Document:

exv4w6

 

Exhibit 4.6

 

DISCOVER CARD EXECUTION NOTE TRUST

as Issuer

and

U.S. BANK NATIONAL ASSOCIATION

as Indenture Trustee

 

INDENTURE

dated as of [ ], 2007

 

 

 

TABLE OF CONTENTS

Page

	 	 	 	 	 	 	 	 	 
	ARTICLE I

	 	 	 	 	 	 	 	 	 
	DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

	 	 	 	 	 	 	 	 	 
	Section 101.	 	Definitions
	 	 	3	 
	Section 102.	 	Acts of Noteholders
	 	 	23	 
	Section 103.	 	Notices, etc., to Indenture Trustee and Issuer
	 	 	25	 
	Section 104.	 	Compliance Certificates and Opinions
	 	 	25	 
	Section 105.	 	Notices to Noteholders; Waiver
	 	 	25	 
	Section 106.	 	Conflict with Trust Indenture Act
	 	 	26	 
	Section 107.	 	Effect of Headings and Table of Contents
	 	 	27	 
	Section 108.	 	Successors and Assigns
	 	 	27	 
	Section 109.	 	Severability of Provisions
	 	 	27	 
	Section 110.	 	Benefits of Indenture
	 	 	27	 
	Section 111.	 	Governing Law
	 	 	27	 
	Section 112.	 	Counterparts
	 	 	27	 
	Section 113.	 	Indenture Referred to in the Trust Agreement
	 	 	27	 
	 	 	 	 	 	 	 	 	 
	ARTICLE II

 
	NOTE FORMS

	 	 	 	 	 	 	 	 	 
	Section 201.	 	Forms Generally
	 	 	28	 
	Section 202.	 	Forms of Notes
	 	 	28	 
	Section 203.	 	Authentication of Notes; Form of Indenture Trustee’s
Certificate of Authentication
	 	 	28	 
	Section 204.	 	Notes Issuable in the Form of a Global Note
	 	 	28	 
	Section 205.	 	Temporary Global Notes and Permanent Global Notes
	 	 	30	 
	Section 206.	 	Beneficial Ownership of Global Notes
	 	 	32	 
	Section 207.	 	Notices to Depository
	 	 	33	 

-i-

 

	 	 	 	 	 	 	 	 	 
	ARTICLE III

	 	 	 	 	 	 	 	 	 
	THE NOTES

	 	 	 	 	 	 	 	 	 
	Section 301.	 	General Title; General Limitations; Issuable in Series; Terms of a Series,
Class or Tranche of Notes
	 	 	34	 
	Section 302.	 	Denominations
	 	 	37	 
	Section 303.	 	Execution, Authentication and Delivery and Dating
	 	 	37	 
	Section 304.	 	Temporary Notes
	 	 	38	 
	Section 305.	 	Registration, Transfer and Exchange
	 	 	38	 
	Section 306.	 	Mutilated, Destroyed, Lost and Stolen Notes
	 	 	41	 
	Section 307.	 	Payment of Interest; Interest Rights Preserved; Withholding Taxes
	 	 	41	 
	Section 308.	 	Persons Deemed Owners
	 	 	42	 
	Section 309.	 	Cancellation
	 	 	42	 
	Section 310.	 	New Issuances of Notes
	 	 	42	 
	Section 311.	 	Specification of Required Subordinated Amount and other Terms
with Respect to each Series, Class or Tranche of Notes
	 	 	45	 
	 	 	 	 	 	 	 	 	 
	ARTICLE IV

	 	 	 	 	 	 	 	 	 
	ISSUER ACCOUNTS AND INVESTMENTS

	 	 	 	 	 	 	 	 	 
	Section 401.	 	Collections
	 	 	46	 
	Section 402.	 	Issuer Accounts
	 	 	46	 
	Section 403.	 	Investment of Funds in the Issuer Accounts.
	 	 	46	 
	 	 	 	 	 	 	 	 	 
	ARTICLE V

	 	 	 	 	 	 	 	 	 
	COLLECTIONS, ALLOCATIONS, DEPOSITS AND PAYMENTS

	 	 	 	 	 	 	 	 	 
	Section 501.	 	Collections and Allocations
	 	 	49	 
	Section 502.	 	Allocations of Finance Charge Amounts and Charge-Offs.
	 	 	49	 
	Section 503.	 	Allocations of Principal Amounts
	 	 	49	 
	Section 504.	 	Allocations of the Servicing Fee.
	 	 	50	 
	Section 505.	 	Final Payment
	 	 	50	 
	Section 506.	 	Payments within a Series, Class or Tranche
	 	 	50	 
	 	 	 	 	 	 	 	 	 
	ARTICLE VI

	 	 	 	 	 	 	 	 	 
	SATISFACTION AND DISCHARGE; CANCELLATION

	OF NOTES HELD BY THE ISSUER OR THE BANK

	 	 	 	 	 	 	 	 	 
	Section 601.	 	Satisfaction and Discharge of Indenture
	 	 	51	 

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	Section 602.	 	Application of Trust Money
	 	 	51	 
	Section 603.	 	Cancellation of Notes Held by the Issuer or the Beneficiary
	 	 	51	 
	 	 	 	 	 	 	 	 	 
	ARTICLE VII

	 	 	 	 	 	 	 	 	 
	EVENTS OF DEFAULT AND REMEDIES

	 	 	 	 	 	 	 	 	 
	Section 701.	 	Events of Default
	 	 	53	 
	Section 702.	 	Acceleration of Maturity; Rescission and Annulment
	 	 	54	 
	Section 703.	 	Application of Money Collected
	 	 	55	 
	Section 704.	 	Indenture Trustee May Elect to Hold the Collateral Certificate
	 	 	55	 
	Section 705.	 	Sale of Collateral for Accelerated Notes
	 	 	56	 
	Section 706.	 	Limitation on Suits
	 	 	56	 
	Section 707.	 	Unconditional Right of Noteholders to Receive Principal and Interest;
Limited Recourse
	 	 	56	 
	Section 708.	 	Restoration of Rights and Remedies
	 	 	57	 
	Section 709.	 	Rights and Remedies Cumulative
	 	 	57	 
	Section 710.	 	Delay or Omission Not Waiver
	 	 	57	 
	Section 711.	 	Control by Noteholders
	 	 	57	 
	Section 712.	 	Waiver of Past Defaults
	 	 	57	 
	Section 713.	 	Undertaking for Costs
	 	 	58	 
	Section 714.	 	Waiver of Stay or Extension Laws
	 	 	58	 
	 	 	 	 	 	 	 	 	 
	ARTICLE VIII

	 	 	 	 	 	 	 	 	 
	THE INDENTURE TRUSTEE

	 	 	 	 	 	 	 	 	 
	Section 801.	 	Duties of Indenture Trustee
	 	 	59	 
	Section 802.	 	Notice of Defaults
	 	 	69	 
	Section 803.	 	Certain Matters Affecting the Indenture Trustee
	 	 	61	 
	Section 804.	 	Indenture Trustee Not Liable for Recitals in Notes.
	 	 	62	 
	Section 805.	 	Indenture Trustee May Own Notes.
	 	 	62	 
	Section 806.	 	The Beneficiary to Pay Indenture Trustee’s Fees and Expenses.
	 	 	62	 
	Section 807.	 	Beneficiary Indemnification of Indenture Trustee.
	 	 	63	 
	Section 808.	 	Disqualification; Conflicting Interests
	 	 	63	 
	Section 809.	 	Eligibility Requirements for Indenture Trustee.
	 	 	63	 
	Section 810.	 	Resignation or Removal of Indenture Trustee.
	 	 	64	 

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	Section 811.	 	Successor Trustee.
	 	 	65	 
	Section 812.	 	Merger or Consolidation of Indenture Trustee.
	 	 	65	 
	Section 813.	 	Appointment of Co-Trustee or Separate Trustee.
	 	 	65	 
	Section 814.	 	Preferential Collection of Claims Against Issuer
	 	 	67	 
	Section 815.	 	Appointment of Authenticating Agent
	 	 	67	 
	Section 816.	 	Tax Returns.
	 	 	68	 
	Section 817.	 	Indenture Trustee May File Proofs of Claim
	 	 	69	 
	Section 818.	 	Indenture Trustee May Enforce Claims Without Possession of Notes.
	 	 	69	 
	Section 819.	 	Suits for Enforcement.
	 	 	69	 
	Section 820.	 	Rights of Noteholders to Direct Indenture Trustee.
	 	 	70	 
	Section 821.	 	Representations and Warranties of Indenture Trustee.
	 	 	70	 
	Section 822.	 	Maintenance of Office or Agency.
	 	 	70	 
	Section 823.	 	Requests for Agreement.
	 	 	71	 
	 	 	 	 	 	 	 	 	 
	ARTICLE IX

	 	 	 	 	 	 	 	 	 
	NOTEHOLDERS’ MEETINGS, LISTS, REPORTS BY

	INDENTURE TRUSTEE, ISSUER AND BENEFICIARY

	 	 	 	 	 	 	 	 	 
	Section 901.	 	Issuer To Furnish Indenture Trustee Names and Addresses of Noteholders
	 	 	72	 
	Section 902.	 	Preservation of Information; Communications to Noteholders
	 	 	72	 
	Section 903.	 	Reports by Indenture Trustee
	 	 	73	 
	Section 904.	 	Meetings of Noteholders; Amendments and Waivers
	 	 	74	 
	Section 905.	 	Reports by Issuer to the Commission
	 	 	76	 
	 	 	 	 	 	 	 	 	 
	ARTICLE X

	 	 	 	 	 	 	 	 	 
	INDENTURE SUPPLEMENTS AND AMENDMENTS TO THE TRUST AGREEMENT AND

	POOLING AND SERVICE AGREEMENT

	 	 	 	 	 	 	 	 	 
	Section 1001.	 	Supplemental Indentures and Amendments Without Consent of
Noteholders
	 	 	77	 
	Section 1002.	 	Supplemental Indentures with Consent of Noteholders
	 	 	79	 
	Section 1003.	 	Execution of Amendments and Supplemental Indentures
	 	 	80	 
	Section 1004.	 	Effect of Amendments and Supplemental Indentures
	 	 	81	 
	Section 1005.	 	Conformity with Trust Indenture Act
	 	 	81	 
	Section 1006.	 	Reference in Notes to Supplemental Indentures
	 	 	81	 
	Section 1007.	 	Amendments to the Trust Agreement
	 	 	81	 

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	Section 1008.	 	Amendments to Pooling and Servicing Agreement
	 	 	82	 
	Section 1009.	 	Amendments for Sale Accounting Purposes
	 	 	82	 
	 	 	 	 	 	 	 	 	 
	ARTICLE XI

	 	 	 	 	 	 	 	 	 
	REPRESENTATIONS, WARRANTIES AND COVENANTS

	OF ISSUER

	 	 	 	 	 	 	 	 	 
	Section 1101.	 	Payment of Principal and Interest
	 	 	83	 
	Section 1102.	 	Maintenance of Office or Agency
	 	 	83	 
	Section 1103.	 	Money for Note Payments to be Held in Trust
	 	 	84	 
	Section 1104.	 	Statement as to Compliance
	 	 	85	 
	Section 1105.	 	Legal Existence
	 	 	86	 
	Section 1106.	 	Further Instruments and Acts
	 	 	86	 
	Section 1107.	 	Compliance with Laws
	 	 	86	 
	Section 1108.	 	Notice of Events of Default
	 	 	86	 
	Section 1109.	 	Certain Negative Covenants
	 	 	86	 
	Section 1110.	 	No Other Business
	 	 	86	 
	Section 1111.	 	Rule 144A Information
	 	 	87	 
	Section 1112.	 	Performance of Obligations
	 	 	87	 
	Section 1113.	 	Issuer May Consolidate, Etc., Only on Certain Terms
	 	 	87	 
	Section 1114.	 	Successor Substituted
	 	 	89	 
	Section 1115.	 	Guarantees, Loans, Advances and Other Liabilities
	 	 	89	 
	Section 1116.	 	Capital Expenditures
	 	 	89	 
	Section 1117.	 	Restricted Payments
	 	 	89	 
	Section 1118.	 	No Borrowing
	 	 	90	 
	 	 	 	 	 	 	 	 	 
	ARTICLE XII

	 	 	 	 	 	 	 	 	 
	EARLY REDEMPTION OF NOTES

	 	 	 	 	 	 	 	 	 
	Section 1201.	 	Applicability of Article
	 	 	91	 
	Section 1202.	 	Cleanup Call
	 	 	92	 
	Section 1203.	 	Notice
	 	 	93	 

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	ARTICLE XIII

	 	 	 	 	 	 	 	 	 
	COLLATERAL

	 	 	 	 	 	 	 	 	 
	Section 1301.	 	Collateral
	 	 	94	 
	Section 1302.	 	Recording.
	 	 	94	 
	Section 1303.	 	Trust Indenture Act Requirements
	 	 	95	 
	Section 1304.	 	Suits To Protect the Collateral
	 	 	95	 
	Section 1305.	 	Powers Exercisable by Receiver or Indenture Trustee
	 	 	96	 
	Section 1306.	 	Release of all Collateral.
	 	 	96	 
	Section 1307.	 	Opinions as to Collateral.
	 	 	97	 
	Section 1308.	 	Certain Commercial Law Representations and Warranties
	 	 	97	 
	 	 	 	 	 	 	 	 	 
	ARTICLE XIV

	 	 	 	 	 	 	 	 	 
	MISCELLANEOUS

	 	 	 	 	 	 	 	 	 
	Section 1401.	 	Custody of the Collateral
	 	 	99	 
	Section 1402.	 	Monthly Noteholders’ Statement
	 	 	99	 
	Section 1403.	 	Payment Instruction to Master Trust.
	 	 	99	 
	Section 1404.	 	No Petition
	 	 	99	 
	Section 1405.	 	Trust Obligations
	 	 	99	 
	Section 1406.	 	Limitations on Liability.
	 	 	100	 
	Section 1407.	 	Election Under Delaware Asset-Backed Securities Facilitation Act
	 	 	100	 
	Section 1408.	 	Tax Treatment
	 	 	100	 
	Section 1409.	 	Actions Taken by the Issuer
	 	 	101	 
	Section 1410.	 	Alternate Payment Provisions
	 	 	101	 
	Section 1411.	 	Termination of Issuer
	 	 	101	 
	Section 1412.	 	Final Distribution
	 	 	101	 
	Section 1413.	 	Termination Distributions
	 	 	102	 
	Section 1414.	 	Derivative Counterparty, Supplemental Credit Enhancement
Provider and Supplemental Liquidity Provider as Third-Party Beneficiary
	 	 	102	 
	 	 	 	 	 	 	 	 	 
	ARTICLE XV

	 	 	 	 	 	 	 	 	 
	COMPLIANCE WITH REGULATION AB

	 	 	 	 	 	 	 	 	 
	Section 1501.	 	Intent of the Parties; Reasonableness
	 	 	103	 
	Section 1502.	 	Additional Representations and Warranties of the Indenture Trustee
	 	 	103	 
	Section 1503.	 	Information to be Provided by the Indenture Trustee.
	 	 	103	 
	Section 1504.	 	Indenture Trustee’s Report on Assessment of Compliance and Attestation
	 	 	105	 

-vi-

 

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	ARTICLE XVI

	 	 	 	 	 	 	 	 	 
	SUBORDINATION

	 	 	 	 	 	 	 	 	 
	Section 1601.	 	Subordination of Subordinate Notes. 107
	 	 	 	 

-vii-

 

 

EXHIBITS

	 	 	 
	EXHIBIT A

	 	ASSIGNMENT OF ADDITIONAL ASSETS
	 
	 	 
	EXHIBIT B-1

	 	FORM OF CLEARANCE SYSTEM CERTIFICATE TO BE GIVEN TO THE

INDENTURE TRUSTEE BY EUROCLEAR OR CLEARSTREAM FOR

DELIVERY OF DEFINITIVE NOTES IN EXCHANGE FOR A PORTION OF A

TEMPORARY GLOBAL NOTE
	 
	 	 
	EXHIBIT B-2

	 	FORM OF CERTIFICATE TO BE DELIVERED TO EUROCLEAR OR

CLEARSTREAM BY [•] WITH RESPECT TO REGISTERED

NOTES SOLD TO QUALIFIED INSTITUTIONAL BUYERS
	 
	 	 
	EXHIBIT B-3

	 	FORM OF CERTIFICATE TO BE DELIVERED TO EUROCLEAR OR

CLEARSTREAM BY A BENEFICIAL OWNER OF NOTES, OTHER

THAN A QUALIFIED INSTITUTIONAL BUYER
	 
	 	 
	EXHIBIT C

	 	FORM OF COMPLIANCE CERTIFICATE
	 
	 	 
	EXHIBIT D

	 	FORM OF INDENTURE TRUSTEE’S LITIGATION CERTIFICATE
	 
	 	 
	EXHIBIT E

	 	SERVICING CRITERIA TO BE ADDRESSED IN ASSESSMENT OF COMPLIANCE
	 
	 	 
	EXHIBIT F

	 	FORM OF ANNUAL CERTIFICATION
	 
	 	 
	EXHIBIT G

	 	FORM OF MONTHLY NOTEHOLDERS’ STATEMENT

-viii-

 

 

 

RECONCILIATION AND TIE BETWEEN TRUST INDENTURE

ACT OF 1939 AND INDENTURE PROVISIONS*

	 	 	 
	Trust	 	 
	Indenture	 	 
	Act Section	 	Indenture Section
	310(a)(1)
	 	809
	(a)(2)
	 	809
	(a)(3)
	 	813
	(a)(4)
	 	Not Applicable
	(a)(5)
	 	809
	(b)
	 	808, 810(b)(ii)
	(c)
	 	Not Applicable
	311(a)
	 	814
	(b)
	 	814
	(c)
	 	Not Applicable
	312(a)
	 	901, 902
	(b)
	 	902(b)
	(c)
	 	902(c)
	313(a)
	 	903
	(b)
	 	903(c)
	(c)
	 	903, 903(c)
	(d)
	 	903(d)
	314(a)
	 	905, 1104
	(b)
	 	1307
	(c)(1)
	 	601(c), 310(a)(ii), 1306(b)
	(c)(2)
	 	601(c), 310(a)(iii), 1306(c)
	(c)(3)
	 	Not Applicable
	(d)(1)
	 	1303
	(d)(2)
	 	1303
	(d)(3)
	 	1303
	(e)
	 	104
	315(a)
	 	801(a), 803(a)
	(b)
	 	802
	(c)
	 	801
	(d)
	 	801(c)
	(d)(1)
	 	801(a), 803(a)
	(d)(2)
	 	801(c)(i)
	(d)(3)
	 	801(c)(ii)
	(e)
	 	713
	316(a)(1)(A)
	 	711
	316(a)(1)(B)
	 	712

 

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

-ix-

 

 

	 	 	 
	316(a)(2)
	 	Not Applicable
	316(b)
	 	707
	317(a)(1)
	 	818
	317(a)(2)
	 	817
	317(b)
	 	1103
	318(a)
	 	105

-x-

 

 

          THIS INDENTURE between DISCOVER CARD EXECUTION NOTE TRUST, a statutory trust organized
under the laws of the State of Delaware (the “Issuer” or the “Trust”), having its
principal office at 1100 N. Market Street Wilmington, Delaware 19890-0001, and U.S. BANK NATIONAL
ASSOCIATION, a national banking association organized and existing under the laws of the United
States of America, in its capacity as Indenture Trustee (the “Indenture Trustee”), is made
and entered into as of [           ], 2007.

RECITALS OF THE ISSUER

          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 the
Noteholders and, to the extent so provided in any Derivative Agreement, Supplemental Credit
Enhancement Agreement or Supplemental Liquidity Agreement, to the counterparties or providers named
therein, a security interest in all of its right, title and interest, whether now owned or
hereafter acquired, in and to the following:

          (i) the Series 2007-CC Collateral Certificate and all rights to vote or to give
consents or waivers with respect thereto;

          (ii) the Collections Account;

          (iii) each Issuer Account (including all Subaccounts thereof) established from time to
time;

          (iv) all Permitted Investments and all investment property, money and other property
held in or through the Collections Account or any Issuer Account (including all Subaccounts
thereof);

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

          (vi) all rights, benefits and powers under any Supplemental Credit Enhancement
Agreement or Supplemental Liquidity Agreement relating to any Tranche of Notes;

          (vii) 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;

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

          (ix) all proceeds of the foregoing.

 

 

          The property described in the preceding sentence is collectively referred to as the
“Collateral.” The Security Interest in the Collateral is granted to secure the Notes (and the
related obligations under this Indenture), equally and ratably without prejudice, priority or
distinction between any Note by reason of difference in time of issuance or otherwise, except as
otherwise expressly provided in this Indenture, or in any Indenture Supplement which establishes
any Series, Class or Tranche of Notes, and to secure (i) the payment of all amounts due on such
Notes in accordance with their respective terms, (ii) the payment of all other sums payable by the
Issuer under this Indenture and any Indenture Supplement relating to the Notes, and (iii) to the
extent so provided in any Derivative Agreement, Supplemental Credit Enhancement Agreement or
Supplemental Liquidity Agreement, any payments to the counterparties or providers named therein and
(iv) compliance by the Issuer with the provisions of this Indenture or any Indenture Supplement, in
each case to the extent relating to the Notes.

          This Indenture, as may be supplemented, 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.

          The Notes, Derivative Agreements, Supplemental Credit Enhancement Agreements, Supplemental
Liquidity Agreements and other obligations under this Indenture and any Indenture Supplement 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 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 in respect of Derivative Agreements, Supplemental Credit Enhancement
Agreements or Supplemental Liquidity Agreements is limited in recourse as set forth in Section
707.

2

 

ARTICLE I

DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

          Section 101. Definitions. For all purposes of this Indenture and 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
along with any other term defined in any Section of this Indenture, include the plural as well as
the singular;

          (2) all other terms used herein which are defined in the applicable Indenture Supplement, the
Pooling and Servicing Agreement for the Discover Card Master Trust I or the Series 2007-CC
Supplement, either directly or by reference therein, have the meanings assigned to them therein;

          (3) all other terms used herein which are defined in the Trust Indenture Act or by Commission
rule under the Trust Indenture Act, either directly or by reference therein, have the meanings
assigned to them therein;

          (4) 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;

          (5) 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;

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

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

          “Accumulation Period” has, for any Note, the meaning set forth in the Indenture
Supplement relating to the Series to which such Note belongs.

          “Accumulation Commencement Date” has, for any Note, the meaning set forth in the
Indenture Supplement relating to the Series to which such Note belongs.

          “Act,” when used with respect to any Noteholder, is defined in Section 102(a).

          “Action,” when used with respect to any Noteholder, is defined in Section
102(a).

3

 

          “Additional Collateral Certificate” means any Collateral Certificate representing an
interest in credit card receivables and issued by a Master Trust, which is added to the Trust
pursuant to an Assignment of Additional Assets.

          “Additional Collateral Certificate Percentage” means, with respect to any Additional
Collateral Certificate, the percentage equivalent of a fraction, the numerator of which is the
Series Investor Interest for such Additional Collateral Certificate and the denominator of which is
the sum of the Series Investor Interests for all Collateral Certificates.

          “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 of Notes at such time, less any funds on deposit in respect of
principal in any Issuer Account or the related Subaccount, as applicable, for the benefit of such
Series, Class or Tranche of Notes at such time.

          “Administrator” means Discover Bank, in its capacity as Administrator.

          “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.

          “Annual Report Date” means a date on which each of the Trust and the Issuer is
required to file its Annual Report pursuant to Section 13 or 15(d) of the Securities Exchange Act
of 1934 on Form 10-K with the Securities and Exchange Commission.

          “Assignment of Additional Assets” means any and all documents necessary to assign an
interest in an Additional Collateral Certificate and any other assets related thereto and
comparable to assets described in the Granting Clause, including an assignment substantially in the
form attached hereto as Exhibit A of this Indenture.

          “Authenticating Agent” means any Person authorized by the Indenture Trustee to
authenticate Notes under Section 815.

          “Authorized Newspaper” means, with respect to any Series, Class or Tranche of Notes,
publication in the newspaper of record specified in the applicable Indenture Supplement for that
Series, Class or Tranche of Notes, or if and so long as Notes of any Series, Class or Tranche of
Notes 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.

          “Bearer Note” means a Note in bearer form.

          “Beneficiary” is defined in the Trust Agreement.

4

 

          “Business Day” unless otherwise specified in the Indenture Supplement for any Series,
Class or Tranche of Notes, means any day other than a Saturday, Sunday or a day on which banking
institutions in (v) New York, New York, (w) the County of New Castle, Delaware, (x) the city in
which the Corporate Trust Office is located, (y) St. Paul, Minnesota, or (z) the city in which the
principal executive offices of any additional seller with respect to any Master Trust is located
(or, with respect to any Series, Class or Tranche of Notes, any additional city specified in the
related Indenture Supplement) are not required or permitted by law to be closed.

          “Calculation Agent” means, for any Collateral Certificate, the Master Servicer under
the related Series Supplement.

          “Cash” means such coin or currency of the United States of America as at the time
shall be legal tender for payment of all public and private debts.

          “Certificate of Authentication” means the certificate of authentication of the
Indenture Trustee, the form of which is described in Section 203, or the alternative
certificate of authentication of the Authenticating Agent, the form of which is described in
Section 815.

          “Charge-Offs” means, for any Due Period, the sum of

          (a) the Series Investor Charged-Off Amount allocated to the Issuer as the Series 2007-CC
Certificateholder pursuant to the Series 2007-CC Supplement for such Due Period, and

          (b) any other amounts designated as “Series Investor Charged-Off Amounts” or a comparable term
and allocated to the Issuer under any Additional Collateral Certificate, the Assignment of
Additional Assets relating thereto or any related Series Supplement.

          “Charge-Off Allocation Percentage” means, for any Series of Notes, the sum of the
Nominal Liquidation Amounts for all Notes in such Series divided by the sum of the Nominal
Liquidation Amounts for all Notes.

          “Class” means, with respect to any Note, the class specified in the applicable
Indenture Supplement.

          “Collateral” has the meaning set forth in the Granting Clause of this Indenture. If
any Additional Collateral Certificate is added to the Trust pursuant to an Assignment of Additional
Assets, all assets described in the Granting Clause set forth therein shall also constitute
“Collateral.”

          “Collateral Certificate” means any Investor Certificate issued pursuant to a Pooling
and Servicing Agreement and the related Series Supplement that is included as Collateral.

          “Collections Account” has the meaning set forth in Section 402.

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          “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 office of the Indenture Trustee in Chicago,
Illinois at which at any particular time its corporate trust business will be principally
administered, which office at the date hereof is located at 209 S. LaSalle Street, Suite 300,
Chicago, Illinois 60604, Attention: U.S. Bank Corporate Trust Services.

          “Depositor” means Discover Bank in its capacity as depositor for the Trust.

          “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 an Event of Default and the
acceleration of such Note, in each case before the Expected Maturity Date of the applicable Note.

          “Discover Bank” means Discover Bank, a Delaware banking corporation, and its
successors and permitted assigns.

          “Distribution Date” means the 15th day of each calendar month (or, if such
day is not a Business Day, the next succeeding Business Day) commencing in [          ]
2007.

          “Dollar,” “$” or “U.S. $” means United States dollars.

          “Due Period” means, with respect to any Distribution Date, the calendar month
preceding the calendar month in which such Distribution Date occurs; provided, however, that with
respect to Series Finance Charge Collections, Series Interchange or Series Principal Collections
for any Additional Collateral Certificate, “Due Period” will have the meaning set forth in the
applicable Series Supplement or Pooling and Servicing Agreement.

          “Early Redemption Event” is defined in Section 1201.

          “Eligible Deposit Account” means either (a) a segregated account (including a
securities account) with an Eligible Institution or (b) a segregated trust account with the
corporate trust department of a depository institution (other than Discover Bank or any Affiliate
thereof) organized under the laws of the United States of America or any one of the states
thereof or the District of Columbia (or any U.S. branch of a foreign bank), or a trust company
acceptable

6

 

to each Note Rating Agency, and acting as a trustee for funds deposited in such account,
so long as any of the securities of such depository institution or trust company shall have a
credit rating from each Note Rating Agency in one of its generic credit rating categories which
signifies investment grade.

          “Eligible Institution” means (a) a depository institution (which may be the Indenture
Trustee, the Owner Trustee or any affiliate thereof, but not Discover Bank or any Affiliate
thereof) organized under the laws of the United States of America or any one of the states thereof,
including the District of Columbia (or any U.S. branch of a foreign bank), which at all times (i)
has either (x) a long-term unsecured debt rating of [A2] or better by Moody’s or (y) a certificate
of deposit rating of [P-1] by Moody’s, (ii) has either (x) a long-term unsecured debt rating of
[AA-] by Standard & Poor’s or (y) a certificate of deposit rating of [A-1] by Standard & Poor’s,
(iii) has either (x) if such institution is rated by Fitch, a long-term unsecured debt rating of
[A-] by Fitch or (y) a certificate of deposit rating of [F1] by Fitch and (iv) is a member of the
FDIC or (b) any other institution that is acceptable to Moody’s, Standard & Poor’s and Fitch.

          “Entity” means any Person other than an individual or government (including any agency
or political subdivision thereof).

          “Event of Default” is defined in Section 701.

          “Excess Spread Early Redemption Period” has, for any Note, the meaning set forth in
the Indenture Supplement relating to the Series to which such Note belongs.

          “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

          (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 Maturity Date” means, with respect to any Series, Class or Tranche of Notes,
the scheduled due date of the final or only payment of principal on such Notes, as specified in the
related Indenture Supplement.

          “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

7

 

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.

          “Finance Charge Allocation Amount” with respect to any Note for any Due Period means
the Nominal Liquidation Amount for such Note as of the close of business on the last day of such
Due Period; provided, however, that unless otherwise specified in the applicable Indenture
Supplement, with respect to any Note for which an Early Redemption Event or Event of Default has
occurred, “Finance Charge Allocation Amount” shall mean, in each case, the Nominal Liquidation
Amount immediately prior to the date of the Early Redemption Event or Event of Default for such
Note. Notwithstanding the foregoing, on any date prior to the occurrence of an Early Redemption
Event or Event of Default for a Tranche, at the direction of the Beneficiary and subject to
confirmation from the applicable Note Rating Agencies that such action will not have a Ratings
Effect, the Issuer may notify the Indenture Trustee that the proviso to the preceding sentence
shall no longer apply with respect to such Tranche.

          “Finance Charge Allocation Percentage” for each Series means the sum of the Finance
Charge Allocation Amounts for all Notes in such Series divided by the sum of the Finance Charge
Allocation Amounts for all Notes in all Series.

          “Finance Charge Amounts” means, for any Due Period, the sum of

          (a) the Series Finance Charge Collections distributed to the Issuer as the Series 2007-CC
Certificateholder pursuant to Section 9 of the Series 2007-CC Supplement for such Due
Period,

          (b) the Series Interchange distributed to the Issuer as the Series 2007-CC Certificateholder
pursuant to Section 9 of the Series 2007-CC Supplement for such Due Period, and

          (c) any other amounts designated as “Series Finance Charge Collections” or “Series Interchange
Collections” or a comparable term and distributed to the Issuer under any
Additional Collateral Certificate, the Assignment of Additional Assets relating thereto or any
related Series Supplement.

8

 

          “Finance Charge Prefunding Negative Spread Amounts” means, for any Due Period, the sum
of

          (a) the amount of the Finance Charge Collections otherwise allocable to Discover Bank as
Holder of the Seller Certificate that is instead allocated to cover Prefunding Negative Spread
pursuant to the proviso to the definition of “Series Finance Charge Collections” under the Series
2007-CC Supplement for such Due Period, and

          (b) the portion of any seller amounts similar to those described in clause (a) that are
allocated to any Additional Collateral Certificate under any applicable Series Supplement.

          “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 Currency Note” means a Note denominated in a Foreign Currency.

          “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.

          “Holder,” when used with respect to any Note, means a Noteholder, or with respect to
the Series 2007-CC Collateral Certificate or any Additional Collateral Certificate, has the meaning
set forth in the related Pooling and Servicing Agreement.

          “Holder of the Seller Certificate” with respect to any Master Trust has the meaning
set forth in the applicable Pooling and Servicing Agreement.

          “Indenture” or “this Indenture” means this Indenture as originally executed
and as amended, supplemented, restated, amended and restated, replaced or otherwise modified from
time to time including by Indenture Supplements for the issuance of Series of Notes.

          “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 301, together with any applicable Terms Document for any Classes and Tranches of
Notes belonging to such Series 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.

          “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

9

 

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.

          “Initial Dollar Principal Amount” means (a) unless otherwise specified in the
applicable Indenture Supplement, with respect to a Series, Class or Tranche of Dollar Notes, the
aggregate initial principal amount of the Outstanding Notes of such Series, Class or Tranche, and
(b) with respect to a Series, Class or Tranche of Discount Notes or Foreign Currency Notes, the
amount specified in the applicable Indenture Supplement as the Initial Dollar Principal Amount
thereof.

          “Interest Accrual Period” shall have the meaning specified in the Indenture
Supplement.

          “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,
of that Series, Class or Tranche of Notes, each Distribution Date will also be an Interest Payment
Date.

          “Internal Revenue Code” means the Internal Revenue Code of 1986, as amended from time
to time.

          “Investor Certificate” has the meaning set forth in the related Pooling and Servicing
Agreement.

          “Investor Certificateholder” has the meaning set forth in the related Pooling and
Servicing Agreement.

          “Investor Certificateholders’ Monthly Statement” means the statement to be prepared by
the Master Servicer pursuant to Section 11 of the Series 2007-CC Supplement, and any
comparable statement under the Pooling and Servicing Agreement for any Additional Collateral
Certificate.

          “Investment Company Act” means the Investment Company Act of 1940, as amended from
time to time.

          “Issuer” is defined in the first paragraph of this Indenture.

10

 

          “Issuer Accounts” means, collectively, the Collections Account and any Issuer Account
established under Section 402 hereof or under any Indenture Supplement, including any
Subaccounts thereof.

          “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
Series, Class or 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 an employee of the Beneficiary.

          “Issuer Tax Opinion” means, with respect to any action, an Opinion of Counsel to the
effect that, for United States 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
was characterized as debt at the time of its 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.

          “LIBOR”, if applicable with respect to any Tranche of Notes, shall have the meaning
specified in the Indenture Supplement.

          “Lien” shall mean any mortgage, deed of trust, pledge, hypothecation, encumbrance,
lien or other security agreement, including, without limitation, any conditional sale or other
title retention agreement, and any financing lease having substantially the same economic effect as
any of the foregoing.

          “Majority Holders” means, with respect to any Series, Class or Tranche of Notes or all
Outstanding Notes, the Holders of greater than 50% 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
(such percentage to be calculated without taking into account the Outstanding Dollar Principal
Amount represented by any Note beneficially owned by the Beneficiary or any Affiliate or agent of
the Beneficiary).

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          “Master Servicer” means, with respect to Series 2007-CC Collateral Certificate,
Discover Bank as master servicer under the Pooling and Servicing Agreement for the Discover Card
Master Trust I and any successor servicer thereunder, and for any Additional Collateral
Certificate, the master servicer and any successor servicer under any related Pooling and Servicing
Agreement.

          “Master Trust” means the Discover Card Master Trust I, as established by the Pooling
and Servicing Agreement for the Discover Card Master Trust I, and any master trust, as established
by any other Pooling and Servicing Agreement.

          “Master Trust Tax Opinion” means, with respect to any action, an Opinion of Counsel to
the effect that, for United States federal income tax purposes, (a) such action will not adversely
affect the tax characterization as debt of the Investor Certificates of any outstanding series or
class under the applicable Master Trust that were characterized as debt at the time of their
issuance, (b) following such action such 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.

          “Master Trust Trustee” means U.S. Bank National Association, as trustee under the
Pooling and Servicing Agreement for the Discover Card Master Trust I, and any successor trustee
thereunder, and any trustee under any other Pooling and Servicing Agreement, and any successor
trustee thereunder.

          “Material 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 at the time of
its occurrence (a) result in the occurrence of an Early Redemption Event or Event of Default
relating to such Series, Class or Tranche of Notes, as applicable, (b) materially adversely affect
the amount of funds available to be distributed to the Noteholders of any such Series, Class or
Tranche of Notes pursuant to this Indenture or the timing of such distributions, or (c) materially
adversely affect the Security Interest of the Indenture Trustee in the Collateral securing the
Outstanding Notes unless otherwise permitted by this Indenture.

          “Monthly Principal Accretion Date” with respect to any Class or Tranche of Notes, is
defined in the Indenture Supplement.

          “Moody’s” means Moody’s Investors Service, Inc., or any successor thereto.

          “Nominal Liquidation Amount” means, with respect to any Outstanding Series, Class or
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 Classes or Tranches of Notes of such Series.

          “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 Owner” means the beneficial owner of an interest in a Global Note.

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          “Note Rating Agency” means, with respect to any Outstanding Series, Class or Tranche
of Notes, each nationally recognized statistical rating organization selected by the Issuer to rate
such Notes, provided, however, that unless otherwise specified in the applicable Indenture
Supplement, for purposes of any provision of this agreement that requires consent from any Note
Rating Agency or confirmation from the Note Rating Agencies that such provision shall not have a
Ratings Effect, “Note Rating Agency” shall mean only Moody’s, Standard & Poors, Fitch and any Note
Rating Agency rating at least 25% of the Outstanding Dollar Principal Amount of the 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 a Vice President (or an officer
holding an office with equivalent or more senior responsibilities or in the case of the
Beneficiary, any executive of such Beneficiary designated in writing by a Vice President of such
Beneficiary for this purpose) of the Beneficiary or the Owner Trustee and delivered to the
Indenture Trustee.

          “Opinion of Counsel” means a written opinion of counsel, who may be counsel for or an
employee of the Issuer, the Beneficiary, Discover Bank or any of their Affiliates.

          “Outstanding” means, with respect to all Notes, all Notes issued under this Indenture,
and 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, in each case:

          (a) any Notes theretofore canceled by the Indenture Trustee or delivered to the Indenture
Trustee for cancellation, or canceled by the Issuer and delivered to the Indenture Trustee 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 or the related
Indenture Supplement, or provision therefor satisfactory to the Indenture Trustee has been made;

          (c) any Notes which are canceled pursuant to Section 603; and

          (d) any 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

13

 

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 taken any Action hereunder, and for purposes of Section
904, Notes beneficially owned by the Issuer or the Beneficiary or any Affiliate of the Issuer
or the Beneficiary will be disregarded and deemed not to be Outstanding. In determining whether
the Indenture Trustee will be protected in relying upon any such Action, only Notes which a
Responsible Officer of the Indenture Trustee knows to be owned by the Issuer or the Beneficiary, or
any Affiliate of the Issuer or the Beneficiary, will be so disregarded. Notes so owned which have
been pledged in good faith may be regarded as Outstanding if the pledgee proves 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 or the Beneficiary or any other obligor upon the Notes or any
Affiliate of the Issuer, the Beneficiary or such other obligor.

          “Outstanding Dollar Principal Amount” means at any time, either:

          (a) with respect to any Series, Class or Tranche of Notes (other than 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 any Issuer Account or Subaccount for such
Series, Class or Tranche of Notes for payment of principal to the Holders of such Series, Class or
Tranche of Notes or the applicable Derivative Counterparty pursuant to the related Indenture
Supplement, or

          (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;

plus, in either case, the amount of any increase in the Outstanding Dollar Principal Amount of such
Series, Class or Tranche of Notes due to the issuance of additional Notes of such Series, Class or
Tranche pursuant to Section 310.

          “Owner Trustee” has the meaning set forth in the Trust Agreement.

          “Paying Agent” means any Person authorized by the Issuer to pay the principal of or
interest on any Notes on behalf of the Issuer as provided in Section 1101 hereof.

          “Payment Date” means, with respect to any Series, Class or Tranche of Notes, the
applicable Principal Payment Date or Interest Payment Date.

          “Payment Instruction” means with respect to any Series of Notes, an instruction, the
form of which is attached as an exhibit to the related Indenture Supplement.

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          “Permanent Global Note” is defined in Section 205.

          “Permitted Investments” means:

          (a) negotiable instruments or securities represented by instruments in bearer or registered
form which evidence: (i) obligations issued or fully guaranteed, as to timely payment, by the
United States of America or any instrumentality or agency thereof when such obligations are backed
by the full faith and credit of the United States of America; (ii) time deposits in, or bankers’
acceptances issued by, any depository institution or trust company incorporated under the laws of
the United States of America or any state thereof (or any domestic branch of a foreign bank) and
subject to supervision and examination by federal or state banking or depository institution
authorities; provided, however, that at the time of the Trust’s investment or contractual
commitment to invest therein, the short-term deposits or commercial paper or, in the absence of a
rating on the short-term deposits or commercial paper of such depository institution or trust
company, the long-term unsecured debt obligations of such depository institution or trust company
shall have the Highest Rating; (iii) commercial paper or other short-term obligations having, at
the time of the Trust’s investment or contractual commitment to invest therein, the Highest Rating;
or (iv) investments in money market funds having the Highest Rating;

          (b) demand deposits in the name of the Trust or the Indenture Trustee in any depository
institution or trust company referred to in clause (a) (ii) above;

          (c) securities not represented by an instrument, which are registered in the name of the
Indenture Trustee upon books maintained for that purpose by or on behalf of the issuer thereof and
identified on books maintained for that purpose by the Indenture Trustee as held for the benefit of
the Trust or the Noteholders, and consisting of shares of an open end diversified investment
company which is registered under the Investment Company Act of 1940, as amended, 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 its date of purchase or other Permitted Investments, (ii) seeks to maintain a
constant net asset value per share and (iii) has aggregate net assets of not less than $100,000,000
on the date of purchase of such shares, and which will not result in a reduction or withdrawal of
the rating of any Tranche or Class of any Series then outstanding as confirmed in writing by the
Note Rating Agencies;

          (d) a guaranteed investment contract (guaranteed as to timely payment), the terms of which
meet the criteria of the Note Rating Agencies and with an entity whose credit standards meet the
criteria of the Note Rating Agencies necessary to preserve the rating of each Tranche or Class of
each Series of Notes then outstanding;

          (e) money market mutual funds (including those offered or managed by the Indenture Trustee or
an Affiliate thereof) registered under the Investment Company Act of 1940, as amended, having a
rating, at the time of such investment, of no less than Aaa by Moody’s, AAA by Standard & Poor’s
and AAA by Fitch, if rated by Fitch;

          (f) repurchase agreements transacted with either

15

 

          (i) an entity subject to the Federal Bankruptcy Code, provided that (A) the
term of the repurchase agreement is consistent with the requirements set forth in
Section 403(a) with regard to the maturity of Permitted Investments or is
due on demand, (B) the Indenture Trustee or a third party acting solely as agent for
the Indenture Trustee has possession of the collateral, (C) as evidenced by an
Officer’s Certificate delivered to the Indenture Trustee, the Indenture Trustee on
behalf of the Secured Parties has a perfected first priority security interest in
the collateral, (D) the market value of the collateral is maintained at the
requisite collateral percentage of the obligation in accordance with the standards
of the Note Rating Agencies, (E) the failure to maintain the requisite collateral
level will obligate the Indenture Trustee to liquidate the collateral immediately,
(F) the securities subject to the repurchase agreement are either obligations of, or
fully guaranteed as to principal and interest by, the United States of America or an
agency thereof, certificates of deposit or bankers acceptances and (G) as evidenced
by an Officer’s Certificate delivered to the Indenture Trustee, the securities
subject to the repurchase agreement are free and clear of any third party lien or
claim; or

          (ii) a financial institution insured by the FDIC, or any broker-dealer with
“retail customers” that is under the jurisdiction of the Securities Investors
Protection Corp. (“SIPC”), provided that (A) the market value of the collateral is
maintained at the requisite collateral percentage of the obligation in accordance
with the standards of the Note Rating Agencies, (B) the Indenture Trustee or a third
party acting solely as agent for the Indenture Trustee has possession of the
collateral, (C) as evidenced by an Officer’s Certificate delivered to the Indenture
Trustee, the Indenture Trustee on behalf of the Secured Parties has a perfected
first priority security interest in the collateral, (D) as evidenced by an Officer’s
Certificate delivered to the Indenture Trustee, the collateral is free and clear of
third party liens; and, in the case of an SIPC broker, was not acquired pursuant to
a repurchase or reverse repurchase agreement and (E) failure to maintain the
requisite collateral percentage will obligate the Indenture Trustee to liquidate the
collateral; and

          (g) any other investment, excluding equity investments, if each Note Rating Agency confirms in
writing that such investment will not cause a Ratings Effect;

provided, however, that at the time of the Trust’s investment or contractual commitment to invest
in any such repurchase agreement, the short-term deposits or commercial paper rating or, in the
absence of a rating on the short-term deposits or commercial paper of such entity or institution,
the long-term unsecured debt obligations of such entity or institution shall have a credit rating
not lower than the Highest Rating. Permitted Investments shall include, without limitation,
securities of Discover Bank or any of its affiliates which otherwise qualify as a Permitted
Investment under clause (a), (b), (c), (d) or (e) above. For purposes of this definition of
Permitted Investments, “Highest Rating” shall mean, with respect to Moody’s, P-1 or Aaa, and, with
respect to Standard & Poor’s, A-1+ or AAA, or with respect to either Standard & Poor’s or Moody’s,
any rating category which will not cause a reduction in or withdrawal of the rating of

16

 

any Tranche or Class of any Series of Notes then outstanding, as confirmed in writing by the
applicable Note Rating Agency.

          “Person” means any individual, corporation, estate, partnership, limited liability
company, limited liability partnership, joint venture, association, joint-stock company, business
trust, statutory trust, trust, unincorporated organization, government or any agency or political
subdivision thereof, or other entity of a similar nature.

          “Place of Payment” means, with respect to any Series, Class or Tranche of Notes issued
hereunder, the city or political subdivision so designated with respect to such Series, Class or
Tranche of Notes in accordance with the provisions of Section 1102.

          “Pooling and Servicing Agreement” means, for the Discover Card Master Trust I, that
certain Amended and Restated Pooling and Servicing Agreement dated as of November 3, 2004 by and
between Discover Bank, as master servicer, servicer and seller and U.S. Bank National Association,
as trustee, as the same may be amended, supplemented, restated, amended and restated, replaced or
otherwise modified from time to time, and for any other Master Trust shall have the meaning set
forth in the Assignment of Additional Assets.

          “Prefunding Finance Charge Allocation Percentage” means, for any Series of Notes, the
Prefunding Negative Spread for such Series divided by the sum of the Prefunding Negative Spreads
for all Series of Notes.

          “Prefunding Negative Spread” with respect to any Note has the meaning set forth in the
applicable Indenture Supplement.

          “Principal Allocation Amount” with respect to any Note for any Due Period means the
Nominal Liquidation Amount for such Note as of the close of business on the last day of such Due
Period; provided, however, that with respect to any Note (x) for which an Early Redemption Event or
Event of Default has occurred, (y) in its Accumulation Period, or (z) for which the Targeted
Prefunding Deposit is greater than zero, “Principal Allocation Amount” shall mean, in each case,
the Nominal Liquidation Amount as of the close of business on the last day of such Due Period
immediately prior to the earliest to occur of (i) the date of the Early Redemption Event or Event
of Default for such Note, (ii) the start of the Accumulation Period for such Note, or (iii) the
first date on which the Targeted Prefunding Deposit for such Note is greater than zero (unless the
Targeted Prefunding Deposit for such Note has thereafter been reduced to zero).

          “Principal Allocation Percentage” for each Series means the sum of the Principal
Allocation Amounts for all Notes in such Series divided by the sum of the Principal Allocation
Amounts for all Notes in all Series.

          “Principal Amounts” means, for any Due Period, the sum of

          (a) the Series Principal Collections distributed to the Issuer as the Series 2007-CC
Certificateholder pursuant to Section 9 of the Series 2007-CC Supplement for such Due
Period, and

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          (b) any other amounts designated as “Series Principal Collections” or a comparable term and
distributed to the Issuer under any Additional Collateral Certificate, the Assignment of Additional
Assets relating thereto or any related Series Supplement.

          “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, each
Distribution Date, or in the event of a cleanup call, the date of redemption in accordance with
Section 1202.

          “Proceeds”: means,

          (i) any property (including but not limited to Cash and securities) received as a distribution
on the Collateral or any portion thereof;

          (ii) any property (including but not limited to Cash and securities) received in connection
with the sale, liquidation, exchange or other disposition of the Collateral or any portion thereof;
and

          (iii) all proceeds (as such term is defined in Section 9-102(a)(64) of the UCC) of the
Collateral or any portion thereof.

          “Ratings Effect” means a reduction, qualification with negative implications or
withdrawal of any then current rating of the Notes of any Series, Class or Tranche (other than as a
result of the termination of a Note Rating Agency).

          “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 (Jan. 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 Daily Deposit” means, for a day in a Due Period, for each Collateral
Certificate comprising part of the Pledged Assets:

          (a) with respect to the Series 2007-CC Collateral Certificate,

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          (i) the amount of Series Finance Charge Collections for such day, until the aggregate
amount deposited during such Due Period pursuant to this clause (a)(i) and clause (b)(i)
equals the sum of the Required Daily Deposit Targeted Finance Charge Amounts for all
Tranches of Notes,

          (ii) the amount of Series Principal Collections for such day, until the aggregate
amount deposited during such Due Period pursuant to this clause (a)(ii) and clauses
(a)(iii), (b)(ii) and (b)(iii) equals the sum of the Required Daily Deposit Targeted
Principal Amounts for all Tranches of Notes and

          (iii) until the aggregate amount deposited during such Due Period pursuant to this
clause (a)(iii) and clauses (a)(ii), (b)(ii) and (b)(iii) equals the sum of the Required
Daily Deposit Targeted Principal Amounts for all Tranches of Notes, the product of (I) the
amount of Series Principal Collections for such day for each other series in the Discover
Card Master Trust I in the Group to which Series 2007-CC belongs which is in its Revolving
Period, and (II) the Principal Distribution Amount for Series 2007-CC divided by the sum of
the Principal Distribution Amounts for Series 2007-CC and for each other series in the Group
to which Series 2007-CC belongs that is not in its Amortization Period or Revolving Period
(as each such term is defined in the applicable series supplement to the Pooling and
Servicing Agreement for the Discover Card Master Trust I), and

          (b) with respect to each Additional Collateral Certificate,

          (i) the amount of Series Finance Charge Collections for such day, until the aggregate
amount deposited during such Due Period pursuant to this clause (b)(i) and clause (a)(i)
equals the sum of the Required Daily Deposit Targeted Finance Charge Amounts for all
Tranches of Notes,

          (ii) the amount of Series Principal Collections for such day, until the aggregate
amount deposited during such Due Period pursuant to this clause (b)(ii) and clauses (a)(ii),
(a)(iii) and (b)(iii) equals the sum of the Required Daily Deposit Targeted Principal
Amounts for all Tranches of Notes and

          (iii) until the aggregate amount deposited during such Due Period pursuant to this
clause (b)(iii) and clauses (a)(ii), (a)(iii) and (b)(ii) equals the sum of the Required
Daily Deposit Targeted Principal Amounts for all Tranches of Notes, the total amount
available to be reallocated to such Additional Collateral Certificate from other series
issued by the applicable Master Trust, as determined in accordance with the applicable
Series Supplement and Pooling and Servicing Agreement.

Notwithstanding the foregoing, on any day on which the Required Daily Deposit Target Finance Charge
Amount is adjusted because (i) LIBOR or any other applicable floating interest rate index (or other
amount or rate basis as specified in the related Indenture Supplement) which could not previously
be determined for purposes of calculating such amount has been determined for the applicable
Interest Accrual Period or (ii) the Issuer issues additional Notes, the amount of such adjustment
shall be deposited by the applicable servicer into the applicable Collections Account

19

 

if the adjustment increases the sum of the Required Daily Deposit Target Finance Charge Amounts,
and may be withdrawn by such servicer from such Collections Account if the adjustment decreases the
sum of the Required Daily Deposit Target Finance Charge Amounts.

          “Required Daily Deposit Targeted Finance Charge Amounts” has, for any Note, the
meaning set forth in the Indenture Supplement relating to such Notes.

          “Required Daily Deposit Targeted Principal Amounts” has, for any Note, the meaning set
forth in the Indenture Supplement relating to such Notes.

          “Required Subordinated Amount” means, with respect to any Tranche of a Senior Class of
Notes, the amount specified in the related Indenture Supplement.

          “Responsible Officer” shall mean, with respect to the Indenture Trustee, any officer
within the Corporate Trust Office of the Indenture Trustee with direct responsibility for the
administration of the Indenture, any documents related thereto and the Issuer Accounts, and also,
with respect to a particular matter, any other officer to whom such matter is referred because of
such officer’s knowledge of and familiarity with the particular subject.

          “Sarbanes Certification” has the meaning specified in Section 1504(c).

          “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 of this Indenture.

          “Senior Class,” with respect to a Class of Notes of any Series, is defined in the
related Indenture Supplement.

          “Series” means, with respect to any Note, the Series specified in the applicable
Indenture Supplement.

          “Series 2007-CC Collateral Certificate” means the Series 2007-CC Certificate issued
pursuant to, and all rights and benefits allocated to the Series 2007-CC Collateral Certificate
under, the Pooling and Servicing Agreement for the Discover Card Master Trust I and the Series
2007-CC Supplement, as amended, supplemented, restated, amended and restated, replaced or otherwise
modified from time to time.

          “Series 2007-CC Collateral Certificate Percentage” means, with respect to the Series
2007-CC Collateral Certificate, initially 100%, and at any time after the inclusion of any
Additional Collateral Certificate in the Trust Estate, the percentage equivalent of a fraction, the

20

 

numerator of which is the Series Investor Interest for the Series 2007-CC Collateral
Certificate and the denominator of which is the sum of the Series Investor Interests for all
Collateral Certificates.

          “Series 2007-CC Supplement” means the Series 2007-CC Supplement to the Pooling and
Servicing Agreement for the Discover Card Master Trust I dated as of [                     ], as the same may be
amended, supplemented, restated, amended and restated, replaced or otherwise modified from time to
time.

          “Series Finance Charge Collections” means, with respect to any Collateral Certificate,
amounts designated as “Series Finance Charge Collections” or a comparable term in the applicable
Series Supplement.

          “Series Interchange” means, with respect to any Collateral Certificate, amounts
designated as “Series Interchange” or a comparable term in the applicable Series Supplement.

          “Series Investor Charged-Off Amounts,” with respect to any Collateral Certificate, has
the meaning set forth in the related Series Supplement.

          “Series Investor Interest,” with respect to any Collateral Certificate, has the
meaning set forth in the related Series Supplement.

          “Series Principal Collections” means, with respect to any Collateral Certificate,
amounts designated as “Series Principal Collections” or a comparable term in the applicable Series
Supplement.

          “Series Supplement” means, with respect to any Collateral Certificate, any series
supplement to the applicable Pooling and Servicing Agreement under which such Collateral
Certificate was issued, in each case as the same may be amended, supplemented, restated, amended
and restated, replaced or otherwise modified from time to time.

          “Servicing Criteria” means the “servicing criteria” set forth in Item 1122(d) of
Regulation AB, as such may be amended from time to time.

          “Servicing Fee” has the meaning set forth in Section 504.

          “Servicing Fee Allocation Percentage” means, for any Series of Notes, the sum of the
Nominal Liquidation Amounts for all Notes in such Series divided by the sum of the Nominal
Liquidation Amounts for all Notes.

          “Standard & Poor’s” means Standard & Poor’s Ratings Services, a division of the
McGraw-Hill Companies, Inc., or any successor thereto.

          “Stated Principal Amount,” with respect to any Note, has the meaning specified in the
related Indenture Supplement or Terms Document.

          “Subaccount” means each portion of an Issuer Account designated as such pursuant to
this Indenture or the related Indenture Supplement.

21

 

          “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 Credit Enhancement Agreement” means a letter of credit, cash collateral
account or surety bond or other similar arrangement with any credit enhancement provider which
provides the benefit of one or more forms of credit enhancement which is referenced in the
applicable Indenture Supplement for any Tranche of Notes.

          “Supplemental Credit Enhancement Provider” means any party to any Supplemental Credit
Enhancement Agreement other than the Issuer or the Indenture Trustee.

          “Supplemental Liquidity Agreement” means any liquidity facility or other liquidity
agreement which provides the benefit of liquidity for any Tranche of Notes which is referenced in
the applicable Indenture Supplement for such Tranche of Notes.

          “Supplemental Liquidity Provider” means any party to any Supplemental Liquidity
Agreement other than the Issuer or the Indenture Trustee.

          “Targeted Prefunding Deposit” has, for any Note, the meaning set forth in the
Indenture Supplement relating to the Series to which such Notes belongs.

          “Temporary Global Note” is defined in Section 205.

          “Terms Document” means, with respect to any Class or Tranche of Notes, a supplement to
the Indenture Supplement that establishes such Class or Tranche.

          “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.

          “Trust” has the meaning set forth in the first paragraph of this Indenture.

          “Trust Agreement” means the Trust Agreement dated as of [                      ] between the Beneficiary
and the Owner Trustee, as the same may be amended, supplemented, restated, amended and restated,
replaced or otherwise modified from time to time.

          “Trust Estate” is defined in the Trust Agreement.

          “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 the Uniform Commercial Code, as in effect in the relevant jurisdiction.

22

 

          “United States Person” has the meaning provided in Section 7701(a)(30) of the Internal
Revenue Code.

          “U.S. Depository” means, unless otherwise specified by the Issuer pursuant to any of
Section 204, 206 or 301, with respect to Notes of any Tranche issuable or
issued as a 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 or regulation.

          Section 102. 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. If Notes of a Series, Class or Tranche are issuable in whole or in part as Bearer Notes,
any Action provided by this Indenture to be given or taken by such Noteholders may, alternatively,
be embodied in and evidenced by the record of such Noteholders voting in favor thereof, either in
person or by proxies duly appointed in writing, at any meeting of Noteholders duly called and held
in accordance with the provisions of Section 904, or a combination of such instruments and
any such record. 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 any such record (and the
Action embodied therein and evidenced thereby) are herein sometimes referred to as the
“Act” of the Noteholders signing such instrument or instruments and so voting at any
meeting. Proof of execution of any such instrument or of a writing appointing any such agent, or
the holding by any Person of a Note, 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 102. The record of any meeting of Noteholders
shall be proved in the manner provided in Section 904.

          (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

23

 

and the Indenture
Trustee by any bank, trust company or recognized securities dealer, as depositary, 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 is 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) The fact and date of execution of any such instrument or writing, the authority of the
Person executing the same and the principal amount and serial numbers of Bearer Notes held by the
Person so executing such instrument or writing and the date of holding the same may also be proved
in any other manner which the Indenture Trustee deems sufficient; and the Indenture Trustee may in
any instance require further proof with respect to any of the matters referred to in this Section.

          (e) If the Issuer will solicit from the Holders any Action, the Issuer may, at its option, by
an Officer’s Certificate and consistent with the Trust Indenture Act, 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.

          (f) Any 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.

          (g) Without limiting the foregoing, a Holder entitled hereunder to take any Action hereunder
with regard to any particular Note may do so with regard to all or any part of the principal amount
of such Note or by one or more duly appointed agents each of which may
do so pursuant to such appointment with regard to all or any part of such principal amount.
Any notice given or Action taken by a Holder or its agents with regard to different parts of such
principal amount pursuant to this paragraph shall have the same effect as if given or taken by
separate Holders of each such different part.

24

 

          (h) Without limiting the generality of the foregoing, unless otherwise specified pursuant to
Section 301 or pursuant to one or more Indenture Supplements, a Holder, including a
Depository that is the Holder of a Global Note, may make, give or take, by a proxy or proxies duly
appointed in writing, any Action provided in this Indenture to be made, given or taken by Holders,
and a Depository that is the Holder of a Global Note may provide its proxy or proxies to the
beneficial owners of interests in or security entitlements to any such Global Note through such
Depository’s standing instructions and customary practices.

          (i) The Issuer may fix a record date for the purpose of determining the Persons who are
beneficial owners of interests in or security entitlements to any Global Note held by a Depository
entitled under the procedures of such Depository to make, give or take, by a proxy or proxies duly
appointed in writing, any Action provided in this Indenture to be made, given or taken by Holders.
If such a record date is fixed, the Holders on such record date or their duly appointed proxy or
proxies, and only such Persons, shall be entitled to make, give or take such Action, whether or not
such Holders remain Holders after such record date. No such Action shall be valid or effective if
made, given or taken more than 90 days after such record date.

          Section 103. 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, the Indenture Trustee by any Noteholder or by the
Issuer will be sufficient for every purpose hereunder if in writing and mailed, first-class postage
prepaid or sent via facsimile transmission to the Indenture Trustee at its Corporate Trust Office,
or the Issuer by the Indenture Trustee or by any Noteholder will be sufficient for every purpose
hereunder (except as provided in Subsection 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 104. Compliance Certificates and Opinions. 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 105. Notices to Noteholders; Waiver.

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          (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 a 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, send by 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,
sent by 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.

          (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 Series, Class or 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 Series, Class or Tranche of Notes, the applicable Indenture Supplement
may specify different or additional means of giving notice to the Holders of the Notes of such
Series, Class or 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 a Material Adverse Effect.

          Section 106. 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

26

 

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 107. 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 108. 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 109. Severability of Provisions. 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 110. 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), Supplemental Credit Enhancement Providers and Supplemental Liquidity
Providers (each to the extent specified in the applicable Supplemental Credit Enhancement Agreement
and Supplemental Liquidity Agreement, as applicable) 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 111. Governing Law. THIS INDENTURE WILL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE
OF NEW YORK, INCLUDING SECTION 5-1401 OF THE GENERAL OBLIGATION LAW, WITHOUT REFERENCE TO ANY
CONFLICT OF LAW PROVISIONS THAT WOULD RESULT IN THE APPLICATION OF THE LAWS OF ANY OTHER STATE.

          Section 112. 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 113. Indenture Referred to in the Trust Agreement. This is the Indenture referred to in the Trust Agreement.

27

 

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.

          Section 203. Authentication of Notes; Form of Indenture Trustee’s Certificate of
Authentication. The Indenture Trustee will authenticate and deliver, upon the order of Discover Bank as
Beneficiary of the Trust, the Notes of each Series, Class or Tranche, to be issued under any
Indenture Supplement. The form of Indenture Trustee’s Certificate of Authentication for any Note
issued pursuant to this Indenture will be substantially as follows:

          INDENTURE 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.

	 	 	 	 	 
	 	U.S. BANK NATIONAL ASSOCIATION,

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 authentication order delivered to the Indenture Trustee
or

28

 

its agent thereunder in accordance with Section 203, 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 Maturity
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 Discover Bank, as Beneficiary of the Trust,
will specify in such authentication order, (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.

          (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 authentication order
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.

29

 

          (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 a written request by the
Issuer 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 and is continuing with respect to such Global
Notes, and Holders of Notes evidencing more than 50% of the unpaid Outstanding Dollar
Principal Amount of the Global Notes of that Series, Class or 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.

          (v) In any exchange provided for in any of the preceding four 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 four
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.

30

 

          (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 applicable portion or the entire aggregate principal amount of such Series,
Class or 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 or security entitlements to Temporary Global Notes for beneficial interests in or
security entitlements to 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 Series, Class or 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 the office of 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 Outstanding Dollar Principal Amount of such Series, Class or Tranche of Notes.
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 its beneficial interest in or security entitlement to the Temporary
Global Note 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 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 B-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 or
Foreign Depository and dated 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 B-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 B-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

31

 

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 or Foreign Depository.

          (c) The delivery to the Indenture Trustee by a foreign clearing agency or Foreign Depository
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 interest on the Notes until
they have exchanged their beneficial interests or security entitlements to 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 or
Depository and the clearing agency’s or Depository’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 or Depository and the clearing agency’s or Depository’s participants and will be
limited to those established by law and agreements between such Note Owners and the clearing agency
or Depository and/or the clearing agency’s or Depository’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 agency or Depository will make book-entry transfers
among the clearing agency’s or Depository’s participants and receive and transmit distributions of
principal and interest on the related Notes to such clearing agency’s or Depository’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
Outstanding Dollar 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 or security entitlements to Notes evidencing the requisite percentage of principal
amount of Notes.

32

 

          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 clearing agency or Depository.

[END OF ARTICLE II]

33

 

ARTICLE III

THE NOTES

          Section 301. General Title; General Limitations; Issuable in Series; Terms of a Series,
Class or Tranche of Notes.

          (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 (i) the actual time of the authentication and delivery, (ii)
Expected Maturity Date or (iii) 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 of
Notes.

          (c) Each Note issued must be part of a Series, Class and Tranche of Notes for purposes of
allocations pursuant to the related Indenture Supplement. 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 a Terms Document, each related to the Indenture Supplement for the
applicable Series.

          (d) 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.

          (e) 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.

          (f) 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.

          (g) Before the initial issuance of Notes of each Series, Class or Tranche, there shall also be
established in or pursuant to an Indenture Supplement or pursuant to a Terms Document related to
the applicable Indenture Supplement, provision for:

          (i) the Series designation;

          (ii) the Stated Principal Amount of the Notes;

          (iii) whether such Notes are of a particular Class of Notes or a Tranche of a Class of
Notes;

34

 

          (iv) the Required Subordinated Amount (if any) for such Class or Tranche of Notes;

          (v) 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;

          (vi) if the principal of or interest, if any, on such Notes is 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;

          (vii) 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;

          (viii) the price or prices at which such Series, Class or Tranche of the Notes will be
issued;

          (ix) the rate per annum at which such Series, Class or Tranche of 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;

          (x) each Interest Payment Date, Expected Principal Payment Date and the Legal Maturity
Date for such Series, Class or Tranche of Notes;

          (xi) whether such Series, Class or Tranche of Notes consists of Discount Notes and if
so the rate or method by which principal accretes thereon;

          (xii) the Initial Dollar Principal Amount of such Series, Class or Tranche of Notes,
and the means for calculating the Outstanding Dollar Principal Amount of such Series, Class
or Tranche of Notes;

          (xiii) the Nominal Liquidation Amount of such Series, Class or Tranche of Notes, and
the means for calculating the Nominal Liquidation Amount of such Series, Class or Tranche of
Notes;

          (xiv) whether or not application will be made to list such Series, Class or Tranche of
Notes on any securities exchange;

          (xv) any Events of Default or Early Redemption Events with respect to such Series,
Class or Tranche of 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 Series, Class or Tranche of Notes (including a provision

35

 

making any Event of Default or Early Redemption Event set forth herein inapplicable to the
Notes of that Series, Class or Tranche);

          (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 Series, Class or Tranche of 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) if such Series, Class or Tranche of Notes will be issued in whole or in part as
Registered Notes, Bearer Notes or both, whether such Series, Class or Tranche of Notes are
to be issued with or without coupons or both;

          (xix) the subordination of such Series, Class or Tranche of Notes to any other
indebtedness of the Issuer, including without limitation, the Notes of any other Series,
Class or Tranche;

          (xx) if such Series, Class or Tranche of Notes are to have the benefit of any
Derivative Agreement, the terms and provisions of such agreement;

          (xxi) if such Series, Class or Tranche of Notes is to have the benefit of any
Supplemental Credit Enhancement Agreement or Supplemental Liquidity Agreement, the terms and
provisions of the applicable agreement;

          (xxii) if such Series, Class or Tranche of Notes is to have the benefit of any reserve
account, the provisions relating to such account and the conditions to any deposits into or
withdrawals therefrom;

          (xxiii) the Record Date for any Payment Date of such Series, Class or Tranche of Notes,
if different from the last day of the month before the related Payment Date;

          (xxiv) the amount scheduled to be deposited on each Principal Payment Date during an
early redemption period or accumulation period for such Series, Class or Tranche of Notes;

          (xxv) whether and under what conditions, additional amounts will be payable to
Noteholders; and

          (xxvi) any other terms of such Notes as stated in the related Indenture Supplement;

36

 

all upon such terms as may be determined in or pursuant to an Indenture Supplement with respect to
such Series, Class or Tranche of Notes.

          (h) 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 or Terms Document 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.

          (i) 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.

          Section 302. Denominations. The Notes of each Series, Class or 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 Series, Class or Tranche, the Registered Notes of that Series, Class or
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 Series, Class or Tranche, the Bearer Notes
of that Series, Class or 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 receipt of an authentication order in accordance with Section
203 above, authenticate and deliver such Notes as in this Indenture provided and not otherwise.

          (d) 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.

          (e) Unless otherwise provided in the form of Note for any Series, Class or Tranche, all Notes
will be dated the date of their authentication.

37

 

          (f) 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.

          Section 304. Temporary Notes.

          (a) Pending the preparation of definitive Notes of any Series, Class or 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 Series, Class or Tranche are issued, the Issuer will cause
definitive Notes of such Series, Class or Tranche to be prepared without unreasonable delay. After
the preparation of definitive Notes, the temporary Notes of such Series, Class or Tranche will be
exchangeable for definitive Notes of such Series, Class or Tranche upon surrender of the temporary
Notes of such Series, Class or 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 Series, Class or Tranche of
authorized denominations and of like tenor and terms. Until so exchanged the temporary Notes of
such Series, Class or Tranche will in all respects be entitled to the same benefits under this
Indenture as definitive Notes of such Series, Class or 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 Series, Class or 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
Series, Class or 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 Series, Class or

38

 

Tranche of any authorized denominations, of a like aggregate Stated Principal Amount, Expected
Maturity Date and Legal Maturity Date and of like terms.

          (c) Subject to Section 204, at the option of the Holder, Notes of any Series, Class or
Tranche may be exchanged for other Notes of such Series, Class or Tranche of any authorized
denominations, of a like aggregate Stated Principal Amount, Expected Maturity 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 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 Series, Class and Tranche of Notes) 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 Indenture 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 indorsed, 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 before
the transfer or exchange will be complete, other than exchanges pursuant to Section 304 or
1006 not involving any transfer.

          (g) None of the Issuer, the Note Registrar or the Indenture Trustee shall be required (i) to
issue, register the transfer of or exchange any Notes of any Series, Class or Tranche during a
period beginning at the opening of business 15 days before the day of selection of Notes of such
Series, Class or Tranche to be redeemed and ending at the close of business on (A) if Notes of such
Series, Class or Tranche are issuable only as Registered Notes, the day of the mailing of the
relevant notice of redemption of Registered Notes of such Series, Class or Tranche so selected for
redemption or (B) if Notes of the Series, Class or Tranche are issuable as Bearer Notes, the day of
the first publication of the relevant notice of redemption or, if Notes of the Series, Class or
Tranche are also issuable as Registered Notes and there is no publication, the

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mailing of the
relevant notice of redemption or (ii) to register the transfer or exchange of any Notes or portions
thereof so selected for redemption.

          (h) Notwithstanding anything herein to the contrary, the exchange of Bearer Notes into
Registered Notes shall be subject to applicable laws and regulations in effect at the time of
exchange; none of the Issuer, the Indenture Trustee or the Note Registrar shall exchange any Bearer
Notes into Registered Notes if it has received an Opinion of Counsel that as a result of such
exchanges the Issuer or the Beneficiary would suffer adverse consequences under the United States
federal income tax laws and regulations then in effect and the Issuer has delivered to the
Indenture Trustee an Issuer Certificate directing the Indenture Trustee not to make such exchanges
unless and until the Indenture Trustee receives a subsequent Issuer Certificate to the contrary.
The Issuer shall deliver copies of such Issuer Certificates to the Note Registrar.

          (i) 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 of a Global Note or for
maintaining, supervising or reviewing any records relating to such beneficial ownership.

          (j) The Issuer initially appoints U.S. Bank National Association to act as Note Registrar for
the Registered Notes on its behalf. The Issuer may at any time and from time to time authorize any
Person to act as Note Registrar in place of the Indenture Trustee with respect to any Series, Class
or Tranche of Notes issued under this Indenture.

          (k) 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, 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 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, any requirements to transfer notes
that have not been registered under the Securities Act, including any forms of transferor or
transferee certifications, will be contained in the Terms Document relating to such notes.

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          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 Indenture Trustee
and the Note Registrar receive an Opinion of Counsel, satisfactory to each of them, to the effect
that such legend may be removed.

          The Indenture Trustee shall have no obligation or duty to monitor, determine or inquire as to
compliance with any restrictions on transfer imposed under this Indenture or under applicable law
with respect to any transfer of any interest in any Note other than to require delivery of such
certificates and other documentation or evidence as are expressly required by, and to do so if and
when expressly required by the terms of, this Indenture and any Indenture Supplement, and to
examine the same to determine substantial compliance as to form with the express requirements
hereof.

          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 Note
Registrar, or the Issuer, the Note Registrar or 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, the Note Registrar or 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, the Note
Registrar 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 Maturity 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 due and payable, the
Issuer shall, instead of issuing a new Note, pay such Note.

          (c) Upon the issuance of any new Note under this Section, the Issuer may require the payment
of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation
thereto and any other expenses (including the fees and expenses of the Indenture Trustee) connected
therewith.

          (d) Every new Note issued pursuant to this Section in lieu of any destroyed, lost or stolen
Note 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; Withholding Taxes.

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          (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 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.

          (c) The right of any Noteholder to receive interest on or principal of any Note shall be
subject to any applicable withholding or deduction imposed pursuant to the Internal Revenue Code or
other applicable tax law, including foreign withholding and deduction. Any amounts properly so
withheld or deducted shall be treated as actually paid to the appropriate Noteholder.

          Section 308. Persons Deemed Owners. Title to any Bearer Note, including any coupons appertaining thereto, shall pass by
delivery. 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 Subsection 102(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 is overdue, and none
of the Issuer, the Indenture Trustee, the Owner Trustee, the Beneficiary, 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. 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.

          Section 310. New Issuances of Notes.

          (a) Unless otherwise specified in the related Indenture Supplement, the Issuer may issue new
Notes of any Series, Class or Tranche, so long as the following conditions precedent are satisfied:

          (i) on or prior to the third Business Day before the date that the new issuance is to
occur, the Issuer delivers to the Indenture Trustee notice of such new 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:

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          (A) the Issuer reasonably believes that the new issuance will not cause
an Early Redemption Event or Event of Default for any Outstanding Notes (for
the avoidance of doubt, in giving this certification the Issuer need not
consider any effects on the timing of principal payments on Outstanding
Subordinated Notes caused by the issuance of Senior 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) the Series Investor Interest for a Collateral Certificate has been
increased by an amount equal to the product of (i) the Nominal Liquidation
Amount of any Notes to be issued by the Trust and (ii) the percentage of the
Nominal Liquidation Amount of such Notes to be allocated to that Collateral
Certificate, as determined by the Calculation Agent and notified to Discover
Bank; provided that the amount of such increase may be reduced to the extent
of any reductions in the Series Investor Interest as a result of reductions
in the Nominal Liquidation Amount of any Notes on the date of issuance in
connection with principal payments and deposits;

          (E) such other matters as the Indenture Trustee may reasonably request;

          (iii) on or prior to the date that the new issuance is to occur, the Issuer will have
delivered to the Indenture Trustee and each Note Rating Agency an Opinion of Counsel, which
may be from internal counsel of the Issuer or the Beneficiary, that 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 legally 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 are entitled to the benefits of this Indenture, equally and ratably with all
other Outstanding Notes, if any, of such Series, Class or Tranche, subject to the terms of
this Indenture, each Indenture Supplement and each Terms Document;

          (iv) on or prior to 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
for each applicable Master Trust and an Issuer Tax Opinion with respect to such issuance;

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          (v) if any additional conditions to the new issuance are specified in writing by a Note
Rating Agency to the Issuer, either (A) the Issuer satisfies such conditions or (B) the
Issuer obtains confirmation from the applicable Note Rating Agency that the new issuance
will not have a Ratings Effect on any Outstanding Notes;

          (vi) in the case of Bearer Notes described in Section 163(f)(2)(A) of the Internal
Revenue Code (without regard to subsection (iv) thereof), the issuance of such Notes shall
satisfy the requirements of Section 163(f)(2)(B) of the Internal Revenue Code;

          (vii) on or prior to the date that the new issuance is to occur, each of the Issuer and
the Indenture Trustee will have executed and delivered an Indenture
Supplement and, if
applicable, each of the Issuer and the Indenture Trustee will have executed and
delivered a Terms Document relating to the applicable Class or Tranche of Notes;

          (viii) in the case of Foreign Currency Notes, the Issuer will have appointed one or
more Paying Agents in the appropriate countries;

          (ix) the conditions specified herein or in Section 311; and

          (x) any other conditions specified in the applicable Indenture Supplement;

provided, however, that any one of the aforementioned conditions 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 approval from each Note Rating Agency.

          (b) The Issuer and the Indenture Trustee will not be required to provide prior notice to or 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. 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.

          (c) There are no restrictions on the timing or amount of any additional issuance of Notes of
an Outstanding Class or Tranche of a Series of Notes, so long as the conditions described in this
Section 310 and any provisions relating to required subordination in the applicable
Indenture Supplement are met or waived. As of the date of any additional issuance of Notes of an
Outstanding Class or Tranche of Notes, the Stated Principal Amount, Outstanding Dollar Principal
Amount and Nominal Liquidation Amount of that Class or Tranche will be increased to reflect the
principal amount of the additional Notes. If the additional Notes are a Class or 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. In addition, if the additional Notes are a Class or
Tranche of Notes that has the benefit of any Supplemental Credit Enhancement Agreement or any
Supplemental Liquidity Agreement, the Issuer will enter into a

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Supplemental Credit Enhancement
Agreement or Supplemental Liquidity Agreement, as applicable, for the benefit of the additional
Notes. Furthermore, the targeted deposits, if any, to any applicable Issuer 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 applicable to the previously issued Notes of such
Tranche, as the other Outstanding Notes of that Tranche without preference, priority or
distinction.

          Section 311. Specification of Required Subordinated Amount and other Terms with Respect to
each Series, Class or Tranche of Notes.

          (a) The applicable Indenture Supplement for each Series, Class or Tranche of Notes will
specify the manner of calculating the Required Subordinated Amount of each Subordinated Class or
Tranche of Notes, if any.

          (b) The Issuer may change the Required Subordinated Amount or method of computing such amount
for any Class or Tranche of Notes at any time, to the extent and subject to the conditions in the
applicable Indenture Supplement.

[END OF ARTICLE III]

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ARTICLE IV

ISSUER ACCOUNTS AND INVESTMENTS

          Section 401. Collections. Except as otherwise expressly provided herein, the Indenture Trustee may demand payment or
delivery of, and shall receive and collect, directly and without intervention or assistance from
any fiscal agent or other intermediary, all money and other property payable to or receivable by
the Indenture Trustee pursuant to this Indenture including, without limitation, all funds and other
property payable to the Indenture Trustee in connection with the Collateral. 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. Issuer Accounts.

          (a) On
or before the date hereof, the Issuer shall cause the Indenture
Trustee to establish and maintain one
or more Eligible Deposit Accounts (each such account together with any successor account, a
“Collections Account” and collectively, the “Collections Accounts”) in the name of the Indenture
Trustee and for which the Indenture Trustee is the customer of the
deposit bank, bearing a designation clearly indicating that the funds deposited therein are held for the
benefit of the Indenture Trustee and the Noteholders. All collections and distributions received
pursuant to Section 401 shall be deposited into the Collections Account. From time to time
in connection with the issuance of a Series, Class or Tranche of Notes, the Issuer may cause the
Indenture Trustee to establish one or more Eligible Deposit Accounts denominated as “Issuer
Accounts” 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 and the Noteholders. The
Collections Account and any Issuer Account shall be under the control (within the meaning of
Section 9-104 or 9-106, as applicable, of the UCC) of the Indenture Trustee for the benefit of the
Indenture Trustee and the Noteholders. If, at any time, the institution holding the Collections
Account or any Issuer Account ceases to be an Eligible Institution, the Issuer shall within 10
Business Days of knowledge or notice of the ineligibility (or such longer period, not to exceed 30
calendar days, as to which each applicable Note Rating Agency may consent in writing) establish a
new Collections Account or Issuer Account, as applicable, that is an Eligible Deposit Account and
shall transfer any cash and/or investments from such Collections Account or Issuer Account, as
applicable, to such new Collections Account or Issuer Account, as applicable. From the date each
such new Collections Account is established, it shall be the “Collections Account.” From the date
each such new Issuer Account is established, it shall be an “Issuer Account.” Any Issuer Account
will receive deposits as set forth herein, in the Indenture and in the applicable Indenture
Supplement.

          (b) All payments to be made from time to time by the Indenture Trustee to Noteholders out of
funds in the Issuer Accounts pursuant to this Indenture and any Indenture Supplement will be made
by the Paying Agent on the applicable Payment Date in accordance with the requirements of any
applicable Depository, or as otherwise provided in the applicable
Indenture Supplement but only to the extent of available funds in the applicable Issuer
Account or Subaccount.

          Section 403. Investment of Funds in the Issuer Accounts.

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          (a) Funds on deposit in the Issuer Accounts will (unless otherwise stated in the applicable
Indenture Supplement) be invested and reinvested by the Indenture Trustee at the written direction
of the Issuer in one or more Permitted Investments. Absent such a direction, funds shall be
invested in First American Funds, First American Prime Class D
(Ticker FPDXX); provided that the Calculation Agent may specify in writing from time to time a
replacement investment that satisfies the definition of Permitted Investment and after any such
instruction is given, absent a specific direction funds shall be invested in such replacement
investment. 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 Issuer Accounts will be invested in Permitted
Investments that will mature in each case no later than the date on which such funds in the Issuer
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
Payment Date).

          (b) All funds deposited from time to time in the Issuer Accounts pursuant to this Indenture
and all investments made with such funds will be held by the Indenture Trustee in the Issuer
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 Issuer 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 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), (G) such agreement between such
securities intermediary and the Indenture Trustee shall be governed
by the laws of the State of New York, and
(H) the State of New York shall be the securities intermediary’s jurisdiction for purposes
of the UCC; and

          (ii) maintain possession of each other Permitted Investment not described in clause (i)
above in the State of New York separate and apart from all other property held by the
Indenture Trustee; 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.

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          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 Subsection
403(c). Each term used in this Subsection 403(c) and defined in the New York UCC shall
have the meaning set forth in the New York UCC.

          (d) On each Distribution Date, all interest and earnings (net of losses and investment
expenses) accrued since the preceding Distribution Date on funds on deposit in the Collections
Account will be treated as Finance Charge Amounts and applied pursuant to Subsection 502(a)
hereof for such Distribution Date. Unless otherwise stated in the related Indenture Supplement, for
purposes of determining the availability of funds or the balance in the Issuer 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) of this Indenture, the Indenture Trustee will not in any way
be held liable by reason of any insufficiency in such Issuer 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 Issuer 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 shall have failed to give investment directions to the Indenture
Trustee, in which case the Indenture Trustee shall invest and reinvest funds on deposit in
the Issuer Accounts in accordance with the instruction letter provided to the Indenture
Trustee by the Issuer on the date hereof; or

          (ii) an Event of Default shall have occurred and is continuing but no Notes shall have
been declared due and payable pursuant to Section 702 of the Indenture.

[END OF ARTICLE IV]

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ARTICLE V

COLLECTIONS, ALLOCATIONS, DEPOSITS AND PAYMENTS

          Section 501. Collections and Allocations. The Calculation Agent appointed under each Pooling and Servicing Agreement and related
Series Supplement shall instruct the Indenture Trustee to apply all funds on deposit in the
Collections Account as described in this Article V of the Indenture and in any Indenture
Supplement for any Series, Class or Tranche of Notes.

          Section 502. Allocations of Finance Charge Amounts and Charge-Offs. 

          (a) With respect to each Due Period, the Indenture Trustee, at the direction of the
Calculation Agent, shall allocate to each Series of Notes an amount equal to the sum of

          (i) the product of

          (A) the Finance Charge Amounts minus the Finance Charge Prefunding
Negative Spread Amounts, in each case for such Due Period and

          (B) the Finance Charge Allocation Percentage for such Series for such
Due Period, and

          (ii)  (A) the Finance Charge Prefunding Negative Spread Amounts and

          (B) the Prefunding Charge Allocation Percentages for such Series for such Due Period.

          (b) With respect to each calendar month, the Indenture Trustee, at the direction of the
Calculation Agent, shall allocate to each Series of Notes an amount equal to the product of

          (i) the Charge-Offs for such Due Period and

          (ii) the Charge-Off Allocation Percentage for such Series for such Due Period.

          Section 503. Allocations of Principal Amounts. With respect to each Due Period, the
Indenture Trustee, at the direction of the Calculation Agent, shall allocate to each Series of
Notes an amount equal to the product of

          (a) the Principal Amounts for such Due Period and

          (b) the Principal Allocation Percentage for such Series for such Due Period.

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          Section 504. Allocations of the Servicing Fee.

          (a) As compensation for its servicing activities under the related Pooling and Servicing
Agreement for any Collateral Certificate and as reimbursement for any expense incurred by it in
connection therewith, each Master Servicer under the related Pooling and Servicing Agreement shall
be entitled to receive a servicing fee (the “Servicing Fee”). For each Due Period, the Servicing
Fees shall equal the sum of the Investor Servicing Fees, as defined in the related Series
Supplements, for each Collateral Certificate.

          (b) With respect to each Due Period, the Indenture Trustee, at the direction of the
Calculation Agent, shall allocate to each Series of Notes an amount equal to the product of

          (i) the Servicing Fee for such Due Period and

          (ii) the Servicing Fee Allocation Percentage for such Series for such Due Period.

          Section 505. Final Payment. 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 Series, Class or Tranche of Notes, as applicable;

          (b) for U.S. Dollar Notes, the date on which the Outstanding Dollar Principal Amount of such
Notes, after giving effect to all deposits, allocations, reallocations, sales of Collateral 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 Collateral and payments to be made on such date,

each Series, Class or Tranche of Notes, as applicable, will be considered to be paid in full in the
manner set forth in the applicable Indenture Supplement. The Holders of such Series, Class or
Tranche of Notes, as applicable, will have no further right or claim, and the Issuer will have no
further obligation or liability with respect to such Series, Class or Tranche of Notes, as
applicable.

          Section 506. 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.

[END OF ARTICLE V]

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ARTICLE VI

SATISFACTION AND DISCHARGE; CANCELLATION OF NOTES

HELD BY THE ISSUER OR THE BANK

          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
designated for cancellation;

          (b) the Issuer has paid or caused to be paid all other sums payable hereunder 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 of Notes under Section 806 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 Sections
501 or 503 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.

          Section 603. Cancellation of Notes Held by the Issuer or the Beneficiary. If the Issuer, the Depositor or any of their Affiliates holds any Notes, that Holder may,
subject to any provisions of a related Indenture Supplement limiting the repayment of such Notes,
by notice from that Holder to the Indenture Trustee cause the Notes to be repaid and canceled,
whereupon

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the Notes
will no longer be Outstanding.

[END OF ARTICLE VI]

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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 such Series, Class or Tranche of Notes, as applicable, 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 such Series, Class or Tranche of Notes, a default by the Issuer in the
payment of the Stated Principal Amount of such Tranche of 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% of the aggregate in Outstanding Dollar Principal Amount of the Outstanding Notes of the
affected Series, Class or Tranche, a written notice specifying such default or breach and
requesting 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) (i) the Issuer shall file a petition or commence a proceeding (A) to take advantage of any
bankruptcy, conservatorship, receivership, insolvency, or similar laws or (B) for the appointment
of a trustee, conservator, receiver, liquidator, or similar official for or relating to the Issuer
or all or substantially all of its property, (ii) the Issuer shall consent or fail to object to any
such petition filed or proceeding commenced against or with respect to it or all or substantially
all of its property, or any such petition or proceeding shall not have been dismissed or stayed
within sixty (60) days of its filing or commencement, or a court, agency, or
other supervisory authority with jurisdiction shall have decreed or ordered relief with
respect to any such petition or proceeding, (iii) the Issuer shall admit in writing its inability
to pay its debts

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generally as they become due, (iv) the Issuer shall make an assignment for the
benefit of its creditors, or (v) the Issuer shall voluntarily suspend payment of its obligations.

          (e) with respect to any such Series, Class or Tranche, any additional Event of Default
specified in the Indenture Supplement for such Series, Class or Tranche of Notes 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 (e) (if the Event of Default
under clause (c) or (e) 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 the Holders), may declare the Outstanding Dollar Principal
Amount of all the Outstanding 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 the
allocation provisions of this Indenture and the allocation, deposits and payment sections of the
related Indenture Supplement.

          (b) If an Event of Default described in clause (c) or (e) of Section 701 occurs with
respect to all Series, Classes and Tranches of Outstanding Notes 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 Outstanding Notes
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 Dollar 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) 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.

At any time after such a declaration of acceleration has been made or an automatic acceleration has
occurred 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

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notice to the Issuer and the Indenture Trustee, may rescind and annul such declaration and its
consequences if:

          (x) 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, and (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;

          (y) 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
712.

          No such rescission will affect any subsequent default or impair any right consequent thereon.

          Section 703. 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 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 the cash flow and subordination provisions of this Indenture and the related
Indenture Supplement), according to the amounts due and payable on such Notes for principal and
interest, respectively;

          (b) second, to pay any servicing fee, all amounts due to the Indenture Trustee under
Section 806 or Section 807 or the Owner Trustee under the Trust Agreement and any other
fees or expenses then owing for that Series, Class or Tranche of Notes; and

          (c) third, to the Issuer.

          Section 704. 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 a Collateral Certificate and apply distributions on a 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 Series, Class or Tranche of
Notes to the extent funds are received and allocated to the accelerated Series, Class or Tranche,
and payment is permitted by the subordination provisions of the accelerated Series, Class or
Tranche.

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          Section 705. Sale of Collateral 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 Issuer to sell Collateral as provided in the
related Indenture Supplement.

          Section 706. 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 similar official, 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 more 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 the name of the 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; and

          (d) the Indenture Trustee, for sixty (60) days after the Indenture Trustee has received such
notice, request and offer of indemnity, has failed to institute any such proceeding;

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 whatsoever 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 707. 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 the Beneficiary,
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 applicable Indenture Supplement and limited to amounts available from the
Collateral pledged to secure the Notes.

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          Section 708. 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 709. 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 710. 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 711. Control by Noteholders. The Majority Holders of any affected 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
determines 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 712.
Waiver of Past Defaults. Holders of more than
662/3% of the Outstanding Dollar Principal Amount 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

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          (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 713. Undertaking for Costs. All parties to this Indenture agree, and each Holder of any Note by such Holder’s
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 714. 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]

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ARTICLE VIII

THE INDENTURE TRUSTEE

          Section 801. Duties of Indenture Trustee.

          (a) The Indenture Trustee, prior to the occurrence of an Event of Default with respect to any
Series, Class or Tranche of Notes of which it has knowledge and after the curing of all Events of
Default that may have occurred, undertakes to perform such duties and only such duties as are
specifically set forth in this Indenture and any Indenture Supplement. If any Event of Default of
which a Responsible Officer of the Indenture Trustee has knowledge has occurred (which has not been
cured or waived), the Indenture Trustee shall exercise such of the rights and powers vested in it
by this Indenture or any Indenture Supplement, and use the same degree of care and skill in their
exercise, as a prudent person would exercise or use under the circumstances in the conduct of such
person’s own affairs.

          (b) The Indenture Trustee, upon receipt of all resolutions, certificates, statements,
opinions, reports, documents, orders or other instruments furnished to the Indenture Trustee that
are specifically required to be furnished pursuant to any provision of this Indenture or any
Indenture Supplement, shall examine them to determine whether they conform on their face to the
requirements of this Indenture or any Indenture Supplement. The Indenture Trustee shall give
prompt written notice to the Noteholders of any lack of conformity of any such instrument to the
applicable requirements of this Indenture or any Indenture Supplement discovered by the Indenture
Trustee that would entitle a specified percentage of the Noteholders of any Series, Class or
Tranche to take any action pursuant to this Indenture or any Indenture Supplement.

          (c) Subject to Section 801(a) no provision of this Indenture or any Indenture
Supplement shall be construed to relieve the Indenture Trustee from liability for its own negligent
action, its own negligent failure to act or its own willful misconduct; provided, however, that:

          (i) The Indenture Trustee shall not be personally liable for an error of judgment made
in good faith by a Responsible Officer or Responsible Officers of the Indenture Trustee,
unless it shall be proved that the Indenture Trustee was negligent in ascertaining the
pertinent facts;

          (ii) The Indenture Trustee shall not be personally liable with respect to any action
taken, suffered or omitted to be taken by it in good faith in accordance with the direction
of the Holders of Notes evidencing an Outstanding Dollar Principal Amount aggregating more
than 50% of the Outstanding Dollar Principal Amount of any Class of Notes materially
adversely affected thereby 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;

          (iii) The Indenture Trustee shall not be charged with knowledge of an Event of Default
referred to in Section 701(d) or with knowledge of any Early

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Redemption Event described in Sections 1201(d) unless a Responsible Officer of
the Indenture Trustee obtains actual knowledge of such Event of Default or Early Redemption
Event or the Indenture Trustee receives written notice of such Event of Default or Early
Redemption Event from any Holders of Notes evidencing not less than 10% of the Outstanding
Dollar Principal Amount of any Series, Class or Tranche of Notes materially adversely
affected thereby; and

          (iv) The Indenture Trustee shall not be liable for any loss attributable to the
investment of funds in any Permitted Investment pursuant to this Indenture or any Indenture
Supplement. In no event shall the Indenture Trustee be liable for the payment of interest
on any funds in its possession, except as expressly provided in this Indenture.

          (d) The Indenture Trustee shall not be required to expend or risk its own funds or otherwise
incur financial liability in the performance of any of its duties hereunder, or in the exercise of
any of its rights or powers, if there is reasonable ground for believing that the repayment of such
funds or adequate indemnity against such risk or liability is not reasonably assured to it.

          (e) Except for actions expressly authorized by this Indenture or any Indenture Supplement, the
Indenture Trustee shall take no action reasonably likely to impair the interests of the Trust in
any Collateral or to impair the value of any Collateral now existing or hereafter created.

          (f) Except as provided herein or in Section 1306 or an applicable Indenture
Supplement, the Indenture Trustee shall have no power to vary the Trust Estate including, without
limitation, the power to (i) accept any substitute obligation for a Collateral Certificate
initially assigned to the Trust under the Granting Clause hereof, (ii) add any other investment,
obligation or security to the Trust, or (iii) withdraw from the Trust any Collateral, except for a
withdrawal permitted under Sections 1412.

          (g) In the event that the Paying Agent shall fail to perform any obligation, duty or agreement
in the manner or on the day required to be performed by the Paying Agent under this Indenture, the
Indenture Trustee shall be obligated promptly to perform such obligation, duty or agreement in the
manner so required.

          (h) Any action, suit or proceeding brought in respect of one or more particular Series, Class
or Tranche of Notes shall have no effect on the Indenture Trustee’s rights, duties and obligations
hereunder with respect to any Series, Class or Tranche of Notes not the subject of such action,
suit or proceeding.

          Section 802. Notice of Defaults

          (a) Within ninety (90) days after the occurrence of any default hereunder with respect to
Notes of any Series, Class or Tranche,

               (i) 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,

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               (ii) 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

               (iii) 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 a Responsible Officer of the Indenture
Trustee in good faith determines 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 Matters Affecting the Indenture Trustee. Except as otherwise provided in Section 801:

          (a) The Indenture Trustee may rely on and shall be protected in acting on, or in refraining
from acting in accord with, any resolution, Officer’s Certificate, certificate of auditors or any
other certificate, statement, instrument, opinion, report, notice, request, consent, order,
appraisal, bond or other paper or document believed by it to be genuine and to have been signed or
presented to it pursuant to this Indenture by the proper party or parties;

          (b) The Indenture Trustee may consult with counsel and any advice or Opinion of Counsel shall
be full and complete authorization and protection in respect of any action taken or suffered or
omitted by it hereunder in good faith and in accordance with such advice or Opinion of Counsel;

          (c) The Indenture Trustee shall be under no obligation to exercise any of the rights or powers
vested in it by this Indenture or any Indenture Supplement, or to institute, conduct or defend any
litigation hereunder or in relation hereto, at the request, order or direction of any of the
Noteholders, pursuant to the provisions of this Indenture or any Indenture Supplement, unless such
Noteholders shall have offered to the Indenture Trustee reasonable security or indemnity against
the costs, expenses and liabilities which may be incurred therein or thereby; provided, however,
that nothing contained herein shall relieve the Indenture Trustee of the obligations, upon the
occurrence of any Event of Default or Early Redemption Event (which has not been cured), to
exercise such of the rights and powers vested in it by this Indenture or any Indenture Supplement,
and to use the same degree of care and skill in their exercise as a prudent person would exercise
or use under the circumstances in the conduct of such person’s own affairs;

          (d) The Indenture Trustee shall not be personally liable for any action taken, suffered or
omitted by it in good faith and believed by it to be authorized or within the discretion or rights
or powers conferred upon it by this Indenture or any Indenture Supplement;

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          (e) The Indenture Trustee shall not be bound to make any investigation into the facts of
matters stated in any resolution, certificate, statement, instrument, opinion, report, notice,
request, consent, order, approval, bond or other paper or document, unless (i) requested in writing
so to do by Holders of Notes evidencing an Outstanding Dollar Principal Amount aggregating more
than 50% of the Outstanding Dollar Principal Amount of any Series, Class or Tranche of Notes which
could be materially adversely affected if the Indenture Trustee does not make such investigation
and (ii) the Indenture Trustee receives indemnification from the Noteholders that is reasonably
satisfactory to it for costs of such investigation or the Indenture Trustee is otherwise reasonably
assured of payment of such costs;

          (f) 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 or a custodian, and the
Indenture Trustee shall not be responsible for any misconduct or negligence on the part of any such
agent, attorney or custodian appointed with due care by it hereunder;

          (g) 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; and

          (h) the Indenture Trustee shall not be deemed to have notice of any default or Event of
Default unless a Responsible Officer of the Indenture Trustee has actual knowledge thereof or
unless written notice of any event which is in fact such a default is received by the Indenture
Trustee at the Corporate Trust Office of the Indenture Trustee, and such notice references the
Notes and this Indenture.

          Section 804. Indenture Trustee Not Liable for Recitals in Notes. The Indenture Trustee assumes no responsibility for the correctness of the recitals contained
herein and in the Notes (other than the certificate of authentication on the Notes). Except as set
forth in Section 821, the Indenture Trustee makes no representations as to the validity or
sufficiency of this Indenture or any Indenture Supplement or of the Notes (other than the
certificate of authentication on the Notes) or of any Collateral Certificate or related document.
The Indenture Trustee shall not be accountable for the use or application by the Issuer of any of
the Notes or the proceeds of such Notes, or for the use or application of any funds paid to the
Holder of the Seller Certificate in respect of the Collateral Certificate or any deficiency in
amounts deposited in any Issuer Accounts by the Issuer.

          Section 805. Indenture Trustee May Own Notes. The Indenture Trustee in its individual or any other capacity may become the owner or pledgee
of Notes with the same rights with respect to such Notes as it would have if it were not the
Indenture Trustee.

          Section 806. The Beneficiary to Pay Indenture Trustee’s Fees and Expenses. The Beneficiary covenants and agrees to pay to the Indenture Trustee from time to time, and
the Indenture Trustee shall be entitled to receive, reasonable compensation (which shall not be
limited by any provision of law in regard to the compensation of a trustee of an
express trust) for all services rendered by it in the execution of the trust hereby created
and in the exercise and performance of any of the powers and duties hereunder of the Indenture
Trustee, and the Beneficiary will pay or reimburse the Indenture Trustee (without reimbursement
from any Issuer

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Account or otherwise) upon its request for all reasonable expenses, disbursements
and advances incurred or made by the Indenture Trustee in accordance with any of the provisions of
this Indenture or any Indenture Supplement (including the reasonable fees and expenses of its
agents and counsel) except any such expense, disbursement or advance as may arise from its
negligence or bad faith. The Beneficiary’s obligations under this Section shall survive the
termination of the Trust and the resignation or removal of the Indenture Trustee. Notwithstanding
the foregoing, if following an Event of Default for any Notes the Beneficiary fails to or is unable
to pay such reasonable compensation or to reimburse the Indenture Trustee for such reasonable
expenses, disbursements and advances, the Indenture Trustee shall have a claim against the Issuer
for such amounts subject to the priority set forth in Section 703.

          Section 807. Beneficiary Indemnification of Indenture Trustee. The Beneficiary will indemnify and hold harmless the Indenture Trustee for any loss,
liability, expense, damage or injury (including but not limited to any judgment, award, settlement,
reasonable attorneys’ fees and other costs or other expenses incurred in connection with the
defense of any actual or threatened action, proceeding or claim) that may be imposed on, incurred
by or asserted at any time against the Indenture Trustee (whether or not indemnified against by
other parties) incurred by reason of its acceptance of the appointment hereunder. The Beneficiary
shall also indemnify and hold harmless the Indenture Trustee from and against any loss, liability,
expense, damage or injury (including but not limited to any judgment, award, settlement, reasonable
attorneys’ fees and other costs or other expenses incurred in connection with the defense of any
actual or threatened action, proceeding or claim) that may be imposed on, incurred by or asserted
at any time against the Indenture Trustee (whether or not indemnified against by other parties)
arising out of any acts or omissions of the Beneficiary or the Issuer, as applicable, hereunder
including, without limitation, acts or omissions of the Beneficiary (including in its roles as
Calculation Agent and Depositor) relating to the administration of the Trust, the collection of
payments due under the Notes, the preparation of reports and other information with respect to the
Notes or the Trust, the execution and delivery of any documents relating to the Notes or the Trust,
and the registration or filing of any document with the Commission, the Internal Revenue Service or
any other securities or tax authority of any jurisdiction with respect to the Notes or the Trust;
provided, however, that the Beneficiary shall not indemnify the Indenture Trustee to the extent any
such loss, liability, expense, damage or injury results from fraud, negligence, breach of fiduciary
duty or willful misconduct by the Indenture Trustee or from action taken by the Indenture Trustee
at the request of the Noteholders. The Beneficiary’s obligations under this Section shall survive
the termination of the Trust and the resignation or removal of the Indenture Trustee.
Notwithstanding the foregoing, if following an Event of Default for any Notes the Beneficiary fails
to or is unable to provide such indemnification to the Indenture Trustee, the Indenture Trustee
shall have a claim against the Issuer for such amounts subject to the priority set forth in
Section 703.

          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.

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          Section 809. Eligibility Requirements for Indenture Trustee. The Indenture Trustee hereunder shall at all times be a bank or trust company in good
standing, organized and doing business under the laws of the United States of America or any state
thereof authorized under such laws to exercise corporate trust powers, having a combined capital
and surplus of at least $50,000,000 and a long-term debt rating from Moody’s of at least Baa3 and
from Standard & Poor’s of at least BBB- and subject to supervision or examination by federal or
state banking authority. 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 purpose of this Section 809, the combined capital and surplus of such corporation
shall be deemed to be its combined capital and surplus as set forth in its most recent report of
condition so published. The Issuer may not, nor may any Person directly or indirectly controlling,
controlled by, or under common control with the Issuer, serve as Indenture Trustee. In case at any
time the Indenture Trustee shall cease to be eligible in accordance with the provisions of this
Section 809, the Indenture Trustee shall resign immediately in the manner and with the
effect specified in Section 810.

          Section 810. Resignation or Removal of Indenture Trustee.

          (a) The Indenture Trustee may, upon the giving of written notice to the Issuer and the
appointment of a successor trustee, resign and be discharged from the trust hereby created. Upon
receiving such notice of resignation, the Issuer shall promptly appoint a successor trustee by
written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning
Indenture Trustee and one copy to the successor trustee. If no successor trustee shall have been
so appointed and have accepted appointment within 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 trustee.

          (b) If at any time the Indenture Trustee:

	 	(i)	 	shall cease to be eligible in accordance with the
provisions of Section 809 hereof and shall fail to resign after
written request therefor by the Issuer; or
	 
	 	(ii)	 	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
	 
	 	(iii)	 	if at any time the Indenture Trustee shall be legally
unable to act, or shall be adjudged a bankrupt or insolvent, or a receiver
of the Indenture Trustee or of its property shall be appointed, or any
public officer shall take charge or control of the Trustee or of its
property or affairs for the purpose of rehabilitation, conservation or
liquidation,

then the Issuer may remove the Indenture Trustee and promptly appoint a
successor trustee by written instrument, in duplicate, one copy of which
instrument shall be delivered to the Indenture Trustee so removed and one copy
to the successor trustee.

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          (c) Any resignation or removal of the Indenture Trustee and appointment of a successor trustee
pursuant to any of the provisions of this Section 810 shall not become effective until
acceptance of appointment by the successor trustee as provided in Section 811 hereof. The
Issuer shall provide written notice to the Note Rating Agencies of any resignation or removal of
the Trustee and the appointment of any successor trustee.

          Section 811. Successor Trustee.

          (a) Any successor trustee appointed as provided in Section 811 hereof shall execute,
acknowledge and deliver to the Issuer and to its predecessor Indenture Trustee an instrument
accepting such appointment hereunder, and thereupon the resignation or removal of the predecessor
Indenture Trustee shall become effective and such successor trustee, without any further act, deed
or conveyance, shall become fully vested with all the rights, powers, duties and obligations of its
predecessor hereunder and under any Indenture Supplement, with like effect as if originally named
as Indenture Trustee herein. The predecessor Indenture Trustee shall deliver to the successor
trustee all documents and statements held by it hereunder; and the Issuer and the predecessor
Indenture Trustee shall execute and deliver such instruments and do such other things as may
reasonably be required for fully and certainly vesting and confirming in the successor trustee all
such rights, power, duties and obligations.

          (b) No successor trustee shall accept appointment as provided in this Section 811
unless at the time of such acceptance (i) such successor trustee shall be eligible under the
provisions of Section 809 hereof and (ii) such successor trustee shall have a long-term
debt rating of Baa3 (or a rating comparable thereto) or higher from Moody’s and of BBB- (or a
rating comparable thereto) or higher from Standard & Poor’s; provided that, in the case of a bank
or trust company which is the principal subsidiary in a holding company system, the rating referred
to above shall be the rating of the bank or trust company in such system.

          (c) Upon acceptance of appointment by a successor trustee as provided in this Section
811, such successor trustee shall notify all Noteholders of such succession hereunder.

          Section 812. Merger or Consolidation of Indenture Trustee. Any Person into which the Indenture Trustee may be merged or converted or with which it may be
consolidated, or any Person resulting from any merger, conversion or consolidation to which the
Indenture Trustee shall be a party, or any Person succeeding to the corporate trust business of the
Indenture Trustee, shall be the successor of the Indenture Trustee
hereunder, provided such corporation shall be eligible under the provisions of Section
809 hereof, without the execution or filing of any paper or any further act on the part of any
of the parties hereto, anything herein to the contrary notwithstanding. The Indenture Trustee
shall promptly notify Moody’s, Standard & Poor’s, Fitch and any other rating agency that rates at
least 25% of the Outstanding Dollar Principal Amount of the Notes of the occurrence of any such
event.

          Section 813. Appointment of Co-Trustee or Separate Trustee.

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          (a) Notwithstanding any other provisions of this Indenture or any Indenture Supplement, at any
time, for the purpose of meeting any legal requirements of any jurisdiction in which any part of
the Trust may at the time be located, the Indenture Trustee shall have the power and may execute
and deliver all instruments to appoint one or more Persons to act as a co-trustee or co-trustees,
or separate trustee or separate trustees, of all or any part of the Trust, and to vest in such
Person or Persons, in such capacity and for the benefit of the Noteholders, such title to the
Trust, or any part thereof, and, subject to the other provisions of this Section 813, such
powers, duties, obligations, rights and trusts as the Indenture Trustee may consider necessary or
desirable. No co-trustee or separate trustee hereunder shall be required to meet the terms of
eligibility as a successor trustee under Section 809 and no notice to Noteholders of the
appointment of any co-trustee or separate trustee shall be required under Section 813
hereof.

          (b) Every separate trustee and co-trustee shall, to the extent permitted by law, be appointed
and act subject to the following provisions and conditions:

               (i) All rights, powers, duties and obligations conferred or imposed upon the Indenture Trustee
shall be conferred or imposed upon and exercised or performed by the Indenture Trustee and such
separate trustee or co-trustee jointly (it being understood that such separate trustee or
co-trustee is not authorized to act separately without the Indenture Trustee joining in such act),
except to the extent that under any applicable law of any jurisdiction in which any particular act
or acts are to be performed, the Indenture Trustee shall be incompetent or unqualified to perform
such act or acts, in which event such rights, powers, duties and obligations (including the holding
of title to the Collateral or any portion thereof in any such jurisdiction) shall be exercised and
performed singly by such separate trustee or co-trustee, but solely at the direction of the
Indenture Trustee;

               (ii) No trustee hereunder shall be liable by reason of any act or omission of any other
trustee hereunder; and

               (iii) The Indenture Trustee may at any time accept the resignation of or remove any separate
trustee or co-trustee.

          (c) Any notice, request or other writing given to the Indenture Trustee shall be deemed to
have been given to each of the then separate trustees and co-trustees, as effectively as if given
to each of them. Every instrument appointing any separate trustee or co-trustee shall refer to
this Indenture and the conditions of this Section 813. Each separate trustee and
co-trustee, upon its acceptance of the trusts conferred, shall be vested with the estates or
property specified in its instrument of appointment, either jointly with the Indenture Trustee or
separately,
as may be provided therein, subject to all the provisions of this Indenture and any Indenture
Supplement, specifically including every provision of this Indenture or any Indenture Supplement
relating to the conduct of, affecting the liability of, or affording protection to, the Indenture
Trustee. Every such instrument shall be filed with the Indenture Trustee and a copy thereof given
to the Issuer and the Rating Agencies.

          (d) Any separate trustee or co-trustee may at any time constitute the Indenture Trustee as its
agent or attorney-in-fact with full power and authority, to the extent not prohibited by law, to do
any lawful act under or in respect to this Indenture or any Indenture Supplement on

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its behalf and
in its name. If any separate trustee or co-trustee shall die, become incapable of acting, resign
or be removed, all of its estates, properties, rights, remedies and trusts shall vest in and be
exercised by the Indenture Trustee, to the extent permitted by law, without the appointment of a
new or successor trustee.

          Section 814. 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 815. 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
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 U.S. Bank National
Association.

          Any corporation into which an Authenticating Agent may be merged or converted or with which it
may be consolidated, or any corporation resulting from any merger, conversion or consolidation to
which such Authenticating Agent 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

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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 104. 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 806.

          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:

This is one of the Notes of the Series, Classes or Tranches
designated therein referred to in the within-mentioned
Indenture.

	 	 	 	 	 
	 	U.S. BANK NATIONAL ASSOCIATION, as

Indenture Trustee

 	 
	 	By:  	 	 
	 	 	As Authenticating Agent 	 
	 	 	 	 
	 
	 	 	 
	 	By:  	
 	 
	 	 	Authorized Signatory 	 
	 	 	 	 
	 

          Section 816. Tax Returns. In the event the Trust shall be required to file tax returns, the Issuer shall cause a firm of
nationally recognized independent public accountants to prepare any tax returns required to be
filed by the Trust and shall remit such returns to the Owner Trustee or Beneficiary for signature
at least five days before such returns are due to be filed. The Issuer 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 days prior to the date it is
required by law to be distributed to Noteholders. The Indenture Trustee, upon request, will
furnish the Issuer, the Administrator and the Beneficiary with all such information known to the
Indenture Trustee as may be reasonably required in connection with the preparation of all tax
returns of the Trust, and shall, upon request, execute such returns. In no event shall the
Indenture Trustee or Owner Trustee be liable for any liabilities, costs or expenses of the Trust or
the Noteholders arising under any tax law, including, without limitation,

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federal, state, local or
foreign income or excise taxes or any other tax imposed on or measured by income (or any interest
or penalty with respect thereto or arising from a failure to comply therewith).

          Section 817. Indenture Trustee May File Proofs of Claim. In case of the pendency of any receivership, insolvency, liquidation, bankruptcy or other
similar proceeding relative to the Issuer or any other obligor upon the Notes or the property of
the Issuer or of such other obligor, 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) will
be entitled and empowered by intervention in such proceeding or otherwise,

          (a) 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 707) and of the
Noteholders allowed in such judicial proceeding, and

          (b) 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 or other similar official in any such 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 707.

          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 of 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 818. Indenture Trustee May Enforce Claims Without Possession of Notes. All rights of action and claims under this Indenture or any Indenture Supplement or the Notes
may be prosecuted and enforced by the Indenture Trustee without the possession of any of the Notes
or the production thereof in any proceeding relating thereto, and any such proceeding instituted by
the Indenture Trustee shall be brought in its own name as Indenture Trustee. Any recovery of
judgment shall, after provision for the payment of the reasonable compensation, expenses,
disbursements and advances of the Indenture Trustee, its agents and counsel, be for the ratable
benefit of the Noteholders in respect of which such judgment has been obtained.

          Section 819. Suits for Enforcement.

          (a) If an Event of Default with respect to any Series, Class or Tranche of Notes shall occur
and be continuing, the Indenture Trustee in its discretion may, subject to the provisions of
Section 706, proceed to protect and enforce its rights and the rights of the

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Noteholders
under this Indenture or any Indenture Supplement by a suit, action or proceeding in equity or at
law or otherwise, whether for the specific performance of any covenant or agreement contained in
this Indenture or any Indenture Supplement or in aid of the execution of any power granted in this
Indenture or any Indenture Supplement or for the enforcement of any other legal, equitable or other
remedy as the Indenture Trustee, being advised by counsel, shall deem most effectual to protect and
enforce any of the rights of the Indenture Trustee or the Noteholders.

          (b) Nothing herein contained shall be deemed to authorize the Indenture Trustee to authorize
or consent to or accept or adopt on behalf of any Noteholder any plan of reorganization,
arrangement, adjustment or composition affecting the Notes or the rights of any Noteholder thereof
or to authorize the Indenture Trustee to vote in respect of the claim of any Noteholder in any such
proceeding.

          Section 820. Rights of Noteholders to Direct Indenture Trustee. Holders of Notes evidencing greater than 50% of the Outstanding Dollar Principal Amount of any
Series, Class or Tranche of Notes affected by the conduct of any proceeding or the exercise of any
right conferred by the Indenture Trustee shall have the right to direct the time, method, and place
of conducting any proceeding for any remedy available to the Indenture Trustee; provided, however,
that, subject to Section 801, the Indenture Trustee shall have the right to decline to
follow any such direction if the Indenture Trustee, being advised by counsel, determines that the
action so directed may not lawfully be taken, or if the Indenture Trustee in good faith shall, by a
Responsible Officer or Responsible Officers of the Indenture Trustee, determine that the
proceedings so directed would be illegal or involve it in personal liability or be unduly
prejudicial to the rights of Noteholders not parties to such direction; and provided, further, that
nothing in this Indenture or any Indenture Supplement shall impair the right of the Indenture
Trustee to take any action deemed proper by the Indenture Trustee and which is not inconsistent
with such direction by the Noteholders.

          Section 821. Representations and Warranties of Indenture Trustee. The Indenture Trustee represents and warrants and any successor trustee shall represent and
warrant that:

          (a) The Indenture Trustee is organized, existing and in good standing under the laws of the
United States of America;

          (b) The Indenture Trustee has full power, authority and right to execute, deliver and perform
this Indenture, and has taken all necessary action to authorize the execution, delivery and
performance by it of this Indenture; and

          (c) This Indenture has been duly executed and delivered by the Indenture Trustee.

          Section 822. Maintenance of Office or Agency. The Indenture Trustee will maintain at its expense (a) in the Borough of Manhattan, The City
of New York and in Chicago, Illinois in the case of Registered Notes and (b) in the case of Bearer
Notes in London, if and for so long as any Bearer Notes are outstanding, an office or offices
or agency or agencies where notices and demands to or upon the Indenture Trustee in respect of the
Notes, this Indenture and

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any Indenture Supplement may be served. The Indenture Trustee initially
appoints the Corporate Trust Office of the Indenture Trustee as the office for such purposes in
Chicago, Illinois and the New York office of the Indenture Trustee is located at 100 Wall Street,
Suite 1600, New York, New York 10005 for such purposes in New York. The Indenture Trustee will
give prompt written notice to the Issuer and to Noteholders of any change in the location of the
Note Register or any such office or agency.

          Section 823. Requests for Agreement. A copy of the Indenture or any Indenture Supplement may be obtained by any Noteholder by a
request in writing to the Indenture Trustee addressed to the Corporate Trust Office and will be
provided at the expense of the Issuer.

[END OF ARTICLE VIII]

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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 in 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”) (or, if there are less than three (3) such Holders, all of the
Holders) 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 Subsection 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
Subsection 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 Subsection 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 Subsection 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 Subsection 902(b).

          Section 903. Reports by Indenture Trustee.

          (a) The term “reporting date” as used in this Section means the Trust’s Annual Report Date,
beginning in 2008. Within sixty (60) days after the reporting date in each year, beginning in
2008, 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;

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          (ii) any amounts advanced by the Indenture Trustee under this Indenture;

          (iii) the amount, interest rate and maturity date or indebtedness owing by the Issuer
to the Indenture Trustee, in its individual capacity;

          (iv) the property and funds physically held by the Indenture Trustee by which the
related Notes are secured;

          (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 Subsections 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) If Notes of a Series, Class or Tranche are issuable in whole or in part as Bearer Notes, a
meeting of Noteholders of the Notes of such Series, Class or Tranche may be called at any time and
from time to time pursuant to this Section to make, give or take any Action provided by this
Indenture or any Indenture Supplement to be made, given or taken by Noteholders of such Series,
Class or Tranche.

          (b) The Indenture Trustee may call a meeting of the Noteholders of a Series, Class or Tranche
issuable in whole or in part as Bearer Notes at any time for any purpose specified hereunder or
under any Indenture Supplement. 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 issuable in whole or in part as Bearer Notes.
In any case, a meeting will be called after notice is given to such Noteholders pursuant to
Section 104.

          (c) To be entitled to vote at any meeting of Noteholders of any Series, Class or Tranche, a
Person shall be (1) a Holder of one or more Outstanding Notes of such Series, Class or Tranche, or
(2) a Person appointed by an instrument in writing as proxy for the Noteholder or Noteholders of
one or more Outstanding Notes of such Series, Class or Tranche by the Noteholder or Noteholders,
and shall not be a Beneficiary or any Affiliate or agent of a
Beneficiary. The only Person who shall be entitled to
be present or to speak at any meeting of Noteholders of any Series, Class or Tranche shall be the
Persons entitled to vote at such meeting and their counsel, any representatives of the Indenture
Trustee and its counsel and any representatives of the Issuer and its counsel.

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          (d) 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 any 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. However, any resolution
with respect to any 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 of Bearer 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 such Series, Class or Tranche (such percentage
to be calculated without taking into account the Outstanding Dollar Principal Amount represented by
any Note beneficially owned by the Beneficiary or any Affiliate or agent of the Beneficiary). 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.

          (e) 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, however,
that if any action is to be taken at that meeting concerning an Action that may be taken 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, 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 (such percentage to be
calculated without taking into account the Outstanding Dollar Principal Amount represented by any
Note beneficially owned by the Beneficiary or any Affiliate or agent of the Beneficiary).

          (f) The ownership of Bearer Notes will be proved as provided in Subsection 102(c)(ii).

          (g) The Beneficiary, on behalf of the Trust, may make reasonable rules for other matters
relating to Action by or a meeting of Noteholders not otherwise covered by this Section, including
but not limited to the location or locations for such meeting, the manner of voting at such
meeting, the appointment and duties of inspectors of the vote, the submission and examination of
proxies, certificates and other evidence of the right to vote and the appointment of a chairperson
for the meeting.

          (h) With respect to certain actions requiring the consent or direction of Noteholders holding
a specified percentage of the Outstanding Dollar Principal Amount of any Class of Notes, the
Indenture Trustee shall request instructions from the Noteholders as to whether or not to consent
to or vote to accept such amendment, modification, waiver or solicitation. The Indenture Trustee
shall consent or vote, or refrain from consenting or voting, in the same proportion (based on the
relative Outstanding Dollar Principal Amounts of Notes materially adversely affected by such
proposed amendment, modification, waiver or solicitation) as the Notes, voting as a single class,
were actually voted or not voted by the Noteholders thereof as of a date determined by the
Indenture Trustee prior to the date on which such consent or vote is required (such proportion to
be calculated without taking into account the Outstanding Dollar Principal Amount represented by
any Note beneficially owned by the Beneficiary or any

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Affiliate or agent of the Beneficiary);
provided, however, that the Indenture Trustee shall at no time vote on or consent to any matter
unless such vote or consent would not (based on the advice of counsel) cause the Trust to be taxed
as an association or publicly traded partnership taxable as a corporation under the Internal
Revenue Code. The Indenture Trustee shall have no liability for any failure to act resulting from
Noteholders’ late return of, or failure to return, directions requested by the Indenture Trustee
from the Noteholders.

          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.

[END OF ARTICLE IX]

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ARTICLE X

INDENTURE SUPPLEMENTS AND AMENDMENTS TO THE TRUST AGREEMENT

AND POOLING AND SERVICE AGREEMENT

          Section 1001. Supplemental Indentures and Amendments Without Consent of Noteholders. This Indenture and any Indenture Supplement may be amended from time to time by the
Beneficiary or the Indenture Trustee, without the consent of any of the Noteholders, for one or
more of the following purposes:

          (a) to add the covenants and agreements of this Indenture or any Indenture Supplement for the
benefit of the Noteholders of all or any Series, Class or Tranche (and if such covenants and
agreements are for the benefit of less than all Tranches of all Series, stating that such covenant
and agreements are expressly being included solely for the benefit of such Series, Class or
Tranche), or to surrender any right or power herein reserved to or conferred upon the Issuer;
provided, however, that such action shall not adversely affect in any material respect, as
evidenced by an Officer’s Certificate, the interests of the Holders of any Notes then outstanding;
and provided, further, that the permitted activities of the Trust may be significantly changed
pursuant to this Section 1001(a) only with the consent of the Holders of Notes evidencing
an Outstanding Dollar Principal Amount aggregating more than 50% of the Outstanding Dollar
Principal Amount (such percentage to be calculated without taking into account the Outstanding
Dollar Principal Amount represented by any Note beneficially owned by the Beneficiary or any
Affiliate or agent of the Beneficiary);

          (b) to add provisions to or change or eliminate any of the provisions of this Indenture or any
Indenture Supplement, provided that any such addition, change or elimination shall not adversely
affect in any material respect, as evidenced by an Officer’s Certificate, the interests of the
Holders of any Class of any Notes then outstanding; and provided, further, that the permitted
activities of the Trust may be significantly changed pursuant to this Section 1001(b) only
with the consent of the Holder of Notes evidencing an Outstanding Dollar Principal Amount
aggregating more than 50% of the Outstanding Dollar Principal Amount (such percentage to be
calculated without taking into account the Outstanding Dollar Principal Amount represented by any
Note beneficially owned by the Beneficiary or any Affiliate or agent of any Beneficiary);

          (c) to cure any ambiguity or to correct or supplement any defective or inconsistent provision
contained in this Indenture, any Indenture Supplement, between this Indenture or any Indenture
Supplement and any prospectus or other offering document for any Notes, or in any amendment to this
Indenture or any Indenture Supplement;

          (d) 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;

          (e) 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, provided, however, that such action
shall not have a Material Adverse Effect, as evidenced by an Officer’s Certificate;

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          (f) 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, provided, however, that such action shall not have a Material Adverse Effect, as
evidenced by an Officer’s Certificate;

          (g) 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 813;

          (h) to add any additional Early Redemption Events or Events of Default in respect of any new
Series, Classes or Tranches of Notes (and if such additional Events of Default are to be in respect
of less than all new 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 of Notes), provided, however, that such action shall not have a Material Adverse Effect,
as evidenced by an Officer’s Certificate;

          (i) if one or more additional Sellers under any Pooling and Servicing Agreement are added to,
or replaced under, any such 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, provided, however, that
such action shall not have a Material Adverse Effect, as evidenced by an Officer’s Certificate;

          (j) to add provisions to or change any of the provisions of this Indenture or any Indenture
Supplement for the purpose of accommodating the addition of Collateral Certificates to the Trust
pursuant to an Assignment of Additional Assets;

          (k) to provide for the inclusion in the Trust of additional collateral (in addition to the
Collateral Certificate) and the issuance of Notes backed by any such additional collateral;

          (l) to provide for additional or alternative forms of credit enhancement for any Tranche of
Notes;

          (m) to comply with any regulatory or tax laws or any accounting requirements; or

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          (n) to permit the Depositor, the Beneficiary or any Seller under the Pooling and Servicing
Agreement to maintain or establish sale accounting treatment under then-applicable financial
accounting standards.

          The Indenture Trustee may, but shall not be obligated to, enter into any amendments which
adversely affects the Indenture Trustee’s rights, duties, benefits, protections, privileges or
immunities under this Indenture or otherwise.

          Section 1002. Supplemental Indentures with Consent of Noteholders.

          (a) This Agreement and any Indenture Supplement may also be amended from time to time by the
Issuer and the Indenture Trustee with the consent of the Holders of Notes evidencing an Outstanding
Dollar Principal Amount aggregating not less than 66
2/3% of the Outstanding Dollar Principal Amount
of each Series, Class or Tranche of Notes adversely affected or, with respect to any Class the
Notes of which are, in whole or in part, represented by Bearer Notes, by vote of persons entitled
to vote an Outstanding Dollar Principal Amount aggregating not less
than 66 2/3% of the Class Invested
Amount with respect to such Class represented and voting at a meeting of the Noteholders of such
Class at which a quorum is present, as described in Section 904, for 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 Noteholders of any Class
then outstanding; provided, however, that the Trustee shall have been advised by the Note Rating
Agencies that such amendment will not result in a Rating Effect. For purposes of calculating
whether a 66 2/3% consent has been achieved pursuant to this Section 1002, the applicable
Outstanding Dollar Principal Amount shall be calculated without taking into account the Outstanding
Dollar Principal Amount represented by any Note beneficially owned by the Beneficiary or any
affiliate or agent of the Beneficiary, and the Beneficiary nor an affiliate or agent of a
Beneficiary shall be entitled to vote on any amendment pursuant to this Section 1002.

          (b) Notwithstanding the forgoing, no such amendment of this Indenture or any Indenture
Supplement will, without the consent of the Holder of each Outstanding Note affected thereby:

          (i) 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;

          (ii) 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;

          (iii) reduce the amount of a Discount Note payable upon the occurrence of an Early
Redemption Event, a cleanup call or upon the acceleration of such Note following an Event of
Default;

          (iv) impair the right to institute suit for the enforcement of any payment on any Note;

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          (v) reduce the percentage in Outstanding Dollar Principal Amount of the Outstanding
Notes of any Series, Class or Tranche of Notes, the consent of whose Holders is required for
any such amendment, 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;

          (vi) 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 Indenture Trustee for
the benefit of the Holders of the Notes of such Tranche;

          (vii) change any Place of Payment where any principal of, or interest on, any Note is
payable, unless otherwise provided in the applicable Indenture Supplement;

          (viii) change the method of computing the amount of principal of, or interest on, any
Note on any date; or

          (ix) make any other amendment not permitted by Section 1001 or this Section
1002.

          (c) Notwithstanding the foregoing, the permitted activities of the Trust may be significantly
changed pursuant to this Section 1002 only with the consent of the Holder of Notes
evidencing an Outstanding Dollar Principal Amount aggregating more than 50% of the Outstanding
Dollar Principal Amount of all Notes (such percentage to be calculated without taking into account
the Outstanding Dollar Principal Amount represented by any Notes beneficially owned by the
Beneficiary or any affiliate or agent of any Beneficiary). The Indenture Trustee shall give prompt
notice to the Rating Agencies of the solicitation of any consents for the purpose of amending this
Indenture or any Indenture Supplement pursuant to this Section 1002.

          (d) 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.

          (e) 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 Amendments and Supplemental Indentures. In executing or accepting the additional trusts created by any amendment of this Indenture
or Indenture Supplement permitted by this Article X 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

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may, but will not (except to the extent required in the case of an amendment or Indenture
Supplement entered into under Subsections 1001(e) or 1001(g)) be obligated to,
enter into any such amendment or Indenture Supplement which affects the Indenture Trustee’s own
rights, duties or immunities under this Indenture or otherwise.

          Section 1004. Effect of Amendments and Supplemental Indentures. Upon the execution of any amendment of this Indenture or any Indenture Supplement and any
supplemental indentures under this Article X, this Indenture and the related Indenture
Supplement 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 supplemental
indenture will form a part of this Indenture and the related Indenture Supplement 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 any Indenture Supplement and every supplemental
indenture executed pursuant to this Article X will conform to the requirements of the Trust
Indenture Act as then in effect.

          Section 1006. Reference in Notes to Supplemental Indentures. Notes authenticated and delivered after the execution of any amendment of this Indenture or
any Indenture Supplement or any supplemental indenture 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 supplemental indenture. 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 supplemental indenture 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 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, so long as the Beneficiary has received written confirmation from Note Rating
Agencies that such amendment will not cause a Rating Effect
with respect to any outstanding Notes then issued by the Trust, may amend the Trust Agreement;
provided, however, that such amendment will not significantly change the permitted
activities of the Trust; provided, further that as such amendment will not have a
Material Adverse Effect and is not reasonably expected to have a Material Adverse Effect at any
time in the future.

          (b) The Trust Agreement may also be amended from time to time, by a written instrument
executed by the Owner Trustee, at the written direction of the Beneficiary, and the Beneficiary,
with prior written notice to each Note Rating Agency, in the case of a significant change to the
permitted activities of the Trust as set forth in Section 2.03(a) of the Trust Agreement,
with the consent of holders of a majority of the Outstanding Dollar Principal Amount of each
Series, Class or Tranche of Notes affected by such change, voting as a single class;
provided, however, that, without the consent of the holders of all of the Notes
then outstanding, no such amendment shall reduce the aforesaid percentage of the Outstanding Dollar
Principal Amount of the Notes, the holders of which are required to consent to any such amendment.

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          Section 1008. Amendments to Pooling and Servicing Agreement. The Issuer, as the
Series 2007-CC Certificateholder and as the Holder of any Additional Collateral Certificate, has
the right to vote and give consents and waivers in respect of each such Collateral Certificate to
the extent provided in the applicable Series Supplement and Pooling and Servicing Agreement. In
the event that the Indenture Trustee receives a request from the Seller, the Master Servicer or the
Master Trust Trustee with respect to any Master Trust for its consent to any amendment,
modification or waiver with respect to any Collateral Certificate, any Pooling and Servicing
Agreement, any Series Supplement or any other document thereunder or relating thereto, or receives
any other solicitation for any action with respect to any Collateral Certificate, Series Supplement
or Pooling and Servicing Agreement, the Indenture Trustee shall, as directed by the Beneficiary,
mail a notice of such proposed amendment, modification, waiver or solicitation to each Holder of
Notes belonging to any Series, Class or Tranche, as applicable, materially adversely affected by
such proposed amendment, modification, waiver or solicitation. The Indenture Trustee shall request
instructions from the Noteholders as to whether or not to consent to or vote to accept such
amendment, modification, waiver or solicitation. The Indenture Trustee shall consent or vote, or
refrain from consenting or voting, in the same proportion (based on the relative Outstanding Dollar
Principal Amounts of Notes materially adversely affected by such proposed amendment, modification,
waiver or solicitation) as the Notes, voting as a single class, were actually voted or not voted by
the Noteholders thereof as of a date determined by the Indenture Trustee prior to the date on which
such consent or vote is required; provided, however, that the Indenture Trustee shall at no time
vote on or consent to any matter unless such vote or consent would not (based on the advice of
counsel) cause the Trust to be taxed as an association or publicly traded partnership taxable as a
corporation under the Internal Revenue Code. The Trustee shall have no liability for any failure to
act resulting from Noteholders’ late return of, or failure to return, directions requested by the
Trustee from the Noteholders. For
the avoidance of doubt, each Noteholder will be deemed to have
consented to any amendment of any Pooling and Servicing Agreement to
permit the Depositor, the Beneficiary or any Seller under the Pooling
and Servicing Agreement to maintain or establish sale accounting
treatment under the then-applicable financial accounting standards,
and will be treated as the beneficial owners of the applicable
Collateral Certificates for all purposes in connection therewith,
including for purposes of calculating whether the requisite consent
percentage, if any, under the applicable Pooling and Servicing
Agreement has been received for any amendment that requires such
consent (except that Notes beneficially owned by the Beneficiary or
any Affiliate or agent of the Beneficiary will not be included in any
such calculation).

          Section
1009. Deemed Consent to Combination of Master Trust and
Issuer. Any Noteholder that acquires a Note of any Series, Class
or Tranche will be deemed to have consented to any amendment of this
Indenture or any Indenture Supplement to provide for the combination
of any Master Trust and the Issuer into a single Entity or the
transfer of assets in such Master Trust to the Issuer after the
termination of all Series of Investor Certificates (other than the
related Collateral Certificate or Collateral Certificates) issued by
the Master Trust.

[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,
in each case subject to the cash flow and subordination provisions set forth in this Indenture and
the applicable Indenture Supplement, 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.

          Any installment of interest or principal, if any, payable on any Note which is punctually paid
or duly provided for by the Issuer and the Indenture Trustee on the applicable Interest Payment
Date or Principal Payment Date shall be paid by the Paying Agent to the Person in whose name such
Note is registered on the Record Date, by wire transfer of immediately available funds to such
Person’s account as has been designated by written instructions received by the Paying Agent from
such Person not later than the close of business on the third Business Day preceding the date of
payment or, if no such account has been so designated, by check mailed first-class, postage prepaid
to such Person’s address as it appears on the Note Register on such Record Date, except that with
respect to Notes registered on the Record Date in the name of Cede & Co., as nominee for The
Depository Trust Company, payment shall be made by wire transfer in immediately available funds to
the account designated by such nominee.

          Section 1102. Maintenance of Office or Agency. The Issuer will maintain an office or agency 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 as its
agent to receive all such presentations, surrenders, notices and demands.

          The Issuer may also from time to time designate one or more other offices or agencies where
the Notes of one or more Series, Classes or Tranches may be presented or surrendered for any or all
of such purposes specified above and may constitute and appoint one or more Paying Agents for the
payments of such Notes, in one or more other cities, and may from time to time rescind such
designations and appointments; provided, however, that no such designation,
appointment or rescission shall in any matter relieve the Issuer of its obligations to maintain an
office or agency in each Place of Payment for Notes of any Series, Class or Tranche
for such purposes. The Issuer will give prompt written notice to the Indenture Trustee of any
such designation or rescission and of any change in the location of any such other office or
agency. Unless and until the Issuer rescinds one or more of such appointments, the Issuer hereby
appoints the Indenture Trustee, at its Corporate Trust Office in Chicago, Illinois as its Paying
Agent with respect to all Series, Classes and Tranches of Notes having a Place of Payment in the
City of Chicago, Illinois, and at its New York office located at 100 Wall Street, Suite 1600, New
York, New York 10005, as its Paying Agent with respect to all Series, Classes and Tranches of Notes
having a Place of Payment in the City of New York, New York.

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          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 Issuer 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 Issuer 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;

          (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 or any other applicable tax law
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

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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 to the
Holders of the Notes as to which the money to be repaid was held in trust, as provided in
Section 104, 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.

          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 a member of the Organization for Economic Co-operation and
Development. If such Paying Agent publishes reports of condition at least annually, pursuant to
law or to the requirements of the aforesaid supervising or examining authority, then for the
purposes of this Section, the combined capital and surplus of such Paying Agent 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
the date that is fifteen days prior to the Trust’s Annual Report Date, or such other date that is
mutually agreed upon in writing by the parties hereto, of each calendar year (and relating to the
preceding fiscal year ending on November 30), beginning in 2008, 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.

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          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 breach on the part of the Master Trust or the
Depositor of their respective obligations under the applicable 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 including foreign withholding);

          (b) permit the validity or effectiveness of this Indenture to be impaired, or permit the lien
in favor of the Indenture Trustee 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 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;

          (d) permit the lien in favor of the Indenture Trustee 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.

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          Section 1111. 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 1112. Performance of Obligations.

          (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, the applicable Pooling and Servicing 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 (including but not limited to, the applicable Pooling and Servicing Agreement)
relating to the Collateral, including but not limited to filing or causing to be filed all UCC
financing statements and amendments thereto 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 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 Majority Holders of the Notes of each adversely
affected Series, Class or Tranche.

          Section 1113. 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, any state thereof 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 a supplemental indenture, 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 Early
Redemption 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

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and such
supplemental indenture comply with this Section 1113, (ii) all conditions precedent
in this Section 1113 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 except as the same may be limited by receivership, insolvency, reorganization,
moratorium or other laws relating to the enforcement of creditors’ rights generally or by
general equity principles.

          (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 Issuer Tax Opinion and a Master Trust Tax Opinion
for each applicable Master Trust;

          (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 qualifying
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, any state thereof, or the District of Columbia, (B) expressly
assume, by a supplemental indenture, 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 supplemental indenture that all right, title
and interest so conveyed or transferred shall be subject and subordinate to the lien and
security interest of the Indenture Trustee created by this Indenture, (D) expressly agree by
means of such supplemental indenture 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 Early
Redemption 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 Issuer Tax Opinion and a Master Trust Tax Opinion
for each applicable Master Trust;

          (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 1113 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 1114. 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 1113 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 1114 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 1115. 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 1116. 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 1117. 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, (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, distributions as contemplated by,
and to the extent funds are available for such purpose under, the Trust Agreement or any Indenture
Supplement. The Issuer will not, directly or indirectly,
make payments to or distributions from
the Collections Account or any Issuer Account except in accordance with this Indenture or any
Indenture Supplement.

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          Section 1118. No Borrowing. The Issuer will not issue, incur, assume, guarantee or otherwise become liable, directly or
indirectly, for any additional indebtedness, except for the Notes and any obligation under any
Derivative Agreement, Supplemental Enhancement Agreement or Supplemental Liquidity Agreement
relating to any Tranches of Notes.

[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 XII, 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) the occurrence of an Event of Default and acceleration of the Notes of a Series, Class or
Tranche pursuant to Article VII hereof;

          (b) with respect to any Series, Class or Tranche of Notes, the occurrence of the Expected
Maturity Date of such Series, Class or Tranche of Notes, if such Notes are not paid in full on such
date;

          (c) the Issuer becoming an investment company within the meaning of the Investment Company
Act;

          (d) the Depositor shall file a petition or commence a proceeding (A) to take advantage of any
bankruptcy, conservatorship, receivership, insolvency, or similar laws or (B) for the appointment
of a trustee, conservator, receiver, liquidator, or similar official for or relating to such
Depositor or all or substantially all of its property, (ii) the Depositor shall consent or fail to
object to any such petition filed or proceeding commenced against or with respect to it or all or
substantially all of its property, or any such petition or proceeding shall not have been dismissed
or stayed within sixty (60) days of its filing or commencement, or a court, agency, or other
supervisory authority with jurisdiction shall have decreed or ordered relief with respect to any
such petition or proceeding, (C) the Depositor shall admit in writing its inability to pay its
debts generally as they become due, (D) the Depositor shall make an assignment for the benefit of
its creditors, or (E) the Depositor shall voluntarily suspend payment of its obligations; or

          (e) 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 of Notes.

          The repayment price of a Tranche of Notes so redeemed will equal the Outstanding principal
amount of such Tranche, plus accrued, past due and additional interest to but excluding the date of
repayment, the payment of which will be subject to the cash flow and subordination provisions of
this Indenture and the related Indenture Supplement.

          If the Issuer is unable to pay the repayment price in full on the Principal Payment Date
following the end of the Due Period in which the Early Redemption Event occurs, monthly
payments on such Tranche of Notes will thereafter be made, subject to the cash flow provisions
and to the extent permitted under the applicable subordination provisions of this Indenture and

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the
related Indenture Supplement, on each following Principal Payment Date until the Outstanding
principal amount of such Series, Class or Tranche, plus all accrued, past due and additional
interest, is paid in full or until the Legal Maturity Date occurs, whichever is earlier. Any funds
in any Issuer Accounts for a repaid Tranche will be applied to make the principal and interest
payments on that Tranche on the repayment date, subject to subordination and cash flow provisions
of this Indenture and the related Indenture Supplement.

          Section 1202. Cleanup Call. Unless otherwise provided in the applicable Indenture Supplement for a Series, Class or
Tranche of Notes, the Depositor or any Affiliate thereof 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 on or after the day
on which the aggregate Nominal Liquidation Amount (after giving effect to all payments, if any, on
that day) of such Series, Class or Tranche is reduced to less than 5% (or such other percentage as
shall be specified from time to time by such servicer or any Affiliate thereof, consistent with
sale treatment under GAAP and regulatory accounting principles) of the highest Outstanding Dollar
Principal Amount for such Series, Class or Tranche at any time since the issuance thereof;
provided, however, that if such Class or Tranche of Notes redeemed is of a
Subordinated Class or Tranche of Notes, such servicer or any Affiliate thereof will not redeem such
Notes if the provisions of the related Indenture Supplement would prevent the payment of such
Subordinated Notes until a level of prefunding of the applicable Issuer 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 Depositor or any Affiliate thereof 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. Unless otherwise specified in the Indenture Supplement or Terms
Document applicable to the Notes to be so redeemed, the redemption price of a Series, Class or
Tranche so redeemed will equal 100% of the Outstanding principal amount minus the amount of any net
losses of principal of funds on deposit in the applicable principal funding subaccount (converted
at the rate determined in accordance with the Indenture Supplement if such Notes are not
denominated in United States dollars) of such Tranche, plus accrued, unpaid and additional interest
or principal accreted and unpaid on such Tranche to but excluding the date of redemption, the
payment of which will be subject to the cash flow and subordination provisions of this Indenture
and the related Indenture Supplement; provided, however, that the Depositor or an Affiliate of the
Depositor, may alternatively deposit such redemption price directly into the Principal Funding
Account (or the applicable subaccount or subaccounts thereof) for the Notes to be redeemed.

          If the Issuer is unable to pay the redemption price in full on the redemption date, monthly
payments on such Series, Class or Tranche of Notes will thereafter be made until the Outstanding
principal amount of such Series, Class or 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 VI, Article VII and the cash flow and subordination provisions of this
Indenture and
the related Indenture Supplement. Any funds in any Issuer Accounts 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.

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          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 104. 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 repayment price for such Series, Class or Tranche of Notes and (c) the Series,
Class or Tranche of Notes to be redeemed pursuant to this Article XII.

[END OF ARTICLE XII]

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ARTICLE XIII

COLLATERAL

          Section 1301. Collateral. The Series 2007-CC Collateral Certificate and any Additional
Collateral Certificate shall be registered in the name of the Indenture Trustee and delivered to
the Indenture Trustee in the State of New York.

          Section 1302. Filing.

          (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 to the extent
such security interests may be perfected by the filing of financing statements under the applicable
UCC. The Issuer will from time to time execute, authorize and deliver all such supplements and
amendments hereto and all such financing statements, amendments thereto, 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 Series 2007-CC Collateral Certificate, any Additional Collateral
Certificate, any Derivative Agreements, any Supplemental Credit Enhancement Agreements and
any Supplemental Liquidity Agreements and each other instrument or agreement designated for
inclusion in the Collateral;

          (v) preserve and defend title to the Collateral and the rights of the Indenture Trustee
in the 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 UCC recording and filing
fees, charges and taxes relating to the Indenture, any amendments thereto or hereto and any other
instruments of further assurance.

          (c) Without limiting the generality of clause (a)(ii) or (a)(iii):

          (i) The Issuer will cause this Indenture, all amendments and supplements hereto and all
financing statements and amendments thereto and any other

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necessary documents covering the
Indenture Trustee’s right, title and interest in and 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 by law fully to preserve and
protect the right, title and interest of the Indenture Trustee in and 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 (a) seriously misleading within the meaning of Section 9-506
(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 interest in the Collateral.

          (d) The Issuer will give the Indenture Trustee prompt notice of any relocation of its 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 (which will at all times be the
Wilmington, Delaware office of the Owner Trustee).

          (e) The duty of the Indenture Trustee to execute or authorize any instrument required pursuant
to this Section will arise only if the Indenture Trustee has actual knowledge of any default of the
Issuer in complying with the provisions of this Section.

          Section 1303. Trust Indenture Act Requirements. The release of any Collateral from
the lien created by this Indenture or the release, in whole or in part, of the liens on all
Collateral, will not be deemed to impair the Security Interest 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 are hereby deemed to acknowledge that a
release of Collateral securing Notes or liens strictly in accordance with the terms hereof will not
be deemed for any purpose to be an impairment of the remaining Security Interests in contravention
of the terms of this Indenture. To the extent applicable, without limitation, the Issuer will cause
Section 314(d) of the Trust Indenture Act relating to the release of property or securities from
the liens hereof to be complied with. Any certificate or opinion required by Section 314(d) of the
Trust Indenture Act may be made by an Issuer Authorized Officer, except in cases in which Section
314(d) of the Trust Indenture Act requires that such certificate or opinion be made by an
independent person.

          Section 1304.  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

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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 the
interests of the Indenture Trustee 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
Interest or be prejudicial to the interests of the Noteholders or the Indenture Trustee). No
counterparties to a Derivative Agreement, Supplemental Credit Enhancement Agreement or Supplemental
Liquidity Agreement may direct the Indenture Trustee to enforce the Security Interest. Each
Derivative Counterparty’s, Supplemental Credit Enhancement Provider’s and Supplemental Liquidity
Provider’s rights consist solely of the right to receive Finance Charge Amounts or Principal
Amounts, as applicable, allocated for such party’s benefit pursuant to the related Indenture
Supplement.

          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 XIII 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 XIII.

          Section 1306. Release of all Collateral.

          (a) Subject to the payment of its fees and expenses pursuant to Section 806 of this
Indenture, the Indenture Trustee shall, at the request of the Issuer or when otherwise required by
the provisions of this Indenture, execute instruments to release property from the lien of this
Indenture, or convey the Indenture Trustee’s interest (which is held by the Indenture Trustee for
the benefit of the Noteholders) 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 XIII 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 XIII, the Indenture Trustee shall (i) execute and deliver such releases,
termination statements and other instruments (in recordable form, where appropriate) as the Issuer
or any other obligor, as applicable, may reasonably request evidencing the termination of the
Security Interest created by this Indenture and (ii) not be deemed to hold the Security Interest
for the benefit of itself, the Noteholders, any applicable Derivative Counterparty, any applicable
Supplemental Credit Enhancement Provider or any applicable Supplemental Liquidity Provider.

          (c) The Beneficiary, the Issuer and the Noteholders shall be entitled to receive at least 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

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shall also be entitled
to require, as a condition to such action, an Opinion of Counsel, stating the legal effect of any
such action, outlining the steps required to complete the same, and concluding that all conditions
precedent to the taking of such action have been complied with. Counsel rendering any such opinion
may rely, without independent investigation, on the accuracy and validity of any certificate or
other instrument delivered to the Indenture Trustee in connection with any such action.

          Section 1307. Opinions as to Collateral.

          (a) On the date hereof, the Issuer shall furnish to the Indenture Trustee an Opinion of
Counsel either stating that, in the opinion of such counsel, such action has been taken with
respect to the filing of any financing statements and amendments thereto as is necessary to perfect
and maintain the perfection of the Security Interest created by this Indenture in favor of the
Indenture Trustee to the extent such security interest may be perfected by the filing of financing
statements under the applicable UCC, 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 that date that is 15 days before the Trust’s Annual Reporting Date in each
calendar year, beginning in 2008, the Issuer shall furnish to the Indenture Trustee an Opinion of
Counsel with respect to each UCC financing statement which has been filed by the Issuer with
respect to the Collateral 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, such
financing statements and amendments thereto as are necessary to maintain the
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 Security Interest. Such
Opinion of Counsel will also describe the recording, filing, re-recording and refiling of this
Indenture or such financing statements and amendments thereto that will, in the opinion of such
counsel, be required to maintain the Security Interest created by this Indenture until the Trust’s
Annual Report Date in the following calendar year.

          Section 1308. Certain Commercial Law Representations and Warranties. The Issuer
hereby makes the following representations and warranties. Such representations and warranties
shall survive until the termination of this Indenture. Such representations and warranties speak as
of the date that a security interest in the Collateral is granted to the Indenture Trustee but
shall not be waived by any of the parties to this Indenture unless each Note Rating Agency shall
have notified the Beneficiary, the Owner Trustee and the Indenture Trustee in writing that such
waiver will not result in a reduction or withdrawal of its then current rating of the Notes.

          (a) This Indenture creates a valid and enforceable security interest (as defined in the
applicable UCC) in Collateral in favor of the Indenture Trustee which security interest is prior to
all other Liens and is enforceable as such against creditors of and purchasers from the Issuer,
except as the same may be limited by receivership, insolvency, reorganization,
moratorium or other laws relating to the enforcement of creditors’ rights generally or by
general equity principles.

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          (b) The now-existing Collateral constitutes an “account,” a “general intangible,” an
“instrument,” a “certificated security,” a “deposit account” or a “security entitlement” within the
meaning of the applicable UCC.

          (c) The Issuer has caused or will have caused, within ten days of the date of this Indenture,
the filing of all appropriate financing statements in the proper filing office in the appropriate
jurisdictions under applicable law in order to perfect the security interest (as defined in the
applicable UCC) in the now-existing Collateral granted to the Indenture Trustee pursuant to this
Indenture.

          (d) The Issuer has not authorized the filing of and is not aware of any financing statements
against the Issuer that include a description of collateral covering the Collateral, other than any
financing statement that has been terminated.

          (e) The Seller is not aware of any judgment or tax lien filings against it.

          (f) At the time of its grant of any security interest in the now-existing Collateral pursuant
to this Indenture, the Issuer owned and had good and marketable title to such Collateral free and
clear of any lien, claim or encumbrance of any Person.

          (g) The Issuer has registered the Indenture Trustee as the registered owner of the Collateral
Certificate.

          (h) Other than the security interest granted to the Indenture Trustee pursuant to this
Indenture, the Issuer has not pledged, assigned, sold, granted a security interest in, or otherwise
conveyed, the related Collateral.

[END OF ARTICLE XIII]

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ARTICLE XIV

MISCELLANEOUS

          Section 1401. Custody of the Collateral. The Collateral shall be held by the Indenture
Trustee separate and apart from all other property held by such Indenture Trustee.

          Section 1402. Monthly Noteholders’ Statement. On each Distribution Date the Issuer
will, in cooperation with the Master Servicers, complete and deliver to the Indenture Trustee and
the Master Trust Trustee (with a copy to each Note Rating Agency) a monthly noteholders’ statement
substantially in the form of Exhibit G, as the same may be supplemented as set forth in the
related Indenture Supplement.

          Section 1403. Payment Instruction to Master Trust.

          (a) Promptly after the receipt by the Issuer of each Investor Certificateholders’ Monthly
Statement under the Series 2007-CC Supplement or each comparable statement under any Series
Supplement relating to any Additional Collateral Certificate, the Issuer will, in cooperation with
the applicable Master Servicer, 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 Master Servicers of the information
necessary to be provided by the Issuer under the applicable Pooling and Servicing Agreement as
supplemented by the applicable Series Supplement to calculate the Series Investor Interest of the
Collateral Certificate.

          Section 1404. No Petition. The Indenture Trustee, by entering into this Indenture, each Derivative Counterparty, by
accepting its rights as a third party beneficiary hereunder, each Supplemental Credit Enhancement
Provider or Supplemental Liquidity Provider, as applicable, by accepting its rights as a third
party beneficiary hereunder, and each Noteholder, by accepting a Note, agrees that it will not at
any time institute against any Master Trust, any special purpose entity that acts as a depositor
with respect to any Master Trust or the Issuer, or join in any institution against any Master
Trust, any special purpose entity that acts as a depositor with respect to any Master Trust or the
Issuer of, any receivership, insolvency, bankruptcy or other similar 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, any Derivative Agreement, any Supplemental
Credit Enhancement Agreement and any Supplemental Liquidity Agreement.

          Section 1405. 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 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). 

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          Section 1406. Limitations on Liability.

          (a) It is expressly understood and agreed by the parties hereto that (i) this Indenture is
executed and delivered by the Owner Trustee not individually or personally but solely as Owner
Trustee under the Trust Agreement, 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 Owner
Trustee 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 Owner Trustee individually or
personally, to perform any covenant of the Issuer either expressed or implied herein, all such
liability, if any, being expressly waived by the parties to the Indenture and by any Person
claiming by, through or under them and (iv) under no circumstances will the Owner Trustee be
personally liable for the payment of any indebtedness or expenses of the Issuer or be liable for
the breach or failure of any obligation, representation, warranty or covenant made or undertaken by
the Issuer under this Indenture or any related documents.

          (b) None of the Indenture Trustee, the Owner Trustee, the Calculation Agent, the
Administrator, the Beneficiary, the Depositor or any other beneficiary of the Issuer or any of
their respective officers, directors, employees, incorporators 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 under this Indenture.

          Section 1407. Election Under Delaware Asset-Backed Securities Facilitation Act.
Without limiting any other provisions of this Indenture or any Indenture Supplement, the parties
hereto agree that (a) the transactions contemplated hereby constitute a “securitization
transaction” and (b) to the fullest extent permitted under applicable law, including without
limitation, the Asset-Backed Securities Facilitation Act, Delaware Code Ann. Tit. 6, § 2703A et
seq: (1) all right, title and interest to the Collateral, whether now existing or hereafter
acquired, all monies due or to become due with respect thereto, and all proceeds of such Collateral
(the “Transferred Assets”), which have been transferred to the Trust in connection with the
securitization transactions contemplated herein, shall be deemed to no longer be the property,
assets or rights of the Depositor; (2) the Depositor, its creditors or, in any insolvency
proceeding with respect to the Depositor or the Depositor’s property, a bankruptcy trustee,
receiver, debtor, debtor in possession or similar person, shall have no rights, legal or equitable,
whatsoever to reacquire, reclaim, recover, repudiate, disaffirm, redeem or recharacterize as
property of the Depositor any of the Transferred Assets; and (3) in the event of a bankruptcy,
receivership or other insolvency proceeding with respect to the Depositor or the Depositor’s
property, such Transferred Assets shall not be deemed to be part of the Depositor’s property,
assets, rights or estate.

          Section 1408. Tax Treatment. The Issuer and the Noteholders agree that the Notes are intended to be debt 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.

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          Section 1409. 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 1410. 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 1411. 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
Subsection 1403, as provided in the Trust Agreement. Termination of Issuer. The Issuer and the
respective obligations and responsibilities of the Indenture Trustee created hereby shall terminate
as provided in the Trust Agreement.

          Section 1412. Final Distribution.

          (a) The Issuer 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 Issuer Account allocated to such Noteholders shall continue to be held in trust
for the benefit of such Noteholders, and the Paying Agent or the
Indenture Trustee shall pay such funds to such Noteholders upon surrender of their Notes, if
certificated. In the event that all such Noteholders shall not surrender their Notes for
cancellation within six (6) months after the date specified in the notice from the Indenture
Trustee described in paragraph (a), the Indenture Trustee shall give a second notice to the
remaining such Noteholders to surrender their Notes for cancellation and receive the final
distribution with respect thereto (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

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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 Issuer Accounts 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 1413. 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 1412(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 and to the
Collateral and such other property.

          Section 1414. Derivative Counterparty, Supplemental Credit Enhancement Provider and
Supplemental Liquidity Provider as Third-Party Beneficiary. Each Derivative Counterparty,
Supplemental Credit Enhancement Provider and Supplemental Liquidity Provider is a third-party
beneficiary of the Indenture to the extent specified in the applicable Derivative Agreement,
Supplemental Credit Enhancement Agreement, Supplemental Liquidity Agreement or Indenture
Supplement.

[END OF ARTICLE XIV]

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ARTICLE XV

COMPLIANCE WITH REGULATION AB

          Section 1501. Intent of the Parties; Reasonableness. The Depositor and the Indenture
Trustee acknowledge and agree that the purpose of this Article XV is to facilitate compliance by
the Depositor with the provisions of Regulation AB and related rules and regulations of the
Commission. The Depositor 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 the
Depositor’s compliance with the Securities Act, the 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 the Depositor for information regarding the Indenture Trustee which is
required in order to enable the Depositor to comply with the provisions of Regulation AB as it
relates to the Indenture Trustee or to the Indenture Trustee’s obligations under this Indenture or
any Indenture Supplement, provided that such information is available to the Indenture Trustee
without unreasonable expense or effort and within the timeframe as is reasonably requested. Terms
used in this Article XV that are defined in Regulation AB but are not defined in Section
101 of this Agreement shall have the meanings ascribed to them in Regulation AB.

          Section 1502. Additional Representations and Warranties of the Indenture Trustee. The
Indenture Trustee shall be deemed to represent to the Depositor as of the date on which information
is provided under Section 1503 that, except as disclosed in writing to the Depositor prior
to such date to the best of its knowledge: (i) neither the execution, delivery and performance 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. 

          (a) The Indenture Trustee shall (i) on or before the fifth Business Day of each month, provide
the Depositor, in writing, such information regarding the Indenture Trustee as is requested for the
purpose of compliance with Item 1117 of Regulation AB, including but not limited to a letter
addressed to the Depositor in substantially the form (with appropriate insertions) of Exhibit D
hereto, and (ii) as promptly as practicable following notice to or
discovery by the Indenture Trustee of any changes to such information, provide to the
Depositor, in writing, such updated information.

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          (b) The Indenture Trustee shall (i) in connection with any Securitization Transaction which
requires a prospectus, prospectus supplement, offering memorandum or related documents, provide to
the Depositor such information regarding the Indenture Trustee as is requested and within the
timeframe as is reasonably 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 following notice to or
discovery by the Indenture Trustee of any material changes to such previously provided information
or to the business operations of the Indenture Trustee, provide to the Depositor, in writing, such
updated information, and such other information as may be reasonably requested for purposes of
satisfying Exchange Act reporting obligations of the Trust. Such information to be provided under
clause (i) of this paragraph shall include, at a minimum:

          (i) the Indenture Trustee’s name and form of organization;

          (ii) 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;

          (iii) a description of any affiliation between the Indenture Trustee and any of the
following parties to such Securitization Transaction, as such parties are identified to
the Indenture Trustee by the Depositor in writing in advance of such Securitization
Transaction:

                         (A) the sponsor;

                         (B) any depositor;

                         (C) the issuing entity;

                         (D) any servicer;

                         (E) any trustee;

                         (F) any originator;

                         (G) any significant obligor;

                         (H) any enhancement or support provider; and

                         (I) 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

104

 

an arm’s length transaction with an unrelated third party, apart from such
Securitization Transaction, the Indenture or any Indenture Supplement that
currently exists or that existed during the past two years, and that is
material to an investor’s understanding of the Notes.

          Section 1504. Indenture Trustee’s Report on Assessment of Compliance and Attestation. On or before the date that is fifteen days prior to the Trust’s Annual Report Date, or such
other date that is mutually agreed upon in writing by the parties hereto, of each calendar year
(and relating to the preceding fiscal year ending on November 30), the Indenture Trustee shall:

          (a) deliver to each Master Servicer, the Calculation Agent and the Depositor 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 Exchange Act
and Item 1122 of Regulation AB. Such report shall be addressed to the Depositor and the Master
Servicer and signed by an authorized officer of the Indenture Trustee, and shall address each of
the Servicing Criteria applicable to it as specified in Exhibit E or such criteria as mutually
agreed upon by the Depositor and the Indenture Trustee;

          (b) deliver to each Master Servicer, the Calculation Agent and the Depositor a report of a
“Big Four” accounting firm, or upon the consent of the Master Servicer and the Depositor, which
consent shall not be unreasonably withheld, such other nationally recognized registered public
accounting firm that satisfies the requirements of Rule 2-01 of Regulation S-X under the Securities
Act and the Exchange Act (who may also render services to the Master Servicer or any Seller), that
pursuant to Rules 13a-18 and 15d-18 of the Exchange Act and Item 1122(b) of Regulation AB attests
to, and reports on, the assessment of 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 Exchange Act; and

          (c) deliver to each Master Servicer, the Calculation Agent and the Depositor 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 Exchange Act (pursuant to Section 302 of the
Sarbanes-Oxley Act of 2002) on behalf of the Issuer, the Master Trust, the Master Servicer or the
Depositor with respect to a publicly offered Securitization Transaction, a certification
substantially in the form (with appropriate insertions) attached as Exhibit F hereto.

          The Indenture Trustee acknowledges that the parties identified in clause (c) 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]

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ARTICLE XVI

SUBORDINATION.

          Section 1601. Subordination of Subordinate Notes.

          (a) Unless otherwise specified in the applicable Indenture Supplement, the Issuer and the
Holders of the Class B Notes of each Series agree for the benefit of the Class A Notes of such
Series that the rights of the Holders of the Class B Notes to payment by the Issuer and in and to
the Collateral, including to any payment from the Proceeds of Collateral, shall be subordinate and
junior to the Class A Notes, to the extent and in the manner set forth in this Indenture and the
related Indenture Supplement, including as set forth in Section 506 and hereinafter
provided. Unless otherwise specified in the applicable Indenture Supplement, if any Event of
Default has occurred and has not been cured or waived and acceleration occurs in accordance with
Article VII, principal of and interest on, as applicable, the Class A Notes of any Series
shall be paid in full in Cash before any further payment or distribution is made on account of the
Class B Notes of such Series. The Holders of the Class B Notes of each Series agree, for the
benefit of the Holders of the Class A Notes of such Series, not to cause the filing of a petition
in bankruptcy against the Issuer for failure to pay to them amounts due under the Class B Notes or
hereunder prior to the date which is one year and one day (or, if longer, the applicable preference
period) after the payment in full of principal of and interest on the Class A Notes.

          (b) Unless otherwise specified in the applicable Indenture Supplement, the Issuer and the
Holders of the Class C Notes of each Series agree for the benefit of the Class A Notes and Class B
Notes of such Series that the rights of the Holders of the Class C Notes to payment by the Issuer
and in and to the Collateral, including to any payment from the Proceeds of Collateral, shall be
subordinate and junior to the Class A Notes and Class B Notes, to the extent and in the manner set
forth in this Indenture and the related Indenture Supplement, including as set forth in Section
506 and hereinafter provided. Unless otherwise specified in the applicable Indenture
Supplement, if any Event of Default has occurred and has not been cured or waived and acceleration
occurs in accordance with Article VII, principal of and interest on, as applicable, the
Class A Notes of any Series and the Class B Notes of any Series shall be paid in full in Cash
before any further payment or distribution is made on account of the Class C Notes of such Series.
The Holders of the Class C Notes of each Series agree, for the benefit of the Holders of the Class
A Notes of such Series and the Class B Notes of such Series, not to cause the filing of a petition
in bankruptcy against the Issuer for failure to pay to them amounts due under the Class C Notes or
hereunder prior to the date which is one year and one day (or, if longer, the applicable preference
period) after the payment in full of principal of and interest on the Class A Notes and Class B
Notes.

          (c) Unless otherwise specified in the applicable Indenture Supplement, the Issuer and the
Holders of the Class D Notes of each Series agree for the benefit of the Class A Notes, Class B
Notes and Class C Notes of such Series that the rights of the Holders of the Class D Notes to
payment by the Issuer and in and to the Collateral, including to any payment from the Proceeds of
Collateral, shall be subordinate and junior to the Class A Notes, Class B Notes and Class C Notes
to the extent and in the manner set forth in this Indenture and the related Indenture Supplement,
including as set forth in Section 506 and hereinafter provided. Unless otherwise

106

 

specified in the applicable Indenture Supplement, if any Event of Default has occurred and has
not been cured or waived and acceleration occurs in accordance with Article VII, principal
of and interest on, as applicable, the Class A Notes of any Series, the Class B Notes of any Series
and the Class C Notes of any Series shall be paid in full in Cash before any further payment or
distribution is made on account of the Class D Notes of such Series. The Holders of the Class D
Notes of each Series agree, for the benefit of the Holders of the Class A Notes of such Series,
Class B Notes of such Series and Class C Notes of such Series not to cause the filing of a petition
in bankruptcy against the Issuer for failure to pay to them amounts due under the Class D Notes or
hereunder prior to the date which is one year and one day (or, if longer, the applicable preference
period) after the payment in full of principal of and interest on the Class A Notes, Class B Notes,
and Class C Notes.

          (d) In the event that notwithstanding the provisions of this Indenture, any Holder of any
Subordinate Notes shall have received any payment or distribution in respect of such Subordinate
Notes contrary to the provisions of this Indenture, then, unless and until (w) the Class A Notes,
(x) the Class B Notes, (y) the Class C Notes, or (z) the Class D Notes, as the case may be, shall
have been paid in full in Cash in accordance with this Indenture, such payment or distribution
shall be received and held in trust for the benefit of, and shall forthwith be paid over and
delivered to, the Indenture Trustee, which shall pay and deliver the same to the Holders of the
Class A Notes, the Class B Notes, the Class C Notes, or the Class D Notes, as the case may be, in
accordance with this Indenture; provided, however, that, if any such payment or
distribution is made other than in Cash, it shall be held by the Indenture Trustee as part of the
Collateral and subject in all respects to the provisions of this Indenture, including this
Section 1601.

          (e) The Issuer agrees with all Holders of the Notes that the Issuer shall not demand, accept,
or receive any payment or distribution in respect of such Subordinate Notes in violation of the
provisions of this Indenture including this Section 1601. Nothing in this Section
1601 shall affect the obligation of the Issuer to pay Holders of Subordinate Notes.

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

	 	 	 	 	 	 	 
	 	 	DISCOVER CARD EXECUTION NOTE TRUST
	 
	 	 	 	 	 	 
	 	 	 	 	By: Wilmington Trust Company, as Owner Trustee and
not in its individual capacity
	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	By:	 	 
	 

	 	 	 	 	 	 
	 	 	 	 	Name:
	 	 	 	 	Title:
	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	U.S. BANK NATIONAL ASSOCIATION, as Indenture Trustee and not
in its individual capacity
	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	By:	 	 
	 

	 	 	 	 	 	 
	 	 	 	 	Name:
	 	 	 	 	Title:
	 
	 	 	 	 	 	 

Acknowledged By:

DISCOVER BANK,

as Beneficiary

	 	 	 	 	 
	By:

	 	 	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 
	 

	 	Title:	 	 

108

 

	 	 	 
	STATE OF DELAWARE

	 	 )
	 

	 	 )  ss:
	COUNTY OF                     

	 	 )

     On [ ], [ ],before me personally came                     , to me known, who, being by me duly sworn,
did depose and say that [she] [he] resides at                     ; that [she] [he] is a                      of [ ], acting not in its individual capacity but solely as Owner Trustee of the Discover Card
Execution Note Trust, one of the parties described in and which executed the above instrument; that
[she] [he] knows the corporate seal of the Owner Trustee; 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 [she] [he] signed [her] [his] name thereto by like authority.
 

 

Name
 

 

[Notarial Seal]

109

 

	 	 	 
	STATE OF ILLINOIS

	 	 )
	 

	 	 )  ss:
	COUNTY OF COOK

	 	 )

          On the           day of                     , 20     , before me personally came                      to me
known, who, being by me duly sworn, did depose and say that s/he is the                      of U.S.
Bank National Association, one of the entities described in and which executed the foregoing
instrument; the s/he signed his/her name to the said instrument and that s/he has been authorized
by U.S. Bank National Association to execute the foregoing instrument.

	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 
	 

	 	Notary Public
	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	My Commission Expires	 	 	 	 
	 

	 	 	 	 	 	 

	 	 	 
	 

Notarial Seal

	 	  

110

 

EXHIBIT A

[TO COME]

A-1

 

EXHIBIT B-1

[FORM OF] CLEARANCE SYSTEM CERTIFICATE

TO BE GIVEN TO THE INDENTURE TRUSTEE BY

EUROCLEAR OR CLEARSTREAM FOR

DELIVERY OF DEFINITIVE NOTES IN EXCHANGE FOR A PORTION OF A

TEMPORARY GLOBAL NOTE

DISCOVER CARD EXECUTION 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 [•] Series, Class [•]
Notes to be exchanged for definitive Notes (the “Submitted Portion”) pursuant to this certificate
(the “Notes”) as provided in the Indenture, dated as of                          , 200     (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 B-2 to the Indenture, or (b) from                                ,
          , substantially in the form of Exhibit B-3 to the Indenture, 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]
	 
	 	 	 	 
	 
	 	 	 	 
	 

	 	By	 	 
	 

	 	 	 	 

 

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

B-1-1

 

EXHIBIT B-2

[FORM OF] CERTIFICATE TO BE DELIVERED TO

EUROCLEAR OR CLEARSTREAM

BY [•] WITH RESPECT TO REGISTERED NOTES SOLD TO QUALIFIED

INSTITUTIONAL BUYERS

DISCOVER CARD EXECUTION 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.$/(other currency)] aggregate principal amount of the Notes hold in our account at
[                                                              as operator of the Euroclear System] [Clearstream] 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.$/(other currency)] 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

B-2-1

 

EXHIBIT B-3

[FORM OF] CERTIFICATE TO BE DELIVERED

TO EUROCLEAR OR CLEARSTREAM

BY A BENEFICIAL OWNER

OF NOTES, OTHER THAN A QUALIFIED INSTITUTIONAL BUYER

DISCOVER CARD EXECUTION 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)(iv)) (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,
(the “Code”) 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.$/(other currency)] 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.

B-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” has the meaning provided in Section 7701(a)(30) of the
Code.

	 	 	 	 	 
	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.

B-3-2

 

Exhibit C

FORM OF COMPLIANCE CERTIFICATE

DISCOVER CARD EXECUTION NOTE TRUST

     The undersigned, the Indenture Trustee, pursuant to Section 1504 of the Indenture dated as of
[     ], 2007, as amended on or prior to the date hereof (the “Indenture”), by and among Discover
Card Execution Note Trust and U.S. Bank National Association, as Indenture Trustee, hereby
certifies that:

     (a) a review of the activities of U.S. Bank National Association, during the fiscal year ended
November 30, [          ], and of its performance under the Indenture was made under my supervision; and

     (b) to the best of my knowledge, based on such review, [except as provided below] U.S. Bank
National Association has fulfilled all its obligations in all material respects under the Indenture
throughout the fiscal year ended November 30, [          ].

     [(c) If there has been a failure to fulfill any such obligation in any material respect,
specify each such failure known to the certifying officer and the nature and status thereof.]

     IN WITNESS WHEREOF, the undersigned has duly executed this certificate this [          ] day of
[                    ], [          ].

	 	 	 	 	 
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	Name:	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	Title:	 	 
	 

	 	 	 	 

C-1

 

Exhibit D

FORM OF INDENTURE TRUSTEE’S LITIGATION CERTIFICATE

DISCOVER CARD EXECUTION NOTE TRUST

     The undersigned, a [                    ] of U.S. Bank National Association (the “Indenture
Trustee”), a national banking association organized under the laws of the United States, DOES
HEREBY CERTIFY as follows:

     To my knowledge, during the calendar month preceding the calendar month of the date hereof[,
except as set forth on Exhibit A hereto,] no legal proceeding (including proceedings of
governmental authorities) against the Indenture Trustee or against the property of the Indenture
Trustee that is material to security holders of any Series, Class or Tranche of Notes issued by
Discover Card Execution Note Trust, was initiated, terminated or experienced any developments that
are material to such security holders.

     IN WITNESS WHEREOF, the undersigned has caused this Certificate to be duly executed this [     ]
day of ]                    ], [          ].

	 	 	 	 	 
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	Name:	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	Title:	 	 
	 

	 	 	 	 

D-1

 

Exhibit E

SERVICING CRITERIA TO BE ADDRESSED IN ASSESSMENT OF COMPLIANCE

     The assessments of compliance to be delivered by the Indenture Trustee and the
Beneficiary and Calculation Agent shall address, at a minimum, the criteria identified in the chart
below as “Applicable Servicing Criteria.” Servicing criteria that are not identified with a
checkmark under the columns entitled “Beneficiary/Calculation Agent” and “Indenture Trustee” are
criteria that are not applicable to the respective entities.

	 	 	 	 	 	 	 
	 	 	 	 	Beneficiary/	 	 
	Item 1122(d)	 	 	 	Calculation	 	Indenture
	Reference	 	Servicing Criteria	 	Agent	 	Trustee
	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
	 	ü	 	 
	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.
	 	ü	 	 
	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.	 	 	 	 
	1122(d)(2)(i)

	 	Payments on pool assets 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.	 	 	 	 
	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
	 	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.
	 	 	 	ü

E-1

 

	 	 	 	 	 	 	 
	 	 	 	 	Beneficiary/	 	 
	Item 1122(d)	 	 	 	Calculation	 	Indenture
	Reference	 	Servicing Criteria	 	Agent	 	Trustee
	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.
	 	 	 	ü
	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.
	 	ü	 	 
	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.
	 	ü	 	 
	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
	 	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
	1122(d)(4)(i)

	 	Collateral or security on pool assets is maintained as required by
the transaction agreements or related pool asset documents.	 	 	 	 
	1122(d)(4)(ii)

	 	Pool Assets and related documents are safeguarded as required by the
transaction agreements.	 	 	 	 

E-2

 

	 	 	 	 	 	 	 
	 	 	 	 	Beneficiary/	 	 
	Item 1122(d)	 	 	 	Calculation	 	Indenture
	Reference	 	Servicing Criteria	 	Agent	 	Trustee
	1122(d)(4)(iii)

	 	Any additions, removals or substitutions to the Collateral is made,
reviewed and approved in accordance with any conditions or
requirements in the transaction agreements.
	 	ü
	 	ü
	1122(d)(4)(iv)

	 	Payments on pool assets, including any payoffs, made in accordance
with the related pool assets documents are posted to the applicable
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 this Indenture and any
Indenture Supplement.	 	 	 	 
	1122(d)(4)(v)

	 	The servicer’s records regarding the pool assets 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 pool
asset (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 pool asset 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 pool
assets 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 pool assets
with variable rates are computed based on the related Account
documents.	 	 	 	 
	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 pool asset 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 pool assets documents and state laws; and (C) such funds
are returned to the obligor within 30 calendar days of full
repayment of the related pool assets, or such other number of days
specified in the transaction agreements.	 	 	 	 

E-3

 

	 	 	 	 	 	 	 
	 	 	 	 	Beneficiary/	 	 
	Item 1122(d)	 	 	 	Calculation	 	Indenture
	Reference	 	Servicing Criteria	 	Agent	 	Trustee
	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.
	 	 	 	ü*

	*	 	Only if applicable for any outstanding Securitization Transaction.

E-4

 

Exhibit F

FORM OF ANNUAL CERTIFICATION

     Re: Indenture , dated as of [·], 2007, by and between Discover Card Execution Note Trust,
as Issuer, and U.S. Bank National Association, as Indenture Trustee, as amended on or prior to the
date hereof (the “Agreement”).

     I,                                                             , of NAME OF COMPANY (the “Company
”), certify to the Depositor and each of
its officers, with the knowledge and intent that they will rely upon this certification, that:

(1) I have reviewed the Company’s servicer compliance statement provided in accordance with Item
1123 of Regulation AB (the “Compliance Statement”), 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 Item 1122(b) of Regulation AB (the “Attestation
Report”) that were delivered by the Company to the Depositor 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 Depositor; 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.

Dated:

	 	 	 	 	 
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	Name:	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	Title:	 	 
	 

	 	 	 	 

F-1

 

EXHIBIT G

[TO COME]

G-1exv4w7

 

Exhibit 4.7

"[FORM
OF]"

 

DISCOVER CARD EXECUTION NOTE TRUST

Issuer

and

U.S. BANK NATIONAL ASSOCIATION

Trustee

INDENTURE SUPPLEMENT

Dated as of [___], 2007

for the
DiscoverSeries Notes

to

INDENTURE

Dated as of [___]. 2007

 

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page
	ARTICLE I

	Definitions

	 
	 	 	 	 
	Section 1.01 Definitions
	 	 	1	 
	Section 1.02 Governing Law
	 	 	21	 
	Section 1.03 Counterparts
	 	 	21	 
	Section 1.04 Ratification of Indenture
	 	 	21	 
	 
	 	 	 	 
	ARTICLE II

	The Notes

	 
	 	 	 	 
	Section 2.01 Creation and Designation
	 	 	21	 
	Section 2.02 New Issuances of Notes
	 	 	22	 
	Section 2.03 Cash Deposit in Class C Reserve Account and Class D Reserve Account
	 	 	23	 
	 
	 	 	 	 
	ARTICLE III

	Allocations of Collections and Subordination

	 
	 	 	 	 
	Section 3.01 Allocations of Collections
	 	 	23	 
	Section 3.02 Available Subordinated Amounts and Usages
	 	 	65	 
	Section 3.03 Derivative Receipts
	 	 	96	 
	Section 3.04 Withdrawals from Interest Funding Subaccounts
	 	 	96	 
	Section 3.05 Withdrawals from Principal Funding Subaccounts
	 	 	97	 
	 
	 	 	 	 
	ARTICLE IV

	Early Redemption Events and Other Provisions Relating to Special Allocations of Principal

	 
	 	 	 	 
	Section 4.01 Early Redemption Events
	 	 	99	 
	Section 4.02 Variable Accumulation Period
	 	 	99	 
	Section 4.03 Calculation of Targeted Prefunding Deposit
	 	 	100	 
	Section 4.04 Calculation of Prefunding Excess Amounts
	 	 	102	 
	Section 4.05 Receivables Sale
	 	 	103	 
	 
	 	 	 	 
	ARTICLE V

	Issuer Accounts and Investments

	 
	 	 	 	 
	Section 5.01 Issuer Accounts
	 	 	104	 

Exhibits

	 	 	 	 	 
	 	 	Exhibit 1-A
	 	[Form of] Class A Terms Document

	 	 	Exhibit 1-B
	 	[Form of] Class B Terms Document

	 	 	Exhibit 1-C
	 	[Form of] Class C Terms Document

 

 

     THIS INDENTURE SUPPLEMENT (this
“Indenture Supplement”), by and between DISCOVER CARD EXECUTION NOTE TRUST, a statutory trust
created under the laws of the State of Delaware (the “Issuer”), and U.S. BANK NATIONAL ASSOCIATION,
a national banking association organized and existing under the laws of the United States of
America, as Indenture Trustee (the “Indenture Trustee”), is made and entered into as of [      ], 2007.

ARTICLE I

Definitions

     Section 1.01. Definitions. For all purposes of this Indenture Supplement, except as
otherwise expressly provided or unless the context otherwise requires:

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

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

     (c) 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;

     (d) 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. 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;

     (e) 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;

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

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

     “Accumulation Amount” means, for any Tranche of Notes, (x) the Accumulation Amount specified
in the applicable Terms Document for such Tranche (as adjusted to give effect to any issuance of
additional Notes in such Tranche), or (y) if no such amount is specified, or if the commencement of
the Accumulation Period is delayed in accordance with Section 4.02, an amount equal to the Nominal
Liquidation Amount of such Tranche as of the first day of the Accumulation Period divided by the
Accumulation Period Length.

 

 

     “Accumulation Commencement Date” means, for each Tranche of Notes, (i) if the
commencement of the Accumulation Period is not delayed in accordance with Section 4.02, (x) the
Accumulation Commencement Date specified in the applicable Terms Document for such Tranche or (y)
if no such date is specified, the first Business Day of the calendar month that is twelve (12)
whole calendar months prior to the calendar month in which the Expected Maturity Date for such
Tranche of Notes occurs and (ii) if the commencement of the Accumulation Period is delayed in
accordance with Section 4.02, the commencement date of the Accumulation Period as so delayed.

     “Accumulation Negative Spread” means, for any Tranche of Notes for any Distribution Date, the
positive difference, if any, between

     (a) the PFA Earnings Target for amounts on deposit in the Principal Funding Subaccount
in connection with Targeted Principal Deposits other than Targeted Prefunding Deposits for
such Tranche of Notes and

     (b) the product of

	 	(x)	 	the amount of income earned on all funds on
deposit in the Principal Funding Subaccount for such Tranche (net of
investment expenses and losses) for the period from and including the
prior Distribution Date to but excluding such Distribution Date and
	 
	 	(y)	 	a fraction, the numerator of which is the
amount on deposit in such Principal Funding Subaccount in connection
with Targeted Principal Deposits other than Targeted Prefunding
Deposits and the denominator of which is the amount on deposit in such
Principal Funding Subaccount in connection with Targeted Principal
Deposits.

     “Accumulation Period” means, for each Tranche of Notes, unless an Early Redemption Event
or an Event of Default for such Tranche shall have occurred prior thereto or unless otherwise
specified in the Terms Document for such Tranche, the period commencing on the Accumulation
Commencement Date and ending on the earlier to occur of (x) the payment in full of the Outstanding
Dollar Principal Amount of such Tranche or (y) the occurrence of an Early Redemption Event or an
Event of Default for such Tranche.

     “Accumulation Period Length” means, for any Tranche of Notes, (i) if the commencement of the
Accumulation Period is not delayed in accordance with Section 4.02, either (x) the number of months
specified in the applicable Terms Document for such Tranche or (y) if no such number is specified,
twelve (12) months and (ii) if the commencement of the Accumulation Period is delayed in accordance
with Section 4.02, the number of whole months from the first day of the Accumulation Period as so
delayed to the first day of the calendar month in which the Expected Maturity Date for such Tranche
is scheduled to occur.

     “Accumulation Reserve Account” means the trust account designated as such and established
pursuant to Section 5.01.

2

 

     “Accumulation Reserve Subaccount” means any subaccount to the Accumulation Reserve
Account established for a particular Tranche of Notes.

     “Adjusted Outstanding Dollar Principal Amount” means at any time with respect to any Class or
Tranche of Notes, the Outstanding Dollar Principal Amount of all Outstanding Notes of such Class or
Tranche at such time, minus

     (a) any funds on deposit in respect of principal in any Issuer Account or the related
Subaccount, as applicable, for the benefit of such Class or Tranche at such time, and

     (b) any net losses of principal of funds on deposit in respect of principal in any
Issuer Account or the related Subaccount, as applicable, for the benefit of such Class or
Tranche of Notes at such time.

     “Available Subordinated Amount” means, with respect to any Tranche of Class A Notes, the Class
A Available Subordinated Amount of Class B Notes, the Class A Available Subordinated Amount of
Class C Notes or the Class A Available Subordinated Amount of Class D Notes, as applicable, for
such Tranche; with respect to any Tranche of Class B Notes, the Class B Available Subordinated
Amount of Class C Notes or the Class B Available Subordinated Amount of Class D Notes, as
applicable, for such Tranche; and with respect to any Tranche of Class C Notes, the Class C
Available Subordinated Amount of Class D Notes for such Tranche.

     “Cash Flows” means the sequential allocation steps set forth in Section 3.01.

     “Class A Accreted Discount” means, for any Tranche of Class A Discount Notes for any Monthly
Principal Accretion Period, the amount of principal accreted on that Tranche of Class A Discount
Notes in accordance with the Terms Document for such Tranche for the period from and including the
first day of such Monthly Principal Accretion Period to but excluding the last day of such Monthly
Principal Accretion Period.

     “Class A Available Subordinated Amount of Class B Notes” means, for any Tranche of Class A
Notes, on any Distribution Date, an amount equal to the Required Subordinated Amount of Class B
Notes minus the Class A Usage of Class B Notes, each for such Tranche of Class A Notes on such
Distribution Date, as adjusted in accordance with Section 3.02.

     “Class A Available Subordinated Amount of Class C Notes” means, for any Tranche of Class
A Notes, on any Distribution Date, an amount equal to the Required Subordinated Amount of Class C
Notes minus the Class A Usage of Class C Notes, each for such Tranche of Class A Notes on such
Distribution Date, as adjusted in accordance with Section 3.02.

     “Class A Available Subordinated Amount of Class D Notes” means, for any Tranche of Class A
Notes, on any Distribution Date, an amount equal to the Required Subordinated Amount of Class D
Notes minus the Class A Usage of Class D Notes, each for such Tranche of Class A Notes on such
Distribution Date, as adjusted in accordance with Section 3.02.

     “Class A Interest” means, for any Tranche of Class A Notes for any Monthly Interest Accrual
Period, the amount of interest accrued on the Outstanding Dollar Principal Amount of

3

 

such Tranche, calculated at the rate and in accordance with the calculation basis specified in
the Terms Document for such Tranche, for the period from and including the first day of such
Monthly Interest Accrual Period to and including the last day of such Monthly Interest Accrual
Period.

     “Class A Interest Allocation” means the sum of the Class A Tranche Interest Allocations for
each Tranche of Class A Notes of this Series.

     “Class A Interest Allocation Shortfall” has the meaning set forth in step (4) (Class A
Interest Allocation from Series Finance Charge Amounts) of Section 3.01, as adjusted pursuant to
subsequent steps of Section 3.01.

     “Class A Nominal Liquidation Amount Deficit” means the sum of the Nominal Liquidation Amount
Deficits for all Tranches of Class A Notes.

     “Class A Note” means a Note specified in the applicable Terms Document as belonging to Class
A.

     “Class A Swap-Adjusted Interest” means, for any Monthly Interest Accrual Period, (i) in case
of a Note that has a Performing Derivative Agreement for interest that provides for monthly
payments to the applicable Derivative Counterparty, the amount required to be paid to the
applicable Derivative Counterparty on the next payment date under that Derivative Agreement, and
(ii) in case of a Note that has a Performing Derivative Agreement for interest that provides for
payments less frequently than monthly to the applicable Derivative Counterparty, the amount
required to be paid to the Derivative Counterparty on the payment date under that Derivative
Agreement following the end of the current calendar month, and allocable to the period from and
including the first day of such Monthly Interest Accrual Period to but excluding the last day of
such Monthly Interest Accrual Period, taking into account the applicable interest rate and day
count convention under that Derivative Agreement, in each case, prior to netting against payments
to be received from such Derivative Counterparty, if applicable.

     “Class A Tranche Interest Allocation” for each Tranche of Class A Notes for any
Distribution Date means (i) if such Notes are not subject to a Derivative Agreement and are not
Discount Notes, the Class A Interest for such Tranche, (ii) if such Notes are subject to a
Performing Derivative Agreement, the Class A Swap-Adjusted Interest for such Tranche, (iii) if such
Notes are subject to a Non-Performing Derivative Agreement, the amount specified in the Terms
Document for such Tranche, (iv) if such Notes are Discount Notes, the Class A Accreted Discount for
such Tranche, or (v) any other amount specified in the Terms Document for any Tranche of Class A
Notes as the “Class A Tranche Interest Allocation,” plus (a) any Interest Allocation Shortfall from
the prior Distribution Date and (b) any additional amounts due under any applicable Derivative
Agreement as a result of a payment shortfall under such Derivative Agreement in any prior month, in
each case except to the extent the Terms Document for any Tranche of Class A Notes specifies that
any amount described in clauses (i) through (iv) of this definition shall not be included in the
Class A Interest Allocation for this Series. Following an Asset Sale for any Tranche of Class A
Notes, the Class A Tranche Interest Allocation for such Tranche shall be zero.

4

 

     “Class A Tranche Interest Allocation Shortfall” for each Tranche has the meaning set
forth in step (4) (Class A Interest Allocation from Series Finance Charge Amounts) of Section 3.01,
as adjusted pursuant to subsequent steps of Section 3.01.

     “Class A Tranche Prefunding Shortfall” has the meaning set forth in step (63) (Targeted
Principal Deposits for Class A from Series Principal Amounts) of Section 3.01.

     “Class A Tranche Principal Shortfall” has the meaning set forth in step (63) (Targeted
Principal Deposits for Class A from Series Principal Amounts) of Section 3.01.

     “Class A Usage of Class B Notes” means, with respect to any Tranche of Class A Notes, on any
Distribution Date, an amount, not to exceed the Required Subordinated Amount of Class B Notes for
such Tranche of Class A Notes, determined in accordance with Section 3.02.

     “Class A Usage of Class C Notes” means, with respect to any Tranche of Class A Notes for any
Distribution Date, an amount, not to exceed the Required Subordinated Amount of Class C Notes for
such Tranche of Class A Notes determined in accordance with Section 3.02.

     “Class A Usage of Class D Notes” means, with respect to any Tranche of Class A Notes for any
Distribution Date, an amount, not to exceed the Required Subordinated Amount of Class D Notes for
such Tranche of Class A Notes, determined in accordance with Section 3.02.

     “Class B Accreted Discount” means, for any Tranche of Class B Discount Notes for any Monthly
Principal Accretion Period, the amount of principal accreted on that Tranche of Class B Discount
Notes in accordance with the Terms Document for such Tranche for the period from and including the
first day of such Monthly Principal Accretion Period to but excluding the last day of such Monthly
Principal Accretion Period.

     “Class B Available Subordinated Amount of Class C Notes” means, for any Tranche of Class B
Notes, on any Distribution Date, an amount equal to the Required Subordinated Amount of Class C
Notes minus the Class B Usage of Class C Notes, each for such Tranche of Class B Notes on such
Distribution Date, as adjusted in accordance with Section 3.02.

     “Class B Available Subordinated Amount of Class D Notes” means, for any Tranche of Class
B Notes, on any Distribution Date, an amount equal to the Required Subordinated Amount of Class D
Notes minus the Class B Usage of Class D Notes, each for such Tranche of Class B Notes on such
Distribution Date, as adjusted in accordance with Section 3.02.

     “Class B Interest” means, for any Tranche of Class B Notes for any Monthly Interest Accrual
Period, the amount of interest accrued on the Outstanding Dollar Principal Amount of such Tranche,
calculated at the rate and in accordance with the calculation basis specified in the Terms Document
for such Tranche, for the period from and including the first day of such Monthly Interest Accrual
Period to and including the last day of such Monthly Interest Accrual Period.

     “Class B Interest Allocation” means the sum of the Class B Tranche Interest Allocations for
each Tranche of Class B Notes of this Series.

5

 

     “Class B Interest Allocation Shortfall” has the meaning set forth in step (5) (Class B
Interest and Allocation from Series Finance Charge Amounts) of Section 3.01, as adjusted pursuant
to subsequent steps of Section 3.01.

     “Class B Nominal Liquidation Amount Deficit” means the sum of the Nominal Liquidation Amount
Deficits for all Tranches of Class B Notes.

     “Class B Note” means a Note specified in the applicable Terms Document as belonging to Class
B.

     “Class B Principal Allocation” means, for any Due Period, an amount equal to the product of

     (a) the aggregate amount of Series Principal Collections for the Series 2007-CC
Collateral Certificate that are allocated to this Series in accordance with the Indenture
and any additional amounts designated as “Series Principal Collections” for this Series in
accordance with the Indenture for such Due Period and

     (b) the percentage equivalent of a fraction, the numerator of which is the sum of the
Principal Allocation Amounts for all Class B Notes in this Series for such Due Period and the
denominator of which is sum of the Principal Allocation Amounts for all Notes in this Series
for such Due Period.

     “Class B Swap-Adjusted Interest” means, for any Monthly Interest Accrual Period, (i) in case
of a Note that has a Performing Derivative Agreement for interest that provides for monthly
payments to the applicable Derivative Counterparty, the amount required to be paid to the
applicable Derivative Counterparty on the next payment date under that Derivative Agreement, and
(ii) in case of a Note that has a Performing Derivative Agreement for interest that provides for
payments less frequently than monthly to the applicable Derivative Counterparty, the amount
required to be paid to the Derivative Counterparty on the payment date under that Derivative
Agreement following the end of the current calendar month, and allocable to the period from and
including the first day of such Monthly Interest Accrual Period to but excluding the last day of
such Monthly Interest Accrual Period, taking into account the applicable interest rate and day
count convention under that Derivative Agreement, in each case, prior to netting against payments
to be received from such Derivative Counterparty, if applicable.

     “Class B Tranche Interest Allocation” for each Tranche of Class B Notes for any Distribution
Date means (i) if such Notes are not subject to a Derivative Agreement and are not Discount Notes,
the Class B Interest for such Tranche, (ii) if such Notes are subject to a Performing Derivative
Agreement, the Class B Swap-Adjusted Interest for such Tranche, (iii) if such Notes are subject to
a Non-Performing Derivative Agreement, the amount specified in the Terms Document for such Tranche,
(iv) if such Notes are Discount Notes, the Class B Accreted Discount for such Tranche, or (v) any
other amount specified in the Terms Document for any Tranche of Class B Notes as the “Class B
Tranche Interest Allocation,” plus (a) any Interest Allocation Shortfall from the prior
Distribution Date and (b) any additional amounts due under any applicable Derivative Agreement as a
result of a payment shortfall under such Derivative Agreement in any prior month, in each case
except to the extent the Terms Document for any

6

 

Tranche of Class B Notes specifies that any amount described in clauses (i) through (iv)
of this definition shall not be included in the Class B Interest Allocation for this Series.
Following an Asset Sale for any Tranche of Class B Notes, the Class B Tranche Interest Allocation
for such Tranche shall be zero.

     “Class B Tranche Interest Allocation Shortfall” for each Tranche has the meaning set forth in
step (5) (Class B Interest Allocation from Series Finance Charge Amounts) of Section 3.01, as
adjusted pursuant to subsequent steps of Section 3.01.

     “Class B Tranche Prefunding Shortfall” has the meaning set forth in step (61) (Targeted
Principal Deposits for Class B from Series Principal Amounts) of Section 3.01.

     “Class B Tranche Principal Shortfall” has the meaning set forth in step (61) (Targeted
Principal Deposits for Class B from Series Principal Amounts) of Section 3.01.

     “Class B Usage of Class C Notes” means, with respect to any Tranche of Class B Notes for any
Distribution Date, an amount, not to exceed the Required Subordinated Amount of Class C Notes for
such Tranche of Class B Notes, determined in accordance with Section 3.02.

     “Class B Usage of Class D Notes” means, with respect to any Tranche of Class B Notes for any
Distribution Date, an amount, not to exceed the Required Subordinated Amount of Class D Notes for
such Tranche of Class B Notes, determined in accordance with Section 3.02.

     “Class C Accreted Discount” means, for any Tranche of Class C Discount Notes for any Monthly
Principal Accretion Period, the amount of principal accreted on that Tranche of Class C Discount
Notes in accordance with the Terms Document for such Tranche for the period from and including the
first day of such Monthly Principal Accretion Period to but excluding the last day of such Monthly
Principal Accretion Period.

     “Class C Available Subordinated Amount of Class D Notes” means, for any Tranche of Class
C Notes, on any Distribution Date, an amount equal to the Required Subordinated Amount of Class D
Notes minus the Class C Usage of Class D Notes, each for such Tranche of Class C Notes on such
Distribution Date.

     “Class C Interest” means, for any Tranche of Class C Notes for any Monthly Interest Accrual
Period, the amount of interest accrued on the Outstanding Dollar Principal Amount of such Tranche,
calculated at the rate and in accordance with the calculation basis specified in the Terms Document
for such Tranche, for the period from and including the first day of such Monthly Interest Accrual
Period to and including the last day of such Monthly Interest Accrual Period.

     “Class C Interest Allocation” means the sum of the Class C Tranche Interest Allocations for
each Tranche of Class C Notes of this Series.

     “Class C Interest Allocation Shortfall” has the meaning set forth in step (6) (Class C
Interest Allocation from Series Finance Charge Amounts) of Section 3.01, as adjusted pursuant to
subsequent steps of Section 3.01.

7

 

     “Class C Nominal Liquidation Amount Deficit” means the sum of the Nominal Liquidation
Amount Deficits for all Tranches of Class C Notes.

     “Class C Note” means a Note specified in the applicable Terms Document as belonging to Class
C.

     “Class C Principal Allocation” means, for any Due Period, an amount equal to the product of

     (a) the aggregate amount of Series Principal Collections for the Series 2007-CC
Collateral Certificate that are allocated to this Series in accordance with the Indenture
and any additional amounts designated as “Series Principal Collections” for this Series in
accordance with the Indenture, for such Due Period and

     (b) the percentage equivalent of a fraction, the numerator of which is the sum of the
Principal Allocation Amounts for all Class C Notes in this Series for such Due Period and the
denominator of which is sum of the Principal Allocation Amounts for all Notes in this Series
for such Due Period.

     “Class C Reserve Account” means the trust account designated as such and established pursuant
to Section 5.01.

     “Class C Reserve Account Percentage” for each Tranche of Class C Notes has the meaning set
forth in the Terms Document for such Tranche.

     “Class C Reserve Subaccount” means any subaccount to the Class C Reserve Account
established for a particular Tranche of Notes.

     “Class C Swap-Adjusted Interest” means, for any Monthly Interest Accrual Period, (i) in case
of a Note that has a Performing Derivative Agreement for interest that provides for monthly
payments to the applicable Derivative Counterparty, the amount required to be paid to the
applicable Derivative Counterparty on the next payment date under that Derivative Agreement, and
(ii) in case of a Note that has a Performing Derivative Agreement for interest that provides for
payments less frequently than monthly to the applicable Derivative Counterparty, the amount
required to be paid to the Derivative Counterparty on the payment date under that Derivative
Agreement following the end of the current calendar month, and allocable to the period from and
including the first day of such Monthly Interest Accrual Period to but excluding the last day of
such Monthly Interest Accrual Period, taking into account the applicable interest rate and day
count convention under that Derivative Agreement, in each case, prior to netting against payments
to be received from such Derivative Counterparty, if applicable.

     “Class C Tranche Interest Allocation” for each Tranche of Class C Notes for any Distribution
Date means (i) if such Notes are not subject to a Derivative Agreement and are not Discount Notes,
the Class C Interest for such Tranche, (ii) if such Notes are subject to a Performing Derivative
Agreement, the Class C Swap-Adjusted Interest for such Tranche, (iii) if such Notes are
subject to a Non-Performing Derivative Agreement, the amount specified in the Terms Document for
such Tranche, (iv) if such Notes are Discount Notes, the Class C Accreted Discount for such
Tranche, or (v) any other amount specified in the Terms Document for any

8

 

Tranche of Class C Notes as the “Class C Tranche Interest Allocation,” plus (a) any Interest
Allocation Shortfall from the prior Distribution Date and (b) any additional amounts due under any
applicable Derivative Agreement as a result of a payment shortfall under such Derivative Agreement
in any prior month, in each case except to the extent the Terms Document for any Tranche of Class C
Notes specifies that any amount described in clauses (i) through (iv) of this definition shall not
be included in the Class C Interest Allocation for this Series. Following an Asset Sale for any
Tranche of Class C Notes, the Class C Tranche Interest Allocation for such Tranche shall be zero.

     “Class C Tranche Interest Allocation Shortfall” for each Tranche has the meaning given to it
in step (6) (Class C Interest Allocation from Series Finance Charge Amounts) of Section 3.01, as
adjusted pursuant to subsequent steps of Section 3.01.

     “Class C Tranche Prefunding Shortfall” has the meaning set forth in step (62) (Targeted
Principal Deposits for Class C from Series Principal Amounts) of Section 3.01.

     “Class C Tranche Principal Shortfall” has the meaning set forth in step (62) (Targeted
Principal Deposits for Class C from Series Principal Amounts) of Section 3.01.

     “Class C Usage of Class D Notes” means, with respect to any Tranche of Class C Notes for any
Distribution Date, an amount not to exceed the Required Subordinated Amount of Class D Notes for
such Tranche of Class C Notes, determined in accordance with Section 3.02.

     “Class D Accreted Discount” means, for any Tranche of Class D Discount Notes for any Monthly
Principal Accretion Period, the amount of principal accreted on that Tranche of Class D Discount
Notes in accordance with the Terms Document for such Tranche for the period from and including the
first day of such Monthly Principal Accretion Period to but excluding the last day of such Monthly
Principal Accretion Period.

     “Class D Interest” means, for any Tranche of Class D Notes for any Monthly Interest Accrual
Period, the amount of interest accrued on the Outstanding Dollar Principal Amount of such Tranche,
calculated at the rate and in accordance with the calculation basis specified in the Terms Document
for such Tranche, for the period from and including the first day of such Monthly Interest Accrual
Period to and including the last day of such Monthly Interest Accrual Period.

     “Class D Interest Allocation” means the sum of the Class D Tranche Interest Allocations
for each Tranche of Class D Notes of this Series.

     “Class D Interest Allocation Shortfall” has the meaning set forth in step (8) (Class D
Interest Allocation from Series Finance Charge Amounts) of Section 3.01, as adjusted pursuant to
subsequent steps of Section 3.01.

     “Class D Nominal Liquidation Amount Deficit” means the sum of the Nominal Liquidation Amount
Deficits for all Tranches of Class D Notes.

     “Class D Note” means a Note specified in the applicable Terms Document as belonging to Class
D.

9

 

     “Class D Principal Allocation” means, for any Due Period, an amount equal to the product
of

     (a) the aggregate amount of Series Principal Collections for the Series 2007-CC
Collateral Certificate that are allocated to this Series in accordance with the Indenture
and any additional amounts designated as “Series Principal Collections” for this Series in
accordance with the Indenture, for such Due Period, and

     (b) the percentage equivalent of a fraction, the numerator of which is the sum of the
Principal Allocation Amounts for all Class D Notes in this Series for such Due Period and the
denominator of which is sum of the Principal Allocation Amounts for all Notes in this Series
for such Due Period.

     “Class D Reserve Account” means the trust account designated as such and established pursuant
to Section 5.01.

     “Class D Reserve Account Percentage” for each Tranche of Class D Notes has the meaning set
forth in the Terms Document for such Tranche.

     “Class D Reserve Subaccount” means any subaccount to the Class D Reserve Account established
for a particular Tranche of Notes.

     “Class D Swap-Adjusted Interest” means, for any Monthly Interest Accrual Period, (i) in case
of a Note that has a Performing Derivative Agreement for interest that provides for monthly
payments to the applicable Derivative Counterparty, the amount required to be paid to the
applicable Derivative Counterparty on the next payment date under that Derivative Agreement, and
(ii) in case of a Note that has a Performing Derivative Agreement for interest that provides for
payments less frequently than monthly to the applicable Derivative Counterparty, the amount
required to be paid to the Derivative Counterparty on the payment date under that Derivative
Agreement following the end of the current calendar month, and allocable to the period from and
including the first day of such Monthly Interest Accrual Period to but excluding the last day of
such Monthly Interest Accrual Period, taking into account the applicable interest rate and day
count convention under that Derivative Agreement, in each case, prior to netting against payments
to be received from such Derivative Counterparty, if applicable.

     “Class D Tranche Interest Allocation” for each Tranche of Class D Notes for any
Distribution Date means (i) if such Notes are not subject to a Derivative Agreement and are not
Discount Notes, the Class D Interest for such Tranche, (ii) if such Notes are subject to a
Performing Derivative Agreement, the Class D Swap-Adjusted Interest for such Tranche, (iii) if such
Notes are subject to a Non-Performing Derivative Agreement, the amount specified in the Terms
Document for such Tranche, (iv) if such Notes are Discount Notes, the Class D Accreted Discount for
such Tranche, or (v) any other amount specified in the Terms Document for any Tranche of Class D
Notes as the “Class D Tranche Interest Allocation,” plus (a) any Interest Allocation Shortfall from
the prior Distribution Date and (b) any additional amounts due under any applicable Derivative
Agreement as a result of a payment shortfall under such Derivative Agreement in any prior month, in
each case except to the extent the Terms Document for any Tranche of Class D Notes specifies that
any amount described in clauses (i) through (iv) of this

10

 

definition shall not be included in the Class D Interest Allocation for this Series.
Following an Asset Sale for any Tranche of Class D Notes, the Class D Tranche Interest Allocation
for such Tranche shall be zero.

     “Class D Tranche Interest Allocation Shortfall” for each Tranche has the meaning set forth in
step (8) (Class D Interest Allocation from Series Finance Charge Amounts) of Section 3.01, as
adjusted pursuant to subsequent steps of Section 3.01.

     “Class D Tranche Principal Shortfall” has the meaning set forth in step (63) (Targeted
Principal Deposits for Class D from Series Principal Amounts) of Section 3.01.

     “Collections Account” for the Master Trust has the meaning set forth in the Series 2007-CC
Series Supplement or any other applicable agreement relating to any Additional Collateral
Certificate.

     “Cumulative Class C Reserve Reimbursement Amount” means, on any Distribution Date, an amount
determined in accordance with step (1) (Initial Calculation of Required Subordinated Amounts,
Available Subordinated Amounts and Usage) of Section 3.02, as adjusted in accordance with Sections
3.01 and 3.02.

     “Cumulative Class D Reserve Reimbursement Amount” means, on any Distribution Date, an amount
determined in accordance with step (1) (Initial Calculation of Required Subordinated Amounts,
Available Subordinated Amounts and Usage) of Section 3.02, as adjusted in accordance with Section
3.01 and 3.02

     “De Minimis Threshold” means any condition or set of conditions, including any maximum Initial
Dollar Principal Amount of Notes, or any maximum period of time since the last issuance of Notes in
which all of the conditions of Section 310 of the Indenture have been satisfied, for which the Note
Rating Agencies agree that an issuance that does not exceed such maximum does not require
compliance with the conditions of Section 310.

     “Discount Note” means a Note issued with an Initial Dollar Principal Amount that is less
than its Stated Principal Amount, including without limitation 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 with respect to such
Note or an Event of Default and the acceleration of such Note, in each case before the Expected
Maturity Date of the applicable Note.

     “Distribution Date” means the 15th day of each calendar month (or, if such day is
not a Business Day, the next succeeding Business Day) commencing in [      ] 2007.

     “Early Redemption Event” has the meaning set forth in the Indenture and Section 4.01 of this
Indenture Supplement.

     “Event of Default” has the meaning set forth in the Indenture.

     “Excess Spread Amount” means, for this Series for any Distribution Date, the amount of Series
Finance Charge Amounts remaining after step (16) (Current Charge-offs from Series

11

 

Finance Charge Amounts) of Section 3.01 minus an amount equal to income earned on all
funds on deposit in the Interest Funding Account and the Accumulation Reserve Account (including
all subaccounts of such accounts) (net of investment expenses and losses) for the period from and
including the prior Distribution Date to but excluding such Distribution Date.

     “Excess Spread Early Redemption Event” has the meaning set forth in Section 4.01 of this
Indenture Supplement.

     “Eligible Deposit Account” has the meaning set forth in the Indenture.

     “Foreign Currency” means (a) a currency other than Dollars or (b) denominated in a currency
other than Dollars.

     “Foreign Currency Note” means a Note denominated in a Foreign Currency.

     “Indenture” means the Indenture dated as of [      ], 2007 between the Issuer and Indenture
Trustee, as the same may be amended, supplemented, restated, amended and restated, replaced or
otherwise modified from time to time.

     “Initial Dollar Principal Amount” means (a) unless otherwise specified in the applicable Terms
Document, with respect to a Class or Tranche of Dollar Notes, the aggregate initial principal
amount of the Outstanding Notes of such Class or Tranche, and (b) with respect to a Class or
Tranche of Discount Notes or Foreign Currency Notes, the amount specified in the applicable Terms
Document as the Initial Dollar Principal Amount thereof.

     “Interest Allocation Shortfall” means, with respect to any Tranche of Notes, the amount of any
Class A Tranche Interest Allocation Shortfall, any Class B Tranche Interest Allocation Shortfall,
any Class C Tranche Interest Allocation Shortfall or any Class D Tranche Interest Allocation
Shortfall that remains unpaid with respect to such Tranche from any prior Distribution Date after
all allocations under the Cash Flows in Section 3.01, together with interest thereon calculated at
the rate and in accordance with the calculation basis specified in the Terms Document for such
Tranche, for the period from and including the first day of such Monthly Interest Accrual Period to
but excluding the last day of such Monthly Interest Accrual Period.

     “Interest Funding Account” means the trust account designated as such and established pursuant
to Section 5.01.

     “Interest Funding Subaccount” means any subaccount to the Interest Funding Account established
for a particular Tranche of Notes.

     “Issuer Accounts” means, collectively, the Series Collections Account, the Interest Funding
Account, the Principal Funding Account, the Accumulation Reserve Account, the Class C Reserve
Account, the Class D Reserve Account, any other account established in accordance with any Terms
Document and designated as an “Issuer Account,” and any Subaccounts of such accounts.

12

 

     “Legal Maturity Date” for each Tranche of Notes has the meaning set forth in the Terms
Document for such Tranche.

     “Master Trust” has the meaning set forth in the Indenture.

     “Minimum Principal Receivables Balance,” with respect to the Master Trust, has the meaning set
forth in the Pooling and Servicing Agreement.

     “Monthly Interest Accrual Date” means, with respect to any Class or Tranche of Notes:

     (a) each Interest Payment Date for such Class or Tranche, or such other date as
specified in the applicable Terms Document for such Tranche, and

     (b) for any calendar month in which no Interest Payment Date (or other specified date)
for such Class or Tranche occurs, the date in such calendar month corresponding numerically
to the next Interest Payment Date (or other specified date) for such Class or Tranche of
Notes; provided, however, that

     (i) for the calendar month in which a Class or Tranche of Notes is issued, the
issuance date for such Class or Tranche will be the first Monthly Interest Accrual
Date for such Class or Tranche of Notes,

     (ii) any date on which proceeds from a sale of assets following an Event of
Default and acceleration of any Tranche of Notes are deposited into the Interest
Funding Subaccount for such Notes will be the last Monthly Interest Accrual Date for
such Tranche,

     (iii) if there is no such numerically corresponding date in such calendar
month, then the Monthly Interest Accrual Date will be the last Business Day of such
calendar month, and

     (iv) if such numerically corresponding date in such calendar month is not a
Business Day, then the Monthly Interest Accrual Date will be the following Business
Day (unless such Business Day would fall in the following calendar month, in which
case the Monthly Interest Accrual Date will be the last Business Day of such current
month).

     “Monthly Interest Accrual Period” shall mean, with respect to any Class or Tranche of
Notes, the period from and including any Monthly Interest Accrual Date to but excluding the next
succeeding Monthly Interest Accrual Date.

     “Monthly Principal Accretion Period” means, with respect to any Class or Tranche of Discount
Notes, the period from and including any Monthly Principal Accretion Date to but excluding the next
succeeding Monthly Principal Accretion Date.

     “Monthly Principal Accretion Date” means, with respect to any Class or Tranche of Discount
Notes:

13

 

     (a) for any calendar month in which an Expected Maturity Date for such Class or Tranche
occurs, such Expected Maturity Date, except as otherwise specified in the applicable Terms Document
for such Tranche, and

     (b) for any calendar month in which no Expected Maturity Date for such Class or Tranche
occurs, the date in such calendar month corresponding numerically to the Expected Maturity
Date for such Tranche, or as otherwise specified in the applicable Terms Document, for such
Tranche; provided, however, that:

     (i) if there is no numerically corresponding date in such calendar month, then
the Monthly Principal Accretion Date will be the last Business Day of such calendar
month, and

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

     “Nominal Liquidation Amount” means, with respect to any Tranche of Notes on the issuance date
thereof, the Initial Dollar Principal Amount of such Tranche, and on any Distribution Date
thereafter such amount as increased or reduced pursuant to Section 3.01.

     “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.

     “Notes” means the Series of Notes created pursuant to Section 2.01.

     “Outstanding Dollar Principal Amount” means at any time, either:

     (a) with respect to any Class or Tranche of Notes (other than Discount Notes), the
aggregate Initial Dollar Principal Amount of the Outstanding Notes of such Class or Tranche
at such time, minus the amount of any withdrawals from any Issuer Account or Subaccount for
such Class or Tranche of Notes for payment of principal to the Holders of such Class or
Tranche or the applicable Derivative Counterparty pursuant to this Indenture Supplement, or

     (b) with respect to any Class or Tranche of Discount Notes, an amount of the
Outstanding Notes of such Class or Tranche calculated by reference to the applicable formula
set forth in the applicable Terms Document, taking into account the amount and timing of
payments of principal made to the Holders of such Class or Tranche or to the applicable
Derivative Counterparty and accretions of principal, each pursuant to this Indenture
Supplement;

plus, in either case, the amount of any increase in the Outstanding Dollar Principal Amount
of such Class or Tranche of Notes due to the issuance of additional Notes of such Series,
Class or Tranche pursuant to Section 2.02.

14

 

     “Payment Date” means any Interest Payment Date, any Principal Payment Date, any
Expected Maturity Date and any other date specified in the Terms Document for any Tranche as
a “Payment Date.”

     “Performing” means, with respect to any Derivative Agreement, that no payment default or
repudiation of performance by a Derivative Counterparty has occurred, and such Derivative Agreement
has not been terminated.

     “PFA Earnings Target” means, for any Distribution Date, with respect to any amount on deposit
in a Principal Funding Subaccount (before giving effect to any deposits to be made on such date)
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 Distribution Date to but excluding
such Distribution 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);

     (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; or

     (e) at any other applicable rate specified in the related Terms Document for such
Tranche.

     More than one of the aforementioned rates of interest may be applicable to amounts on deposit
in a Principal Funding Subaccount for a Tranche of Notes.

     “Prefunding Negative Spread” means, for any Tranche of Notes for any Distribution Date, the
positive difference, if any, between

     (a) the PFA Earnings Target for amounts on deposit in the Principal Funding Subaccount
in connection with Targeted Prefunding Deposits for such Tranche of Notes and

     (b) the product of

	 	(x)	 	the amount of income earned on all funds on
deposit in the Principal Funding Subaccount for such Tranche (net of
investment expenses and losses) for the period from and including the
prior Distribution Date to but excluding such Distribution Date and

15

 

	 	(y)	 	a fraction, the numerator of which is the
amount on deposit in such Principal Funding Subaccount in connection
with Targeted Prefunding Deposits and the denominator of which is the
amount on deposit in such Principal Funding Subaccount in connection
with Targeted Principal Deposits.

     “Pooling and Servicing Agreement” means that certain Amended and Restated Pooling and
Servicing Agreement dated as of November 3, 2004 by and between Discover Bank, as master servicer,
servicer and seller and U.S. Bank National Association, as trustee, as the same may be amended,
supplemented, restated, amended and restated, replaced or otherwise modified from time to time.

     “Prefunding Excess Amount” for any Tranche of Notes shall have the meaning set forth in
Section 4.04.

     “Principal Funding Account” means the trust account designated as such and established
pursuant to Section 5.01.

     “Principal Funding Subaccount” means any subaccount to the Principal Funding Account
established for a particular Tranche of Notes.

     “Reallocated Finance Charge Amounts” has the meaning set forth in step (10) (Allocation from
the Master Trust Group One Interchange Reallocation Account) of Section 3.01, as adjusted pursuant
to subsequent steps of Section 3.01.

     “Reallocated Principal Amounts” has the meaning set forth in step (64) (Allocation from Group
One Principal Collections Reallocation Account for Principal Shortfalls other than Prefunding
Shortfalls) of Section 3.01, as adjusted pursuant to subsequent steps of Section 3.01.

     “Receivables Sale” means, for any Tranche of Notes, each sale of Receivables by each Master
Trust with respect to such Tranche pursuant to Section 4.05 and pursuant to Section 12(b) of the
Series 2007-CC Supplement or any other applicable agreement relating to any Additional Collateral
Certificate.

     “Receivables Sale Proceeds” means, for any Tranche of Notes, the net proceeds of a Receivables
Sale. Receivables Sale Proceeds do not constitute Series Principal Amounts.

     “Required Excess Spread Amount” means with respect to any Distribution Date for any Tranche of
Notes, zero, unless otherwise specified in the applicable Terms Document for such Tranche.

     “Required Subordinated Amount” means, with respect to any Tranche of Class A Notes, the
Class A Required Subordinated Amount of Class B Notes, the Class A Required Subordinated Amount of
Class C Notes or the Class A Required Subordinated Amount of Class D Notes, as applicable, for such
Tranche; with respect to any Tranche of Class B Notes, the Class B Required Subordinated Amount of
Class C Notes or the Class B Required Subordinated Amount of Class D Notes, as applicable, for such
Tranche; and with respect to any Tranche of Class C Notes, the Class C Required Subordinated Amount
of Class D Notes for such Tranche.

16

 

     “Required Subordinated Amount of Class B Notes” means, for any Tranche of Class A Notes,
the amount determined in accordance with the Terms Document for such Tranche.

     “Required Subordinated Amount of Class C Notes” means, for any Tranche of Class A Notes or
Class B Notes, the amount determined in accordance with the Terms Document for such Tranche.

     “Required Subordinated Amount of Class D Notes” means, for any Tranche of Class A Notes, Class
B Notes or Class C Notes, the amount determined in accordance with the Terms Document for such
Tranche.

     “Senior Class” means (a) with respect to the Class B Notes, the Class A Notes, (b) with
respect to the Class C Notes, the Class A Notes or Class B Notes and (c) with respect to the Class
D Notes, the Class A Notes, Class B Notes or Class C Notes.

     “Series 2007-CC Collateral Certificate” means the Series 2007-CC Certificate issued pursuant
to the Pooling and Servicing Agreement and the Series 2007-CC Supplement, as amended, supplemented,
restated, amended and restated, replaced or otherwise modified from time to time.

     “Series 2007-CC Supplement” means the Series 2007-CC Supplement to the Pooling and Servicing
Agreement dated as of [                     ], 2007, as the same may be amended, supplemented, restated, amended and
restated, replaced or otherwise modified from time to time.

     “Series Charge-Offs” means, with respect to any Due Period, the portion of the Series Investor
Charge-Off Amount for the Series 2007-CC Collateral Certificate that is allocated to this Series in
accordance with the Indenture and any additional amounts designated as “Series Charge-Offs” for
this Series in accordance with the Indenture.

     “Series Collections Account” has the meaning set forth in Indenture.

     “Series Finance Charge Amounts” means, with respect to any Due Period, the sum of (a) the
portion of the Series Finance Charge Collections for the Series 2007-CC Collateral Certificate that
are allocated to this Series in accordance with the Indenture and any additional amounts designated
as “Series Finance Charge Collections” for this Series in accordance with the Indenture, (b) the
portion of the Series Interchange for the Series 2007-CC Collateral Certificate that is allocated
to this Series in accordance with the Indenture and any additional amounts designated as “Series
Interchange” for this Series in accordance with the Indenture, (c) any amounts to be treated as
Series Finance Charge Amounts pursuant to any Terms Document and (d) any amounts to be treated as
Series Finance Charge Amounts pursuant to steps (2) (Withdrawal of Income on Accounts), (3)
(Withdrawal from Accumulation Reserve Subaccounts to Cover Negative Spread on Principal Funding
Subaccounts), (49) (Withdrawal of Excess Deposits from Accumulation Reserve Subaccounts for use as
Series Finance Charge Amounts), (51) (Withdrawal of Excess Deposits from Class C Reserve
Subaccounts for use as Series Finance Charge Amounts) and (52) (Withdrawal of Excess Deposits from
Class D Reserve Subaccounts for use as Series Finance Charge Amounts) of Section 3.01 (but in each
case in this clause (d), only with respect to allocations made after the step in which such funds
are designated as Series Finance Charge Amounts).

17

 

     “Series Principal Amounts” means, with respect to any Due Period, the sum of (a) the
portion of Series Principal Collections for the Series 2007-CC Collateral Certificate that are
allocated to this Series in accordance with the Indenture and any additional amounts designated as
“Series Principal Collections” for this Series in accordance with the Indenture, (b) any amounts to
be treated as Series Principal Amounts pursuant to any Terms Document (including, without
limitation, any amounts to paid with respect to any Note under any Derivative Agreement that are
designated as Series Principal Amounts under the applicable Terms Document), and (c) any amounts to
be treated as Series Principal Amounts pursuant to

	 	•	 	step (16) (Current Charge-offs from Series Finance Charge Amounts),
	 
	 	•	 	step (17) (Reimbursement of Class A Nominal Liquidation Amount Deficit from
Series Finance Charge Amounts),
	 
	 	•	 	step (18) (Reimbursement of Class B Nominal Liquidation Amount Deficit from
Series Finance Charge Amounts),
	 
	 	•	 	step (19) (Reimbursement of Class C Nominal Liquidation Amount Deficit from
Series Finance Charge Amounts),
	 
	 	•	 	step (20) (Reimbursement of Class D Nominal Liquidation Amount Deficit from
Series Finance Charge Amounts),
	 
	 	•	 	step (23) (Unreimbursed Current Charge-offs from Reallocated Finance Charge
Amounts),
	 
	 	•	 	step (24) (Reimbursement of Class A Nominal Liquidation Amount Deficit from
Reallocated Finance Charge Amounts),
	 
	 	•	 	step (25) (Reimbursement of Class B Nominal Liquidation Amount Deficit from
Reallocated Finance Charge Amounts),
	 
	 	•	 	step (26) (Reimbursement of Class C Nominal Liquidation Amount Deficit from
Reallocated Finance Charge Amounts),
	 
	 	•	 	step (27) (Reimbursement of Class D Nominal Liquidation Amount Deficit from
Reallocated Finance Charge Amounts), and
	 
	 	•	 	step (59) (Withdrawal of Prefunding Excess Amounts for use as Series Principal
Amounts)

of Section 3.01 (but in the case of this clause (c), only with respect to allocations made
after the step in which such funds are designated as Series Principal Amounts).

     “Series Servicing Fees” mean, with respect to any Due Period, the portion of the Investor
Servicing Fee for the Series 2007-CC Collateral Certificate that is allocated to this Series in
accordance with the Indenture and any additional amounts designated as “Series Servicing Fees”

18

 

for this Series in accordance with the Indenture, plus any Series Servicing Fee Shortfall from
the prior Distribution Date.

     “Series Servicing Fee Shortfall” has the meaning set forth in step (7) (Series Servicing
Fees from Series Finance Charge Amounts) of Section 3.01, as adjusted pursuant to subsequent steps
of Section 3.01.

     “Stated Principal Amount,” with respect to any Note, has the meaning set forth in the related
Terms Document.

     “Subordinated Class” means (a) with respect to the Class A Notes, the Class B Notes, the Class
C Notes and the Class D Notes, (b) with respect to the Class B Notes, the Class C Notes and the
Class D Notes, and (c) with respect to the Class C Notes, the Class D Notes.

     “Subordination Waterfall” means the sequential adjustment steps relating to Usage and
Available Subordinated Amounts set forth in Section 3.02.

     “Targeted Cumulative Class C Reserve Deposit” for each Tranche of Class C Notes means, with
respect to any Due Period, unless otherwise specified in the Terms Document for such Tranche, the
product of

     (a) the Class C Reserve Account Percentage for such Tranche for such Due Period,

     (b) the sum of the Adjusted Outstanding Dollar Principal Amounts of all Tranches of
Outstanding Notes in the Series and the amount of funds on deposit in the Principal Funding
Accounts for all Tranches of Outstanding Notes in the Series, in each case as of the last
day of the preceding Due Period and

     (c) a fraction, the numerator of which is the Nominal Liquidation Amount of such
Tranche and the denominator of which is the Nominal Liquidation Amount of all Class C Notes
in the Series, in each case, as of the close of business on the last day of the preceding
Due Period.

     “Targeted Cumulative Class D Reserve Deposit” for each Tranche of Class D Notes means, with
respect to any Due Period, unless otherwise specified in the Terms Document for such Tranche, the
product of

     (a) the Class D Reserve Account Percentage for such Tranche for such Due Period,

     (b) the sum of the Adjusted Outstanding Dollar Principal Amounts of all Tranches of
Outstanding Notes in the Series and the amount of funds on deposit in the Principal Funding
Accounts for all Tranches of Outstanding Notes in the Series, in each case as of the last
day of the preceding Due Period and

     (c) a fraction, the numerator of which is the Nominal Liquidation Amount of such
Tranche and the denominator of which is the Nominal Liquidation Amount of all

19

 

Class D Notes in the Series, in each case, as of the close of business on the last
day of the preceding Due Period.

     “Targeted Prefunding Deposit” has the meaning set forth in Section 4.03.

     “Targeted Principal Deposit” means, for any Distribution Date, (i) for any Tranche of Notes
for which a Receivables Sale has occurred, zero, and (ii) for any other Tranche of Notes, the
amount determined pursuant to clauses (a), (b), (c) or (d) below with respect to such Tranche for
such Distribution Date, as applicable, or if more than one such clause is applicable, the highest
amount determined pursuant to any one of such clauses, plus the Targeted Prefunding Deposit for
such as determined in accordance with Section 4.03.

     (a) Deposits for Principal Payment Dates. For any Tranche that does not have an
Accumulation Period, for any Distribution Date that is a Principal Payment Date for such
Tranche, the amount scheduled to be paid on such Principal Payment Date as specified in the
related Terms Document, plus any Targeted Principal Deposit that was scheduled to be paid on
any previous Principal Payment Date that was not so paid,

     (b) Deposits for Accumulation Periods. For any Tranche in its Accumulation Period,
beginning with the Accumulation Commencement Date for such Tranche the Accumulation Amount
for such Tranche, plus any Accumulation Amount that was scheduled to be deposited on any
previous Distribution Date in the Accumulation Period that was not so deposited,

     (c) Deposits for Accelerated Tranche. For any Tranche that has been accelerated after
the occurrence of an Event of Default, or if an Early Redemption Event with respect to such
Tranche has occurred, with respect to each Distribution Date following the Due Period in
which such Event of Default or Early Redemption Event has occurred, the Nominal Liquidation
Amount of such Tranche as of the close of business on the last day of the preceding Due
Period, or

     (d) Derivative Payments. For any Tranche that has a Performing or non-Performing
Derivative Agreement for principal that provides for a payment to the applicable Derivative
Counterparty, the amount specified in the related Terms Document as the amount to be
deposited on the applicable Distribution Date with respect to any payment to the Derivative
Counterparty, plus any amount that was scheduled to be deposited on any previous
Distribution Date that was not so deposited,

but in no case more than the Nominal Liquidation Amount of such Tranche; provided, however, that
(i) the Targeted Principal Deposit for any Tranche of Class B Notes will be zero prior to the Legal
Maturity Date of such Tranche unless the Class A Usage of Class B Notes for all Outstanding
Tranches of Class A Notes is zero, (ii) the Targeted Principal Deposit for any Tranche of Class C
Notes will be zero prior to the Legal Maturity Date of such Tranche unless the Class A Usage of
Class C Notes for all Outstanding Tranches of Class A Notes is zero and the Class B Usage of Class
C Notes for all Outstanding Tranches of Class B Notes is zero, and (iii) the Targeted Principal
Deposit for any Tranche of Class D Notes will be zero prior to the Legal Maturity Date of such
Tranche unless the Class A Usage of Class D Notes for all

20

 

Outstanding Tranches of Class A Notes is zero, the Class B Usage of Class D Notes for all
Outstanding Tranches of Class B Notes is zero and the Class C Usage of Class D Notes for all
Outstanding Tranches of Class C Notes is zero.

     “Terms Document” means, with respect to any Class or Tranche of Notes, a supplement to the
Indenture Supplement that establishes such Class or Tranche, in the case of Class A Notes, Class B
Notes or Class C Notes, in the form attached hereto as Exhibit 1-A, 1-B or 1-C, as applicable, with
such additional or different provisions as the Issuer determines are necessary or appropriate in
connection with the issuance of any Tranche of Notes.

     “Trust Agreement” means the Trust Agreement dated as of [ ], 2007 between the Beneficiary and
the Owner Trustee, as the same may be amended, supplemented, restated, amended and restated,
replaced or otherwise modified from time to time.

     “Unreimbursed Series Charge-Offs” has the meaning set forth in step (16) (Current Charge-offs
from Series Finance Charge Amounts) of Section 3.01, as adjusted pursuant to subsequent steps of
Section 3.01.

     “Usage” means, with respect to any Tranche of Class A Notes, the Class A Usage of Class B
Notes, the Class A Usage of Class C Notes or the Class A Usage of Class D Notes, as applicable, for
such Tranche; with respect to any Tranche of Class B Notes, the Class B Usage of Class C Notes or
the Class B Usage of Class D Notes, as applicable, for such Tranche; and with respect to any
Tranche of Class C Notes, the Class C Usage of Class D Notes for such Tranche.

     Section 1.02. Governing Law. THIS INDENTURE SUPPLEMENT WILL BE CONSTRUED IN ACCORDANCE
WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK, INCLUDING SECTION 5-1401 OF THE GENERAL
OBLIGATION LAW, WITHOUT REFERENCE TO ANY CONFLICT OF LAW PROVISIONS THAT WOULD RESULT IN THE
APPLICATION OF THE LAWS OF ANY OTHER STATE.

     Section 1.03. Counterparts. This Indenture Supplement may be executed in any
number of counterparts, each of which when 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.

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 “Discover Card Execution Note Trust, DiscoverSeries” or the
“DiscoverSeries Notes.” The Notes will be issued in four Classes, the first of which shall be
known as the “Class A Notes,” the second of which shall be known as the

21

 

“Class B Notes,” the third of which shall be known as the “Class C Notes” and the fourth
of which shall be known as the “Class D Notes.”

     (b) The Notes shall not be subordinated to any other series of notes.

     (c) Notwithstanding the allocation provisions of the Indenture, this Indenture Supplement and
the Indenture Supplements for each other series of notes, if any, to the extent that the Series
Noteholders are deemed to have any interest in any assets of the Issuer allocated to other Series
of Notes secured by the Collateral, the Series Noteholders agree by acceptance of their Notes that
their interest in those assets is subordinate to claims or rights of the Noteholders of such other
Series of Notes to those other assets. Further, the Series Noteholders shall agree by their
acceptance of their Notes that such agreement constitutes a subordination agreement for purposes of
Section 510(a) of the Bankruptcy Code.

     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 Series, so long as the
following conditions precedent are satisfied:

     (i) on or before the date that the new issuance is to occur, the Issuer shall have delivered
to the Indenture Trustee a Terms Document relating to the applicable Tranche of Notes;

     (ii) with respect to an issuance of Class A Notes, immediately after giving effect to such
issuance, the Nominal Liquidation Amount of the Class B Notes in the Series must be at least equal
to the Class A Available Subordinated Amount of Class B Notes for all Class A Notes in the Series;

     (iii) with respect to an issuance of Class A Notes or Class B Notes, immediately after giving
effect to such issuance, the Nominal Liquidation Amount of the Class C Notes in this Series must be
at least equal to the sum of (x) the aggregate Class A Available Subordinated Amount of Class C
Notes for all Class A Notes in the Series with a Required Subordinated Amount of Class B Notes
equal to zero and (y) the aggregate Class B Available Subordinated Amount of Class C Notes for all
Class B Notes in the Series;

     (iv) with respect to an issuance of Class A Notes, Class B Notes or Class C Notes,
immediately after giving effect to such issuance, the Nominal Liquidation Amount of the Class D
Notes in this Series must be at least equal to the aggregate Class C Available Subordinated Amount
of Class D Notes for all Class C Notes in this Series;

     (v) the Issuer shall be entitled to cause an increase in the Series Investor Interest for the
Series 2007-CC Collateral Certificate or any Additional Collateral Certificate by an amount equal
to the Nominal Liquidation Amount for such Notes as specified in the related Terms Document if all
conditions to such increase, including without limitation any conditions relating to the Minimum
Principal Receivables Balance of the Master Trust or any comparable provision of any other
applicable trust, shall have been satisfied,

     (vi) the conditions specified in Section 310 of the Indenture are satisfied (unless such
issuance does not exceed the De Minimis Threshold); and

22

 

     (vii) any other conditions specified in the related Terms Document.

     Section 2.03. Cash Deposit in Class C Reserve Account and Class D Reserve Account.

     If the issuance of Notes pursuant to Section 2.02 is expected to result in an increase in the
Targeted Cumulative Class C Reserve Deposit for any Tranche of Class C Notes or the Targeted
Cumulative Class D Reserve Deposit for any Tranche of Class D Notes, immediately after receipt of
the proceeds of the Notes issued pursuant to Section 2.02 the Issuer shall deposit an amount equal
to such increase into each applicable Class C Reserve Subaccount or Class D Reserve Subaccount from
the proceeds of such Notes.

ARTICLE III

Allocations of Collections and Subordination

     Section 3.01. Allocations of Collections.

     The Indenture Trustee shall, on or before each Distribution Date cause allocations to be made
in the order of priority specified, to the extent funds are available, to the account or Person
indicated, in each case as set forth below. For the purpose of this section, unless otherwise
provided in each paragraph, each amount referred in this section shall be computed after giving
effect to preceding paragraphs but before giving effect to succeeding paragraphs.

          (1) Series Finance Charge Amounts and Series Principal Amounts. All Series Finance Charge
Amounts and Series Principal Amounts allocated to this Series pursuant to the Indenture or
designated in any applicable Terms Agreement and received by the Trust in accordance with such
Terms Document or any related agreement shall be deposited in the Series Collections Account;
provided, however, that the Calculation Agent may direct each Master Trust Trustee to retain any
funds in Master Trust accounts that will be allocated to Master Trust accounts or paid to each
Master Servicer in accordance with these Cash Flows, and any such amounts shall not be deposited in
the Series Collections Account; and provided, further, that any such amounts shall nonetheless be
treated as Series Finance Charge Amounts and Series Principal Amounts hereunder.

          (2) Withdrawal of Income on Accounts. An amount equal to income earned on all funds on
deposit in the Principal Funding Account, the Interest Funding Account and the Accumulation Reserve
Account (including all subaccounts of such accounts) (net of investment expenses and losses) for
the period from and including the prior Distribution Date to but excluding the current Distribution
Date shall be withdrawn from each such account, deposited into the Series Collections Account, and
treated as Series Finance Charge Amounts.

          (3) Withdrawal from Accumulation Reserve Subaccounts to Cover Negative Spread on Principal
Funding Subaccounts. An amount equal to the Accumulation Negative Spread for any Principal Funding
Subaccount for any Tranche of Notes in the Accumulation Period for such Tranche shall be withdrawn
from the Accumulation Reserve Subaccount for such Tranche, deposited in the Series Collections
Account and treated as Series Finance Charge Amounts.

23

 

          (4) Class A Interest Allocation from Series Finance Charge Amounts. An amount equal to the
lesser of

	 	(x)	 	the Class A Interest Allocation and
	 
	 	(y)	 	the Series Finance Charge Amounts

shall be deposited into the Interest Funding Account. The amount by which the Class A Interest
Allocation exceeds the amount of such deposit shall be the “Class A Interest Allocation Shortfall.”
The Series Finance Charge Amounts shall be reduced by the amount of such deposit. The amount
deposited into the Interest Funding Account pursuant to this step (4) shall be allocated to each
Tranche of Class A Notes pro rata based on the ratio of the Class A Tranche Interest Allocation to
the Class A Interest Allocation and deposited into the applicable Interest Funding Subaccount for
such Tranche. The amount by which the Class A Tranche Interest Allocation for any Tranche exceeds
the amount of such deposit shall be the “Class A Tranche Interest Allocation Shortfall” for such
Tranche.

          (5) Class B Interest Allocation from Series Finance Charge Amounts. An amount equal to the
lesser of

	 	(x)	 	the Class B Interest Allocation and
	 
	 	(y)	 	the Series Finance Charge Amounts remaining
after step (4) (Class A Interest Allocation from Series Finance Charge
Amounts)

shall be deposited into the Interest Funding Account. The amount by which the Class B Interest
Allocation exceeds the amount of such deposit shall be the “Class B Interest Allocation Shortfall.”
The Series Finance Charge Amounts shall be reduced by the amount of such deposit. The amount
deposited into the Interest Funding Account pursuant to this step (5) shall be allocated to each
Tranche of Class B Notes pro rata based on the ratio of the Class B Tranche Interest Allocation to
the Class B Interest Allocation and deposited into the applicable Interest Funding Subaccount for
such Tranche. The amount by which the Class B Tranche Interest
Allocation for any Tranche exceeds the amount of such deposit shall be the “Class B Tranche
Interest Allocation Shortfall” for such Tranche.

          (6) Class C Interest Allocation from Series Finance Charge Amounts. An amount equal to the
lesser of

	 	(x)	 	the Class C Interest Allocation and
	 
	 	(y)	 	the Series Finance Charge Amounts remaining
after step (5) (Class B Interest Allocation from Series Finance Charge
Amounts)

shall be deposited into the Interest Funding Account. The amount by which the Class C Interest
Allocation exceeds the amount of such deposit shall be the “Class C Interest Allocation Shortfall.”
The Series Finance Charge Amounts shall be reduced by the amount of such deposit. The amount
deposited into the Interest Funding Account pursuant to this step (6) shall be allocated to each
Tranche of Class C Notes pro rata based on the ratio of the Class C Tranche

24

 

Interest Allocation to
the Class C Interest Allocation and deposited into the applicable Interest Funding Subaccount for
such Tranche. The amount by which the Class C Tranche Interest Allocation for any Tranche exceeds
the amount of such deposit shall be the “Class C Tranche Interest Allocation Shortfall” for such
Tranche.

          (7) Series Servicing Fees from Series Finance Charge Amounts. An amount equal to the lesser
of

	 	(x)	 	the amount of the Series Servicing Fees and
	 
	 	(y)	 	the Series Finance Charge Amounts remaining
after step (6) (Class C Interest Allocation from Series Finance Charge
Amounts)

shall be paid to each Master Trust Trustee for deposit in the Collections Account for the Master
Trust in the proportions determined in accordance with the Indenture. The amount by which the
Series Servicing Fee exceeds the amount of such payment shall be the “Series Servicing Fee
Shortfall.” The Series Finance Charge Amounts shall be reduced by the amount of such payment.

          (8) Class D Interest Allocation from Series Finance Charge Amounts. An amount equal to the
lesser of

	 	(x)	 	the Class D Interest Allocation and
	 
	 	(y)	 	the Series Finance Charge Amounts remaining
after step (7) (Series Servicing Fees from Series Finance Charge
Amounts)

shall be deposited into the Interest Funding Account. The amount by which the Class D Interest
Allocation exceeds the amount of such deposit shall be the “Class D Interest Allocation Shortfall.”
The Series Finance Charge Amounts shall be reduced by the amount of such deposit. The amount
deposited into the Interest Funding Account pursuant to this step (8) shall be allocated to each
Tranche of Class D Notes pro rata based on the ratio of the Class D Tranche
Interest Allocation to the Class D Interest Allocation and deposited into the applicable Interest
Funding Subaccount for such Tranche. The amount by which the Class D Tranche Interest Allocation
for any Tranche exceeds the amount of such deposit shall be the “Class D Tranche Interest
Allocation Shortfall” for such Tranche.

          (9) Allocation from the Master Trust Group One Finance Charge Collections Reallocation Account
The Calculation Agent shall notify the Master Servicer for the Master Trust and the Master Trust
Trustee under the Pooling and Servicing Agreement of the amount equal to the product of

	 	(x)	 	the sum of the Class A Interest Allocation
Shortfall, the Class B Interest Allocation Shortfall, the Class C
Interest Allocation Shortfall, the Series Servicing Fee Shortfall and
the Class D Interest Allocation Shortfall and
	 
	 	(y)	 	a fraction, the numerator of which is the
Series Investor Interest of the Series 2007-CC Collateral Certificate
and the denominator of

25

 

	 	 	 	which is the Series Investor Interest of the
Series 2007-CC Collateral Certificate and all Additional Collateral
Certificates,

which amount, together with any comparable amount determined pursuant to a provision comparable to
this step (9) in the Indenture Supplement for any other Series established in relation to the
Trust, shall constitute the “Class A Required Amount Shortfall” for purposes of Section 9(b)(6) of
the Series 2007-CC Supplement. The Class A Required Amount Shortfall shall be reduced by the
portion of the amount of funds on deposit in the Group One Finance Charge Collections Reallocation
Account allocable to the Series 2007-CC Collateral Certificate in accordance with Section 9(b)(6)
of the Series 2007-CC Supplement, and the portion of such amount that is allocable to this Series
pursuant to the Indenture shall be deposited into the Series Collections Account. If and when any
Additional Collateral Certificates are added to the Trust, any provisions to allocate the amount
set forth in clause (x) of this step (9) to such Additional Collateral Certificates shall be
specified in the documents relating to such addition.

          (10) Allocation from the Master Trust Group One Interchange Reallocation Account. For so
long as any series issued by the Master Trust is outstanding that is not designated as an
“Interchange Series” in accordance with the Master Trust Pooling and Servicing Agreement and the
Series Supplement for such series, the Class A Required Amount Shortfall shall be reduced by the
amount of funds on deposit in the Group One Interchange Reallocation Account allocable to the
Series 2007-CC Collateral Certificate in accordance with Section 9(b)(9) of the Series 2007-CC
Supplement, and the portion of such amount that is allocable to this Series pursuant to the
Indenture shall be deposited into the Series Collections Account. If and when any Additional
Collateral Certificates are added to the Trust, any provisions to allocate the amount set forth in
clause (x) of step (9) (Allocation from the Master Trust Group One Finance Charge Collections
Reallocation Account) to an interchange reallocation account for such Additional Collateral
Certificates shall be specified in the documents relating to such addition. The amounts deposited
into the Series Collections Account under step (9) and this step (10) are collectively the
“Reallocated Finance Charge Amounts.”

          (11) Class A Interest Allocation Shortfall from Reallocated Finance Charge Amounts. An amount
equal to the lesser of

	 	(x)	 	the Class A Interest Allocation Shortfall after
step (4) (Class A Interest Allocation from Series Finance Charge
Amounts) and
	 
	 	(y)	 	the Reallocated Finance Charge Amounts

shall be deposited into the Interest Funding Account. The Class A Interest Allocation Shortfall
and the Reallocated Finance Charge Amounts, respectively, shall be reduced by the amount of such
deposit. The amount deposited into the Interest Funding Account pursuant to this step (11) shall
be allocated to each Tranche of Class A Notes pro rata based on the ratio of the Class A Tranche
Interest Allocation to the Class A Interest Allocation and deposited into the applicable Interest
Funding Subaccount for such Tranche. The Class A Tranche Interest Allocation Shortfall for each
Tranche shall be reduced by such deposit.

26

 

          (12) Class B Interest Allocation Shortfall from Reallocated Finance Charge Amounts. An amount
equal to the lesser of

	 	(x)	 	the Class B Interest Allocation Shortfall after
step (5) (Class B Interest Allocation from Series Finance Charge
Amounts) and
	 
	 	(y)	 	the Reallocated Finance Charge Amounts
remaining after step (11) (Class A Interest Allocation Shortfall from
Reallocated Finance Charge Amounts)

shall be deposited into the Interest Funding Account. The Class B Interest Allocation Shortfall
and the Reallocated Finance Charge Amounts, respectively, shall be reduced by the amount of such
deposit. The amount deposited into the Interest Funding Account pursuant to this step (12) shall
be allocated to each Tranche of Class B Notes pro rata based on the ratio of the Class B Tranche
Interest Allocation to the Class B Interest Allocation and deposited into the applicable Interest
Funding Subaccount for such Tranche. The Class B Tranche Interest Allocation Shortfall for each
Tranche shall be reduced by such deposit.

          (13) Class C Interest Allocation Shortfall from Reallocated Finance Charge Amounts. An amount
equal to the lesser of

	 	(x)	 	the Class C Interest Allocation Shortfall after
step (6) (Class C Interest Allocation from Series Finance Charge
Amounts) and
	 
	 	(y)	 	the Reallocated Finance Charge Amounts
remaining after step (12) (Class B Interest Allocation Shortfall from
Reallocated Finance Charge Amounts)

shall be deposited into the Interest Funding Account. The Class C Interest Allocation Shortfall
and the Reallocated Finance Charge Amounts, respectively, shall be reduced by the amount of such
deposit. The amount deposited into the Interest Funding Account pursuant to this step (13)
shall be allocated to each Tranche of Class C Notes pro rata based on the ratio of the Class C
Tranche Interest Allocation to the Class C Interest Allocation and deposited into the applicable
Interest Funding Subaccount for such Tranche. The Class C Tranche Interest Allocation Shortfall
for each Tranche shall be reduced by such deposit.

          (14) Series Servicing Fee Shortfall from Reallocated Finance Charge Amounts. An amount equal
to the lesser of

	 	(x)	 	the Series Servicing Fee Shortfall after step
(7) (Series Servicing Fee from Series Finance Charge Amounts) and
	 
	 	(y)	 	the Reallocated Finance Charge Amounts
remaining after step (13) (Class C Interest Allocation Shortfall from
Reallocated Finance Charge Amounts)

shall be paid to each Master Trust Trustee for deposit in the Collections Account for the Master
Trust in the proportions determined in accordance with the Indenture. The Series Servicing Fee

27

 

Shortfall and the Reallocated Finance Charge Amounts, respectively, shall be reduced by the amount
of such payment.

          (15) Class D Interest Allocation Shortfall from Reallocated Finance Charge Amounts. An amount
equal to the lesser of

	 	(x)	 	the Class D Interest Allocation Shortfall after
step (8) (Class D Interest Allocation from Series Finance Charge
Amounts) and
	 
	 	(y)	 	the Reallocated Finance Charge Amounts
remaining after step (14) (Series Servicing Fee Shortfall from
Reallocated Finance Charge Amounts)

shall be deposited into the Interest Funding Account. The Class D Interest Allocation Shortfall
and the Reallocated Finance Charge Amounts, respectively, shall be reduced by the amount of such
deposit. The amount deposited into the Interest Funding Account pursuant to this step (15) shall
be allocated to each Tranche of Class D Notes pro rata based on the ratio of the Class D Tranche
Interest Allocation to the Class D Interest Allocation and deposited into the applicable Interest
Funding Subaccount for such Tranche. The Class D Tranche Interest Allocation Shortfall for each
Tranche shall be reduced by such deposit.

          (16) Current Charge-offs from Series Finance Charge Amounts. An amount equal to the lesser of

	 	(x)	 	the Series Charge-offs and
	 
	 	(y)	 	the Series Finance Charge Amounts remaining
after step (8) (Class D Interest Allocation from Series Finance Charge
Amounts)

shall be designated as Series Principal Amounts and the Series Charge-offs shall be deemed to be
reimbursed by such amount. Any portion of Series Charge-offs that is not reimbursed as set forth
above shall be the “Unreimbursed Series Charge-offs.” The Series Finance Charge Amounts shall be
reduced by the amount of Series Charge-offs reimbursed pursuant to this step (16).

          (17) Reimbursement of Class A Nominal Liquidation Amount Deficit from Series Finance Charge
Amounts. The amount equal to the lesser of

	 	(x)	 	the Class A Nominal Liquidation Amount Deficit
and
	 
	 	(y)	 	the Series Finance Charge Amounts remaining
after step (16) (Current Charge-offs from Series Finance Charge
Amounts)

shall be designated as Series Principal Amounts and the Class A Nominal Liquidation Amount Deficit
shall be deemed to be reimbursed by such amount. The Series Finance Charge Amounts shall be
reduced by the amount of the Class A Nominal Liquidation Amount Deficit reimbursed pursuant to this
step (17). The Nominal Liquidation Amount of each Tranche of Class A Notes shall be increased by
the amount of such allocation pro rata based on the ratio of the Nominal

28

 

Liquidation Amount Deficit
of such Tranche of Class A Notes to the Class A Nominal Liquidation Amount Deficit, each as of the
close of business on the last day of the related Due Period; provided, however, that the Nominal
Liquidation Amount of a Tranche of Class A Notes shall not be increased above the Adjusted
Outstanding Dollar Principal Amount of such Tranche.

          (18) Reimbursement of Class B Nominal Liquidation Amount Deficit from Series Finance Charge
Amounts. The amount equal to the lesser of

	 	(x)	 	the Class B Nominal Liquidation Amount Deficit
and
	 
	 	(y)	 	the Series Finance Charge Amounts remaining
after step (17) (Reimbursement of Class A Nominal Liquidation Amount
Deficit from Series Finance Charge Amounts)

	shall be designated as Series Principal Amounts and the Class B Nominal Liquidation Amount Deficit
shall be deemed to be reimbursed by such amount. The Series Finance Charge Amounts shall be
reduced by the amount of the Class B Nominal Liquidation Amount Deficit reimbursed pursuant to this
step (18). The Nominal Liquidation Amount of each Tranche of Class B Notes shall be increased by
the amount of such allocation pro rata based on the ratio of the Nominal Liquidation Amount Deficit
of such Tranche of Class B Notes to the Class B Nominal Liquidation Amount Deficit, each as of the
close of business on the last day of the related Due Period; provided, however, that the Nominal
Liquidation Amount of a Tranche of Class B Notes shall not be increased above the Adjusted
Outstanding Dollar Principal Amount of such Tranche.

          The following Usage amount (and any related Available Subordinated Amount) shall be adjusted
in accordance with step (2) of the Subordination Waterfall after giving effect to this step (18):

	 	•	 	Class A Usage of Class B Notes

          (19) Reimbursement of Class C Nominal Liquidation Amount Deficit from Series Finance Charge
Amounts. The amount equal to the lesser of

	 	(x)	 	the Class C Nominal Liquidation Amount Deficit
and
	 
	 	(y)	 	the Series Finance Charge Amounts remaining
after step (18) (Reimbursement of Class B Nominal Liquidation Amount
Deficit from Series Finance Charge Amounts)

shall be designated as Series Principal Amounts and the Class C Nominal Liquidation Amount Deficit
shall be deemed to be reimbursed by such amount. The Series Finance Charge Amounts shall be
reduced by the amount of the Class C Nominal Liquidation Amount Deficit reimbursed pursuant to this
step (19). The Nominal Liquidation Amount of each Tranche of Class C Notes shall be increased by
the amount of such allocation pro rata based on the ratio of the Nominal Liquidation Amount Deficit
of such Tranche of Class C Notes to the Class C Nominal Liquidation Amount Deficit, each as of the
close of business on the last day of the related Due Period; provided, however, that the Nominal
Liquidation Amount of a Tranche of Class C Notes shall not be increased above the Adjusted
Outstanding Dollar Principal Amount of such Tranche.

29

 

          The following Usage amounts (and any related Available Subordinated Amounts) shall be adjusted
in accordance with step (3) of the Subordination Waterfall, after giving effect to this step (19):

	 	•	 	Class A Usage of Class C Notes
	 
	 	•	 	Class B Usage of Class C Notes

          (20) Reimbursement of Class D Nominal Liquidation Amount Deficit from Series Finance Charge
Amounts. The amount equal to the lesser of

	 	(x)	 	the Class D Nominal Liquidation Amount Deficit
and
	 
	 	(y)	 	the Series Finance Charge Amounts remaining
after step (19) (Reimbursement of Class C Nominal Liquidation Amount
Deficit from Series Finance Charge Amounts)

shall be designated as Series Principal Amounts and the Class D Nominal Liquidation Amount Deficit
shall be deemed to be reimbursed by such amount. The Series Finance Charge Amounts shall be
reduced by the amount of the Class D Nominal Liquidation Amount Deficit reimbursed pursuant to this
step (20). The Nominal Liquidation Amount of each Tranche of Class D Notes shall be increased by
the amount of such allocation pro rata based on the ratio of the Nominal Liquidation Amount Deficit
of such Tranche of Class D Notes to the Class D Nominal Liquidation Amount Deficit, each as of the
close of business on the last day of the related Due
Period; provided, however, that the Nominal Liquidation Amount of a Tranche of Class D Notes shall
not be increased above the Adjusted Outstanding Dollar Principal Amount of such Tranche.

          The following Usage amounts (and any related Available Subordinated Amounts) shall be adjusted
in accordance with step (4) of the Subordination Waterfall after giving effect to this step (20):

	 	•	 	Class A Usage of Class D Notes
	 
	 	•	 	Class B Usage of Class D Notes
	 
	 	•	 	Class C Usage of Class D Notes

          (21) Allocation from the Master Trust Group One Finance Charge Collections Reallocation
Account. The Calculation Agent shall notify the Master Servicer for the Master Trust and the
Master Trust Trustee under the Pooling and Servicing Agreement of an amount equal to the sum of
the product of

	 	(x)	 	the sum of:

	 	(i)	 	the Unreimbursed Series
Charge-offs after step (16) (Current Charge-offs from Series
Finance Charge Amounts),

30

 

	 	(ii)	 	the Class A Nominal Liquidation
Amount Deficit remaining after step (17) (Reimbursement of Class
A Nominal Liquidation Amount Deficit from Series Finance Charge
Amounts),
	 
	 	(iii)	 	the Class B Nominal Liquidation
Amount Deficit remaining after step (18) (Reimbursement of Class
B Nominal Liquidation Amount Deficit from Series Finance Charge
Amounts),
	 
	 	(iv)	 	the Class C Nominal Liquidation
Amount Deficit remaining after step (19) (Reimbursement of Class
C Nominal Liquidation Amount Deficit from Series Finance Charge
Amounts) and
	 
	 	(v)	 	the Class D Nominal Liquidation
Amount Deficit remaining after step (20) (Reimbursement of Class
D Nominal Liquidation Amount Deficit from Series Finance Charge
Amounts), and

	 	(y)	 	a fraction, the numerator of which is the
Series Investor Interest of the Series 2007-CC Collateral Certificate
and the denominator of
which is the Series Investor Interest of the Series 2007-CC
Collateral Certificate and all Additional Collateral Certificates,

which amount, together with any comparable amount determined pursuant to a provision comparable to
this step (21) in the Indenture Supplement for any other Series established in relation to the
Trust, shall constitute the “Class A Cumulative Investor Charged-Off Amount” for purposes of
Section 9(b)(7) of the Series 2007-CC Supplement. The Class A Cumulative Investor Charged-Off
Amount shall be reduced by the portion of the amount of funds on deposit in the Group One Finance
Charge Collections Reallocation Account allocable to the Series 2007-CC Collateral Certificate in
accordance with Section 9(b)(7) of the Series 2007-CC Supplement, and the portion of such amount
that is allocable to this Series pursuant to the Indenture shall be deposited into the Series
Collections Account. If and when any Additional Collateral Certificates are added to the Trust, any
provisions to allocate the amount set forth in clause (x) of this step (21) to such Additional
Collateral Certificates shall be specified in the documents relating to such addition. The
Reallocated Finance Charge Amounts shall be increased by the amount of such deposit.

          (22) Allocation from the Master Trust Group One Interchange Reallocation Account. For so
long as any series issued by the Master Trust is outstanding that is not designated as an
“Interchange Series” in accordance with the Master Trust Pooling and Servicing Agreement and the
Series Supplement for such series, the Class A Cumulative Investor Charged-Off Amount shall be
reduced by the amount of funds on deposit in the Group One Interchange Reallocation Account
allocable to the Series 2007-CC Collateral Certificate in accordance with Section 9(b)(10) of the
Series 2007-CC Supplement, and the portion of such amount that is allocable to this Series pursuant
to the Indenture shall be deposited into the Series Collections

31

 

Account. If and when any
Additional Collateral Certificates are added to the Trust, any provisions to allocate the amount
set forth in clause (x) of step (21) (Allocation from the Master Trust Group One Finance Charge
Collections Reallocation Account) to an interchange reallocation account for such Additional
Collateral Certificates shall be specified in the documents relating to such addition. The
Reallocated Finance Charge Amounts shall be increased by the amount of such deposit.

          (23) Unreimbursed Current Charge-offs from Reallocated Finance Charge Amounts. The amount
equal to the lesser of

	 	(x)	 	the Unreimbursed Series Charge-offs after step
(16) (Current Charge-offs from Series Finance Charge Amounts) and
	 
	 	(y)	 	the Reallocated Finance Charge Amounts after
step (22) (Allocation from the Master Trust Group One Interchange
Reallocation Account)

shall be designated as Series Principal Amounts and Unreimbursed Series Charge-offs shall be deemed
to be reimbursed by such amount. The Reallocated Finance Charge Amounts shall be reduced by the
amount of Unreimbursed Series Charge-offs reimbursed pursuant to this step (23).

          (24) Reimbursement of Class A Nominal Liquidation Amount Deficit from Reallocated Finance
Charge Amounts. The amount equal to the lesser of

	 	(x)	 	the Class A Nominal Liquidation Amount Deficit
remaining after step (17) (Reimbursement of Class A Nominal Liquidation
Amount Deficit from Series Finance Charge Amounts) and
	 
	 	(y)	 	the Reallocated Finance Charge Amounts
remaining after step (23) (Unreimbursed Current Charge-offs from
Reallocated Finance Charge Amounts)

shall be designated as Series Principal Amounts and the Class A Nominal Liquidation Amount Deficit
shall be deemed to be reimbursed by such amount. The Reallocated Finance Charge Amounts shall be
reduced by the amount of Class A Nominal Liquidation Amount Deficit reimbursed pursuant to this
step (24). The Nominal Liquidation Amount of each Tranche of Class A Notes shall be increased by
the amount of such allocation pro rata based on the ratio of the Nominal Liquidation Amount Deficit
of such Tranche of Class A Notes to the Class A Nominal Liquidation Amount Deficit, each as of the
close of business on the last day of the related Due Period; provided, however, that the Nominal
Liquidation Amount of a Tranche of Class A Notes shall not be increased above the Adjusted
Outstanding Dollar Principal Amount of such Tranche.

          (25) Reimbursement of Class B Nominal Liquidation Amount Deficit from Reallocated Finance
Charge Amounts. The amount equal to the lesser of

32

 

	 	(x)	 	the Class B Nominal Liquidation Amount Deficits
remaining after step (18) (Reimbursement of Class B Nominal Liquidation
Amount Deficit from Series Finance Charge Amounts) and
	 
	 	(y)	 	the Reallocated Finance Charge Amounts
remaining after step (24) (Reimbursement of Class A Nominal Liquidation
Amount Deficit from Reallocated Finance Charge Amounts)

shall be designated as Series Principal Amounts and the Class B Nominal Liquidation Amount Deficit
shall be deemed to be reimbursed by such amount. The Reallocated Finance Charge Amounts shall be
reduced by the amount of the Class B Nominal Liquidation Amount Deficits reimbursed pursuant to
this step (25). The Nominal Liquidation Amount of each Tranche of Class B Notes shall be increased
by the amount of such allocation pro rata based on the ratio of the Nominal Liquidation Amount
Deficit of such Tranche of Class B Notes to the Class B Nominal Liquidation Amount Deficit, each as
of the close of business on the last day of the related Due Period; provided, however, that the
Nominal Liquidation Amount of a Tranche of Class B Notes shall not be increased above the Adjusted
Outstanding Dollar Principal Amount of such Tranche.

          The following Usage amount (and any related Available Subordinated Amount) shall be adjusted
in accordance with step (5) of the Subordination Waterfall after giving effect to this step (25):

	 	•	 	Class A Usage of Class B Notes

          (26) Reimbursement of Class C Nominal Liquidation Amount Deficit from Reallocated Finance
Charge Amounts. The amount equal to the lesser of

	 	(x)	 	the Class C Nominal Liquidation Amount Deficits
remaining after step (19) (Reimbursement of Class C Nominal Liquidation
Amount Deficit from Series Finance Charge Amounts) and
	 
	 	(y)	 	the Reallocated Finance Charge Amounts
remaining after step (25) (Reimbursement of Class B Nominal Liquidation
Amount Deficit from Reallocated Finance Charge Amounts)

shall be designated as Series Principal Amounts and the Class C Nominal Liquidation Amount Deficit
shall be deemed to be reimbursed by such amount. The Reallocated Finance Charge Amounts shall be
reduced by the amount of the Class C Nominal Liquidation Amount Deficits reimbursed pursuant to
this step (26). The Nominal Liquidation Amount of each Tranche of Class C Notes shall be increased
by the amount of such allocation pro rata based on the ratio of the Nominal Liquidation Amount
Deficit of such Tranche of Class C Notes to the Class C Nominal Liquidation Amount Deficit, each as
of the close of business on the last day of the related Due Period; provided, however, that the
Nominal Liquidation Amount of a Tranche of Class C Notes shall not be increased above the Adjusted
Outstanding Dollar Principal Amount of such Tranche.

33

 

          The following Usage amounts (and any related Available Subordinated Amounts) shall be adjusted
in accordance with step (6) of the Subordination Waterfall after giving effect to this step (26):

	 	•	 	Class A Usage of Class C Notes
	 
	 	•	 	Class B Usage of Class C Notes

          (27) Reimbursement of Class D Nominal Liquidation Amount Deficit from Reallocated Finance
Charge Amounts. The amount equal to the lesser of

	 	(x)	 	the Class D Nominal Liquidation Amount Deficits
remaining after step (20) (Reimbursement of Class D Nominal Liquidation
Amount Deficit from Series Finance Charge Amounts) and
	 
	 	(y)	 	the Reallocated Finance Charge Amounts
remaining after step (26) (Reimbursement of Class C Nominal Liquidation
Amount Deficit from Reallocated Finance Charge Amounts)

shall be designated as Series Principal Amounts and the Class D Nominal Liquidation Amount Deficit
shall be deemed to be reimbursed by such amount. The Reallocated Finance Charge Amounts shall be
reduced by the amount of the Class D Nominal Liquidation Amount Deficits reimbursed pursuant to
this step (27). The Nominal Liquidation Amount of each Tranche of Class D Notes shall be increased
by the amount of such allocation pro rata based on the ratio of the Nominal Liquidation Amount
Deficit of such Tranche of Class D Notes to the Class D Nominal Liquidation Amount Deficit, each as
of the close of business on the last day of the related Due Period; provided, however, that the
Nominal Liquidation Amount of a Tranche of Class D Notes shall not be increased above the Adjusted
Outstanding Dollar Principal Amount of such Tranche.

          The following Usage amounts (and any related Available Subordinated Amounts) shall be adjusted
in accordance with step (7) of the Subordination Waterfall after giving effect to this step (27):

	 	•	 	Class A Usage of Class D Notes
	 
	 	•	 	Class B Usage of Class D Notes
	 
	 	•	 	Class C Usage of Class D Notes

          (28) Unreimbursed Current Charge-offs; Initial Allocation. The amount of the Unreimbursed
Series Charge-Offs shall be allocated to each Tranche of Outstanding Notes in the Series pro rata
based on the ratio of the Nominal Liquidation Amount of such Tranche to the Nominal Liquidation
Amount of all the Notes, each as of the close of business on the last day of the related Due
Period. The Nominal Liquidation Amount of each such Tranche shall be reduced, and the Nominal
Liquidation Amount Deficit of each such Tranche shall be increased, by the amount of such
allocation. Any such allocation (or portion thereof) that would otherwise have reduced the Nominal
Liquidation Amount of a Tranche of Notes below zero will be

34

 

reallocated to the remaining Tranches
of Outstanding Notes in the Series as set forth in this step (28), but in no event will the Nominal
Liquidation Amount (after giving effect to this step (28)) of any Tranche of Notes be reduced below
zero.

     The following Usage amounts (and any related Available Subordinated Amounts) shall be adjusted
in accordance with step (8) of the Subordination Waterfall after giving effect to this step (28):

	 	•	 	Class A Usage of Class B Notes
	 
	 	•	 	Class A Usage of Class C Notes
	 
	 	•	 	Class A Usage of Class D Notes
	 
	 	•	 	Class B Usage of Class C Notes
	 
	 	•	 	Class B Usage of Class D Notes
	 
	 	•	 	Class C Usage of Class D Notes

          (29) Unreimbursed Current Charge-offs; Reallocation from Class A to Class D. The amount equal
to the lesser of

	 	(x)	 	the amount allocated to each Tranche of Class A
Notes pursuant to step (28) (Unreimbursed Current Charge-offs; Initial
Allocation) and
	 
	 	(y)	 	the Class A Available Subordinated Amount of
Class D Notes for such Tranche of Class A Notes after step (8) of the
Subordination Waterfall (Adjustments for Initial Allocation of
Unreimbursed Current Charge-offs)

shall be reallocated to the Class D Notes. The Nominal Liquidation Amount of each Tranche of Class
A Notes shall be increased, and the Nominal Liquidation Amount Deficit of such Tranche shall be
decreased, by the amount of such reallocation. The Nominal Liquidation Amount of each Tranche of
Class D Notes shall be reduced, and the Nominal Liquidation Amount Deficit of such Tranche shall be
increased, by the aggregate amount of such reallocation for all Tranches of Class A Notes pro rata
based on the ratio of the Nominal Liquidation Amount of such Tranche of Class D Notes to the
Nominal Liquidation Amount of all Class D Notes, each as of the close of business on the last day
of the related Due Period. Any such reallocation (or portion thereof) that would otherwise have
reduced the Nominal Liquidation Amount of a Tranche of Class D Notes below zero will be reallocated
to the remaining Tranches of Class D Notes as set forth in this step (29), but in no event will the
Nominal Liquidation Amount (after giving effect to this step (29)) of any Tranche of Class D Notes
be reduced below zero.

     The following Usage amounts (and any related Available Subordinated Amounts) shall be adjusted
in accordance with step (9) of the Subordination Waterfall after giving effect to this step (29):

35

 

	 	•	 	Class A Usage of Class D Notes
	 
	 	•	 	Class B Usage of Class D Notes
	 
	 	•	 	Class C Usage of Class D Notes

          (30) Unreimbursed Current Charge-offs; Reallocation from Class A to Class C. The amount equal
to the lesser of

	 	(x)	 	the amount allocated to each Tranche of Class A
Notes pursuant to step (28) (Unreimbursed Current Charge-offs; Initial
Allocation) and not reallocated to the Class D Notes pursuant to step
(29) (Unreimbursed Current Charge-offs; Reallocation from Class A to
Class D) and
	 
	 	(y)	 	the Class A Available Subordinated Amount of
Class C Notes for such Tranche of Class A Notes after step (8) of the
Subordination Waterfall (Adjustments for Initial Allocation of
Unreimbursed Current Charge-offs)

shall be reallocated to the Class C Notes. The Nominal Liquidation Amount of each Tranche of Class
A Notes shall be increased, and the Nominal Liquidation Amount Deficit of such Tranche shall be
decreased, by the amount of such reallocation. The Nominal Liquidation Amount of each Tranche of
Class C Notes shall be reduced, and the Nominal Liquidation Amount Deficit of such Tranche shall be
increased, by the aggregate amount of such reallocation for all Tranches of Class A Notes pro rata
based on the ratio of the Nominal Liquidation Amount of such Tranche of Class C Notes to the
Nominal Liquidation Amount of all Class C Notes, each as of the close of business on the last day
of the related Due Period. Any such reallocation (or portion thereof) 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 step (30), but in no event will the
Nominal Liquidation Amount (after giving effect to this step (30)) of any Tranche of Class C Notes
be reduced below zero.

          The following Usage amounts (and any related Available Subordinated Amounts) shall be adjusted
in accordance with step (10) of the Subordination Waterfall after giving effect to this step (30):

	 	•	 	Class A Usage of Class C Notes
	 
	 	•	 	Class B Usage of Class C Notes

          (31) Unreimbursed Current Charge-offs; Reallocation from Class A to Class B. The amount equal
to the lesser of

	 	(x)	 	the amount allocated to each Tranche of Class A
Notes pursuant to step (28) (Unreimbursed Current Charge-offs; Initial
Allocation), not reallocated to the Class D Notes pursuant to step (29)
(Unreimbursed Current Charge-offs; Reallocation from Class A to

36

 

	 	 	 	Class D) or the Class C Notes pursuant to step (30) (Unreimbursed Current
Charge-offs; Reallocation from Class A to Class C) and
	 
	 	(y)	 	the Class A Available Subordinated Amount of
Class B Notes for such Tranche of Class A Notes after step (8) of the
Subordination Waterfall (Adjustments for Initial Allocation of
Unreimbursed Current Charge-offs)

shall be reallocated to the Class B Notes. The Nominal Liquidation Amount of each Tranche of Class
A Notes shall be increased, and the Nominal Liquidation Amount Deficit of such Tranche shall be
decreased, by the amount of such reallocation. The Nominal Liquidation Amount of each Tranche of
Class B Notes shall be reduced, and the Nominal Liquidation Amount Deficit of such Tranche shall be
increased, by the aggregate amount of such reallocation for all Tranches of
Class A Notes pro rata based on the ratio of the Nominal Liquidation Amount of such Tranche of
Class B Notes to the Nominal Liquidation Amount of all Class B Notes, each as of the close of
business on the last day of the related Due Period. Any such reallocation (or portion thereof)
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 step
(31), but in no event will the Nominal Liquidation Amount (after giving effect to this step (31))
of any Tranche of Class B Notes be reduced below zero.

          The following Usage amount (and any related Available Subordinated Amount) shall be adjusted
in accordance with step (11) of the Subordination Waterfall after giving effect to this step (31):

	 	•	 	Class A Usage of Class B Notes

          (32) Unreimbursed Current Charge-offs; Reallocation from Class B to Class D. The amount equal
to the lesser of

	 	(x)	 	the sum of

	 	(i)	 	the amount allocated to each
Tranche of Class B Notes pursuant to step (28) (Unreimbursed
Current Charge-offs; Initial Allocation) and
	 
	 	(ii)	 	the amount reallocated to each
Tranche of Class B Notes pursuant to step (31) (Unreimbursed
Current Charge-offs; Reallocation from Class A to Class B), and

	 	(y)	 	the Class B Available Subordinated Amount of
Class D Notes for such Tranche of Class B Notes after step (9) of the
Subordination Waterfall (Adjustments for Reallocation of Unreimbursed
Current Charge-Offs from Class A to Class D)

shall be reallocated to the Class D Notes. The Nominal Liquidation Amount of each Tranche of Class
B Notes shall be increased, and the Nominal Liquidation Amount Deficit of such Tranche shall be
decreased, by the amount of such reallocation. The Nominal Liquidation Amount of

37

 

each Tranche of
Class D Notes shall be reduced, and the Nominal Liquidation Amount Deficit of such Tranche shall be
increased, by the aggregate amount of such reallocation for all Tranches of Class B Notes pro rata
based on the ratio of the Nominal Liquidation Amount of such Tranche of Class D Notes to the
Nominal Liquidation Amount of all Class D Notes, each as of the close of business on the last day
of the related Due Period. Any such reallocation (or portion thereof) that would otherwise have
reduced the Nominal Liquidation Amount of a Tranche of Class D Notes below zero will be reallocated
to the remaining Tranches of Class D Notes as set forth in this step (32), but in no event will the
Nominal Liquidation Amount (after giving effect to this step (32)) of any Tranche of Class D Notes
be reduced below zero.

	          The following Usage amounts (and any related Available Subordinated Amounts) shall be adjusted
in accordance with step (12) of the Subordination Waterfall after giving effect to this step (32):

	 	•	 	Class A Usage of Class B Notes
	 
	 	•	 	Class A Usage of Class D Notes
	 
	 	•	 	Class B Usage of Class D Notes
	 
	 	•	 	Class C Usage of Class D Notes

          (33) Unreimbursed Current Charge-offs; Reallocation from Class B to Class C. The amount equal
to the lesser of

	(x)   	(i)	 	the amount allocated to each Tranche of
Class B Notes pursuant to step (28) (Unreimbursed Current Charge-offs;
Initial Allocation), plus
	 
	 	(ii)	 	the amount reallocated to each
Tranche of Class B Notes pursuant to step (31) (Unreimbursed
Current Charge-offs; Reallocation from Class A to Class B),
minus
	 
	 	(iii)	 	the amount reallocated from each
Tranche of Class B Notes pursuant to step (32) (Unreimbursed
Current Charge-offs; Reallocation from Class B to Class D), and

	 	(y)	 	the Class B Available Subordinated Amount of
Class C Notes for such Tranche of Class B Notes after step (10) of the
Subordination Waterfall (Adjustments for Reallocation of
Unreimbursed Current Charge-Offs from Class A to Class C)

shall be reallocated to the Class C Notes. The Nominal Liquidation Amount of each Tranche of Class
B Notes shall be increased, and the Nominal Liquidation Amount Deficit of such Tranche shall be
decreased, by the amount of such reallocation. The Nominal Liquidation Amount of each Tranche of
Class C Notes shall be reduced, and the Nominal Liquidation Amount Deficit of such Tranche shall be
increased, by the aggregate amount of such reallocation for all Tranches of Class B Notes pro rata
based on the ratio of the Nominal Liquidation Amount of such Tranche

38

 

of Class C Notes to the
Nominal Liquidation Amount of all Class C Notes, each as of the close of business on the last day
of the related Due Period. Any such reallocation (or portion thereof) 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 step (33), but in no event will the
Nominal Liquidation Amount (after giving effect to this step (33)) of any Tranche of Class C Notes
be reduced below zero.

          The following Usage amounts (and any related Available Subordinated Amounts) shall be adjusted
in accordance with step (13) (Adjustments for Reallocation of Unreimbursed Current Charge-Offs from
Class B to Class C) of the Subordination Waterfall after giving effect to this step (33):

	 	•	 	Class A Usage of Class B Notes
	 
	 	•	 	Class A Usage of Class C Notes
	 
	 	•	 	Class B Usage of Class C Notes

          (34) Unreimbursed Current Charge-offs; Reallocation from Class C to Class D. The amount equal
to the lesser of

	 	(x)	 	the sum of

	 	(i)	 	the amount allocated to each
Tranche of Class C Notes pursuant to step (28) (Unreimbursed
Current Charge-offs; Initial Allocation),
	 
	 	(ii)	 	the amount reallocated to each
Tranche of the Class C Notes pursuant to step (30) (Unreimbursed
Current Charge-offs; Reallocation from Class A to Class C) and
	 
	 	(iii)	 	the amount reallocated to each
Tranche of the Class C Notes pursuant to step (33) (Unreimbursed
Current Charge-offs; Reallocation from Class B to Class C), and

	 	(y)	 	the Class C Available Subordinated Amount of
Class D Notes for such Tranche of Class C Notes as of the close of
business on the last day of the preceding calendar month after step
(12) of the Subordination Waterfall (Adjustments for Reallocation of
Unreimbursed Current Charge-Offs from Class B to Class D)

shall be reallocated to the Class D Notes. The Nominal Liquidation Amount of each Tranche of Class
C Notes shall be increased, and the Nominal Liquidation Amount Deficit of such Tranche shall be
decreased, by the amount of such reallocation. The Nominal Liquidation Amount of each Tranche of
Class D Notes shall be reduced, and the Nominal Liquidation Amount Deficit of such Tranche shall be
increased, by the aggregate amount of such reallocation for all Tranches of Class C Notes pro rata
based on the ratio of the Nominal Liquidation Amount of such Tranche of Class D Notes to the
Nominal Liquidation Amount of all Class D Notes in the Series, each as

39

 

of the close of business on
the last day of the related Due Period. Any such reallocation (or portion thereof) that would
otherwise have reduced the Nominal Liquidation Amount of a Tranche of Class D Notes below zero will
be reallocated to the remaining Tranches of Class D Notes as set forth in this step (34), but in no
event will the Nominal Liquidation Amount (after giving effect to this step (34)) of any Tranche of
Class D Notes be reduced below zero.

          The following Usage amounts (and any related Available Subordinated Amounts) shall be adjusted
in accordance with step (14) of the Subordination Waterfall after giving effect to this step (34):

	 	•	 	Class A Usage of Class C Notes
	 
	 	•	 	Class A Usage of Class D Notes
	 
	 	•	 	Class B Usage of Class C Notes
	 
	 	•	 	Class B Usage of Class D Notes
	 
	 	•	 	Class C Usage of Class D Notes

          (35) Class A Interest Allocation Shortfall from Class D Principal. For each Tranche of Class
A Notes, an amount of Series Principal Amounts equal to the least of

	 	(x)	 	the Class A Tranche Interest Allocation
Shortfall for such Tranche remaining after step (11) (Class A Interest
Allocation Shortfall from Reallocated Finance Charge Amounts),
	 
	 	(y)	 	a pro rata share of the Class D Principal
Allocation, based on the ratio of the Class A Tranche Interest
Allocation Shortfall for such Tranche to the Class A Interest
Allocation Shortfall and
	 
	 	(z)	 	the Class A Available Subordinated Amount of
Class D Notes for such Tranche after step (14) of the Subordination
Waterfall (Adjustments for Reallocation of Unreimbursed Current
Charge-Offs from Class C to Class D)

shall be deposited into the Interest Funding Subaccount for such Tranche. The Class A Tranche
Interest Allocation Shortfall shall be reduced by the amount of such deposit. The Class A Interest
Allocation Shortfall, the Class D Principal Allocation and the Series Principal Amounts,
respectively, shall be reduced by the aggregate amount of such deposits for all Tranches of Class A
Notes. The Nominal Liquidation Amount of each Tranche of Class D Notes shall be reduced, and the
Nominal Liquidation Amount Deficit for such Tranche of Class D Notes shall be increased, by the
aggregate amount of such deposits for all Tranches of Class A Notes pro rata based on the ratio of
the Nominal Liquidation Amount of such Tranche of Class D Notes to the Nominal Liquidation Amount
of all Class D Notes each as of the close of business on the last day of the related Due Period.

40

 

          The following Usage amounts (and any related Available Subordinated Amounts) shall be adjusted
in accordance with step (15) of the Subordination Waterfall after giving effect to this step (35):

	 	•	 	Class A Usage of Class D Notes
	 
	 	•	 	Class B Usage of Class D Notes
	 
	 	•	 	Class C Usage of Class D Notes

          (36) Class A Interest Allocation Shortfall from Class C Principal. For each Tranche of Class
A Notes, an amount equal to the least of

	 	(x)	 	the Class A Tranche Interest Allocation
Shortfall remaining after step (35) (Class A Interest Allocation
Shortfall from Class D Principal),
	 
	 	(y)	 	a pro rata share of the Class C Principal
Allocation, based on the ratio of the Class A Tranche Interest
Allocation Shortfall for such Tranche to the Class A Interest
Allocation Shortfall, in each case remaining after step (35) and
	 
	 	(z)	 	the Class A Available Subordinated Amount of
Class C Notes for such Tranche after step (14) of the Subordination
Waterfall (Adjustments for Reallocation of Unreimbursed Current
Charge-Offs from Class C to Class D)

shall be deposited into the Interest Funding Subaccount for such Tranche. The Class A Tranche
Interest Allocation Shortfall shall be reduced by the amount of such deposit. The Class A Interest
Allocation Shortfall, the Class C Principal Allocation and the Series Principal Amounts,
respectively, shall be reduced by the aggregate amount of such deposits for all Tranches of Class A
Notes. The Nominal Liquidation Amount of each Tranche of Class C Notes shall be reduced, and the
Nominal Liquidation Amount Deficit for such Tranche of Class C Notes shall be increased, by the
aggregate amount of such deposits for all Tranches of Class A Notes pro rata based on the ratio of
the Nominal Liquidation Amount of such Tranche of Class C Notes to the Nominal Liquidation Amount
of all Class C Notes, each after giving effect to step (34) (Unreimbursed Current
Charge-offs; Reallocation from Class C to Class D).

          The following Usage amounts (and any related Available Subordinated Amounts) shall be adjusted
in accordance with step (16) of the Subordination Waterfall after giving effect to this step (36):

	 	•	 	Class A Usage of Class C Notes
	 
	 	•	 	Class B Usage of Class C Notes

          (37) Class A Interest Allocation Shortfall from Class B Principal. For each Tranche of Class
A Notes, an amount equal to the least of

41

 

	 	(x)	 	the Class A Tranche Interest Allocation
Shortfall remaining after step (36) (Class A Interest Allocation
Shortfall from Class C Principal),
	 
	 	(y)	 	a pro rata share of the Class B Principal
Allocation, based on the ratio of the Class A Tranche Interest
Allocation Shortfall for such Tranche to the Class A Interest
Allocation Shortfall, in each case remaining after step (36) and
	 
	 	(z)	 	the Class A Available Subordinated Amount of
Class B Notes for such Tranche after step (13) of the Subordination
Waterfall (Adjustments for Reallocation of Unreimbursed Current
Charge-Offs from Class B to Class C)

shall be deposited into the Interest Funding Subaccount for such Tranche. The Class A Tranche
Interest Allocation Shortfall shall be reduced by the amount of such deposit. The Class A Interest
Allocation Shortfall, the Class B Principal Allocation and the Series Principal Amounts,
respectively, shall be reduced by the aggregate amount of such deposits for all Tranches of Class A
Notes. The Nominal Liquidation Amount of each Tranche of Class B Notes shall be reduced, and the
Nominal Liquidation Amount Deficit for such Tranche of Class B Notes shall be increased, by the
aggregate amount of such deposits for all Tranches of Class A Notes pro rata based on the ratio of
the Nominal Liquidation Amount of such Tranche of Class B Notes to the Nominal Liquidation Amount
of all Class B Notes, each after giving effect to step (33) (Unreimbursed Current
Charge-offs; Reallocation from Class B to Class C).

          The following Usage amount (and any related Available Subordinated Amount) shall be adjusted
in accordance with step (17) of the Subordination Waterfall after giving effect to this step (37):

	 	•	 	Class A Usage of Class B Notes

          (38) Class B Interest Allocation Shortfall from Class D Principal. For each Tranche of Class
B Notes, an amount equal to the least of

	 	(x)	 	the Class B Tranche Interest Allocation
Shortfall remaining after step (12) (Class B Interest Allocation
Shortfall from Reallocated Finance Charge Amounts),
	 
	 	(y)	 	a pro rata share of the Class D Principal
Allocation remaining after step (35) (Class A Interest Allocation
Shortfall from Class D Principal) based on the ratio of the Class B
Tranche Interest Allocation Shortfall for such Tranche to the Class B
Interest Allocation Shortfall, in each case remaining after step (12)
and
	 
	 	(z)	 	the Class B Available Subordinated Amount of
Class D Notes for such Tranche after step (15) of the Subordination
Waterfall (Adjustments for Application of Class D Principal to Class A
Interest Allocation Shortfall)

42

 

shall be deposited into the Interest Funding Subaccount for such Tranche. The Class B Tranche
Interest Allocation Shortfall shall be reduced by the amount of such deposit. The Class B Interest
Allocation Shortfall, the Class D Principal Allocation and the Series Principal Amounts,
respectively, shall be reduced by the aggregate amount of such deposits for all Tranches of Class B
Notes. The Nominal Liquidation Amount of each Tranche of Class D Notes shall be reduced, and the
Nominal Liquidation Amount Deficit for such Tranche of Class D Notes shall be increased, by the
aggregate amount of such deposits for all Tranches of Class B Notes pro rata based on the ratio of
the Nominal Liquidation Amount of such Tranche of Class D Notes to the Nominal Liquidation Amount
of all Class D Notes, each after giving effect to step (35) (Class A Interest Allocation
Shortfall from Class D Principal).

          The following Usage amounts (and any related Available Subordinated Amounts) shall be adjusted
in accordance with step (18) of the Subordination Waterfall after giving effect to this step (38):

	 	•	 	Class A Usage of Class D Notes
	 
	 	•	 	Class B Usage of Class D Notes
	 
	 	•	 	Class C Usage of Class D Notes

          (39) Class B Interest Allocation Shortfall from Class C Principal. For each Tranche of Class
B Notes, an amount equal to the least of

	 	(x)	 	the Class B Tranche Interest Allocation
Shortfall remaining after step (38) (Class B Interest Allocation
Shortfall from Class D Principal),
	 
	 	(y)	 	a pro rata share of the Class C Principal
Allocation remaining after step (36) (Class A Interest Allocation
Shortfall from Class C Principal) based on the ratio of the Class B
Tranche Interest Allocation Shortfall for such Tranche to the Class B
Interest Allocation Shortfall, in each case remaining after step (38)
and
	 
	 	(z)	 	the Class B Available Subordinated Amount of
Class C Notes for such Tranche after step (16) of the Subordination
Waterfall (Adjustments for Application of Class C Principal to Class A
Interest Allocation Shortfall)

shall be deposited into the Interest Funding Subaccount for such Tranche. The Class B Tranche
Interest Allocation Shortfall shall be reduced by the amount of such deposit. The Class B Interest
Allocation Shortfall, the Class C Principal Allocation and the Series Principal Amounts,
respectively, shall be reduced by the aggregate amount of such deposits for all Tranches of Class B
Notes. The Nominal Liquidation Amount of each Tranche of Class C Notes shall be reduced, and the
Nominal Liquidation Amount Deficit for such Tranche of Class C Notes shall be increased, by the
aggregate amount of such deposits for all Tranches of Class B Notes pro rata
based on the ratio of the Nominal Liquidation Amount of such Tranche of Class C Notes to the

43

 

Nominal Liquidation Amount of all Class C Notes, each after giving effect to step (36)
(Class A Interest Allocation Shortfall from Class C Principal).

          The following Usage amounts (and any related Available Subordinated Amounts) shall be adjusted
in accordance with step (19) of the Subordination Waterfall after giving effect to this step (39):

	 	•	 	Class A Usage of Class C Notes
	 
	 	•	 	Class B Usage of Class C Notes

          (40) Class C Interest Allocation Shortfall from Class D Principal. For each Tranche of Class
C Notes, an amount equal to the least of

	 	(x)	 	the Class C Tranche Interest Allocation
Shortfall remaining after step (13) (Class C Interest Allocation
Shortfall from Reallocated Finance Charge Amounts),
	 
	 	(y)	 	a pro rata share of the Class D Principal
Allocation remaining after step (38) (Class B Interest Allocation
Shortfall from Class D Principal) based on the ratio of the Class C
Tranche Interest Allocation Shortfall for such Tranche to the Class C
Interest Allocation Shortfall and
	 
	 	(z)	 	the Class C Available Subordinated Amount of
Class D Notes for such Tranche after step (18) of the Subordination
Waterfall (Adjustments for Application of Class D Principal to Class B
Interest Allocation Shortfall)

shall be deposited into the Interest Funding Subaccount for such Tranche. The Class C Tranche
Interest Allocation Shortfall shall be reduced by the amount of such deposit. The Class C Interest
Allocation Shortfall, the Class D Principal Allocation and the Series Principal Amounts,
respectively, shall be reduced by the aggregate amount of such deposits for all Tranches of Class C
Notes. The Nominal Liquidation Amount of each Tranche of Class D Notes shall be reduced, and the
Nominal Liquidation Amount Deficit for such Tranche of Class D Notes shall be increased, by the
aggregate amount of such deposits for all Tranches of Class C Notes pro rata based on the ratio of
the Nominal Liquidation Amount of such Tranche of Class D Notes to the Nominal Liquidation Amount
of all Class D Notes, each after giving effect to step (38) (Class B Interest Allocation
Shortfall from Class D Principal).

          The following Usage amounts (and any related Available Subordinated Amounts) shall be adjusted
in accordance with step (20) of the Subordination Waterfall after giving effect to this step (40):

	 	•	 	Class A Usage of Class D Notes
	 
	 	•	 	Class B Usage of Class D Notes

44

 

	 	•	 	Class C Usage of Class D Notes

          (41) Series Servicing Fee Shortfall from Class D Principal. An amount equal to the least of

	 	(x)	 	the Series Servicing Fee Shortfall remaining
after step (14) (Series Servicing Fee Shortfall from Reallocated
Finance Charge Amounts),
	 
	 	(y)	 	the Class D Principal Allocation remaining
after step (40) (Class C Interest Allocation Shortfall from Class D
Principal) and
	 
	 	(z)	 	the aggregate amount of the Class C Available
Subordinated Amount of Class D Notes for all Tranches of Class C Notes
after step (20) of the Subordination Waterfall (Adjustments for
Application of Class D Principal to Class C Interest Allocation
Shortfall)

shall be paid to each Master Trust Trustee for deposit in the Collections Account for the Master
Trust in the proportions determined in accordance with the Indenture. The Series Servicing Fee
Shortfall, the Class D Principal Allocation and the Series Principal Amounts, respectively, shall
be reduced by the amount of such payment. The Nominal Liquidation Amount of each Tranche of Class D
Notes shall be reduced, and the Nominal Liquidation Amount Deficit of each Tranche of Class D Notes
shall be increased, by the amount of such payment pro rata based on the ratio of the Nominal
Liquidation Amount of such Tranche to the Nominal Liquidation Amount of all Class D Notes, each
after giving effect to step (40) (Class C Interest Allocation Shortfall from Class D Principal).

          The following Usage amounts (and any related Available Subordinated Amounts) shall be adjusted
in accordance with step (21) of the Subordination Waterfall after giving effect to this step (41):

	 	•	 	Class A Usage of Class D Notes
	 
	 	•	 	Class B Usage of Class D Notes
	 
	 	•	 	Class C Usage of Class D Notes

          (42) Series Servicing Fee Shortfall from Class C Principal. An amount equal to the least of

	 	(x)	 	the Series Servicing Fee Shortfall remaining
after step (41) (Series Servicing Fee Shortfall from Class D
Principal),
	 
	 	(y)	 	the Class C Principal Allocation remaining
after step (39) (Class B Interest Allocation Shortfall from Class C
Principal) and
	 
	 	(z)	 	the sum of:

45

 

	 	(i)	 	the aggregate amount of Class A
Available Subordinated Amount of Class C Notes for all Class A
Notes with a Required Subordinated Amount of Class B Notes equal
to zero and
	 
	 	(ii)	 	the aggregate amount of the Class
B Available Subordinated Amount of Class C Notes for all
Tranches of Class B Notes,

in each case, after step (19) of the Subordination Waterfall
(Adjustments for Application of Class C Principal to Class B Interest
Allocation Shortfall),

shall be paid to each Master Trust Trustee for deposit in the Collections Account for the Master
Trust in the proportions determined in accordance with the Indenture. The Series Servicing Fee
Shortfall, the Class C Principal Allocation and the Series Principal Amounts, respectively, shall
be reduced by the amount of such payment. The Nominal Liquidation Amount of each Tranche of Class C
Notes shall be reduced, and the Nominal Liquidation Amount Deficit of each Tranche of Class C Notes
shall be increased, by the amount of such payment pro rata based on the ratio of the Nominal
Liquidation Amount of such Tranche to the Nominal Liquidation Amount of all Class C Notes, each
after giving effect to step (39) (Class B Interest Allocation Shortfall from Class C Principal).

          The following Usage amounts (and any related Available Subordinated Amounts) shall be adjusted
in accordance with step (22) of the Subordination Waterfall after giving effect to this step (42):

	 	•	 	Class A Usage of Class C Notes
	 
	 	•	 	Class B Usage of Class C Notes

          (43) Series Servicing Fee Shortfall from Class B Principal. An amount equal to the least of

	 	(x)	 	the Series Servicing Fee Shortfall remaining
after step (42) (Series Servicing Fee Shortfall from Class C
Principal),
	 
	 	(y)	 	the Class B Principal Allocation remaining
after step (37) (Class A Interest Allocation Shortfall from Class B
Principal) and
	 
	 	(z)	 	the aggregate amount of Class A Available
Subordinated Amount of Class B Notes for all Tranches of Class A Notes
after step (17)
of the Subordination Waterfall (Adjustments for Application of Class
B Principal to Class A Interest Allocation Shortfall)

shall be paid to each Master Trust Trustee for deposit in the Collections Account for the Master
Trust in the proportions determined in accordance with the Indenture. The Series Servicing Fee
Shortfall, the Class B Principal Allocation and the Series Principal Amounts, respectively, shall

46

 

be reduced by the amount of such payment. The Nominal Liquidation Amount of each Tranche of Class B
Notes shall be reduced, and the Nominal Liquidation Amount Deficit of each Tranche of Class B Notes
shall be increased, by the amount of such payment pro rata based on the ratio of the Nominal
Liquidation Amount of such Tranche to the Nominal Liquidation Amount of all Class B Notes, each
after giving effect to step (37) (Class A Interest Allocation Shortfall from Class B Principal).

          The following Usage amount (and any related Available Subordinated Amount) shall be adjusted
in accordance with step (23) of the Subordination Waterfall after giving effect to this step (43):

	 	•	 	Class A Usage of Class B Notes

          (44) Class C Interest Allocation Shortfall from Class C Reserve Subaccount. An amount equal
to the lesser of

	 	(x)	 	the Class C Tranche Interest Allocation
Shortfall for each Tranche of Class C Notes remaining after step (40)
(Class C Interest Allocation Shortfall from Class D Principal) and
	 
	 	(y)	 	the amount on deposit in the Class C Reserve
Subaccount for such Tranche

shall be deposited into the Interest Funding Subaccount for such Tranche. Such Class C Tranche
Interest Allocation Shortfall shall be reduced by the amount of such deposit, and the Class C
Interest Allocation Shortfall for all Tranches of Class C Notes shall be reduced by the sum of all
such deposits.

          (45) Class D Interest Allocation Shortfall from Class D Reserve Subaccount. An amount equal
to the lesser of

	 	(x)	 	the Class D Tranche Interest Allocation
Shortfall for each Tranche of Class D Notes remaining after step (15)
(Class D Interest Allocation Shortfall from Reallocated Finance Charge
Amounts) and
	 
	 	(y)	 	the amount on deposit in the Class D Reserve
Subaccount for such Tranche

shall be deposited into the Interest Funding Subaccount for such Tranche. Such Class D Tranche
Interest Allocation Shortfall shall be reduced by the amount of such deposit, and the Class D
Interest Allocation Shortfall for all Tranches of Class D Notes shall be reduced by the sum of all
such deposits.

          (46) Reallocation of Class B Nominal Liquidation Amount Deficits to Class D. For each Tranche
of Class B Notes, an amount equal to the lesser of

47

 

	 	(x)	 	the Nominal Liquidation Amount Deficit for such
Tranche after giving effect to step (43) (Series Servicing Fee
Shortfall from Class B Principal) and
	 
	 	(y)	 	the Class B Available Subordinated Amount of
Class D Notes for such Tranche after step (21) of the Subordination
Waterfall (Adjustments for Application of Class D Principal to Series
Servicing Fee Shortfall)

shall be reallocated to the Class D Notes. The Nominal Liquidation Amount of each Tranche of
Class B Notes shall be increased, and the Nominal Liquidation Amount Deficit of each Tranche of
Class B Notes shall be decreased, by each amount of such reallocation. The Nominal Liquidation
Amount of each Tranche of Class D Notes shall be reduced, and the Nominal Liquidation Amount
Deficit of each Tranche of Class D Notes shall be increased, by the amount of such reallocation pro
rata based on the ratio of the Nominal Liquidation Amount of such Tranche of Class D Notes to the
Nominal Liquidation Amount of all Class D Notes in this Series, each after giving effect to step
(41) (Series Servicing Fee Shortfall from Class D Principal). Any such reallocation (or portion
thereof) that would otherwise have reduced the Nominal Liquidation Amount of a Tranche of Class D
Notes below zero will be reallocated to the remaining Tranches of Class D Notes as set forth in
this step (46), but in no event will the Nominal Liquidation Amount (after giving effect to this
step (46)) of any Tranche of Class D Notes be reduced below zero.

          The following Usage amounts (and any related Available Subordinated Amounts) shall be adjusted
in accordance with step (24) of the Subordination Waterfall after giving effect to this step (46):

	 	•	 	Class A Usage of Class B Notes
	 
	 	•	 	Class A Usage of Class D Notes
	 
	 	•	 	Class B Usage of Class D Notes
	 
	 	•	 	Class C Usage of Class D Notes

          (47) Reallocation of Class B Nominal Liquidation Amount Deficits to Class C. For each Tranche
of Class B Notes, an amount equal to the lesser of

	 	(x)	 	the Nominal Liquidation Amount Deficit for such
Tranche after giving effect to step (46) (Reallocation of Class B
Nominal Liquidation Amount Deficits to Class D) and
	 
	 	(y)	 	the Class B Available Subordinated Amount of
Class C Notes for such Tranche after step (22) of the Subordination
Waterfall (Adjustments for Application of Class C Principal to Series
Servicing Fee Shortfall)

48

 

shall be reallocated to the Class C Notes. The Nominal Liquidation Amount of each Tranche of Class
B Notes shall be increased, and the Nominal Liquidation Amount Deficit of each Tranche of Class B
Notes shall be decreased, by each amount of such reallocation. The Nominal Liquidation Amount of
each Tranche of Class C Notes shall be reduced, and the Nominal Liquidation Amount Deficit of each
Tranche of Class C shall be increased, by the amount of such reallocation pro rata based on the
ratio of the Nominal Liquidation Amount of such Tranche of Class C Notes to the Nominal Liquidation
Amount of all Class C Notes in the Series,
each after giving effect to step (42) (Series Servicing Fee Shortfall from Class C Principal). Any
such reallocation (or portion thereof) 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 step (47), but in no event will the Nominal Liquidation Amount
(after giving effect to this step (47)) of any Tranche of Class C Notes be reduced below zero.

          The following Usage amounts (and any related Available Subordinated Amounts) shall be adjusted
in accordance with step (25) of the Subordination Waterfall after giving effect to this step (47):

	 	•	 	Class A Usage of Class B Notes
	 
	 	•	 	Class A Usage of Class C Notes
	 
	 	•	 	Class B Usage of Class C Notes

          (48) Reallocation of Class C Nominal Liquidation Amount Deficits to Class D. For each Tranche
of Class C Notes, an amount equal to the lesser of

	 	(x)	 	the Nominal Liquidation Amount Deficit for such
Tranche after giving effect to step (42) (Series Servicing Fee
Shortfall from Class C Principal) and
	 
	 	(y)	 	the Class C Available Subordinated Amount of
Class D Notes for such Tranche after step (24) of the Subordination
Waterfall (Adjustments for Reallocation of Class B Nominal Liquidation
Amount Deficits to Class D)

shall be reallocated to the Class D Notes. The Nominal Liquidation Amount of each Tranche of Class
C Notes shall be increased, and the Nominal Liquidation Amount Deficit of each Tranche of Class C
Notes shall be decreased, by each amount of such reallocation. The Nominal Liquidation Amount of
each Tranche of Class D Notes shall be reduced, and the Nominal Liquidation Amount Deficit of each
Tranche of Class D shall be increased, by the amount of such reallocation pro rata based on the
ratio of the Nominal Liquidation Amount of such Tranche of Class D Notes to the Nominal Liquidation
Amount of all Class D Notes in the Series, each after giving effect to step (46) (Reallocation of
Class B Nominal Liquidation Amount Deficits to Class D). Any such reallocation (or portion
thereof) that would otherwise have reduced the Nominal Liquidation Amount of a Tranche of Class D
Notes below zero will be reallocated to the remaining Tranches of Class D Notes as set forth in
this step (48), but in no

49

 

event will the Nominal Liquidation Amount (after giving effect to this
step (48)) of any Tranche of Class D Notes be reduced below zero.

          The following Usage amounts (and any related Available Subordinated Amounts) shall be adjusted
in accordance with step (26) of the Subordination Waterfall after giving effect to this step (48):

	 	•	 	Class A Usage of Class C Notes
	 
	 	•	 	Class A Usage of Class D Notes
	 
	 	•	 	Class B Usage of Class C Notes
	 
	 	•	 	Class B Usage of Class D Notes
	 
	 	•	 	Class C Usage of Class D Notes

          (49) Withdrawal of Excess Deposits from Accumulation Reserve Subaccounts for use as Series
Finance Charge Amounts. An amount equal to the excess, if any, of

	 	(x)	 	the amount of deposits in each Accumulation
Reserve Subaccount for each Tranche of Notes, over
	 
	 	(y)	 	the targeted amount of Accumulation Reserve
Subaccount deposits set forth in the Terms Document for such Tranche

shall be withdrawn from the Accumulation Reserve Subaccount for each related Tranche of Notes,
deposited in the Series Collections Account, and treated as Series Finance Charge Amounts (to be
added to the Series Finance Charge Amounts remaining after step (20) (Reimbursement of Class D
Nominal Liquidation Amount Deficit from Series Finance Charge Amounts)).

          (50) Targeted Deposit to Accumulation Reserve Subaccounts from Series Finance Charge Amounts.
An amount equal to the lesser of

	 	(x)	 	the sum of the excess, if any, with respect to
each Tranche of Notes, of

	 	(i)	 	the targeted amount of
Accumulation Reserve Subaccount deposits set forth in the Terms
Document for the Tranche of Notes, over
	 
	 	(ii)	 	the amount of deposits in the
Accumulation Reserve Subaccount for such Tranche and

	 	(y)	 	the Series Finance Charge Amounts after step
(49) (Withdrawal of Excess Deposits from Accumulation Reserve
Subaccounts for use as Series Finance Charge Amounts)

50

 

shall be deposited into the Accumulation Reserve Account. The Series Finance Charge Amounts shall
be reduced by the amount of such deposit. The amount deposited into the Accumulation Reserve
Account pursuant to this step (50) shall be allocated to each Tranche of Notes pro rata based on
the ratio of (A) the amount determined pursuant to clause (x) for each Tranche of Notes to (B) the
sum of the amounts determined pursuant to clause (x) for all Tranches of Notes, and deposited into
the applicable Accumulation Reserve Subaccount for such Tranche.

          (51) Withdrawal of Excess Deposits from Class C Reserve Subaccounts for use as Series Finance
Charge Amounts. An amount equal to the excess, if any, of

	 	(x)	 	the amount of deposits (including income earned
on funds on deposit) in each Class C Reserve Subaccount for each
Tranche of Class C Notes, over
	 
	 	(y)	 	the Targeted Cumulative Class C Reserve Deposit
for such Tranche of Class C Notes

shall be withdrawn from the Class C Reserve Subaccount for each related Tranche of Class C Notes,
deposited in the Series Collections Account, and treated as Series Finance Charge Amounts (to be
added to the Series Finance Charge Amounts remaining after step (50) (Targeted Deposit to
Accumulation Reserve Subaccounts from Series Finance Charge Amounts)).

          (52) Withdrawal of Excess Deposits from Class D Reserve Subaccounts for use as Series Finance
Charge Amounts. An amount equal to the excess, if any, of

	 	(x)	 	the amount of deposits (including income earned
on funds on deposit) in each Class D Reserve Subaccount for each
Tranche of Class D Notes, over
	 
	 	(y)	 	the Targeted Cumulative Class D Reserve Deposit
for such Tranche of Class D Notes

shall be withdrawn from the Class D Reserve Subaccount for each related Tranche of Class D Notes,
deposited in the Series Collections Account, and treated as Series Finance Charge Amounts (to be
added to the Series Finance Charge Amounts after step (51) (Withdrawal of Excess Deposits from
Class C Reserve Subaccounts for use as Series Finance Charge Amounts)).

          (53) Targeted Deposit to Class C Reserve Subaccounts from Series Finance Charge Amounts. An
amount equal to the lesser of

	 	(x)	 	the excess, if any, with respect to each
Tranche of Class C Notes, of

	 	(i)	 	the Targeted Cumulative Class C
Reserve Deposit for such Tranche of Class C Notes, over

51

 

	 	(ii)	 	the amount of deposits (including
income earned on funds on deposit) in the Class C Reserve
Subaccount for such Tranche of Class C Notes, and

	 	(y)	 	the Series Finance Charge Amounts after step
(52) (Withdrawal of Excess Deposits from Class D Reserve Subaccounts
for use as Series Finance Charge Amounts)

shall be deposited into the Class C Reserve Account. The Series Finance Charge Amounts shall be
reduced by the amount of such deposit. The amount deposited into the Class C Reserve Account
pursuant to this step (53) shall be allocated to each Tranche of Class C Notes pro rata based on
the ratio of (A) the amount determined pursuant to clause (x) for each Tranche of Class C Notes to
(B) the sum of the amounts determined pursuant to clause (x) for all Tranches of Class C Notes, and
deposited into the applicable Class C Reserve Subaccount for such Tranche of Class C Notes.

          The following Usage amounts (and any related Available Subordinated Amounts) shall be adjusted
in accordance with step (27) of the Subordination Waterfall after giving effect to this step (53):

	 	•	 	Class A Usage of Class C Notes
	 
	 	•	 	Class B Usage of Class C Notes

          (54) Targeted Deposit to Class D Reserve Subaccounts from Series Finance Charge Amounts. An
amount equal to the lesser of

	 	(x)	 	the excess, if any, with respect to each
Tranche of Class D Notes, of

	 	(i)	 	the Targeted Cumulative Class D
Reserve Deposit for such Tranche of Class D Notes, over
	 
	 	(ii)	 	the amount of deposits
(including income earned on funds on deposit) in the Class D
Reserve Subaccount for such Tranche of Class D Notes, and

	 	(y)	 	the Series Finance Charge Amounts after step
(53) (Targeted Deposit to Class C Reserve Subaccounts from Series
Finance Charge Amounts)

shall be deposited into the Class D Reserve Account. The Series Finance Charge Amounts shall be
reduced by the amount of such deposit. The amount deposited into the Class D Reserve Account
pursuant to this step (54) shall be allocated to each Tranche of Class D Notes pro rata based on
the ratio of (A) the amount determined pursuant to clause (x) for each Tranche of Class D Notes to
(B) the sum of the amounts determined pursuant to clause (x) for all Tranches of Class
D Notes, and deposited into the applicable Class D Reserve Subaccount for such Tranche of Class D
Notes.

52

 

          The following Usage amounts (and any related Available Subordinated Amounts) shall be adjusted
in accordance with step (28) of the Subordination Waterfall after giving effect to this step (54):

	 	•	 	Class A Usage of Class D Notes
	 
	 	•	 	Class B Usage of Class D Notes
	 
	 	•	 	Class C Usage of Class D Notes

          (55) Other Deposits and Payments from Series Finance Charge Amounts. If required by the Terms
Documents of any Class or Tranche of Notes, any other payment or deposit shall be made from Series
Finance Charge Amounts remaining after step (54) (Targeted Deposit to Class D Reserve Subaccounts
from Series Finance Charge Amounts) as required thereby.

          (56) Reallocation of Series Finance Charge Amounts to Master Trust Group One Finance Charge
Collections Reallocation Account. A positive amount, if any, equal to the product of

	 	(x)	 	the amount of Series Finance Charge Amounts
remaining after step (55) (Other Deposits and Payments from Series
Finance Charge Amounts), minus the sum of:

	 	(i)	 	for so long as any Series that is
not an Interchange Series is outstanding, the portion of the
Series Interchange for the Series 2007-CC Collateral Certificate
that is allocated to this Series in accordance with the
Indenture,
	 
	 	(ii)	 	all amounts withdrawn from the
Accumulation Reserve Subaccounts and treated as Series Finance
Charge Amounts pursuant to step (49) (Withdrawal of Excess
Deposits from Accumulation Reserve Subaccounts for use as Series
Finance Charge Amounts)
	 
	 	(iii)	 	all amounts withdrawn from the
Class C Reserve Subaccounts and treated as Series Finance Charge
Amounts pursuant to step (51) (Withdrawal of Excess Deposits
from Class C Reserve Subaccounts for use as Series Finance
Charge Amounts) and
	 
	 	(iv)	 	all amounts withdrawn from the
Class D Reserve Subaccounts and treated as Series Finance Charge
Amounts
pursuant to step (52) (Withdrawal of Excess Deposits from
Class D Reserve Subaccounts for use as Series Finance Charge
Amounts), and

53

 

	 	(y)	 	a fraction, the numerator of which is the
Series Investor Interest of the Series 2007-CC Collateral Certificate
and the denominator of which is the Series Investor Interest of the
Series 2007-CC Collateral Certificate and all Additional Collateral
Certificates

shall be paid to the Master Trust Trustee under the Pooling and Servicing Agreement for deposit in
the Group One Finance Charge Collections Reallocation Account; provided, however, that such amount
shall only be so paid to the extent necessary for application to cover shortfalls for other series
issued by the Master Trust in accordance with the series supplements to the Pooling and Servicing
Agreement for such other series. The Series Finance Charge Amounts shall be reduced by the amount
of such payment. If and when any Additional Collateral Certificates are added to the Trust, any
provisions to allocate the amount set forth in clause (x) to such Additional Collateral
Certificates shall be specified in the documents relating to such addition.

          (57) Reallocation of Series Finance Charge Amounts to the Master Trust Group One Interchange
Reallocation Account. A positive amount, if any, equal to the product of

	 	(x)	 	the amount of Series Finance Charge Amounts
remaining after step (56) (Reallocation of Series Finance Charge
Amounts to Master Trust Group One Finance Charge Collections
Reallocation Account), minus the sum of:

	 	(i)	 	all amounts withdrawn from the
Accumulation Reserve Subaccounts and treated as Series Finance
Charge Amounts pursuant to step (49) (Withdrawal of Excess
Deposits from Accumulation Reserve Subaccounts for use as Series
Finance Charge Amounts)
	 
	 	(ii)	 	all amounts withdrawn from the
Class C Reserve Subaccounts and treated as Series Finance Charge
Amounts pursuant to step (51) (Withdrawal of Excess Deposits
from Class C Reserve Subaccounts for use as Series Finance
Charge Amounts) and
	 
	 	(iii)	 	all amounts withdrawn from the
Class D Reserve Subaccounts and treated as Series Finance Charge
Amounts pursuant to step (52) (Withdrawal of Excess Deposits
from Class D Reserve Subaccounts for use as Series Finance
Charge Amounts), and

	 	(y)	 	a fraction, the numerator of which is the
Series Investor Interest of the Series 2007-CC Collateral Certificate
and the denominator of which is the Series Investor Interest of the
Series 2007-CC Collateral Certificate and all Additional Collateral
Certificates,

shall be paid to the Master Trust Trustee under the Pooling and Servicing Agreement for deposit in
the Group One Interchange Reallocation Account; provided, however, that such amount shall only be
so paid to the extent necessary for application to cover shortfalls for other series issued

54

 

by the Master Trust in accordance with the series supplements to the Pooling and Servicing Agreement for
such other series. The Series Finance Charge Amounts shall be reduced by the amount of such
payment. If and when any Additional Collateral Certificates are added to the Trust, any provisions
to allocate the amount set forth in clause (x) to such Additional Collateral Certificates shall be
specified in the documents relating to such addition.

          (58) Other Deposits and Payments from Series Finance Charge Amounts. If required by the Terms
Documents of any Class or Tranche of Notes, any other payment or deposit shall be made from Series
Finance Charge Amounts remaining after step (57) (Reallocation of Series Finance Charge Amounts to
Master Trust Group One Interchange Reallocation Account) as required thereby.

          (59) Withdrawal of Prefunding Excess Amounts for use as Series Principal Amounts. The
Prefunding Excess Amount for each Tranche of Notes shall be withdrawn from the Principal Funding
Subaccount for such Tranche, deposited in the Series Collections Account and treated as Series
Principal Amounts. The Nominal Liquidation Amount of such Tranche shall be increased by such
amount of withdrawal.

          (60) Targeted Principal Deposits for Class A from Series Principal Amounts. The amount equal
to the lesser of

	 	(x)	 	the sum of the Targeted Principal Deposits for
each Tranche of Class A Notes minus any amounts that were previously
Targeted Prefunding Deposits that are applied to the Targeted Principal
Deposit under Section 4.04(a) and
	 
	 	(y)	 	the Series Principal Amounts after step (59)
(Withdrawal of Prefunding Excess Amounts for use as Series Principal
Amounts)

shall be deposited into the Principal Funding Account. The Series Principal Amounts shall be
reduced by the amount of such deposit. The amount deposited into the Principal Funding Account
pursuant to this step (60) shall be allocated to each Tranche of Class A Notes, first, pro rata
based on the ratio of (A) the Targeted Principal Deposit minus the sum of (i) the Targeted
Prefunding Deposit for such Tranche and (ii) any amounts that were previously Targeted Prefunding
Deposits that are applied to the Targeted Principal Deposit under Section 4.04(a) to (B) the sum of
the Targeted Principal Deposits minus the sum of the Targeted Prefunding Deposits for all Tranches
of Class A Notes, and after the amount set forth in clause (A) above
has been paid in full for each Tranche of Class A Notes, second, pro rata based on the ratio of (A)
the Targeted Prefunding Deposit for such Tranche to (B) the sum of the Targeted Prefunding Deposits
for all Tranches of Class A Notes. The Nominal Liquidation Amount of each Tranche of Class A Notes
shall be reduced by the amount of such allocation. The amount by which the Targeted Prefunding
Deposit for each Tranche of Class A Notes exceeds the amount of the second allocation hereunder
shall be the “Class A Tranche Prefunding Shortfall” for such Tranche. The amount by which the
Targeted Principal Deposit for each Tranche of Class A Notes exceeds the total amount of such
deposits and such application to the Targeted Principal Deposit under Section 4.04(a) shall be the
“Class A Tranche Principal Shortfall” for such Tranche.

55

 

          (61) Targeted Principal Deposits for Class B from Series Principal Amounts. The amount equal
to the least of

	 	(x)	 	the sum of the Targeted Principal Deposits for
each Tranche of Class B Notes minus any amounts that were previously
Targeted Prefunding Deposits that are applied to the Targeted Principal
Deposit under Section 4.04(a),
	 
	 	(y)	 	the Nominal Liquidation Amount of all Class B
Notes after giving effect to step (59) (Withdrawal of Prefunding Excess
Amounts for use as Series Principal Amounts), less the Class A
Available Subordinated Amount of Class B Notes for all Class A Notes in
this Series after step (25) of the Subordination Waterfall (Adjustments
for Reallocation of Class B Nominal Liquidation Amount Deficits to
Class C) and
	 
	 	(z)	 	the Series Principal Amounts remaining after
step (60) (Targeted Principal Deposits for Class A from Series
Principal Amounts)

shall be deposited into the Principal Funding Account. The Series Principal Amounts shall be
reduced by the amount of such deposit. The amount deposited into the Principal Funding Account
pursuant to this step (61) shall be allocated to each Tranche of Class B Notes, first, pro rata
based on the ratio of (A) the Targeted Principal Deposit minus the sum of (i) the Targeted
Prefunding Deposit for such Tranche and (ii) any amounts that were previously Targeted Prefunding
Deposits that are applied to the Targeted Principal Deposit under Section 4.04(a) to (B) the sum of
the Targeted Principal Deposits minus the sum of the Targeted Prefunding Deposits for all Tranches
of Class B Notes, and after the amount set forth in clause (A) above has been paid in full for each
Tranche of Class B Notes, second, pro rata based on the ratio of (A) the Targeted Prefunding
Deposit for such Tranche to (B) the sum of the Targeted Prefunding Deposits for all Tranches of
Class B Notes. The Nominal Liquidation Amount of each Tranche of Class B Notes shall be reduced by
the amount of such allocation. The amount by which the Targeted Prefunding Deposit for each Tranche
of Class B Notes exceeds the amount of the second allocation hereunder shall be the “Class B
Tranche Prefunding Shortfall” for such Tranche. The amount by which the Targeted Principal Deposit
for each Tranche of Class B
Notes exceeds the total amount of such deposits and such application to the Targeted Principal
Deposit under Section 4.04(a) shall be the “Class B Tranche Principal Shortfall” for such Tranche.

          (62) Targeted Principal Deposits for Class C from Series Principal Amounts. The amount equal
to the least of

	 	(x)	 	the sum of the Targeted Principal Deposits for
each Tranche of Class C Notes minus any amounts that were previously
Targeted Prefunding Deposits that are applied to the Targeted Principal
Deposit under Section 4.04(a),

56

 

	 	(y)	 	the Nominal Liquidation Amount of all Class C
Notes after giving effect to step (59) (Withdrawal of Prefunding Excess
Amounts for use as Series Principal Amounts), minus the sum of

	 	(i)	 	the aggregate Class A Available
Subordinated Amount of Class C Notes for all Class A Notes with
a Required Subordinated Amount of Class B Notes equal to zero
after step (26) of the Subordination Waterfall (Adjustments for
Reallocation of Class C Nominal Liquidation Amount Deficits to
Class D) and
	 
	 	(ii)	 	the aggregate Class B Available
Subordinated Amount of Class C Notes for all Class B Notes after
step (26) of the Subordination Waterfall, and

	 	(z)	 	the Series Principal Amounts remaining after
step (61) (Targeted Principal Deposits for Class B from Series
Principal Amounts)

shall be deposited into the Principal Funding Account. The Series Principal Amounts shall be
reduced by the amount of such deposit. The amount deposited into the Principal Funding Account
pursuant to this step (62) shall be allocated to each Tranche of Class C Notes, first, pro rata
based on the ratio of (A) the Targeted Principal Deposit minus the sum of (i) the Targeted
Prefunding Deposit for such Tranche and (ii) any amounts that were previously Targeted Prefunding
Deposits that are applied to the Targeted Principal Deposit under Section 4.04(a) to (B) the sum of
the Targeted Principal Deposits minus the sum of the Targeted Prefunding Deposits for all Tranches
of Class C Notes, and after the amount set forth in clause (A) above has been paid in full for each
Tranche of Class C Notes, second, pro rata based on the ratio of (A) the Targeted Prefunding
Deposit for such Tranche to (B) the sum of the Targeted Prefunding Deposits for all Tranches of
Class C Notes. The Nominal Liquidation Amount of each Tranche of Class C Notes shall be reduced by
the amount of such allocation. The amount by which the Targeted Prefunding Deposit for each Tranche
of Class C Notes exceeds the amount of the second allocation hereunder shall be the “Class C
Tranche Prefunding Shortfall” for such Tranche. The amount by which the Targeted Principal Deposit
for each Tranche of Class C
Notes exceeds the total amount of such deposits and such application to the Targeted Principal
Deposit under Section 4.04(a) shall be the “Class C Tranche Principal Shortfall” for such Tranche.

          (63) Targeted Principal Deposits for Class D from Series Principal Amounts. The amount equal
to the least of

	 	(x)	 	the sum of the Targeted Principal Deposits for
each Tranche of Class D Notes,
	 
	 	(y)	 	the Nominal Liquidation Amount of all Class D
Notes, minus the Class C Available Subordinated Amount of Class D Notes
for all Class C Notes in this Series and

57

 

	 	(z)	 	the Series Principal Amounts remaining after
step (62) (Targeted Principal Deposits for Class C from Series
Principal Amounts)

shall be deposited into the Principal Funding Account. The Series Principal Amounts shall be
reduced by the amount of such deposit. The amount deposited into the Principal Funding Account
pursuant to this step (63) shall be allocated to each Tranche of Class D Notes pro rata based on
the ratio of (A) the Targeted Principal Deposit for such Tranche to (B) the sum of the Targeted
Principal Deposits for all Tranches of Class D Notes. The Nominal Liquidation Amount of each
Tranche of Class D Notes shall be reduced by the amount of such allocation. The amount by which the
Targeted Principal Deposit for each Tranche of Class D Notes exceeds the total amount of such
deposits shall be the “Class D Tranche Principal Shortfall” for such Tranche.

          (64) Allocation from Group One Principal Collections Reallocation Account for Principal
Shortfalls other than Prefunding Shortfalls. The Calculation Agent shall notify the Master
Servicer for the Master Trust and the Master Trust Trustee under the Pooling and Servicing
Agreement of the amount equal to the product of

	 	(x)	 	the sum of

	 	(i)	 	the Class A Tranche Principal
Shortfall minus the Class A Tranche Prefunding Shortfall, in
each case after step (60) (Targeted Principal Deposits for Class
A from Series Principal Amounts),
	 
	 	(ii)	 	the Class B Tranche Principal
Shortfall minus the Class B Tranche Prefunding Shortfall, in
each case after step (61) (Targeted Principal Deposits for Class
B from Series Principal Amounts),
	 
	 	(iii)	 	the Class C Tranche Principal
Shortfall minus the Class C Tranche Prefunding Shortfall, in
each case after step (62)
(Targeted Principal Deposits for Class C from Series
Principal Amounts) and
	 
	 	(iv)	 	the Class D Tranche Principal
Shortfall after step (63) (Targeted Principal Deposits for Class
D from Series Principal Amounts),

	 	 	 	in each case for each Tranche of Notes for which an Early Redemption
Event or an Event of Default has not occurred, and
	 
	 	(y)	 	a fraction, the numerator of which is the
Series Investor Interest of the Series 2007-CC Collateral Certificate
and the denominator of which is the Series Investor Interest of the
Series 2007-CC Collateral Certificate and all Additional Collateral
Certificates,

58

 

which amount, together with any comparable amount determined pursuant to a provision comparable to
this step (64) in the Indenture Supplement for any other Series established in relation to the
Trust, shall constitute the “Class A Principal Distribution Amount Shortfall” for purposes of
Section 9(b)(15) of the Series 2007-CC Supplement. The Class A Principal Distribution Amount
Shortfall shall be reduced by the amount of funds on deposit in the Group One Principal Collections
Reallocation Account allocable to the Series 2007-CC Collateral Certificate in accordance with
Section 9(b)(15) of the Series 2007-CC Supplement, and the portion of such amount that is allocated
to this Series pursuant to the Indenture shall be deposited into the Series Collections Account.
The amounts deposited into the Series Collections Account under this step (64) are the “Reallocated
Principal Amounts.” If and when any Additional Collateral Certificates are added to the Trust, any
provisions to allocate the amount set forth in clause (x) of this step (64) to such Additional
Collateral Certificates shall be specified in the documents relating to such addition.

          (65) Allocation from Group One Principal Collections Reallocation Account for Prefunding
Shortfalls. The Calculation Agent shall notify the Master Servicer for the Master Trust and the
Master Trust Trustee under the Pooling and Servicing Agreement of the amount equal to the product
of

	 	(x)	 	the sum of

	 	(i)	 	the Class A Tranche Prefunding
Shortfall after step (60) (Targeted Principal Deposits for Class
A from Series Principal Amounts),
	 
	 	(ii)	 	the Class B Tranche Prefunding
Shortfall after step (61) (Targeted Principal Deposits for Class
B from Series Principal Amounts) and
	 
	 	(iii)	 	the Class C Tranche Prefunding
Shortfall after step (62) (Targeted Principal Deposits for Class
C from Series Principal Amounts), and

	 	(y)	 	a fraction, the numerator of which is the
Series Investor Interest of the Series 2007-CC Collateral Certificate
and the denominator of which is the Series Investor Interest of the
Series 2007-CC Collateral Certificate and all Additional Collateral
Certificates

which amount, together with any comparable amount determined pursuant to a provision comparable to
this step (65) in the Indenture Supplement for any other Series established in relation to the
Trust, shall constitute the “Unscheduled Principal Distribution Amount Shortfall” for purposes of
Section 9(b)(17) of the Series 2007-CC Supplement. The Unscheduled Principal Distribution Amount
Shortfall shall be reduced by the amount of funds on deposit in the Group One Principal Collections
Reallocation Account allocable to the Series 2007-CC Collateral Certificate in accordance with
Section 9(b)(17) of the Series 2007-CC Supplement, and the portion of such amount that is allocated
to this Series pursuant to the Indenture shall be deposited into the Series Collections Account.
The amounts deposited into the Series Collections Account

59

 

under this step (65) shall be added to
the Reallocated Principal Amounts after step (64) (Allocation from Group One Principal Collections
Reallocation Account for Principal Shortfalls other than Prefunding Shortfalls). If and when any
Additional Collateral Certificates are added to the Trust, any provisions to allocate the amount
set forth in clause (x) of this step (65) to such Additional Collateral Certificates shall be
specified in the documents relating to such addition.

          (66) Class A Tranche Principal Shortfalls from Reallocated Principal Amounts. The amount
equal to the lesser of

	 	(x)	 	the sum of the Class A Tranche Principal
Shortfall minus the Class A Tranche Prefunding Shortfall for each
Tranche of Class A Notes for which an Early Redemption Event or an
Event of Default has not occurred, in each case after step (60)
(Targeted Principal Deposits for Class A from Series Principal Amounts)
and
	 
	 	(y)	 	the Reallocated Principal Amounts after step
(65) (Allocation from Group One Principal Collections Reallocation
Account for Prefunding Shortfalls)

shall be deposited into the Principal Funding Account. The Reallocated Principal Amounts shall be
reduced by the amount of such deposit. The amount deposited into the Principal Funding Account
pursuant to this step (66) shall be allocated to each Tranche of Class A Notes for which an Early
Redemption Event or an Event of Default has not occurred pro rata on the basis of the ratio of (A)
the Class A Tranche Principal Shortfall minus the Class A Tranche Prefunding Shortfall for such
Tranche to (B) the sum of the Class A Tranche Principal Shortfall minus the Class A Tranche
Prefunding Shortfall for all Tranches of Class A Notes for which an Early Redemption Event or an
Event of Default has not occurred. The Nominal Liquidation Amount
and the Class A Tranche Principal Shortfall of each Tranche of Class A Notes shall be reduced by
the amount of such allocation.

          (67) Class A Tranche Prefunding Shortfalls from Reallocated Principal Amounts. The amount
equal to the lesser of

	 	(x)	 	the sum of the Class A Tranche Prefunding
Shortfalls for each Tranche of Class A Notes after step (60) (Targeted
Principal Deposits for Class A from Series Principal Amounts) and
	 
	 	(y)	 	the Reallocated Principal Amounts remaining
after step (66) (Class A Tranche Principal Shortfalls from Reallocated
Principal Amounts)

shall be deposited into the Principal Funding Account. The Reallocated Principal Amounts shall be
reduced by the amount of such deposit. The amount deposited into the Principal Funding Account
pursuant to this step (67) shall be allocated to each Tranche of Class A Notes pro rata on the
basis of the ratio of (A) the Class A Tranche Prefunding Shortfall for such Tranche to (B) the sum
of the Class A Tranche Prefunding Shortfalls for all Tranches of Class A Notes. The Nominal
Liquidation Amount, the Class A Tranche Principal Shortfall and the Class A Tranche

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Prefunding
Shortfall of each Tranche of Class A Notes shall be reduced by the amount of such allocation.

          (68) Class B Tranche Principal Shortfalls from Reallocated Principal Amounts. The amount
equal to the lesser of

	 	(x)	 	the sum of the Class B Tranche Principal
Shortfall minus the Class B Tranche Prefunding Shortfall for each
Tranche of Class B Notes for which an Early Redemption Event or an
Event of Default has not occurred, in each case after step (61)
(Targeted Principal Deposits for Class B from Series Principal
Amounts) and
	 
	 	(y)	 	the Reallocated Principal Amounts remaining
after step (67) (Class A Tranche Prefunding Shortfalls from Reallocated
Principal Amounts)

shall be deposited into the Principal Funding Account. The Reallocated Principal Amounts shall be
reduced by the amount of such deposit. The amount deposited into the Principal Funding Account
pursuant to this step (68) shall be allocated to each Tranche of Class B Notes for which an Early
Redemption Event or an Event of Default has not occurred pro rata on the basis of the ratio of (A)
the Class B Tranche Principal Shortfall minus the Class B Tranche Prefunding Shortfall for such
Tranche to (B) the sum of the Class B Tranche Principal Shortfall minus the Class B Tranche
Prefunding Shortfall for all Tranches of Class B Notes for which an Early Redemption Event or an
Event of Default has not occurred. The Nominal Liquidation Amount
and the Class B Tranche Principal Shortfall of each Tranche of Class B Notes shall be reduced by
the amount of such allocation.

          (69) Class B Tranche Prefunding Shortfalls from Reallocated Principal Amounts. The amount
equal to the lesser of

	 	(x)	 	the sum of the Class B Tranche Prefunding
Shortfalls for each Tranche of Class B Notes after step (61) (Targeted
Principal Deposits for Class B from Series Principal Amounts) and
	 
	 	(y)	 	the Reallocated Principal Amounts remaining
after step (68) (Class B Tranche Principal Shortfalls from Reallocated
Principal Amounts)

shall be deposited into the Principal Funding Account. The Reallocated Principal Amounts shall be
reduced by the amount of such deposit. The amount deposited into the Principal Funding Account
pursuant to this step (69) shall be allocated to each Tranche of Class B Notes pro rata on the
basis of the ratio of (A) the Class B Tranche Prefunding Shortfall for such Tranche to (B) the sum
of Class B Tranche Prefunding Shortfalls for all Tranches of Class B Notes. The Nominal
Liquidation Amount, the Class B Tranche Principal Shortfall and the Class B Tranche Prefunding
Shortfall of each Tranche of Class B Notes, respectively, shall be reduced by the amount of such
allocation.

61

 

          (70) Class C Tranche Principal Shortfalls from Reallocated Principal Amounts. The amount
equal to the lesser of

	 	(x)	 	the sum of the Class C Tranche Principal
Shortfall minus the Class C Tranche Prefunding Shortfall for each
Tranche of Class C Notes for which an Early Redemption Event or an
Event of Default has not occurred, in each case after step (62)
(Targeted Principal Deposits for Class C from Series Principal
Amounts) and
	 
	 	(y)	 	the Reallocated Principal Amounts remaining
after step (69) (Class B Tranche Prefunding Shortfalls from Reallocated
Principal Amounts)

shall be deposited into the Principal Funding Account. The Reallocated Principal Amounts shall be
reduced by the amount of such deposit. The amount deposited into the Principal Funding Account
pursuant to this step (70) shall be allocated to each Tranche of Class C Notes for which an Early
Redemption Event or an Event of Default has not occurred pro rata on the basis of the ratio of (A)
the Class C Tranche Principal Shortfall minus the Class C Tranche Prefunding Shortfall for such
Tranche to (B) the sum of the Class C Tranche Principal Shortfall minus the Class C Tranche
Prefunding Shortfall for all Tranches of Class C Notes for which an Early Redemption Event or an
Event of Default has not occurred. The Nominal Liquidation Amount
and the Class C Tranche Principal Shortfall of each Tranche of Class C Notes shall be reduced by
the amount of such allocation.

          (71) Class C Tranche Prefunding Shortfalls from Reallocated Principal Amounts. The amount
equal to the lesser of

	 	(x)	 	the sum of the Class C Tranche Prefunding
Shortfalls for each Tranche of Class C Notes after step (62) (Targeted
Principal Deposits for Class C from Series Principal Amounts) and
	 
	 	(y)	 	the Reallocated Principal Amounts remaining
after step (70) (Class C Tranche Principal Shortfalls from Reallocated
Principal Amounts)

shall be deposited into the Principal Funding Account. The Reallocated Principal Amounts shall be
reduced by the amount of such deposit. The amount deposited into the Principal Funding Account
pursuant to this step (71) shall be allocated to each Tranche of Class C Notes pro rata on the
basis of the ratio of (A) the Class C Tranche Prefunding Shortfall for such Tranche to (B) the sum
of the Class C Tranche Prefunding Shortfalls for all Tranches of Class C Notes. The Nominal
Liquidation Amount, the Class C Tranche Principal Shortfall and the Class C Tranche Prefunding
Shortfall of each Tranche of Class C Notes shall be reduced by the amount of such allocation.

          (72) Class D Tranche Principal Shortfalls from Reallocated Principal Amounts. The amount
equal to the lesser of

62

 

	 	(x)	 	the sum of the Class D Tranche Principal
Shortfall for each Tranche of Class D Notes for which an Early
Redemption Event or an Event of Default has not occurred after step
(63) (Targeted Principal Deposits for Class D from Series Principal
Amounts) and
	 
	 	(y)	 	the Reallocated Principal Amounts remaining
after step (71) (Class C Tranche Prefunding Shortfalls from Reallocated
Principal Amounts)

shall be deposited into the Principal Funding Account. The Reallocated Principal Amounts shall be
reduced by the amount of such deposit. The amount deposited into the Principal Funding Account
pursuant to this step (72) shall be allocated to each Tranche of Class D Notes for which an Early
Redemption Event or an Event of Default has not occurred pro rata on the basis of the ratio of (A)
the Class D Tranche Principal Shortfall for such Tranche to (B) the sum of the Class D Tranche
Principal Shortfall for all Tranches of Class D Notes for which an Early Redemption Event or an
Event of Default has not occurred. The Nominal Liquidation Amount and the Class D Tranche
Principal Shortfall of each Tranche of Class D Notes shall be reduced by the amount of such
allocation.

          (73) Reimbursement of Class C Nominal Liquidation Amount Deficits from Class C Reserve
Subaccounts. An amount equal to the lesser of

	 	(x)	 	the Nominal Liquidation Amount Deficit for each
Tranche of Class C Notes after step (48) (Reallocation of Class C
Nominal Liquidation Amount Deficits to Class D) and
	 
	 	(y)	 	the amount on deposit (including income earned
on funds on deposit) in the Class C Reserve Subaccount for such Tranche
of Class C Notes

shall be withdrawn from the Class C Reserve Subaccount for such Tranche of Class C Notes, deposited
in the Series Collections Account and treated as Series Principal Amounts. The Nominal Liquidation
Amount for such Tranche of Class C Notes shall be increased by the amount of such deposit. The
Cumulative Class C Reserve Reimbursement Amount after step (27) of the Subordination Waterfall
(Adjustments for Targeted Deposit to Class C Reserve Subaccounts from Series Finance Charge
Amounts) shall be increased by the aggregate amount of such deposits.

          (74) Reimbursement of Class D Nominal Liquidation Amount Deficits from Class D Reserve
Subaccounts. An amount equal to the lesser of

	 	(x)	 	the Nominal Liquidation Amount Deficit for each
Tranche of Class D Notes after step (48) (Reallocation of Class C
Nominal Liquidation Amount Deficits to Class D) and

63

 

	 	(y)	 	the amount on deposit (including income earned
on funds on deposit) in the Class D Reserve Subaccount for such Tranche
of Class D Notes

shall be withdrawn from the Class D Reserve Subaccount for such Tranche of Class D Notes, deposited
in the Series Collections Account and treated as Series Principal Amounts. The Nominal Liquidation
Amount for such Tranche of Class D Notes shall be increased by the amount of such deposit. The
Cumulative Class D Reserve Reimbursement Amount after step (28) of the Subordination Waterfall
(Adjustments for Targeted Deposit to Class D Reserve Subaccounts from Series Finance Charge
Amounts) shall be increased by the aggregate amount of such deposits.

          (75) Principal Payments from Receivables Sale Proceeds. If the Indenture Trustee has
commenced a Receivables Sale for any Tranches of Notes, an amount equal to the lesser of

	 	(x)	 	the Adjusted Outstanding Dollar Principal
Amount of such Tranche and
	 
	 	(y)	 	the Receivables Sale Proceeds received with
respect to such Tranche

shall be deposited to the Principal Funding Subaccount for such Tranche.

          (76) Interest Payments from Receivables Sale Proceeds. If the Indenture Trustee has commenced
a Receivables Sale for any Tranche of Notes, an amount equal to the Receivables Sale Proceeds
received with respect to such Tranche remaining after step (75) (Principal Payments from
Receivables Sale Proceeds) shall be deposited to the Interest Funding Subaccount for such Tranche.

          (77) Allocation of Unused Sales Proceeds to Seller. If the Indenture Trustee has commenced a
Receivables Sale for any Tranche of Notes, after final payment to such Tranche pursuant to Section
505 of the Indenture, the Receivables Sale Proceeds received with respect to such Tranche remaining
after step (76) (Interest Payments from Receivables Sale Proceeds) shall be paid to the Seller with
respect to the applicable Collateral Certificate.

          (78) Allocation of Series Finance Charge Amounts. The Series Finance Charge Amounts remaining
after step (58) (Other Deposits and Payments from Series Finance Charge Amounts) shall be
distributed to the Beneficiary (as defined in the Trust Agreement) in accordance with Section 4.01
of the Trust Agreement.

          (79) Reallocation of Series Principal Amounts to Master Trust Group One Principal Collections
Reallocation Account. An amount equal to the product of

	 	(x)	 	the amount of Series Principal Amounts
remaining after step (74) (Reimbursement of Reductions in Class D
Nominal Liquidation Amount Deficits from Class D Reserve Subaccounts)
and

64

 

	 	(y)	 	a fraction, the numerator of which is the
Series Investor Interest of the Series 2007-CC Collateral Certificate
and the denominator of which is the Series Investor Interest of the
Series 2007-CC Collateral Certificate and all Additional Collateral
Certificates,

shall be paid to the Master Trust Trustee under the Pooling and Servicing Agreement for deposit in
the Group One Principal Collections Reallocation Account; provided, however, that such amount shall
only be so paid to the extent necessary for application to cover shortfalls for other series issued
by the Master Trust in accordance with the series supplements to the Pooling and Servicing
Agreement for such other series. The Series Principal Amounts shall be reduced by the amount of
such payment. If and when any Additional Collateral Certificates are added to the Trust, any
provisions to allocate the amount set forth in clause (x) to such Additional Collateral
Certificates shall be specified in the documents relating to such addition.

          (80) Remaining Series Principal Amounts to Collections Account for Master Trust for
Reinvestment in New Receivables. An amount equal to the Series Principal Amounts
remaining after step (79) (Reallocation of Series Principal Amounts to
Master Trust Group One Principal Collections Reallocation
Account) shall be paid to the Master Trust Trustee under the Pooling and Servicing Agreement for deposit in
the Collections Account for the Master Trust and reinvestment in new receivables (or retention in
such Collections Account pending availability of new receivables). If and when any Additional
Collateral Certificates are added to the Trust, any provisions to
allocate the amount referred to in this step (80) to such Additional Collateral Certificates shall be specified in the documents relating
to such addition.

     Section 3.02. Available Subordinated Amounts and Usages.

          The Calculation Agent shall make the following determinations and adjustments; provided,
however, that (i) no Available Subordinated Amount or Usage of Available Subordinated Amounts for
any Tranche of Notes shall be reduced below zero or increased above the applicable Required
Subordinated Amount of a Subordinated Class of Notes for such Tranche.

          (1) Initial Calculation of Required Subordinated Amounts, Available Subordinated Amounts and
Usage. On or before each Distribution Date, the Calculation Agent shall determine each of the
following:

               (a) for each Tranche of Class A Notes, the Class A Required Subordinated Amount of Class B
Notes, the Class A Required Subordinated Amount of Class C Notes and the Class A Required
Subordinated Amount of Class D Notes, in each case after

65

 

giving effect to all adjustments to the
Nominal Liquidation Amount for such Tranche occurring on the prior Distribution Date and as a
result of any release of Prefunding Excess Amounts occurring subsequent to such Distribution Date
but prior to the current Distribution Date;

               (b) for each Tranche of Class A Notes, the Class A Usage of Class B Notes, the Class A Usage
of Class C Notes and the Class A Usage of Class D Notes, which in each case shall be the applicable
Usage as of the end of the prior Distribution Date;

               (c) for each Tranche of Class A Notes, the Class A Available Subordinated Amount of Class B
Notes, the Class A Available Subordinated Amount of Class C Notes and the Class A Available
Subordinated Amount of Class D Notes, which in each case shall be the applicable Required
Subordinated Amount determined pursuant to clause (a) minus the applicable Usage determined
pursuant to clause (b);

               (d) for each Tranche of Class B Notes, the Class B Required Subordinated Amount of Class C
Notes and the Class B Required Subordinated Amount of Class D Notes, in each case after giving
effect to all adjustments to the Nominal Liquidation Amount for such Tranche occurring on the prior
Distribution Date and as a result of any release of Prefunding Excess Amounts occurring subsequent
to such Distribution Date but prior to the current Distribution Date;

               (e) for each Tranche of Class B Notes, the Class B Usage of Class C Notes and the Class B
Usage of Class D Notes, which in each case shall be the applicable Usage as of the end of the prior
Distribution Date;

               (f) for each Tranche of Class B Notes, the Class B Available Subordinated Amount of Class C
Notes and the Class B Available Subordinated Amount of Class D Notes, which in each case shall be
the applicable Required Subordinated Amount determined pursuant to clause (d) minus the applicable
Usage determined pursuant to clause (e);

               (g) for each Tranche of Class C Notes, the Class C Required Subordinated Amount of Class D
Notes after giving effect to all adjustments to the Nominal Liquidation Amount for such Tranche
occurring on the prior Distribution Date and as a result of any release of Prefunding Excess
Amounts occurring subsequent to such Distribution Date but prior to the current Distribution Date;

               (h) for each Tranche of Class C Notes, the Class C Usage of Class D Notes, which shall be the
applicable Usage as of the end of the prior Distribution Date;

               (i) for each Tranche of Class C Notes, the Class C Available Subordinated Amount of Class D
Notes, which shall be the applicable Required Subordinated Amount determined pursuant to clause (g)
minus the applicable Usage determined pursuant to clause (h);

               (j) the Cumulative Class C Reserve Reimbursement Amount shall be the Cumulative Class C
Reserve Reimbursement Amount as of the end of the prior Distribution Date; provided that the
Cumulative Class C Reserve Reimbursement Amount for the first Distribution Date shall be zero; and

66

 

               (k) the Cumulative Class D Reserve Reimbursement Amount shall be the Cumulative Class D
Reserve Reimbursement Amount as of the end of the prior Distribution Date provided that the
Cumulative Class D Reserve Reimbursement Amount for the first Distribution Date shall be zero.

          (2) Adjustments for Reimbursement of Class B Nominal Liquidation Amount Deficit from Series
Finance Charge Amounts. The Calculation Agent shall make the following adjustments after giving
effect to step (18) of the Cash Flows (Reimbursement of Class B Nominal Liquidation Amount Deficit
from Series Finance Charge Amounts):

               Class A Usage of Class B Notes. For each Tranche of Class A Notes, the Class A Usage
of Class B Notes shall decrease, and the Class A Available Subordinated Amount of Class B Notes
shall increase, by an amount equal to:

	 	(A)	 	the Class B Nominal Liquidation
Amount Deficit reimbursed pursuant to step (18) of the Cash
Flows, multiplied by
	 
	 	(B)	 	the Class A Usage of Class B
Notes for such Tranche determined in step (1) of this
Subordination Waterfall (Initial Calculation of Required
Subordinated Amounts, Available Subordinated Amounts and
Usage), divided by
	 
	 	(C)	 	the Class B Nominal Liquidation
Amount Deficit (before giving effect to such reimbursement
pursuant to step (18) of the Cash Flows).

          (3) Adjustments for Reimbursement of Class C Nominal Liquidation Amount Deficit from Series
Finance Charge Amounts. The Calculation Agent shall make the following adjustments after giving
effect to step (19) of the Cash Flows (Reimbursement of Class C Nominal Liquidation Amount Deficit
from Series Finance Charge Amounts):

               Class A Usage of Class C Notes. For each Tranche of Class A Notes, the Class A Usage
of Class C Notes shall decrease, and the Class A Available Subordinated Amount of Class C Notes
shall increase, by an amount equal to:

	 	(A)	 	the Class C Nominal Liquidation
Amount Deficit reimbursed pursuant to step (19) of the Cash
Flows, multiplied by
	 
	 	(B)	 	the Class A Usage of Class C
Notes for such Tranche determined in step (1) of this
Subordination Waterfall (Initial Calculation of Required
Subordinated Amounts, Available Subordinated Amounts and
Usage), divided by
	 
	 	(C)	 	the Class C Nominal Liquidation
Amount Deficit (before giving effect to such reimbursement
pursuant to step (19) of the Cash Flows).

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               Class B Usage of Class C Notes. For each Tranche of Class B Notes, the Class B Usage
of Class C Notes shall decrease, and the Class B Available Subordinated Amount of Class C Notes
shall increase, by an amount equal to:

	 	(A)	 	the Class C Nominal Liquidation
Amount Deficit reimbursed pursuant to step (19) of the Cash
Flows, multiplied by
	 
	 	(B)	 	the Class B Usage of Class C
Notes for such Tranche determined in step (1) of this
Subordination Waterfall, divided by
	 
	 	(C)	 	the Class C Nominal Liquidation
Amount Deficit (before giving effect to such reimbursement
pursuant to step (19) of the Cash Flows).

          (4) Adjustments for Reimbursement of Class D Nominal Liquidation Amount Deficit from Series
Finance Charge Amounts. The Calculation Agent shall make the following adjustments after giving
effect to step (20) of the Cash Flows (Reimbursement of Class D Nominal Liquidation Amount Deficit
from Series Finance Charge Amounts):

               Class A Usage of Class D Notes. For each Tranche of Class A Notes, the Class A Usage
of Class D Notes shall decrease, and the Class A Available Subordinated Amount of Class D Notes
shall increase, by an amount equal to:

	 	(A)	 	the Class D Nominal Liquidation
Amount Deficit reimbursed pursuant to step (20) of the Cash
Flows, multiplied by
	 
	 	(B)	 	the Class A Usage of Class D
Notes for such Tranche determined in step (1) of this
Subordination Waterfall (Initial Calculation of Required
Subordinated Amounts, Available Subordinated Amounts and
Usage), divided by
	 
	 	(C)	 	the Class D Nominal Liquidation
Amount Deficit (before giving effect to such reimbursement
pursuant to step (20) of the Cash Flows).

               Class B Usage of Class D Notes. For each Tranche of Class B Notes, the Class B Usage
of Class D Notes shall decrease, and the Class B Available Subordinated Amount of Class D Notes
shall increase, by an amount equal to:

	 	(A)	 	the Class D Nominal Liquidation
Amount Deficit reimbursed pursuant to step (20) of the Cash
Flows, multiplied by

68

 

	 	(B)	 	the Class B Usage of Class D
Notes for such Tranche determined in step (1) of this
Subordination Waterfall, divided by
	 
	 	(C)	 	the Class D Nominal Liquidation
Amount Deficit (before giving effect to such reimbursement
pursuant to step (20) of the Cash Flows).

               Class C Usage of Class D Notes. For each Tranche of Class C Notes, the Class C Usage
of Class D Notes shall decrease, and the Class C Available Subordinated Amount of Class D Notes
shall increase, by an amount equal to:

	 	(A)	 	the Class D Nominal Liquidation
Amount Deficit reimbursed pursuant to step (20) of the Cash
Flows, multiplied by

	 	(B)	 	the Class C Usage of Class D
Notes for such Tranche determined in step (1) of this
Subordination Waterfall, divided by

	 	(C)	 	the Class D Nominal Liquidation
Amount Deficit (before giving effect to such reimbursement
pursuant to step (20) of the Cash Flows).

          (5) Adjustments for Reimbursement of Class B Nominal Liquidation Amount Deficit from
Reallocated Finance Charge Amounts. The Calculation Agent shall make the following adjustments
after giving effect to step (25) of the Cash Flows (Reimbursement of Class B Nominal Liquidation
Amount Deficit from Reallocated Finance Charge Amounts):

               Class A Usage of Class B Notes. For each Tranche of Class A Notes, the Class A Usage
of Class B Notes shall decrease, and the Class A Available Subordinated Amount of Class B Notes
shall increase, by an amount equal to:

	 	(A)	 	the Class B Nominal Liquidation
Amount Deficit reimbursed pursuant to step (25) of the Cash
Flows, multiplied by

	 	(B)	 	the Class A Usage of Class B
Notes for such Tranche as adjusted in step (2) of this
Subordination Waterfall (Adjustments for Reimbursement of Class
B Nominal Liquidation Amount Deficit from Series Finance Charge
Amounts), divided by

	 	(C)	 	the Class B Nominal Liquidation
Amount Deficit remaining after step (18) of the Cash Flows
(Reimbursement of Class B Nominal Liquidation Amount Deficit
from Series Finance Charge Amounts) (before

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	 	 	 	giving effect to
such reimbursement pursuant to step (25) of the Cash Flows).

           (6) Adjustments for Reimbursement of Class C Nominal Liquidation Amount Deficit from
Reallocated Finance Charge Amounts. The Calculation Agent shall make the
following adjustments after giving effect to step (26) of the Cash Flows (Reimbursement of
Class C Nominal Liquidation Amount Deficit from Reallocated Finance Charge Amounts):

               Class A Usage of Class C Notes. For each Tranche of Class A Notes, the Class A Usage
of Class C Notes shall decrease, and the Class A Available Subordinated Amount of Class C Notes
shall increase, by an amount equal to:

	 	(A)	 	the Class C Nominal Liquidation
Amount Deficit reimbursed pursuant to step (26) of the Cash
Flows, multiplied by

	 	(B)	 	the Class A Usage of Class C
Notes for such Tranche after step (3) of this Subordination
Waterfall (Adjustments for Reimbursement of Class C Nominal
Liquidation Amount Deficit from Series Finance Charge Amounts),
divided by

	 	(C)	 	the Class C Nominal Liquidation
Amount Deficit remaining after step (19) of the Cash Flows
(Reimbursement of Class C Nominal Liquidation Amount Deficit
from Series Finance Charge Amounts) (before giving effect to
such reimbursement pursuant to step (26) of the Cash Flows).

               Class B Usage of Class C Notes. For each Tranche of Class B Notes, the Class B Usage
of Class C Notes shall decrease, and the Class B Available Subordinated Amount of Class C Notes
shall increase, by an amount equal to:

	 	(A)	 	the Class C Nominal Liquidation
Amount Deficit reimbursed pursuant to step (26) of the Cash
Flows, multiplied by

	 	(B)	 	the Class B Usage of Class C
Notes for such Tranche after step (3) of this Subordination
Waterfall, divided by

	 	(C)	 	the Class C Nominal Liquidation
Amount Deficit remaining after step (19) of the Cash Flows
(before giving effect to such reimbursement pursuant to step
(26) of the Cash Flows).

          (7) Adjustments for Reimbursement of Class D Nominal Liquidation Amount Deficit from
Reallocated Finance Charge Amounts. The Calculation Agent shall make the following adjustments
after giving effect to step (27) of the Cash Flows (Reimbursement of Class D Nominal Liquidation
Amount Deficit from Reallocated Finance Charge Amounts):

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               Class A Usage of Class D Notes. For each Tranche of Class A Notes, the Class A Usage
of Class D Notes shall decrease, and the Class A Available Subordinated Amount of Class D Notes
shall increase, by an amount equal to:

	 	(A)	 	the Class D Nominal Liquidation
Amount Deficit reimbursed pursuant to step (27) of the Cash
Flows, multiplied by

	 	(B)	 	the Class A Usage of Class D
Notes for such Tranche after step (4) of this Subordination
Waterfall (Adjustments for Reimbursement of Class D Nominal
Liquidation Amount Deficit from Series Finance Charge Amounts),
divided by

	 	(C)	 	the Class D Nominal Liquidation
Amount Deficit remaining after step (20) of the Cash Flows
(Reimbursement of Class D Nominal Liquidation Amount Deficit
from Series Finance Charge Amounts) (before giving effect to
such reimbursement pursuant to step (27) of the Cash Flows).

               Class B Usage of Class D Notes. For each Tranche of Class B Notes, the Class B Usage
of Class D Notes shall decrease, and the Class B Available Subordinated Amount of Class D Notes
shall increase, by an amount equal to:

	 	(A)	 	the Class D Nominal Liquidation
Amount Deficit reimbursed pursuant to step (27) of the Cash
Flows, multiplied by

	 	(B)	 	the Class B Usage of Class D
Notes for such Tranche after step (4) of this Subordination
Waterfall, divided by

	 	(C)	 	the Class D Nominal Liquidation
Amount Deficit remaining after step (20) of the Cash Flows
(before giving effect to such reimbursement pursuant to step
(27) of the Cash Flows).

               Class C Usage of Class D Notes. For each Tranche of Class C Notes, the Class C Usage
of Class D Notes shall decrease, and the Class C Available Subordinated Amount of Class D Notes
shall increase, by an amount equal to:

	 	(A)	 	the Class D Nominal Liquidation
Amount Deficit reimbursed pursuant to step (27) of the Cash
Flows, multiplied by

	 	(B)	 	the Class C Usage of Class D
Notes for such Tranche after step (4) of this Subordination
Waterfall, divided by

71

 

	 	(C)	 	the Class D Nominal Liquidation
Amount Deficit remaining after step (20) of the Cash Flows
(before giving effect to such reimbursement pursuant to step
(27) of the Cash Flows).

          (8) Adjustments for Initial Allocation of Unreimbursed Current Charge-offs. The Calculation
Agent shall make the following adjustments after giving effect to step (28) of the Cash Flows
(Unreimbursed Current Charge-offs; Initial Allocation):

               Class A Usage of Class D Notes. For each Tranche of Class A Notes, the Class A Usage
of Class D Notes shall increase, and the Class A Available Subordinated Amount of Class D Notes
shall decrease, by an amount equal to:

	 	(A)	 	the aggregate amount of
Unreimbursed Series Charge-Offs allocated to each Tranche of
Class D Notes pursuant to step (28) of the Cash Flows,
multiplied by

	 	(B)	 	the Class A Available
Subordinated Amount of Class D Notes for such Tranche determined
in step (1) of this Subordination Waterfall (Initial Calculation
of Required Subordinated Amounts, Available Subordinated Amounts
and Usage), divided by

	 	(C)	 	the aggregate amount of the
Nominal Liquidation Amount of all Class D Notes (before giving
effect to such allocation pursuant to step (28) of the Cash
Flows).

               Class A Usage of Class C Notes. For each Tranche of Class A Notes, the Class A Usage
of Class C Notes shall increase, and the Class A Available Subordinated Amount of Class C Notes
shall decrease, by an amount equal to:

	 	(A)	 	the aggregate amount of
Unreimbursed Series Charge-Offs allocated to each Tranche of
Class C Notes pursuant to step (28) of the Cash Flows,
multiplied by

	 	(B)	 	the Class A Available
Subordinated Amount of Class C Notes for such Tranche determined
in step (1) of this Subordination Waterfall, divided by

	 	(C)	 	the aggregate amount of the
Nominal Liquidation Amount of all Class C Notes (before giving
effect to such allocation pursuant to step (28) of the Cash
Flows).

               Class A Usage of Class B Notes. For each Tranche of Class A Notes, the Class A Usage
of Class B Notes shall increase, and the Class A Available Subordinated Amount of Class B Notes
shall decrease, by an amount equal to:

72

 

	 	(A)	 	the aggregate amount of
Unreimbursed Series Charge-Offs allocated to each Tranche of
Class B Notes pursuant to step (28) of the Cash Flows,
multiplied by

	 	(B)	 	the Class A Available
Subordinated Amount of Class B Notes for such Tranche determined
in step (1) of this Subordination Waterfall, divided by

	 	(C)	 	the Nominal Liquidation Amount of
all Class B Notes (before giving effect to such allocation
pursuant to step (28) of the Cash Flows).

               Class B Usage of Class D Notes. For each Tranche of Class B Notes, the Class B Usage
of Class D Notes shall increase, and the Class B Available Subordinated Amount of Class D Notes
shall decrease, by an amount equal to:

	 	(A)	 	the aggregate amount of
Unreimbursed Series Charge-Offs allocated to each Tranche of
Class D Notes pursuant to step (28) of the Cash Flows,
multiplied by

	 	(B)	 	the Class B Available
Subordinated Amount of Class D Notes for such Tranche determined
in step (1) of this Subordination Waterfall, divided by

	 	(C)	 	the aggregate amount of the
Nominal Liquidation Amount of all Class D Notes (before giving
effect to such allocation pursuant to step (28) of the Cash
Flows).

               Class B Usage of Class C Notes. For each Tranche of Class B Notes, the Class B Usage
of Class C Notes shall increase, and the Class B Available Subordinated Amount of Class C Notes
shall decrease, by an amount equal to:

	 	(A)	 	the aggregate amount of
Unreimbursed Series Charge-Offs allocated to each Tranche of
Class C Notes pursuant to step (28) of the Cash Flows,
multiplied by

	 	(B)	 	the Class B Available
Subordinated Amount of Class C Notes for such Tranche determined
in step (1) of this Subordination Waterfall, divided by

	 	(C)	 	the Nominal Liquidation Amount of
all Class C Notes (before giving effect to such allocation
pursuant to step (28) of the Cash Flows).

               Class C Usage of Class D Notes. For each Tranche of Class C Notes, the Class C Usage
of Class D Notes shall increase, and the Class C Available Subordinated Amount of Class D Notes
shall decrease, by an amount equal to:

73

 

	 	(A)	 	the aggregate amount of
Unreimbursed Series Charge-Offs allocated to each Tranche of
Class D Notes pursuant to step (28) of the Cash Flows,
multiplied by

	 	(B)	 	the Class C Available
Subordinated Amount of Class D Notes for such Tranche determined
in step (1) of this Subordination Waterfall, divided by

	 	(C)	 	the aggregate amount of the
Nominal Liquidation Amount of all Class D Notes (before giving
effect to such allocation pursuant to step (28) of the Cash
Flows).

          (9) Adjustments for Reallocation of Unreimbursed Current Charge-Offs from Class A to Class D.
The Calculation Agent shall make the following adjustments after giving effect to step (29) of the
Cash Flows (Unreimbursed Current Charge-offs; Reallocation from Class A to Class D):

               Class A Usage of Class D Notes. For each Tranche of Class A Notes, the Class A Usage
of Class D Notes shall increase, and the Class A Available Subordinated Amount of Class D Notes
shall decrease (each determined after giving effect to step (8) of this Subordination Waterfall
(Adjustments for Initial Allocation of Unreimbursed Current Charge-offs)), by an amount equal to
the aggregate amount of Unreimbursed Series Charge-Offs reallocated from such Tranche to each
Tranche of Class D Notes pursuant to step (29) of the Cash Flows.

               Class B Usage of Class D Notes. For each Tranche of Class B Notes, the Class B Usage
of Class D Notes shall increase, and the Class B Available Subordinated Amount of Class D Notes
shall decrease, by an amount equal to:

	 	(A)	 	the aggregate amount of
Unreimbursed Series Charge-Offs reallocated from all Tranches of
Class A Notes with a Class A Required Subordinated Amount of
Class B Notes greater than zero to each Tranche of Class D Notes
pursuant to step (29) of the Cash Flows, multiplied by

	 	(B)	 	the Class B Available
Subordinated Amount of Class D Notes for such Tranche after step
(8) of this Subordination Waterfall, divided by

	 	(C)	 	the aggregate amount of the Class
B Available Subordinated Amount of Class D Notes for all
Tranches of Class B Notes after step (8) of this Subordination
Waterfall.

               Class C Usage of Class D Notes. For each Tranche of Class C Notes, the Class C Usage
of Class D Notes shall increase, and the Class C Available Subordinated Amount of Class D Notes
shall decrease, by an amount equal to:

74

 

	 	(A)	 	the aggregate amount of
Unreimbursed Series Charge-Offs reallocated from all Tranches of
Class A Notes to each Tranche of Class D Notes pursuant to step
(29) of the Cash Flows, multiplied by

	 	(B)	 	the Class C Available
Subordinated Amount of Class D Notes for such Tranche after step
(8) of this Subordination Waterfall, divided by

	 	(C)	 	the aggregate amount of the Class
C Available Subordinated Amount of Class D Notes for all
Tranches of Class C Notes after step (8) of this Subordination
Waterfall.

          (10) Adjustments for Reallocation of Unreimbursed Current Charge-Offs from Class A to Class C.
The Calculation Agent shall make the following adjustments after giving effect to step (30) of the
Cash Flows (Unreimbursed Current Charge-offs; Reallocation from Class A to Class C):

               Class A Usage of Class C Notes. For each Tranche of Class A Notes, the Class A Usage
of Class C Notes shall increase, and the Class A Available Subordinated Amount of Class C Notes
shall decrease (each determined after giving effect to step (8) of this Subordination Waterfall
(Adjustments for Initial Allocation of Unreimbursed Current Charge-offs)), by an amount equal to
the aggregate amount of Unreimbursed Series Charge-Offs reallocated from such Tranche to each
Tranche of Class C Notes pursuant to step (30) of the Cash Flows.

               Class B Usage of Class C Notes. For each Tranche of Class B Notes, the Class B Usage
of Class C Notes shall increase, and the Class B Available Subordinated Amount of Class C Notes
shall decrease, by an amount equal to:

	 	(A)	 	the aggregate amount of
Unreimbursed Series Charge-Offs reallocated from all Tranches of
Class A Notes with a Class A Required Subordinated Amount of
Class B Notes greater than zero to each Tranche of Class C Notes
pursuant to step (30) of the Cash Flows, multiplied by

	 	(B)	 	the Class B Available
Subordinated Amount of Class C Notes for such Tranche after step
(8) of this Subordination Waterfall, divided by

	 	(C)	 	the aggregate amount of the Class
B Available Subordinated Amount of Class C Notes for all
Tranches of Class B Notes after step (8) of this Subordination
Waterfall.

          (11) Adjustments for Reallocation of Unreimbursed Current Charge-Offs from Class A to Class B.
The Calculation Agent shall make the following adjustments after giving effect to step (31) of the
Cash Flows (Unreimbursed Current Charge-offs; Reallocation from Class A to Class B):

75

 

               Class A Usage of Class B Notes. For each Tranche of Class A Notes, the Class A Usage
of Class B Notes shall increase, and the Class A Available Subordinated Amount of Class B Notes
shall decrease (each determined after giving effect to step (8) of this Subordination Waterfall
(Adjustments for Initial Allocation of Unreimbursed Current Charge-offs)), by an amount equal to
the aggregate amount of Unreimbursed Series Charge-Offs reallocated from such Tranche to each
Tranche of Class B Notes pursuant to step (31) of the Cash Flows.

          (12) Adjustments for Reallocation of Unreimbursed Current Charge-Offs from Class B to Class D.
The Calculation Agent shall make the following adjustments after giving effect to step (32) of the
Cash Flows (Unreimbursed Current Charge-offs; Reallocation from Class B to Class D):

               Class A Usage of Class B Notes. For each Tranche of Class A Notes with a Class A
Required Subordinated Amount of Class B Notes greater than zero, the Class A Usage of Class B Notes
shall decrease, and the Class A Available Subordinated Amount of Class B Notes shall increase, by
an amount equal to

	 	(A)	 	the aggregate amount of
Unreimbursed Series Charge-Offs reallocated from all Tranches of
Class B Notes to each Tranche of Class D Notes pursuant to step
(32) of the Cash Flows, multiplied by

	 	(B)	 	the Class A Usage of Class B
Notes for such Tranche after step (11) of this Subordination
Waterfall (Adjustments for Reallocation of Unreimbursed Current
Charge-Offs from Class A to Class B), divided by

	 	(C)	 	the Class B Nominal Liquidation
Amount Deficit after step (31) of the Cash Flows (Unreimbursed
Current Charge-offs; Reallocation from Class A to Class B)
(before giving
effect to such reallocation pursuant to step (32) of the Cash
Flows).

               Class A Usage of Class D Notes. For each Tranche of Class A Notes with a Class A
Required Subordinated Amount of Class B Notes greater than zero, the Class A Usage of Class D Notes
shall increase, and the Class A Available Subordinated Amount of Class D Notes shall decrease, by
an amount equal to

	 	(A)	 	the aggregate amount of
Unreimbursed Series Charge-Offs reallocated from all Tranches of
Class B Notes to each Tranche of Class D Notes pursuant to step
(32) of the Cash Flows, multiplied by

	 	(B)	 	the Class A Available
Subordinated Amount of Class D Notes for such Tranche after step
(9) of this Subordination Waterfall (Adjustments for
Reallocation of Unreimbursed Current Charge-Offs from Class A to
Class D), divided by

76

 

	 	(C)	 	the aggregate amount of the Class
A Available Subordinated Amount of Class D Notes for all
Tranches of Class A Notes with a Class A Required Subordinated
Amount of Class B Notes greater than zero after step (9) of this
Subordination Waterfall.

               Class B Usage of Class D Notes. For each Tranche of Class B Notes, the Class B Usage
of Class D Notes shall increase, and the Class B Available Subordinated Amount of Class D Notes
shall decrease (each determined after giving effect to step (9) of this Subordination Waterfall),
by an amount equal to the aggregate amount of Unreimbursed Series Charge-Offs reallocated from such
Tranche to each Tranche of Class D Notes pursuant to step (32) of the Cash Flows.

               Class C Usage of Class D Notes. For each Tranche of Class C Notes, the Class C Usage
of Class D Notes shall increase, and the Class C Available Subordinated Amount of Class D Notes
shall decrease, by an amount equal to:

	 	(A)	 	the aggregate amount of
Unreimbursed Series Charge-Offs reallocated from all Tranches of
Class B Notes to each Tranche of Class D Notes pursuant to step
(32) of the Cash Flows, multiplied by

	 	(B)	 	the Class C Available
Subordinated Amount of Class D Notes for such Tranche after step
(9) of this Subordination Waterfall, divided by

	 	(C)	 	the aggregate amount of the Class
C Available Subordinated Amount of Class D Notes for all
Tranches of Class B Notes after step (9) of this Subordination
Waterfall.

          (13) Adjustments for Reallocation of Unreimbursed Current Charge-Offs from Class B to Class C.
The Calculation Agent shall make the following adjustments after giving effect to step (33) of the
Cash Flows (Unreimbursed Current Charge-offs; Reallocation from Class B to Class C):

               Class A Usage of Class B Notes. For each Tranche of Class A Notes with a Class A
Required Subordinated Amount of Class B Notes greater than zero, the Class A Usage of Class B Notes
shall decrease, and the Class A Available Subordinated Amount of Class B Notes shall increase, by
an amount equal to

	 	(A)	 	the aggregate amount of
Unreimbursed Series Charge-Offs reallocated from all Tranches of
Class B Notes to each Tranche of Class C Notes pursuant to step
(33) of the Cash Flows, multiplied by

	 	(B)	 	the Class A Usage of Class B
Notes for such Tranche after step (12) of this Subordination
Waterfall (Adjustments for

77

 

	 	 	 	Reallocation of Unreimbursed Current
Charge-Offs from Class B to Class D), divided by

	 	(C)	 	the Class B Nominal Liquidation
Amount Deficit after step (32) of the Cash Flows (Unreimbursed
Current Charge-offs; Reallocation from Class B to Class D)
(before giving effect to such reallocation pursuant to step (33)
of the Cash Flows).

               Class A Usage of Class C Notes. For each Tranche of Class A Notes with a Class A
Required Subordinated Amount of Class B Notes greater than zero, the Class A Usage of Class C Notes
shall increase, and the Class A Available Subordinated Amount of Class C Notes shall decrease, by
an amount equal to

	 	(A)	 	the aggregate amount of
Unreimbursed Series Charge-Offs reallocated from all Tranches of
Class B Notes to each Tranche of Class C Notes pursuant to step
(33) of the Cash Flows, multiplied by

	 	(B)	 	the Class A Available
Subordinated Amount of Class C Notes for such Tranche after step
(10) of this Subordination Waterfall (Adjustments for
Reallocation of Unreimbursed Current Charge-Offs from Class A to
Class C), divided by

	 	(C)	 	the aggregate amount of the Class
A Available Subordinated Amount of Class C Notes for all
Tranches of Class A Notes with a Class A Required Subordinated
Amount of Class B Notes greater than zero after step (10) of
this Subordination Waterfall.

               Class B Usage of Class C Notes. For each Tranche of Class B Notes, the Class B Usage
of Class C Notes shall increase, and the Class B Available Subordinated Amount of Class C Notes
shall decrease (each determined after giving effect to step (10) of this Subordination Waterfall),
by an amount equal to the aggregate amount of Unreimbursed Series Charge-Offs reallocated from such
Tranche to each Tranche of Class C Notes pursuant to step (33) of the Cash Flows.

           (14) Adjustments for Reallocation of Unreimbursed Current Charge-Offs from Class C to Class D.
The Calculation Agent shall make the following adjustments after giving effect to step (34) of the
Cash Flows (Unreimbursed Current Charge-offs; Reallocation from Class C to Class D):

               Class A Usage of Class C Notes. For each Tranche of Class A Notes, the Class A Usage
of Class C Notes shall decrease, and the Class A Available Subordinated Amount of Class C Notes
shall increase, by an amount equal to

	 	(A)	 	the aggregate amount of
Unreimbursed Series Charge-Offs reallocated from all Tranches of
Class C Notes to each

78

 

	 	 	 	Tranche of Class D Notes pursuant to step
(34) of the Cash Flows, multiplied by

	 	(B)	 	the Class A Usage of Class C
Notes for such Tranche after step (13) of this Subordination
Waterfall (Adjustments for Reallocation of Unreimbursed Current
Charge-Offs from Class B to Class C), divided by

	 	(C)	 	the Class C Nominal Liquidation
Amount Deficit after step (33) of the Cash Flows (Unreimbursed
Current Charge-offs; Reallocation from Class B to Class C)
(before giving effect to such reallocation pursuant to step (34)
of the Cash Flows).

               Class A Usage of Class D Notes. For each Tranche of Class A Notes, the Class A Usage
of Class D Notes shall increase, and the Class A Available Subordinated Amount of Class D Notes
shall decrease, by an amount equal to

	 	(A)	 	the aggregate amount of
Unreimbursed Series Charge-Offs reallocated from all Tranches of
Class C Notes to each
Tranche of Class D Notes pursuant to step (34) of the Cash
Flows, multiplied by

	 	(B)	 	the Class A Available
Subordinated Amount of Class D Notes for such Tranche after step
(12) of this Subordination Waterfall (Adjustments for
Reallocation of Unreimbursed Current Charge-Offs from Class B to
Class D), divided by

	 	(C)	 	the aggregate amount of the Class
A Available Subordinated Amount of Class D Notes for all
Tranches of Class A Notes after step (12) of this Subordination
Waterfall.

               Class B Usage of Class C Notes. For each Tranche of Class B Notes, the Class B Usage
of Class C Notes shall decrease, and the Class B Available Subordinated Amount of Class C Notes
shall increase, by an amount equal to

	 	(A)	 	the aggregate amount of
Unreimbursed Series Charge-Offs reallocated from all Tranches of
Class C Notes to each Tranche of Class D Notes pursuant to step
(34) of the Cash Flows, multiplied by

	 	(B)	 	the Class B Usage of Class C
Notes for such Tranche after step (13) of this Subordination
Waterfall, divided by

	 	(C)	 	the Class C Nominal Liquidation
Amount Deficit after step (33) of the Cash Flows (before giving
effect to such reallocation pursuant to step (34) of the Cash
Flows).

79

 

               Class B Usage of Class D Notes. For each Tranche of Class B Notes, the Class B Usage
of Class D Notes shall increase, and the Class B Available Subordinated Amount of Class D Notes
shall decrease, by an amount equal to

	 	(A)	 	the aggregate amount of
Unreimbursed Series Charge-Offs reallocated from all Tranches of
Class C Notes to each Tranche of Class D Notes pursuant to step
(34) of the Cash Flows, multiplied by

	 	(B)	 	the Class B Available
Subordinated Amount of Class D Notes for such Tranche after step
(12) of this Subordination Waterfall, divided by

	 	(C)	 	the aggregate amount of the Class
B Available Subordinated Amount of Class D Notes for all
Tranches of Class B Notes after step (12) of this Subordination
Waterfall.

               Class C Usage of Class D Notes. For each Tranche of Class C Notes, the Class C Usage
of Class D Notes shall increase, and the Class C Available Subordinated Amount of Class D Notes
shall decrease (each determined after giving effect to step (12) of this Subordination Waterfall),
by an amount equal to the aggregate amount of Unreimbursed Series Charge-Offs reallocated from such
Tranche to each Tranche of Class D Notes pursuant to step (34) of the Cash Flows.

          (15) Adjustments for Application of Class D Principal to Class A Interest Allocation
Shortfall. The Calculation Agent shall make the following adjustments after giving effect to step
(35) of the Cash Flows (Class A Interest Allocation Shortfall from Class D Principal):

               Class A Usage of Class D Notes. For each Tranche of Class A Notes, the Class A Usage
of Class D Notes shall increase, and the Class A Available Subordinated Amount of Class D Notes
shall decrease (each determined after giving effect to step (14) of this Subordination Waterfall
(Adjustments for Reallocation of Unreimbursed Current Charge-Offs from Class C to Class D)), by an
amount equal to the portion of the Class D Principal Allocation applied to Class A Tranche Interest
Allocation Shortfall for such Tranche pursuant to step (35) of the Cash Flows.

               Class B Usage of Class D Notes. For each Tranche of Class B Notes, the Class B Usage
of Class D Notes shall increase, and the Class B Available Subordinated Amount of Class D Notes
shall decrease, by an amount equal to:

	 	(A)	 	the amount of the Class D
Principal Allocation applied to the Class A Tranche Interest
Allocation Shortfall for all Tranches of Class A Notes with a
Class A Required Subordinated Amount of Class B Notes greater
than zero pursuant to step (35) of the Cash Flows, multiplied
by

80

 

	 	(B)	 	the Class B Available
Subordinated Amount of Class D Notes for such Tranche after step
(14) of this Subordination Waterfall, divided by

	 	(C)	 	the aggregate amount of the Class
B Available Subordinated Amount of Class D Notes for all
Tranches of Class B Notes after step (14) of this Subordination
Waterfall.

               Class C Usage of Class D Notes. For each Tranche of Class C Notes, the Class C Usage
of Class D Notes shall increase, and the Class C Available Subordinated Amount of Class D Notes
shall decrease, by an amount equal to:

	 	(A)	 	the amount of the Class D
Principal Allocation applied to the Class A Tranche Interest
Allocation Shortfall for all
Tranches of Class A Notes pursuant to step (35) of the Cash
Flows, multiplied by

	 	(B)	 	the Class C Available
Subordinated Amount of Class D Notes for such Tranche after step
(14) of this Subordination Waterfall, divided by

	 	(C)	 	the aggregate amount of the Class
C Available Subordinated Amount of Class D Notes for all
Tranches of Class C Notes after step (14) of this Subordination
Waterfall.

          (16) Adjustments for Application of Class C Principal to Class A Interest Allocation
Shortfall. The Calculation Agent shall make the following adjustments after giving effect to step
(36) of the Cash Flows (Class A Interest Allocation Shortfall from Class C Principal):

               Class A Usage of Class C Notes. For each Tranche of Class A Notes, the Class A Usage
of Class C Notes shall increase, and the Class A Available Subordinated Amount of Class C Notes
shall decrease (each determined after giving effect to step (14) of this Subordination Waterfall
(Adjustments for Reallocation of Unreimbursed Current Charge-Offs from Class C to Class D)), by an
amount equal to the portion of the Class C Principal Allocation applied to the Class A Tranche
Interest Allocation Shortfall for such Tranche pursuant to step (36) of the Cash Flows.

               Class B Usage of Class C Notes. For each Tranche of Class B Notes, the Class B Usage
of Class C Notes shall increase, and the Class B Available Subordinated Amount of Class C Notes
shall decrease, by an amount equal to:

	 	(A)	 	the amount of the Class C
Principal Allocation applied to the Class A Tranche Interest
Allocation Shortfall for all Tranches of Class A Notes with a
Class A Required

81

 

	 	 	 	Subordinated Amount of Class B Notes greater
than zero pursuant to step (36) of the Cash Flows, multiplied
by

	 	(B)	 	the Class B Available
Subordinated Amount of Class C Notes for such Tranche after step
(14) of this Subordination Waterfall, divided by

	 	(C)	 	the aggregate amount of the Class
B Available Subordinated Amount of Class C Notes for all
Tranches of Class B Notes after step (14) of this Subordination
Waterfall.

          (17) Adjustments for Application of Class B Principal to Class A Interest Allocation
Shortfall. The Calculation Agent shall make the following adjustments after giving effect to step
(37) of the Cash Flows (Class A Interest Allocation Shortfall from Class B Principal):

               Class A Usage of Class B Notes. For each Tranche of Class A Notes, the Class A Usage
of Class B Notes shall increase, and the Class A Available Subordinated Amount of Class B Notes
shall decrease (each determined after giving effect to step (13) of this Subordination Waterfall
(Adjustments for Reallocation of Unreimbursed Current Charge-Offs from Class B to Class C)), by an
amount equal to the portion of the Class B Principal Allocation applied to Class A Tranche Interest
Allocation Shortfall for such Tranche pursuant to step (37) of the Cash Flows.

          (18) Adjustments for Application of Class D Principal to Class B Interest Allocation
Shortfall. The Calculation Agent shall make the following adjustments after giving effect to step
(38) of the Cash Flows (Class B Interest Allocation Shortfall from Class D Principal):

               Class A Usage of Class D Notes. For each Tranche of Class A Notes with a Class A
Required Subordinated Amount of Class B Notes greater than zero, the Class A Usage of Class D Notes
shall increase, and the Class A Available Subordinated Amount of Class D Notes shall decrease, by
an amount equal to:

	 	(A)	 	the amount of the Class D
Principal Allocation applied to Class B Tranche Interest
Allocation Shortfall for all Tranches of Class B Notes pursuant
to step (38) of the Cash Flows, multiplied by

	 	(B)	 	the Class A Available
Subordinated Amount of Class D Notes for such Tranche after step
(15) of this Subordination Waterfall (Adjustments for
Application of Class D Principal to Class A Interest Allocation
Shortfall), divided by

	 	(C)	 	the aggregate amount of the Class
A Available Subordinated Amount of Class D Notes for all
Tranches of

82

 

	 	 	 	Class A Notes with a Class A Required Subordinated
Amount of Class B Notes greater than zero after step (15) of
this Subordination Waterfall.

               Class B Usage of Class D Notes. For each Tranche of Class B Notes, the Class B Usage
of Class D Notes shall increase, and the Class B Available Subordinated Amount of Class D Notes
shall decrease (each determined after giving effect to step (15) of this Subordination Waterfall),
by an amount equal to the portion of the Class D Principal Allocation
applied to Class B Tranche Interest Allocation Shortfall for such Tranche pursuant to step
(38) of the Cash Flows.

               Class C Usage of Class D Notes. For each Tranche of Class C Notes, the Class C Usage
of Class D Notes shall increase, and the Class C Available Subordinated Amount of Class D Notes
shall decrease, by an amount equal to:

	 	(A)	 	the amount of the Class D
Principal Allocation applied to Class B Tranche Interest
Allocation Shortfall for all Tranches of Class B Notes pursuant
to step (38) of the Cash Flows, multiplied by

	 	(B)	 	the Class C Available
Subordinated Amount of Class D Notes for such Tranche after step
(15) of this Subordination Waterfall, divided by

	 	(C)	 	the aggregate amount of the Class
C Available Subordinated Amount of Class D Notes for all
Tranches of Class C Notes after step (15) of this Subordination
Waterfall.

          (19) Adjustments for Application of Class C Principal to Class B Interest Allocation
Shortfall. The Calculation Agent shall make the following adjustments after giving effect to step
(39) of the Cash Flows (Class B Interest Allocation Shortfall from Class C Principal):

               Class A Usage of Class C Notes. For each Tranche of Class A Notes with a Class A
Required Subordinated Amount of Class B Notes greater than zero, the Class A Usage of Class C Notes
shall increase, and the Class A Available Subordinated Amount of Class C Notes shall decrease, by
an amount equal to:

	 	(A)	 	the amount of the Class C
Principal Allocation applied to the Class B Tranche Interest
Allocation Shortfall for all Tranches of Class B Notes pursuant
to step (39) of the Cash Flows, multiplied by

	 	(B)	 	the Class A Available
Subordinated Amount of Class C Notes for such Tranche after step
(16) of this Subordination Waterfall (Adjustments for
Application of Class C

83

 

	 	 	 	Principal to Class A Interest Allocation
Shortfall), divided by

	 	(C)	 	the aggregate amount of the Class
A Available Subordinated Amount of Class C Notes for all
Tranches of Class A Notes with a Class A Required Subordinated
Amount of Class B Notes greater than zero after step (16) of
this Subordination Waterfall.

               Class B Usage of Class C Notes. For each Tranche of Class B Notes, the Class B Usage
of Class C Notes shall increase, and the Class B Available Subordinated Amount of Class C Notes
shall decrease (each determined after giving effect to step (16) of this Subordination Waterfall),
by an amount equal to the portion of the Class C Principal Allocation applied to the Class B
Tranche Interest Allocation Shortfall for such Tranche pursuant to step (39) of the Cash Flows.

     (20) Adjustments for Application of Class D Principal to Class C Interest Allocation
Shortfall. The Calculation Agent shall make the following adjustments after giving effect to step
(40) of the Cash Flows (Class C Interest Allocation Shortfall from Class D Principal):

               Class A Usage of Class D Notes. For each Tranche of Class A Notes, the Class A Usage
of Class D Notes shall increase, and the Class A Available Subordinated Amount of Class D Notes
shall decrease, by an amount equal to:

	 	(A)	 	the amount of the Class D
Principal Allocation applied to the Class C Tranche Interest
Allocation Shortfall for all Tranches of Class C Notes pursuant
to step (40) of the Cash Flows, multiplied by

	 	(B)	 	the Class A Available
Subordinated Amount of Class D Notes for such Tranche after step
(18) of this Subordination Waterfall (Adjustments for
Application of Class D Principal to Class B Interest Allocation
Shortfall), divided by

	 	(C)	 	the aggregate amount of the Class
A Available Subordinated Amount of Class D Notes for all
Tranches of Class A Notes after step (18) of this Subordination
Waterfall.

               Class B Usage of Class D Notes. For each Tranche of Class B Notes, the Class B Usage
of Class D Notes shall each increase, and the Class B Available Subordinated Amount of Class D
Notes shall each decrease, by an amount equal to:

	 	(A)	 	the amount of the Class D
Principal Allocation applied to the Class C Tranche Interest
Allocation Shortfall for all

84

 

	 	 	 	Tranches of Class C Notes pursuant
to step (40) of the Cash Flows, multiplied by

	 	(B)	 	the Class B Available
Subordinated Amount of Class D Notes for such Tranche after step
(18) of this Subordination Waterfall, divided by

	 	(C)	 	the aggregate amount of the Class
B Available Subordinated Amount of Class D Notes for all
Tranches of Class B Notes after step (18) of this Subordination
Waterfall.

               Class C Usage of Class D Notes. For each Tranche of Class C Notes, the Class C Usage
of Class D Notes shall increase, and the Class C Available Subordinated Amount of Class D shall
decrease (each determined after giving effect to step (18) of this Subordination Waterfall), by an
amount equal to the portion of the Class D Principal Allocation applied to the Class C Tranche
Interest Allocation Shortfall for such Tranche pursuant to step (40) of the Cash Flows.

          (21) Adjustments for Application of Class D Principal to Series Servicing Fee Shortfall. The
Calculation Agent shall make the following adjustments after giving effect to step (41) of the Cash
Flows (Series Servicing Fee Shortfall from Class D Principal):

               Class A Usage of Class D Notes. For each Tranche of Class A Notes, the Class A Usage
of Class D Notes shall increase, and the Class A Available Subordinated Amount of Class D Notes
shall decrease, by an amount equal to:

	 	(A)	 	the amount of Class D Principal
Allocation applied to the Series Servicing Fee Shortfall
pursuant to step (41) of the Cash Flows, multiplied by

	 	(B)	 	the Class A Available
Subordinated Amount of Class D Notes for such Tranche after step
(20) of this Subordination Waterfall (Adjustments for
Application of Class D Principal to Class C Interest Allocation
Shortfall), divided by

	 	(C)	 	the aggregate amount of the Class
A Available Subordinated Amount of Class D Notes for all
Tranches of Class A Notes after step (20) of this Subordination
Waterfall.

               Class B Usage of Class D Notes. For each Tranche of Class B Notes, the Class B Usage
of Class D Notes shall increase, and the Class B Available Subordinated Amount of Class D Notes
shall decrease, by an amount equal to:

85

 

	 	(A)	 	the amount of Class D Principal
Allocation applied to the Series Servicing Fee Shortfall
pursuant to step (41) of the Cash Flows, multiplied by

	 	(B)	 	the Class B Available
Subordinated Amount of Class D Notes for such Tranche after step
(20) of this Subordination Waterfall (Adjustments for
Application of Class D Principal to Class C Interest Allocation
Shortfall), divided by

	 	(C)	 	the aggregate amount of the Class
B Available Subordinated Amount of Class D Notes for all
Tranches of Class B Notes after step (20) of this Subordination
Waterfall.

               Class C Usage of Class D Notes. For each Tranche of Class C Notes, the Class C Usage
of Class D Notes shall increase, and the Class C Available Subordinated Amount of Class D Notes
shall decrease, by an amount equal to:

	 	(A)	 	the amount of Class D Principal
Allocation applied to the Series Servicing Fee Shortfall
pursuant to step (41) of the Cash Flows, multiplied by

	 	(B)	 	the Class C Available
Subordinated Amount of Class D Notes for such Tranche after step
(20) of this Subordination Waterfall, divided by

	 	(C)	 	the aggregate amount of the Class
C Available Subordinated Amount of Class D Notes for all
Tranches of Class C Notes after step (20) of this Subordination
Waterfall.

          (22) Adjustments for Application of Class C Principal to Series Servicing Fee Shortfall. The
Calculation Agent shall make the following adjustments after giving effect to step (42) of the Cash
Flows (Series Servicing Fee Shortfall from Class C Principal):

               Class A Usage of Class C Notes. For each Tranche of Class A Notes, the Class A Usage
of Class C Notes shall increase, and the Class A Available Subordinated Amount of Class C Notes
shall decrease, by an amount equal to:

	 	(A)	 	the amount of Class C Principal
Allocation applied to the Series Servicing Fee Shortfall
pursuant to step (42) of the Cash Flows, multiplied by

	 	(B)	 	the Class A Available
Subordinated Amount of Class C Notes for such Tranche after step
(19) of this Subordination
Waterfall (Adjustments for Application of Class C

86

 

Principal
to Class B Interest Allocation Shortfall), divided by

	 	(C)	 	the aggregate amount of the Class
A Available Subordinated Amount of Class C Notes for all
Tranches of Class A Notes after step (19) of this Subordination
Waterfall.

               Class B Usage of Class C Notes. For each Tranche of Class B Notes, the Class B Usage
of Class C Notes shall increase, and the Class B Available Subordinated Amount of Class C Notes
shall decrease, by an amount equal to:

	 	(A)	 	the amount of Class C Principal
Allocation applied to the Series Servicing Fee Shortfall
pursuant to step (42) of the Cash Flows, multiplied by

	 	(B)	 	the Class B Available
Subordinated Amount of Class C Notes for such Tranche after step
(19) of this Subordination Waterfall, divided by

	 	(C)	 	the aggregate amount of the Class
B Available Subordinated Amount of Class C Notes for all
Tranches of Class B Notes after step (19) of this Subordination
Waterfall.

          (23) Adjustments for Application of Class B Principal to Series Servicing Fee Shortfall. The
Calculation Agent shall make the following adjustments after giving effect to step (43) of the Cash
Flows (Series Servicing Fee Shortfall from Class B Principal):

               Class A Usage of Class B Notes. For each Tranche of Class A Notes, the Class A Usage
of Class B Notes shall increase, and the Class A Available Subordinated Amount of Class B Notes
shall decrease, by an amount equal to:

	 	(A)	 	the amount of Class B Principal
Allocation applied to the Series Servicing Fee Shortfall
pursuant to step (43) of the Cash Flows, multiplied by

	 	(B)	 	the Class A Available
Subordinated Amount of Class B Notes for such Tranche after step
(17) of this Subordination Waterfall (Adjustments for
Application of Class B Principal to Class A Interest Allocation
Shortfall), divided by

	 	(C)	 	the aggregate amount of the Class
A Available Subordinated Amount of Class B Notes for all
Tranches of
Class A Notes after step (17) of this Subordination
Waterfall.

87

 

          (24) Adjustments for Reallocation of Class B Nominal Liquidation Amount Deficits to Class D.
The Calculation Agent shall make the following adjustments after giving effect to step (46) of the
Cash Flows (Reallocation of Class B Nominal Liquidation Amount Deficits to Class D):

               Class A Usage of Class B Notes. For each Tranche of Class A Notes with a Class A
Required Subordinated Amount of Class B Notes greater than zero, the Class A Usage of Class B Notes
shall decrease, and the Class A Available Subordinated Amount of Class B Notes shall increase, by
an amount equal to

	 	(A)	 	the amount of the Nominal
Liquidation Amount Deficits for all Class B Notes reallocated to
the Class D Notes pursuant to step (46) of the Cash Flows,
multiplied by

	 	(B)	 	the Class A Usage of Class B
Notes for such Tranche after step (23) of this Subordination
Waterfall (Adjustments for Application of Class B Principal to
Series Servicing Fee Shortfall), divided by

	 	(C)	 	the Class B Nominal Liquidation
Amount Deficit after step (43) of the Cash Flows (Series
Servicing Fee Shortfall from Class B Principal) (before giving
effect to such reallocation pursuant to step (46) of the Cash
Flows).

               Class A Usage of Class D Notes. For each Tranche of Class A Notes with a Class A
Required Subordinated Amount of Class B Notes greater than zero, the Class A Usage of Class D Notes
shall increase, and the Class A Available Subordinated Amount of Class D Notes shall decrease, by
an amount equal to:

	 	(A)	 	the amount of the Nominal
Liquidation Amount Deficits for all Class B Notes reallocated to
the Class D Notes pursuant to step (46) of the Cash Flows,
multiplied by

	 	(B)	 	the Class A Available
Subordinated Amount of Class D Notes for such Tranche after
step (21) of this Subordination Waterfall (Adjustments for
Application of Class D Principal to Series Servicing Fee
Shortfall), divided by

	 	(C)	 	the aggregate amount of the Class
A Available Subordinated Amount of Class D Notes for all
Tranches of Class A Notes with a Class A Required Subordinated
Amount of Class B Notes greater than zero after step (21) of
this Subordination Waterfall.

               Class B Usage of Class D Notes. For each Tranche of Class B Notes, the Class B Usage
of Class D Notes shall increase, and the Class B Available Subordinated Amount of Class D Notes
shall decrease (each determined after giving effect to step (21) of this

88

 

Subordination Waterfall),
by an amount equal to the Nominal Liquidation Amount Deficit for such Tranche reallocated to the
Class D Notes pursuant to step (46) of the Cash Flows.

               Class C Usage of Class D Notes. For each Tranche of Class C Notes, the Class C Usage
of Class D Notes shall increase, and the Class C Available Subordinated Amount of Class D Notes
shall decrease, by an amount equal to:

	 	(A)	 	the amount of the Nominal
Liquidation Amount Deficits for all Class B Notes reallocated to
the Class D Notes pursuant to step (46) of the Cash Flows,
multiplied by

	 	(B)	 	the Class C Available
Subordinated Amount of Class D Notes for such Tranche after step
(21) of this Subordination Waterfall, divided by

	 	(C)	 	the aggregate amount of the Class
C Available Subordinated Amount of Class D Notes for all
Tranches of Class C Notes after step (21) of this Subordination
Waterfall.

          (25) Adjustments for Reallocation of Class B Nominal Liquidation Amount Deficits to Class C.
The Calculation Agent shall make the following adjustments after giving effect to step (47) of the
Cash Flows (Reallocation of Class B Nominal Liquidation Amount Deficits to Class C):

               Class A Usage of Class B Notes. For each Tranche of Class A Notes with a Class A
Required Subordinated Amount of Class B Notes greater than zero, the Class A Usage of Class B Notes
shall decrease, and the Class A Available Subordinated Amount of Class B Notes shall increase, by
an amount equal to

	 	(A)	 	the amount of the Nominal
Liquidation Amount Deficits for all Class B Notes reallocated to
the Class C Notes pursuant to step (47) of the Cash Flows,
multiplied by

	 	(B)	 	the Class A Usage of Class B
Notes for such Tranche after step (24) of this Subordination
Waterfall (Adjustments for Reallocation of Class B Nominal
Liquidation Amount Deficits to Class D), divided by

	 	(C)	 	the Class B Nominal Liquidation
Amount Deficit after step (46) of the Cash Flows (Reallocation
of Class B Nominal Liquidation Amount Deficits to Class D)
(before giving effect to such reallocation pursuant to step (47)
of the Cash Flows).

               Class A Usage of Class C Notes. For each Tranche of Class A Notes with a Class A
Required Subordinated Amount of Class B Notes greater than zero, the Class A Usage

89

 

of Class C Notes
shall increase, and the Class A Available Subordinated Amount of Class C Notes shall decrease, by
an amount equal to:

	 	(A)	 	the amount of the Nominal
Liquidation Amount Deficits for all Class B Notes reallocated to
the Class C Notes pursuant to step (47) of the Cash Flows,
multiplied by

	 	(B)	 	the Class A Available
Subordinated Amount of Class C Notes for such Tranche after step
(22) of this Subordination Waterfall (Adjustments for
Application of Class C Principal to Series Servicing Fee
Shortfall), divided by

	 	(C)	 	the aggregate amount of the Class
A Available Subordinated Amount of Class C Notes for all
Tranches of Class A Notes with a Class A Required Subordinated
Amount of Class B Notes greater than zero after step (22) of
this Subordination Waterfall.

               Class B Usage of Class C Notes. For each Tranche of Class B Notes, the Class B Usage
of Class C Notes shall increase, and the Class B Available Subordinated Amount of Class C Notes
shall decrease (each determined after giving effect to step (22) of this Subordination Waterfall)),
by an amount equal to the Nominal Liquidation Amount Deficits for such Tranche reallocated to the
Class C Notes pursuant to step (47) of the Cash Flows.

          (26) Adjustments for Reallocation of Class C Nominal Liquidation Amount Deficits to Class D.
The Calculation Agent shall make the following adjustments after giving effect to step (48) of the
Cash Flows (Reallocation of Class C Nominal Liquidation Amount Deficits to Class D):

               Class A Usage of Class C Notes. For each Tranche of Class A Notes, the Class A Usage
of Class C Notes shall decrease, and the Class A Available Subordinated Amount of Class C Notes
shall increase, by an amount equal to

	 	(A)	 	the amount of the Nominal
Liquidation Amount Deficits for all Class C Notes reallocated to
the Class D Notes pursuant to step (48) of the Cash Flows,
multiplied by

	 	(B)	 	the Class A Usage of Class C
Notes for such Tranche after step (25) of this Subordination
Waterfall (Adjustments for Reallocation of Class B Nominal
Liquidation Amount Deficits to Class C), divided by

	 	(C)	 	the Class C Nominal Liquidation
Amount Deficit after step (47) of the Cash Flows (Reallocation
of Class B Nominal Liquidation Amount Deficits to Class C)
(before giving effect to such reallocation pursuant to step (48)
of the Cash Flows).

90

 

               Class A Usage of Class D Notes. For each Tranche of Class A Notes, the Class A Usage
of Class D Notes shall increase, and the Class A Available Subordinated Amount of Class D Notes
shall decrease, by an amount equal to:

	 	(A)	 	the amount of the Nominal
Liquidation Amount Deficits for all Class C Notes reallocated to
the Class D Notes pursuant to step (48) of the Cash Flows,
multiplied by

	 	(B)	 	the Class A Available
Subordinated Amount of Class D Notes for such Tranche after step
(24) of this Subordination Waterfall (Adjustments for
Reallocation of Class B Nominal Liquidation Amount Deficits to
Class D), divided by

	 	(C)	 	the aggregate amount of the Class
A Available Subordinated Amount of Class D Notes for all
Tranches of Class A Notes after step (24) of this Subordination
Waterfall.

               Class B Usage of Class C Notes. For each Tranche of Class B Notes, the Class B Usage
of Class C Notes shall decrease, and the Class B Available Subordinated Amount of Class C Notes
shall increase, by an amount equal to

	 	(A)	 	the amount of the Nominal
Liquidation Amount Deficits for all Class C Notes reallocated to
the Class D Notes pursuant to step (48) of the Cash Flows,
multiplied by

	 	(B)	 	the Class B Usage of Class C
Notes for such Tranche after step (25) of this Subordination
Waterfall, divided by

	 	(C)	 	the Class C Nominal Liquidation
Amount Deficit after step (47) of the Cash Flows (before giving
effect to such reallocation pursuant to step (48) of the Cash
Flows).

               Class B Usage of Class D Notes. For each Tranche of Class B Notes, the Class B Usage
of Class D Notes shall increase, and the Class B Available Subordinated Amount of Class D Notes
shall decrease, by an amount equal to:

	 	(A)	 	the amount of the Nominal
Liquidation Amount Deficits for all Class C Notes reallocated to
the Class D Notes pursuant to step (48) of the Cash Flows,
multiplied by

	 	(B)	 	the Class B Available
Subordinated Amount of Class D Notes for such Tranche after step
(24) of this Subordination Waterfall, divided by

	 	(C)	 	the aggregate amount of the Class
B Available Subordinated Amount of Class D Notes for all
Tranches of

91

 

	 	 	 	Class B Notes after step (24) of this Subordination
Waterfall.

               Class C Usage of Class D Notes. For each Tranche of Class C Notes, the Class C Usage
of Class D Notes shall increase, and the Class C Available Subordinated Amount of Class D shall
decrease (each determined after giving effect to step (24) of this Subordination Waterfall), by an
amount equal to the Nominal Liquidation Amount Deficits for such Tranche reallocated to the Class D
Notes pursuant to step (48) of the Cash Flows.

          (27) Adjustments for Targeted Deposit to Class C Reserve Subaccounts from Series Finance
Charge Amounts. The Calculation Agent shall make the following adjustments after giving effect to
step (53) of the Cash Flows (Targeted Deposit to Class C Reserve Subaccounts from Series Finance
Charge Amounts):

               Class A Usage of Class C Notes. For each Tranche of Class A Notes, the Class A Usage
of Class C Notes shall decrease, and the Class A Available Subordinated Amount of Class C Notes
shall increase, by an amount equal to:

	 	(A)	 	the lesser of

	 	(i)	 	the aggregate
Series Finance Charge Amounts deposited into the Class C
Reserve Account pursuant to step (53) of the Cash Flows
and
	 
	 	(ii)	 	the Cumulative
Class C Reserve Reimbursement Amount determined in step
(1) of this Subordination Waterfall (Initial Calculation
of Required Subordinated Amounts, Available Subordinated
Amounts and Usage),

	 	 	 	multiplied by
	 
	 	(B)	 	the Class A Usage of Class C
Notes for such Tranche determined in step (26) of this
Subordination Waterfall (Adjustments for Reallocation of Class C
Nominal Liquidation Amount Deficits to Class D), divided by
	 
	 	(C)	 	the Class C Nominal Liquidation
Amount Deficit after step (48) of the Cash Flows (Reallocation
of Class C Nominal Liquidation Amount Deficits to Class D).

               Class B Usage of Class C Notes. For each Tranche of Class B Notes, the Class B Usage
of Class C Notes shall decrease, and the Class B Available Subordinated Amount of Class C Notes
shall increase, by an amount equal to:

	 	(A)	 	the lesser of

92

 

	 	(i)	 	the aggregate
Series Finance Charge Amounts deposited into the Class C
Reserve Account pursuant to step (53) of the Cash Flows
and

	 	(ii)	 	the Cumulative
Class C Reserve Reimbursement Amount determined in step
(1) of this Subordination Waterfall,

	 	 	 	multiplied by
	 
	 	(B)	 	the Class B Usage of Class C
Notes for such Tranche determined in step (26) of this
Subordination Waterfall, divided by
	 
	 	(C)	 	the Class C Nominal Liquidation
Amount Deficit after step (48) of the Cash Flows.

               Cumulative Class C Reserve Reimbursement Amount. The Cumulative Class C Reserve
Reimbursement Amount shall be reduced by an amount equal to the lesser of:

	 	(A)	 	the aggregate Series Finance
Charge Amounts deposited into the Class C Reserve Account
pursuant to step (53) of the Cash Flows and

	 	(B)	 	the Cumulative Class C Reserve
Reimbursement Amount determined in step (1) of this
Subordination Waterfall.

          (28) Adjustments for Targeted Deposit to Class D Reserve Subaccounts from Series Finance
Charge Amounts. The Calculation Agent shall make the following adjustments after giving effect to
step (54) of the Cash Flows (Targeted Deposit to Class D Reserve Subaccounts from Series Finance
Charge Amounts):

               Class A Usage of Class D Notes. For each Tranche of Class A Notes, the Class A Usage
of Class D Notes shall decrease, and the Class A Available Subordinated Amount of Class D Notes
shall increase, by an amount equal to:

	 	(A)	 	the lesser of

	 	(i)	 	the aggregate
Series Finance Charge Amounts deposited into the Class D
Reserve Account pursuant to step (54) of the Cash Flows
and
	 
	 	(ii)	 	the Cumulative
Class D Reserve Reimbursement Amount determined in step
(1) of this Subordination Waterfall (Initial Calculation
of Required Subordinated Amounts, Available Subordinated
Amounts and Usage),

93

 

	 	 	 	multiplied by
	 
	 	(B)	 	the Class A Usage of Class D
Notes for such Tranche determined in step (26) of this
Subordination Waterfall (Adjustments for Reallocation of Class C
Nominal Liquidation Amount Deficits to Class D), divided by
	 
	 	(C)	 	the Class D Nominal Liquidation
Amount Deficit after step (48) of the Cash Flows (Reallocation
of Class C Nominal Liquidation Amount Deficits to Class D).

               Class B Usage of Class D Notes. For each Tranche of Class B Notes, the Class B Usage
of Class D Notes shall decrease, and the Class B Available Subordinated Amount of Class D Notes
shall increase, by an amount equal to:

	 	(A)	 	the lesser of

	 	(i)	 	the aggregate
Series Finance Charge Amounts deposited into the Class D
Reserve Account pursuant to step (54) of the Cash Flows
and

	 	(ii)	 	the Cumulative
Class D Reserve Reimbursement Amount determined in step
(1) of this Subordination Waterfall,

	 	 	 	multiplied by
	 
	 	(B)	 	the Class B Usage of Class D
Notes for such Tranche determined in step (26) of this
Subordination Waterfall, divided by

	 	(C)	 	the Class D Nominal Liquidation
Amount Deficit after step (48) of the Cash Flows.

               Class C Usage of Class D Notes. For each Tranche of Class C Notes, the Class C Usage
of Class D Notes shall decrease, and the Class C Available Subordinated Amount of Class D Notes
shall increase, by an amount equal to:

	 	(A)	 	the lesser of

	 	(i)	 	the aggregate
Series Finance Charge Amounts deposited into the Class D
Reserve Account pursuant to step (54) of the Cash Flows
and

	 	(ii)	 	the Cumulative
Class D Reserve Reimbursement Amount determined in step
(1) of this Subordination Waterfall,

94

 

	 	 	 	multiplied by
	 
	 	(B)	 	the Class C Usage of Class D
Notes for such Tranche determined in step (26) of this
Subordination Waterfall, divided by

	 	(C)	 	the Class D Nominal Liquidation
Amount Deficit after step (48) of the Cash Flows.

               Cumulative Class D Reserve Reimbursement Amount. The Cumulative Class D Reserve
Reimbursement Amount shall be reduced by an amount equal to the lesser of:

	 	(A)	 	the aggregate Series Finance
Charge Amounts deposited into the Class D Reserve Account
pursuant to step (54) of the Cash Flows and

	 	(B)	 	the Cumulative Class D Reserve
Reimbursement Amount determined in step (1) of this
Subordination Waterfall.

          (29) Adjustments of Usage of Class C Notes. Notwithstanding any provision of this Section
3.02 to the contrary, the Calculation Agent shall make the following adjustments if (A) the Class C
Nominal Liquidation Amount Deficit is zero and (B) either (i) the Cumulative Class C Reserve
Reimbursement Amount is zero after giving effect to step (27) of this Subordination Waterfall
(Adjustments for Targeted Deposit to Class C Reserve Subaccounts from Series Finance Charge
Amounts) or (ii) for all Tranches of Class C Notes, the amount on deposit (including income earned
on funds on deposit) in the Class C Reserve Subaccount for such Tranche is at least equal to the
Targeted Cumulative Class C Reserve Deposit for such Tranche:

               Class A Usage of Class C Notes. For each Tranche of Class A Notes, the Class A Usage
of Class C Notes shall be zero and the Class A Available Subordinated Amount of Class C Notes shall
be equal to the Required Subordinated Amount of Class C Notes for such Tranche of Class A Notes.

               Class B Usage of Class C Notes. For each Tranche of Class B Notes, the Class B Usage
of Class C Notes shall be zero and the Class B Available Subordinated Amount of Class C Notes shall
be equal to the Required Subordinated Amount of Class C Notes for such Tranche of Class B Notes.

          (30) Adjustments of Usage of Class D Notes. Notwithstanding any provision of this Section
3.02 to the contrary, the Calculation Agent shall make the following adjustments if (A) the Class D
Nominal Liquidation Amount Deficit is zero and (B) either (i) the Cumulative Class D Reserve
Reimbursement Amount is zero after giving effect to step (28) of this Subordination Waterfall
(Adjustments for Targeted Deposit to Class D Reserve Subaccounts from Series Finance Charge
Amounts) or (ii) for all Tranches of Class D Notes, the amount on deposit (including income earned
on funds on deposit) in the Class D Reserve Subaccount for such Tranche is at least equal to the
Targeted Cumulative Class D Reserve Deposit for such Tranche:

95

 

               Class A Usage of Class D Notes. For each Tranche of Class A Notes, the Class A Usage
of Class D Notes shall be zero and the Class A Available Subordinated Amount of Class D Notes shall
be equal to the Required Subordinated Amount of Class D Notes for such Tranche of Class A Notes.

               Class B Usage of Class D Notes. For each Tranche of Class B Notes, the Class B Usage
of Class D Notes shall be zero and the Class B Available Subordinated Amount of Class D Notes shall
be equal to the Required Subordinated Amount of Class D Notes for such Tranche of Class B Notes.

               Class C Usage of Class D Notes. For each Tranche of Class C Notes, the Class C Usage
of Class D Notes shall be zero and the Class C Available Subordinated Amount of Class D Notes shall
be equal to the Required Subordinated Amount of Class D Notes for such Tranche of Class C Notes.

     Section 3.03. Derivative Receipts.

     (a) Unless otherwise provided in the applicable Terms Document, any amounts that are received
from the Derivative Counterparty with respect to any interest rate swap or interest rate cap, or
that otherwise relate to interest on a Tranche of Notes under any Derivative Agreement shall be
deposited in the Interest Funding Subaccount for such Tranche.

     (b) Unless otherwise provided in the applicable Terms Document, any amounts that are received
from the Derivative Counterparty with respect to principal of a Tranche of Notes
under any Derivative Agreement shall be deposited in the Principal Funding Subaccount for such
Tranche.

     (c) Amounts received under any Derivative Agreement with respect to any Tranche in a currency
other than U.S. Dollars, and any other amounts that are excluded from clauses (a) and (b) under the
applicable Terms Document for such Tranche, shall be paid or deposited as specified in such Terms
Document.

     Section 3.04. Withdrawals from Interest Funding Subaccounts.

     The Indenture Trustee shall, after all allocations pursuant to Section 3.01, withdraw funds
from the Interest Funding Subaccount for each Tranche of Notes, and convert and remit such funds,
as applicable, as set forth below. In no event will the aggregate amount of the withdrawals from
an Interest Funding Subaccount for any month be more than the amount on deposit in the applicable
Interest Funding Subaccount. A single Tranche of Notes may be entitled to more than one of the
following withdrawals in any month.

          (1) 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 Derivative Agreement for interest (or any other Tranche of Notes specified in the
applicable Terms Document), 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)

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will be withdrawn from that Interest Funding
Subaccount for such Tranche and paid to the applicable Derivative Counterparty or as otherwise
provided in the applicable Terms Document.

          (2) Withdrawals for Dollar Notes. On each Interest Payment Date (or as otherwise 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
Interest Allocation Shortfalls deposited into the Interest Funding Subaccount for such Tranche)
will be withdrawn from the Interest Funding Subaccount for such Tranche and remitted to the
applicable Paying Agent(s) or as otherwise provided in the applicable Terms Document.

          (3) Withdrawals for Foreign Currency Notes with a non-Performing Derivative Agreement for
Interest. On each Interest Payment Date (or as otherwise 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 Subaccount for such Tranche and, if so specified in the applicable Terms
Document, converted to the applicable foreign currency at the spot exchange rate determined in
accordance with the applicable Terms Document and remitted to the applicable Paying Agent(s) or as
otherwise provided in the applicable Terms Document.

          (4) 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 issuance date of such Tranche) to but excluding the applicable Principal Payment
Date will be withdrawn from the Interest Funding Subaccount for such Tranche. Such amount,
multiplied by a fraction, the numerator of which is the Series Investor Interest of the Series
2007-CC Collateral Certificate and the denominator of which is the Series Investor Interest of the
Series 2007-CC Collateral Certificate and all Additional Collateral Certificates, shall be paid to
each Master Trust Trustee for deposit in the Collections Account for each Master Trust and
reinvestment in new receivables (or retention in such Collections Account pending availability of
new receivables). If and when any Additional Collateral Certificates are added to the Trust, any
provisions to allocate such amount to such Additional Collateral Certificates shall be specified in
the documents relating to such addition.

          (5) Excess Amounts. After payment in full of any Tranche of Notes, including payment of all
amounts payable pursuant to clauses (1) through (4) of this Section 3.04, any amounts remaining on
deposit in the applicable Interest Funding Subaccount will be withdrawn from such Interest Funding
Subaccount and the aggregate amount of such withdrawals shall be paid to the Issuer.

     Section 3.05. Withdrawals from Principal Funding Subaccounts.

          The Indenture Trustee shall, after all allocations pursuant to Section 3.01, withdraw funds
from the Principal Funding Subaccount of each Tranche of Notes, and convert and remit such funds,
as applicable, as set forth below. In no event will the amount of the withdrawal be more than the
amount on deposit in the applicable Principal Funding Subaccount.

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A single Tranche may be entitled
to more than one of the following withdrawals with respect to any Due Period.

          (1) Withdrawals for Dollar Notes with no Derivative Agreement for Principal. On each
applicable Principal Payment Date (or as otherwise specified in the applicable Terms Document) with
respect to each Tranche of Dollar Notes that 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 Subaccount for such Tranche and remitted to the
applicable Paying Agent(s) or as otherwise provided by the applicable Terms Document.

          (2) 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 otherwise specified in the applicable Terms Document) with respect to any Tranche of Notes
that 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 Subaccount for such Tranche and paid to the applicable Derivative Counterparty or as
otherwise provided by the applicable Terms Document.

          (3) 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 Document will be withdrawn from such Principal Funding
Subaccount for such Tranche and remitted to the applicable Paying Agent(s) or as otherwise provided
by the applicable Terms Document.

          (4) 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
Principal Funding Subaccount for such Tranche and, if so specified in the applicable Terms
Document, converted to the applicable foreign currency at the spot exchange rate determined in
accordance with the applicable Terms Document and remitted to the applicable Paying Agent(s) or as
otherwise provided by the applicable Terms Document.

          (5) Withdrawal of Prefunding Excess Amount. The Prefunding Excess Amount for each Tranche of
Notes shall be withdrawn from the Principal Funding Subaccount for such Tranche and deposited in
the Series Collections Account as set forth in step (59) of the Cash Flows (Withdrawal of
Prefunding Excess Amounts for use as Series Principal Amounts): provided, however, that any such
withdrawal made on the date of issuance of any Tranche of Class B, Class C or Class D Notes, if
such date is not a Distribution Date, shall be paid to each Master Trust Trustee for deposit in the
Collections Account for each Master Trust and reinvestment in new receivables (or retention in such
Collections Account pending availability of new receivables). If and when any Additional
Collateral Certificates are added to the Trust, any

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provisions to allocate such amount to such
Additional Collateral Certificates shall be specified in the documents relating to such addition.

          (6) Legal Maturity Date. On the Legal Maturity Date of any Tranche, after giving effect to any
deposits, allocations, reallocations, Receivables Sale Proceeds or other payments to be made on
that date, amounts on deposit in the Principal Funding Subaccount of any Tranche of a Subordinated
Class of Notes will be applied to pay principal of such Tranche, to make a payment under a
Derivative Agreement with respect to principal of such Tranche or to make other payments as
specified in the related Terms Document.

          (7) Excess Amounts. After payment in full of any Tranche of Notes pursuant to clauses (1)
through (6) of this Section 3.05, any amounts remaining on deposit in the applicable Principal
Funding Subaccount will be withdrawn from such Principal Funding Subaccount and the aggregate
amount of such withdrawals shall be paid to the Issuer.

ARTICLE IV

Early Redemption Events and Other Provisions Relating to Special Allocations of Principal

     Section 4.01. Early Redemption Events.

     (a) In addition to the events identified as Early Redemption Events in Section 1201 of the
Indenture, each of the following events will be an “Early Redemption Event” with respect to the
Notes:

          (i) if for any Distribution Date, the average of the Excess Spread Amounts for the three
preceding Distribution Dates is less than the Required Excess Spread Amount for such Distribution
Dates and for so long as this Series is supported solely by the Series 2007-CC Collateral
Certificate, the three month rolling average Group Excess Spread is less than zero and for so long
as any Master Trust series that is not an Interchange Series is outstanding, the three month
rolling average Interchange Subgroup Excess Spread is less than zero (as each such term is defined
in the Series 2007-CC Supplement) (such event, an “Excess Spread Early Redemption Event”); or

          (ii) the occurrence of any Amortization Event (as defined in the Pooling and Servicing
Agreement), or, if the Note Rating Agencies so require upon the addition of any Collateral
Certificate (other than the Series 2007-CC Collateral Certificate) to the Trust, the occurrence of
an Amortization Event (as such term is defined in the related Pooling and Servicing Agreement) with
respect to any Additional Collateral Certificate.

     (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.

     Section 4.02. Variable Accumulation Period.

     Unless otherwise provided in the Terms Document for any Tranche of Notes, the Calculation
Agent on behalf of the Issuer shall, by written notice to the Indenture Trustee, delay the
commencement of the Accumulation Period for any Tranche of Notes, subject to the

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conditions set
forth in this Section 4.02; provided, however, that the Accumulation Period shall commence no later
than the first day of the Due Period related to the final Expected Maturity Date for such Tranche.
Any such delay by the Calculation Agent on behalf of the Issuer shall be made no later than the
first day of the scheduled Due Period immediately preceding the first Due Period in the
Accumulation Period (after giving effect to the delay in the commencement of the Accumulation
Period pursuant to this Section 4.02).

     The Calculation Agent on behalf of the Issuer shall cause such delay if the Calculation Agent
determines in good faith that each of the following conditions will be satisfied: (i) the
Calculation Agent on behalf of the Issuer is able to deliver to the Indenture Trustee a certificate
to the effect that the Calculation Agent on behalf of the Issuer reasonably believes that, based on
the payment rate and the availability of Series Principal Amounts and Reallocated Principal
Amounts, the delay in the commencement of the Accumulation Period for any Tranche of Notes of this
Series will not result in any Tranche of Notes not being paid in full on the relevant Expected
Maturity Date (and the Calculation Agent shall deliver such certificate); (ii) such delay is
permitted under the Series 2007-CC Series Supplement or any other applicable agreement
relating to any Additional Collateral Certificate; (iii) the Rating Agencies shall have
advised the Calculation Agent on behalf of the Issuer that such delay in the commencement of the
Accumulation Period would not cause the rating of any Tranche of Notes then outstanding to be
lowered or withdrawn; and (iv) the Accumulation Amount and Accumulation Period Length shall have
been adjusted.

     Section 4.03. Calculation of Targeted Prefunding Deposit. On any Distribution Date on
which the Targeted Principal Deposit for any Tranche of Class B Notes, Class C Notes or Class D
Notes is greater than zero, if any Required Subordinated Amount Shortfall (as defined below) is
greater than zero, the Calculation Agent shall determine each Tranche for which the Indenture
Trustee, subject to the Cash Flows set forth in Section 3.01, shall make a Targeted Prefunding
Deposit for such Distribution Date and the amount of such Targeted Prefunding Deposit in the
following manner. For the purpose of this Section 4.03, the “Required Subordinated Amount
Shortfall” of a Subordinated Class of Notes for a Senior Class of Notes means the aggregate
Required Subordinated Amount of the Subordinated Class of Notes for all Tranches of the Senior
Class of Notes minus the aggregate Nominal Liquidation Amount of all Tranches of the Subordinated
Class of Notes, in each case after giving effect to all Targeted Principal Deposits for all
Tranches of Notes for such Distribution Date (whether or not such Targeted Principal Deposits are
paid on such Distribution Date in accordance with the Cash Flows set forth in Section 3.01).
Following each determination of a Targeted Prefunding Deposit for any Tranche of Notes, the
Calculation Agent shall redetermine each Required Subordinated Amount Shortfall after giving effect
to such deposit, and shall continue to determine Tranches for which the Indenture Trustee, subject
to the Cash Flows set forth in Section 3.01, shall make a Targeted Prefunding Deposit until all
Required Subordinated Amount Shortfalls have been reduced to zero.

     (a) Determination of Prefunding Class.

          (i) If any of

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	 	•	 	the Required Subordinated Amount Shortfall of Class B Notes for Class A
Notes,
	 
	 	•	 	the Required Subordinated Amount Shortfall of Class C Notes for Class A
Notes or
	 
	 	•	 	the Required Subordinated Amount Shortfall of Class D Notes for Class A
Notes

is greater than zero, the “Prefunding Class” will be Class A.

(ii) If clause (a) (i) is not applicable, and either of

	 	•	 	the Required Subordinated Amount Shortfall of Class C Notes for Class B
Notes or
	 
	 	•	 	the Required Subordinated Amount Shortfall of Class D Notes for Class B
Notes

is greater than zero, the “Prefunding Class” will be Class B.

(iii) If neither clause (a)(i) nor clause (a)(ii) is applicable, and the Required
Subordinated Amount Shortfall of Class D Notes for Class C Notes is greater than
zero, the “Prefunding Class” will be Class C.

     (b) Determination of Determinant Class.

(i) If the Prefunding Class is Class A and among the Required Subordinated Amount
Shortfall of Class B Notes for Class A Notes, the Required Subordinated Amount
Shortfall of Class C Notes for Class A Notes or the Required Subordinated Amount
Shortfall of Class D Notes for Class A Notes, the largest is:

(x) the Required Subordinated Amount Shortfall of Class B Notes for Class A
Notes, the “Determinant Class” is Class B;

(y) the Required Subordinated Amount Shortfall of Class C Notes for Class A
Notes, the “Determinant Class” is Class C; and

(z) the Required Subordinated Amount Shortfall of Class D Notes for Class A
Notes, the “Determinant Class” is Class D.

(ii) If the Prefunding Class is Class B and the Required Subordinated Amount
Shortfall of Class C Notes for Class B Notes is greater than the Required
Subordinated Amount Shortfall of Class D Notes for Class B Notes, the “Determinant
Class” is Class C, and otherwise it is Class D.

(iii) If the Prefunding Class is Class C, the “Determinant Class” is Class D.

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     (c) Determination of Prefunding Tranche.

Among all Tranches of the Prefunding Class, the “Prefunding Tranche” is, if only one
Tranche has the largest Required Subordinated Percentage of the Determinant Class of
Notes, such Tranche, and if more than one Tranche shares the largest Required
Subordinated Percentage of the Determinant Class of Notes, each such Tranche.

     (d) Determination of Targeted Prefunding Deposit.

The Calculation Agent will determine the following amounts:

	 	(i)	 	the sum of the Nominal Liquidation Amount for each Prefunding
Tranche, and
	 
	 	(ii)	 	(x) the Required Subordinated Amount Shortfall of the
Prefunding Class, divided by

	 	(y) the Required Subordinated Percentage of the
Determinant Class for each Prefunding Tranche.

The “Targeted Prefunding Deposit” for each Prefunding Tranche of the Prefunding
Class will be the lesser of the amount determined in clause (d)(i) and the amount
determined in clause (d)(ii) above multiplied by a fraction, the numerator of which
is the Nominal Liquidation Amount of such Prefunding Tranche and the denominator of
which is the Nominal Liquidation Amount of all Prefunding Tranches, in each case
remaining after step (59) of the Cash Flows (Withdrawal of Prefunding Excess Amounts
for use as Series Principal Amounts).

     Section 4.04. Calculation of Prefunding Excess Amounts.

     (a) On each Distribution Date, if the Targeted Principal Deposit for any Tranche of Notes is
greater than zero prior to any determination of Targeted Prefunding Amounts under Section 4.03,
amounts on deposit in the applicable Principal Funding Subaccount that had been previously
deposited as part of any Targeted Prefunding Deposit for such Tranche, up to the amount of such
Targeted Principal Deposit, shall be treated as having been applied in satisfaction of the Targeted
Principal Deposit and shall no longer be considered Targeted Prefunding Deposits for purposes of
this Section 4.04 or any other provision of this Indenture Supplement.

     (b) On each Distribution Date, if any amounts deposited with respect to any Targeted
Prefunding Deposit remain on deposit with respect to any Tranche of Notes after giving effect to
clause (a) above, the Calculation Agent shall make a pro forma determination of the Adjusted
Outstanding Dollar Principal Amount of each such Tranche after adding thereto such amounts on
deposit, and shall determine the Targeted Prefunding Amount for each Tranche of Notes in accordance
with the methodology set forth in Section 4.03 above after giving effect to such pro forma
determination. The “Prefunding Excess Amount” for each Tranche of Notes is the positive
difference, if any, between the amount of funds on deposit in the Principal Funding Subaccount for
such Tranche that the Indenture Trustee has previously deposited in connection with a

102

 

Targeted
Prefunding Deposit (less any amounts recharacterized under clause (a)) and the amount determined
for each such Tranche as the Targeted Prefunding Deposit in accordance with such pro forma
calculation. For the avoidance of doubt, if the Required Subordinated Amount Shortfall of any
Subordinated Classes of Notes for any Senior Classes of Notes is zero after giving effect to such
pro forma determination of the Adjusted Outstanding Dollar Principal Amounts of each such Tranche,
all funds on deposit in the Principal Funding Subaccount for each Tranche belonging to such Senior
Class that the Indenture Trustee has previously deposited in connection with a Targeted Prefunding
Deposit (less any amounts recharacterized under clause (a)) shall be considered Prefunding Excess
Amounts and shall be withdrawn from each applicable Principal Funding Subaccount in accordance with
Section 3.05(5).

     Section 4.05. Receivables Sale.

     (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, notify each Master Trust Trustee to sell an amount of
Receivables (as defined in the Pooling and Servicing Agreement or as comparably defined in any
other applicable agreement relating to any Additional Collateral Certificate) equal to

	 	(x)	 	the sum of

	 	(1)	 	the Nominal Liquidation Amount of
the affected Tranche and
	 
	 	(2)	 	any accrued, past due or
additional interest on the affected Tranche, multiplied by

	 	(y)	 	Series 2007-CC Collateral Certificate
Percentage or Additional Collateral Certificate Percentage, as
applicable, and

pursuant to Section 12(b) of the Series 2007-CC Supplement or any comparable provision in any such
other agreement, in each case to the extent provided in the Indenture.

          (ii) The Indenture Trustee will cause each Master Trust Trustee to sell Receivables pursuant
to clause (a)(i) above 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;
	 
	 	(B)	 	the aggregate Receivables Sale Proceeds of such
sale (plus amounts on deposit in the applicable Subaccounts and
payments to be received from any applicable Derivative Agreement, any
Supplemental Credit Enhancement Provider or any Supplemental Liquidity
Provider) would be sufficient to pay all amounts due on the accelerated
Tranche of Notes; or

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	 	(C)	 	the Indenture Trustee determines that the funds
to be allocated to the accelerated Tranche of Notes, including (1)
Series Finance Charge Amounts and Series Principal Amounts allocable to
the accelerated Tranche of Notes, (2) payments to be received under any
applicable Derivative Agreement, Supplemental Credit Enhancement
Agreement or Supplemental Liquidity Agreement and (3) amounts on
deposit in the applicable Subaccounts, may not be sufficient on an
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 the Holders of 66-2/3 % of the principal amount of the
accelerated Tranche of Notes consent to the sale.

          (iii) In the case of an acceleration of a Tranche of a Subordinated Class, unless the Targeted
Prefunding Deposits for all Tranches of Senior Class on the following Distribution Date are zero,
such sale will be delayed until a level of prefunding of the Principal Funding Subaccounts 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.

          (iv) Notwithstanding
any other provision herein or in the Series 2007-CC Supplement, the Indenture
Trustee shall not cause any Master Trust Trustee to sell Receivables to Discover Bank and any of
its Affiliates.

     (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 Indenture
Trustee shall notify each Master Trust Trustee to sell an amount of
Receivables equal to the amount of clause (a)(x) multiplied by
the percentage of clause (a)(y) pursuant to Section 12(b) of the
Series 2007-CC Supplement or any comparable provision in any such
other agreement, in each case to the extent provided in the Indenture.

ARTICLE V

Issuer Accounts and Investments

     Section 5.01. Issuer Accounts.

     (a) On or before the Closing Date, the Indenture Trustee will cause to be established and
maintained five Eligible Deposit Accounts denominated as follows: the “Interest Funding Account,”
the “Principal Funding Account,” the “Accumulation Reserve Account,” the “Class C Reserve Account”
and the “Class D Reserve Account” in the name of the Indenture Trustee, bearing a designation
clearly indicating that the funds deposited therein are held for the benefit of the Series
Noteholders (or, in the case of the Class C Reserve Account, for the benefit of the Class C
Noteholders or, in the case of the Class D Reserve Account, for the benefit of the Class D
Noteholders). The Interest Funding Account, the Principal Funding Account, the Accumulation Reserve
Account, the Class C Reserve Account and the Class D Reserve Account constitute Issuer Accounts,
shall be maintained in accordance with Article IV of the Indenture,

104

 

and shall be under the sole
dominion and control of the Indenture Trustee for the benefit of the Series Noteholders (or, in the
case of the Class C Reserve Account, for the benefit of the Class C Noteholders or, in the case of
the Class D Reserve Account, for the benefit of the Class D Noteholders). If, at any time, the
institution holding any of the Interest Funding Account, the Principal Funding Account, the
Accumulation Reserve Account, the Class C Reserve Account or the Class D Reserve Account ceases to
be an Eligible 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, Class C Reserve Account or Class D Reserve Account, as
the case may be, that is an Eligible Deposit Account and shall transfer any cash and other property
to such new Interest Funding Account, Principal Funding Account, Accumulation Reserve Account,
Class C Reserve Account or Class D Reserve Account, as the case may be. From the date such new
Interest Funding Account, Principal Funding Account, Accumulation Reserve Account, Class C Reserve
Account or Class D Reserve Account is established, it will be the “Interest Funding Account,” the
“Principal Funding Account,” the “Accumulation Reserve Account,” the “Class C Reserve Account” or
the “Class D Reserve Account,” as the case may be. Each Tranche of Notes will have its own
Subaccount within the Interest Funding Account, the Principal Funding Account and the Accumulation
Reserve Account; each Tranche of Class C will have its own Subaccount within the Class C Reserve
Account; and each Tranche of Class D Notes will have its own Subaccount within the Class D Reserve
Account. The Interest Funding Account, the Principal Funding Account, the Accumulation Reserve
Account, the Class C Reserve Account and the Class D 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 Eligible
Investments that will mature no later than the following Distribution Date.

     (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, the Class C Reserve Account or the Class D Reserve Account pursuant to this Indenture
Supplement will be made by the Indenture Trustee to the Paying Agent
not later than the time required by the applicable Depository on the applicable Interest Payment Date or Principal Payment Date but only to
the extent of funds on deposit in the applicable Subaccount or as otherwise provided in Article III.

     (d) On each Distribution Date, all interest and earnings (net of losses and investment
expenses) accrued since the preceding Distribution 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 Due Period is less than the
required balance for the Class C Reserve Account for that Due Period) and the excess, if any, will
be paid to the Issuer pursuant to step (51) (Withdrawal of Excess Deposits from Class C Reserve
Subaccounts for use as Series Finance Charge Amounts) of Section 3.01.

     (e) On each Distribution Date, all interest and earnings (net of losses and investment
expenses) accrued since the preceding Distribution Date on funds on deposit in the Class D Reserve
Account will be retained in the Class D Reserve Account (to the extent that the sum of

105

 

the amount
on deposit in the Class D Reserve Account with respect to the
related Due Period is less than the
required balance for the Class D Reserve Account for that Due Period) and the excess, if any, will
be paid to the Issuer pursuant to step (52) (Withdrawal of Excess Deposits from Class D Reserve
Subaccounts for use as Series Finance Charge Amounts) of Section 3.01.

[Remainder of page intentionally blank; signature page follows]

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

	 	 	 	 	 
	 	 	DISCOVER CARD EXECUTION NOTE TRUST,
	 	 	     as Issuer
	 
	 	 	 	 
	 

	 	 

[Name]
	 	 
	 

	 	[Title]	 	 
	 
	 	 	 	 
	 	 	U.S. BANK NATIONAL ASSOCIATION,
	 

	 	     as Trustee	 	 
	 
	 	 	 	 
	 

	 	 

[Name]
	 	 
	 

	 	[Title]

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