in Series; Terms of a Series, Class or Tranche. 
  
 (a) The aggregate Stated Principal Amount of Notes which may be
authenticated and delivered and Outstanding under this Indenture is not limited. 
  
 (b) The Notes may be issued in one or more series, classes or tranches up to an aggregate Stated Principal Amount of Notes as from time to time may be authorized by the Issuer. All Notes of each series, class or
tranche under this Indenture will in all respects be equally and ratably entitled to the benefits hereof with respect to such series, class or tranche without preference, priority or distinction on account of the actual time of the authentication
and delivery or Expected Principal Payment Date or Legal Maturity Date of the Notes of such series, class or tranche, except as specified in the applicable Indenture Supplement for such series, class or tranche. 
  
 (c) Each Note issued must be part of a series, class and tranche of Notes for
purposes of allocations pursuant to Article V. A series of Notes is created pursuant to an Indenture Supplement. A class or tranche of Notes is created pursuant to an Indenture Supplement or pursuant to an Issuer Certificate or terms
document, each related to the Indenture Supplement for the applicable series. 
  
 (d) Each series of Notes may be assigned to a group or groups of Notes for purposes of allocations pursuant to Article V. The related Indenture Supplement will identify the group or groups, if any, to which a
series of Notes has been assigned and the manner and extent to which series in the same group will share amounts. 
  
 (e) Each series of Notes may, but need not be, subdivided into multiple classes. Notes belonging to a class in any series may be entitled to specified
payment priorities over other classes of Notes in that series. 
  
 (f) Notes of a series that belong to different classes in that series belong to different tranches on the basis of the difference in class membership. 
  

(g) Each class of Notes may consist of a single tranche or may be subdivided into multiple tranches. Notes of a single class of a series will belong to
different tranches if they have different terms and conditions. With respect to any class of Notes, Notes which have identical terms, conditions and tranche designation will be deemed to be part of a single tranche. 
  
 (h) There shall also be established in or pursuant to an Indenture Supplement
or pursuant to an Issuer Certificate or terms document related to the applicable Indenture Supplement before the initial issuance of Notes of each such series, class or tranche, provision for: 
  
 (i) the series designation; 
  

 31 

 (ii) the Stated Principal Amount of the Notes; 
  
 (iii) whether such series belongs to any group or groups;

  
 (iv) whether such Notes are of a particular
class of Notes or a tranche of any such class; 
  
 (v) the Required Subordinated Amount (if any) for such class or tranche of Notes; 
  
 (vi) the currency or currencies in which such Notes will be denominated and in which payments of principal of, and interest on, such Notes
will or may be payable; 
  
 (vii) if the
principal of or interest, if any, on such Notes are to be payable, at the election of the Issuer or a Holder thereof, in a currency or currencies other than that in which the Notes are stated to be payable, the period or periods within which, and
the terms and conditions upon which, such election may be made; 
  
 (viii) if the amount of payments of principal of or interest, if any, on such Notes may be determined with reference to an index based on (A) a currency or currencies other than that in which the Notes are stated
to be payable, (B) changes in the prices of one or more other securities or groups or indexes of securities or (C) changes in the prices of one or more commodities or groups or indexes of commodities, or any combination of the foregoing,
the manner in which such amounts will be determined; 
  
 (ix) the price or prices at which the Notes will be issued; 
  
 (x) the times at which such Notes may, pursuant to any optional or mandatory redemption provisions, be redeemed, and the other terms and provisions of any such redemption provisions; 
  
 (xi) the rate per annum at which such Notes will bear
interest, if any, or the formula or index on which such rate will be determined, including all relevant definitions, and the date from which interest will accrue; 
  
 (xii) each Interest Payment Date, Expected Principal Payment Date and Legal Maturity Date for such Notes;

  
 (xiii) the Initial Dollar Principal Amount of
such Notes, and the means for calculating the Outstanding Dollar Principal Amount of such Notes; 
  
 (xiv) whether or not application will be made to list such Notes on any securities exchange; 
  
 (xv) any Events of Default or Early Redemption Events with
respect to such Notes, if not set forth herein and any additions, deletions or other changes to the Events of Default or Early Redemption Events set forth herein that will be applicable to such Notes (including a provision making any Event of
Default or Early Redemption Event set forth herein inapplicable to the Notes of that series, class or tranche); 
  

 32 

 (xvi) the appointment by the Indenture Trustee of an Authenticating Agent in one or more
places other than the location of the office of the Indenture Trustee with power to act on behalf of the Indenture Trustee and subject to its direction in the authentication and delivery of such Notes in connection with such transactions as will be
specified in the provisions of this Indenture or in or pursuant to the applicable Indenture Supplement creating such series, class or tranche; 
  
 (xvii) if such Notes will be issued in whole or in part in the form of a Global Note or Global Notes, the terms and conditions, if any,
upon which such Global Note or Global Notes may be exchanged in whole or in part for other individual Notes; and the Depository for such Global Note or Global Notes (if other than the Depository specified in Section 101); 
  
 (xviii) the subordination of such Notes to any other
indebtedness of the Issuer, including without limitation, the Notes of any other series, class or tranche; 
  
 (xix) if such Notes are to have the benefit of any Derivative Agreement, the terms and provisions of such agreement; 
  
 (xx) the Record Date for any Payment Date of such Notes, if
different from the last day of the month before the related Payment Date; 
  
 (xxi) the controlled accumulation amount, if any, the controlled amortization amount, if any, or other principal amortization amount, if any, scheduled for such Notes; and 
  
 (xxii) any other terms of such Notes which will not be
inconsistent with the provisions of this Indenture; 
  
 all upon such terms as may
be determined in or pursuant to an Indenture Supplement with respect to such series, class or tranche. 
  
 (i) The form of the Notes of each series, class or tranche will be established pursuant to the provisions of this Indenture and the related Indenture
Supplement creating such series, class or tranche. The Notes of each series, class or tranche will be distinguished from the Notes of each other series, class or tranche in such manner, reasonably satisfactory to the Indenture Trustee, as the Issuer
may determine. 
  
 (j) Unless otherwise provided with respect to
Notes of a particular series, class or tranche, the Notes of any particular series, class or tranche will be issued in registered form, without coupons. 
  
 (k) Any terms or provisions in respect of the Notes of any series, class or tranche issued under this Indenture may be determined pursuant to this Section
by providing in the applicable Indenture Supplement for the method by which such terms or provisions will be determined. 
  

 33 

 (l) The Notes of each series, class or tranche may have such Expected Principal Payment Date or Dates or
Legal Maturity Date or Dates, be issuable at such premium over or discount from their face value, bear interest at such rate or rates (which may be fixed or floating), from such date or dates, payable in such installments and on such dates and at
such place or places to the Holders of Notes registered as such on such Record Dates, or may bear no interest, and have such terms, all as will be provided for in or pursuant to the applicable Indenture Supplement. 
  
 Section 302. Denominations. The Notes of each tranche will be
issuable in such denominations and currency as will be provided in the provisions of this Indenture or in or pursuant to the applicable Indenture Supplement. In the absence of any such provisions with respect to the Registered Notes of any tranche,
the Registered Notes of that tranche will be issued in denominations of $1,000 and multiples thereof. In the absence of any such provisions with respect to the Bearer Notes of any tranche, the Bearer Notes of that tranche will be issued in
denominations of 1,000, 5,000, 50,000 and 100,000 units of the applicable currency. 
  
 Section 303. Execution, Authentication and Delivery and Dating. 
  
 (a) The Notes will be executed on behalf of the Issuer by an Issuer Authorized Officer. The signature of any officer of the Beneficiary or the Owner
Trustee on the Notes may be manual or facsimile. 
  
 (b) Notes
bearing the manual or facsimile signatures of individuals who were at any time an Issuer Authorized Officer will bind the Issuer, notwithstanding that such individuals or any of them have ceased to hold such offices before the authentication and
delivery of such Notes or did not hold such offices at the date of issuance of such Notes. 
  
 (c) At any time and from time to time after the execution and delivery of this Indenture, the Issuer may deliver Notes executed by the Issuer to the Indenture Trustee for authentication; and the Indenture Trustee
will, upon request by an Officer’s Certificate, authenticate and deliver such Notes as in this Indenture provided and not otherwise. 
  
 (d) Before any such authentication and delivery, the Indenture Trustee will be entitled to receive, in addition to any Officer’s Certificate and
Opinion of Counsel required to be furnished to the Indenture Trustee pursuant to Section 102, the Issuer Certificate and any other opinion or certificate relating to the issuance of the tranche of Notes required to be furnished pursuant
to Section 202 or Section 310. 
  
 (e) The
Indenture Trustee will not be required to authenticate such Notes if the issue thereof will adversely affect the Indenture Trustee’s own rights, duties or immunities under the Notes and this Indenture. 
  
 (f) Unless otherwise provided in the form of Note for any tranche, all Notes
will be dated the date of their authentication. 
  
 (g) No Note
will be entitled to any benefit under this Indenture or be valid or obligatory for any purpose unless there appears on such Note a certificate of authentication substantially in the form provided for herein executed by the Indenture Trustee by
manual signature of an authorized signatory, and such certificate upon any Note will be conclusive evidence, and the only evidence, that such Note has been duly authenticated and delivered hereunder. 
  

 34 

 Section 304. Temporary Notes. 
  
 (a) Pending the preparation of definitive Notes of any tranche, the Issuer may execute, and, upon receipt of the documents
required by Section 303, together with an Officer’s Certificate, the Indenture Trustee will authenticate and deliver, temporary Notes which are printed, lithographed, typewritten, mimeographed or otherwise produced, in any
authorized denomination, substantially of the tenor of the definitive Notes in lieu of which they are issued and with such appropriate insertions, omissions, substitutions and other variations as the Issuer may determine, as evidenced by the
Issuer’s execution of such Notes. 
  
 (b) If temporary Notes
of any tranche are issued, the Issuer will cause definitive Notes of such tranche to be prepared without unreasonable delay. After the preparation of definitive Notes, the temporary Notes of such tranche will be exchangeable for definitive Notes of
such tranche upon surrender of the temporary Notes of such tranche at the office or agency of the Issuer in a Place of Payment, without charge to the Holder; and upon surrender for cancellation of any one or more temporary Notes the Issuer will
execute and the Indenture Trustee will authenticate and deliver in exchange therefor a like Stated Principal Amount of definitive Notes of such tranche of authorized denominations and of like tenor and terms. Until so exchanged the temporary Notes
of such tranche will in all respects be entitled to the same benefits under this Indenture as definitive Notes of such tranche. 
  
 Section 305. Registration, Transfer and Exchange. 
  
 (a) The Issuer will keep or cause to be kept a register (herein sometimes referred to as the “Note Register”) in which, subject to such
reasonable regulations as it may prescribe, the Issuer will provide for the registration of Registered Notes, or of Registered Notes of a particular tranche, and for transfers of Registered Notes or of Registered Notes of such tranche. Any such
register will be in written form or in any other form capable of being converted into written form within a reasonable time. At all reasonable times the information contained in such register or registers will be available for inspection by the
Indenture Trustee at the office or agency to be maintained by the Issuer as provided in Section 1102. 
  
 (b) Subject to Section 204, upon surrender for transfer of any Registered Note of any tranche at the office or agency of the Issuer in a Place
of Payment, if the requirements of Section 8-401(a) of the UCC are met, the Issuer will execute, and, upon receipt of such surrendered note, the Indenture Trustee will authenticate and deliver, in the name of the designated transferee or
transferees, one or more new Registered Notes of such tranche of any authorized denominations, of a like aggregate Stated Principal Amount, Expected Principal Payment Date and Legal Maturity Date and of like terms. 
  
 (c) Subject to Section 204, at the option of the Holder, Notes of
any tranche may be exchanged for other Notes of such tranche of any authorized denominations, of a like aggregate Stated Principal Amount, Expected Principal Payment Date and Legal Maturity Date and of like terms, upon surrender of the Notes to be
exchanged at such office or agency. Registered Notes, including Registered Notes received in exchange for Bearer Notes, may not be 

  

 35 

 
exchanged for Bearer Notes. At the option of the Holder of a Bearer Note, subject to applicable laws and regulations, Bearer Notes may be exchanged for other
Bearer Notes or Registered Notes (of the same class and tranche) of authorized denominations of like aggregate fractional undivided interests in the Noteholders’ interest, upon surrender of the Bearer Notes to be exchanged at an office or
agency of the Note Registrar located outside the United States. Each Bearer Note surrendered pursuant to this Section will have attached thereto all unmatured coupons; provided, however, that any Bearer Note, so surrendered after the close of
business on the last day of the month preceding the relevant Payment Date need not have attached the coupon relating to such Payment Date. Whenever any Notes are so surrendered for exchange, the Issuer will execute, and the Trustee will authenticate
and deliver (in the case of Bearer Notes, outside the United Sates), the Notes which the Noteholders making the exchange are entitled to receive. 
  
 (d) All Notes issued upon any transfer or exchange of Notes will be the valid and legally binding obligations of the Issuer, evidencing the same debt, and
entitled to the same benefits under this Indenture, as the Notes surrendered upon such transfer or exchange. 
  
 (e) Every Note presented or surrendered for transfer or exchange will (if so required by the Issuer or the Indenture Trustee) be duly endorsed, or be
accompanied by a written instrument of transfer in form satisfactory to the Issuer and the Note Registrar duly executed, by the Holder thereof or his attorney duly authorized in writing. 
  
 (f) Unless otherwise provided in the Note to be transferred or exchanged, no service charge will be made on any Noteholder
for any transfer or exchange of Notes, but the Issuer may (unless otherwise provided in such Note) require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any transfer or exchange of
Notes, other than exchanges pursuant to Section 304 or 1006 not involving any transfer. 
  
 (g) None of the Issuer, the Indenture Trustee, any agent of the Indenture Trustee, any Paying Agent or the Note Registrar will have any responsibility or
liability for any aspect of the records relating to or payments made on account of beneficial ownership interests of a Global Note or for maintaining, supervising or reviewing any records relating to such beneficial ownership interests. 

 
 (h) The Issuer initially appoints The Bank of New York, to act as Note
Registrar for the Registered Notes on its behalf. The Issuer may at any time and from time to time authorize any Person to act as Note Registrar in place of the Indenture Trustee with respect to any tranche of Notes issued under this Indenture.

  
 (i) Registration of transfer of Notes containing the following
legend or to which the following legend is applicable: 
  
 THIS
NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”). NEITHER THIS NOTE NOR ANY PORTION HEREOF MAY BE OFFERED OR SOLD EXCEPT IN COMPLIANCE WITH THE REGISTRATION PROVISIONS OF THE SECURITIES ACT
AND ANY APPLICABLE PROVISIONS OF ANY STATE BLUE SKY OR SECURITIES LAWS OR PURSUANT TO AN AVAILABLE 

  

 36 

 
EXEMPTION FROM SUCH REGISTRATION PROVISIONS. THE TRANSFER OF THIS NOTE IS SUBJECT TO CERTAIN CONDITIONS SET FORTH IN THE INDENTURE REFERRED TO HEREIN.”

  
 will be effected only if such transfer is made pursuant to an effective
registration statement under the Securities Act, or is exempt from the registration requirements under the Securities Act. In the event that registration of a transfer is to be made in reliance upon an exemption from the registration requirements
under the Securities Act other than Rule 144A under the Securities Act or Rule 903 or Rule 904 of Regulation S under the Securities Act, the transferor or the transferee will deliver, at its expense, to the Issuer and the Indenture Trustee, an
investment letter from the transferee, substantially in the form of the investment letter attached hereto as Exhibit C or such other form as the Issuer may determine, and no registration of transfer will be made until such letter is so delivered.

  
 Notes issued upon registration or transfer of, or Notes issued
in exchange for, Notes bearing the legend referred to above will also bear such legend unless the Issuer, the Trustee and the Note Registrar receive an Opinion of Counsel, satisfactory to each of them, to the effect that such legend may be removed.

  
 Whenever a Note containing the legend referred to above is
presented to the Note Registrar for registration of transfer, the Note Registrar will promptly seek instructions from the Issuer regarding such transfer and will be entitled to receive an Issuer Certificate prior to registering any such transfer.
The Issuer hereby agrees to indemnify the Note Registrar and the Indenture Trustee and to hold each of them harmless against any loss, liability or expense incurred without negligence or bad faith on their part arising out of or in connection with
actions taken or omitted by them in relation to any such instructions furnished pursuant to this clause. 
  
 Section 306. Mutilated, Destroyed, Lost and Stolen Notes. 
  
 (a) If (i) any mutilated Note (together, in the case of Bearer Notes, with all unmatured coupons, if any, appertaining
thereto) is surrendered to the Indenture Trustee, or the Issuer and the Indenture Trustee receive evidence to their satisfaction of the destruction, loss or theft of any Note, and (ii) there is delivered to the Issuer and the Indenture Trustee
such security or indemnity as may be required by them to save each of them harmless, then, in the absence of notice to the Issuer or the Indenture Trustee that such Note has been acquired by a protected purchaser, the Issuer will execute and upon
its request the Indenture Trustee will authenticate and deliver (in the case of Bearer Notes, outside the United States), in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Note, a new Note of like tenor, series, class or
tranche, Expected Principal Payment Date, Legal Maturity Date and Stated Principal Amount, bearing a number not contemporaneously Outstanding. 
  
 (b) In case any such mutilated, destroyed, lost or stolen Note has become or is about to become due and payable, the Issuer in its discretion may, instead
of issuing a new Note, pay such Note. 
  
 (c) Upon the issuance of
any new Note under this Section, the Issuer may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Indenture
Trustee) connected therewith. 
  

 37 

 (d) Every new Note issued pursuant to this Section in lieu of any destroyed, lost or stolen Note will
constitute an original additional contractual obligation of the Issuer, whether or not the destroyed, lost or stolen Note will be at any time enforceable by anyone, and will be entitled to all the benefits of this Indenture equally and
proportionately with any and all other Notes of the same series, class or tranche duly issued hereunder. 
  
 (e) The provisions of this Section are exclusive and will preclude (to the extent lawful) all other rights and remedies with respect to the replacement or
payment of mutilated, destroyed, lost or stolen Notes. 
  
 Section 307. Payment of Interest; Interest Rights Preserved. 
  
 (a) Unless otherwise provided with respect to such Note pursuant to Section 301, interest payable on any Registered Note will be paid to the Person in whose name that Note (or one or more Predecessor
Notes) is registered at the close of business on the most recent Record Date and interest payable on any Bearer Note will be paid to the bearer of that Note (or the applicable coupon). 
  
 (b) Subject to clause (a), each Note delivered under this Indenture upon transfer of or in exchange for or in lieu of any
other Note will carry the rights to interest accrued or principal accreted and unpaid, and to accrue or accrete, which were carried by such other Note. 
  
 Section 308. Persons Deemed Owners. The Issuer, the Indenture Trustee, the Owner Trustee, the Beneficiary and any agent of the Issuer, the
Indenture Trustee, the Owner Trustee, or the Beneficiary may treat the Person who is proved to be the owner of such Note pursuant to Section 104(c) as the owner of such Note for the purpose of receiving payment of principal of and
(subject to Section 307) interest on such Note and for all other purposes whatsoever, whether or not such Note be overdue, and neither the Issuer, the Indenture Trustee, the Owner Trustee, nor any agent of the Issuer, the Indenture
Trustee, the Owner Trustee, or the Beneficiary will be affected by notice to the contrary. 
  
 Section 309. Cancellation. All Notes surrendered for payment, redemption, transfer, conversion or exchange will, if surrendered to any Person other than the Indenture Trustee, be delivered to the Indenture
Trustee and, if not already canceled, will be promptly canceled by it. The Issuer may at any time deliver to the Indenture Trustee for cancellation any Notes previously authenticated and delivered hereunder which the Issuer may have acquired in any
manner whatsoever, and all Notes so delivered will be promptly canceled by the Indenture Trustee. No Note will be authenticated in lieu of or in exchange for any Notes canceled as provided in this Section, except as expressly permitted by this
Indenture. The Indenture Trustee will dispose of all canceled Notes in accordance with its customary procedures and will deliver a certificate of such disposition to the Issuer. 
  

 38 

 Section 310. New Issuances of Notes. 
  
 (a) The Issuer may issue new Notes of any series, class or tranche, so long
as the following conditions precedent are satisfied: 
  
 (i) on or before the third Business Day before the date that the new issuance is to occur, the Issuer gives the Indenture Trustee and the Note Rating Agencies written notice of the issuance; 
  
 (ii) on or prior to the date that the new issuance is to
occur, the Issuer delivers to the Indenture Trustee and each Note Rating Agency an Issuer Certificate to the effect that: 
  
 (A) the Issuer reasonably believes that the new issuance will not at the time of its occurrence or at a future date cause an Adverse
Effect on any Outstanding Notes; 
  
 (B) all
instruments furnished to the Indenture Trustee conform to the requirements of this Indenture and constitute sufficient authority hereunder for the Indenture Trustee to authenticate and deliver such Notes; 
  
 (C) the form and terms of such Notes have been established
in conformity with the provisions of this Indenture; 
  
 (D) all laws and requirements with respect to the execution and delivery by the Issuer of such Notes have been complied with, the Issuer has the trust power and authority to issue such Notes and such Notes have been duly authorized and
delivered by the Issuer and, assuming due authentication and delivery by the Indenture Trustee, constitute legal, valid and binding obligations of the Issuer enforceable in accordance with their terms (subject, as to enforcement of remedies, to
applicable bankruptcy, reorganization, insolvency, moratorium or other laws and legal principles affecting creditors’ rights generally from time to time in effect and to general equitable principles, whether applied in an action at law or in
equity) and entitled to the benefits of this Indenture, equally and ratably with all other Notes, if any, of such series, class or tranche Outstanding, subject to the terms of this Indenture and each Indenture Supplement; and 
  
 (E) such other matters as the Indenture Trustee may
reasonably request; 
  
 (iii) on or before the
date that the new issuance is to occur, the Issuer will have delivered to the Indenture Trustee and the Note Rating Agencies a Master Trust Tax Opinion and an Issuer Tax Opinion with respect to such issuance; 
  
 (iv) on or before the date that the new issuance is to
occur, the Issuer will have delivered to the Trustee an Indenture Supplement and, if applicable, the Issuer Certificate or terms document relating to the applicable series, class and tranche of Notes; 
  

 39 

 (v) no Pay Out Event as defined in the Pooling and Servicing Agreement or Series 2001-D
Pay Out Event as defined in the Series 2001-D Supplement will have occurred and be continuing as of the date of the new issuance; 
  
 (vi) in the case of foreign currency Notes, the Issuer will have appointed one or more Paying Agents in the appropriate countries;

  
 (vii) the Note Rating Agencies have provided
written confirmation that such issuance will not have a Ratings Effect; 
  
 (viii) the conditions specified herein or in Section 311 are satisfied; and 
  
 (ix) any other conditions specified herein in the applicable Indenture Supplement; 
  
 provided, however, that any one of the aforementioned conditions (other than
clauses (iii) and (iv)) may be eliminated or modified as a condition precedent to any new issuance of a series, class or tranche of Notes if the Issuer has obtained written confirmation from each Note Rating Agency that there will be no Ratings
Effect with respect to any Outstanding Notes as a result of a new issuance of Notes. 
  
 (b) The Issuer and the Indenture Trustee will not be required to obtain the consent of any Noteholder of any Outstanding series, class or tranche to issue any additional Notes of any series, class or tranche.

  
 (c) There are no restrictions on the timing or amount of any
additional issuance of Notes of an Outstanding tranche of a multiple issuance series, so long as the conditions described in paragraph (a) are met. As of the date of any additional issuance of Notes of an Outstanding tranche of Notes, the
Stated Principal Amount, Outstanding Dollar Principal Amount and Nominal Liquidation Amount of that tranche will be increased to reflect the principal amount of the additional Notes. If the additional Notes are a tranche of Notes that has the
benefit of a Derivative Agreement, the Issuer will enter into a Derivative Agreement for the benefit of the additional Notes. The targeted deposits, if any, to the principal funding sub-account will be increased proportionately to reflect the
principal amount of the additional Notes. 
  
 When issued, the
additional Notes of a tranche will be identical in all respects to the other Outstanding Notes of that tranche and will be equally and ratably entitled to the benefits of the Indenture and the related Indenture Supplement as the other Outstanding
Notes of that tranche without preference, priority or distinction. In addition, the Issuer agrees to provide notice of new issuances of series, classes or tranches of Notes as may be required by and in accordance with Item 1121(a)(14) of
Regulation AB. 
  
 Section 311. Specification of Required
Subordinated Amount and other Terms with Respect to each Tranche. 
  
 (a) The applicable Indenture Supplement for each tranche of Notes will specify a Required Subordinated Amount of each subordinated class of Notes, if any. 
  

 40 

 (b) The Issuer may change the Required Subordinated Amount for any tranche of Notes at any time without
the consent of any Noteholders so long as the Issuer has (i) received confirmation from the Note Rating Agencies that have rated any Outstanding Notes of that series that the change in the Required Subordinated Amount will not result in a
Ratings Effect with respect to any Outstanding Notes in that series and (ii) delivered to the Trustee and the Note Rating Agencies a Master Trust Tax Opinion and an Issuer Tax Opinion. 
  
 Section 312. Reallocation Groups. Available Funds and other
specified amounts allocated to each series in a Reallocation Group shall be reallocated to cover interest and expenses related to each series in such Reallocation Group as specified in each related Indenture Supplement. The reallocation provisions
of the Indenture Supplement for each series in the same Reallocation Group are required to be identical in all material respects. 
  
 Section 313. Excess Available Funds Sharing Groups. The Issuer shall reallocate and redistribute certain excess Available Funds to cover
Series Available Funds Shortfalls incurred by Excess Available Funds Sharing Series in a particular Excess Available Funds Sharing Group as specified in the related Indenture Supplements; provided, however, that the Beneficiary may, at
any time, direct the Indenture Trustee to, and the Indenture Trustee will, discontinue the sharing of excess Available Funds among series. Following the delivery by the Beneficiary of such an Officer’s Certificate to the Indenture Trustee there
will not be any further sharing of excess Available Funds among series. 
  
 [END OF ARTICLE III] 
  

 41 

 ARTICLE IV 
  

ACCOUNTS AND INVESTMENTS 
  
 Section 401. Collections. Except as otherwise expressly provided herein, the Indenture Trustee may demand payment or delivery of, and will
receive and collect, directly and without intervention or assistance from any fiscal agent or other intermediary, all money and other property payable to or receivable by the Indenture Trustee pursuant to this Indenture including, without
limitation, all funds and other property payable to the Indenture Trustee in connection with the Collateral (collectively, the “Collections”). The Indenture Trustee will hold all such money and property received by it as part of the
Collateral and will apply it as provided in this Indenture. 
  
 Section 402. Accounts. 
  
 (a) Accounts;
Deposits to and Distributions from Accounts. On or before the Effective Date, the Issuer will cause to be established and maintained one or more Qualified Accounts (collectively, the “Collection Account”) in the name of the
Indenture Trustee, bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Indenture Trustee, the Noteholders and any applicable Derivative Counterparty. All collections received from the Master
Trust pursuant to Section 5.01 of the Pooling and Servicing Agreement as supplemented by the Series 2001-D Supplement shall be deposited into the Collection Account. From time to time in connection with the issuance of a series, class or
tranche of Notes, the Indenture Trustee may establish one or more Qualified Accounts denominated as “Supplemental Accounts” in the name of the Indenture Trustee. The Collection Account shall be under the sole dominion and control of
the Indenture Trustee for the benefit of the Indenture Trustee, the Noteholders and any applicable Derivative Counterparty. If, at any time, the institution holding the Collection Account ceases to be a Qualified Institution, the Issuer will within
ten (10) Business Days (or such longer period, not to exceed thirty (30) calendar days, as to which each Note Rating Agency may consent in writing) establish a new Collection Account that is a Qualified Account and shall transfer any cash
and/or investments to such new Collection Account. From the date such new Collection Account is established, it will be the “Collection Account.” Supplemental Accounts will be created as specified in the applicable Indenture Supplement.
Any Supplemental Account will receive deposits as set forth in the applicable Indenture Supplement. 
  
 (b) All payments to be made from time to time by or on behalf of the Indenture Trustee to Noteholders out of funds in the Accounts pursuant to this
Indenture will be made by or on behalf of the Indenture Trustee to the Paying Agent not later than 12:00 noon on the applicable Payment Date or earlier, if necessary, or as otherwise provided in Article V or the applicable Indenture
Supplement but only to the extent of available funds in the applicable Supplemental Account or sub-Account. 
  
 Section 403. Investment of Funds in the Accounts. 
  
 (a) Funds on deposit in the Accounts will be invested and reinvested by the Indenture Trustee at the written direction of the Issuer in one or more
Permitted Investments. 
  

 42 

 The Issuer may authorize the Indenture Trustee to make specific investments pursuant to written instructions, in such
amounts as the Issuer will specify. Notwithstanding the foregoing, funds held by the Indenture Trustee in any of the Accounts will be invested in Permitted Investments that will mature in each case no later than the date on which such funds in the
Accounts are scheduled to be transferred or distributed by the Indenture Trustee pursuant to this Indenture (or as necessary to provide for timely payment of principal or interest on the applicable Principal Payment Date or Interest Payment Date).

  
 (b) All funds deposited from time to time in the Accounts
pursuant to this Indenture and all investments made with such funds will be held by the Indenture Trustee in the Accounts as part of the Collateral as herein provided, subject to withdrawal by the Indenture Trustee for the purposes set forth herein.

  
 (c) Funds and other property in any of the Accounts will not
be commingled with any other funds or property of the Issuer or the Indenture Trustee. The Indenture Trustee shall: 
  
 (i) hold each Permitted Investment (other than those described in clause (c) of the definition thereof) that constitutes investment
property through a securities intermediary, which securities intermediary shall agree with the Indenture Trustee that (A) such investment property at all times shall be credited to a securities account of the Indenture Trustee, (B) all
property credited to such securities account shall be treated as a financial asset, (C) such securities intermediary shall treat the Indenture Trustee as entitled to exercise the rights that comprise each financial asset credited to such
securities account, (D) such securities intermediary shall comply with entitlement orders originated by the Indenture Trustee without the further consent of any other person or entity, (E) such securities intermediary shall not agree with
any person or entity other than the Indenture Trustee to comply with entitlement orders originated by any person or entity other than the Indenture Trustee, (F) such securities account and all property credited thereto shall not be subject to
any lien, security interest, right of set-off, or encumbrance in favor of such securities intermediary or anyone claiming through such securities intermediary (other than the Indenture Trustee), and (G) such agreement between such securities
intermediary and the Indenture Trustee shall be governed by the laws of the State of New York; 
  
 (ii) maintain possession of each other Permitted Investment not described in clause (i) above (other than those described in clause
(c) of the definition thereof) in the State of New York separate and apart from all other property held by the Indenture Trustee; and 
  
 (iii) cause each Permitted Investment described in clause (c) of the definition thereof to be registered in the name of the Indenture
Trustee by the issuer thereof; 
  
 provided, that, other
than following an Event of Default and acceleration pursuant to Section 702, no Permitted Investment shall be disposed of prior to its maturity. 
  

 43 

 Notwithstanding any other provision of this Indenture, the Indenture Trustee shall not hold any Permitted Investment
through an agent except as expressly permitted by this Section 403(c). Each term used in this Section 403(c) and defined in the New York UCC shall have the meaning set forth in the New York UCC. 
  
 (d) On each Transfer Date, all interest and earnings (net of losses and
investment expenses) accrued since the preceding Transfer Date on funds on deposit in the Collection Account will be treated as Available Funds and applied pursuant to Section 501 for such Transfer Date. Unless otherwise stated in the related
Indenture Supplement, for purposes of determining the availability of funds or the balance in the Accounts for any reason under this Indenture or any Indenture Supplement, investment earnings on such funds shall be deemed not to be available or on
deposit. 
  
 Subject to Section 801(c), the Indenture
Trustee will not in any way be held liable by reason of any insufficiency in such Accounts resulting from any loss on any Permitted Investment included therein except for losses attributable to the Indenture Trustee’s failure to make payments
on such Permitted Investments issued by the Indenture Trustee, in its commercial capacity, in accordance with their terms. 
  
 (e) Funds on deposit in the Accounts will be invested and reinvested by the Indenture Trustee to the fullest extent practicable, in such manner as the
Indenture Trustee will from time to time determine, but only in one or more Permitted Investments, upon the occurrence of any of the following events: 
  
 (i) the Issuer will have failed to give investment directions to the Indenture Trustee; or 
  
 (ii) an Event of Default will have occurred and is
continuing but no Notes have been declared due and payable pursuant to Section 702. 
  
 [END OF ARTICLE IV] 
  

 44 

 ARTICLE V 
  

ALLOCATIONS, DEPOSITS AND PAYMENTS 
  
 Section 501. Allocations of Available Funds. With respect to each Monthly Period, the Indenture Trustee will allocate to each series of Notes
its portion of Available Funds in an amount equal to the sum of (i) the sum of the Daily Available Funds Amounts for each day during such Monthly Period for such series of Notes, (ii) such series’ pro rata portion of Finance
Charge Account Investment Proceeds allocated to Series 2001-D pursuant to Section 5(b) of the Series 2001-D Supplement with respect to the related Transfer Date based on the aggregate amount on deposit in the Finance Charge Account with
respect to such series of Notes to the aggregate amount on deposit in the Finance Charge Account with respect to all series of Notes and (iii) such series’ pro rata portion of Principal Account Investment Proceeds allocated to
Series 2001-D pursuant to Section 5(b) of the Series 2001-D Supplement with respect to the related Transfer Date based on the aggregate amount on deposit in the Principal Account with respect to such series of Notes to the aggregate
amount on deposit in the Principal Account with respect to all series of Notes for application in accordance with the related Indenture Supplement. 
  
 Section 502. Allocations of Available Principal Amounts. With respect to each Monthly Period, the Indenture Trustee will allocate all
Available Principal Amounts to each series of Notes with a Monthly Principal Payment for such Monthly Period in an amount equal to its Monthly Principal Payment; provided, however, that in the event that Available Principal Amounts for
any Monthly Period are less than the aggregate Monthly Principal Payments for all series of Notes, Available Principal Amounts will be allocated to each series of Notes with a Monthly Principal Payment for such Monthly Period in an amount equal to
the lesser of (a) the sum of the Daily Principal Amounts for each day during such Monthly Period for such series of Notes and (b) the Monthly Principal Payment for such series of Notes for such Monthly Period for application in accordance
with the related Indenture Supplement; provided further, however, that any excess Available Principal Amounts identified in the application of clause (a) of the preceding proviso, or in the application of this proviso, will be
allocated to each series of Notes which has not been allocated sufficient Available Principal Amounts to cover its full Monthly Principal Payment up to the amount of such insufficiency pro rata (based on the ratio of the Weighted Average
Principal Allocation Amount for such series of Notes for such Monthly Period to the Weighted Average Principal Allocation Amount for all series of Notes with an unpaid Monthly Principal Payment for such Monthly Period) for application in accordance
with the related Indenture Supplement. 
  
 Section 503.
Final Payment. Each tranche of Notes will be considered to be paid in full, the Holders of such tranche of Notes will have no further right or claim, and the Issuer will have no further obligation or liability with respect to such tranche of
Notes, on the earliest to occur of: 
  
 (a) the date of the
payment in full of the Stated Principal Amount of and all accrued interest on that tranche of Notes; 
  

 45 

 (b) the date on which the Outstanding Dollar Principal Amount of such Notes, after giving effect to all
deposits, allocations, reallocations, sales of Receivables and payments to be made on such date, is reduced to zero, and all accrued interest on such Notes is paid in full; or 
  
 (c) on the Legal Maturity Date of such Notes, after giving effect to all deposits, allocations, reallocations, sales of
Receivables and payments to be made on such date. 
  
 Section 504. Payments within a Series, Class or Tranche. All payments of principal, interest or other amounts to Holders of the Notes of a series, class or tranche will be made in accordance with the related Indenture
Supplement. 
  
 Section 505. Allocations of Collections of
Finance Charge Receivables Allocable to the Segregated Seller Interest. With respect to each Monthly Period, the Indenture Trustee will allocate to each series of Notes for application in accordance with the related Indenture Supplement, the
aggregate amount paid to the Issuer with respect to each such series of Notes pursuant to Section 4.09 of the Series 2001-D Supplement. 
  
 [END OF ARTICLE V] 
  

 46 

 ARTICLE VI 
  

SATISFACTION AND DISCHARGE; CANCELLATION OF NOTES HELD BY THE ISSUER OR MBNA 
  
 Section 601. Satisfaction and Discharge of Indenture. This Indenture will cease to be of further effect with
respect to any series, class or tranche of Notes (except as to any surviving rights of transfer or exchange of Notes of that series, class or tranche expressly provided for herein or in the form of Note for that series, class or tranche), and the
Indenture Trustee, on demand of and at the expense of the Issuer, will execute proper instruments acknowledging satisfaction and discharge of this Indenture as to that series, class or tranche, when: 
  
 (a) all Notes of that series, class or tranche theretofore authenticated and
delivered (other than (A) Notes of that series, class or tranche which have been destroyed, lost or stolen and which have been replaced or paid as provided in Section 306, and (B) Notes of that series, class or tranche for
whose payment money has theretofore been deposited in trust or segregated and held in trust by the Issuer and thereafter repaid to the Issuer or discharged from that trust, as provided in Section 1103) have been delivered to the
Indenture Trustee canceled or for cancellation; 
  
 (b) the Issuer
has paid or caused to be paid all other sums payable hereunder (including payments to the Indenture Trustee pursuant to Section 807) by the Issuer with respect to the Notes of that series, class or tranche; and 
  
 (c) the Issuer has delivered to the Indenture Trustee an Officer’s
Certificate and an Opinion of Counsel each stating that all conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture with respect to the Notes of that series, class or tranche have been complied with.

  
 Notwithstanding the satisfaction and discharge of this Indenture with respect
to any series, class or tranche of Notes, the obligations of the Issuer to the Indenture Trustee with respect to that series, class or tranche under Section 807 and the obligations of the Indenture Trustee under Sections 602 and
1103 will survive such satisfaction and discharge. 
  
 Section 602. Application of Trust Money. All money and obligations deposited with the Indenture Trustee pursuant to Section 601 or Section 603 and all money received by the Indenture Trustee in respect of
such obligations will be held in trust and applied by it, in accordance with the provisions of the series, class or tranche of Notes in respect of which it was deposited and this Indenture, to the payment, either directly or through any Paying Agent
(including the Issuer acting as its own Paying Agent) as the Indenture Trustee may determine, to the Persons entitled thereto, of the principal and interest for whose payment that money and obligations have been deposited with or received by the
Indenture Trustee; but that money and obligations need not be segregated from other funds held by the Indenture Trustee except to the extent required by law. 
  
 Section 603. Cancellation of Notes Held by the Issuer or MBNA. If the Issuer, MBNA or any of their Affiliates holds any Notes, that Holder
may, subject to any provisions of a related Indenture Supplement limiting the repayment of subordinated classes of Notes, by notice from that Holder to the Indenture Trustee cause that Note to be canceled, whereupon (a) the Note will no longer
be Outstanding, and (b) the Issuer will cause the Investor Interest of the Collateral Certificate to be reduced by an amount equal to the Nominal Liquidation Amount of that cancelled Note. 
  
 [END OF ARTICLE VI] 
  

 47 

 ARTICLE VII 
  
 EVENTS OF DEFAULT AND REMEDIES 
  
 Section 701. Events of Default. “Event of Default,” wherever used herein, means with respect to any series, class or tranche of
Notes any one of the following events (whatever the reason for such Event of Default and whether it will be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or
regulation of any administrative or governmental body), unless such event is either expressly stated to be inapplicable to a particular series, class or tranche or specifically deleted or modified in the applicable Indenture Supplement creating such
series, class or tranche of Notes or in the form of Note for such series, class or tranche: 
  
 (a) with respect to any tranche of Notes, a default by the Issuer in the payment of any interest on such Notes when such interest becomes due and payable, and continuance of such default for a period of thirty-five
(35) days following the date on which such interest became due and payable; 
  
 (b) with respect to any tranche of Notes, a default by the Issuer in the payment of the principal amount of such Notes at the applicable Legal Maturity Date; 
  
 (c) a default in the performance, or breach, of any covenant or warranty of
the Issuer in this Indenture in respect of the Notes of such series, class or tranche (other than a covenant or warranty in respect of the Notes of such series, class or tranche a default in the performance of which or the breach of which is
elsewhere in this Section specifically dealt with), all of such covenants and warranties in this Indenture which are not expressly stated to be for the benefit of a particular series, class and tranche of Notes being deemed to be in respect of the
Notes of all series, classes or tranches for this purpose, and continuance of such default or breach for a period of sixty (60) days after there has been given, by registered or certified mail, to the Issuer by the Indenture Trustee or to the
Issuer and the Indenture Trustee by the Holders of at least 25% in Outstanding Dollar Principal Amount of the Outstanding Notes of such series, class or tranche, a written notice specifying such default or breach and requiring it to be remedied and
stating that such notice is a “Notice of Default” hereunder and, as a result of such default, the interests of the Holders of the Notes of such series, class or tranche are materially and adversely affected and continue to be materially
and adversely affected during the sixty (60) day period; 
  
 (d) the entry of an order for relief against the Issuer under the Federal Bankruptcy Code by a court having jurisdiction in the premises or a decree or order by a court having jurisdiction in the premises adjudging the Issuer a bankrupt or
insolvent under any other applicable Federal or State law, or the entry of a decree or order approving as properly filed a petition seeking reorganization, arrangement, adjustment or composition of or in respect of the Issuer under the Federal
Bankruptcy Code or any other applicable Federal or State law, or appointing a receiver, liquidator, assignee, trustee, sequestrator (or other similar official) of the Issuer or of any substantial part of its property, or ordering the winding up or
liquidation of its affairs, and the continuance of any such decree or order unstayed and in effect for a period of ninety (90) consecutive days; 
  

 48 

 (e) the consent by the Issuer to the institution of bankruptcy or insolvency proceedings against it, or
the filing by it of a petition or answer or consent seeking reorganization or relief under the Federal Bankruptcy Code or any other applicable Federal or State law, or the consent by it to the filing of any such petition or to the appointment of a
receiver, liquidator, assignee, trustee, sequestrator (or other similar official) of the Issuer or of any substantial part of its property, or the making by it of an assignment for the benefit of creditors, or the admission by it in writing of its
inability to pay its debts generally as they become due, or the taking of corporate action by the Issuer in furtherance of any such action; or 
  
 (f) with respect to any series, class or tranche, any additional Event of Default specified in the Indenture Supplement for such series, class or tranche
as applying to such series, class or tranche, or specified in the form of Note for such series, class or tranche. 
  
 Section 702. Acceleration of Maturity; Rescission and Annulment. 
  
 (a) If an Event of Default described in clause (a), (b), (c) or (f) (if the Event of Default under clause
(c) or (f) is with respect to less than all series, classes and tranches of Notes then Outstanding) of Section 701 occurs and is continuing with respect to any series, class or tranche, then and in each and every such case,
unless the principal of all the Notes of such series, class or tranche shall have already become due and payable, either the Indenture Trustee or the Majority Holders of the Notes of such series, class or tranche then Outstanding hereunder (each
such series, class or tranche acting as a separate class), by notice in writing to the Issuer (and to the Indenture Trustee if given by Holders), may declare the Outstanding principal amount of all the Notes of such series, class or tranche then
Outstanding and all interest accrued or principal accreted and unpaid (if any) thereon to be due and payable immediately, and upon any such declaration the same will become and will be immediately due and payable, anything in this Indenture, the
related Indenture Supplement or in the Notes of such series, class or tranche to the contrary notwithstanding. Such payments are subject to Article V and the allocation, deposits and payment sections of the related Indenture Supplement.

  
 (b) If an Event of Default described in clause (c) or
(f) (if the Event of Default under clause (c) or (f) is with respect to all series, classes and tranches of Notes then Outstanding) of Section 701 occurs and is continuing, then and in each and every such case, unless the
principal of all the Notes shall have already become due and payable, either the Indenture Trustee or the Majority Holders of all the Notes then Outstanding hereunder (treated as one class), by notice in writing to the Issuer (and to the Indenture
Trustee if given by Holders), may declare the Outstanding principal amount of all the Notes then Outstanding and all interest accrued or principal accreted and unpaid (if any) thereon to be due and payable immediately, and upon any such declaration
the same will become and will be immediately due and payable, notwithstanding anything in this Indenture, the related Indenture Supplements or the Notes to the contrary. 
  
 (c) If an Event of Default described in clause (d) or (e) of Section 701 occurs and is continuing,
then the Notes of all series, classes and tranches will automatically be and become immediately due and payable by the Issuer, without notice or demand to any Person, and the Issuer will automatically and immediately be obligated to pay off the
Notes. 
  

 49 

 At any time after such a declaration of acceleration has been made with respect to the Notes of any series, class or
tranche and before a judgment or decree for payment of the money due has been obtained by the Indenture Trustee as hereinafter in this Article VII provided, the Majority Holders of such series, classes or tranche, by written notice to the
Issuer and the Indenture Trustee, may rescind and annul such declaration and its consequences if: 
  
 (a) the Issuer has paid or deposited with the Indenture Trustee a sum sufficient to pay (i) all overdue installments of interest on
the Notes of such series, class or tranche, (ii) the principal of any Notes of such series, class or tranche which have become due otherwise than by such declaration of acceleration, and interest thereon at the rate or rates prescribed therefor
by the terms of the Notes of such series, class or tranche, to the extent that payment of such interest is lawful, (iii) interest upon overdue installments of interest at the rate or rates prescribed therefor by the terms of the Notes of such
series, class or tranche to the extent that payment of such interest is lawful, and (iv) all sums paid by the Indenture Trustee hereunder and the reasonable compensation, expenses and disbursements of the Indenture Trustee, its agents and
counsel and all other amounts due the Indenture Trustee under Section 807; and 
  
 (b) all Events of Default with respect to such series, class or tranche of Notes, other than the nonpayment of the principal of the Notes
of such series, class or tranche which has become due solely by such acceleration, have been cured or waived as provided in Section 716. 
  
 No such rescission will affect any subsequent default or impair any right consequent thereon. 
  
 Section 703. Collection of Indebtedness and Suits for Enforcement by
Indenture Trustee. The Issuer covenants that if: 
  
 (a) the
Issuer defaults in the payment of interest on any series, class or tranche of Notes when such interest becomes due and payable and such default continues for a period of thirty-five (35) days following the date on which such interest became due
and payable, or 
  
 (b) the Issuer defaults in the payment of the
principal of any series, class or tranche of Notes at the Legal Maturity Date thereof; 
  
 and any such default continues beyond any specified grace period provided with respect to such series, class or tranche of Notes, the Issuer will, upon demand of the Indenture Trustee, pay (subject to the allocation provided in Article
V, this Article VII and any related Indenture Supplement) to the Indenture Trustee, for the benefit of the Holders of any such Notes of the affected series, class or tranche, the whole amount then due and payable on any such Notes for
principal and interest, with interest, to the extent that payment of such interest will be legally enforceable, upon the overdue principal and upon overdue installments of interest, (i) in the case of Interest-bearing Notes, at the rate of
interest applicable to the stated principal amount thereof, unless otherwise specified in the applicable Indenture Supplement; and (ii) in the case of Discount Notes, as specified in the applicable Indenture Supplement, and in addition thereto,
will pay such further amount as will be sufficient to cover the costs and expenses of collection, 

  

 50 

 
including the reasonable compensation, expenses, disbursements and advances of the Indenture Trustee, its agents and counsel and all other amounts due the
Indenture Trustee under Section 807. 
  
 If the Issuer
fails to pay such amounts forthwith upon such demand, the Indenture Trustee, in its own name and as trustee of an express trust, may institute a judicial proceeding for the collection of the sums so due and unpaid, and may prosecute such proceeding
to judgment or final decree, and may enforce the same against the Issuer or any other obligor upon the Notes of such series, class or tranche and collect the money adjudged or decreed to be payable in the manner provided by law out of the Collateral
or any other obligor upon such Notes, wherever situated. 
  
 Section 704. Indenture Trustee May File Proofs of Claim. In case of the pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other judicial proceeding
relative to the Issuer or any other obligor upon the Notes or the property of the Issuer or of such other obligor or their creditors, the Indenture Trustee (irrespective of whether the principal of the Notes will then be due and payable as therein
expressed or by declaration or otherwise and irrespective of whether the Indenture Trustee will have made any demand on the Issuer for the payment of overdue principal or interest) will be entitled and empowered, by intervention in such proceedings
or otherwise, 
  
 (i) to file and prove a claim
for the whole amount of principal and interest owing and unpaid in respect of the Notes and to file such other papers or documents as may be necessary and advisable in order to have the claims of the Indenture Trustee (including any claim for the
reasonable compensation, expenses, disbursements and advances of the Indenture Trustee, its agents and counsel and all other amounts due the Indenture Trustee under Section 807) and of the Noteholders allowed in such judicial proceeding,
and 
  
 (ii) to collect and receive any funds or
other property payable or deliverable on any such claims and to distribute the same; 
  
 and any receiver, assignee, trustee, liquidator, sequestrator (or other similar official) in any such judicial proceeding is hereby authorized by each Noteholder to make such payment to the Indenture Trustee and in the event that the
Indenture Trustee will consent to the making of such payments directly to the Noteholders, to pay to the Indenture Trustee any amount due to it for the reasonable compensation, expenses, disbursements and advances of the Indenture Trustee, its
agents and counsel, and any other amounts due the Indenture Trustee under Section 807. 
  
 Nothing herein contained will be deemed to authorize the Indenture Trustee to authorize or consent to or accept or adopt on behalf of any Noteholder any
plan or reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Holder thereof, or to authorize the Indenture Trustee to vote in respect of the claim of any Noteholder in any such proceeding. 
  
 Section 705. Indenture Trustee May Enforce Claims Without Possession
of Notes. All rights of action and claims under this Indenture or the Notes of any series, class or 

  

 51 

 
tranche may be prosecuted and enforced by the Indenture Trustee without the possession of any of the Notes of such series, class or tranche or the production
thereof in any proceeding relating thereto, and any such proceeding instituted by the Indenture Trustee will be brought in its own name as trustee of an express trust, and any recovery of judgment will, after provision for the payment of the
reasonable compensation, expenses, disbursements and advances of the Indenture Trustee, its agent and counsel, be for the ratable benefit of the Holders of the Notes of the series, class or tranche in respect of which such judgment has been
recovered. 
  
 Section 706. Application of Money
Collected. Any money or other property collected by the Indenture Trustee with respect to a series, class or tranche of Notes pursuant to this Article VII will be applied in the following order, at the date or dates fixed by the Indenture
Trustee and, in case of the distribution of such money on account of principal or interest, upon presentation of the Notes of such series, class or tranche and the notation thereon of the payment if only partially paid and upon surrender thereof if
fully paid: 
  
 (a) first, to the payment of all amounts due the
Indenture Trustee under Section 807(a); 
  
 (b)
second, to the payment of the amounts then due and unpaid upon the Notes of that series, class or tranche for principal and interest, in respect of which or for the benefit of which such money has been collected, ratably, without preference or
priority of any kind (but subject to the allocation provided in Article V of this Indenture and the related Indenture Supplements), according to the amounts due and payable on such Notes for principal and interest, respectively; and

  
 (c) third, to the Issuer. 
  
 Section 707. Indenture Trustee May Elect to Hold the Collateral
Certificate. Following an acceleration of any series, class or tranche of Notes, the Indenture Trustee may elect to continue to hold the Collateral Certificate and apply distributions on the Collateral Certificate in accordance with the regular
distribution provisions pursuant to Article V of this Indenture, except that principal will be paid on the accelerated tranche of Notes to the extent funds are received from the Master Trust and allocated to the accelerated tranche, and
payment is permitted by the subordination provisions of the accelerated tranche. 
  
 Section 708. Sale of Receivables for Accelerated Notes. In the case of a series, class or tranche of Notes that has been accelerated following an Event of Default, the Indenture Trustee may, and at the
direction of the Majority Holders of that series, class or tranche of Notes will, cause the Master Trust to sell Principal Receivables and the related Finance Charge Receivables (or interests therein) as provided in the related Indenture Supplement.

  
 Section 709. Noteholders Have the Right to Direct the
Time, Method and Place of Conducting Any Proceeding for Any Remedy Available to the Indenture Trustee. The Majority Holders of any accelerated series, class or tranche of Notes have the right to direct the time, method and place of conducting
any proceeding for any remedy available to the Indenture Trustee, or exercising any trust or power conferred on the Indenture Trustee. This right may be exercised only if the direction provided by the Noteholders does not conflict with applicable
law or this Indenture and does not have a substantial likelihood of involving the Indenture Trustee in personal liability. 
  

 52 

 Section 710. Limitation on Suits. No Holder of any Note of any series, class or tranche will
have any right to institute any proceeding, judicial or otherwise, with respect to this Indenture, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless: 
  
 (a) such Holder has previously given written notice to the Indenture Trustee
of a continuing Event of Default with respect to Notes of such series, class or tranche; 
  
 (b) the Holders of not less than 25% in Outstanding Dollar Principal Amount of the Outstanding Notes of such series, class or tranche have made written request to the Indenture Trustee to institute proceedings in
respect of such Event of Default in its own name as Indenture Trustee hereunder; 
  
 (c) such Holder or Holders have offered to the Indenture Trustee indemnity reasonably satisfactory to it against the costs, expenses and liabilities to be incurred in compliance with such request; 
  
 (d) the Indenture Trustee for sixty (60) days after its receipt of such
notice, request and offer of indemnity has failed to institute any such proceeding; and 
  
 (e) no direction inconsistent with such written request has been given to the Indenture Trustee during such sixty (60) day period by the Majority Holders of such series, class or tranche; 
  
 it being understood and intended that no one or more Holders of Notes of such series, class
or tranche will have any right in any manner whatever by virtue of, or by availing of, any provision of this Indenture to affect, disturb or prejudice the rights of any other Holders of Notes of such series, class or tranche, or to obtain or to seek
to obtain priority or preference over any other such Holders or to enforce any right under this Indenture, except in the manner herein provided and for the equal and proportionate benefit of all the Holders of all Notes of such series, class or
tranche. 
  
 Section 711. Unconditional Right of
Noteholders to Receive Principal and Interest; Limited Recourse. Notwithstanding any other provisions in this Indenture, the Holder of any Note will have the right, which is absolute and unconditional, to receive payment of the principal of and
interest on such Note on the Legal Maturity Date expressed in the related Indenture Supplement and to institute suit for the enforcement of any such payment, and such right will not be impaired without the consent of such Holder; provided,
however, that notwithstanding any other provision of this Indenture to the contrary, the obligation to pay principal of or interest on the Notes or any other amount payable to any Noteholder will be without recourse to MBNA, the Indenture
Trustee, the Owner Trustee or any affiliate, officer, employee or director of any of them, and the obligation of the Issuer to pay principal of or interest on the Notes or any other amount payable to any Noteholder will be subject to Article
V and the allocation and payment provisions of the Indenture Supplements. 
  

 53 

 Section 712. Restoration of Rights and Remedies. If the Indenture Trustee or any Noteholder
has instituted any proceeding to enforce any right or remedy under this Indenture and such proceeding has been discontinued or abandoned for any reason, then and in every such case the Issuer, the Indenture Trustee and the Noteholders will, subject
to any determination in such proceeding, be restored severally and respectively to their former positions hereunder, and thereafter all rights and remedies of the Indenture Trustee and the Noteholders will continue as though no such proceeding had
been instituted. 
  
 Section 713. Rights and Remedies
Cumulative. No right or remedy herein conferred upon or reserved to the Indenture Trustee or to the Noteholders is intended to be exclusive of any other right or remedy, and every right and remedy will, to the extent permitted by law, be
cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, will not prevent the concurrent
assertion or employment of any other appropriate right or remedy. 
  
 Section 714. Delay or Omission Not Waiver. No delay or omission of the Indenture Trustee or of any Holder of any Note to exercise any right or remedy accruing upon any Event of Default will impair any such right or remedy or
constitute a waiver of any such Event of Default or an acquiescence therein. Every right and remedy given by this Article or by law to the Indenture Trustee or to the Noteholders may be exercised from time to time, and as often as may be deemed
expedient, by the Indenture Trustee or by the Noteholders, as the case may be. 
  
 Section 715. Control by Noteholders. The Majority Holders of any series, class or tranche will have the right to direct the time, method and place of conducting any proceeding for any remedy available to
the Indenture Trustee or exercising any trust or power conferred on the Indenture Trustee with respect to the Notes of such series, class or tranche, provided that: 
  
 (a) the Indenture Trustee will have the right to decline to follow any such direction if the Indenture Trustee, being
advised by counsel, determines that the action so directed may not lawfully be taken or would conflict with this Indenture or if the Indenture Trustee in good faith will, by an Indenture Trustee Authorized Officer, determine that the proceedings so
directed would involve it in personal liability or be unjustly prejudicial to the Holders not taking part in such direction, and 
  
 (b) the Indenture Trustee may take any other action permitted hereunder deemed proper by the Indenture Trustee which is not inconsistent with such
direction. 
  
 Section 716. Waiver of Past Defaults.
The Majority Holders of any series, class or tranche may on behalf of the Holders of all the Notes of such series, class or tranche waive any past default hereunder or under the related Indenture Supplement with respect to such series, class or
tranche and its consequences, except a default not theretofore cured: 
  
 (a) in the payment of the principal of or interest on any Note of such series, class or tranche, or 
  

 54 

 (b) in respect of a covenant or provision hereof which under Article X cannot be modified or
amended without the consent of the Holder of each Outstanding Note of such series, class or tranche. 
  
 Upon any such waiver, such default will cease to exist, and any Event of Default arising therefrom will be deemed to have been cured, for every purpose of
this Indenture; but no such waiver will extend to any subsequent or other default or impair any right consequent thereon. 
  
 Section 717. Undertaking for Costs. All parties to this Indenture agree, and each Holder of any Note by his acceptance thereof will be deemed
to have agreed, that any court may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Indenture Trustee for any action taken or omitted by it as Indenture Trustee, the
filing by any party litigant in such suit of an undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable attorneys’ fees and expenses, against any party litigant in such
suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant; but the provisions of this Section will not apply to any suit instituted by the Indenture Trustee, to any suit instituted by any Noteholder,
or group of Noteholders, holding in the aggregate more than 25% in Outstanding Dollar Principal Amount of the Outstanding Notes of any series, class or tranche to which the suit relates, or to any suit instituted by any Noteholders for the
enforcement of the payment of the principal of or interest on any Note on or after the applicable Legal Maturity Date expressed in such Note. 
  
 Section 718. Waiver of Stay or Extension Laws. The Issuer covenants (to the extent that it may lawfully do so) that it will not at any time
insist upon, or plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force, which may affect the covenants or the performance of this Indenture; and
the Issuer (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it will not hinder, delay or impede the execution of any power herein granted to the Indenture Trustee, but
will suffer and permit the execution of every such power as though no such law had been enacted. 
  
 [END OF ARTICLE VII] 
  

 55 

 ARTICLE VIII 
  
 THE INDENTURE TRUSTEE 
  
 Section 801. Certain Duties and Responsibilities. 
  
 (a) The Indenture Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Indenture with respect to the Notes
of any series, classes or tranche, and no implied covenants or obligations will be read into this Indenture against the Indenture Trustee. 
  
 (b) In the absence of bad faith on its part, the Indenture Trustee may, with respect to Notes of any series, class or tranche, conclusively rely, as to
the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Indenture Trustee and conforming to the requirements of this Indenture; but in the case of any such certificates or
opinions which by any provision hereof are specifically required to be furnished to the Indenture Trustee, the Indenture Trustee will be under a duty to examine the same to determine whether or not they conform to the requirements of this Indenture
but need not confirm or investigate the accuracy of any mathematical calculations or other facts stated therein. 
  
 (c) In case an Event of Default with respect to any series, class or tranche of Notes has occurred and is continuing, the Indenture Trustee will exercise
with respect to the Notes of such series, class or tranche such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in their exercise, as a fiduciary would exercise or use under the circumstances in the
conduct of such person’s own affairs. 
  
 (d) No provision of
this Indenture will be construed to relieve the Indenture Trustee from liability for its own negligent action, its own negligent failure to act, or its own willful misconduct, except that: 
  
 (i) this clause (d) will not be construed to limit the
effect of subsection (a) of this Section; 
  
 (ii) the Indenture Trustee will not be liable for any error of judgment made in good faith by an Indenture Trustee Authorized Officer, unless it will be proved that the Indenture Trustee was negligent in ascertaining the pertinent facts;

  
 (iii) the Indenture Trustee will not be
liable with respect to any action taken or omitted to be taken by it in good faith in accordance with the direction of the Majority Holders of any series, class or tranche relating to the time, method and place of conducting any proceeding for any
remedy available to the Indenture Trustee, or exercising any trust or power conferred upon the Indenture Trustee, under this Indenture with respect to the Notes of such series, class or tranche; and 
  
 (iv) no provision of this Indenture will require the
Indenture Trustee to expend or risk its own funds or otherwise incur any financial liability in the performance 

  

 56 

 
of any of its duties hereunder, or in the exercise of any of its rights or powers, if it will have reasonable grounds for believing that repayment of such
funds or indemnity satisfactory to the Indenture Trustee against such risk or liability is not reasonably assured to it. 
  
 (e) Whether or not therein expressly so provided, every provision of this Indenture relating to the conduct or affecting the liability of or affording
protection to the Indenture Trustee will be subject to the provisions of this Section. 
  
 Section 802. Notice of Defaults. Within ninety (90) days after the occurrence of any default hereunder with respect to Notes of any series, class or tranche, 
  
 (a) the Indenture Trustee will transmit by mail to all Registered
Noteholders of such series, class or tranche, as their names and addresses appear in the Note Register, notice of such default hereunder known to the Indenture Trustee, 
  
 (b) the Indenture Trustee will notify all Holders of Bearer Notes of such series, class or tranche, by publication of notice
of such default in an Authorized Newspaper, or as otherwise provided in the applicable Indenture Supplement, and 
  
 (c) the Indenture Trustee will give prompt written notification thereof to the Note Rating Agencies, unless such default will have been cured or waived;

  
 provided, however, that, except in the case of a default in the
payment of the principal of or interest on any Note of such series, class or tranche, the Indenture Trustee will be protected in withholding such notice if and so long as the board of directors, the executive committee or a trust committee of
directors and/or Indenture Trustee Authorized Officers of the Indenture Trustee in good faith determine that the withholding of such notice is in the interests of the Noteholders of such series, class or tranche. For the purpose of this Section, the
term “default,” with respect to Notes of any series, class or tranche, means any event which is, or after notice or lapse of time or both would become, an Event of Default with respect to Notes of such series, class or tranche. 

 
 Section 803. Certain Rights of Indenture Trustee. Except as
otherwise provided in Section 801: 
  
 (a) the
Indenture Trustee may conclusively rely and will be protected in acting or refraining from acting upon any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture or other paper or
document (whether in its original or facsimile form) believed by it to be genuine and to have been signed or presented by the proper party or parties; 
  
 (b) any request or direction of the Issuer mentioned herein will be sufficiently evidenced by an Officer’s Certificate; 
  
 (c) whenever in the administration of this Indenture the Indenture Trustee
will deem it desirable that a matter be proved or established before taking, suffering or omitting any action hereunder, the Indenture Trustee (unless other evidence be herein specifically prescribed) may, in the absence of bad faith on its part,
rely upon an Officer’s Certificate; 
  

 57 

 (d) the Indenture Trustee may consult with counsel of its own selection and the advice of such counsel or
any Opinion of Counsel will be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon; 
  
 (e) the Indenture Trustee will be under no obligation to exercise any of the rights or powers vested in it by this Indenture
at the request or direction of any of the Noteholders pursuant to this Indenture, unless such Noteholders shall have offered to the Indenture Trustee security or indemnity reasonably satisfactory to it against the costs, expenses and liabilities
which might be incurred by it in compliance with such request or direction; 
  
 (f) the Indenture Trustee will not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent,
order, bond, debenture or other paper or document, but the Indenture Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Indenture Trustee will determine to make such
further inquiry or investigation, it will be entitled to examine the books, records and premises of the Issuer, personally or by agent or attorney; 
  
 (g) the Indenture Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents or
attorneys and the Indenture Trustee will not be responsible for any misconduct or negligence on the part of any agent or attorney appointed with due care by it hereunder; and 
  
 (h) the Indenture Trustee will not be responsible for filing any financing statements or continuation statements in
connection with the Notes, but will cooperate with the Issuer in connection with the filing of such financing statements or continuation statements. 
  
 Section 804. Not Responsible for Recitals or Issuance of Notes. The recitals contained herein and in the Notes, except the certificates of
authentication, will be taken as the statements of the Issuer, and the Indenture Trustee assumes no responsibility for their correctness. The Indenture Trustee makes no representations as to the validity or sufficiency of this Indenture or of the
Notes. The Indenture Trustee will not be accountable for the use or application by the Issuer of Notes or the proceeds thereof. 
  
 Section 805. May Hold Notes. The Indenture Trustee, any Paying Agent, the Note Registrar or any other agent of the Issuer, in its
individual or any other capacity, may become the owner or pledgee of Notes and, subject to Sections 808 and 813, may otherwise deal with the Issuer with the same rights it would have if it were not Indenture Trustee, Paying Agent, Note
Registrar or such other agent. 
  
 Section 806. Money Held
in Trust. Money held by the Indenture Trustee in trust hereunder need not be segregated from other funds except to the extent required by law. The Indenture Trustee will be under no liability for interest on any money received by it hereunder
except as otherwise agreed with the Issuer. 
  

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 Section 807. Compensation and Reimbursement, Limit on Compensation, Reimbursement and
Indemnity. 
  
 (a) The Issuer agrees 
  
 (i) to pay to the Indenture Trustee from time to time
reasonable compensation for all services rendered by it hereunder (which compensation will not be limited by any provision of law in regard to the compensation of a trustee of an express trust); 
  
 (ii) except as otherwise expressly provided herein, to
reimburse the Indenture Trustee upon its request for all reasonable expenses, disbursements and advances incurred or made by the Indenture Trustee in accordance with any provision of this Indenture (including the reasonable compensation and the
reasonable expenses and disbursements of its agents and counsel), except any such expense, disbursement or advance as may be attributable to its negligence or bad faith; and 
  
 (iii) to indemnify the Indenture Trustee for, and to hold it harmless against, any and all loss, liability
or expense incurred without negligence or bad faith on its part, arising out of or in connection with the acceptance or administration of this trust, including the costs and expenses of defending itself against any claim or liability (whether
asserted by the Issuer, the Servicer, any Holder or any other Person) in connection with the exercise or performance of any of its powers or duties hereunder. 
  

The Indenture Trustee will have no recourse to any asset of the Issuer other than funds available pursuant to Section 706 or to any Person other than the
Servicer or the Issuer. 
  
 (b) This Section will survive the
termination of this Indenture and the resignation or replacement of the Indenture Trustee under Section 810. 
  
 Section 808. Disqualification; Conflicting Interests. If the Indenture Trustee has or will acquire a conflicting interest within the meaning
of the Trust Indenture Act, the Indenture Trustee will, if so required by the Trust Indenture Act, either eliminate such interest or resign, to the extent and in the manner provided by, and subject to the provisions of, the Trust Indenture Act and
this Indenture. Nothing herein will prevent the Indenture Trustee from filing with the Commission the application referred to in the second to last paragraph of Section 310(b) of the Trust Indenture Act. 
  
 Section 809. Corporate Indenture Trustee Required; Eligibility.
There will at all times be an Indenture Trustee hereunder with respect to each series, class or tranche of Notes, which will be a corporation organized and doing business under the laws of the United States of America or of any State, authorized
under such laws to exercise corporate trust powers, having a combined capital and surplus of at least $50,000,000, subject to supervision or examination by Federal or State authority, and having a rating of at least BBB- by Standard &
Poor’s. If such corporation publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purposes of this Section, the combined capital and surplus of
such corporation will be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. The Issuer 

  

 59 

 
may not, nor may any Person directly or indirectly controlling, controlled by, or under common control with the Issuer, serve as Indenture Trustee. If at any
time the Indenture Trustee with respect to any series, class or tranche of Notes will cease to be eligible in accordance with the provisions of this Section, it will resign immediately in the manner and with the effect hereinafter specified in this
Article. 
  
 Section 810. Resignation and Removal;
Appointment of Successor. 
  
 (a) No resignation or removal
of the Indenture Trustee and no appointment of a successor Indenture Trustee pursuant to this Article will become effective until the acceptance of appointment by the successor Indenture Trustee under Section 811. 
  
 (b) The Indenture Trustee may resign with respect to any series, class or
tranche of Notes at any time by giving written notice thereof to the Issuer. If an instrument of acceptance by a successor Indenture Trustee shall not have been delivered to the Indenture Trustee within thirty (30) days after the giving of such
notice of resignation, the resigning Indenture Trustee may petition any court of competent jurisdiction for the appointment of a successor Indenture Trustee. 
  
 (c) The Indenture Trustee may be removed with respect to any series, class or tranche of Notes at any time by Act of the Majority Holders of that series,
class or tranche, delivered to the Indenture Trustee and to the Issuer. 
  
 (d) If at any time: 
  
 (i) the
Indenture Trustee fails to comply with Section 310(b) of the Trust Indenture Act with respect to any series, class or tranche of Notes after written request therefor by the Issuer or by any Noteholder who has been a bona fide Holder of a Note
of that series, class or tranche for at least six (6) months, or 
  
 (ii) the Indenture Trustee ceases to be eligible under Section 809 with respect to any series, class or tranche of Notes and fails to resign after written request therefor by the Issuer or by any such
Noteholder, or 
  
 (iii) the Indenture Trustee
becomes incapable of acting with respect to any series, class or tranche of Notes, or 
  
 (iv) the Indenture Trustee is adjudged bankrupt or insolvent or a receiver of the Indenture Trustee or of its property is appointed or any
public officer takes charge or control of the Indenture Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, 
  
 then, in any such case, (A) the Issuer may remove the Indenture Trustee, with respect to the series, class or tranche, or in the case of clause (iv), with respect to
all series, classes or tranches, or (B) subject to Section 717, any Noteholder who has been a bona fide Holder of a Note of such series, class and tranche for at least six (6) months may, on behalf of itself and all others
similarly situated, petition any court of competent jurisdiction for the removal of the Indenture Trustee with respect to such series, class or tranche and the appointment of a successor Indenture Trustee with respect to the series, class or
tranche, or, in the case of clause (iv), with respect to all series, classes and tranches. 
  

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 (e) If the Indenture Trustee resigns, is removed or becomes incapable of acting with respect to any
series, class or tranche of Notes, or if a vacancy shall occur in the office of the Indenture Trustee with respect to any series, class or tranche of Notes for any cause, the Issuer will promptly appoint a successor Indenture Trustee for that
series, class or tranche of Notes. If, within one year after such resignation, removal or incapacity, or the occurrence of such vacancy, a successor Indenture Trustee with respect to such series, class or tranche of Notes is appointed by Act of the
Majority Holders of such series, class or tranche delivered to the Issuer and the retiring Indenture Trustee, the successor Indenture Trustee so appointed will, forthwith upon its acceptance of such appointment, become the successor Indenture
Trustee with respect to such series, class or tranche and supersede the successor Indenture Trustee appointed by the Issuer with respect to such series, class or tranche. If no successor Indenture Trustee with respect to such series, class or
tranche shall have been so appointed by the Issuer or the Noteholders of such series, class or tranche and accepted appointment in the manner hereinafter provided, any Noteholder who has been a bona fide Holder of a Note of that series, class or
tranche for at least six (6) months may, on behalf of itself and all others similarly situated, petition any court of competent jurisdiction for the appointment of a successor Indenture Trustee with respect to such series, class or tranche.

  
 (f) The Issuer will give written notice of each resignation
and each removal of the Indenture Trustee with respect to any series, class or tranche and each appointment of a successor Indenture Trustee with respect to any series, class or tranche to each Noteholder as provided in Section 106 and
to each Note Rating Agency. Each notice will include the name of the successor Indenture Trustee and the address of its principal Corporate Trust Office. 
  
 Section 811. Acceptance of Appointment by Successor. Every successor Indenture Trustee appointed hereunder will execute, acknowledge and
deliver to the Issuer and to the predecessor Indenture Trustee an instrument accepting such appointment, with a copy to the Note Rating Agencies, and thereupon the resignation or removal of the predecessor Indenture Trustee will become effective
with respect to any series, class or tranche as to which it is resigning or being removed as Indenture Trustee, and such successor Indenture Trustee, without any further act, deed or conveyance, will become vested with all the rights, powers, trusts
and duties of the predecessor Indenture Trustee with respect to any such series, class or tranche; but, on request of the Issuer or the successor Indenture Trustee, such predecessor Indenture Trustee will, upon payment of its reasonable charges, if
any, execute and deliver an instrument transferring to such successor Indenture Trustee all the rights, powers and trusts of the predecessor Indenture Trustee, and will duly assign, transfer and deliver to such successor Indenture Trustee all
property and money held by such predecessor Indenture Trustee hereunder with respect to all or any such series, class or tranche, subject nevertheless to its lien, if any, provided for in Section 807. Upon request of any such successor
Indenture Trustee, the Issuer will execute any and all instruments for more fully and certainly vesting in and confirming to such successor Indenture Trustee all such rights, powers and trusts. 
  
 In case of the appointment hereunder of a successor Indenture Trustee with
respect to the Notes of one or more (but not all) series, classes or tranches, the Issuer, the 

  

 61 

 
predecessor Indenture Trustee and each successor Indenture Trustee with respect to the Notes of any applicable series, class or tranche will execute and
deliver an Indenture Supplement which will contain such provisions as shall be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties of the predecessor Indenture Trustee with respect to the Notes of any series,
class or tranche as to which the predecessor Indenture Trustee is not being succeeded will continue to be vested in the predecessor Indenture Trustee, and will add to or change any of the provisions of this Indenture as shall be necessary to provide
for or facilitate the administration of the trusts hereunder by more than one Indenture Trustee, it being understood that nothing herein or in such Indenture Supplement will constitute such Indenture Trustees co-trustees of the same trust and that
each such Indenture Trustee will be Indenture Trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered by any other such Indenture Trustee. 
  
 No successor Indenture Trustee with respect to any series, class or tranche
of Notes will accept its appointment unless at the time of such acceptance such successor Indenture Trustee will be qualified and eligible with respect to that series, class or tranche under this Article. 
  
 Section 812. Merger, Conversion, Consolidation or Succession to
Business. Any corporation into which the Indenture Trustee may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Indenture Trustee shall be a
party, or any corporation succeeding to all or substantially all of the corporate trust business of the Indenture Trustee, will be the successor of the Indenture Trustee hereunder, provided such corporation shall be otherwise qualified and eligible
under this Article, without the execution or filing of any paper or any further act on the part of any of the parties hereto. The Issuer will give prompt written notice of such merger, conversion, consolidation or succession to the Note Rating
Agencies. In case any Notes shall have been authenticated, but not delivered, by the Indenture Trustee then in office, any successor by merger, conversion or consolidation to such authenticating Indenture Trustee may adopt such authentication and
deliver the Notes so authenticated with the same effect as if such successor Indenture Trustee had itself authenticated such Notes. 
  
 Section 813. Preferential Collection of Claims Against Issuer. If and when the Indenture Trustee shall be or become a creditor of the Issuer
(or any other obligor upon the Notes), the Indenture Trustee will be subject to the provisions of Section 311 of the Trust Indenture Act. An Indenture Trustee who has resigned or been removed will be subject to Section 311(a) of the Trust
Indenture Act to the extent provided therein. 
  
 Section 814. Appointment of Authenticating Agent. At any time when any of the Notes remain Outstanding the Indenture Trustee, with the approval of the Issuer, may appoint an Authenticating Agent or Agents with respect to one or
more series, classes or tranches of Notes which will be authorized to act on behalf of the Indenture Trustee to authenticate Notes of such series, classes or tranches issued upon exchange, registration of transfer or partial redemption thereof or
pursuant to Section 306, and Notes so authenticated will be entitled to the benefits of this Indenture and will be valid and obligatory for all purposes as if authenticated by the Indenture Trustee hereunder. Wherever reference is made
in this Indenture to the authentication and delivery of Notes by the Indenture Trustee or the Indenture Trustee’s 

  

 62 

 
certificate of authentication, such reference will be deemed to include authentication and delivery on behalf of the Indenture Trustee by an Authenticating
Agent and a certificate of authentication executed on behalf of the Indenture Trustee by an Authenticating Agent. Each Authenticating Agent will be acceptable to the Issuer and will at all times be a corporation organized and doing business under
the laws of the United States of America, any State thereof or the District of Columbia, authorized under such laws to act as an Authenticating Agent, having a combined capital and surplus of not less than $50,000,000 and, if other than the Issuer
itself, subject to supervision or examination by Federal or State authority. If such Authenticating Agent publishes reports of condition at least annually, pursuant to law or to the requirements of said supervising or examining authority, then for
the purposes of this Section, the combined capital and surplus of such Authenticating Agent will be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time an Authenticating
Agent will cease to be eligible in accordance with the provisions of this Section, such Authenticating Agent will resign immediately in the manner and with the effect specified in this Section. The initial Authenticating Agent for the Notes of all
series, classes and tranches will be The Bank of New York. 
  
 Any
corporation into which an Authenticating Agent may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which such Authenticating Agent will be a party, or any
corporation succeeding to the corporate agency or corporate trust business of an Authenticating Agent, will continue to be an Authenticating Agent, provided such corporation will be otherwise eligible under this Section, without the execution or
filing of any paper or any further act on the part of the Indenture Trustee or the Authenticating Agent. 
  
 An Authenticating Agent may resign at any time by giving written notice thereof to the Indenture Trustee and to the Issuer. The Indenture Trustee may at
any time terminate the agency of an Authenticating Agent by giving written notice thereof to such Authenticating Agent and to the Issuer. Upon receiving such a notice of resignation or upon such a termination, or in case at any time such
Authenticating Agent will cease to be eligible in accordance with the provisions of this Section, the Indenture Trustee, with the approval of the Issuer, may appoint a successor Authenticating Agent which will be acceptable to the Issuer and will
give notice to each Noteholder as provided in Section 106. Any successor Authenticating Agent upon acceptance of its appointment hereunder will become vested with all the rights, powers and duties of its predecessor hereunder, with like
effect as if originally named as an Authenticating Agent. No successor Authenticating Agent will be appointed unless eligible under the provisions of this Section. 
  
 The Indenture Trustee agrees to pay to each Authenticating Agent (other than an Authenticating Agent appointed at the
request of the Issuer from time to time) reasonable compensation for its services under this Section, and the Indenture Trustee will be entitled to be reimbursed for such payments, subject to the provisions of Section 807. 
  
 If an appointment with respect to one or more series, classes or tranches is
made pursuant to this Section, the Notes of such series, classes or tranche may have endorsed thereon, in addition to the Indenture Trustee’s certificate of authentication, an alternate certificate of authentication in the following form:

  

 63 

 This is one of the Notes of the series, classes or tranches designated therein referred to in the
within-mentioned Indenture. 
  

			
	THE BANK OF NEW YORK, as
	Indenture Trustee
		
	By:	 	  

	 	 	As Authenticating Agent
	By:	 	  
  

	 	 	Authorized Signatory

  
 Section 815. Tax Returns. In the event the Issuer shall be required to file tax returns, the Servicer shall prepare or shall cause to be prepared such tax returns and shall provide such tax returns to the Owner Trustee or the
Beneficiary for signature at least five (5) days before such tax returns are due to be filed. The Issuer, in accordance with the terms of each Indenture Supplement, shall also prepare or shall cause to be prepared all tax information required
by law to be distributed to Noteholders and shall deliver such information to the Indenture Trustee at least five (5) days prior to the date it is required by law to be distributed to Noteholders. The Indenture Trustee, upon written request,
will furnish the Servicer with all such information known to the Indenture Trustee as may be reasonably requested and required in connection with the preparation of all tax returns of the Issuer, and shall, upon request, execute such returns. In no
event shall the Indenture Trustee or the Owner Trustee be personally liable for any liabilities, costs or expenses of the Issuer or any Noteholder arising under any tax law, including without limitation, federal, state or local income or excise
taxes or any other tax imposed on or measured by income (or any interest or penalty with respect thereto arising from a failure to comply therewith). 
  
 Section 816. Representations and Covenants of the Indenture Trustee. The Indenture Trustee represents, warrants and covenants that:

  
 (i) The Indenture Trustee is a banking
corporation duly organized and validly existing under the laws of the State of New York; 
  
 (ii) The Indenture Trustee has full power and authority to deliver and perform this Indenture and has taken all necessary action to
authorize the execution, delivery and performance by it of this Indenture and other documents to which it is a party; and 
  
 (iii) Each of this Indenture and other documents to which it is a party has been duly executed and delivered by the Indenture Trustee and
constitutes its legal, valid and binding obligation in accordance with its terms. 
  

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 Section 817. Custody of the Collateral. The Collateral Certificate shall be registered in the
name of the Indenture Trustee and shall be delivered to and held by the Indenture Trustee in the State of New York separate and apart from all other property held by the Indenture Trustee. The Indenture Trustee shall hold such of the Collateral as
constitutes a Permitted Investment in accordance with Section 403(c). All other Collateral that is not described in the preceding two sentences (i) that constitutes investment property shall be held by the Indenture Trustee through
a securities intermediary, which securities intermediary shall agree with the Indenture Trustee that (A) such investment property at all times shall be credited to a securities account of the Indenture Trustee, (B) all property credited to
such securities account shall be treated as a financial asset, (C) such securities intermediary shall treat the Indenture Trustee as entitled to exercise the rights that comprise each financial asset credited to such securities account,
(D) such securities intermediary shall comply with entitlement orders originated by the Indenture Trustee without the further consent of any other person or entity, (E) such securities intermediary shall not agree with any person or entity
other than the Indenture Trustee to comply with entitlement orders originated by any person or entity other than the Indenture Trustee, (F) such securities account and all property credited thereto shall not be subject to any lien, security
interest, right of set-off, or encumbrance in favor of such securities intermediary or anyone claiming through such securities intermediary (other than the Indenture Trustee), and (G) such agreement between such securities intermediary and the
Indenture Trustee shall be governed by the laws of the State of New York; and (ii) not described in clause (i) above shall be held by the Indenture Trustee in the State of New York separate and apart from all other property held by the
Indenture Trustee. Notwithstanding any other provision of this Indenture, the Indenture Trustee shall not hold any Collateral through an agent except as expressly permitted by this Section 817 and Section 403(c). Each term
used in this Section 817 and defined in the New York UCC shall have the meaning set forth in the New York UCC. 
  
 Section 818. Indenture Trustee’s Application for Instructions from the Issuer. Any application by the Indenture Trustee for written
instructions from the Issuer may, at the option of the Indenture Trustee, set forth in writing any action proposed to be taken or omitted by the Indenture Trustee under and in accordance with this Indenture and the date on and/or after which such
action shall be taken or such omission shall be effective, provided that such application shall make specific reference to this Section 818. The Indenture Trustee shall not be liable for any action taken by, or omission of, the Indenture
Trustee in accordance with a proposal included in such application on or after the date specified in such application (which date shall not be less than five (5) Business Days after the date any officer of the Issuer actually receives such
application, unless any such officer shall have consented in writing to any earlier date) unless prior to taking any such action (or the effective date in the case of an omission), the Indenture Trustee shall have received written instructions in
response to such application specifying the action be taken or omitted. 
  
 [END OF ARTICLE VIII] 
  

 65 

 ARTICLE IX 
  

NOTEHOLDERS’ MEETINGS, LISTS, REPORTS BY INDENTURE TRUSTEE, ISSUER AND BENEFICIARY 
  
 Section 901. Issuer To Furnish Indenture Trustee Names and Addresses of Noteholders. The Issuer will furnish or
cause to be furnished to the Indenture Trustee: 
  
 (a) not more
than fifteen (15) days after each Record Date, in each year such form as the Indenture Trustee may reasonably require, a list of the names and addresses of the Registered Noteholders of such series, classes or tranches as of such date, and

  
 (b) at such other times as the Indenture Trustee may request
in writing, within thirty (30) days after the receipt by the Issuer of any such request, a list of similar form and content as of a date not more than fifteen (15) days before the time such list is furnished; 
  
 provided, however, that so long as the Indenture Trustee is the Note Registrar,
no such list shall be required to be furnished. 
  
 Section 902. Preservation of Information; Communications to Noteholders. 
  
 (a) The Indenture Trustee will preserve, in as current a form as is reasonably practicable, the names and addresses of Registered Noteholders contained in the most recent list furnished to the Indenture Trustee as
provided in Section 901 and the names and addresses of Registered Noteholders received by the Indenture Trustee in its capacity as Note Registrar. The Indenture Trustee may destroy any list furnished to it as provided in
Section 901 upon receipt of a new list so furnished. 
  
 (b) If three (3) or more Holders of Notes of any series, class or tranche (hereinafter referred to as “applicants”) apply in writing to the Indenture Trustee, and furnish to the Indenture Trustee reasonable proof that each
such applicant has owned a Note of such series, class or tranche for a period of at least six (6) months preceding the date of such application, and such application states that the applicants desire to communicate with other Holders of Notes
of such series, class or tranche or with the Holders of all Notes with respect to their rights under this Indenture or under such Notes and is accompanied by a copy of the form of proxy or other communication which such applicants propose to
transmit, then the Indenture Trustee will, within five (5) Business Days after the receipt of such application, at its election, either 
  
 (i) afford such applicants access to the information preserved at the time by the Indenture Trustee in accordance with
Section 902(a), or 
  
 (ii) inform
such applicants as to the approximate number of Holders of Notes of such series, class or tranche or all Notes, as the case may be, whose names and addresses appear in the information preserved at the time by the Indenture Trustee in accordance with
Section 902(a), and as to the approximate cost of mailing to such Noteholders the form of proxy or other communication, if any, specified in such application. 
  

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 If the Indenture Trustee shall elect not to afford such applicants access to such information, the
Indenture Trustee shall, upon the written request of such applicants, mail to each Holder of a Registered Note of such series, class or tranche or to all Registered Noteholders, as the case may be, whose names and addresses appear in the information
preserved at the time by the Indenture Trustee in accordance with Section 902(a), a copy of the form of proxy or other communication which is specified in such request, with reasonable promptness after a tender to the Indenture Trustee
of the material to be mailed and of payment, or provision for the payment, of the reasonable expenses of mailing, unless, within five (5) days after such tender, the Indenture Trustee shall mail to such applicants and file with the Commission,
together with a copy of the material to be mailed, a written statement to the effect that, in the opinion of the Indenture Trustee, such mailing would be contrary to the best interests of the Holders of Notes of such series, class or tranche or all
Noteholders, as the case may be, or would be in violation of applicable law. Such written statement will specify the basis of such opinion. If the Commission, after opportunity for a hearing upon the objections specified in the written statement so
filed, shall enter an order refusing to sustain any of such objections or if, after the entry of an order sustaining one or more of such objections, the Commission shall find, after notice and opportunity for hearing, that all the objections so
sustained have been met and shall enter an order so declaring, the Indenture Trustee will mail copies of such material to all Registered Noteholders of such series, class or tranche or all Registered Noteholders, as the case may be, with reasonable
promptness after the entry of such order and the renewal of such tender; otherwise the Indenture Trustee will be relieved of any obligation or duty to such applicants respecting their application. 
  
 (c) Every Holder of Notes, by receiving and holding the same, agrees with the
Issuer and the Indenture Trustee that neither the Issuer nor the Indenture Trustee will be held accountable by reason of the disclosure of any such information as to the names and addresses of the Holders of Notes in accordance with
Section 902(b), regardless of the source from which such information was derived, and that the Indenture Trustee will not be held accountable by reason of mailing any material pursuant to a request made under Section 902(b).

  
 Section 903. Reports by Indenture Trustee.

  
 (a) The term “reporting date” as used in this
Section means August 31. Within sixty (60) days after the reporting date in each year, beginning in 2002, the Indenture Trustee will transmit to Noteholders, in the manner and to the extent provided in Section 313(c) of the Trust
Indenture Act, a brief report dated as of such reporting date if required by Section 313(a) of the Trust Indenture Act. 
  
 (b) To the extent required by the Trust Indenture Act, the Indenture Trustee will mail each year to all Registered Noteholders, with a copy to the Note
Rating Agencies a report concerning: 
  
 (i) its
eligibility and qualifications to continue as trustee under this Indenture; 
  
 (ii) any amounts advanced by the Indenture Trustee under this Indenture; 
  

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 (iii) the amount, interest rate and maturity date or indebtedness owing by the Issuer to
the Indenture Trustee in the Indenture Trustee’s individual capacity; 
  
 (iv) the property and funds physically held by the Indenture Trustee as Indenture Trustee; 
  
 (v) any release or release and substitution of Collateral subject to the lien of this Indenture which has not previously been reported;
and 
  
 (vi) any action taken by the Indenture
Trustee that materially affects the Notes and that has not previously been reported. 
  
 (c) The Indenture Trustee will comply with Sections 313(b) and 313(c) of the Trust Indenture Act. 
  
 (d) A copy of each such report will, at the time of such transmission to Noteholders, be filed by the Indenture Trustee with each stock exchange upon
which the Notes are listed, and also with the Commission. The Issuer will notify the Indenture Trustee when the Notes are admitted to trading on any stock exchange. 
  
 Section 904. Meetings of Noteholders; Amendments and Waivers. 
  
 (a) The Indenture Trustee may call a meeting of the Noteholders of a series,
class or tranche at any time. The Indenture Trustee will call a meeting upon request of the Issuer or the Holders of at least 10% in aggregate Outstanding Dollar Principal Amount of the Outstanding Notes of such series, class or tranche. In any
case, a meeting will be called after notice is given to the Noteholders pursuant to Section 106. 
  
 (b) Except for any consent that must be given by the Holders of each Outstanding Note affected or any action to be taken by the Issuer as holder of the
Collateral Certificate, any resolution presented at any meeting at which a quorum is present may be adopted by the affirmative vote of the Majority Holders of that series, class or tranche, as the case may be. For any vote, request, demand,
authorization, direction, notice, consent, waiver or other action provided by the Series 2001-D Supplement to be given or taken by the holder of the Collateral Certificate, any resolution presented at any meeting at which the Majority Holders of all
Outstanding Notes is present may be adopted by the affirmative vote of the Majority Holders of all Outstanding Notes. However, any resolution with respect to any consent, waiver, request, demand, notice, authorization, direction or other action
which may be given by the Holders of not less than a specified percentage in aggregate Outstanding Dollar Principal Amount of Outstanding Notes of a series, class or tranche or all Notes may be adopted at any meeting at which a quorum is present
only by the affirmative vote of the Holders of not less than the specified percentage in aggregate Outstanding Dollar Principal Amount of the Outstanding Notes of that series, class or tranche or all Outstanding Notes, as the case may be. Any
resolution passed or decision taken at any meeting of Noteholders duly held in accordance with this Indenture will be binding on all Noteholders of the affected series, class or tranche. 
  
 (c) The quorum at any meeting will be persons holding or representing the Majority Holders of a series, class or tranche or
all Notes, as the case may be; provided, 

  

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however, that if any action is to be taken at that meeting concerning a consent, waiver, request, demand, notice, authorization, direction or other action
that may be given by the Holders of not less than a specified percentage in aggregate Outstanding Dollar Principal Amount of the Outstanding Notes of a series, class or tranche or all Notes, as applicable, the persons holding or representing such
specified percentage in aggregate Outstanding Dollar Principal Amount of the Outstanding Notes of such series, class or tranche or all Notes will constitute a quorum. 
  
 (d) The ownership of Registered Notes will be proved by the Note Register. The Ownership of Bearer Notes will be proved as
provided in Section 104(c)(ii). 
  
 (e) The Issuer may
make reasonable rules for other matters relating to action by or a meeting of Noteholders not otherwise covered by this Section. 
  
 Section 905. Reports by Issuer to the Commission. The Issuer will: 
  
 (a) file with the Indenture Trustee, within fifteen (15) days after the Issuer is required to file the same with the
Commission, copies of the annual reports and of the information, documents and other reports (or copies of such portions of any of the foregoing as the Commission may from time to time by rules and regulations prescribe) which the Issuer may be
required to file with the Commission pursuant to Section 13 or Section 15(d) of the Securities Exchange Act; or, if the Issuer is not required to file information, documents or reports pursuant to either of said Sections, then it will file
with the Indenture Trustee and the Commission, in accordance with rules and regulations prescribed from time to time by the Commission, such of the supplementary and periodic information, documents and reports which may be required pursuant to
Section 13 of the Securities Exchange Act in respect of a security listed and registered on a national securities exchange as may be prescribed from time to time in such rules and regulations; 
  
 (b) file with the Indenture Trustee and the Commission, in accordance with
rules and regulations prescribed from time to time by the Commission, such additional information, documents and reports with respect to compliance by the Issuer with the conditions and covenants of this Indenture as may be required from time to
time by such rules and regulations; and 
  
 (c) transmit by mail
to all Registered Noteholders, as their names and addresses appear in the Note Register, and notify all Holders of Bearer Notes of such series, class or tranche, by publication of such notice in an Authorized Newspaper or as otherwise provided in
the applicable Indenture Supplement, within thirty (30) days after the filing thereof with the Indenture Trustee, such summaries of any information, documents and reports required to be filed by the Issuer pursuant to paragraphs (a) and
(b) of this Section as may be required by rules and regulations prescribed from time to time by the Commission. 
  
 Section 906. Reports by Indenture Trustee. The Indenture Trustee will report to the Issuer with respect to the amount on deposit in the
Accounts, and the identity of the investments included therein, as the Issuer may from time to time reasonably request which, absent the occurrence of an Event of Default hereunder, will not occur more often than monthly. 
  

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 Section 907. Monthly Noteholders’ Statement. On each Transfer Date the Issuer will, in
cooperation with the Servicer of the Master Trust, complete and deliver to the Indenture Trustee and the Master Trust Trustee (with a copy to each Note Rating Agency) a Monthly Noteholders’ Statement. 
  
 Section 908. Payment Instruction to Master Trust. 
  
 (a) Promptly after the receipt by the Issuer of each Monthly Servicer’s
Certificate under the Series 2001-D Supplement, the Issuer will, in cooperation with the Servicer of the Master Trust, complete the Payment Instruction and deliver a copy thereof to the Indenture Trustee and the Master Trust Trustee. 
  
 (b) From time to time, the Issuer will notify the Servicer under the Series
2001-D Supplement of the information necessary to be provided by the Issuer under Section 5.01 of the Pooling and Servicing Agreement as supplemented by the Series 2001-D Supplement to calculate the Investor Interest and the Principal
Allocation Investor Interest of the Collateral Certificate. 
  
 [END OF ARTICLE IX] 
  

 70 

 ARTICLE X 
  

INDENTURE SUPPLEMENTS; AMENDMENTS TO THE POOLING AND SERVICING AGREEMENT AND 
 AMENDMENTS TO THE TRUST AGREEMENT 
  
 Section 1001. Supplemental Indentures Without Consent of Noteholders. Without the consent of the Holders of any Notes but with prior notice to each Note Rating Agency, the Issuer and the Indenture Trustee,
at any time and from time to time, upon delivery of a Master Trust Tax Opinion and an Issuer Tax Opinion and upon delivery by the Issuer to the Indenture Trustee of an Officer’s Certificate to the effect that the Issuer reasonably believes that
such amendment will not have an Adverse Effect and is not reasonably expected to have an Adverse Effect at any time in the future may amend this Indenture or any Indenture Supplement or enter into one or more Indenture Supplements, in form
satisfactory to the Indenture Trustee, for any of the following purposes: 
  
 (a) to evidence the succession of another Entity to the Issuer, and the assumption by any such successor of the covenants of the Issuer herein and in the Notes; or 
  
 (b) to add to the covenants of the Issuer, or to surrender any right or power
herein conferred upon the Issuer by the Issuer, for the benefit of the Holders of the Notes of any or all series, classes or tranches (and if such covenants or the surrender of such right or power are to be for the benefit of less than all series,
classes or tranches of Notes, stating that such covenants are expressly being included or such surrenders are expressly being made solely for the benefit of one or more specified series, classes or tranches); or 
  
 (c) to cure any ambiguity, to correct or supplement any provision herein
which may be inconsistent with any other provision herein, or to make any other provisions with respect to matters or questions arising under this Indenture; or 
  

(d) to add to this Indenture such provisions as may be expressly permitted by the Trust Indenture Act, excluding, however, the provisions referred to
in Section 316(a)(2) of the Trust Indenture Act as in effect at the date as of which this Indenture was executed or any corresponding provision in any similar federal statute hereafter enacted; or 
  
 (e) to establish any form of Note, as provided in Article II, and to
provide for the issuance of any series, class or tranche of Notes as provided in Article III and to set forth the terms thereof, and/or to add to the rights of the Holders of the Notes of any series, class or tranche; or 
  
 (f) to evidence and provide for the acceptance of appointment by another
corporation as a successor Indenture Trustee hereunder with respect to one or more series, classes or tranches of Notes and to add to or change any of the provisions of this Indenture as will be necessary to provide for or facilitate the
administration of the trusts hereunder by more than one Indenture Trustee, pursuant to Section 811; or 
  
 (g) to add any additional Early Redemption Events or Events of Default in respect of the Notes of any or all series, classes or tranches (and if such
additional Events of 

  

 71 

 
Default are to be in respect of less than all series, classes or tranches of Notes, stating that such Events of Default are expressly being included solely
for the benefit of one or more specified series, classes or tranches); or 
  
 (h) to provide for the consolidation of the Master Trust and the Issuer into a single Entity or the transfer of assets in the Master Trust to the Issuer after the termination of all series of Investor Certificates
(other than the Collateral Certificate); or 
  
 (i) if one or more
additional Sellers under the Pooling and Servicing Agreement are added to, or replaced under, the Pooling and Servicing Agreement, or one or more additional Beneficiaries under the Trust Agreement are added to, or replaced under, the Trust
Agreement, to make any necessary changes to the Indenture or any other related document; or 
  
 (j) to provide for the inclusion in the Owner Trust of additional collateral (in addition to the Collateral Certificate) and the issuance of Notes backed by any such additional collateral; 
  
 (k) to provide for additional or alternative credit enhancement for any
tranche of Notes; or 
  
 (l) to qualify for sale treatment under
generally accepted accounting principles. 
  
 Additionally,
notwithstanding any provision of this Article X to the contrary, this Indenture or any Indenture Supplement may be amended without the consent of the Indenture Trustee or any of the Noteholders, upon delivery of a Master Trust Tax Opinion and
an Issuer Tax Opinion for the purpose of adding any provisions to, or changing in any manner or eliminating any of the provisions of, this Indenture or any Indenture Supplement or of modifying in any manner the rights of the Holders of the Notes
under this Indenture or any Indenture Supplement; provided, however, that (i) the Issuer shall deliver to the Indenture Trustee and the Owner Trustee an Officer’s Certificate to the effect that the Issuer reasonably believes
that such amendment will not have an Adverse Effect and is not reasonably expected to have an Adverse Effect at any time in the future and (ii) the Note Rating Agencies have provided written confirmation that such amendment will not have a
Ratings Effect. 
  
 Section 1002. Supplemental Indentures
with Consent of Noteholders. With prior notice to each applicable Note Rating Agency and the consent of not less than 66 2/3% in Outstanding Dollar Principal Amount of each class or tranche affected by such amendment of this Indenture or any Indenture Supplement by Act of said Holders delivered to the Issuer and the Indenture Trustee, the Issuer and the
Indenture Trustee, upon delivery of a Master Trust Tax Opinion and an Issuer Tax Opinion, may enter into an amendment of this Indenture or such Indenture Supplement for the purpose of adding any provisions to, or changing in any manner or
eliminating any of the provisions of, this Indenture or any Indenture Supplement or of modifying in any manner the rights of the Holders of the Notes of each such series, class or tranche under this Indenture or any Indenture Supplement;
provided, however, that no such amendment or Indenture Supplement will, without the consent of the Holder of each Outstanding Note affected thereby: 
  
 (a) change the scheduled payment date of any payment of interest on any Note, or change an Expected Principal Payment Date
or Legal Maturity Date of any Note; 
  

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 (b) reduce the Stated Principal Amount of, or the interest rate on any Note, or change the method of
computing the Outstanding Dollar Principal Amount, the Adjusted Outstanding Dollar Principal Amount or the Nominal Liquidation Amount in a manner that is adverse to the Holder of any Note; 
  
 (c) reduce the amount of a Discount Note payable upon the occurrence of an
Early Redemption Event or other optional or mandatory redemption or upon the acceleration of its maturity; 
  
 (d) impair the right to institute suit for the enforcement of any payment on any Note; 
  
 (e) reduce the percentage in Outstanding Dollar Principal Amount of the Outstanding Notes of any series, class or tranche,
the consent of whose Holders is required for any such Indenture Supplement, or the consent of whose Holders is required for any waiver of compliance with the provisions of this Indenture or of defaults hereunder and their consequences, provided for
in this Indenture; 
  
 (f) modify any of the provisions of this
Section or Section 718, except to increase any percentage of Holders required to consent to any such amendment or to provide that other provisions of this Indenture cannot be modified or waived without the consent of the Holder of each
Outstanding Note affected thereby; 
  
 (g) permit the creation of
any lien or other encumbrance on the Collateral that secures any tranche of Notes that is prior to the lien in favor of the Holders of the Notes of such tranche; 
  
 (h) change any Place of Payment where any principal of, or interest on, any Note is payable, unless otherwise provided in
the applicable Indenture Supplement; 
  
 (i) change the method of
computing the amount of principal of, or interest on, any Note on any date; or 
  
 (j) make any other amendment not permitted by Section 1001. 
  
 An amendment of this Indenture or an Indenture Supplement which changes or eliminates any covenant or other provision of this Indenture which has
expressly been included solely for the benefit of one or more particular series, class or tranche of Notes, or which modifies the rights of the Holders of Notes of such series, class or tranche with respect to such covenant or other provision, will
be deemed not to affect the rights under this Indenture of the Holders of Notes of any other series, class or tranche. 
  

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 It will not be necessary for any Act of Noteholders under this Section to approve the particular form of
any proposed amendment or Indenture Supplement, but it will be sufficient if such Act will approve the substance thereof. 
  
 Section 1003. Execution of Indenture Supplements. In executing or accepting the additional trusts created by any amendment of this Indenture
or Indenture Supplement permitted by this Article or the modifications thereby of the trusts created by this Indenture, the Indenture Trustee will be entitled to receive, and (subject to Section 801) will be fully protected in relying
upon, an Opinion of Counsel stating that the execution of such amendment or Indenture Supplement is authorized or permitted by this Indenture and that all conditions precedent thereto have been satisfied. The Indenture Trustee may, but will not
(except to the extent required in the case of an amendment or Indenture Supplement entered into under Section 1001(d) or 1001(f)) be obligated to, enter into any such Indenture Supplement which affects the Indenture Trustee’s
own rights, duties or immunities under this Indenture or otherwise. 
  
 Section 1004. Effect of Indenture Supplements. Upon the execution of any amendment of this Indenture or Indenture Supplement under this Article, this Indenture will be modified in accordance therewith with respect to each
series, class or tranche of Notes affected thereby, or all Notes, as the case may be, and such amendment or Indenture Supplement will form a part of this Indenture for all purposes; and every Holder of Notes theretofore or thereafter authenticated
and delivered hereunder will be bound thereby to the extent provided therein. 
  
 Section 1005. Conformity with Trust Indenture Act. Every amendment of this Indenture or Indenture Supplement executed pursuant to this Article will conform to the requirements of the Trust Indenture Act as
then in effect. 
  
 Section 1006. Reference in Notes to
Indenture Supplements. Notes authenticated and delivered after the execution of any amendment of this Indenture or Indenture Supplement pursuant to this Article may, and will if required by the Indenture Trustee, bear a notation in form approved
by the Indenture Trustee as to any matter provided for in such amendment or Indenture Supplement. If the Issuer will so determine, new Notes so modified as to conform, in the opinion of the Indenture Trustee and the Issuer, to any such amendment or
Indenture Supplement may be prepared and executed by the Issuer and authenticated and delivered by the Indenture Trustee in exchange for Outstanding Notes. 
  
 Section 1007. Amendments to the Pooling and Servicing Agreement. By their acceptance of a Note, the Noteholders acknowledge that the Seller
and the Master Trust Trustee may amend the Pooling and Servicing Agreement and any supplement thereto without the consent of the Holders of any Investor Certificates (including the Issuer) or any Noteholder, so long as such amendment or supplement
would not materially adversely affect the interest of the Holders of any Investor Certificates. 
  

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 For purposes of any vote or consent under the Pooling and Servicing Agreement or any supplement thereto:

  
 (i) that requires the consent or vote of each
Investor Certificateholder, each Noteholder will be treated as an Investor Certificateholder under the Pooling and Servicing Agreement and any related supplement thereto; 
  
 (ii) that requires the consent or vote of any series of Investor Certificates, each series of Notes will be
treated as a series of Investor Certificates under the Pooling and Servicing Agreement and any related supplement thereto; 
  
 (iii) that requires the consent or vote of any class of Investor Certificates, each tranche of Notes will be treated as a class of
Investor Certificates under the Pooling and Servicing Agreement and any related supplement thereto, and 
  
 By their acceptance of a Note, each Noteholder will be deemed to have consented to any amendment to the Pooling and Servicing Agreement, the Series 2001-D
Supplement, the Trust Agreement and any other document or agreement relating to any of the foregoing for the purpose of providing for the transfer of Receivables from MBNA (or any additional seller under the Pooling and Servicing Agreement) to a
bankruptcy remote special purpose entity and from such entity to the Master Trust and the substitution of a bankruptcy remote special purpose entity as the beneficiary of the Issuer. 
  
 Section 1008. Amendments to the Trust Agreement. 
  
 (a) Subject to the provisions of the Trust Agreement, without the consent of the Holders of any Notes or the Indenture
Trustee, the Owner Trustee (at the written direction of the Beneficiary) and the Beneficiary may amend the Trust Agreement so long as such amendment will not have an Adverse Effect and is not reasonably expected to have an Adverse Effect at any time
in the future. 
  
 (b) Subject to the provisions of the Trust
Agreement, (A) in the case of a significant change in the permitted activities of the Issuer which is not materially adverse to Holders of the notes, with the consent of the Majority Holders of each class or tranche of Notes affected by such
change, and (B) in all other cases, with the consent of the Holders of not less than 66b% in Outstanding Dollar Principal Amount of the Outstanding
Notes affected by such amendment, by Act of said Holders delivered to the Master Trust Trustee, MBNA and the Owner Trustee (at the written direction of the Beneficiary) may amend the Trust Agreement for the purpose of adding, changing or eliminating
any provisions of the Trust Agreement or of modifying the rights of those Noteholders. 
  
 Section 1009. Notice. If the Issuer, as holder of the Collateral Certificate for the benefit of the Noteholders, receives a request for a consent to any amendment, modification, waiver or supplement under
this Indenture, the Pooling and Servicing Agreement, the Trust Agreement or other document contemplated herein, the Issuer will forthwith provide notice of such proposed amendment, modification, waiver or supplement, as provided in
Section 106, to each Noteholder as of such date that is entitled to vote on a consent to such matter and to each Note Rating Agency. The Issuer will request from such Noteholders directions as to (i) whether or not the Issuer should
take or refrain from taking any action which the holder of the Collateral Certificate has the option to direct, (ii) whether or not to give or execute any waivers, consents, amendments, modifications or supplements as a holder of such
Collateral Certificate and (iii) the casting of any vote with respect to the Collateral Certificate or the Noteholders of a series or tranche if a vote has been called for with respect thereto; provided, that, in directing any action or
casting any vote or giving any consent as the holder of the Collateral Certificate, the Owner Trustee on behalf of the Issuer will vote or consent with respect to such Collateral Certificate the applicable series, class or tranche, as the case may
be, in the same proportion as the Notes were actually voted by Holders thereof as notified by such Noteholders to the Owner Trustee on behalf of the Issuer at least two (2) Business Days before the Owner Trustee on behalf of the Issuer takes
such action or casts such vote or gives such consent. 
  
 [END OF
ARTICLE X] 
  

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 ARTICLE XI 
  

REPRESENTATIONS, WARRANTIES AND COVENANTS OF ISSUER 
  
 Section 1101. Payment of Principal and Interest. With respect to each series, class or tranche of Notes, the Issuer will duly and punctually
pay the principal of and interest on such Notes in accordance with their terms and this Indenture, and will duly comply with all the other terms, agreements and conditions contained in, or made in this Indenture for the benefit of, the Notes of such
series, class or tranche. 
  
 Section 1102. Maintenance of
Office or Agency. The Issuer will maintain an office, agency or Paying Agent in each Place of Payment where Notes may be presented or surrendered for payment, where Notes may be surrendered for transfer or exchange and where notices and demands
to or upon the Issuer in respect of the Notes and this Indenture may be served. The Issuer will give prompt written notice to the Indenture Trustee of the location, and of any change in the location, of such office or agency. If at any time the
Issuer will fail to maintain such office or agency or will fail to furnish the Indenture Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office of the Indenture
Trustee, and the Issuer hereby appoints the Indenture Trustee its agent to receive all such presentations, surrenders, notices and demands. 
  
 Section 1103. Money for Note Payments to be Held in Trust. The Paying Agent, on behalf of the Indenture Trustee, will make distributions to
Noteholders from the Collection Account or other applicable Account pursuant to the provisions of Article V of this Indenture or any Indenture Supplement and will report the amounts of such distributions to the Indenture Trustee. Any Paying
Agent will have the revocable power to withdraw funds from the Collection Account or other applicable Account for the purpose of making the distributions referred to above. The Indenture Trustee may revoke such power and remove the Paying Agent if
the Indenture Trustee determines in its sole discretion that the Paying Agent has failed to perform its obligations under this Indenture or any Indenture Supplement in any material respect. The Paying Agent upon removal will return all funds in its
possession to the Indenture Trustee. 
  
 The Issuer will cause
each Paying Agent (other than the Indenture Trustee) for any series, class or tranche of Notes to execute and deliver to the Indenture Trustee an instrument in which such Paying Agent will agree with the Indenture Trustee (and if the Indenture
Trustee acts as Paying Agent, it so agrees), subject to the provisions of this Section, that such Paying Agent will: 
  
 (a) hold all sums held by it for the payment of principal of or interest on Notes of such series, class or tranche in trust for the benefit of the Persons
entitled thereto until such sums will be paid to such Persons or otherwise disposed of as herein provided; 
  
 (b) if such Paying Agent is not the Indenture Trustee, give the Indenture Trustee notice of any default by the Issuer (or any other obligor upon the Notes
of such series, class or tranche) in the making of any such payment of principal or interest on the Notes of such series, class or tranche; 
  

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 (c) if such Paying Agent is not the Indenture Trustee, at any time during the continuance of any such
default, upon the written request of the Indenture Trustee, forthwith pay to the Indenture Trustee all sums so held in trust by such Paying Agent; 
  
 (d) immediately resign as a Paying Agent and, if such Paying Agent is not the Indenture Trustee, forthwith pay to the Indenture Trustee all sums held by
it in trust for the payment of Notes if at any time it ceases to meet the standards described in this Section required to be met by a Paying Agent at the time of its appointment; and 
  
 (e) comply with all requirements of the Internal Revenue Code with respect to the withholding from any payments made by it
on any Notes of any applicable withholding taxes imposed thereon and with respect to any applicable reporting requirements in connection therewith. 
  
 The Issuer may at any time, for the purpose of obtaining the satisfaction and discharge of this Indenture with respect to any series, class or tranche of
Notes or for any other purpose, pay, or by an Officer’s Certificate direct any Paying Agent to pay, to the Indenture Trustee all sums held in trust by the Issuer or such Paying Agent in respect of each and every series, class or tranche of
Notes as to which it seeks to discharge this Indenture or, if for any other purpose, all sums so held in trust by the Issuer in respect of all Notes, such sums to be held by the Indenture Trustee upon the same trusts as those upon which such sums
were held by the Issuer or such Paying Agent; and, upon such payment by any Paying Agent to the Indenture Trustee, such Paying Agent will be released from all further liability with respect to such money. 
  
 Any money deposited with the Indenture Trustee or any Paying Agent, or then
held by the Issuer, in trust for the payment of the principal of or interest on any Note of any series, class or tranche and remaining unclaimed for two years after such principal or interest has become due and payable will be paid to the Issuer
upon request in an Officer’s Certificate, or (if then held by the Issuer) will be discharged from such trust; and the Holder of such Note will thereafter, as an unsecured general creditor, look only to the Issuer for payment thereof, and all
liability of the Indenture Trustee or such Paying Agent with respect to such trust money, and all liability of the Issuer as trustee thereof, will thereupon cease. The Indenture Trustee or such Paying Agent, before being required to make any such
repayment, may at the expense of the Issuer give notice to the Holders of the Notes as to which the money to be repaid was held in trust, as provided in Section 106, a notice that such funds remain unclaimed and that, after a date
specified in the notice, which will not be less than thirty (30) days from the date on which the notice was first mailed or published to the Holders of the Notes as to which the money to be repaid was held in trust, any unclaimed balance of
such funds then remaining will be paid to the Issuer free of the trust formerly impressed upon it. 
  
 The Issuer initially authorizes The Bank of New York to act as Paying Agent for the Notes on its behalf. The Issuer may at any time and from time to time
authorize one or more Persons (including the Indenture Trustee) to act as Paying Agent in addition to or in place of the Indenture Trustee with respect to any series, class or tranche of Notes issued under this Indenture. 
  

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 Each Paying Agent will at all times have a combined capital and surplus of at least $50,000,000 and be
subject to supervision or examination by a United States Federal or State authority or be regulated by or subject to the supervision or examination of a governmental authority of a nation that is member of the Organization for Economic Cooperation
and Development. If such Paying Agent publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purposes of this Section, the combined capital and
surplus of such Paying Agent will be deemed to be its combined capital and surplus as set forth in its most recent report of condition as so published. 
  
 Section 1104. Statement as to Compliance. The Issuer will deliver to the Indenture Trustee and the Note Rating Agencies, on or before
August 31 of each year, beginning in 2002, a written statement signed by an Issuer Authorized Officer stating that: 
  
 (a) a review of the activities of the Issuer during the prior year and of the Issuer’s performance under this Indenture and under the terms of the
Notes has been made under such Issuer Authorized Officer’s supervision; and 
  
 (b) to the best of such Issuer Authorized Officer’s knowledge, based on such review, the Issuer has complied in all material respects with all conditions and covenants under this Indenture throughout such year,
or, if there has been a default in the fulfillment of any such condition or covenant (without regard to any grace period or requirement of notice), specifying each such default known to such Issuer Authorized Officer and the nature and status
thereof. 
  
 Section 1105. Legal Existence. The Issuer
will do or cause to be done all things necessary to preserve and keep in full force and effect its legal existence. 
  
 Section 1106. Further Instruments and Acts. Upon request of the Indenture Trustee, the Issuer will execute and deliver such further
instruments and do such further acts as may be reasonably necessary or proper to carry out more effectively the purpose of this Indenture. 
  
 Section 1107. Compliance with Laws. The Issuer will comply with the requirements of all applicable laws, the noncompliance with which would,
individually or in the aggregate, materially and adversely affect the ability of the Issuer to perform its obligations under the Notes or this Indenture. 
  
 Section 1108. Notice of Events of Default. The Issuer agrees to give the Indenture Trustee and the Note Rating Agencies prompt written notice
of each Event of Default hereunder and each default on the part of the Master Trust or the Seller of its respective obligations under the Pooling and Servicing Agreement and any default of a Derivative Counterparty. 
  
 Section 1109. Certain Negative Covenants. The Issuer will not:

  
 (a) claim any credit on, or make any deduction from the
principal or interest payable in respect of, the Notes (other than amounts withheld in good faith from such payments under the Internal Revenue Code or other applicable tax law); 
  

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 (b) permit the validity or effectiveness of this Indenture to be impaired, or permit the lien in favor of
the Indenture Trustee, the Noteholders and any applicable Derivative Counterparty created by this Indenture to be amended, hypothecated, subordinated, terminated or discharged, or permit any Person to be released from any covenants or obligations
with respect to the Notes under this Indenture except as may be expressly permitted hereby; 
  
 (c) permit any lien, charge, excise, claim, security interest, mortgage or other encumbrance (other than the lien in favor of the Indenture Trustee, the Noteholders and any applicable Derivative Counterparty created
by this Indenture) to be created on or extend to or otherwise arise upon or burden the Collateral or any part thereof or any interest therein or the proceeds thereof; or 
  
 (d) permit the lien in favor of the Indenture Trustee, the Noteholders and any applicable Derivative Counterparty created by
this Indenture not to constitute a valid first priority security interest in the Collateral; or 
  
 (e) voluntarily dissolve or liquidate. 
  
 Section 1110. No Other Business. The Issuer will not engage in any business other than as permitted under the Trust Agreement. 
  
 Section 1111. No Borrowing. The Issuer will not issue, incur,
assume, guarantee or otherwise become liable, directly or indirectly, for any indebtedness for borrowed money except for the Notes. 
  
 Section 1112. Rule 144A Information. For so long as any of the Notes of any series, class or tranche are “restricted securities”
within the meaning of Rule 144(a)(3) under the Securities Exchange Act, the Issuer agrees to provide to any Noteholder of such series, class or tranche and to any prospective purchaser of Notes designated by such Noteholder, upon the request of such
Noteholder or prospective purchaser, any information required to be provided to such Holder or prospective purchaser to satisfy the conditions set forth in Rule 144A(d)(4) under the Securities Exchange Act. 
  
 Section 1113. Performance of Obligations; Servicing of
Receivables. 
  
 (a) The Issuer will not take any action and
will use its best efforts not to permit any action to be taken by others that would release any Person from any of such Person’s material covenants or obligations under any instrument or agreement included in the Collateral or that would result
in the amendment, hypothecation, subordination, termination or discharge of, or impair the validity or effectiveness of, any such instrument or agreement, except as expressly provided in this Indenture, the Trust Agreement or such other instrument
or agreement. 
  
 (b) The Issuer will punctually perform and
observe all of its obligations and agreements contained in this Indenture, any Indenture Supplement, the Trust Agreement and in the instruments and agreements relating to the Collateral, including but not limited to filing or causing to be filed all
UCC financing statements and continuation statements required to be filed by the terms of this Indenture and the Trust Agreement in accordance with and within the time periods provided for herein and therein. Except as otherwise expressly provided
herein or 

  

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therein, the Issuer shall not waive, amend, modify, supplement or terminate this Indenture, any Indenture Supplement or the Trust Agreement or any provision
thereof without the consent of the Holders of a majority of the Outstanding Amount of the Notes of each adversely affected series, class or tranche. 
  
 (c) Without derogating from the absolute nature of the assignment granted to the Indenture Trustee under this Indenture or the rights of the Indenture
Trustee hereunder, the Issuer agrees (i) that it will not, without the prior written consent of the Indenture Trustee and a majority in Outstanding Amount of the Notes of each affected series, class or tranche, amend, modify, waive, supplement,
terminate or surrender, or agree to any amendment, modification, supplement, termination, waiver or surrender of, the terms of any Collateral (except to the extent otherwise provided in this Indenture or the Trust Agreement), or waive timely
performance or observance by the Servicer of its obligations under the Pooling and Servicing Agreement; and (ii) that any such amendment, modification, waiver, supplement, termination or surrender shall not (A) increase or reduce in any
manner the amount of, or accelerate or delay the timing of, collections of payments on the Receivables or distributions that are required to be made for the benefit of the Noteholders or (B) reduce the aforesaid percentage of the Notes that is
required to consent to any such amendment, modification, waiver, supplement, termination or surrender without the consent of the Holders of all the Outstanding Notes. If any such amendment, modification, waiver, supplement, termination or surrender
shall be so consented to by the Indenture Trustee and such Noteholders, the Issuer agrees to execute and deliver, in its own name and at its own expense, such agreements, instruments, consents and other documents as are necessary or appropriate in
the circumstances. 
  
 Section 1114. Issuer May
Consolidate, Etc., Only on Certain Terms. 
  
 (a) The Issuer
shall not consolidate or merge with or into any other Person, unless: 
  
 (1) the Person (if other than the Issuer) formed by or surviving such consolidation or merger (i) shall be a Person organized and existing under the laws of the United States of America or any state or the
District of Columbia, (ii) shall not be subject to regulation as an “investment company” under the Investment Company Act and (iii) shall expressly assume, by an Indenture Supplement, executed and delivered to the Indenture
Trustee, in a form satisfactory to the Indenture Trustee, the due and punctual payment of the principal of and interest on all Notes and the performance of every covenant of this Indenture on the part of the Issuer to be performed or observed;

  
 (2) immediately after giving effect to such
transaction, no Event of Default or Pay Out Event shall have occurred and be continuing; 
  
 (3) the Issuer shall have delivered to the Indenture Trustee an Officer’s Certificate and an Opinion of Counsel each stating that
(i) such consolidation or merger and such Indenture Supplement comply with this Section 1114, (ii) all conditions precedent in this Section 1114 relating to such transaction have been complied with (including any
filing required by the Securities Exchange Act), and (iii) such Indenture Supplement is duly authorized, executed and delivered and is valid, binding and enforceable against such person; 
  

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

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

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 (4) the Issuer shall have received an Opinion of Counsel (and shall have delivered copies
thereof to the Indenture Trustee) to the effect that such transaction will not have any material adverse tax consequence to any Noteholder; 
  
 (5) any action that is necessary to maintain the lien and security interest created by this Indenture shall have been taken; and

  
 (6) the Issuer shall have delivered to the
Indenture Trustee an Officer’s Certificate and an Opinion of Counsel each stating that such conveyance or transfer and such Indenture Supplement comply with this Section 1114 and that all conditions precedent herein provided for
relating to such transaction have been complied with (including any filing required by the Securities Exchange Act). 
  
 Section 1115. Successor Substituted. Upon any consolidation or merger, or any conveyance or transfer of the properties and assets of the
Issuer substantially as an entirety in accordance with Section 1114 hereof, the Person formed by or surviving such consolidation or merger (if other than the Issuer) or the Person to which such conveyance or transfer is made shall
succeed to, and be substituted for, and may exercise every right and power of, the Issuer under this Indenture with the same effect as if such Person had been named as the Issuer herein. In the event of any such conveyance or transfer, the Person
named as the Issuer in the first paragraph of this Indenture or any successor which shall theretofore have become such in the manner prescribed in this Section 1115 shall be released from its obligations under this Indenture as issued
immediately upon the effectiveness of such conveyance or transfer, provided that the Issuer shall not be released from any obligations or liabilities to the Indenture Trustee or the Noteholders arising prior to such effectiveness. 
  
 Section 1116. Guarantees, Loans, Advances and Other Liabilities.
Except as contemplated by this Indenture or the Trust Agreement, the Issuer shall not make any loan or advance or credit to, or guarantee (directly or indirectly or by an instrument having the effect of assuring another’s payment or performance
on any obligation or capability of so doing or otherwise), endorse or otherwise become contingently liable, directly or indirectly, in connection with the obligations, stocks or dividends of, or own, purchase, repurchase or acquire (or agree
contingently to do so) any stock, obligations, assets or securities of, or any other interest in, or make any capital contribution to, any other Person. 
  
 Section 1117. Capital Expenditures. The Issuer shall not make any expenditure (by long-term or operating lease or otherwise) for capital
assets (either realty or personalty). 
  
 Section 1118.
Restricted Payments. The Issuer shall not, directly or indirectly, (i) pay any dividend or make any distribution (by reduction of capital or otherwise), whether in cash, property, securities or a combination thereof, to the Owner Trustee
or any owner of a beneficial interest in the Issuer or otherwise with respect to any ownership or equity interest or security in or of the Issuer or to the Servicer, (ii) redeem, purchase, retire or otherwise acquire for value any such
ownership or equity interest or security or (iii) set aside or otherwise segregate any amounts for any such purpose; provided, however, that the Issuer may make, or cause to be made, (x) distributions as contemplated by, and to the extent
funds are available for such purpose under, the Trust Agreement and (y) payments to the Indenture Trustee pursuant to Section 807 hereof. The Issuer will not, directly or indirectly, make payments to or distributions from the
Collection Account except in accordance with this Indenture or any Indenture Supplement. 
  
 [END OF ARTICLE XI] 
  

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 ARTICLE XII 
  
 EARLY REDEMPTION OF NOTES 
  
 Section 1201. Applicability of Article. Unless otherwise specified in the applicable Indenture Supplement related to a series, class or
tranche of Notes, pursuant to the terms of this Article, the Issuer will redeem and pay, provided that funds are available, each affected series, class or tranche of Notes upon the occurrence of any Early Redemption Event. Unless otherwise specified
in the applicable Indenture Supplement relating to a series, class or tranche of Notes, or in the form of Notes for such series, class or tranche, the following are “Early Redemption Events”: 
  
 (a) with respect to any tranche of Notes, the occurrence of the Expected
Principal Payment Date of such Note; 
  
 (b) the occurrence of any
Pay Out Event as defined in the Pooling and Servicing Agreement or any Series 2001-D Pay Out Event as described in the Series 2001-D Supplement; 
  
 (c) The Issuer becomes an investment company within the meaning of the Investment Company Act; or 
  
 (d) with respect to any series, class or tranche of Notes, any additional
Early Redemption Event specified in the Indenture Supplement for such series, class or tranche as applying to such series, class or tranche. 
  
 The redemption price of a tranche of Notes so redeemed will equal the Outstanding principal amount of such tranche, plus interest accrued and
unpaid to but excluding the date of redemption, the payment of which will be subject to Article V, Article VII and the allocations, deposits and payments sections of the related Indenture Supplement. 
  
 If the Issuer is unable to pay the redemption price in full on the Monthly
Principal Payment Date following the end of the Monthly Period in which the Early Redemption Event occurs, monthly payments on such tranche of Notes will thereafter be made on each following Monthly Principal Payment Date until the Outstanding
principal amount of such tranche, plus all accrued and unpaid interest, is paid in full or the Legal Maturity Date occurs, whichever is earlier, subject to Article V, Article VII and the allocations, deposits and payments
sections of the related Indenture Supplement. Any funds in any Supplemental Account for a redeemed tranche will be applied to make the principal and interest payments on that tranche on the redemption date, subject to Article V, Article
VII and the allocations, deposits and payments sections of the related Indenture Supplement. Principal payments on redeemed tranches will be made first to the senior-most Notes until paid in full, then to the subordinated Notes until paid in
full. 
  
 Section 1202. Optional Repurchase. Unless
otherwise provided in the applicable Indenture Supplement for a series, class or tranche of Notes, the Servicer has the right, but not the obligation, to redeem a series, class or tranche of Notes in whole but not in part on any day 

  

 83 

 
on or after the day on which the aggregate Nominal Liquidation Amount of such series, class or tranche is reduced to less than 5% of its Initial Dollar
Principal Amount; provided, however, that if such series, class or tranche of Notes is of a subordinated class, the Servicer will not redeem such Notes if the provisions of the related Indenture Supplement would prevent the payment of
such subordinated Note until a level of prefunding of the principal funding sub-accounts for the senior classes of Notes for that series has been reached such that the amount of such deficiency in the required subordination of a senior class of
Notes is no longer required to provide subordination protection for the senior classes of that series. If the Servicer elects to redeem a series, class or tranche of Notes, it will cause the Issuer to notify the Holders of such redemption at least
thirty (30) days prior to the redemption date. The redemption price of a series, class or tranche so redeemed will equal the Outstanding principal amount of such tranche, plus interest accrued and unpaid or principal accreted and unpaid on such
tranche to but excluding the date of redemption, the payment of which will be subject to Article V, Article VII and the allocations, deposits and payments sections of the related Indenture Supplement. 
  
 If the Issuer is unable to pay the redemption price in full on the redemption
date, monthly payments on such tranche of Notes will thereafter be made until the Outstanding principal amount of such tranche, plus all accrued and unpaid interest, is paid in full or the Legal Maturity Date occurs, whichever is earlier, subject to
Article V, Article VII and the allocations, deposits and payments sections of the related Indenture Supplement. Any funds in any Supplemental Account for a redeemed tranche will be applied to make the principal and interest payments on
that tranche on the redemption date in accordance with the related Indenture Supplement. Principal payments on redeemed tranches will be made in accordance with the related Indenture Supplement. 
  
 Section 1203. Notice. Promptly after the occurrence of any Early
Redemption Event or a redemption pursuant to Section 1202, the Issuer will notify the Indenture Trustee and the Note Rating Agencies in writing of the identity, Stated Principal Amount and Outstanding Dollar Principal Amount of the
affected series, class or tranche of Notes to be redeemed. Notice of redemption will promptly be given as provided in Section 106. All notices of redemption will state (a) the date on which the redemption of the applicable series,
class or tranche of Notes pursuant to this Article will begin, which will be the Principal Payment Date next following the end of the Monthly Period in which the applicable Early Redemption Event or redemption pursuant to Section 1202
occurs, (b) the redemption price for such series, class or tranche of Notes, which will be equal to the Outstanding principal amount of such series, class or tranche plus interest accrued or principal accreted and unpaid (if any), the payment
of which will be subject to Article V, Article VII and the allocations, deposits and payments sections of the related Indenture Supplement and (c) the series, class or tranche of Notes to be redeemed pursuant to this Article.

  
 [END OF ARTICLE XII] 
  

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 ARTICLE XIII 
  
 COLLATERAL 
  
 Section 1301. Recording, Etc.  
  
 (a) The Issuer intends the Security Interest granted pursuant to this Indenture in favor of the Indenture Trustee to be prior to all other liens in
respect of the Collateral. Subject to Section 1303, the Issuer will take all actions necessary to obtain and maintain a perfected lien on and security interest in the Collateral in favor of the Indenture Trustee. The Issuer will from
time to time execute and deliver all such supplements and amendments hereto and all such financing statements, continuation statements, instruments of further assurance and other instruments, all as prepared by the Issuer, and will take such other
action necessary or advisable to: 
  
 (i) grant a
Security Interest more effectively in all or any portion of the Collateral; 
  
 (ii) maintain or preserve the Security Interest (and the priority thereof) created by this Indenture or carry out more effectively the purposes hereof; 
  
 (iii) perfect, publish notice of or protect the validity of any grant made or to be made by this Indenture;

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

  

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by law fully to preserve and protect the right, title and interest of the Indenture Trustee to all property comprising the Collateral. The Issuer will
deliver to the Indenture Trustee file-stamped copies of, or filing receipts for, any document recorded, registered or filed as provided above, as soon as available following such recording, registration or filing. 
  
 (ii) Within 30 days after the Issuer makes any change in its
name, identity or corporate structure which would make any financing statement or continuation statement filed in accordance with paragraph (d)(i) seriously misleading within the meaning of Section 9-402(7) (or any comparable provision) of the
UCC, the Issuer will give the Indenture Trustee notice of any such change and will file such financing statements or amendments as may be necessary to continue the perfection of the Indenture Trustee’s security interest in the Collateral.

  
 (d) The Issuer will give the Indenture Trustee prompt notice
of any relocation of its chief executive office, place of business or State of location, and any change in the jurisdiction of its organization, and whether, as a result of such relocation or change, the applicable provision of the UCC would require
the filing of any amendment of any previously filed financing or continuation statement or of any new financing statement and will file such financing statements or amendments as may be necessary to perfect or to continue the perfection of the
Indenture Trustee’s security interest in the Collateral. The Issuer will at all times maintain its chief executive office within the United States. 
  
 (e) The duty of the Indenture Trustee to execute any instrument required pursuant to this Section will arise only if the Indenture Trustee has knowledge
of the type described in Section 701(c) of any default of the Issuer in complying with the provisions of this Section. 
  
 Section 1302. Trust Indenture Act Requirements. The release of any Collateral from the lien created by this Indenture or the release of, in
whole or in part, such liens, will not be deemed to impair the Security Interests in contravention of the provisions hereof if and to the extent the Collateral or liens are released pursuant to the terms hereof. The Indenture Trustee and each of the
Noteholders and any applicable Derivative Counterparty acknowledge that a release of Collateral or liens strictly in accordance with the terms hereof will not be deemed for any purpose to be an impairment of the Security Interests in contravention
of the terms of this Indenture. To the extent applicable, without limitation, the Issuer and each other obligor on the Notes will cause Trust Indenture Act Section 314(d) relating to the release of property or securities from the liens hereof
to be complied with. Any certificate or opinion required by Trust Indenture Act Section 314(d) may be made by an officer of the appropriate obligor, except in cases in which Trust Indenture Act Section 314(d) requires that such certificate
or opinion be made by an independent person. 
  
 Section 1303. Suits To Protect the Collateral. Subject to the provisions of this Indenture, the Indenture Trustee will have power to institute and to maintain such suits and proceedings as it may deem expedient to prevent any
impairment of the Collateral by any acts which may be unlawful or in violation of this Indenture, and such suits and proceedings as the Indenture Trustee may deem expedient to preserve or protect the interests of the Noteholders and any applicable
Derivative Counterparty and the interests of the Indenture Trustee and the 

  

 86 

 
Holders of the Notes in the Collateral (including power to institute and maintain suits or proceedings to restrain the enforcement of or compliance with any
legislative or other governmental enactment, rule or order that may be unconstitutional or otherwise invalid if the enforcement of, or compliance with, such enactment, rule or order would impair the Security Interests or be prejudicial to the
interests of the Holders of the Notes or the Indenture Trustee). No counterparties to a Derivative Agreement may direct the Indenture Trustee to enforce the Security Interest. Each Derivative Counterparty’s rights consist solely of the right to
receive collections allocated for its benefit pursuant to the related Indenture Supplement. 
  
 Section 1304. Purchaser Protected. In no event will any purchaser in good faith of any property purported to be released hereunder be bound to ascertain the authority of the Indenture Trustee to execute
the release or to inquire as to the satisfaction of any conditions required by the provisions hereof for the exercise of such authority or to see to the application of any consideration given by such purchaser or other transferee; nor will any
purchaser or other transferee of any property or rights permitted by this Article to be sold be under any obligation to ascertain or inquire into the authority of the Issuer or any other obligor, as applicable, to make any such sale or other
transfer. 
  
 Section 1305. Powers Exercisable by Receiver
or Indenture Trustee. In case the Collateral shall be in the possession of a receiver or trustee, lawfully appointed, the powers conferred in this Article upon the Issuer or any other obligor, as applicable, with respect to the release, sale or
other disposition of such property may be exercised by such receiver or trustee, and an instrument signed by such receiver or trustee shall be deemed the equivalent of any similar instrument of the Issuer or any other obligor, as applicable, or of
any officer or officers thereof required by the provisions of this Article. 
  
 Section 1306. Determinations Relating to Collateral. In the event (i) the Indenture Trustee shall receive any written request from the Issuer or any other obligor for consent or approval with respect
to any matter or thing relating to any Collateral or the Issuer’s or any other obligor’s obligations with respect thereto or (ii) there shall be due to or from the Indenture Trustee under the provisions hereof any performance or the
delivery of any instrument or (iii) the Indenture Trustee shall become aware of any nonperformance by the Issuer or any other obligor of any covenant or any breach of any representation or warranty of the Issuer or any other obligor set forth
in this Indenture, then, in each such event, the Indenture Trustee shall be entitled to hire experts, consultants, agents and attorneys to advise the Indenture Trustee on the manner in which the Indenture Trustee should respond to such request or
render any requested performance or response to such nonperformance or breach (the expenses of which will be reimbursed to the Agent and the Indenture Trustee pursuant to Section 807). The Indenture Trustee will be fully protected in the
taking of any action recommended or approved by any such expert, consultant, agent or attorney or agreed to by the Majority Holders of the Outstanding Notes. 
  
 Section 1307. Release of Collateral. 
  
 (a) Subject to the payment of its fees and expenses pursuant to Section 807, the Indenture Trustee will, at the request of the Issuer or when
otherwise required by the provisions of this Indenture, execute instruments to release property from the lien of this 

  

 87 

 
Indenture, or convey the Indenture Trustee’s interest in the same, in a manner and under circumstances which are not inconsistent with the provisions of
this Indenture. No party relying upon an instrument executed by the Indenture Trustee as provided in this Article will be bound to ascertain the Indenture Trustee’s authority, inquire into the satisfaction of any conditions precedent or see to
the application of any funds. 
  
 (b) Upon delivery of an
Officer’s Certificate certifying that the Issuer’s obligations under this Indenture have been satisfied and discharged by complying with the provisions of this Article, the Indenture Trustee will (i) execute and deliver such releases,
termination statements and other instruments (in recordable form, where appropriate) as the Issuer or any other obligor, as applicable, may reasonably request evidencing the termination of the Security Interests created by this Indenture and
(ii) not to be deemed to hold the Security Interests for the benefit of the Indenture Trustee, the Noteholders and any applicable Derivative Counterparty. 
  

(c) MBNA and the Noteholders will be entitled to receive at least ten (10) days written notice when the Indenture Trustee proposes to take any
action pursuant to clause (a), accompanied by copies of any instruments involved, and the Indenture Trustee will also be entitled to require, as a condition to such action, an Opinion of Counsel, stating the legal effect of any such action,
outlining the steps required to complete the same, and concluding that all conditions precedent to the taking of such action have been complied with. Counsel rendering any such opinion may rely, without independent investigation, on the accuracy and
validity of any certificate or other instrument delivered to the Indenture Trustee in connection with any such action. 
  
 Section 1308. Certain Actions by Indenture Trustee. Any action taken by the Indenture Trustee pursuant to this Article in respect of the
release of Collateral will be taken by the Indenture Trustee as its interest in such Collateral may appear, and no provision of this Article is intended to, or will, excuse compliance with any provision hereof. 
  
 Section 1309. Opinions as to Collateral. 
  
 (a) On the Effective Date, the Issuer will furnish to the Indenture Trustee
an Opinion of Counsel either stating that, in the opinion of such counsel, such action has been taken with respect to the recording and filing of this Indenture, any indentures supplemental hereto, and any other requisite documents, and with respect
to the execution and filing of any financing statements and continuation statements, as are necessary to perfect and maintain the perfection of the Security Interest granted by this Indenture in favor of the Indenture Trustee and reciting the
details of such action, or stating that, in the opinion of such counsel, no such action is necessary to make such lien and security interest perfected. 
  
 (b) On or before March 31 in each calendar year, beginning in 2002, the Issuer will furnish to the Indenture Trustee an Opinion of Counsel with
respect to each Uniform Commercial Code financing statement which has been filed by the Issuer either stating that, (i) in the opinion of such counsel, such action has been taken with respect to the recording, filing, re-recording and refiling
of this Indenture, any indentures supplemental hereto and any other requisite documents and with respect to the execution and filing of any financing statements and 

  

 88 

 
continuation statements as is necessary to maintain the first priority lien and Security Interest created by this Indenture and reciting the details of such
action or (ii) in the opinion of such counsel no such action is necessary to maintain such lien and Security Interest. Such Opinion of Counsel will also describe the recording, filing, re-recording and refiling of this Indenture, any indentures
supplemental hereto and any other requisite documents and the execution and filing of any financing statements and continuation statements that will, in the opinion of such counsel, be required to maintain the lien and Security Interest of this
Indenture until March 31 in the following calendar year. 
  
 Section 1310. Delegation of Duties. The Issuer may contract with or appoint other Persons (including MBNA and its Affiliates) to assist it in performing its duties under this Indenture, and any performance of such duties by a
Person identified to the Indenture Trustee in an Officer’s Certificate will be deemed to be action taken by the Issuer. 
  
 [END OF ARTICLE XIII] 
  

 89 

 ARTICLE XIV 
  
 MISCELLANEOUS 
  
 Section 1401. No Petition. The Indenture Trustee, by entering into this Indenture, each Derivative Counterparty, by designating that the
obligations of the Issuer pursuant to the applicable Derivative Agreement are secured by the Collateral, and each Noteholder, by accepting a Note, agrees that it will not at any time institute against MBNA, the Master Trust or the Issuer, or join in
any institution against MBNA, the Master Trust or the Issuer of, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other proceedings under any United States Federal or state bankruptcy or similar law in
connection with any obligations relating to the Notes, this Indenture or any Derivative Agreement. 
  
 Section 1402. Trust Obligations. No recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer on the Notes
or under this Indenture or any certificate or other writing delivered in connection herewith or therewith, against (i) the Owner Trustee in its individual capacity, (ii) any owner of a beneficial interest in the Issuer or (iii) any
partner, owner, beneficiary, agent, officer, director, employee or agent of the Owner Trustee in its individual capacity, any holder of a beneficial interest in the Issuer or the Owner Trustee or of any successor or assign of the Owner Trustee in
its individual capacity, except as any such Person may have expressly agreed (it being understood that the Owner Trustee has no such obligations in its individual capacity). 
  
 Section 1403. Limitations on Liability. 
  
 (a) It is expressly understood and agreed by the parties hereto that (i) this Indenture is executed and delivered by
the Beneficiary not individually or personally but solely as Beneficiary, in the exercise of the powers and authority conferred and vested in it, (ii) each of the representations, undertakings and agreements herein made on the part of the
Issuer is made and intended not as a personal representation, undertaking or agreement by the Beneficiary but is made and intended for the purpose of binding only the Issuer, (iii) nothing herein contained will be construed as creating any
liability on the Beneficiary individually or personally, to perform any covenant of the Issuer either expressed or implied contained herein, all such liability, if any, being expressly waived by the parties to this Indenture and by any Person
claiming by, through or under them and (iv) under no circumstances will the Beneficiary be personally liable for the payment of any indebtedness or expenses of the Issuer or be liable for the breach or failure of any obligation, representation,
warranty or covenant made or undertaken by the Issuer under this Indenture or any related documents. 
  
 (b) None of the Indenture Trustee, the Owner Trustee, MBNA or any other beneficiary of the Issuer or any of their respective officers, directors,
employers or agents will have any liability with respect to this Indenture, and recourse may be had solely to the Collateral pledged to secure the Notes issued by MBNA Credit Card Master Note Trust. 
  

 90 

 Section 1404. Tax Treatment. The Issuer and the Noteholders agree that the Notes are intended
to be debt of MBNA for federal, state and local income and franchise tax purposes and agree to treat the Notes accordingly for all such purposes, unless otherwise required by a taxing authority. 
  
 Section 1405. Actions Taken by the Issuer. Any and all actions
that are to be taken by the Issuer may be taken by either the Beneficiary or the Owner Trustee on behalf of the Issuer. 
  
 Section 1406. Alternate Payment Provisions. Notwithstanding any provision of this Indenture or any of the Notes to the contrary, the Issuer,
with the written consent of the Indenture Trustee, may enter into any agreement with any Holder of a Note providing for a method of payment or notice that is different from the methods provided for in this Indenture for such payments or notices. The
Issuer will furnish to the Indenture Trustee a copy of each such agreement and the Indenture Trustee will cause payments or notices, as applicable, to be made in accordance with such agreements. 
  
 Section 1407. Termination of Issuer. The Issuer and the
respective obligations and responsibilities of the Indenture Trustee created hereby (other than the obligation of the Indenture Trustee to make payments to Noteholders as hereinafter set forth) shall terminate, except with respect to the duties
described in Section 1408(b), as provided in the Trust Agreement. 
  
 Section 1408. Final Distribution. 
  
 (a) The Servicer shall give the Indenture Trustee at least thirty (30) days prior written notice of the Payment Date on which the Noteholders of any series, class or tranche may surrender their Notes for payment
of the final distribution on and cancellation of such Notes. Not later than the fifth day of the month in which the final distribution in respect of such Series or Class is payable to Noteholders, the Indenture Trustee shall provide notice to
Noteholders of such series, class or tranche specifying (i) the date upon which final payment of such series, class or tranche will be made upon presentation and surrender of Notes of such series, class or tranche at the office or offices
therein designated, (ii) the amount of any such final payment and (iii) that the Record Date otherwise applicable to such payment date is not applicable, payments being made only upon presentation and surrender of such Notes at the office
or offices therein specified (which, in the case of Bearer Notes, shall be outside the United States). The Indenture Trustee shall give such notice to the Note Registrar and the Paying Agent at the time such notice is given to Noteholders.

  
 (b) Notwithstanding a final distribution to the Noteholders of
any series, class or tranche (or the termination of the Issuer), except as otherwise provided in this paragraph, all funds then on deposit in any Account allocated to such Noteholders shall continue to be held in trust for the benefit of such
Noteholders, and the Paying Agent or the Indenture Trustee shall pay such funds to such Noteholders upon surrender of their Notes, if certificated. In the event that all such Noteholders shall not surrender their Notes for cancellation within six
(6) months after the date specified in the notice from the Indenture Trustee described in paragraph (a), the Indenture Trustee shall give a second notice to the remaining such Noteholders to surrender their Notes for 

  

 91 

 
cancellation and receive the final distribution with respect thereto (which surrender and payment, in the case of Bearer Notes, shall be outside the United
States). If within one year after the second notice all such Notes shall not have been surrendered for cancellation, the Indenture Trustee may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining such
Noteholders concerning surrender of their Notes, and the cost thereof shall be paid out of the funds in the Collection Account or any Supplemental Account held for the benefit of such Noteholders. The Indenture Trustee and the Paying Agent shall pay
to the Issuer any monies held by them for the payment of principal or interest that remains unclaimed for two (2) years. After payment to the Issuer, Noteholders entitled to the money must look to the Issuer for payment as general creditors
unless an applicable abandoned property law designates another Person. 
  
 Section 1409. Termination Distributions. Upon the termination of the Issuer pursuant to the terms of the Trust Agreement, the Indenture Trustee shall release, assign and convey to the Beneficiary or any of its designees, without
recourse, representation or warranty, all of its right, title and interest in the Collateral, whether then existing or thereafter created, all monies due or to become due and all amounts received or receivable with respect thereto (including all
moneys then held in any Issuer Account) and all proceeds thereof, except for amounts held by the Indenture Trustee pursuant to Section 1408(b). The Indenture Trustee shall execute and deliver such instruments of transfer and assignment
as shall be provided to it, in each case without recourse, as shall be reasonably requested by the Beneficiary to vest in the Beneficiary or any of its designees all right, title and interest which the Indenture Trustee had in the Collateral and
such other property. 
  
 Section 1410. Derivative
Counterparty as Third-Party Beneficiary. Each Derivative Counterparty is a third-party beneficiary of this Indenture to the extent specified in the applicable Derivative Agreement or Indenture Supplement. 
  
 [END OF ARTICLE XIV] 
  

 92 

 ARTICLE XV 
  

COMPLIANCE WITH REGULATION AB 
  
 Section 1501. Intent of the Parties; Reasonableness. MBNA and the Indenture Trustee acknowledge and agree that the purpose of this Article
XV is to facilitate compliance by MBNA with the provisions of Regulation AB and related rules and regulations of the Commission. MBNA shall not exercise its right to request delivery of information or other performance under these provisions
other than in good faith, or for purposes other than MBNA’s compliance with the Securities Act, the Securities Exchange Act and the rules and regulations of the Commission thereunder (or the provision in a private offering of disclosure
comparable to that required under the Securities Act). The Indenture Trustee agrees to cooperate in good faith with any reasonable request by MBNA for information regarding the Indenture Trustee which is required in order to enable MBNA to comply
with the provisions of Items 1109(a), 1109(b), 1117, 1118, 1119 and 1122 of Regulation AB as it relates to the Indenture Trustee or to the Indenture Trustee’s obligations under this Indenture or any Indenture Supplement. 
  
 Section 1502. Additional Representations and Warranties of the
Indenture Trustee. The Indenture Trustee shall be deemed to represent to MBNA, as of the date on which information is provided to MBNA under Section 1503 that, except as disclosed in writing to MBNA prior to such date:
(i) neither the execution or the delivery by the Indenture Trustee of this Indenture or any Indenture Supplement, the performance by the Indenture Trustee of its obligations under this Indenture or any Indenture Supplement nor the consummation
of any of the transactions by the Indenture Trustee contemplated thereby, is in violation of any indenture, mortgage, bank credit agreement, note or bond purchase agreement, long-term lease, license or other agreement or instrument to which the
Indenture Trustee is a party or by which it is bound, which violation would have a material adverse effect on the Indenture Trustee’s ability to perform its obligations under this Indenture or any Indenture Supplement, or of any judgment or
order applicable to the Indenture Trustee; and (ii) there are no proceedings pending or threatened against the Indenture Trustee in any court or before any governmental authority, agency or arbitration board or tribunal which, individually or
in the aggregate, would have a material adverse effect on the right, power and authority of the Indenture Trustee to enter into this Indenture or any Indenture Supplement or to perform its obligations under this Indenture or any Indenture
Supplement. 
  
 Section 1503. Information to Be Provided
by the Indenture Trustee. The Indenture Trustee shall (i) on or before the final Business Day of each month, provide to MBNA, in writing, such information regarding the Indenture Trustee as is requested for the purpose of compliance with
Item 1117 of Regulation AB, and (ii) as promptly as practicable following notice to or discovery by the Indenture Trustee of any changes to such information, provide to MBNA, in writing, such updated information. 
  
 (a) The Indenture Trustee shall (i) on or before the
final Business Day of each January, April, July and October, provide to MBNA such information regarding the Indenture Trustee as is requested for the purpose of compliance with Items 1103(a)(1), 1109(a), 1109(b), 1118 and 1119 of Regulation AB, and
(ii) as promptly as practicable 

  

 93 

 
following notice to or discovery by the Indenture Trustee of any changes to such information, provide to MBNA, in writing, such updated information. Such
information shall include, at a minimum: 
  
 (A)
the Indenture Trustee’s name and form of organization; 
  
 (B) a description of the extent to which the Indenture Trustee has had prior experience serving as a trustee for asset-backed securities transactions involving credit card receivables; 
  
 (C) a description of any affiliation or relationship between
the Indenture Trustee and any of the following parties to a Securitization Transaction, as such parties are identified to the Indenture Trustee by MBNA in writing in advance of such Securitization Transaction: 
  
 (1) the sponsor; 
  
 (2) any depositor; 
  
 (3) the issuing entity; 
  
 (4) any servicer; 
  
 (5) any trustee; 
  
 (6) any originator; 
  
 (7) any significant obligor; 
  
 (8) any enhancement or support provider; and 
  
 (9) any other material transaction party. 
  
 In connection with the above-listed parties, a description of whether there
is, and if so the general character of, any business relationship, agreement, arrangement, transaction or understanding that is entered into outside the ordinary course of business or is on terms other than would be obtained in an arm’s length
transaction with an unrelated third party, apart from the asset-backed securities transaction, that currently exists or that existed during the past two years and that is material to an investor’s understanding of the asset-backed securities.

  
 Section 1504. Report on Assessment of Compliance and
Attestation. On or before August 1 of each calendar year, commencing in 2006, the Indenture Trustee shall: 
  
 (i) deliver to MBNA a report regarding the Indenture Trustee’s assessment of compliance with the Servicing Criteria during the
immediately preceding fiscal year, as required under Rules 13a-18 and 15d-18 of the Securities Exchange Act and Item 1122 of Regulation AB. Such report shall be addressed to MBNA and signed by an authorized officer of the Indenture Trustee, and
shall address each of the Servicing Criteria specified in Exhibit F hereto or such criteria as mutually agreed upon by MBNA and the Indenture Trustee; 
  
 (ii) deliver to MBNA a report of a registered public accounting firm reasonably acceptable to MBNA that attests to, and reports on, the
assessment of 

  

 94 

 
compliance made by the Indenture Trustee and delivered pursuant to the preceding paragraph. Such attestation shall be in accordance with Rules 1-02(a)(3) and
2-02(g) of Regulation S-X under the Securities Act and the Securities Exchange Act; and 
  
 (iii) deliver to MBNA and any other Person that will be responsible for signing the certification (a “Sarbanes
Certification”) required by Rules 13a-14(d) and 15d-14(d) under the Securities Exchange Act (pursuant to Section 302 of the Sarbanes-Oxley Act of 2002) on behalf of the Issuer, the Master Trust or MBNA with respect to a Securitization
Transaction a certification substantially in the form attached hereto as Exhibit E or such form as mutually agreed upon by MBNA and the Indenture Trustee. 
  
 The Indenture Trustee acknowledges that the parties identified in clause (iii) above may rely on the certification provided by the Indenture Trustee
pursuant to such clause in signing a Sarbanes Certification and filing such with the Commission. 
  
 [END OF ARTICLE XV] 
  

 95 

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

			
	MBNA CREDIT CARD MASTER NOTE TRUST, by MBNA America Bank, National Association, as Beneficiary
		
	By:	 	  

	Name:	 	 
	Title:	 	 
	
	THE BANK OF NEW YORK, as Indenture Trustee and not in its individual capacity
		
	By:	 	  

	Name:	 	 
	Title:	 	 

  
 Acknowledged and Accepted:

  

			
	MBNA AMERICA BANK,
	 NATIONAL ASSOCIATION,
 as Servicer

		
	By:	 	  

	Name:	 	 
	Title:	 	 

  

 96 

					
	 STATE OF DELAWARE
	  	)	  	 
	 	  	)	  	ss:
	 COUNTY OF CASTLE
	  	)	  	 

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

	
	  

	Name
	
	  

	[Notarial Seal]

  

 97 

					
	 STATE OF NEW YORK
	  	)	  	 
	 	  	)	  	ss:
	 COUNTY OF NEW YORK
	  	)	  	 

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

	
	  

	Name
	
	  

	[Notarial Seal]

  

 98 

 EXHIBIT A 
  
 [FORM OF] PAYMENT INSTRUCTION 
  
 MBNA AMERICA BANK, NATIONAL ASSOCIATION 
  

  
 MBNA CREDIT CARD MASTER NOTE TRUST 
  

  
 Unless otherwise indicated, capitalized terms used in this Payment Instruction have their respective meanings set forth in the Indenture; provided,
that the “preceding Monthly Period” shall mean the Monthly Period immediately preceding the calendar month in which this Payment Instruction is delivered. This Payment Instruction is delivered pursuant to Section 908 of the
Indenture. 
  
 The date of this Payment Instruction is a Transfer
Date under the Pooling and Servicing Agreement. 
  

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

  

 A-1 

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

  

			
	 MBNA AMERICA BANK,
     NATIONAL ASSOCIATION,
     as Beneficiary of the MBNA Credit Card Master Note Trust
                 and
     as Servicer of the MBNA Master Credit Card Trust II

		
	By:	 	  

	Name:	 	 
	Title:	 	 

  

 A-2 

 Schedule to Payment Instruction * 
  
 MBNA AMERICA BANK, NATIONAL ASSOCIATION 
  

  
 MBNA CREDIT CARD MASTER NOTE TRUST 
  

  

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

 

 A-3 

 EXHIBIT B 
  
 [FORM OF] MONTHLY NOTEHOLDERS’ STATEMENT 
  

	Date:	                         ,
         

  
 MBNA CREDIT CARD MASTER NOTE TRUST 
 MONTHLY PERIOD ENDING
                         ,          
  
 Reference is made to the Series 2001-D Supplement (the “Series 2001-D
Supplement”), dated as of May     , 2001, between MBNA America Bank, National Association, a national banking association (the “Bank”), as Seller and Servicer, and The Bank of New York, as Trustee, and
the Indenture (the “Indenture”), dated as of May     , 2001, between MBNA Credit Card Master Note Trust, as Issuer, and The Bank of New York, as Indenture Trustee. Terms used herein and not defined herein have
the meanings ascribed to them in the Series 2001-D Supplement, the Indenture and the related Indenture Supplements, as applicable. 
  
 The following computations are prepared with respect to the Transfer Date of
                         ,         and with respect to the
performance of the Trust during the related Monthly Period. 
  

	A.	Reductions of and Increases to Nominal Liquidation Amount: 

  

																	
	 Series

	  	Nominal
Liquidation
Amount for
prior
Monthly
Period

	  	Increases
from
accretions
on Principal
for Discount
Notes

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

	  	Reimburse-ments
from Available
Funds

	  	Reductions
due to
reallocations
of Available
Principal
Amounts

	  	Reductions
due to
Investor
Charge-Offs

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

	  	Current
Nominal
Liquidation
Amount

									
	 [Series [            ]
	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 
									
	 [Series [            ]
	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 
									
	 [Total:]
	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 

  

 B-1 

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

  

			
	 MBNA AMERICA BANK,

	 NATIONAL ASSOCIATION,
     as Beneficiary of the MBNA Credit Card
Master Note Trust
                 and
     as Servicer of the MBNA Master Credit Card
     Trust II

		
	 By:
	 	  

	 Name:
	 	 
	 Title:
	 	 

  

 B-2 

 Schedule to Monthly Noteholders’ Statement* 
  
 MBNA AMERICA BANK, NATIONAL ASSOCIATION 
  

  
 MBNA CREDIT CARD MASTER NOTE TRUST 
  

  

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

 

 B-3 

 EXHIBIT C 
  
 [FORM OF] INVESTMENT LETTER 
  
 [Date] 
  
 The Bank of New York 
 as Indenture Trustee, 
 101 Barclay Street 
 Floor 12 East 
 New York, New York 10286 
 Attention: Corporate Trust Department 
  
 MBNA Credit Card Master Note Trust 
  
 c/o MBNA America Bank, National Association, as Beneficiary

 400 Christiana Road 
 Newark, Delaware 19713 
 Attention: Jack Fioravanti 
  

	 	Re:	Purchase of $            * principal amount of MBNA 

	 	  	Credit Card Master Note Trust, Series [·], Class [·] Notes 

  
 Ladies and Gentlemen: 
  
 In connection with our purchase of the above Notes (the “Notes”) we confirm that: 
  
 (1) We understand that the Notes are not being registered under the
Securities Act of 1933, as amended (the “Securities Act”), and are being sold to us in a transaction that is exempt from the registration requirements of the Securities Act. 
  
 (2) Any information we desire concerning the Notes or any other matter relevant to our decision to purchase the Notes is or
has been made available to us. 
  
 (3) We have such knowledge and
experience in financial and business matters as to be capable of evaluating the merits and risks of an investment in the Notes, and we (and any account for which we are purchasing under paragraph (iv) below) are able to bear the economic risk
of an investment in the Notes. We (and any account for which we are purchasing under paragraph (iv) below) are an “accredited investor” (as such term is defined in Rule 501(a)(1), (2) or (3) of Regulation D under the
Securities Act). 
  

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

  

 C-1 

 (4) We are acquiring the Notes for our own account or for accounts as to which we exercise sole
investment discretion and not with a view to any distribution of the Notes, subject, nevertheless, to the understanding that the disposition of our property shall at all times be and remain within our control; 
  
 (5) We agree that the Notes must be held indefinitely by us unless
subsequently registered under the Securities Act or an exemption from any registration requirements of the Securities Act and any applicable state securities law is available; 
  
 (6) We agree that in the event that at some future time we wish to dispose of or exchange any of the Notes (such disposition
or exchange not being currently foreseen or contemplated), we will not transfer or exchange any of the Notes unless: 
  
 (a)(i) the sale is of at least U.S. $250,000 principal amount of Notes to an Eligible Purchaser (as defined below), (ii) a letter to
substantially the same effect as paragraphs (1), (2), (3), (4), (5) and (6) of this letter is executed promptly by the purchaser and (3) all offers or solicitations in connection with the sale, whether directly or through any agent
acting on our behalf, are limited only to Eligible Purchasers and are not made by means of any form of general solicitation or general advertising whatsoever; or 
  
 (b) the Notes are transferred pursuant to Rule 144 under the Securities Act by us after we have held them
for more than three years; or 
  
 (c) the Notes
are sold in any other transaction that does not require registration under the Securities Act and, if the Issuer, the Servicer, the Trustee or the Note Registrar so requests, we theretofore have furnished to such party an opinion of counsel
satisfactory to such party, in form and substance satisfactory to such party, to such effect; or 
  
 (d) the Notes are transferred pursuant to an exception from the registration requirements of the Securities Act under Rule 144A under the
Securities Act; and 
  
 (7) We understand that the Notes will bear
a legend to substantially the following effect: 
  
 “THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”). NEITHER THIS NOTE NOR ANY PORTION HEREOF MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN COMPLIANCE WITH
THE REGISTRATION PROVISIONS OF THE SECURITIES ACT AND ANY APPLICABLE PROVISIONS OF ANY STATE BLUE SKY OR SECURITIES LAWS OR PURSUANT TO AN AVAILABLE EXEMPTION FROM SUCH PROVISIONS. THE TRANSFER OF THIS NOTE IS SUBJECT TO CERTAIN CONDITIONS SET FORTH
IN THE INDENTURE REFERRED TO HEREIN.” 
  

 C-2 

 This legend may be removed if the Issuer, the Trustee and the Note Registrar have received an opinion of
counsel satisfactory to them, in form and substance satisfactory to them, to the effect that the legend may be removed. 
  
 “Eligible Purchaser” means either an Eligible Dealer or a corporation, partnership or other entity which we have reasonable grounds to believe
and do believe can make representations with respect to itself to substantially the same effect as the representations set forth herein. “Eligible Dealer” means any corporation or other entity the principal business of which is acting as a
broker and/or dealer in securities. Capitalized terms used but not defined herein shall have the meanings given to such terms in the Indenture dated as of May __, 2001, between MBNA Credit Card Master Note Trust and The Bank of New York, as
indenture trustee. 
  

			
	Very truly yours,
	
	  

	(Name of Purchaser)
		
	By	 	  

	(Authorized officer)

  

 C-3 

 EXHIBIT D-1 
  
 [FORM OF] CLEARANCE SYSTEM CERTIFICATE 
 TO BE GIVEN TO THE TRUSTEE BY 
 EUROCLEAR OR CLEARSTREAM, LUXEMBOURG FOR 
 DELIVERY OF DEFINITIVE NOTES IN EXCHANGE FOR A PORTION OF A 
 TEMPORARY GLOBAL NOTE 
  
 MBNA
CREDIT CARD MASTER NOTE TRUST, 
 Series [·], Class [·] Notes 
 [Insert title or sufficient description of Notes to be delivered] 
  
 We refer to that portion of the Temporary Global Note in respect of the MBNAseries, Class [·] Notes to be exchanged for definitive Notes (the
“Submitted Portion”) pursuant to this certificate (the “Notes”) as provided in the Indenture dated as of May 24, 2001, (as amended and supplemented, the “Indenture”) in respect of such issue. This is to certify
that (i) we have received a certificate or certificates, in writing or by tested telex, with respect to each of the persons appearing in our records as being entitled to a beneficial interest in the Submitted Portion and with respect to such
person’s beneficial interest either (a) from such person, substantially in the form of Exhibit D-2 to the Indenture Supplement, or (b) from
                         ,         , substantially in the form of
Exhibit D-3 to the Indenture Supplement, and (ii) the Submitted Portion includes no part of the Temporary Global Note excepted in such certificates. 
  
 We further certify that as of the date hereof we have not received any notification from any of the persons giving such certificates to the effect that
the statements made by them with respect to any part of the Submitted Portion are no longer true and cannot be relied on as of the date hereof. 
  
 We understand that this certificate is required in connection with certain securities and tax laws in the United States of America. If administrative or
legal proceedings are commenced or threatened in connection with which this certificate is or would be relevant, we irrevocably authorize you to produce this certificate or a copy hereof to any interested party in such proceedings. 
  

					
	Dated:                         ,
        , *	 	 [

	 	 	as operator of the Euroclear System]
	 	 	[Clearstream, Luxembourg]
			
	 	 	By	 	  

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

  

 D-1-1 

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

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

					
	Dated:                          ,
        ,	 	 	 	 
	 	 	[                                       
                                        
 ]
			
	 	 	By	 	  

	 	 	Authorized officer

  

 D-2-1 

 EXHIBIT D-3 
  
 [FORM OF] CERTIFICATE TO BE DELIVERED 
 TO EUROCLEAR OR CLEARSTREAM, LUXEMBOURG 
 BY A BENEFICIAL OWNER 
 OF NOTES, OTHER THAN A QUALIFIED INSTITUTIONAL BUYER 
  
 MBNA CREDIT CARD MASTER NOTE TRUST, 
 Series
[·], Class [·] Notes 
  
 This is to certify that as
of the date hereof and except as provided in the third paragraph hereof, the Series [·], Class [·] Notes held by you for our account (the “Notes”) (i) are owned by a person that is a United States person, or
(ii) are owned by a United States person that is (A) the foreign branch of a United States financial institution (as defined in U.S. Treasury Regulations Section 1.165-12(c)(1)(v)) (a “financial institution”) purchasing for
its own account or for resale, or (B) a United States person who acquired the Notes through the foreign branch of a financial institution and who holds the Notes through the financial institution on the date hereof (and in either case
(A) or (B), the financial institution hereby agrees to comply with the requirements of Section 165(j)(3)(A), (B) or (C) of the Internal Revenue Code of 1986, as amended, and the regulations thereunder), or (iii) are owned by
a financial institution for purposes of resale during the Restricted Period (as defined in U.S. Treasury Regulations Section 1.163-5(c)(2)(i)(D)(7)). In addition, financial institutions described in clause (iii) of the preceding sentence
(whether or not also described in clause (i) or (ii)) certify that they have not acquired the Notes for purposes of resale directly or indirectly to a United States person or to a person within the United States or its possessions. 

 
 We undertake to advise you by tested telex if the above statement as to
beneficial ownership is not correct on the date of delivery of the Notes in bearer form with respect to such of the Notes as then appear in your books as being held for our account. 
  
 This certificate excepts and does not relate to [U.S.$/(pound)/(U)/SF] principal amount of Notes held by you for our
account, as to which we are not yet able to certify beneficial ownership. We understand that delivery of Definitive Notes in such principal amount cannot be made until we are able to so certify. 
  

 D-3-1 

 We understand that this certificate is required in connection with certain securities and tax laws in the
United States of America. If administrative or legal proceedings are commenced or threatened in connection with which this certificate is or would be relevant, we irrevocably authorize you to produce this certificate or a copy hereof to any
interested party in such proceedings. As used herein, “United States” means the United States of America, including the States and the District of Columbia, its territories, its possessions and other areas subject to its jurisdiction; and
“United States Person” means a citizen or resident of the United States, a corporation, partnership or other entity created or organized in or under the laws of the United States, or any political subdivision thereof, or an estate or trust
the income of which is subject to United States federal income taxation regardless of its source. 
  

					
	Dated:                          ,
        *	 	By	 	  

	 	 	Name:	 	 

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

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

  

 D-3-1 

 EXHIBIT E 
  
 FORM OF ANNUAL CERTIFICATION 
  

	 	Re:	The indenture dated as of May 24, 2001 (as amended, supplemented or otherwise modified from time to time, the “Agreement”), between MBNA Credit Card Master Note Trust
and The Bank of New York 

  
 I,
                                        ,
the
                                        of
[NAME OF COMPANY] (the “Company”), certify to MBNA America Bank, National Association (“MBNA”), and its officers, with the knowledge and intent that they will rely upon this certification, that: 
  
 (1) I have reviewed the report on assessment of the
Company’s compliance provided in accordance with Rules 13a-18 and 15d-18 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and Item 1122 of Regulation AB (the “Servicing Assessment”), and the
registered public accounting firm’s attestation report provided in accordance with Rules 13a-18 and 15d-18 under the Exchange Act and Section 1122(b) of Regulation AB (the “Attestation Report”) that were delivered by the Company
to MBNA pursuant to the Agreement (collectively, the “Company Information”); 
  
 (2) To the best of my knowledge, the Company Information, taken as a whole, does not contain any untrue statement of a material fact or
omit to state a material fact necessary to make the statements made, in the light of the circumstances under which such statements were made, not misleading with respect to the period of time covered by the Company Information; 
  
 (3) To the best of my knowledge, all of the Company
Information required to be provided by the Company under the Agreement has been provided to MBNA; and 
  
 (4) To the best of my knowledge, except as disclosed in the Compliance Statement, the Servicing Assessment or the Attestation Report, the
Company has fulfilled its obligations under the Agreement. 
  

			
	Date:	 	  

		
	By:	 	  

	Name:	 	 
	Title:	 	 

  

 E-1 

 EXHIBIT F 
  

SERVICING CRITERIA TO BE ADDRESSED IN ASSESSMENT OF COMPLIANCE 
  

The assessment of compliance to be delivered by the Indenture Trustee shall address, at a minimum, the criteria identified as below as “Applicable
Servicing Criteria”: 
  

					
	 Servicing Criteria

	  	 Applicable
 Servicing Criteria

	 Reference

	  	 Criteria

	  	 
	 	  	General Servicing Considerations	  	 
	 1122(d)(1)(i)
	  	Policies and procedures are instituted to monitor any performance or other triggers and events of default in accordance with the transaction agreements.	  	 
			
	 1122(d)(1)(ii)
	  	If any material servicing activities are outsourced to third parties, policies and procedures are instituted to monitor the third party’s performance and compliance with such servicing
activities.	  	 
			
	 1122(d)(1)(iii)
	  	Any requirements in the transaction agreements to maintain a back-up servicer for the credit card accounts or accounts are maintained.	  	 
			
	 1122(d)(1)(iv)
	  	A fidelity bond and errors and omissions policy is in effect on the party participating in the servicing function throughout the reporting period in the amount of coverage required by and
otherwise in accordance with the terms of the transaction agreements.	  	 
			
	 	  	Cash Collection and Administration	  	 
			
	 1122(d)(2)(i)
	  	Payments on credit card accounts are deposited into the appropriate custodial bank accounts and related bank clearing accounts no more than two business days following receipt, or such other
number of days specified in the transaction agreements.	  	ü
			
	 1122(d)(2)(ii)
	  	Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel.	  	ü
			
	 1122(d)(2)(iii)
	  	Advances of funds or guarantees regarding collections, cash flows or distributions, and any interest or other fees charged for such advances, are made, reviewed and approved as specified in the
transaction agreements.	  	 
			
	 1122(d)(2)(iv)
	  	The related accounts for the transaction, such as cash reserve accounts or accounts established as a form of overcollateralization, are separately maintained (e.g., with respect to commingling
of cash) as set forth in the transaction agreements.	  	 
			
	 1122(d)(2)(v)
	  	Each custodial account is maintained at a federally insured depository institution as set forth in the transaction agreements. For purposes of this criterion, “federally insured depository
institution” with respect to a foreign financial institution means a foreign financial institution that meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange Act.	  	 
			
	 1122(d)(2)(vi)
	  	Unissued checks are safeguarded so as to prevent unauthorized access.	  	 
			
	 1122(d)(2)(vii)
	  	Reconciliations are prepared on a monthly basis for all asset-backed securities related bank accounts, including custodial accounts and related bank clearing accounts. These reconciliations are
(A) mathematically accurate; (B) prepared within 30 calendar days after the bank statement cutoff date, or such other number of days specified in the transaction agreements; (C) reviewed and approved by someone other than the person who prepared the
reconciliation; and (D) contain explanations for reconciling items. These reconciling items are resolved within 90 calendar days of their original identification, or such other number of days specified in the transaction agreements.	  	 

  

 F-1 

					
	 Servicing Criteria

	  	Applicable
Servicing Criteria

	 Reference

	  	 Criteria

	  	 
	 	  	 Investor Remittances and Reporting
	  	 
	 1122(d)(3)(i)
	  	Reports to investors, including those to be filed with the Commission, are maintained in accordance with the transaction agreements and applicable Commission requirements. Specifically, such
reports (A) are prepared in accordance with timeframes and other terms set forth in the transaction agreements; (B) provide information calculated in accordance with the terms specified in the transaction agreements; (C) are filed with the
Commission as required by its rules and regulations; and (D) agree with investors’ or the trustee’s records as to the total unpaid principal balance and number of credit card accounts serviced by the Servicer.	  	 
			
	 1122(d)(3)(ii)
	  	Amounts due to investors are allocated and remitted in accordance with timeframes, distribution priority and other terms set forth in the transaction agreements.	  	ü
			
	 1122(d)(3)(iii)
	  	Disbursements made to an investor are posted within two business days to the Servicer’s investor records, or such other number of days specified in the transaction agreements.	  	ü
			
	 1122(d)(3)(iv)
	  	Amounts remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements.	  	ü
			
	 	  	Pool Asset Administration	  	 
	 1122(d)(4)(i)
	  	Collateral or security on credit card accounts is maintained as required by the transaction agreements or related asset pool documents.	  	ü
			
	 1122(d)(4)(ii)
	  	Account and related documents are safeguarded as required by the transaction agreements	  	ü
			
	 1122(d)(4)(iii)
	  	Any additions, removals or substitutions to the asset pool are made, reviewed and approved in accordance with any conditions or requirements in the transaction agreements.	  	 
			
	 1122(d)(4)(iv)
	  	Payments on credit card accounts, including any payoffs, made in accordance with the related credit card accounts documents are posted to the Servicer’s obligor records maintained no more
than two business days after receipt, or such other number of days specified in the transaction agreements, and allocated to principal, interest or other items (e.g., escrow) in accordance with the related asset pool documents.	  	 
			
	 1122(d)(4)(v)
	  	The Servicer’s records regarding the accounts and the accounts agree with the Servicer’s records with respect to an obligor’s unpaid principal balance.	  	 
			
	 1122(d)(4)(vi)
	  	Changes with respect to the terms or status of an obligor’s account (e.g., loan modifications or re-agings) are made, reviewed and approved by authorized personnel in accordance with the
transaction agreements and related pool asset documents.	  	 
			
	 1122(d)(4)(vii)
	  	Loss mitigation or recovery actions (e.g., forbearance plans, modifications and deeds in lieu of foreclosure, foreclosures and repossessions, as applicable) are initiated, conducted and
concluded in accordance with the timeframes or other requirements established by the transaction agreements.	  	 
			
	 1122(d)(4)(viii)
	  	Records documenting collection efforts are maintained during the period a Account is delinquent in accordance with the transaction agreements. Such records are maintained on at least a monthly
basis, or such other period specified in the transaction agreements, and describe the entity’s activities in monitoring delinquent Accounts including, for example, phone calls, letters and payment rescheduling plans in cases where delinquency
is deemed temporary (e.g., illness or unemployment).	  	 
			
	 1122(d)(4)(ix)
	  	Adjustments to interest rates or rates of return for Accounts with variable rates are computed based on the related Account documents.	  	 

  

 F-2 

					
	 Servicing Criteria

	  	Applicable
Servicing Criteria

	 Reference

	  	 Criteria

	  	 
			
	 1122(d)(4)(x)
	  	Regarding any funds held in trust for an obligor (such as escrow accounts): (A) such funds are analyzed, in accordance with the obligor’s Account documents, on at least an annual basis, or
such other period specified in the transaction agreements; (B) interest on such funds is paid, or credited, to obligors in accordance with applicable Account documents and state laws; and (C) such funds are returned to the obligor within 30 calendar
days of full repayment of the related Accounts, or such other number of days specified in the transaction agreements.	  	 
			
	 1122(d)(4)(xi)
	  	Payments made on behalf of an obligor (such as tax or insurance payments) are made on or before the related penalty or expiration dates, as indicated on the appropriate bills or notices for such
payments, provided that such support has been received by the servicer at least 30 calendar days prior to these dates, or such other number of days specified in the transaction agreements.	  	 
			
	 1122(d)(4)(xii)
	  	Any late payment penalties in connection with any payment to be made on behalf of an obligor are paid from the servicer’s funds and not charged to the obligor, unless the late payment was
due to the obligor’s error or omission.	  	 
			
	 1122(d)(4)(xiii)
	  	Disbursements made on behalf of an obligor are posted within two business days to the obligor’s records maintained by the servicer, or such other number of days specified in the transaction
agreements.	  	 
			
	 1122(d)(4)(xiv)
	  	Delinquencies, charge-offs and uncollectible accounts are recognized and recorded in accordance with the transaction agreements.	  	 
			
	 1122(d)(4)(xv)
	  	Any external enhancement or other support, identified in Item 1114(a)(1) through (3) or Item 1115 of Regulation AB, is maintained as set forth in the transaction agreements.	  	 

  

			
	[NAME OF INDENTURE TRUSTEE]
		
	Date:	 	  

		
	By:	 	  

	Name:	 	 
	Title:	 	 

  

 F-3Exhibit 4.4

 EXHIBIT 4.4 
  

COMPOSITE COPY 
  

 
 MBNA CREDIT CARD MASTER NOTE TRUST 
  
 as Issuer 
  
 and 
  
 THE BANK OF NEW YORK 
  
 as Indenture Trustee 
  
 MBNASERIES INDENTURE SUPPLEMENT 
  
 dated as of May 24, 2001 
  
 to 
  
 INDENTURE 
  
 dated as of May 24, 2001 
  

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page

	Article I	  	 
		
	Definitions and Other Provisions of General Application	  	 
			
	Section 1.01.	  	Definitions	  	1
			
	Section 1.02.	  	Governing Law	  	12
			
	Section 1.03.	  	Counterparts	  	12
			
	Section 1.04.	  	Ratification of Indenture	  	12
		
	Article II	  	 
		
	The Notes	  	 
			
	Section 2.01.	  	Creation and Designation	  	13
			
	Section 2.02.	  	New Issuances of Notes	  	13
			
	Section 2.03.	  	Required Subordinated Amount Conditions to Issuance of a Tranche of a Senior Class of Notes	  	13
		
	Article III	  	 
		
	Allocations, Deposits and Payments	  	 
			
	Section 3.01.	  	Allocations of MBNAseries Available Funds	  	15
			
	Section 3.02.	  	Targeted Deposits to the Interest Funding Account	  	15
			
	Section 3.03.	  	Allocations of MBNAseries Available Funds to Interest Funding sub-Accounts	  	16
			
	Section 3.04.	  	Amounts to be Treated as MBNAseries Available Funds; Payments Received from Derivative Counterparties for Interest in Foreign Currencies; Other Deposits to the Interest Funding
sub-Accounts	  	17
			
	Section 3.05.	  	Allocations of Reductions from Investor Charge-Offs to the Nominal Liquidation Amount of Subordinated Classes	  	18
			
	Section 3.06.	  	Allocations of Reimbursements of Nominal Liquidation Amount Deficits	  	20
			
	Section 3.07.	  	Application of MBNAseries Available Principal Amounts	  	20
			
	Section 3.08.	  	Allocation of Servicing Fee Shortfalls	  	22
			
	Section 3.09.	  	Computation of Reductions to the Nominal Liquidation Amount of Subordinated Classes from Reallocations of MBNAseries Available Principal Amounts	  	22
			
	Section 3.10.	  	Targeted Deposits of MBNAseries Available Principal Amounts to the Principal Funding Account	  	24
			
	Section 3.11.	  	Allocations among Principal Funding sub-Accounts	  	25

  

 -i- 

 TABLE OF CONTENTS 
 (continued) 
  

					
	 	  	 	  	Page

	Section 3.12.	  	Amounts to be Treated as MBNAseries Available Principal Amounts; Payments Received from Derivative Counterparties for Principal; Other Deposits to Principal Funding sub-Accounts	  	26
			
	Section 3.13.	  	Withdrawals from Interest Funding Account	  	27
			
	Section 3.14.	  	Withdrawals from Principal Funding Account	  	28
			
	Section 3.15.	  	Limit on Deposits to the Principal Funding sub-Account of Subordinated Note; Limit on Repayments of all Tranches	  	30
			
	Section 3.16.	  	Calculation of Nominal Liquidation Amount	  	31
			
	Section 3.17.	  	Reinvestment in the Collateral Certificate	  	32
			
	Section 3.18.	  	Netting of Deposits and Payments	  	32
			
	Section 3.19.	  	Pro rata Payments within a Tranche	  	32
			
	Section 3.20.	  	Sale of Receivables for Accelerated Notes	  	32
			
	Section 3.21.	  	Calculation of Prefunding Target Amount	  	33
			
	Section 3.22.	  	Targeted Deposits to the Class C Reserve Account	  	35
			
	Section 3.23.	  	Withdrawals from the Class C Reserve Account	  	35
			
	Section 3.24.	  	Targeted Deposits to the Accumulation Reserve Account	  	36
			
	Section 3.25.	  	Withdrawals from the Accumulation Reserve Account	  	37
			
	Section 3.26.	  	Computation of Interest	  	37
			
	Section 3.27.	  	Excess Available Funds Sharing	  	37
		
	Article IV	  	 
		
	Early Redemption of Notes	  	 
			
	Section 4.01.	  	Early Redemption Events	  	38
		
	Article V	  	 
		
	Accounts and Investments	  	 
			
	Section 5.01.	  	Accounts	  	39

  

 -ii- 

 EXHIBITS 
  

			
	 EXHIBIT A-1
	  	[FORM OF] CLASS A NOTE
		
	EXHIBIT A-2	  	[FORM OF] CLASS B NOTE
		
	EXHIBIT A-3	  	[FORM OF] CLASS C NOTE
		
	EXHIBIT B	  	[FORM OF] MBNASERIES SCHEDULE TO PAYMENT INSTRUCTIONS
		
	EXHIBIT C	  	[FORM OF] MBNASERIES SCHEDULE TO MONTHLY NOTEHOLDERS’ STATEMENT

  

 -iii- 

 This MBNASERIES INDENTURE SUPPLEMENT (this “Indenture Supplement”), by and between MBNA
CREDIT CARD MASTER NOTE TRUST, a statutory business trust created under the laws of the State of Delaware (the “Issuer”), having its principal office at Rodney Square North, 1100 North Market Street, Wilmington, Delaware 19890, and
THE BANK OF NEW YORK, a New York banking corporation ( the “Indenture Trustee”), is made and entered into as of May 24, 2001. 
  
 Pursuant to this Indenture Supplement, the Issuer and the Trust shall create a new series of Notes and shall specify the principal terms thereof.

  
 ARTICLE I 
  
 Definitions and Other Provisions of General Application 
  
 Section 1.01. Definitions. For all purposes of this Indenture
Supplement, except as otherwise expressly provided or unless the context otherwise requires: 
  

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

  

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

  

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

  

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

  

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

  

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

  

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

  

 1 

 “Accumulation Commencement Date” means, for each tranche of Notes, the first Business
Day of the month that is twelve (12) whole calendar months prior to the Expected Principal Payment Date for such tranche of Notes; provided, however, that, if the Accumulation Period Length for such tranche of Notes is less than
twelve (12) months, the Accumulation Commencement Date will be the first Business Day of the month that is the number of whole months prior to such Expected Principal Payment Date at least equal to the Accumulation Period Length and, as a
result, the number of Monthly Periods during the period from the Accumulation Commencement Date to such Expected Principal Payment Date will at least equal the Accumulation Period Length. 
  
 “Accumulation Period Factor” means, for any tranche of Notes for each Monthly Period, a fraction, the
numerator of which is equal to the sum of the initial investor interests of all outstanding Series (as defined in the Pooling and Servicing Agreement) including the Collateral Certificate, and the denominator of which is equal to the sum of
(a) the Initial Dollar Principal Amount of such tranche of Notes, (b) the initial investor interests of all outstanding Series of investor certificates issued by the Master Trust (other than the Collateral Certificate) which are not
expected to be in their revolving periods (as such terms are defined in the Pooling and Servicing Agreement), (c) the initial investor interests of all outstanding Series of investor certificates issued by the Master Trust (other than the
Collateral Certificate) which are not allocating Shared Principal Collections to other Series of investor certificates issued by the Master Trust and are in their revolving periods (as such terms are defined in the Pooling and Servicing Agreement),
and (d) the Initial Dollar Principal Amount of any tranche of notes (other than such tranche of Notes) of the Issuer for which amounts are targeted to be deposited into a principal funding account with respect to such Monthly Period;
provided, however, that this definition may be changed at any time if the Note Rating Agencies provide prior written confirmation that a Ratings Effect will not occur with respect to such change. 
  
 “Accumulation Period Length” is defined in
Section 3.10(b)(ii). 
  
 “Accumulation Reserve
Account” means the trust account designated as such and established pursuant to Section 5.01(a). 
  
 “Accumulation Reserve Sub-Account Earnings” means, with respect to each Transfer Date, the investment earnings on funds in the
Accumulation Reserve Account (net of investment expenses and losses) for the period from and including the immediately preceding Transfer Date to but excluding such Transfer Date. 
  
 “Aggregate Investor Default Amount” is defined in the Series 2001-D Supplement. 
  
 “Aggregate Series Available Funds Shortfall” means the sum
of the Series Available Funds Shortfalls (as such term is defined in each of the related Indenture Supplements) for each Excess Available Funds Sharing Series in Excess Available Funds Sharing Group One. 
  
 “Class A Notes” means a Note specified in the applicable
terms document as belonging to Class A. 
  

 2 

 “Class A Required Subordinated Amount” means, with respect to any tranche of
Class A Notes, the aggregate Nominal Liquidation Amount of Class B Notes or Class C Notes, as the case may be, as specified in the applicable terms document for such tranche of Class A Notes, that is required to be outstanding and
available on any date such tranche of Class A Notes is Outstanding. 
  
 “Class A Unused Subordinated Amount of Class B Notes” means for any tranche of Outstanding Class A Notes, with respect to any Transfer Date, an amount equal to the Class A Required
Subordinated Amount of Class B Notes minus the Class A Usage of the Class B Required Subordinated Amount, each as of such Transfer Date. 
  
 “Class A Unused Subordinated Amount of Class C Notes” means for any tranche of Outstanding Class A Notes, with respect to any
Transfer Date, an amount equal to the Class A Required Subordinated Amount of Class C Notes minus the Class A Usage of the Class C Required Subordinated Amount, each as of such Transfer Date. 
  
 “Class A Usage of Class B Required Subordinated Amount”
means, with respect to any tranche of Outstanding Class A Notes, zero on the date of issuance of such tranche and on any Transfer Date thereafter the Class A Usage of Class B Required Subordinated Amount as of the preceding date of
determination plus the sum of the following amounts (in each case, such amount shall not exceed the Class A Unused Subordinated Amount of Class B Notes for such tranche of Class A Notes after giving effect to the previous clauses,
if any): 
  
 (a) an amount equal to the product
of (A) a fraction, the numerator of which is the Class A Unused Subordinated Amount of Class B Notes for that tranche of Class A Notes (as of the last day of the preceding Monthly Period) and the denominator of which is the aggregate
Nominal Liquidation Amount of all Class B Notes (as of the last day of the preceding Monthly Period), times (B) the aggregate amount of Investor Charge-Offs initially allocated to Class B Notes pursuant to Section 3.05(a)
which did not result in a Class A Usage of Class C Required Subordinated Amount for such tranche of Class A Notes on such Transfer Date; plus 
  

(b) the amount of Investor Charge-Offs initially allocated to that tranche of Class A Notes pursuant to
Section 3.05(a) and then reallocated on such Transfer Date to Class B Notes pursuant to Section 3.05(b); plus 
  
 (c) the amount of MBNAseries Available Principal Amounts reallocated on such Transfer Date to the Interest Funding sub-Account for that
tranche of Class A Notes pursuant to Section 3.07(a) which did not result in a Class A Usage of Class C Required Subordinated Amount for such tranche of Class A Notes; plus 
  
 (d) the aggregate amount of MBNAseries Available Principal
Amounts reallocated to pay any amount to the Servicer for such tranche of Class A Notes pursuant to Sections 3.07(c) which did not result in a Class A Usage of Class C Required Subordinated Amount for such tranche of Class A
Notes on such Transfer Date; minus 
  

 3 

 (e) an amount (not to exceed the Class A Usage of Class B Required Subordinated
Amount after giving effect to the amounts computed pursuant to clauses (a) through (d) above) equal to the sum of (x) the product of (A) a fraction, the numerator of which is the Class A Usage of Class B Required
Subordinated Amount (prior to giving effect to any reimbursement of Class B Nominal Liquidation Amount Deficits on such Transfer Date) for such tranche of Class A Notes and the denominator of which is the aggregate Class B Nominal Liquidation
Amount Deficits (prior to giving effect to any reimbursement of Class B Nominal Liquidation Amount Deficits on such Transfer Date) of all Class B Notes, times (B) the aggregate amount of the Nominal Liquidation Amount Deficits of
any tranche of Class B Notes which are reimbursed on such Transfer Date pursuant to Section 3.06(b), plus (y) if the aggregate Class A Usage of Class B Required Subordinated Amount (prior to giving effect to any
reimbursement of Class B Nominal Liquidation Amount Deficits on such Transfer Date) for all Class A Notes exceeds the aggregate Class B Nominal Liquidation Amount Deficits of all Class B Notes (prior to giving effect to any reimbursement on
such Transfer Date), the product of (A) a fraction, the numerator of which is the amount of such excess and the denominator of which is the aggregate Class C Nominal Liquidation Amount Deficits (prior to giving effect to any reimbursement of a
Class C Nominal Liquidation Amount Deficit on such Transfer Date) of all Class C Notes, times (B) the aggregate amount of the Nominal Liquidation Amount Deficits of any tranche of Class C Notes (prior to giving effect to such
reimbursement) which are reimbursed on such Transfer Date times (C) a fraction, the numerator of which is the Class A Usage of Class B Required Subordinated Amount of such tranche of Class A Notes (prior to giving effect to
such reimbursement) and the denominator of which is the Class A Usage of Class B Required Subordinated Amount for all Class A Notes (prior to giving effect to such reimbursement). 
  
 “Class A Usage of Class C Required Subordinated Amount”
means, with respect to any tranche of Outstanding Class A Notes, zero on the date of issuance of such tranche and on any Transfer Date thereafter the Class A Usage of Class C Required Subordinated Amount as of the preceding date of
determination plus the sum of the following amounts (in each case, such amount shall not exceed the Class A Unused Subordinated Amount of Class C Notes for such tranche of Class A Notes after giving effect to the previous clauses,
if any): 
  
 (a) an amount equal to the product
of (A) a fraction, the numerator of which is the Class A Unused Subordinated Amount of Class C Notes for such tranche of Class A Notes (as of the last day of the preceding Monthly Period) and the denominator of which is the aggregate
Nominal Liquidation Amount of all Class C Notes (as of the last day of the preceding Monthly Period), times (B) the aggregate amount of Investor Charge-Offs initially allocated on such Transfer Date to all Class C Notes pursuant to
Section 3.05(a); plus 
  

 4 

 (b) the amount of Investor Charge-Offs initially allocated to that tranche of
Class A Notes pursuant to Section 3.05(a) and then reallocated to Class C Notes pursuant to Section 3.05(b); plus 
  
 (c) an amount equal to the product of (A) a fraction, the numerator of which is the Class A Unused Subordinated Amount of Class
B Notes for that tranche of Class A Notes (as of the last day of the preceding Monthly Period) and the denominator of which is the aggregate Nominal Liquidation Amount of all Class B Notes (as of the last day of the preceding Monthly Period),
times (B) the aggregate amount of Investor Charge-Offs initially allocated to Class B Notes pursuant to Section 3.05(a); plus 
  
 (d) the amount of MBNAseries Available Principal Amounts reallocated on such Transfer Date to the Interest Funding sub-Account for that
tranche of Class A Notes pursuant to Section 3.07(a); plus 
  
 (e) an amount equal to the product of (A) a fraction, the numerator of which is the Class A Unused Subordinated Amount of Class
B Notes for such tranche of Class A Notes (as of the last day of the preceding Monthly Period) and the denominator of which is the aggregate Nominal Liquidation Amount of all Class B Notes (as of the last day of the preceding Monthly Period),
times (B) the amount of MBNAseries Available Principal Amounts reallocated on such Transfer Date to the Interest Funding sub-Account for any tranche of Class B Notes pursuant to Section 3.07(b); plus 
  
 (f) the amount of MBNAseries Available Principal Amounts
reallocated on such Transfer Date to pay any amount to the Servicer for such tranche of Class A Notes pursuant to Sections 3.07(c); plus 
  
 (g) an amount equal to the product of (A) a fraction, the numerator of which is the Class A Unused
Subordinated Amount of Class B Notes for that tranche of Class A Notes (as of the last day of the preceding Monthly Period) and the denominator of which is the aggregate Nominal Liquidation Amount of all Class B Notes (as of the last day of the
preceding Monthly Period), times (B) the amount of MBNAseries Available Principal Amounts reallocated on such Transfer Date to pay any amount to the Servicer for any tranche of Class B Notes pursuant to Section 3.07(d);
minus 
  
 (h) an amount (not to exceed the
Class A Usage of Class C Required Subordinated Amount after giving effect to the amounts computed pursuant to clauses (a) through (g) above) equal to the product of (A) a fraction, the numerator of which is the Class A Usage
of Class C Required Subordinated Amount (prior to giving effect to any reimbursement of Class C Nominal Liquidation Amount Deficits on such Transfer Date) for that tranche of Class A Notes and the denominator of which is the aggregate Nominal
Liquidation Amount Deficits (prior to giving effect to such reimbursement) of all Class C Notes, times (B) the aggregate Nominal Liquidation Amount Deficits of all Class C Notes which are reimbursed on such Transfer Date pursuant to
Section 3.06(c). 
  

 5 

 “Class B Notes” means a Note specified in the applicable terms document to this
Indenture Supplement as belonging to Class B. 
  
 “Class B
Required Subordinated Amount” means, with respect to any tranche of Class B Notes, the aggregate Nominal Liquidation Amount of Class C Notes as specified in the applicable terms document for such tranche of Class B Notes, that is required
to be outstanding and available on any date such tranche of Class B Notes is Outstanding. 
  
 “Class B Unused Subordinated Amount of Class C Notes” means for any tranche of Outstanding Class B Notes, with respect to any Transfer Date, an amount equal to the Class B Required Subordinated Amount
of Class C Notes minus the Class B Usage of the Class C Required Subordinated Amount, each as of such Transfer Date. 
  
 “Class B Usage of Class C Required Subordinated Amount” means, with respect to any tranche of Outstanding Class B Notes, zero on the date
of issuance of such tranche and on any Transfer Date thereafter the Class B Usage of Class C Required Subordinated Amount as of the preceding date of determination plus the sum of the following amounts (in each case, such amount shall not
exceed the Class B Unused Subordinated Amount of Class C Notes for such tranche of Class B Notes after giving effect to the previous clauses, if any): 
  
 (a) an amount equal to the product of (A) a fraction, the numerator of which is the Class B Unused Subordinated Amount of Class C
Notes for that tranche of Class B Notes (as of the last day of the preceding Monthly Period) and the denominator of which is the aggregate Nominal Liquidation Amount of all Class C Notes (as of the last day of the preceding Monthly Period),
times (B) the aggregate amount of Investor Charge-Offs initially allocated on such Transfer Date to Class C Notes pursuant to Section 3.05(a); plus 
  
 (b) an amount equal to the product of (A) a fraction, the numerator of which is the Nominal Liquidation
Amount for that tranche of Class B Notes (as of the last day of the preceding Monthly Period) and the denominator of which is the aggregate Nominal Liquidation Amount of all Class B Notes (as of the last day of the preceding Monthly Period),
times (B) the sum of (i) the aggregate amount of Investor Charge-Offs initially allocated on such date to any Class A Note that has a Class A Unused Subordinated Amount of Class B Notes that was included in Class A
Usage of Class C Required Subordinated Amount plus (ii) the aggregate amount of Investor Charge-Offs initially allocated on such date to any Class A Note that has a Class A Unused Subordinated Amount of Class B Notes that was included
in Class A Usage of Class B Required Subordinated Amount; plus 
  
 (c) the amount of Investor Charge-Offs initially allocated to that tranche of Class B Notes pursuant to Section 3.05(a), and then reallocated on such date to Class C Notes pursuant to
Section 3.05(b); plus 
  

 6 

 (d) an amount equal to the product of (A) a fraction, the numerator of which is the
Nominal Liquidation Amount for that tranche of Class B Notes (as of the last day of the preceding Monthly Period) and the denominator of which is the aggregate Nominal Liquidation Amount of all Class B Notes (as of the last day of the preceding
Monthly Period), times (B) the amount of MBNAseries Available Principal Amounts reallocated on such date to the Interest Funding sub-Account for any tranche of Class A Notes that has a Class A Unused Subordinated Amount of
Class B Notes pursuant to Section 3.07(a); plus 
  
 (e) the amount of MBNAseries Available Principal Amounts reallocated on such date to the Interest Funding sub-Account for that tranche of Class B Notes pursuant to Section 3.07(b); plus 

 
 (f) an amount equal to the product of (A) a
fraction, the numerator of which is the Nominal Liquidation Amount for such tranche of Class B Notes (as of the last day of the preceding Monthly Period) and the denominator of which is the aggregate Nominal Liquidation Amount of all Class B Notes
(as of the last day of the preceding Monthly Period), times (B) the amount of MBNAseries Available Principal Amounts reallocated on such date to pay any amount to the Servicer for any tranche of Class A Notes that has a Class A
Unused Subordinated Amount of Class B Notes, pursuant to Section 3.07(c); plus 
  
 (g) the amount of MBNAseries Available Principal Amounts reallocated on such date to pay any amount to the Servicer for such tranche of
Class B Notes pursuant to Section 3.07(d); minus 
  
 (h) an amount (not to exceed the Class B Usage of Class C Required Subordinated Amount after giving effect to the amounts computed pursuant to clauses (a) through (g) above) equal to the product of
(A) a fraction, the numerator of which is the Class B Usage of Class C Required Subordinated Amount (prior to giving effect to any reimbursement of Class C Nominal Liquidation Amount Deficits on such Transfer Date) for that tranche of Class B
Notes and the denominator of which is the Nominal Liquidation Amount Deficits (prior to giving effect to such reimbursement) of all Class C Notes, times (B) the aggregate Nominal Liquidation Amount Deficits of all Class C Notes which are
reimbursed on such date pursuant to Section 3.06(c). 
  
 “Class C Notes” means a Note specified in the applicable terms document as belonging to Class C. 
  
 “Class C Reserve Account” means the trust account designated as such and established pursuant to Section 5.01(a). 

 
 “Controlled Accumulation Amount” for any Transfer Date
for any tranche of Notes with only one Expected Principal Payment Date, is defined in the related terms document; provided, however, that if the Accumulation Period Length with respect to such tranche is determined to be less than
twelve (12) months pursuant to Section 3.10(b)(ii), the Controlled 

  

 7 

 
Accumulation Amount for any Transfer Date will be equal to (i) the product of (x) the Initial Dollar Principal Amount of such tranche of Notes and
(y) the Accumulation Period Factor for such Monthly Period divided by (ii) the Required Accumulation Factor Number. 
  
 “Derivative Accrual Date” means, for any Monthly Period with respect to any tranche of Notes which has a Performing Derivative Agreement
for interest, the date in such Monthly Period corresponding numerically to the next payment date under the related Derivative Agreement following the end of the related Monthly Period. 
  
 “Excess Available Funds” means, with respect to any Monthly Period, the aggregate amount of MBNAseries
Available Funds minus the sum of the amounts, without duplication, determined pursuant to Sections 3.01(a) through (d). 
  
 “Finance Charge Receivables” is defined in the Pooling and Servicing Agreement. 
  
 “Interest Funding Account” means the trust account
designated as such and established pursuant to Section 5.01(a). 
  
 “Interest Funding sub-Account Earnings” means, with respect to each Transfer Date, the investment earnings on funds in the Interest Funding Account (net of investment expenses and losses) for the
period from and including the immediately preceding Transfer Date to but excluding such Transfer Date. 
  
 “Investor Charge-Offs” means, with respect to any Transfer Date, the aggregate amount, if any, by which the MBNAseries Investor Default
Amount, if any, for the preceding Monthly Period exceeds the MBNAseries Available Funds for such Transfer Date available after giving effect to clause (a) and (b) of Section 3.01. 
  
 “MBNAseries Available Funds” means, with respect to any
Transfer Date, the sum of (a) Available Funds allocated to the MBNAseries pursuant to Section 501 of the Indenture, (b) any amounts to be treated as MBNAseries Available Funds pursuant to Sections 3.04(a) and
3.20(d) and (c) any amounts to be treated as MBNAseries Available Funds pursuant to any terms document. 
  
 “MBNAseries Available Principal Amounts” means the sum of (a) Available Principal Amounts allocated to the MBNAseries pursuant to
Section 502 of the Indenture, (b) any amounts to be treated as MBNAseries Available Principal Amounts pursuant to Section 3.12(a), and (c) any amounts to be treated as MBNAseries Available Principal Amounts pursuant
to any terms document. 
  
 “MBNAseries Investor Default
Amount” means, with respect to any Monthly Period, the sum, for each day during such Monthly Period, of the product of the Investor Default Amounts (as such term is defined in the Series 2001-D Supplement) with respect to each such day and
the percentage equivalent of a fraction the numerator of which is the Available Funds Allocation Amount for the MBNAseries for such day and the denominator of which is the Available Funds Allocation Amount for all series of Notes for such day.

  

 8 

 “MBNAseries Servicing Fee” means, with respect to any Monthly Period, the pro
rata portion of the Net Servicing Fee (as such term is defined in the Series 2001-D Supplement) allocable to the MBNAseries based on the ratio of the Weighted Average Available Funds Allocation Amount for the MBNAseries for such Monthly Period
to the Weighted Average Available Funds Allocation Amount for all series of Notes for such Monthly Period. 
  
 “Nominal Liquidation Amount” means, with respect to any tranche of Notes, the amount calculated pursuant to Section 3.16 of
this Indenture Supplement. The Nominal Liquidation Amount for the MBNAseries will be the sum of the Nominal Liquidation Amounts of all of the tranches of Notes of the MBNAseries. 
  
 “Nominal Liquidation Amount Deficit” means, with respect to any tranche of Notes, the excess of the
Adjusted Outstanding Dollar Principal Amount of that tranche over the Nominal Liquidation Amount of that tranche. 
  
 “PFA Accumulation Earnings” means, with respect to each Transfer Date, the investment earnings on funds in the Principal Funding Account
(net of investment expenses and losses), other than funds in the Principal Funding Account in connection with any Prefunding Target Amounts, for the period from and including the immediately preceding Transfer Date to but excluding such Transfer
Date. 
  
 “PFA Accumulation Earnings Shortfall”
means, for any Transfer Date, 
  
 (a) the
aggregate of the PFA Accumulation Earnings Target for each tranche of MBNAseries Notes for such Transfer Date, minus 
  
 (b) the PFA Accumulation Earnings for such period. 
  
 “PFA Accumulation Earnings Target” means, for any Transfer Date, with respect to any amount on deposit in a
Principal Funding sub-Account (prior to giving effect to any deposits to be made on such date), other than any amount in connection with a Prefunding Target Amount, for a tranche of Notes, the Dollar amount of interest that would have accrued on
such deposit (or portion thereof) for the period from and including the preceding Transfer Date to but excluding such Transfer Date if it had borne interest at the following rates: 
  
 (a) in the case of a tranche of Dollar Interest-bearing Notes with no Derivative Agreement for interest, at
the rate of interest applicable to that tranche; 
  
 (b) in the case of a tranche of Discount Notes, at the rate of accretion (converted to an accrual rate) of that tranche; 
  
 (c) in the case of a tranche of Notes with a Performing Derivative Agreement for interest, at the rate at which payments by the Issuer to
the applicable Derivative Counterparty accrue (prior to the netting of such payments, if applicable); and 
  
 (d) in the case of a tranche of Notes with a non-Performing Derivative Agreement for interest, at the rate specified in the related terms
document. 
  
 More than one of the aforementioned rates of interest may be
applicable to amounts on deposit in a Principal Funding sub-Account for a tranche of Notes. 
  

 9 

 “PFA Prefunding Earnings” means, with respect to each Transfer Date, the investment
earnings on funds in the Principal Funding Account (net of investment expenses and losses) in connection with any Prefunding Target Amounts for the period from and including the immediately preceding Transfer Date to but excluding such Transfer
Date. 
  
 “PFA Prefunding Earnings Shortfall”
means, for any Transfer Date, 
  
 (a) the
aggregate PFA Prefunding Earnings Targets for each tranche of MBNAseries Notes for such Transfer Date, minus 
  
 (b) the PFA Prefunding Earnings for such period. 
  

“PFA Prefunding Earnings Target” means, for any Transfer Date, with respect to any amount on deposit in a Principal Funding
sub-Account in connection with a Prefunding Target Amount for a tranche of Notes, the Dollar amount of interest that would have accrued on such deposit (or portion thereof) for the period from and including the preceding Transfer Date to but
excluding such Transfer Date if it had borne interest at the following rates: 
  
 (a) in the case of a tranche of Dollar Interest-bearing Notes with no Derivative Agreement for interest, at the rate of interest applicable to that tranche; 
  
 (b) in the case of a tranche of Discount Notes, at the rate
of accretion (converted to an accrual rate) of that tranche; 
  
 (c) in the case of a tranche of Notes with a Performing Derivative Agreement for interest, at the rate at which payments by the Issuer to the applicable Derivative Counterparty accrue (prior to the netting of such
payments, if applicable); and 
  
 (d) in the case
of a tranche of Notes with a non-Performing Derivative Agreement for interest, at the rate specified in the related terms document. 
  
 More than one of the aforementioned rates of interest may be applicable to amounts on deposit in a Principal Funding sub-Account for a tranche of Notes.

  
 “Prefunding Excess Amount” means, with
respect to any senior class of Notes for any date, after giving effect to all issuances, allocations, deposits and payments with respect to that date, the aggregate amounts on deposit in the Principal Funding sub-Accounts of the Notes of that class
that are in excess of the aggregate amount targeted to be on deposit in those Principal Funding sub-Accounts pursuant to Section 3.10. 
  
 “Prefunding Target Amount” means the amount calculated pursuant to Section 3.21. 
  

 10 

 “Principal Funding Account” means the trust account designated as such and established
pursuant to Section 5.01(a). 
  
 “Principal
Funding sub-Account Amount” means, with respect to any tranche of Notes as of any date, the amount on deposit in the Principal Funding sub-Account for such tranche of Notes on such date. 
  
 “Receivables Sales Proceeds” means, with respect to any
tranche of Notes, the proceeds of the sale of Receivables with respect to such tranche pursuant to Section 3.20. Receivables Sales Proceeds do not constitute Available Principal Amounts. 
  
 “Receivables Sales Proceeds Deposit Amount” means, with
respect to any tranche of Notes in respect of which the Trust has received Receivables Sales Proceeds, the amount of Receivables Sales Proceeds on deposit in the Principal Funding sub-Account for such tranche. 
  
 “Required Accumulation Factor Number” shall be equal to a
fraction, rounded upwards to the nearest whole number, the numerator of which is one and the denominator of which is equal to the lowest monthly principal payment rate on the Accounts (as defined in the Pooling and Servicing Agreement), expressed as
a decimal, for the twelve (12) months preceding the date of such calculation; provided, however, that this definition may be changed at any time if the Note Rating Agencies provide prior written confirmation that a Ratings Effect
with respect to any Outstanding Notes will not occur with respect to such change. 
  
 “Required Excess Available Funds” means, with respect to any Monthly Period, an amount equal to zero; provided, however, that the Issuer may, from time to time, change such amount (which
will never be less than zero) upon (i) written notice to the Indenture Trustee, (ii) prior written confirmation from the Note Rating Agencies that a Ratings Effect will not occur with respect to such change and (iii) the Issuer
reasonably believes that such change will not have an Adverse Effect. 
  
 “Required Subordinated Amount” means, with respect to any tranche of a senior class of Notes, the aggregate Nominal Liquidation Amount of a subordinated class of Notes, as specified in the applicable terms document for such
tranche of the senior class, that is required to be outstanding and available on any date the senior class is Outstanding. 
  
 “senior class” means (a) with respect to the Class B Notes, the Class A Notes, and (b) with respect to the Class C Notes,
the Class A Notes or Class B Notes. 
  
 “Series
Available Funds Shortfall” means, with respect to any Transfer Date with respect to the MBNAseries, the excess, if any, of (a) the aggregate amount targeted to be paid or applied pursuant to Sections 3.01(a) through
(d) for any Transfer Date over (b) the MBNAseries Available Funds (excluding any amounts to be treated as MBNAseries Available Funds pursuant to Section 3.27(a)) for such Transfer Date; provided, however,
that the Issuer, when authorized by an Officer’s Certificate, may amend or otherwise modify this definition of Series Available Funds Shortfall provided the Note Rating Agencies confirm in writing that the amendment or modification will not
cause a Ratings Effect with respect to any Outstanding Notes. 
  

 11 

 “Shared Excess Available Funds” means, with respect to any Transfer Date with respect to
any series of Notes, either (a) the amount of MBNAseries Available Funds for such Transfer Date available after application in accordance with Sections 3.01(a) through (g) or (b) the amounts allocated to other series of
Notes identified as an Excess Available Funds Sharing Series in Excess Available Funds Sharing Group One which the applicable Indenture Supplements for such series specify are to be treated as “Shared Excess Available Funds.” 

 
 “Spot Exchange Rate” has the meaning specified in the
related terms document. 
  
 “subordinated class”
means (a) with respect to the Class A Notes, the Class B Notes or Class C Notes, (b) with respect to the Class B Notes, the Class C Notes. 
  
 “Targeted Interest Deposit Amount” means, with respect to the MBNAseries Notes for any Transfer Date, the aggregate amount targeted to be
deposited in the Interest Funding Account pursuant to Section 3.02 for such Transfer Date. 
  
 “Targeted Principal Deposit Amount” means, with respect to the MBNAseries Notes for any Transfer Date, the aggregate amount targeted to
be deposited in the Principal Funding Account pursuant to Section 3.10 for such Transfer Date. 
  
 “Weighted Average Available Funds Allocation Amount” means, with respect to any Monthly Period for any tranche or class of Notes, the sum
of the Available Funds Allocation Amount for such tranche or class, as applicable, as of the close of business on each day during such Monthly Period divided by the actual number of days in such period. 
  
 Section 1.02. Governing Law; Submission to Jurisdiction; Agent for
Service of Process. This Indenture Supplement shall be governed by and construed in accordance with the laws of the State of Delaware, without regard to principles of conflict of laws. The parties hereto declare that it is their intention that
this Indenture Supplement shall be regarded as made under the laws of the State of Delaware and that the laws of said State shall be applied in interpreting its provisions in all cases where legal interpretation shall be required. Each of the
parties hereto agrees (a) that this Indenture Supplement involves at least $100,000.00, and (b) that this Indenture Supplement has been entered into by the parties hereto in express reliance upon 6 DEL. C. § 2708. Each of the
parties hereto hereby irrevocably and unconditionally agrees (a) to be subject to the jurisdiction of the courts of the State of Delaware and of the federal courts sitting in the State of Delaware, and (b)(1) to the extent such party is not
otherwise subject to service of process in the State of Delaware, to appoint and maintain an agent in the State of Delaware as such party’s agent for acceptance of legal process, and (2) that, to the fullest extent permitted by applicable
law, service of process may also be made on such party by prepaid certified mail with a proof of mailing receipt validated by the United States Postal Service constituting evidence of valid service, and that service made pursuant to (b)(1) or
(2) above shall, to the fullest extent permitted by applicable law, have the same legal force and effect as if served upon such party personally within the State of Delaware. 
  
 Section 1.03. Counterparts. This Indenture Supplement may be executed in any number of counterparts, each of
which so executed will be deemed to be an original, but all such counterparts will together constitute but one and the same instrument. 
  
 Section 1.04. Ratification of Indenture. As supplemented by this Indenture Supplement, the Indenture is in all respects ratified and confirmed
and the Indenture as so supplemented by this Indenture Supplement shall be read, taken and construed as one and the same instrument. 
  
 [END OF ARTICLE I] 
  

 12 

 ARTICLE II 
  
 The Notes 
  
 Section 2.01. Creation and Designation. 
  
 (a) There is hereby created a series of Notes to be issued pursuant to the Indenture and this Indenture Supplement to be known as “MBNA Credit Card
Master Note Trust, MBNAseries” or the “MBNAseries Notes.” The MBNAseries Notes will be issued in three classes, the first of which shall be known as the “MBNAseries Class A Notes,” the second of which shall be known as
the “MBNAseries Class B Notes” and the third of which shall be known as the “MBNAseries Class C Notes.” 
  
 (b) The MBNAseries shall be an Excess Available Funds Sharing Series in Excess Available Funds Sharing Group A and shall not be in any other group. The
MBNAseries shall not be subordinated to any other series of Notes. 
  
 Section 2.02. New Issuances of Notes. The Issuer may issue new tranches of Notes (including additional Notes of an Outstanding tranche) to be included in the MBNAseries, so long as the following conditions precedent are
satisfied: 
  
 (i) on or before the date that the
new issuance is to occur, the Issuer will have delivered to the Indenture Trustee a terms document relating to the applicable tranche of Notes; 
  
 (ii) if the issuance of Notes results in an increase in the targeted deposit amount of any Class C Reserve sub-Account of a tranche of
Class C Notes, on such issuance date the Issuer will have funded such increase with a cash deposit to such Class C Reserve sub-Account; 
  
 (iii) the conditions specified in Section 310 of the Indenture and Section 2.03 of this Indenture Supplement, as
applicable, are satisfied; and 
  
 (iv) any other
conditions specified in the related terms document. 
  
 Section 2.03. Required Subordinated Amount Conditions to Issuance of a Tranche of a Senior Class of Notes. 
  
 (a) Class A Required Subordinated Amount of Class B Notes. On the issuance date of a tranche of Class A Notes, immediately after giving
effect to such issuance, the available subordinated amount of Class B Notes for such tranche of Class A Notes must be at least equal to the Class A Required Subordinated Amount of Class B Notes for such tranche of Class A Notes. For
purposes of this Section, the available subordinated amount of Class B Notes for such tranche of Class A Notes as of any date means the sum of the following, after giving effect to any issuances, deposits, allocations, reallocations or payments
to be made on that date: 
  
 (i) the aggregate
Nominal Liquidation Amount of all tranches of Class B Notes which are Outstanding on that date; minus 
  
 (ii) the aggregate Class A Required Subordinated Amount of Class B Notes for all other tranches of Class A Notes which are
Outstanding on that date. 
  

 13 

 (b) Class A Required Subordinated Amount of Class C Notes. On the issuance date of a tranche
of Class A Notes, immediately after giving effect to such issuance, the available subordinated amount of Class C Notes for such tranche of Class A Notes must be at least equal to the Class A Required Subordinated Amount of Class C
Notes for such tranche of Class A Notes. For purposes of this clause, the available subordinated amount of Class C Notes for such tranche of Class A Notes as of any date means the sum of the following, after giving effect to any issuances,
deposits, allocations, reallocations or payments to be made on that date: 
  
 (i) the aggregate Nominal Liquidation Amount of all tranches of Class C Notes which are Outstanding on that date; minus 
  

(ii) the aggregate Class A Required Subordinated Amount of Class C Notes for all other tranches of Class A Notes which are
Outstanding on that date. 
  
 (c) Class B Required Subordinated
Amount of Class C Notes. On the issuance date of a tranche of Class B Notes, immediately after giving effect to such issuance, the available subordinated amount of Class C Notes for such tranche of Class B Notes must be at least equal to the
Class B Required Subordinated Amount of Class C Notes for such tranche of Class B Notes. For purposes of this clause, the available subordinated amount of Class C Notes for such tranche of Class B Notes as of any date means the sum of the following,
after giving effect to any issuances, deposits, allocations, reallocations or payments to be made on that date: 
  
 (i) the aggregate Nominal Liquidation Amount of all tranches of Class C Notes which are Outstanding on that date; minus 

 
 (ii) the aggregate Class B Required Subordinated Amount
of Class C Notes for all other tranches of Class B Notes which are Outstanding on that date. 
  
 (d) Class B Required Subordinated Amount of Class C Notes. On the issuance date of a tranche of Class A Notes, immediately after giving effect to such issuance, the available subordinated amount of Class C
Notes for all tranches of Class B Notes must be at least equal to the aggregate Class B Required Subordinated Amount of Class C Notes for all tranches of Class B Notes which are Outstanding on that date. For purposes of this clause, the available
subordinated amount of Class C Notes for all tranche of Class B Notes as of any date means the sum of the following, after giving effect to any issuances, deposits, allocations, reallocations or payments to be made on that date: 
  
 (i) the aggregate Nominal Liquidation Amount of all tranches
of Class C Notes which are Outstanding on that date; minus 
  
 (ii) the aggregate Class A Required Subordinated Amount of Class C Notes for all tranches of Class A Notes for which the Class A Required Subordinated Amount of Class B Notes is equal to zero which are
Outstanding on that date. 
  
 [END OF ARTICLE II] 
  

 14 

 ARTICLE III 
  
 Allocations, Deposits and Payments 
  
 Section 3.01. Allocations of MBNAseries Available Funds. On each Transfer Date, the Indenture Trustee will apply MBNAseries Available Funds,
as follows: 
  
 (a) first, to make the targeted deposits to the
Interest Funding Account pursuant to Section 3.02; 
  
 (b) second, to pay the MBNAseries Servicing Fee plus any previously due and unpaid MBNAseries Servicing Fee to the Servicer; 
  
 (c) third, to be treated as MBNAseries Available Principal Amounts for application in accordance with Section 3.07 in an amount equal to the
MBNAseries Investor Default Amount, if any, for the preceding Monthly Period; 
  
 (d) fourth, to be treated as MBNAseries Available Principal Amounts for application in accordance with Section 3.07 in an amount equal to the Nominal Liquidation Amount Deficit, if any; 
  
 (e) fifth, to make the targeted deposit to the Accumulation Reserve Account,
if any, pursuant to Section 3.24; 
  
 (f) sixth, to
make the targeted deposit to the Class C Reserve Account, if any, pursuant to Section 3.22; 
  
 (g) seventh, to make any other payment or deposit required by the terms documents of any class or tranche of MBNAseries Notes; 
  
 (h) eighth, to be treated as Shared Excess Available Funds for application in
accordance with Section 3.27; and 
  
 (i) ninth, to
the Issuer. 
  
 Section 3.02. Targeted Deposits to the
Interest Funding Account. The aggregate amount of MBNAseries Available Funds targeted to be deposited into the Interest Funding Account pursuant to Section 3.01(a) on each Transfer Date is equal to the sum of the following amounts. A
single tranche of Notes may be entitled to more than one of the following targeted deposits on any Transfer Date. The targeted deposit on any Transfer Date will also include any shortfall in the targeted deposit with respect to any prior Transfer
Date which has not been previously deposited. 
  
 (a)
Specified Deposits. If the terms document for a tranche of Notes specifies a deposit to be made to the Interest Funding sub-Account for that tranche, the deposit targeted for that tranche of Notes with respect to that Transfer Date is such
specified amount. 
  

 15 

 (b) Interest Payments. The deposit targeted for any tranche of Outstanding Interest-bearing Notes
on each Transfer Date will be equal to the amount of interest accrued on the Outstanding Dollar Principal Amount of that tranche of Notes during the period from and including the Monthly Interest Accrual Date in the prior Monthly Period to but
excluding the Monthly Interest Accrual Date in the current Monthly Period. 
  
 (c) Amounts Owed to Derivative Counterparties. If a tranche of Outstanding Dollar Notes or foreign currency Notes that has a Performing or non-Performing Derivative Agreement for interest provides for a payment
to the applicable Derivative Counterparty, the deposit targeted for that tranche of Notes on each Transfer Date with respect to any payment to the Derivative Counterparty will be specified in the related terms document. 
  
 (d) Discount Notes. The deposit targeted for a tranche of Outstanding
Discount Notes on each Transfer Date is equal to the amount of accretion of principal of that tranche of Notes from the Monthly Principal Accrual Date in the related Monthly Period (or in the case of the first Transfer Date with respect to any
tranche of Notes, from the date of issuance of that tranche of Notes) to but excluding the Monthly Principal Accrual Date for the next month. 
  
 (e) Additional Interest. Unless otherwise specified in the applicable terms document, the deposit targeted for any tranche of Outstanding Notes
(other than Discount Notes) for any month that has previously due and unpaid interest will include the interest accrued on that overdue interest from and including the Monthly Interest Accrual Date in that month to but excluding the Monthly Interest
Accrual Date next following that month at the rate of interest applicable to the principal of that tranche during that period. 
  
 Section 3.03. Allocations of MBNAseries Available Funds to Interest Funding sub-Accounts. The aggregate amount to be deposited to the Interest
Funding Account pursuant to Section 3.01(a) for each Monthly Period will be allocated, and a portion deposited into the Interest Funding sub-Account for each tranche of Notes, as follows: 
  
 (a) MBNAseries Available Funds at Least Equal to Targeted Amounts. If
the amount of funds available for a Monthly Period pursuant to Section 3.01 is at least equal to the aggregate amount of the deposits and payments targeted by Section 3.02, then the full amount of each such deposit and
payment will be made to the applicable Interest Funding sub-Accounts. 
  
 (b) MBNAseries Available Funds are Less than Targeted Amounts. If the amount of funds available for a Monthly Period pursuant to Section 3.01 is less than the aggregate amount of the deposits targeted by
Section 3.02, then the amount available will be allocated to each tranche of Notes as follows: 
  
 (i) first, to each tranche of Class A Notes pro rata based on the ratio of (A) the aggregate amount of the deposits
targeted by Section 3.02 with respect to that tranche of Class A Notes, to (B) the aggregate amount of the deposits targeted by Section 3.02 with respect to all tranches of Class A Notes, and 
  
 (ii) second, to each tranche of Class B Notes pro
rata based on the ratio of (A) the aggregate amount of the deposits targeted by Section 3.02 with respect to that tranche of Class B Notes, to (B) the aggregate amount of the deposits targeted by Section 3.02
with respect to all tranches of Class B Notes, and 
  

 16 

 (iii) third, to each tranche of Class C Notes pro rata based on the ratio of
(A) the aggregate amount of the deposits targeted by Section 3.02 with respect to that tranche of Class C Notes, to (B) the aggregate amount of the deposits targeted by Section 3.02 with respect to all tranches of
Class C Notes. 
  
 Section 3.04. Amounts to be Treated as
MBNAseries Available Funds; Payments Received from Derivative Counterparties for Interest in Foreign Currencies; Other Deposits to the Interest Funding sub-Accounts. The following deposits and payments will be made on the following dates:

  
 (a) Amounts to be Treated as MBNAseries Available
Funds. In addition to Available Funds allocated to the MBNAseries pursuant to Section 501 of the Indenture, the following amounts shall be treated as MBNAseries Available Funds for application in accordance with this Article
III for any Monthly Period: 
  
 (i) PFA
Accumulation Earnings Shortfall. The aggregate amount withdrawn from the Accumulation Reserve Account pursuant to Section 3.25(a) will be treated as MBNAseries Available Funds for such Monthly Period. 
  
 (ii) PFA Prefunding Earnings Shortfall. On or prior
to each Transfer Date, the Issuer will calculate the PFA Prefunding Earnings Shortfall (if any) for the Principal Funding sub-Account for each tranche of Notes. If there is any PFA Prefunding Earnings Shortfall for any Principal Funding sub-Account
for that Transfer Date, or any unpaid PFA Prefunding Earnings Shortfall for any Principal Funding sub-Account from any earlier Transfer Date, in each case for any tranche of Notes, the Issuer will notify the Master Trust pursuant to
Section 4.09 of the Series 2001-D Supplement of that amount. On each Transfer Date, the Indenture Trustee will treat as MBNAseries Available Funds the amount received by the Issuer pursuant to Section 4.09 of the Series
2001-D Supplement with respect to each Principal Funding sub-Account, if any; provided, however, that any amount paid to the Issuer pursuant to the proviso to Section 4.09(b) of the Series 2001-D Supplement will be
deposited directly into the applicable Interest Funding sub-Accounts pro rata based on the Nominal Liquidation Amount as of the close of business on the last day of the preceding Monthly Period of each tranche with prefunded amounts in its
Principal Funding sub-Account. 
  
 (iii)
Dollar Payments from Derivative Counterparties for Interest. Dollar payments received under Derivative Agreements for interest for any tranche of Notes will be treated as MBNAseries Available Funds. 
  
 (iv) Sub-Account Earnings. Any PFA Accumulation
Earnings, any PFA Prefunding Earnings, any Accumulation Reserve Account Earnings and any Interest Funding sub-Account Earnings for any Transfer Date will be treated as MBNAseries Available Funds for such Transfer Date. 
  

 17 

 (v) Shared Excess Available Funds. Any Shared Excess Available Funds allocable to
the MBNAseries will be treated as MBNAseries Available Funds pursuant to Section 3.27(a). 
  
 (vi) Other Amounts. This Indenture Supplement or the terms document for any tranche of Notes may include additional amounts which
are to be treated as MBNAseries Available Funds for any Transfer Date. 
  
 (b) Payments Received From Derivative Counterparties. Payments received under Derivative Agreements for Notes with interest payable in foreign currencies will be applied as specified in the applicable terms document. 
  
 (c) Other Deposits to the Interest Funding sub-Accounts. 

 
 (i) Class C Reserve Account. Withdrawals made from
the Class C Reserve Account pursuant to Section 3.23(a) will be deposited into the applicable Interest Funding sub-Account on the Transfer Date. 
  
 (ii) Receivables Sales Proceeds. Receivables Sales Proceeds received by the Issuer pursuant to Section 3.20(c)(ii) for
any tranche of Notes will be deposited into the applicable Interest Funding sub-Account on the date of receipt by the Issuer. 
  
 (iii) Other Amounts. This Indenture Supplement or the terms document for any tranche may include additional amounts which are to be
deposited into the applicable Interest Funding sub-Account on the Transfer Date. 
  
 Section 3.05. Allocations of Reductions from Investor Charge-Offs to the Nominal Liquidation Amount of Subordinated Classes. On each Transfer Date when there is an Investor Charge-Off with respect to the
related Monthly Period, that reduction will be allocated (and reallocated) on that date to each tranche of Notes as set forth in this Section. 
  
 (a) Initially, the amount of such Investor Charge-Off will be allocated to each tranche of Outstanding Notes pro rata based on the ratio of the
Weighted Average Available Funds Allocation Amount for such tranche for such Monthly Period to the Weighted Average Available Funds Allocation Amount for the MBNAseries for such Monthly Period. 
  
 (b) Immediately afterwards, the amount of Investor Charge-Offs allocated to
the Class A Notes pursuant to clause (a) will be reallocated to the Class C Notes subject to the limitations set forth in clauses (c) and (e), and the amount of Investor Charge-Offs allocated to the Class A Notes pursuant to
clause (a) and not reallocated to the Class C Notes due to the limitations set forth in clauses (c) and (e) will be reallocated to the Class B Notes subject to the limitations set forth in clauses (c) and (e). Immediately after
giving effect to the preceding sentence, the aggregate amount of Investor Charge-Offs allocated to the Class B Notes pursuant to clause (a) or reallocated to the Class B Notes pursuant to the preceding sentence will be reallocated to the Class
C Notes subject to the limitations set forth in clauses (d) and (e). Any amount of Investor Charge-Offs which cannot be reallocated from a senior class to a subordinated class due to the limitations in clauses (c), (d) and (e) will
reduce the Nominal Liquidation Amount of the related senior tranche of Notes. 
  

 18 

 (c)    (i) The reallocation in clause (b) of Investor Charge-Offs from any
tranche of Class A Notes to the Class C Notes is subject to the limitation that after giving effect to clause (a) and to such reallocation from that tranche of Class A Notes to the Class C Notes, that tranche’s Class A Usage
of Class C Required Subordinated Amount (computed before giving effect to any reallocations of Investor Charge-Offs from any Class B Notes and any reallocation of MBNAseries Available Principal Amounts on such date) will not exceed that
tranche’s Class A Required Subordinated Amount of Class C Notes. 
  
 (ii) The reallocation in clause (b) of Investor Charge-Offs from any tranche of Class A Notes to the Class B Notes is subject to the limitation that after giving effect to clause (a) and to such
reallocation from that tranche of Class A Notes to the Class B Notes, that tranche’s Class A Usage of Class B Required Subordinated Amount (computed before giving effect to any reallocations of MBNAseries Available Principal Amounts
on such date) will not exceed that tranche’s Class A Required Subordinated Amount of Class B Notes. 
  
 (d) The reallocation in clause (b) of Investor Charge-Offs from any tranche of Class B Notes to the Class C Notes is subject to the limitation that
after giving effect to clause (a) and such reallocation from that tranche of Class B Notes and reallocations from any tranche of Class A Notes to any tranche of Class C Notes, that tranche’s Class B Usage of Class C Required
Subordinated Amount (computed before giving effect to any reallocations of MBNAseries Available Principal Amounts on such date) will not exceed that tranche’s Class B Required Subordinated Amount of Class C Notes. 
  
 (e)    (i) The amount permitted to be reallocated
to tranches of Class C Notes pursuant to clause (b) will be applied to each tranche of Class C Notes pro rata based on the ratio of the Weighted Average Available Funds Allocation Amount for such tranche of Class C Notes for the related
Monthly Period to the Weighted Average Available Funds Allocation Amount for all Class C Notes for the related Monthly Period. 
  
 (ii) Any such reallocation that would otherwise have reduced the Nominal Liquidation Amount of a tranche of Class C Notes below zero will
be reallocated to the remaining tranches of Class C Notes as set forth in this clause (e), but in no event will the Nominal Liquidation Amount (after giving effect to this clause (e)) of any tranche of Class C Notes be reduced below zero.

  
 (iii) The amount permitted to be reallocated
to tranches of Class B Notes pursuant to clause (b) will be applied to each tranche of Class B Notes pro rata based on the ratio of the Weighted Average Available Funds Allocation Amount for such tranche of Class B Notes for such Monthly
Period to the Weighted Average Available Funds Allocation Amount for all tranches of Class B Notes in the MBNAseries for such Monthly Period. 
  
 (iv) Any such reallocation that would otherwise have reduced the Nominal Liquidation Amount of a tranche of Class B Notes below zero will
be reallocated to the remaining tranches of Class B Notes as set forth in this clause (e), but in no event will the Nominal Liquidation Amount (after giving effect to this clause (e)) of any tranche of Class B Notes be reduced below zero.

  

 19 

 (f) In the case of each tranche of Notes, the Nominal Liquidation Amount of each such tranche will be
reduced by an amount equal to the Investor Charge-Offs which are allocated or reallocated to that tranche of Notes, less the amount of Investor Charge-Offs that are reallocated from that tranche of Notes to Notes of a subordinated class of Notes.

  
 Section 3.06. Allocations of Reimbursements of Nominal
Liquidation Amount Deficits. If, as of any Transfer Date, there are MBNAseries Available Funds available pursuant to Section 3.01(d) to reimburse any Nominal Liquidation Amount Deficits as of such Transfer Date, such funds will be
allocated to each tranche of Notes as follows: 
  
 (a) first, to
each tranche of Class A Notes pro rata based on the ratio of the Nominal Liquidation Amount Deficit thereof to the aggregate Nominal Liquidation Amount Deficits of all tranches of Class A Notes, but in no event will the Nominal
Liquidation Amount of such a tranche of Notes be increased above the Adjusted Outstanding Dollar Principal Amount of such tranche, 
  
 (b) second, to each tranche of Class B Notes pro rata based on the ratio of the Nominal Liquidation Amount Deficit thereof to the aggregate Nominal
Liquidation Amount Deficit of all tranches of Class B Notes, but in no event will the Nominal Liquidation Amount of such a tranche of Notes be increased above the Adjusted Outstanding Dollar Principal Amount of such tranche, and 
  
 (c) third, to each tranche of Class C Notes pro rata based on the
ratio of the Nominal Liquidation Amount Deficit thereof to the aggregate Nominal Liquidation Amount Deficit of all tranches of Class C Notes, but in no event will the Nominal Liquidation Amount of such a tranche of Notes be increased above the
Adjusted Outstanding Dollar Principal Amount of such tranche. 
  
 Section 3.07. Application of MBNAseries Available Principal Amounts. On each Transfer Date, the Indenture Trustee will apply MBNAseries Available Principal Amounts as follows: 
  
 (a) first, with respect to each Monthly Period, if after giving effect to
deposits to be made with respect to such Monthly Period pursuant to Section 3.01(a), any tranche of Class A Notes has not received the full amount targeted to be deposited pursuant to Section 3.02 with respect to that
Monthly Period, then MBNAseries Available Principal Amounts (in an amount not to exceed the sum of the Daily Principal Amounts for each day during such Monthly Period for all Class C Notes and Class B Notes) will be allocated to the Interest Funding
sub-Account of each such tranche of Class A Notes pro rata based on, in the case of each such tranche of Class A Notes, the lesser of the following amounts: 
  
 (i) the amount of the deficiency in the targeted amount to be deposited into the Interest Funding
sub-Account of such tranche of Class A Notes; and 
  

 20 

 (ii) an amount equal to the sum of (A) the Class A Unused Subordinated Amount
of Class C Notes and (B) the Class A Unused Subordinated Amount of Class B Notes, in each case, for such tranche of Class A Notes (determined after giving effect to the application of Investor Charge-Offs pursuant to
Section 3.05); 
  
 (b) second, with respect to each
Monthly Period, if after giving effect to deposits to be made with respect to such Monthly Period pursuant to Section 3.01(a) any tranche of Class B Notes has not received the full amount targeted to be deposited pursuant to
Section 3.02 with respect to that Monthly Period, then MBNAseries Available Principal Amounts (in an amount, not less than zero, not to exceed the sum of the Daily Principal Amounts for each day during such Monthly Period for all Class B
Notes and Class C Notes minus the aggregate amount of MBNAseries Available Principal Amounts reallocated pursuant to clause (a) above) will be allocated to the Interest Funding sub-Account of each such tranche of Class B Notes pro
rata based on, in the case of each such tranche of Class B Notes, the lesser of the following amounts: 
  
 (i) the amount of the deficiency in the targeted amount to be deposited into the Interest Funding sub-Account of such tranche of Class B
Notes; and 
  
 (ii) an amount equal to the Class
B Unused Subordinated Amount of Class C Notes for such tranche of Class B Notes (determined after giving effect to the application of Investor Charge-Offs pursuant to Section 3.05 and the reallocation of MBNAseries Available Principal
Amount pursuant to clause (a) above); 
  
 (c) third, with
respect to each Monthly Period, if after giving effect to payments to be made with respect to such Monthly Period pursuant to Sections 3.01(b), the Servicer has not received the full amount to be paid pursuant to Section 3.01(b)
with respect to that Monthly Period, then MBNAseries Available Principal Amounts (in an amount, not less than zero, not to exceed the sum of the Daily Principal Amounts for each day during such Monthly Period for all Class C Notes and Class B Notes
minus the aggregate amount of MBNAseries Available Principal Amounts reallocated pursuant to clauses (a) and (b) above) will be paid to the Servicer in an amount equal to, and allocated to each such tranche of Class A Notes
pro rata based on, in the case of each such tranche of Class A Notes, the lesser of the following amounts: 
  
 (i) the amount of the deficiency allocated to such tranche of Class A Notes pursuant to Section 3.08; and 
  
 (ii) an amount equal to the sum of (A) the Class A
Unused Subordinated Amount of Class C Notes and (B) the Class A Unused Subordinated Amount of Class B Notes, in each case, for such tranche of Class A Notes (determined after giving effect to the application of Investor Charge-Offs
pursuant to Section 3.05 and the reallocation of MBNAseries Available Principal Amount pursuant to clauses (a) and (b) above); 
  
 (d) fourth, with respect to each Monthly Period, if after giving effect to payments to be made with respect to such Monthly Period pursuant to
Section 3.01(b), the Servicer has not received the full amount to be paid pursuant to Section 3.01(b) with respect to that Monthly Period, then MBNAseries Available Principal Amounts (in an amount, not less than zero, not to
exceed the sum of the Daily Principal Amounts for each day during such Monthly Period for all 

  

 21 

 
Class B Notes and Class C Notes, minus the aggregate amount of MBNAseries Available Principal Amounts reallocated pursuant to clauses (a) through
(c) above) will be paid to the Servicer in an amount equal to, and allocated to each such tranche of Class B Notes pro rata based on, in the case of each such tranche of Class B Notes, the lesser of the following amounts: 
  
 (i) the amount of the deficiency allocated to such tranche
of Class B Notes pursuant to Section 3.08; and 
  
 (ii) an amount equal to the Class B Unused Subordinated Amount of Class C Notes for such tranche of Class B Notes (determined after giving effect to the application of Investor Charge-Offs pursuant to
Section 3.05 and the reallocation of MBNAseries Available Principal Amount pursuant to clauses (a) through (c) above); 
  
 (e) fifth, to make the targeted deposits to the Principal Funding Account pursuant to Section 3.10; and 
  
 (f) sixth, to the Issuer for reinvestment in the Investor Interest of the
Collateral Certificate. 
  
 Section 3.08. Allocation of
Servicing Fee Shortfalls. On each Transfer Date if after giving effect to payments to be made with respect to such Monthly Period pursuant to Section 3.01(b), the Servicer has not received the full amount to be paid pursuant to
Section 3.01(b) with respect to that Monthly Period, the aggregate amount of such shortfall will be allocated to each tranche of Outstanding Notes pro rata based on the ratio of the Weighted Average Available Funds Allocation
Amount for such tranche for such Monthly Period to the Weighted Average Available Funds Allocation Amount for the MBNAseries for such Monthly Period. 
  
 Section 3.09. Computation of Reductions to the Nominal Liquidation Amount of Subordinated Classes from Reallocations of MBNAseries Available
Principal Amounts. 
  
 (a) Each reallocation of MBNAseries
Available Principal Amounts deposited to the Interest Funding sub-Account of a tranche of Class A Notes pursuant to Section 3.07(a) will reduce the Nominal Liquidation Amount of the Class C Notes; provided, however,
that the amount of such reduction for each such tranche of Class A Notes shall not exceed the Class A Unused Subordinated Amount of Class C Notes for such tranche of Class A Notes (after giving effect to any reductions pursuant to
Section 3.05). 
  
 (b) Each reallocation of MBNAseries
Available Principal Amounts deposited to the Interest Funding sub-Account of a tranche of Class A Notes pursuant to Section 3.07(a) which does not reduce the Nominal Liquidation Amount of Class C Notes pursuant to clause
(a) above will reduce the Nominal Liquidation Amount of the Class B Notes; provided, however, that the amount of such reduction for each such tranche of Class A Notes shall not exceed the Class A Unused Subordinated
Amount of Class B Notes for such tranche of Class A Notes (after giving effect to any reductions pursuant to Section 3.05). 
  
 (c) Each reallocation of MBNAseries Available Principal Amounts deposited to the Interest Funding sub-Account of a tranche of Class B Notes pursuant to
Section 3.07(b) will reduce the Nominal Liquidation Amount (determined after giving effect to clause (a) above) of the Class C Notes. 
  

 22 

 (d) Each reallocation of MBNAseries Available Principal Amounts paid to the Servicer pursuant to
Section 3.07(c) will reduce the Nominal Liquidation Amount (determined after giving effect to clauses (a) and (c) above) of the Class C Notes; provided, however, that the amount of such reduction for each such
tranche of Class A Notes shall not exceed the Class A Unused Subordinated Amount of Class C Notes for such tranche of Class A Notes (after giving effect to clause (a) and any reductions pursuant to Section 3.05).

  
 (e) Each reallocation of MBNAseries Available Principal
Amounts paid to the Servicer pursuant to Section 3.07(c) which does not reduce the Nominal Liquidation Amount of Class C Notes pursuant to clause (d) above will reduce the Nominal Liquidation Amount (determined after giving effect
to clause (b) above) of the Class B Notes; provided, however, that the amount of such reduction for each such tranche of Class A Notes shall not exceed the Class A Unused Subordinated Amount of Class B Notes for such
tranche of Class A Notes (after giving effect to clause (b) and any reductions pursuant to Section 3.05). 
  
 (f) Each reallocation of MBNAseries Available Principal Amounts paid to the Servicer pursuant to Section 3.07(d) will reduce the Nominal
Liquidation Amount (determined after giving effect to clauses (a), (c) and (d) above) of the Class C Notes. 
  
 (g) The aggregate amount of the reallocation of MBNAseries Available Principal Amounts which reduce the Nominal Liquidation Amount of Class B Notes
pursuant to clause (b) and (e) above will reduce the Nominal Liquidation Amount (determined after giving effect to any reductions pursuant to Section 3.05) of each tranche of the Class B Notes pro rata based on ratio of
the Weighted Average Available Funds Allocation Amount for such tranche of Class B Notes for the related Monthly Period to the Weighted Average Available Funds Allocation Amount for all Class B Notes for the related Monthly Period; provided,
however, that any allocation of any such reduction that would otherwise have reduced the Nominal Liquidation Amount of a tranche of Class B Notes below zero will be reallocated to the remaining tranches of Class B Notes as set forth in this
clause (g), but in no event will the Nominal Liquidation Amount (after giving effect to this clause (g)) of any tranche of Class B Notes be reduced below zero; provided further, however, that the amount of any such reduction of the
Nominal Liquidation Amount of a tranche of Class B Notes will be limited by the aggregate amount of such reduction which results in a reduction of the Nominal Liquidation Amount of the Class C Notes pursuant to clause (h) below. 
  
 (h) Each reallocation of MBNAseries Available Principal Amounts which reduces
the Nominal Liquidation Amount of Class B Notes pursuant to clause (g) above will reduce the Nominal Liquidation Amount (determined after giving effect to clause (a), (c), (d) and (f) and any reductions pursuant to
Section 3.05) of the Class C Notes; provided, however, that the amount of such reduction for each such tranche of Class B Notes shall not exceed the Class B Unused Subordinated Amount of Class C Notes for such tranche of
Class B Notes (after giving effect to clause (a), (c), (d) and (f) and any reductions pursuant to Section 3.05). 
  

 23 

 (i) The aggregate amount of the reallocation of MBNAseries Available Principal Amounts which reduce the
Nominal Liquidation Amount of Class C Notes pursuant to clause (a), (c), (d), (f) and (h) above will reduce the Nominal Liquidation Amount (determined after giving effect to any reductions pursuant to Section 3.05) of each
tranche of the Class C Notes pro rata based on ratio of the Weighted Average Available Funds Allocation Amount for such tranche of Class C Notes for the related Monthly Period to the Weighted Average Available Funds Allocation Amount for all
Class C Notes for the related Monthly Period; provided, however, that any allocation of any such reduction that would otherwise have reduced the Nominal Liquidation Amount of a tranche of Class C Notes below zero will be reallocated to
the remaining tranches of Class C Notes as set forth in this clause (i), but in no event will the Nominal Liquidation Amount (after giving effect to this clause (i)) of any tranche of Class C Notes be reduced below zero. 
  
 Section 3.10. Targeted Deposits of MBNAseries Available Principal
Amounts to the Principal Funding Account. The amount of the deposit targeted for any tranche of Notes with respect to any Monthly Period to be deposited into the Principal Funding sub-Account for that tranche will be the sum of (i) the
amount determined pursuant to clause (a), (b), (c), (d) or (e) with respect to such tranche for such Monthly Period, as applicable, or if more than one such clause is applicable, the highest amount determined pursuant to any one of such
clauses, and (ii) any deposit targeted pursuant to clause (i) with respect to such tranche for any prior Monthly Period but for which the full targeted deposit was not made, but in no case more than the Nominal Liquidation Amount of such
tranche (computed immediately before giving effect to such deposit but after giving effect to any Investor Charge-Offs and any reallocations of MBNAseries Available Principal Amounts on such date). 
  
 (a) Principal Payment Date. With respect to the Monthly Period
immediately preceding each Principal Payment Date, the deposit targeted for that tranche of Notes, unless otherwise specified in the related terms agreement, is equal to the Nominal Liquidation Amount of that tranche of Notes as of the close of
business on the last day of the Monthly Period preceding such Monthly Period (determined after giving effect to any Investor Charge-Offs and any reallocations, payments or deposits of MBNAseries Available Principal Amounts on the following Transfer
Date). 
  
 (b) Budgeted Deposits. 
  
 (i) Subject to Section 3.10(d), with respect to
each Monthly Period, beginning with the Accumulation Commencement Date, the deposit targeted to be made into the Principal Funding sub-Account for that tranche will be the Controlled Accumulation Amount for that tranche specified in the applicable
terms document, or if no such amount is specified, beginning with the twelfth Monthly Period before the Monthly Period in which the Expected Principal Payment Date of that tranche of Notes occurs, an amount equal to one-twelfth of the expected
Outstanding Dollar Principal Amount of such tranche of Notes as of such Expected Principal Payment Date. 
  
 (ii) Notwithstanding anything to the contrary in clause (i), on or before the Transfer Date immediately preceding the first Business Day
of the month that is twelve (12) months prior to the Expected Principal Payment Date of any tranche of Notes, and 

  

 24 

 
each Determination Date thereafter until the Accumulation Commencement Date, the Issuer will determine the “Accumulation Period Length”
which will equal the number of whole months such that the sum of the Accumulation Period Factors for each month during such period will be equal to or greater than the Required Accumulation Factor Number; provided, however, that the
Accumulation Period Length will not be determined to be less than one month; provided further, however, that the determination of the Accumulation Period Length may be changed at any time if the Note Rating Agencies provide prior
written confirmation that a Ratings Effect will not occur with respect to such change. 
  
 (c) Prefunding of the Principal Funding Account of Senior Classes. If the Issuer determines as of the end of the preceding Monthly Period with respect to any Class A Notes or Class B Notes that, after
giving effect to all allocations and payments with respect to that Monthly Period, the Prefunding Target Amount of that class is greater than zero, the targeted deposit to the Principal Funding sub-Accounts for the affected classes will be the
Prefunding Target Amount for the MBNAseries. 
  
 (d) Event of
Default, Early Redemption Event, Other Optional or Mandatory Redemption. If any tranche of Notes has been accelerated during a Monthly Period after the occurrence of an Event of Default, or if an Early Redemption Event with respect to any
tranche of Notes occurs during such Monthly Period, or with respect to the Monthly Period immediately preceding any other date fixed for any other optional or mandatory redemption of any tranche of Notes, the deposit targeted for that tranche of
Notes with respect to that Monthly Period and each following Monthly Period is equal to Nominal Liquidation Amount of that tranche of Notes as of the close of business on the last day of the preceding Monthly Period (after taking into account any
reallocations, payments or deposits on the following Transfer Date). 
  
 (e) Amounts Owed to Derivative Counterparties. If a tranche of Outstanding Dollar Notes or foreign currency Notes that has a Performing or non-Performing Derivative Agreement for principal provides for a payment to the applicable
Derivative Counterparty, the deposit targeted for that tranche of Notes on each Transfer Date with respect to any payment to the Derivative Counterparty will be specified in the related terms document. 
  
 Section 3.11. Allocations among Principal Funding sub-Accounts.
Subject to the restrictions of Section 3.15, the aggregate amount of the deposits to be made to the Principal Funding Account for each tranche of Notes pursuant to Section 3.10 for each Monthly Period will be allocated, and a
portion deposited in the Principal Funding sub-Account for each tranche of Notes, as follows: 
  
 (a) MBNAseries Available Principal Amounts Equal to Targeted Amount. Subject to clause (c) below, if MBNAseries Available Principal Amounts remaining after giving effect to Sections 3.07(a) through
(d) are equal to the aggregate amount of MBNAseries Available Principal Amounts targeted to be deposited into the Principal Funding Account for all tranches of Notes pursuant to Section 3.10, then that targeted amount is
deposited in the Principal Funding sub-Account established for each tranche. 
  

 25 

 (b) MBNAseries Available Principal Amounts Are Less Than Targeted Amounts. Subject to clause
(c) below, if MBNAseries Available Principal Amounts remaining after giving effect to Sections 3.07(a) through (d) are less than the aggregate amount targeted to be deposited into the Principal Funding Account for all
tranches of Notes pursuant to Section 3.10, then the amount available will be deposited in the Principal Funding sub-Account established for each tranche in the following priority: 
  
 (i) first, the amount available will be allocated to the
Class A notes pro rata based on the ratio of (A) the amount targeted to be deposited into the Principal Funding sub-Account for such tranche of Class A Notes pursuant to Section 3.10, to (B) the aggregate
amount targeted to be deposited into the Principal Funding sub-Account for all tranches of Class A Notes pursuant to Section 3.10; 
  
 (ii) second, the amount available after the application in clause (i) above will be allocated to the Class B notes, pro rata
based on the ratio of (A) the amount targeted to be deposited into the Principal Funding sub-Account for such tranche of Class B Notes pursuant to Section 3.10, to (B) the aggregate amount targeted to be deposited into the
Principal Funding sub-Account for all tranches of Class B Notes pursuant to Section 3.10; and 
  
 (iii) third, the amount available after the applications in clauses (i) and (ii) above will be allocated to the Class C notes,
pro rata based on the ratio of (A) the amount targeted to be deposited into the Principal Funding sub-Account for such tranche of Class C Notes pursuant to Section 3.10, to (B) the aggregate amount targeted to be
deposited into the Principal Funding sub-Account for all tranches of Class C Notes pursuant to Section 3.10. 
  
 (c) Reallocation of Deposits to the Principal Funding sub-Account of Subordinated Notes. If the restrictions of Section 3.15(a) prevent
the deposit of MBNAseries Available Principal Amounts into the Principal Funding sub-Account of any subordinated note, the aggregate amount of MBNAseries Available Principal Amounts available to make the targeted deposit for such subordinated
tranche will be allocated first, to each tranche of Class A Notes pro rata based on the ratio of (A) the Required Subordinated Amount with respect to such subordinated class of Notes for such Class A Notes to
(B) the Required Subordinated Amount with respect to such subordinated class of Notes for all Class A Notes and, second, if applicable, to each tranche of Class B Notes pro rata based on the ratio of (A) the Required
Subordinated Amount with respect to such subordinated class of Notes for such Class B Notes to (B) the Required Subordinated Amount with respect to such subordinated class of Notes for all Class B Notes. 
  
 Section 3.12. Amounts to be Treated as MBNAseries Available Principal
Amounts; Payments Received from Derivative Counterparties for Principal; Other Deposits to Principal Funding sub-Accounts. The following deposits and payments will be made on the following dates: 
  
 (a) Amounts to be Treated as MBNAseries Available Principal Amounts.
In addition to Available Principal Amounts allocated to the MBNAseries pursuant to Section 502 of the Indenture, the following amounts shall be treated as MBNAseries Available Principal Amounts for application in accordance with this
Article III for any Monthly Period: 
  
 (i) Reallocated MBNAseries Available Funds. MBNAseries Available Principal Amounts will include MBNAseries Available Funds reallocated to be treated as MBNAseries Available Principal Amounts pursuant to Section 3.01(c) or
3.01(d). 
  
  

 26 

 (ii) Dollar Payments from Derivative Counterparties for Principal. Dollar payments
received under Derivative Agreements for principal for any tranche of Notes will be treated as MBNAseries Available Principal Amounts. 
  
 (iii) Other Amounts. The terms document for any tranche of Notes may include additional amounts which are to be treated as
MBNAseries Available Principal Amounts for any Transfer Date. 
  
 (b) Payments Received from Derivative Counterparties. Payments received under Derivative Agreements for Notes with principal payable in foreign currencies will be applied as specified in the applicable terms document. 
  
 (c) Class C Reserve sub-Account. Withdrawals made from the Class C
Reserve sub-Account for any tranche of Notes pursuant to Section 3.23(b) will be deposited into the applicable Principal Funding sub-Account on the Transfer Date. 
  
 (d) Receivables Sale Proceeds. Receivables Sales Proceeds received pursuant to Section 3.20(c)(i) for any
tranche of Notes will be deposited into the applicable Principal Funding sub-Account on the date of receipt by the Issuer. 
  
 Section 3.13. Withdrawals from Interest Funding Account. Withdrawals made pursuant to this Section 3.13 with respect to any
tranche of Notes will be made from the Interest Funding sub-Account established for that tranche only after all allocations and reallocations have been made pursuant to Sections 3.02, 3.03, 3.04 and 3.07. In no event will
the aggregate amount of the withdrawals from an Interest Funding sub-Account for any month be more than the amount on deposit in the applicable Interest Funding sub-Account. A single tranche of Notes may be entitled to more than one of the following
withdrawals in any month. 
  
 (a) Withdrawals for Dollar
Notes. On each Interest Payment Date (or as specified in the applicable terms document) with respect to each tranche of Dollar Notes, an amount equal to the interest due on the applicable tranche of Notes on such Interest Payment Date (including
any overdue and additional interest with respect to prior Interest Payment Dates) will be withdrawn from that Interest Funding sub-Account and remitted to the applicable Paying Agent(s) or as otherwise provided in the applicable terms document.

  
 (b) Withdrawals for Foreign Currency Notes with a
non-Performing Derivative Agreement for Interest. On each Interest Payment Date (or as specified in the applicable terms document) with respect to a tranche of foreign currency Notes that has a non-Performing Derivative Agreement for interest,
the amount specified in the applicable terms document will be withdrawn from that Interest Funding sub-Account and, if so specified in the applicable terms document, converted to the applicable foreign currency at the Spot Exchange Rate and remitted
to the applicable Paying Agent(s) or as otherwise provided in the applicable terms document. 
  

 27 

 (c) Withdrawals for Discount Notes. On each applicable Principal Payment Date, with respect to
each tranche of Discount Notes, an amount equal to the amount of the accretion of principal of that tranche of Notes from the prior Principal Payment Date (or, in the case of the first Principal Payment Date, the date of issuance of that tranche) to
but excluding the applicable Principal Payment Date will be withdrawn from that Interest Funding sub-Account and invested in the Investor Interest of the Collateral Certificate pursuant to Section 3.17. 
  
 (d) Withdrawals for Payments to Derivative Counterparties. On each
date on which a payment is required to be made to the Derivative Counterparty under the applicable Derivative Agreement (or as specified in the applicable terms document) with respect to any tranche of Notes which has a Performing or non-Performing
Derivative Agreement for interest, an amount equal to the amount of the payment to be made to the Derivative Counterparty under the applicable Derivative Agreement (including any overdue payment and any additional interest on overdue payments) will
be withdrawn from that Interest Funding sub-Account and paid to the applicable Derivative Counterparty or as otherwise provided in the applicable terms document. 
  
 (e) Excess Amounts. After payment in full of any tranche of Notes, any amount remaining on deposit in the applicable
Interest Funding sub-Account will be first, allocated among and deposited to the Interest Funding sub-Account of the tranches of Notes in the manner, order and priority set forth in Section 3.03(b), second, allocated among
and deposited to the Principal Funding sub-Account of the tranches of Notes in the manner, order and priority set forth in Section 3.11(b), and third, paid to the Issuer. 
  
 If the aggregate amount available for withdrawal from an Interest Funding
sub-Account for any tranche of Notes is less than all withdrawals required to be made from that Interest Funding sub-Account for that tranche in a month, then the amounts on deposit will be withdrawn and, if payable to more than one Person, applied
pro rata based on the amounts of the withdrawals required to be made. 
  
 Section 3.14. Withdrawals from Principal Funding Account. Withdrawals made pursuant to this Section 3.14 with respect to any tranche of Notes will be made from the Principal Funding
sub-Accounts established for that tranche only after all allocations have been made pursuant to Sections 3.10, 3.11 and 3.12. In no event will the amount of the withdrawal be more than the amount on deposit in the applicable
Principal Funding sub-Account. A single tranche may be entitled to more than one of the following withdrawals with respect to any Monthly Period. 
  
 (a) Withdrawals for Dollar Notes with no Derivative Agreement for Principal. On each applicable Principal Payment Date (or as specified in the
applicable terms document) with respect to each tranche of Dollar Notes which has no Derivative Agreement for principal, an amount equal to the principal due on the applicable tranche of Notes on the applicable Principal Payment Date will be
withdrawn from such Principal Funding sub-Account and remitted to the applicable Paying Agent(s) or as otherwise provided by the applicable terms document. 
  

 28 

 (b) Withdrawals for Dollar or Foreign Currency Notes with Performing Derivative Agreements for
Principal. On each date on which a payment is required under the applicable Derivative Agreement (or as specified in the applicable terms document) with respect to any tranche of Notes which has a Performing Derivative Agreement for principal,
an amount equal to the amount of the payment to be made under the applicable Derivative Agreement will be withdrawn from such Principal Funding sub-Account and paid to the applicable Derivative Counterparty or as otherwise provided by the applicable
terms document. The Issuer will direct the applicable Derivative Counterparty to remit its payments under the applicable Derivative Agreement to the applicable Paying Agent(s) or as otherwise provided by the applicable terms document. 
  
 (c) Withdrawals for Dollar Notes with a non-Performing Derivative
Agreement for Principal. On each applicable Principal Payment Date (or as specified in the applicable terms document) with respect to each tranche of Dollar Notes with a non-Performing Derivative Agreement for principal, the amount specified in
the applicable terms agreement will be withdrawn from such Principal Funding sub-Account and remitted to the applicable Paying Agent(s) or as otherwise provided by the applicable terms document. 
  
 (d) Withdrawals for Foreign Currency Notes with non-Performing Derivative
Agreements for Principal. On each Principal Payment Date (or as specified in the applicable terms document) with respect to a tranche of foreign currency Notes that has a non-Performing Derivative Agreement for principal, the amount specified in
the applicable terms document will be withdrawn from such sub-Account and, if so specified in the applicable terms document, converted to the applicable foreign currency at the Spot Exchange Rate and remitted to the applicable Paying Agent(s) or as
otherwise provided by the applicable terms document. 
  
 (e)
Withdrawal of Prefunding Excess Amount. If the Issuer on any date determines with respect to any class of Class A Notes or Class B Notes that, after giving effect to all issuances, deposits, allocations, reallocations and payments on
such date, the Prefunding Excess Amount of that class is greater than zero, that amount will be withdrawn from the Principal Funding sub-Account of that class of Notes and first, allocated among and deposited to the Principal Funding
sub-Account of the tranches of Notes in the manner, order and priority set forth in Section 3.11(b), and then, paid to the Issuer for reinvestment in the Investor Interest of the Collateral Certificate. 
  
 (f) Legal Maturity Date. On the Legal Maturity Date of any tranche,
after giving effect to any deposits, allocations, reallocations, sales of Receivables or other payments to be made on that date, amounts on deposit in the Principal Funding sub-Account of any tranche of a subordinated class of Notes may be applied
to pay principal of that tranche, to make a payment under a Derivative Agreement with respect to principal of that tranche or to make other payments as specified in the related terms document. 
  
 (g) Excess Amounts. Upon payment in full of any tranche of Notes, any
remaining amount on deposit in the applicable Principal Funding sub-Account will be first, allocated among and deposited to the Interest Funding sub-Account of the tranches of Notes in the manner, order and priority set forth in
Section 3.03(b), second, allocated among and deposited to the Principal Funding sub-Account of the tranches of Notes in the manner, order and priority set forth in Section 3.11(b), and third, paid to the Issuer.

  

 29 

 If the aggregate amount available for withdrawal from a Principal Funding sub-Account for any tranche of
Notes is less than all withdrawals required to be made from that Principal Funding sub-Account for that tranche in a month, then the amounts on deposit will be withdrawn and, if payable to more than one Person, applied pro rata based on the
amounts of the withdrawals required to be made. 
  
 Section 3.15. Limit on Deposits to the Principal Funding sub-Account of Subordinated Note; Limit on Repayments of all Tranches. 
  
 (a) Limit on Deposits to the Principal Funding sub-Account of Subordinated Notes. 
  
 (i) No MBNAseries Available Principal Amounts will be deposited in the Principal Funding sub-Account of any
tranche of Class B Notes unless, following such deposit, the available subordinated amount of Class B Notes is at least equal to the aggregate Class A Unused Subordinated Amount of Class B Notes for all Outstanding Class A Notes. For this
purpose, the available subordinated amount of Class B Notes is equal to the aggregate Nominal Liquidation Amount of all other Class B Notes of the MBNAseries which are Outstanding after giving effect to the deposit into the Principal Funding
sub-Account of such tranche of Class B Notes and all other Class B Notes which have a targeted deposit into the Principal Funding Account for such Monthly Period after giving effect to reductions or reallocations on such Transfer Date. 

 
 (ii) No MBNAseries Available Principal Amounts will be
deposited in the Principal Funding sub-Account of any tranche of Class C Notes unless, following such deposit, (A) the available subordinated amount of Class C Notes is at least equal to the Class B Unused Subordinated Amount of Class C Notes
for all Outstanding Class B Notes and (B) the available subordinated amount of Class C Notes is at least equal to the Class A Unused Subordinated Amount of Class C Notes for all Outstanding A Notes. For this purpose, the available
subordinated amount of Class C Notes is equal to the aggregate Nominal Liquidation Amount of all other Class C Notes of the MBNAseries which are Outstanding after giving effect to the deposit into the Principal Funding sub-Account of such tranche of
Class C Notes and all other Class C Notes which have a targeted deposit into the Principal Funding Account for such Monthly Period after giving effect to reductions or reallocations on such Transfer Date. 
  
 (iii) Notwithstanding anything in the Indenture or this
Indenture Supplement to the contrary, MBNAseries Available Principal Amounts will be deposited in the Principal Funding sub-Account of a Subordinated Note, if and only to the extent that (i) such deposit is not contrary to clause (a)(i) or
(a)(ii) above and (ii) the Prefunding Target Amount for each senior class of Notes is zero. 
  
 (b) Limit on Repayments of all Tranches. No amounts on deposit in a Principal Funding sub-Account for any tranche of Class A Notes or Class B
Notes will be applied to pay principal of that tranche or to make a payment under a Derivative Agreement with respect to 

  

 30 

 
principal of that tranche in excess of the highest Outstanding Dollar Principal Amount of that tranche (or, in the case of foreign currency notes, such other
amount that may be specified in the related terms document). In the case of any tranche of Class C Notes, no amounts on deposit in a Principal Funding sub-Account or, if applicable, a Class C Reserve sub-Account for any such tranche will be applied
to pay principal of that tranche or to make a payment under a Derivative Agreement with respect to principal of that tranche in excess of the highest Outstanding Dollar Principal Amount of that tranche (or, in the case of foreign currency notes,
such other amount that may be specified in the related terms document). 
  
 Section 3.16. Calculation of Nominal Liquidation Amount. On or prior to each Transfer Date, the Issuer shall calculate the Nominal Liquidation Amount of each tranche of Outstanding Notes in the MBNAseries which shall be the
following amount: 
  
 (a) as of the date of issuance of such
tranche of Notes, the Initial Dollar Principal Amount of such tranche of Notes; and 
  
 (b) thereafter, the sum of, without duplication: 
  
 (i) the Nominal Liquidation Amount of such tranche of Notes immediately after the prior date of determination; plus 
  
 (ii) with respect to any tranche of Discount Notes, the
aggregate amount of any accretions of principal on that tranche paid to the Master Trust for investment in the Investor Interest pursuant to Section 3.17(a) since the prior date of determination; plus 
  
 (iii) the aggregate amount withdrawn from the Principal
Funding sub-Account pursuant to Section 3.14(e) for such tranche since the prior date of determination; plus 
  
 (iv) such tranche’s allocable share of all reimbursements of its Nominal Liquidation Amount Deficit pursuant to
Section 3.01(d) since the prior date of determination determined as set forth in Section 3.06; minus  
  
 (v) such tranche’s allocable share of all reallocations of MBNAseries Available Principal Amounts pursuant to
Section 3.07 since the prior date of determination, determined as set forth in Section 3.09; minus 
  
 (vi) the amount of the reduction of the Nominal Liquidation Amount of such tranche resulting from an allocation of Investor Charge-Offs
since the prior date of determination, determined as set forth in Section 3.05; minus 
  
 (vii) the amount deposited in the applicable Principal Funding sub-Account for such tranche (after giving effect to any deposits,
allocations, reallocations or withdrawals to be made on that day) since the prior date of determination; 
  
 provided, however, that (1) the Nominal Liquidation Amount of a tranche of Notes may never be less than zero, (2) the Nominal Liquidation Amount of any tranche of Notes may never be greater
than the Outstanding principal amount of such tranche and (3) the Nominal Liquidation Amount of any tranche of Notes that has caused a sale of Receivables pursuant to Section 3.20 will be zero. 
  

 31 

 The Nominal Liquidation Amount for the MBNAseries will be the sum of the Nominal Liquidation Amounts of
all of the tranches of Notes of the MBNAseries. 
  
 Section 3.17. Reinvestment in the Collateral Certificate. 
  
 (a) The amount of principal accreted on any tranche of Discount Notes available pursuant to Section 3.13(c) will be paid to the Master Trust to increase the Investor Interest of the Collateral Certificate.

  
 (b) The portion of the Prefunding Excess Amount, if any,
withdrawn from the Principal Funding Account to be paid to the Master Trust pursuant to Section 3.14(e) will be paid to the Master Trust to increase the Investor Interest of the Collateral Certificate. 
  
 Section 3.18. Netting of Deposits and Payments. The Issuer, in
its sole discretion, may make all deposits to Interest Funding sub-Accounts and Principal Funding sub-Accounts pursuant to Sections 3.02 and 3.10 with respect to any Monthly Period net of, and after giving effect to, (a) all
reallocations to be made pursuant to Section 3.07, (b) all payments to be made to Derivative Counterparties pursuant to Sections 3.13 and 3.14, (c) all reinvestments in the Investor Interest of the Collateral
Certificate to be made pursuant to Section 3.17 and (d) all payments to the Issuer pursuant to Section 3.07(f). 
  
 Section 3.19. Pro rata Payments within a Tranche. All payments of principal, interest or other amounts to Holders of the Notes of a
single tranche will be made pro rata based on the Stated Principal Amount of their Notes. 
  
 Section 3.20. Sale of Receivables for Accelerated Notes. 
  
 (a)    (i) If a tranche of Notes has been accelerated pursuant to Section 702 of the
Indenture following an Event of Default, the Indenture Trustee may, and at the direction of the Majority Holders of that tranche of Notes will, cause the Master Trust to sell Principal Receivables and the related Finance Charge Receivables (or
interests therein) in an amount up to the Nominal Liquidation Amount of the affected tranche plus any accrued, past due and additional interest on the affected tranche. 
  
 (ii) Such a sale will be permitted only if at least one of the following conditions is met: 
  
 (A) the Holders of 90% of the aggregate Outstanding Dollar
Principal Amount of the accelerated tranche of Notes consent; or 
  
 (B) the net proceeds of such sale (plus amounts on deposit in the applicable sub-Accounts and payments to be received from any applicable Derivative Agreement) would be sufficient to pay all amounts due on the
accelerated tranche of Notes; or 
  

 32 

 (C) if the Indenture Trustee determines that the funds to be allocated to the accelerated
Notes, including (1) MBNAseries Available Funds and MBNAseries Available Principal Amounts allocable to the accelerated tranche of Notes, (2) payments to be received from any applicable Derivative Agreement and (3) amounts on deposit
in the applicable sub-Accounts, may not be sufficient on any ongoing basis to make payments on the accelerated tranche of Notes as such payments would have become due if such obligations had not been declared due and payable, and 66ß% of the
Holders of the accelerated tranche of Notes consent to the sale. 
  
 (iii) In the case of an acceleration of a tranche of Notes of a subordinated class, if the provisions of Section 3.15 would prevent the payment of the accelerated tranche of subordinated Notes, such sale
will be delayed until a level of prefunding of the Principal Funding sub-Accounts for the senior classes of Notes of that series has been reached such that the amount of such accelerated tranche is no longer required to provide subordination for the
senior classes of Notes. 
  
 (b) If the Nominal Liquidation Amount
with respect to any tranche of Notes is greater than zero on its Legal Maturity Date (after giving effect to any adjustments, deposits and distributions otherwise to be made on that Legal Maturity Date), the Issuer will cause the Master Trust to
sell Principal Receivables and the related Finance Charge Receivables (or interests therein) on that Legal Maturity Date in an amount up to the Nominal Liquidation Amount of the affected tranche plus any accrued, past due and additional
interest on the affected tranche. 
  
 (c) Sales proceeds received
with respect to a tranche of Notes received pursuant to clause (a) or (b) will be allocated in the following priority: 
  
 (i) first, to be deposited in the Principal Funding sub-Account for that tranche of Notes, an amount up to the amount that would be
necessary to increase the aggregate amount on deposit in such sub-Account to the principal amount for such tranche of Notes (notwithstanding any limitation in Section 3.10 to the contrary); and 
  
 (ii) second, to be deposited in the Interest Funding
sub-Account of that tranche of Notes, the balance of such sales proceeds. 
  
 (d) Any amount remaining on deposit in the Interest Funding sub-Account for a tranche of Notes that has caused a sale of Receivables pursuant to this Section 3.20 after final payment thereof pursuant to
Section 503 of the Indenture will be treated as MBNAseries Available Funds. 
  
 Section 3.21. Calculation of Prefunding Target Amount. 
  
 (a) With respect to all tranches of Class A Notes, the Prefunding Target Amount means the greater of the amount computed under clause (i) or
(ii) for the applicable Monthly Period: 
  

 33 

 (i) The Prefunding Target Amount for tranches of Class A Notes with respect to Class
B Notes for any day during any Monthly Period is equal to an amount, not less than zero, equal to the product of (x) the aggregate Adjusted Outstanding Dollar Principal Amount of Class A Notes as of the end of the preceding Monthly Period
(taking into consideration any deposits or withdrawals to be made on the related Transfer Date) times (y) one minus a fraction (which shall not exceed one) the numerator of which is the aggregate Adjusted Outstanding Dollar
Principal Amount of all tranches of Outstanding Class B Notes (other than tranches which have (A) had Early Redemption Events or other mandatory or optional redemption events in which such tranches are to be redeemed in full in or with respect
to any preceding Monthly Period, (B) had Events of Default in or with respect to any preceding Monthly Period, or (C) reached or are expected to reach their final or only Expected Principal Payment Date in or with respect to that Monthly
Period or earlier Monthly Periods) and the denominator of which is the aggregate amount of the Class A Required Subordinated Amount of Class B Notes for all tranches of Class A Notes of which are Outstanding as of the end of the preceding
Monthly Period (taking into consideration any deposits or withdrawals to be made on the related Transfer Date). 
  
 (ii) The Prefunding Target Amount for tranches of Class A Notes with respect to Class C Notes for any day during any Monthly Period
is equal to an amount, not less than zero, equal to the product of (x) the aggregate Adjusted Outstanding Dollar Principal Amount of Class A Notes as of the end of the preceding Monthly Period (taking into consideration any deposits or
withdrawals to be made on the related Transfer Date) times (y) one minus a fraction (which shall not exceed one) the numerator of which is the aggregate Adjusted Outstanding Dollar Principal Amount of all tranches of
Outstanding Class C Notes (other than tranches which have (A) had Early Redemption Events or other mandatory or optional redemption events in which such tranches are to be redeemed in full in or with respect to any preceding Monthly Period,
(B) had Events of Default in or with respect to any preceding Monthly Period, or (C) reached or are expected to reach their final or only Expected Principal Payment Date in or with respect to that Monthly Period or earlier Monthly Periods)
and the denominator of which is the aggregate amount of the Class A Required Subordinated Amount of Class C Notes for all tranches of Class A Notes which are Outstanding as of the end of the preceding Monthly Period (taking into
consideration any deposits or withdrawals to be made on the related Transfer Date). 
  
 (b) With respect to all tranches of Class B Notes, the Prefunding Target Amount means with respect to Class C Notes for any day during any Monthly Period an amount, not less than zero, equal to the product of
(x) the aggregate Adjusted Outstanding Dollar Principal Amount of Class B Notes as of the end of the preceding Monthly Period (taking into consideration any deposits or withdrawals to be made on the related Transfer Date) times
(y) one minus a fraction (which shall not exceed one) the numerator of which is the aggregate Adjusted Outstanding Dollar Principal Amount of all tranches of Outstanding Class C Notes (other than tranches which have (A) had Early
Redemption Events or other mandatory or optional redemption events in which such tranches are to be redeemed in full in or with respect to any preceding Monthly Period, (B) had Events of Default in or with respect to any preceding Monthly
Period, or (C) reached or are expected to reach their final or only Expected Principal Payment Date in or with respect to that Monthly Period or earlier Monthly Periods) and the denominator of which is the aggregate amount of the Class B
Required Subordinated Amount of 

  

 34 

 
Class C Notes for all tranches of Class B Notes which are Outstanding as of the end of the preceding Monthly Period (taking into consideration any deposits
or withdrawals to be made on the related Transfer Date). 
  
 (c)
On any day during any Monthly Period on which the Prefunding Target Amount for any tranche of senior notes first exceeds zero, the Issuer will notify the Master Trust pursuant to Section 4.09 of the Series 2001-D Supplement of such
event. 
  
 Section 3.22. Targeted Deposits to the Class C
Reserve Account. 
  
 (a) The aggregate deposit targeted to be
made to the Class C Reserve Account with respect to each Transfer Date is an amount equal to the sum of Class C Reserve sub-Account deposits, if any, targeted to be made for each specified tranche of Class C Notes. The amount of any such deposit,
the aggregate amount targeted to be on deposit after giving effect to any such deposit and the circumstances that require that a deposit be made will be set forth in the terms document for such tranche of Class C Notes. Unless another time is
specified for making such deposits in the terms document for each such tranche of Class C Notes, these deposits will be made on each Transfer Date. 
  
 (b) If the amount of funds available for a Transfer Date pursuant to Section 3.01(f) is at least equal to the aggregate amount of the deposits
targeted by clause (a) above, then the full amount of each such deposit will be made. 
  
 (c) If the amount of funds available for a Transfer Date pursuant to Section 3.01(f) is less than the aggregate amount of deposits targeted by clause (a) above, then the amount available will be
allocated to each tranche of Class C Notes to the extent of its targeted deposit to the applicable Class C Reserve sub-Account pro rata based on the ratio of the Weighted Average Available Funds Allocation Amount for such tranche of Class C
Notes for the related Monthly Period to the Weighted Average Available Funds Allocation Amount for all Class C Notes for the related Monthly Period that have a targeted deposit to its Class C Reserve sub-Account; provided, however,
that any excess identified in this clause (c), including in the application of this proviso, will be allocated to each tranche of Class C Notes which has a remaining targeted deposit to its Class C Reserve sub-Account up to the amount of such
remaining targeted deposit pro rata (based on the ratio of Weighted Average Available Funds Allocation Amount for such tranche of Class C Notes for the related Monthly Period to the Weighted Average Available Funds Allocation Amount for all
Class C Notes with a remaining targeted deposit for the related Monthly Period). 
  
 Section 3.23. Withdrawals from the Class C Reserve Account. Withdrawals for any tranche of Class C Notes will be made from the applicable Class C Reserve sub-Account as specified below. 
  
 (a) Payments of Interest; Payments with Respect to Derivative Agreements
for Interest, Accretion on Discount Notes. If the amount on deposit in the Interest Funding sub-Account for any tranche of Class C Notes is insufficient to pay in full the amounts for which withdrawals are required under
Section 3.13, on the Transfer Date immediately preceding the date of such payment an amount equal to that deficiency will be withdrawn from the Class C Reserve sub-Account for such tranche and deposited into that Interest Funding
sub-Account. 
  

 35 

 (b) Payments of Principal; Payments with Respect to Derivative Agreements for Principal. If, on
and after the earliest to occur of (i) the date on which any tranche of Class C Notes are accelerated pursuant to Section 702 of the Indenture following an Event of Default with respect to such tranche, (ii) any date on or
after the Transfer Date immediately preceding the Expected Principal Payment Date on which the amount on deposit in the Principal Funding sub-Account for any tranche of Class C Notes plus the aggregate amount on deposit in the Class C Reserve
sub-Account for such tranche of the Class C Notes equals or exceeds the Outstanding Dollar Principal Amount of such Class C Notes and (iii) the Legal Maturity Date for any tranche of Class C Notes, the amount on deposit in the Principal Funding
sub-Account for any tranche of Class C Notes is insufficient to pay in full the amounts for which withdrawals are required under Section 3.14, an amount equal to that deficiency will be withdrawn from that Class C Reserve sub-Account for
such tranche and deposited into that Principal Funding sub-Account on the Transfer Date before the date of the applicable withdrawal required pursuant to Section 3.14. 
  
 (c) Withdrawal of Excess Amounts. If on any Transfer Date with respect to which no Class C Notes have been
accelerated, the aggregate amount on deposit in the Class C Reserve Account exceeds the amount required to be on deposit in the Class C Reserve Account, the amount of such excess will be withdrawn from the Class C Reserve Account and first,
allocated among and deposited to the Class C Reserve sub-Account of the tranches of Class C Notes in the manner, order and priority set forth in Section 3.22(c), and then, paid to the Issuer. Upon payment in full of any tranche of
Class C Notes, any amount on deposit in the applicable Class C Reserve sub-Account will be applied in accordance with the preceding sentence. 
  
 Section 3.24. Targeted Deposits to the Accumulation Reserve Account. 
  
 (a) The aggregate deposit targeted to be made to the Accumulation Reserve Account with respect to each Monthly Period is an
amount equal to the sum of Accumulation Reserve sub-Account deposits, if any, targeted to be made for each specified tranche of Notes. The amount of any such deposit, the aggregate amount targeted to be on deposit after giving effect to any such
deposit and the circumstances that require that a deposit be made will be set forth in the terms document for such tranche of Notes. Unless another time is specified for making such deposits in the terms document for each such tranche of Notes,
these deposits will be made on each Transfer Date. 
  
 (b) If the
amount of funds available for a Monthly Period pursuant to Section 3.01(e) is at least equal to the aggregate amount of the deposits targeted by clause (a) above, then the full amount of each such deposit will be made. 

 
 (c) If the amount of funds available for a Monthly Period pursuant to
Section 3.01(e) is less than the aggregate amount of deposits targeted by clause (a) above, then the amount available will be allocated to each tranche of Notes to the extent of its targeted deposit to the applicable Accumulation
Reserve sub-Account pro rata based on the ratio of the Weighted Average Available Funds Allocation Amount for such tranche of Notes for such Monthly Period to the Weighted Average Available Funds Allocation Amount for all tranches of Notes
that have 

  

 36 

 
a targeted deposit to its Accumulation Reserve sub-Account for such Monthly Period; provided, however, that any excess identified in this
clause (c), including in the application of this proviso, will be allocated to each tranche of Notes which has a remaining targeted deposit to its Accumulation Reserve sub-Account up to the amount of such remaining targeted deposit pro rata
based on the ratio of Weighted Average Available Funds Allocation Amount for such tranche of Notes for such Monthly Period to the Weighted Average Available Funds Allocation Amount for all tranches of Notes with a remaining targeted deposit for such
Monthly Period. 
  
 Section 3.25. Withdrawals from the
Accumulation Reserve Account. Withdrawals for any tranche of Notes will be made from the applicable Accumulation Reserve sub-Account as specified below. 
  
 (a) Interest. On or prior to each Transfer Date, the Issuer will calculate the PFA Accumulation Earnings Shortfall (if any) for the Principal
Funding sub-Account for each tranche of Notes. If there is any PFA Accumulation Earnings Shortfall for any Principal Funding sub-Account for that Transfer Date for any tranche of Notes, the Issuer will withdraw such amount from the applicable
Accumulation Reserve sub-Account, to the extent available, for treatment as MBNAseries Available Funds for such Monthly Period. 
  
 (b) Payment to Issuer. If on any Transfer Date the aggregate amount on deposit in the Accumulation Reserve Account exceeds the amount required to
be on deposit in the Accumulation Reserve Account, the amount of such excess will be withdrawn from the Accumulation Reserve Account and paid to the Issuer. 
  
 Section 3.26. Computation of Interest. 
  
 (a) Unless otherwise provided as contemplated in Section 301 of the Indenture, (i) interest on the Notes computed at a fixed rate will be
calculated on the basis of a 360-day year of twelve 30-day months and (ii) interest on Notes computed on the basis of a floating or periodic rate will be calculated on the basis of a 360-day year for the actual number of days elapsed.

  
 (b) Unless otherwise specified in this Indenture Supplement or
the applicable terms document, interest for any period will be calculated from and including the first day of such period, to but excluding the last day of such period. 
  
 Section 3.27. Excess Available Funds Sharing. 
  
 (a) Shared Excess Available Funds allocable to the MBNAseries on any Transfer Date shall be treated as MBNAseries Available
Funds for such Transfer Date. 
  
 (b) Shared Excess Available
Funds allocable to the MBNAseries with respect to any Transfer Date shall mean an amount equal to the Series Available Funds Shortfall, if any, with respect to the MBNAseries for such Transfer Date; provided, however, that if the
aggregate amount of Shared Excess Available Funds for all Excess Available Funds Sharing Series in Excess Available Funds Sharing Group One for such Transfer Date is less than the Aggregate Series Available Funds Shortfall for such Transfer Date,
then Shared Excess Available Funds allocable to the MBNAseries on such Transfer Date shall equal the product of (i) Shared Excess Available Funds for all Excess Available Funds Sharing Series in Excess Available Funds Sharing Group One for such
Transfer Date and (ii) a fraction, the numerator of which is the Series Available Funds Shortfall with respect to the MBNAseries for such Transfer Date and the denominator of which is the Aggregate Series Available Funds Shortfall for all
Excess Available Funds Sharing Series in Excess Available Funds Sharing Group One for such Transfer Date. 
  
 [END OF ARTICLE III] 
  

 37 

 ARTICLE IV 
  
 EARLY REDEMPTION OF NOTES 
  
 Section 4.01. Early Redemption Events. 
  
 (a) In addition to the events identified as Early Redemption Events in Section 1201 of the Indenture, if for any month the amount of Excess
Available Funds averaged over the three preceding Monthly Periods is less than the Required Excess Available Funds for such month, an “Early Redemption Event” with respect to the MBNAseries Notes will be deemed to have occurred.

  
 (b) In addition, the terms document for any tranche of Notes
may list additional events which are “Early Redemption Events” with respect to such tranche of Notes. 
  
 [END OF ARTICLE IV] 
  

 38 

 ARTICLE V 
  
 ACCOUNTS AND INVESTMENTS 
  
 Section 5.01. Accounts. 
  
 (a) On or before the Closing Date, the Indenture Trustee will cause to be established and maintained four Qualified Accounts denominated as follows: the
“Interest Funding Account,” the “Principal Funding Account,” the “Accumulation Reserve Account” and the “Class C Reserve Account” in the name of the Indenture Trustee, bearing a
designation clearly indicating that the funds deposited therein are held for the benefit of the MBNAseries Noteholders (or, in the case of the Class C Reserve Account, for the benefit of the Class C Noteholders). The Interest Funding Account, the
Principal Funding Account, the Accumulation Reserve Account and the Class C Reserve Account constitute Supplemental Accounts and shall be under the sole dominion and control of the Indenture Trustee for the benefit of the MBNAseries Noteholders (or,
in the case of the Class C Reserve Account, for the benefit of the Class C Noteholders). If, at any time, the institution holding either the Interest Funding Account, the Principal Funding Account, the Accumulation Reserve Account or the Class C
Reserve Account ceases to be a Qualified Institution, the Issuer will within ten (10) Business Days (or such longer period, not to exceed thirty (30) calendar days, as to which each Note Rating Agency may consent) establish a new Interest
Funding Account, Principal Funding Account, Accumulation Reserve Account or Class C Reserve Account, as the case may be, that is a Qualified Account and shall transfer any cash and/or investments to such new Interest Funding Account, Principal
Funding Account, Accumulation Reserve Account or Class C Reserve Account, as the case may be. From the date such new Interest Funding Account, Principal Funding Account, Accumulation Reserve Account or Class C Reserve Account is established, it will
be the “Interest Funding Account,” “Principal Funding Account,” “Accumulation Reserve Account” or “Class C Reserve Account,” as the case may be. Each tranche of Notes will have its own sub-Account within the
Interest Funding Account, the Principal Funding Account, the Accumulation Reserve Account and the Class C Reserve Account. The Interest Funding Account, the Principal Funding Account, the Accumulation Reserve Account and the Class C Reserve Account
will receive deposits pursuant to Article III. 
  
 (b)
Notwithstanding any provision of Section 403(a) of the Indenture to the contrary, any prefunded amounts on deposit in the Principal Funding Account will be invested in Permitted Investments that will mature no later than the following
Business Day. 
  
 (c) All payments to be made from time to time by
the Indenture Trustee to Noteholders out of funds in the Interest Funding Account, the Principal Funding Account, the Accumulation Reserve Account or the Class C Reserve Account pursuant to this Indenture Supplement will be made by the Indenture
Trustee to the Paying Agent not later than 12:00 noon on the applicable Interest Payment Date or Principal Payment Date but only to the extent of available funds in the applicable sub-Account or as otherwise provided in Article III.

  
 (d) On each Transfer Date, all interest and earnings (net of
losses and investment expenses) accrued since the preceding Transfer Date on funds on deposit in the Class C Reserve Account will be retained in the Class C Reserve Account (to the extent that the sum of the amount on deposit in the Class C Reserve
Account with respect to the related Monthly Period is less than the required balance for the Class C Reserve Account for that Monthly Period) and the excess, if any, will be paid to the Issuer. 
  
 [END OF ARTICLE V] 
  

 39 

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

			
	MBNA CREDIT CARD MASTER NOTE TRUST,
	
	By: MBNA AMERICA BANK, NATONAL ASSOCIATION, as Beneficiary and not in its individual capacity
		
	By:	 	  

	Name:	 	 
	Title:	 	 
	
	THE BANK OF NEW YORK, as Indenture Trustee and not in its individual capacity
		
	By:	 	  

	Name:	 	 
	Title:	 	 

  

 40 

			
	STATE OF DELAWARE	 	)
	 	 	)        ss:
	COUNTY OF CASTLE	 	)

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

	
	  

	Name
	
	  

	[Notarial Seal]

  

 41 

			
	STATE OF NEW YORK	 	)
	 	 	)        ss:
	COUNTY OF NEW YORK	 	)

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

	
	  

	Name
	
	  

	[Notarial Seal]

  

 42 

 INDENTURE SUPPLEMENT 
 EXHIBIT A-1 
  
 [FORM OF] CLASS A NOTE 
  
 UNLESS THIS
NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME
OF CEDE & CO. OR TO SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE
OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
  

 
 THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF
COVENANTS AND AGREES THAT IT WILL NOT AT ANY TIME INSTITUTE AGAINST THE ISSUER, MBNA AMERICA BANK, NATIONAL ASSOCIATION OR THE MASTER TRUST, OR JOIN IN ANY INSTITUTION AGAINST THE ISSUER, MBNA AMERICA BANK, NATIONAL ASSOCIATION OR THE MASTER TRUST,
OF, ANY BANKRUPTCY PROCEEDINGS UNDER ANY UNITED STATES FEDERAL OR STATE BANKRUPTCY OR SIMILAR LAW IN CONNECTION WITH ANY OBLIGATIONS RELATING TO THE NOTES OR THE INDENTURE. 
  
 THE HOLDER OF THIS NOTE, BY ACCEPTANCE OF THIS NOTE, AND EACH HOLDER OF A BENEFICIAL INTEREST IN THIS NOTE,
BY THE ACQUISITION OF A BENEFICIAL INTEREST THEREIN, AGREE TO TREAT THE NOTES AS INDEBTEDNESS OF MBNA AMERICA BANK, NATIONAL ASSOCIATION FOR APPLICABLE FEDERAL, STATE, AND LOCAL INCOME AND FRANCHISE TAX LAW AND FOR PURPOSES OF ANY OTHER TAX IMPOSED
ON OR MEASURED BY INCOME. 
  

 A-1-1 

			
	REGISTERED	 	up to $                      *
	No.     	 	CUSIP NO.                        

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

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

  

 A-1-2 

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

			
	 MBNA CREDIT CARD MASTER NOTE TRUST,
 as Issuer

		
	By:	 	 MBNA AMERICA BANK,
 NATIONAL ASSOCIATION,
 as Beneficiary and not in its individual capacity

		
	By:	 	  

	Name:	 	 
	Title:	 	 
		
	Date:	 	                         , 2001

  

 A-1-3 

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

			
	 THE BANK OF NEW YORK, not in its individual capacity but solely as Indenture Trustee

		
	By:	 	  

	Name:	 	 
		
	Title:	 	 
	Date:	 	                         , 2001

  

 A-1-4 

 [REVERSE OF NOTE] 
  
 This Note is one of the Notes of a duly authorized issue of Notes of the Issuer, designated as its [Floating Rate] Asset
Backed Notes (herein called the “Notes”), all issued under an Indenture dated as of May 24, 2001 (such indenture, as supplemented or amended, is herein called the “Indenture”), as supplemented by an Indenture
Supplement dated as of May 24, 2001 (the “Indenture Supplement”), between the Issuer and The Bank of New York, as indenture trustee (the “Indenture Trustee”, which term includes any successor Indenture Trustee
under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the Holders of the Notes. The
Notes are subject to all terms of the Indenture. All terms used in this Note that are defined in the Indenture, as supplemented or amended, shall have the meanings assigned to them in or pursuant to the Indenture, as so supplemented or amended.

  
 The Class B Notes and the Class C Notes will also be issued
under the Indenture. 
  
 The Notes are and will be equally and
ratably secured by the collateral pledged as security therefor as provided in the Indenture. 
  
 Principal of the Notes will be payable on the Expected Principal Payment Date in an amount described on the face hereof. 
  
 As described above, the entire unpaid principal amount of this Note shall be due and payable on the Legal Maturity Date. Notwithstanding the foregoing,
the entire unpaid principal amount of the Notes shall be due and payable on the date on which an Event of Default relating solely to the non-payment of interest on the Notes shall have occurred and be continuing and the Indenture Trustee or the
Holders of the Notes representing not less than a majority of the Outstanding Amount of the Notes have declared the Notes to be immediately due and payable in the manner provided in Section 702 of the Indenture; provided,
however, that such acceleration of the entire unpaid principal amount of the Notes may be rescinded by the holders of not less than a majority of the Outstanding Amount of the Notes. All principal payments on the Notes shall be made pro rata
to the Noteholders entitled thereto. 
  
 On any day occurring on
or after the date on which the aggregate Nominal Liquidation Amount of any tranche of Notes is reduced to less than 5% of its Initial Dollar Principal Amount, the Issuer has the right, but not the obligation, to redeem such tranche of Notes in whole
but not in part, pursuant to Section 1202 of the Indenture. The redemption price will be an amount equal to the Outstanding principal amount of such tranche, plus interest accrued and unpaid or principal accreted and unpaid on such
tranche to but excluding the date of redemption. 
  
 Subject to
the terms and conditions of the Indenture, the Beneficiary, on behalf of the Trust, may from time to time issue, or direct the Owner Trustee, on behalf of the Trust, to issue, one or more series, classes or tranches of Notes. 
  

 A-1-5 

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

 A-1-6 

 Each Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial
interest in a Note covenants and agrees that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Owner Trustee or the Indenture Trustee on the Notes or under the Indenture or any certificate or other
writing delivered in connection therewith, against (i) the Indenture Trustee or the Owner Trustee in its individual capacity, (ii) any owner of a beneficial interest in the Issuer or (iii) any partner, owner, beneficiary, agent,
officer, director or employee of the Indenture Trustee or the Owner Trustee in its individual capacity, any holder of a beneficial interest in the Issuer, the Owner Trustee or the Indenture Trustee or of any successor or assign of the Indenture
Trustee or the Owner Trustee in its individual capacity, except as any such Person may have expressly agreed and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid
consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity. 
  
 Each Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees that by
accepting the benefits of the Indenture that such Noteholder that it will not at any time institute against MBNA, the Master Trust or the Issuer, or join in any institution against MBNA, the Master Trust or the Issuer of, any bankruptcy,
reorganization, arrangement, insolvency or liquidation proceedings, or other proceedings under any United States Federal or state bankruptcy or similar law in connection with any obligations relating to the Notes, the Indenture or any Derivative
Agreement. 
  
 Prior to the due presentment for registration of
transfer of this Note, the Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture Trustee may treat the Person in whose name this Note (as of the day of determination or as of such other date as may be specified in the Indenture)
is registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither the Issuer, the Indenture Trustee nor any such agent shall be affected by notice to the contrary. 
  
 The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the Issuer and the rights of the Holders of the Notes under the Indenture at any time by the Issuer with the consent of the Holders of Notes representing not less than a
majority of the Outstanding Amount of all Notes at the time Outstanding. The Indenture also contains provisions permitting the Holders of Notes representing specified percentages of the Outstanding Amount of the Notes, on behalf of the Holders of
all the Notes, to waive compliance by the Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Note (or any one of more Predecessor
Notes) shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or
waiver is made upon this Note. The Indenture also permits the Indenture Trustee to amend or waive certain terms and conditions set forth in the Indenture without the consent of Holders of the Notes issued thereunder. 
  
 The term “Issuer” as used in this Note includes any
successor to the Issuer under the Indenture. 
  

 A-1-7 

 The Issuer is permitted by the Indenture, under certain circumstances, to merge or consolidate, subject
to the rights of the Indenture Trustee and the Holders of Notes under the Indenture. 
  
 The Notes are issuable only in registered form in denominations as provided in the Indenture, subject to certain limitations therein set forth. 
  
 THIS NOTE AND THE INDENTURE WILL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF 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. 
  

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

 A-1-8 

 ASSIGNMENT 
  

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

			
	 Dated:

	  	 *    

	 	  	Signature Guaranteed:

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

  

 A-1-9 

 SCHEDULE A 
  

PART I 
  
 INTEREST PAYMENTS 
  

									
	 Interest Payment Date

	 	 Date of Payment

	 	 Total Amount of
 Interest Payable

	 	 Amount of
 Interest Paid

	 	 Confirmation of payment by
or on behalf of the Trust

	 First
	 	__________________	 	__________________	 	__________________	 	__________________
					
	 Second
	 	__________________	 	__________________	 	__________________	 	__________________

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

 A-1-10 

 PART II 
  
 PRINCIPAL PAYMENTS 
  

							
	 Date of Payment

	 	 Total Amount Payable

	 	 Total Amount Paid

	 	 Confirmation of payment by or on
behalf of the Trust

	 __________________
	 	 __________________
	 	 __________________
	 	 __________________

				
	 __________________
	 	 __________________
	 	 __________________
	 	 __________________

  

							
	 Date of Payment

	 	 Total Amount Payable

	 	 Total Amount Paid

	 	 Confirmation of payment by or on
behalf of the Trust

	 __________________
	 	 __________________
	 	 __________________
	 	 __________________

				
	 __________________
	 	 __________________
	 	 __________________
	 	 __________________

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

 A-1-11 

 EXHIBIT A-2 
  
 [FORM OF] CLASS B NOTE 
  
 UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR TO SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF,
CEDE & CO., HAS AN INTEREST HEREIN. 
  
 THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF COVENANTS AND AGREES THAT IT WILL NOT AT ANY TIME INSTITUTE AGAINST THE ISSUER, THE TRANSFEROR OR THE MASTER TRUST, OR JOIN IN ANY INSTITUTION AGAINST THE ISSUER, THE TRANSFEROR OR THE MASTER
TRUST, OF, ANY BANKRUPTCY PROCEEDINGS UNDER ANY UNITED STATES FEDERAL OR STATE BANKRUPTCY OR SIMILAR LAW IN CONNECTION WITH ANY OBLIGATIONS RELATING TO THE NOTES OR THE INDENTURE. 
  
 THE HOLDER OF THIS NOTE, BY ACCEPTANCE OF THIS NOTE, AND EACH HOLDER OF A BENEFICIAL INTEREST IN THIS NOTE,
BY THE ACQUISITION OF A BENEFICIAL INTEREST THEREIN, AGREE TO TREAT THE NOTES AS INDEBTEDNESS OF THE TRANSFEROR FOR APPLICABLE FEDERAL, STATE, AND LOCAL INCOME AND FRANCHISE TAX LAW AND FOR PURPOSES OF ANY OTHER TAX IMPOSED ON OR MEASURED BY INCOME.

  

 A-2-1 

			
	REGISTERED	 	up to $                      *
	No.     	 	CUSIP NO.                        

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

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

  

 A-2-2 

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

			
	 MBNA CREDIT CARD MASTER NOTE TRUST, as Issuer

		
	By:	 	MBNA AMERICA BANK, NATIONAL ASSOCIATION, as Beneficiary and not in its individual capacity
		
	By:	 	  

	Name:	 	 
	Title:	 	 
		
	Date:	 	                         , 2001

  

 A-2-3 

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

			
	 THE BANK OF NEW YORK, not in its individual capacity but solely as Indenture Trustee

		
	By:	 	  

	Name:	 	 
	Title:	 	 
		
	Date:	 	                         , 2001

  

 A-2-4 

 [REVERSE OF NOTE] 
  
 This Note is one of the Notes of a duly authorized issue of Notes of the Issuer, designated as its [Floating Rate] Asset
Backed Notes (herein called the “Notes”), all issued under an Indenture dated as of May 24, 2001 (such indenture, as supplemented or amended, is herein called the “Indenture”), as supplemented by an Indenture
Supplement dated as of May 24, 2001 (the “Indenture Supplement”), between the Issuer and The Bank of New York, as indenture trustee (the “Indenture Trustee”, which term includes any successor Indenture Trustee
under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the Holders of the Notes. The
Notes are subject to all terms of the Indenture. All terms used in this Note that are defined in the Indenture, as supplemented or amended, shall have the meanings assigned to them in or pursuant to the Indenture, as so supplemented or amended.

  
 The Class B Notes and the Class C Notes will also be issued
under the Indenture. 
  
 The Notes are and will be equally and
ratably secured by the collateral pledged as security therefor as provided in the Indenture. 
  
 Principal of the Notes will be payable on the Expected Principal Payment Date in an amount described on the face hereof. 
  
 As described above, the entire unpaid principal amount of this Note shall be due and payable on the Legal Maturity Date. Notwithstanding the foregoing,
the entire unpaid principal amount of the Notes shall be due and payable on the date on which an Event of Default relating solely to the non-payment of interest on the Notes shall have occurred and be continuing and the Indenture Trustee or the
Holders of the Notes representing not less than a majority of the Outstanding Amount of the Notes have declared the Notes to be immediately due and payable in the manner provided in Section 702 of the Indenture; provided,
however, that such acceleration of the entire unpaid principal amount of the Notes may be rescinded by the holders of not less than a majority of the Outstanding Amount of the Notes. All principal payments on the Notes shall be made pro rata
to the Noteholders entitled thereto. 
  
 On any day occurring on
or after the date on which the aggregate Nominal Liquidation Amount of any tranche of Notes is reduced to less than 5% of its Initial Dollar Principal Amount, the Issuer has the right, but not the obligation, to redeem such tranche of Notes in whole
but not in part, pursuant to Section 1202 of the Indenture. The redemption price will be an amount equal to the Outstanding principal amount of such tranche, plus interest accrued and unpaid or principal accreted and unpaid on such
tranche to but excluding the date of redemption. 
  
 Subject to
the terms and conditions of the Indenture, the Beneficiary, on behalf of the Trust, may from time to time issue, or direct the Owner Trustee, on behalf of the Trust, to issue, one or more series, classes or tranches of Notes. 
  
 On each Payment Date, the Paying Agent shall distribute to each Class B
Noteholder of record on the related Record Date (except for the final distribution with respect to this Note) such Class B Noteholder’s pro rata share of the amounts held by the Paying Agent that are allocated and available on such Payment Date
to pay interest and principal on the Class B Notes. Final payments of this Note will be made only upon presentation and surrender of this Note at the office or offices therein specified. 
  

 A-2-5 

 [Payments of interest on this Note due and payable on each Payment Date, together with the installment of
principal, if any, to the extent not in full payment of this Note, shall be made by check mailed to the Person whose name appears as the Registered Holder of this Note (or one or more Predecessor Notes) on the Note Register as of the close of
business on each Record Date, except that with respect to Notes registered on the Record Date in the name of the nominee of the clearing agency (initially, such nominee to be Cede & Co.), payments will be made by wire transfer in
immediately available funds to the account designated by such nominee. Such checks shall be mailed to the Person entitled thereto at the address of such Person as it appears on the Note Register as of the applicable Record Date without requiring
that this Note be submitted for notation of payment. Any reduction in the principal amount of this Note (or any one or more Predecessor Notes) effected by any payments made on any Payment Date shall be binding upon all future Holders of this Note
and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. If funds are expected to be available, as provided in the Indenture, for payment in full of the then remaining
unpaid principal amount of this Note on a Payment Date, then the Indenture Trustee, in the name of and on behalf of the Issuer, will notify the Person who was the Registered Holder hereof as of the Record Date preceding such Payment Date by notice
mailed within five days of such Payment Date and the amount then due and payable shall be payable only upon presentation and surrender of this Note at the Indenture Trustee’s principal Corporate Trust Office or at the office of the Indenture
Trustee’s agent appointed for such purposes located in the City of New York. On any payment of interest or principal being made, details of such payment shall be entered by the Indenture Trustee on behalf of the Issuer in Schedule A hereto.]

  
 [As provided in the Indenture and subject to certain
limitations set forth therein, the transfer of this Note may be registered on the Note Register upon surrender of this Note for registration of transfer at the office or agency designated by the Issuer pursuant to the Indenture, duly endorsed by, or
accompanied by a written instrument of transfer in form satisfactory to the Indenture Trustee duly executed by, the Holder hereof or his attorney duly authorized in writing, with such signature guaranteed by a commercial bank or trust company
located, or having a correspondent located, in the City of New York or the city in which the Corporate Trust Office is located, or a member firm of a national securities exchange, and such other documents as the Indenture Trustee may require, and
thereupon one or more new Notes of authorized denominations and in the same aggregate principal amount will be issued to the designated transferee or transferees. No service charge will be charged for any registration of transfer or exchange of this
Note, but the transferor may be required to pay a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any such registration of transfer or exchange.] 
  
 Each Noteholder or Note Owner, by acceptance of a Note or, in the case of a
Note Owner, a beneficial interest in a Note covenants and agrees that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Owner Trustee or the Indenture Trustee on the Notes or under the Indenture or
any certificate or other writing delivered in connection therewith, against (i) the Indenture Trustee or the Owner Trustee in its individual capacity, (ii) any owner of a beneficial interest in the Issuer or (iii) any partner, owner,

  

 A-2-6 

 
beneficiary, agent, officer, director or employee of the Indenture Trustee or the Owner Trustee in its individual capacity, any holder of a beneficial
interest in the Issuer, the Owner Trustee or the Indenture Trustee or of any successor or assign of the Indenture Trustee or the Owner Trustee in its individual capacity, except as any such Person may have expressly agreed and except that any such
partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity. 
  
 Each Noteholder or Note Owner, by acceptance of a Note or, in the case of a
Note Owner, a beneficial interest in a Note, covenants and agrees that by accepting the benefits of the Indenture that such Noteholder that it will not at any time institute against MBNA, the Master Trust or the Issuer, or join in any institution
against MBNA, the Master Trust or the Issuer of, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other proceedings under any United States Federal or state bankruptcy or similar law in connection with any
obligations relating to the Notes, the Indenture or any Derivative Agreement. 
  
 Prior to the due presentment for registration of transfer of this Note, the Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture Trustee may treat the Person in whose name this Note (as of the
day of determination or as of such other date as may be specified in the Indenture) is registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither the Issuer, the Indenture Trustee nor any such agent shall be
affected by notice to the contrary. 
  
 The Indenture permits,
with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Issuer and the rights of the Holders of the Notes under the Indenture at any time by the Issuer with the consent of the
Holders of Notes representing not less than a majority of the Outstanding Amount of all Notes at the time Outstanding. The Indenture also contains provisions permitting the Holders of Notes representing specified percentages of the Outstanding
Amount of the Notes, on behalf of the Holders of all the Notes, to waive compliance by the Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder
of this Note (or any one of more Predecessor Notes) shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof
whether or not notation of such consent or waiver is made upon this Note. The Indenture also permits the Indenture Trustee to amend or waive certain terms and conditions set forth in the Indenture without the consent of Holders of the Notes issued
thereunder. 
  
 The term “Issuer” as used in this
Note includes any successor to the Issuer under the Indenture. 
  
 The Issuer is permitted by the Indenture, under certain circumstances, to merge or consolidate, subject to the rights of the Indenture Trustee and the Holders of Notes under the Indenture. 
  
 The Notes are issuable only in registered form in denominations as provided
in the Indenture, subject to certain limitations therein set forth. 
  

 A-2-7 

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

 A-2-8 

 ASSIGNMENT 
  

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

			
	 Dated:

	  	 *    

	 	  	Signature Guaranteed:

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

  

 A-2-9 

 SCHEDULE A 
  

PART I 
  
 INTEREST PAYMENTS 
  

									
	 Interest Payment Date

	 	 Date of Payment

	 	 Total Amount of
 Interest Payable

	 	 Amount of
 Interest Paid

	 	 Confirmation of payment by
or on behalf of the Trust

	 First
	 	__________________	 	__________________	 	__________________	 	__________________
					
	 Second
	 	__________________	 	__________________	 	__________________	 	__________________

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

 A-2-10 

 PART II 
  
 PRINCIPAL PAYMENTS 
  

							
	 Date of Payment

	 	 Total Amount Payable

	 	 Total Amount Paid

	 	 Confirmation of payment by or on
behalf of the Trust

	 __________________
	 	 __________________
	 	 __________________
	 	 __________________

				
	 __________________
	 	 __________________
	 	 __________________
	 	 __________________

  

							
	 Date of Payment

	 	 Total Amount Payable

	 	 Total Amount Paid

	 	 Confirmation of payment by or on
behalf of the Trust

	 __________________
	 	 __________________
	 	 __________________
	 	 __________________

				
	 __________________
	 	 __________________
	 	 __________________
	 	 __________________

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

 64 

 EXHIBIT A-3 
  
 [FORM OF] CLASS C NOTE 
  
 UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR TO SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF,
CEDE & CO., HAS AN INTEREST HEREIN. 
  
 THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF COVENANTS AND AGREES THAT IT WILL NOT AT ANY TIME INSTITUTE AGAINST THE ISSUER, THE TRANSFEROR OR THE MASTER TRUST, OR JOIN IN ANY INSTITUTION AGAINST THE ISSUER, THE TRANSFEROR OR THE MASTER
TRUST, OF, ANY BANKRUPTCY PROCEEDINGS UNDER ANY UNITED STATES FEDERAL OR STATE BANKRUPTCY OR SIMILAR LAW IN CONNECTION WITH ANY OBLIGATIONS RELATING TO THE NOTES OR THE INDENTURE. 
  
 THE HOLDER OF THIS NOTE, BY ACCEPTANCE OF THIS NOTE, AND EACH HOLDER OF A BENEFICIAL INTEREST IN THIS NOTE,
BY THE ACQUISITION OF A BENEFICIAL INTEREST THEREIN, AGREE TO TREAT THE NOTES AS INDEBTEDNESS OF THE TRANSFEROR FOR APPLICABLE FEDERAL, STATE, AND LOCAL INCOME AND FRANCHISE TAX LAW AND FOR PURPOSES OF ANY OTHER TAX IMPOSED ON OR MEASURED BY INCOME.

  

 A-3-1 

			
	REGISTERED	 	up to $                      *
	No.     	 	CUSIP NO.                        

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

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

  

 A-3-2 

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

			
	 MBNA CREDIT CARD MASTER NOTE TRUST, as Issuer

		
	By:	 	MBNA AMERICA BANK, NATIONAL ASSOCIATION, as Beneficiary and not in its individual capacity
		
	By:	 	  

	Name:	 	 
	Title:	 	 
		
	Date:	 	                         , 2001

  

 A-3-3 

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

			
	 THE BANK OF NEW YORK,
 not in its individual capacity but solely as Indenture Trustee

		
	By:	 	  

	Name:	 	 
	Title:	 	 
		
	Date:	 	                         , 2001

  

 A-3-4 

 [REVERSE OF NOTE] 
  
 This Note is one of the Notes of a duly authorized issue of Notes of the Issuer, designated as its [Floating Rate] Asset
Backed Notes (herein called the “Notes”), all issued under an Indenture dated as of May 24, 2001 (such indenture, as supplemented or amended, is herein called the “Indenture”), as supplemented by an Indenture
Supplement dated as of May 24, 2001 (the “Indenture Supplement”), between the Issuer and The Bank of New York, as indenture trustee (the “Indenture Trustee”, which term includes any successor Indenture Trustee
under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the Holders of the Notes. The
Notes are subject to all terms of the Indenture. All terms used in this Note that are defined in the Indenture, as supplemented or amended, shall have the meanings assigned to them in or pursuant to the Indenture, as so supplemented or amended.

  
 The Class B Notes and the Class C Notes will also be issued
under the Indenture. 
  
 The Notes are and will be equally and
ratably secured by the collateral pledged as security therefor as provided in the Indenture. 
  
 Principal of the Notes will be payable on the Expected Principal Payment Date in an amount described on the face hereof. 
  
 As described above, the entire unpaid principal amount of this Note shall be due and payable on the Legal Maturity Date. Notwithstanding the foregoing,
the entire unpaid principal amount of the Notes shall be due and payable on the date on which an Event of Default relating solely to the non-payment of interest on the Notes shall have occurred and be continuing and the Indenture Trustee or the
Holders of the Notes representing not less than a majority of the Outstanding Amount of the Notes have declared the Notes to be immediately due and payable in the manner provided in Section 702 of the Indenture; provided,
however, that such acceleration of the entire unpaid principal amount of the Notes may be rescinded by the holders of not less than a majority of the Outstanding Amount of the Notes. All principal payments on the Notes shall be made pro rata
to the Noteholders entitled thereto. 
  
 On any day occurring on
or after the date on which the aggregate Nominal Liquidation Amount of any tranche of Notes is reduced to less than 5% of its Initial Dollar Principal Amount, the Issuer has the right, but not the obligation, to redeem such tranche of Notes in whole
but not in part, pursuant to Section 1202 of the Indenture. The redemption price will be an amount equal to the Outstanding principal amount of such tranche, plus interest accrued and unpaid or principal accreted and unpaid on such
tranche to but excluding the date of redemption. 
  
 Subject to
the terms and conditions of the Indenture, the Beneficiary, on behalf of the Trust, may from time to time issue, or direct the Owner Trustee, on behalf of the Trust, to issue, one or more series, classes or tranches of Notes. 
  

 A-3-5 

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

 A-3-6 

 Each Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial
interest in a Note covenants and agrees that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Owner Trustee or the Indenture Trustee on the Notes or under the Indenture or any certificate or other
writing delivered in connection therewith, against (i) the Indenture Trustee or the Owner Trustee in its individual capacity, (ii) any owner of a beneficial interest in the Issuer or (iii) any partner, owner, beneficiary, agent,
officer, director or employee of the Indenture Trustee or the Owner Trustee in its individual capacity, any holder of a beneficial interest in the Issuer, the Owner Trustee or the Indenture Trustee or of any successor or assign of the Indenture
Trustee or the Owner Trustee in its individual capacity, except as any such Person may have expressly agreed and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid
consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity. 
  
 Each Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees that by
accepting the benefits of the Indenture that such Noteholder that it will not at any time institute against MBNA, the Master Trust or the Issuer, or join in any institution against MBNA, the Master Trust or the Issuer of, any bankruptcy,
reorganization, arrangement, insolvency or liquidation proceedings, or other proceedings under any United States Federal or state bankruptcy or similar law in connection with any obligations relating to the Notes, the Indenture or any Derivative
Agreement. 
  
 Prior to the due presentment for registration of
transfer of this Note, the Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture Trustee may treat the Person in whose name this Note (as of the day of determination or as of such other date as may be specified in the Indenture)
is registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither the Issuer, the Indenture Trustee nor any such agent shall be affected by notice to the contrary. 
  
 The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the Issuer and the rights of the Holders of the Notes under the Indenture at any time by the Issuer with the consent of the Holders of Notes representing not less than a
majority of the Outstanding Amount of all Notes at the time Outstanding. The Indenture also contains provisions permitting the Holders of Notes representing specified percentages of the Outstanding Amount of the Notes, on behalf of the Holders of
all the Notes, to waive compliance by the Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Note (or any one of more Predecessor
Notes) shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or
waiver is made upon this Note. The Indenture also permits the Indenture Trustee to amend or waive certain terms and conditions set forth in the Indenture without the consent of Holders of the Notes issued thereunder. 
  
 The term “Issuer” as used in this Note includes any
successor to the Issuer under the Indenture. 
  

 A-3-7 

 The Issuer is permitted by the Indenture, under certain circumstances, to merge or consolidate, subject
to the rights of the Indenture Trustee and the Holders of Notes under the Indenture. 
  
 The Notes are issuable only in registered form in denominations as provided in the Indenture, subject to certain limitations therein set forth. 
  
 THIS NOTE AND THE INDENTURE WILL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF 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. 
  

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

 A-3-8 

 ASSIGNMENT 
  

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

			
	 Dated:

	  	 *    

	 	  	Signature Guaranteed:

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

  

 A-3-9 

 SCHEDULE A 
  

PART I 
  
 INTEREST PAYMENTS 
  

									
	 Interest Payment Date

	 	 Date of Payment

	 	 Total Amount of
 Interest Payable

	 	 Amount of
 Interest Paid

	 	 Confirmation of payment by
or on behalf of the Trust

	 First
	 	__________________	 	__________________	 	__________________	 	__________________
					
	 Second
	 	__________________	 	__________________	 	__________________	 	__________________

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

 A-3-10 

 PART II 
  
 PRINCIPAL PAYMENTS 
  

							
	 Date of Payment

	 	 Total Amount Payable

	 	 Total Amount Paid

	 	 Confirmation of payment by or on
behalf of the Trust

	 __________________
	 	 __________________
	 	 __________________
	 	 __________________

				
	 __________________
	 	 __________________
	 	 __________________
	 	 __________________

  

							
	 Date of Payment

	 	 Total Amount Payable

	 	 Total Amount Paid

	 	 Confirmation of payment by or on
behalf of the Trust

	 __________________
	 	 __________________
	 	 __________________
	 	 __________________

				
	 __________________
	 	 __________________
	 	 __________________
	 	 __________________

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

 A-3-11 

 EXHIBIT B 
  
 [FORM OF] MBNASERIES SCHEDULE TO PAYMENT INSTRUCTIONS 
 MBNA AMERICA BANK, NATIONAL ASSOCIATION 
  

  
 MBNA CREDIT CARD MASTER NOTE TRUST, MBNASERIES 
 MONTHLY PERIOD ENDING                     
    ,          
  

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

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

  

 B-1 

								
	 	  	7.	  	Amount to make the target deposit to the Class C Reserve Account pursuant to Section 3.22, if any	  	$	            
				
	 	  	8.	  	Amount paid or deposited as required by the terms document of any class or tranche of MBNAseries Notes	  	$	            
				
	 	  	9.	  	Amount to be treated as Shared Excess Available Funds for application in accordance with Section 3.25	  	$	            
				
	 	  	10.	  	Amount to paid to the Issuer	  	$	            
				
	 	  	 	  	 Total
	  	$	            
		
	B.	  	Allocations of deposits to Interest Funding sub-Accounts pursuant to Section 3.03:
				
	 	  	1.	  	Payments to Interest Funding sub-Accounts pursuant to Section 3.03:	  	 	 
				
	 	  	 	  	 a.      [Class/Tranche]
	  	$	            
				
	 	  	 	  	 b.      [Class/Tranche]
	  	$	            
				
	 	  	 	  	 Total
	  	$	            
		
	C.	  	Payments and deposits pursuant to Section 3.04, to be received on the following dates:
				
	 	  	1.	  	Withdrawals from the Class C Reserve Account deposited into the applicable Interest Funding sub-Account on the related Transfer Date pursuant to Section 3.23(a)	  	$	            
				
	 	  	2.	  	As of the date of receipt, Receivables Sales Proceeds deposited in the applicable Interest Funding sub-Account as of the date of receipt by the Issuer	  	$	            
		
	D.	  	Withdrawals from the Interest Funding Account pursuant to Section 3.13, to be made by the Indenture Trustee on the following dates:
				
	 	  	1.	  	Amount withdrawn from the applicable Interest Funding sub-Accounts and remitted to the applicable Paying Agent on each Interest Payment Date, with respect to each tranche of Dollar
Notes	  	$	            

  

 B-2 

								
	 	  	2.	  	Amount withdrawn from the applicable Interest Funding sub-Accounts and converted to the applicable foreign currency at the Spot Exchange Rate and remitted to the applicable Paying Agent for
Foreign Currency Notes with a non-Performing Derivative Agreement	  	$	            
				
	 	  	3.	  	Amount withdrawn from the applicable Interest Funding sub-Accounts and invested in the Investor Interest of the Collateral Certificate on each Principal Payment Date, with respect to each
tranche of Discount Notes	  	$	            
				
	 	  	4.	  	Amount withdrawn from the applicable Interest Funding sub-Accounts and paid to the applicable Derivative Party as specified in the applicable Derivative Agreement, with respect to each tranche
of Notes which has a Performing Derivative Agreement for interest	  	$	            
				
	 	  	5.	  	Amount paid to the Issuer	  	$	            
	
	II. Allocations and Payments of MBNAseries.
		
	A.	  	Re-allocation of MBNAseries Available Principal Amounts pursuant to Section 3.07(a) to be applied on the next Transfer Date
by the Indenture Trustee:
				
	 	  	1.	  	Reallocated Class C Principal Collections:	  	$	            
				
	 	  	2.	  	Reallocated Class B Principal Collections:	  	$	            
		
	B.	  	Targeted Deposits of MBNAseries Available Principal Amounts to the Principal Funding Account pursuant to Section 3.10, to be
made by the Indenture Trustee on the following
dates:
				
	 	  	1.	  	On the applicable Principal Payment Date prior to any payment, the Nominal Liquidation Amount for the related tranche of Notes:	  	 	 
				
	 	  	 	  	 a.      [Class/Tranche]
	  	$	            
				
	 	  	 	  	 b.      [Class/Tranche]
	  	$	            
				
	 	  	 	  	 Total
	  	$	            

  

 B-3 

								
	 	  	2.	  	In the applicable Principal Funding sub-Account for the related tranche of Notes, the Controlled Accumulation Amount or the amount specified in Section 3.10(b)(ii):	  	 	 
				
	 	  	 	  	 a.      [Class/Tranche]
	  	$	            
				
	 	  	 	  	 b.      [Class/Tranche]
	  	$	            
				
	 	  	 	  	 Total
	  	$	            
				
	 	  	3.	  	In the applicable Principal Funding sub-Account, the Prefunding Target Amount for the MBNAseries on the related Transfer Date:	  	 	 
				
	 	  	 	  	 a.      [Class/Tranche]
	  	$	            
				
	 	  	 	  	 b.      [Class/Tranche]
	  	$	            
				
	 	  	 	  	 Total
	  	$	            
				
	 	  	4.	  	In the case of an Event of Default, Early Redemption Event or other optional or mandatory redemption, on the applicable Transfer Date, the Nominal Liquidation Amount for the related tranche of
Notes:	  	 	 
				
	 	  	 	  	 a.      [Class/Tranche]
	  	$	            
				
	 	  	 	  	 b.      [Class/Tranche]
	  	$	            
				
	 	  	 	  	 Total
	  	$	            
		
	C.	  	Payments and deposits pursuant to Section 3.12, to be received on the following dates:
				
	 	  	1.	  	Withdrawals from the Class C Reserve Account deposited into the applicable Principal Funding sub-Account on the related Transfer Date pursuant to Section 3.23(b)	  	$	            
				
	 	  	2.	  	As of the date of receipt, Receivables Sales Proceeds received pursuant to Section 3.20(c)(i) deposited in the applicable Principal Funding sub-Account as of the date of receipt by the
Issuer	  	$	            
		
	D.	  	Reallocations of deposits to Principal Funding sub-Accounts pursuant to Section 3.11:
				
	 	  	1.	  	Payments to Principal Funding sub-Accounts pursuant to Section 3.11(b)(i) for the Class A Notes	  	$	            
				
	 	  	2.	  	Payments to Principal Funding sub-Accounts pursuant to Section 3.11(b)(ii) for the Class B Notes	  	$	            
				
	 	  	3.	  	Payments to Principal Funding sub-Accounts pursuant to Section 3.11(b)(iii) for the Class C Notes	  	$	            

  

 B-4 

								
	E.	  	Withdrawals from the Principal Funding Account pursuant to Section 3.14, to be made by the Indenture Trustee on the following dates:
				
	 	  	1.	  	Amount withdrawn from the applicable Principal Funding sub-Accounts and remitted to the applicable Paying Agent on each Principal Payment Date, with respect to each tranche of Dollar
Notes	  	$	            
				
	 	  	2.	  	Amount withdrawn from the applicable Principal Funding sub-Accounts and paid to the applicable Derivative Party as specified in the applicable Derivative Agreement, with respect to each tranche
of Notes which has a Performing Derivative Agreement for Principal	  	$	            
				
	 	  	3.	  	Dollar amount withdrawn from the applicable Principal Funding sub-Accounts and converted to the applicable foreign currency at the Spot Exchange Rate pursuant to the applicable Derivative
Agreement, with respect to each tranche of Notes which has a non-Performing Derivative Agreement for principal	  	$	            
				
	 	  	4.	  	Amount of Prefunding Excess Amount withdrawn from the Principal Funding sub-Accounts and paid to the Master Trust to increase the Investor Interest of the Collateral Certificate	  	$	            
				
	 	  	5.	  	Amount withdrawn from the applicable Principal Funding sub-Accounts on the Legal Maturity Date of any tranche and applied to pay principal of that tranche or paid to the applicable Derivative
Party for that tranche as specified in the applicable Derivative Agreement	  	$	            
				
	 	  	6.	  	Amount paid to the Issuer	  	$	            
			
	F.	  	Amount of principal accreted on all tranches of Discount Notes and paid to the Master Trust pursuant to Section 3.17(a)	  	$	            
		
	G.	  	Allocations of reductions from Investor Charge-Offs to the Nominal Liquidation Amount of subordinated classes pursuant to Section 3.05:
				
	 	  	1.	  	Initial allocation of Investor Charge-Offs to each tranche of Outstanding Notes	  	$	            
	 	  	 	  	 Class A
	  	$	            
	 	  	 	  	 Class B
	  	$	            
	 	  	 	  	 Class C
	  	$	            

  

 B-5 

								
	 	  	2.	  	Amount reallocated to the Class C Notes, subject to the restrictions set forth in Section 3.05(c)	  	$	            
				
	 	  	3.	  	Amount reallocated to the Class B Notes, subject to the restrictions set forth in Section 3.05(d)	  	$	            
			
	H.	  	Net proceeds from sales of Receivables for Accelerated Notes pursuant to Section 3.20	  	$	            
	
	III. Targeted deposits to, and withdrawals of funds on deposit from, the Class C Reserve Account.
		
	 A.
	  	Targeted deposit to the Class C Reserve Account pursuant to Section 3.22(a):
		
	B.	  	Deposits to the Class C Reserve sub-Accounts pursuant to Section 3.22:
				
	 	  	1.	  	Sum of the Class C Reserve sub-Account deposits for each applicable tranche of Outstanding Notes:	  	 	 
				
	 	  	 	  	 a.      [Tranche]
	  	$	            
				
	 	  	 	  	 b.      [Tranche]
	  	$	            
				
	 	  	 	  	 Total
	  	$	            
		
	C.	  	Withdrawals from the Class C Reserve Account pursuant to Section 3.23:
				
	 	  	1.	  	Amount withdrawn from the applicable Class C Reserve sub-Account and deposited in the applicable Interest Funding sub-Account pursuant to Section 3.23(a):	  	 	 
				
	 	  	 	  	 a.      Interest Funding sub-Account for [Tranche]
	  	$	            
				
	 	  	 	  	 b.      Interest Funding sub-Account for [Tranche]
	  	$	            
				
	 	  	 	  	 Total
	  	$	            
				
	 	  	2.	  	Amount withdrawn from the Class C Reserve sub-Account and deposited in the applicable Principal Funding sub-Account pursuant to Section 3.23(b):	  	 	 
				
	 	  	 	  	 a.      Principal Funding sub-Account for [Tranche]
	  	$	            
				
	 	  	 	  	 b.      Principal Funding sub-Account for [Tranche]
	  	$	            
				
	 	  	 	  	 Total
	  	$	            
				
	 	  	3.	  	Amounts paid to the Issuer pursuant to Section 3.23(c)	  	$	            

  

 B-6 

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

			
	 MBNA AMERICA BANK,
 NATIONAL
ASSOCIATION,
 as Servicer

		
	 By:
	 	  

	 Name:
	 	 
	 Title:
	 	 

  

 B-7 

 EXHIBIT C 
  
 [FORM OF] MBNASERIES SCHEDULE TO 
  
 MONTHLY NOTEHOLDERS’ STATEMENT 
  

	Date:	                         ,
         

  
 MBNA CREDIT CARD MASTER NOTE TRUST 
 MONTHLY PERIOD ENDING
                         ,          
  
 Reference is made to the Series 2001-D Supplement (the “Series 2001-D
Supplement”), dated as of May     , 2001, between MBNA America Bank, National Association, a national banking association (the “Bank”), as Seller and Servicer, and The Bank of New York, as Trustee, the
Indenture (the “Indenture”), dated as of May     , 2001 and the Indenture Supplement (the “Indenture Supplement”), dated as of May     , 2001, each between MBNA Credit Card
Master Note Trust, as Issuer, and The Bank of New York, as Indenture Trustee. Terms used herein and not defined herein have the meanings ascribed to them in the Series 2001-D Supplement, the Indenture and the Indenture Supplement, as applicable.

  
 The following computations are prepared with respect to the
Transfer Date of                          ,          and with
respect to the performance of the Trust during the related Monthly Period. 
  
 A.
Targeted deposits to Interest Funding sub-Accounts: 
  

											
	 Class/Tranche

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

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

	  	Shortfall from
earlier Monthly
Periods

	  	Interest Funding
sub-account
Balance prior to
Withdrawals

	  	Interest Funding
sub-Account
Earnings

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

  

 C-1 

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

							
	 Class/Tranche

	  	Interest Payment
Date

	  	Interest Rate

	  	Amount of
interest to be paid
on corresponding
Interest Payment
Date

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

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

									
	 Tranche

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

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

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

	  	Class C Reserve
sub-Account
Earnings

	 [Total:]
	  	 	  	 	  	 	  	 

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

							
	 Tranche

	  	 Withdrawals
for
 Interest

	  	 Withdrawals
 for
 Principal

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

	 Class C Total:
	  	 	  	 	  	 

  
 E. Targeted deposits to Principal
Funding sub-Accounts: 
  

											
	 Class/Tranche

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

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

	  	Shortfall from
earlier Monthly
Periods

	  	Principal Funding
sub-Account
Balance on
Transfer Date

	  	Principal Funding
sub-Account
Earnings

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

  

 C-2 

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

					
	 Class/Tranche

	  	Principal
Payment
Date

	  	Amount of
principal to be paid
on corresponding
Principal Payment
Date

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

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

									
	 Class/Tranche

	  	Initial Dollar
Principal
Amount

	  	 Outstanding
 Principal
 Amount

	  	 Adjusted
 Outstanding
 Principal
 Amount

	  	 Nominal
 Liquidation
 Amount

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

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

									
	 Tranche

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

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

	  	Cumulative
Class A Usage
of Class B
Subordinated
Amount

	  	Cumulative
Class A Usage
of Class C
Subordinated
Amount

	 [Total:]
	  	 	  	 	  	 	  	 

  
 I. Class B Usage of Class C
Subordinated Amounts: 
  

					
	 Tranche

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

	  	Cumulative
Class B Usage of
Class C
Subordinated
Amount

	 [Total:]
	  	 	  	 

  

 C-3 

 J. Reductions of and Increases to Nominal Liquidation Amount: 
  

																	
	 Class/
 Tranche

	  	Beginning
Nominal
Liquidation
Amount

	  	Increases
from
accretions
on Principal
for Discount
Notes

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

	  	Reimbursements
from
MBNAseries
Available Funds

	  	 Reductions
 due to
 reallocations of
MBNAseries
 Available
Principal
Amounts

	  	Reductions
due to
Investor
Charge-Offs

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

	  	Ending
Nominal
Liquidation
Amount

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

  
 K. Early Redemption Event: 

 

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

  

 C-4 

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

			
	 MBNA AMERICA BANK,
 NATIONAL
ASSOCIATION,

	as Beneficiary of the MBNA Credit Card Master Note Trust and as Servicer of the MBNA Master Credit Card Trust II
		
	By:	 	  

	Name:	 	 
	Title:	 	 

  

 C-5

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00097-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00097-of-00352.parquet"}]]