Document:

exv4w3

 

EX-4.3

EXECUTED VERSION

 

 

ADVANTA BUSINESS CARD MASTER TRUST

as Issuer

and

DEUTSCHE BANK TRUST COMPANY AMERICAS

as Indenture Trustee

CLASS D(2007-D1) TERMS DOCUMENT

dated as of February 21, 2007

to

ADVANTASERIES INDENTURE SUPPLEMENT

dated as of November 1, 2004

to

INDENTURE

dated as of August 1, 2000

 

 

 

 

TABLE OF CONTENTS

	 	 	 	 	 	 	 
	 	 	 	 	Page	 
	 
	 	ARTICLE I	 	 	 	 
	 
	 	Definitions and Other Provisions of General Application	 	 	 	 
	 
	 	 	 	 	 	 
	Section 1.01
	 	Definitions	 	 	1	 
	Section 1.02
	 	Governing Law	 	 	5	 
	Section 1.03
	 	Counterparts	 	 	5	 
	Section 1.04
	 	Ratification of Master Indenture and AdvantaSeries Indenture Supplement	 	 	5	 
	 
	 	 	 	 	 	 
	 
	 	ARTICLE II	 	 	 	 
	 
	 	The Class D(2007-D1) Asset Backed Notes	 	 	 	 
	 
	 	 	 	 	 	 
	Section 2.01
	 	Creation and Designation	 	 	5	 
	Section 2.02
	 	Interest Payment	 	 	5	 
	Section 2.03
	 	Determination of One-Month LIBOR.	 	 	6	 
	Section 2.04
	 	Required Deposits of Available Principal Collections to the Principal	 	 	 	 
	 
	 	Funding Account; Payment of Principal	 	 	6	 
	Section 2.05
	 	Holders’ Rights to Payments of Interest and Principal	 	 	7	 
	Section 2.06
	 	Cash Collateral Account	 	 	7	 
	Section 2.07
	 	Spread Account	 	 	8	 
	Section 2.08
	 	Delivery and Payment for the Class D(2007-D1) Notes; Form and Denomination	 	 	8	 
	Section 2.09
	 	Manner of Payment of Class D(2007-D1) Notes	 	 	8	 
	Section 2.10
	 	Monthly Servicing Fee	 	 	8	 
	Section 2.11
	 	Registration; Registration of Transfer and Exchange; Transfer Restrictions	 	 	8	 
	Section 2.12
	 	Payment of Principal and Interest on and Exchange of Temporary Regulation S	 	 	 	 
	 
	 	Global Notes	 	 	12	 
	Section 2.13
	 	Global Notes	 	 	13	 
	Section 2.14
	 	Regulation S Global Notes	 	 	13	 
	Section 2.15
	 	Special Transfer Provisions	 	 	15	 

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     CLASS D(2007-D1) TERMS DOCUMENT, dated as of February 21, 2007 (the “Terms Document”),
between WILMINGTON TRUST COMPANY, as Owner Trustee of ADVANTA BUSINESS CARD MASTER TRUST, a common
law trust organized and existing under the laws of the State of Delaware (herein, the
“Issuer” or the “Trust”), and DEUTSCHE BANK TRUST COMPANY AMERICAS (formerly known
as Bankers Trust Company), 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, the “Indenture
Trustee”) under the Master Indenture, dated as of August 1, 2000, as amended by Amendment No. 1
to the Master Indenture, dated as of May 9, 2006 (as amended and supplemented from time to time,
the “Master Indenture”), between the Issuer and the Indenture Trustee. This Terms Document
supplements the AdvantaSeries Indenture Supplement, dated as of November 1, 2004 (as amended and
supplemented from time to time, the “AdvantaSeries Indenture Supplement”) between the
Issuer and the Indenture Trustee, which supplements the Indenture.

     Pursuant to this Terms Document, the Issuer shall create a new tranche of Class D Notes and
shall specify the principal terms thereof.

ARTICLE I

Definitions and Other Provisions of General Application

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

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

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

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

          (4) all references in this Terms Document to designated “Articles,” “Sections” and other
subdivisions are to the designated Articles, Sections and other subdivisions of this Terms
Document;

          (5) the words “herein,” “hereof” and “hereunder” and other words of similar import refer to
this Terms Document as a whole and not to any particular Article, Section or other subdivision;

          (6) in the event that any term or provision contained herein shall conflict with or be
inconsistent with any term or provision contained in the AdvantaSeries Indenture

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Supplement, the Master Indenture or the Transfer and Servicing Agreement, the terms and
provisions of this Terms Document shall be controlling;

          (7) each capitalized term defined herein shall relate only to the Class D(2007-D1) Notes and
no other Tranche of Notes issued by the Issuer; and

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

     “Accumulation Amount” shall mean, for any Payment Date occurring during the
Accumulation Period, $3,125,000; provided, however, that if the Accumulation Period Length is
determined to be less than 8 months pursuant to Section 2.04(b), the Accumulation Amount for each
Payment Date with respect to the Accumulation Period will be equal to (i) the Outstanding Principal
Balance of the Class D(2007-D1) Notes divided by (ii) the Accumulation Period Length.

     “Accumulation Deposit Amount” means, for any Payment Date occurring during the
Accumulation Period, an amount equal to the sum of the Accumulation Amount for such Payment Date
and any existing Accumulation Shortfall.

     “Accumulation Period” shall mean, unless a Pay Out Event shall have occurred prior
thereto, the period commencing at the close of business on May 31, 2009 or such later date as is
determined in accordance with Section 2.04(b), and ending on the first to occur of (a) the
commencement of the Early Amortization Period, (b) the payment in full of the Outstanding Principal
Balance of the Class D(2007-D1) Notes and (c) the Class D(2007-D1) Final Maturity Date.

     “Accumulation Period Factor” shall mean, for the purpose of calculating the
Accumulation Period Length for the Class D(2007-D1) Notes, with respect to any Monthly Period, a
fraction, the numerator of which is equal to the sum of the initial invested amounts (or, if no
initial invested amount is defined in the applicable Indenture Supplement, then the initial
principal balance) of all outstanding Series, and the denominator of which is equal to the sum of
(a) the Initial Principal Balance of Class D(2007-D1) Notes, (b) the initial invested amounts (or,
if no initial invested amount is defined in the applicable Indenture Supplement, then the initial
principal balance) of all other Outstanding Classes and Tranches (without duplication) (other than
the Class D(2007-D1) Notes) which are not expected to be in their revolving periods, and (c) the
initial invested amounts (or, if no initial invested amount is defined in the applicable Indenture
Supplement, then the initial principal balance) of all other Outstanding Classes and Tranches
(without duplication) (other than the Class D(2007-D1) Notes) which are not allocating Shared
Principal Collections to other Series and are in their revolving periods; provided, however, that
this definition may be changed at any time if the Rating Agency Condition is satisfied.

     “Accumulation Period Length” means 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

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the determination of the Accumulation Period Length may be changed at any time if the Rating
Agency Condition is satisfied.

     “Accumulation Shortfall” shall mean (a) on the first Payment Date during the
Accumulation Period, zero and (b) on each subsequent Payment Date during the Accumulation Period,
the excess, if any, of the Accumulation Deposit Amount for the previous Payment Date over the
amount deposited into the Principal Funding Account pursuant to Section 2.04(b) for the previous
Payment Date.

     “Class D(2007-D1) Final Maturity Date” means January 22, 2013.

     “Class D(2007-D1) Note” means any Note substantially in the form set forth in Exhibit
A-1, A2 or A3 to this Terms Document, designated therein as a Class D(2007-D1) Asset Backed Note
and duly executed and authenticated in accordance with the Master Indenture.

     “Class D(2007-D1) Noteholder” means a Person in whose name a Class D(2007-D1) Note is
registered in the Note Register.

     “Class D(2007-D1) Note Interest Rate” means a rate per annum equal to 1.40% in excess
of One-Month LIBOR as determined by the Indenture Trustee on each LIBOR Determination Date with
respect to each Interest Period.

     “Class D(2007-D1) Termination Date” means the earliest to occur of (a) the Principal
Payment Date on which the Outstanding Principal Balance of the Class D(2007-D1) Notes is paid in
full, (b) the Class D(2007-D1) Final Maturity Date and (c) the date on which the Indenture is
discharged and satisfied pursuant to Article XI thereof.

     “Closing Date” means February 21, 2007.

     “Custodian” means the entity maintaining possession of the Global Notes for the
Clearing Agency.

     “Distribution Compliance Period” has the meaning specified in Rule 902 of Regulation S
under the Securities Act.

     “DWAC” means Deposit and Withdrawal At Custodian Service.

     “Eligible Institution” shall mean, with respect to any funds allocable to the Class
D(2007-D1) Notes in the Collection Account, the Spread Account and the Principal Funding
Sub-Account for the Class D(2007-D1) Notes, any “Eligible Institution” as defined in the Master
Indenture, except that all references in such definition to “a long-term unsecured debt rating as
required in each Indenture Supplement” shall mean long-term ratings of not less than AA- by
Standard & Poor’s and Al by Moody’s, except that no such rating shall be required of an institution
which maintains such Collection Account or such funds as a fully segregated trust account or
subaccount with the corporate trust department of such institution as long as such institution
maintains the credit rating of a Rating Agency in one of its generic credit rating categories which
signifies investment grade.

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     “Eligible Investments” shall mean with respect to funds allocable to the Class
D(2007-D1) Notes in the Collection Account, the Spread Account and the Principal Funding
Sub-Account for the Class D(2007-D1) Notes, “Eligible Investments” as defined in the Master
Indenture, except that all references in such definition to the rating “required in each Indenture
Supplement” and “rating that satisfies the Rating Agency Condition” shall mean ratings of not less
than A-1+ by Standard & Poor’s and P-1 by Moody’s.

     “Euroclear” means Euroclear Bank, S.A./N.V., as operator of the Euroclear System.

     “Expected Final Principal Payment Date” means February 22, 2010.

     “Initial Principal Balance” means $25,000,000.

     “Interest Payment Date” means the scheduled due date of any payment of interest on the
Class D(2007-D1) Notes, which shall be each Payment Date. The first Interest Payment Date shall be
March 20, 2007.

     “LIBOR Determination Date” shall mean (1) with respect to the first Interest Payment
Date, (i) February 16, 2007 for the period from and including the Closing Date to but excluding
March 20, 2007 and (2) with respect to any Interest Payment Date after the first Interest Payment
Date, the second London Business Day prior to the commencement of the related Interest Period.

     “London Business Day” means any Business Day on which dealings in deposits in United
States Dollars are transacted in the London interbank market.

     “Offering Memorandum” means the Confidential Offering Memorandum, dated February 13,
2007, and the Prospectus, dated February 12, 2007, relating to the Class D(2007-D1) Notes.

     “One-Month Index Maturity” means a maturity of one month commencing on the related
LIBOR Determination Date.

     “One-Month LIBOR” means, for any Interest Period, the London interbank offered rate
for one month United States dollar deposits determined by the Indenture Trustee on the LIBOR
Determination Date for such Interest Period in accordance with the provisions of Section 2.03.

     “Paying Agent” means Deutsche Bank Trust Company Americas.

     “QIB” has the meaning specified in Section 2.11.

     “Rating Agency” means, with respect to the Class D(2007-D1) Notes, each of Standard &
Poor’s, a division of The McGraw-Hill Companies, Inc., and Moody’s Investors Service, Inc.

     “Reference Banks” means three major banks in the London interbank market selected by
the Servicer.

     “Regulation S Certification” has the meaning specified in Section 2.12.

     “Release Date” has the meaning specified in Section 2.12.

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     “Rule 144A Global Note” has the meaning specified in Section 2.13.

     “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 twelve
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.

     “Telerate Page 3750” means the display page currently so designated on the Moneyline
Telerate Service (or such other page as may replace that page on that service for the purpose of
displaying comparable rates or prices).

     “Temporary Regulation S Global Note” has the meaning specified in Section 2.13.

     Section 1.02 Governing Law. THIS TERMS DOCUMENT WILL BE CONSTRUED IN ACCORDANCE WITH
AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK, INCLUDING SECTION 5-1401 OF THE GENERAL
OBLIGATION LAW, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS AND THE OBLIGATIONS, RIGHTS AND
REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

     Section 1.03 Counterparts. This Terms Document may be executed in any number of
counterparts, each of which so executed will be deemed to be an original, but all such counterparts
will together constitute but one and the same instrument.

     Section 1.04 Ratification of Master Indenture and AdvantaSeries Indenture Supplement.
As supplemented by this Terms Document, each of the Master Indenture and the AdvantaSeries
Indenture Supplement is in all respects ratified and confirmed and the Master Indenture as so
supplemented by the AdvantaSeries Indenture Supplement and this Terms Document shall be read, taken
and construed as one and the same instrument.

[END OF ARTICLE I]

ARTICLE II

The Class D(2007-D1) Asset Backed Notes

     Section 2.01 Creation and Designation. There is hereby created a tranche of Class D
Notes to be issued pursuant to the Master Indenture and the AdvantaSeries Indenture Supplement to
be known as the “AdvantaSeries Class D(2007-D1) Asset Backed Notes.”

     Section 2.02 Interest Payment. For each Interest Payment Date, the amount of interest
due and payable with respect to the Class D(2007-D1) Notes 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, multiplied by (B) the Class D(2007-D1) Note Interest
Rate in effect with respect to the related Interest Period, multiplied by (ii) the Outstanding
Principal Balance of the Class D(2007-D1) Notes determined as of the Record Date preceding the
related Interest Payment Date. Any interest on the Class D(2007-D1) Notes will

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be calculated on the basis of the actual number of days in the related Interest Period and a
360-day year.

     Section 2.03 Determination of One-Month LIBOR.

     (a) On each LIBOR Determination Date, the Indenture Trustee shall determine One-Month LIBOR on
the basis of the rate for deposits in United States dollars having a One-Month Index Maturity
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, One-Month LIBOR for that LIBOR Determination Date shall be
determined on the basis of the rates at which deposits in United States dollars, having a One-Month
Index Maturity and in an amount of not less than $1,000,000, 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.
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, One-Month LIBOR
for that LIBOR Determination Date shall be the arithmetic mean of the quotations. If fewer than
two (2) quotations are provided as requested, One-Month LIBOR for that LIBOR Determination Date
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 having a One-Month Index Maturity and in an amount of not less
than U.S. $1,000,000; provided, that, if the banks selected by the Servicer are not quoting such
rates, One-Month LIBOR in effect for the applicable Interest Period will be the same as One-Month
LIBOR for the immediately preceding Interest Period.

     (b) The Class D(2007-D1) 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 (800) 735-7777 or such other telephone number as shall be designated by the
Indenture Trustee for such purpose by prior written notice by the Indenture Trustee to each
Noteholder from time to time.

     (c) On each LIBOR Determination Date, the Indenture Trustee shall send to the Transferor, by
facsimile or electronic transmission, notification of One-Month LIBOR for the following Interest
Period.

     Section 2.04 Required Deposits of Available Principal Collections to the Principal Funding
Account; Payment of Principal. With respect to any Payment Date, the amount to be deposited in
the Principal Funding Sub-Account pursuant to Section 4.16 of the AdvantaSeries Indenture
Supplement will be the amount determined pursuant to clause (a), (b) or (c) below for such Payment
Date, as applicable, or if more than one such clause is applicable, the highest amount determined
pursuant to any one of such clauses; provided, however, in no case shall the amount required to be
deposited exceed the Class D(2007-D1) Adjusted Invested Amount (calculated immediately before
giving effect to such deposit but after giving effect to any Investor Charge-Offs and any
reallocations of principal on such date).

     (a) Revolving Period. On each Payment Date during the Revolving Period, the required
deposit to the Principal Funding Sub-Account for the Class D(2007-D1) Notes will be zero.

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     (b) Accumulation Period. On each Payment Date during the Accumulation Period, the
required deposit to the Principal Funding Sub-Account for the Class D(2007-D1) Notes will be the
Accumulation Deposit Amount for such Payment Date. The Accumulation Period is scheduled to
commence at the close of business on May 31, 2009; provided, however, that, if the Accumulation
Period Length is less than 8 months, the date on which the Accumulation Period actually commences
will be delayed to the close of business on the last day of the month prior to the month that is
the number of whole months prior to the Expected Final Principal Payment Date which is at least
equal to the Accumulation Period Length and, as a result, the number of Monthly Periods in the
Accumulation Period will at least equal the Accumulation Period Length. On the Determination Date
twelve (12) months prior to the Expected Final Principal Payment Date and each Determination Date
thereafter until the Accumulation Period begins, the Servicer shall determine the Accumulation
Period Length.

     (c) Early Amortization Period. On each Payment Date during an Early Amortization
Period, the required deposit to the Principal Funding Sub-Account for the Class D(2007-D1) Notes
will be the Adjusted Invested Amount for the Class D(2007-D1) Notes as of the close of business on
the last day of the preceding Monthly Period (after taking into account any reductions or increases
occurring on such date).

     (d) Distributions to Paying Agent. On each Principal Payment Date, the Indenture
Trustee, acting in accordance with written instructions from the Servicer, shall withdraw from the
Principal Funding Sub-Account for the Class D(2007-D1) Notes and distribute to the Paying Agent for
payment to the Class D(2007-D1) Noteholders the amounts deposited into the Principal Funding
Sub-Account for the Class D(2007-D1) Notes pursuant to this Section 2.04.

     Section 2.05 Holders’ Rights to Payments of Interest and Principal.

     (a) Any installment of interest or principal, if any, payable on any Class D(2007-D1) Note
which is punctually paid or duly provided for by the Issuer and the Indenture Trustee on the
applicable Interest Payment Date or Principal Payment Date shall be paid by the Paying Agent to the
Person in whose name such Class D(2007-D1) Note is registered on the Record Date, by wire transfer
of immediately available funds to such Person’s account as has been designated by written
instructions received by the Paying Agent from such Person not later than the close of business on
the third Business Day preceding the date of payment or, if no such account has been so designated,
by check mailed first-class, postage prepaid to such Person’s address as it appears on the Note
Register on such Record Date, except that with respect to Notes registered on the Record Date in
the name of the nominee of Cede & Co., payment shall be made by wire transfer in immediately
available funds to the account designated by such nominee.

     (b) The right of the Class D(2007-D1) Noteholders to receive payments from the Issuer will
terminate on the first Business Day following the Class D(2007-D1) Termination Date.

     Section 2.06 Cash Collateral Account. In accordance with Section 4.22(a) of the
AdvantaSeries Indenture Supplement, on or prior to the Closing Date, the Transferor shall deposit,
cause to be deposited or maintain funds in the Cash Collateral Account such that, immediately after
giving effect to the issuance of the Class D(2007-D1) Notes, the amount on

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deposit in the Cash Collateral Account for the AdvantaSeries is at least equal to the Required
Cash Collateral Account Amount.

     Section 2.07 Spread Account. In accordance with Section 4.24(a) of the AdvantaSeries
Indenture Supplement, on or prior to the Closing Date, the Transferor shall deposit, cause to be
deposited or maintain funds in the Spread Account such that immediately after the issuance of the
Class D(2007-D1) Notes, the ratio of the amount on deposit in the Spread Account to the Required
Spread Account Amount is equal to or greater than the same ratio immediately preceding such
issuance.

     Section 2.08 Delivery and Payment for the Class D(2007-D1) Notes; Form and
Denomination.

     (a) The Issuer shall execute and issue, and the Indenture Trustee shall authenticate, the
Class D(2007-D1) Notes in accordance with Section 2.03 of the Master Indenture. The Indenture
Trustee shall deliver the Class D(2007-D1) Notes to or upon the order of the Issuer when so
authenticated. The Class D(2007-D1) Notes initially shall be Book-Entry Notes.

     (b) The Depository for the Class D(2007-D1) Notes shall be The Depository Trust Company, and
the Class D(2007-D1) Notes shall be registered in the name of Cede & Co., its nominee.

     (c) The Class D(2007-D1) Notes will be issued in minimum denominations of $100,000 and
integral multiples of $1,000 in excess of that amount.

     Section 2.09 Manner of Payment of Class D(2007-D1) Notes. Except as provided in
Section 11.02 of the Master Indenture with respect to a final distribution, distributions to Class
D(2007-D1) Noteholders hereunder shall be made by (i) check mailed to each Class D(2007-D1)
Noteholder (at such Noteholder’s address as it appears in the Note Register), except that with
respect to any Class D(2007-D1) Notes registered in the name of the nominee of a Clearing Agency,
the Transferor or an Affiliate of the Transferor, such payment shall be made in immediately
available funds and (ii) without presentation or surrender of any Class D(2007-D1) Note or the
making of any notation thereon.

     Section 2.10 Monthly Servicing Fee. In accordance with Section 3.01(a) of the
AdvantaSeries Indenture Supplement, with respect to the March 20, 2007 Payment Date, the
AdvantaSeries Monthly Servicing Fee allocated to the Class D(2007-D1) Notes shall be $13,889.

     Section 2.11 Registration; Registration of Transfer and Exchange; Transfer
Restrictions. The Class D(2007-D1) Notes have not been registered under the Securities Act or
any state securities law. None of the Transferor, the Issuer, the Note Registrar, the
Administrator, the Indenture Trustee, the Owner Trustee, the Seller or the Servicer is obligated to
register the Class D(2007-D1) Notes under the Securities Act or any other securities or “Blue Sky”
laws or to take any other action not otherwise required under this Terms Document to permit the
transfer of any Note without registration.

     No transfer of any of the Class D(2007-D1) Notes or any interest therein (including by pledge
or hypothecation) shall be made except in compliance with the restrictions on transfer set

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forth in this Section 2.11 (including the applicable legend to be set forth on the face of
each Note, as applicable) and in Section 2.14 in a transaction exempt from the registration
requirements of the Securities Act and applicable state securities or “Blue Sky” laws (i) to a
Person (A) that the transferor reasonably believes is a “qualified institutional buyer” within the
meaning thereof in Rule 144A under the Securities Act (a “QIB”) in the form of beneficial
interests in the Rule 144A Global Note, and (B) that is aware that the resale or other transfer is
being made in reliance on Rule 144A under the Securities Act or (ii) in an offshore transaction in
accordance with Rule 903 or Rule 904 of Regulation S under the Securities Act, in the form of
beneficial interests in the applicable Regulation S Global Note. As used in this Section 2.11, the
terms “United States” and “U.S. persons” have the meanings given them in Regulation S under the
Securities Act.

     Each Note Owner of any of the Class D(2007-D1) Notes, by its acceptance thereof, will be
deemed to have acknowledged, represented to and agreed with the Transferor, the Issuer and the
Initial Purchaser as follows:

     (i) It understands that the Class D(2007-D1) Notes will be offered and may be
resold by the Initial Purchaser (A) in the United States to QIBs pursuant to Rule
144A under the Securities Act in the form of beneficial interests in the Rule 144A
Global Note, or (B) outside the United States pursuant to Regulation S, initially in
the form of beneficial interests in the Temporary Regulation S Global Note. As set
forth in Section 2.14, beneficial interests in the Temporary Regulation S Global
Note may be exchanged for beneficial interests in the Permanent Regulation S Global
Note.

     (ii) It understands that the Class D(2007-D1) Notes have not been registered
under the Securities Act and may not be offered or sold within the United States or
to or for the account or benefit of U.S. persons (A) as part of their distribution
at any time or (B) otherwise until 40 days after the later of (x) the date upon
which the offering of such notes commenced to persons other than distributors in
reliance upon Regulation S and (y) the date of issuance of the Class D(2007-D1)
Notes, except in either case in accordance with Regulation S or Rule 144A under the
Securities Act. Terms used in this clause (ii) have the meaning given to them by
Regulation S under the Securities Act.

     (iii) It understands and acknowledges that the Class D(2007-D1) Notes have not
been and will not be registered under the Securities Act or any state or other
applicable securities law and that the Class D(2007-D1) Notes, or any interest or
participation therein, may not be offered, sold, pledged or otherwise transferred
unless registered pursuant to, or exempt from registration under, the Securities Act
and any other applicable securities law.

     (iv) It acknowledges that none of the Transferor, the Issuer, the
Administrator, the Indenture Trustee, the Owner Trustee, the Seller, the Servicer or
the Initial Purchaser or any Person representing the Transferor, the Issuer, the
Administrator, the Indenture Trustee, the Owner Trustee, the Seller, the Servicer or
the Initial Purchasers has made any representation to it with respect to the

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Transferor, the Issuer, the Seller or the offering or sale of the Class
D(2007-D1) Notes, other than the information contained in the Offering Memorandum,
which has been delivered to it and upon which it is relying in making its investment
decision with respect to the Class D(2007-D1) Notes. It has had access to such
financial and other information concerning the Transferor, the Issuer, the Seller,
the Servicer and the Class D(2007-D1) Notes as it has deemed necessary in connection
with its decision to purchase the Class D(2007-D1) Notes.

     (v) It acknowledges that the Class D(2007-D1) Notes will bear a legend to the
following effect unless the Issuer determines otherwise, consistent with applicable
law:

     “THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE “SECURITIES ACT”). NEITHER THIS NOTE NOR ANY PORTION HEREOF MAY BE OFFERED,
SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN COMPLIANCE WITH THE REGISTRATION
PROVISIONS OF THE SECURITIES ACT AND ANY APPLICABLE PROVISIONS OF ANY STATE BLUE SKY
OR SECURITIES LAWS OR PURSUANT TO AN AVAILABLE EXEMPTION FROM SUCH REGISTRATION
PROVISIONS (1) TO ADVANTA BANK CORP., (2) PURSUANT TO RULE 144A UNDER THE SECURITIES
ACT TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL
BUYER WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT (A “QIB”) PURCHASING
FOR ITS OWN ACCOUNT OR A QIB PURCHASING FOR THE ACCOUNT OF A QIB, WHOM THE HOLDER
HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS
BEING MADE IN RELIANCE ON RULE 144A UNDER THE SECURITIES ACT, OR (3) IN AN OFFSHORE
TRANSACTION IN ACCORDANCE WITH RULE 903 OR RULE 904 OF REGULATION S UNDER THE
SECURITIES ACT. EACH NOTE OWNER BY ACCEPTING A BENEFICIAL INTEREST IN THIS NOTE,
UNLESS THAT PERSON ACQUIRED THIS NOTE IN A TRANSFER DESCRIBED IN CLAUSE (3) ABOVE,
IS DEEMED TO REPRESENT THAT IT IS EITHER A QIB PURCHASING FOR ITS OWN ACCOUNT OR A
QIB PURCHASING FOR THE ACCOUNT OF ANOTHER QIB.

     BEFORE PURCHASING ANY NOTES, PURCHASERS SHOULD CONSULT COUNSEL WITH RESPECT TO
THE AVAILABILITY AND CONDITIONS OF EXEMPTION FROM THE RESTRICTION ON RESALE OR
TRANSFER. NEITHER ADVANTA BANK CORP., ADVANTA BUSINESS RECEIVABLES CORP. NOR
ADVANTA BUSINESS CARD MASTER TRUST HAS AGREED TO REGISTER THE NOTES UNDER THE
SECURITIES ACT, TO QUALIFY THE NOTES UNDER THE SECURITIES LAWS OF ANY STATE OR
JURISDICTION OR TO PROVIDE REGISTRATION RIGHTS TO ANY PURCHASER.”

10

 

     (vi) If it is acquiring any Class D(2007-D1) Notes, or any interest or
participation therein, as a fiduciary or agent for one or more investor accounts, it
represents that it has sole investment discretion with respect to such account and
that it has full power to make the acknowledgments, representations and agreements
contained herein on behalf of each such account.

     (vii) It (A)(1) is a QIB, (2) is aware that the sale to it is being made in
reliance on Rule 144A under the Securities Act and if it is acquiring such Class
D(2007-D1) Note or any interest or participation therein for the account of another
QIB, that other QIB is aware that the sale is being made in reliance on Rule 144A
under the Securities Act and (3) is acquiring such Class D(2007-D1) Note or any
interest or participation therein for its own account or for the account of a QIB,
or (B) is not a U.S. person and is purchasing such Class D(2007-D1) Note or any
interest or participation therein in an offshore transaction meeting the
requirements of Rule 903 or Rule 904 of Regulation S under the Securities Act.

     (viii) It is purchasing such Class D(2007-D1) Note for its own account, or for
one or more investor accounts for which it is acting as fiduciary or agent, in each
case for investment, and not with a view to, or for offer or sale in connection
with, any distribution thereof in violation of the Securities Act, subject to any
requirements of law that the disposition of its property or the property of such
investor account or accounts be at all times within its or their control and subject
to its or their ability to resell such Class D(2007-D1) Note, or any interest or
participation therein, as described in the Offering Memorandum and as provided in
this Terms Document.

     (ix) It agrees that if in the future it should offer, sell or otherwise
transfer such Class D(2007-D1) Notes or any interest or participation therein, it
will do so only (A) to the Seller, (B) pursuant to Rule 144A under the Securities
Act to a Person that it reasonably believes is a QIB in a transaction meeting the
requirements of Rule 144A under the Securities Act, purchasing for its own account
or for the account of a QIB, whom it has informed that such offer, sale or other
transfer is being made in reliance on Rule 144A under the Securities Act or (C) in
an offshore transaction meeting the requirements of Rule 903 or Rule 904 of
Regulation S under the Securities Act.

     (x) If it is acquiring such Class D(2007-D1) Notes or any interest or
participation therein in an “offshore transaction” (as defined in Regulation S), it
acknowledges that such Class D(2007-D1) Notes will initially be represented by the
Temporary Regulation S Global Note and that transfers thereof or any interest or
participation therein are restricted as set forth in this Terms Document. If it is
a QIB, it acknowledges that such Class D(2007-D1) Note offered in reliance on Rule
144A under the Securities Act will be represented by a Rule 144A Global Note and
that transfers thereof or any interest or participation therein are restricted as
set forth in this Terms Document.

11

 

     (xi) It understands that the Temporary Regulation S Global Note will bear a
legend to the following effect unless the Issuer determines otherwise, consistent
with applicable law:

     “THIS GLOBAL NOTE IS A TEMPORARY GLOBAL NOTE FOR PURPOSES OF REGULATION S UNDER
THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”).
NEITHER THIS TEMPORARY GLOBAL NOTE NOR ANY INTEREST HEREIN MAY BE OFFERED, SOLD OR
DELIVERED, EXCEPT AS PERMITTED UNDER THE INDENTURE REFERRED TO BELOW.

     NO BENEFICIAL OWNERS OF THIS TEMPORARY GLOBAL NOTE WILL BE ENTITLED TO RECEIVE
PAYMENT OF PRINCIPAL OR INTEREST HEREON UNLESS THE REQUIRED CERTIFICATIONS HAVE BEEN
DELIVERED PURSUANT TO THE TERMS OF THE INDENTURE.”

     (xii) It acknowledges that the Transferor, the Issuer, the Administrator, the
Indenture Trustee, the Owner Trustee, the Seller, the Servicer, the Initial
Purchasers and others will rely on the truth and accuracy of the foregoing
acknowledgments, representations and agreements, and agrees that if any of the
foregoing acknowledgments, representations and agreements deemed to have been made
by it are no longer accurate, it shall promptly notify the Transferor, the Issuer,
the Administrator, the Indenture Trustee, the Owner Trustee, the Seller, the
Servicer and the Initial Purchasers.

     (xiii) With respect to any foreign purchaser claiming an exemption from United
States income or withholding tax that it has delivered to the Indenture Trustee a
true and complete Form W-8BEN or Form W-8ECI indicating such exemption or such other
forms and documentation as may be sufficient under the applicable regulations for
claiming such exemption.

     (xiv) It acknowledges that transfers of the Class D(2007-D1) Note or any
interest or participation therein shall otherwise be subject in all respects to the
restrictions applicable thereto contained in this Terms Document.

     Any transfer, resale, pledge or other transfer of the Class D(2007-D1) Note contrary to the
restrictions set forth above and in this Terms Document shall be deemed void ab initio.

     Notwithstanding anything to the contrary contained herein, each Class D(2007-D1) Note and this
Terms Document may be amended or supplemented to modify the restrictions on and procedures for
resale and other transfers of the Class D(2007-D1) Notes to reflect any change in applicable law or
regulation (or the interpretation thereof) or in practices relating to the resale or transfer of
restricted securities generally. Each Noteholder of an Class D(2007-D1) Note shall, by its
acceptance thereof, have agreed to any such amendment or supplement.

     Section 2.12 Payment of Principal and Interest on and Exchange of Temporary Regulation S
Global Notes. Holders of a beneficial interest in Class D(2007-D1) Notes sold in

12

 

reliance on Regulation S as Temporary Regulation S Global Notes are prohibited from receiving
distributions on or from exchanging beneficial interests in such Temporary Regulation S Global
Notes for Permanent Regulation S Global Notes until the later of (i) the expiration of the
Distribution Compliance Period (the “Release Date”) and (ii) the furnishing of a
certificate substantially in the form of Exhibit B to this Terms Document certifying that the
beneficial owner of the Temporary Regulation S Global Note is a non-U.S. person (a “Regulation
S Certification”) as provided in Section 2.14.

     Section 2.13 Global Notes. The Class D(2007-D1) Notes, upon original issuance, will
be issued in global form (i) to QIBs in transactions exempt from the registration requirements of
the Securities Act in reliance on Rule 144A, as one or more notes in fully registered form, without
interest coupons (each, a “Rule 144A Global Note”), executed, authenticated and delivered
in substantially the form attached to this Terms Document as Exhibit A-1 and/or (ii) as one or more
notes in “offshore transactions” (within the meaning of Regulation S), in fully registered form,
without interest coupons (each, a “Temporary Regulation S Global Note”), executed,
authenticated and delivered in substantially the form attached to this Terms Document as Exhibit
A-2. Such Class D(2007-D1) Note shall be delivered to The Depository Trust Company, the initial
Clearing Agency, by, or on behalf of, the Issuer and shall initially be registered on the Note
Register in the name of Cede & Co., the nominee of the initial Clearing Agency, and no Note Owner
will receive a definitive Note representing such Note Owner’s interest in such Note, except as
provided in the Master Indenture.

     Section 2.14 Regulation S Global Notes.

     (a) Class D(2007-D1) Notes issued in reliance on Regulation S under the Securities Act will
initially be in the form of one or more Temporary Regulation S Global Notes. Any interest in a
Class D(2007-D1) Note evidenced by a Temporary Regulation S Global Note is exchangeable for an
interest in a Class D(2007-D1) Note in fully registered, global form, without interest coupons,
executed, authenticated and delivered in substantially the form attached to this Terms Document as
Exhibit A-3 (each, a “Permanent Regulation S Global Note”), upon the later of (i) the
Release Date and (ii) the furnishing of a Regulation S Certification.

     (b) On or prior to the Release Date, each beneficial owner of a Temporary Regulation S Global
Note shall deliver to Euroclear or Clearstream (as applicable) a Regulation S Certification;
provided, however, that any beneficial owner of a Temporary Regulation S Global Note on the Release
Date or on any Payment Date that has previously delivered a Regulation S Certification hereunder
shall not be required to deliver any subsequent Regulation S Certification (unless the
certification previously delivered is no longer true as of such subsequent date, in which case such
beneficial owner shall promptly notify Euroclear or Clearstream, as applicable, thereof and shall
deliver an updated Regulation S Certification). Euroclear and/or Clearstream, as applicable, shall
deliver to the Paying Agent or the Indenture Trustee a Regulation S Certification promptly upon the
receipt of each such Regulation S Certification, and no such beneficial owner (or transferee from
such beneficial owner) shall be entitled to receive an interest in a Permanent Regulation S Global
Note or any payment of principal of or interest on or any other payment with respect to its
beneficial interest in a Temporary Regulation S Global Note prior to the Paying Agent or the
Indenture Trustee receiving such Regulation S Certification from Euroclear or Clearstream with
respect to the

13

 

portion of the Temporary Regulation S Global
Note owned by such beneficial owner (and, with respect to an interest in the Permanent
Regulation S Global Note, prior to the Release Date).

     Any payments of principal of, interest on or any other payment on a Temporary Regulation S
Global Note received by Euroclear or Clearstream with respect to any portion of such Regulation S
Global Note owned by a Note Owner that has not delivered the Regulation S Certification required by
this Section 2.14 shall be held by Euroclear and Clearstream solely as agents for the Paying Agent
and the Indenture Trustee. Euroclear and Clearstream shall remit such payments to the applicable
Note Owner (or to a Euroclear or Clearstream member on behalf of such Note Owner) only after
Euroclear or Clearstream has received the requisite Regulation S Certification. Until the Paying
Agent or the Indenture Trustee has received a Regulation S Certification from Euroclear or
Clearstream, as applicable, that it has received the requisite Regulation S Certification with
respect to the beneficial ownership of any portion of a Temporary Regulation S Global Note, the
Paying Agent or the Indenture Trustee may revoke the right of Euroclear or Clearstream, as
applicable, to hold any payments made with respect to such portion of such Temporary Regulation S
Global Note. If the Paying Agent or the Indenture Trustee exercises its right of revocation
pursuant to the immediately preceding sentence, Euroclear or Clearstream, as applicable, shall
return such payments to the Paying Agent or the Indenture Trustee and the Indenture Trustee shall
hold such payments in the applicable Issuer Account until Euroclear or Clearstream, as applicable,
has provided the necessary Regulation S Certifications to the Paying Agent or the Indenture Trustee
(at which time the Paying Agent shall forward such payments to Euroclear or Clearstream, as
applicable, to be remitted to the Note Owner that is entitled thereto on the records of Euroclear
or Clearstream (or on the records of their respective members)).

     Each Note Owner with respect to a Temporary Regulation S Global Note shall exchange its
interest therein for an interest in a Permanent Regulation S Global Note on or after the Release
Date upon furnishing to Euroclear or Clearstream (as applicable) the Regulation S Certification and
upon receipt by the Paying Agent or the Indenture Trustee, as applicable, of the Regulation S
Certification thereof from Euroclear or Clearstream, as applicable, in each case pursuant to the
terms of this Section 2.14. On and after the Release Date, upon receipt by the Paying Agent or the
Indenture Trustee of any Regulation S Certification from Euroclear or Clearstream described in the
immediately preceding sentence (i) with respect to the first such certification, the Issuer shall
execute, and the Indenture Trustee shall, upon receipt of an order to authenticate and deliver to
the Custodian the applicable Permanent Regulation S Global Note and (ii) with respect to the first
and all subsequent certifications, the Custodian shall exchange on behalf of the applicable
beneficial owners the portion of the applicable Temporary Regulation S Global Note covered by such
certification for a comparable portion of the applicable Permanent Regulation S Global Note. Upon
any exchange of a portion of a Temporary Regulation S Global Note for a comparable portion of a
Permanent Regulation S Global Note, the Custodian shall endorse on the schedules affixed to each of
such Regulation S Global Notes (or on continuations of such schedules affixed to each of such
Regulation S Global Notes and made parts thereof) appropriate notations evidencing the date of
transfer and (x) with respect to the Temporary Regulation S Global Note, a decrease in the
principal amount thereof equal to the amount covered by the applicable certification and (y) with
respect to the Permanent Regulation S Global Note, an increase in the principal amount thereof
equal to the principal amount of the decrease in the Temporary Regulation S Global Note pursuant to
clause (x) above.

14

 

     Section 2.15 Special Transfer Provisions. If a holder of a beneficial interest in the
Rule 144A Global Note wishes at any time to exchange its interest in the Rule 144A Global Note for
an interest in the Regulation S Global Note, or to transfer its interest in the Rule 144A Global
Note to a Person who wishes to take delivery thereof in the form of an interest in the Regulation S
Global Note, such holder may, subject to the rules and procedures of the Clearing Agency and to the
requirements set forth in the following sentence, exchange or transfer or cause the exchange or
transfer of such interest for an equivalent beneficial interest in the Regulation S Global Note.
Upon receipt by the Indenture Trustee of (1) instructions given in accordance with the Clearing
Agency’s procedures from or on behalf of a Note Owner of the Rule 144A Global Note, directing the
Indenture Trustee (via DWAC) to credit or cause to be credited a beneficial interest in the
Regulation S Global Note in an amount equal to the beneficial interest in the Rule 144A Global Note
to be exchanged or transferred, (2) a written order in accordance with the Clearing Agency’s
procedures containing information regarding the Euroclear or Clearstream account to be credited
with such increase and the name of such account, and (3) a certification given by such Note Owner
stating that the exchange or transfer of such interest has been made pursuant to and in accordance
with Rule 903 or Rule 904 of Regulation S under the Securities Act, the Indenture Trustee shall
promptly deliver appropriate instructions to the Clearing Agency (via DWAC), its nominee, or the
Custodian, as the case may be, to reduce or reflect on its records a reduction of the Rule 144A
Global Note by the aggregate principal amount of the beneficial interest in the Rule 144A Global
Note to be so exchanged or transferred from the relevant participant, and the Indenture Trustee
shall promptly deliver appropriate instructions (via DWAC) to the Clearing Agency, its nominee, or
the Custodian, as the case may be, concurrently with such reduction, to increase or reflect on its
records an increase of the principal amount of such Regulation S Global Note by the aggregate
principal amount of the beneficial interest in the Rule 144A Global Note to be so exchanged or
transferred, and to credit or cause to be credited to the account of the Person specified in such
instructions (who may be Euroclear Bank S.A./N.V. as operator of Euroclear or Clearstream or
another agent member of Euroclear, or Clearstream, or both, as the case may be, acting for and on
behalf of them) a beneficial interest in such Regulation S Global Note equal to the reduction in
the principal amount of the Rule 144A Global Note. Notwithstanding anything to the contrary, the
Indenture Trustee may conclusively rely upon the completed schedule set forth in the Rule 144A
Global Note evidencing the Class D(2007-D1) Notes.

     If a holder of a beneficial interest in the Regulation S Global Note wishes at any time to
exchange its interest in the Regulation S Global Note for an interest in the Rule 144A Global Note,
or to transfer its interest in the Regulation S Global Note to a Person who wishes to take delivery
thereof in the form of an interest in the Rule 144A Global Note, such holder may, subject to the
rules and procedures of Euroclear or Clearstream and the Clearing Agency, as the case may be, and
to the requirements set forth in the following sentence, exchange or transfer or cause the exchange
or transfer of such interest for an equivalent beneficial interest in the Rule 144A Global Note.
Upon receipt by the Indenture Trustee of (1) instructions given in accordance with the procedures
of Euroclear or Clearstream and the Clearing Agency, as the case may be, from or on behalf of a
Note Owner of the Regulation S Global Note directing the Indenture Trustee to credit or cause to be
credited a beneficial interest in the Rule 144A Global Note in an amount equal to the beneficial
interest in the Regulation S Global Note to be exchanged or transferred, (2) a written order given
in accordance with the procedures of Euroclear or Clearstream and the Clearing Agency, as the case
may be, containing information

15

 

regarding the account with the Clearing Agency to be credited with such increase and the name
of such account, and (3) prior to the expiration of the Distribution Compliance Period, a
certification given by such Class D(2007-D1) Note Owner stating that the Person transferring such
interest in such Regulation S Global Note reasonably believes that the Person acquiring such
interest in the Rule 144A Global Note is a QIB and is obtaining such beneficial interest for its
own account or the account of a QIB in a transaction meeting the requirements of Rule 144A under
the Securities Act and any applicable securities laws of any state of the United States or any
other jurisdiction, the Indenture Trustee shall promptly deliver (via DWAC) appropriate
instructions to the Clearing Agency, its nominee, or the Custodian, as the case may be, to reduce
or reflect on its records a reduction of the Regulation S Global Note by the aggregate principal
amount of the beneficial interest in such Regulation S Global Note to be exchanged or transferred,
and the Indenture Trustee shall promptly deliver (via DWAC) appropriate instructions to the
Clearing Agency, its nominee, or the Custodian, as the case may be, concurrently with such
reduction, to increase or reflect on its records an increase of the principal amount of the Rule
144A Global Note by the aggregate principal amount of the beneficial interest in the Regulation S
Global Note to be so exchanged or transferred, and to credit or cause to be credited to the account
of the Person specified in such instructions a beneficial interest in the Rule 144A Global Note
equal to the reduction in the principal amount of the Regulation S Global Note. After the
expiration of the Distribution Compliance Period, the certification requirement set forth in clause
(3) of the second sentence of the first paragraph of this Section 2.15 will no longer apply to such
exchanges and transfers. Notwithstanding anything to the contrary, the Indenture Trustee may
conclusively rely upon the completed schedule set forth in the Regulation S Global Note evidencing
the Class D(2007-D1) Notes.

     Any beneficial interest in one of the Global Notes that is transferred to a Person who takes
delivery in the form of an interest in another Global Note will, upon transfer, cease to be an
interest in such Global Note and become an interest in the other Global Note and, accordingly, will
thereafter be subject to all transfer restrictions and other procedures applicable to beneficial
interests in such other Global Note for as long as it remains such an interest.

     Until the later of the Release Date and the provision of the certifications required by
Section 2.14, beneficial interests in a Regulation S Global Note may only be held through Euroclear
Bank S.A./N.V. as operator of Euroclear or Clearstream or another agent member of Euroclear and
Clearstream acting for and on behalf of them. During the Distribution Compliance Period, interests
in the Regulation S Global Note may be exchanged for interests in the Rule 144A Global Note only in
accordance with the certification requirements described above.

[END OF ARTICLE II]

16

 

     IN WITNESS WHEREOF, the undersigned have caused this Terms Document to be duly executed and
delivered by their respective duly authorized officers on the day and year first above written.

	 	 	 	 	 
	 	WILMINGTON TRUST COMPANY,

     as Owner Trustee of

ADVANTA BUSINESS CARD MASTER TRUST

 	 
	 	By:  	/s/ Dorri E. Wolhar
 	 
	 	 	Name:  	Dorri E. Wolhar 	 
	 	 	Title:  	Financial Services Officer 	 
	 

	 	 	 	 	 
	 	DEUTSCHE BANK TRUST COMPANY AMERICAS,

     as Indenture Trustee

 	 
	 	By:  	/s/ Irene Siegel
 	 
	 	 	Name:  	Irene Siegel 	 
	 	 	Title:  	Vice President 	 

	 	 	 	 	 
	 	 	 
	 	By:  	                                               /s/ Aranka R. Paul
 	 
	 	 	Name:  	Aranka R. Paul 	 
	 	 	Title:  	Assistant Vice President 	 
	 

[Signature Page to Class D(2007-D1) Terms Document]

 

 

EXHIBIT A-1

ADVANTASERIES

CLASS D(200[•]-[D•]) ASSET BACKED RULE 144A GLOBAL 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 THE ISSUER OR THE TRANSFEROR, OR JOIN IN INSTITUTING AGAINST THE ISSUER OR
THE TRANSFEROR, 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 NOTE, BY ACCEPTANCE OF THIS NOTE, AND EACH HOLDER OF A BENEFICIAL INTEREST
THEREIN, AGREE TO TREAT THIS NOTE AS INDEBTEDNESS FOR APPLICABLE FEDERAL, STATE, AND LOCAL INCOME
AND FRANCHISE TAX LAW AND FOR PURPOSES OF ANY OTHER TAX IMPOSED ON, OR MEASURED BY, INCOME.

     THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”). NEITHER THIS NOTE NOR ANY PORTION HEREOF MAY BE OFFERED, SOLD, PLEDGED OR
OTHERWISE TRANSFERRED EXCEPT IN COMPLIANCE WITH THE REGISTRATION PROVISIONS OF THE SECURITIES ACT
AND ANY APPLICABLE PROVISIONS OF ANY STATE BLUE SKY OR SECURITIES LAWS OR PURSUANT TO AN AVAILABLE
EXEMPTION FROM SUCH REGISTRATION PROVISIONS (1) TO ADVANTA BANK CORP., (2) PURSUANT TO RULE 144A
UNDER THE SECURITIES ACT TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A QUALIFIED
INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT (A “QIB”) PURCHASING
FOR ITS OWN ACCOUNT OR A QIB PURCHASING FOR THE ACCOUNT OF A QIB, WHOM THE HOLDER HAS INFORMED, IN
EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE
144A UNDER THE SECURITIES ACT, OR (3) IN AN OFFSHORE

 

 

TRANSACTION IN ACCORDANCE WITH RULE 903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT.
EACH NOTE OWNER BY ACCEPTING A BENEFICIAL INTEREST IN THIS NOTE, UNLESS THAT PERSON ACQUIRED THIS
NOTE IN A TRANSFER DESCRIBED IN CLAUSE (3) ABOVE, IS DEEMED TO REPRESENT THAT IT IS EITHER A QIB
PURCHASING FOR ITS OWN ACCOUNT OR A QIB PURCHASING FOR THE ACCOUNT OF ANOTHER QIB.

     BEFORE PURCHASING ANY NOTES, PURCHASERS SHOULD CONSULT COUNSEL WITH RESPECT TO THE
AVAILABILITY AND CONDITIONS OF EXEMPTION FROM THE RESTRICTION ON RESALE OR TRANSFER. NEITHER
ADVANTA BANK CORP., ADVANTA BUSINESS RECEIVABLES CORP. NOR ADVANTA BUSINESS CARD MASTER TRUST HAS
AGREED TO REGISTER THE NOTES UNDER THE SECURITIES ACT, TO QUALIFY THE NOTES UNDER THE SECURITIES
LAWS OF ANY STATE OR JURISDICTION OR TO PROVIDE REGISTRATION RIGHTS TO ANY PURCHASER.

     AS SET FORTH HEREIN, THE OUTSTANDING PRINCIPAL BALANCE OF THIS NOTE AT ANY TIME MAY BE LESS
THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

 

 

	 	 	 
	REGISTERED No. R-_________

	 	up to $_______
	CUSIP No. ________________

	 	ISIN _________

ADVANTA BUSINESS CARD MASTER TRUST

ADVANTASERIES CLASS D(200[•]-[D•]) ASSET BACKED NOTE

     Wilmington Trust Company, as Owner Trustee of Advanta Business Card Master Trust (herein
referred to as the “Issuer” or the “Trust”), a Delaware common law trust governed by a Trust
Agreement, dated as of August 1, 2000, as amended by Amendment No. 1 to the Trust Agreement dated
as of May 9, 2006, for value received, hereby promises to pay to CEDE & CO., or registered assigns,
subject to the following provisions, the principal sum of ____________, or such greater or
lesser amount as determined in accordance with the Indenture, payable on the _________ Payment
Date (the “Expected Final Principal Payment Date”), except as otherwise provided below or in the
Indenture, provided, however, that the entire unpaid principal amount of this Note
shall be due and payable on the _________ Payment Date (the “Final Maturity Date”). The Issuer
will pay interest on the unpaid principal amount of this Note at the Class D(200[•]-[D•]) Note
Interest Rate on each Interest Payment Date until the principal amount of this Note is paid in
full, as more specifically described in the [related] Terms Document regarding the AdvantaSeries
Class D(200[•]-[D•]) Asset Backed Notes (the “Class D(200[•]-[D•]) Notes”) dated as of _________
(the “Terms Document”), between the Issuer and the Indenture Trustee. Interest on this Note will
accrue for each Interest Payment Date from and including the most recent Interest Payment Date on
which interest has been paid to but excluding such Interest Payment Date or, for the first Interest
Payment Date, from and including the Closing Date to but excluding the _________ Interest Payment
Date. Interest will be calculated on the basis of [a 360-day year and the actual number of days
elapsed]. Principal of and interest on this Note shall be paid in the manner specified on the
reverse hereof.

     The principal of and interest on this Note are payable in such coin or currency of the United
States of America as at the time of payment is legal tender for payment of public and private
debts.

     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 referred to on the reverse hereof, or be valid for any purpose.

     THIS CLASS D(200[•]-[D•]) NOTE IS SUBORDINATED TO THE EXTENT NECESSARY TO FUND PAYMENTS ON
CLASS A, CLASS B AND CLASS C NOTES TO THE EXTENT SPECIFIED IN THE INDENTURE SUPPLEMENT.

 

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

 

 

     IN WITNESS WHEREOF, the Issuer has caused this Class D(200[•]-[D•]) Asset Backed Note to be
duly executed.

	 	 	 	 	 
	 	WILMINGTON TRUST COMPANY,

     as Owner Trustee of

ADVANTA BUSINESS CARD MASTER TRUST

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

Dated: _________

 

 

INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION

This is one of the Class D(200[•]-[D•]) Asset Backed Notes described in the within-mentioned
Indenture.

	 	 	 	 	 
	 	DEUTSCHE BANK TRUST COMPANY AMERICAS,

not in its individual capacity,

but solely as Indenture Trustee

 	 
	 	By:  	 	 
	 	 	    Authorized Signatory 	 
	 	 	 	 

Dated: _________

 

 

ADVANTA BUSINESS CARD MASTER TRUST

ADVANTASERIES CLASS D(200[•]-[D•]) ASSET BACKED NOTE

Summary of Terms and Conditions

     This AdvantaSeries Class D(200[•]-[D•]) Asset Backed Note is one of a duly authorized issue of
Notes of the Issuer, designated as Advanta Business Card Master Trust, AdvantaSeries, issued under
a Master Indenture dated as of August 1, 2000, as amended by Amendment No. 1 to the Master
Indenture dated as of May 9, 2006 (the “Master Indenture”), between the Issuer and Deutsche Bank
Trust Company Americas (formerly known as Bankers Trust Company), as indenture trustee (the
“Indenture Trustee”), as supplemented by the AdvantaSeries Indenture Supplement dated as of
November 1, 2004 (the “Indenture Supplement”) and the Class D(200[•]-[D•]) Terms Document dated as
of ______ (the Master Indenture, the Indenture Supplement and the Terms Document collectively,
the “Indenture”), and representing the right to receive certain payments from the Issuer. 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,
as supplemented or amended. In the event of any conflict or inconsistency between the Indenture
and this Note, the Indenture shall control.

     Class A Notes, Class B Notes and Class C Notes also have been and in the future may be issued
under the Master Indenture and the Indenture Supplement. Other tranches of Class D Notes have been
and in the future may be issued under the Master Indenture and the Indenture Supplement.

     The Notes are and will be ratably secured by the collateral pledged as security therefor as
provided in the Indenture.

     The Noteholder, by its acceptance of this Note, agrees that it will look solely to the
property of the Trust allocated to the payment of this Note for payment hereunder and that the
Indenture Trustee is not liable to the Noteholders for any amount payable under the Notes or the
Indenture or, except 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.

     Principal of this Note is expected to be paid on the Expected Final Principal Payment Date in
an amount described on the face hereof. The Expected Final Principal Payment Date is the
______ Payment Date, but principal with respect to this Note may be paid earlier or later under
certain circumstances described in the Indenture. As described above, the entire unpaid principal
amount of this Note shall be due and payable on the Final Maturity Date.

     Subject to the terms and conditions of the Indenture, the Transferor may, from time to time,
direct the Owner Trustee, on behalf of the Trust, to issue one or more new Series, Classes or
Tranches of Notes.

 

 

     On each Payment Date, the Paying Agent shall distribute to each Class D(200[•]-[D•])
Noteholder of record on the related Record Date (except for the final payment in respect of this
Class D(200[•]-[D•]) Note) such Class D(200[•]-[D•]) Noteholder’s pro rata share of the amounts
held by the Paying Agent that are allocated and available on such Payment Date to pay interest and
principal on the Class D(200[•]-[D•]) Notes pursuant to the Indenture. Except as provided in the
Indenture with respect to a final payment, payments to Noteholders shall be made by (i) wire
transfer of immediately available funds to such Noteholder’s account as has been designated by
written instructions received by the Paying Agent from such Noteholder not later than the close of
business on the third Business Day preceding the date of payment or, if no such account has been so
designated, by check mailed first-class, postage prepaid to such person’s address as it appears on
the Note Register on such Record Date, except that with respect to Notes registered on the Record
Date in the name of the nominee of the clearing agency (initially, such nominee to be Cede & Co.),
payment shall be made by wire transfer in immediately available funds to the account designated by
such nominee and (ii) without presentation or surrender of any Note or the making of any notation
thereon. Any reduction in the principal amount of this Note (or any one or more Predecessor Notes)
effected by any payments made on any Payment Date shall be binding upon all future Holders of this
Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in
lieu hereof, whether or not noted hereon. Final payment of this Class D(200[•]-[D•]) Note will be
made only upon presentation and surrender of this Class D(200[•]-[D•]) Note at the office or agency
specified in the notice of final payment delivered by the Indenture Trustee to the Class
D(200[•]-[D•]) Noteholders in accordance with the Indenture.

     On any day occurring on or after the date on which the Outstanding Principal Balance of a
Tranche of the Notes is reduced to 10% or less of the highest Outstanding Principal Balance, the
Servicer shall have the option to redeem such Tranche of the Notes, at a purchase price equal to
100% of the outstanding principal amount of such Tranche, plus accrued, unpaid and additional
interest on such Tranche to but excluding the date of redemption, except as otherwise provided in
Section 7.01 of the Indenture Supplement.

     THIS CLASS D(200[•]-[D•]) NOTE DOES NOT REPRESENT AN OBLIGATION OF, OR AN INTEREST IN, THE
TRANSFEROR, ADVANTA BANK CORP., ADVANTA CORP., OR ANY AFFILIATE OF ANY OF THEM 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 the Issuer or the Transferor, or join in instituting against the Issuer or the
Transferor, 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, the Class D(200[•]-[D•]) Notes are issuable
only in minimum denominations of $100,000 and integral multiples of $1,000 in excess thereof. The
transfer of this Class D(200[•]-[D•]) Note shall be registered in the Note Register upon surrender
of this Class D(200[•]-[D•]) 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 D(200[•]-[D•]) Noteholder or such Class D(200[•]-[D•]) Noteholder’s
attorney, and duly authorized in writing with such signature guaranteed, and thereupon one or more
new Class D(200[•]-[D•]) 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
D(200[•]-[D•]) Notes are exchangeable for new Class D(200[•]-[D•]) Notes in any authorized
denominations and of like aggregate principal amount, upon surrender of such Class D(200[•]-[D•])
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.

     Upon any redemption, purchase, exchange or cancellation of any of the Class D(200[•]-[D•])
Notes represented by this Rule 144A Global Note, details of such redemption, purchase, exchange or
cancellation shall be entered by the Paying Agent in Schedule A hereto recording any such
redemption, purchase, exchange or cancellation. Upon any such redemption, purchase, exchange or
cancellation, the principal amount of this Rule 144A Global Note and the Class D(200[•]-[D•]) Notes
represented by this Rule 144A Global Note shall be reduced or increased, as appropriate, by the
principal amount so redeemed, purchased, exchanged or canceled.

     The Issuer, the Transferor, the Indenture Trustee and any agent of the Issuer, the Transferor
or the Indenture Trustee shall treat the person in whose name this Class D(200[•]-[D•]) Note is
registered as the owner hereof for all purposes, and neither the Issuer, the Transferor, the
Indenture Trustee nor any agent of the Issuer, the Transferor or the Indenture Trustee shall be
affected by notice to the contrary.

     The Indenture permits, with certain exceptions as therein provided, the amendment thereof and
the modification of the rights and obligations of the Issuer and the rights of the Holders of the
Notes under the Indenture at any time by the Issuer with the consent of the Holders of Notes
representing more than 50% of the Outstanding Amount of each affected Series. The Indenture also
contains provisions permitting the Holders of Notes representing specified percentages of the
Outstanding Amount of the Notes, and specified percentages of the Outstanding Principal Balance of
the Class D(200[•]-[D•]) Notes, on behalf of the Holders of all the Notes, or on behalf of all the
Class D(200[•]-[D•]) Notes, as the case may be, to waive compliance by the Issuer with certain
provisions of the Indenture and certain past defaults under the Indenture and their consequences.
Any such consent or waiver by the Holder of this Note (or any one or more Predecessor Notes) shall
be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note
issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or
not notation of such consent or waiver is made upon this Note. The Indenture also permits the
Indenture Trustee to amend or waive certain terms and conditions set forth in the Indenture without
the consent of Holders of the Notes issued thereunder.

     The term “Issuer” as used in this Note includes any successor to the Issuer under the
Indenture.

 

 

     The Issuer is permitted by the Indenture, under certain circumstances, to merge or
consolidate, subject to the rights of the Indenture Trustee and the Holders of Notes under the
Indenture.

     The Notes are issuable only in registered form in denominations as provided in the Indenture,
subject to certain limitations therein set forth.

     THIS CLASS D(200[•]-[D•]) NOTE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF
NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAWS PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND
REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

 

 

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.

 

 

SCHEDULE A

SCHEDULE OF EXCHANGES

BETWEEN THE REGULATION S GLOBAL NOTE

AND THIS RULE 144A GLOBAL NOTE,

OR REDEMPTIONS OR PURCHASES AND CANCELLATIONS

     The following increases or decreases in principal amount of this Rule 144A Global Note, or
redemptions, purchases or cancellations of this Rule 144A Global Note have been made:

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Increase or	 	 	 	 	 	 	 
	 	 	decrease in	 	 	 	 	 	 	 
	 	 	principal amount of	 	 	Remaining principal	 	 	 	 
	 	 	this Rule 144A	 	 	amount of this Rule	 	 	 	 
	 	 	Global Note due to	 	 	144A Global Note	 	 	 	 
	 	 	exchanges between	 	 	following such	 	 	 	 
	Date of exchange,	 	the Regulation S	 	 	exchange, or	 	 	 	 
	or redemption or	 	Global Note and	 	 	redemption or	 	 	Notation made by or	 
	purchase or	 	this Rule 144A	 	 	purchase or	 	 	on behalf of the	 
	cancellation	 	Global Note	 	 	cancellation	 	 	Issuer	 
	 

	________________	 	________________	 	 	 	________________	 	 	 	________________	 	 
	 

	________________	 	________________	 	 	 	________________	 	 	 	________________	 	 
	 

	________________	 	________________	 	 	 	________________	 	 	 	________________	 	 

 

 

EXHIBIT A-2

ADVANTASERIES

CLASS D(200[•]-[D•]) ASSET BACKED TEMPORARY REGULATION S GLOBAL 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 THE ISSUER OR THE TRANSFEROR, OR JOIN IN INSTITUTING AGAINST THE ISSUER OR
THE TRANSFEROR, 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 NOTE, BY ACCEPTANCE OF THIS NOTE, AND EACH HOLDER OF A BENEFICIAL INTEREST
THEREIN, AGREE TO TREAT THIS NOTE AS INDEBTEDNESS FOR APPLICABLE FEDERAL, STATE, AND LOCAL INCOME
AND FRANCHISE TAX LAW AND FOR PURPOSES OF ANY OTHER TAX IMPOSED ON, OR MEASURED BY, INCOME.

     THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”). NEITHER THIS NOTE NOR ANY PORTION HEREOF MAY BE OFFERED, SOLD, PLEDGED OR
OTHERWISE TRANSFERRED EXCEPT IN COMPLIANCE WITH THE REGISTRATION PROVISIONS OF THE SECURITIES ACT
AND ANY APPLICABLE PROVISIONS OF ANY STATE BLUE SKY OR SECURITIES LAWS OR PURSUANT TO AN AVAILABLE
EXEMPTION FROM SUCH REGISTRATION PROVISIONS (1) TO ADVANTA BANK CORP., (2) PURSUANT TO RULE 144A
UNDER THE SECURITIES ACT TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A QUALIFIED
INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT (A “QIB”) PURCHASING
FOR ITS OWN ACCOUNT OR A QIB PURCHASING FOR THE ACCOUNT OF A QIB, WHOM THE HOLDER HAS INFORMED, IN
EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE
144A UNDER THE SECURITIES ACT, OR (3) IN AN OFFSHORE

 

 

TRANSACTION IN ACCORDANCE WITH RULE 903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT.
EACH NOTE OWNER BY ACCEPTING A BENEFICIAL INTEREST IN THIS NOTE, UNLESS THAT PERSON ACQUIRED THIS
NOTE IN A TRANSFER DESCRIBED IN CLAUSE (3) ABOVE, IS DEEMED TO REPRESENT THAT IT IS EITHER A QIB
PURCHASING FOR ITS OWN ACCOUNT OR A QIB PURCHASING FOR THE ACCOUNT OF ANOTHER QIB.

     BEFORE PURCHASING ANY NOTES, PURCHASERS SHOULD CONSULT COUNSEL WITH RESPECT TO THE
AVAILABILITY AND CONDITIONS OF EXEMPTION FROM THE RESTRICTION ON RESALE OR TRANSFER. NEITHER
ADVANTA BANK CORP., ADVANTA BUSINESS RECEIVABLES CORP. NOR ADVANTA BUSINESS CARD MASTER TRUST HAS
AGREED TO REGISTER THE NOTES UNDER THE SECURITIES ACT, TO QUALIFY THE NOTES UNDER THE SECURITIES
LAWS OF ANY STATE OR JURISDICTION OR TO PROVIDE REGISTRATION RIGHTS TO ANY PURCHASER.

     THIS GLOBAL NOTE IS A TEMPORARY GLOBAL NOTE FOR PURPOSES OF REGULATION S UNDER THE UNITED
STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”). NEITHER THIS TEMPORARY GLOBAL
NOTE NOR ANY INTEREST HEREIN MAY BE OFFERED, SOLD OR DELIVERED, EXCEPT AS PERMITTED UNDER THE
INDENTURE REFERRED TO BELOW.

     NO BENEFICIAL OWNERS OF THIS TEMPORARY GLOBAL NOTE WILL BE ENTITLED TO RECEIVE PAYMENT OF
PRINCIPAL OR INTEREST HEREON UNLESS THE REQUIRED CERTIFICATIONS HAVE BEEN DELIVERED PURSUANT TO THE
TERMS OF THE INDENTURE.

     AS SET FORTH HEREIN, THE OUTSTANDING PRINCIPAL BALANCE OF THIS NOTE AT ANY TIME MAY BE LESS
THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

 

 

			
	REGISTERED No. R-___
	 	up to $                                       
	CUSIP No.                     
	 	ISIN                                        

ADVANTA BUSINESS CARD MASTER TRUST

ADVANTASERIES CLASS D(200[•]-[D•]) ASSET BACKED NOTE

     Wilmington Trust Company, as Owner Trustee of Advanta Business Card Master Trust (herein
referred to as the “Issuer” or the “Trust”), a Delaware common law trust governed by a Trust
Agreement, dated as of August 1, 2000, as amended by Amendment No. 1 to the Trust Agreement dated
as of May 9, 2006, for value received, hereby promises to pay to CEDE & CO., or registered assigns,
subject to the following provisions, the principal sum of                                         , or such greater or
lesser amount as determined in accordance with the Indenture, payable on the                      Payment
Date (the “Expected Final Principal Payment Date”), except as otherwise provided below or in the
Indenture, provided, however, that the entire unpaid principal amount of this Note
shall be due and payable on the                      Payment Date (the “Final Maturity Date”). The Issuer
will pay interest on the unpaid principal amount of this Note at the Class D(200[•]-[D•]) Note
Interest Rate on each Interest Payment Date until the principal amount of this Note is paid in
full, as more specifically described in the [related] Terms Document regarding the AdvantaSeries
Class D(200[•]-[D•]) Asset Backed Notes (the “Class D(200[•]-[D•]) Notes”) dated as of                     
(the “Terms Document”), between the Issuer and the Indenture Trustee. Interest on this Note will
accrue for each Interest Payment Date from and including the most recent Interest Payment Date on
which interest has been paid to but excluding such Interest Payment Date or, for the first Interest
Payment Date, from and including the Closing Date to but excluding the                      Interest Payment
Date. Interest will be calculated on the basis of [a 360-day year and the actual number of days
elapsed]. Principal of and interest on this Note shall be paid in the manner specified on the
reverse hereof.

     The principal of and interest on this Note are payable in such coin or currency of the United
States of America as at the time of payment is legal tender for payment of public and private
debts.

     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 referred to on the reverse hereof, or be valid for any purpose.

     THIS CLASS D(200[•]-[D•]) NOTE IS SUBORDINATED TO THE EXTENT NECESSARY TO FUND PAYMENTS ON
CLASS A, CLASS B AND CLASS C NOTES TO THE EXTENT SPECIFIED IN THE INDENTURE SUPPLEMENT.

 

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

 

 

     IN WITNESS WHEREOF, the Issuer has caused this Class D(200[•]-[D•]) Asset Backed Note to be
duly executed.

	 	 	 	 	 
	 	WILMINGTON TRUST COMPANY,

   as Owner Trustee of

ADVANTA BUSINESS CARD MASTER TRUST

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

	 	 	 	 	 
	Dated:

	 	 	 	 
	 

	 	 	 	 

 

 

INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION

This is one of the Class D(200[•]-[D•]) Asset Backed Notes described in the within-mentioned
Indenture.

	 	 	 	 	 
	 	DEUTSCHE BANK TRUST COMPANY AMERICAS,

not in its individual capacity,

but solely as Indenture Trustee

 	 
	 	By:  	 	 
	 	 	          Authorized Signatory 	 
	 	 	 	 

	 	 	 	 	 
	Dated:

	 	 	 	 
	 

	 	 	 	 

 

 

ADVANTA BUSINESS CARD MASTER TRUST

ADVANTASERIES CLASS D(200[•]-[D•]) ASSET BACKED NOTE

Summary of Terms and Conditions

     This AdvantaSeries Class D(200[•]-[D•]) Asset Backed Note is one of a duly authorized issue of
Notes of the Issuer, designated as Advanta Business Card Master Trust, AdvantaSeries, issued under
a Master Indenture dated as of August 1, 2000, as amended by Amendment No. 1 to the Master
Indenture dated as of May 9, 2006 (the “Master Indenture”), between the Issuer and Deutsche Bank
Trust Company Americas (formerly known as Bankers Trust Company), as indenture trustee (the
“Indenture Trustee”), as supplemented by the AdvantaSeries Indenture Supplement dated as of
November 1, 2004 (the “Indenture Supplement”) and the Class D(200[•]-[D•]) Terms Document dated as
of                      (the Master Indenture, the Indenture Supplement and the Terms Document collectively,
the “Indenture”), and representing the right to receive certain payments from the Issuer. 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,
as supplemented or amended. In the event of any conflict or inconsistency between the Indenture
and this Note, the Indenture shall control.

     Class A Notes, Class B Notes and Class C Notes also have been and in the future may be issued
under the Master Indenture and the Indenture Supplement. Other tranches of Class D Notes have been
and in the future may be issued under the Master Indenture and the Indenture Supplement.

     The Notes are and will be ratably secured by the collateral pledged as security therefor as
provided in the Indenture.

     The Noteholder, by its acceptance of this Note, agrees that it will look solely to the
property of the Trust allocated to the payment of this Note for payment hereunder and that the
Indenture Trustee is not liable to the Noteholders for any amount payable under the Notes or the
Indenture or, except 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.

     Principal of this Note is expected to be paid on the Expected Final Principal Payment Date in
an amount described on the face hereof. The Expected Final Principal Payment Date is the
                     Payment Date, but principal with respect to this Note may be paid earlier or later under
certain circumstances described in the Indenture. As described above, the entire unpaid principal
amount of this Note shall be due and payable on the Final Maturity Date.

     Subject to the terms and conditions of the Indenture, the Transferor may, from time to time,
direct the Owner Trustee, on behalf of the Trust, to issue one or more new Series, Classes or
Tranches of Notes.

 

 

     On each Payment Date, the Paying Agent shall distribute to each Class D(200[•]-[D•])
Noteholder of record on the related Record Date (except for the final payment in respect of this
Class D(200[•]-[D•]) Note) such Class D(200[•]-[D•]) Noteholder’s pro rata share of the amounts
held by the Paying Agent that are allocated and available on such Payment Date to pay interest and
principal on the Class D(200[•]-[D•]) Notes pursuant to the Indenture. Except as provided in the
Indenture with respect to a final payment, payments to Noteholders shall be made by (i) wire
transfer of immediately available funds to such Noteholder’s account as has been designated by
written instructions received by the Paying Agent from such Noteholder not later than the close of
business on the third Business Day preceding the date of payment or, if no such account has been so
designated, by check mailed first-class, postage prepaid to such person’s address as it appears on
the Note Register on such Record Date, except that with respect to Notes registered on the Record
Date in the name of the nominee of the clearing agency (initially, such nominee to be Cede & Co.),
payment shall be made by wire transfer in immediately available funds to the account designated by
such nominee and (ii) without presentation or surrender of any Note or the making of any notation
thereon. Any reduction in the principal amount of this Note (or any one or more Predecessor Notes)
effected by any payments made on any Payment Date shall be binding upon all future Holders of this
Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in
lieu hereof, whether or not noted hereon. Final payment of this Class D(200[•]-[D•]) Note will be
made only upon presentation and surrender of this Class D(200[•]-[D•]) Note at the office or agency
specified in the notice of final payment delivered by the Indenture Trustee to the Class
D(200[•]-[D•]) Noteholders in accordance with the Indenture.

     On any day occurring on or after the date on which the Outstanding Principal Balance of a
Tranche of the Notes is reduced to 10% or less of the highest Outstanding Principal Balance, the
Servicer shall have the option to redeem such Tranche of the Notes, at a purchase price equal to
100% of the outstanding principal amount of such Tranche, plus accrued, unpaid and additional
interest on such Tranche to but excluding the date of redemption, except as otherwise provided in
Section 7.01 of the Indenture Supplement.

     THIS CLASS D(200[•]-[D•]) NOTE DOES NOT REPRESENT AN OBLIGATION OF, OR AN INTEREST IN, THE
TRANSFEROR, ADVANTA BANK CORP., ADVANTA CORP., OR ANY AFFILIATE OF ANY OF THEM 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 the Issuer or the Transferor, or join in instituting against the Issuer or the
Transferor, 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, the Class D(200[•]-[D•]) Notes are issuable
only in minimum denominations of $100,000 and integral multiples of $1,000 in excess thereof. The
transfer of this Class D(200[•]-[D•]) Note shall be registered in the Note Register upon surrender
of this Class D(200[•]-[D•]) 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 D(200[•]-[D•]) Noteholder or such Class D(200[•]-[D•]) Noteholder’s
attorney, and duly authorized in writing with such signature guaranteed, and thereupon one or more
new Class D(200[•]-[D•]) Notes in any authorized denominations of like aggregate principal amount
will be issued to the designated transferee or transferees.

     This Temporary Regulation S Global Note may be exchanged, in whole or in part, for the
Permanent Regulation S Global Note in the form set out in Exhibit A-3 to the Class D(200[•]-[D•])
Terms Document upon the later of (i) the Exchange Date and (ii) the furnishing of the Regulation S
Certificate.

     As provided in the Indenture and subject to certain limitations therein set forth, Class
D(200[•]-[D•]) Notes are exchangeable for new Class D(200[•]-[D•]) Notes in any authorized
denominations and of like aggregate principal amount, upon surrender of such Class D(200[•]-[D•])
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.

     Upon any redemption, purchase, exchange or cancellation of any of the Class D(200[•]-[D•])
Notes represented by this Temporary Regulation S Global Note, details of such redemption, purchase,
exchange or cancellation shall be entered by the Paying Agent in Schedule A hereto recording any
such redemption, purchase, exchange or cancellation. Upon any such redemption, purchase, exchange
or cancellation, the principal amount of this Temporary Regulation S Global Note and the Class
D(200[•]-[D•]) Notes represented by this Temporary Regulation S Global Note shall be reduced or
increased, as appropriate, by the principal amount so redeemed, purchased, exchanged or canceled.

     The Issuer, the Transferor, the Indenture Trustee and any agent of the Issuer, the Transferor
or the Indenture Trustee shall treat the person in whose name this Class D(200[•]-[D•]) Note is
registered as the owner hereof for all purposes, and neither the Issuer, the Transferor, the
Indenture Trustee nor any agent of the Issuer, the Transferor or the Indenture Trustee shall be
affected by notice to the contrary.

     The Indenture permits, with certain exceptions as therein provided, the amendment thereof and
the modification of the rights and obligations of the Issuer and the rights of the Holders of the
Notes under the Indenture at any time by the Issuer with the consent of the Holders of Notes
representing more than 50% of the Outstanding Amount of each affected Series. The Indenture also
contains provisions permitting the Holders of Notes representing specified percentages of the
Outstanding Amount of the Notes, and specified percentages of the Outstanding Principal Balance of
the Class D(200[•]-[D•]) Notes, on behalf of the Holders of all the Notes, or on behalf of all the
Class D(200[•]-[D•]) Notes, as the case may be, to waive compliance by the Issuer with certain
provisions of the Indenture and certain past defaults under the Indenture and their consequences.
Any such consent or waiver by the Holder of this Note (or any one or more Predecessor Notes) shall
be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note
issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or
not notation of such consent or waiver is made upon this Note. The Indenture also permits the
Indenture Trustee to amend or waive certain

 

 

terms and conditions set forth in the Indenture without the consent of Holders of the Notes
issued thereunder.

     The term “Issuer” as used in this Note includes any successor to the Issuer under the
Indenture.

     The Issuer is permitted by the Indenture, under certain circumstances, to merge or
consolidate, subject to the rights of the Indenture Trustee and the Holders of Notes under the
Indenture.

     The Notes are issuable only in registered form in denominations as provided in the Indenture,
subject to certain limitations therein set forth.

     THIS CLASS D(200[•]-[D•]) NOTE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF
NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAWS PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND
REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

 

 

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.

 

 

SCHEDULE A

SCHEDULE OF EXCHANGES

BETWEEN THIS TEMPORARY REGULATION S GLOBAL NOTE

AND THE RULE 144A GLOBAL NOTE,

OR REDEMPTIONS OR PURCHASES AND CANCELLATIONS

The following exchanges of a part of this Temporary Regulation S Global Note for the Permanent
Regulation S Global Note or the Rule 144A Global Note, in whole or in part, or redemptions,
purchases or cancellation of this Temporary Regulation S Global Note have been made:

	 	 	 	 	 	 	 	 	 
	 	 	Part of principal	 	 	 	 	 	 
	 	 	amount of this	 	 	 	 	 	 
	 	 	Temporary	 	 	 	 	 	 
	 	 	Regulation S Global	 	 	 	 	 	 
	 	 	Note exchanged for	 	Remaining principal	 	 	 	 
	 	 	Notes represented	 	amount of this	 	 	 	 
	 	 	by the Permanent	 	Temporary	 	 	 	 
	 	 	Regulation S Global	 	Regulation S Global	 	 	 	 
	 	 	Note or the Rule	 	Note following such	 	 	 	 
	Date of exchange,	 	144A Global Note,	 	exchange, or	 	Amount of interest	 	 
	or redemption or	 	or redeemed or	 	redemption or	 	paid with delivery	 	Notation made by or
	purchase or	 	purchased or	 	purchase or	 	of the Permanent	 	on behalf of the
	cancellation	 	canceled	 	cancellation	 	Regulation S Note	 	Issuer
	 
	 
	 	 	 	 	 	 	 	 
	_________

	 	_________

	 	_________

	 	_________

	 	_________

	 
	 	 	 	 	 	 	 	 
	_________

	 	_________

	 	_________

	 	_________

	 	_________

	 
	 	 	 	 	 	 	 	 
	_________

	 	_________

	 	_________

	 	_________

	 	_________

 

 

EXHIBIT A-3

ADVANTASERIES

CLASS D(200[•]-[D•]) ASSET BACKED PERMANENT REGULATION S GLOBAL 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 THE ISSUER OR THE TRANSFEROR, OR JOIN IN INSTITUTING AGAINST THE ISSUER OR
THE TRANSFEROR, 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 NOTE, BY ACCEPTANCE OF THIS NOTE, AND EACH HOLDER OF A BENEFICIAL INTEREST
THEREIN, AGREE TO TREAT THIS NOTE AS INDEBTEDNESS FOR APPLICABLE FEDERAL, STATE, AND LOCAL INCOME
AND FRANCHISE TAX LAW AND FOR PURPOSES OF ANY OTHER TAX IMPOSED ON, OR MEASURED BY, INCOME.

     THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”). NEITHER THIS NOTE NOR ANY PORTION HEREOF MAY BE OFFERED, SOLD, PLEDGED OR
OTHERWISE TRANSFERRED EXCEPT IN COMPLIANCE WITH THE REGISTRATION PROVISIONS OF THE SECURITIES ACT
AND ANY APPLICABLE PROVISIONS OF ANY STATE BLUE SKY OR SECURITIES LAWS OR PURSUANT TO AN AVAILABLE
EXEMPTION FROM SUCH REGISTRATION PROVISIONS (1) TO ADVANTA BANK CORP., (2) PURSUANT TO RULE 144A
UNDER THE SECURITIES ACT TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A QUALIFIED
INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT (A “QIB”) PURCHASING
FOR ITS OWN ACCOUNT OR A QIB PURCHASING FOR THE ACCOUNT OF A QIB, WHOM THE HOLDER HAS INFORMED, IN
EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE
144A UNDER THE SECURITIES ACT, OR (3) IN AN OFFSHORE

 

 

TRANSACTION IN ACCORDANCE WITH RULE 903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT.
EACH NOTE OWNER BY ACCEPTING A BENEFICIAL INTEREST IN THIS NOTE, UNLESS THAT PERSON ACQUIRED THIS
NOTE IN A TRANSFER DESCRIBED IN CLAUSE (3) ABOVE, IS DEEMED TO REPRESENT THAT IT IS EITHER A QIB
PURCHASING FOR ITS OWN ACCOUNT OR A QIB PURCHASING FOR THE ACCOUNT OF ANOTHER QIB.

     BEFORE PURCHASING ANY NOTES, PURCHASERS SHOULD CONSULT COUNSEL WITH RESPECT TO THE
AVAILABILITY AND CONDITIONS OF EXEMPTION FROM THE RESTRICTION ON RESALE OR TRANSFER. NEITHER
ADVANTA BANK CORP., ADVANTA BUSINESS RECEIVABLES CORP. NOR ADVANTA BUSINESS CARD MASTER TRUST HAS
AGREED TO REGISTER THE NOTES UNDER THE SECURITIES ACT, TO QUALIFY THE NOTES UNDER THE SECURITIES
LAWS OF ANY STATE OR JURISDICTION OR TO PROVIDE REGISTRATION RIGHTS TO ANY PURCHASER.

     THIS GLOBAL NOTE IS A PERMANENT GLOBAL NOTE FOR PURPOSES OF REGULATION S UNDER THE SECURITIES
ACT. NEITHER THIS PERMANENT GLOBAL NOTE NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE OFFERED,
SOLD OR DELIVERED, EXCEPT AS PERMITTED UNDER THE INDENTURE REFERRED TO BELOW.

     AS SET FORTH HEREIN, THE OUTSTANDING PRINCIPAL BALANCE OF THIS NOTE AT ANY TIME MAY BE LESS
THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

 

 

ADVANTA BUSINESS CARD MASTER TRUST

ADVANTASERIES CLASS D(200[•]-[D•]) ASSET BACKED NOTE

     Wilmington Trust Company, as Owner Trustee of Advanta Business Card Master Trust (herein
referred to as the “Issuer” or the “Trust”), a Delaware common law trust governed by a Trust
Agreement, dated as of August 1, 2000, as amended by Amendment No. 1 to the Trust Agreement dated
as of May 9, 2006, for value received, hereby promises to pay to CEDE & CO., or registered assigns,
subject to the following provisions, the principal sum of                                         , or such greater or
lesser amount as determined in accordance with the Indenture, payable on the                      Payment
Date (the “Expected Final Principal Payment Date”), except as otherwise provided below or in the
Indenture, provided, however, that the entire unpaid principal amount of this Note
shall be due and payable on the                      Payment Date (the “Final Maturity Date”). The Issuer
will pay interest on the unpaid principal amount of this Note at the Class D(200[•]-[D•]) Note
Interest Rate on each Interest Payment Date until the principal amount of this Note is paid in
full, as more specifically described in the [related] Terms Document regarding the AdvantaSeries
Class D(200[•]-[D•]) Asset Backed Notes (the “Class D(200[•]-[D•]) Notes”) dated as of                     
(the “Terms Document”), between the Issuer and the Indenture Trustee. Interest on this Note will
accrue for each Interest Payment Date from and including the most recent Interest Payment Date on
which interest has been paid to but excluding such Interest Payment Date or, for the first Interest
Payment Date, from and including the Closing Date to but excluding the                      Interest Payment
Date. Interest will be calculated on the basis of [a 360-day year and the actual number of days
elapsed]. Principal of and interest on this Note shall be paid in the manner specified on the
reverse hereof.

     The principal of and interest on this Note are payable in such coin or currency of the United
States of America as at the time of payment is legal tender for payment of public and private
debts.

     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 referred to on the reverse hereof, or be valid for any purpose.

     THIS CLASS D(200[•]-[D•]) NOTE IS SUBORDINATED TO THE EXTENT NECESSARY TO FUND PAYMENTS ON
CLASS A, CLASS B AND CLASS C NOTES TO THE EXTENT SPECIFIED IN THE INDENTURE SUPPLEMENT.

 

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

 

 

     IN WITNESS WHEREOF, the Issuer has caused this Class D(200[•]-[D•]) Asset Backed Note to be
duly executed.

	 	 	 	 	 
	 	WILMINGTON TRUST COMPANY,

   as Owner Trustee of

ADVANTA BUSINESS CARD MASTER TRUST

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

	 	 	 	 	 
	Dated:

	 	 	 	 
	 

	 	 	 	 

 

 

INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION

This is one of the Class D(200[•]-[D•]) Asset Backed Notes described in the within-mentioned
Indenture.

	 	 	 	 	 
	 	DEUTSCHE BANK TRUST COMPANY AMERICAS,

not in its individual capacity,

but solely as Indenture Trustee

 	 
	 	By:  	 	 
	 	 	     Authorized Signatory 	 
	 	 	 	 

	 	 	 	 	 
	Dated:

	 	 	 	 
	 

	 	 	 	 

 

 

ADVANTA BUSINESS CARD MASTER TRUST

ADVANTASERIES CLASS D(200[•]-[D•]) ASSET BACKED NOTE

Summary of Terms and Conditions

     This AdvantaSeries Class D(200[•]-[D•]) Asset Backed Note is one of a duly authorized issue of
Notes of the Issuer, designated as Advanta Business Card Master Trust, AdvantaSeries, issued under
a Master Indenture dated as of August 1, 2000, as amended by Amendment No. 1 to the Master
Indenture dated as of May 9, 2006 (the “Master Indenture”), between the Issuer and Deutsche Bank
Trust Company Americas (formerly known as Bankers Trust Company), as indenture trustee (the
“Indenture Trustee”), as supplemented by the AdvantaSeries Indenture Supplement dated as of
November 1, 2004 (the “Indenture Supplement”) and the D(200[•]-[D•]) Terms Document dated as of
________ (the Master Indenture, the Indenture Supplement and the Terms Document collectively, the
“Indenture”), and representing the right to receive certain payments from the Issuer. 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, as
supplemented or amended. In the event of any conflict or inconsistency between the Indenture and
this Note, the Indenture shall control.

     Class A Notes, Class B Notes and Class C Notes also have been and in the future may be issued
under the Master Indenture and the Indenture Supplement. Other tranches of Class D Notes have been
and in the future may be issued under the Master Indenture and the Indenture Supplement.

     The Notes are and will be ratably secured by the collateral pledged as security therefor as
provided in the Indenture.

     The Noteholder, by its acceptance of this Note, agrees that it will look solely to the
property of the Trust allocated to the payment of this Note for payment hereunder and that the
Indenture Trustee is not liable to the Noteholders for any amount payable under the Notes or the
Indenture or, except 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.

     Principal of this Note is expected to be paid on the Expected Final Principal Payment Date in
an amount described on the face hereof. The Expected Final Principal Payment Date is the
___ Payment Date, but principal with respect to this Note may be paid earlier or later under
certain circumstances described in the Indenture. As described above, the entire unpaid principal
amount of this Note shall be due and payable on the Final Maturity Date.

     Subject to the terms and conditions of the Indenture, the Transferor may, from time to time,
direct the Owner Trustee, on behalf of the Trust, to issue one or more new Series, Classes or
Tranches of Notes.

 

 

     On each Payment Date, the Paying Agent shall distribute to each Class D(200[•]-[D•])
Noteholder of record on the related Record Date (except for the final payment in respect of this
Class D(200[•]-[D•]) Note) such Class D(200[•]-[D•]) Noteholder’s pro rata share of the amounts
held by the Paying Agent that are allocated and available on such Payment Date to pay interest and
principal on the Class D(200[•]-[D•]) Notes pursuant to the Indenture. Except as provided in the
Indenture with respect to a final payment, payments to Noteholders shall be made by (i) wire
transfer of immediately available funds to such Noteholder’s account as has been designated by
written instructions received by the Paying Agent from such Noteholder not later than the close of
business on the third Business Day preceding the date of payment or, if no such account has been so
designated, by check mailed first-class, postage prepaid to such person’s address as it appears on
the Note Register on such Record Date, except that with respect to Notes registered on the Record
Date in the name of the nominee of the clearing agency (initially, such nominee to be Cede & Co.),
payment shall be made by wire transfer in immediately available funds to the account designated by
such nominee and (ii) without presentation or surrender of any Note or the making of any notation
thereon. Any reduction in the principal amount of this Note (or any one or more Predecessor Notes)
effected by any payments made on any Payment Date shall be binding upon all future Holders of this
Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in
lieu hereof, whether or not noted hereon. Final payment of this Class D(200[•]-[D•]) Note will be
made only upon presentation and surrender of this Class D(200[•]-[D•]) Note at the office or agency
specified in the notice of final payment delivered by the Indenture Trustee to the Class
D(200[•]-[D•]) Noteholders in accordance with the Indenture.

     On any day occurring on or after the date on which the Outstanding Principal Balance of a
Tranche of the Notes is reduced to 10% or less of the highest Outstanding Principal Balance, the
Servicer shall have the option to redeem such Tranche of the Notes, at a purchase price equal to
100% of the outstanding principal amount of such Tranche, plus accrued, unpaid and additional
interest on such Tranche to but excluding the date of redemption, except as otherwise provided in
Section 7.01 of the Indenture Supplement.

     THIS CLASS D(200[•]-[D•]) NOTE DOES NOT REPRESENT AN OBLIGATION OF, OR AN INTEREST IN, THE
TRANSFEROR, ADVANTA BANK CORP., ADVANTA CORP., OR ANY AFFILIATE OF ANY OF THEM 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 the Issuer or the Transferor, or join in instituting against the Issuer or the
Transferor, 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, the Class D(200[•]-[D•]) Notes are issuable
only in minimum denominations of $100,000 and integral multiples of $1,000 in excess thereof. The
transfer of this Class D(200[•]-[D•]) Note shall be registered in the Note Register upon surrender
of this Class D(200[•]-[D•]) 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 D(200[•]-[D•]) Noteholder or such Class D(200[•]-[D•]) Noteholder’s
attorney, and duly authorized in writing with such signature guaranteed, and thereupon one or more
new Class D(200[•]-[D•]) 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
D(200[•]-[D•]) Notes are exchangeable for new Class D(200[•]-[D•]) Notes in any authorized
denominations and of like aggregate principal amount, upon surrender of such Class D(200[•]-[D•])
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.

     Upon any redemption, purchase, exchange or cancellation of any of the Class D(200[•]-[D•])
Notes represented by this Permanent Regulation S Global Note, details of such redemption, purchase,
exchange or cancellation shall be entered by the Paying Agent in Schedule A hereto recording any
such redemption, purchase, exchange or cancellation. Upon any such redemption, purchase, exchange
or cancellation, the principal amount of this Permanent Regulation S Global Note and the Class
D(200[•]-[D•]) Notes represented by this Permanent Regulation S Global Note shall be reduced or
increased, as appropriate, by the principal amount so redeemed, purchased, exchanged or canceled.

     The Issuer, the Transferor, the Indenture Trustee and any agent of the Issuer, the Transferor
or the Indenture Trustee shall treat the person in whose name this Class D(200[•]-[D•]) Note is
registered as the owner hereof for all purposes, and neither the Issuer, the Transferor, the
Indenture Trustee nor any agent of the Issuer, the Transferor or the Indenture Trustee shall be
affected by notice to the contrary.

     The Indenture permits, with certain exceptions as therein provided, the amendment thereof and
the modification of the rights and obligations of the Issuer and the rights of the Holders of the
Notes under the Indenture at any time by the Issuer with the consent of the Holders of Notes
representing more than 50% of the Outstanding Amount of each affected Series. The Indenture also
contains provisions permitting the Holders of Notes representing specified percentages of the
Outstanding Amount of the Notes, and specified percentages of the Outstanding Principal Balance of
the Class D(200[•]-[D•]) Notes, on behalf of the Holders of all the Notes, or on behalf of all the
Class D(200[•]-[D•]) Notes, as the case may be, to waive compliance by the Issuer with certain
provisions of the Indenture and certain past defaults under the Indenture and their consequences.
Any such consent or waiver by the Holder of this Note (or any one or more Predecessor Notes) shall
be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note
issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or
not notation of such consent or waiver is made upon this Note. The Indenture also permits the
Indenture Trustee to amend or waive certain terms and conditions set forth in the Indenture without
the consent of Holders of the Notes issued thereunder.

     The term “Issuer” as used in this Note includes any successor to the Issuer under the
Indenture.

 

 

     The Issuer is permitted by the Indenture, under certain circumstances, to merge or
consolidate, subject to the rights of the Indenture Trustee and the Holders of Notes under the
Indenture.

     The Notes are issuable only in registered form in denominations as provided in the Indenture,
subject to certain limitations therein set forth.

     THIS CLASS D(200[•]-[D•]) NOTE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF
NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAWS PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND
REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

 

 

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.

 

 

SCHEDULE A

SCHEDULE OF EXCHANGES

BETWEEN THIS PERMANENT REGULATION S GLOBAL NOTE

AND THE RULE 144A GLOBAL NOTE,

OR REDEMPTIONS OR PURCHASES AND CANCELLATIONS

The following increases or decreases in principal amount of this Permanent Regulation S Global Note
or redemptions, purchases or cancellations of this Permanent Regulation S Global Note have been
made:

	 	 	 	 	 	 	 
	 	 	Increase or	 	 	 	 
	 	 	decrease in	 	 	 	 
	 	 	principal amount of	 	 	 	 
	 	 	this Permanent	 	Remaining principal	 	 
	 	 	Regulation S Global	 	amount of this	 	 
	 	 	Note due to	 	Permanent	 	 
	 	 	exchanges between	 	Regulation S Global	 	 
	 	 	the Rule 144A	 	Note following such	 	 
	Date of exchange,	 	Global Note and	 	exchange, or	 	 
	or redemption or	 	this Permanent	 	redemption or	 	Notation made by or
	purchase or	 	Regulation S Global	 	purchase or	 	on behalf of the
	cancellation 	 	Note	 	cancellation	 	Issuer
	 
	 
	 	 	 	 	 	 
	_________

	 	_________
	 	_________

	 	_________

	 
	 	 	 	 	 	 
	_________

	 	_________

	 	_________

	 	_________

	 
	 	 	 	 	 	 
	_________

	 	_________

	 	_________

	 	_________

 

 

EXHIBIT B-1

[FORM OF] CLEARANCE SYSTEM CERTIFICATE

TO BE GIVEN TO THE INDENTURE TRUSTEE BY

EUROCLEAR OR CLEARSTREAM, LUXEMBOURG FOR

DELIVERY OF DEFINITIVE NOTES IN EXCHANGE FOR A PORTION OF A

TEMPORARY GLOBAL NOTE

Advanta Business Card Master Trust,

AdvantaSeries Class D(2007-D1) Asset Backed Notes

     We refer to that portion of the Temporary Global Note in respect of the AdvantaSeries Class
D(2007-D1) Asset Backed Notes to be exchanged for definitive Notes (the “Submitted Portion”)
pursuant to this certificate (the “Notes”) as provided in the Master Indenture, dated as of August
1, 2000, as amended by Amendment No. 1 to the Master Indenture dated as of May 9, 2006 (the
“Indenture”), between the Advanta Business Card Master Trust, as issuer (the “Issuer”), and
Deutsche Bank Trust Company Americas (formerly known as Bankers Trust Company), as indenture
trustee (the “Indenture Trustee”), as supplemented by the AdvantaSeries Indenture Supplement, dated
as of November 1, 2004 (the “Indenture Supplement”), between the Issuer and the Indenture Trustee
and as further supplemented by the Class D(2007-D1) Terms Document, dated as of February 21, 2007,
between the Issuer and the Indenture Trustee (the “Terms Document”). This is to certify that (i)
we have received a certificate or certificates, in writing or by tested telex, with respect to each
of the persons appearing in our records as being entitled to a beneficial interest in the Submitted
Portion and with respect to such person’s beneficial interest either (a) from such person,
substantially in the form of Exhibit D-2 to the Terms Document, or (b) from _________ ___,
___, substantially in the form of Exhibit D-3 to the Terms Document, and (ii) the Submitted
Portion includes no part of the Temporary Global Note excepted in such certificates.

     We further certify that as of the date hereof we have not received any notification from any
of the persons giving such certificates to the effect that the statements made by them with respect
to any part of the Submitted Portion are no longer true and cannot be relied on as of the date
hereof.

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

	 	 	 	 	 	 
	Dated: ______________ ___, ____*	 	[                                                                   
                         
	 
	 	 	as operator of the Euroclear System]	 
	 	 	[Clearstream, Luxembourg]	 
	 
	 	 	 	 	 
	 

	 	By	 	 	 
	 

	 	 	 	 

 

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

D-1-1

 

EXHIBIT B-2 

[FORM OF] CERTIFICATE TO BE DELIVERED TO

EUROCLEAR OR CLEARSTREAM, LUXEMBOURG

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

INSTITUTIONAL BUYERS

Advanta Business Card Master Trust,

AdvantaSeries Class D(2007-D1) Asset Backed Notes

     In connection with the initial issuance and placement of the AdvantaSeries Class D(2007-D1)
Asset Backed Notes (the “Notes”), an institutional investor in the United States (an “institutional investor”) is purchasing [U.S.$/(pound)/Euro/SF] 
                               aggregate principal amount of the
Notes held in our account at [                                                                           
  , as operator of the Euroclear System] [Clearstream, Luxembourg] on
behalf of such investor.

     We reasonably believe that such institutional investor is a qualified institutional buyer as
such term is defined under Rule 144A of the Securities Act of 1933, as amended.

     [We understand that this certificate is required in connection with United States laws. We
irrevocably authorize you to produce this certificate or a copy hereof to any interested party in
any administrative or legal proceedings or official inquiry with respect to the matters covered by
this certificate.]

     The definitive Notes in respect of this certificate are to be issued in registered form in the
minimum denomination of [U.S.$/(pound)/Euro/SF]                                          and such definitive Notes (and,
unless the Indenture or terms document relating to the Notes otherwise provides, any Notes issued
in exchange or substitution for or on registration of transfer of Notes) shall bear the following
legend:

     “THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES
ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE SECURITIES LAW. THE HOLDER
HEREOF, BY PURCHASING THIS NOTE, AGREES THAT THIS NOTE, OR ANY INTEREST OR PARTICIPATION
HEREIN, MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH
THE SECURITIES ACT AND OTHER APPLICABLE LAWS AND ONLY (1) TO ADVANTA BANK CORP., (2)
PURSUANT TO RULE 144A UNDER THE SECURITIES ACT TO A PERSON THAT THE HOLDER REASONABLY
BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A UNDER THE
SECURITIES ACT (A “QIB”) PURCHASING FOR ITS OWN ACCOUNT OR A QIB PURCHASING FOR THE ACCOUNT
OF A QIB, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR
OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A UNDER THE SECURITIES ACT, OR (3) IN AN
OFFSHORE TRANSACTION IN

B-2-1

 

ACCORDANCE WITH RULE 903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT. EACH
NOTE OWNER BY ACCEPTING A BENEFICIAL INTEREST IN THIS NOTE, UNLESS THAT PERSON ACQUIRED THIS
NOTE IN A TRANSFER DESCRIBED IN CLAUSE (3) ABOVE, IS DEEMED TO REPRESENT THAT IT IS EITHER A
QIB PURCHASING FOR ITS OWN ACCOUNT OR A QIB PURCHASING FOR THE ACCOUNT OF ANOTHER QIB.”

Dated: ______________ ___, ____

	 	 	 	 	 	 
	 	 	[                                                                         ]	 
	 
	 	 	 	 	 
	 

	 	By	 	 	 
	 

	 	 	 	 	 
	 

	 	 	 	Authorized Officer	 

 

 

EXHIBIT B-3 

[FORM OF] CERTIFICATE TO BE DELIVERED

TO EUROCLEAR OR CLEARSTREAM, LUXEMBOURG

BY A BENEFICIAL OWNER

OF NOTES, OTHER THAN A QUALIFIED INSTITUTIONAL BUYER

Advanta Business Card Master Trust,

AdvantaSeries Class D(2007-D1) Asset Backed Notes

     This is to certify that as of the date hereof and except as provided in the third paragraph
hereof, the AdvantaSeries Class D(2007-D1) Asset Backed Notes held by you for our account (the
“Notes”) (i) are owned by a person that is not a United States person, or (ii) are owned by a
United States person that is (A) the foreign branch of a United States financial institution (as
defined in U.S. Treasury Regulations Section 1.165-12(c)(1)(v)) (a “financial institution”)
purchasing for its own account or for resale, or (B) a United States person who acquired the Notes
through the foreign branch of a financial institution and who holds the Notes through the financial
institution on the date hereof (and in either case (A) or (B), the financial institution hereby
agrees to comply with the requirements of Section 165(j)(3)(A), (B) or (C) of the Internal Revenue
Code of 1986, as amended, and the regulations thereunder), or (iii) are owned by a financial
institution for purposes of resale during the Restricted Period (as defined in U.S. Treasury
Regulations Section 1.163-5(c)(2)(i)(D)(7)). In addition, financial institutions described in
clause (iii) of the preceding sentence (whether or not also described in clause (i) or (ii))
certify that they have not acquired the Notes for purposes of resale directly or indirectly to a
United States person or to a person within the United States or its possessions.

     We undertake to advise you in writing or by tested telex if the above statement as to
beneficial ownership is not correct on the date of delivery of the Notes in bearer form with
respect to such of the Notes as then appear in your books as being held for our account.

     This certificate excepts and does not relate to [U.S.$/(pound)/(U)/SF]                                          principal
amount of Notes held by you for our account, as to which we are not yet able to certify
beneficial ownership. We understand that delivery of definitive Notes in such principal amount
cannot be made until we are able to so certify.

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

     As used herein, “United States” means the United States of America, including the States
thereof and the District of Columbia, its territories, its possessions and other areas subject to
its jurisdiction; and “United States person” means a citizen or resident of the United States, a

B-3-1

 

corporation, partnership or other entity created or organized in or under the laws of the
United States, or any political subdivision thereof, or an estate or trust the income of which is
subject to United States federal income taxation regardless of its source.

	 	 	 	 	 	 
	Dated: ______________ ___, ____
*

	 	By	 	 	 
	 

	 	 	 	 	 
	 

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

 

			
	*	 	This certificate must be dated on the earlier of the date of
the first payment of interest in respect of the Notes and the date of the
delivery of the Notes in definitive form.Flexsteel Industries, Inc. Exhibit 4.3 to FORM S-8

Exhibit 4.3

 

ARTICLES OF AMENDMENT

OF

ARTICLES OF INCORPORATION

OF

FLEXSTEEL INDUSTRIES, INC.

 

I, the undersigned, as Chief Financial Officer and Secretary of Flexsteel Industries, Inc., a Minnesota corporation, do hereby certify that the following is a true and correct copy of a resolution amending the 1983 Restated Articles of Incorporation, as amended, of Flexsteel Industries, Inc., adopted pursuant to Minnesota Statutes, Chapter 302A by the shareholders of Flexsteel Industries, Inc. at a duly called and held meeting thereof held on December 11, 2006:

RESOLVED, That the first paragraph of Subsection A of Article V of Flexsteel Industries, Inc.’s 1983 Restated Articles of Incorporation, as amended, is hereby deleted in its entirety and replaced with the following paragraph so that the same shall be and read as follows:

 

The number of directors shall be set by the Board but shall not be less than seven (7) nor more than thirteen (13). The Board to be elected at the 2006 Annual Meeting of Shareholders shall consist of eleven (11) directors. Thereafter, the number of directors may be increased or decreased only by the affirmative vote of a majority of Directors then in office at the time of the vote but subject to the above stated minimum of seven (7) and maximum of thirteen (13) directors. 

IN WITNESS WHEREOF, being duly authorized by Flexsteel Industries, Inc., I have hereunto subscribed my name this 13th day of February, 2007.

 

	
             
 	
            /S/ Timothy E. Hall_
 
	
             
 	
            Timothy E. Hall, Chief Financial Officer
 and Secretary of Flexsteel Industries, Inc.
 

 

 

8

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