Document:

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                                                                     Exhibit 4.1
                                                                     -----------

                               MASTER INDENTURE

                                    between

                 FIRST CONSUMERS CREDIT CARD MASTER NOTE TRUST

                                    Issuer,

                                      and

                             THE BANK OF NEW YORK

                               Indenture Trustee

                           Dated as of March 1, 2001
<PAGE>

                RECONCILIATION AND TIE BETWEEN TRUST INDENTURE
                    ACT OF 1939 AND INDENTURE PROVISIONS/1/

          Trust Indenture
            Act Section                                       Indenture Section
          ---------------                                     -----------------
             310(a)(1)....................................          6.11
                (a)(2)....................................          6.11
                (a)(3)....................................          6.10
                (a)(4)....................................     Not Applicable
                (a)(5)....................................          6.11
                (b).......................................          6.8, 6.11
                (c).......................................     Not Applicable
             311(a).......................................          6.12
                (b).......................................          6.12
                (c).......................................     Not Applicable
             312(a).......................................          7.1, 7.2(a)
                (b).......................................          7.2(b)
                (c).......................................          7.2(c)
             313(a).......................................          7.4
                (b).......................................          7.4
                (c).......................................          7.3, 7.4
                (d).......................................          7.4
             314(a).......................................          3.9, 7.3(a)
                (b).......................................          3.6
                (c)(1)....................................          8.9, 12.1(a)
                (c)(2)....................................          8.9, 12.1(a)
                (c)(3)....................................          8.9, 12.1(a)
                (d)(1)....................................          8.9, 12.1(b)
                (d)(2)....................................     Not Applicable
                (d)(3)....................................     Not Applicable
                (e).......................................         12.1(a)
             315(a).......................................          6.1(b)
                (b).......................................          6.2
                (c).......................................          6.1(c)
                (d).......................................          6.1(d)
                (d)(1)....................................          6.1(d)
                (d)(2)....................................          6.1(d)
                (d)(3)....................................          6.1(d)
                (e).......................................          5.14
             316(a)(1)(A).................................          5.12
             316(a)(1)(B).................................          5.13
             316(a)(2)....................................     Not Applicable
             316(b).......................................          5.8
             317(a)(1)....................................          5.4
             317(a)(2)....................................          5.4(d)
             317(b).......................................          5.4(a)
             318(a).......................................         12.7

/1/  This reconciliation and tie shall not, for any purpose, be deemed to be
     part of the within indenture.
<PAGE>

          MASTER INDENTURE, dated as of March 1, 2001 (the "Indenture"), between
                                                            ---------
First Consumers Credit Card Master Note Trust, a trust organized under the laws
of the State of Illinois (the "Issuer"), and The Bank of New York, a New York
                               ------
banking corporation, as indenture trustee (the "Indenture Trustee"). This
                                                -----------------
Indenture may be supplemented at any time and from time to time by an indenture
supplement in accordance with Article X (an "Indenture Supplement," and together
                              ---------      ---------------------
with this Indenture and any amendments, the "Agreement"). If a conflict exists
                                             ---------
between the terms and provisions of this Indenture and any Indenture Supplement,
the terms and provisions of the Indenture Supplement shall be controlling with
respect to the related Series.

                             PRELIMINARY STATEMENT

          The Issuer has duly authorized the execution and delivery of this
Indenture to provide for an issue of its asset backed notes as provided in this
Indenture. All covenants and agreements made by the Issuer herein are for the
benefit and security of the Noteholders. The Issuer is entering into this
Indenture, and the Indenture Trustee is accepting the trusts created hereby, for
good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged.

          Simultaneously with the delivery of this Indenture, the Issuer is
entering into a Transfer and Servicing Agreement with First Consumers National
Bank, a national banking association, as Seller and Servicer, pursuant to which
(a) the Seller will convey to the Issuer all of its right, title and interest
in, to and under (i) the Collateral Certificate, which the Seller will have
received from First Consumers Master Trust, and (ii) on and after the FCMT
Termination Date, the Receivables arising in the Accounts from time to time and
(b) the Servicer will agree to service the Receivables and make collections
thereon on behalf of the Noteholders.

                                GRANTING CLAUSE

          The Issuer hereby Grants to the Indenture Trustee, for the benefit of
the Holders of the Notes and the Enhancement Providers, all of the Issuer's
right, title and interest, whether now owned or hereafter acquired, in, to and
under (a) the Collateral Certificate, (b) the Receivables, (c) Recoveries
related to and all money, instruments, investment property and other property
distributed or distributable in respect of (together with all earnings,
dividends, distributions, income, issues, and profits relating to) the
Receivables pursuant to the terms of the Transfer and Servicing Agreement, this
Indenture and any Indenture Supplement; (d) the rights to receive certain
amounts paid or payable as Interchange (if and to the extent provided for in any
Indenture Supplement), (e) all rights to security for any Receivables (including
rights to bank accounts or certificates of deposit pledged as collateral), (f)
all Permitted Investments and all money, investment property, instruments and
other
<PAGE>

property on deposit from time to time in, credited to or related to the
Collection Account, the Series Accounts and the Excess Funding Account
(including any subaccounts of any such account), and in all interest, dividends,
earnings, income and other distributions from time to time received, receivable
or otherwise distributed or distributable thereto or in respect thereof
(including any accrued discount realized on liquidation of any investment
purchased at a discount); (g) all rights, remedies, powers, privileges and
claims of the Issuer under or with respect to any Series Enhancement and the
Transfer and Servicing Agreement (whether arising pursuant to the terms of the
Transfer and Servicing Agreement or otherwise available to the Issuer at law or
in equity), including the rights of the Issuer to enforce the Transfer and
Servicing Agreement, and to give or withhold any and all consents, requests,
notices, directions, approvals, extensions or waivers under or with respect to
the Transfer and Servicing Agreement to the same extent as the Issuer could but
for the assignment and security interest granted to the Indenture Trustee for
the benefit of the Noteholders; (h) all proceeds of any Credit Insurance
policies relating to the Receivables; (i) all proceeds of any derivative
contracts between the Issuer or FCNB and a counterparty, as described in any
Indenture Supplement; (j) all money, accounts, general intangibles, chattel
paper, instruments, documents, goods, investment property, deposit accounts,
certificates of deposit, letters of credit, and advices of credit consisting of,
arising from or related to the foregoing; (k) all other property of the Issuer;
(l) all present and future claims, demands, causes and choses in action in
respect of any or all of the foregoing and all payments on or under and all
proceeds of every kind and nature whatsoever in respect of any or all of the
foregoing, including all proceeds, products, rents, receipts or profits of the
conversion, voluntary or involuntary, into cash or other property, all cash and
non-cash proceeds, and other property consisting of, arising from or relating to
all or any part of any of the foregoing; and (m) any proceeds of the foregoing
(collectively, the "Collateral").
                    ----------

                               LIMITED RECOURSE

          The obligation of the Issuer to make payments of principal, interest
and other amounts in respect of the Notes is limited by recourse only to the
Collateral.

                                   ARTICLE I

                                  DEFINITIONS

          Section  1.1.  Definitions.
                         -----------

          Capitalized terms used herein are defined in Annex A.
                                                       -------

          Section  1.2.  Other Definitional Provisions.
                         -----------------------------

                                       2
<PAGE>

          (a)  All terms defined directly or by reference in this Indenture
shall have the defined meanings when used in any certificate or other document
delivered pursuant hereto unless otherwise defined therein. For purposes of this
Indenture and all such certificates and other documents, unless the context
otherwise requires: (i) accounting terms not otherwise defined in this
Indenture, and accounting terms partly defined in this Indenture to the extent
not defined, shall have the respective meanings given to them under generally
accepted accounting principles; (ii) terms defined in Article 9 of the UCC as in
effect in the State of Illinois and not otherwise defined in this Indenture are
used as defined in that Article; (iii) any reference to each Rating Agency shall
only apply to any specific rating agency if such rating agency is then rating
any outstanding Series; (iv) references to any amount as on deposit or
outstanding on any particular date means such amount at the close of business on
such day; (v) the words "hereof," "herein" and "hereunder" and words of similar
import refer to this Indenture (or the certificate or other document in which
they are used) as a whole and not to any particular provision of this Indenture
(or such certificate or document); (vi) references to any Section, Schedule or
Exhibit are references to Sections, Schedules and Exhibits in or to this
Indenture (or the certificate or other document in which the reference is made),
and references to any paragraph, Section, clause or other subdivision within any
Section or definition refer to such paragraph, subsection, clause or other
subdivision of such Section or definition; (vii) the term "including" means
"including without limitation"; (viii) references to any law or regulation refer
to that law or regulation as amended from time to time and include any successor
law or regulation; (ix) references to any Person include that Person's
successors and assigns; and (x) headings are for purposes of reference only and
shall not otherwise affect the meaning or interpretation of any provision
hereof.

          (b)  Whenever this Indenture refers to a provision of the TIA, the
provision is incorporated by reference in and made a part of this Indenture. The
following TIA terms used in this Indenture have the following meanings:

          "indenture securities" means the Notes
           --------------------

          "indenture security holder" means a Noteholder
           -------------------------

          "indenture to be qualified" means this Indenture
           -------------------------

          "indenture  trustee" or  "institutional  trustee"  means the Indenture
           ------------------       ----------------------
Trustee

          "obligor" on the indenture  securities  means the Issuer and any other
           -------
obligor on the indenture securities

                                       3
<PAGE>

     All other TIA terms used in this Indenture that are defined by the TIA,
defined by TIA reference to another statute or defined by Commission rule have
the meanings assigned to them by such definitions.

                                  ARTICLE II

                                   THE NOTES

     Section 2.1.   Form Generally. Any Series or Class of Notes, together with
                    --------------
the Indenture Trustee's certificate of authentication related thereto, may be
issued in bearer form (the "Bearer Notes") with attached interest coupons and a
                            ------------
special coupon (collectively, the "Coupons") or in fully registered form (the
                                   -------
"Registered Notes") and shall be in substantially the form of an exhibit to the
 ----------------
related Indenture Supplement with such appropriate insertions, omissions,
substitutions and other variations as are required or permitted by this
Indenture or such Indenture Supplement, and may have such letters, numbers or
other marks of identification and such legends or endorsements placed thereon,
as may, consistently herewith, be determined by the officers executing such
Notes, as evidenced by their 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 terms of any Notes set forth in an exhibit
to the related Indenture Supplement are part of the terms of this Indenture, as
applicable.

     The Definitive Notes shall be typewritten, printed, lithographed or
engraved or produced by any combination of these methods, all as determined by
the officers executing such Notes, as evidenced by their execution of such
Notes.

     Each Note will be dated the Closing Date and each Definitive Note will be
dated as of the date of its authentication.

     Section 2.2.   Denominations. Except as otherwise specified in the related
                    -------------
Indenture Supplement and the Notes, each class of Notes of each Series shall be
issued in fully registered form in minimum amounts of $1,000 and in integral
multiples of $1,000 in excess thereof (except that one Note of each Class may be
issued in a different amount, so long as such amount exceeds the applicable
minimum denomination for such Class), and shall be issued upon initial issuance
as one or more Notes in an aggregate original principal amount equal to the
applicable Collateral Amount for such Class or Series.

     Section  2.3.  Execution, Authentication and Delivery. Each Note shall be
                    --------------------------------------
executed by manual or facsimile signature on behalf of the Issuer by an
Authorized Officer.

                                       4
<PAGE>

     Notes bearing the manual or facsimile signature of an individual who was,
at the time when such signature was affixed, authorized to sign on behalf of the
Issuer shall not be rendered invalid, notwithstanding the fact that such
individual ceased to be so authorized prior to the authentication and delivery
of such Notes or does not hold such office at the date of issuance of such
Notes.

     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 delivery, and the Indenture Trustee shall
authenticate at the written direction of the Issuer and deliver such Notes as
provided in this Indenture or the related Indenture Supplement and not
otherwise.

     No Note shall be entitled to any benefit under this Indenture or the
applicable Indenture Supplement 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 or in the related Indenture Supplement executed
by or on behalf of the Indenture Trustee by the manual signature of a duly
authorized signatory, and such certificate upon any Note shall be conclusive
evidence, and the only evidence, that such Note has been duly authenticated and
delivered hereunder.

     Section 2.4.   Authenticating Agent.
                    --------------------

     (a)  The Indenture Trustee, at the expense of the Servicer, may appoint one
or more authenticating agents with respect to the Notes which shall be
authorized to act on behalf of the Indenture Trustee in authenticating the Notes
in connection with the issuance, delivery, registration of transfer, exchange or
repayment of the Notes. Whenever reference is made in this Indenture to the
authentication of Notes by the Indenture Trustee or the Indenture Trustee's
certificate of authentication, such reference shall be deemed to include
authentication 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 must be acceptable to the
Issuer and the Servicer.

     (b)  Any institution succeeding to the corporate agency business of an
authenticating agent shall continue to be an authenticating agent without the
execution or filing of any power or any further act on the part of the Indenture
Trustee or such authenticating agent.

     (c)  An authenticating agent may at any time resign by giving written
notice of resignation to the Indenture Trustee, the Issuer and the Servicer. The
Indenture Trustee may at any time terminate the agency of an authenticating
agent by giving notice of termination to such authenticating agent and to the
Issuer and the Servicer. Upon receiving such a notice of resignation or upon
such a termination, or

                                       5
<PAGE>

in case at any time an authenticating agent shall cease to be acceptable to the
Indenture Trustee or the Issuer and the Servicer, the Indenture Trustee may
promptly appoint a successor authenticating agent. Any successor authenticating
agent upon acceptance of its appointment hereunder shall become vested with all
the rights, powers and duties of its predecessor hereunder, with like effect as
if originally named as an authenticating agent. No successor authenticating
agent shall be appointed unless acceptable to the Issuer and the Servicer.

     (d)  The Issuer agrees to pay to each authenticating agent from time to
time reasonable compensation for its services under this Section 2.4.
                                                         ------------

     (e)  The provisions of Sections 6.1 and 6.4 shall be applicable to any
                            ------------     ---
authenticating agent.

     (f)  Pursuant to an appointment made under this Section 2.4, the Notes may
                                                     -----------
have endorsed thereon, in lieu of or in addition to the Indenture Trustee's
certificate of authentication, an alternative certificate of authentication in
substantially the following form:

"This is one of the Notes described in the within-mentioned Agreement.

--------------------------

--------------------------

as Authenticating Agent
for the Indenture Trustee

By: __________________________

"Authorized Signatory"

     Section 2.5.   Registration of and Limitations on Transfer and Exchange of
                    -----------------------------------------------------------
Notes. The Issuer shall cause to be kept a register (the "Note Register") in
-----                                                     -------------
which the Issuer shall provide for the registration of Notes and the
registration of transfers of Notes. The Indenture Trustee initially shall be the
transfer agent and registrar (in such capacity, the "Transfer Agent and
                                                     ------------------
Registrar") for the purpose of registering Notes and transfers of Notes as
---------
herein provided. Upon any resignation of any Transfer Agent and Registrar, the
Issuer shall promptly appoint a successor or, if it elects not to make such an
appointment, assume the duties of Transfer Agent and Registrar.

     If a Person other than the Indenture Trustee is appointed by the Issuer as
Transfer Agent and Registrar, the Issuer will give the Indenture Trustee prompt

                                       6
<PAGE>

written notice of the appointment of a Transfer Agent and Registrar and of the
location, and any change in the location, of the Transfer Agent and Registrar
and Note Register. The Indenture Trustee shall have the right to inspect the
Note Register at all reasonable times and to obtain copies thereof, and the
Indenture Trustee shall have the right to conclusively rely upon a certificate
executed on behalf of the Transfer Agent and Registrar by an officer thereof as
to the names and addresses of the Noteholders and the principal amounts and
numbers of such Notes.

     Upon surrender for registration of transfer of any Note at the office or
agency of the Transfer Agent and Registrar, to be maintained as provided in
Section 3.2, if the requirements of Section 8-401 of the UCC are met as
-----------
certified by the Administrator to the Indenture Trustee, the Issuer shall
execute, and upon receipt of such surrendered Note the Indenture Trustee shall
authenticate and deliver to the Noteholder, in the name of the designated
transferee or transferees, one or more new Notes (of the same Series and Class)
in any authorized denominations of like aggregate principal amount.

     At the option of a Noteholder, Notes may be exchanged for other Notes (of
the same Series and Class) in any authorized denominations and of like aggregate
principal amount, upon surrender of such Notes to be exchanged at the office or
agency of the Transfer Agent and Registrar. Whenever any Notes are so
surrendered for exchange, if the requirements of Section 8-401 of the UCC are
met as certified by the Administrator to the Indenture Trustee, the Issuer shall
execute, and upon receipt of such surrendered Note the Indenture Trustee shall
authenticate and deliver to the Noteholder, the Notes which the Noteholder
making the exchange is entitled to receive.

     All Notes issued upon any registration of transfer or exchange of Notes
shall evidence the same obligations, evidence the same debt, and be entitled to
the same rights and privileges under this Indenture, as the Notes surrendered
upon such registration of transfer or exchange.

     Every Note presented or surrendered for registration of transfer or
exchange shall be duly endorsed by, or be accompanied by a written instrument of
transfer in a form satisfactory to the Indenture Trustee duly executed by, the
Noteholder thereof or its attorney-in-fact duly authorized in writing, and by
such other documents as the Indenture Trustee may reasonably require.

     Any Note held by the Seller at any time after the date of its initial
issuance may be transferred or exchanged only upon the delivery to the Owner
Trustee and the Indenture Trustee of a Tax Opinion dated as of the date of such
transfer or exchange, as the case may be, with respect to such transfer or
exchange.

                                       7
<PAGE>

     The registration of transfer of any Note shall be subject to the additional
requirements, if any, set forth in the related Indenture Supplement.

     No service charge shall be made for any registration of transfer or
exchange of Notes, but the Issuer and the Transfer Agent and Registrar may
require payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in connection with any registration of transfer or
exchange of such Notes.

     All Notes surrendered for registration of transfer and exchange shall be
canceled by the Issuer and delivered to the Indenture Trustee for subsequent
destruction without liability on the part of either. The Indenture Trustee shall
destroy the Global Note upon its exchange in full for Definitive Notes and shall
deliver a certificate of destruction to the Seller. Such certificate shall also
state that a certificate or certificates of each Foreign Clearing Agency
referred to in the applicable Indenture Supplement was received with respect to
each portion of the Global Note exchanged for Definitive Notes.

     The preceding provisions of this Section 2.5 notwithstanding, the Issuer
                                      -----------
shall not be required to make, and Transfer Agent and Registrar need not
register, transfers or exchanges of Notes for a period of twenty (20) days
preceding the due date for any payment with respect to the Note.

     If and so long as any Series of Notes are listed on the Luxembourg Stock
Exchange and such exchange shall so require, the Issuer shall appoint a co-
transfer agent and co-registrar in Luxembourg or another European city. Any
reference in this Indenture to the Transfer Agent and Registrar shall include
any co-transfer agent and co-registrar unless the context otherwise requires.
The Indenture Trustee will enter into any appropriate agency agreement with any
co-transfer agent and co-registrar not a party to this Indenture, which will
implement the provisions of this Indenture that relate to such agent.

     Section 2.6.   Mutilated, Destroyed, Lost or Stolen Notes. If (a) any
                    ------------------------------------------
mutilated Note is surrendered to the Indenture Trustee, or the Indenture Trustee
receives evidence to its satisfaction of the destruction, loss or theft of any
Note, and (b) in case of destruction, loss, or theft there is delivered to the
Indenture Trustee such security or indemnity as may be required by it to hold
the Issuer, the Noteholders and the Indenture Trustee harmless, then, in the
absence of notice to the Issuer, the Transfer Agent and Registrar or the
Indenture Trustee that such Note has been acquired by a protected purchaser (as
defined in Section 8-303 of the UCC as in effect in the State of Illinois), the
Issuer shall execute, and the Indenture Trustee shall authenticate and deliver,
in exchange for or in lieu of any such mutilated, destroyed, lost or stolen
Note, a replacement Note of like tenor (including the same date of issuance) and
principal amount, bearing a number not contemporaneously

                                       8
<PAGE>

outstanding; provided, however, that if any such mutilated, destroyed, lost or
             --------  -------
stolen Note shall have become or within seven (7) days shall be due and payable,
or shall have been selected or called for redemption, instead of issuing a
replacement Note, the Issuer may pay such Note without surrender thereof, except
that any mutilated Note shall be surrendered. If, after the delivery of such
replacement Note or payment of a destroyed, lost or stolen Note pursuant to the
proviso to the preceding sentence, a protected purchaser (as defined in Section
8-303 of the UCC as in effect in the State of Illinois) of the original Note in
lieu of which such replacement Note was issued presents for payment such
original Note, the Issuer and the Indenture Trustee shall be entitled to recover
such replacement Note (or such payment) from the Person to whom it was delivered
or any Person taking such replacement Note from such Person to whom such
replacement Note was delivered or any assignee of such Person, except a
protected purchaser, and shall be entitled to recover upon the security or
indemnity provided therefor to the extent of any loss, damage, cost or expense
incurred by the Issuer or the Indenture Trustee in connection therewith.

     Upon the issuance of any replacement Note under this Section 2.6, the
                                                          -----------
Issuer may require the payment by the Holder of such Note of a sum sufficient to
cover any tax or other governmental charge that may be imposed in relation
thereto and any other reasonable expenses (including the fees and expenses of
the Indenture Trustee or the Transfer Agent and Registrar) connected therewith.

     Every replacement Note issued pursuant to this Section 2.6 in replacement
                                                    -----------
of any mutilated, destroyed, lost or stolen Note shall constitute complete and
indefeasible evidence of an obligation of the Trust, as if originally issued,
whether or not the mutilated, destroyed, lost or stolen Note shall be found at
any time, and shall be entitled to all the benefits of this Indenture equally
and proportionately with any and all other Notes duly issued hereunder.

     The provisions of this Section 2.6 are exclusive and shall preclude (to the
                            -----------
extent lawful) all other rights and remedies with respect to the replacement or
payment of mutilated, destroyed, lost or stolen Notes.

     Section 2.7. Persons Deemed Owners. Prior to due presentment for
                  ---------------------
registration of transfer of any Note, the Issuer, the Seller, the Indenture
Trustee and any agent of the Issuer, the Seller or the Indenture Trustee shall
treat the Person in whose name any Note is registered as the owner of such Note
for the purpose of receiving distributions pursuant to the terms of the
applicable Indenture Supplement and for all other purposes whatsoever, whether
or not such Note is overdue, and neither the Issuer, the Seller, the Indenture
Trustee nor any agent of the Issuer, the Seller or the Indenture Trustee shall
be affected by any notice to the contrary.

     Section  2.8.  Appointment of Paying Agent.
                    ---------------------------

                                       9
<PAGE>

     (a)  The Issuer reserves the right at any time to vary or terminate the
appointment of a Paying Agent for the Notes, and to appoint additional or other
Paying Agents, provided that it will at all times maintain the Indenture Trustee
as a Paying Agent.

     If and so long as any Notes are listed on the Luxembourg Stock Exchange and
such exchange shall so require, the Indenture Trustee will appoint a co-paying
agent in Luxembourg or another European city. The Indenture Trustee will enter
into any appropriate agency agreement with any co-paying agent not a party to
this Indenture, which will implement the provisions of this Indenture that
relate to such agent.

     Notice of all changes in the identity or specified office of a Paying Agent
will be delivered promptly to the Noteholders by the Indenture Trustee.

     (b)  The Indenture Trustee shall cause each Paying Agent (other itself) to
execute and deliver to the Indenture Trustee an instrument in which such Paying
Agent shall agree with the Indenture Trustee that such Paying Agent will hold
all sums, if any, held by it for payment to the Noteholders in trust for the
benefit of the Noteholders entitled thereto until such sums shall be paid to
such Noteholders and shall agree, and if the Indenture Trustee is the Paying
Agent it hereby agrees, that it shall comply with all requirements of the Code
regarding the withholding by the Indenture Trustee of payments in respect of
federal income taxes due from the Note Owners.

     Section  2.9.  Access to List of Noteholders' Names and Addresses.
                    --------------------------------------------------
     (a)  The Issuer will furnish or cause to be furnished to the Indenture
Trustee, the Servicer or the Paying Agent, within five (5) Business Days after
receipt by the Issuer of a written request therefor from the Indenture Trustee,
the Servicer or the Paying Agent, respectively, a list of the names and
addresses of the Noteholders. Unless otherwise provided in the related Indenture
Supplement, the Holders of not less than 10% of the principal balance of the
Outstanding Notes of any Series (the "Applicants") may apply in writing to the
                                      ----------
Indenture Trustee, and if such application states that the Applicants desire to
communicate with other Noteholders of any Series with respect to their rights
under this Indenture or under the Notes and is accompanied by a copy of the
communication which such Applicants propose to transmit, then the Indenture
Trustee, after having been adequately indemnified by such Applicants for its
costs and expenses, shall afford or shall cause the Transfer Agent and Registrar
to afford such Applicants access during normal business hours to the most recent
list of Noteholders held by the Indenture Trustee and shall give the Servicer
notice that such request has been made, within five (5) Business Days after

                                      10
<PAGE>

         the receipt of such application. Such list shall be as of a date no
         more than forty-five (45) days prior to the date of receipt of such
         Applicants' request.

                  (b) Every Noteholder, by receiving and holding a Note, agrees
         that none of the Issuer, the Indenture Trustee, the Transfer Agent and
         Registrar and the Servicer or any of their respective agents and
         employees shall be held accountable by reason of the disclosure of any
         such information as to the names and addresses of the Noteholders
         hereunder, regardless of the sources from which such information was
         derived.

                  Section 2.10.  Cancellation. All Notes surrendered for
                                 ------------
         payment, registration of transfer, exchange or redemption shall, if
         surrendered to any Person other than the Indenture Trustee, be
         delivered to the Indenture Trustee and shall be promptly canceled by
         it. The Issuer may at any time deliver to the Indenture Trustee for
         cancellation any Notes previously authenticated and delivered hereunder
         which the Issuer may have acquired in any lawful manner whatsoever, and
         all Notes so delivered shall be promptly canceled by the Indenture
         Trustee. No Notes shall be authenticated in lieu of or in exchange for
         any Notes canceled as provided in this Section 2.10, except as
                                                ------------
         expressly permitted by this Indenture. All canceled Notes held by the
         Indenture Trustee shall be destroyed unless the Issuer shall direct by
         a timely order that they be returned to it.

                  Section  2.11. [Reserved]
                  -------------------------

                  Section  2.12. New Issuances.
                                 -------------

                  (a) Pursuant to one or more Indenture Supplements, the Seller
         may from time to time direct the Owner Trustee, on behalf of the
         Issuer, to issue one or more new Series of Notes (a "New Issuance").
                                                              ------------
         The Notes of all outstanding Series shall be equally and ratably
         entitled as provided herein to the benefits of this Indenture without
         preference, priority or distinction, all in accordance with the terms
         and provisions of this Indenture and the applicable Indenture
         Supplement except, with respect to any Series or Class, as provided in
         the related Indenture Supplement. Interest on and principal of the
         Notes of each outstanding Series shall be paid as specified in the
         Indenture Supplement relating to such outstanding Series.

                  (b) On or before the Closing Date relating to any new Series
         of Notes, the parties hereto will execute and deliver an Indenture
         Supplement which will specify the Principal Terms of such Series. The
         terms of such Indenture Supplement may modify or amend the terms of
         this Indenture solely as applied to such new Series. The obligation of
         the Owner Trustee to execute, on behalf of the Issuer, the Notes of any
         Series and of the Indenture Trustee to authenticate such Notes (other
         than any Series issued pursuant to an Indenture Supplement dated as of
         the date hereof) and to

                                      11
<PAGE>

         execute and deliver the related Indenture Supplement is subject to the
         satisfaction of the following conditions:

                           (i)    on or before the fifth Business Day
                  immediately preceding the Closing Date the Seller shall have
                  given the Owner Trustee, the Indenture Trustee, the Servicer
                  and each Rating Agency notice (unless such notice requirement
                  is otherwise waived) of such issuance and the Closing Date;

                           (ii)   the Seller shall have delivered to the Owner
                  Trustee and the Indenture Trustee any related Indenture
                  Supplement, in form satisfactory to the Owner Trustee and the
                  Indenture Trustee, executed by each party hereto (other than
                  the Indenture Trustee);

                           (iii)  the Seller shall have delivered to the Owner
                  Trustee and the Indenture Trustee any related Enhancement
                  Agreement executed by the Seller and the Series Enhancer;

                           (iv)   the Rating Agency Condition shall have been
                  satisfied with respect to such issuance;

                           (v)    such issuance will not result in any Adverse
                  Effect and the Seller shall have delivered to the Owner
                  Trustee and the Indenture Trustee an Officer's Certificate,
                  dated the Closing Date to the effect that the Seller
                  reasonably believes that such issuance will not, based on the
                  facts known to such officer at the time of such certification,
                  have an Adverse Effect;

                           (vi)   the Seller shall have delivered to the Owner
                  Trustee and the Indenture Trustee (with a copy to each Rating
                  Agency) (A) an Opinion of Counsel, dated the Closing Date with
                  respect to such issuance, to the effect that, except as
                  otherwise stated in the related Indenture Supplement, the
                  Notes of the new Series will be characterized as debt for
                  federal income tax purposes and (B) a Tax Opinion, dated the
                  Closing Date with respect to such issuance; and

                           (vii)  the Aggregate Principal Balance shall not be
                  less than the Minimum Aggregate Principal Balance as of the
                  Closing Date and after giving effect to such issuance.

                  (c)      Upon satisfaction of the above conditions, pursuant
         to Section 2.3, the Owner Trustee, on behalf of the Issuer, shall
            -----------
         execute and the Indenture Trustee shall upon written direction of the
         Issuer authenticate and deliver the Notes of such Series as provided in
         this Indenture and the applicable Indenture Supplement.

                                      12
<PAGE>

                  (d)    The Issuer may direct the Indenture Trustee in writing
         to deposit the net proceeds from any New Issuance in the Excess Funding
         Account. The Issuer may also specify that on any Transfer Date the
         proceeds from the sale of any new Series may be withdrawn from the
         Excess Funding Account and treated as Shared Principal Collections.

                  Section 2.13. Book-Entry Notes. Unless otherwise provided in
                                ----------------
         any related Indenture Supplement, the Notes, upon original issuance,
         shall be issued in the form of typewritten or printed Notes
         representing the Book-Entry Notes to be delivered to the depository
         specified in such Indenture Supplement which shall be the Clearing
         Agency or Foreign Clearing Agency, by or on behalf of such Series.

                  The Notes of each Series shall, unless otherwise provided in
         the related Indenture Supplement, initially be registered in the Note
         Register in the name of the nominee of the Clearing Agency or Foreign
         Clearing Agency for such Book-Entry Notes and shall be delivered to the
         Indenture Trustee or, pursuant to such Clearing Agency's or Foreign
         Clearing Agency's instructions held by the Indenture Trustee's agent as
         custodian for the Clearing Agency or Foreign Clearing Agency.

                  Unless and until Definitive Notes are issued under the limited
         circumstances described in Section 2.15, no Note Owner shall be
                                    ------------
         entitled to receive a Definitive Note representing such Note Owner's
         interest in such Note. Unless and until Definitive Notes have been
         issued to the Note Owners pursuant to Section 2.15:
                                               ------------

                  (a)    the provisions of this Section 2.13 shall be in full
                                                ------------
         force and effect with respect to each such Series;

                  (b)    the Indenture Trustee shall be entitled to deal with
         the Clearing Agency or Foreign Clearing Agency and the Clearing Agency
         Participants for all purposes of this Indenture (including the payment
         of principal of and interest on the Notes of each such Series) as the
         authorized representatives of the Note Owners;

                  (c)    to the extent that the provisions of this Section 2.13
                                                                   ------------
         conflict with any other provisions of this Indenture, the provisions of
         this Section 2.13 shall control with respect to each such Series;
              ------------

                  (d)    the rights of Note Owners of each such Series shall be
         exercised only through the Clearing Agency or Foreign Clearing Agency
         and the applicable Clearing Agency Participants and shall be limited to
         those established by law and agreements between such Note Owners and
         the Clearing Agency or Foreign Clearing Agency and/or the Clearing
         Agency Participants. Pursuant to the depository agreement applicable to
         a Series, unless and until Definitive Notes of such Series are issued
         pursuant to Section 2.15, the initial Clearing Agency shall make book-
                     ------------
         entry transfers

                                      13
<PAGE>

         among the Clearing Agency Participants and receive and transmit
         distributions of principal and interest on the Notes to such Clearing
         Agency Participants; and

                  (e)    whenever this Indenture requires or permits actions to
         be taken based upon instructions or directions of the Holders of Notes
         representing a specified percentage of the Outstanding Amount, the
         Clearing Agency or Foreign Clearing Agency shall be deemed to represent
         such percentage only to the extent that they have received instructions
         to such effect from the Note Owners and/or Clearing Agency Participants
         owning or representing, respectively, such required percentage of the
         beneficial interest in the Notes and has delivered such instructions to
         the Indenture Trustee.

                  Section 2.14. Notices to Clearing Agency or Foreign Clearing
                                ----------------------------------------------
         Agency. Whenever a notice or other communication to the Noteholders is
         ------
         required under this Indenture, unless and until Definitive Notes shall
         have been issued to Note Owners pursuant to Section 2.15, the Indenture
                                                     ------------
         Trustee shall give all such notices and communications specified herein
         to be given to Noteholders to the Clearing Agency or Foreign Clearing
         Agency, as applicable, and shall have no obligation to the Note Owners.

                  Section 2.15. Definitive Notes. If (i) (A) the Seller advises
                                ----------------
         the Indenture Trustee in writing that the Clearing Agency is no longer
         willing or able to discharge properly its responsibilities as Clearing
         Agency with respect to the Book-Entry Notes of a given Series and (B)
         the Indenture Trustee or Issuer is unable to locate and reach an
         agreement on satisfactory terms with a qualified successor, (ii) the
         Seller, at its option, advises the Indenture Trustee in writing that it
         elects to terminate the book-entry system through the Clearing Agency
         with respect to such Series or (iii) after the occurrence of a Servicer
         Default, Note Owners of Notes evidencing more than 50% of the principal
         balance of the Outstanding Notes (or such other percentage as specified
         in the related Indenture Supplement) of such Series advise the
         Indenture Trustee and the applicable Clearing Agency through the
         applicable Clearing Agency Participants in writing that the
         continuation of a book-entry system is no longer in the best interests
         of the Note Owners of such Series, the Clearing Agency shall notify all
         Note Owners of such Series of the occurrence of such event and of the
         availability of Definitive Notes to Note Owners of such Series
         requesting the same. Upon surrender to the Indenture Trustee of the
         Notes of such Series, accompanied by registration instructions from the
         applicable Clearing Agency, the Issuer shall execute and the Indenture
         Trustee shall authenticate Definitive Notes of such Series and shall
         recognize the registered holders of such Definitive Notes as
         Noteholders under this Indenture. Neither the Issuer nor the Indenture
         Trustee shall be liable for any delay in delivery of such instructions,
         and the Issuer and the Indenture Trustee may conclusively rely on, and
         shall be fully protected in relying on, such instructions. Upon the
         issuance of Definitive Notes of such Series, all references herein to
         obligations imposed upon or to be performed by the applicable Clearing
         Agency or Foreign

                                      14
<PAGE>

         Clearing Agency shall be deemed to be imposed upon and performed by the
         Indenture Trustee, to the extent applicable with respect to such
         Definitive Notes, and the Indenture Trustee shall recognize the
         registered holders of the Definitive Notes of such Series as
         Noteholders of such Series hereunder. Definitive Notes will be
         transferable and exchangeable at the offices of the Transfer Agent and
         Registrar.

                  Section 2.16. Global Note. If specified in the related
                                -----------
         Indenture Supplement for any Series, Notes may be initially issued in
         the form of a single temporary Global Note (the "Global Note") in
                                                          -----------
         bearer form, without interest coupons, in the denomination of the
         initial principal amount and substantially in the form attached to the
         related Indenture Supplement. Unless otherwise specified in the related
         Indenture Supplement, the provisions of this Section 2.16 shall apply
                                                      ------------
         to such Global Note. The 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 Definitive Notes. The Global
         Note may be exchanged in the manner described in the related Indenture
         Supplement for Registered Notes or Bearer Notes in definitive form.
         Except as otherwise specifically provided in the Indenture Supplement,
         any Notes that are issued in bearer form pursuant to this Indenture
         shall be issued in accordance with the requirements of Code section
         163(f)(2).

                  Section 2.17. Meetings of Noteholders. To the extent provided
                                -----------------------
         by the Indenture Supplement for any Series issued in whole or in part
         in Bearer Notes, the Servicer or the Indenture Trustee may at any time
         call a meeting of the Noteholders of such Series, to be held at such
         time and at such place as the Servicer and the Indenture Trustee, as
         the case may be, shall determine, for the purpose of approving a
         modification or amendment to, or obtaining a waiver of, any covenant or
         condition set forth in this Indenture with respect to such Series or in
         the Notes of such Series, subject to Article X.
                                              ---------

                  Section 2.18. Uncertificated Classes. Notwithstanding anything
                                ----------------------
         to the contrary contained in this Article II or in Article XI, unless
                                           ----------       ----------
         otherwise specified in any Indenture Supplement, any provisions
         contained in this Article II and in Article XI relating to the
                           ----------        ----------
         registration, form, execution, authentication, delivery, presentation,
         cancellation and surrender of Notes shall not be applicable to any
         uncertificated Notes, provided, however, that, except as otherwise
                               --------  -------
         specifically provided in the Indenture Supplement, any such
         uncertificated Notes shall be issued in "registered form" within the
         meaning of Code section 163(f)(1).

                                  ARTICLE III

                    REPRESENTATIONS AND COVENANTS OF ISSUER

                  Section 3.1.  Payment of Principal and Interest.
                                ---------------------------------

                                      15
<PAGE>

                  (a) The Issuer will duly and punctually pay principal and
         interest in accordance with the terms of the Notes as specified in the
         relevant Indenture Supplement.

                  (b) The Noteholders of a Series as of the Record Date in
         respect of a Distribution Date shall be entitled to the interest
         accrued and payable and principal payable on such Distribution Date as
         specified in the related Indenture Supplement. All payment obligations
         under a Note are discharged to the extent such payments are made to the
         Noteholder of record.

                  Section 3.2. Maintenance of Office or Agency. The Issuer will
                               -------------------------------
         maintain an office or agency within the State of New York and such
         other locations as may be set forth in an Indenture Supplement where
         Notes may be presented or surrendered for payment, where Notes may be
         surrendered for registration of 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 hereby initially appoints the
         Indenture Trustee at its Corporate Trust Office to serve as its agent
         for the foregoing purposes. The Issuer will give prompt written notice
         to the Indenture Trustee and the Noteholders of the location, and of
         any change in the location, of any such office or agency. If at any
         time the Issuer shall fail to maintain any such office or agency or
         shall fail to furnish the Indenture Trustee with the address thereof,
         such presentations, surrenders, notices and demands may be made or
         served at the Corporate Trust Office, and the Issuer hereby appoints
         the Indenture Trustee at its Corporate Trust Office as its agent to
         receive all such presentations, surrenders, notices and demands.

                  Section 3.3. Money for Note Payments to Be Held in Trust. As
                               -------------------------------------------
         specified in Section 8.3(a) and (b) herein and in the related Indenture
                      --------------     ---
         Supplement, all payments of amounts due and payable with respect to the
         Notes which are to be made from amounts withdrawn from the Collection
         Account and the Excess Funding Account shall be made on behalf of the
         Issuer by the Indenture Trustee or by the Paying Agent, and no amounts
         so withdrawn from the Collection Account or the Excess Funding Account
         shall be paid over to or at the direction of the Issuer except as
         provided in this Section 3.3 and in the related Indenture Supplement.
                          -----------

                  The Issuer will cause each Paying Agent other than the
         Indenture Trustee to execute and deliver to the Indenture Trustee an
         instrument in which such Paying Agent shall agree with the Indenture
         Trustee (and if the Indenture Trustee acts as Paying Agent, it hereby
         so agrees), subject to the provisions of this Section 3.3, that such
                                                       -----------
         Paying Agent, in acting as Paying Agent, is an express agent of the
         Issuer and, further, that such Paying Agent will:

                                      16
<PAGE>

                           (i)   hold all sums held by it for the payment of
                  amounts due with respect to the Notes in trust for the benefit
                  of the Persons entitled thereto until such sums shall be paid
                  to such Persons or otherwise disposed of as herein provided
                  and pay such sums to such Persons as herein provided;

                           (ii)  give a Trustee Officer of the Indenture Trustee
                  written notice of any default by the Issuer (or any other
                  obligor upon the Notes) of which it has actual knowledge in
                  the making of any payment required to be made with respect to
                  the Notes;

                           (iii) 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;

                           (iv)  immediately resign as a Paying Agent and
                  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 required to be met by a Paying Agent at the
                  time of its appointment; and

                           (v)   comply with all requirements of the Code with
                  respect to the withholding from any payments made by it on any
                  Notes of any applicable withholding taxes imposed thereon and
                  with respect to any applicable reporting requirements in
                  connection therewith.

         The Issuer may at any time, for the purpose of obtaining the
         satisfaction and discharge of this Indenture or for any other purpose,
         by Issuer Order direct any Paying Agent to pay to the Indenture Trustee
         all sums held in trust by such Paying Agent, such sums to be held by
         the Indenture Trustee upon the same trusts as those upon which such
         sums were held by such Paying Agent; and upon such payment by any
         Paying Agent to the Indenture Trustee, such Paying Agent shall be
         released from all further liability with respect to such sums.

                  Section 3.4.   Existence. The Issuer will keep in full effect
                                 ---------
         its existence, rights and franchises as a common law trust under the
         laws of the State of Illinois (unless it becomes, or any successor
         Issuer hereunder is or becomes, organized under the laws of any other
         State or of the United States of America, in which case the Issuer will
         keep in full effect its existence, rights and franchises under the laws
         of such other jurisdiction) and will obtain and preserve its
         qualification to do business in each jurisdiction in which such
         qualification is or shall be necessary to protect the validity and
         enforceability of this Indenture, the Notes, the Collateral and each
         other related instrument or agreement.

                                      17
<PAGE>

                  Section 3.5. Protection of Collateral. The Issuer will from
                               ------------------------
         time to time prepare, or cause to be prepared, execute and deliver all
         such supplements and amendments hereto and all such financing
         statements, continuation statements, instruments of further assurance
         and other instruments, and will take such other action necessary or
         advisable to:

                  (a)    grant more effectively all or any portion of the
         Collateral as security for the Notes;

                  (b)    maintain or preserve the lien (and the priority
         thereof) of this Indenture or to carry out more effectively the
         purposes hereof;

                  (c)    perfect, publish notice of, or protect the validity of
         any Grant made or to be made under this Indenture;

                  (d)    enforce any of the Collateral; or

                  (e)    preserve and defend title to the Collateral securing
         the Notes and the rights therein of the Indenture Trustee and the
         Noteholders secured thereby against the claims of all persons and
         parties.

                  The Issuer hereby designates the Indenture Trustee its agent
         and attorney-in-fact to execute any financing statement, continuation
         statement or other instrument required pursuant to this Section 3.5,
                                                                 -----------
         but the Indenture Trustee shall not have any obligation to take any
         such action unless instructed to do so by Noteholders in accordance
         with the terms hereof.

                  The Issuer shall pay or cause to be paid any taxes levied on
         all or any part of the Receivables securing the Notes.

                  Section 3.6. Opinions as to Collateral.
                               -------------------------

                  (a)    On the Closing Date relating to any new Series of
         Notes, the Issuer shall furnish to the Indenture Trustee an Opinion of
         Counsel satisfactory to the Rating Agencies either stating that, in the
         opinion of such counsel, such action has been taken to perfect the lien
         and security interest of this Indenture, including with respect to the
         recording and filing of this Indenture, any indentures supplemental
         hereto, and any other requisite documents, and with respect to the
         execution and filing of any financing statements and continuation
         statements, as are so necessary and reciting the details of such
         action, or stating that, in the opinion of such counsel, no such action
         is necessary to maintain the perfection of such lien and security
         interest.

                                      18
<PAGE>

               (b)  On or before May 30 in each calendar year, beginning in
         2001, the Issuer shall furnish to the Indenture Trustee an Opinion of
         Counsel satisfactory to the Rating Agencies either stating that, in the
         opinion of such counsel, such action has been taken to perfect the lien
         and security interest of this Indenture, including with respect to the
         recording, filing, re-recording and refiling of this Indenture, any
         indentures supplemental hereto and any other requisite documents and
         with respect to the execution and filing of any financing statements
         and continuation statements as is so necessary and reciting the details
         of such action or stating that in the opinion of such counsel no such
         action is necessary to maintain the perfection of such lien and
         security interest. Such Opinion of Counsel shall also describe the
         recording, filing, re-recording and refiling of this Indenture, any
         indentures supplemental hereto and any other requisite documents and
         the execution and filing of any financing statements and continuation
         statements that will, in the opinion of such counsel, be required to
         maintain the perfection of the lien and security interest of this
         Indenture until May 30 in the following calendar year.

               Section 3.7. Performance of Obligations; Servicing of
                            ----------------------------------------
         Receivables.
         -----------

               (a)  The Issuer will not take any action and will use its best
         efforts not to permit any action to be taken by others that would
         release any Person from any of such Person's material covenants or
         obligations under any instrument or agreement included in the
         Collateral or that would result in the amendment, hypothecation,
         subordination, termination or discharge of, or impair the validity or
         effectiveness of, any such instrument or agreement, except as expressly
         provided in this Indenture, the Transfer and Servicing Agreement or
         such other instrument or agreement.

               (b)  The Issuer may contract with other Persons to assist it in
         performing its duties under this Indenture, and any performance of such
         duties by a Person identified to the Indenture Trustee in an Officer's
         Certificate of the Issuer shall be deemed to be action taken by the
         Issuer. Initially, the Issuer has contracted with the Administrator to
         assist the Issuer in performing its duties under this Indenture.

               (c)  The Issuer will punctually perform and observe all of its
         obligations and agreements contained in this Indenture, the other
         Transaction Documents and in the instruments and agreements relating to
         the Collateral, including but not limited to filing or causing to be
         filed all UCC financing statements and continuation statements required
         to be filed by the terms of this Indenture and the Transfer and
         Servicing Agreement in accordance with and within the time periods
         provided for herein and therein.

               (d)  If the Issuer shall have knowledge of the occurrence of a
         Servicer Default under the Transfer and Servicing Agreement, the Issuer
         shall cause the Indenture Trustee to promptly notify the Rating
         Agencies thereof, and shall cause the

                                      19
<PAGE>

         Indenture Trustee to specify in such notice the action, if any, being
         taken with respect to such default. If a Servicer Default shall arise
         from the failure of the Servicer to perform any of its duties or
         obligations under the Transfer and Servicing Agreement with respect to
         the Receivables, the Issuer shall take all reasonable steps available
         to it to remedy such failure.

               (e)  On and after the receipt by the Servicer of a Termination
         Notice pursuant to Section 7.1 of the Transfer and Servicing Agreement,
                            -----------
         the Servicer shall continue to perform all servicing functions under
         this Indenture until the date specified in the Termination Notice or
         until a date mutually agreed upon by the Servicer and the Indenture
         Trustee. As promptly as possible after the giving of a Termination
         Notice to the Servicer, the Indenture Trustee shall appoint a Successor
         Servicer, and such Successor Servicer shall accept its appointment by a
         written assumption in a form acceptable to the Indenture Trustee. In
         the event that a Successor Servicer has not been appointed and accepted
         its appointment at the time when the Servicer ceases to act as
         Servicer, the Indenture Trustee in accordance with Section 7.2 of the
                                                            -----------
         Transfer and Servicing Agreement without further action shall
         automatically be appointed the Successor Servicer. The Indenture
         Trustee may delegate any of its servicing obligations to an Affiliate
         or agent in accordance with Section 3.1(b) and Section 5.7 of the
                                     --------------     -----------
         Transfer and Servicing Agreement. Notwithstanding the foregoing, the
         Indenture Trustee shall, if it is legally unable so to act, petition at
         the expense of the Servicer a court of competent jurisdiction to
         appoint any established institution qualifying as an Eligible Servicer
         as the Successor Servicer hereunder. The Indenture Trustee shall give
         prompt notice to each Rating Agency and each Series Enhancer upon the
         appointment of a Successor Servicer. Upon its appointment, the
         Successor Servicer shall be the successor in all respects to the
         Servicer with respect to servicing functions under this Indenture and
         shall be subject to all the responsibilities, duties and liabilities
         relating thereto placed on the Servicer by the terms and provisions
         hereof, and all references in this Indenture to the Servicer shall be
         deemed to refer to the Successor Servicer. In connection with any
         Termination Notice, the Indenture Trustee will review any bids which it
         obtains from Eligible Servicers and shall be permitted to appoint any
         Eligible Servicer submitting such a bid as a Successor Servicer for
         servicing compensation, subject to the limitations set forth in Section
                                                                         -------
         7.2 of the Transfer and Servicing Agreement. Notwithstanding anything
         ---
         else herein to the contrary, in no event shall the Indenture Trustee be
         liable for any servicing fee.

               (f)  Without derogating from the absolute nature of the
         assignment granted to the Indenture Trustee under this Indenture or the
         rights of the Indenture Trustee hereunder, the Issuer agrees (i) that
         it will not, without the prior written consent of the Indenture Trustee
         and satisfaction of the Rating Agency Condition, amend, modify, waive,
         supplement, terminate or surrender, or agree to any amendment,
         modification, supplement, termination, waiver or surrender of, the
         terms

                                      20

<PAGE>

         of any Collateral (except to the extent otherwise provided in the
         Transfer and Servicing Agreement) or the Transaction Documents (except
         to the extent otherwise provided in the Transaction Documents), or
         waive timely performance or observance by the Servicer or the Seller
         under the Transfer and Servicing Agreement; and (ii) that any such
         amendment shall not (A) increase or reduce in any manner the amount of,
         or accelerate or delay the timing of, distributions that are required
         to be made for the benefit of the Noteholders or (B) reduce the
         aforesaid percentage of the Notes that is required to consent to any
         such amendment, without the consent of the Holders of all the
         Outstanding Notes. If any such amendment, modification, supplement or
         waiver shall be so consented to by the Indenture Trustee and such
         Noteholders, the Issuer agrees, promptly following a request by the
         Indenture Trustee to do so, to execute and deliver, in its own name and
         at its own expense, such agreements, instruments, consents and other
         documents as the Indenture Trustee may deem necessary or appropriate in
         the circumstances.

               Section 3.8. Negative Covenants. So long as any Notes are
                            ------------------
         Outstanding, the Issuer will not:

               (a) sell, transfer, exchange, or otherwise dispose of any part
         of the Collateral unless directed to do so by the Indenture Trustee,
         except as expressly permitted by this Indenture and any Indenture
         Supplement, the Trust Agreement or the Transfer and Servicing
         Agreement;

               (b) claim any credit on, or make any deduction from, the
         principal and interest payable in respect of the Notes (other than
         amounts properly withheld from such payments under the Code or
         applicable state law) or assert any claim against any present or former
         Noteholder by reason of the payment of any taxes levied or assessed
         upon any part of the Collateral;

               (c) incur, assume, guarantee or otherwise become liable, directly
         or indirectly, for any indebtedness other than incurred under the Notes
         and this Indenture;

               (d) (i) permit the validity or effectiveness of this Indenture
         to be impaired, or permit the lien of 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, (ii) permit any Lien, charge, excise, claim, security interest,
         mortgage or other encumbrance (other than the lien of this Indenture)
         to be created on or extend to or otherwise arise upon or burden the
         Collateral or any part thereof or any interest therein or the proceeds
         thereof or (iii) permit the lien of this Indenture not to constitute a
         valid first priority security interest (other than with respect to a
         tax, mechanics, or similar lien) in the Collateral; or

                                      21
<PAGE>

               (e)  voluntarily dissolve or liquidate in whole or in part.

               Section 3.9.   Statements as to Compliance. The Issuer will
                              ---------------------------
         deliver to the Indenture Trustee and the Rating Agencies, within 120
         days after the end of each fiscal year of the Issuer at the end of
         which any Notes are outstanding (commencing within 120 days after the
         end of the fiscal year 2001), an Officer's Certificate stating, as to
         the Authorized Officer signing such Officer's Certificate, that

                    (i)       a review of the activities of the Issuer during
               the 12-month period ending at the end of such fiscal year and of
               performance under this Indenture has been made under such
               Authorized Officer's supervision, and

                    (ii)      to the best of such Authorized Officer's
               knowledge, based on such review, the Issuer has complied with all
               conditions and covenants under this Indenture throughout such
               year, or, if there has been a default in the compliance of any
               such condition or covenant, specifying each such default known to
               such Authorized Officer and the nature and status thereof.

               Section  3.10. 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 (the "Surviving
                                                                       ---------
                    Person") (i) is organized and existing under the laws of the
                    ------
                    United States of America or any state or the District of
                    Columbia, (ii) is not subject to regulation as an
                    "investment company" under the Investment Company Act and
                    (iii) expressly assumes, by an indenture supplemental
                    hereto, executed and delivered to the Indenture Trustee, in
                    a form satisfactory to the Indenture Trustee, the obligation
                    to make due and punctual payment of the principal of and
                    interest on all Notes and the performance of every covenant
                    of this Indenture on the part of the Issuer to be performed
                    or observed;

                              (2)  immediately after giving effect to such
                    transaction, no Event of Default or Pay Out Event shall have
                    occurred and be continuing;

                              (3)  the Issuer shall have delivered to the
                    Indenture Trustee an Officer's Certificate and an Opinion of
                    Counsel each stating that (i) such consolidation or merger
                    and such supplemental indenture

                                      22
<PAGE>

                    comply with this Section 3.10, (ii) all conditions precedent
                                     ------------
                    provided for in this Section 3.10 relating to such
                                         ------------
                    transaction have been complied with (including any filing
                    required by the Exchange Act), and (iii) such supplemental
                    indenture is duly authorized, executed and delivered and is
                    valid, binding and enforceable against the Surviving Person;

                         (4)  the Rating Agency Condition shall have been
                    satisfied with respect to such transaction;

                         (5)  the Issuer shall have received a Tax Opinion with
                    respect to such consolidation or merger; and

                         (6)  any action that is necessary to maintain the lien
                    and security interest created by this Indenture shall have
                    been taken.

               For the avoidance of doubt, this Section 3.10 shall not apply to
                                                ------------
         the transfer of the Receivables and other assets to the Issuer on the
         FCMT Termination Date.

               (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 (the "Acquiring
                                                                 ---------
                    Person") (A) is a United States citizen or a Person
                    ------
                    organized and existing under the laws of the United States
                    of America or any state, or the District of Columbia, (B) is
                    not subject to regulation as an "investment company" under
                    the Investment Company Act, (C) expressly assumes, by an
                    indenture supplemental hereto, executed and delivered to the
                    Indenture Trustee, in form satisfactory to the Indenture
                    Trustee, the obligation to make due and punctual payments 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, (D) 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 rights of Holders of the
                    Notes, (E) unless otherwise provided in such supplemental
                    indenture, expressly agree to indemnify, defend and hold
                    harmless the Issuer against and from any loss, liability or
                    expense arising under or related to this Indenture and the
                    Notes and (F) expressly agree by means of such supplemental
                    indenture that such Person (or if a group of Persons, then
                    one specified Person) shall

                                      23
<PAGE>

               make all filings with the Commission (and any other appropriate
               Person) required by the Exchange Act in connection with the
               Notes;

                        (2)  immediately after giving effect to such
               transaction, no Event of Default or Pay Out Event shall have
               occurred and be continuing;

                        (3)  the Rating Agency Condition shall have been
               satisfied with respect to such transaction;

                        (4)  the Issuer shall have received a Tax Opinion with
               respect to such transaction;

                        (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 (i) such conveyance or transfer and such
               supplemental indenture comply with this Section 3.10, (ii) all
                                                       ------------
               conditions precedent herein provided for relating to such
               transaction have been complied with (including any filing
               required by the Exchange Act), and (iii) such supplemental
               indenture is duly authorized, executed and delivered and is
               valid, binding and enforceable against the Acquiring Person.

          Section 3.11. 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 3.10, the Surviving
                                                     ------------
     Person or the Acquiring Person, as the case may be, 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 3.11 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 3.12. No Other Business. The Issuer shall not engage in any
                        -----------------
     business other than (i) purchasing, owning and managing the Trust Assets
     and the proceeds thereof in the manner contemplated by this Indenture and
     the other

                                      24
<PAGE>

         Transaction Documents, (ii) issuing and making payments in respect of
         the Notes and (iii) all activities related thereto.

               Section 3.13. [Reserved].

               Section 3.14. Servicer's Obligations. The Issuer shall cause the
                             ----------------------
         Servicer to comply with all of its obligations under the Transaction
         Documents.

               Section 3.15. Investments. Except as contemplated by this
                             -----------
         Indenture or the Transfer and Servicing Agreement, the Issuer shall not
         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 3.16. 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 3.17. Removal of Administrator. So long as any Notes are
                             ------------------------
         outstanding, the Issuer shall not remove the Administrator without
         cause unless the Rating Agency Condition shall have been satisfied in
         connection with such removal.

               Section 3.18. Restricted Payments. The Issuer shall not, directly
                             -------------------
         or indirectly, (i) pay any dividend or make any distribution (by
         reduction of capital or otherwise), whether in cash, property,
         securities or a combination thereof, to the Owner Trustee or any owner
         of a beneficial interest in the Issuer or otherwise with respect to any
         ownership or equity interest or security in or of the Issuer or to the
         Servicer, (ii) redeem, purchase, retire or otherwise acquire for value
         any such ownership or equity interest or security or (iii) set aside or
         otherwise segregate any amounts for any such purpose; provided,
                                                               --------
         however, that the Issuer may make, or cause to be made, (x)
         -------
         distributions as contemplated by, and to the extent funds are available
         for such purpose under, the Transaction Documents and (y) payments to
         the Indenture Trustee pursuant to Section 6.7. The Issuer will not,
                                           -----------
         directly or indirectly, make payments to or distributions from the
         Collection Account except in accordance with the Transaction Documents.

               Section 3.19. Notice of Events of Default. The Issuer agrees to
                             ---------------------------
         give a Trustee Officer of the Indenture Trustee and the Rating Agencies
         prompt written notice of each Event of Default hereunder and written
         notice of each default on the part of the Servicer or the Seller of its
         obligations under the Transfer and Servicing Agreement, immediately
         after obtaining knowledge thereof.

               Section 3.20. Further Instruments and Acts. Upon request of the
                             ----------------------------
         Indenture Trustee, the Issuer will execute and deliver such further
         instruments and do such

                                      25
<PAGE>

         further acts as may be reasonably necessary or proper to carry out more
         effectively the purpose of this Indenture.

                                  ARTICLE IV

                          SATISFACTION AND DISCHARGE

               Section 4.1. Satisfaction and Discharge of this Indenture. This
                            --------------------------------------------
         Indenture shall cease to be of further effect with respect to the Notes
         except as to (a) rights of registration of transfer and exchange, (b)
         substitution of mutilated, destroyed, lost or stolen Notes, (c) the
         rights of Noteholders to receive payments of principal thereof and
         interest thereon, (d) Sections 3.3, 3.7, 3.8, 3.11, 3.12 and 12.16, (e)
                               ------------  ---  ---  ----  ----     -----
         the rights and immunities of the Indenture Trustee hereunder, including
         the rights of the Indenture Trustee under Section 6.7, and the
                                                   -----------
         obligations of the Indenture Trustee under Section 4.2, and (f) the
                                                    -----------
         rights of Noteholders as beneficiaries hereof with respect to the
         property so deposited with the Indenture Trustee and payable to all or
         any of them, and the Indenture Trustee, on written demand of and at the
         expense of the Issuer, shall execute proper instruments acknowledging
         satisfaction and discharge of this Indenture with respect to the Notes
         when:

                    (i)     either
                                    (A)  all Notes theretofore authenticated and
                            delivered (other than (1) Notes which have been
                            destroyed, lost or stolen and which have been
                            replaced, or paid as provided in Section 2.6, and
                                                             -----------
                            (2) Notes for whose full 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 such trust,
                            as provided in Section 3.3) have been delivered to
                                           -----------
                            the Indenture Trustee for cancellation; or

                                    (B)  all Notes not theretofore delivered to
                            the Indenture Trustee for cancellation:

                            (1)     have become due and payable;

                            (2)     will become due and payable at the Series
                    Termination Date for such Class or Series of Notes; or

                            (3)     are to be called for redemption within one
                    year under arrangements satisfactory to the Indenture
                    Trustee for the giving of notice of redemption by the
                    Indenture Trustee in the name, and at the expense, of the
                    Issuer;

                                      26
<PAGE>

                            (4)  and the Issuer, in the case of (1), (2) or (3)
                    above, has irrevocably deposited or caused to be irrevocably
                    deposited with the Indenture Trustee cash or direct
                    obligations of or obligations guaranteed by the United
                    States of America (which will mature prior to the date such
                    amounts are payable), in trust for such purpose, in an
                    amount sufficient to pay and discharge the entire
                    indebtedness on such Notes not theretofore delivered to the
                    Indenture Trustee for cancellation when due at the Series
                    Termination Date for such Class or Series of Notes or the
                    Redemption Date (if Notes shall have been called for
                    redemption pursuant to the related Indenture Supplement), as
                    the case may be;

                    (ii)    the Issuer has paid or caused to be paid all other
               sums payable hereunder by the Issuer; and

                    (iii)   the Issuer has delivered to the Indenture Trustee an
               Officer's Certificate, an Opinion of Counsel and (if required by
               the TIA or the Indenture Trustee) an Independent Certificate from
               a firm of certified public accountants, each meeting the
               applicable requirements of Section 12.1(a) and each stating that
                                          ---------------
               all conditions precedent herein provided for relating to the
               satisfaction and discharge of this Indenture have been complied
               with.

               Notwithstanding the satisfaction and discharge of this Indenture,
         the obligations of the Issuer to the Indenture Trustee under Section
                                                                      -------
         6.7 and of the Indenture Trustee to the Noteholders under Section 4.2
         ---                                                       -----------
         shall survive.

               Section 4.2. Application of Issuer Money. All monies deposited
                            ---------------------------
         with the Indenture Trustee pursuant to Section 4.1 shall be held in
                                                -----------
         trust and applied by it, in accordance with the provisions of the
         Notes, this Indenture and the applicable Indenture Supplement, to make
         payments, either directly or through any Paying Agent to the
         Noteholders and for the payment in respect of which such monies have
         been deposited with the Indenture Trustee, of all sums due and to
         become due thereon for principal and interest; but such monies need not
         be segregated from other funds except to the extent required herein or
         in the Transfer and Servicing Agreement or required by law.

                                   ARTICLE V

                     PAY OUT EVENTS, DEFAULTS AND REMEDIES

               Section 5.1. Pay Out Events. If any one of the following events
                            --------------
         (each, a "Trust Pay Out Event") shall occur:
                   -------------------

                                      27
<PAGE>

               (a)  the occurrence of an Insolvency Event relating to the
         Seller;

               (b)  a Transfer Restriction Event shall occur; or

               (c)  the Issuer shall become subject to regulation by the
         Commission as an "investment company" within the meaning of the
         Investment Company Act;

         then a Pay Out Event with respect to all Series of Notes shall occur
         without any notice or other action on the part of the Indenture Trustee
         or the Noteholders immediately upon the occurrence of such event.

               Upon the occurrence of a Pay Out Event, payment on the Notes of
         each Series will be made in accordance with the terms of the related
         Indenture Supplement.

               Section 5.2. Events of Default. "Event of Default," wherever used
                            -----------------   ----------------
         herein, means with respect to any Series any one of the following
         events (whatever the reason for such Event of Default and whether it
         shall 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):

               (a)  default in the payment of the principal of any Note of that
         Series, if and to the extent not previously paid, when the same becomes
         due and payable on its Series Termination Date; or

               (b)  default in the payment of any interest on any Note of that
         Series when the same becomes due and payable, and such default shall
         continue for a period of thirty-five (35) days; or

               (c)  the filing of a decree or order for relief by a court having
         jurisdiction in the premises in respect of the Issuer in an involuntary
         case under any applicable federal or state bankruptcy, insolvency or
         other similar law now or hereafter in effect, or appointing a receiver,
         conservator, liquidator, assignee, custodian, trustee, sequestrator or
         similar official for the Issuer or ordering the winding-up or
         liquidation of the Issuer's affairs, and such decree or order shall
         remain unstayed and in effect for a period of sixty (60) consecutive
         days; or

               (d)  the commencement by the Issuer of a voluntary case under any
         applicable federal or state bankruptcy, insolvency or other similar law
         now or hereafter in effect, or the consent by the Issuer to the entry
         of an order for relief in an involuntary case under any such law, or
         the consent by the Issuer to the appointment of or the taking
         possession by a receiver, liquidator, assignee, custodian, trustee,
         sequestrator, conservator or similar official of the Issuer, or the
         making by the Issuer

                                      28
<PAGE>

         of any general assignment for the benefit of creditors, or the failure
         by the Issuer generally to pay, or the admission in writing by the
         Issuer of its inability to pay, its debts as such debts become due, or
         the taking of action by the Issuer in furtherance of any of the
         foregoing; or

               (e)  default in the observance or performance of any covenant or
         agreement of the Issuer made in this Indenture made in respect of the
         Notes of such Series (other than a covenant or agreement, a default in
         the observance or performance of which is elsewhere in this Section 5.2
                                                                     -----------
         specifically dealt with) (all of such covenants and agreements in the
         Indenture which are not expressly stated to be for the benefit of a
         particular Series being deemed to be in respect of the Notes of all
         Series for this purpose) and such default shall continue or not be
         cured for a period of sixty (60) days after there shall have been
         given, by registered or certified mail, return receipt requested to the
         Issuer by the Indenture Trustee or to the Issuer and the Indenture
         Trustee by the Holders of Notes representing at least 25% of the
         principal balance of the Outstanding Notes of such Series, a written
         notice specifying such default and requiring it to be remedied and
         stating that such notice is a "Notice of Default" hereunder and, as a
                                        -----------------
         result of such default, the interests of the Holders of the Notes are
         materially and adversely affected and continue to be materially and
         adversely affected during the 60-day period; or

               (f)  any additional events specified in the Indenture Supplement
         related to such Series.

               The Issuer shall deliver to a Trustee Officer of the Indenture
         Trustee, within five (5) days after the occurrence thereof, written
         notice in the form of an Officer's Certificate of any event which with
         the giving of notice and the lapse of time would become an Event of
         Default, its status and what action the Issuer is taking or proposes to
         take with respect thereto.

               Section 5.3. Acceleration of Maturity; Rescission and Annulment.
                            --------------------------------------------------
         If an Event of Default described in paragraph (a), (b) or (e) of
                                             -------------  ---    ---
         Section 5.2 should occur and be continuing with respect to a Series,
         -----------
         then and in every such case the Indenture Trustee or the Holders of
         Notes representing more than 50% of the principal balance of the
         Outstanding Notes of such Series may declare all the Notes of such
         Series to be immediately due and payable, by a notice in writing to the
         Issuer (and to a Trustee Officer of the Indenture Trustee if declared
         by Noteholders), and upon any such declaration the unpaid principal
         amount of such Notes, together with accrued and unpaid interest thereon
         through the date of acceleration, shall become immediately due and
         payable.

               If an Event of Default described in paragraph (c) or (d) of
                                                   -------------    ---
         Section 5.2 should occur and be continuing, then the unpaid principal
         -----------
         of the Notes, together with

                                      29
<PAGE>

         accrued and unpaid interest thereon through the date of acceleration,
         shall automatically become due and payable.

               At any time after such declaration of acceleration of maturity
         has been made and before a judgment or decree for payment of the money
         due has been obtained by the Indenture Trustee as hereinafter provided
         in this Article V, the Holders of Notes representing more than 50% of
                 ---------
         the principal balance of the Outstanding Notes of such Series, by
         written notice to the Issuer, a Trustee Officer of the Indenture
         Trustee and the Rating Agencies, may rescind and annul such declaration
         and its consequences; provided, that:
                               --------  ----

               (a)  the Issuer has paid or deposited with the Indenture Trustee
         a sum sufficient to pay:

                    (i)      all payments of principal of and interest on all
               Notes and all other amounts that would then be due hereunder or
               upon such Notes if the Event of Default giving rise to such
               acceleration had not occurred; and

                    (ii)     all sums paid or advanced by the Indenture Trustee
               hereunder and the reasonable compensation, expenses,
               disbursements and advances of the Indenture Trustee and its
               agents and counsel; and

               (b)  all Events of Default, other than the nonpayment of the
         principal of the Notes that has become due solely by such acceleration,
         have been cured or waived as provided in Section 5.13.
                                                  ------------

               No such rescission shall affect any subsequent default or impair
         any right consequent thereto.

               Section  5.4. Collection of Indebtedness and Suits for
                             ----------------------------------------
         Enforcement by Indenture Trustee.
         --------------------------------

               (a)  The Issuer covenants that if (i) default is made in the
         payment of any interest on any Note when the same becomes due and
         payable, and such default continues for a period of thirty-five (35)
         days following the date on which such interest became due and payable,
         or (ii) default is made in the payment of principal of any Note, if and
         to the extent not previously paid, when the same becomes due and
         payable on the Series Termination Date, the Issuer will, upon demand of
         the Indenture Trustee, pay to it, for the benefit of the Holders of the
         Notes of the affected Series, the whole amount then due and payable on
         such Notes for principal and interest, with interest upon the overdue
         principal, and, to the extent payment at such rate of interest shall be
         legally enforceable, interest upon overdue installments of interest, as
         specified in the related Indenture Supplement, and in addition thereto
         will

                                      30

<PAGE>

         pay such further amount as shall be sufficient to cover the costs and
         expenses of collection, including the reasonable compensation,
         expenses, disbursements and advances of the Indenture Trustee and its
         agents and counsel.

                  (b) In case the Issuer shall fail forthwith to pay such
         amounts upon such demand, the Indenture Trustee, in its own name and as
         trustee of an express trust, may institute a Proceeding for the
         collection of the sums so due and unpaid, and may prosecute such
         Proceeding to judgment or final decree, and may enforce the same
         against the Issuer or other obligor upon such Notes and collect in the
         manner provided by law out of the property of the Issuer or other
         obligor upon such Notes, wherever situated, the moneys adjudged or
         decreed to be payable.

                  (c) If an Event of Default occurs and is continuing, the
         Indenture Trustee may, as more particularly provided in Section 5.5, in
                                                                 -----------
         its discretion, proceed to protect and enforce its rights and the
         rights of the Noteholders of the affected Series, by such appropriate
         Proceedings as the Indenture Trustee shall deem most effective to
         protect and enforce any such rights, whether for the specific
         enforcement of any covenant or agreement in this Indenture or in aid of
         the exercise of any power granted herein, or to enforce any other
         proper remedy or legal or equitable right vested in the Indenture
         Trustee by this Indenture or by law.

                  (d) In case there shall be pending, relative to the Issuer or
         any other obligor upon the Notes of the affected Series, or any Person
         having or claiming an ownership interest in the Collateral, Proceedings
         under Title 11 of the United States Code or any other applicable
         federal or state bankruptcy, insolvency or other similar law now or
         hereafter in effect, or in case a receiver, conservator, assignee or
         trustee in bankruptcy or reorganization, liquidator, sequestrator,
         custodian or other similar official shall have been appointed for or
         taken possession of the Issuer or its property or such other obligor or
         Person, or in case of any other comparable judicial Proceedings
         relative to the Issuer or other obligor upon the Notes of such Series,
         or to the creditors or property of the Issuer or such other obligor,
         the Indenture Trustee, irrespective of whether the principal of any
         Notes shall then be due and payable as therein expressed or by
         declaration or otherwise and irrespective of whether the Indenture
         Trustee shall have made any demand pursuant to the provisions of this
         Section 5.4, shall be entitled and empowered, by intervention in such
         -----------
         Proceedings or otherwise:

                      (i)     to file and prove a claim or claims for the whole
                  amount of principal and interest owing and unpaid in respect
                  of the Notes of such Series and to file such other papers or
                  documents as may be necessary or advisable in order to have
                  the claims of the Indenture Trustee (including any claim for
                  reasonable compensation to the Indenture Trustee and each
                  predecessor Indenture Trustee, and their respective agents,
                  attorneys and counsel, and for

                                      31
<PAGE>

                  reimbursement of all expenses and liabilities incurred, and
                  all advances made, by the Indenture Trustee and each
                  predecessor Indenture Trustee, except as a result of
                  negligence or willful misconduct) and of the Noteholders of
                  such Series allowed in such Proceedings;

                      (ii)    unless prohibited by applicable law and
                  regulations, to vote on behalf of the Holders of Notes of such
                  Series in any election of a trustee, a standby trustee or
                  Person performing similar functions in any such Proceedings;

                      (iii)   to collect and receive any moneys or other
                  property payable or deliverable on any such claims and to
                  distribute all amounts received with respect to the claims of
                  the Noteholders of such Series and of the Indenture Trustee on
                  their behalf; and

                      (iv)    to file such proofs of claim and other papers or
                  documents as may be necessary or advisable in order to have
                  the claims of the Indenture Trustee or the Holders of Notes of
                  such Series allowed in any judicial Proceedings relative to
                  the Issuer, its creditors and its property;

         and any trustee, receiver, conservator, liquidator, custodian,
         assignee, sequestrator or other similar official in any such Proceeding
         is hereby authorized by each of such Noteholders to make payments to
         the Indenture Trustee, and, in the event that the Indenture Trustee
         shall consent to the making of payments directly to such Noteholders,
         to pay to the Indenture Trustee such amounts as shall be sufficient to
         cover reasonable compensation to the Indenture Trustee, each
         predecessor Indenture Trustee and their respective agents, attorneys
         and counsel, and all other expenses and liabilities incurred, and all
         advances made, by the Indenture Trustee and each predecessor Indenture
         Trustee except as a result of negligence or willful misconduct.

                  (e) Nothing herein contained shall be deemed to authorize the
         Indenture Trustee to authorize or consent to or vote for 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
         except, as aforesaid, to vote for the election of a trustee in
         bankruptcy or similar Person.

                  (f) All rights of action and of asserting claims under this
         Indenture, or under any of the Notes, may be enforced by the Indenture
         Trustee without the possession of any of the Notes or the production
         thereof in any trial or other Proceedings relative thereto, and any
         such action or Proceedings instituted by the Indenture Trustee shall be
         brought in its own name as trustee of an express trust, and any
         recovery of judgment, subject to the payment of the expenses,
         disbursements and

                                      32
<PAGE>

         compensation of the Indenture Trustee, each predecessor Indenture
         Trustee and their respective agents and attorneys, shall be for the
         benefit of the Holders of the Notes of the affected Series as provided
         herein.

                  (g) In any Proceedings brought by the Indenture Trustee (and
         also any Proceedings involving the interpretation of any provision of
         this Indenture to which the Indenture Trustee shall be a party), the
         Indenture Trustee shall be held to represent all the Holders of the
         Notes of the affected Series, and it shall not be necessary to make any
         such Noteholder a party to any such Proceedings.

                  Section 5.5. Remedies; Priorities.
                               --------------------

                  (a) If an Event of Default shall have occurred and be
         continuing with respect to any Series, and the Notes of such Series
         have been accelerated pursuant to Section 5.3, the Indenture Trustee
                                           -----------
         may do one or more of the following (subject to Sections 5.6 and
                                                         ------------
         12.16):
         -----

                      (i)     institute Proceedings in its own name and as
                  trustee of an express trust for the collection of all amounts
                  then payable on the Notes of the affected Series or under this
                  Indenture with respect thereto, whether by declaration or
                  otherwise, enforce any judgment obtained, and collect from the
                  Issuer and any other obligor upon such Notes moneys adjudged
                  due;

                      (ii)    take any other appropriate action to protect and
                  enforce the rights and remedies of the Indenture Trustee and
                  the Holders of the Notes of the affected Series;

                      (iii)   cause the Issuer to sell Principal Receivables (or
                  interests therein) in an amount equal to the Collateral Amount
                  of the accelerated Series and the related Finance Charge
                  Receivables in accordance with Section 5.16;
                                                 ------------

         provided, however, that the Indenture Trustee may not exercise the
         --------  -------
         remedy described in subparagraph (iii) above unless (A) (1) the Holders
         of Notes representing 100% of the principal balance of the Outstanding
         Notes of the affected Series consent in writing thereto, (2) the
         Indenture Trustee determines that any proceeds of such exercise
         distributable to the Noteholders of the affected Series are sufficient
         to discharge in full all amounts then due and unpaid upon the Notes for
         principal and interest and is directed to exercise this remedy by
         Holders of Notes representing more than 50% of the principal balance of
         the Outstanding Notes of such Series, or (3) the Indenture Trustee
         determines that the Collateral may not continue to provide sufficient
         funds for the payment of principal of and interest on the Notes as they
         would have become due if the Notes had not been declared due and
         payable, and the Indenture Trustee obtains the consent of the Holders
         of Notes representing at least

                                      33
<PAGE>

         66-2/3% of the principal balance of the Outstanding Notes of each Class
         of such Series and (B) the Indenture Trustee has obtained an Opinion of
         Counsel to the effect that the exercise of such remedy complies with
         applicable federal and state securities laws. In determining such
         sufficiency or insufficiency with respect to clauses (A)(2) and (A)(3),
         the Indenture Trustee may, but need not, obtain and conclusively rely
         upon an opinion of an Independent investment banking or accounting firm
         of national reputation as to the feasibility of such proposed action
         and as to the sufficiency of the Collateral for such purpose.

                  The remedies provided in this Section 5.5(a) are the exclusive
                                                --------------
         remedies provided to the Noteholders with respect to the Collateral and
         each of the Noteholders (by their acceptance of their respective
         interests in the Notes) or the Indenture Trustee hereby expressly waive
         any other remedy that might have been available under the applicable
         UCC.

                  (b) If the Indenture Trustee collects any money or property
         pursuant to this Article V following the acceleration of the Notes of
         the affected Series pursuant to Section 5.3 (so long as such a
         declaration shall not have been rescinded or annulled), it shall pay
         out the money or property in the following order:

                  FIRST: to the Indenture Trustee for amounts due pursuant to
                         Section 6.7; and
                         -----------

                  SECOND:  unless otherwise specified in the related Indenture
                           Supplement, to the Servicer for distribution in
                           accordance with Article IV of the related Indenture
                           Supplement with such amounts being deemed to be
                           Principal Collections and Finance Charge Collections
                           in the same proportion as (x) the outstanding
                           principal balance of the Notes bears to (y) the sum
                           of the accrued and unpaid interest on the Notes and
                           other fees and expenses payable in connection
                           therewith under the applicable Indenture Supplement,
                           including the amounts payable under any Enhancements
                           with respect to such Series.

                  (c) The Indenture Trustee may, upon notification to the
         Issuer, fix a record date and payment date for any payment to
         Noteholders of the affected Series pursuant to this Section 5.5. At
                                                             -----------
         least fifteen (15) days before such record date, the Indenture Trustee
         shall mail or send by facsimile, at the expense of the Servicer, to
         each such Noteholder a notice that states the record date, the payment
         date and the amount to be paid.

                                      34
<PAGE>

                  Section 5.6. Optional Preservation of the Collateral. If the
                               ---------------------------------------
         Notes of any Series have been declared to be due and payable under
         Section 5.3 following an Event of Default and such declaration and its
         -----------
         consequences have not been rescinded and annulled, and the Indenture
         Trustee has not received directions from the Noteholders pursuant to
         Section 5.12, the Indenture Trustee may, but need not, elect to
         ------------
         maintain possession of the portion of the Collateral which secures such
         Notes and apply proceeds of the Collateral to make payments on such
         Notes to the extent such proceeds are available therefor. It is the
         desire of the parties hereto and the Noteholders that there be at all
         times sufficient funds for the payment of principal of and interest on
         the Notes, and the Indenture Trustee shall take such desire into
         account when determining whether or not to maintain possession of the
         Collateral. In determining whether to maintain possession of the
         Collateral, the Indenture Trustee may, but need not, obtain and
         conclusively rely upon an opinion of an Independent investment banking
         or accounting firm of national reputation as to the feasibility of such
         proposed action and as to the sufficiency of the Trust Assets for such
         purpose.

                  Section 5.7. Limitation on Suits. No Noteholder shall have any
                               -------------------
         right to institute any proceedings, judicial or otherwise, with respect
         to this Indenture, or for the appointment of a receiver or trustee, or
         for any other remedy hereunder, unless:

                  (a) the Holders of Notes representing not less than 25% of the
         principal balance of the Outstanding Notes of each affected Series have
         made written request to the Indenture Trustee to institute such
         proceeding in its own name as indenture trustee;

                  (b) such Noteholder or Noteholders has previously given
         written notice to the Indenture Trustee of a continuing Event of
         Default;

                  (c) such Noteholder or Noteholders has offered to the
         Indenture Trustee indemnity satisfactory to it against the costs,
         expenses and liabilities to be incurred in compliance with such
         request;

                  (d) the Indenture Trustee for sixty (60) days after its
         receipt of such request and offer of indemnity has failed to institute
         any such Proceeding; and

                  (e) no direction inconsistent with such written request has
         been given to the Indenture Trustee during such 60-day period by the
         Holders of Notes representing more than 50% of the principal balance of
         the Outstanding Notes of such Series;

         it being understood and intended that no one or more Noteholders of the
         affected Series shall have any right in any manner whatever by virtue
         of, or by availing of, any provision of this Indenture to affect,
         disturb or prejudice the rights of any other

                                      35
<PAGE>

         Noteholders of such Series or to obtain or to seek to obtain priority
         or preference over any other Noteholders of such Series or to enforce
         any right under this Indenture, except in the manner herein provided.

                  In the event the Indenture Trustee shall receive conflicting
         or inconsistent requests and indemnity from two (2) or more groups of
         Noteholders of such affected Series, each representing no more than 50%
         of the principal balance of the Outstanding Notes of such Series, the
         Indenture Trustee in its sole discretion may determine what action, if
         any, shall be taken, notwithstanding any other provisions of this
         Indenture.

                  Section 5.8. Unconditional Rights of Noteholders to Receive
                               ----------------------------------------------
         Principal and Interest. Notwithstanding any other provision in this
         ----------------------
         Indenture, each Noteholder shall have the right which is absolute and
         unconditional to receive payment of the principal of and interest in
         respect of such Note as such principal and interest becomes due and
         payable and to institute suit for the enforcement of any such payment,
         and such right shall not be impaired without the consent of such
         Noteholder.

                  Section 5.9. 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, or has been determined adversely to
         the Indenture Trustee or to such Noteholder, then and in every such
         case the Issuer, the Indenture Trustee and the Noteholder shall,
         subject to any determination in such Proceeding, be restored severally
         and respectively to their former positions hereunder, and thereafter
         all rights and remedies of the Indenture Trustee and the Noteholders
         shall continue as though no such Proceeding had been instituted.

                  Section 5.10. Rights and Remedies Cumulative. No right,
                                ------------------------------
         remedy, power or privilege herein conferred upon or reserved to the
         Indenture Trustee or to the Noteholders is intended to be exclusive of
         any other right, remedy, power or privilege, and every right, remedy,
         power or privilege shall, to the extent permitted by law, be cumulative
         and in addition to every other right, remedy, power or privilege given
         hereunder or now or hereafter existing at law or in equity or
         otherwise. The assertion or exercise of any right or remedy shall not
         preclude any other further assertion or the exercise of any other
         appropriate right or remedy.

                  Section 5.11. Delay or Omission Not Waiver. No failure to
                                ----------------------------
         exercise and no delay in exercising, on the part of the Indenture
         Trustee or of any Noteholder or other Person, any right or remedy
         occurring hereunder upon any Event of Default shall impair any such
         right or remedy or constitute a waiver thereof of any such Event of
         Default or an acquiescence therein. Every right and remedy given by
         this Article V or by law to the Indenture Trustee or to the Noteholders
              ---------
         may be exercised from time

                                      36
<PAGE>

         to time, and as often as may be deemed expedient, by the Indenture
         Trustee or by the Noteholders, as the case may be.

                  Section 5.12. Rights of Noteholders to Direct Indenture
                                -----------------------------------------
         Trustee. The Holders of Notes representing more than 50% of the
         -------
         principal balance of the Outstanding Notes of any affected Series shall
         have the right to direct in writing the time, method and place of
         conducting any Proceeding for any remedy available to the Indenture
         Trustee with respect to such Series or exercising any trust or power
         conferred on the Indenture Trustee with respect to such Series;
         provided, however, that subject to Section 6.1:
         --------  -------                  -----------

                  (a) the Indenture Trustee shall have the right to decline any
         such direction if the Indenture Trustee, after being advised by
         counsel, determines that the action so directed is in conflict with any
         rule of law or with this Indenture, and

                  (b) the Indenture Trustee shall have the right to decline any
         such direction if the Indenture Trustee in good faith shall, by a
         Trustee Officer of the Indenture Trustee, determine that the
         Proceedings so directed would be illegal or involve the Indenture
         Trustee in personal liability or be unjustly prejudicial to the
         Noteholders not parties to such direction.

                  Section 5.13. Waiver of Past Defaults. Prior to the
                                -----------------------
         declaration of the acceleration of the maturity of the Notes of the
         affected Series as provided in Section 5.3, Holders of Notes
                                        -----------
         representing more than 50% of the principal balance of the Outstanding
         Notes of such Series (or with respect to any such Series with two or
         more Classes, of each Class), may, on behalf of all such Noteholders,
         waive in writing any past default, with written notice to the Indenture
         Trustee, with respect to such Notes and its consequences, except a
         default:

                  (a) in the payment of the principal or interest in respect of
         any Note of such Series, or

                  (b) in respect of a covenant or provision hereof that under
         Section 10.2 cannot be modified or amended without the consent of the
         ------------
         Noteholder of each Outstanding Note affected.

                  Upon any such written waiver, such default shall cease to
         exist, and any Event of Default arising therefrom shall be deemed to
         have been cured, for every purpose of this Indenture; but no such
         waiver shall extend to any subsequent or other default or impair any
         right consequent thereon.

                  Section 5.14. Undertaking for Costs. All parties to this
                                ---------------------
         Indenture agree, and each Noteholder by its acceptance thereof shall be
         deemed to have agreed, that any

                                      37
<PAGE>

         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, suffered 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, against any party litigant (other than the Indenture Trustee) 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 5.14 shall not apply to any suit instituted by the Indenture
         ------------
         Trustee, to any suit instituted by any Noteholder, or group of
         Noteholders (in compliance with Section 5.8), holding Notes
                                         -----------
         representing more than 10% of the principal balance of the Outstanding
         Notes of the affected Series, or to any suit instituted by any
         Noteholder for the enforcement of the payment of the principal or
         interest in respect of any Note on or after the Distribution Date on
         which any of such amounts was due (or, in the case of redemption, on or
         after the applicable Redemption Date).

                  Section 5.15. 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 adversely
         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.

                  Section  5.16. Sale of Receivables.
                                 --------------------

                  (a) The method, manner, time, place and terms of any sale of
         Receivables pursuant to Section 5.5(a)(iii) shall be commercially
                                 -------------------
         reasonable. The Indenture Trustee may from time to time postpone any
         sale by public announcement made at the time and place of such sale.
         The Indenture Trustee hereby expressly waives its right to any amount
         fixed by law as compensation for any sale.

                  (b) The Indenture Trustee is hereby irrevocably appointed the
         agent and attorney-in-fact of the Issuer in connection with any sale of
         Receivables pursuant to Section 5.5(a)(iii). No purchaser or transferee
                                 -------------------
         at any such sale shall be bound to ascertain the Indenture Trustee's
         authority, inquire into the satisfaction of any conditions precedent or
         see to the application of any monies.

                  (c) In its exercise of the foreclosure remedy pursuant to
         Section 5.5(a)(iii), the Indenture Trustee shall solicit bids for the
         -------------------
         sale of Principal Receivables in any amount equal to the Collateral
         Amount of the affected Series of

                                      38
<PAGE>

         Notes at the time of sale and the related Finance Charge Receivables
         (or interests therein). The Seller or any of its affiliates shall be
         entitled to participate in, and to receive from the Indenture Trustee a
         copy of each other bid submitted in connection with, such bidding
         process; provided that (i) at least one participant other than the
                  --------
         Seller and any of its affiliates must submit a bona fide offer, and
         (ii) the Seller and any of its affiliates are prohibited from bidding
         an amount which exceeds fair value for the transferred assets. The
         Indenture Trustee shall sell such Receivables (or interests therein) to
         the bidder with the highest cash purchase offer. The proceeds of any
         such sale shall be applied as specified in the applicable Indenture
         Supplement.

                  Section 5.17. Action on Notes. The Indenture Trustee's right
                                ---------------
         to seek and recover judgment on the Notes or under this Indenture shall
         not be affected by the seeking or obtaining of or application for any
         other relief under or with respect to this Indenture. Neither the lien
         of this Indenture nor any rights or remedies of the Indenture Trustee
         or the Noteholders shall be impaired by the recovery of any judgment by
         the Indenture Trustee against the Issuer or by the levy of any
         execution under such judgment upon any portion of the Collateral or
         upon any of the assets of the Issuer. Any money or property collected
         by the Indenture Trustee shall be applied as specified in the
         applicable Indenture Supplement.

                                  ARTICLE VI

                             THE INDENTURE TRUSTEE

                  Section  6.1. Duties of the Indenture Trustee.
                                -------------------------------

                  (a) If an Event of Default has occurred and is continuing and
         a Trustee Officer shall have actual knowledge or written notice of such
         Event of Default, the Indenture Trustee shall exercise the rights and
         powers vested in it by this Indenture 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) Except during the continuance of an Event of Default:

                      (i)   the Indenture Trustee undertakes to perform such
                  duties and only such duties as are specifically set forth in
                  this Indenture, and no implied covenants or obligations shall
                  be read into this Indenture against the Indenture Trustee; and

                      (ii)  in the absence of bad faith or negligence on its
                  part, the Indenture Trustee may conclusively rely, as to the
                  truth of the statements and the correctness of the opinions
                  expressed therein, upon certificates or opinions furnished to
                  the Indenture Trustee and conforming to the

                                      39
<PAGE>

                  requirements of this Indenture; provided, however, the
                                                  --------  -------
                  Indenture Trustee, upon receipt of any resolutions,
                  certificates, statements, opinions, reports, documents, orders
                  or other instruments furnished to the Indenture Trustee which
                  are specifically required to be furnished pursuant to any
                  provision of this Indenture or any Indenture Supplement, shall
                  examine them to determine whether they substantially conform
                  to the requirements of this Indenture or any Indenture
                  Supplement.

                  (c) If a Pay Out Event has occurred and is continuing and a
         Trustee Officer shall have actual knowledge or written notice of such
         Pay Out Event, the Indenture Trustee shall exercise such of the rights
         and powers vested in it by this Indenture, and use the same degree of
         care and skill in their exercise, as a prudent person would exercise or
         use under the circumstances in the conduct of such person's own
         affairs.

                  (d) No provision of this Indenture shall be construed to
         relieve the Indenture Trustee from liability for its own negligent
         action, its own negligent failure to act, or its own willful
         misconduct, except that:

                      (i)    this Section  6.1(d) shall not be construed to
                                  ---------------
                      limit the effect of Section 6.1(a);
                                          --------------

                      (ii)   the Indenture Trustee shall not be liable for
                  any error of judgment made in good faith by a Trustee Officer,
                  unless it shall be proved that the Indenture Trustee was
                  negligent in ascertaining the pertinent facts; and

                      (iii)  the Indenture Trustee shall not be liable with
                  respect to any action taken, suffered or omitted to be taken
                  by it in good faith in accordance with the Indenture and/or
                  the direction of the Holders of Notes or for exercising any
                  trust or power conferred upon the Indenture Trustee, under
                  this Indenture. The Indenture Trustee shall not be liable for
                  any action taken, suffered or omitted to be taken by it in
                  good faith in accordance with the direction of the Servicer,
                  the Seller or the Trust in compliance with the terms of this
                  Indenture or any Indenture Supplement.

                  (e) No provision of this Indenture shall require the Indenture
         Trustee to expend or risk its own funds or otherwise incur any
         liability, financial or otherwise, in the performance of any of its
         duties hereunder or in the exercise of any of its rights or powers if
         it shall have reasonable grounds for believing that repayment of such
         funds or indemnity satisfactory to it against such risk or liability is
         not reasonably assured to it.

                                      40
<PAGE>

                  (f) Every provision of this Indenture that in any way relates
         to the Indenture Trustee is subject to this Section 6.1.
                                                     -----------

                  (g) Except as expressly provided in this Indenture, the
         Indenture Trustee shall have no power to vary the Collateral, including
         by (i) accepting any substitute payment obligation for a Receivable
         initially transferred to the Trust under the Transfer and Servicing
         Agreement, (ii) adding any other investment, obligation or security to
         the Trust or (iii) withdrawing from the Issuer any Receivable (except
         as otherwise provided in the Transfer and Servicing Agreement).

                  (h) The Indenture Trustee shall have no responsibility or
         liability for investment losses on Permitted Investments (other than
         Permitted Investments on which the institution acting as Indenture
         Trustee is an obligor). The Indenture Trustee shall have no obligation
         to invest and reinvest any cash held in the absence of timely and
         specific written investment direction from the Issuer. In no event
         shall the Indenture Trustee be liable for the selection of investments
         or for investment losses incurred thereon. The Indenture Trustee shall
         have no liability in respect of losses incurred as a result of the
         liquidation of any investment prior to its stated maturity or the
         failure of the Issuer to provide timely written investment direction.

                  (i) The Indenture Trustee shall notify each Rating Agency (i)
         of any change in any rating of the Notes by any other Rating Agency of
         which a Trustee Officer of the Indenture Trustee has actual knowledge,
         and (ii) immediately of the occurrence of any Event of Default or Pay
         Out Event of which a Trustee Officer of the Indenture Trustee has
         actual knowledge of or has actual notice from the Servicer of potential
         Pay Out Events or Events of Default.

                  (j) For all purposes under this Indenture, the Indenture
         Trustee shall not be deemed to have notice or knowledge of any Event of
         Default, Pay Out Event or Servicer Default unless a Trustee Officer
         assigned to and working in the Corporate Trust Office of the Indenture
         Trustee has actual knowledge thereof or has received written notice
         thereof. For purposes of determining the Indenture Trustee's
         responsibility and liability hereunder, any reference to an Event of
         Default, Pay Out Event or Servicer Default shall be construed to refer
         only to such event of which the Indenture Trustee is deemed to have
         notice as described in this Section 6.1(j).
                                     --------------
                  Section 6.2. Notice of Pay Out Event or Event of Default. Upon
                               -------------------------------------------
         the occurrence of any Pay Out Event or Event of Default of which a
         Trustee Officer has actual knowledge or has received written notice
         thereof, the Indenture Trustee shall transmit by mail to all
         Noteholders as their names and addresses appear on the Note Register
         and the Rating Agencies, notice of such Pay Out Event or Event of
         Default hereunder known to the Indenture Trustee within thirty (30)
         days after it occurs or

                                      41
<PAGE>

         within ten (10) Business Days after it receives such notice or obtains
         actual notice, if later.

                  Section 6.3. Rights of Indenture Trustee. Except as otherwise
                               ---------------------------
         provided in Section 6.1:
                     -----------

                  (a) the Indenture Trustee may conclusively rely and shall
         fully be protected in acting or refraining from acting upon any
         resolution, certificate, statement, instrument, opinion, report,
         notice, request, direction, consent, order, bond, note or other paper
         or document reasonably believed by it to be genuine and to have been
         signed or presented by the proper party or parties;

                  (b) whenever in the administration of this Indenture the
         Indenture Trustee shall deem it desirable that a matter be proved or
         established prior to taking, suffering or omitting any action
         hereunder, the Indenture Trustee (unless other evidence be herein
         specifically prescribed) may, in the absence of bad faith on its part,
         conclusively rely upon an Officer's Certificate of the Issuer. The
         Issuer shall provide a copy of such Officer's Certificate to the
         Noteholders at or prior to the time the Indenture Trustee receives such
         Officer's Certificate;

                  (c) as a condition to the taking, suffering or omitting of any
         action by it hereunder, the Indenture Trustee may consult with counsel
         and the advice of such counsel or any Opinion of Counsel shall be full
         and complete authorization and protection in respect of any action
         taken, suffered or omitted by it hereunder in-good faith and in
         reliance thereon;

                  (d) the Indenture Trustee shall be under no obligation to
         exercise any of the rights or powers vested in it by this Indenture or
         to honor the request or direction of any of the Noteholders pursuant to
         this Indenture, unless such Noteholders shall have offered to the
         Indenture Trustee security or indemnity satisfactory to it against the
         costs, expenses and liabilities which might be incurred by it in
         compliance with such request or direction;

                  (e) the Indenture Trustee shall not be bound to make any
         investigation into the facts or matters stated in any resolution,
         certificate, statement, instrument, opinion, report, notice, request,
         direction, consent, order, bond, note or other paper or document, but
         the Indenture Trustee at the written direction of one or more of the
         Noteholders and at the expense of the Noteholders, in its discretion,
         may make such further inquiry or investigation into such facts or
         matters as it may see fit, and, if the Indenture Trustee shall
         determine to make such further inquiry or investigation, it shall be
         entitled to examine the books, records and premises of the Issuer and
         the Servicer, personally or by agent or attorney;

                                      42
<PAGE>

                  (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, attorneys, custodians or nominees and the Indenture
         Trustee shall not be responsible for any (i) misconduct or negligence
         on the part of any agent, attorney, custodians or nominees appointed
         with due care by it hereunder or (ii) the supervision of such agents,
         attorneys, custodians or nominees after such appointment with due care;

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

                  (h) in the event that the Indenture Trustee is also acting as
         Paying Agent and Transfer Agent and Registrar and Successor Servicer,
         if it becomes Successor Servicer pursuant to Section 7.2 of the
         Transfer and Servicing Agreement, the rights and protections afforded
         to the Indenture Trustee pursuant to this Article VI shall also be
                                                   ----------
         afforded to such Paying Agent and Transfer Agent and Registrar and
         Successor Servicer, if it becomes Successor Servicer pursuant to
         Section 7.2 of the Transfer and Servicing Agreement.

                  Section 6.4. Not Responsible for Recitals or Issuance of
                               -------------------------------------------
         Notes. The recitals contained herein and in the Notes, except the
         -----
         certificate of authentication of the Indenture Trustee, shall be taken
         as the statements of the Issuer, and the Indenture Trustee assumes no
         responsibility for their correctness. Neither the Indenture Trustee nor
         any of its agents makes any representation as to the validity or
         sufficiency of the Agreement, the Notes, or any related document. The
         Indenture Trustee shall not be accountable for the use or application
         by the Issuer of the proceeds from the Notes.

                  Section 6.5. Restrictions on Holding Notes. The Indenture
                               -----------------------------
         Trustee shall not in its individual capacity, but may in a fiduciary
         capacity, become the owner or pledgee of Notes and may otherwise deal
         with the Issuer with the same rights it would have if it were not
         Indenture Trustee, Paying Agent, Transfer Agent and Registrar or such
         other agent. Any Paying Agent, Transfer Agent and Registrar that is not
         also the Indenture Trustee or any other agent of the Issuer, in its
         individual or any other capacity, may become the owner or pledgee of
         Notes and may otherwise deal with the Issuer with the same rights it
         would have if it were not Indenture Trustee, Paying Agent, Transfer
         Agent and Registrar or such other agent.

                  Section 6.6. Money Held in Trust. Money held by the Indenture
                               -------------------
         Trustee in trust hereunder need not be segregated from other funds held
         by the Indenture Trustee in trust hereunder except to the extent
         required herein or required by law. The Indenture Trustee shall be
         under no liability for interest on any money received by it hereunder
         except as otherwise agreed upon in writing by the Indenture Trustee and
         the Issuer.

                                      43
<PAGE>

                  Section 6.7. Compensation, Reimbursement and Indemnification.
                               -----------------------------------------------
         The Servicer shall pay to the Indenture Trustee from time to time
         reasonable compensation for all services rendered by the Indenture
         Trustee and the Authenticating Agent under this Agreement (which
         compensation shall not be limited by any law on compensation of a
         trustee of an express trust). The Servicer shall reimburse the
         Indenture Trustee for all reasonable out-of-pocket expenses incurred or
         made by it, including costs of collection, in addition to the
         compensation for its services. Such expenses shall include the
         reasonable compensation and expenses, disbursements and advances of the
         Indenture Trustee's agents, counsel, accountants and experts. The
         Issuer shall direct the Servicer to indemnify, defend and hold
         harmless, and the Servicer shall indemnify the Indenture Trustee and
         its officers, directors, employees and agents against any and all loss,
         liability, expense, damage or claim (including the fees of either
         in-house counsel or outside counsel) incurred by it in connection with
         the administration of this trust and the performance of its duties
         hereunder and under any other Transaction Document, including any claim
         arising from any failure by Issuer or Seller to pay when due any sales,
         excise, transfer or personal taxes relating to the Receivables. The
         Indenture Trustee shall notify the Issuer and the Servicer promptly of
         any claim for which it may seek indemnity. Failure by the Indenture
         Trustee to so notify the Issuer and the Servicer shall not relieve the
         Issuer or the Servicer of its obligations hereunder unless such loss,
         liability or expense could have been avoided with such prompt
         notification and then only to the extent of such loss, expense or
         liability which could have been so avoided. The Servicer shall defend
         any claim against the Indenture Trustee, the Indenture Trustee may have
         separate counsel and, if it does, the Servicer shall pay the fees and
         expenses of such counsel. Neither the Issuer nor the Servicer need
         reimburse any expense or indemnify against any loss, liability or
         expense incurred by the Indenture Trustee through the Indenture
         Trustee's own willful misconduct or negligence.

                  The Servicer's payment obligations to the Indenture Trustee
         pursuant to this Section 6.7 shall survive the discharge of this
                          -----------
         Indenture or earlier resignation or removal of the Indenture Trustee.
         When the Indenture Trustee incurs expenses after the occurrence of a
         Default specified in Section 5.2(c) or 5.2(d) with respect to the
                              --------------    ------
         Issuer, the expenses are intended to constitute expenses of
         administration under Title 11 of the United States Code or any other
         applicable federal or state bankruptcy, insolvency or similar law.

                  To secure the Servicer's and Issuer's payment obligations in
         this Section 6.7, the Indenture Trustee shall have a lien prior to the
              -----------
         Notes on all money or property held or collected by the Indenture
         Trustee, in its capacity as Indenture Trustee, except money or property
         held in trust to pay principal of, or interest on, the Notes.

                                      44
<PAGE>

                  Section 6.8. Replacement of Indenture Trustee. No resignation
                               --------------------------------
         or removal of the Indenture Trustee and no appointment of a successor
         Indenture Trustee shall become effective until the acceptance of
         appointment by the successor Indenture Trustee pursuant to this Section
                                                                         -------
         6.8. The Indenture Trustee may resign at any time by giving thirty (30)
         ---
         days written notice to the Issuer and the Rating Agencies. The Holders
         of Notes representing more than 66 2/3% of the Outstanding Amount may
         remove the Indenture Trustee by so notifying the Indenture Trustee in
         writing and may appoint a successor Indenture Trustee. The
         Administrator shall remove the Indenture Trustee upon written notice
         if:

                           (i)   the Indenture Trustee fails to comply with
                  Section 6.11;
                  ------------

                           (ii)  the Indenture Trustee is adjudged a bankrupt or
                  insolvent;

                           (iii) a receiver of the Indenture Trustee or of its
                  property shall be appointed, or any public officer takes
                  charge of the Indenture Trustee or its property or its affairs
                  for the purpose of rehabilitation, conservation or
                  liquidation; or

                           (iv)  the Indenture Trustee otherwise becomes legally
                  unable to act.

         If the Indenture Trustee resigns or is removed or if a vacancy exists
         in the office of Indenture Trustee for any reason (the Indenture
         Trustee in such event being referred to herein as the retiring
         Indenture Trustee), the Administrator shall promptly appoint a
         successor Indenture Trustee.

                  A successor Indenture Trustee shall deliver a written
         acceptance of its appointment to the retiring Indenture Trustee, the
         Servicer and to the Issuer. Thereupon the resignation or removal of the
         retiring Indenture Trustee shall become effective, and the successor
         Indenture Trustee shall have all the rights, powers and duties of the
         Indenture Trustee under this Indenture. The successor Indenture Trustee
         shall mail a notice of its succession to Noteholders. The retiring
         Indenture Trustee shall promptly transfer all property held by it as
         Indenture Trustee to the successor Indenture Trustee, subject to the
         payment of any an all amounts then due and owing to the Indenture
         Trustee.

                  If a successor Indenture Trustee does not take office within
         sixty (60) days after the retiring Indenture Trustee resigns or is
         removed, the retiring Indenture Trustee, the Issuer or the Holders of
         Notes representing more than 50% of the Outstanding Amount may petition
         any court of competent jurisdiction for the appointment of a successor
         Indenture Trustee.

                                      45
<PAGE>

                  If the Indenture Trustee fails to comply with Section 6.11,
                                                                ------------
         any Noteholder may petition any court of competent jurisdiction for the
         removal of the Indenture Trustee and the appointment of a successor
         Indenture Trustee.

                  Notwithstanding the replacement of the Indenture Trustee
         pursuant to this Section 6.8, the Issuer's obligations under Section
                          -----------                                 -------
         6.7 shall continue for the benefit of the retiring Indenture Trustee.
         ---

                  The Administrator shall notify the Rating Agencies of any
         replacement of the Indenture Trustee pursuant to this Section 6.8.
                                                               -----------

                  Section 6.9. Successor Indenture Trustee by Merger. If the
                               -------------------------------------
         Indenture Trustee consolidates with, merges or converts into, or
         transfers all or substantially all its corporate trust business or
         assets to, another corporation or banking association, the resulting,
         surviving or transferee corporation without any further act shall be
         the successor Indenture Trustee; provided that such corporation or
         banking association shall be otherwise qualified and eligible under
         Section 6.11. The Indenture Trustee shall provide the Rating Agencies
         ------------
         prior written notice of any such transaction.

                  In case at the time such successor or successors by merger,
         conversion, consolidation or transfer to the Indenture Trustee shall
         succeed to the trusts created by this Indenture any of the Notes shall
         have been authenticated but not delivered, any such successor to the
         Indenture Trustee may adopt the certificate of authentication of any
         predecessor Indenture Trustee and deliver such Notes so authenticated;
         and in case at that time any of the Notes shall not have been
         authenticated, any successor to the Indenture Trustee may authenticate
         such Notes in the name of the successor to the Indenture Trustee; and
         in all such cases such certificates shall have the full force which it
         is anywhere in the Notes or in this Indenture provided that the
         certificate of the Indenture Trustee shall have.

                  Section  6.10. Appointment of Co-Indenture Trustee or Separate
                                 -----------------------------------------------
         Indenture Trustee.
         -----------------

                  (a) Notwithstanding any other provisions of this Indenture, at
         any time, for the purpose of meeting any legal requirement of any
         jurisdiction in which any part of the Collateral 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 Collateral, and to vest in such Person or
         Persons, in such capacity and for the benefit of the Noteholders, such
         title to the Collateral, or any part hereof, and, subject to the other
         provisions of this Section 6.10, 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

                                      46
<PAGE>

         as a successor trustee under Section 6.11 and no notice to Noteholders
                                      ------------
         of the appointment of any co-trustee or separate trustee shall be
         required under Section 6.8.
                        -----------

                  (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 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 personally liable by
                  reason of any act or omission of any other trustee hereunder;

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

                      (iv)   the Indenture Trustee shall not be liable for any
                  act or failure to act on the part of 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
         Article VI. 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, specifically including every
         provision of this Indenture 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.

                  (d) Any separate trustee or co-trustee may at any time
         constitute the Indenture Trustee, 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 of this Indenture

                                      47
<PAGE>

         on 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 6.11. Eligibility; Disqualification. The Indenture
                                -----------------------------
         Trustee shall at all times satisfy the requirements of TIA (S)310(a).
         The Indenture Trustee shall have a combined capital and surplus of at
         least $50,000,000 as set forth in its most recent published annual
         report of condition and either its long-term unsecured debt shall be
         rated at least A3 by Moody's and BBB- by Standard & Poor's or its
         short-term debt shall be rated at least P-2 by Moody's or A-2 by
         Standard & Poor's. The Indenture Trustee shall comply with TIA
         (S)310(b), including the optional provision permitted by the second
         sentence of TIA (S)310(b)(9); provided, however, that there shall be
         excluded from the operation of TIA (S)310(b)(1) any indenture or
         indentures under which other securities of the Issuer are outstanding
         if the requirements for such exclusion set forth in TIA (S)310(b)(1)
         are met.

                  Section 6.12. Preferential Collection of Claims Against. The
                                -----------------------------------------
         Indenture Trustee shall comply with TIA (S)311(a), excluding any
         creditor relationship listed in TIA (S)311(b). An Indenture Trustee who
         has resigned or been removed shall be subject to TIA (S)311(a) to the
         extent indicated.

                  Section  6.13. Representations and Covenants of the Indenture
                                 ----------------------------------------------
         Trustee. The Indenture Trustee represents, warrants and covenants that:
         -------

                           (i)   the Indenture Trustee is a banking corporation
                  duly organized and validly existing under the laws of the
                  State of New York;

                           (ii)  The Indenture Trustee has full power and
                  authority to deliver and perform this Indenture and has taken
                  all necessary action to authorize the execution, delivery and
                  performance by it of this Indenture and other Transaction
                  Documents to which it is a party; and

                           (iii) Each of this Indenture and the other
                  Transaction Documents to which it is a party has been duly
                  executed and delivered by the Indenture Trustee and
                  constitutes its legal, valid and binding obligation in
                  accordance with its terms.

                  Section 6.14. Custody of the Collateral. The Indenture Trustee
                                -------------------------
         shall hold such of the Trust Estate as consists of instruments, deposit
         accounts, negotiable documents, money, goods, letters of credit, and
         advices of credit in the State of Illinois. The Indenture Trustee shall
         hold such of the Trust Estate as constitutes investment property
         through a securities intermediary, which securities intermediary

                                      48
<PAGE>

         shall agree with the Indenture Trustee that (a) such investment
         property shall at all times be credited to a securities account of the
         Indenture Trustee, (b) such securities intermediary shall treat the
         Indenture Trustee as entitled to exercise the rights that comprise each
         financial asset credited to such securities account, (c) all property
         credited to such securities account shall be treated as a financial
         asset, (d) such securities intermediary shall comply with entitlement
         orders originated by the Indenture Trustee without the further consent
         of any other person or entity, (e) such securities intermediary will
         not agree with any person or entity other than the Indenture Trustee to
         comply with entitlement orders originated by such other person or
         entity, (f) such securities accounts and the property credited thereto
         shall not be subject to any lien, security interest, or right of set-
         off in favor of such securities intermediary or anyone claiming through
         it (other than the Indenture Trustee), and (g) such agreement shall be
         governed by the laws of the State of Illinois. Terms used in the
         preceding sentence that are defined in the Illinois UCC and not
         otherwise defined herein shall have the meaning set forth in the
         Illinois UCC. Except as permitted by this Section 6.14, the Indenture
                                                   ------------
         Trustee shall not hold any part of the Trust Estate through an agent or
         a nominee.

                                                                     ARTICLE VII

                                                NOTEHOLDERS' LIST AND REPORTS BY
                         INDENTURE TRUSTEE AND ISSUER

                  Section 7.1. Issuer to Furnish Indenture Trustee Names and
                               ---------------------------------------------
         Addresses of Noteholders. The Issuer will furnish or cause to be
         ------------------------
         furnished to the Indenture Trustee (a) upon each transfer of a Note, a
         list, in such form as the Indenture Trustee may reasonably require, of
         the names, addresses and taxpayer identification numbers of the
         Noteholders as they appear on the Note Register as of such Record Date,
         and (b) at such other times, as the Indenture Trustee may request in
         writing, within ten (10) days after receipt by the Issuer of any such
         request, a list of similar form and content as of a date not more than
         ten (10) days prior to the time such list is furnished; provided,
                                                                 --------
         however, that for so long as the Indenture Trustee is the Transfer
         -------
         Agent and Registrar, the Indenture Trustee shall furnish to the Issuer
         such list in the same manner prescribed in clause (b) above.

                  Section  7.2. Preservation of Information; Communications to
                                ----------------------------------------------
         Noteholders.
         -----------

                  (a) The Indenture Trustee shall preserve, in as current a form
         as is reasonably practicable, the names and addresses of the
         Noteholders contained in the most recent list furnished to the
         Indenture Trustee as provided in Section 7.1 and the names, addresses
                                          -----------
         and taxpayer identification numbers of the Noteholders received by the
         Indenture Trustee in its capacity as Transfer Agent and Registrar. The

                                      49
<PAGE>

         Indenture Trustee may destroy any list furnished to it as provided in
         Section 7.1 upon receipt of a new list so furnished.
         -----------

                  (b) Noteholders may communicate, pursuant to TIA (S)312(b),
         with other Noteholders with respect to their rights under this
         Indenture or under the Notes.

                  (c) The Issuer, the Indenture Trustee and the Transfer Agent
         and Registrar shall have the protection of TIA (S)312(c).

                  Section  7.3. Reports by Issuer.
                                -----------------

                  (a) The Issuer shall:

                      (i) 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 15(d) of the Exchange Act;
                  ----------    -----
                           (ii) 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

                           (iii) supply to the Indenture Trustee (and the
                  Indenture Trustee shall transmit by mail to all Noteholders
                  described in TIA (S)313(c)) such summaries of any information,
                  documents and reports required to be filed by the Issuer
                  pursuant to clauses (i) and (ii) of this Section 7.3(a) as may
                                                           --------------
                  be required by rules and regulations prescribed from time to
                  time by the Commission.

                  (b) Unless the Issuer otherwise determines, the fiscal year of
         the Issuer shall end on December 31 of each year.

                  (c) Delivery of such reports, information and documents to the
         Indenture Trustee is for informational purposes only and the Indenture
         Trustee's receipt of such shall not constitute constructive notice of
         any information contained therein or determinable from information
         contained therein, including the Issuer's compliance with any of the
         covenants hereunder.

                                      50
<PAGE>

                  Section 7.4. Reports by Indenture Trustee. If required by TIA
                               ----------------------------
         (S)313(a), within sixty (60) days after each March 31 beginning with
         March 31, 2002, the Indenture Trustee shall mail to each Noteholder as
         required by TIA (S)313(c) a brief report dated as of such date that
         complies with TIA (S)313(a). The Indenture Trustee also shall comply
         with TIA (S)313(b).

                  A copy of each report at the time of its mailing to
         Noteholders shall be filed by the Indenture Trustee with the Commission
         and each stock exchange, if any, on which the Notes are listed. The
         Issuer shall notify the Indenture Trustee if and when the Notes are
         listed on any stock exchange.

                                 ARTICLE VIII

                   ALLOCATION AND APPLICATION OF COLLECTIONS

                  Section 8.1. Collection of Money. Except as otherwise
                               -------------------
         expressly provided herein and in the related Indenture Supplement, the
         Indenture Trustee may demand payment or delivery of, and shall receive
         and collect, directly and without intervention or assistance of any
         fiscal agent or other intermediary, all money and other property
         payable to or receivable by the Indenture Trustee pursuant to this
         Indenture. The Indenture Trustee shall hold all such money and property
         received by it in trust for the Noteholders and shall apply it as
         provided in this Indenture. Except as otherwise expressly provided in
         this Indenture, if any default occurs in the making of any payment or
         performance under the Transfer and Servicing Agreement or any other
         Transaction Document, the Indenture Trustee may, and upon the written
         request of the Holders of Notes representing more than 50% of the
         principal balance of the Outstanding Notes of the affected Series
         shall, subject to Sections 6.1(e) and 6.3(d) take such action as may be
                           ---------------     ------
         appropriate to enforce such payment or performance, including the
         institution and prosecution of appropriate Proceedings. Any such action
         shall be without prejudice to any right to claim a Pay Out Event or a
         Default or Event of Default under this Indenture and to proceed
         thereafter as provided in Article V.
                                   ---------

                  Section 8.2. Rights of Noteholders. The Collateral shall
                               ---------------------
         secure the rights of the Holders of the Notes of each Series to receive
         the portion of Collections allocable to the Noteholders of such Series
         pursuant to this Indenture and the related Indenture Supplement, funds
         and other property credited to the Collection Account and the Excess
         Funding Account (or any subaccount thereof) allocable to the
         Noteholders of such Series pursuant to this Indenture and such
         Indenture Supplement, funds and other property credited to any related
         Series Account and funds available pursuant to any related Series
         Enhancement, it being understood that, except as specifically set forth
         in the Indenture Supplement with respect thereto, the

                                      51
<PAGE>

         Notes of any Series or Class shall not be secured by any interest in
         any Series Account or Series Enhancement pledged for the benefit of any
         other Series or Class.

                  Section 8.3. Establishment of Collection Account and Excess
                               ----------------------------------------------
         Funding Account.
         ---------------

                  (a)    The Servicer, for the benefit of the Noteholders, shall
         establish and maintain with the Indenture Trustee or its nominee in the
         name of the Indenture Trustee, on behalf of the Issuer, a Qualified
         Account (including any subaccount thereof) bearing a designation
         clearly indicating that the funds and other property credited thereto
         are held for the benefit of the Noteholders (the "Collection Account").
                                                           ------------------
         The Indenture Trustee shall possess all right, title and interest in
         all monies, instruments, investment property, documents, certificates
         of deposit and other property credited from time to time to the
         Collection Account and in all proceeds, earnings, income, revenue,
         dividends and distributions thereof for the benefit of the Noteholders.

                  The Collection Account shall be under the sole dominion and
         control of the Indenture Trustee for the benefit of the Noteholders.
         Except as expressly provided in this Indenture and the Transfer and
         Servicing Agreement, the Servicer agrees that it shall have no right of
         setoff or banker's lien against, and no right to otherwise deduct from,
         any funds held in the Collection Account for any amount owed to it by
         the Indenture Trustee, the Issuer, any Noteholder or any Series
         Enhancer. If, at any time, the Collection Account ceases to be a
         Qualified Account and the same is actually known to a Trustee Officer
         of the Indenture Trustee, the Indenture Trustee (or the Servicer on its
         behalf) shall within 15 days (or such longer period, not to exceed
         thirty (30) calendar days, as to which each Rating Agency may consent)
         establish a new Collection Account meeting the conditions specified
         above, transfer any monies, documents, instruments, investment
         property, certificates of deposit and other property to such new
         Collection Account and from the date such new Collection Account is
         established, it shall be the "Collection Account." Pursuant to the
                                       ------------------
         authority granted to the Servicer in Section 3.1(b) of the Transfer and
                                              --------------
         Servicing Agreement, the Servicer shall have the power, revocable by
         the Indenture Trustee, to make withdrawals and payments from the
         Collection Account and to instruct the Indenture Trustee in writing to
         make withdrawals and payments from the Collection Account for the
         purposes of carrying out the Servicer's or the Indenture Trustee's
         duties hereunder and under the Transfer and Servicing Agreement, as
         applicable. The Servicer shall reduce deposits into the Collection
         Account payable by the Seller on any Deposit Date to the extent the
         Seller is entitled to receive funds from the Collection Account on such
         Deposit Date.

                  Funds on deposit in the Collection Account (other than
         investment earnings and amounts deposited pursuant to Section 2.6, 6.1,
                                                               ------------ ---
         or 7.1 of the Transfer and
            ---

                                      52
<PAGE>

         Servicing Agreement or Section 11.2 of this Indenture) shall at the
                                ------------
         written direction of the Servicer be invested by the Indenture Trustee
         or its nominee in Permitted Investments selected by the Servicer. All
         such Permitted Investments shall be held by the Indenture Trustee for
         the benefit of the Noteholders pursuant to Sections 6.14 and 6.1(h).
                                                    -------------     ------
         Investments of funds representing Collections collected during any
         Monthly Period shall be invested in Permitted Investments that will
         mature so that such funds will be available no later than the close of
         business on each monthly Transfer Date following such Monthly Period in
         amounts sufficient to the extent of such funds to make the required
         distributions on the following Distribution Date. No such Permitted
         Investment shall be disposed of prior to its maturity; provided,
                                                                --------
         however, that the Indenture Trustee may sell, liquidate or dispose of
         -------
         any such Permitted Investment before its maturity, at the written
         direction of the Servicer, if such sale, liquidation or disposal would
         not result in a loss of all or part of the principal portion of such
         Permitted Investment or if, prior to the maturity of such Permitted
         Investment, a default occurs in the payment of principal, interest or
         any other amount with respect to such Permitted Investment. Unless
         directed by the Servicer in writing, funds deposited in the Collection
         Account on a Transfer Date with respect to the immediately succeeding
         Distribution Date are not required to be invested overnight. On each
         Distribution Date, all interest and other investment earnings (net of
         losses and investment expenses) on funds on deposit in the Collection
         Account shall be treated as Collections of Finance Charge Receivables
         with respect to the last day of the related Monthly Period, except as
         otherwise specified in any Indenture Supplement. The Indenture Trustee
         shall bear no responsibility or liability for any losses resulting from
         investment or reinvestment of any funds in accordance with this Section
                                                                         -------
         8.3 nor for the selection of Permitted Investments in accordance with
         ---
         the provisions of this Indenture and any Indenture Supplement.

                  (b)    The Servicer, for the benefit of the Noteholders, shall
         establish and maintain with the Indenture Trustee or its nominee in the
         name of the Indenture Trustee, on behalf of the Issuer, a Qualified
         Account (including any subaccounts thereof) bearing a designation
         clearly indicating that the funds and other property credited thereto
         are held for the benefit of the Noteholders (the "Excess Funding
                                                           --------------
         Account"). The Indenture Trustee shall possess all right, title and
         -------
         interest in all monies, instruments, investment property, documents,
         certificates of deposit and other property credited from time to time
         to the Excess Funding Account and in all proceeds, dividends
         distributions, earnings, income and revenue thereof for the benefit of
         the Noteholders. The Excess Funding Account shall be under the sole
         dominion and control of the Indenture Trustee for the benefit of the
         Noteholders. Except as expressly provided in this Indenture and the
         Transfer and Servicing Agreement, the Servicer agrees that it shall
         have no right of setoff or banker's lien against, and no right to
         otherwise deduct from, any funds and other property held in the Excess
         Funding Account for any amount owed to it by the Indenture Trustee, the

                                      53
<PAGE>

         Issuer, any Noteholder or any Series Enhancer. If, at any time, the
         Excess Funding Account ceases to be a Qualified Account and the same is
         actually known to a Trustee Officer of the Indenture Trustee, the
         Indenture Trustee (or the Servicer on its behalf) shall within 15 days
         (or such longer period, not to exceed thirty (30) calendar days, as to
         which each Rating Agency may consent) establish a new Excess Funding
         Account meeting the conditions specified above, transfer any monies,
         documents, instruments, investment property, certificates of deposit
         and other property to such new Excess Funding Account and from the date
         such new Excess Funding Account is established, it shall be the "Excess
                                                                          ------
         Funding Account."
         ---------------

                  Funds on deposit in the Excess Funding Account shall at the
         written direction of the Servicer be invested by the Indenture Trustee
         in Permitted Investments selected by the Servicer. All such Permitted
         Investments shall be held by the Indenture Trustee or its nominee
         (including any securities intermediary) for the benefit of the
         Noteholders pursuant to Sections 6.14 and 6.1(h). Funds on deposit in
                                 -------------     ------
         the Excess Funding Account on any Distribution Date will be invested in
         Permitted Investments that will mature so that such funds will be
         available no later than the close of business on the next succeeding
         Transfer Date. No such Permitted Investment shall be disposed of prior
         to its maturity; provided, however, that the Indenture Trustee may
                          --------  -------
         sell, liquidate or dispose of a Permitted Investment before its
         maturity, at the written direction of the Servicer, if such sale,
         liquidation or disposal would not result in a loss of all or part of
         the principal portion of such Permitted Investment or if, prior to the
         maturity of such Permitted Investment, a default occurs in the payment
         of principal, interest or any other amount with respect to such
         Permitted Investment. Unless directed by the Servicer in writing, funds
         deposited in the Excess Funding Account on a Transfer Date with respect
         to the immediately succeeding Distribution Date are not required to be
         invested overnight. On each Distribution Date, all interest and other
         investment earnings (net of losses and investment expenses) on funds on
         deposit in the Excess Funding Account shall be treated as Collections
         of Finance Charge Receivables with respect to the last day of the
         related Monthly Period except as otherwise specified in the related
         Indenture Supplement.

                  Section  8.4.  Collections and Allocations. From and after the
                                 ---------------------------
         FCMT Termination Date:

                  (a)    Collections. The Servicer shall apply or shall instruct
                         -----------
         the Indenture Trustee in writing to apply all funds on deposit in the
         Collection Account as described in this Article VIII and in each
                                                 ------------
         Indenture Supplement. Except as otherwise provided below, the Servicer
         shall deposit Collections into the Collection Account as promptly as
         possible after the Date of Processing of such Collections, but in no
         event later than the second Business Day following the Date of
         Processing. Subject to the express terms of any Indenture Supplement,
         but notwithstanding anything else

                                      54
<PAGE>

         in this Indenture or the Transfer and Servicing Agreement to the
         contrary, for so long as FCNB shall remain the Servicer and no Servicer
         Default has occurred and is continuing and either (i) the Servicer
         provides to the Indenture Trustee a letter of credit or other
         arrangement covering risk of collection of the Servicer and the
         Servicer shall have satisfied the Rating Agency Condition with respect
         to such arrangement or (ii) the Servicer (unless the Rating Agency
         Condition shall have been satisfied with respect to making monthly
         deposits) shall have and maintain a certificate of deposit or short-
         term deposit rating of P-1 by Moody's and of at least A-1 by Standard &
         Poor's and deposit insurance as required by law and by the FDIC, the
         Servicer need not make the daily deposits of Collections into the
         Collection Account as provided in the preceding sentence, but may make
         a single deposit in the Collection Account in immediately available
         funds on the Transfer Date following the Monthly Period with respect to
         which such deposit relates. Notwithstanding anything else in this
         Indenture or the Transfer and Servicing Agreement to the contrary, with
         respect to any Monthly Period, whether the Servicer is required to make
         deposits of Collections pursuant to the first or the second preceding
         sentence, (i) the Servicer will only be required to deposit Collections
         into the Collection Account up to the aggregate amount of Collections
         required to be deposited into any Series Account or, without
         duplication, distributed on or prior to the related Distribution Date
         to Noteholders or to any Series Enhancer pursuant to the terms of any
         Indenture Supplement or Enhancement Agreement, but the Servicer shall
         account for Collections as if the full deposit had been made and (ii)
         if at any time prior to such Distribution Date the amount of
         Collections deposited in the Collection Account exceeds the amount
         required to be deposited pursuant to clause (i) above, the Servicer
                                              ----------
         will be permitted to withdraw the excess from the Collection Account
         and pay such amount to the Holder of the Seller Interest. Subject to
         the immediately preceding sentence, the Servicer may retain its
         Servicing Fee with respect to a Series and shall not be required to
         deposit it in the Collection Account.

                  (b)    Series and Seller Allocations. Finance Charge
                         -----------------------------
         Collections, Collections of Principal Receivables and Defaulted
         Receivables will be allocated to each Series of Notes and to the
         Holders of the Seller Interest in accordance with this Article VIII and
                                                                ------------
         each Indenture Supplement, and amounts so allocated to any Series will
         not, except as specified in the related Indenture Supplement, be
         available to the Noteholders of any other Series. All Finance Charge
         Collections, Collections of Principal Receivables and Defaulted
         Receivables not so allocated to any Series of Notes shall be allocated
         and (in the case of Collections) paid to the Holder of the Seller
         Interest, except as otherwise provided in Section 8.4(g).
                                                   --------------

                  (c)    Allocation of Collections Between Finance Charge
                         ------------------------------------------------
         Receivables and Principal Receivables. On each Business Day, the
         -------------------------------------
         Servicer shall allocate Collections processed on the Accounts as
         Finance Charge Collections as set forth in Section 1.3 of the Transfer
                                                    -----------
         and Servicing Agreement, or, in the case of Discount Option

                                      55
<PAGE>

         Receivables, Finance Charge Collections as set forth in Section 2.8(b)
                                                                 --------------
         of the Transfer and Servicing Agreement. In addition all Collections
         which constitute Net Recoveries, investment earnings (net of investment
         expenses and losses) on the Collection Account and the Excess Funding
         Account shall be treated as Finance Charge Collections and allocated
         accordingly. The balance of the Collections processed on any Business
         Day shall be allocated to Principal Receivables.

                  (d)    Allocation of Collections of Recoveries and Defaulted
                         -----------------------------------------------------
         Amounts. On each Determination Date, the Servicer shall calculate the
         -------
         Investor Default Amount and the amount of Net Recoveries, if any, for
         the preceding Monthly Period with respect to each Series.

                  (e)    Adjustments for Miscellaneous Credits. The Servicer
                         -------------------------------------
         shall be obligated to reduce or adjust, as the case may be, on a net
         basis, the aggregate amount of Principal Receivables used to calculate
         the Seller Amount as provided in this Section 8.4(e) (a "Credit
                                               --------------     ------
         Adjustment") with respect to any Principal Receivable (i) which was
         ----------
         created in respect of merchandise refused or returned by the Obligor
         thereunder, (ii) which is reduced by the Servicer by any rebate,
         refund, chargeback or adjustment, (iii) as to which the Obligor
         thereunder has asserted a counterclaim or defense and either (x) the
         Servicer has agreed such counterclaim or defense is valid or (y) a
         final nonappealable judgment or decree has been entered in favor of
         such Obligor in respect of such counterclaim or defense by a court or
         arbitral body having jurisdiction thereof, or (iv) which the Servicer
         has determined was created through a fraudulent or counterfeit charge,
         but only if and to the extent such fraudulent or counterfeit charges
         are not included as charge-offs under the Cardholder Guidelines.

                  In the event that the exclusion of the amount of a Credit
         Adjustment from the calculation of the Seller Amount would cause the
         Seller Amount to be less than the Minimum Seller Amount, Seller shall
         make a deposit, no later than the Business Day following the Date of
         Processing of such Credit Adjustment, in the Excess Funding Account in
         immediately available funds, in an amount equal to the Shortfall
         Amount, after giving effect to such exclusion. Such deposit shall be
         applied in accordance with this Article VIII and the Indenture
                                         ------------
         Supplements and treated as a Principal Collection for all purposes
         hereof and thereof.

                  (f)    Net Payments. So long as FCNB is the Servicer and FCNB,
                         ------------
         as Servicer, is making daily deposits to the Collection Account in
         accordance with Section 8.4(a), FCNB, acting as Servicer and as agent
                         --------------
         for the Holder of the Seller Interest, may make a net payment to the
         Collection Account on each Deposit Date in the amount of all
         Collections received by the Servicer since the previous Deposit Date,
         minus all amounts payable to the Holder of the Seller Interest on or
         before such day in accordance with this Article VIII and the Indenture
                                                 ------------
         Supplements.

                                      56
<PAGE>

                  (g)    Unallocated Collections; Excess Funding Account. On
                         -----------------------------------------------
         each Business Day, Principal Collections allocable to the Seller
         Interest (including Shared Principal Collections and Excess Finance
         Charge Collections payable to the Holders of the Seller Interest) in an
         aggregate amount equal to the Shortfall Amount shall be deposited in
         the Excess Funding Account. Thereafter, amounts in the Excess Funding
         Account shall be treated as Shared Principal Collections to the extent
         that, after giving effect to the application of such amount as Shared
         Principal Collections to the extent provided in any Indenture
         Supplement, the Seller Amount would equal or exceed the Minimum Seller
         Amount.

                  (h)    Allocation of Deposit Obligations. If the Seller or the
                         ---------------------------------
         Servicer shall fail to make any Deposit Obligation, the amount thereof
         shall first be allocated to reduce the Seller Amount until the Seller
         Amount equals the Minimum Seller Amount. Any remaining shortfall shall
         be allocated to each Series ratably based upon a fraction the numerator
         of which is the Allocation Percentage used by such Series to allocate
         Default Amounts and the denominator of which is the sum of all such
         numerators of all Series outstanding (such allocated amount, the
         "Series Share" of such shortfall). The Series Share of each series that
          ------------
         specifies a Minimum Seller Percentage greater than zero shall be
         allocated to reduce the Seller Amount and any Collections otherwise
         allocable to the Seller Amount and the balance on deposit in the Excess
         Funding Account shall be available on a ratable basis to such Series to
         cover any shortfalls arising from such failure; provided to the extent
         the Seller Amount falls below zero, any portion of the Series Share of
         any such Series that is not covered as described above shall be
         allocated to such Series. The Series Share of each Series that
         specifies a Minimum Seller Percentage of zero shall be allocated to
         such series.

                  Section 8.5. Shared Principal Collections. From and after the
                               ----------------------------
         FCMT Termination Date, on each Distribution Date, (a) the Servicer
         shall allocate Shared Principal Collections (as described below) to
         each Principal Sharing Series, pro rata, in proportion to the Principal
         Shortfalls (as described below), if any, with respect to each such
         Series and (b) the Servicer shall withdraw from the Collection Account
         an amount equal to the excess, if any, of (i) the aggregate amount for
         all outstanding Series of Collections of Principal Receivables which
         the related Indenture Supplements specify are to be treated as "Shared
                                                                         ------
         Principal Collections" for such Distribution Date over (ii) the
         --------------------
         aggregate amount for all outstanding Series which the related Indenture
         Supplements specify are "Principal Shortfalls" for such Series and for
                                   -------------------
         such Distribution Date and shall (A) deposit such funds into the Excess
         Funding Account in an aggregate amount equal to the Shortfall Amount in
         accordance with Section 8.4(g) and (B) pay any remaining amount to the
                         --------------
         Holders of the Seller Interest. The Seller may, at its option, instruct
         the Indenture Trustee in writing to deposit

                                      57
<PAGE>

         Shared Principal Collections which are otherwise payable to the holders
         of the Seller Interest pursuant to the provisions set forth above into
         the Excess Funding Account.

                  Section 8.6. Excess Finance Charge Collections. From and after
                               ---------------------------------
         the FCMT Termination Date, on each Distribution Date, (a) the Servicer
         shall allocate Excess Finance Charge Collections (as described below)
         to each Excess Allocation Series, pro rata, in proportion to the
         Finance Charge Shortfalls (as described below), if any, with respect to
         each such Series and (b) the Servicer shall withdraw from the
         Collection Account an amount equal to the excess, if any, of (x) the
         aggregate amount for all outstanding Series of Collections of Finance
         Charge Receivables which the related Supplements specify are to be
         treated as "Excess Finance Charge Collections" for such Distribution
                     ---------------------------------
         Date over (y) the aggregate amount for all outstanding Series which the
         related Supplements specify are "Finance Charge Shortfalls" for such
                                          -------------------------
         Series and such Distribution Date and shall (A) deposit such funds into
         the Excess Funding Account in an aggregate amount equal to the
         Shortfall Amount in accordance with Section 8.4(g) and (b) pay any
                                                     ------     ---
         remaining amount to the holders of the Seller Interest; provided,
                                                                 --------
         however, that the sharing of Excess Finance Charge Collections among
         -------
         Series will continue only until such time, if any, at which the Seller
         shall deliver to the Indenture Trustee an Officer's Certificate to the
         effect that, in the reasonable belief of the Seller, the continued
         sharing of Excess Finance Charge Collections among Series would have
         adverse regulatory implications with respect to the Seller.
         Notwithstanding the foregoing, a Group of Series may specify in their
         related Indenture Supplements that Excess Finance Charge Collections
         from such Series shall be allocated as provided above but only among
         the Series in such Group.

                  Section 8.7. Allocation of Collateral to Series or Groups. To
                               --------------------------------------------
         the extent so provided in the Indenture Supplement for any Series or in
         an Indenture Supplement otherwise executed pursuant to Section 10.1,
                                                                ------------
         Receivables conveyed to the Issuer pursuant to Section 2.1 of the
                                                        -----------
         Transfer and Servicing Agreement and Receivables conveyed to the Issuer
         pursuant to Section 2.9 of the Transfer and Servicing Agreement and all
                     -----------
         Collections received with respect thereto may be allocated or applied
         in whole or in part to one or more Series or Groups as may be provided
         in such Indenture Supplement; provided, however, that any such
                                       --------  -------
         allocation or application shall be effective only upon satisfaction of
         the following conditions:

                           (i)     on or before the fifth Business Day
                  immediately preceding such allocation, the Servicer shall have
                  given the Indenture Trustee and each Rating Agency written
                  notice of such allocation;

                           (ii)    the Rating Agency Condition shall have been
                  satisfied with respect to such allocation; and

                                      58
<PAGE>

                           (iii)   the Servicer shall have delivered to the
                  Indenture Trustee an Officer's Certificate, dated the date of
                  such allocation, to the effect that the Servicer reasonably
                  believes that such allocation will not have an Adverse Effect.

                  Any such Indenture Supplement may provide that (i) such
         allocation to one or more particular Series or Groups may terminate
         upon the occurrence of certain events specified therein and (ii) that
         upon the occurrence of any such event, such assets and any Collections
         with respect thereto, shall be reallocated to other Series or Groups or
         to all Series, all as shall be provided in such Indenture Supplement.

                  Section  8.8. Release of Collateral; Eligible Loan Documents.
                                ----------------------------------------------

                  (a)    Upon the written direction of the Issuer, the Indenture
         Trustee may, and when required by the provisions of this Indenture
         shall, execute instruments to release property from the lien of this
         Indenture, or convey the Indenture Trustee's interest in the same, in a
         manner and under circumstances which are not inconsistent with the
         provisions of this Indenture. No party relying upon an instrument
         executed by the Indenture Trustee as provided in this Article VIII
                                                               ------------
         shall be bound to ascertain the Indenture Trustee's authority, inquire
         into the satisfaction of any conditions precedent or see to the
         application of any monies.

                  (b)    In order to facilitate the servicing of the Receivables
         by the Servicer, the Indenture Trustee upon Issuer Order shall
         authorize the Servicer to execute in the name and on behalf of the
         Indenture Trustee instruments of satisfaction or cancellation, or of
         partial or full release or discharge, and other comparable instruments
         with respect to the Receivables (and the Indenture Trustee shall
         execute any such documents on written request of the Servicer), subject
         to the obligations of the Servicer under the Transfer and Servicing
         Agreement.

                  (c)    The Indenture Trustee shall, at such time as there are
         no Notes outstanding, release and transfer, without recourse, all of
         the Collateral that secured the Notes (other than any cash held for the
         payment of the Notes pursuant to Section 4.2). The Indenture Trustee
                                          ------------
         shall release property from the lien of this Indenture pursuant to this
         Section 8.9(c) only upon receipt of an Issuer Order accompanied by an
         --------------
         Officer's Certificate, an Opinion of Counsel and (if required by the
         TIA) Independent Certificates in accordance with TIA (S)314(c) and
         314(d)(1) meeting the applicable requirements of Section 12.1.
                                                          -------------

                  (d)    Notwithstanding anything to the contrary in this
         Indenture, the Transfer and Servicing Agreement and the Trust
         Agreement, immediately prior to the release of any portion of the
         Collateral or any funds on deposit in the Series Accounts pursuant to
         this Indenture, the Indenture Trustee shall at the written request of
         the

                                      59
<PAGE>

         Issuer remit to the Seller for its own account any funds that, upon
         such release, would otherwise be remitted to the Issuer.

                  Section 8.9. Opinion of Counsel. The Indenture Trustee shall
                               ------------------
         receive at least seven (7) days notice when requested by the Issuer to
         take any action pursuant to Section 8.8(a), accompanied by copies of
                                     --------------
         any instruments involved, and the Indenture Trustee shall also require,
         as a condition to such action, an Opinion of Counsel, in form and
         substance reasonably satisfactory to the Indenture Trustee, 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 and such action will not
         materially and adversely impair the security for the Notes or the
         rights of the Noteholders in contravention of the provisions of this
         Indenture; provided, however, that such Opinion of Counsel shall not be
                    --------  -------
         required to express an opinion as to the fair value of the Collateral.
         The Indenture Trustee and counsel rendering any such opinion may
         conclusively 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.

                                  ARTICLE IX

                   DISTRIBUTIONS AND REPORTS TO NOTEHOLDERS

                  Distributions shall be made to, and reports shall be provided
         to, Noteholders as set forth in the applicable Indenture Supplement.
         The identity of the Noteholders with respect to distributions and
         reports shall be determined according to the immediately preceding
         Record Date.

                                   ARTICLE X

                            SUPPLEMENTAL INDENTURES

                  Section  10.1. Supplemental Indentures Without Consent of
                                 ------------------------------------------
         Noteholders.
         -----------

                  (a)    Without the consent of the Holders of any Notes but
         with prior notice to each Rating Agency with respect to the Notes of
         all Series rated by such Rating Agency, the Issuer and the Indenture
         Trustee, when authorized by an Issuer Order, at any time and from time
         to time, may enter into one or more indentures supplemental hereto
         (which shall conform to the provisions of the TIA as in force at the
         date of the execution thereof), in form satisfactory to the Indenture
         Trustee, for any of the following purposes:

                                      60
<PAGE>

                           (i)    to correct or amplify the description of any
                  property at any time subject to the lien of this Indenture, or
                  better to assure, convey and confirm unto the Indenture
                  Trustee any property subject or required to be subjected to
                  the lien of this Indenture, or to subject to the lien of this
                  Indenture additional property;

                           (ii)   to evidence the succession, in compliance with
                  Section 3.11, of another person to the Issuer, and the
                  ------------
                  assumption by any such successor of the covenants of the
                  Issuer contained herein and in the Notes;

                           (iii)  to add to the covenants of the Issuer, for the
                  benefit of the Holders of the Notes, or to surrender any right
                  or power herein conferred upon the Issuer;

                           (iv)   to convey, transfer, assign, mortgage or
                  pledge any property to or with the Indenture Trustee;

                           (v)    to cure any ambiguity, to correct or
                  supplement any provision herein or in any supplemental
                  indenture that may be inconsistent with any other provision
                  herein or in any supplemental indenture or to make any other
                  provisions with respect to matters or questions arising under
                  this Indenture or in any supplemental indenture; provided that
                                                                   --------
                  such action shall not adversely affect the interests of the
                  Holders of the Notes;

                           (vi)   to evidence and provide for the acceptance of
                  the appointment hereunder by a successor indenture trustee
                  with respect to the Notes and to add to or change any of the
                  provisions of this Indenture as shall be necessary to
                  facilitate the administration of the trusts hereunder by more
                  than one indenture trustee, pursuant to the requirements of
                  Article VI;
                  ----------

                           (vii)  to modify, eliminate or add to the provisions
                  of this Indenture to such extent as shall be necessary to
                  effect the qualification of this Indenture under the TIA or
                  under any similar federal statute hereafter enacted and to add
                  to this Indenture such other provisions as may be expressly
                  required by the TIA;

                           (viii) to provide for the issuance of one or more new
                  Series of Notes, in accordance with the provisions of Section
                                                                        -------
                  2.12; or
                  ----

                           (ix)   to provide for the termination of any interest
                  rate swap agreement or other form of credit enhancement or
                  maturity guarantee agreement in accordance with the provisions
                  of the related Indenture Supplement.

                                      61
<PAGE>

                  The Indenture Trustee is hereby authorized to join in the
         execution of any such supplemental indenture and to make any further
         appropriate agreements and stipulations that may be therein contained.

                  (b) The Issuer and the Indenture Trustee, when authorized by
         an Issuer Order, may, also without the consent of any Noteholders of
         any Series then Outstanding but upon satisfaction of the Rating Agency
         Condition with respect to the Notes of all Series, enter into an
         indenture or indentures supplemental hereto for the purpose of adding
         any provisions to, or changing in any manner or eliminating any of the
         provisions of, this Indenture or of modifying in any manner the rights
         of the Holders of the Notes under this Indenture; provided, however
                                                           --------  -------
         that the Seller shall have delivered to the Owner Trustee and the
         Indenture Trustee an Officer's Certificate, dated the date of any such
         action, stating that all requirements for such amendments contained in
         the Agreement have been met and the Seller reasonably believes that
         such action will not have an Adverse Effect. Additionally,
         notwithstanding the preceding sentence, the Issuer and the Indenture
         Trustee, when authorized by an Issuer Order, may, without the consent
         of any Noteholders of any Series then Outstanding or the Series
         Enhancers for any Series, enter into an indenture or indentures
         supplemental hereto to add, modify or eliminate such provisions as may
         be necessary or advisable in order to enable all or a portion of the
         Issuer (i) to qualify as, and to permit an election to be made to cause
         the Issuer to be treated as, a "financial asset securitization
         investment trust" as described in the provisions of Section 860L of the
         Code, and (ii) to avoid the imposition of state or local income or
         franchise taxes imposed on the Issuer's property or its income;
         provided, however, that (i) the Seller delivers to the Indenture
         --------  -------
         Trustee and the Owner Trustee an Officer's Certificate to the effect
         that the proposed amendments meet the requirements set forth in this
         Section 10.1(b), (ii) the Rating Agency Condition will have been
         ---------------
         satisfied and (iii) such amendment does not affect the rights, duties,
         protections, indemnities, immunities or obligations of the Indenture
         Trustee or the Owner Trustee hereunder. The amendments which the Seller
         may make without the consent of Noteholders pursuant to the preceding
         sentence may include the addition or sale of Receivables.

                  Section 10.2. Supplemental Indentures with Consent of
                                ---------------------------------------
         Noteholders. The Issuer and the Indenture Trustee, when authorized by
         -----------
         an Issuer Order, also may, upon satisfaction of the Rating Agency
         Condition and with the consent of the Holders of Notes representing
         more than 66-2/3% of the principal balance of the Outstanding Notes of
         each adversely affected Series, by Act of such Holders delivered to the
         Issuer and the Indenture Trustee, enter into an indenture or indentures
         supplemental hereto for the purpose of adding any provisions to,
         changing in any manner or eliminating any of the provisions of this
         Indenture or of modifying in any manner the rights of such Noteholders
         under this Indenture; provided, however that no such supplemental
                               --------  -------
         indenture shall, without the consent of the Holder of each outstanding
         Note affected thereby:

                                      62
<PAGE>

                  (a) change the due date of any installment of principal of or
         interest on any Note, or reduce the principal amount thereof, the
         interest rate specified thereon or the redemption price with respect
         thereto or change any place of payment where, or the coin or currency
         in which, any Note or any interest thereon is payable;

                  (b) impair the right to institute suit for the enforcement of
         the provisions of this Indenture requiring the application of funds
         available therefor, as provided in Article V, to the payment of any
                                            ---------
         such amount due on the Notes on or after the respective due dates
         thereof (or, in the case of redemption, on or after the Redemption
         Date);

                  (c) reduce the percentage of the Outstanding Notes of any
         Series the consent of the Holders of which is required for any such
         supplemental indenture, or the consent of the Holders of which is
         required for any waiver of compliance with certain provisions of this
         Indenture or certain defaults hereunder and their consequences as
         provided for in this Indenture;

                  (d) reduce the percentage of the Outstanding Notes of any
         Series, the consent of the Holders of which is required to direct the
         Indenture Trustee to sell or liquidate the Collateral if the proceeds
         of such sale would be insufficient to pay the principal amount and
         accrued but unpaid interest on the outstanding Notes of such Series;

                  (e) decrease the percentage of the Outstanding Notes required
         to amend the sections of this Indenture which specify the applicable
         percentage of the Outstanding Notes of any Series necessary to amend
         the Indenture or any Transaction Documents which require such consent;

                  (f) modify or alter the provisions of this Indenture
         prohibiting the voting of Notes held by the Issuer, any other Obligor
         on the Notes, a Seller or any affiliate thereof; or

                  (g) permit the creation of any Lien ranking prior to or on a
         parity with the lien of this Indenture with respect to any part of the
         Collateral for any Notes or, except as otherwise permitted or
         contemplated herein, terminate the Lien of this Indenture on any such
         Collateral at any time subject hereto or deprive the Holder of any Note
         of the security provided by the Lien of this Indenture.

                  The Indenture Trustee may in its discretion determine whether
         or not any Notes would be affected by any supplemental indenture and
         any such determination shall be conclusive upon the Holders of all
         Notes, whether theretofore or thereafter

                                      63
<PAGE>

         authenticated and delivered hereunder. The Indenture Trustee shall not
         be liable for any such determination made in good faith.

                  Satisfaction of the Rating Agency Condition shall not be
         required with respect to the execution of any supplemental indenture
         pursuant to this Section 10.2 for which the consent of all of the
                          ------------
         affected Noteholders is required.

                  It shall not be necessary for any Act of Noteholders under
         this Section 10.2 to approve the particular form of any proposed
              ------------
         supplemental indenture, but it shall be sufficient if such Act shall
         approve the substance thereof.

                  Promptly after the execution by the Issuer and the Indenture
         Trustee of any supplemental indenture pursuant to this Section 10.2,
                                                                ------------
         the Indenture Trustee shall mail to the Holders of the Notes to which
         such amendment or supplemental indenture relates written notice setting
         forth in general terms the substance of such supplemental indenture.
         Any failure of the Indenture Trustee to mail such notice, or any defect
         therein, shall not, however, in any way impair or affect the validity
         of any such supplemental indenture.

                  Section 10.3. Execution of Supplemental Indentures. In
                                ------------------------------------
         executing, or permitting the additional trusts created by, any
         supplemental indenture permitted by this Article X or the modification
                                                  ---------
         thereby of the trusts created by this Indenture, the Indenture Trustee
         shall be entitled to receive, and shall be fully protected in relying
         upon, an Opinion of Counsel stating that the execution of such
         supplemental indenture is authorized or permitted by this Indenture and
         stating that all requisite consents have been obtained or that no
         consents are required and stating that such supplemental indenture or
         modification constitutes the legal, valid and binding obligation of the
         Issuer in accordance with its terms. The Indenture Trustee may, but
         shall not be obligated to, enter into any such supplemental indenture
         that affects the Indenture Trustee's own rights, duties, liabilities or
         immunities under this Indenture or otherwise.

                  Section 10.4. Effect of Supplemental Indenture. Upon the
                                --------------------------------
         execution of any supplemental indenture under this Article X, this
                                                            ---------
         Indenture shall be modified in accordance therewith, and such
         supplemental indenture shall form a part of this Indenture for all
         purposes, and every Holder of Notes theretofore or thereafter
         authenticated and delivered hereunder shall be bound thereby. This
         Section 10.4 does not apply to Indenture Supplements.
         ------------

                  Section 10.5. Conformity With Trust Indenture Act. Every
                                -----------------------------------
         amendment of this Indenture and every supplemental indenture executed
         pursuant to this Article X shall conform to the requirements of the TIA
                          ---------
         as then in effect so long as this Indenture shall then be qualified
         under the TIA.

                                      64
<PAGE>

                  Section 10.6. Reference in Notes to Supplemental Indentures.
                                ---------------------------------------------
         Notes authenticated and delivered after the execution of any
         supplemental indenture pursuant to this Article X may, and if required
                                                 ---------
         by the Indenture Trustee shall, bear a notation in form approved by the
         Indenture Trustee as to any matter provided for in such supplemental
         indenture. If the Issuer shall so determine, new Notes so modified as
         to conform, in the opinion of the Indenture Trustee and the Issuer, to
         any such supplemental indenture may be prepared and executed by the
         Issuer and authenticated and delivered by the Indenture Trustee in
         exchange for the outstanding Notes.

                                  ARTICLE XI

                                  TERMINATION

                  Section 11.1. Termination of Issuer. The Issuer and the
                                ---------------------
         respective obligations and responsibilities of the Indenture Trustee
         created hereby (other than the obligation of the Indenture Trustee to
         make payments to Noteholders as hereinafter set forth) shall terminate,
         except with respect to the duties described in Section 11.2(b), as
                                                        ---------------
         provided in the Trust Agreement.

                  Section  11.2.    Final Distribution.
                                    ------------------

                  (a) The Servicer shall give the Indenture Trustee and the
         Rating Agencies at least thirty (30) days prior written notice of the
         Distribution Date on which the Noteholders of any Series or Class may
         surrender their Notes for payment of the final distribution on and
         cancellation of such Notes (or, in the event of a final distribution
         resulting from the application of Section 2.6 of the Transfer and
                                           -----------
         Servicing Agreement, notice of such Distribution Date promptly after
         the Servicer has determined that a final distribution will occur, if
         such determination is made less than thirty (30) days prior to such
         Distribution Date). Such notice shall be accompanied by an Officer's
         Certificate setting forth the information specified in Section 3.5 of
                                                                -----------
         the Transfer and Servicing Agreement covering the period during the
         then-current calendar year through the date of such notice. Not later
         than the fifth day of the month in which the final distribution in
         respect of such Series or Class is payable to Noteholders, the
         Indenture Trustee shall provide notice to Noteholders of such Series or
         Class specifying (i) the date upon which final payment of such Series
         or Class will be made upon presentation and surrender of Notes of such
         Series or Class at the office or offices therein designated, (ii) the
         amount of any such final payment and (iii) that the Record Date
         otherwise applicable to such payment date is not applicable, payments
         being made only upon presentation and surrender of such Notes at the
         office or offices therein specified (which in the case of Bearer Notes
         shall be outside

                                      65
<PAGE>

         the United States). The Indenture Trustee shall give such notice to the
         Transfer Agent and Registrar and the Paying Agent at the time such
         notice is given to Noteholders.

                  (b) Notwithstanding a final distribution to the Noteholders of
         any Series or Class (or the termination of the Issuer), except as
         otherwise provided in this paragraph, all funds then on deposit in the
         Collection Account and any Series 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 (and
         any excess shall be paid in accordance with the terms of any
         Enhancement Agreement). 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 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 Series Account held
         for the benefit of such Noteholders. The Indenture Trustee and, upon
         the written request of the Servicer, 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 11.3. Issuer's Termination Rights. Upon the
                                ---------------------------
         termination of the Issuer pursuant to the terms of the Trust Agreement
         and upon the written direction of the Issuer, the Indenture Trustee
         shall assign and convey to the Holders of the Seller Interest or any of
         their designees, without recourse, representation or warranty, all
         right, title and interest of the Issuer in the Receivables, whether
         then existing or thereafter created, all Recoveries related thereto all
         monies due or to become due and all amounts received or receivable with
         respect thereto (including all moneys then held in the Collection
         Account or any Series Account) and all proceeds thereof, except for
         amounts held by the Indenture Trustee pursuant to Section 11.2(b). The
                                                           ---------------
         Indenture Trustee shall execute and deliver such instruments of
         transfer and assignment, in each case without recourse, as shall be
         reasonably requested in writing by the Holders of the Seller Interest
         to vest in the Holders of the Seller Interest or any of their designees
         all right, title and interest which the Indenture Trustee had in the
         Collateral and such other property.

                                      66
<PAGE>

                                  ARTICLE XII

                                 MISCELLANEOUS

                 Section  12.1. Compliance Certificates and Opinions etc.
                                ----------------------------------------

                 (a) Upon any application or request by the Issuer to the
         Indenture Trustee to take any action under any provision of this
         Indenture, the Issuer shall furnish to the Indenture Trustee (i) an
         Officer's Certificate stating that all conditions precedent, if any,
         provided for in this Indenture relating to the proposed action have
         been complied with and (ii) (if required by the TIA) an Independent
         Certificate from a firm of certified public accountants meeting the
         applicable requirements of this Section 12.1, except that, in the case
                                         ------------
         of any such application or request as to which the furnishing of such
         documents is specifically required by any provision of this Indenture,
         no additional certificate or opinion need be furnished.

                 Every certificate or opinion with respect to compliance with a
         condition or covenant provided for in this Indenture shall include:

                           (i)   a statement that each signatory of such
                  certificate or opinion has read or has caused to be read such
                  covenant or condition and the definitions herein relating
                  thereto;

                           (ii)  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;

                           (iii) a statement that, in the opinion of each such
                  signatory, such signatory has made such examination or
                  investigation as is necessary to enable such signatory to
                  express an informed opinion as to whether or not such covenant
                  or condition has been complied with; and

                           (iv)  a statement as to whether, in the opinion of
                  each such signatory, such condition or covenant has been
                  complied with.

                 (b)  Other than with respect to the release of any Receivables
         in Removed Accounts, whenever any property or investment property is to
         be released from the lien of this Indenture, the Issuer shall also
         furnish to the Indenture Trustee an Officer's Certificate certifying or
         stating the opinion of each person signing such certificate as to the
         fair value (within ninety (90) days of such release) of the property or
         securities proposed to be released and stating that in the opinion of
         such person the proposed release will not impair the security under
         this Indenture in contravention of the provisions hereof.

                                      67
<PAGE>

                           (i) Notwithstanding any other provision of this
                  Section 12.1, the Issuer may (A) collect, liquidate, sell or
                  ------------
                  otherwise dispose of Receivables as and to the extent
                  permitted or required by the Transaction Documents and (B)
                  make cash payments out of the Series Accounts as and to the
                  extent permitted or required by the Transaction Documents.

                 Section 12.2. Form of Documents Delivered to Indenture Trustee.
                               ------------------------------------------------
         In any case where several matters are required to be certified by, or
         covered by an opinion of, any specified Person, it is not necessary
         that all such matters be certified by, or covered by the opinion of,
         only one such Person, or that they be so certified or covered by only
         one document, but one such Person may certify or give an opinion with
         respect to some matters and one or more other such Persons as to other
         matters, and any such Person may certify or give an opinion as to such
         matters in one or several documents.

                 Any certificate or opinion of a Responsible Officer of the
         Issuer may be based, insofar as it relates to legal matters, upon a
         certificate or opinion of, or representations by, counsel, unless such
         officer knows, or in the exercise of reasonable care should know, that
         the certificate or opinion or representations with respect to the
         matters upon which such officer's certificate or opinion is based are
         erroneous. Any such certificate of a Responsible Officer or Opinion of
         Counsel may be based, insofar as it relates to factual matters, upon a
         certificate or opinion of, or representations by, an officer or
         officers of the Servicer, a Seller, the Issuer or the Administrator,
         stating that the information with respect to such factual matters is in
         the possession of the Servicer, a Seller, the Issuer or the
         Administrator, unless such Responsible Officer or Counsel has actual
         knowledge that the certificate or opinion or representations with
         respect to such matters are erroneous.

                 Where any Person is required to make, give or execute two (2)
         or more applications, requests, consents, certificates, statements,
         opinions or other instruments under this Indenture, they may, but need
         not, be consolidated and form one instrument.

                 Whenever in this Indenture, in connection with any application
         or certificate or report to the Indenture Trustee, it is provided that
         the Issuer shall deliver any document as a condition of the granting of
         such application, or as evidence of the Issuer's compliance with any
         term hereof, it is intended that the truth and accuracy, at the time of
         the granting of such application or at the effective date of such
         certificate or report (as the case may be), of the facts and opinions
         stated in such document shall in such case be conditions precedent to
         the right of the Issuer to have such application granted or to the
         sufficiency of such certificate or report. The foregoing shall not,
         however, be construed to affect the Indenture Trustee's right to

                                      68
<PAGE>

         conclusively rely upon the truth and accuracy of any statement or
         opinion contained in any such document as provided in Article VI.
                                                               ----------

                 Section  12.3. Acts of Noteholders.
                                -------------------

                 (a) Any request, demand, authorization, direction, notice,
         consent, waiver or other action provided by this Indenture to be given
         or taken by Noteholders may be embodied in and evidenced by one or more
         instruments of substantially similar tenor signed by such Noteholders
         in person or by their agents duly appointed in writing and satisfying
         any requisite percentages as to minimum number or dollar value of
         outstanding principal amount represented by such Noteholders; and,
         except as herein otherwise expressly provided, such action shall become
         effective when such instrument or instruments are delivered to the
         Indenture Trustee, and, where it is hereby expressly required, to the
         Issuer. Such instrument or instruments (and the action embodied therein
         and evidenced thereby) are herein sometimes referred to as the "Act" of
                                                                         ---
         the Noteholders signing such instrument or instruments. Proof of
         execution of any such instrument or of a writing appointing any such
         agent shall be sufficient for any purpose of this Indenture and
         conclusive in favor of the Indenture Trustee and the Issuer, if made in
         the manner provided in this Section 12.3.
                                     ------------

                 (b) The fact and date of the execution by any Person of any
         such instrument or writing may be proved in any manner which the
         Indenture Trustee deems sufficient.

                 (c) The ownership of Notes shall be proved by the Note
         Register.

                 (d) Any request, demand, authorization, direction, notice,
         consent, waiver or other action by the Holder of any Notes shall bind
         the Holder (and any transferee thereof) of every Note issued upon the
         registration thereof in exchange therefor or in lieu thereof, in
         respect of anything done, omitted or suffered to be done by the
         Indenture Trustee or the Issuer in reliance thereon, whether or not
         notation of such action is made upon such Note.

                 Section  12.4. Notices, Etc. to Indenture Trustee and Issuer.
                                ---------------------------------------------
         Any request, demand, authorization, direction, notice, consent, waiver
         or Act of Noteholders or other documents provided or permitted by the
         Agreement to be made upon, given or furnished to, or filed with:

                 (a) the Indenture Trustee by any Noteholder or by the Issuer
         shall be sufficient for every purpose hereunder if made, given,
         furnished or filed in writing to a Trustee Officer, by facsimile
         transmission or by other means acceptable to the Indenture Trustee to
         or with the Indenture Trustee at its Corporate Trust Office; or

                                      69
<PAGE>

                 (b) the Issuer by the Indenture Trustee or by any Noteholder
         shall be sufficient for every purpose hereunder if in writing and
         mailed, first-class postage prepaid, to the Issuer addressed to it and
         received by it c/o Bankers Trust Company, Four Albany Street, 10th
         Floor, New York, New York 10006, Attn: Corporate Trust and Agency
         Services, or at any other address previously furnished in writing to
         the Indenture Trustee by the Issuer. A copy of each notice to the
         Issuer shall be sent in writing and mailed, first-class postage
         prepaid, to the Administrator at First Consumers National Bank, 9300
         S.W. Gemini Drive, Beaverton, Oregon 97008, Attn.: President.

                 Section 12.5. Notices to Noteholders; Waiver. Where the
                               ------------------------------
         Indenture provides for notice to Noteholders of any event, such notice
         shall be sufficiently given (unless otherwise herein expressly
         provided) if in writing and mailed by registered or certified mail or
         first class postage prepaid or national overnight courier service to
         each Noteholder affected by such event, at its address as it appears on
         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 Noteholders is given by mail, neither the failure
         to mail such notice, nor any defect in any notice so mailed, to any
         particular Noteholder shall affect the sufficiency of such notice with
         respect to other Noteholders, and any notice which is mailed in the
         manner herein provided shall conclusively be presumed to have been duly
         given.

                 Where this Indenture provides for notice in any manner, such
         notice may be waived in writing by any Person entitled to receive such
         notice, either before or after the event, and such waiver shall be the
         equivalent of such notice. Waivers of notice by Noteholders shall be
         filed with the Indenture Trustee but such filing shall not be a
         condition precedent to the validity of any action taken in reliance
         upon such waiver.

                 In the event that, by reason of the suspension of regular mail
         service as a result of a strike, work stoppage or similar activity, it
         shall be impractical to mail notice of any event to Noteholders when
         such notice is required to be given pursuant to any provision of this
         Indenture, then any manner of giving such notice as shall be
         satisfactory to the Indenture Trustee shall be deemed to be a
         sufficient giving of such notice.

                 Where this Indenture provides for notice to any Rating Agency,
         failure to give such notice shall not affect any other rights or
         obligations created hereunder and shall not under any circumstance
         constitute a Default or Event of Default.

                 Section 12.6. Alternate Payment and Notice Provisions.
                               ---------------------------------------
         Notwithstanding any provision of this Indenture or any of the Notes to
         the contrary, the Issuer, with the prior 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 by the Indenture

                                      70
<PAGE>

     Trustee or any Paying Agent to such Holder, 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 to be made and notices to be
     given in accordance with such agreements.

          Section 12.7.   Conflict with Trust Indenture Act. If any provision
                          ---------------------------------
     hereof limits, qualifies or conflicts with another provision hereof that is
     required to be included in this indenture by any of the provisions of the
     TIA, such required provision shall control.

          The provisions of TIA (S)(S) 310 through 317 that impose duties on any
     person (including the provisions automatically deemed included herein
     unless expressly excluded by this Indenture) are a part of and govern this
     Indenture, whether or not physically contained herein.

          Section 12.8.   Effect of Headings and Table of Contents. The Article
                          ----------------------------------------
     and Section headings herein and the Table of Contents are for convenience
     only and shall not affect the construction hereof.

          Section  12.9.  Successors and Assigns. All covenants and agreements
                          ----------------------
     in this Indenture by the Issuer shall bind its successors and assigns,
     whether so expressed or not.

          Section 12.10.  Separability. In case any provision in this Indenture
                          ------------
     or in the Notes shall be invalid, illegal or unenforceable, the validity,
     legality, and enforceability of the remaining provisions shall not in any
     way be affected or impaired thereby.

          Section 12.11.  Benefits of Indenture. Nothing in this Indenture or in
                          ---------------------
     the Notes, express or implied, shall give to any Person, other than the
     parties hereto and their successors hereunder, and the Noteholders, the
     Servicer and the Seller, any benefit.

          Section 12.12.  Legal Holidays. In any case where the date on which
                          --------------
     any payment is due shall not be a Business Day, then (notwithstanding any
     other provision of the Notes or this Indenture) payment need not be made on
     such date, but may be made on the next succeeding Business Day with the
     same force and effect as if made on the date on which nominally due, and no
     interest shall accrue for the period from and after any such nominal date.

          Section 12.13.  GOVERNING LAW. THIS INDENTURE AND EACH NOTE SHALL BE
                          -------------
     CONSTRUED IN ACCORDANCE WITH AND GOVERNED

                                      71
<PAGE>

     BY THE LAWS OF THE STATE OF ILLINOIS APPLICABLE TO AGREEMENTS MADE AND TO
     BE PERFORMED THEREIN; PROVIDED, HOWEVER, THAT THE DUTIES AND OBLIGATIONS OF
     THE INDENTURE TRUSTEE SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY
     THE LAWS OF THE STATE OF NEW YORK WITHOUT REFERENCE TO ITS CHOICE OF LAW
     PROVISIONS.

          Section 12.14. Counterparts. This Indenture may be executed in any
                         ------------
     number of counterparts, each of which so executed shall be deemed to be an
     original, but all such counterparts shall together constitute but one and
     the same instrument.

          Section 12.15. Issuer Obligation. No recourse may be taken, directly
                         -----------------
     or indirectly, with respect to the obligations of the Issuer, the Owner
     Trustee or the Indenture Trustee on the Notes or under this Indenture or
     any certificate or other writing delivered in connection herewith or
     therewith, against (i) the Indenture Trustee or the Owner Trustee in its
     individual capacity, (ii) any owner of a beneficial interest in the Issuer
     or (iii) any partner, owner, beneficiary, agent, officer, director,
     employee or agent of the Indenture Trustee or the Owner Trustee in its
     individual capacity, any holder of a beneficial interest in the Issuer, the
     Owner Trustee or the Indenture Trustee or of any successor or assign of the
     Indenture Trustee or the Owner Trustee in its individual capacity, except
     as any such Person may have expressly agreed (it being understood that the
     Indenture Trustee and the Owner Trustee have no such obligations in their
     individual capacity) and except that any such partner, owner or beneficiary
     shall be fully liable, to the extent provided by applicable law, for any
     unpaid consideration for stock, unpaid capital contribution or failure to
     pay any installment or call owing to such entity. For all purposes of this
     Indenture, in the performance of any duties or obligations of the Issuer
     hereunder, the Owner Trustee shall be subject to, and entitled to the
     benefits of, the terms and provisions of Articles V, VI and VII of the
                                              ----------  --     ---
     Trust Agreement.

          Section 12.16. No Petition. The Indenture Trustee, by entering into
                         -----------
     this Indenture, and each Noteholder, by accepting a Note, hereby covenant
     and agree that they will not at any time institute against the Issuer or
     First Consumers Master Trust, or join in instituting against the Issuer or
     First Consumers Master Trust any bankruptcy, reorganization, arrangement,
     insolvency or liquidation proceedings, or other proceedings under any
     United States federal or state bankruptcy or similar law.

                                      72
<PAGE>

          IN WITNESS WHEREOF, the Issuer and the Indenture Trustee have caused
     this Indenture to be duly executed by their respective officers thereunto
     duly authorized and attested, all as of the day and year first above
     written.

                                                FIRST CONSUMERS CREDIT CARD
                                                MASTER NOTE TRUST,
                                                as Issuer

                                                By:  Bankers Trust Company,
                                                not in its individual capacity,
                                                but solely as Owner Trustee

                                                By: /s/ Eileen M. Hughes
                                                    --------------------
                                                Name:   Eileen M. Hughes
                                                Title: Vice President

                                                THE BANK OF NEW YORK,
                                                as Indenture Trustee

                                                By: /s/ Greg Anderson
                                                    ------------------
                                                Name:   Greg Anderson
                                                Title: Authorized Agent

     Acknowledged and Accepted:

     FIRST CONSUMERS NATIONAL BANK,
     as Servicer and Seller

     By: /s/ John R. Steele
         ------------------
     Name:   John R. Steele
     Title: Treasurer

     First Consumers Credit Card Master Note Trust

                                      73
<PAGE>

     Master Indenture Signature Page

                                      74
<PAGE>

                                    ANNEX A
                                      to
                               MASTER INDENTURE

                                  DEFINITIONS
                                  -----------

                                      75

<PAGE>

                               TABLE OF CONTENTS

<TABLE>
<CAPTION>

                                                                                           Page
                                                                                           ----
<S>                                                                                        <C>
ARTICLE I    DEFINITIONS..................................................................    2
             Section  1.1.    Definitions.................................................    2
             Section  1.2.    Other Definitional Provisions...............................    2

ARTICLE II   THE NOTES....................................................................    4
             Section  2.1.    Form Generally..............................................    4
             Section  2.2.    Denominations...............................................    4
             Section  2.3.    Execution, Authentication and Delivery......................    4
             Section  2.4.    Authenticating Agent........................................    5
             Section  2.5.    Registration of and Limitations on Transfer and Exchange
                              of Notes....................................................    6
             Section  2.6.    Mutilated, Destroyed, Lost or Stolen Notes..................    8
             Section  2.7.    Persons Deemed Owners.......................................    9
             Section  2.8.    Appointment of Paying Agent.................................    9
             Section  2.9.    Access to List of Noteholders' Names and Addresses..........   10
             Section  2.10.   Cancellation................................................   11
             Section  2.11.   [Reserved]..................................................   11
             Section  2.12.   New Issuances...............................................   11
             Section  2.13.   Book-Entry Notes............................................   12
             Section  2.14.   Notices to Clearing Agency or Foreign Clearing
                              Agency......................................................   14
             Section  2.15.   Definitive Notes............................................   14
             Section  2.16.   Global Note.................................................   14
             Section  2.17.   Meetings of Noteholders.....................................   15

ARTICLE III  REPRESENTATIONS AND COVENANTS OF ISSUER......................................   15
             Section  3.1.    Payment of Principal and Interest...........................   15
             Section  3.2.    Maintenance of Office or Agency.............................   16
             Section  3.3.    Money for Note Payments to Be Held in Trust.................   16
             Section  3.4.    Existence...................................................   17
             Section  3.5.    Protection of Collateral....................................   17
             Section  3.6.    Opinions as to Collateral...................................   18
             Section  3.7.    Performance of Obligations; Servicing of Receivables........   19
             Section  3.8.    Negative Covenants..........................................   21
             Section  3.9.    Statements as to Compliance.................................   21
             Section  3.10.   Issuer May Consolidate, Etc., Only on Certain Terms.........   22
</TABLE>

                                       i
<PAGE>

<TABLE>
<S>                                                                                          <C>
             Section  3.11.   Successor Substituted......................................    24
             Section  3.12.   No Other Business..........................................    24
             Section  3.13.   [Reserved].................................................    24
             Section  3.14.   Servicer's Obligations.....................................    24
             Section  3.15.   Investments................................................    24
             Section  3.16.   Capital Expenditures.......................................    24
             Section  3.17.   Removal of Administrator...................................    24
             Section  3.18.   Restricted Payments........................................    25
             Section  3.19.   Notice of Events of Default................................    25
             Section  3.20.   Further Instruments and Acts...............................    25

ARTICLE IV   SATISFACTION AND DISCHARGE..................................................    25
             Section  4.1.    Satisfaction and Discharge of this Indenture...............    25
             Section  4.2.    Application of Issuer Money................................    27

ARTICLE V    PAY OUT EVENTS, DEFAULTS AND REMEDIES.......................................    27
             Section  5.1.    Pay Out Events.............................................    27
             Section  5.2.    Events of Default..........................................    27
             Section  5.3.    Acceleration of Maturity; Rescission and Annulment.........    29
             Section  5.4.    Collection of Indebtedness and Suits for Enforcement
                              by Indenture Trustee.......................................    30
             Section  5.6.    Optional Preservation of the Collateral....................    34
             Section  5.7.    Limitation on Suits........................................    34
             Section  5.8.    Unconditional Rights of Noteholders to
                              Receive Principal and Interest.............................    35
             Section  5.10.   Rights and Remedies Cumulative.............................    35
             Section  5.11.   Delay or Omission Not Waiver...............................    35
             Section  5.12.   Rights of Noteholders to Direct Indenture Trustee..........    36
             Section  5.13.   Waiver of Past Defaults....................................    36
             Section  5.14.   Undertaking for Costs......................................    37
             Section  5.16.   Sale of Receivables........................................    37
             Section  5.17.   Action on Notes............................................    38

ARTICLE VI   THE INDENTURE TRUSTEE.......................................................    38
             Section  6.1.    Duties of the Indenture Trustee............................    38
             Section  6.2.    Notice of Pay Out Event or Event of Default................    40
             Section  6.3.    Rights of Indenture Trustee................................    41
             Section  6.4.    Not Responsible for Recitals or Issuance of Notes..........    42
             Section  6.5.    Restrictions on Holding Notes..............................    42
             Section  6.6.    Money Held in Trust........................................    42
</TABLE>

                                      ii
<PAGE>

<TABLE>
<S>                                                                                           <C>
             Section  6.7.    Compensation, Reimbursement and Indemnification..............   42
             Section  6.8.    Replacement of Indenture Trustee.............................   43
             Section  6.9.    Successor Indenture Trustee by Merger........................   45
             Section  6.10.   Appointment of Co-Indenture Trustee or Separate Indenture
                              Trustee......................................................   45
             Section  6.11.   Eligibility; Disqualification................................   46
             Section  6.12.   Preferential Collection of Claims Against....................   47
             Section  6.13.   Representations and Covenants of the Indenture Trustee.......   47
             Section  6.14.   Custody of the Collateral....................................   47

ARTICLE VII  NOTEHOLDERS' LIST AND REPORTS BY INDENTURE TRUSTEE AND ISSUER.................   48
             Section  7.1.    Issuer to Furnish Indenture Trustee Names and Addresses of
                              Noteholders..................................................   48
             Section  7.2.    Preservation of Information; Communications to Noteholders...   48
             Section  7.3.    Reports by Issuer............................................   48
             Section  7.4.    Reports by Indenture Trustee.................................   49

ARTICLE VIII ALLOCATION AND APPLICATION OF COLLECTIONS.....................................   49
             Section  8.1.    Collection of Money..........................................   50
             Section  8.2.    Rights of Noteholders........................................   50
             Section  8.3.    Establishment of Collection Account and Excess Funding
                              Account......................................................   50
             Section  8.4.    Collections and Allocations..................................   53
             Section  8.5.    Shared Principal Collections.................................   56
             Section  8.6.    Excess Finance Charge Collections............................   56
             Section  8.7.    Allocation of Collateral to Series or Groups.................   56
             Section  8.8.    Release of Collateral; Eligible Loan Documents...............   57
             Section  8.9.    Opinion of Counsel...........................................   58

ARTICLE IX   DISTRIBUTIONS AND REPORTS TO NOTEHOLDERS......................................   58

ARTICLE X    SUPPLEMENTAL INDENTURES.......................................................   59
             Section  10.1.   Supplemental Indentures Without Consent of Noteholders.......   59
             Section  10.2.   Supplemental Indentures with Consent of Noteholders..........   61
             Section  10.3.   Execution of Supplemental Indentures.........................   62
             Section  10.4.   Effect of Supplemental Indenture.............................   63
</TABLE>

                                      iii
<PAGE>

<TABLE>
<S>                                                                                           <C>
             Section  10.5.   Conformity With Trust Indenture Act..........................   63
             Section  10.6.   Reference in Notes to Supplemental Indentures................   63

ARTICLE XI   TERMINATION...................................................................   63
             Section  11.1.   Termination of Issuer........................................   63
             Section  11.2.   Final Distribution...........................................   63
             Section  11.3.   Issuer's Termination Rights..................................   64

ARTICLE XII  MISCELLANEOUS.................................................................   65
             Section  12.1.   Compliance Certificates and Opinions etc.....................   65
             Section  12.2.   Form of Documents Delivered to Indenture Trustee.............   66
             Section  12.3.   Acts of Noteholders..........................................   67
             Section  12.4.   Notices, Etc. to Indenture Trustee and Issuer................   67
             Section  12.5.   Notices to Noteholders; Waiver...............................   68
             Section  12.6.   Alternate Payment and Notice Provisions......................   68
             Section  12.7.   Conflict with Trust Indenture Act............................   69
             Section  12.8.   Effect of Headings and Table of Contents.....................   69
             Section  12.9.   Successors and Assigns.......................................   69
             Section  12.10.  Separability.................................................   69
             Section  12.11.  Benefits of Indenture........................................   69
             Section  12.12.  Legal Holidays...............................................   69
             Section  12.13.  Governing Law................................................   69
             Section  12.14.  Counterparts.................................................   70
             Section  12.15.  Issuer Obligation............................................   70
             Section  12.16.  No Petition..................................................   70
</TABLE>

                                      iv
<PAGE>

                          ANNEX A TO MASTER INDENTURE

                                  DEFINITIONS

        "Account" means each MasterCard(R) or VISA(R)*/ credit card account
         -------
     established pursuant to a Cardholder Agreement, and which is designated as
     an "Account" pursuant to (and as defined in) the Pooling and Servicing
     Agreement on or prior to the FCMT Termination Date. The term "Account"
     shall also be deemed to refer to an Additional Account, but only from and
     after the Addition Date with respect thereto, and the term "Account" shall
     be deemed to refer to any Removed Account prior to but not after the
     Removal Date with respect thereto.

        "Acquiring Person" is defined in Section 3.10(b) of the Indenture.
         ----------------                ---------------

        "Act" is defined in Section 12.3(a) of the Indenture.
         ---                ---------------

        "Addition Date" means, with respect to any Additional Accounts, either
         -------------
     the date five Business Days after the period or date when such Additional
     Accounts are required or permitted to be added as Accounts pursuant to
     Section 2.6(a) or (b) of the Transfer and Servicing Agreement, or the date
     --------------    ---
     on which such Additional Accounts are automatically added as Accounts
     pursuant to Section 2.6(e) of the Transfer and Servicing Agreement.
                 --------------

        "Additional Accounts" means the Accounts the receivables arising under
         -------------------
     which are transferred to the Issuer in accordance with the procedures set
     forth in Section 2.6 of the Transfer and Servicing Agreement.
              -----------

        "Adjusted Collateral Amount" is defined, with respect to any Series (if
         --------------------------
     applicable to that Series), in the related Indenture Supplement, or if no
     meaning for such term is specified in such Supplement, shall mean the
     Collateral Amount for such Series.

        "Administration Agreement" means the Administration Agreement, dated as
         ------------------------
     of March 1, 2001 between the Issuer and the Administrator, as the same may
     be amended, supplemented or otherwise modified from time to time.

        "Administrator" means FCNB, its capacity as administrator, under the
         -------------
     Administration Agreement, and any successor in that capacity.

     _____________________
*/   MasterCard is a registered trademark of MasterCard International
     Incorporated and VISA is a registered trademark of VISA U.S.A., Inc.
<PAGE>

        "Adverse Effect" means, with respect to any action, that such action
         --------------
     will (a) result in the occurrence of a Pay Out Event or an Event of Default
     or (b) materially and adversely affect the amount or timing of
     distributions to be made to the Noteholders of any Series or Class pursuant
     to the Transaction Documents.

        "Affiliate" means, with respect to any specified Person, any other
         ---------
     Person controlling or controlled by or under common control with such
     specified Person. For the purposes of this definition, "control" means the
     power to direct the management and policies of a 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.

        "Aggregate Allocation Percentage" with respect to Principal Receivables,
         -------------------------------
     Finance Charge Receivables and Receivables in Defaulted Accounts, as the
     case may be, means, as of any date of determination, the sum of such
     Allocation Percentages of all Series issued and outstanding on such date of
     determination; provided, however, that the Aggregate Allocation Percentage
                    --------  -------
     shall not exceed 100%.

        "Aggregate Collateral Amount" means, as of any date of determination,
         ---------------------------
     the sum of the Adjusted Collateral Amounts of all Series issued and
     outstanding on such date of determination.

        "Aggregate Principal Balance" means, as of any time of determination,
         ---------------------------
     the sum of (a) the Aggregate Principal Receivables, (b) the Excess Funding
     Amount (exclusive of any investment earnings on such amount) and (c) the
     amount on deposit in the Principal Collection Subaccount (exclusive of any
     investment earnings on such amount), in each case as of such time.

        "Aggregate Principal Receivables" means, as of any date of
         -------------------------------
     determination, the aggregate amount of Principal Receivables (excluding any
     Discount Option Receivables) as of the end of the prior day.

        "Allocation Percentage" is defined, for any Series, with respect to
         ---------------------
     Principal Receivables, Finance Charge Receivables and Receivables in
     Defaulted Accounts, in the related Indenture Supplement.

        "Annual Account Additions" means on any date of determination, the
         ------------------------
     number of Accounts the Receivables of which have been added to the
     Receivables Trust pursuant to Sections 2.6(a), (b) and (e) of the Transfer
                                   ---------------  ---     ---
     and Servicing Agreement or the corresponding sections of the Pooling and
     Servicing Agreement, from and including the first day of the eleventh
     Monthly Period preceding such date of determination.

                                      -2-
<PAGE>

        "Annual Quotient" is defined in Section 2.6(c)(ii)(1) of the Transfer
         ---------------                ---------------------
     and Servicing Agreement.

        "Applicants" is defined in Section 2.9 of the Indenture.
         ----------                -----------

        "Assignment Agreement" is defined in Section 2.6(b)(iii) of the Transfer
         --------------------                -------------------
     and Servicing Agreement.

        "Authorized Newspapers" means each newspaper of general circulation in
         ---------------------
     New York, New York, or in any other place specified by Seller, printed in
     the English language and customarily published on each Business Day,
     whether or not published on Saturdays, Sundays or holidays.

        "Authorized Officer" means:
         ------------------

               (a)  with respect to the Issuer, any officer of the Owner Trustee
        who is authorized to act for the Owner Trustee in matters relating to
        the Issuer and who is identified on the list of Authorized Officers,
        containing the specimen signature of each such Person, delivered by the
        Owner Trustee to the Indenture Trustee on the Closing Date (as such list
        may be modified or supplemented from time to time thereafter) and any
        Vice President or more senior officer of the Administrator who is
        authorized to act for the Administrator in matters relating to the
        Issuer and to be acted upon by the Administrator pursuant to the
        Administration Agreement and who is identified on the list of Authorized
        Officers (containing the specimen signatures of such officers) delivered
        by the Administrator to the Indenture Trustee on the Closing Date (as
        such list may be modified or supplemented from time to time thereafter);

               (b)  with respect to the Seller, any officer of the Seller who is
        authorized to act for the Seller in matters relating to the Seller and
        who is identified on the list of Authorized Officers, containing the
        specimen signature of each such Person, delivered by the Seller to the
        Indenture Trustee on the Closing Date (as such list may be modified or
        supplemented from time to time thereafter); and

               (c)  with respect to the Servicer, any officer of the Servicer
        who is authorized to act for the Servicer in matters relating to the
        Servicer and who is identified on the list of Authorized Officers,
        containing the specimen signature of each such Person, delivered by the
        Servicer to the Indenture Trustee on the Closing Date (as such list may
        be modified or supplemented from time to time thereafter).

                                      -3-
<PAGE>

        "Base Amount" means, at any date of determination, with reference to
         -----------
     Annual Account Additions or Quarterly Account Additions, the number of
     Accounts included in the Receivables Trust on the first day of the relevant
     measurement period before giving effect to any Accounts added to the
     Receivables Trust on such first day.

        "Base Rate" is defined, with respect to any Series, in the related
         ---------
     Indenture Supplement.

        "Bearer Note" is defined in Section 2.1 of the Indenture.
         -----------                -----------

        "Book-Entry Notes" means beneficial interests in the Notes, ownership
         ----------------
     and transfers of which shall be made through book entries by a Clearing
     Agency or Foreign Clearing Agency as described in Section 2.13 of the
                                                       ------------
     Indenture.

        "Business Day" means each day which is neither a Saturday, a Sunday nor
         ------------
     any other day on which banking institutions in New York, New York,
     Portland, Oregon or Chicago, Illinois (or, with respect to any Series, any
     additional city specified in the related Indenture Supplement) are
     authorized or obligated by law or required by executive order to be closed.

        "Cardholder Agreement" means the agreement (and the related application)
         --------------------
     for a MasterCard or VISA credit card account between any Obligor and FCNB,
     as the same may be amended, modified or otherwise changed from time to
     time, or in the case of any Additional Account not originated by FCNB, the
     agreement (and the related application) for a MasterCard or VISA credit
     card account between the related Obligor and the originator of such
     Account, as the same may be amended, modified or otherwise changed from
     time to time.

        "Cardholder Fees" means, with respect to any Account, any fees specified
         ---------------
     in the Cardholder Agreement applicable to such Account, including annual
     fees, over limit charges, cash advance fees, late charges, returned check
     fees, and reinstatement charges.

        "Cardholder Guidelines" means FCNB's policies and procedures relating to
         ---------------------
     the operation of its credit card business, including the FCNB Credit Policy
     and Operations Manual or such other of its policies and procedures for
     determining the creditworthiness of credit card customers, the extension of
     credit to customers, the terms on which repayments are required to be made,
     and relating to the maintenance of credit card accounts and collection of
     credit card account receivables, as said manual and such policies and
     procedures, as applicable, may be amended from time to time.

                                      -4-
<PAGE>

        "Cash Advance Fees" means, with respect to any Account, any fees
         -----------------
     specified in the Cardholder Agreement applicable to such Account as cash
     advance fees or any similar term.

        "Class" means, with respect to any Series, any one of the classes of
         -----
     Notes of that Series.

        "Clearing Agency" means an organization registered as a "clearing
         ---------------
     agency" pursuant to Section 17A of the Securities Exchange Act of 1934.

        "Clearing Agency Participant" means a broker, dealer, bank, other
         ---------------------------
     financial institution or other Person for whom from time to time a Clearing
     Agency effects book-entry transfers and pledges of securities deposited
     with the Clearing Agency.

        "Clearstream" means Clearstream Banking, societe anonyme, a professional
         -----------
     depository incorporated under the laws of Luxembourg, and its successors.

        "Closing Date" means, with respect to any Series, the closing date
         ------------
     specified in the related Indenture Supplement.

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

        "Collateral" is defined in the Granting Clause of the Indenture.
         ----------

        "Collateral Amount" is defined, with respect to any Series, in the
         -----------------
     related Indenture Supplement.

        "Collateral Certificate" means the certificate, representing an
         ----------------------
     undivided interest in the assets held in the First Consumers Master Trust,
     issued pursuant to the Pooling and Servicing Agreement and the Collateral
     Series Supplement, dated as of March 1, 2001, to the Pooling and Servicing
     Agreement.

        "Collection Account" is defined in Section 8.3(a) of the Indenture.
         ------------------                --------------

        "Collections" means all payments (including Insurance Proceeds and
         -----------
     Recoveries) received by the Servicer or by Seller in respect of the
     Collateral Certificate and the Receivables, in the form of cash, checks,
     wire transfers, ATM transfers, net proceeds of redemption of certificates
     of deposit or liquidation of bank accounts or other form of payment in
     accordance with the Cardholder Agreement in effect from time to time on any
     Receivable. A Collection processed in respect of an Account (other than a
     Defaulted Account) in excess of the aggregate amount of Receivables in such
     Account as of the Date of Processing of such Collection shall be deemed to
     be a payment in respect of Principal Receivables to the extent of such

                                      -5-
<PAGE>

     excess. Collections with respect to any Monthly Period shall also include
     the amount of Interchange (if any) allocable to any Series of Notes
     pursuant to any Indenture Supplement with respect to such Monthly Period
     (to the extent received by the Issuer and deposited into the Collection
     Account, on the Transfer Date following such Monthly Period), to be applied
     as if such Collections were Finance Charge Receivables for all purposes.

        "Commission" means the Securities and Exchange Commission.
         ----------

        "Corporate Trust Office" means
         ----------------------

               (a) for the Indenture Trustee, the principal office at which at
        any particular time its corporate trust business shall be administered,
        which office at date of the execution of the Indenture is located at 2
        North LaSalle Street, Suite 1020, Chicago, Illinois 60602, Attention:
        Structured Finance Services, or at such other address as the Indenture
        Trustee may designate from time to time by notice to the Noteholders and
        the Seller, or the principal corporate trust office of any successor
        Indenture Trustee (the address of which the successor Indenture Trustee
        will notify the Noteholders and the Seller);

               (b) for the Owner Trustee, the principal office at which at any
        particular time its corporate trust business shall be administered,
        which office at date of the execution of the Indenture is located at
        Four Albany Street, 10/th/ Floor, New York, New York 10006, Attn:
        Corporate Trust and Agency Services.

        "Coupon" is defined in Section 2.1 of the Indenture.
         ------                -----------

        "Credit Adjustment" is defined in Section 8.4(e) of the Indenture.
         -----------------                --------------

        "Credit Insurance" means life, accident, health, disability, involuntary
         ----------------
     unemployment or other insurance of an Obligor to Seller to insure payment
     of any amount owing by such Obligor under an Account and which proceeds of
     such insurance are payable to Seller upon such Obligor's death, disability
     or involuntary unemployment.

        "Date of Processing" means, with respect to any transaction, the date on
         ------------------
     which such transaction is first recorded on the Servicer's computer master
     file of accounts (without regard to the effective date of such
     recordation).

        "Debtor Relief Laws" means the Bankruptcy Code of the United States of
         ------------------
     America and all other applicable liquidation, conservatorship, bankruptcy,
     fraudulent conveyance, moratorium, rearrangement, receivership, insolvency,
     reorganization,

                                      -6-
<PAGE>

     suspension of payments, or similar debtor relief laws from time to time in
     effect affecting the rights of creditors (including creditors of national
     banking associations) generally.

        "Default" means any occurrence that is, or with notice or the lapse of
         -------
     time or both would become, an Event of Default.

        "Default Amount" means, with respect to any Monthly Period, the result
         --------------
     of multiplying (i) the excess, if any, of (A) the aggregate amount of
     Receivables in Defaulted Accounts charged off during such Monthly Period
     over (B) Recoveries collected during such Monthly Period, times (ii) 1.00
     minus the percentage (expressed as a decimal) of Receivables (other than
     Receivables in Defaulted Accounts) constituting Finance Charge Receivables
     determined in accordance with Section 1.3 of the Transfer and Servicing
     Agreement or Section 1.3 of the Pooling and Servicing Agreement.

        "Defaulted Account" means each Account with respect to which, in
         -----------------
     accordance with the Cardholder Guidelines or the Servicer's customary and
     usual servicing procedures for servicing credit card receivables comparable
     to the Receivables, the Servicer has charged off the Receivables in such
     Account as uncollectible; an Account shall become a Defaulted Account on
     the day on which such Receivables are recorded as charged off on the
     Servicer's computer master file of accounts (regardless of whether such
     Receivables are charged off before or after the Initial FCMT Cut-Off Date
     or Addition Date of such Account, as the case may be).

        "Definitive Notes" means Notes in definitive, fully registered form.
         ----------------

        "Demand Note" is defined in Section 2.9 of the Transfer and Servicing
         -----------                -----------
     Agreement.

        "Deposit Date" means each day on which the Servicer deposits Collections
         ------------
     in the Collection Account.

        "Deposit Obligation" means the obligation of the Seller to make any
         ------------------
     deposit to the Excess Funding Account or the Collection Account pursuant to
     Section 2.4(d) of the Transfer and Servicing Agreement or Section 8.4(g) of
     ---------                                                 --------------
     the Indenture.

        "Determination Date" means the seventh calendar day prior to each
         ------------------
     Transfer Date.

                                      -7-
<PAGE>

        "Discount Option Date" means each date on which a Discount Percentage
         --------------------
     designated by the Seller pursuant to Section 2.8 of the Transfer and
                                          -----------
     Servicing Agreement takes effect.

        "Discount Option Receivable Collections" means on any Date of Processing
         --------------------------------------
     occurring in any Monthly Period succeeding the Monthly Period in which the
     Discount Option Date occurs, the product of (a) a fraction (i) the
     numerator of which is the Discount Option Receivables and (ii) the
     denominator of which is the sum of the Principal Receivables and the
     Discount Option Receivables in each case (for both the numerator and the
     denominator) at the end of the prior Date of Processing and (b) Collections
     of Original Principal Receivables on such Date of Processing.

        "Discount Option Receivables" is defined in Section 2.8 of the Transfer
         ---------------------------                -----------
     and Servicing Agreement. The aggregate amount of Discount Option
     Receivables outstanding on any Date of Processing occurring on or after the
     Discount Option Date shall equal the result of (a) the aggregate Discount
     Option Receivables at the end of the prior Date of Processing (which
     amount, prior to the Discount Option Date, shall be zero) plus (b) any new
     Discount Option Receivables created on such Date of Processing minus (c)
     any Discount Option Receivables Collections received on such Date of
     Processing. Discount Option Receivables created on any Date of Processing
     mean the product of the amount of any Original Principal Receivables
     created on such Date of Processing and the Discount Percentage.

        "Discount Percentage" is defined in Section 2.8 of the Transfer and
         -------------------                -----------
     Servicing Agreement.

        "Distribution Date" means, unless otherwise specified in the Indenture
         -----------------
     Supplement for a Series, the fifteenth day of each month or, if such
     fifteenth day is not a Business Day, the next succeeding Business Day.

        "Dollars," "$" or "U.S. $" means United States dollars.
         -------    -      ------

        "DTC" means The Depository Trust Company.
         ---

        "Eligible Account" means, (a) with respect to "Accounts" designated
         ----------------
     pursuant to (and as defined in) the Pooling and Servicing Agreement prior
     to the FCMT Termination Date, Accounts which are "Eligible Accounts" under
     (and as defined in) the Pooling and Servicing Agreement and (b) as of the
     relevant Notice Date in respect of Additional Accounts added pursuant to
     Section 2.6 (a) or (b) of the Transfer and Servicing Agreement or the fifth
     ---------------    ---
     Business Day prior to the relevant Addition Date in respect of Additional
     Accounts added pursuant to Section 2.6(e) of the Transfer and Servicing
                                --------------
     Agreement), each Account:

                                      -8-
<PAGE>

             (a) which is payable in United States dollars;

             (b) which is serviced in any credit service center of Seller which
        is located in the United States;

             (c) the Obligor on which has provided, as its initial billing
        address, an address which is located in the United States or its
        territories or possessions;

             (d) which the Seller has not finally determined to be counterfeit
        or fraudulent;

             (e) which the Seller has not charged off in its customary and usual
        manner for charging off such Accounts as of the relevant Notice Date or
        Addition Date;

             (f) which was originated by FCNB in the ordinary course of
        business, unless the Rating Agency Condition has otherwise been
        satisfied with respect to such Account;

             (g) which has not been sold or pledged to any other party;

             (h) which does not have receivables which have been sold or pledged
        to any party; and

             (i) is a "VISA" or "MasterCard" revolving credit card account.

        "Eligible Institution" means any depository institution (which may be
         --------------------
     the Owner Trustee or the Indenture Trustee) organized under the laws of the
     United States or any one of the states thereof, including the District of
     Columbia (or any domestic branch of a foreign bank), which depository
     institution at all times (a) has FDIC deposit insurance and (b) has (i) a
     long-term unsecured debt rating acceptable to the Rating Agencies, which in
     the case of Standard and Poor's shall be a rating of AAA or (ii) a
     certificate of deposit rating acceptable to the Rating Agencies, which in
     the case of Standard and Poor's shall be a rating of A-1+. Notwithstanding
     the previous sentence, any institution the appointment of which satisfies
     the Rating Agency Condition shall be considered an Eligible Institution. If
     so qualified, the Servicer may be considered an Eligible Institution for
     the purposes of this definition.

        "Eligible Receivable" means each Receivable:
         -------------------

             (a) which has arisen under an Eligible Account;

                                      -9-
<PAGE>

             (b) which was created in compliance, in all material respects, with
        all Requirements of Law applicable to FCNB or the originator of the
        related Account pursuant to a Cardholder Agreement which complies, in
        all material respects, with all Requirements of Law applicable to FCNB
        or the originator of the related Account;

             (c) with respect to which all consents, licenses, approvals or
        authorizations of, or registrations or declarations with, any
        Governmental Authority required to be obtained, effected or given by
        FCNB or the originator of the related Account in connection with the
        creation of such Receivable or the execution, delivery and performance
        by FCNB or the originator of the related Account, as applicable, of the
        Cardholder Agreement pursuant to which such Receivable was created, have
        been duly obtained, effected or given and are in full force and effect
        as of such date of creation;

             (d) as to which, immediately prior to the transfer of same to the
        Receivables Trust by FCNB, FCNB had good title thereto free and clear of
        all Liens arising under or through FCNB or its Affiliates (other than
        Liens permitted pursuant to Section 2.5(b) of the Transfer and Servicing
                                    --------------
        Agreement);

             (e) which is the legal, valid and binding payment obligation of the
        Obligor thereon, enforceable against such Obligor in accordance with its
        terms, except as such enforceability may be limited by applicable Debtor
        Relief Laws, and except as such enforceability may be limited by general
        principles of equity (whether considered in a suit at law or in equity);

             (f) which constitutes an "account" or a "general intangible" under
        and as defined in Article 9 of the UCC as then in effect in the State of
        Illinois;

             (g) which, at the time of transfer to the Receivables Trust, has
        not been waived or modified except for a Receivable which has been
        waived or modified as permitted in accordance with the Cardholder
        Guidelines and which waiver or modification is reflected in FCNB's
        computer files of revolving credit card accounts;

             (h) which, at the time of transfer to the Receivables Trust, is not
        (to the knowledge of Seller) subject to any right of rescission,
        set-off, counterclaim or any other defense (including defenses arising
        out of violations or usury laws) of the Obligor, which requires that
        such Receivable be charged off in accordance with the Cardholder
        Guidelines, other than defenses arising out of applicable bankruptcy,
        insolvency, reorganization,

                                     -10-
<PAGE>

        moratorium or other similar laws affecting the enforcement of creditors'
        rights in general;

             (i) as to which, at the time of transfer to the Receivables Trust,
        FCNB has satisfied all its obligations required to be satisfied by such
        time;

             (j) which has been the subject of either a valid transfer and
        assignment from the Seller to the Issuer of the Seller's right, title
        and interest therein (including any proceeds thereof), or the grant by
        the Seller to the Issuer of a valid first priority perfected security
        interest therein (and the proceeds thereof); and

             (k) as to which at the time of transfer to the Issuer, the Seller
        has not taken any action, or omitted to take any action, that would
        impair the rights of the Issuer or the Noteholders.

        "Eligible Servicer" means the Indenture Trustee or, if the Indenture
         -----------------
     Trustee is not acting as Servicer, an entity which, at the time of its
     appointment as Servicer, (a) is servicing a portfolio of revolving credit
     card accounts, (b) is legally qualified and has the capacity to service the
     Accounts, (c) has demonstrated the ability to service professionally and
     competently a portfolio of similar accounts in accordance with high
     standards of skill and care, (d) is qualified to use the software that is
     then being used to service the Accounts or obtains the right to use or has
     its own software which is adequate to perform its duties under this
     Agreement and (e) has a net worth of at least $50,000,000 as of the end of
     its most recent fiscal quarter.

        "Enhancement" means, with respect to any Series, the cash collateral
         -----------
     account, letter of credit, surety bond, guaranteed rate agreement, maturity
     guaranty facility, tax protection agreement, interest rate swap or any
     other contract, arrangement or agreement for the benefit of the Noteholders
     of such Series (or Noteholders of a Class within such Series), as
     designated in the applicable Indenture Supplement.

        "Enhancement Agreement" means any agreement, instrument or document
         ---------------------
     governing the terms of any Series Enhancement or pursuant to which any
     Series Enhancement is issued or outstanding.

        "Enhancement Provider" means, with respect to any Series, the Person, if
         --------------------
     any, designated as such in the related Indenture Supplement.

        "Euroclear Operator" means Euroclear Bank S.A./N.V.
         ------------------

        "Event of Default" is defined in Section 5.2 of the Indenture.
         ----------------                -----------

                                     -11-
<PAGE>

          "Excess Allocation Series" means a Series that, pursuant to the
           ------------------------
     Indenture Supplement therefor, is entitled to receive certain excess
     Collections of Finance Charge Receivables, as more specifically set forth
     in such Indenture Supplement. If so specified in the Indenture Supplement
     for a Group of Series, such Series may be Excess Allocation Series only for
     the Series in such Group.

          "Excess Finance Charge Collections" is defined in Section 8.6 of the
           ---------------------------------                -----------
     Indenture.

          "Excess Funding Account" is defined in Section 8.3 of the Indenture.
           ----------------------                -----------

          "Excess Funding Amount" means the amount on deposit in the Excess
           ---------------------
     Funding Account.

          "Exchange Act" means the Securities Exchange Act of 1934.
           ------------

          "Expenses" is defined in Section 7.2 of the Trust Agreement.
           --------                -----------

          "FCMT Termination Date" means the date on which the First Consumers
           ---------------------
     Master Trust is terminated and all of the Receivables held by First
     Consumers Master Trust are transferred to the Issuer.

          "FCMT Trustee" means the trustee under the Pooling and Servicing
           ------------
     Agreement.

          "FCNB" means First Consumers National Bank, a national banking
           ----
     association.

          "FDIC" means the Federal Deposit Insurance Corporation.
           ----

          "Finance Charge Collections" means, for any period, the amount of
           --------------------------
     Collections allocated to Finance Charge Receivables during such period in
     accordance with Section 1.3 of the Transfer and Servicing Agreement plus
                     -----------
     Discount Option Receivables Collections for such period. Payments on
     account of Net Recoveries shall also be treated as Finance Charge
     Collections.

          "Finance Charge Receivables" means, with respect to any Monthly
           --------------------------
     Period, (a) all amounts billed to Obligors on any Account during such
     Monthly Period in respect of Finance Charges, Cash Advance Fees and
     Cardholder Fees, and (b) the amount of Interchange (if any) allocable to
     any Series of Notes pursuant to any Indenture Supplement with respect to
     such Monthly Period.

          "Finance Charge Shortfalls" is defined in Section 8.6 of the
           -------------------------                -----------
     Indenture.

                                     -12-
<PAGE>

          "Finance Charge Subaccount" means the finance charge subaccount of the
           -------------------------
     Collections Account.

          "Finance Charges" means, as of any day, the amount of interest as
           ---------------
     determined by the periodic finance charge rate assessed on the Cycle
     Billing Date on or next preceding such day pursuant to the Cardholder
     Agreements.

          "First Consumers Master Trust" means the trust formed by the Pooling
           ----------------------------
     and Servicing Agreement.

          "Fitch" means Fitch, Inc.
           -----

          "Foreign Clearing Agency" means Clearstream and the Euroclear
           -----------------------
     Operator.

          "GAAP" means generally accepted accounting principles in the United
           ----
     States of America in effect from time to time.

          "Global Note" is defined in Section 2.16 of the Indenture.
           -----------                ------------

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

          "Grant" means to mortgage, pledge, bargain, warrant, alienate, remise,
           -----
     release, convey, assign, transfer, create, and grant a lien upon and a
     security interest in and right of set-off against, deposit, set over and
     confirm pursuant to this Indenture. A Grant of the Collateral or of any
     other agreement or instrument shall include all rights, powers and options
     (but none of the obligations) of the Granting party thereunder, including
     if available the immediate and continuing right to claim for, collect,
     receive and give receipt for principal and interest payments in respect of
     the Collateral and all other moneys payable thereunder, to give and receive
     notices and other communications, to make waivers or other agreements, to
     exercise all rights and options, to bring Proceedings in the name of the
     Granting party or otherwise and generally to do and receive anything that
     the Granting party is or may be entitled to do or receive thereunder or
     with respect thereto.

          "Group" means, with respect to any Series, the group of Series, if
           -----
     any, in which the related Indenture Supplement specifies such Series is to
     be included.

          "Indemnified Parties" is defined in Section 7.2 of the Trust
           -------------------                -----------
     Agreement.

                                     -13-
<PAGE>

          "Indenture" means the Master Indenture, dated as of March 1, 2001,
           ---------
     between the Issuer and the Indenture Trustee, as the same may be amended,
     supplemented or otherwise modified from time to time.

          "Indenture Supplement" means, with respect to any Series, a supplement
           --------------------
     to this Indenture, executed and delivered in connection with the original
     issuance of the Notes of such Series pursuant to Section 2.12 of the
                                                      ------------
     Indenture, and an amendment to this Indenture executed pursuant to Sections
                                                                        --------
     10.1 or 10.2 of the Indenture, and, in either case, including all
     ----    ----
     amendments thereof and supplements thereto.

          "Indenture Trustee" means The Bank of New York, in its capacity as
           -----------------
     trustee under this Indenture, its successors in interest and any successor
     indenture trustee under this Indenture.

          "Independent" means, when used with respect to any specified Person,
           -----------
     that the Person (a) is in fact independent of the Issuer, any other obligor
     upon the Notes, the Seller and any Affiliate of any of the foregoing
     Persons, (b) does not have any direct financial interest or any material
     indirect financial interest in the Issuer, any such other obligor, the
     Seller or any Affiliate of any of the foregoing Persons and (c) is not
     connected with the Issuer, any such other obligor, the Seller or any
     Affiliate of any of the foregoing Persons as an officer, employee,
     promoter, underwriter, trustee, partner, director or person performing
     similar functions.

          "Independent Certificate" means a certificate or opinion to be
           -----------------------
     delivered to the Indenture Trustee under the circumstances described in,
     and otherwise complying with, the applicable requirements of Section 12.1
                                                                  ------------
     of the Indenture, made by an Independent appraiser or other expert
     appointed by an Issuer Order, and such opinion or certificate shall state
     that the signer has read the definition of "Independent" in this Indenture
     and that the signer is Independent within the meaning thereof.

          "Indirect Participant" means other Persons such as securities brokers
           --------------------
     and dealers, banks and trust companies that clear or maintain a custodial
     relationship with a participant of DTC, either directly or indirectly.

          "Ineligible Receivables" is defined in Section 2.4(d) of the Transfer
           ----------------------                --------------
     and Servicing Agreement.

          "Initial Closing Date" means March 6, 2001.
           --------------------

          "Initial Collateral Amount" with respect to any Series, shall have the
           -------------------------
     meaning specified in the related Indenture Supplement.

          "Initial FCMT Cut-Off Date" means September 22, 1992.
           -------------------------

                                     -14-
<PAGE>

          "Insolvency Event" is defined in Section 6.1 of the Transfer and
           ----------------                -----------
     Servicing Agreement.

          "Insurance Proceeds" means any amounts received pursuant to the
           ------------------
     payment of benefits under any credit life insurance policies, credit
     disability or unemployment insurance policies covering any Obligor with
     respect to Receivables under such Obligor's Account.

          "Interchange" means interchange fees paid or payable to the Seller, in
           -----------
     its capacity as credit card issuer, through MasterCard International
     Incorporated and/or VISA USA, Inc. in connection with cardholder charges
     for goods and services.

          "Investment Company Act" means the Investment Company Act of 1940.
           ----------------------

          "Investor Monthly Servicing Fee" is defined in Section 3.2 of the
           ------------------------------                -----------
     Transfer and Servicing Agreement.

          "Issuer" means the First Consumers Credit Card Master Note Trust,
           ------
     which is established by the Trust Agreement.

          "Issuer Order" and "Issuer Request" means a written order or request
           ------------       --------------
     signed in the name of the Issuer by any one of its Authorized Officers and
     delivered to the Indenture Trustee.

          "Lien" means any mortgage, deed of trust, pledge, hypothecation,
           ----
     assignment, deposit arrangement, encumbrance, lien (statutory or other),
     equity interest, participation interest, preference, priority or other
     security agreement or preferential arrangement of any kind or nature
     whatsoever including any conditional sale or other title retention
     agreement, any financing lease having substantially the same economic
     effect as any of the foregoing and the filing of any financing statement
     under the UCC (other than any such financing statement filed for
     informational purposes only) or comparable law of any jurisdiction to
     evidence any of the foregoing; provided, however, that any assignment
                                    --------  -------
     pursuant to the Indenture shall not be deemed to constitute a Lien.

          "Minimum Aggregate Principal Balance" means, on any date of
           -----------------------------------
     determination, the greater of (a) the sum of the Aggregate Collateral
     Amount, plus the Minimum Seller Amount, in each case as of such date and
     (b) the sum of the numerators used to determine the Allocation Percentages
     for Principal Collections of all Series outstanding on such date.

                                     -15-
<PAGE>

          "Minimum Average Seller Percentage" means the weighted average (by
           ---------------------------------
     Adjusted Collateral Amount) Minimum Seller Percentages for all Series then
     outstanding.

          "Minimum Seller Amount" means, on any Determination Date, the
           ---------------------
     Aggregate Collateral Amount at the end of the day prior to such
     Determination Date, times the Minimum Average Seller Percentage; provided
                                                                      --------
     that if such percentage is zero, the Minimum Seller Amount shall be zero.
     ----
     FCNB may reduce the Minimum Seller Amount by written notice to the
     Indenture Trustee, provided that (a) the Rating Agency Condition is
     satisfied with respect to such reduction and (b) FCNB delivers to the
     Indenture Trustee an Opinion of Counsel to the effect that such reduction
     will not have a material adverse effect on the Federal income tax
     characterization of any outstanding Series.

          "Minimum Seller Percentage" is defined, for any Series, in the related
           -------------------------
     Indenture Supplement.

          "Monthly Period" means the period from and including the first day of
           --------------
     the calendar month preceding a related Determination Date to and including
     the last day of such calendar month.

          "Monthly Seller Servicing Fee" is defined in Section 3.2 of the
           ----------------------------                -----------
     Transfer and Servicing Agreement.

          "Monthly Servicing Fee" is defined in Section 3.2 of the Transfer and
           ---------------------                -----------
     Servicing Agreement.

          "Moody's" means Moody's Investors Service, Inc.
           -------

          "Net Recoveries" means, with respect to any Monthly Period, the
           --------------
     excess, if any, of Recoveries collected during such Monthly Period over the
     aggregate amount of Principal Receivables in Defaulted Accounts charged off
     during such Monthly Period.

          "New Issuance" is defined in Section 2.12(a) of the Indenture.
           ------------                ---------------

          "Note Interest Rate" means, as of any particular date of determination
           ------------------
     and with respect to any Series or Class, the interest rate as of such date
     specified therefor in the related Indenture Supplement.

          "Note Owner" means, with respect to a Book-Entry Note, the Person who
           ----------
     is the owner of such Book-Entry Note, as reflected on the books of the
     Clearing Agency, or on the books of a Person maintaining an account with
     such Clearing

                                     -16-
<PAGE>

     Agency (directly as a Clearing Agency Participant or as an Indirect
     Participant, in accordance with the rules of such Clearing Agency).

          "Note Principal Balance" means, as of any particular date of
           ----------------------
     determination and with respect to any Series or Class, the amount specified
     in the related Indenture Supplement.

          "Note Register" is defined in Section 2.5 of the Indenture.
           -------------                -----------

          "Noteholder" or "Holder" means the Person in whose name a Note is
           ----------      ------
     registered on the Note Register and, if applicable, the holder of any
     Global Note, or Coupon, as the case may be, or such other Person deemed to
     be a "Noteholder" or "Holder" in any related Indenture Supplement.

          "Notes" means all Series of Notes issued by the Issuer pursuant to
           -----
     this Indenture and the applicable Indenture Supplements.

          "Notice Date" is defined in Section 2.6(c) of the Transfer and
           -----------                --------------
     Servicing Agreement.

          "Notices" is defined in Section 9.4(a) of the Transfer and Servicing
           -------                --------------
     Agreement.

          "Obligor" means, with respect to any Account, the Person or Persons
           -------
     obligated to make payments with respect to such Account, including any
     guarantor thereof.

          "Officer's Certificate" means a certificate signed by any officer of
           ---------------------
     Seller or the Servicer and delivered to the Indenture Trustee.

          "Opinion of Counsel" means a written opinion of counsel, who may be
           ------------------
     counsel for Seller or the Servicer and who shall be reasonably acceptable
     to the Indenture Trustee, provided that a Tax Opinion shall be an opinion
                               --------
     of Rooks, Pitts and Poust or other nationally recognized tax counsel.

          "Original Principal Receivables" means Principal Receivables
           ------------------------------
     determined without giving effect to any reduction thereof attributable to
     Discount Option Receivables.

          "Outstanding" means, as of the date of determination, all Notes
           -----------
     theretofore authenticated and delivered under this Indenture except:

                                     -17-
<PAGE>

               (i)    Notes  theretofore  canceled by the Note  Registrar or
          delivered to the Note Registrar for cancellation;

               (ii)   Notes or portions thereof the payment for which 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, however, that if such Notes are to be redeemed, notice of
           --------  -------
          such redemption has been duly given pursuant to this Indenture or
          provision therefor, satisfactory to the Indenture Trustee, has been
          made); and

               (iii)  Notes in exchange for or in lieu of other Notes which have
          been authenticated and delivered pursuant to this Indenture unless
          proof satisfactory to the Indenture Trustee is presented that any such
          Notes are held by a protected purchaser;

     provided that in determining whether the Holders of Notes representing the
     --------
     requisite Outstanding Notes have given any request, demand, authorization,
     direction, notice, consent or waiver hereunder, Notes owned by the Issuer,
     any other obligor upon the Notes, the Seller, the Servicer or any Affiliate
     of any of the foregoing Persons shall be disregarded and deemed not to be
     Outstanding, except that, in determining whether the Indenture Trustee
     shall be protected in relying upon any such request, demand, authorization,
     direction, notice, consent or waiver, only Notes that a Trustee Officer of
     the Indenture Trustee actually knows to be so owned shall be so
     disregarded. Notes so owned that have been pledged in good faith may be
     regarded as Outstanding if the pledgee establishes to the satisfaction of
     the Indenture Trustee the pledgee's right so to act with respect to such
     Notes and that the pledgee is not the Issuer, any other obligor upon the
     Notes, the Seller, the Servicer or any Affiliate of any of the foregoing
     Persons. In making any such determination, the Indenture Trustee may
     conclusively rely on the representations of the pledgee and shall not be
     required to undertake any independent investigation.

          "Outstanding Amount" means the aggregate principal amount of all Notes
           ------------------
     Outstanding at the date of determination.

          "Owner Trustee" means Bankers Trust Company, in its capacity as owner
           -------------
     trustee under the Trust Agreement, its successors in interest and any
     successor owner trustee under the Trust Agreement.

          "Paired Series" means (i) each Series which has been paired with
           -------------
     another Series (which Series may be prefunded or partially prefunded), such
     that the reduction of the Collateral Amount or Adjusted Collateral Amount
     of such Series results in the increase of the Collateral Amount of such
     other Series, as described in the related Indenture Supplements, and (ii)
     such other Series.

                                     -18-
<PAGE>

          "Pay Out Event" means, with respect to any Series, a Series Pay Out
           -------------
     Event relating to that Series or a Trust Pay Out Event.

          "Paying Agent" means any paying agent appointed pursuant to Section
           ------------                                               -------
     2.8 of the Indenture and shall initially be the Indenture Trustee; provided
     ---                                                                --------
     that if the Indenture Supplement for a Series so provides, a separate or
     additional Paying Agent may be appointed with respect to such Series.

          "Permitted Assignee" means any Person who, if it were to purchase
           ------------------
     Receivables (or interests therein) in connection with a sale thereof
     pursuant to Sections 5.5(a) and 5.16 of the Indenture, would not cause the
                 ---------------     ----
     Issuer to be taxable as a publicly traded partnership for federal income
     tax purposes.

          "Permitted Investments" means (a) negotiable instruments or securities
           ---------------------
     represented by instruments in bearer or registered form which evidence (i)
     obligations of or guaranteed by the United States of America, (ii) time
     deposits in, certificates of deposit of, or bankers' acceptances issued by,
     any depositary institution or trust company (other than Seller or an
     Affiliate of Seller) incorporated under the laws of the United States of
     America or any state thereof and subject to supervision and examination by
     federal or state banking or depositary institution authorities, provided,
                                                                     --------
     however, that at the time of the Trust's investment or contractual
     -------
     commitment to invest therein, the certificates of deposit or short-term
     deposits, if any, or long-term unsecured debt obligations (other than such
     obligation whose rating is based on collateral or on the credit of a Person
     other than such institution or trust company) of such depositary
     institution or trust company shall have a credit rating from Moody's and
     Standard & Poor's of P-1 and A-1+, respectively, in the case of the
     certificates of deposit or short-term deposits, or a rating from Moody's of
     Aaa and from Standard & Poor's of AAA in the case of the long-term
     unsecured debt obligations, or such time deposits are fully insured by the
     FDIC, (iii) certificates of deposit (other than those of Seller or an
     Affiliate of Seller) having, at the time of the Trust's investment or
     contractual commitment to invest therein, a rating from Moody's and
     Standard & Poor's of P-1 and A-1+, respectively, and (iv) investments in
     money market funds rated in the highest investment category or otherwise
     approved in writing by Moody's and Standard & Poor's, which in the case of
     Standard & Poor's is AAAmg; (b) demand deposits in the name of the Issuer
     or the Indenture Trustee in any depositary institution or trust company
     referred to in (a) (ii) above; and (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 Issuer 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)

                                     -19-
<PAGE>

     invests its assets exclusively in obligations of or guaranteed by the
     United States of America or any instrumentality or agency thereof having in
     each instance a final maturity date of less than one year from their date
     of purchase or other Permitted Investments, (ii) seeks to maintain a
     constant net asset value per share and (iii) has aggregate net assets of
     not less than $100,000,000 on the date of purchase of such shares, and
     which satisfies the Rating Agency Condition; provided, however, that only
                                                  --------  -------
     those investments described above which are permitted to be made by a
     national banking association shall be deemed to be "Permitted Investments"
     hereunder.

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

          "Pooling and Servicing Agreement" means the Amended and Restated
           -------------------------------
     Pooling and Servicing Agreement, dated as of February 1, 1999 and
     heretofore amended, among FCNB and The Bank of New York (as successor-in-
     interest to the corporate trust administration of Harris Trust and Savings
     Bank), as trustee.

          "Portfolio Yield" is defined, with respect to any Series, in the
           ---------------
     related Indenture Supplement.

          "Principal Collections" means all Collections that are not Finance
           ---------------------
     Charge Collections.

          "Principal Collections Subaccount" means the principal collections
           --------------------------------
     subaccount of the Collections Account.

          "Principal Receivable" means each Receivable other than Finance Charge
           --------------------
     Receivables and Receivables in Defaulted Accounts. A Principal Receivable
     shall be deemed to have been created at the end of the day on the Date of
     Processing of such Receivable. In calculating the aggregate amount of
     Principal Receivables on any day, the amount of Principal Receivables shall
     be reduced by the aggregate amount of credit balances in the Accounts on
     such day. Any Principal Receivables which Seller is unable to transfer as
     provided in Section 2.5(c) of the Transfer and Servicing Agreement shall
                 --------------
     not be included in calculating the aggregate amount of Principal
     Receivables.

          "Principal Sharing Series" means a Series that, pursuant to the
           ------------------------
     Indenture Supplement therefor, is entitled to receive Shared Principal
     Collections.

          "Principal Shortfalls" is defined in Section 8.5 of the Indenture.
           --------------------                -----------

                                     -20-
<PAGE>

          "Principal Terms" means, with respect to any Series, (a) the name or
           ---------------
     designation; (b) the initial principal amount (or method for calculating
     such amount), the Collateral Amount and the Seller Amount; (c) the Note
     Interest Rate for each Class of Notes of such Series (or method for the
     determination thereof); (d) the payment date or dates and the date or dates
     from which interest shall accrue; (e) the method for allocating Collections
     to Noteholders; (f) the designation of any Series Accounts and the terms
     governing the operation of any such Series Accounts; (g) the Servicing Fee;
     (h) the terms of any form of Series Enhancements with respect thereto; (i)
     the terms on which the Notes of such Series may be exchanged for Notes of
     another Series, repurchased by the Seller or remarketed to other investors;
     (j) the Series Termination Date; (k) the number of Classes of Notes of such
     Series and, if more than one Class, the rights and priorities of each such
     Class; (l) the extent to which the Notes of such Series will be issuable in
     temporary or permanent global form (and, in such case, the depositary for
     such global note or notes, the terms and conditions, if any, upon which
     such global note or notes may be exchanged, in whole or in part, for
     Definitive Notes, and the manner in which any interest payable on a
     temporary or global note will be paid); (m) whether the Notes of such
     Series may be issued in bearer form and any limitations imposed thereon;
     (n) the priority of such Series with respect to any other Series; (o)
     whether such Series will be part of a Group; (p) whether such Series will
     be a Principal Sharing Series and whether such Series is entitled to share
     Shared Seller Principal Collections; (q) whether such Series will be an
     Excess Allocation Series; (r) the Distribution Date; (s) the legal final
     maturity date on which the rights of the Noteholders of such Series to
     receive payments from the Issuer will terminate, which shall not be later
     than the Scheduled Trust Termination Date; (t) whether Interchange will be
     included in the funds available to be paid for such Series; and (u) whether
     such Series will or may be a Paired Series and the Series, with which it
     will be paired, if applicable.

          "Proceeding" means any suit in equity, action at law or other judicial
           ----------
     or administrative proceeding.

          "Qualified Account" means either (a) a non-interest bearing segregated
           -----------------
     account with an Eligible Institution, or (b) a non-interest bearing
     segregated trust account with the corporate trust department of a
     depository institution organized under the laws of the United States or any
     one of the states thereof, including the District of Columbia (or any
     domestic branch of a foreign bank), and acting as a trustee for funds
     deposited in such account, so long as any of the securities of such
     depository institution shall have a credit rating from each Rating Agency
     in one of its generic credit rating categories that signifies investment
     grade.

          "Quarterly Account Additions" means on any Determination Date, the
           ---------------------------
     number of Accounts the Receivables of which have been added to the
     Receivables

                                     -21-
<PAGE>

Trust pursuant to Sections 2.6(a), (b) and (e) of the Transfer and Servicing
                  ---------------  ---     ---
Agreement during the current calendar quarter.

        "Quarterly Quotient" is defined in Section 2.6(c)(ii)(2) of the Transfer
         ------------------                ---------------------
and Servicing Agreement.

        "Rating Agency" means, with respect to any outstanding Series or Class,
         -------------
each rating agency, as specified in the applicable Indenture Supplement,
selected by the Seller to rate the Notes of such Series or Class.

        "Rating Agency Condition" means, with respect to any action or series of
         -----------------------
related actions or proposed transaction or series of related proposed
transactions, that each Rating Agency shall have notified Seller and the
Indenture Trustee in writing that such action or series of related actions or
the consummation of such proposed transaction or series of related transactions
will not result in a reduction or withdrawal of the rating of any outstanding
Series or Class with respect to which it is a Rating Agency.

        "Reassignment Agreement" is defined in Section 2.7(b)(ii) of the
         ----------------------                ------------------
Transfer and Servicing Agreement.

        "Receivable" means any amount owing by an Obligor under an Account
         ----------
(including amounts in Defaulted Accounts) from time to time, including amounts
owing for the purchase of goods and services, Finance Charges, Cash Advance
Fees, Cardholder Fees, Special Fees and premiums for Credit Insurance, if any.

        "Receivables Trust" means (a) prior to the FCMT Termination Date, First
         -----------------
Consumers Master Trust and (b) on and after the FCMT Termination Date, the
Issuer.

        "Record Date" means, with respect to any Distribution Date, the last
         -----------
Business Day of the calendar month immediately preceding such Distribution Date
unless otherwise specified for a Series in the related Indenture Supplement.

        "Recoveries" means, with respect to any Monthly Period, all amounts
         ----------
received, including Insurance Proceeds and net proceeds from the liquidation of
certificates of deposit or bank accounts, by the Servicer with respect to
Receivables which have previously been charged off as uncollectible, after
deducting, in the case of each such amount received, a percentage of such amount
which in the good faith judgment of the Servicer represents the amount of
out-of-pocket costs incurred by the Servicer during the preceding fiscal year
(or other, more recent period deemed appropriate by the Servicer) as a
percentage of collections during such period in

                                     -22-
<PAGE>

respect of charged off receivables in all credit card accounts (including the
Accounts) serviced by the Servicer.

        "Redemption Date" means, with respect to any Series, the date or dates
         ---------------
specified in the related Indenture Supplement.

        "Registered Notes" is defined in Section 2.1 of the Indenture.
         ----------------                -----------

        "Removal Date" is defined in Section 2.7 of the Transfer and Servicing
         ------------                -----------
Agreement.

        "Removal Notice Date" means the fifth Business Day prior to a Removal
         -------------------
Date.

        "Removed Accounts" is defined in Section 2.7(a) of the Transfer and
         ----------------                --------------
Servicing Agreement.

        "Requirements of Law" for any Person means the certificate of
         -------------------
incorporation or articles of association and by-laws or other organizational or
governing documents of such Person, and any law, treaty, rule or regulation, or
order or determination of an arbitrator or Governmental Authority, in each case
applicable to or binding upon such Person or to which such Person is subject,
whether Federal, state or local (including usury laws, the Federal Truth in
Lending Act and Regulation Z and Regulation B of the Board of Governors of the
Federal Reserve System).

        "Responsible Officer" means, as to the Issuer, the Chairman or any Vice
         -------------------
Chairman of the Board of Directors or Trustees of the Administrator; the
Chairman or Vice Chairman of the Executive or Standing Committee of the Board of
Directors or Trustees of the Administrator; and the President, any Executive
Vice President, Senior Vice President, Vice President, any Assistant Vice
President, the Secretary, any Assistant Secretary, the Treasurer, any Assistant
Treasurer, the Cashier, any Assistant or Deputy Cashier, the Controller and any
Assistant Controller or any other officer of the Administrator customarily
performing functions similar to those performed by any of the above-designated
officers. The term "Responsible Officer", when used herein with respect to any
Person other than the Issuer, means an officer or employee of such Person
corresponding to any officer or employee described in the preceding sentence.

        "Scheduled Trust Termination Date" means December 31, 2050.
         --------------------------------

        "Securities Act" means the Securities Act of 1933.
         --------------

        "Seller" means FCNB.
         ------

                                     -23-
<PAGE>

        "Seller Amount" means, on any Determination Date, the Aggregate
         -------------
Principal Balance at the end of the day immediately prior to such Determination
Date, minus the Aggregate Collateral Amount at the end of such day.

        "Seller Certificate Supplement" shall have the meaning specified in
         -----------------------------
Section 3.4 of the Trust Agreement.

        "Seller Interest" means the interest of the Seller or its assigns in the
         ---------------
Issuer and the Receivables, which entitles the Seller or its assigns to receive
the various amounts specified in the Transaction Documents to be paid or
transferred to the holder(s) of the Seller Interest.

        "Seller Percentage" means, on any date of determination, when used with
         -----------------
respect to Principal Collections, Finance Charge Collections and Receivables in
Defaulted Accounts, the percentage equivalent of a fraction equal to 1.0, minus
                                                                          -----
the fraction calculated on such date with respect to such categories of
Receivables in accordance with the definition of Aggregate Allocation
Percentage; provided, however, that the Seller Percentage shall never be less
            --------  -------
than zero.

        "Series" means any series of Notes, which may include within any such
         ------
Series a Class or Classes of Notes subordinate to another such Class or Classes
of Notes.

        "Series Account" means, with respect to any Series, any of the accounts
         --------------
established and designated as such pursuant to the related Indenture Supplement.

        "Series Enhancement" means the rights and benefits provided to the
         ------------------
Issuer or the Noteholders of any Series or Class pursuant to any letter of
credit, surety bond, cash collateral account, collateral interest, spread
account, reserve account, cash collateral guaranty, insurance policy, tax
protection agreement, interest rate swap agreement, interest rate cap agreement,
cross support feature or other similar arrangement. The subordination of any
Series or Class to another Series or Class shall be deemed to be a Series
Enhancement.

        "Series Enhancer" means the Person or Persons providing any Series
         ---------------
Enhancement, other than (except to the extent otherwise provided with respect to
any Series in the Indenture Supplement for such Series) any account or deposits
therein or the Noteholders of any Series or Class which is subordinated to
another Series or Class.

        "Series Pay Out Event" is defined, with respect to any Series, in the
         --------------------
related Indenture Supplement.

                                     -24-
<PAGE>

        "Series Share" is defined in Section 8.4(h) of the Indenture.
         -------------               --------------

        "Series Termination Date" means, with respect to any Series, the
         -----------------------
termination date for such Series specified in the related Indenture Supplement.

        "Servicer" means initially FCNB, and thereafter any Person appointed as
         --------
successor as herein provided to service the Receivables.

        "Servicer Default" is defined in Section 7.1 of the Transfer and
         ----------------                -----------
Servicing Agreement.

        "Servicing Fee Rate" means, with respect to any Series, the Series
         ------------------
servicing fee percentage specified in the related Indenture Supplement.

        "Servicing Officer" means any employee of the Servicer involved in, or
         -----------------
responsible for, the administration and servicing of the Receivables whose name
appears on a list of servicing officers furnished to the Indenture Trustee by
the Servicer, as such list may from time to time be amended.

        "Shared Finance Charge Collections" means, with respect to any
         ---------------------------------
Distribution Date, the aggregate amount for all outstanding Series that the
related Indenture Supplements specify are to be treated as "Shared Finance
Charge Collections" for such Distribution Date.

        "Shared Principal Collections" is defined in Section 8.5 of the
         ----------------------------                -----------
Indenture.

        "Shortfall Amount" means, on any Determination Date, the amount, if any,
         ----------------
by which the Minimum Seller Amount exceeds the Seller Amount.

        "Special Fees" means Receivables consisting of fees which are not now
         ------------
but may from time to time be assessed on the Accounts.

        "Spiegel" means Spiegel, Inc., a Delaware corporation.
         -------

        "Standard & Poor's" means Standard & Poor's Ratings Services, or its
         -----------------
successor.

        "Successor Servicer" is defined in Section 7.2(a) of the Transfer and
         ------------------                --------------
Servicing Agreement.

        "Supplemental Certificate" is defined in Section 3.4 of the Trust
         ------------------------                -----------
Agreement.

                                     -25-
<PAGE>

        "Surviving Person" is defined in Section 3.10(a) of the Indenture.
         ----------------                ---------------

        "Tax Opinion" means, with respect to any action, an Opinion of Counsel
         -----------
to the effect that, for federal income tax purposes, (a) such action will not
adversely affect the tax characterization as debt of the Notes of any
outstanding Series or Class that were characterized as debt at the time of their
issuance, (b) such action will not cause the Issuer to be deemed to be 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 Noteholder.

        "Termination Notice" is defined in Section 7.1 of the Transfer and
         ------------------                -----------
Servicing Agreement.

        "Transaction Documents" means the Master Indenture, Indenture
         ---------------------
Supplements, Transfer and Servicing Agreement, Trust Agreement, Administration
Agreement, and, until the FCMT Termination Date, the Pooling and Servicing
Agreement and the Collateral Series Supplement, and any other documents related
to this transaction.

        "Transfer Agent and Registrar" is defined in Section 2.5 of the
         ----------------------------                -----------
Indenture.

        "Transfer and Servicing Agreement" means the Transfer and Servicing
         --------------------------------
Agreement, dated as of March 1, 2001, between FCNB and the Issuer.

        "Transfer Date" means the Business Day immediately preceding each
         -------------
Distribution Date or each Distribution Date.

        "Transfer Restriction Event" means any event that prevents the Seller
         --------------------------
from transferring Receivables to the Issuer.

        "Trust" means the First Consumers Credit Card Master Note Trust.
         -----

        "Trust Agreement" means the Trust Agreement relating to the Receivables
         ---------------
Trust, dated as of March 1, 2001, between FCNB and the Owner Trustee, as the
same may be amended, supplemented or otherwise modified from time to time.

        "Trust Assets" is defined in Section 2.1 of the Transfer and Servicing
         ------------                -----------
Agreement.

        "Trust Estate" means all right, title and interest of the Issuer in and
         ------------
to the property and rights assigned to the Issuer pursuant to Section 2.5 of the
                                                              -----------
Trust Agreement and Section 2.1 of the Transfer and Servicing Agreement, all
                    -----------
monies, investment property, instruments and other property on deposit from time
to time in

                                     -26-
<PAGE>

the Collection Account, the Series Accounts and the Excess Funding Account and
all other property of the Issuer from time to time, including any rights of the
Owner Trustee and the Issuer pursuant to the Transaction Documents.

        "Trust Indenture Act" or "TIA" means the Trust Indenture Act of 1939.
         -------------------      ---

        "Trust Pay Out Event" is defined, with respect to each Series, in
         -------------------
Section 5.1 of the Indenture.
-----------

        "Trust Termination Date" is defined in Section 8.1 of the Trust
         ----------------------
Agreement.

        "Trustee Officer" means, with respect to the Indenture Trustee any
         ---------------
officer assigned to the Corporate Trust Office, including any managing director,
vice president, assistant vice president, assistant treasurer, assistant
secretary or any other officer of the Indenture Trustee customarily performing
functions similar to those performed by any of the above designated officers and
having direct responsibility for the administration of the applicable
Transaction Documents, 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.

        "UCC" means the Uniform Commercial Code, as in effect in any specified
         ---
jurisdiction.

                                     -27-<PAGE>

                                                                     Exhibit 4.2
                                                                     -----------

                 FIRST CONSUMERS CREDIT CARD MASTER NOTE TRUST
                                    Issuer
                                      and

                             THE BANK OF NEW YORK
                               Indenture Trustee

                      Series 2001-A INDENTURE SUPPLEMENT
                           Dated as of March 1, 2001
<PAGE>

<TABLE>
<CAPTION>
                               Table of Contents

<S>                                                                                            <C>
ARTICLE I             Creation of the Series 2001-A Notes...................................... 1
                      Section  1.1   Designation............................................... 1

ARTICLE II            Definitions.............................................................. 1
                      Section  2.1   Definitions............................................... 1

ARTICLE III           Servicing Fee........................................................... 16
                      Section  3.1   Servicing Compensation................................... 16

ARTICLE IV            Rights of Series 2001-A Noteholders and Allocation and
                      Application of Collections.............................................. 17
                      Section  4.1   Collections and Allocations.............................. 17
                      Section  4.2   Determination of Monthly Interest........................ 19
                      Section  4.3   Determination of Monthly Principal....................... 21
                      Section  4.4   Application of Available Finance Charge
                                     Collections and Available Principal
                                     Collections.............................................. 22
                      Section  4.5   Investor Charge-Offs..................................... 26
                      Section  4.6   Reallocated Principal Collections........................ 26
                      Section  4.7   Excess Finance Charge Collections........................ 27
                      Section  4.8   Shared Principal Collections............................. 27
                      Section  4.9   Principal Accumulation Account........................... 27
                      Section  4.10  Reserve Account.......................................... 29
                      Section  4.11  Swaps.................................................... 31
                      Section  4.12  Determination of LIBOR................................... 32
                      Section  4.13  Investment Instructions.  ............................... 32
                      Section  4.14  Controlled Accumulation Period........................... 33
                      Section  4.15  Suspension of Controlled Accumulation
                                     Period................................................... 33
                      Section  4.16  Interchange.............................................. 35
                      Section  4.17  Spread Account........................................... 35

ARTICLE V             Delivery of Series 2001-A Notes; Distributions; Reports to
                      Series 2001-A Noteholders............................................... 38
                      Section  5.1      Delivery and Payment for the
                                        Series 2001-A Notes................................... 38
                      Section  5.2      Distributions......................................... 38
                      Section  5.3      Reports and Statements to Series 2001-A
                                        Noteholders........................................... 39
</TABLE>
                                       i
<PAGE>

<TABLE>
<CAPTION>
<S>                                                                                           <C>
ARTICLE VI            Series 2001-A Pay Out Events............................................ 40
                      Section  6.1  Series 2001-A Pay Out Events.............................. 40

ARTICLE VII           Redemption of Series 2001-A Notes; Final Distributions;
                      Series Termination...................................................... 41
                      Section  7.1  Optional Redemption of Series 2001-A
                                    Notes; Final Distributions................................ 42
                      Section  7.2  Series Termination........................................ 43

ARTICLE VIII          Miscellaneous Provisions................................................ 44
                      Section  8.1  Ratification of Indenture; Amendments..................... 44
                      Section  8.2  Form of Delivery of the Series 2001-A
                                    Notes..................................................... 44
                      Section  8.3  Additional Requirements for Registration
                                    of and Limitations on Transfer and Exchange
                                    of Class C Notes.......................................... 44
                      Section  8.4  Counterparts.............................................. 44
                      Section  8.5  GOVERNING LAW............................................. 44
                      Section  8.6  Limitation of Liability................................... 44
                      Section  8.7  Rights of the Indenture Trustee........................... 45
</TABLE>

                                      ii
<PAGE>

                                   EXHIBITS

EXHIBIT A-1             FORM OF CLASS A NOTE
EXHIBIT A-2             FORM OF CLASS B NOTE
EXHIBIT A-3             FORM OF CLASS C NOTE
EXHIBIT B               FORM OF MONTHLY PAYMENT
                        INSTRUCTIONS AND NOTIFICATION TO
                        THE INDENTURE TRUSTEE
EXHIBIT C               FORM OF MONTHLY NOTEHOLDERS'
                        STATEMENT

EXHIBIT D-1                                        FORM OF CLASS A
                        SWAP

EXHIBIT D-2                                        FORM OF CLASS B

                        SWAP

                                      iii
<PAGE>

SERIES 2001-A
INDENTURE SUPPLEMENT, dated as of March 1, 2001 (the "Indenture Supplement"),
                                                      --------------------
between FIRST CONSUMERS CREDIT CARD MASTER NOTE TRUST, a trust organized and
existing under the laws of the State of Illinois (herein, the "Issuer" or the
                                                               ------
"Trust"), and THE BANK OF NEW YORK, a banking corporation organized and existing
 -----
under the laws of the State of New York, not in its individual capacity, but
solely as indenture trustee (herein, together with its successors in the trusts
thereunder as provided in the Master Indenture referred to below, the "Indenture
                                                                       ---------
Trustee") under the Master Indenture, dated as of March 1, 2001 (the
-------
"Indenture") between the Issuer and the Indenture Trustee (the Indenture,
----------
together with this Indenture Supplement, the "Agreement"). Pursuant to
                                              ---------
Section 2.12 of the Indenture, the Seller may direct the Issuer to issue one or
------------
more Series of Notes. The Principal Terms of this Series are set forth in this
Indenture Supplement to the Indenture.

                                   ARTICLE I
                      Creation of the Series 2001-A Notes
         Section  1.1    Designation.
                         -----------
         (1)  There is hereby created and designated a Series of Notes to be
issued pursuant to the Indenture and this Indenture Supplement to be known as
"First Consumers Credit Card Master Note Trust, Series 2001-A" or the "Series
 ------------------------------------------------------------          ------
2001-A Notes." The Series 2001-A Notes shall be issued in three Classes, known
------------
as the "Class A Series 2001-A Floating Rate Asset Backed Notes," the "Class B
        ------------------------------------------------------        -------
Series 2001-A Floating Rate Asset Backed Notes," and the "Class C Series 2001-A
----------------------------------------------            ---------------------
Floating Rate Asset Backed Notes."
--------------------------------
         (2)  Series 2001-A shall be included in Group One and shall be a
Principal Sharing Series. Series 2001-A shall be an Excess Allocation Series
with respect to Group One only. Series 2001-A shall not be subordinated to any
other Series.

                                  ARTICLE II
                                  Definitions
                                  -----------
         Section  2.1    Definitions.
                         -----------
         (a)  Whenever used in this Indenture Supplement, the following words
and phrases shall have the following meanings, and the definitions of such terms
are applicable to the singular as well as the plural forms of such terms and the
masculine as well as the feminine and neuter genders of such terms.
         "Accumulation Period Factor" means, for any Monthly Period, a fraction,
          --------------------------
the numerator of which is equal to the sum of the Initial Collateral Amounts of
all outstanding Series designated as Principal Sharing Series, and the
denominator of which is equal to the sum of (a) the Initial Collateral Amount
and (b) the Initial Collateral Amounts of all outstanding Series designated as
Principal Sharing Series (other than Series 2001-A) which are not expected to be
in their revolving periods;
<PAGE>

provided, however, that this definition may be changed at any time if the Rating
--------  -------
Agency Condition is satisfied.
         "Accumulation Period Length" is defined in subsection 4.14.
          --------------------------                ---------------
         "Accumulation Shortfall" means (a) for the first Distribution Date
          ----------------------
during the Controlled Accumulation Period, zero; and (b) thereafter, for any
Distribution Date during the Controlled Accumulation Period, the excess, if any,
of the Controlled Deposit Amount for the previous Distribution Date over the
amount deposited into the Principal Accumulation Account pursuant to subsection
                                                                     ----------
4.4(c)(i) for the previous Distribution Date.
---------
         "Additional Interest" means, for any Distribution Date, Class A
          -------------------
Additional Interest, Class B Additional Interest and Class C Additional Interest
for such Distribution Date.
         "Allocation Percentage" means, on any date of determination, the
          ---------------------
percentage equivalent of a fraction:
             (a) the numerator of which shall be the Collateral Amount,
         determined:
                       (i)  for Principal Collections during the Revolving
             Period and for Finance Charge Collections and Default Amounts at
             any time, at the end of the last day of the prior Monthly Period
             (or, in the case of the Monthly Period in which the Closing Date
             occurs, on the Closing Date); or
                       (ii) for Principal Collections during the Rapid
             Amortization Period, the Class C Amortization Period and the
             Controlled Accumulation Period, on the last day of the Revolving
             Period, provided, however, that if Series 2001-A is paired with a
                     --------  -------
             Paired Series and a Rapid Amortization Period commences for such
             Paired Series, the Seller may, by written notice to the Indenture
             Trustee, the Servicer and the Rating Agencies, but only after
             satisfying the Rating Agency Condition, designate a different
             numerator for such fraction, which numerator shall not be less than
             the Collateral Amount as of the last day of the Revolving Period
             for the Paired Series; and
             (b) the denominator of which shall be the greater of (x) the
         Aggregate Principal Balance at the end of the Business Day preceding
         such date of determination and (y) the sum of the numerators used to
         calculate the Allocation Percentages for allocations with respect to
         Finance Charge Collections, Principal Collections or Default Amounts,
         as applicable, for all outstanding Series on such date of
         determination.
         "Available Finance Charge Collections" means, for any Monthly Period,
          ------------------------------------
an amount equal to the sum of (a) the Investor Finance Charge Collections for
such Monthly Period, plus (b) any Net Swap Receipts for the related Distribution
Date, plus (c) the Excess Finance Charge Collections allocated to Series 2001-A
for such Monthly Period, plus (d) Principal Accumulation Investment Proceeds, if
any, with respect to the related Distribution Date and (e) amounts, if any, to
be withdrawn from the Reserve Account which will be deposited into the
Collection Account on the

                                       2
<PAGE>

related Distribution Date to be treated as Available Finance Charge Collections
pursuant to subsection 4.10(d).
            ------------------
         "Available Principal Collections" means, for any Monthly Period, an
          -------------------------------
amount equal to the sum of (a) the Investor Principal Collections for such
Monthly Period minus (b) the amount of Reallocated Principal Collections with
respect to such Monthly Period which pursuant to Section 4.6 are required to be
                                                 -----------
applied on the related Distribution Date, plus (c) any Shared Principal
Collections with respect to other Principal Sharing Series (including any
amounts on deposit in the Excess Funding Account that are allocated to Series
2001-A pursuant to the Agreement for application as Shared Principal
Collections), plus (d) the aggregate amount to be treated as Available Principal
Collections pursuant to subsections 4.4(a)(v) and (vi) for the related
                        --------------------      ----
Distribution Date.
         "Available Reserve Account Amount" means, for any Distribution Date,
          --------------------------------
the lesser of (a) the amount on deposit in the Reserve Account on such date
(after taking into account any interest and earnings retained in the Reserve
Account pursuant to subsection 4.10(b) on such date, but before giving effect to
                    ------------------
any deposit made or to be made pursuant to subsection 4.4(a)(vii) to the Reserve
                                           ---------------------
Account on such date) and (b) the Required Reserve Account Amount.
         "Available Spread Account Amount" means, for any DistriBution Date, an
          -------------------------------
amount equal to the lesser of (a) the amount on deposit in the Spread Account
(exclusive of Investment Earnings, unless and until the occurrence of an Event
of Default with respect to Series 2001-A and acceleration of the maturity of the
Series 2001-A Notes pursuant to Section 5.3 of the Indenture) on such date
                                -----------
(before giving effect to any deposit to, or withdrawal from, the Spread Account
made or to be made with respect to such date) and (b) the Spread Account Cap for
such Distribution Date.
         "Average Excess Spread Percentage" means, with respect to any
          --------------------------------
Distribution Date, the percentage equivalent of a fraction the numerator of
which is the sum of the Excess Spread Percentages with respect to the
immediately preceding three Monthly Periods and the denominator of which is
three.
         "Base Rate" means, for any Monthly Period, the annualized percentage
          ---------
equivalent of a fraction, the numerator of which is equal to the sum of (a) the
Monthly Interest, (b) the Net Swap Payments and (c) the Monthly Servicing Fee,
each with respect to the related Distribution Date, and the denominator of which
is the Collateral Amount as of the first day of such Monthly Period.
         "Class A Additional Interest" is defined in subsection 4.2(a).
          ---------------------------                -----------------
         "Class A Counterparty" means Deutsche Bank AG New York Branch, a branch
          --------------------
of Deutsche Bank Aktiengesellschaft, a banking company incorporated under the
laws of Germany, or the counterparty under any interest rate swap with respect
to the Class A Notes obtained pursuant to Section 4.11.
                                          ------------
         "Class A Expected Principal Distribution Date" means the February 2006
          --------------------------------------------
Distribution Date.
         "Class A Interest Shortfall" is defined in subsection 4.2(a).
          --------------------------                -----------------
         "Class A Monthly Interest" is defined in subsection 4.2(a).
          ------------------------                -----------------

                                       3
<PAGE>

         "Class A Monthly Principal" is defined in subsection 4.3(a).
          -------------------------                ----------------
         "Class A Net Swap Payment" means any net amount payable by the Issuer
          ------------------------
under the Class A Swap as a result of LIBOR being less than the Class A Swap
Rate. For the avoidance of doubt, Class A Net Swap Payments do not include early
termination payments or payment of breakage or other miscellaneous costs.
         "Class A Net Swap Receipt" means any net amount payable by the Class A
          ------------------------
Counterparty as a result of LIBOR being greater than the Class A Swap Rate. For
the avoidance of doubt, Class A Net Swap Receipts do not include early
termination payments.
         "Class A Note Initial Principal Balance" means $462,000,000.
          --------------------------------------
         "Class A Note Interest Rate" means a per annum rate of 0.31% in excess
          --------------------------
of LIBOR as determined on the LIBOR Determination Date for the applicable
Interest Period.
         "Class A Note Principal Balance" means, on any date of determination,
          ------------------------------
an amount equal to (a) the Class A Note Initial Principal Balance, minus (b) the
aggregate amount of principal payments made to the Class A Noteholders on or
prior to such date.
         "Class A Noteholder" means the Person in whose name a Class A Note is
          ------------------
registered in the Note Register.
         "Class A Notes" means any one of the Notes executed by the Issuer and
          -------------
authenticated by or on behalf of the Indenture Trustee, substantially in the
form of Exhibit A-1.
        -----------
         "Class A Required Amount" means, for any Distribution Date, an amount
          -----------------------
equal to the excess of the amounts described in subsection 4.4(a)(i) over the
                                                --------------------
Available Finance Charge Collections applied to pay such amount pursuant to
subsection 4.4(a).
----------------
         "Class A Swap" means an interest rate swap agreement with respect to
          ------------
the Class A Notes between the Owner Trustee, on behalf of the Trust, and the
Class A Counterparty substantially in the form of Exhibit D-1 to this Indenture
                                                  -----------
Supplement, or such other form as shall have satisfied the Rating Agency
Condition.
         "Class A Swap Rate" means 5.665% per annum.
          -----------------
         "Class B Additional Interest" is defined in subsection 4.2(b).
          ---------------------------                -----------------
         "Class B Counterparty" means Deutsche Bank AG New York Branch, a
          --------------------
branch of Deutsche Bank Aktiengesellschaft, a banking company incorporated under
the laws of Germany, or the counterparty under any interest rate swap with
respect to the Class B Notes obtained pursuant to Section 4.11.
                                                  ------------
         "Class B Expected Principal Distribution Date" means the March 2006
          --------------------------------------------
Distribution Date.
         "Class B Interest Shortfall" is defined in subsection 4.2(b).
          --------------------------                -----------------
         "Class B Monthly Interest" is defined in subsection 4.2(b).
          ------------------------                ----------------
         "Class B Monthly Principal" is defined in subsection 4.3(b).
          -------------------------                -----------------
         "Class B Net Swap Payment" means any net amount payable by the Issuer
          ------------------------
under the Class B Swap as a result of LIBOR being less than the Class B Swap
Rate.

                                       4
<PAGE>

For the avoidance of doubt, Class B Net Swap Payments do not include early
termination payments or payment of breakage or other miscellaneous costs.
         "Class B Net Swap Receipt" means any net amount payable by the Class B
          ------------------------
Counterparty as a result of LIBOR being greater than the Class B Swap Rate. For
the avoidance of doubt, Class B Net Swap Receipts do not include early
termination payments.
         "Class B Note Initial Principal Balance" means $63,000,000.
          --------------------------------------
         "Class B Note Interest Rate" means a per annum rate of 1.10% in excess
          --------------------------
of LIBOR as determined on the LIBOR Determination Date for the applicable
Interest Period.
         "Class B Note Principal Balance" means, on any date of determination,
          ------------------------------
an amount equal to (a) the Class B Note Initial Principal Balance, minus (b) the
aggregate amount of principal payments made to the Class B Noteholders on or
prior to such date.
         "Class B Noteholder" means the Person in whose name a Class B Note is
          -----------------
registered in the Note Register.
         "Class B Notes" means any one of the Notes executed by the Issuer and
          -------------
authenticated by or on behalf of the Indenture Trustee, substantially in the
form of Exhibit A-2.
        -----------
         "Class B Required Amount" means, for any Distribution Date, an amount
          -----------------------
equal to the excess of the amount described in subsection 4.4(a)(ii) over the
                                               ---------------------
Available Finance Charge Collections applied to pay such amount pursuant to
subsection 4.4(a).
-----------------
         "Class B Swap" means an interest rate swap agreement between the Owner
          ------------
Trustee, on behalf of the Trust, and the Class B Counterparty substantially in
the form of Exhibit D-2 to this Indenture Supplement, or such other form as
            -----------
shall have satisfied the Rating Agency Condition.
         "Class B Swap Rate" means 5.670% per annum.
          -----------------
         "Class C Additional Interest" is defined in subsection 4.2(c).
          ---------------------------                -----------------
         "Class C Amortization Period" means, unless the Rapid Amortization
          ---------------------------
Period shall have commenced prior thereto, the period commencing on the Class C
Principal Commencement Date and ending on the first to occur of (a) the
commencement of the Rapid Amortization Period and (b) the Series Termination
Date.
         "Class C Interest Shortfall" is defined in subsection 4.2(c).
          --------------------------                -----------------
         "Class C Maximum Note Interest Rate" means a per annum rate of 2.50% in
          ----------------------------------
excess of LIBOR as determined on the LIBOR Determination Date for the applicable
Interest Period.
         "Class C Monthly Interest"is defined in subsection 4.2(c).
          ------------------------               -----------------
         "Class C Monthly Principal" is defined in subsection 4.3(c).
          -------------------------                -----------------
         "Class C Note Initial Principal Balance" means $36,000,000.
          --------------------------------------
         "Class C Note Principal Balance" means, on any date of determination,
          ------------------------------
an amount equal to (a) the Class C Note Initial Principal Balance, minus (b) the

                                       5
<PAGE>

aggregate amount of principal payments made to the Class C Noteholders on or
prior to such date.
         "Class C Note Purchase Agreement" means the Note Purchase Agreement,
          -------------------------------
dated as of March 6, 2001, between FCNB, Spiegel and the initial purchaser of
the Class C Notes.
         "Class C Noteholder" means the Person in whose name a Class C Note is
          ------------------
registered in the Note Register.
         "Class C Notes" means any one of the Notes executed by the Issuer and
          -------------
authenticated by or on behalf of the Indenture Trustee, substantially in the
form of Exhibit A-3.
        -----------
         "Class C Principal Commencement Date" shall mean the Distribution Date
          -----------------------------------
on which the Class A Note Principal Balance and the Class B Note Principal
Balance have been paid in full.
         "Class C Required Amount" means, for any Distribution Date, an amount
          -----------------------
equal to the excess of the amount described in subsection 4.4(a)(iv) over the
                                               --------------------
sum of (a) Available Finance Charge Collections applied to pay such amount
pursuant to subsection 4.4(a) and (b) any amount withdrawn from the Spread
            ----------------
Account and applied to pay such amount pursuant to subsection 4.17(c).
                                                   -------------------
         "Closing Date" means March 6, 2001.
          ------------
         "Collateral Amount" means, as of any date of determination, an amount
          -----------------
equal to the result of (a) the Initial Collateral Amount minus (b) the amount of
principal previously paid to the Series 2001-A Noteholders, minus (c) the
balance on deposit in the Principal Accumulation Account, minus (d) the
aggregate reductions to the Collateral Amount made pursuant to Section
                                                               -------
4.4(c)(vi) on or prior to such date of determination, minus (e) the excess, if
---------
any, of the aggregate amount of Investor Charge-Offs and Reallocated Principal
Collections over the reimbursements of such amounts pursuant to subsection
                                                                ----------
4.4(a)(vi) prior to such date.
---------
         "Controlled Accumulation Amount" means, for any Distribution Date with
          ------------------------------
respect to the Controlled Accumulation Period, $43,750,000; provided, however,
                                                            --------  -------
that if the Accumulation Period Length is determined to be less than 12 months
pursuant to Section 4.14 or 4.15, the Controlled Accumulation Amount for each
            ------------    ----
Distribution Date with respect to the Controlled Accumulation Period will be
equal to (i) the Class A Note Initial Principal Balance and the Class B Note
Initial Principal Balance divided by (ii) the Accumulation Period Length;
provided, further, that the Controlled Accumulation Amount for any Distribution
--------  -------
Date shall not exceed the sum of the Class A Note Principal Balance and the
Class B Note Principal Balance, minus any amount already on deposit in the
Principal Accumulation Account on such Distribution Date.
         "Controlled Accumulation Period" means, unless a Pay Out Event shall
          ------------------------------
have occurred prior thereto, the period commencing at the opening of business on
February 1, 2005 or such later date as is determined in accordance with Sections
                                                                        --------
4.14 and 4.15, and ending on the first to occur of (a) the commencement of the
----     ----
Rapid

                                       6
<PAGE>

Amortization Period, (b) the Class C Principal Commencement Date and (c) the
Series Termination Date.
         "Controlled Deposit Amount" means, for any Distribution Date with
          -------------------------
respect to the Controlled Accumulation Period, an amount equal to the sum of the
Controlled Accumulation Amount for such Distribution Date and any existing
Accumulation Shortfall.
         "Counterparty" means the Class A Counterparty or the Class B
          ------------
Counterparty.
         "Covered Amount" means an amount, determined as of each Distribution
          --------------
Date for any Interest Period, equal to the sum of (a) the product of (i) a
fraction, the numerator of which is the actual number of days in such Interest
Period and the denominator of which is 360, times (ii) the Class A Note Interest
Rate in effect with respect to such Interest Period, times (iii) the aggregate
amount on deposit in the Principal Accumulation Account up to the Class A Note
Principal Balance as of the Record Date preceding such Distribution Date, plus
(b) the product of (i) a fraction, the numerator of which is the actual number
of days in such Interest Period and the denominator of which is 360, times (ii)
the Class B Note Interest Rate in effect with respect to such Interest Period,
times (iii) the aggregate amount on deposit in the Principal Accumulation
Account in excess of the Class A Note Principal Balance as of the Record Date
preceding such Distribution Date up to the Class B Note Principal Balance as of
the Record Date preceding such Distribution Date.
         "Default Estimate" means, for any Monthly Period, an amount equal to
          ----------------
the product of (i) 1.5, multiplied by (ii) the arithmetic mean of the Investor
Default Amounts for the prior three Monthly Periods. For this purpose, the
December 2000, January 2001 and February 2001 Investor Default Amounts shall be
deemed to have equaled $5,000,000.
         "Distribution Date" means April 16, 2001 and the 15th day of each
          -----------------
calendar month thereafter, or if such 15th day is not a Business Day, the next
succeeding Business Day.
         "Excess Collateral Amount" means, at any time, the result of the
          ------------------------
Collateral Amount, plus the Principal Accumulation Account Balance, minus the
Note Principal Balance.
         "Excess Spread Percentage" means, for any Monthly Period, a percentage
          ------------------------
equal to the Portfolio Yield for such Monthly Period minus the Base Rate for
such Monthly Period.
         "Finance Charge Shortfall" is defined in Section 4.7.
          ------------------------                -----------
         "Group One" means Series 2001-A, the outstanding Series under (and as
          ---------
defined in) the Pooling and Servicing Agreement (other than Series represented
by the Collateral Certificate) and each other Series hereafter specified in the
related Indenture Supplement to be included in Group One.
         "Initial Collateral Amount" means $600,000,000, which equals the sum of
          -------------------------
(i) the Class A Note Initial Principal Balance, plus, (ii) the Class B Note
Initial Principal Balance, plus, (iii) the Class C Note Initial Principal
Balance plus (iv) the Initial Excess Collateral Amount.

                                       7
<PAGE>

         "Initial Excess Collateral Amount" means $39,000,000.
          --------------------------------
         "Interest Period" means, for any Distribution Date, the period from and
          ---------------
including the Distribution Date immediately preceding such Distribution Date
(or, in the case of the first Distribution Date, from and including the Closing
Date) to but excluding such Distribution Date.
         "Investment Earnings" means, for any Distribution Date, all interest
          -------------------
and earnings on Permitted Investments included in the Spread Account (net of
losses and investment expenses) during the period commencing on and including
the Distribution Date immediately preceding such Distribution Date and ending on
but excluding such Distribution Date.
         "Investor Charge-Offs" is defined in Section 4.5.
          --------------------                -----------
         "Investor Default Amount" means, for any Distribution Date, an amount
          -----------------------
equal to the product of (a) the Default Amount for the related Monthly Period
and (b) the daily average Allocation Percentage for such Monthly Period.
         "Investor Finance Charge Collections" means, for any Monthly Period, an
          -----------------------------------
amount equal to the aggregate amount of Finance Charge Collections (including
Net Recoveries and Interchange treated as Finance Charge Collections) retained
or deposited in the Finance Charge Subaccount for Series 2001-A pursuant to
subsection 4.1(b)(i) for such Monthly Period.
--------------------
         "Investor Principal Collections" means, for any Monthly Period, the
          ------------------------------
aggregate amount of Principal Collections retained or deposited in the Principal
Collections Subaccount for Series 2001-A pursuant to subsection 4.1(b)(ii) for
                                                     --------------------
such Monthly Period.
         "Investor Uncovered Dilution Amount" means, for any Distribution Date,
          ----------------------------------
an amount equal to the Series Share of shortfalls in Deposit Obligations that is
allocated to Series 2001-A pursuant to Section 8.4(h) of the Indenture.
                                       --------------
         "LIBOR" means, for any Interest Period, the London interbank offered
          -----
rate for one-month United States dollar deposits determined by the Indenture
Trustee for each Interest Period in accordance with the provisions of Section
                                                                      -------
4.12.
----
         "LIBOR Determination Date" means (i) March 2, 2001 for the period from
          ------------------------
and including the Closing Date through and including April 15, 2001 and (ii) the
second London Business Day prior to the commencement of the second and each
subsequent Interest Period.
         "London Business Day" means any day on which dealings in deposits in
          -------------------
United States dollars are transacted in the London interbank market.
         "Maximum Reallocated Principal Reserves Amount" means, with respect to
          ---------------------------------------------
any Monthly Period, the sum of the Net Interest Obligations and the Monthly
Servicing Fee payable on the Distribution Date following such Monthly Period.
         "Maximum Release Amount" is defined in the Class C Note Purchase
          ----------------------
Agreement.
         "Minimum Seller Percentage" means 7% for Series 2001-A.
          -------------------------
                                       8
<PAGE>

         "Monthly Interest" means, for any Distribution Date, the sum of the
          ----------------
Class A Monthly Interest, the Class B Monthly Interest, and the Class C Monthly
Interest for such Distribution Date.
         "Monthly Period" means the period from and including the first day of
          --------------
the calendar month preceding a related Distribution Date to and including the
last day of such calendar month; provided that the Monthly Period related to the
                                 --------
April 2001 Distribution Date shall mean the period from and including the
Closing Date to and including the last day of March 2001.
         "Monthly Principal Reallocation Amount" means, for any Monthly Period,
          -------------------------------------
an amount equal to the sum of:
              (a)   the lower of (i) the Class A Required Amount and (ii) the
         greater of (A)(x) the product of (I) 23.0% and (II) the Initial
         Collateral Amount minus (y) the amount of unreimbursed Investor Charge-
         Offs (after giving effect to Investor Charge-Offs for the related
         Monthly Period) and unreimbursed Reallocated Principal Collections (as
         of the previous Distribution Date) and (B) zero;
              (b)   the lower of (i) the sum of the Class B Required Amount and
         the Servicing Fee Required Amount and (ii) the greater of (A)(x) the
         product of (I) 12.5% and (II) the Initial Collateral Amount minus (y)
         the amount of unreimbursed Investor Charge-Offs (after giving effect to
         Investor Charge- Offs for the related Monthly Period) and unreimbursed
         Reallocated Principal Collections (as of the previous Distribution Date
         and as required in clause (a) above) and (B) zero;
              (c)   the lower of (i) the sum of the Class C Required Amount and
         (ii) the greater of (A)(x) the product of (I) 6.5% and (II) the Initial
         Collateral Amount minus (y) the amount of unreimbursed Investor
         Charge-Offs (after giving effect to Investor Charge-Offs for the
         related Monthly Period) and unreimbursed Reallocated Principal
         Collections (as of the previous Distribution Date and as required in
         clauses (a) and (b) above) and (B) zero; and
         ----------      ---
              (d)   if the Rapid Amortization Period is extended past the
         Distribution Date on which the Note Principal Balance is paid in full
         as a result of there being amounts owed to the Class C Noteholders
         under the Class C Note Purchase Agreement or to the Class A
         Counterparty or Class B Counterparty under the Class A Swap or Class B
         Swap, as applicable, then for any Distribution Date falling on or after
         the Distribution Date on which the Note Principal Balance is paid in
         full, the least of (i) the sum of any amounts owed to Class C
         Noteholders that remain outstanding under the Class C Note Purchase
         Agreement, any amounts owed to the Class A Counterparty that remain
         outstanding under the Class A Swap and any amounts owed to the Class B
         Counterparty that remain outstanding under the Class B Swap, (ii) (A)
         6.5% of the Initial Collateral Amount, minus (B) any prior reductions
         to the Excess Collateral Amount and (iii) (A) the Excess

                                       9
<PAGE>

         Collateral Amount (after giving effect to Investor Charge-Offs for the
         related Monthly Period), minus, (B) in the case of the Distribution
         Date on which the Note Principal Balance is paid in full, any
         Reallocated Principal Collections applied pursuant to clauses (a), (b)
                                                               -----------  ---
         and (c) for such Distribution Date.
             ---
         "Monthly Servicing Fee" is defined in subsection 3.1.
          ---------------------                --------------
         "Net Interest Obligation" means, for any Distribution Date: (a) if
          -----------------------
there are Net Swap Payments due on that Distribution Date, the sum of the Net
Swap Payments and the Monthly Interest for that Distribution Date; (b) if there
are Net Swap Receipts due on that Distribution Date, the result of the Monthly
Interest for that Distribution Date minus the Net Swap Receipts; and (c) if the
Swaps have terminated for any reason, the Monthly Interest for that Distribution
Date.
         "Net Swap Payments" means, collectively, the Class A Net Swap Payment
          -----------------
and the Class B Net Swap Payment.
         "Net Swap Receipts" means, collectively, the Class A Net Swap Receipt
          -----------------
and the Class B Net Swap Receipt.
         "Note Principal Balance" means, on any date of determination, an amount
          ----------------------
equal to the sum of the Class A Note Principal Balance, the Class B Note
Principal Balance and the Class C Note Principal Balance.
         "Percentage Allocation" is defined in subsection 4.1(b)(ii)(y).
          ---------------------                ------------------------
         "Portfolio Yield" means, for any Monthly Period, the annualized
          ---------------
percentage equivalent of a fraction, (a) the numerator of which is equal to the
sum of (i) Investor Finance Charge Collections with respect to such Monthly
Period, plus (ii) the Principal Accumulation Investment Proceeds deposited into
the Collection Account on the Distribution Date related to such Monthly Period,
plus (iii) the amount of the Reserve Draw Amount (up to the Available Reserve
Account Amount) plus any amounts of interest and earnings described in Section
                                                                       -------
4.10, each deposited into the Collection Account on the Distribution Date
----
relating to such Monthly Period, plus (iv) the amount of Net Swap Receipts for
the Distribution Date relating to such Monthly Period, such sum to be calculated
on a cash basis after subtracting the Investor Default Amount for such Monthly
Period, and (b) the denominator of which is the Collateral Amount as of the
first day of such Monthly Period.
         "Principal Accumulation Account" shall have the meaning set forth in
          ------------------------------
subsection 4.9(a).
----------------
         "Principal Accumulation Account Balance" means, for any date of
          --------------------------------------
determination, the principal amount, if any, on deposit in the Principal
Accumulation Account on such date of determination.
         "Principal Accumulation Investment Proceeds" means, with respect to
          ------------------------------------------
each Distribution Date, the investment earnings on funds in the Principal
Accumulation Account (net of investment expenses and losses) for the period from
and including the immediately preceding Distribution Date to but excluding such
Distribution Date.
         "Principal Payment Rate" means, for any Monthly Period, (a) the
          ----------------------
aggregate amount of Principal Collections deposited in the Collection Account
during that

                                      10
<PAGE>

Monthly Period, divided by (b) the Aggregate Principal Receivables as of the
close of business on the last day of the prior Monthly Period.
     "Principal Shortfall" is defined in subsection 4.8.
      -------------------                ---------------
     "Qualified Maturity Agreement" means an agreement whereby an Eligible
      ----------------------------
Institution agrees to make a deposit into the Principal Accumulation Account on
the Class A Expected Principal Distribution Date in an amount equal to the Class
A Note Initial Principal Balance and to make a deposit into the Principal
Accumulation Account on the Class B Expected Principal Distribution Date in an
amount equal to the Class B Note Initial Principal Balance
     "Rapid Amortization Period" means the period commencing on the Business
      -------------------------
Day immediately preceding the day on which a Pay Out Event with respect to
Series 2001-A is deemed to have occurred, and ending on the Series Termination
Date; provided, that if any amounts are owed to the Class C Noteholders under
      --------
the Class C Note Purchase Agreement, to the Class A Counterparty under the Class
A Swap or to the Class B Counterparty under the Class B Swap after payment in
full of the Note Principal Balance, the Rapid Amortization Period shall
continue, solely for the purposes of repaying such amounts, but in no event
shall the Rapid Amortization Period continue after the earliest of (x) the date
on which no further amounts are owed to the Class C Noteholders under the Class
C Note Purchase Agreement or to any Counterparty under the Class A Swap or Class
B Swap, (y) the Series 2001-A Final Maturity Date and (z) the date on which the
Collateral Amount has been reduced to zero; provided, further, that if the Rapid
                                            --------  -------
Amortization Period is extended in accordance with the immediately preceding
proviso, for purposes of calculating the Minimum Aggregate Principal Balance,
for so long as the Rapid Amortization Period is so extended, (i) Series 2001-A
shall be deemed to be outstanding, (ii) the Collateral Amount shall be included
in the calculation of Aggregate Collateral Amount for purposes of clause (a) of
the definition of Minimum Aggregate Principal Balance and (iii) the numerator
used for purposes of the Allocation Percentage with respect to Principal
Collections for Series 2001-A shall be included in the calculation described in
clause (b) of the definition of Minimum Aggregate Principal Balance.
     "Rating Agency" means each of Fitch, Moody's and Standard & Poor's.
      -------------
     "Reallocated Principal Collections" means, for any Distribution Date,
      ---------------------------------
Investor Principal Collections applied in accordance with Section 4.6 in an
                                                          -----------
amount not to exceed the Monthly Principal Reallocation Amount for the related
Monthly Period.
     "Reallocated Principal Reserves" is defined in subsection 4.1(b)(ii)(x).
      ------------------------------                ------------------------
     "Reassignment Amount" means, for any Distribution Date, after giving effect
      -------------------
to any deposits and distributions otherwise to be made on such Distribution
Date, the sum of (i) the Note Principal Balance on such Distribution Date, plus
(ii) Monthly Interest for such Distribution Date and any Monthly Interest
previously due but not distributed to the Series 2001-A Noteholders, plus (iii)
the amount of Additional Interest, if any, for such Distribution Date and any
Additional Interest previously due but not distributed to the Series 2001-A
Noteholders on a prior Distribution Date.

                                      11
<PAGE>

         "Reference Banks" means four major banks in the London interbank market
          ---------------
selected by the Servicer.
         "Required Accumulation Factor Number" shall be equal to a fraction,
          -----------------------------------
rounded upwards to the nearest whole number, the numerator of which is one and
the denominator of which is equal to the lowest monthly Principal Payment Rate
on the Accounts, expressed as a decimal, for the 12 months preceding the date of
such calculation; provided, however, that this definition may be changed at any
                  --------  -------
time if the Rating Agency Condition is satisfied.
         "Required Excess Collateral Amount" means, at any time, the lesser of
          ---------------------------------
(a) $39,000,000 and (b) 7.5% of the Collateral Amount; provided that:
                                                       --------
                (a) except as provided in clause (c), the Required Excess
                                          ----------
         Collateral Amount shall never be less than 3% of the Initial Collateral
         Amount;
                (b) except as provided in clause (c), the Required Excess
                                          ----------
         Collateral Amount shall not decrease during a Rapid Amortization
         Period; and
                (c) the Required Excess Collateral Amount shall never be greater
         than the Note Principal Balance minus the balance on deposit in the
         Principal Accumulation Account.
         "Required Reserve Account Amount" means, for any Distribution Date on
          -------------------------------
or after the Reserve Account Funding Date, an amount equal to (a) 0.5% of the
Note Principal Balance or (b) any other amount designated by the Seller;
provided, however, that if such designation is of a lesser amount, the Seller
--------  -------
shall (i) provide the Servicer and the Indenture Trustee with evidence that the
Rating Agency Condition shall have been satisfied and (ii) deliver to the
Indenture Trustee a certificate of an Authorized Officer to the effect that,
based on the facts known to such officer at such time, in the reasonable belief
of the Seller, such designation will not cause a Pay Out Event or an event that,
after the giving of notice or the lapse of time, would cause a Pay Out Event to
occur with respect to Series 2001-A.
         "Reserve Account" is defined in subsection 4.10(a).
          ---------------                ------------------
         "Reserve Account Funding Date" means the Distribution Date designated
          ----------------------------
by the Servicer which occurs not later than the earliest of (a) the Distribution
Date with respect to the Monthly Period which commences 3 months prior to the
commencement of the Controlled Accumulation Period (which commencement shall be
subject to postponement pursuant to Section 4.15); (b) the first Distribution
                                    ------------
Date for which the Average Excess Spread Percentage is less than 2%, but in such
event the Reserve Account Funding Date shall not be required to occur earlier
than the Distribution Date with respect to the Monthly Period which commences 12
months prior to the commencement of the Controlled Accumulation Period; (c) the
first Distribution Date for which the Average Excess Spread Percentage is less
than 3%, but in such event the Reserve Account Funding Date shall not be
required to occur earlier than the Distribution Date with respect to the Monthly
Period which commences 6 months prior to the commencement of the Controlled
Accumulation Period; and (d) the first Distribution Date for which the Average
Excess Spread Percentage is less than 4%, but in such event the Reserve Account
Funding Date shall

                                      12
<PAGE>

not be required to occur earlier than the Distribution Date with respect to the
Monthly Period which commences 4 months prior to the commencement of the
Controlled Accumulation Period; provided, however, that subject to satisfaction
                                --------  -------
of the Rating Agency Condition, the Reserve Account Funding Date may be any date
selected by the Servicer.
         "Reserve Account Surplus" means, as of any Distribution Date following
          -----------------------
the Reserve Account Funding Date, the amount, if any, by which the amount on
deposit in the Reserve Account exceeds the Required Reserve Account Amount.
         "Reserve Draw Amount" means, with respect to each Distribution Date
          -------------------
relating to the Controlled Accumulation Period or the first Distribution Date
relating to the Rapid Amortization Period, the amount, if any, by which the
Principal Accumulation Investment Proceeds for such Distribution Date are less
than the Covered Amount determined as of such Distribution Date.
         "Revolving Period" means the period beginning on the Closing Date and
          ----------------
ending on the earlier of the close of business on the day immediately preceding
the day the Controlled Accumulation Period commences or the Rapid Amortization
Period commences.
         "Series 2001-A" means the Series of Notes the terms of which are
          -------------
specified in this Indenture Supplement.
         "Series 2001-A Final Maturity Date" means the September 2008
          ---------------------------------
Distribution Date.
         "Series 2001-A Note" means a Class A Note, a Class B Note or a Class C
          ------------------
Note.
         "Series 2001-A Noteholder" means a Class A Noteholder, a Class B
          ------------------------
Noteholder or a Class C Noteholder.
         "Series 2001-A Pay Out Event" is defined in Section 6.1.
          ---------------------------                -----------
         "Series Servicing Fee Percentage" means 2% per annum.
          -------------------------------
         "Series Termination Date" means the earliest to occur of (a) the date
          -----------------------
on which the Note Principal Balance is paid in full, (b) the date on which the
Collateral Amount is reduced to zero and (c) the Series 2001-A Final Maturity
Date.
         "Servicing Fee Required Amount" means, for any Distribution Date, an
          -----------------------------
amount equal to the excess of the amount described in subsection 4.4(a)(iii)
                                                      ----------------------
over the Available Finance Charge Collections applied to pay such amount
pursuant to subsection 4.4(a).
            -----------------
         "Spread Account" is defined in subsection 4.17(a).
          --------------                ------------------
         "Spread Account Cap" is defined in the Class C Note Purchase Agreement.
          ------------------
         "Spread Account Deficiency" means the excess, if any, of the Spread
          -------------------------
Account Cap over the Available Spread Account Amount.
         "Surplus Collateral Amount" means, at any time, the excess, if any, of
          -------------------------
the Excess Collateral Amount over the Required Excess Collateral Amount.
         "Telerate Page 3750" means the display page currently so designated on
          ------------------
the Bridge Telerate Markets Report (or such other page as may replace that page
in that service for the purpose of displaying comparable rates or prices).

                                      13
<PAGE>

         (b) Each capitalized term defined herein shall relate to the Series
2001-A Notes and no other Series of Notes issued by the Trust, unless the
context otherwise requires. All capitalized terms used herein and not otherwise
defined herein have the meanings ascribed to them in the Indenture or the
Transfer and Servicing Agreement.

         (c) The interpretive rules specified in Section 1.2 of the Master
                                                 -----------
Indenture also apply to this Indenture Supplement. If any term or provision
contained herein shall conflict with or be inconsistent with any term or
provision contained in the Indenture, the terms and provisions of this Indenture
Supplement shall be controlling.
                                  ARTICLE III
                                 Servicing Fee
                                 -------------
         Section 3.1 Servicing Compensation. The share of the Servicing Fee
                     ----------------------
allocable to Series 2001-A for any Distribution Date (the "Monthly Servicing
                                                      ----------------------
Fee") shall be equal to one-twelfth of the product of (a) the Series Servicing
---
Fee Percentage and (b) (i) the Collateral Amount as of the last day of the
Monthly Period preceding such Distribution Date, minus (ii) the product of the
amount, if any, on deposit in the Excess Funding Account as of the last day of
the Monthly Period preceding such Distribution Date and the Allocation
Percentage for Finance Charge Collections with respect to such Monthly Period;
provided, however, that with respect to the first Distribution Date, the Monthly
--------  ------
Servicing Fee shall be equal to $866,666.67. The remainder of the Servicing Fee
shall be paid by the holders of the Seller Interest or the noteholders of other
Series (as provided in the related Indenture Supplements) and in no event shall
the Trust, the Indenture Trustee or the Series 2001-A Noteholders be liable for
the share of the Servicing Fee to be paid by the holders of the Seller Interest
or the noteholders of any other Series. To the extent that the Monthly Servicing
Fee is not paid in full pursuant to the preceding provisions of this Section
                                                                     -------
3.1, and Section 4.4, it shall be paid by the holders of the Seller Interest.
---      -----------
                                  ARTICLE IV
     Rights of Series 2001-A Noteholders and Allocation and Application of
                                         ---------------------------------
                                  Collections
                                  -----------
         Section  4.1      Collections and Allocations
                           ---------------------------
         (a) Allocations. Finance Charge Collections, Principal Collections and
             -----------
Defaulted Receivables allocated to Series 2001-A pursuant to Article VIII of the
                                                             ------------
Indenture shall be allocated and distributed as set forth in this Article.
         (b) Allocations to the Series 2001-A Noteholders. The Servicer shall,
             --------------------------------------------
prior to the close of business on any Deposit Date, allocate to the Series
2001-A Noteholders the following amounts as set forth below:
                  (i) Allocations of Finance Charge Collections. The Servicer
                      -----------------------------------------
         shall allocate to the Series 2001-A Noteholders and transfer to the
         Finance Charge Subaccount for application as provided herein an amount
         equal to the product of (A) the Allocation Percentage and (B) the
         aggregate Finance Charge Collections deposited in the Collection
         Account on such Deposit Date; provided, however, that with respect to
                                       --------  -------
         the portion of each Monthly Period falling in the Revolving Period or
         the Controlled Accumulation Period, such

                                      14
<PAGE>

         allocation shall be transferred to the Finance Charge Subaccount only
         until such time as the amount transferred to the Finance Charge
         Subaccount pursuant to this subsection during that Monthly Period
         equals the sum of (1) the Net Interest Obligation with respect to the
         Distribution Date relating to that Monthly Period, (2) at any time that
         FCNB is not the Servicer, the Monthly Servicing Fee payable on the
         Distribution Date relating to that Monthly Period and all accrued and
         unpaid Investor Monthly Servicing Fees with respect to any prior
         Monthly Periods, and (3) the Default Estimate for that Monthly Period;
         provided further, however, that notwithstanding the foregoing proviso,
         -------- -------  -------                                     -------
         (1) the entire Allocation Percentage of Finance Charge Collections
         shall be transferred to the Finance Charge Subaccount on a daily basis
         if (x) the Excess Spread Percentage for the preceding Monthly Period is
         less than 3.00% or (y) the Available Spread Account Amount is less than
         the Spread Account Cap; and (2) subject to Section 8.4(a) of the
                                                    --------------
         Indenture, on each Determination Date, the Servicer shall deposit in
         the Finance Charge Subaccount any amounts not retained on a daily basis
         pursuant to the preceding proviso. Any portion of such allocation not
                                   -------
         required to be transferred to the Finance Charge Subaccount pursuant to
         the preceding sentence shall be (x) first, deposited in the Excess
         Funding Account to the extent the Seller Amount is less than the
         Minimum Seller Amount and (y) thereafter be paid to the holders of the
         Seller Interest.
                  (ii) Allocations of Principal Collections. The Servicer shall
                       ------------------------------------
         allocate to the Series 2001-A Noteholders the following amounts as set
         forth below:
                           (x) Allocations During the Revolving Period. During
                               ---------------------------------------
                  the Revolving Period an amount equal to the product of the
                  Allocation Percentage and the aggregate amount of Principal
                  Collections deposited in the Collection Account on such
                  Deposit Date, shall be allocated to the Series 2001-A
                  Noteholders and transferred to the Principal Collections
                  Subaccount for application as Reallocated Principal
                  Collections on the related Distribution Date pursuant to
                  Section 4.6(a) (all such amounts retained in the Collection
                  --------------
                  Account for application as Reallocated Principal Collections
                  pursuant to this subsection 4.1(b)(ii)(x) being hereinafter
                                   ------------------------
                  referred to as "Reallocated Principal Reserves"); provided,
                                  ------------------------------    --------
                  however, that if the sum of (i) such Reallocated Principal
                  -------
                  Reserves for any Deposit Date, (ii) all Reallocated Principal
                  Reserves previously deposited in the Principal Collections
                  Subaccount pursuant to this subsection 4.1(b)(ii)(x) on
                                              ------------------------
                  Deposit Dates occurring during the same Monthly Period and
                  (iii) the aggregate amount of Finance Charge Collections
                  deposited in the Finance Charge Subaccount pursuant to
                  subsection 4.1(b)(i) on Deposit Dates occurring in the same
                  --------------------
                  Monthly Period, exceeds the Maximum Reallocated Principal
                  Reserves Amount for such Monthly Period, then such excess
                  shall not be treated as Reallocated Principal

                                      15
<PAGE>

                  Reserves and shall be, first, if any other Principal Sharing
                  Series is outstanding and in its accumulation period or
                  amortization period, retained in the Collection Account for
                  application, to the extent necessary, as Shared Principal
                  Collections to other Principal Sharing Series on the related
                  Distribution Date, second deposited in the Excess Funding
                  Account to the extent necessary so that the Seller Amount is
                  not less than the Minimum Seller Amount and third paid to the
                  holders of the Seller Interest.
                           (y) Allocations During the Controlled Accumulation
                               ----------------------------------------------
                  Period. During the Controlled Accumulation Period an amount
                  ------
                  equal to the product of (I) the Allocation Percentage and (II)
                  the aggregate amount of Principal Collections deposited in the
                  Collection Account on such Deposit Date (the product for any
                  such date is hereinafter referred to as a "Percentage
                                                             ----------
                  Allocation") shall be allocated to the Series 2001-A
                  ----------
                  Noteholders and transferred to the Principal Collections
                  Subaccount until applied as provided herein; provided,
                                                               --------
                  however, that if the sum of such Percentage Allocation and all
                  -------
                  preceding Percentage Allocations with respect to the same
                  Monthly Period exceeds the Controlled Deposit Amount during
                  the Controlled Accumulation Period for the related
                  Distribution Date, then such excess shall not be treated as a
                  Percentage Allocation and shall be first, if any other
                  Principal Sharing Series is outstanding and in its
                  amortization period or accumulation period, transferred to the
                  Principal Collections Subaccount for application, to the
                  extent necessary, as Shared Principal Collections to other
                  Principal Sharing Series on the related Distribution Date,
                  second deposited in the Excess Funding Account to the extent
                  necessary so that the Seller Amount is not less than the
                  Minimum Seller Amount and third paid to the holders of the
                  Seller Interest.
                           (z) Allocations During the Rapid Amortization Period
                               ------------------------------------------------
                  and Class C Amortization Period. During the Rapid Amortization
                  -------------------------------
                  Period, an amount equal to the product of (I) the Allocation
                  Percentage and (II) the aggregate amount of Principal
                  Collections deposited in the Collection Account on such
                  Deposit Date, shall be allocated to the Series 2001-A
                  Noteholders and transferred to the Principal Collections
                  Subaccount until applied as provided herein; provided,
                                                               --------
                  however, that after the date on which an amount of such
                  -------
                  Collections equal to the Note Principal Balance plus any
                  amounts owing to the Class C Noteholders under the Class C
                  Note Purchase Agreement, any amounts owing to the Class A
                  Counterparty under the Class A Swap and any amounts owing to
                  the Class B Counterparty under the Class B Swap has been
                  deposited into the Collection Account and allocated to the
                  Series 2001-A Noteholders, such amount shall be

                                      16
<PAGE>

                  first, if any other Principal Sharing Series is outstanding
                  and in its amortization period or accumulation period,
                  transferred to the Principal Collections Subaccount for
                  application, to the extent necessary, as Shared Principal
                  Collections to other Principal Sharing Series on the related
                  Distribution Date, second deposited in the Excess Funding
                  Account to the extent necessary so that the Seller Amount is
                  not less than the Minimum Seller Amount and third paid to the
                  holders of the Seller Interest.
         Section  4.2    Determination of Monthly Interest.
                         ---------------------------------
         (a) The amount of monthly interest ("Class A Monthly Interest")
                                              ------------------------
distributable from the Collection Account with respect to the Class A Notes on
any Distribution Date shall be an amount equal to the product of (i) (A) a
fraction, the numerator of which is the actual number of days in the related
Interest Period and the denominator of which is 360, times (B) the Class A Note
Interest Rate in effect with respect to the related Interest Period and (ii) the
Class A Note Principal Balance as of the close of business on the last day of
the preceding Monthly Period (or, with respect to the initial Distribution Date,
the Class A Note Initial Principal Balance).
         On the Determination Date preceding each Distribution Date, the
Servicer shall determine the excess, if any (the "Class A Interest Shortfall"),
                                                  --------------------------
of (x) the Class A Monthly Interest for such Distribution Date over (y) the
aggregate amount of funds allocated and available to pay such Class A Monthly
Interest on such Distribution Date. If the Class A Interest Shortfall for any
Distribution Date is greater than zero, on each subsequent Distribution Date
until such Class A Interest Shortfall is fully paid, an additional amount
("Class A Additional Interest") equal to the product of (i) (A) a fraction, the
  ---------------------------
numerator of which is the actual number of days in the related Interest Period
and the denominator of which is 360, times (B) the Class A Note Interest Rate in
effect with respect to the related Interest Period and (ii) such Class A
Interest Shortfall (or the portion thereof which has not been paid to the Class
A Noteholders) shall be payable as provided herein with respect to the Class A
Notes. Notwithstanding anything to the contrary herein, Class A Additional
Interest shall be payable or distributed to the Class A Noteholders only to the
extent permitted by applicable law.
         (b) The amount of monthly interest ("Class B Monthly Interest")
                                              ------------------------
distributable from the Collection Account with respect to the Class B Notes on
any Distribution Date shall be an amount equal to the product of (i) (A) a
fraction, the numerator of which is the actual number of days in the related
Interest Period and the denominator of which is 360, times (B) the Class B Note
Interest Rate in effect with respect to the related Interest Period and (ii) the
Class B Note Principal Balance as of the close of business on the last day of
the preceding Monthly Period (or, with respect to the initial Distribution Date,
the Class B Note Initial Principal Balance).
         On the Determination Date preceding each Distribution Date, the
Servicer shall determine the excess, if any (the "Class B Interest Shortfall"),
                                                  --------------------------
of (x) the Class B Monthly Interest for such Distribution Date over (y) the
aggregate amount of funds

                                      17
<PAGE>

allocated and available to pay such Class B Monthly Interest on such
Distribution Date. If the Class B Interest Shortfall for any Distribution Date
is greater than zero, on each subsequent Distribution Date until such Class B
Interest Shortfall is fully paid, an additional amount ("Class B Additional
                                                         ------------------
Interest") equal to the product of (i) (A) a fraction, the numerator of which is
--------
the actual number of days in the related Interest Period and the denominator of
which is 360, times (B) the Class B Note Interest Rate in effect with respect to
the related Interest Period and (ii) such Class B Interest Shortfall (or the
portion thereof which has not been paid to the Class B Noteholders) shall be
payable as provided herein with respect to the Class B Notes. Notwithstanding
anything to the contrary herein, Class B Additional Interest shall be payable or
distributed to the Class B Noteholders only to the extent permitted by
applicable law.
         (c) The amount of monthly interest ("Class C Monthly Interest")
                                              ------------------------
distributable from the Collection Account with respect to the Class C Notes on
any Distribution Date shall be an amount equal to the lesser of (a) the "Class C
Monthly Interest" under (and as defined in) the Class C Note Purchase Agreement
payable on such Distribution Date and (b) the product of (i) (A) a fraction, the
numerator of which is the actual number of days in the related Interest Period
and the denominator of which is 360, times (B) the Class C Maximum Note Interest
Rate in effect with respect to the related Interest Period and (ii) the Class C
Note Principal Balance as of the close of business on the last day of the
preceding Monthly Period (or, with respect to the initial Distribution Date, the
Class C Note Initial Principal Balance).
         On the Determination Date preceding each Distribution Date, the
Servicer shall determine an amount (the "Class C Interest Shortfall") equal to
                                         --------------------------
(x) the aggregate Class C Monthly Interest for such Distribution Date minus (y)
the aggregate amount of funds allocated and available to pay such Class C
Monthly Interest on such Distribution Date. If the Class C Interest Shortfall
for any Distribution Date is greater than zero, on each subsequent Distribution
Date until such Class C Interest Shortfall is fully paid, an additional amount
("Class C Additional Interest") shall be payable as provided herein with respect
  ---------------------------
to the Class C Notes equal to the product of (i) (A) a fraction, the numerator
of which is the actual number of days in the related Interest Period and the
denominator of which is 360, times (B) the lesser of (I) the default rate
specified in Section 2.2(g) of the Class C Note Purchase Agreement and (II) the
Class C Maximum Note Interest Rate in effect with respect to the related
Interest Period and (ii) such Class C Interest Shortfall (or the portion thereof
which has not been paid to the Class C Noteholders (after giving effect to the
application of the proceeds of any draw made on the Spread Account as provided
in subsections 4.4(a)(iv) and 4.17(c) for the purpose of paying such amount with
   ---------------------      -------
respect to such Distribution Date)). Notwithstanding anything to the contrary
herein, Class C Additional Interest shall be payable or distributed to the Class
C Noteholders only to the extent permitted by applicable law.
         Section 4.3 Determination of Monthly Principal. (a) The amount of
                     ----------------------------------
monthly principal ("Class A Monthly Principal") distributable from the
                    -------------------------
Collection

                                      18
<PAGE>

Account with respect to the Class A Notes on each Distribution Date, beginning
with the Distribution Date in the month following the month in which the
Controlled Accumulation Period or, if earlier, the Rapid Amortization Period,
begins, shall be equal to the least of (i) the Available Principal Collections
on deposit in the Collection Account with respect to such Distribution Date,
(ii) for each Distribution Date with respect to the Controlled Accumulation
Period (and on or prior to the Class A Expected Principal Distribution Date),
the Controlled Deposit Amount for such Distribution Date, (iii) the Class A Note
Principal Balance, minus any amount already on deposit in the Principal
Accumulation Account on such Distribution Date and (iv) the Collateral Amount
(after taking into account any adjustments to be made pursuant to Sections 4.5
                                                                  ------------
and 4.6) prior to any deposit into the Principal Accumulation Account or payment
    ---
to Noteholders on such Distribution Date.
         (b) The amount of monthly principal ("Class B Monthly Principal")
                                               -------------------------
distributable from the Collection Account with respect to the Class B Notes on
each Distribution Date, beginning with the first Distribution Date with respect
to the Controlled Accumulation Period on which the full amount of the Class A
Note Principal Balance is on deposit in the Principal Accumulation Account or
has been paid to the Class A Noteholders, or, if earlier, the first Distribution
Date during the Rapid Amortization Period on which the Class A Note Principal
Balance is paid in full, shall be equal to the least of (i) the Available
Principal Collections on deposit in the Collection Account with respect to such
Distribution Date (minus the portion of Available Principal Collections applied
to Class A Monthly Principal on such Distribution Date), (ii) for each
Distribution Date with respect to the Controlled Accumulation Period, the
Controlled Deposit Amount for such Distribution Date minus the Class A Monthly
Principal for such Distribution Date, (iii) the Class B Note Principal Balance,
minus the excess of (x) the amount already on deposit in the Principal
Accumulation Account on such Distribution Date over (y) the Class A Note
Principal Balance on such Distribution Date after taking into account any
payments to the Class A Noteholders on such Distribution Date and (iv) the
Collateral Amount (after taking into account any adjustments to be made pursuant
to Sections 4.5 and 4.6) prior to any deposit into the Principal Accumulation
   ------------     ---
Account or payment to Noteholders on such Distribution Date, minus the Class A
Monthly Principal for such Distribution Date.
         (c) The amount of monthly principal ("Class C Monthly Principal")
                                               -------------------------
distributable from the Collection Account with respect to the Class C Notes on
each Distribution Date beginning with the Class C Principal Commencement Date,
shall be equal to the least of (i) the Available Principal Collections on
deposit in the Collection Account with respect to such Distribution Date (minus
the portion of Available Principal Collections applied to Class A Monthly
Principal and Class B Monthly Principal on such Distribution Date), (ii) the
Class C Note Principal Balance and (iii) the Collateral Amount (after taking
into account any adjustments to be made pursuant to Sections 4.5 and 4.6) prior
                                                    ------------     ---
to any deposit into the Principal Accumulation

                                      20
<PAGE>

Account or payment to Noteholders on such Distribution Date, minus the Class A
Monthly Principal and the Class B Monthly Principal for such Distribution Date.
         Section 4.4 Application of Available Finance Charge Collections and
                     -------------------------------------------------------
Available Principal Collections. The Servicer shall apply, or shall cause the
-------------------------------
Indenture Trustee to apply by written instruction to the Indenture Trustee, on
each Distribution Date, Available Finance Charge Collections and Available
Principal Collections on deposit in the Collection Account with respect to such
Distribution Date to make the following distributions:
         (a) On each Distribution Date, an amount equal to the Available Finance
Charge Collections with respect to such Distribution Date will be distributed or
deposited in the following priority:
             (i)   on a pari passu basis (A) an amount equal to Class A Monthly
         Interest for such Distribution Date, plus the amount of any Class A
         Monthly Interest previously due but not distributed to Class A
         Noteholders on a prior Distribution Date, plus the amount of any Class
         A Additional Interest for such Distribution Date, plus the amount of
         any Class A Additional Interest previously due but not distributed to
         Class A Noteholders on a prior Distribution Date, shall be distributed
         to the Paying Agent for payment to Class A Noteholders on such
         Distribution Date and (B) any Class A Net Swap Payment for that
         Distribution Date shall be distributed to the Class A Counterparty ;
             (ii)  on a pari passu basis (A) an amount equal to Class B Monthly
         Interest for such Distribution Date, plus the amount of any Class B
         Monthly Interest previously due but not distributed to Class B
         Noteholders on a prior Distribution Date, plus the amount of any Class
         B Additional Interest for such Distribution Date, plus the amount of
         any Class B Additional Interest previously due but not distributed to
         Class B Noteholders on a prior Distribution Date, shall be distributed
         to the Paying Agent for payment to Class B Noteholders on such
         Distribution Date and (B) any Class B Net Swap Payment for that
         Distribution Date shall be paid to the Class B Counterparty;
             (iii) if neither FCNB nor any of its Affiliates is the Servicer, an
         amount equal to the Monthly Servicing Fee for such Distribution Date,
         plus the amount of any Monthly Servicing Fee previously due but not
         distributed to the Servicer on a prior Distribution Date, shall be
         distributed to the Servicer;
             (iv)  an amount equal to Class C Monthly Interest for such
         Distribution Date, plus the amount of any Class C Monthly Interest
         previously due but not distributed to the Class C Noteholders on a
         prior Distribution Date, plus the amount of any Class C Additional
         Interest for such Distribution Date, plus the amount of any Class C
         Additional Interest previously due but not distributed to the Class C
         Noteholders on a prior Distribution Date shall be distributed to the
         Paying Agent for payment to the Class C Noteholders on such
         Distribution Date; provided, however, that, in
                            --------  -------
                                      20
<PAGE>

         the event that the sum of Class C Monthly Interest exceeds the amount
         of Available Finance Charge Collections available (after giving effect
         to subsections 4.4(a)(i) through (iii) above) to fund such Class C
            ---------------------         -----
         Monthly Interest and Class C Additional Interest, a draw will be made
         from amounts available for distribution in the Spread Account (at the
         times and in the amounts specified in Section 4.11) and shall be
                                               ------------
         distributed to the Paying Agent for payment to the Class C Noteholders
         on such Distribution Date in accordance with this subsection
                                                           ----------
         4.4(a)(iv);
         ----------
                  (v)     an amount equal to the Investor Default Amount and any
         Investor Uncovered Dilution Amount for such Distribution Date shall be
         treated as a portion of Available Principal Collections for such
         Distribution Date;
                  (vi)    an amount equal to the sum of the aggregate amount of
         Investor Charge-Offs and the amount of Reallocated Principal
         Collections which have not been previously reimbursed pursuant to this
         subsection (vi) shall be treated as a portion of Available Principal
         ---------------
         Collections for such Distribution Date;
                  (vii)   on each Distribution Date from and after the Reserve
         Account Funding Date, but prior to the date on which the Reserve
         Account terminates as described in subsection 4.10(f), an amount up to
                                            -----------------
         the excess, if any, of the Required Reserve Account Amount over the
         Available Reserve Account Amount shall be deposited into the Reserve
         Account;
                  (viii)  an amount equal to the amounts required to be
         deposited in the Spread Account pursuant to Section 4.17(e) shall be
                                                     ---------------
         deposited into the Spread Account as provided in Section 4.17(e);
                                                          ---------------
                  (ix)    an amount equal to any other payments owed to the
         Class C Noteholders under the Class C Note Purchase Agreement shall be
         paid to the Class C Noteholders;
                  (x)     if the Rapid Amortization Period is extended past the
         Distribution Date on which the Note Principal Balance is paid in full
         as a result of there being amounts owed to any Counterparty, on each
         Distribution Date after the Note Principal Balance is paid in full, on
         a pari passu basis (A) an amount equal to any partial or early
         termination payments or other additional payments owed to the Class A
         Counterparty under the Class A Swap shall be paid to the Class A
         Counterparty and (B) an amount equal to any partial or early
         termination payments or other additional payments owed to the Class B
         Counterparty under the Class B Swap shall be paid to the Class B
         Counterparty;
                  (xi)    any Monthly Servicing Fee for such Distribution Date
         or prior Distribution Dates not paid pursuant to subsection 4.4(a)(iii)
                                                          ----------------------
         (unless such amount has been netted against deposits to the Collection
         Account in accordance with Section 8.4 of the Indenture) shall be
                                    -----------
         distributed to the Servicer; and

                                      21
<PAGE>

                  (xii) the balance, if any, will constitute a portion of Excess
         Finance Charge Collections for such Distribution Date and will first be
         available for allocation to other Series in Group One, second deposited
         in the Excess Funding Account to the extent necessary so that the
         Seller Amount is not less than the Minimum Seller Amount and third paid
         to the holders of the Seller Interest as described in Section 8.6 of
                                                               -----------
         the Indenture.
         (b) On each Distribution Date with respect to the Revolving Period, an
amount equal to the Available Principal Collections deposited in the Collection
Account for the related Monthly Period shall be treated as Shared Principal
Collections and applied in accordance with Section 8.5 of the Indenture.
                                           -----------
         (c) On each Distribution Date with respect to the Controlled
Accumulation Period, the Class C Amortization Period or the Rapid Amortization
Period, an amount equal to the Available Principal Collections deposited in the
Collection Account for the related Monthly Period shall be distributed or
deposited in the following order of priority:
                  (i)   during the Controlled Accumulation Period, an amount
         equal to the Class A Monthly Principal and the Class B Monthly
         Principal for such Distribution Date shall be deposited into the
         Principal Accumulation Account;
                  (ii)  during the Class C Amortization Period, an amount equal
         to the Class C Monthly Principal for such Distribution Date, if any
         shall be distributed to the Paying Agent for payment to the Class C
         Noteholders on such Distribution Date and on each subsequent
         Distribution Date until the Class C Note Principal Balance has been
         paid in full;
                  (iii) during the Rapid Amortization Period, an amount equal to
         the Class A Monthly Principal for such Distribution Date shall be
         distributed to the Paying Agent for payment to the Class A Noteholders
         on such Distribution Date and on each subsequent Distribution Date
         until the Class A Note Principal Balance has been paid in full;
                  (iv)  after giving effect to the distribution referred to in
         clause (iii) above, during the Rapid Amortization Period, an amount
         ------------
         equal to the Class B Monthly Principal, if any, shall be distributed to
         the Paying Agent for payment to the Class B Noteholders on such
         Distribution Date and on each subsequent Distribution Date until the
         Class B Note Principal Balance has been paid in full;
                  (v)   after giving effect to the distributions referred to in
         clauses (iii) and (iv) above, during the Rapid Amortization Period, an
         -------------
         amount equal to the Class C Monthly Principal, if any, shall be
         distributed to the Paying Agent for payment to the Class C Noteholders
         on such Distribution Date and on each subsequent Distribution Date
         until the Class C Note Principal Balance has been paid in full; and
                  (vi)  in the case of each of the Controlled Accumulation
         Period, the Class C Amortization Period and the Rapid Amortization
         Period, the balance

                                      22
<PAGE>

         of such Available Principal Collections remaining after application in
         accordance with clause (i) or (v) above shall be treated as Shared
                         ----------    ---
         Principal Collections and applied in accordance with Section 8.5 of the
                                                              -----------
         Indenture. As of any Distribution Date on which any Available Principal
         Collections are treated as Shared Principal Collections as provided
         above, the Collateral Amount shall be reduced by an amount equal to the
         lesser of (x) the amount of Available Principal Collections applied as
         Shared Principal Collections and (y) the Surplus Collateral Amount.
         (d) On the earlier to occur of (i) the first Distribution Date with
respect to the Rapid Amortization Period and (ii) the Class A Expected Principal
Distribution Date, the Indenture Trustee, acting in accordance with instructions
from the Servicer, shall withdraw from the Principal Accumulation Account and
distribute to the Paying Agent for payment to the Class A Noteholders, funds in
an amount equal to the lesser of (i) the amount of funds on deposit in the
Principal Accumulation Account and (ii) the Class A Note Principal Balance. On
the earliest to occur of (i) the first Distribution Date with respect to the
Rapid Amortization Period and (ii) the Class B Expected Principal Distribution
Date, the Indenture Trustee, acting in accordance with the instructions of the
Servicer, shall withdraw from the Principal Accumulation Account and distribute
to the Paying Agent for payment to the Class B Noteholders, funds in an amount
equal to the lesser of (i) the amount of funds remaining on deposit in the
Principal Accumulation Account after making any payments required by the
preceding sentence and (ii) the Class B Note Principal Balance.
         Section 4.5 Investor Charge-Offs. On each Determination Date, the
                     --------------------
Servicer shall calculate the Investor Default Amount and any Investor Uncovered
Dilution Amount for the related Distribution Date. If, on any Distribution Date,
the sum of the Investor Default Amount and any Investor Uncovered Dilution
Amount for such Distribution Date exceeds the amount of Available Finance Charge
Collections allocated with respect thereto pursuant to subsection 4.4(a)(v) with
                                                       --------------------
respect to such Distribution Date, the Collateral Amount will be reduced (but
not below zero) by the amount of such excess (such reduction, an "Investor
                                                                  --------
Charge-Off").
----------
         Section 4.6 Reallocated Principal Collections. (a) On each Distribution
                     ---------------------------------
Date, the Servicer shall apply, or shall instruct the Indenture Trustee in
writing to apply, Reallocated Principal Collections with respect to such
Distribution Date, to fund any deficiency pursuant to and in the priority set
forth in subsections 4.4(a)(i), (ii), (iii), (iv), (ix) and (x); provided that
         ---------------------  ----  -----  ----  ----     ---  --------
in no event will Reallocated Principal Collections be applied pursuant to
subsections 4.4(a)(ix) and (x) until the payment in full of the Note Principal
----------------------     ---
Balance. On each Distribution Date, the Collateral Amount shall be reduced by
the amount of Reallocated Principal Collections for such Distribution Date.
         (b) On any Deposit Date on which the sum of (a) all Reallocated
Principal Reserves previously deposited in the Principal Collections Subaccount
pursuant to subsection 4.1(b)(ii)(x) on Deposit Dates occurring in the same
            ------------------------
Monthly

                                      23
<PAGE>

Period, plus (b) the aggregate amount of Finance Charge Collections deposited in
the Finance Charge Subaccount pursuant to subsection 4.1(b)(i) on Deposit Dates
                                          --------------------
occurring in the same Monthly Period, exceeds the Maximum Reallocated Principal
Reserves Amount, then the Servicer shall allocate, or cause the Indenture
Trustee to allocate, Reallocated Principal Reserves in the amount of such
excess, first, if any other Principal Sharing Series is outstanding and in its
accumulation period or amortization period, to be retained in the Collection
Account for application, to the extent necessary, as Shared Principal
Collections to other Principal Sharing Series on the related Distribution Date,
second to be deposited in the Excess Funding Account to the extent necessary so
that the Seller Amount is not less than the Minimum Seller Amount and third to
be paid to the holders of the Seller Interest.
         Section 4.7 Excess Finance Charge Collections. Series 2001-A shall be
                     ---------------------------------
an Excess Allocation Series with respect to Group One only. For this purpose,
each outstanding series of certificates issued by First Consumers Master Trust
(other than series represented by the Collateral Certificate) shall be deemed to
be a Series in Group One. Subject to Section 8.6 of the Indenture, Excess
                                     -----------
Finance Charge Collections with respect to the Excess Allocation Series in Group
One for any Distribution Date will be allocated to Series 2001-A in an amount
equal to the product of (x) the aggregate amount of Excess Finance Charge
Collections with respect to all the Excess Allocation Series in Group One for
such Distribution Date and (y) a fraction, the numerator of which is the Finance
Charge Shortfall for Series 2001-A for such Distribution Date and the
denominator of which is the aggregate amount of Finance Charge Shortfalls for
all the Excess Allocation Series in Group One for such Distribution Date. The
"Finance Charge Shortfall" for Series 2001-A for any Distribution Date will be
 ------------------------
equal to the excess, if any, of (a) the full amount required to be paid, without
duplication, pursuant to subsections 4.4(a)(i) through (xi) on such Distribution
                         ---------------------         ----
Date over (b) the Available Finance Charge Collections with respect to such
Distribution Date (excluding any portion thereof attributable to Excess Finance
Charge Collections).
         Section 4.8 Shared Principal Collections. Subject to Section 8.5 of the
                     ----------------------------             -----------
Indenture, Shared Principal Collections for any Distribution Date will be
allocated to Series 2001-A in an amount equal to the product of (x) the
aggregate amount of Shared Principal Collections with respect to all Principal
Sharing Series for such Distribution Date and (y) a fraction, the numerator of
which is the Principal Shortfall for Series 2001- A for such Distribution Date
and the denominator of which is the aggregate amount of Principal Shortfalls for
all the Series which are Principal Sharing Series for such Distribution Date.
For this purpose, each outstanding series of certificates issued by First
Consumers Master Trust (other than series represented by the Collateral
Certificate) shall be deemed to be a Principal Sharing Series. The "Principal
                                                                    ---------
Shortfall" for Series 2001-A will be equal to (a) for any Distribution Date with
---------
respect to the Revolving Period, zero, (b) for any Distribution Date with
respect to the Controlled Accumulation Period, the excess, if any, of the
Controlled Deposit Amount with respect to such Distribution Date over the amount
of Available

                                      24
<PAGE>

Principal Collections for such Distribution Date (excluding any portion thereof
attributable to Shared Principal Collections), and (c) for any Distribution Date
with respect to the Rapid Amortization Period, the excess, if any, of the Note
Principal Balance less the balance in the Principal Accumulation Account over
the amount of Available Principal Collections for such Distribution Date
(excluding any portion thereof attributable to Shared Principal Collections).
         Section  4.9   Principal Accumulation Account.
                        ------------------------------
         (a) The Indenture Trustee shall establish and maintain with an Eligible
Institution, which may be the Indenture Trustee in the name of the Trust, on
behalf of the Trust, for the benefit of the Class A Noteholders and the Class B
Noteholders, a non- interest bearing segregated trust account with the corporate
trust department of such Eligible Institution (the "Principal Accumulation
                                                    ----------------------
Account"), bearing a designation clearly indicating that the funds deposited
-------
therein are held for the benefit of the Class A Noteholders and the Class B
Noteholders. The Indenture Trustee shall possess all right, title and interest
in all funds on deposit from time to time in the Principal Accumulation Account
and in all proceeds thereof. The Principal Accumulation Account shall be under
the sole dominion and control of the Indenture Trustee for the benefit of the
Series 2001- A Noteholders. If at any time the institution holding the Principal
Accumulation Account ceases to be an Eligible Institution, the Servicer shall
notify the Indenture Trustee in writing, and the Indenture Trustee upon being
notified (or the Servicer on its behalf) shall, within ten (10) Business Days,
establish a new Principal Accumulation Account meeting the conditions specified
above with an Eligible Institution, and shall transfer any cash or any
investments to such new Principal Accumulation Account. The Indenture Trustee,
at the written direction of the Servicer, shall (i) make withdrawals from the
Principal Accumulation Account from time to time, in the amounts and for the
purposes set forth in this Indenture Supplement, and (ii) on each Distribution
Date (from and after the commencement of the Controlled Accumulation Period)
prior to the termination of the Principal Accumulation Account, make deposits
into the Principal Accumulation Account in the amounts specified in, and
otherwise in accordance with, subsection 4.4(c)(i).
                              --------------------
         (b) Funds on deposit in the Principal Accumulation Account shall be
invested at the written direction of the Servicer by the Indenture Trustee in
Permitted Investments. Funds on deposit in the Principal Accumulation Account on
any Distribution Date, after giving effect to any withdrawals from the Principal
Accumulation Account on such Distribution Date, shall be invested in such
investments that will mature so that such funds will be available for withdrawal
on or prior to the following Distribution Date.
         The Indenture Trustee shall hold such of the Permitted Investments as
consists of instruments, deposit accounts, negotiable documents, money, goods,
letters of credit, and advices of credit in the State of New York and/or
Illinois. The Indenture Trustee shall hold such of the Permitted Investments as
constitutes investment property through a securities intermediary, which
securities intermediary

                                      25
<PAGE>

shall agree with the Indenture Trustee that (a) such investment property shall
at all times be credited to a securities account of the Indenture Trustee, (b)
such securities intermediary shall treat the Indenture Trustee as entitled to
exercise the rights that comprise each financial asset credited to such
securities account, (c) all property credited to such securities account shall
be treated as a financial asset, (d) such securities intermediary shall comply
with entitlement orders originated by the Indenture Trustee without the further
consent of any other person or entity, (e) such securities intermediary will not
agree with any person or entity other than the Indenture Trustee to comply with
entitlement orders originated by such other person or entity, (f) such
securities accounts and the property credited thereto shall not be subject to
any lien, security interest or right of set-off in favor of such securities
intermediary or anyone claiming through it (other than the Indenture Trustee),
and (g) such agreement shall be governed by the laws of the State of Illinois.
Terms used in the preceding sentence that are defined in the New York UCC and
not otherwise defined herein shall have the meaning set forth in the New York
UCC.
         On each Distribution Date with respect to the Controlled Accumulation
Period and on the first Distribution Date with respect to the Rapid Amortization
Period, the Indenture Trustee, acting at the Servicer's written direction given
on or before such Distribution Date, shall transfer from the Principal
Accumulation Account to the Collection Account the Principal Accumulation
Investment Proceeds on deposit in the Principal Accumulation Account for
application as Available Finance Charge Collections in accordance with Section
                                                                       -------
4.4.
---
         Principal Accumulation Investment Proceeds (including reinvested
interest) shall not be considered part of the amounts on deposit in the
Principal Accumulation Account for purposes of this Indenture Supplement.
         Section  4.10     Reserve Account.
                           ---------------

                                      26
<PAGE>

         (a) The Indenture Trustee shall establish and maintain with an Eligible
Institution, which may be the Indenture Trustee in the name of the Trust, on
behalf of the Trust, for the benefit of the Series 2001-A Noteholders, a
non-interest bearing segregated trust account with the corporate trust
department of such Eligible Institution (the "Reserve Account"), bearing a
                                              ---------------
designation clearly indicating that the funds deposited therein are held for the
benefit of the Series 2001-A Noteholders. The Indenture Trustee shall possess
all right, title and interest in all funds on deposit from time to time in the
Reserve Account and in all proceeds thereof. The Reserve Account shall be under
the sole dominion and control of the Indenture Trustee for the benefit of the
Series 2001-A Noteholders. If at any time the institution holding the Reserve
Account ceases to be an Eligible Institution, the Servicer shall notify the
Indenture Trustee in writing, and the Indenture Trustee upon being notified (or
the Servicer on its behalf) shall, within ten (10) Business Days, establish a
new Reserve Account meeting the conditions specified above with an Eligible
Institution, and shall transfer any cash or any investments to such new Reserve
Account. The Indenture Trustee, at the written direction of the Servicer, shall
(i) make withdrawals from the Reserve Account from time to time in an amount up
to the Available Reserve Account Amount at such time, for the purposes set forth
in this Indenture Supplement, and (ii) on each Distribution Date (from and after
the Reserve Account Funding Date) prior to termination of the Reserve Account,
make a deposit into the Reserve Account in the amount specified in, and
otherwise in accordance with, subsection 4.4(a)(vii).
                              ----------------------
         (b) Funds on deposit in the Reserve Account shall be invested at the
written direction of the Servicer by the Indenture Trustee in Permitted
Investments. Funds on deposit in the Reserve Account on any Distribution Date,
after giving effect to any withdrawals from the Reserve Account on such
Distribution Date, shall be invested in such investments that will mature so
that such funds will be available for withdrawal on or prior to the following
Distribution Date.
         The Indenture Trustee shall hold such of the Permitted Investments as
consists of instruments, deposit accounts, negotiable documents, money, goods,
letters of credit, and advices of credit in the State of New York. The Indenture
Trustee shall hold such of the Permitted Investments as constitutes investment
property through a securities intermediary, which securities intermediary shall
agree with the Indenture Trustee that (a) such investment property shall at all
times be credited to a securities account of the Indenture Trustee, (b) such
securities intermediary shall treat the Indenture Trustee as entitled to
exercise the rights that comprise each financial asset credited to such
securities account, (c) all property credited to such securities account shall
be treated as a financial asset, (d) such securities intermediary shall comply
with entitlement orders originated by the Indenture Trustee without the further
consent of any other person or entity, (e) such securities intermediary will not
agree with any person or entity other than the Indenture Trustee to comply with
entitlement orders originated by such other person or entity, (f) such
securities accounts and the property credited thereto shall not be

                                      27
<PAGE>

subject to any lien, security interest, or right of set-off in favor of such
securities intermediary or anyone claiming through it (other than the Indenture
Trustee), and (g) such agreement shall be governed by the laws of the State of
New York. Terms used in the preceding sentence that are defined in the New York
UCC and not otherwise defined herein shall have the meaning set forth in the New
York UCC.
         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 Reserve Account shall be retained in the Reserve Account (to the
extent that the Available Reserve Account Amount is less than the Required
Reserve Account Amount) and the balance, if any, shall be deposited into the
Collection Account and included in Available Finance Charge Collections for such
Distribution Date. For purposes of determining the availability of funds or the
balance in the Reserve Account for any reason under this Indenture Supplement,
except as otherwise provided in the preceding sentence, investment earnings on
such funds shall be deemed not to be available or on deposit.
         (c) On or before each Distribution Date with respect to the Controlled
Accumulation Period and on or before the first Distribution Date with respect to
the Rapid Amortization Period, the Servicer shall calculate the Reserve Draw
Amount; provided, however, that such amount will be reduced to the extent that
        --------  -------
funds otherwise would be available for deposit in the Reserve Account under
Section 4.4(a)(vii) with respect to such Distribution Date.
-------------------
         (d) If for any Distribution Date the Reserve Draw Amount is greater
than zero, the Reserve Draw Amount, up to the Available Reserve Account Amount,
shall be withdrawn from the Reserve Account on such Distribution Date by the
Indenture Trustee (acting in accordance with the written instructions of the
Servicer) and deposited into the Collection Account for application as Available
Finance Charge Collections for such Distribution Date.
         (e) If the Reserve Account Surplus on any Distribution Date, after
giving effect to all deposits to and withdrawals from the Reserve Account with
respect to such Distribution Date, is greater than zero, the Indenture Trustee,
acting in accordance with the written instructions of the Servicer, shall
withdraw from the Reserve Account an amount equal to such Reserve Account
Surplus and (i) deposit such amounts in the Spread Account, to the extent that
funds on deposit in the Spread Account are less than the Spread Account Cap, and
(ii) distribute any such amounts remaining after application pursuant to
subsection 4.10(e)(i) to the holders of the Seller Interest.
---------------------
         (f) Upon the earliest to occur of (i) the termination of the Trust
pursuant to Article VIII of the Trust Agreement, (ii) the first Distribution
            ------------
Date relating to the Rapid Amortization Period and (iii) the Class B Expected
Principal Distribution Date, the Indenture Trustee, acting in accordance with
the instructions of the Servicer, after the prior payment of all amounts owing
to the Series 2001-A Noteholders that are payable from the Reserve Account as
provided herein, shall withdraw from the Reserve Account all amounts, if any, on
deposit in the Reserve

                                      28
<PAGE>

Account and (i) deposit such amounts in the Spread Account, to the extent that
funds on deposit in the Spread Account are less than the Spread Account Cap, and
(ii) distribute any such amounts remaining after application pursuant to
subsection 4.10(f)(i) to the holders of the Seller Interest. The Reserve Account
---------------------
shall thereafter be deemed to have terminated for purposes of this Indenture
Supplement. Funds on deposit in the Reserve Account at any time that the
Controlled Accumulation Period is suspended pursuant to Section 4.15 shall
                                                        ------------
remain on deposit until applied in accordance with subsection 4.10(d), (e) or
                                                   ------------------  ---
(f).
---
         Section 4.11 Swaps. (a) On or prior to the Closing Date, the Owner
                      -----
Trustee shall, on behalf of the Issuer, enter into a Class A Swap with the Class
A Counterparty and a Class B Swap with the Class B Counterparty for the benefit
of the Class A Noteholders and the Class B Noteholders, respectively. The
aggregate notional amount under the Class A Swap shall, at any time, be equal to
the Class A Note Principal Balance at such time and the aggregate notional
amount under the Class B Swap shall, at any time, be equal to the Class B Note
Principal Balance at such time. Net Swap Receipts and early termination payments
payable by the Class A Counterparty or the Class B Counterparty shall be
deposited by the Indenture Trustee in the Collection Account on the day received
and treated as Available Finance Charge Collections. On any Distribution Date
when there shall be a Class A Net Swap Payment, such Class A Net Swap Payment
shall be paid as provided in Section 4.4(a)(i). On any Distribution Date when
                             -----------------
there shall be a Class B Net Swap Payment, such Class B Net Swap Payment shall
be paid as provided in Section 4.4(a)(ii). On any Distribution Date when there
                       ------------------
shall be early termination payments or any other miscellaneous payments payable
by the Issuer to the Counterparties, such amounts shall be paid as provided in
Section 4.4(a)(x).
-----------------
         (b) The Class A Swap shall be in substantially the same form as the
initial Class A Swap and Class B Swap, respectively attached hereto as Exhibits
                                                                       --------
D-1 and D-2.
-----------
         (c) The Servicer may, upon satisfaction of the Rating Agency Condition,
and, when required under the terms of the existing Class A Swap or Class B Swap,
shall, obtain a replacement Class A Swap or Class B Swap, as applicable.

                                      29
<PAGE>

         Section  4.12     Determination of LIBOR.
                           ----------------------
         (a) On each LIBOR Determination Date in respect of an Interest Period,
the Indenture Trustee shall determine LIBOR on the basis of the rate for
deposits in United States dollars for a one-month period which appears on
Telerate Page 3750 as of 11:00 a.m., London time, on such date. If such rate
does not appear on Telerate Page 3750, the rate for that Interest Period
Determination Date shall be determined on the basis of the rates at which
deposits in United States dollars are offered by the Reference Banks at
approximately 11:00 a.m., London time, on that day to prime banks in the London
interbank market for a one-month period. The Indenture Trustee shall request the
principal London office of each of the Reference Banks to provide a quotation of
its rate. If at least two (2) such quotations are provided, the rate for that
Interest Period shall be the arithmetic mean of the quotations. If fewer than
two (2) quotations are provided as requested, the rate for that Interest Period
will be the arithmetic mean of the rates quoted by major banks in New York City,
selected by the Servicer, at approximately 11:00 a.m., New York City time, on
that day for loans in United States dollars to leading European banks for a
one-month period.
         (b) The Class A Note Interest Rate, Class B Note Interest Rate and
Class C Maximum Note Interest Rate applicable to the then current and the
immediately preceding Interest Periods may be obtained by telephoning the
Indenture Trustee at its corporate trust office at (312) 827-8500 or such other
telephone number as shall be designated by the Indenture Trustee for such
purpose by prior written notice by the Indenture Trustee to each Series 2001-A
Noteholder from time to time.
         (c) On each LIBOR Determination Date, the Indenture Trustee shall send
to the Servicer by facsimile transmission, notification of LIBOR for the
following Interest Period.
         Section 4.13 Investment Instructions. Any investment instructions
                      -----------------------
required to be given to the Indenture Trustee pursuant to the terms hereof must
be given to the Indenture Trustee no later than 11:00 a.m., New York City time,
on the date such investment is to be made. In the event the Indenture Trustee
receives such investment instruction later than such time, the Indenture Trustee
may, but shall have no obligation to, make such investment. In the event the
Indenture Trustee is unable to make an investment required in an investment
instruction received by the Indenture Trustee after 11:00 a.m., New York City
time, on such day, such investment shall be made by the Indenture Trustee on the
next succeeding Business Day. In no event shall the Indenture Trustee be liable
for any investment not made pursuant to investment instructions received after
11:00 a.m., New York City time, on the day such investment is requested to be
made.
         Section 4.14 Controlled Accumulation Period. The Controlled
                      ------------------------------
Accumulation Period is scheduled to commence at the opening of business on
February 1, 2005. However, if the Accumulation Period Length (determined as
described below) is less than 12 months, the Servicer may delay the date on
which the Controlled Accumulation Period actually commences to the first
Business Day of the month that is the number of whole months prior to the
Expected Principal

                                      30
<PAGE>

Distribution Date at least equal to the Accumulation Period Length and, as a
result, the number of Monthly Periods in the Controlled Accumulation Period will
at least equal the Accumulation Period Length. On the Determination Date
immediately preceding the January 2005 Distribution Date, and each Determination
Date thereafter until the Controlled Accumulation Period begins, the Servicer
will determine the "Accumulation Period Length" which will equal the number of
                    --------------------------
whole months such that the sum of the Accumulation Period Factors for each month
during such period will be equal to or greater than the Required Accumulation
Factor Number; provided, however, that the Accumulation Period Length will not
               --------  -------
be determined to be less than one month; provided further, however, that the
                                         -------- -------  -------
determination of the Accumulation Period Length may be changed at any time if
the Rating Agency Condition is satisfied.

         Section 4.15 Suspension of Controlled Accumulation Period.  (a) The
                      --------------------------------------------
Issuer may elect to suspend the commencement of the Controlled Accumulation
Period with the prior written consent of each Counterparty and with prior notice
to the Rating Agencies. The commencement of the Controlled Accumulation Period
shall be suspended upon delivery by the Issuer to the Indenture Trustee of (i)
an Officer's Certificate stating that the Issuer has elected to suspend the
commencement of the Controlled Accumulation Period and that all conditions
precedent to such suspension set forth in this Section 4.15 have been satisfied,
                                               ------------
(ii) a copy of an executed Qualified Maturity Agreement and (iii) an Opinion of
Counsel addressed to the Indenture Trustee as to the due authorization,
execution and delivery and the validity and enforceability of such Qualified
Maturity Agreement. The Issuer does hereby transfer, assign, set-over, and
otherwise convey to the Indenture Trustee for the benefit of the Class A
Noteholders and the Class B Noteholders, without recourse, all of its rights
under any Qualified Maturity Agreement obtained in accordance with this Section
                                                                        -------
4.15 and all proceeds thereof. Such property shall constitute part of the Trust
----
Estate for all purposes of the Indenture. The foregoing transfer, assignment,
set-over and conveyance does not constitute and is not intended to result in a
creation or an assumption by the Indenture Trustee or any Noteholder of any
obligation of the Issuer or any other Person in connection with a Qualified
Maturity Agreement or under any agreement or instrument relating thereto.

         The Indenture Trustee hereby acknowledges its acceptance, to the extent
validly transferred, assigned, set-over or otherwise conveyed to the Indenture
Trustee, for the benefit of the Class A Noteholders and the Class B Noteholders,
of all of the rights previously held by the Issuer under any Qualified Maturity
Agreement obtained by the Issuer and all proceeds thereof, and declares that it
shall hold such rights upon the trust set forth herein and in the Agreement, and
subject to the terms hereof and thereof, for the benefit of the Class A
Noteholders and the Class B Noteholders.

         (b) The Issuer shall cause the provider of each Qualified Maturity
Agreement (i) to deposit into the Principal Accumulation Account on or before
the Class A Expected Principal Distribution Date an amount equal to the Class A
Note Initial Principal Balance and (ii) to deposit into the Principal
Accumulation Account

                                      31
<PAGE>

on or before the Class B Expected Principal Distribution Date an amount equal to
the Class B Note Initial Principal Balance; provided, however, that the Issuer
                                            --------  -------
may instead elect to fund all or a portion of such deposit with the proceeds of
the issuance of a new Series or with the Available Principal Collections with
respect to such Distribution Date. The amount deposited with respect to the
Class A Note Principal Balance and the amount deposited with respect to the
Class B Note Principal Balance shall be applied on the Class A Expected
Principal Distribution Date and the Class B Expected Principal Distribution
Date, respectively, pursuant to subsection 4.4(d) as if the commencement of the
                                -----------------
Controlled Accumulation Period had not been suspended.

         (c) Each Qualified Maturity Agreement shall terminate at the close of
business on the Class B Expected Principal Distribution Date; provided, however,
                                                              --------  -------
that the Issuer may terminate a Qualified Maturity Agreement prior to such
Distribution Date, with notice to each Rating Agency, if (i) the Available
Reserve Account Amount equals the Required Reserve Account Amount and (ii) one
of the following events occurs: (A) the Issuer obtains a substitute Qualified
Maturity Agreement, (B) the provider of the Qualified Maturity Agreement ceases
to qualify as an Eligible Institution and the Issuer is unable to obtain a
substitute Qualified Maturity Agreement or (C) a Pay Out Event occurs. In
addition, the Issuer may terminate a Qualified Maturity Agreement prior to the
later of (i) the date on which the Controlled Accumulation Period was scheduled
to begin, before giving effect to the suspension of the Controlled Accumulation
Period, and (b) the date to which the commencement of the Controlled
Accumulation Period may be postponed pursuant to Section 4.14 (as determined on
                                                 ------------
the Determination Date preceding the date of such termination), in which case
the commencement of the Controlled Accumulation Period shall be determined as if
the Issuer had not elected to suspend such commencement. In the event that the
provider of a Qualified Maturity Agreement ceases to qualify as an Eligible
Institution, the Issuer shall use its best efforts to obtain a substitute
Qualified Maturity Agreement.

         (d) If a Qualified Maturity Agreement is terminated prior to the
earlier of the Class B Expected Principal Distribution Date and the commencement
of the Rapid Amortization Period and the Issuer does not obtain a substitute
Qualified Maturity Agreement, the Controlled Accumulation Period shall commence
on the latest of (i) the last day of the January 2005 Monthly Period, (ii) at
the election of the Issuer, the date to which the commencement of the Controlled
Accumulation Period may be postponed pursuant to Section 4.14 (as determined on
                                                 ------------
the date of such termination) and (iii) the first day of the Monthly Period
following the date of such termination.

         Section 4.16 Interchange. On or prior to each Determination Date,
                      -----------
Seller shall notify the Servicer of the amount of Interchange to be included as
Finance Charge Collections allocable to the Series 2001-A Notes with respect to
the preceding Monthly Period, which allocation shall equal the Allocation
Percentage for Finance Charge Collections for such preceding Monthly Period
times the total

                                      32
<PAGE>

amount of Interchange for such Monthly Period. On each Transfer Date, Seller
shall pay to the Servicer, and the Servicer shall deposit into the Finance
Charge Subaccount, in immediately available funds, the amount of Interchange to
be so included as Finance Charge Collections allocable to the Series 2001-A
Notes with respect to the preceding Monthly Period. Seller hereby assigns, sets-
over, conveys, pledges and grants a security interest and lien to the Indenture
Trustee for the benefit of the Series 2001-A Noteholders in such Interchange and
the proceeds of such Interchange, as set forth in this Section 4.16. To the
                                                       ------------
extent that an indenture supplement for a Series, other than Series 2001-A,
assigns, sets- over, conveys, pledges or grants a security interest in
Interchange allocable to the Issuer, all Notes of any such Series (except as
otherwise specified in any such Supplement) and the Series 2001-A Notes shall
rank pari passu and be equally and ratably entitled as provided herein to the
     ---- -----
benefits of such Interchange without preference or priority on account of the
actual time or times of authentication and delivery, all in accordance with the
terms and provisions of this Indenture Supplement and the other related
indenture supplements.

         Section 4.17 Spread Account.
                      --------------

         (a) On or prior to the Closing Date, the Indenture Trustee shall
establish and maintain with an Eligible Institution, which may be the Indenture
Trustee in the name of the Trust, on behalf of the Trust, for the benefit of the
Class C Noteholders and the Seller, a non-interest bearing segregated account
with the corporate trust department of such Eligible Institution (the "Spread
                                                                       ------
Account"), bearing a designation clearly indicating that the funds deposited
-------
therein are held for the benefit of the Class C Noteholders and the Seller.
Except as otherwise provided in this Section 4.17, the Indenture Trustee shall
                                     ------------
possess all right, title and interest in all funds on deposit from time to time
in the Spread Account and in all proceeds thereof. The Spread Account shall be
under the sole dominion and control of the Indenture Trustee for the benefit of
the Class C Noteholders and the holder of the Seller Interest. If at any time
the institution holding the Spread Account ceases to be an Eligible Institution,
the Servicer shall notify the Indenture Trustee in writing, and the Indenture
Trustee upon being notified (or the Servicer on its behalf) shall, within ten
(10) Business Days (or such longer period as to which the Rating Agencies may
consent) establish a new Spread Account meeting the conditions specified above
with an Eligible Institution and shall transfer any cash or any investments to
such new Spread Account. The Indenture Trustee, at the written direction of the
Servicer, shall (i) make withdrawals from the Spread Account from time to time
in an amount up to the Available Spread Account Amount at such time, for the
purposes set forth in this Indenture Supplement, and (ii) on each Distribution
Date prior to termination of the Spread Account, make a deposit into the Spread
Account in the amount specified in, and otherwise in accordance with, subsection
                                                                      ----------
4.17(e).
-------

         (b) Funds on deposit in the Spread Account shall be invested at the
written direction of the Servicer by the Indenture Trustee in Permitted
Investments. Funds on deposit in the Spread Account on any Distribution Date,
after giving effect

                                      33
<PAGE>

to any withdrawals from and deposits to the Spread Account on such Distribution
Date, shall be invested in such investments that will mature so that such funds
will be available for withdrawal on or prior to the following Distribution Date.

         The Indenture Trustee shall hold such of the Permitted Investments as
consists of instruments, deposit accounts, negotiable documents, money, goods,
letters of credit, and advices of credit in the State of New York. The Indenture
Trustee shall hold such of the Permitted Investments as constitutes investment
property through a securities intermediary, which securities intermediary shall
agree with the Indenture Trustee that (a) such investment property shall at all
times be credited to a securities account of the Indenture Trustee, (b) such
securities intermediary shall treat the Indenture Trustee as entitled to
exercise the rights that comprise each financial asset credited to such
securities account, (c) all property credited to such securities account shall
be treated as a financial asset, (d) such securities intermediary shall comply
with entitlement orders originated by the Indenture Trustee without the further
consent of any other person or entity, (e) such securities intermediary will not
agree with any person or entity other than the Indenture Trustee to comply with
entitlement orders originated by such other person or entity, (f) such
securities accounts and the property credited thereto shall not be subject to
any lien, security interest, or right of set-off in favor of such securities
intermediary or anyone claiming through it (other than the Indenture Trustee),
and (g) such agreement shall be governed by the laws of the State of New York.
Terms used in the preceding sentence that are defined in the New York UCC and
not otherwise defined herein shall have the meaning set forth in the New York
UCC. Except as permitted by this subsection 4.17(b), the Indenture Trustee shall
                                 ------------------
not hold Permitted Investments through an agent or a nominee.

         On each Distribution Date (but subject to subsection 4.17(c)), the
                                                   ------------------
Investment Earnings, if any, accrued since the preceding Distribution Date on
funds on deposit in the Spread Account shall be paid to the holders of the
Seller Interest by the Indenture Trustee upon written direction of the Servicer.
For purposes of determining the availability of funds or the balance in the
Spread Account for any reason under this Indenture Supplement (subject to
subsection 4.17(c)), all Investment Earnings shall be deemed not to be available
------------------
or on deposit; provided that after the maturity of the Series 2001-A Notes has
               --------
been accelerated as a result of an Event of Default, all Investment Earnings
shall be added to the balance on deposit in the Spread Account and treated like
the rest of the Available Spread Account Amount.

         (c) If, on any Distribution Date, the aggregate amount available for
distribution pursuant to subsection 4.4(a)(iv) is less than the aggregate amount
                         ---------------------
required to be distributed pursuant to subsection 4.4(a)(iv) (without giving
                                       ---------------------
effect to any limitation based on Available Finance Charge Collections), the
Indenture Trustee, at the written direction of the Servicer, shall withdraw from
the Spread Account the amount of such deficiency up to the Available Spread
Account Amount and, if the Available Spread Account Amount is less than such
deficiency,

                                      34
<PAGE>

Investment Earnings credited to the Spread Account, and deposit such amount in
the Collection Account for payment to the Class C Noteholders in respect of
interest on the Class C Notes.

         (d) On the earlier of Series 2001-A Final Maturity Date and the date on
which the Class A Note Principal Balance and the Class B Note Principal Balance
have been paid in full, after applying any funds on deposit in the Spread
Account as described in Section 4.17(c), the Indenture Trustee at the written
                        ---------------
direction of the Servicer shall withdraw from the Spread Account an amount equal
to the lesser of (i) the Class C Note Principal Balance (after any payments to
be made pursuant to subsection 4.4(c) on such date) and (ii) the Available
                    -----------------
Spread Account Amount and, if the Available Spread Account Amount is not
sufficient to reduce the Class C Note Principal Balance to zero, Investment
Earnings credited to the Spread Account up to the amount required to reduce the
Class C Note Principal Balance to zero, and the Indenture Trustee upon the
written direction of the Servicer or the Servicer shall deposit such amounts
into the Collection Account for distribution to the Class C Noteholders in
accordance with subsection 5.2(e).
                -----------------

         (e) If on any Distribution Date, after giving effect to all withdrawals
from the Spread Account, the Available Spread Account Amount is less than the
Spread Account Cap then in effect, Available Finance Charge Collections shall be
deposited into the Spread Account under the circumstances set forth in
subsection 4.4(a)(viii) up to the amount of the Spread Account Deficiency.
-----------------------

         (f) On each Distribution Date, after giving effect to all withdrawals
from and deposits to the Spread Account on such Distribution Date, the Indenture
Trustee shall, at the written direction of the Servicer, (i) apply the Maximum
Release Amount, if any, to pay any amounts owed to the Class C Noteholders under
the Class C Note Purchase Agreement that remain unpaid after giving effect to
the application of Available Finance Charge Collections pursuant to subsection
4.4(a)(ix) on such Distribution Date and (ii) after making any payments required
under clause (i), release any remaining Maximum Release Amount to the holders of
the Seller Interest. On the date on which the Class C Note Principal Balance has
been paid in full, the Indenture Trustee, at the written direction of the
Servicer, shall withdraw from the Spread Account all amounts then remaining in
the Spread Account and pay such amounts to the holders of the Seller Interest.

                                   ARTICLE V
                       Delivery of Series 2001-A Notes;
              Distributions; Reports to Series 2001-A Noteholders
              ---------------------------------------------------

         Section 5.1 Delivery and Payment for the Series 2001-A Notes.
                     ------------------------------------------------

         The Issuer shall execute and issue, and the Indenture Trustee shall
authenticate, the Series 2001-A Notes in accordance with Section 2.3 of the
                                                         -----------
Indenture. The Indenture Trustee shall deliver the Series 2001-A Notes to or
upon the written order of the Trust when so authenticated.

                                      35
<PAGE>

         Section 5.2 Distributions.
                     -------------

         (a) On each Distribution Date, the Paying Agent shall distribute to
each Class A Noteholder of record on the related Record Date (other than as
provided in Section 11.2 of the Indenture) such Class A Noteholder's pro rata
            ------------
share of the amounts held by the Paying Agent that are allocated and available
on such Distribution Date to pay interest on the Class A Notes pursuant to this
Indenture Supplement.

         (b) On each Distribution Date, the Paying Agent shall distribute to
each Class A Noteholder of record on the related Record Date such Class A
Noteholder's pro rata share of the amounts held by the Paying Agent that are
allocated and available on such Distribution Date to pay principal of the Class
A Notes pursuant to this Indenture Supplement.

         (c) On each Distribution Date, the Paying Agent shall distribute to
each Class B Noteholder of record on the related Record Date (other than as
provided in Section 11.2 of the Indenture) such Class B Noteholder's pro rata
            ------------
share of the amounts held by the Paying Agent that are allocated and available
on such Distribution Date to pay interest on the Class B Notes pursuant to this
Indenture Supplement.

         (d) On each Distribution Date, the Paying Agent shall distribute to
each Class B Noteholder of record on the related Record Date such Class B
Noteholder's pro rata share of the amounts held by the Paying Agent that are
allocated and available on such Distribution Date to pay principal of the Class
B Notes pursuant to this Indenture Supplement.

         (e) On each Distribution Date, the Paying Agent shall distribute to
each Class C Noteholder of record on the related Record Date (other than as
provided in Section 11.2 of the Indenture) such Class C Noteholder's pro rata
            ------------
share of the amounts held by the Paying Agent (including amounts held by the
Paying Agent with respect to amounts withdrawn from the Spread Account (at the
times and in the amounts specified in Section 4.11)) that are allocated and
                                      -------------
available on such Distribution Date to pay interest on the Class C Notes
pursuant to this Indenture Supplement.

         (f) On each Distribution Date, the Paying Agent shall distribute to
each Class C Noteholder of record on the related Record Date such Class C
Noteholder's pro rata share of the amounts held by the Paying Agent that are
allocated and available on such Distribution Date to pay principal of the Class
C Notes pursuant to this Indenture Supplement.

         (g) The distributions to be made pursuant to this Section 5.2 are
                                                           -----------
subject to the provisions of Sections 2.6, 6.1 and 7.1 of the Transfer and
                             ------------  ---     ---
Servicing Agreement, Section 11.2 of the Indenture and Section 7.1 of this
                     ------------                      -----------
Indenture Supplement.

         (h) Except as provided in Section 11.2 of the Indenture with respect to
                                   ------------
a final distribution, distributions to Series 2001-A Noteholders hereunder shall
be made by (i) check mailed to each Series 2001-A Noteholder (at such
Noteholder's

                                      36
<PAGE>

address as it appears in the Note Register), except that for any Series 2001-A
Notes registered in the name of the nominee of a Clearing Agency, such
distribution shall be made by wire transfer of immediately available funds and
(ii) without presentation or surrender of any Series 2001-A Note or the making
of any notation thereon.

         Section 5.3 Reports and Statements to Series 2001-A Noteholders.
                     ---------------------------------------------------

         (a) On each Distribution Date, the Paying Agent, on behalf of the
Indenture Trustee, shall forward to each Series 2001-A Noteholder a statement
substantially in the form of Exhibit C prepared by the Servicer.
                             ---------

         (b) Not later than the second Business Day preceding each Distribution
Date, the Servicer shall deliver to the Owner Trustee, the Indenture Trustee,
the Paying Agent and each Rating Agency a statement substantially in the form of
Exhibit B prepared by the Servicer; provided that the Servicer may amend the
---------                           --------
form of Exhibit B from time to time, with the prior written consent of the
        ---------
Indenture Trustee.

         (c) A copy of each statement or certificate provided pursuant to
paragraph (a) or (b) may be obtained by any Series 2001-A Noteholder by a
request in writing to the Servicer.

         (d) On or before January 31 of each calendar year, beginning with
January 31, 2002, the Paying Agent, on behalf of the Indenture Trustee, shall
furnish or cause to be furnished to each Person who at any time during the
preceding calendar year was a Series 2001-A Noteholder, a statement prepared by
the Servicer containing the information which is required to be contained in the
statement to Series 2001-A Noteholders, as set forth in paragraph (a) above,
aggregated for such calendar year or the applicable portion thereof during which
such Person was a Series 2001-A Noteholder, together with other information as
is required to be provided by an issuer of indebtedness under the Code. Such
obligation of the Paying Agent shall be deemed to have been satisfied to the
extent that substantially comparable information shall be provided by the
Servicer pursuant to any requirements of the Code as from time to time in
effect.

                                  ARTICLE VI
                         Series 2001-A Pay Out Events
                         ----------------------------

         Section 6.1 Series 2001-A Pay Out Events.  If any one of the following
                     ----------------------------
events shall occur with respect to the Series 2001-A Notes:

         (a) failure on the part of the Seller (i) to make any payment or
deposit required to be made by the Seller by the terms of the Transfer and
Servicing Agreement, the Indenture or this Indenture Supplement on or before the
date occurring five (5) Business Days after the date such payment or deposit is
required to be made therein or herein or (ii) duly to observe or perform in any
material respect any other covenants or agreements of the Seller set forth in
the Transfer and Servicing Agreement, the Indenture or this Indenture
Supplement, which failure has a material adverse effect on the Series 2001-A
Noteholders and which continues unremedied for a period of sixty (60) days after
the date on which written notice of such failure, requiring the same to be
remedied, shall have been given to the Seller

                                      37
<PAGE>

by the Indenture Trustee, or to the Seller and the Indenture Trustee by any
Holder of the Series 2001-A Notes;

         (b) any representation or warranty made by the Seller in the Transfer
and Servicing Agreement or, prior to the FCMT Termination Date, the Pooling and
Servicing Agreement, or any information contained in a computer file or
microfiche list required to be delivered by the Seller pursuant to Section 2.1
                                                                   -----------
or subsection 2.6(c) of the Transfer and Servicing Agreement or Section 2.1 or
   -----------------                                            -----------
subsection 2.6(c) of the Pooling and Servicing Agreement shall prove to have
-----------------
been incorrect in any material respect when made or when delivered, which
continues to be incorrect in any material respect for a period of sixty (60)
days after the date on which written notice of such failure, requiring the same
to be remedied, shall have been given to the Seller by the Indenture Trustee, or
to the Seller and the Indenture Trustee by any Holder of the Series 2001-A Notes
and as a result of which the interests of the Series 2001-A Noteholders are
materially and adversely affected for such period; provided, however, that a
                                                   --------  -------
Series 2001-A Pay Out Event pursuant to this subsection 6.1(b) shall not be
                                             -----------------
deemed to have occurred hereunder if the Seller has accepted reassignment of the
related Receivable, or all of such Receivables, if applicable, during such
period in accordance with the provisions of the Transfer and Servicing Agreement
or the Pooling and Servicing Agreement;

         (c) a failure by the Seller to convey Receivables in Additional
Accounts to the Trust within five (5) Business Days after the day on which it is
required to convey such Receivables pursuant to subsection 2.6(a) of the
                                                -----------------
Transfer and Servicing Agreement or subsection 2.6(a) of the Pooling and
                                    -----------------
Servicing Agreement;

         (d) any Servicer Default shall occur;

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

         (f) the Class A Note Principal Balance shall not be paid in full on the
Class A Expected Principal Distribution Date or the Class B Note Principal
Balance shall not be paid in full on the Class B Expected Principal Distribution
Date;

         (g) the Class A Counterparty or the Class B Counterparty shall fail to
pay any net amount payable by such Counterparty under the Class A Swap or Class
B Swap, as applicable, as a result of LIBOR being greater than the Class A Swap
Rate or Class B Swap Rate, as applicable, and such failure is not cured within
five Business Days;

         (h) the Class A Swap or Class B Swap shall terminate prior to the
Series Termination Date and the Issuer shall fail to enter into a replacement
Class A Swap or Class B Swap, as applicable, in accordance with subsection
                                                                ----------
4.11(c);
-------

         (i) without limiting the foregoing, the occurrence of an Event of
Default with respect to Series 2001-A and acceleration of the maturity of the
Series 2001-A Notes pursuant to Section 5.3 of the Indenture; or
                                -----------

         (j) prior to the FCMT Termination Date, a Trust Pay Out Event shall
occur under (and as defined in) the Pooling and Servicing Agreement;

                                      38
<PAGE>

then, in the case of any event described in subsection (a), (b) or (d), after
                                            --------------  ---    ---
the applicable grace period, if any, set forth in such subparagraphs, either the
Indenture Trustee or the holders of Series 2001-A Notes evidencing more than 50%
of the aggregate unpaid principal amount of Series 2001-A Notes by notice then
given in writing to the Seller and the Servicer (and to the Indenture Trustee if
given by the Series 2001-A Noteholders) may declare that a "Series Pay Out
Event" with respect to Series 2001-A (a "Series 2001- A Pay Out Event") has
                                         ----------------------------
occurred as of the date of such notice, and, in the case of any event described
in subsection (c), (e), (f), (g), (h), (i) or (j), a Series 2001-A Pay Out Event
   --------------  ---  ---  ---  ---  ---    ---
shall occur without any notice or other action on the part of the Indenture
Trustee or the Series 2001-A Noteholders immediately upon the occurrence of such
event.

                                  ARTICLE VII

     Redemption of Series 2001-A Notes; Final Distributions; Series Termination
     --------------------------------------------------------------------------

         Section 7.1 Optional Redemption of Series 2001-A Notes; Final
                     -------------------------------------------------
Distributions.
-------------

         (a) On any day occurring on or after the date on which the outstanding
principal balance of the Series 2001-A Notes is reduced to 10% or less of the
initial outstanding principal balance of Series 2001-A Notes, the Servicer shall
have the option to redeem the Series 2001-A Notes, at a purchase price equal to
(i) if such day is a Distribution Date, the Reassignment Amount for such
Distribution Date or (ii) if such day is not a Distribution Date, the
Reassignment Amount for the Distribution Date following such day.

         (b) The Issuer shall give the Servicer and the Indenture Trustee at
least thirty (30) days prior written notice of the date on which the Issuer
intends to exercise such optional redemption. Not later than 12:00 noon, New
York City time, on such day the Issuer shall deposit into the Collection Account
in immediately available funds the excess of the Reassignment Amount over the
amount, if any, on deposit in the Principal Accumulation Account. Such
redemption option is subject to payment in full of the Reassignment Amount.
Following such deposit into the Collection Account in accordance with the
foregoing, the Collateral Amount for Series 2001-A shall be reduced to zero and
the Series 2001-A Noteholders shall have no further security interest in the
Receivables. The Reassignment Amount shall be distributed as set forth in
subsection 7.1(d).
-----------------

         (c) (i)  The amount to be paid by the Seller with respect to Series
2001-A in connection with a reassignment of Receivables to the Seller pursuant
to Section 2.4(e) of the Transfer and Servicing Agreement shall equal the
   --------------
Reassignment Amount for the first Distribution Date following the Monthly Period
in which the reassignment obligation arises under the Transfer and Servicing
Agreement.

             (ii) The amount to be paid by the Seller with respect to Series
2001-A in connection with a repurchase of the Notes pursuant to Section 7.1 of
                                                                -----------
the Transfer and Servicing Agreement shall equal the Reassignment Amount for the
Distribution Date of such repurchase.

                                      39
<PAGE>

         (d) With respect to (a) the Reassignment Amount deposited into the
Collection Account pursuant to Section 7.1 or (b) the proceeds of any sale of
                               -----------
Receivables pursuant to Section 5.5(a)(iii) of the Indenture with respect to
                        -------------------
Series 2001-A, the Indenture Trustee shall, in accordance with the written
direction of the Servicer, not later than 12:00 noon, New York City time, on the
related Distribution Date, make deposits or distributions of the following
amounts (in the priority set forth below and, in each case, after giving effect
to any deposits and distributions otherwise to be made on such date) in
immediately available funds: (i) (x) the Class A Note Principal Balance on such
Distribution Date will be distributed to the Paying Agent for payment to the
Class A Noteholders and (y) an amount equal to the sum of (A) Class A Monthly
Interest for such Distribution Date, (B) any Class A Monthly Interest previously
due but not distributed to the Class A Noteholders on a prior Distribution Date
and (C) the amount of Class A Additional Interest, if any, for such Distribution
Date and any Class A Additional Interest previously due but not distributed to
the Class A Noteholders on any prior Distribution Date, will be distributed to
the Paying Agent for payment to the Class A Noteholders, (ii) (x) the Class B
Note Principal Balance on such Distribution Date will be distributed to the
Paying Agent for payment to the Class B Noteholders and (y) an amount equal to
the sum of (A) Class B Monthly Interest for such Distribution Date, (B) any
Class B Monthly Interest previously due but not distributed to the Class B
Noteholders on a prior Distribution Date and (C) the amount of Class B
Additional Interest, if any, for such Distribution Date and any Class B
Additional Interest previously due but not distributed to the Class B
Noteholders on any prior Distribution Date, will be distributed to the Paying
Agent for payment to the Class B Noteholders, (iii) (x) the Class C Note
Principal Balance on such Distribution Date will be distributed to the Paying
Agent for payment to the Class C Noteholders and (y) an amount equal to the sum
of (A) Class C Monthly Interest for such Distribution Date, (B) any Class C
Monthly Interest previously due but not distributed to the Class C Noteholders
on a prior Distribution Date, (C) the amount of Class C Additional Interest, if
any, for such Distribution Date and any Class C Additional Interest previously
due but not distributed to the Class C Noteholders on any prior Distribution
Date and (D) any other amounts owed to the Class C Noteholders under the Class C
Note Purchase Agreement, will be distributed to the Paying Agent for payment to
the Class C Noteholders, (iv) on a pari passu basis, (A) any amounts owed to the
Counterparty under the Class A Swap will be paid to the Class A Counterparty and
(B) any amounts owed to the Class B Counterparty under the Class B Swap will be
paid to the Class B Counterparty and (v) any excess shall be released to the
Issuer.

         (e) Notwithstanding anything to the contrary in this Indenture
Supplement, the Indenture or the Transfer and Servicing Agreement, all amounts
distributed to the Paying Agent pursuant to subsection 7.1(d) for payment to the
                                            -----------------
Series 2001-A Noteholders shall be deemed distributed in full to the Series
2001-A Noteholders on the date on which such funds are distributed to the Paying
Agent

                                      40
<PAGE>

pursuant to this Section 7.1 and shall be deemed to be a final distribution
                 -----------
pursuant to Section 11.2 of the Indenture.
            ------------

         Section  7.2  Series Termination.
                       ------------------

         On the Series 2001-A Final Maturity Date, the right of the Series
2001-A Noteholders to receive payments from the Issuer will be limited solely to
the right to receive payments pursuant to Section 5.5 of the Indenture.
                                          -----------

                                 ARTICLE VIII

                           Miscellaneous Provisions
                           ------------------------

         Section 8.1 Ratification of Indenture; Amendments. As supplemented by
                     -------------------------------------
this Indenture Supplement, the Indenture is in all respects ratified and
confirmed and the Indenture as so supplemented by this Indenture Supplement
shall be read, taken and construed as one and the same instrument. This
Indenture Supplement may be amended only by a Supplemental Indenture entered in
accordance with the terms of Section 10.1 or 10.2 of the Indenture. For purposes
                             ------------    ----
of the application of Section 10.2 to any amendment of this Indenture
                      ------------
Supplement, the Series 2001-A Noteholders shall be the only Noteholders whose
vote shall be required.

         Section 8.2 Form of Delivery of the Series 2001-A Notes. The Class A
                     -------------------------------------------
Notes and the Class B Notes shall be Book-Entry Notes and shall be delivered as
Registered Notes as provided in Sections 2.1 and 2.13 of the Indenture. The
                                ------------     ----
Class C Notes shall be Definitive Notes and shall initially be registered in the
Note Register in the name of the initial purchaser of the Class C Notes
identified in the Class C Note Purchase Agreement.

         Section 8.3 Additional Requirements for Registration of and Limitations
                     -----------------------------------------------------------
on Transfer and Exchange of Class C Notes. The Class C Notes will be subject to
-----------------------------------------
limitations on transfer and exchange set forth in the Class C Note Purchase
Agreement.

         Section 8.4 Counterparts. This Indenture Supplement may be executed in
                     ------------
two or more counterparts, and by different parties on separate counterparts,
each of which shall be an original, but all of which shall constitute one and
the same instrument.

         Section 8.5 GOVERNING LAW. THIS INDENTURE SUPPLEMENT SHALL BE CONSTRUED
                     -------------
IN ACCORDANCE WITH THE LAWS OF THE STATE OF ILLINOIS, WITHOUT REFERENCE TO ITS
CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE
PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS, PROVIDED,
HOWEVER, THAT THE DUTIES AND OBLIGATIONS OF THE INDENTURE TRUSTEE SHALL BE
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REFERENCE
TO ITS CONFLICT OF LAW PROVISIONS.

         Section 8.6 Limitation of Liability. Notwithstanding any other
                     -----------------------
provision herein or elsewhere, this Agreement has been executed and delivered by
Bankers Trust Company, not in its individual capacity, but solely in its
capacity as Owner Trustee of the Trust, in no event shall Bankers Trust Company
in its individual

                                      41
<PAGE>

capacity have any liability in respect of the representations, warranties, or
obligations of the Trust hereunder or under any other document, as to all of
which recourse shall be had solely to the assets of the Trust, and for all
purposes of this Agreement and each other document, the Owner Trustee (as such
or in its individual capacity) shall be subject to, and entitled to the benefits
of, the terms and provisions of the Trust Agreement.

         Section 8.7 Rights of the Indenture Trustee. The Indenture Trustee
                     -------------------------------
shall have herein the same rights, protections, indemnities and immunities as
specified in the Master Indenture.

                           [SIGNATURE PAGE FOLLOWS]

                                      42
<PAGE>

         IN WITNESS WHEREOF, the undersigned have caused this Indenture
Supplement to be duly executed and delivered by their respective duly authorized
officers on the day and year first above written.

                                        FIRST CONSUMERS CREDIT CARD
                                        MASTER NOTE TRUST,  as Issuer

                                        By:  BANKERS TRUST COMPANY, not in its

                                             individual capacity, but solely as
                                             Owner Trustee

                                        By: /s/ Eileen M.  Hughes
                                           ----------------------
                                                Name:  Eileen M.  Hughes
                                                Title: Vice President

                                        THE BANK OF NEW YORK, as Indenture
                                        Trustee

                                        By: /s/ Greg Anderson
                                           ------------------
                                                Name:  Greg Anderson
                                                Title: Authorized Agent

                                      43
<PAGE>

Acknowledged and Accepted:

FIRST CONSUMERS NATIONAL BANK,
  as Servicer and Seller

By: /s/ John R.  Steele
   --------------------
    Name:  John R.  Steele
    Title: Treasurer

                                      44
<PAGE>

             CLASS A SERIES 2001-A FLOATING RATE ASSET BACKED NOTE

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

     THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF COVENANTS AND AGREES THAT
IT WILL NOT AT ANY TIME INSTITUTE AGAINST FIRST CONSUMERS MASTER TRUST, A COMMON
LAW TRUST ORGANIZED UNDER THE LAWS OF ILLINOIS ("FCMT"), OR THE ISSUER, OR JOIN
IN INSTITUTING AGAINST FCMT OR THE ISSUER, ANY BANKRUPTCY, REORGANIZATION,
ARRANGEMENT, INSOLVENCY OR LIQUIDATION PROCEEDINGS, OR OTHER PROCEEDINGS UNDER
ANY UNITED STATES FEDERAL OR STATE BANKRUPTCY OR SIMILAR LAW.

          THE HOLDER OF THIS CLASS A NOTE, BY ACCEPTANCE OF THIS NOTE, AND EACH
HOLDER OF A BENEFICIAL INTEREST THEREIN, AGREE TO TREAT THE CLASS A NOTES AS
INDEBTEDNESS OF THE ISSUER FOR APPLICABLE FEDERAL, STATE, AND LOCAL INCOME AND
FRANCHISE TAX LAW AND FOR PURPOSES OF ANY OTHER TAX IMPOSED ON, OR MEASURED BY,
INCOME.
<PAGE>

REGISTERED                                                      $____________/1/

No. R-1                                                 CUSIP NO. ______________

          FIRST CONSUMERS CREDIT CARD MASTER NOTE TRUST SERIES 2001-A

             CLASS A SERIES 2001-A FLOATING RATE ASSET BACKED NOTE

     First Consumers Credit Card Master Note Trust (herein referred to as the
"Issuer" or the "Trust"), an Illinois common law trust governed by a Trust
Agreement dated as of March 1, 2001, for value received, hereby promises to pay
to Cede & Co., or registered assigns, subject to the following provisions, the
principal sum of ________________________, or such lesser amount as determined
in accordance with the Indenture, on the Series 2001-A Final Maturity Date,
which is the September 2008 Distribution Date, except as otherwise provided
below or in the Indenture.  The Issuer will pay interest on the unpaid principal
amount of this Note at the Class A Note Interest Rate on each Distribution Date
until the principal amount of this Note is paid in full.  Interest on this Note
will accrue for each Distribution Date from and including the most recent
Distribution Date on which interest has been paid to but excluding such
Distribution Date or, for the initial Distribution Date, from and including the
Closing Date to but excluding such Distribution Date.  Interest will be computed
on the basis of a 360-day year and the actual number of days elapsed.  Principal
of this Note shall be paid in the manner specified on the reverse hereof.

     The principal of and interest on this Note are payable in such coin or
currency of the United States of America as at the time of payment is legal
tender for payment of public and private debts.

     Reference is made to the further provisions of this Note set forth on the
reverse hereof, which shall have the same effect as though fully set forth on
the face of this Note.

     Unless the certificate of authentication hereon has been executed by or on
behalf of the Indenture Trustee, by manual signature, this Note shall not be
entitled to any benefit under the Indenture or the Indenture Supplement referred
to on the reverse hereof, or be valid for any purpose.

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

<PAGE>

     IN WITNESS WHEREOF, the Issuer has caused this Class A Note to be duly
executed.

                              FIRST CONSUMERS CREDIT CARD MASTER
                          NOTE TRUST,
                              as Issuer

                              By:  Bankers Trust Company, not in its individual
                                   capacity but solely as Owner Trustee under
                                   the Trust Agreement

                              By: ________________________________________
                              Name:
                              Title:

Dated:
<PAGE>

               INDENTURE TRUSTEE'S CERTIFICATE OF AUTHENTICATION

This is one of the Class A Notes described in the within-mentioned Indenture.

                                    THE BANK OF NEW YORK,
                                    as Indenture Trustee

                                    By: __________________________________
                                         Authorized Signatory
<PAGE>

          FIRST CONSUMERS CREDIT CARD MASTER NOTE TRUST SERIES 2001-A

             CLASS A SERIES 2001-A FLOATING RATE ASSET BACKED NOTE

                        Summary of Terms and Conditions

     This Class A Note is one of a duly authorized issue of Notes of the Issuer,
designated as First Consumers Credit Card Master Note Trust, Series 2001-A (the
"SERIES 2001-A NOTES"), issued under a Master Indenture dated as of March 1,
2001 (the "MASTER INDENTURE"), between the Issuer and The Bank of New York, as
indenture trustee (the "INDENTURE TRUSTEE"), as supplemented by the Indenture
Supplement dated as of March 1, 2001 (the "INDENTURE SUPPLEMENT"), and
representing the right to receive certain payments from the Issuer.  The term
"Indenture," unless the context otherwise requires, refers to the Master
Indenture as supplemented by the Indenture Supplement.  The Notes are subject to
all of the terms of the Indenture.  All terms used in this Note that are defined
in the Indenture shall have the meanings assigned to them in or pursuant to the
Indenture.  In the event of any conflict or inconsistency between the Indenture
and this Note, the Indenture shall control.

     The Class B Notes and the Class C Notes will also be issued under the
Indenture.

     The Noteholder, by its acceptance of this Note, agrees that it will look
solely to the property of the Issuer allocated to the payment of this Note for
payment hereunder and that neither the Owner Trustee nor the Indenture Trustee
is liable to the Noteholders for any amount payable under the Notes or the
Indenture or, except in the case of the Indenture Trustee as expressly provided
in the Indenture, subject to any liability under the Indenture.

     This Class A Note does not purport to summarize the Indenture and reference
is made to the Indenture for the interests, rights and limitations of rights,
benefits, obligations and duties evidenced thereby, and the rights, duties and
immunities of the Indenture Trustee.

     The Class A Note Initial Principal Balance is $______________. The Class A
Note Principal Balance on any date of determination will be an amount equal to
(a) the Class A Note Initial Principal Balance, minus (b) the aggregate amount
of principal payments made to the Class A Noteholders on or prior to such date.

     The Class A Expected Principal Distribution Date is the February 2006
Distribution Date, but principal with respect to the Class A Notes may be paid
earlier or later under certain circumstances described in the Indenture.  If for
one or more months during the Controlled Accumulation Period there are not
sufficient funds to deposit into the Principal Accumulation Account the
Controlled Deposit Amount, then to the extent that excess funds are not
available on subsequent Distribution Dates with respect to the Controlled
Accumulation Period to make up for such shortfalls, the final payment of
principal of the Class A Notes will occur later than the Class
<PAGE>

A Expected Principal Distribution Date. Payments of principal of the Notes shall
be payable in accordance with the provisions of the Indenture.

     Subject to the terms and conditions of the Indenture, First Consumers
National Bank (the "Seller") may, from time to time, direct the Owner Trustee,
on behalf of the Trust, to issue one or more new Series of Notes.

     On each Distribution Date, the Paying Agent shall distribute to each Class
A Noteholder of record on the related Record Date (except for the final payment
in respect of this Class A Note) such Class A Noteholder's pro rata share of the
amounts held by the Paying Agent that are allocated and available on such
Distribution Date to pay interest and principal on the Class A Notes pursuant to
the Indenture Supplement.  Except as provided in the Indenture with respect to a
final payment, payments to Series 2001-A Noteholders shall be made by (i) check
mailed to each Series 2001-A Noteholder (at such Noteholder's address as it
appears in the Note Register), except that with respect to any Series 2001-A
Notes registered in the name of the nominee of a Clearing Agency, such payment
shall be made in immediately available funds and (ii) without presentation or
surrender of any Series 2001-A Note or the making of any notation thereon.
Final payment of this Class A Note will be made only upon presentation and
surrender of this Class A Note at the office or agency specified in the notice
of final payment delivered by the Indenture Trustee to the Series 2001-A
Noteholders in accordance with the Indenture.

     On any day occurring on or after the date on which the outstanding
principal balance of the Series 2001-A Notes is reduced to 10% or less of the
initial outstanding principal balance of the Series 2001-A Notes, the Servicer
shall have the option to redeem the Series 2001-A Notes, at a purchase price
equal to (i) if such day is a Distribution Date, the Reassignment Amount for
such Distribution Date or (ii) if such day is not a Distribution Date, the
Reassignment Amount for the Distribution Date following such day.

     THIS CLASS A NOTE DOES NOT REPRESENT AN OBLIGATION OF, OR AN INTEREST IN,
THE ISSUER, FIRST CONSUMERS NATIONAL BANK, OR ANY OF THEIR AFFILIATES, AND IS
NOT INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY
OTHER GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

     Each Noteholder, by accepting a Note, hereby covenants and agrees that it
will not at any time institute against FCMT or the Issuer, or join in
instituting against the FCMT or the Issuer, any bankruptcy, reorganization,
arrangement, insolvency or liquidation proceedings, or other proceedings under
any United States federal or state bankruptcy or similar law.

     Except as otherwise provided in the Indenture Supplement, the Class A Notes
are issuable only in minimum denominations of $1,000 and integral multiples of
$1,000.  The transfer of this Class A Note shall be registered in the Note
Register upon surrender of this Class A Note for registration of transfer at any
office or agency maintained by the Transfer Agent and Registrar accompanied by a
written instrument of transfer, in a form satisfactory to the Indenture Trustee
or
<PAGE>

the Transfer Agent and Registrar, duly executed by the Class A Noteholder or
such Class A Noteholder's attorney, and duly authorized in writing with such
signature guaranteed, and thereupon one or more new Class A Notes in any
authorized denominations of like aggregate principal amount will be issued to
the designated transferee or transferees.

     As provided in the Indenture and subject to certain limitations therein set
forth, Class A Notes are exchangeable for new Class A Notes in any authorized
denominations and of like aggregate principal amount, upon surrender of such
Notes to be exchanged at the office or agency of the Transfer Agent and
Registrar.  No service charge may be imposed for any such exchange but the
Issuer or Transfer Agent and Registrar may require payment of a sum sufficient
to cover any tax or other governmental charge that may be imposed in connection
therewith.

     The Issuer, the Seller, the Indenture Trustee and any agent of the Issuer,
the Seller or the Indenture Trustee shall treat the person in whose name this
Class A Note is registered as the owner hereof for all purposes, and neither the
Issuer, the Seller, the Indenture Trustee nor any agent of the Issuer, the
Seller or the Indenture Trustee shall be affected by notice to the contrary.

          THIS CLASS A NOTE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF
THE STATE OF ILLINOIS, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND
THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE
DETERMINED IN ACCORDANCE WITH SUCH LAWS.
<PAGE>

                                   ASSIGNMENT

Social Security or other identifying number of assignee ________________________

     FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers
unto _________________________________ (name and address of assignee) the within
certificate and all rights thereunder, and hereby irrevocably constitutes and
appoints _____________________ attorney, to transfer said certificate on the
books kept for registration thereof, with full power of substitution in the
premises.

Dated:_____________                          _________________________________**

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

             CLASS B SERIES 2001-A FLOATING RATE ASSET BACKED NOTE

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

     THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF COVENANTS AND AGREES THAT
IT WILL NOT AT ANY TIME INSTITUTE AGAINST FIRST CONSUMERS MASTER TRUST, A COMMON
LAW TRUST ORGANIZED UNDER THE LAWS OF ILLINOIS ("FCMT"), OR THE ISSUER, OR JOIN
IN INSTITUTING AGAINST FCMT OR THE ISSUER, ANY BANKRUPTCY, REORGANIZATION,
ARRANGEMENT, INSOLVENCY OR LIQUIDATION PROCEEDINGS, OR OTHER PROCEEDINGS UNDER
ANY UNITED STATES FEDERAL OR STATE BANKRUPTCY OR SIMILAR LAW.

     THE HOLDER OF THIS CLASS B NOTE, BY ACCEPTANCE OF THIS NOTE, AND EACH
HOLDER OF A BENEFICIAL INTEREST THEREIN, AGREE TO TREAT THE CLASS B NOTES AS
INDEBTEDNESS OF THE ISSUER FOR APPLICABLE FEDERAL, STATE, AND LOCAL INCOME AND
FRANCHISE TAX LAW AND FOR PURPOSES OF ANY OTHER TAX IMPOSED ON, OR MEASURED BY,
INCOME.
<PAGE>

REGISTERED                                                   $_______________***

No. R-1                                                   CUSIP NO. ____________

          FIRST CONSUMERS CREDIT CARD MASTER NOTE TRUST SERIES 2001-A

             CLASS B SERIES 2001-A FLOATING RATE ASSET BACKED NOTE

First Consumers Credit Card Master Note Trust (herein referred to as the
"Issuer" or the "Trust"), an Illinois common law trust governed by a Trust
Agreement dated as of March 1, 2001, for value received, hereby promises to pay
to Cede & Co., or registered assigns, subject to the following provisions, the
principal sum of __________________, or such lesser amount as determined in
accordance with the Indenture, on the Series 2001-A Final Maturity Date, which
is the September 2008 Distribution Date, except as otherwise provided below or
in the Indenture. The Issuer will pay interest on the unpaid principal amount of
this Note at the Class B Note Interest Rate on each Distribution Date until the
principal amount of this Note is paid in full. Interest on this Note will accrue
for each Distribution Date from and including the most recent Distribution Date
on which interest has been paid to but excluding such Distribution Date or, for
the initial Distribution Date, from and including the Closing Date to but
excluding such Distribution Date. Interest will be computed on the basis of a
360-day year and the actual number of days elapsed. Principal of this Note shall
be paid in the manner specified on the reverse hereof.

     The principal of and interest on this Note are payable in such coin or
currency of the United States of America as at the time of payment is legal
tender for payment of public and private debts.

     Reference is made to the further provisions of this Note set forth on the
reverse hereof, which shall have the same effect as though fully set forth on
the face of this Note.

     Unless the certificate of authentication hereon has been executed by or on
behalf of the Indenture Trustee, by manual signature, this Note shall not be
entitled to any benefit under the Indenture or the Indenture Supplement referred
to on the reverse hereof, or be valid for any purpose.

     THIS CLASS B NOTE IS SUBORDINATED TO THE EXTENT NECESSARY TO FUND PAYMENTS
ON THE CLASS A NOTES TO THE EXTENT SPECIFIED IN THE INDENTURE SUPPLEMENT.

______________________
     ***
        Denominations of $1,000 and integral multiples of $1,000 in excess
thereof.
<PAGE>

     IN WITNESS WHEREOF, the Issuer has caused this Class B Note to be duly
executed.

                              FIRST CONSUMERS CREDIT CARD MASTER
                         NOTE TRUST,
                              as Issuer

                              By:  Bankers Trust Company, not in its individual
                                   capacity but solely as Owner Trustee under
                                   the Trust Agreement

                              By:_______________________________________________
                              Name:
                              Title:

Dated:
<PAGE>

               INDENTURE TRUSTEE'S CERTIFICATE OF AUTHENTICATION

This is one of the Class B Notes described in the within-mentioned Indenture.

                              THE BANK OF NEW YORK,
                              as Indenture Trustee

                              By:___________________________
                                    Authorized Signatory
<PAGE>

          FIRST CONSUMERS CREDIT CARD MASTER NOTE TRUST SERIES 2001-A

             CLASS B SERIES 2001-A FLOATING RATE ASSET BACKED NOTE

                        Summary of Terms and Conditions

     This Class B Note is one of a duly authorized issue of Notes of the Issuer,
designated as First Consumers Credit Card Master Note Trust, Series 2001-A (the
"SERIES 2001-A NOTES"), issued under a Master Indenture dated as of March 1,
2001 (the "MASTER INDENTURE"), between the Issuer and The Bank of New York, as
indenture trustee (the "INDENTURE TRUSTEE"), as supplemented by the Indenture
Supplement dated as of March 1, 2001 (the "INDENTURE SUPPLEMENT"), and
representing the right to receive certain payments from the Issuer.  The term
"Indenture," unless the context otherwise requires, refers to the Master
Indenture as supplemented by the Indenture Supplement.  The Notes are subject to
all of the terms of the Indenture.  All terms used in this Note that are defined
in the Indenture shall have the meanings assigned to them in or pursuant to the
Indenture.  In the event of any conflict or inconsistency between the Indenture
and this Note, the Indenture shall control.

     The Class A Notes and the Class C Notes will also be issued under the
Indenture.

     The Noteholder, by its acceptance of this Note, agrees that it will look
solely to the property of the Issuer allocated to the payment of this Note for
payment hereunder and that neither the Owner Trustee nor the Indenture Trustee
is liable to the Noteholders for any amount payable under the Notes or the
Indenture or, except in the case of the Indenture Trustee as expressly provided
in the Indenture, subject to any liability under the Indenture.

     This Class B Note does not purport to summarize the Indenture and reference
is made to the Indenture for the interests, rights and limitations of rights,
benefits, obligations and duties evidenced thereby, and the rights, duties and
immunities of the Indenture Trustee.

     The Class B Note Initial Principal Balance is $_______________.

     The Class B Note Principal Balance on any date of determination will be an
amount equal to (a) the Class B Note Initial Principal Balance, minus (b) the
aggregate amount of principal payments made to the Class B Noteholders on or
prior to such date.

     The Class B Expected Principal Distribution Date is the March 2006
Distribution Date, but principal with respect to the Class B Notes May be paid
earlier or later under certain circumstances described in the Indenture. If for
one or more months during the Controlled Accumulation Period there are not
sufficient funds to deposit into the Principal Accumulation Account the
Controlled Deposit Amount, then to the extent that excess funds are not
available on subsequent Distribution Dates with respect to the Controlled
Accumulation Period to make up for such shortfalls, the final
<PAGE>

payment of principal of the Class B Notes will occur later than the Class B
Expected Principal Distribution Date. Payments of principal of the Notes shall
be payable in accordance with the provisions of the Indenture.

     Subject to the terms and conditions of the Indenture, First Consumers
National Bank (the "Seller") may, from time to time, direct the Owner Trustee,
on behalf of the Trust, to issue one or more new Series of Notes.

     On each Distribution Date, the Paying Agent shall distribute to each Class
B Noteholder of record on the related Record Date (except for the final payment
in respect of this Class B Note) such Class B Noteholder's pro rata share of the
amounts held by the Paying Agent that are allocated and available on such
Distribution Date to pay interest and principal on the Class B Notes pursuant to
the Indenture Supplement.  Except as provided in the Indenture with respect to a
final payment, payments to Series 2001-A Noteholders shall be made by (i) check
mailed to each Series 2001-A Noteholder (at such Noteholder's address as it
appears in the Note Register), except that with respect to any Series 2001-A
Notes registered in the name of the nominee of a Clearing Agency, such payment
shall be made in immediately available funds and (ii) without presentation or
surrender of any Series 2001-A Note or the making of any notation thereon.
Final payment of this Class B Note will be made only upon presentation and
surrender of this Class B Note at the office or agency specified in the notice
of final payment delivered by the Indenture Trustee to the Series 2001-A
Noteholders in accordance with the Indenture.

     On any day occurring on or after the date on which the outstanding
principal balance of the Series 2001-A Notes is reduced to 10% or less of the
initial outstanding principal balance of the Series 2001-A Notes, the Servicer
shall have the option to redeem the Series 2001-A Notes, at a purchase price
equal to (i) if such day is a Distribution Date, the Reassignment Amount for
such Distribution Date or (ii) if such day is not a Distribution Date, the
Reassignment Amount for the Distribution Date following such day.

     THIS CLASS B NOTE DOES NOT REPRESENT AN OBLIGATION OF, OR AN INTEREST IN,
THE ISSUER, FIRST CONSUMERS NATIONAL BANK, OR ANY OF THEIR AFFILIATES, AND IS
NOT INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY
OTHER GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

     Each Noteholder, by accepting a Note, hereby covenants and agrees that it
will not at any time institute against FCMT or the Issuer, or join in
instituting against the FCMT or the Issuer, any bankruptcy, reorganization,
arrangement, insolvency or liquidation proceedings, or other proceedings under
any United States federal or state bankruptcy or similar law.

     Except as otherwise provided in the Indenture Supplement, the Class B Notes
are issuable only in minimum denominations of $1,000 and integral multiples of
$1,000.  The transfer of this Class B Note shall be registered in the Note
Register upon surrender of this Class B Note for
<PAGE>

registration of transfer at any office or agency maintained by the Transfer
Agent and Registrar accompanied by a written instrument of transfer, in a form
satisfactory to the Indenture Trustee or the Transfer Agent and Registrar, duly
executed by the Class B Noteholder or such Class B Noteholder's attorney, and
duly authorized in writing with such signature guaranteed, and thereupon one or
more new Class B Notes in any authorized denominations of like aggregate
principal amount will be issued to the designated transferee or transferees.

     As provided in the Indenture and subject to certain limitations therein set
forth, Class B Notes are exchangeable for new Class B Notes in any authorized
denominations and of like aggregate principal amount, upon surrender of such
Notes to be exchanged at the office or agency of the Transfer Agent and
Registrar.  No service charge may be imposed for any such exchange but the
Issuer or Transfer Agent and Registrar may require payment of a sum sufficient
to cover any tax or other governmental charge that may be imposed in connection
therewith.

     The Issuer, the Seller, the Indenture Trustee and any agent of the Issuer,
the Seller or the Indenture Trustee shall treat the person in whose name this
Class B Note is registered as the owner hereof for all purposes, and neither the
Issuer, the Seller, the Indenture Trustee nor any agent of the Issuer, the
Seller or the Indenture Trustee shall be affected by notice to the contrary.

     THIS CLASS B NOTE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE
STATE OF ILLINOIS, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE
OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN
ACCORDANCE WITH SUCH LAWS.
<PAGE>

                                  ASSIGNMENT

Social Security or other identifying number of assignee_______________________.

     FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers
     unto

                   [_______________________________________]

                        (name and address of assignee)

the within certificate and all rights thereunder, and hereby irrevocably
constitutes and appoints __________________, attorney, to transfer said
certificate on the books kept for registration thereof, with full power of
substitution in the premises.

                                            _______________________________****
Dated: ____________, ____                   Signature Guaranteed:

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

<PAGE>

             CLASS C SERIES 2001-A FLOATING RATE ASSET BACKED NOTE

     THIS CLASS C NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,
AS AMENDED (THE "SECURITIES ACT"). NEITHER THE NOTE NOR ANY INTEREST HEREIN MAY
BE OFFERED OR SOLD EXCEPT IN COMPLIANCE WITH THE REGISTRATION PROVISIONS OF THE
SECURITIES ACT AND ANY APPLICABLE PROVISIONS OF ANY STATE BLUE SKY OR SECURITIES
LAWS OR PURSUANT TO AN AVAILABLE EXEMPTION FROM SUCH REGISTRATION OR
QUALIFICATION PROVISIONS. THE TRANSFER OF THIS NOTE IS SUBJECT TO CERTAIN
CONDITIONS SET FORTH IN THE INDENTURE SUPPLEMENT REFERRED TO HEREIN.

     THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF COVENANTS AND AGREES THAT
IT WILL NOT AT ANY TIME INSTITUTE AGAINST FIRST CONSUMERS MASTER TRUST, A COMMON
LAW TRUST ORGANIZED UNDER THE LAWS OF ILLINOIS ("FCMT"), OR THE ISSUER, OR JOIN
IN INSTITUTING AGAINST FCMT OR THE ISSUER, ANY BANKRUPTCY, REORGANIZATION,
ARRANGEMENT, INSOLVENCY OR LIQUIDATION PROCEEDINGS, OR OTHER PROCEEDINGS UNDER
ANY UNITED STATES FEDERAL OR STATE BANKRUPTCY OR SIMILAR LAW.

     THE HOLDER OF THIS CLASS C NOTE, BY ACCEPTANCE OF THIS NOTE, AND EACH
HOLDER OF A BENEFICIAL INTEREST THEREIN, AGREE TO TREAT THE CLASS C NOTES AS
INDEBTEDNESS OF THE ISSUER FOR APPLICABLE FEDERAL, STATE, AND LOCAL INCOME AND
FRANCHISE TAX LAW AND FOR PURPOSES OF ANY OTHER TAX IMPOSED ON, OR MEASURED BY,
INCOME.
<PAGE>

REGISTERED                                                   $_____________*****

No. R-1

          FIRST CONSUMERS CREDIT CARD MASTER NOTE TRUST SERIES 2001-A

             CLASS C SERIES 2001-A FLOATING RATE ASSET BACKED NOTE

     First Consumers Credit Card Master Note Trust (herein referred to as the
"Issuer" or the "Trust"), an Illinois common law trust governed by a Trust
Agreement dated as of March 1, 2001, for value received, hereby promises to pay
to Twin Towers, Inc., or its registered assigns, subject to the following
provisions, the principal sum of __________________________, or such lesser
amount as determined in accordance with the Indenture, on the Series 2001-A
Final Maturity Date, which is the September 2008 Distribution Date, except as
otherwise provided below or in the Indenture.  The Issuer will pay interest on
the unpaid principal amount of this Note at the at the rate referred to in and
pursuant to the provisions of the Indenture Supplement on each Distribution Date
until the principal amount of this Note is paid in full.  Interest on this Note
will accrue for each Distribution Date from and including the most recent
Distribution Date on which interest has been paid to but excluding such
Distribution Date or, for the initial Distribution Date, from and including the
Closing Date to but excluding such Distribution Date.

     The principal of and interest on this Note are payable in such coin or
currency of the United States of America as at the time of payment is legal
tender for payment of public and private debts.

     Reference is made to the further provisions of this Note set forth on the
reverse hereof, which shall have the same effect as though fully set forth on
the face of this Note.

     Unless the certificate of authentication hereon has been executed by or on
behalf of the Indenture Trustee, by manual signature, this Note shall not be
entitled to any benefit under the Indenture or the Indenture Supplement referred
to on the reverse hereof, or be valid for any purpose.

     THIS CLASS C NOTE IS SUBORDINATED TO THE EXTENT NECESSARY TO FUND PAYMENTS
ON THE CLASS A AND CLASS B NOTES TO THE EXTENT SPECIFIED IN THE INDENTURE
SUPPLEMENT.

____________________
     *****  Denominations of $1,000 and integral multiples of $1,000 in excess
thereof.
<PAGE>

     IN WITNESS WHEREOF, the Issuer has caused this Class C Note to be duly
executed.

                              FIRST CONSUMERS CREDIT CARD MASTER NOTE TRUST,
                              as Issuer

                              By:  Bankers Trust Company, not in its individual
                                   capacity but solely as Owner Trustee under
                                   the Trust Agreement

                              By:_______________________________________________
                              Name:
                              Title:

Dated:
<PAGE>

               INDENTURE TRUSTEE'S CERTIFICATE OF AUTHENTICATION

     This is one of the Class C Notes described in the within-mentioned
Indenture.

                              THE BANK OF NEW YORK,
                              as Indenture Trustee

                              By:___________________________
                                    Authorized Signatory
<PAGE>

          FIRST CONSUMERS CREDIT CARD MASTER NOTE TRUST SERIES 2001-A

             CLASS C SERIES 2001-A FLOATING RATE ASSET BACKED NOTE

                        Summary of Terms and Conditions

     This Class C Note is one of a duly authorized issue of Notes of the Issuer,
designated as First Consumers Credit Card Master Note Trust, Series 2001-A (the
"SERIES 2001-A NOTES"), issued under a Master Indenture dated as of March 1,
2001 (the "MASTER INDENTURE"), between the Issuer and The Bank of New York, as
indenture trustee (the "INDENTURE TRUSTEE"), as supplemented by the Indenture
Supplement dated as of March 1, 2001 (the "INDENTURE SUPPLEMENT"), and
representing the right to receive certain payments from the Issuer. The term
"Indenture," unless the context otherwise requires, refers to the Master
Indenture as supplemented by the Indenture Supplement. The Notes are subject to
all of the terms of the Indenture. All terms used in this Note that are defined
in the Indenture shall have the meanings assigned to them in or pursuant to the
Indenture. In the event of any conflict or inconsistency between the Indenture
and this Note, the Indenture shall control.

     The Class A Notes and the Class B Notes will also be issued under the
Indenture.

     The Noteholder, by its acceptance of this Note, agrees that it will look
solely to the property of the Issuer allocated to the payment of this Note for
payment hereunder and that neither the Owner Trustee nor the Indenture Trustee
is liable to the Noteholders for any amount payable under the Notes or the
Indenture or, except in the case of the Indenture Trustee as expressly provided
in the Indenture, subject to any liability under the Indenture.

     This Note does not purport to summarize the Indenture and reference is made
to the Indenture for the interests, rights and limitations of rights, benefits,
obligations and duties evidenced thereby, and the rights, duties and immunities
of the Indenture Trustee.

     The Class C Note Initial Principal Balance is $_________________.

     The Class C Note Principal Balance on any date of determination will be an
amount equal to (a) the Class C Note Initial Principal Balance, minus (b) the
aggregate amount of principal payments made to the Class C Noteholders on or
prior to such date.

     Payments of principal of the Notes shall be payable in accordance with the
provisions of the Indenture.

     Subject to the terms and conditions of the Indenture, First Consumers
National Bank (the "Seller") may, from time to time, direct the Owner Trustee,
on behalf of the Trust, to issue one or more new Series of Notes.
<PAGE>

     On each Distribution Date, the Paying Agent shall distribute to each Class
C Noteholder of record on the related Record Date (except for the final payment
in respect of this Class C Note) such Class C Noteholder's pro rata share of the
amounts held by the Paying Agent that are allocated and available on such
Distribution Date to pay interest and principal on the Class C Notes pursuant to
the Indenture Supplement. Except as provided in the Indenture with respect to a
final payment, payments to Series 2001-A Noteholders shall be made by (i) check
mailed to each Series 2001-A Noteholder (at such Noteholder's address as it
appears in the Note Register), and (ii) without presentation or surrender of any
Series 2001-A Note or the making of any notation thereon. Final payment of this
Class C Note will be made only upon presentation and surrender of this Class C
Note at the office or agency specified in the notice of final payment delivered
by the Indenture Trustee to the Series 2001-A Noteholders in accordance with the
Indenture.

     On any day occurring on or after the date on which the outstanding
principal balance of the Series 2001-A Notes is reduced to 10% or less of the
initial outstanding principal balance of the Series 2001-A Notes, the Servicer
shall have the option to redeem the Series 2001-A Notes, at a purchase price
equal to (i) if such day is a Distribution Date, the Reassignment Amount for
such Distribution Date or (ii) if such day is not a Distribution Date, the
Reassignment Amount for the Distribution Date following such day.

     THIS CLASS C NOTE DOES NOT REPRESENT AN OBLIGATION OF, OR AN INTEREST IN,
THE ISSUER, FIRST CONSUMERS NATIONAL BANK, OR ANY OF THEIR AFFILIATES, AND IS
NOT INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY
OTHER GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

     Each Noteholder, by accepting a Note, hereby covenants and agrees that it
will not at any time institute against FCMT or the Issuer, or join in
instituting against the FCMT or the Issuer, any bankruptcy, reorganization,
arrangement, insolvency or liquidation proceedings, or other proceedings under
any United States federal or state bankruptcy or similar law.

     Except as otherwise provided in the Indenture Supplement, the Class C Notes
are issuable only in minimum denominations of $ 1,000 and integral multiples of
$1,000. The transfer of this Class C Note shall be registered in the Note
Register upon surrender of this Class C Note for registration of transfer at any
office or agency maintained by the Transfer Agent and Registrar accompanied by a
written instrument of transfer, in a form satisfactory to the Indenture Trustee
or the Transfer Agent and Registrar, duly executed by the Class C Noteholder or
such Class C Noteholder's attorney, and duly authorized in writing with such
signature guaranteed, and thereupon one or more new Class C Notes in any
authorized denominations of like aggregate principal amount will be issued to
the designated transferee or transferees.

     As provided in the Indenture and subject to certain limitations therein set
forth, Class C Notes are exchangeable for new Class C Notes in any authorized
denominations and of like
<PAGE>

aggregate principal amount, upon surrender of such Notes to be exchanged at the
office or agency of the Transfer Agent and Registrar. No service charge may be
imposed for any such exchange but the Issuer or Transfer Agent and Registrar may
require payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in connection therewith.

     The Class C Notes may not be purchased or held with plan assets of any
kind.

     The Issuer, the Seller, the Indenture Trustee and any agent of the Issuer,
the Seller or the Indenture Trustee shall treat the person in whose name this
Class C Note is registered as the owner hereof for all purposes, and neither the
Issuer, the Seller, the Indenture Trustee nor any agent of the Issuer, the
Seller or the Indenture Trustee shall be affected by notice to the contrary.

     THIS CLASS C NOTE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE
STATE OF ILLINOIS, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE
OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN
ACCORDANCE WITH SUCH LAWS.
<PAGE>

                                  ASSIGNMENT

Social Security or other identifying number of assignee  _______________________

     FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers
unto

                      [_________________________________]
                        (name and address of assignee)

the within certificate and all rights thereunder, and hereby irrevocably
constitutes and appoints ____________________, attorney, to transfer said
certificate on the books kept for registration thereof, with full power of
substitution in the premises.

                                                                          ******
Dated: ____________, ____                 _________________________________
                                          Signature Guaranteed:

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

<PAGE>

                                   EXHIBIT B

                    FORM OF MONTHLY PAYMENT INSTRUCTIONS AND
                       NOTIFICATION TO INDENTURE TRUSTEE

                 FIRST CONSUMERS CREDIT CARD MASTER NOTE TRUST
                                 SERIES 2001-A

     The undersigned, a duly authorized representative of First Consumers
National Bank ("FCNB"), as Servicer pursuant to the Transfer and Servicing
                ----
Agreement, dated as of March 1, 2001 (the "Transfer and Servicing Agreement")
                                           --------------------------------
between FCNB and First Consumers Credit Card Master Note Trust, as Issuer, does
hereby certify as follows:

          A.  Capitalized terms used in this Certificate have their respective
     meanings set forth in the Master Indenture dated as of March 1, 2001 (the
     "Indenture") between the Issuer and The Bank of New York, as indenture
     ----------
     trustee (the "Indenture Trustee") as supplemented by the Series 2001-A
                   -----------------
     Indenture Supplement dated as of March 1, 2001 between the Issuer and
     Indenture Trustee (as amended and supplemented, the "Indenture
                                                          ---------
     Supplement").

          B.  FCNB is the Servicer.

          C.  The undersigned is a Servicing Officer.

I.   INSTRUCTION TO MAKE A WITHDRAWAL

          Pursuant to Section 4.4, the Servicer does hereby instruct the
                      -----------
Indenture Trustee (i) to make a withdrawal from the Collection Account on
____________, 200_, which date is a Distribution Date under the Indenture
Supplement, in an aggregate amount (equal to the Available Finance Charge
Collections) as set forth below in respect of the following amounts and (ii) to
apply the proceeds of such withdrawal in accordance with Section 4.4(a):
                                                         --------------

     A.   Pursuant to Subsection 4.4(a)(i):
          --------------------------------

          Class A Monthly Interest for the
          preceding Interest Period............................  $______________

          Monthly Interest previously due but not
          distributed to Class A Noteholders...................  $______________

          Additional Interest previously due but not
          distributed to Class A Noteholders...................  $______________
<PAGE>

          Net Swap Payment.....................................  $______________

     B.   Pursuant to Subsection 4.4(a)(ii):
          ---------------------------------

          Class B Monthly Interest for the
          preceding Interest Period............................  $______________

          Monthly Interest previously due but not
          distributed to Class B Noteholders...................  $______________

          Additional Interest previously due but not
          distributed to Class B Noteholders...................  $______________

     C.   Pursuant to Subsection 4.4(a)(iii):
          ----------------------------------

          Monthly Servicing Fee for such Distribution Date, plus the amount of
          any Monthly Servicing Fee previously due but not distributed to the
          Servicer on a prior Distribution Date................  $______________

     D.   Pursuant to Subsection 4.4(a)(iv):
          ---------------------------------

          Class C Monthly Interest for the
          preceding Interest Period............................  $______________

          Monthly Interest previously due but not
          distributed to Class C Noteholders...................  $______________

          Additional Interest previously due but not
          distributed to Class C Noteholders...................  $______________

     E.   Pursuant to Subsection 4.4(a)(v):
          --------------------------------

          Investor Default Amount to be treated as Available Principal
          Collections..........................................  $______________

          Investor Uncovered Dilution Amount for such Distribution Date to be
          treated as Available Principal Collections...........  $______________

     F.   Pursuant to Subsection 4.4(a)(vi):
          ---------------------------------

          Investor Charge Offs and the amount of Reallocated Principal
          Collections not previously reimbursed to be treated as Available
          Principal Collections................................  $______________
<PAGE>

     G.   Pursuant to Subsection 4.4(a)(vii):
          ----------------------------------

          Amount to be deposited into the Reserve Account......  $______________

     H.   Pursuant to Subsection 4.4(a)(viii):
          -----------------------------------

          Amount to be deposited in the Spread Account.........  $______________

     I.   Pursuant to Subsection 4.4(a)(ix):
          ---------------------------------

          Amount of Noteholder Servicing Fee not paid pursuant to Section
                                                                  -------
          4.4(a)(iii)..........................................  $______________
          -----------

     J.   Pursuant to Subsection 4.4(a)(x):
          --------------------------------

          The balance, if any, will constitute a portion of Excess Finance
          Charge Collections for such Distribution Date and first will be
          available for allocation to other Series in Group One, second
          deposited in the Excess Funding Account to the extent necessary so
          that the Seller Amount is not less than the Minimum Seller Amount and
          third paid to the Holders of the Seller Interest as described in
          Section 8.6 of the Indenture.........................  $______________
          -----------

          Pursuant to Section 4.4(b) and (c), the Servicer does hereby instruct
                      --------------     ---
the Indenture Trustee (i) to make a withdrawal from the Collection Account on
____________, 200_,which date is a Distribution Date under the Indenture
Supplement, in an aggregate amount (equal to the Available Principal
Collections) as set forth below in respect of the following amounts and (ii) to
apply the proceeds of such withdrawal in accordance with Section 4.4(b) and (c):
                                                         --------------     ---

     A.   Pursuant to Subsection 4.4(b):
          -----------------------------

          During the Revolving Period, amount equal to the Available Principal
          Collections to be treated as Shared Principal Collections and applied
          in accordance with Section 8.5 of the Indenture
                             -----------
          ......................................................  $_____________

     B.   Pursuant to Subsection 4.4(c)(i):
          --------------------------------

          During the Controlled Accumulation Period, Monthly Principal for such
          Distribution Date to be deposited into the Principal Accumulation
          Account..............................................  $______________

     C.   Pursuant to Subsection 4.4(c)(ii):
          ---------------------------------
<PAGE>

          (1)  During the Rapid Amortization Period, Monthly Principal for such
          Distribution Date to be distributed to the Paying Agent for payment to
          the Class A Noteholders on such Distribution Date until the Note
          Principal Balance has been paid in full..............  $______________

          (2)  Amount remaining after giving effect to clause (1) above to be
          treated as Shared Principal Collections and applied in accordance with
          Section 8.5 of the Indenture.........................  $______________
          -----------

          Pursuant to Section 4.6, the Servicer does hereby instruct the
Indenture Trustee (i) to make a withdrawal from the Collection Account on
____________, 200_, which date is a Distribution Date under the Indenture
Supplement, in an aggregate amount (equal to the Available Principal
Collections) as set forth below in respect of the following amounts and (ii) to
apply the proceeds of such withdrawal in accordance with Section 4.6:

     A.   Reallocated Principal Collections to fund any deficiency pursuant to
          and in the priority set forth in subsections 4.4(a)(i), (ii), (iii)
                                           ---------------------  ----  -----
          and (iv) of the Indenture Supplement.................  $______________
              ----

     Pursuant to Section 4.9, the Servicer does hereby instruct the Indenture
                 -----------
Trustee to transfer from the Principal Accumulation Account to the Collection
Account, the Principal Accumulation Investment Proceeds on deposit in the
Principal Accumulation Account for application as Available Finance Charge
Collections in the following amount............................  $______________

     Pursuant to Section 4.10, the Servicer does hereby instruct the Indenture
                 ------------
Trustee to withdraw from the Reserve Account an amount equal to any Reserve
Account Surplus to be deposited into the Spread Account in accordance with
Section 4.10(e), in the following amount.......................  $______________
---------------

     Pursuant to Section 4.11, the Servicer does hereby instruct the Indenture
                 ------------
Trustee to withdraw from the Spread Account an amount equal to a deficiency in
Class C Monthly Interest up to the Available Spread Account Amount, in the
following amount...............................................  $______________

II.  INSTRUCTIONS TO MAKE CERTAIN PAYMENTS

          Pursuant to Section 5.2, the Servicer does hereby instruct the
                      -----------
Indenture Trustee or the Paying Agent as the case may be, to pay in accordance
with Section 5.2 from the Collection Account or the Principal Funding Account,
     -----------
as applicable, on _______________, which date is a Distribution Date under the
Indenture Supplement, the following amounts:

     A.   Pursuant to Subsection 5.2(a):
          -----------------------------
<PAGE>

     Class A Noteholder's pro rata share of the amounts held by the Paying Agent
that are allocated and available on such Distribution Date to pay interest on
the Class A Notes pursuant to the Indenture Supplement
 ...............................................................  $______________

     B.   Pursuant to Subsection 5.2(b):
          -----------------------------

     Class A Noteholder's pro rata share of the amounts held by the Paying Agent
that are allocated and available on such Distribution Date to pay principal of
the Class A Notes pursuant to the Indenture Supplement
 ...............................................................  $______________

     C.   Pursuant to Subsection 5.2(c):
          -----------------------------

     Class B Noteholder's pro rata share of the amounts held by the Paying Agent
that are allocated and available on such Distribution Date to pay interest on
the Class B Notes pursuant to the Indenture Supplement
 ...............................................................  $______________

     D.   Pursuant to Subsection 5.2(d):
          -----------------------------

     Class B Noteholder's pro rata share of the amounts held by the Paying Agent
that are allocated and available on such Distribution Date to pay principal of
the Class B Notes pursuant to the Indenture Supplement
 ...............................................................  $______________

     E.   Pursuant to Subsection 5.2(e):
          -----------------------------

     Class C Noteholder's pro rata share of the amounts held by the Paying Agent
that are allocated and available on such Distribution Date to pay interest of
the Class C Notes pursuant to the Indenture Supplement, including amounts held
by the Paying Agent with respect to amounts withdrawn from the Spread Account
 ...............................................................  $______________

     F.   Pursuant to Subsection 5.2(f):
          -----------------------------

     Class C Noteholder's pro rata share of the amounts held by the Paying Agent
that are allocated and available on such Distribution Date to pay principal on
the Class C Notes pursuant to the Indenture Supplement
 ...............................................................  $______________
<PAGE>

     IN WITNESS WHEREOF, the undersigned has duly executed this certificate this
___________day of________________, 200__.

                                        FIRST CONSUMERS NATIONAL BANK,
                                        as Servicer

                                        By: ___________________________________
                                               Name:
                                               Title:
<PAGE>

                                   EXHIBIT C

                    FORM OF MONTHLY NOTEHOLDERS' STATEMENT

                 FIRST CONSUMERS CREDIT CARD MASTER NOTE TRUST
                                 SERIES 2001-A

     Pursuant to the Master Indenture, dated as of March 1, 2001 (as amended and
supplemented, the "Indenture") between First Consumers Credit Card Master Note
                   ---------
Trust (the "Issuer") and The Bank of New York, as indenture trustee (the
            ------
"Indenture Trustee"), as supplemented by the Series 2001-A Indenture Supplement
------------------
(the "Indenture Supplement"), dated as of March 1, 2001, between the Issuer and
      --------------------
the Indenture Trustee, First Consumers National Bank, as Servicer (the

"Servicer") under the Transfer and Servicing Agreement, dated as of March 1,
 --------
2001 (the "Transfer and Servicing Agreement") between the Servicer and the
           --------------------------------
Issuer is required to prepare certain information each month regarding current
distributions to the Series 2001-A Noteholders and the performance of the Trust
during the previous month.  The information required to be prepared with respect
to the Distribution Date of _________________, and with respect to the
performance of the Trust during the month of ________ is set forth below.
Capitalized terms used herein are defined in the Indenture and the Indenture
Supplement.

A.   Information regarding distributions in respect of the Class A Notes

     1.   The total amount of the distribution
          in respect of Class A Notes.......................  $________________

     2.   The amount of the distribution set forth in
          paragraph 1 above in respect of principal of the
          Class A Notes.....................................  $________________

     3.   The amount of the distribution set forth in
          paragraph 1 above in respect of interest on
          the Class A Notes.................................  $________________

     4.   The total amount of the distribution
          in respect of Class B Notes.......................  $________________

     5.   The amount of the distribution set forth in
          paragraph 4 above in respect of principal of the
          Class B Notes.....................................  $________________

     6.   The amount of the distribution set forth in
          paragraph 4 above in respect of interest on

<PAGE>

          the Class B Notes.................................  $________________

     7.   The total amount of the distribution
          in respect of Class C Notes.......................  $________________

     8.   The amount of the distribution set forth in
          paragraph 7 above in respect of principal of the
          Class C Notes.....................................  $________________

     9.   The amount of the distribution set forth in
          paragraph 7 above in respect of interest on
          the Class C Notes.................................  $________________

RECEIVABLES -

Beginning of the Month Principal Receivables:                    $____________
Beginning of the Month Finance Charge Receivables:               $____________
Beginning of the Month Discount Option Receivables:              $____________
Beginning of the Month Total Receivables:                        $____________

Removed Principal Receivables:                                   $____________
Removed Finance Charge Receivables:                              $____________
Removed Total Receivables:                                       $____________

Additional Principal Receivables:                                $____________
Additional Finance Charge Receivables:                           $____________
Additional Total Receivables:                                    $____________

Discount Option Receivables Generated this Period:               $____________
Net Recoveries for month of __________ 200_                      $____________
End of the Month Principal Receivables:                          $____________
End of the Month Finance Charge Receivables:                     $____________
End of the Month Discount Option Receivables:                    $____________
End of the Month Total Receivables:                              $____________

<PAGE>

Excess Funding Account Balance:                                  $____________
Aggregate Principal Balance:                                     $____________
Minimum Aggregate Principal Balance:                             $____________
End of the Month Seller Amount:                                  $____________
Minimum Seller Amount:                                           $____________

DELINQUENCIES AND LOSSES -
End of the Month Delinquencies:                                  RECEIVABLES
                                                                 -----------
     30-59 Days Delinquent                                       $____________
     60-89 Days Delinquent                                       $____________
     90+ Days Delinquent                                         $____________

     Total 30+ Days Delinquent                                   $____________

Defaulted Receivables During the Month                           $____________

NOTE PRINCIPAL BALANCES -
     Class A Note Principal Balance                              $____________
     Class B Note Principal Balance                              $____________
     Class C Note Principal Balance                              $____________

SERIES 2001-A INFORMATION

     INVESTOR PERCENTAGE                                          ____________%
     AVAILABLE FINANCE CHARGE COLLECTIONS                        $____________
     INVESTOR DEFAULT AMOUNT                                     $____________
     INVESTOR UNCOVERED DILUTION AMOUNT                          $____________
     MONTHLY SERVICING FEES                                      $____________

<PAGE>

     AVAILABLE PRINCIPAL COLLECTIONS                             $____________
     EXCESS FINANCE CHARGE COLLECTIONS                           $____________
     SHARED PRINCIPAL COLLECTIONS                                $____________
     RESERVE ACCOUNT BALANCE                                     $____________
     SPREAD ACCOUNT BALANCE                                      $____________

APPLICATION OF COLLECTIONS -

CLASS A MONTHLY INTEREST                                         $____________
CLASS B MONTHLY INTEREST                                         $____________
CLASS C MONTHLY INTEREST                                         $____________
NET SWAP PAYMENT                                                 $____________
MONTHLY SERVICING INTEREST                                       $____________
INVESTOR DEFAULT AMOUNT                                          $____________
INVESTOR UNCOVERED DILUTION AMOUNT                               $____________
INVESTOR CHARGE OFFS AND REALLOCATED
     PRINCIPAL COLLECTIONS NOT
     PREVIOUSLY REIMBURSED                                       $____________
AMOUNTS TO BE DEPOSITED IN THE
     RESERVE ACCOUNT                                             $____________
AMOUNTS TO BE DEPOSITED
     IN THE SPREAD ACCOUNT                                       $____________

EXCESS FINANCE CHARGES COLLECTIONS --

TOTAL EXCESS FINANCE CHARGE COLLECTIONS
     FOR ALL ALLOCATION SERIES                                   $____________

SHARED PRINCIPAL COLLECTIONS --

TOTAL SHARED PRINCIPAL COLLECTIONS

<PAGE>

     FOR ALL ALLOCATION SERIES                                   $____________

YIELD AND BASE RATE -

     Base Rate (Current Month)           ____________%
     Base Rate (Prior Month)             ____________%
     Base Rate (Two Months Ago)          ____________%

THREE MONTH AVERAGE BASE RATE                                    ___________%

     Portfolio Yield (Current Month)     ____________%
     Portfolio Yield (Prior Month)       ____________%
     Portfolio Yield (Two Months Ago)    ____________%

THREE MONTH AVERAGE PORTFOLIO YIELD                              ____________%

PRINCIPAL COLLECTIONS -

MONTHLY PRINCIPAL                                                ____________%

PRINCIPAL ACCUMULATION ACCOUNT BALANCE                           $____________
SERIES 2001-A PRINCIPAL SHORTFALL                                $____________
SHARED PRINCIPAL COLLECTIONS ALLOCABLE FROM
     OTHER PRINCIPAL SHARING SERIES                              $____________

INVESTOR CHARGE OFFS AND REDUCTIONS -

INVESTOR CHARGE OFFS                                             $____________
REALLOCATED PRINCIPAL COLLECTIONS                                $____________

<PAGE>

REDUCTIONS IN COLLATERAL AMOUNT (OTHER THAN
     BY PRINCIPAL PAYMENTS)                                      $____________
REDUCTIONS IN COLLATERAL AMOUNT DUE TO
     APPLICATION OF AVAILABLE PRINCIPAL COLLECTIONS
     AS SHARED PRINCIPAL COLLECTIONS                             $____________
PREVIOUS REDUCTIONS IN COLLATERAL AMOUNT
     REIMBURSED                                                  $____________

                              __________________________________________
                              as Paying Agent

                              By:_______________________________________
                                 Name:
                                 Title:

<PAGE>

(Multicurrency--Cross Border)

                                  ISDA (R) 1992
                  International Swap Dealers Association, Inc.
                                MASTER AGREEMENT

                      dated as of-------------------------

DEUTSCHE BANK AG, NEW YORK      and     FIRST CONSUMERS CREDIT CARD
BRANCH                                  MASTER NOTE TRUST

---------------------------------       ----------------------------------------

have entered and/or anticipate entering into one or more transactions (each a
"Transaction") that are or will be governed by this Master Agreement, which
includes the schedule (the "Schedule"), and the documents and other confirming
evidence (each a "Confirmation") exchanged between the parties confirming those
Transactions.

Accordingly, the parties agree as follows:--

1.   Interpretation

(a)  Definitions. The terms defined in Section 14 and in the Schedule will have
the meanings therein specified for the purpose of this Master Agreement.

(b)  Inconsistency. In the event of any inconsistency between the provisions of
the Schedule and the other provisions of this Master Agreement, the Schedule
will prevail. In the event of any inconsistency between the provisions of any
Confirmation and this Master Agreement (including the Schedule), such
Confirmation will prevail for the purpose of the relevant Transaction.

(c)  Single Agreement. All Transactions are entered into in reliance on the fact
that this Master Agreement and all Confirmations form a single agreement between
the parties (collectively referred to as this "Agreement"), and the parties
would not otherwise enter into any Transactions.

2.   Obligations

(a)  General Conditions.

     (i)    Each party will make each payment or delivery specified in each
     Confirmation to be made by it, subject to the other provisions of this
     Agreement.

     (ii)   Payments under this Agreement will be made on the due date for value
     on that date in the place of the account specified in the relevant
     Confirmation or otherwise pursuant to this Agreement, in freely
     transferable funds and in the manner customary for payments in the required
     currency. Where settlement is by delivery (that is, other than by payment),
     such delivery will be made for receipt on the due date in the manner
     customary for the relevant obligation unless otherwise specified in the
     relevant Confirmation or elsewhere in this Agreement.

     (iii)  Each obligation of each party under Section 2(a)(i) is subject to
     (1) the condition precedent that no Event of Default or Potential Event of
     Default with respect to the other party has occurred and is continuing, (2)
     the condition precedent that no Early Termination Date in respect of the
     relevant Transaction has occurred or been effectively designated and (3)
     each other applicable condition precedent specified in this Agreement.

       Copyright(C)1992 by International Swap Dealers Association, Inc.
<PAGE>

(b)  Change of Account. Either party may change its account for receiving a
payment or delivery by giving notice to the other party at least five Local
Business Days prior to the scheduled date for the payment or delivery to which
such change applies unless such other party gives timely notice of a reasonable
objection to such change.

(c)  Netting.  If on any date amounts would otherwise be payable:--

     (i)  in the same currency; and

     (ii) in respect of the same Transaction,

by each party to the other, then, on such date, each party's obligation to make
payment of any such amount will be automatically satisfied and discharged and,
if the aggregate amount that would otherwise have been payable by one party
exceeds the aggregate amount that would otherwise have been payable by the other
party, replaced by an obligation upon the party by whom the larger aggregate
amount would have been payable to pay to the other party the excess of the
larger aggregate amount over the smaller aggregate amount.

The parties may elect in respect of two or more Transactions that a net amount
will be determined in respect of all amounts payable on the same date in the
same currency in respect of such Transactions, regardless of whether such
amounts are payable in respect of the same Transaction. The election may be made
in the Schedule or a Confirmation by specifying that subparagraph (ii) above
will not apply to the Transactions identified as being subject to the election,
together with the starting date (in which case subparagraph (ii) above will not,
or will cease to, apply to such Transactions from such date). This election may
be made separately for different groups of Transactions and will apply
separately to each pairing of Offices through which the parties make and receive
payments or deliveries.

(d)  Deduction or Withholding for Tax.

     (i)  Gross-Up. All payments under this Agreement will be made without any
     deduction or withholding for or on account of any Tax unless such deduction
     or withholding is required by any applicable law, as modified by the
     practice of any relevant governmental revenue authority, then in effect. If
     a party is so required to deduct or withhold, then that party ("X") will:--

               (1) promptly notify the other party ("Y") of such requirement;

               (2) pay to the relevant authorities the full amount required to
be deducted or withheld (including the full amount required to be deducted or
withheld from any additional amount paid by X to Y under this Section 2(d))
promptly upon the earlier of determining that such deduction or withholding is
required or receiving notice that such amount has been assessed against Y;

               (3) promptly forward to Y an official receipt (or a certified
copy), or other documentation reasonably acceptable to Y, evidencing such
payment to such authorities; and

               (4) if such Tax is an Indemnifiable Tax, pay to Y, in addition
to the payment to which Y is otherwise entitled under this Agreement, such
additional amount as is necessary to ensure that the net amount actually
received by Y (free and clear of Indemnifiable Taxes, whether assessed against X
or Y) will equal the full amount Y would have received had no such deduction or
withholding been required. However, X will not be required to pay any additional
amount to Y to the extent that it would not be required to be paid but for:--

                   (A) the failure by Y to comply with or perform any agreement
contained in Section 4(a)(i), 4(a)(iii) or 4(d); or

                   (B) the failure of a representation made by Y pursuant to
Section 3(f) to be accurate and true unless such failure would not have occurred
but for (I) any action taken by a taxing authority, or brought in a court of
competent jurisdiction, on or after the date on which a Transaction is entered
into (regardless of whether such action is taken or brought with respect to a
party to this Agreement) or (II) a Change in Tax Law.

                                       2
<PAGE>

     (ii) Liability. If:--

               (1) X is required by any applicable law, as modified by the
               practice of any relevant governmental revenue authority, to make
               any deduction or withholding in respect of which X would not be
               required to pay an additional amount to Y under Section
               2(d)(i)(4);

               (2) X does not so deduct or withhold; and

               (3) a liability resulting from such Tax is assessed directly
               against X,

     then, except to the extent Y has satisfied or then satisfies the liability
     resulting from such Tax, Y will promptly pay to X the amount of such
     liability (including any related liability for interest, but including any
     related liability for penalties only if Y has failed to comply with or
     perform any agreement contained in Section 4(a)(i), 4(a)(iii) or 4(d)).

(e)  Default Interest; Other Amounts. Prior to the occurrence or effective
designation of an Early Termination Date in respect of the relevant Transaction,
a party that defaults in the performance of any payment obligation will, to the
extent permitted by law and subject to Section 6(c), be required to pay interest
(before as well as after judgment) on the overdue amount to the other party on
demand in the same currency as such overdue amount, for the period from (and
including) the original due date for payment to (but excluding) the date of
actual payment, at the Default Rate. Such interest will be calculated on the
basis of daily compounding and the actual number of days elapsed. If, prior to
the occurrence or effective designation of an Early Termination Date in respect
of the relevant Transaction, a party defaults in the performance of any
obligation required to be settled by delivery, it will compensate the other
party on demand if and to the extent provided for in the relevant Confirmation
or elsewhere in this Agreement.

3.   Representations

Each party represents to the other party (which representations will be deemed
to be repeated by each party on each date on which a Transaction is entered into
and, in the case of the representations in Section 3(f), at all times until the
termination of this Agreement) that:--

(a)  Basic Representations.

     (i)    Status. It is duly organised and validly existing under the laws of
     the jurisdiction of its organisation or incorporation and, if relevant
     under such laws, in good standing;

     (ii)   Powers. It has the power to execute this Agreement and any other
     documentation relating to this Agreement to which it is a party, to deliver
     this Agreement and any other documentation relating to this Agreement that
     it is required by this Agreement to deliver and to perform its obligations
     under this Agreement and any obligations it has under any Credit Support
     Document to which it is a party and has taken all necessary action to
     authorise such execution, delivery and performance;

     (iii)  No Violation or Conflict. Such execution, delivery and performance
     do not violate or conflict with any law applicable to it, any provision of
     its constitutional documents, any order or judgment of any court or other
     agency of government applicable to it or any of its assets or any
     contractual restriction binding on or affecting it or any of its assets;

     (iv)   Consents. All governmental and other consents that are required to
     have been obtained by it with respect to this Agreement or any Credit
     Support Document to which it is a party have been obtained and are in full
     force and effect and all conditions of any such consents have been complied
     with; and

     (v)    Obligations Binding. Its obligations under this Agreement and any
     Credit Support Document to which it is a party constitute its legal, valid
     and binding obligations, enforceable in accordance with their respective
     terms (subject to applicable bankruptcy, reorganisation, insolvency,
     moratorium or similar laws affecting creditors' rights generally and
     subject, as to enforceability, to equitable principles of general
     application (regardless of whether enforcement is sought in a proceeding in
     equity or at law)).

                                       3
<PAGE>

(b)  Absence of Certain Events. No Event of Default or Potential Event of
Default or, to its knowledge, Termination Event with respect to it has occurred
and is continuing and no such event or circumstance would occur as a result of
its entering into or performing its obligations under this Agreement or any
Credit Support Document to which it is a party.

(c)  Absence of Litigation. There is not pending or, to its knowledge,
threatened against it or any of its Affiliates any action, suit or proceeding at
law or in equity or before any court, tribunal, governmental body, agency or
official or any arbitrator that is likely to affect the legality, validity or
enforceability against it of this Agreement or any Credit Support Document to
which it is a party or its ability to perform its obligations under this
Agreement or such Credit Support Document.

(d)  Accuracy of Specified Information. All applicable information that is
furnished in writing by or on behalf of it to the other party and is identified
for the purpose of this Section 3(d) in the Schedule is, as of the date of the
information, true, accurate and complete in every material respect.

(e)  Payer Tax Representation. Each representation specified in the Schedule as
being made by it for the purpose of this Section 3(e) is accurate and true.

(f)  Payee Tax Representations. Each representation specified in the Schedule as
being made by it for the purpose of this Section 3(f) is accurate and true.

4.   Agreements

Each party agrees with the other that, so long as either party has or may have
any obligation under this Agreement or under any Credit Support Document to
which it is a party:--

(a)  Furnish Specified Information. It will deliver to the other party or, in
certain cases under subparagraph (iii) below, to such government or taxing
authority as the other party reasonably directs:--

     (i)    any forms, documents or certificates relating to taxation specified
     in the Schedule or any Confirmation;

     (ii)   any other documents specified in the Schedule or any Confirmation;
     and

     (iii)  upon reasonable demand by such other party, any form or document
     that may be required or reasonably requested in writing in order to allow
     such other party or its Credit Support Provider to make a payment under
     this Agreement or any applicable Credit Support Document without any
     deduction or withholding for or on account of any Tax or with such
     deduction or withholding at a reduced rate (so long as the completion,
     execution or submission of such form or document would not materially
     prejudice the legal or commercial position of the party in receipt of such
     demand), with any such form or document to be accurate and completed in a
     manner reasonably satisfactory to such other party and to be executed and
     to be delivered with any reasonably required certification,

in each case by the date specified in the Schedule or such Confirmation or, if
none is specified, as soon as reasonably practicable.

(b)  Maintain Authorisations. It will use all reasonable efforts to maintain in
full force and effect all consents of any governmental or other authority that
are required to be obtained by it with respect to this Agreement or any Credit
Support Document to which it is a party and will use all reasonable efforts to
obtain any that may become necessary in the future.

(c)  Comply with Laws. It will comply in all material respects with all
applicable laws and orders to which it may be subject if failure so to comply
would materially impair its ability to perform its obligations under this
Agreement or any Credit Support Document to which it is a party.

(d)  Tax Agreement. It will give notice of any failure of a representation made
by it under Section 3(f) to be accurate and true promptly upon learning of such
failure.

(e)  Payment of Stamp Tax. Subject to Section 11, it will pay any Stamp Tax
levied or imposed upon it or in respect of its execution or performance of this
Agreement by a jurisdiction in which it is incorporated,

                                       4
<PAGE>

organised, managed and controlled, or considered to have its seat, or in which a
branch or office through which it is acting for the purpose of this Agreement is
located ("Stamp Tax Jurisdiction") and will indemnify the other party against
any Stamp Tax levied or imposed upon the other party or in respect of the other
party's execution or performance of this Agreement by any such Stamp Tax
Jurisdiction which is not also a Stamp Tax Jurisdiction with respect to the
other party.

5.   Events of Default and Termination Events

(a)  Events of Default. The occurrence at any time with respect to a party or,
if applicable, any Credit Support Provider of such party or any Specified Entity
of such party of any of the following events constitutes an event of default (an
"Event of Default") with respect to such party:--

     (i)    Failure to Pay or Deliver. Failure by the party to make, when due,
     any payment under this Agreement or delivery under Section 2(a)(i) or 2(e)
     required to be made by it if such failure is not remedied on or before the
     third Local Business Day after notice of such failure is given to the
     party;

     (ii)   Breach of Agreement. Failure by the party to comply with or perform
     any agreement or obligation (other than an obligation to make any payment
     under this Agreement or delivery under Section 2(a)(i) or 2(e) or to give
     notice of a Termination Event or any agreement or obligation under Section
     4(a)(i), 4(a)(iii) or 4(d)) to be complied with or performed by the party
     in accordance with this Agreement if such failure is not remedied on or
     before the thirtieth day after notice of such failure is given to the
     party;

     (iii)  Credit Support Default.

            (1)  Failure by the party or any Credit Support Provider of such
            party to comply with or perform any agreement or obligation to be
            complied with or performed by it in accordance with any Credit
            Support Document if such failure is continuing after any applicable
            grace period has elapsed;

            (2)  the expiration or termination of such Credit Support Document
            or the failing or ceasing of such Credit Support Document to be in
            full force and effect for the purpose of this Agreement (in either
            case other than in accordance with its terms) prior to the
            satisfaction of all obligations of such party under each Transaction
            to which such Credit Support Document relates without the written
            consent of the other party; or

            (3)  the party or such Credit Support Provider disaffirms,
            disclaims, repudiates or rejects, in whole or in part, or challenges
            the validity of, such Credit Support Document;

     (iv)   Misrepresentation. A representation (other than a representation
     under Section 3(e) or (f)) made or repeated or deemed to have been made or
     repeated by the party or any Credit Support Provider of such party in this
     Agreement or any Credit Support Document proves to have been incorrect or
     misleading in any material respect when made or repeated or deemed to have
     been made or repeated;

     (v)    Default under Specified Transaction. The party, any Credit Support
     Provider of such party or any applicable Specified Entity of such party (1)
     defaults under a Specified Transaction and, after giving effect to any
     applicable notice requirement or grace period, there occurs a liquidation
     of, an acceleration of obligations under, or an early termination of, that
     Specified Transaction, (2) defaults, after giving effect to any applicable
     notice requirement or grace period, in making any payment or delivery due
     on the last payment, delivery or exchange date of, or any payment on early
     termination of, a Specified Transaction (or such default continues for at
     least three Local Business Days if there is no applicable notice
     requirement or grace period) or (3) disaffirms, disclaims, repudiates or
     rejects, in whole or in part, a Specified Transaction (or such action is
     taken by any person or entity appointed or empowered to operate it or act
     on its behalf);

     (vi)   Cross Default. If "Cross Default" is specified in the Schedule as
     applying to the party, the occurrence or existence of (1) a default, event
     of default or other similar condition or event (however

                                       5
<PAGE>

     described) in respect of such party, any Credit Support Provider of such
     party or any applicable Specified Entity of such party under one or more
     agreements or instruments relating to Specified Indebtedness of any of them
     (individually or collectively) in an aggregate amount of not less than the
     applicable Threshold Amount (as specified in the Schedule) which has
     resulted in such Specified Indebtedness becoming, or becoming capable at
     such time of being declared, due and payable under such agreements or
     instruments, before it would otherwise have been due and payable or (2) a
     default by such party, such Credit Support Provider or such Specified
     Entity (individually or collectively) in making one or more payments on the
     due date thereof in an aggregate amount of not less than the applicable
     Threshold Amount under such agreements or instruments (after giving effect
     to any applicable notice requirement or grace period);

     (vii)  Bankruptcy. The party, any Credit Support Provider of such party or
     any applicable Specified Entity of such party:--

            (1) is dissolved (other than pursuant to a consolidation,
            amalgamation or merger); (2) becomes insolvent or is unable to pay
            its debts or fails or admits in writing its inability generally to
            pay its debts as they become due; (3) makes a general assignment,
            arrangement or composition with or for the benefit of its creditors;
            (4) institutes or has instituted against it a proceeding seeking a
            judgment of insolvency or bankruptcy or any other relief under any
            bankruptcy or insolvency law or other similar law affecting
            creditors' rights, or a petition is presented for its winding-up or
            liquidation, and, in the case of any such proceeding or petition
            instituted or presented against it, such proceeding or petition (A)
            results in a judgment of insolvency or bankruptcy or the entry of an
            order for relief or the making of an order for its winding-up or
            liquidation or (B) is not dismissed, discharged, stayed or
            restrained in each case within 30 days of the institution or
            presentation thereof; (5) has a resolution passed for its winding-
            up, official management or liquidation (other than pursuant to a
            consolidation, amalgamation or merger); (6) seeks or becomes subject
            to the appointment of an administrator, provisional liquidator,
            conservator, receiver, trustee, custodian or other similar official
            for it or for all or substantially all its assets; (7) has a secured
            party take possession of all or substantially all its assets or has
            a distress, execution, attachment, sequestration or other legal
            process levied, enforced or sued on or against all or substantially
            all its assets and such secured party maintains possession, or any
            such process is not dismissed, discharged, stayed or restrained, in
            each case within 30 days thereafter; (8) causes or is subject to any
            event with respect to it which, under the applicable laws of any
            jurisdiction, has an analogous effect to any of the events specified
            in clauses (1) to (7) (inclusive); or (9) takes any action in
            furtherance of, or indicating its consent to, approval of, or
            acquiescence in, any of the foregoing acts; or

     (viii) Merger Without Assumption. The party or any Credit Support Provider
     of such party consolidates or amalgamates with, or merges with or into, or
     transfers all or substantially all its assets to, another entity and, at
     the time of such consolidation, amalgamation, merger or transfer:--

            (1) the resulting, surviving or transferee entity fails to assume
            all the obligations of such party or such Credit Support Provider
            under this Agreement or any Credit Support Document to which it or
            its predecessor was a party by operation of law or pursuant to an
            agreement reasonably satisfactory to the other party to this
            Agreement; or

            (2) the benefits of any Credit Support Document fail to extend
            (without the consent of the other party) to the performance by such
            resulting, surviving or transferee entity of its obligations under
            this Agreement.

(b)  Termination Events. The occurrence at any time with respect to a party or,
if applicable, any Credit Support Provider of such party or any Specified Entity
of such party of any event specified below constitutes an Illegality if the
event is specified in (i) below, a Tax Event if the event is specified in (ii)
below or a Tax Event upon Merger if the event is specified in (iii) below, and,
if specified to be applicable, a Credit Event

                                       6
<PAGE>

Upon Merger if the event is specified pursuant to (iv) below or an Additional
Termination Event if the event is specified pursuant to (v) below:--

     (i)       Illegality. Due to the adoption of, or any change in, any
     applicable law after the date on which a Transaction is entered into, or
     due to the promulgation of, or any change in, the interpretation by any
     court, tribunal or regulatory authority with competent jurisdiction of any
     applicable law after such date, it becomes unlawful (other than as a result
     of a breach by the party of Section 4(b)) for such party (which will be the
     Affected Party):--

            (1) to perform any absolute or contingent obligation to make a
            payment or delivery or to receive a payment or delivery in respect
            of such Transaction or to comply with any other material provision
            of this Agreement relating to such Transaction; or

            (2) to perform, or for any Credit Support Provider of such party to
            perform, any contingent or other obligation which the party (or such
            Credit Support Provider) has under any Credit Support Document
            relating to such Transaction;

     (ii)   Tax Event. Due to (x) any action taken by a taxing authority, or
     brought in a court of competent jurisdiction, on or after the date on which
     a Transaction is entered into (regardless of whether such action is taken
     or brought with respect to a party to this Agreement) or (y) a Change in
     Tax Law, the party (which will be the Affected Party) will, or there is a
     substantial likelihood that it will, on the next succeeding Scheduled
     Payment Date (1) be required to pay to the other party an additional amount
     in respect of an Indemnifiable Tax under Section 2(d)(i)(4) (except in
     respect of interest under Section 2(e), 6(d)(ii) or 6(e)) or (2) receive a
     payment from which an amount is required to be deducted or withheld for or
     on account of a Tax (except in respect of interest under Section 2(e),
     6(d)(ii) or 6(e)) and no additional amount is required to be paid in
     respect of such Tax under Section 2(d)(i)(4) (other than by reason of
     Section 2(d)(i)(4)(A) or (B));

     (iii)  Tax Event Upon Merger. The party (the "Burdened Party") on the next
     succeeding Scheduled Payment Date will either (1) be required to pay an
     additional amount in respect of an Indemnifiable Tax under Section
     2(d)(i)(4) (except in respect of interest under Section 2(e), 6(d)(ii) or
     6(e)) or (2) receive a payment from which an amount has been deducted or
     withheld for or on account of any Indemnifiable Tax in respect of which the
     other party is not required to pay an additional amount (other than by
     reason of Section 2(d)(i)(4)(A) or (B)), in either case as a result of a
     party consolidating or amalgamating with, or merging with or into, or
     transferring all or substantially all its assets to, another entity (which
     will be the Affected Party) where such action does not constitute an event
     described in Section 5(a)(viii);

     (iv)   Credit Event Upon Merger. If "Credit Event Upon Merger" is specified
     in the Schedule as applying to the party, such party ("X"), any Credit
     Support Provider of X or any applicable Specified Entity of X consolidates
     or amalgamates with, or merges with or into, or transfers all or
     substantially all its assets to, another entity and such action does not
     constitute an event described in Section 5(a)(viii) but the
     creditworthiness of the resulting, surviving or transferee entity is
     materially weaker than that of X, such Credit Support Provider or such
     Specified Entity, as the case may be, immediately prior to such action
     (and, in such event, X or its successor or transferee, as appropriate, will
     be the Affected Party); or

     (v)    Additional Termination Event. If any "Additional Termination Event"
     is specified in the Schedule or any Confirmation as applying, the
     occurrence of such event (and, in such event, the Affected Party or
     Affected Parties shall be as specified for such Additional Termination
     Event in the Schedule or such Confirmation).

(c)  Event of Default and Illegality. If an event or circumstance which would
otherwise constitute or give rise to an Event of Default also constitutes an
Illegality, it will be treated as an Illegality and will not constitute an Event
of Default.

                                       7
<PAGE>

6.   Early Termination

(a)  Right to Terminate Following Event of Default. If at any time an Event of
Default with respect to a party (the "Defaulting Party") has occurred and is
then continuing, the other party (the "Non-defaulting Party") may, by not more
than 20 days notice to the Defaulting Party specifying the relevant Event of
Default, designate a day not earlier than the day such notice is effective as an
Early Termination Date in respect of all outstanding Transactions. If, however,
"Automatic Early Termination" is specified in the Schedule as applying to a
party, then an Early Termination Date in respect of all outstanding Transactions
will occur immediately upon the occurrence with respect to such party of an
Event of Default specified in Section 5(a)(vii)(l), (3), (5), (6) or, to the
extent analogous thereto, (8), and as of the time immediately preceding the
institution of the relevant proceeding or the presentation of the relevant
petition upon the occurrence with respect to such party of an Event of Default
specified in Section 5(a)(vii)(4) or, to the extent analogous thereto, (8).

(b)  Right to Terminate Following Termination Event.

     (i)    Notice. If a Termination Event occurs, an Affected Party will,
     promptly upon becoming aware of it, notify the other party, specifying the
     nature of that Termination Event and each Affected Transaction and will
     also give such other information about that Termination Event as the other
     party may reasonably require.

     (ii)   Transfer to Avoid Termination Event. If either an Illegality under
     Section 5(b)(i)(l) or a Tax Event occurs and there is only one Affected
     Party, or if a Tax Event Upon Merger occurs and the Burdened Party is the
     Affected Party, the Affected Party will, as a condition to its right to
     designate an Early Termination Date under Section 6(b)(iv), use all
     reasonable efforts (which will not require such party to incur a loss,
     excluding immaterial, incidental expenses) to transfer within 20 days after
     it gives notice under Section 6(b)(i) all its rights and obligations under
     this Agreement in respect of the Affected Transactions to another of its
     Offices or Affiliates so that such Termination Event ceases to exist.

     If the Affected Party is not able to make such a transfer it will give
     notice to the other party to that effect within such 20 day period,
     whereupon the other party may effect such a transfer within 30 days after
     notice is given under Section 6(b)(i).

     Any such transfer by a party under this Section 6(b)(ii) will be subject to
     and conditional upon the prior written consent of the other party, which
     consent will not be withheld if such other party's policies in effect at
     such time would permit it to enter into transactions with the transferee on
     the terms proposed.

     (iii)  Two Affected Parties. If an Illegality under Section 5(b)(i)(1) or a
     Tax Event occurs and there are two Affected Parties, each party will use
     all reasonable efforts to reach agreement within 30 days after notice
     thereof is given under Section 6(b)(i) on action to avoid that Termination
     Event.

     (iv)   Right to Terminate. If:--

            (1) a transfer under Section 6(b)(ii) or an agreement under Section
            6(b)(iii), as the case may be, has not been effected with respect to
            all Affected Transactions within 30 days after an Affected Party
            gives notice under Section 6(b)(i); or

            (2) an Illegality under Section 5(b)(i)(2), a Credit Event Upon
            Merger or an Additional Termination Event occurs, or a Tax Event
            Upon Merger occurs and the Burdened Party is not the Affected Party,

     either party in the case of an Illegality, the Burdened Party in the case
     of a Tax Event Upon Merger, any Affected Party in the case of a Tax Event
     or an Additional Termination Event if there is more than one Affected
     Party, or the party which is not the Affected Party in the case of a Credit
     Event Upon Merger or an Additional Termination Event if there is only one
     Affected Party may, by not more than 20 days notice to the other party and
     provided that the relevant Termination Event is then

                                       8
<PAGE>

     continuing, designate a day not earlier than the day such notice is
     effective as an Early Termination Date in respect of all Affected
     Transactions.

(c)  Effect of Designation.

     (i)    If notice designating an Early Termination Date is given under
     Section 6(a) or (b), the Early Termination Date will occur on the date so
     designated, whether or not the relevant Event of Default or Termination
     Event is then continuing.

     (ii)   Upon the occurrence or effective designation of an Early Termination
     Date, no further payments or deliveries under Section 2(a)(i) or 2(e) in
     respect of the Terminated Transactions will be required to be made, but
     without prejudice to the other provisions of this Agreement. The amount if
     any, payable in respect of an Early Termination Date shall be determined
     pursuant to Section 6(e).

(d)  Calculations.

     (i)    Statement. On or as soon as reasonably practicable following the
     occurrence of an Early Termination Date, each party will make the
     calculations on its part, if any, contemplated by Section 6(e) and will
     provide to the other party a statement (1) showing, in reasonable detail,
     such calculations (including all relevant quotations and specifying any
     amount payable under Section 6(e)) and (2) giving details of the relevant
     account to which any amount payable to it is to be paid. In the absence of
     written confirmation from the source of a quotation obtained in determining
     a Market Quotation, the records of the party obtaining such quotation will
     be conclusive evidence of the existence and accuracy of such quotation.

     (ii)   Payment Date. An amount calculated as being due in respect of any
     Early Termination Date under Section 6(e) will be payable on the day that
     notice of the amount payable is effective (in the case of an Early
     Termination Date which is designated or occurs as a result of an Event of
     Default) and on the day which is two Local Business Days after the day on
     which notice of the amount payable is effective (in the case of an Early
     Termination Date which is designated as a result of a Termination Event).
     Such amount will be paid together with (to the extent permitted under
     applicable law) interest thereon (before as well as after judgment) in the
     Termination Currency, from (and including) the relevant Early Termination
     Date to (but excluding) the date such amount is paid, at the Applicable
     Rate. Such interest will be calculated on the basis of daily compounding
     and the actual number of days elapsed.

(e)  Payments on Early Termination. If an Early Termination Date occurs. the
following provisions shall apply based on the parties' election in the Schedule
of a payment measure, either "Market Quotation" or "Loss", and a payment method,
either the "First Method" or the "Second Method". If the parties fail to
designate a payment measure or payment method in the Schedule, it will be deemed
that "Market Quotation" or the "Second Method", as the case may be, shall apply.
The amount, if any, payable in respect of an Early Termination Date and
determined pursuant to this Section will be subject to any Set-off.

     (i) Events of Default. If the Early Termination Date results from an Event
         of Default:--

          (1)  First Method and Market Quotation. If the First Method and Market
          Quotation apply, the Defaulting Party will pay to the Non-defaulting
          Party the excess, if a positive number, of (A) the sum of the
          Settlement Amount (determined by the Non-defaulting Party) in respect
          of the Terminated Transactions and the Termination Currency Equivalent
          of the Unpaid Amounts owing to the Non-defaulting Party over (B) the
          Termination Currency Equivalent of the Unpaid Amounts owing to the
          Defaulting Party.

          (2)  First Method and Loss. If the First Method and Loss apply, the
          Defaulting Party will pay to the Non-defaulting Party, if a positive
          number, the Non-defaulting Party's Loss in respect of this Agreement.

          (3)  Second Method and Market Quotation. If the Second Method and
          Market Quotation apply, an amount will be payable equal to (A) the sum
          of the Settlement Amount (determined by the

                                       9
<PAGE>

       Non-defaulting Party) in respect of the Terminated Transactions and the
       Termination Currency Equivalent of the Unpaid Amounts owing to the Non-
       defaulting Party less (B) the Termination Currency Equivalent of the
       Unpaid Amounts owing to the Defaulting Party. If that amount is a
       positive number, the Defaulting Party will pay it to the Non-defaulting
       Party; if it is a negative number, the Non-defaulting Party will pay the
       absolute value of that amount to the Defaulting Party.

       (4) Second Method and Loss. If the Second Method and Loss apply, an
       amount will be payable equal to the Non-defaulting Party's Loss in
       respect of this Agreement. If that amount is a positive number, the
       Defaulting Party will pay it to the Non-defaulting Party; if it is a
       negative number, the Non-defaulting Party will pay the absolute value of
       that amount to the Defaulting Party.

(ii)      Termination Events. If the Early Termination Date results from a
          Termination Event:--

          (1)  One Affected Party. If there is one Affected Party, the amount
          payable will be determined in accordance with Section 6(e)(i)(3), if
          Market Quotation applies, or Section 6(e)(i)(4), if Loss applies,
          except that, in either case, references to the Defaulting Party and to
          the Non-defaulting Party will be deemed to be references to the
          Affected Party and the party which is not the Affected Party,
          respectively, and, if Loss applies and fewer than all the Transactions
          are being terminated, Loss shall be calculated in respect of all
          Terminated Transactions.

          (2)  Two Affected Parties. If there are two Affected Parties:--

               (A) if Market Quotation applies, each party will determine a
               Settlement Amount in respect of the Terminated Transactions, and
               an amount will be payable equal to (I) the sum of (a) one-half of
               the difference between the Settlement Amount of the party with
               the higher Settlement Amount ("X") and the Settlement Amount of
               the party with the lower Settlement Amount ("Y") and (b) the
               Termination Currency Equivalent of the Unpaid Amounts owing to X
               less (II) the Termination Currency Equivalent of the Unpaid
               Amounts owing to Y; and

               (B) if Loss applies, each party will determine its Loss in
               respect of this Agreement (or, if fewer than all the Transactions
               are being terminated, in respect of all Terminated Transactions)
               and an amount will be payable equal to one-half of the difference
               between the Loss of the party with the higher Loss ("X") and the
               Loss of the party with the lower Loss ("Y").

          If the amount payable is a positive number, Y will pay it to X; if it
          is a negative number, X will pay the absolute value of that amount to
          Y.

(iii)  Adjustment for Bankruptcy. In circumstances where an Early Termination
Date occurs because "Automatic Early Termination" applies in respect of a party,
the amount determined under this Section 6(e) will be subject to such
adjustments as are appropriate and permitted by law to reflect any payments or
deliveries made by one party to the other under this Agreement (and retained by
such other party) during the period from the relevant Early Termination Date to
the date for payment determined under Section 6(d)(ii).

(iv)   Pre-Estimate. The parties agree that if Market Quotation applies an
amount recoverable under this Section 6(e) is a reasonable pre-estimate of loss
and not a penalty. Such amount is payable for the loss of bargain and the loss
of protection against future risks and except as otherwise provided in this
Agreement neither party will be entitled to recover any additional damages as a
consequence of such losses.

                                      10
<PAGE>

7.   Transfer

Subject to Section 6(b)(ii), neither this Agreement nor any interest or
obligation in or under this Agreement may be transferred (whether by way of
security or otherwise) by either party without the prior written consent of the
other party, except that:--

(a)  a party may make such a transfer of this Agreement pursuant to a
consolidation or amalgamation with, or merger with or into, or transfer of all
or substantially all its assets to, another entity (but without prejudice to any
other right or remedy under this Agreement); and

(b)  a party may make such a transfer of all or any part of its interest in any
amount payable to it from a Defaulting Party under Section 6(e).

Any purported transfer that is not in compliance with this Section will be void.

8.   Contractual Currency
(a)  Payment in the Contractual Currency. Each payment under this Agreement will
be made in the relevant currency specified in this Agreement for that payment
(the "Contractual Currency"). To the extent permitted by applicable law, any
obligation to make payments under this Agreement in the Contractual Currency
will not be discharged or satisfied by any tender in any currency other than the
Contractual Currency, except to the extent such tender results in the actual
receipt by the party to which payment is owed, acting in a reasonable manner and
in good faith in converting the currency so tendered into this Contractual
Currency, of the full amount in the Contractual Currency of all amounts payable
in respect of this Agreement. If for any reason the amount in the Contractual
Currency so received falls short of the amount in the Contractual Currency
payable in respect of this Agreement, the party required to make the payment
will, to the extent permitted by applicable law, immediately pay such additional
amount in the Contractual Currency as may be necessary to compensate for the
shortfall. If for any reason the amount in the Contractual Currency so received
exceeds the amount in the Contractual Currency payable in respect of this
Agreement, the party receiving the payment will refund promptly the amount of
such excess.

(b)  Judgments. To the extent permitted by applicable law, if any judgment or
order expressed in a currency other than the Contractual Currency is rendered
(i) for the payment of any amount owing in respect of this Agreement, (ii) for
the payment of any amount relating to any early termination in respect of this
Agreement or (iii) in respect of a judgment or order of another court for the
payment of any amount described in (i) or (ii) above, the party seeking
recovery, after recovery in full of the aggregate amount to which such party is
entitled pursuant to the judgment or order, will be entitled to receive
immediately from the other party the amount of any shortfall of the Contractual
Currency received by such party as a consequence of sums paid in such other
currency and will refund promptly to the other party any excess of the
Contractual Currency received by such party as a consequence of sums paid in
such other currency if such shortfall or such excess arises or results from any
variation between the rate of exchange at which the Contractual Currency is
converted into the currency of the judgment or order for the purposes of such
judgment or order and the rate of exchange at which such party is able, acting
in a reasonable manner and in good faith in converting the currency received
into the Contractual Currency, to purchase the Contractual Currency with the
amount of the currency of the judgment or order actually received by such party.
The term "rate of exchange" includes, without limitation, any premiums and costs
of exchange payable in connection with the purchase of or conversion into the
Contractual Currency.

(c)  Separate Indemnities. To the extent permitted by applicable law, these
indemnities constitute separate and independent obligations from the other
obligations in this Agreement, will be enforceable as separate and independent
causes of action, will apply notwithstanding any indulgence granted by the party
to which any payment is owed and will not be affected by judgment being obtained
or claim or proof being made for any other sums payable in respect of this
Agreement.

(d)  Evidence of Loss. For the purpose of this Section 8, it will be sufficient
for a party to demonstrate that it would have suffered a loss had an actual
exchange or purchase been made.

                                      11
<PAGE>

9.   Miscellaneous

(a)  Entire Agreement.  This Agreement constitutes the entire agreement and
understanding of the parties with respect to its subject matter and supersedes
all oral communication and prior writings with respect thereto.

(b)  Amendments.  No amendment, modification or waiver in respect of this
Agreement will be effective unless in writing (including a writing evidenced by
a facsimile transmission) and executed by each of the parties or confirmed by an
exchange of telexes or electronic messages on an electronic messaging system.

(c)  Survival of Obligations.  Without prejudice to Sections 2(a)(iii) and
6(c)(ii), the obligations of the parties under this Agreement will survive the
termination of any Transaction.

(d)  Remedies Cumulative.  Except as provided in this Agreement, the rights,
powers, remedies and privileges provided in this Agreement are cumulative and
not exclusive of any rights, powers, remedies and privileges provided by law.

(e)  Counterparts and Confirmations.

     (i)  This Agreement (and each amendment, modification and waiver in respect
     of it) may be executed and delivered in counterparts (including by
     facsimile transmission), each of which will be deemed an original.

     (ii) The parties intend that they are legally bound by the terms of each
     Transaction from the moment they agree to those terms (whether orally or
     otherwise). A Confirmation shall be entered into as soon as practicable and
     may be executed and delivered in counterparts (including by facsimile
     transmission) or be created by an exchange of telexes or by an exchange of
     electronic messages on an electronic messaging system, which in each case
     will be sufficient for all purposes to evidence a binding supplement to
     this Agreement. The parties will specify therein or through another
     effective means that any such counterpart, telex or electronic message
     constitutes a Confirmation.

(f)  No Waiver of Rights. A failure or delay in exercising any right, power or
privilege in respect of this Agreement will not be presumed to operate as a
waiver, and a single or partial exercise of any right, power or privilege will
not be presumed to preclude any subsequent or further exercise, of that right,
power or privilege or the exercise of any other right, power or privilege.

(g)  Headings. The headings used in this Agreement are for convenience of
reference only and are not to affect the construction of or to be taken into
consideration in interpreting this Agreement.

10.  Offices; Multibranch Parties

(a)  If Section 10(a) is specified in the Schedule as applying, each party that
enters into a Transaction through an Office other than its head or home office
represents to the other party that, notwithstanding the place of booking office
or jurisdiction of incorporation or organisation of such party, the obligations
of such party are the same as if it had entered into the Transaction through its
head or home office. This representation will be deemed to be repeated by such
party on each date on which a Transaction is entered into.

(b)  Neither party may change the Office through which it makes and receives
payments or deliveries for the purpose of a Transaction without the prior
written consent of the other party.

(c)  If a party is specified as a Multibranch Party in the Schedule, such
Multibranch Party may make and receive payments or deliveries under any
Transaction through any Office listed in the Schedule, and the Office through
which it makes and receives payments or deliveries with respect to a Transaction
will be specified in the relevant Confirmation.

11.  Expenses

A Defaulting Party will, on demand, indemnify and hold harmless the other party
for and against all reasonable out-of-pocket expenses, including legal fees and
Stamp Tax, incurred by such other party by reason of the enforcement and
protection of its rights under this Agreement or any Credit Support Document

                                      12
<PAGE>

to which the Defaulting Party is a party or by reason of the early termination
of any Transaction, including, but not limited to, costs of collection.

12.  Notices

(a)  Effectiveness. Any notice or other communication in respect of this
Agreement may be given in any manner set forth below (except that a notice or
other communication under Section 5 or 6 may not be given by facsimile
transmission or electronic messaging system) to the address or number or in
accordance with the electronic messaging system details provided (see the
Schedule) and will be deemed effective as indicated:-- (i) if in writing and
delivered in person or by courier, on the date it is delivered;

     (ii)  if sent by telex, on the date the recipient's answerback is received;

     (iii) if sent by facsimile transmission, on the date that transmission is
     received by a responsible employee of the recipient in legible form (it
     being agreed that the burden of proving receipt will be on the sender and
     will not be met by a transmission report generated by the sender's
     facsimile machine);

     (iv)  if sent by certified or registered mail (airmail, if overseas) or the
     equivalent (return receipt requested), on the date that mail is delivered
     or its delivery is attempted; or

     (v)   if sent by electronic messaging system, on the date that electronic
     message is received,

unless the date of that delivery (or attempted delivery) or that receipt, as
applicable, is not a Local Business Day or that communication is delivered (or
attempted) or received, as applicable, after the close of business on a Local
Business Day, in which case that communication shall be deemed given and
effective on the first following day that is a Local Business Day.

(b)  Change of Addresses. Either party may by notice to the other change the
address, telex or facsimile number or electronic messaging system details at
which notices or other communications are to be given to it.

13.  Governing Law and Jurisdiction

(a)  Governing Law. This Agreement will be governed by and construed in
accordance with the law specified in the Schedule.

(b)  Jurisdiction. With respect to any suit, action or proceedings relating to
this Agreement ("Proceedings"), each party irrevocably:--

     (i)  submits to the jurisdiction of the English courts, if this Agreement
     is expressed to be governed by English law, or to the non-exclusive
     jurisdiction of the courts of the State of New York and the United States
     District Court located in the Borough of Manhattan in New York City, if
     this Agreement is expressed to be governed by the laws of the State of New
     York; and

     (ii) waives any objection which it may have at any time to the laying of
     venue of any Proceedings brought in any such court, waives any claim that
     such Proceedings have been brought in an inconvenient forum and further
     waives the right to object, with respect to such Proceedings, that such
     court does not have any jurisdiction over such party.

Nothing in this Agreement precludes either party from bringing Proceedings in
any other jurisdiction (outside, if this Agreement is expressed to be governed
by English law, the Contracting States, as defined in Section 1(3) of the Civil
Jurisdiction and Judgments Act 1982 or any modification, extension or
re-enactment thereof for the time being in force) nor will the bringing of
Proceedings in any one or more jurisdictions preclude the bringing of
Proceedings in any other jurisdiction.

(c)  Service of Process. Each party irrevocably appoints the Process Agent (if
any) specified opposite its name in the Schedule to receive, for it and on its
behalf, service of process in any Proceedings. If for any

                                      13
<PAGE>

reason any party's Process Agent is unable to act as such, such party will
promptly notify the other party and within 30 days appoint a substitute process
agent acceptable to the other party. The parties irrevocably consent to service
of process given in the manner provided for notices in Section 12. Nothing in
this Agreement will affect the right of either party to serve process in any
other manner permitted by law.

(d)  Waiver of Immunities. Each party irrevocably waives, to the fullest extent
permitted by applicable law, with respect to itself and its revenues and assets
(irrespective of their use or intended use), all immunity on the grounds of
sovereignty or other similar grounds from (i) suit, (ii) jurisdiction of any
court, (iii) relief by way of injunction, order for specific performance or for
recovery of property, (iv) attachment of its assets (whether before or after
judgment) and (v) execution or enforcement of any judgment to which it or its
revenues or assets might otherwise be entitled in any Proceedings in the courts
of any jurisdiction and irrevocably agrees, to the extent permitted by
applicable law, that it will not claim any such immunity in any Proceedings.

14.  Definitions

As used in this Agreement:--

"Additional Termination Event" has the meaning specified in Section 5(b).

"Affected Party" has the meaning specified in Section 5(b).

"Affected Transactions" means (a) with respect to any Termination Event
consisting of an Illegality, Tax Event or Tax Event Upon Merger, all
Transactions affected by the occurrence of such Termination Event and (b) with
respect to any other Termination Event, all Transactions.

"Affiliate" means, subject to the Schedule, in relation to any person, any
entity controlled, directly or indirectly, by the person, any entity that
controls, directly or indirectly, the person or any entity directly or
indirectly under common control with the person. For this purpose, "control" of
any entity or person means ownership of a majority of the voting power of the
entity or person.

"Applicable Rate" means:--

(a)  in respect of obligations payable or deliverable (or which would have been
but for Section 2(a)(iii)) by a Defaulting Party, the Default Rate;

(b)  in respect of an obligation to pay an amount under Section 6(e) of either
party from and after the date (determined in accordance with Section 6(d)(ii))
on which that amount is payable, the Default Rate;

(c)  in respect of all other obligations payable or deliverable (or which would
have been but for Section 2(a)(iii)) by a Non-defaulting Party, the Non-default
Rate; and

(d)  in all other cases, the Termination Rate.

"Burdened Party" has the meaning specified in Section 5(b).

"Change in Tax Law" means the enactment, promulgation, execution or ratification
of, or any change in or amendment to, any law (or in the application or official
interpretation of any law) that occurs on or after the date on which the
relevant Transaction is entered into.

"consent" includes a consent, approval, action, authorisation, exemption,
notice, filing, registration or exchange control consent.

"Credit Event Upon Merger" has the meaning specified in Section 5(b).

"Credit Support Document" means any agreement or instrument that is specified as
such in this Agreement.

"Credit Support Provider" has the meaning specified in the Schedule.

"Default Rate" means a rate per annum equal to the cost (without proof or
evidence of any actual cost) to the relevant payee (as certified by it) if it
were to fund or of funding the relevant amount plus 1% per annum.

                                      14
<PAGE>

"Defaulting Party" has the meaning specified in Section 6(a).

"Early Termination Date" means the date determined in accordance with Section
6(a) or 6(b)(iv).

"Event of Default" has the meaning specified in Section 5(a) and, if applicable,
in the Schedule.

"Illegality" has the meaning specified in Section 5(b).

"Indemnifiable Tax" means any Tax other than a Tax that would not be imposed in
respect of a payment under this Agreement but for a present or former connection
between the jurisdiction of the government or taxation authority imposing such
Tax and the recipient of such payment or a person related to such recipient
(including, without limitation, a connection arising from such recipient or
related person being or having been a citizen or resident of such jurisdiction,
or being or having been organised, present or engaged in a trade or business in
such jurisdiction, or having or having had a permanent establishment or fixed
place of business in such jurisdiction, but excluding a connection arising
solely from such recipient or related person having executed, delivered,
performed its obligations or received a payment under, or enforced, this
Agreement or a Credit Support Document).

"law" includes any treaty, law, rule or regulation (as modified, in the case of
tax matters, by the practice of any relevant governmental revenue authority) and
"lawful" and "unlawful" will be construed accordingly.

"Local Business Day" means, subject to the Schedule, a day on which commercial
banks are open for business (including dealings in foreign exchange and foreign
currency deposits) (a) in relation to any obligation under Section 2(a)(i), in
the place(s) specified in the relevant Confirmation or, if not so specified, as
otherwise agreed by the parties in writing or determined pursuant to provisions
contained, or incorporated by reference, in this Agreement, (b) in relation to
any other payment, in the place where the relevant account is located and, if
different, in the principal financial centre, if any, of the currency of such
payment, (c) in relation to any notice or other communication, including notice
contemplated under Section 5(a)(i), in the city specified in the address for
notice provided by the recipient and, in the case of a notice contemplated by
Section 2(b), in the place where the relevant new account is to be located and
(d) in relation to Section 5(a)(v)(2), in the relevant locations for performance
with respect to such Specified Transaction.

"Loss" means, with respect to this Agreement or one or more Terminated
Transactions, as the case may be, and a party, the Termination Currency
Equivalent of an amount that party reasonably determines in good faith to be its
total losses and costs (or gain, in which case expressed as a negative number)
in connection with this Agreement or that Terminated Transaction or group of
Terminated Transactions, as the case may be, including any loss of bargain, cost
of funding or, at the election of such party but without duplication, loss or
cost incurred as a result of its terminating, liquidating, obtaining or
reestablishing any hedge or related trading position (or any gain resulting from
any of them). Loss includes losses and costs (or gains) in respect of any
payment or delivery required to have been made (assuming satisfaction of each
applicable condition precedent) on or before the relevant Early Termination Date
and not made, except, so as to avoid duplication, if Section 6(e)(i)(1) or (3)
or 6(e)(ii)(2)(A) applies. Loss does not include a party's legal fees and
out-of-pocket expenses referred to under Section 11. A party will determine its
Loss as of the relevant Early Termination Date, or, if that is not reasonably
practicable, as of the earliest date thereafter as is reasonably practicable. A
party may (but need not) determine its Loss by reference to quotations of
relevant rates or prices from one or more leading dealers in the relevant
markets.

"Market Quotation" means, with respect to one or more Terminated Transactions
and a party making the determination, an amount determined on the basis of
quotations from Reference Market-makers. Each quotation will be for an amount,
if any, that would be paid to such party (expressed as a negative number) or by
such party (expressed as a positive number) in consideration of an agreement
between such party (taking into account any existing Credit Support Document
with respect to the obligations of such party) and the quoting Reference
Market-maker to enter into a transaction (the "Replacement Transaction") that
would have the effect of preserving for such party the economic equivalent of
any payment or delivery (whether the underlying obligation was absolute or
contingent and assuming the satisfaction of each applicable condition precedent)
by the parties under Section 2(a)(i) in respect of such Terminated Transaction
or group of Terminated Transactions that would, but for the occurrence of the
relevant Early Termination Date, have

                                      15
<PAGE>

been required after that date. For this purpose, Unpaid Amounts in respect of
the Terminated Transaction or group of Terminated Transactions are to be
excluded but, without limitation, any payment or delivery that would, but for
the relevant Early Termination Date, have been required (assuming satisfaction
of each applicable condition precedent) after that Early Termination Date is to
be included. The Replacement Transaction would be subject to such documentation
as such party and the Reference Market-maker may, in good faith, agree. The
party making the determination (or its agent) will request each Reference
Market-maker to provide its quotation to the extent reasonably practicable as of
the same day and time (without regard to different time zones) on or as soon as
reasonably practicable after the relevant Early Termination Date. The day and
time as of which those quotations are to be obtained will be selected in good
faith by the party obliged to make a determination under Section 6(e), and, if
each party is so obliged, after consultation with the other. If more than three
quotations are provided, the Market Quotation will be the arithmetic mean of the
quotations, without regard to the quotations having the highest and lowest
values. If exactly three such quotations are provided, the Market Quotation will
be the quotation remaining after disregarding the highest and lowest quotations.
For this purpose, if more than one quotation has the same highest value or
lowest value, then one of such quotations shall be disregarded. If fewer than
three quotations are provided, it will be deemed that the Market Quotation in
respect of such Terminated Transaction or group of Terminated Transactions
cannot be determined.

"Non-default Rate" means a rate per annum equal to the cost (without proof or
evidence of any actual cost) to the Non-defaulting Party (as certified by it) if
it were to fund the relevant amount.

"Non-defaulting Party" has the meaning specified in Section 6(a).

"Office" means a branch or office of a party, which may be such party's head or
home office.

"Potential Event of Default" means any event which, with the giving of notice or
the lapse of time or both, would constitute an Event of Default.

"Reference Market-makers" means four leading dealers in the relevant market
selected by the party determining a Market Quotation in good faith (a) from
among dealers of the highest credit standing which satisfy all the criteria that
such party applies generally at the time in deciding whether to offer or to make
an extension of credit and (b) to the extent practicable, from among such
dealers having an office in the same city.

"Relevant Jurisdiction" means, with respect to a party, the jurisdictions (a) in
which the party is incorporated, organised, managed and controlled or considered
to have its seat, (b) where an Office through which the party is acting for
purposes of this Agreement is located, (c) in which the party executes this
Agreement and (d) in relation to any payment, from or through which such payment
is made.

"Scheduled Payment Date" means a date on which a payment or delivery is to be
made under Section 2(a)(i) with respect to a Transaction.

"Set-off" means set-off, offset, combination of accounts, right of retention or
withholding or similar right or requirement to which the payer of an amount
under Section 6 is entitled or subject (whether arising under this Agreement,
another contract, applicable law or otherwise) that is exercised by, or imposed
on, such payer.

"Settlement Amount" means, with respect to a party and any Early Termination
Date, the sum of:--

(a)  the Termination Currency Equivalent of the Market Quotations (whether
positive or negative) for each Terminated Transaction or group of Terminated
Transactions for which a Market Quotation is determined; and

(b)  such party's Loss (whether positive or negative and without reference to
any Unpaid Amounts) for each Terminated Transaction or group of Terminated
Transactions for which a Market Quotation cannot be determined or would not (in
the reasonable belief of the party making the determination) produce a
commercially reasonable result.

"Specified Entity" has the meaning specified in the Schedule.

                                      16
<PAGE>

"Specified Indebtedness" means, subject to the Schedule, any obligation (whether
present or future, contingent or otherwise, as principal or surety or otherwise)
in respect of borrowed money.

"Specified Transaction" means, subject to the Schedule, (a) any transaction
(including an agreement with respect thereto) now existing or hereafter entered
into between one party to this Agreement (or any Credit Support Provider of such
party or any applicable Specified Entity of such party) and the other party to
this Agreement (or any Credit Support Provider of such other party or any
applicable Specified Entity of such other party) which is a rate swap
transaction, basis swap, forward rate transaction, commodity swap, commodity
option, equity or equity index swap, equity or equity index option, bond option,
interest rate option, foreign exchange transaction, cap transaction, floor
transaction, collar transaction, currency swap transaction, cross-currency rate
swap transaction, currency option or any other similar transaction (including
any option with respect to any of these transactions), (b) any combination of
these transactions and (c) any other transaction identified as a Specified
Transaction in this Agreement or the relevant confirmation.

"Stamp Tax" means any stamp, registration, documentation or similar tax.

"Tax" means any present or future tax, levy, impost, duty, charge, assessment or
fee of any nature (including interest, penalties and additions thereto) that is
imposed by any government or other taxing authority in respect of any payment
under this Agreement other than a stamp, registration, documentation or similar
tax.

"Tax Event" has the meaning specified in Section 5(b).

"Tax Event Upon Merger" has the meaning specified in Section 5(b).

"Terminated Transactions" means with respect to any Early Termination Date (a)
if resulting from a Termination Event, all Affected Transactions and (b) if
resulting from an Event of Default, all Transactions (in either case) in effect
immediately before the effectiveness of the notice designating that Early
Termination Date (or, if "Automatic Early Termination" applies, immediately
before that Early Termination Date).

"Termination Currency" has the meaning specified in the Schedule.

"Termination Currency Equivalent" means, in respect of any amount denominated in
the Termination Currency, such Termination Currency amount and, in respect of
any amount denominated in a currency other than the Termination Currency (the
"Other Currency"), the amount in the Termination Currency determined by the
party making the relevant determination as being required to purchase such
amount of such Other Currency as at the relevant Early Termination Date, or, if
the relevant Market Quotation or Loss (as the case may be), is determined as of
a later date, that later date, with the Termination Currency at the rate equal
to the spot exchange rate of the foreign exchange agent (selected as provided
below) for the purchase of such Other Currency with the Termination Currency at
or about 11:00 a.m. (in the city in which such foreign exchange agent is
located) on such date as would be customary for the determination of such a rate
for the purchase of such Other Currency for value on the relevant Early
Termination Date or that later date. The foreign exchange agent will, if only
one party is obliged to make a determination under Section 6(e), be selected in
good faith by that party and otherwise will be agreed by the parties.

"Termination Event" means an Illegality, a Tax Event or a Tax Event Upon Merger
or, if specified to be applicable, a Credit Event Upon Merger or an Additional
Termination Event.

"Termination Rate" means a rate per annum equal to the arithmetic mean of the
cost (without proof or evidence of any actual cost) to each party (as certified
by such party) if it were to fund or of funding such amounts.

"Unpaid Amounts" owing to any party means, with respect to an Early Termination
Date, the aggregate of (a) in respect of all Terminated Transactions, the
amounts that became payable (or that would have become payable but for Section
2(a)(iii)) to such party under Section 2(a)(i) on or prior to such Early
Termination Date and which remain unpaid as at such Early Termination Date and
(b) in respect of each Terminated Transaction, for each obligation under Section
2(a)(i) which was (or would have been but for Section 2(a)(iii)) required to be
settled by delivery to such party on or prior to such Early Termination Date and
which has not been so settled as at such Early Termination Date, an amount equal
to the fair market

                                      17
<PAGE>

value of that which was (or would have been) required to be delivered as of the
originally scheduled date for delivery, in each case together with (to the
extent permitted under applicable law) interest, in the currency of such
amounts, from (and including) the date such amounts or obligations were or would
have been required to have been paid or performed to (but excluding) such Early
Termination Date, at the Applicable Rate. Such amounts of interest will be
calculated on the basis of daily compounding and the actual number of days
elapsed. The fair market value of any obligation referred to in clause (b) above
shall be reasonably determined by the party obliged to make the determination
under Section 6(e) or, if each party is so obliged, it shall be the average of
the Termination Currency Equivalents of the fair market values reasonably
determined by both parties.

IN WITNESS WHEREOF the parties have executed this document on the respective
dates specified below with effect from the date specified on the first page of
this document.

<TABLE>
<S>                                                <C>
DEUTSCHE BANK AG, NEW YORK BRANCH                  FIRST CONSUMERS CREDIT CARD
                                                   MASTER NOTE TRUST
------------------------------------------         ----------------------------------------------------
             (Name of Party)                                          (Name of Party)
                                                   By: Bankers Trust Company, not in its individual
                                                   capacity, but solely as owner trustee

By: ______________________________________         By: ________________________________________________

Name:                                              Name:

Title:                                             Title:

Date:                                              Date:
</TABLE>

                                      18
<PAGE>

(Multicurrency--Cross Border)
                                   ISDA (R)

                 International Swap Dealers Association, Inc.

                                   SCHEDULE

                                    to the

                               Master Agreement

                           dated as of ____________

between   DEUTSCHE BANK AG, NEW          and     FIRST CONSUMERS CREDIT CARD
          YORK BRANCH                            MASTER NOTE TRUST
             ("Party A")                           ("Party B")

                        PART 1: Termination Provisions
                                ----------------------
(a)   "Indenture" means the Master Indenture dated as of March 1, 2001, between
      First Consumers Credit Master Note Trust, as Issuer, and The Bank of New
      York, as Indenture Trustee, as supplemented by the Series 2001-A Indenture
      Supplement dated as of March 1, 2001, between First Consumers Credit Card
      Master Note Trust, as the Issuer or the Trust, and The Bank of New York,
      as the Indenture Trustee, in each case, as amended, modified,
      supplemented, restated or replaced from time to time.

(b)   "Specified Entity" means in relation to Party A for the purpose of:-

      Section 5(a)(v)  (Default under Specified Transaction),  none;

      Section 5(a)(vi) (Cross Default),                        none;

      Section 5(a)(vii) (Bankruptcy),                          none; and

      Section 5(b)(iv) (Credit Event Upon Merger),             none;

      in relation to Party B for the purpose of:-

      Section 5(a)(v) (Default under Specified Transaction)    none;

      Section 5(a)(vi) (Cross Default),                        none;

      Section 5(a)(vii) (Bankruptcy),                          none; and

      Section 5(b)(iv) (Credit Event Upon Merger),             none.

(c)   "Specified Transaction" will have the meaning specified in Section 14.

                                       1
<PAGE>

(d)   The "Breach of Agreement" provisions of Section 5(a)(ii), the
"Misrepresentation" provisions of Section 5(a)(iv), and the "Default under
Specified Transactions" provisions of Section 5(a)(v) will not apply to Party B.
The "Cross Default" provisions of Section 5(a)(vi) will not apply to Party A or
Party B.

(e)   The "Credit Event Upon Merger" provisions of Section 5(b)(iv)
             will not apply to Party A
             will not apply to Party B.

(f)   The "Automatic Early Termination" provision of Section 6(a)
             will not apply to Party A
             will not apply to Party B.

(g)   Payments on Early Termination.  For the purpose of Section 6(e):

      (i)    Market Quotation will apply.

      (ii)   The Second Method will apply.

(h)   "Termination Currency" means United States Dollars.

(i)   Additional Termination Event; Redemption of the Secured Notes.

             (a)    Party B shall, as provided in the Indenture, direct the
             Indenture Trustee to notify Party A if notice is given pursuant to
             the Indenture of a redemption by Party B of all of the Notes (any
             such redemption by Party B of all of the Notes, a "Redemption
             Event").

             (b)    If a Redemption Event occurs it shall be an Additional
             Termination Event for which Party B shall be the sole Affected
             Party and each Transaction shall be terminated in full.

             (c)    If a Redemption Event is to occur, an Early Termination Date
             in respect of each Transaction shall be deemed to occur on the
             Distribution Date in respect of such Redemption Event. Any
             Settlement Amount payable in respect of such Redemption Event shall
             be paid, in the case of Party A and Party B, on the date of such
             Early Termination Date; provided that no such payments shall be
             made by Party B until the Note Principal Balance (as defined in the
             Indenture Supplement) has been reduced to zero.

             (d)    Any change or amendment to the Indenture that affects the
             rights of Party A.

(j)   Unauthorized Amendments. Party B shall deliver to Party A a copy of any
      proposed Supplemental Indenture.

(k)   Downgrade of Party A. If a Ratings Event (as defined below) shall occur
      and be continuing with respect to Party A, then Party A shall, within 5
      Local Business Days of such Ratings Event, (A) give notice to Party B of
      the occurrence of such Ratings Event, and (B) use reasonable efforts to
      transfer Party A's rights and obligations under the Agreement and all
      Confirmations to another party, subject to satisfaction of the Rating
      Agency Condition (as defined below), and at the cost of Party A. Unless
      such a transfer by Party A has occurred within 20 Local Business Days
      after

                                       2
<PAGE>

      the occurrence of a Ratings Event, Party B shall demand that Party A post
      Eligible Collateral on a mark-to-market basis, to secure Party B's
      exposure, if any, to Party A, and such Eligible Collateral shall be
      provided in accordance with a Credit Support Annex to be attached hereto
      and made a part hereof within 10 Local Business Days of Party B's demand
      therefor. The Eligible Collateral to be posted and the Credit Support
      Annex to be executed and delivered shall be subject to the Rating Agency
      Condition. Notwithstanding the addition of the Credit Support Annex and
      the posting of Eligible Collateral, Party A shall continue to use
      reasonable efforts to transfer its rights and obligations to an acceptable
      third party; provided, however, that Party A's obligations to find a
      transferee and to post Eligible Collateral under such Credit Support Annex
      shall remain in effect only for so long as a Ratings Event is continuing
      with respect to Party A. For the purpose of this Part 1(k), a "Ratings
      Event" shall occur with respect to Party A if the long-term and short-term
      senior unsecured deposit ratings of Party A cease to be at least A+ and A-
      1 by Standard & Poor's Ratings Service or any successor thereto ("S&P"),
      at least A1 and P-1 by Moody's Investors Service, Inc. or any successor
      thereto ("Moody's"), or at least A+ and F-1 by Fitch Ratings, Inc. or any
      successor thereto ("Fitch"), to the extent such obligations are rated by
      S&P, Moody's or Fitch. "Rating Agency Condition" has the meaning specified
      in the Indenture defined in Part 1(a) of this Schedule.

      The failure by Party A to post Eligible Collateral in accordance herewith
      shall constitute an Event of Default with Party A as the Defaulting Party.

                          PART 2: Tax Representations
                                  -------------------
(a)   Payer Tax Representations. For the purpose of Section 3(e) of this
      Agreement, Party A and Party B will make the following representation:-

      It is not required by any applicable law, as modified by the practice of
      any relevant governmental revenue authority of any Relevant Jurisdiction
      to make any deduction or withholding for or on account of any Tax from any
      payment (other than interest under Section 2(e), 6(d)(ii) or 6(e) of this
      Agreement) to be made by it to the other party under this Agreement. In
      making this representation, it may rely on (x) the accuracy of any
      representations made by the other party pursuant to Section 3(f) of this
      Agreement, (y) the satisfaction of the agreement contained in Section
      4(a)(i) or 4(a)(iii) of this Agreement and the accuracy and effectiveness
      of any document provided by the other party pursuant to Section 4(a)(i) or
      4(a)(iii) of this Agreement and (z) the satisfaction of the agreement of
      the other party contained in Section 4(d) of this Agreement, provided that
      it shall not be a breach of this representation where reliance is placed
      on clause (y) and the other party does not deliver a form or document
      under Section 4(a)(iii) by reason of material prejudice to its legal or
      commercial position.

(b)   Payee Tax Representations. For the purpose of Section 3(f) of this
      Agreement, Party A and Party B will make the following representations
      specified below, if any:- none

                    PART 3: Agreement to Deliver Documents
                            ------------------------------
For the purpose of Section 4(a)(i) and (ii) of this Agreement, each party agrees
to deliver the following documents:

                                       3

<PAGE>

(a)   Tax forms, documents or certificates to be delivered are:

      Party         Form/Document/Certificate      Date by which to be delivered
      required to
      deliver
      document
      ------------  -----------------------------  -----------------------------
      Party A and   Any form, document or          Upon request
      Party B       certificate as may be
                    requested pursuant to
                    Section 4(a)(iii) of
                    this Agreement.

      Party B       An executed United States      (i) As soon as reasonably
                    Internal Revenue Service       practicable after execution
                    Form W-9 (or any successor     of this Agreement, (ii)
                    thereto), as applicable.       promptly  upon reasonable
                                                   demand by Party A and (iii)
                                                   promptly upon learning that
                                                   any such form previously
                                                   provided by Party B has
                                                   become obsolete or incorrect.

(b)   Other documents to be delivered are:-

   Party            Form/Document/Certificate      Date by        Covered by
   required to                                     which to be    Section 3(d)
   deliver                                         delivered      Representation
   document
   ---------------  -----------------------------  ------------ ----------------
   Party B          Annual Report of Party         As soon as     Yes
                    B and of any Credit Support    available and
                    Provider thereof containing    in any event
                    audited financial statements   within 120
                    certified independent          days after the
                    certified public accountants   end of each
                    and prepared in accordance     fiscal year of
                    with generally accepted        Party B and of
                    accounting principles in the   the Credit
                    country in which such party    Support Provider
                    and such Credit Support
                    Provider is organized

                                       4

<PAGE>

<TABLE>
<S>                 <C>                                                       <C>                       <C>
   Party B          Monthly Reports of Party B and                            As soon as                Yes
                    quarterly unaudited financial                             available and in
                    statements of any Credit Support                          any event within
                    Provider thereof containing financial                     30 days after the
                    statements of such party's fiscal                         end of each fiscal
                    quarter prepared in accordance with                       quarter of Party B
                    generally accepted accounting                             and of the Credit
                    principles in the country in which                        Support Provider
                    such Credit Support Provider is
                    organized

   Party B          A duly executed copy of the Credit                        At or within              No
                    Support Document specified in Part 4                      thirty days after
                    of the Schedule or in any Confirmation                    execution hereof

   Party A and      Certified copies of all corporate                         Upon execution and        Yes
   Part B           authorizations, an opinion that the                       delivery of this
                    Agreement is enforceable, and any Agreement other
                    documents with respect to the execution, delivery and
                    performance of this Agreement and the Indenture.

   Party A and      Certificate of authority and specimen                     Upon execution and        Yes
   Party B          signatures of individuals executing                       delivery of this
                    this Agreement, any Credit Support                        Agreement and
                    Document and any Confirmations                            thereafter upon
                                                                              request of the
                                                                              other party
</TABLE>

                             PART 4: Miscellaneous
                                     -------------

(a)   Address for Notices.  For the purpose of Section 12(a) of this Agreement:-

      (i)   All notices to Party A under Sections 5 or 6 (other than notices
            under Section 5(a)(i)) shall be sent to:

            Deutsche Bank AG, Head Office
            Taunusanlage 12
            60262 Frankfurt
            GERMANY
            Attention: Legal Department
            Telex No:  411836 or 416731 or 41233
            Answerback: DBF-D

                                       5
<PAGE>

          (ii)     All notices to Party A (other than those provided for in
                   paragraph (i) above) shall be sent directly to the office
                   through which Party A is acting for the relevant Transaction,
                   using the address and contact particulars specified in the
                   Confirmation for the purposes of confirming that Transaction.
                   If no such particulars are so specified, such notices shall
                   be sent to the address of the relevant office set out below:

             Where Party A is acting through its
             New York Branch:

             Deutsche Bank AG, New York Branch
             31 W. 52nd Street
             New York, New York 10019
             USA
             Attn: Swap Group
             Tel: (1)(212) 469-4338
             Fax: (1)(212) 469-4654
             Telex: 429166
             Answerback: DEUTNYK

          Address for notice or communications to Party B:

           First Consumers Credit Card Master Note Trust
           c/o Bankers Trust Company
           Four Albany Street, 10/th/ Floor
           New York, NY  10006
           Attention: Corporate Trust & Agency Services
           Telephone No.: 212-250-6323
           Facsimile No.: 212-250-6439

           With a copy to:

           John R. Steele, Treasurer
           Spiegel, Inc.
           3500 Lacey Road
           Downers Grove, IL 60515-5432
           Telephone No.: 630-769-3250
           Facsimile No.: 630-769-3750

(b)       Process Agent.  For the purpose of Section 13(c):

          Party A appoints as its Process Agent:  Not applicable.

          Party B appoints as its Process Agent:  Not applicable.

(c)       Offices. The provisions of Section 10(a) will apply to this Agreement.

                                       6
<PAGE>

(d)      Multibranch Party. For the purpose of Section 10 of this Agreement:-

         Party A is not a Multibranch Party.

         Party B is not a Multibranch Party.

(e)      Calculation Agent.  The Calculation Agent is Party A.

(f)      Credit Support Document.  Details of any Credit Support Document:

         Not applicable.

(g)      Credit Support Provider.

         Credit Support Provider means in relation to Party A:   Not applicable.

         Credit Support Provider means in relation to Party B:   Not applicable.

(h)      Governing Law. This Agreement will be governed by and construed in
         accordance with the laws of the State of New York (without reference to
         its conflict of laws doctrine, other than Section 5-1401 of the General
         Obligations Law).

(i)      Amendments. Any amendments to the Agreement, Schedule and/or
         Confirmation shall be subject to the Rating Agency Condition.

(j)      "Affiliate" will have the meaning specified in Section 14 of this
         Agreement.

                           PART 5: Other Provisions
                                   ----------------

(a)      Additional Agreements. Party A agrees that it shall not enter a
         transaction of the type referred to in 5(a)(viii) (Merger Without
         Assumption) where the resulting, surviving or transferee entity fails
         to assume all of the obligations of Party A hereunder.

(b)      Delivery of Confirmations. For each Transaction entered into hereunder,
         Party A shall promptly send to Party B a Confirmation via facsimile
         transmission. Party B agrees to respond to such Confirmation within two
         (2) Local Business Days, either confirming agreement thereto or
         requesting a correction of any error(s) contained therein. Failure by
         Party A to send a Confirmation or of Party B to respond within such
         period shall not affect the validity or enforceability of such
         Transaction. Absent manifest error, there shall be a presumption that
         the terms contained in such Confirmation are the terms of the
         Transaction.

(c)      Recording of Conversations. Each party to this Agreement acknowledges
         and agrees to the tape recording of conversations between trading and
         marketing personnel of the parties to this Agreement whether by one or
         other or both of the parties or their agents, and that any such tape
         recordings may be submitted in evidence in any Proceedings relating to
         the Agreement.

(d)      Furnishing Specified Information. Section 4(a)(iii) is hereby amended
         by inserting "promptly upon the earlier of (i)" in lieu of the word
         "upon" at the beginning thereof and inserting "or (ii)

                                       7
<PAGE>

         such party learning that the form or document is required" before the
         word "any" on the first line thereof.

(e)      Notice by Facsimile Transmission. Section 12(a) is hereby amended by
         inserting the words "2(b)," between the word "Section" and the number
         "5" and inserting the words "or 13(c)" between the number "6" and the
         word "may" in the second line thereof.

(f)      Section 3(a) of this Agreement is amended by (i) deleting the word
         "and" at the end of clause (iv); (ii) deleting the period at the end of
         clause (v) and inserting therein "; and " ; and (iii) by inserting the
         following additional representation:

                  "(vi)    Eligible Contract Participant. It is an `eligible
                           contract participant' as defined under the Commodity
                           Exchange Act, Section 1(a)(12)."

(g)      Section 3 is revised so as to add the following Section (g) at the end
         thereof:

         "(g)     Relationship Between Parties. Each party represents to the
                  other party and will be deemed to represent to the other party
                  on the date on which it enters into a Transaction that (absent
                  a written agreement between the parties that expressly imposes
                  affirmative obligations to the contrary for that
                  Transaction):-

                  (i)      Non-Reliance. It is acting for its own account, and
                           it has made its own independent decisions to enter
                           into that Transaction and as to whether that
                           Transaction is appropriate or proper for it based
                           upon its own judgment and upon advice from such
                           advisors as it has deemed necessary. It is not
                           relying on any communication (written or oral) of the
                           other party as investment advice or as a
                           recommendation to enter into that Transaction; it
                           being understood that information and explanations
                           related to the terms and conditions of a Transaction
                           shall not be considered investment advice or a
                           recommendation to enter into that Transaction.
                           Further, such party has not received from the other
                           party any assurance or guarantee as to the expected
                           results of that Transaction.

                  (ii)     Evaluation and Understanding. It is capable of
                           evaluating and understanding (on its own behalf or
                           through independent professional advice), and
                           understands and accepts, the terms, conditions and
                           risks of that Transaction. It is also capable of
                           assuming, and assumes, the financial and other risks
                           of that Transaction.

                  (iii)    Status of Parties. The other party is not acting as
                           an agent, fiduciary or advisor for it in respect of
                           that Transaction."

(h)      Waiver of Right to Trial by Jury. EACH PARTY HEREBY IRREVOCABLY WAIVES
         ANY AND ALL RIGHTS TO TRIAL BY JURY WITH RESPECT TO ANY LEGAL
         PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY
         TRANSACTION CONTEMPLATED HEREBY.

(i)      [Reserved.]

                                       8
<PAGE>

(j)      Non-Petition. Party A hereby agrees that it will not, prior to the date
         which is one year and one day after all Series 2001-A Notes issued by
         Party B pursuant to the Indenture have been paid in full, acquiesce,
         petition or otherwise invoke or cause Party B to invoke the process of
         any court or governmental authority for the purpose of commencing or
         sustaining a case against Party B under any federal or state
         bankruptcy, insolvency or similar law or for the purpose of appointing
         a receiver, liquidator, assignee, trustee, custodian, sequestrator or
         other similar official for Party B or any substantial part of the
         property of Party B, or for the purpose of ordering the winding up or
         liquidation of the affairs of Party B. Nothing herein shall prevent
         Party A from participating in any such proceeding once commenced.

(l)      Limited Recourse. The obligations of Party B under this Agreement are
         limited recourse obligations of Party B, payable solely from the Trust
         Estate (as such term is defined in the Indenture), subject to and in
         accordance with the terms of the Indenture, and, following realization
         of the Trust Estate, any claims of Party A against Party B shall be
         extinguished. No recourse shall be had for the payment of any amount
         owing in respect of this Agreement against the trustee, or any officer,
         member, director, employee, security holder or incorporator thereof
         (each, an "Affiliated Person") of Party B or its successors or assigns
         for any amounts payable under this Agreement. It is understood that the
         foregoing provisions shall not (i) prevent recourse to the Trust Estate
         for the sums due or to become due under any security, instrument or
         agreement which is part of the Trust Estate (subject to the priority of
         payments set forth in the Indenture), or (ii) constitute a waiver,
         release or discharge of any obligation of Party B arising under this
         Agreement until the Trust Estate have been realized and the proceeds
         applied in accordance with the Indenture, whereupon any outstanding
         obligation of Party B under this Agreement shall be extinguished.

(m)      Transfer. Section 7 of the Agreement is supplemented by the additional
         requirement that any transfer or assignment by Party A of its
         obligations under the Agreement (including any Confirmation), and any
         amendments to the Agreement (including any Confirmation), shall be
         subject to the Rating Agency Condition. Party A consents to the pledge
         and assignment by Party B of its rights and obligations hereunder and
         under any Transaction to the Indenture Trustee pursuant to the
         Indenture.

(n)      Events of Default. (i) Section 5(a)(i) of the Agreement is amended by
         substituting the following therefor: "Failure by the party to make,
         when due, any payment under this Agreement or delivery under Section
         2(a)(i) or 2(e) required to be made by it within five days of the date
         due under this Agreement and, upon at least one Business Days' prior
         notice to the other party."

                                       9
<PAGE>

Accepted and agreed:

DEUTSCHE BANK AG, NEW YORK                   FIRST CONSUMERS CREDIT CARD
BRANCH                                       MASTER NOTE TRUST

                                             By Bankers Trust Company, not in
                                             its individual capacity, but solely
                                             as Owner Trustee
By:..........................
   Name:                                     By:..............................
   Title:                                       Name:
                                                Title:

By:..........................
   Name:
   Title:

                                      10
<PAGE>

                                    CLASS A
                CONFIRMATION FOR U.S. DOLLAR INTEREST RATE SWAP
                    TRANSACTION UNDER 2001 MASTER AGREEMENT

<TABLE>
<S>        <C>                                       <C>          <C>
Date:                                                  Our ref:     637970
To:        First Consumers Credit Card Master Note     From:        Deutsche Bank AG, New York Branch
           Trust                                                    31 West 52/nd/ Street
           c/o Bankers Trust Company                                New York, NY 10019
           Four Albany Street, 10/th/ Floor
           New York, NY 10006
Attn:      Corporate Trust & Agency Services           Contact:     [             ]
Fax No:    (212) 250-6439                              Fax No:      (212) 469-7210
Tel No:    (212) 250-6323                              Tel No:      (212) 469-5000
</TABLE>

Dear Sir/Madam,

     The purpose of this letter agreement is to confirm the terms and conditions
of the Transaction entered into between First Consumers Credit Card Master Note
Trust and Deutsche Bank AG, New York Branch (each a "party" and together "the
parties") on the Trade Date specified below (the "Transaction").  This letter
agreement constitutes a "Confirmation" as referred to in the ISDA Master
Agreement specified in paragraph 1 below (the "Agreement").

       The definitions and provisions contained in the 1991 ISDA Definitions, as
amended by the 1998 Supplement thereto (each as published by the International
Swaps and Derivatives Association, Inc., the "Definitions") are incorporated
into this Confirmation.  In the event of any inconsistency between the
Definitions and this Confirmation, this Confirmation will govern.   Capitalized
terms used herein and not otherwise defined have the meanings set forth in the
Definitions or the Indenture dated as of March 1, 2001, between Party B and The
Bank of New York, as indenture trustee (the "Indenture") as supplemented by the
Indenture Supplement, dated as of March 1, 2001 (the "Indenture Supplement," and
together with the Indenture, the "Indenture").

1.   This Confirmation supplements, forms part of, and is subject to, the ISDA
Master Agreement (including the Schedule thereto) dated as of March 6, 2001, as
amended and supplemented from time to time (the "Agreement"), between the
parties.  All provisions contained in the Agreement govern this Confirmation
except as expressly modified below.

     In this Confirmation "Party A" means Deutsche Bank AG, New York Branch and
"Party B" means First Consumers Credit Card Master Note Trust.

2.   The terms of the particular Transaction to which this Confirmation relates
are as follows:

     Notional Amount:     Initially, USD_____________ and thereafter an amount
                          equal for each Calculation Period to the Class A Note
                          Principal Balance (as defined in the Indenture
                          Supplement) at the end of the first day of that
                          Calculation Period.
     Trade Date:

     Effective Date:

                                  Page 1 of 4
<PAGE>

<TABLE>
     <S>                                  <C>
     Termination Date:                    The earlier of (i) September 15, 2008, subject to
                                          adjustment in accordance with the Following Business
                                          Day Convention, and (ii) the date on which the Class A
                                          Note Principal Balance (as defined in the Indenture
                                          Supplement) is reduced to zero, subject to early
                                          termination in accordance with the terms of the
                                          Agreement.  In accordance with the Indenture
                                          Supplement, the Class A Expected Principal Distribution
                                          Date is February 15, 2006, subject to the Following
                                          Business Day Convention.

    Fixed Amounts:

     Fixed Rate Payer:                    Party B

     Fixed Rate Payer Payment Dates:      The 15/th/ of each month commencing April 16, 2001 and
                                          ending on the Termination Date, subject to adjustment
                                          in accordance with the Following Business Day
                                          Convention

     Fixed Rate:                          5.665% per annum

     Fixed Rate Day Count Fraction:       Actual/360

    Floating Amounts:

     Floating Rate Payer:                 Party A

     Floating Rate Payer Payment Dates:   The 15/th/  of each month commencing April 16, 2001 and ending
                                          on the Termination Date, subject to adjustment in accordance
                                          with the Following Business Day Convention.

     Floating Rate for initial
     Calculation Period:                  LIBOR rate

     Floating Rate Option:                USD-LIBOR-BBA

     Designated Maturity:                 1 Month, including initial Calculation Period.

     Spread:                              None

     Floating Rate Day Count Fraction:    Actual/360

     Reset Dates:                         First day of each Calculation Period

     Business Days:                       New York, Portland, Oregon, and Chicago, Illinois

     Calculation Agent:                   Party A

3.  Additional Amounts Upon Partial Termination
</TABLE>

                                  Page 2 of 4
<PAGE>

          On any Payment Date prior to the Class A Expected Principal
Distribution Date (as defined in the Indenture Supplement), where as a result of
principal payments on the Class A Notes (as defined in the Indenture
Supplement), the Notional Amount would be reduced by the corresponding reduction
in the Class A Note Principal Balance (as defined in the Indenture Supplement),
the parties hereto shall treat the portion of such reduction (without
duplication) as terminated on such Payment Date (a "Terminated Transaction").
Party A shall calculate the Market Quotation for the Terminated Transaction as
set forth below.

          "Market Quotation" means, with respect to a Terminated Transaction, an
amount determined on the basis of quotations from Reference Market-makers.  Each
quotation will be for an amount, if any, that would be paid to Party A
(expressed as a negative number) or by Party A (expressed as a positive number)
in consideration of an agreement between Party A and the quoting Reference
Market-maker to enter into such Terminated Transaction (with the same fixed and
floating payment rates and remaining term as this Transaction)  on the relevant
Payment Date.  Party A will request each Reference Market-maker to provide its
quotation to the extent reasonably practicable as of the same day and time
(without regard to different time zones) on or as soon as reasonably practicable
prior to the relevant Payment Date.  The day and time as of which those
quotations are to be obtained will be selected in good faith by Party A.  If
more than three quotations are provided, the Market Quotation will be the
arithmetic mean of the quotations, without regard to the quotations having the
highest and lowest values.  If exactly three such quotations are provided,  the
Market Quotation will be the quotation remaining after disregarding the highest
and lowest quotations.  For this purpose, if more than one quotation has the
same highest value or lowest value, then one of such quotations shall be
disregarded.  If fewer than three quotations are provided, Party A will
determine the Market Quotation in good faith.  Notwithstanding the foregoing,
Party A shall be the sole Reference Market-maker unless: (a)  the reduction in
the Notional Amount of the Transaction is equal to or greater than $50 million
on such Payment Date, and (b) the Servicer or the Indenture Trustee requests
that quotations from Reference Market-makers other than Party A  are utilized.

          If the amount so determined by Party A in respect of a Terminated
Transaction is positive, Party B shall owe such amount to Party A, which shall
be payable (with interest thereon accruing from such Payment Date and calculated
at the Fixed Rate) on the next Distribution Date to the extent provided in the
Indenture; provided that no such payments shall be made by Party B until the
Note Principal Balance (as defined in the Indenture Supplement) has been reduced
to zero.  If such amount is negative, Party A shall owe such amount to Party B,
which shall be payable (with interest accruing from such Payment Date and
calculated at the Floating Rate) on the Termination Date, net of any amounts
payable by Party B to Party A.

4.        Credit Support Documents:      None.

5.        Account Details:

          Account for payments to        Name: Deutsche Bank AG, New York Branch
          Party A:
                                         City: New York

                                         ABA# 026003780

                                         Ref: Interest Rate Swap

                                         Acct: 100440170004

         Account for payments to         The Bank of New York
         Party B:                        ABA #

                                  Page 3 of 4
<PAGE>

                                         Name: First Consumers Credit Card
                                         Master Note Trust
                                               Collection Account
                                         Acct:
6.        Offices:

          The Office of Party A for
          this Transaction is:           New York, NY

          The Office of Party B for
          this Transaction is:           New York, NY

           Please confirm that the foregoing correctly sets forth
           the terms and conditions of our agreement by responding
           within three (3) Business Days by returning via
           telecopier an executed copy of this Confirmation to the
           attention of Michael Campbell (fax no. (212) 669-1592).

Failure to respond within such period shall not affect the validity or
enforceability of this Transaction, and shall be deemed to be an affirmation of
the terms and conditions contained herein, absent manifest error.

Deutsche Bank AG, New York Branch       Accepted and confirmed as of the date
                                        first written:

                                        First Consumers Credit Card Master Note
                                        Trust, By Bankers Trust Company, not in
By: _____________________________       its individual capacity, but solely as
                                        Owner Trustee

Name:
Title:

By: _____________________________       By: ____________________________________
Name:                                   Name and Title:

Title:

                                  Page 4 of 4
<PAGE>

                                    CLASS B
                CONFIRMATION FOR U.S. DOLLAR INTEREST RATE SWAP
                    TRANSACTION UNDER 2001 MASTER AGREEMENT

<TABLE>
<S>        <C>                                       <C>          <C>
Date:                                                Our ref:
To:        First Consumers Credit Card Master Note   From:        Deutsche Bank AG, New York Branch
           Trust                                                  31 West 52/nd/ Street
           c/o Bankers Trust Company                              New York, NY 10019
           Four Albany Street, 10/th/ Floor
           New York, NY 10006
Attn:      Corporate Trust & Agency Services         Contact:     [             ]
Fax No:    (212) 250-6439                            Fax No:      (212) 469-7210
Tel No:    (212) 250-6323                            Tel No:      (212) 469-5000
</TABLE>

Dear Sir/Madam,

     The purpose of this letter agreement is to confirm the terms and conditions
of the Transaction entered into between First Consumers Credit Card Master Note
Trust and Deutsche Bank AG, New York Branch (each a "party" and together "the
parties") on the Trade Date specified below (the "Transaction").  This letter
agreement constitutes a "Confirmation" as referred to in the ISDA Master
Agreement specified in paragraph 1 below (the "Agreement").

       The definitions and provisions contained in the 1991 ISDA Definitions, as
amended by the 1998 Supplement thereto (each as published by the International
Swaps and Derivatives Association, Inc., the "Definitions") are incorporated
into this Confirmation.  In the event of any inconsistency between the
Definitions and this Confirmation, this Confirmation will govern.  Capitalized
terms used herein and not otherwise defined have the meanings set forth in the
Definitions or the Indenture dated as of March 1, 2001, between Party B and The
Bank of New York, as indenture trustee (the "Indenture") as supplemented by the
Indenture Supplement, dated as of March 1, 2001 (the "Indenture Supplement," and
together with the Indenture, the "Indenture").

1.   This Confirmation supplements, forms part of, and is subject to, the ISDA
Master Agreement (including the Schedule thereto) dated as of March 6, 2001, as
amended and supplemented from time to time (the "Agreement"), between the
parties.  All provisions contained in the Agreement govern this Confirmation
except as expressly modified below.

     In this Confirmation "Party A" means Deutsche Bank AG, New York Branch and
"Party B" means First Consumers Credit Card Master Note Trust.

2.   The terms of the particular Transaction to which this Confirmation relates
are as follows:

     Notional Amount:      Initially, USD____________ and thereafter an amount
                           equal for each Calculation Period to the Class B Note
                           Principal Balance (as defined in the Indenture
                           Supplement) at the end of the first day of that
                           Calculation Period.

     Trade Date:

     Effective Date:

                                  Page 1 of 5
<PAGE>

     Termination Date:             The earlier of (i) September 15, 2008,
                                   subject to adjustment in accordance with the
                                   Following Business Day Convention, and (ii)
                                   the date on which the Class B Note Principal
                                   Balance (as defined in the Indenture
                                   Supplement) is reduced to zero, subject to
                                   early termination in accordance with the
                                   terms of the Agreement. In accordance with
                                   the Indenture Supplement, the Class B
                                   Expected Principal Distribution Date is March
                                   15, 2006, subject to the Following Business
                                   Day Convention.
    Fixed Amounts:

     Fixed Rate Payer:             Party B

     Fixed Rate Payer Payment      The 15/th/ of each month commencing April 16,
     Dates:                        2001 and ending on the Termination Date,
                                   subject to adjustment in accordance with the
                                   Following Business Day Convention

     Fixed Rate:                   5.670% per annum

     Fixed Rate Day Count          Actual/360
     Fraction:

    Floating Amounts:

     Floating Rate Payer:          Party A

     Floating Rate Payer           The 15/th/ of each month commencing April 16,
     Payment Dates:                2001 and ending on the Termination Date,
                                   subject to adjustment in accordance with the
                                   Following Business Day Convention.

     Floating Rate for initial
     Calculation Period:           LIBOR rate

     Floating Rate Option:         USD-LIBOR-BBA

     Designated Maturity:          1 Month

     Spread:                       None

     Floating Rate Day Count       Actual/360
     Fraction:

     Reset Dates:                  First day of each Calculation Period

     Business Days:                New York, Portland, Oregon, and Chicago,
                                   Illinois

     Calculation Agent:            Party A

3.  Additional Amounts Upon Partial Termination

                                  Page 2 of 5
<PAGE>

          On any Payment Date prior to the Class B Expected Principal
Distribution Date (as defined in the Indenture Supplement), where as a result of
principal payments on the Class B Notes (as defined in the Indenture
Supplement), the Notional Amount would be reduced by the corresponding reduction
in the Class B Note Principal Balance (as defined in the Indenture Supplement),
the parties hereto shall treat the portion of such reduction (without
duplication) as terminated on such Payment Date (a "Terminated Transaction").
Party A shall calculate the Market Quotation for the Terminated Transaction as
set forth below.

          "Market Quotation" means, with respect to a Terminated Transaction, an
amount determined on the basis of quotations from Reference Market-makers.  Each
quotation will be for an amount, if any, that would be paid to Party A
(expressed as a negative number) or by Party A (expressed as a positive number)
in consideration of an agreement between Party A and the quoting Reference
Market-maker to enter into such Terminated Transaction (with the same fixed and
floating payment rates and remaining term as this Transaction)  on the relevant
Payment Date.  Party A will request each Reference Market-maker to provide its
quotation to the extent reasonably practicable as of the same day and time
(without regard to different time zones) on or as soon as reasonably practicable
prior to the relevant Payment Date.  The day and time as of which those
quotations are to be obtained will be selected in good faith by Party A.  If
more than three quotations are provided, the Market Quotation will be the
arithmetic mean of the quotations, without regard to the quotations having the
highest and lowest values.  If exactly three such quotations are provided,  the
Market Quotation will be the quotation remaining after disregarding the highest
and lowest quotations.  For this purpose, if more than one quotation has the
same highest value or lowest value, then one of such quotations shall be
disregarded.  If fewer than three quotations are provided, Party A will
determine the Market Quotation in good faith.  Notwithstanding the foregoing,
Party A shall be the sole Reference Market-maker unless: (a)  the reduction in
the Notional Amount of the Transaction is equal to or greater than $50 million
on such Payment Date, and (b) the Servicer or the Indenture Trustee requests
that quotations from Reference Market-makers other than Party A  are utilized.

          If the amount so determined by Party A in respect of a Terminated
Transaction is positive, Party B shall owe such amount to Party A, which shall
be payable (with interest thereon accruing from such Payment Date and calculated
at the Fixed Rate) on the next Distribution Date to the extent provided in the
Indenture; provided that no such payments shall be made by Party B until the
Note Principal Balance (as defined in the Indenture Supplement) has been reduced
to zero.  If such amount is negative, Party A shall owe such amount to Party B,
which shall be payable (with interest accruing from such Payment Date and
calculated at the Floating Rate) on the Termination Date, net of any amounts
payable by Party B to Party A.

4.        Credit Support Documents:          None.

5.        Account Details:

          Account for payments to            Name: Deutsche Bank AG, New York
          Party A:                           Branch

                                             City: New York

                                             ABA# 026003780

                                             Ref: Interest Rate Swap

                                             Acct: 100440170004

          Account for payments to            The Bank of New York
          Party B:                           ABA #
                                             Name: First Consumers Credit Card
                                             Master Note

                                  Page 3 of 5
<PAGE>

                                             Trust
                                                  Collection Account
                                             Acct:

6.        Offices:

          The Office of Party A for
          this Transaction is:
                                             New York, NY

          The Office of Party B for
          this Transaction is:
                                             New York, NY

           Please confirm that the foregoing correctly sets forth
           the terms and conditions of our agreement by
           responding within three (3) Business Days by returning
           via telecopier an executed copy of this Confirmation to
           the attention of Michael Campbell (fax no. (212) 669-1592).

Failure to respond within such period shall not affect the validity or
enforceability of this Transaction, and shall be deemed to be an affirmation of
the terms and conditions contained herein, absent manifest error.

                                  Page 4 of 5
<PAGE>

Deutsche Bank AG, New York Branch       Accepted and confirmed as of the date
                                        first written:

                                        First Consumers Credit Card Master
                                        Note Trust, By Bankers Trust Company,
By: _____________________________       not in its individual capacity, but
                                        solely as Owner Trustee

Name:
Title:

By: _____________________________       By: __________________________________
Name:                                   Name and Title:

Title:

                                  Page 5 of 5

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