Document:

Exhibit 4.1

MBNA AMERICA BANK, NATIONAL ASSOCIATION
Seller and Servicer
and
THE BANK OF NEW YORK
Trustee
on behalf of the Series 2000-K Certificateholders
--

SERIES 2000-K SUPPLEMENT
Dated as of November 21, 2000
to
POOLING AND SERVICING AGREEMENT
Dated as of August 4, 1994
--

MBNA MASTER CREDIT CARD TRUST II
SERIES 2000-KSERIES 2000-K SUPPLEMENT, dated as of November
21, 2000 (this "Series Supplement"), by and between MBNA AMERICA BANK,
NATIONAL ASSOCIATION, a national banking association, as Seller and
Servicer, and THE BANK OF NEW YORK, as Trustee under the Pooling and
Servicing Agreement dated as of August 4, 1994 between MBNA America
Bank, National Association and the Trustee (as amended, the
"Agreement").

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

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

SECTION 1.	Designation.  (a) There is hereby created a
Series of Investor Certificates to be issued in two classes pursuant to
the Agreement and this Series Supplement and to be known together as
the "Series 2000-K Certificates."  The two classes shall be designated
the Class A Floating Rate Asset Backed Certificates, Series 2000-K (the
"Class A Certificates") and the Class B Floating Rate Asset Backed
Certificates, Series 2000-K (the "Class B Certificates").  The Class A
Certificates and the Class B Certificates shall be substantially in the
form of Exhibits A-1 and A-2 hereto, respectively.  In addition, there
is hereby created a third Class of an uncertificated interest in the
Trust which shall be deemed to be an "Investor Certificate" for all
purposes under the Agreement and this Series Supplement, except as
expressly provided herein, and which shall be known as the Collateral
Interest, Series 2000-K (the "Collateral Interest").

(b) Series 2000-K shall be included in Group One (as
defined below).  Series 2000-K shall not be subordinated to any other
Series.

(c) The Collateral Interest Holder, as holder of an
"Investor Certificate" under the Agreement, shall be entitled to the
benefits of the Agreement and this Series Supplement upon payment by
the Collateral Interest Holder of amounts owing on the Closing Date as
agreed to by the Seller and the Collateral Interest Holder.
Notwithstanding the foregoing, except as expressly provided herein, (i)
the provisions of Article VI and Article XII of the Agreement relating
to the registration, authentication, delivery, presentation,
cancellation and surrender of Registered Certificates and the opinion
described in subsection 6.09(b)(d)(i) and clauses (a) and (c) of the
definition of Tax Opinion in Section 1.01 of the Agreement shall not be
applicable to the Collateral Interest, and (ii) the provisions of
Section 3.07 of the Agreement shall not apply to cause the Collateral
Interest to be treated as debt for federal, state and local income and
franchise tax purposes, but rather the Seller intends and, together
with the Collateral Interest Holder, agrees to treat the Collateral
Interest for federal, state and local income and franchise tax purposes
as representing an equity interest in the assets of the Trust.

SECTION 2.	Definitions.

In the event that any term or provision contained herein
shall conflict with or be inconsistent with any provision contained in
the Agreement, the terms and provisions of this Series Supplement shall
govern.  All Article, Section or subsection references herein shall
mean Articles, Sections or subsections of the Agreement, except as
otherwise provided herein.  All capitalized terms not otherwise defined
herein are defined in the Agreement.  Each capitalized term defined
herein shall relate only to the Investor Certificates and no other
Series of Certificates issued by the Trust.

"Accumulation Period" shall mean, solely for the purposes
of the definition of Group One Monthly Principal Payment as such term
is defined in each Supplement relating to Group One, the Controlled
Accumulation Period.

"Accumulation Period Factor" shall mean, for each Monthly
Period, a fraction, the numerator of which is equal to the sum of the
initial investor interests of all outstanding Series, and the
denominator of which is equal to the sum of (a) the Initial Investor
Interest, (b) the initial investor interests of all outstanding Series
(other than Series 2000-K) which are not expected to be in their
revolving periods, and (c) the initial investor interests of all other
outstanding Series 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 anytime if
the Rating Agency Condition is satisfied.

"Accumulation Period Length" shall have the meaning
assigned such term in subsection 4.09(j).

"Accumulation Shortfall" shall initially mean zero and
shall thereafter mean, with respect to any Monthly Period during the
Controlled Accumulation Period, the excess, if any, of the Controlled
Deposit Amount for the previous Monthly Period over the amount
deposited into the Principal Funding Account pursuant to subsections
4.09(f)(i), 4.09(f)(ii) and 4.09(f)(iii) with respect to the Class A
Certificates, the Class B Certificates and the Collateral Interest,
respectively, for the previous Monthly Period.

"Adjusted Investor Interest" shall mean, with respect to
any date of determination, an amount equal to the sum of (a) the Class
A Adjusted Investor Interest and (b) the Class B Adjusted Investor
Interest and (c) the Collateral Interest Adjusted Amount.

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

"Assignee" shall have the meaning specified in subsection
19(a).

"Available Investor Principal Collections" shall mean with
respect to any Monthly Period, an amount equal to (a) the Investor
Principal Collections for such Monthly Period, minus (b) the amount of
Reallocated Collateral Principal Collections and Reallocated Class B
Principal Collections with respect to such Monthly Period which
pursuant to Section 4.12 are required to fund the Class A Required
Amount and the Class B Required Amount, plus (c) the amount of Shared
Principal Collections with respect to Group One that are allocated to
Series 2000-K in accordance with subsection 4.13(b).

"Available Reserve Account Amount" shall mean, with respect
to any Transfer Date, the lesser of (a) the amount on deposit in the
Reserve Account on such date (after taking into account any interest
and earnings retained in the Reserve Account pursuant to subsection
4.15(b) on such date, but before giving effect to any deposit made or
to be made pursuant to subsection 4.11(i) to the Reserve Account on
such date) and (b) the Required Reserve Account Amount.

"Base Rate" shall mean, with respect to any Monthly Period,
the annualized percentage equivalent of a fraction, the numerator of
which is equal to the sum of the Class A Monthly Interest, the Class B
Monthly Interest, the Collateral Minimum Monthly Interest, each for the
related Interest Period, and the Certificateholder Servicing Fee and
the Servicer Interchange, each with respect to such Monthly Period, and
the denominator of which is the Investor Interest as of the close of
business on the last day of such Monthly Period.

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

"Class A Account Percentage" shall mean, with respect to
any date of determination, the percentage equivalent of a fraction, the
numerator of which is the aggregate amount on deposit in the Principal
Funding Account with respect to Class A Monthly Principal as of the
Record Date preceding the related Transfer Date and the denominator of
which is the aggregate amount on deposit in the Principal Funding
Account with respect to Class A Monthly Principal and Class B Monthly
Principal as of the Record Date preceding the related Transfer Date.

"Class A Additional Interest" shall have the meaning
specified in subsection 4.06(a).

"Class A Adjusted Investor Interest" shall mean, with
respect to any date of determination, an amount equal to the Class A
Investor Interest minus the funds on deposit in the Principal Funding
Account (in an amount not to exceed the Class A Investor Interest) on
such date of determination.

"Class A Available Funds" shall mean, with respect to any
Monthly Period, an amount equal to the sum of (a) the Class A Floating
Allocation of the Collections of Finance Charge Receivables and amounts
with respect to Annual Membership Fees allocated to the Investor
Certificates and deposited in the Finance Charge Account for such
Monthly Period (or to be deposited in the Finance Charge Account on the
related Transfer Date with respect to the preceding Monthly Period
pursuant to the third paragraph of subsection 4.03(a) and Section 2.08
of the Agreement and subsection 3(b) of this Series Supplement),
excluding the portion of Collections of Finance Charge Receivables
attributable to Servicer Interchange, (b) an amount equal to the
product of (i) the Class A Account Percentage and (ii) the Principal
Funding Investment Proceeds, if any, with respect to the related
Transfer Date, (c) the Interest Funding Investment Proceeds arising
pursuant to subsection 4.18(b), if any, with respect to the related
Transfer Date and (d) amounts, if any, to be withdrawn from the Reserve
Account which will be deposited into the Finance Charge Account on the
related Transfer Date to be treated as Class A Available Funds pursuant
to subsections 4.15(b) and 4.15(d)(i).

"Class A Certificate Rate" shall mean, for any Interest
Period, a per annum rate equal to 0.11% per annum in excess of LIBOR,
as determined on the related LIBOR Determination Date.

"Class A Certificateholder" shall mean the Person in whose
name a Class A Certificate is registered in the Certificate Register.

"Class A Certificates" shall mean any of the certificates
executed by the Seller and authenticated by or on behalf of the
Trustee, substantially in the form of Exhibit A-1 hereto.

"Class A Deficiency Amount" shall have the meaning
specified in subsection 4.06(a).

"Class A Fixed Allocation" shall mean, with respect to any
Monthly Period following the Revolving Period, the percentage
equivalent (which percentage shall never exceed 100%) of a fraction,
the numerator of which is the Class A Investor Interest as of the close
of business on the last day of the Revolving Period and the denominator
of which is equal to the Investor Interest as of the close of business
on the last day of the Revolving Period.

"Class A Floating Allocation" shall mean, with respect to
any Monthly Period, the percentage equivalent (which percentage shall
never exceed 100%) of a fraction, the numerator of which is the Class A
Adjusted Investor Interest as of the close of business on the last day
of the preceding Monthly Period and the denominator of which is equal
to the Adjusted Investor Interest as of the close of business on such
day; provided, however, that, with respect to the first Monthly Period,
the Class A Floating Allocation shall mean the percentage equivalent of
a fraction, the numerator of which is the Class A Initial Investor
Interest and the denominator of which is the Initial Investor Interest.

"Class A Initial Investor Interest" shall mean the
aggregate initial principal amount of the Class A Certificates, which
is $637,500,000.

"Class A Investor Allocation" shall mean with respect to
any Monthly Period, (a) with respect to Default Amounts and Finance
Charge Receivables at any time and Principal Receivables during the
Revolving Period, the Class A Floating Allocation, and (b) with respect
to Principal Receivables during the Controlled Accumulation Period or
the Rapid Amortization Period, the Class A Fixed Allocation.

"Class A Investor Charge-Offs" shall have the meaning
specified in subsection 4.10(a).

"Class A Investor Default Amount" shall mean, with respect
to each Transfer Date, an amount equal to the product of (a) the
Aggregate Investor Default Amount for the related Monthly Period and
(b) the Class A Floating Allocation applicable for the related Monthly
Period.

"Class A Investor Interest" shall mean, on any date of
determination, an amount equal to (a) the Class A Initial Investor
Interest, minus (b) the aggregate amount of principal payments made to
Class A Certificateholders prior to such date and minus (c) the excess,
if any, of the aggregate amount of Class A Investor Charge-Offs
pursuant to subsection 4.10(a) over Class A Investor Charge-Offs
reimbursed pursuant to subsection 4.11(b) prior to such date of
determination; provided, however, that the Class A Investor Interest
may not be reduced below zero.

"Class A Monthly Interest" shall mean the monthly interest
distributable in respect of the Class A Certificates as calculated in
accordance with subsection 4.06(a).

"Class A Monthly Principal" shall mean the monthly
principal distributable in respect of the Class A Certificates as
calculated in accordance with subsection 4.07(a).

"Class A Required Amount" shall have the meaning specified
in subsection 4.08(a).

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

"Class B Account Percentage" shall mean, with respect to
any date of determination, the percentage equivalent of a fraction, the
numerator of which is the aggregate amount on deposit in the Principal
Funding Account with respect to Class B Monthly Principal as of the
Record Date preceding the related Transfer Date and the denominator of
which is the aggregate amount on deposit in the Principal Funding
Account with respect to Class A Monthly Principal and Class B Monthly
Principal as of the Record Date preceding the related Transfer Date.

"Class B Additional Interest" shall have the meaning
specified in subsection 4.06(b).

"Class B Adjusted Investor Interest" shall mean, with
respect to any date of determination, an amount equal to the Class B
Investor Interest minus the excess, if any, of the Principal Funding
Account Balance over the Class A Investor Interest on such date of
determination (such excess not to exceed the Class B Investor
Interest).

"Class B Available Funds" shall mean, with respect to any
Monthly Period, an amount equal to the sum of (a) the Class B Floating
Allocation of the Collections of Finance Charge Receivables and amounts
with respect to Annual Membership Fees allocated to the Investor
Certificates and deposited in the Finance Charge Account for such
Monthly Period (or to be deposited in the Finance Charge Account on the
related Transfer Date with respect to the preceding Monthly Period
pursuant to the third paragraph of subsection 4.03(a) and Section 2.08
of the Agreement and subsection 3(b) of this Series Supplement),
excluding the portion of Collections of Finance Charge Receivables
attributable to Servicer Interchange, (b) an amount equal to the
product of (i) the Class B Account Percentage and (ii) the Principal
Funding Investment Proceeds, if any, with respect to the related
Transfer Date and (c) amounts, if any, to be withdrawn from the Reserve
Account which will be deposited into the Finance Charge Account on the
related Transfer Date to be treated as Class B Available Funds pursuant
to subsection 4.15(d)(ii).

"Class B Certificate Rate" shall mean, for any Interest
Period, a per annum rate equal to 0.375% per annum in excess of LIBOR,
as determined on the related LIBOR Determination Date.

"Class B Certificateholder" shall mean the Person in whose
name a Class B Certificate is registered in the Certificate Register.

"Class B Certificates" shall mean any of the certificates
executed by the Seller and authenticated by or on behalf of the
Trustee, substantially in the form of Exhibit A-2 hereto.

"Class B Deficiency Amount" shall have the meaning
specified in subsection 4.06(b).

"Class B Fixed Allocation" shall mean, with respect to any
Monthly Period following the Revolving Period, the percentage
equivalent (which percentage shall never exceed 100%) of a fraction,
the numerator of which is the Class B Investor Interest as of the close
of business on the last day of the Revolving Period and the denominator
of which is equal to the Investor Interest as of the close of business
on the last day of the Revolving Period.

"Class B Floating Allocation" shall mean, with respect to
any Monthly Period, the percentage equivalent (which percentage shall
never exceed 100%) of a fraction, the numerator of which is the Class B
Adjusted Investor Interest as of the close of business on the last day
of the preceding Monthly Period and the denominator of which is equal
to the Adjusted Investor Interest as of the close of business on such
day; provided, however, that, with respect to the first Monthly Period,
the Class B Floating Allocation shall mean the percentage equivalent of
a fraction, the numerator of which is the Class B Initial Investor
Interest and the denominator of which is the Initial Investor Interest.

"Class B Initial Investor Interest" shall mean the
aggregate initial principal amount of the Class B Certificates, which
is $56,250,000.

"Class B Investor Allocation" shall mean with respect to
any Monthly Period, (a) with respect to Default Amounts and Finance
Charge Receivables at any time or Principal Receivables during the
Revolving Period, the Class B Floating Allocation, and (b) with respect
to Principal Receivables during the Controlled Accumulation Period or
the Rapid Amortization Period, the Class B Fixed Allocation.

"Class B Investor Charge-Offs" shall have the meaning
specified in subsection 4.10(b).

"Class B Investor Default Amount" shall mean, with respect
to each Transfer Date, an amount equal to the product of (a) the
Aggregate Investor Default Amount for the related Monthly Period and
(b) the Class B Floating Allocation applicable for the related Monthly
Period.

"Class B Investor Interest" shall mean, on any date of
determination, an amount equal to (a) the Class B Initial Investor
Interest, minus (b) the aggregate amount of principal payments made to
Class B Certificateholders prior to such date, minus (c) the aggregate
amount of Class B Investor Charge-Offs for all prior Transfer Dates
pursuant to subsection 4.10(b), minus (d) the amount of the Reallocated
Class B Principal Collections allocated pursuant to subsection 4.12(a)
on all prior Transfer Dates for which the Collateral Interest Amount
has not been reduced, minus (e) an amount equal to the amount by which
the Class B Investor Interest has been reduced on all prior Transfer
Dates pursuant to subsection 4.10(a) and plus (f) the aggregate amount
of Excess Spread allocated and available on all prior Transfer Dates
pursuant to subsection 4.11(d) for the purpose of reimbursing amounts
deducted pursuant to the foregoing clauses (c), (d) and (e); provided,
however, that the Class B Investor Interest may not be reduced below
zero.

"Class B Monthly Interest" shall mean the monthly interest
distributable in respect of the Class B Certificates as calculated in
accordance with subsection 4.06(b).

"Class B Monthly Principal" shall mean the monthly
principal distributable in respect of the Class B Certificates as
calculated in accordance with subsection 4.07(b).

"Class B Required Amount" shall have the meaning specified
in subsection 4.08(b).

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

"Closing Date" shall mean November 21, 2000.

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

"Collateral Allocation" shall mean with respect to any
Monthly Period, (a) with respect to Default Amounts and Finance Charge
Receivables at any time or Principal Receivables during the Revolving
Period, the Collateral Floating Allocation, and (b) with respect to
Principal Receivables during the Controlled Accumulation Period or the
Rapid Amortization Period, the Collateral Fixed Allocation.

"Collateral Available Funds" shall mean, with respect to
any Monthly Period, an amount equal to the Collateral Floating
Allocation of the Collections of Finance Charge Receivables and amounts
with respect to Annual Membership Fees allocated to the Investor
Certificates and deposited in the Finance Charge Account for such
Monthly Period (or to be deposited in the Finance Charge Account on the
related Transfer Date with respect to the preceding Monthly Period
pursuant to the third paragraph of subsection 4.03(a) and Section 2.08
of the Agreement and subsection 3(b) of this Series Supplement),
excluding the portion of Collections of Finance Charge Receivables
attributable to Servicer Interchange.

"Collateral Charge-Offs" shall have the meaning specified
in subsection 4.10(c).

"Collateral Default Amount" shall mean, with respect to any
Transfer Date, an amount equal to the product of (a) the Aggregate
Investor Default Amount for the related Monthly Period and (b) the
Collateral Floating Allocation applicable for the related Monthly
Period.

"Collateral Fixed Allocation" shall mean with respect to
any Monthly Period following the Revolving Period, the percentage
equivalent (which percentage shall never exceed 100%) of a fraction,
the numerator of which is the Collateral Interest Amount as of the
close of business on the last day of the Revolving Period and the
denominator of which is equal to the Investor Interest as of the close
of business on the last day of the Revolving Period.

"Collateral Floating Allocation" shall mean, with respect
to any Monthly Period, the percentage equivalent (which percentage
shall never exceed 100%) of a fraction, the numerator of which is the
Collateral Interest Adjusted Amount as of the close of business on the
last day of the preceding Monthly Period and the denominator of which
is equal to the Adjusted Investor Interest as of the close of business
on such day; provided, however, that, with respect to the first Monthly
Period, the Collateral Floating Allocation shall mean the percentage
equivalent of a fraction, the numerator of which is the Collateral
Interest Initial Amount and the denominator of which is the Initial
Investor Interest.

"Collateral Interest" shall mean a fractional undivided
interest in the Trust which shall consist of the right to receive (i)
to the extent necessary to make the required payments to the Collateral
Interest Holder under this Series Supplement, the portion of
Collections allocable thereto under the Agreement and this Series
Supplement, funds on deposit in the Collection Account allocable
thereto pursuant to the Agreement and this Series Supplement, and funds
on deposit in the Principal Funding Account or any other Series Account
(and any investment earnings thereon, net of investment expenses and
losses, if and to the extent specifically provided herein) allocable
thereto pursuant to the Agreement and this Series Supplement and (ii)
amounts available for payment to the Collateral Interest Holder
pursuant to subsection 4.11(j) and Section 4.15.

"Collateral Interest Adjusted Amount" shall mean, with
respect to any date of determination, an amount equal to the Collateral
Interest Amount minus the excess, if any, of the Principal Funding
Account Balance over the sum of the Class A Investor Interest and the
Class B Investor Interest on such date of determination (such excess
not to exceed the Collateral Interest Amount).

"Collateral Interest Amount" shall mean, an amount equal to
(a) the Collateral Interest Initial Amount, minus (b) the aggregate
amount of principal payments made to the Collateral Interest Holder
prior to such date, minus (c) the aggregate amount of Collateral
Charge-Offs for all prior Transfer Dates pursuant to subsection
4.10(c), minus (d) the amount of Reallocated Principal Collections
allocated pursuant to subsections 4.12(a) and (b) on all prior Transfer
Dates, minus (e) an amount equal to the amount by which the Collateral
Interest Amount has been reduced on all prior Transfer Dates pursuant
to subsections 4.10(a) and (b), and plus (f) the aggregate amount of
Excess Spread allocated and available on all prior Transfer Dates
pursuant to subsection 4.11(h) for the purpose of reimbursing amounts
deducted pursuant to the foregoing clauses (c), (d) and (e); provided
further, however, that the Collateral Interest Amount may not be
reduced below zero.

"Collateral Interest Holder" shall mean the entity so
designated in writing by the Seller to the Trustee.

"Collateral Interest Initial Amount" shall mean
$56,250,000.

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

"Collateral Minimum Monthly Interest" shall mean the
monthly interest distributable in respect of the Collateral Interest
Amount as calculated in accordance with subsection 4.06(c).

"Collateral Minimum Rate" shall mean, for any Interest
Period, the rate specified in the Transfer Agreement.

"Collateral Monthly Principal" shall mean the monthly
principal distributable in respect of the Collateral Interest Amount as
calculated in accordance with subsection 4.07(c).

"Controlled Accumulation Amount" shall mean for any
Transfer Date with respect to the Controlled Accumulation Period,
$62,500,000; provided, however, that if the Accumulation Period Length
is determined to be less than 12 months pursuant to subsection 4.09(j),
the Controlled Accumulation Amount for each Transfer Date with respect
to the Controlled Accumulation Period will be equal to (i) the product
of (x) the Initial Investor Interest and (y) the Accumulation Period
Factor for such Monthly Period divided by (ii) the Required
Accumulation Factor Number.

"Controlled Accumulation Period" shall mean, unless a Pay
Out Event shall have occurred prior thereto, the period commencing at
the close of business on September 30, 2004 or such later date as is
determined in accordance with subsection 4.09(j) and ending on the
first to occur of (a) the commencement of the Rapid Amortization Period
and (b) the Series 2000-K Termination Date.

"Controlled Deposit Amount" shall mean, with respect to any
Transfer Date, the sum of (a) the Controlled Accumulation Amount for
such Transfer Date and (b) any existing Accumulation Shortfall.

"Covered Amount" shall mean an amount, determined as of
each Transfer Date with respect to any Interest Period, equal to the
sum of (a) the product of (i) a fraction, the numerator of which is the
actual number of days in such Interest Period and the denominator of
which is 360, times (ii) the Class A Certificate Rate in effect with
respect to such Interest Period, times (iii) the aggregate amount on
deposit in the Principal Funding Account with respect to Class A
Monthly Principal as of the Record Date preceding such Transfer Date,
plus (b) the product of (i) a fraction, the numerator of which is the
actual number of days in such Interest Period and the denominator of
which is 360, times (ii) the Class B Certificate Rate in effect with
respect to such Interest Period, times (iii) the aggregate amount on
deposit in the Principal Funding Account with respect to Class B
Monthly Principal as of the Record Date preceding such Transfer Date.

"Credit Enhancement" shall mean (a) with respect to the
Class A Certificates, the subordination of the Class B Certificates and
the Collateral Interest, and (b) with respect to the Class B
Certificates, the subordination of the Collateral Interest.

"Credit Enhancement Provider" shall mean the Collateral
Interest Holder.

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

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

"Distribution Date" shall mean January 16, 2001 and the
fifteenth day of each calendar month thereafter, or if such fifteenth
day is not a Business Day, the next succeeding Business Day.

"Excess Spread" shall mean, with respect to any Transfer
Date, the sum of the amounts with respect to such Transfer Date, if
any, specified pursuant to subsections 4.09(a)(iv), 4.09(b)(iii) and
4.09(c)(ii).

"Fitch" shall mean Fitch, Inc. or its successors.

"Fixed Investor Percentage" shall mean, with respect to any
Monthly Period, the percentage equivalent of a fraction, the numerator
of which is the Investor Interest as of the close of business on the
last day of the Revolving Period and the denominator of which is the
greater of (a) the aggregate amount of Principal Receivables in the
Trust determined as of the close of business on the last day of the
prior Monthly Period and (b) the sum of the numerators used to
calculate the Investor Percentages (as such term is defined in the
Agreement) for allocations with respect to Principal Receivables for
all outstanding Series on such date of determination; provided,
however, that with respect to any Monthly Period in which an Addition
Date occurs or in which a Removal Date occurs on which, if any Series
has been paid in full, Principal Receivables in an aggregate amount
approximately equal to the initial investor interest of such Series are
removed from the Trust, the denominator determined pursuant to clause
(a) hereof shall be (i) the aggregate amount of Principal Receivables
in the Trust as of the close of business on the last day of the prior
Monthly Period for the period from and including the first day of such
Monthly Period to but excluding the related Addition Date or Removal
Date and (ii) the aggregate amount of Principal Receivables in the
Trust as of the beginning of the day on the related Addition Date or
Removal Date after adjusting for the aggregate amount of Principal
Receivables added to or removed from the Trust on the related Addition
Date or Removal Date, for the period from and including the related
Addition Date or Removal Date to and including the last day of such
Monthly Period.

"Floating Investor Percentage" shall mean, with respect to
any Monthly Period, the percentage equivalent of a fraction, the
numerator of which is the Adjusted Investor Interest as of the close of
business on the last day of the preceding Monthly Period (or with
respect to the first Monthly Period, the Initial Investor Interest) and
the denominator of which is the greater of (a) the aggregate amount of
Principal Receivables as of the close of business on the last day of
the preceding Monthly Period (or with respect to the first calendar
month in the first Monthly Period, the aggregate amount of Principal
Receivables in the Trust as of the close of business on the day
immediately preceding the Closing Date and with respect to the second
calendar month in the first Monthly Period, the aggregate amount of
Principal Receivables as of the close of business on the last day of
the first calendar month in the first Monthly Period), and (b) the sum
of the numerators used to calculate the Investor Percentages (as such
term is defined in the Agreement) for allocations with respect to
Finance Charge Receivables, Default Amounts or Principal Receivables,
as applicable, for all outstanding Series on such date of
determination; provided, however, that with respect to any Monthly
Period in which an Addition Date occurs or in which a Removal Date
occurs on which, if any Series has been paid in full, Principal
Receivables in an aggregate amount approximately equal to the initial
investor interest of such Series are removed from the Trust, the
denominator determined pursuant to clause (a) hereof shall be (i) the
aggregate amount of Principal Receivables in the Trust as of the close
of business on the last day of the prior Monthly Period for the period
from and including the first day of such Monthly Period to but
excluding the related Addition Date or Removal Date and (ii) the
aggregate amount of Principal Receivables in the Trust as of the
beginning of the day on the related Addition Date or Removal Date after
adjusting for the aggregate amount of Principal Receivables added to or
removed from the Trust on the related Addition Date or Removal Date,
for the period from and including the related Addition Date or Removal
Date to and including the last day of such Monthly Period.

"Group One" shall mean Series 2000-K and each other Series
specified in the related Supplement to be included in Group One.

"Group One Monthly Principal Payment" shall mean with
respect to any Monthly Period, for all Series in Group One (including
Series 2000-K) which are in an Amortization Period or Accumulation
Period (as such terms are defined in the related Supplements for all
Series in Group One), the sum of (a) the Controlled Distribution Amount
for the related Transfer Date for any Series in its Controlled
Amortization Period (as such terms are defined in the related
Supplements for all Series in Group One), (b) the Controlled Deposit
Amount for the related Transfer Date for any Series in its Accumulation
Period, other than its Rapid Accumulation Period, if applicable (as
such terms are defined in the related Supplements for all Series in
Group One), (c) the Investor Interest as of the end of the prior
Monthly Period taking into effect any payments to be made on the
following Distribution Date for any Series in Group One in its
Principal Amortization Period or Rapid Amortization Period (as such
terms are defined in the related Supplements for all Series in Group
One), (d) the Adjusted Investor Interest as of the end of the prior
Monthly Period taking into effect any payments or deposits to be made
on the following Transfer Date and Distribution Date for any Series in
Group One in its Rapid Accumulation Period (as such terms are defined
in the related Supplements for all Series in Group One) and (e) such
other amounts as may be specified in the related Supplements for all
Series in Group One.

"Initial Investor Interest" shall mean $750,000,000.

"Interest Funding Account" shall have the meaning set forth
in Section 4.18.
"Interest Funding Investment Proceeds" shall mean, with
respect to each Transfer Date, the investment earnings on funds in the
Interest Funding Account (net of investment expenses and losses) for
the period from and including the immediately preceding Transfer Date
to but excluding such Transfer Date.
"Interest Payment Date" shall mean January 16, 2001 and the
fifteenth day of each January, April, July and October thereafter, or
if such fifteenth day is not a Business Day, the next succeeding
Business Day; provided, however, that commencing on the first
Distribution Date with respect to the Rapid Amortization Period, each
Distribution Date shall be an Interest Payment Date.
"Interest Period" shall mean, with respect to any
Distribution Date, the period from and including the previous
Distribution Date (or in the case of the first Distribution Date, from
and including the Closing Date) through the day preceding such
Distribution Date.

"Investment Letter" shall have the meaning specified in
subsection 19(b).

"Investor Certificateholder" shall mean (a) with respect to
the Class A Certificates, the holder of record of a Class A
Certificate, (b) with respect to the Class B Certificates, the holder
of record of a Class B Certificate and (c) with respect to the
Collateral Interest, the Collateral Interest Holder.

"Investor Certificates" shall mean the Class A
Certificates, the Class B Certificates and the Collateral Interest.

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

"Investor Interest" shall mean, on any date of
determination, an amount equal to the sum of (a) the Class A Investor
Interest, (b) the Class B Investor Interest and (c) the Collateral
Interest Amount, each as of such date.

"Investor Percentage" shall mean for any Monthly Period,
(a) with respect to Finance Charge Receivables and Default Amounts at
any time and Principal Receivables during the Revolving Period, the
Floating Investor Percentage and (b) with respect to Principal
Receivables during the Controlled Accumulation Period or the Rapid
Amortization Period, the Fixed Investor Percentage.

"Investor Principal Collections" shall mean, with respect
to any Monthly Period, the sum of (a) the aggregate amount deposited
into the Principal Account for such Monthly Period pursuant to
subsections 4.05(a)(ii), (iii) and (iv), 4.05(b)(ii), (iii) and (iv),
or 4.05(c)(ii), in each case, as applicable to such Monthly Period, (b)
the aggregate amount to be treated as Investor Principal Collections
pursuant to subsections 4.09(a)(iii), and 4.11(a), (b), (c), (d), (g)
and (h) for such Monthly Period (other than such amount paid from
Reallocated Principal Collections), and (c) the aggregate amount of
Unallocated Principal Collections deposited into the Principal Account
pursuant to subsection 4.05(d).

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

"LIBOR" shall mean, for any Interest Period, the London
interbank offered rate for three-month United States dollar deposits
(or commencing on the first Distribution Date with respect to the Rapid
Amortization Period, for one-month United States dollar deposits)
determined by the Trustee on the LIBOR Determination Date for each
Interest Period in accordance with the provisions of Section 4.16.

"LIBOR Determination Date" shall mean November 17, 2000 for
the period from and including the Closing Date through but excluding
January 16, 2001, January 11, 2001 for the period from and including
January 16, 2001 through but excluding April 16, 2001, and, with
respect to each Interest Period thereafter, the second London Business
Day prior to each Interest Payment Date.  For each Interest Period
following the Interest Period ending on but excluding April 16, 2001,
the related LIBOR Determination Date shall be the LIBOR Determination
Date prior to the later of (i) the most recent Interest Payment Date
preceding the first day of such Interest Period and (ii) the Interest
Payment Date occurring on the first day of such Interest Period.
"London Business Day" shall mean any Business Day on which
dealings in deposits in United States dollars are transacted in the
London interbank market.

"Monthly Interest" shall mean, with respect to any Transfer
Date, the sum of (a) the Class A Monthly Interest, the Class A
Additional Interest, if any, and the unpaid Class A Deficiency Amount,
if any, (b) the Class B Monthly Interest, the Class B Additional
Interest, if any, and the unpaid Class B Deficiency Amount, if any, and
(c) the Collateral Minimum Monthly Interest and any previously due and
the unpaid Collateral Minimum Monthly Interest, each with respect to
such Transfer Date.

"Monthly Period" shall have the meaning specified in the
Agreement, except that the first Monthly Period with respect to the
Investor Certificates shall begin on and include the Closing Date and
shall end on and include December 31, 2000.

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

"Pay Out Commencement Date" shall mean the date on which a
Trust Pay Out Event is deemed to occur pursuant to Section 9.01 or a
Series 2000-K Pay Out Event is deemed to occur pursuant to Section 9
hereof.

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

"Portfolio Adjusted Yield" shall mean, with respect to any
Transfer Date, commencing on and including the April 2001 Transfer
Date, the average of the percentages obtained for each of the three
preceding Monthly Periods by subtracting the Base Rate from the
Portfolio Yield for such Monthly Period and deducting 0.5% from the
result for each Monthly Period.

"Portfolio Yield" shall mean, with respect to any Monthly
Period, the annualized percentage equivalent of a fraction, the
numerator of which is an amount equal to the sum of (a) the amount of
Collections of Finance Charge Receivables deposited into the Finance
Charge Account and allocable to the Investor Certificates for such
Monthly Period, and (b) the amount with respect to Annual Membership
Fees deposited into the Finance Charge Account and allocable to the
Investor Certificates for such Monthly Period, and (c) the Principal
Funding Investment Proceeds deposited into the Finance Charge Account
on the Transfer Date related to such Monthly Period, and (d) the
Interest Funding Investment Proceeds deposited into the Finance Charge
Account on the Transfer Date related to such Monthly Period, and (e)
the amount of the Reserve Draw Amount (up to the Available Reserve
Account Amount) plus any amounts of interest and earnings described in
subsection 4.15, each deposited into the Finance Charge Account on the
Transfer Date relating to such Monthly Period, such sum to be
calculated on a cash basis after subtracting the Aggregate Investor
Default Amount for such Monthly Period, and the denominator of which is
the Investor Interest as of the close of business on the last day of
such Monthly Period.

"Principal Funding Account" shall have the meaning set
forth in subsection 4.14(a).

"Principal Funding Account Balance" shall mean, with
respect to any date of determination, the principal amount, if any, on
deposit in the Principal Funding Account on such date of determination.

"Principal Funding Investment Proceeds" shall mean, with
respect to each Transfer Date, the investment earnings on funds in the
Principal Funding Account (net of investment expenses and losses) for
the period from and including the immediately preceding Transfer Date
to but excluding such Transfer Date.

"Prospectus" shall mean the prospectus and the prospectus
supplement as filed with the Securities and Exchange Commission under
Rule 424(b) of the Securities Act relating to the Series 2000-K
Certificates.

"Rapid Amortization Period" shall mean the Amortization
Period commencing on the Pay Out Commencement Date and ending on the
earlier to occur of (a) the Series 2000-K Termination Date and (b) the
termination of the Trust pursuant to Section 12.01.

"Rating Agency" shall mean Moody's and Standard & Poor's.

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

"Reallocated Class B Principal Collections" shall mean,
with respect to any Transfer Date, Collections of Principal Receivables
applied in accordance with subsection 4.12(a) in an amount not to
exceed the product of (a) the Class B Investor Allocation with respect
to the Monthly Period relating to such Transfer Date and (b) the
Investor Percentage with respect to the Monthly Period relating to such
Transfer Date and (c) the amount of Collections of Principal
Receivables with respect to the Monthly Period relating to such
Transfer Date; provided, however, that such amount shall not exceed the
Class B Investor Interest after giving effect to any Class B Investor
Charge-Offs for such Transfer Date.

"Reallocated Collateral Principal Collections" shall mean,
with respect to any Transfer Date, Collections of Principal Receivables
applied in accordance with subsections 4.12(a) and (b) in an amount not
to exceed the product of (a) the Collateral Allocation with respect to
the Monthly Period relating to such Transfer Date and (b) the Investor
Percentage with respect to the Monthly Period relating to such Transfer
Date and (c) the amount of Collections of Principal Receivables with
respect to the Monthly Period relating to such Transfer Date; provided,
however, that such amount shall not exceed the Collateral Interest
Amount after giving effect to any Collateral Charge-Offs for such
Transfer Date.

"Reallocated Principal Collections" shall mean the sum of
(a) Reallocated Class B Principal Collections and (b) Reallocated
Collateral Principal Collections.

"Reference Banks" shall mean four major banks in the London
interbank market selected by the Servicer.

"Required Accumulation Factor Number" shall be equal to a
fraction, rounded upwards to the nearest whole number, the numerator of
which is one and the denominator of which is equal to the lowest
monthly principal payment rate on the Accounts, expressed as a decimal,
for the 12 months preceding the date of such calculation; provided,
however, that this definition may be changed at any time if the Rating
Agency Condition is satisfied.

"Required Reserve Account Amount" shall mean, with respect
to any Transfer Date on or after the Reserve Account Funding Date, an
amount equal to (a) 0.5% of the outstanding principal balance of the
Class A Certificates or (b) any other amount designated by the Seller;
provided, however, that if such designation is of a lesser amount, the
Seller shall (i) provide the Servicer, the Collateral Interest Holder
and the Trustee with evidence that the Rating Agency Condition shall
have been satisfied and (ii) deliver to the Trustee a certificate of an
authorized officer to the effect that, based on the facts known to such
officer at such time, in the reasonable belief of the Seller, such
designation will not cause a Pay Out Event or an event that, after the
giving of notice or the lapse of time, would cause a Pay Out Event to
occur with respect to Series 2000-K.

"Reserve Account" shall have the meaning specified in
subsection 4.15(a).

"Reserve Account Funding Date" shall mean the Transfer Date
which occurs not later than the earliest of (a) the Transfer Date with
respect to the Monthly Period which commences 3 months prior to the
commencement of the Controlled Accumulation Period; (b) the first
Transfer Date for which the Portfolio Adjusted Yield is less than 2%,
but in such event the Reserve Account Funding Date shall not be
required to occur earlier than the Transfer Date with respect to the
Monthly Period which commences 12 months prior to the commencement of
the Controlled Accumulation Period; (c) the first Transfer Date for
which the Portfolio Adjusted Yield is less than 3%, but in such event
the Reserve Account Funding Date shall not be required to occur earlier
than the Transfer Date with respect to the Monthly Period which
commences 6 months prior to the commencement of the Controlled
Accumulation Period; and (d) the first Transfer Date for which the
Portfolio Adjusted Yield is less than 4%, but in such event the Reserve
Account Funding Date shall not be required to occur earlier than the
Transfer Date with respect to the Monthly Period which commences 4
months prior to the commencement of the Controlled Accumulation Period.

"Reserve Account Surplus" shall mean, as of any Transfer
Date following the Reserve Account Funding Date, the amount, if any, by
which the amount on deposit in the Reserve Account exceeds the Required
Reserve Account Amount.

"Reserve Draw Amount" shall mean, with respect to each
Transfer Date relating to the Controlled Accumulation Period or the
first Transfer Date relating to the Rapid Amortization Period, the
amount, if any, by which the Principal Funding Investment Proceeds for
such Transfer Date are less than the Covered Amount determined as of
such Transfer Date.

"Revolving Period" shall mean the period from and including
the Closing Date to, but not including, the earlier of (a) the day the
Controlled Accumulation Period commences and (b) the Pay Out
Commencement Date.

"Scheduled Payment Date" shall mean the October 2005
Distribution Date.

"Series 2000-K" shall mean the Series of the MBNA Master
Credit Card Trust II represented by the Investor Certificates.

"Series 2000-K Certificateholders" shall mean the holder of
record of a Series 2000-K Certificate.

"Series 2000-K Certificates" shall mean the Class A
Certificates and the Class B Certificates.

"Series 2000-K Pay Out Event" shall have the meaning
specified in Section 9 hereof.

"Series 2000-K Termination Date" shall mean the earliest to
occur of (a) the Distribution Date on which the Investor Interest is
paid in full, (b) the March 2008 Distribution Date and (c) the Trust
Termination Date.

"Series Principal Shortfall" shall mean with respect to any
Transfer Date, the excess, if any, of (a) (i) with respect to any
Transfer Date relating to the Controlled Accumulation Period, the
Controlled Deposit Amount for such Transfer Date, and (ii) with respect
to any Transfer Date relating to the Rapid Amortization Period, the
Adjusted Investor Interest over (b) the Investor Principal Collections
minus the Reallocated Principal Collections for such Transfer Date.

"Series Servicing Fee Percentage" shall mean 2.0%.

"Servicer Interchange" shall mean, for any Transfer Date,
the portion of Collections of Finance Charge Receivables allocated to
the Investor Certificates and deposited in the Finance Charge Account
with respect to the related Monthly Period that is attributable to
Interchange; provided, however, that Servicer Interchange for any
Transfer Date shall not exceed one-twelfth of the product of (i) the
Adjusted Investor Interest as of the last day of the related Monthly
Period and (ii) 0.75%; provided further, however, with respect to the
first Transfer Date, the Servicer Interchange may equal but shall not
exceed $625,000.

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

"Telerate Page 3750" shall mean the display page currently
so designated on the Bridge Telerate Market Report (or such other page
as may replace that page on that service for the purpose of displaying
comparable rates or prices).

"Transfer" shall have the meaning specified in subsection
19(a).

"Transfer Agreement" shall mean the agreement among MBNA
and the Collateral Interest Holder, dated as of the Closing Date, as
amended or modified from time to time, relating to the transfer of the
Collateral Interest.

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

SECTION 3.	Servicing Compensation and Assignment of
Interchange.  (a) The share of the Servicing Fee allocable to Series
2000-K with respect to any Transfer Date (the "Investor Servicing Fee")
shall be equal to one-twelfth of the product of (i) the Series
Servicing Fee Percentage and (ii) the Adjusted Investor Interest as of
the last day of the Monthly Period preceding such Transfer Date;
provided, however, that with respect to the first Transfer Date, the
Investor Servicing Fee shall be equal to $1,666,666.67.  On each
Transfer Date for which the Seller or The Bank of New York is the
Servicer, the Servicer Interchange with respect to the related Monthly
Period that is on deposit in the Finance Charge Account shall be
withdrawn from the Finance Charge Account and paid to the Servicer in
payment of a portion of the Investor Servicing Fee with respect to such
Monthly Period.  Should the Servicer Interchange on deposit in the
Finance Charge Account on any Transfer Date with respect to the related
Monthly Period be less than one-twelfth of 0.75% of the Adjusted
Investor Interest as of the last day of such Monthly Period, the
Investor Servicing Fee with respect to such Monthly Period will not be
paid to the extent of such insufficiency of Servicer Interchange on
deposit in the Finance Charge Account.  The Servicer Interchange with
respect to the first Transfer Date may equal but shall not exceed
$625,000.  The share of the Investor Servicing Fee allocable to the
Class A Investor Interest with respect to any Transfer Date (the "Class
A Servicing Fee") shall be equal to one-twelfth of the product of (i)
the Class A Floating Allocation, (ii) the Net Servicing Fee Rate and
(iii) the Adjusted Investor Interest as of the last day of the Monthly
Period preceding such Transfer Date; provided, however, that with
respect to the first Transfer Date, the Class A Servicing Fee shall be
equal to $885,416.67.  The share of the Investor Servicing Fee
allocable to the Class B Investor Interest with respect to any Transfer
Date (the "Class B Servicing Fee") shall be equal to one-twelfth of the
product of (i) the Class B Floating Allocation, (ii) the Net Servicing
Fee Rate and (iii) the Adjusted Investor Interest as of the last day of
the Monthly Period preceding such Transfer Date; provided, however,
that with respect to the first Transfer Date, the Class B Servicing Fee
shall be equal to $78,125.  The share of the Investor Servicing Fee
allocable to the Collateral Interest Amount with respect to any
Transfer Date (the "Collateral Interest Servicing Fee," and together
with the Class A Servicing Fee and the Class B Servicing Fee, the
"Certificateholder Servicing Fee") shall be equal to one-twelfth of the
product of (i) the Collateral Floating Allocation, (ii) the Net
Servicing Fee Rate and (iii) the Adjusted Investor Interest as of the
last day of the Monthly Period preceding such Transfer Date; provided,
however, that with respect to the first Transfer Date, the Collateral
Interest Servicing Fee shall be equal to $78,125.  Except as
specifically provided above, the Servicing Fee shall be paid by the
cash flows from the Trust allocated to the Seller or the
Certificateholders of other Series (as provided in the related
Supplements) and in no event shall the Trust, the Trustee or the
Investor Certificateholders be liable therefor.  The Class A Servicing
Fee shall be payable to the Servicer solely to the extent amounts are
available for distribution in respect thereof pursuant to subsections
4.09(a)(ii) and 4.11(a).  The Class B Servicing Fee shall be payable
solely to the extent amounts are available for distribution in respect
thereof pursuant to subsections 4.09(b)(ii) and 4.11(c).  The
Collateral Interest Servicing Fee shall be payable solely to the extent
amounts are available for distribution in respect thereof pursuant to
subsection 4.11(f) or, if applicable, subsection 4.09(c)(i).

(b)	On or before each Transfer Date, the Seller shall
notify the Servicer of the amount of Interchange to be included as
Collections of Finance Charge Receivables and allocable to the Investor
Certificateholders with respect to the preceding Monthly Period as
determined pursuant to this subsection 3(b).  Such amount of
Interchange shall be equal to the product of (i) the total amount of
Interchange paid or payable to the Seller with respect to such Monthly
Period, (ii) a fraction the numerator of which is the aggregate amount
of cardholder charges for goods and services in the Accounts with
respect to such Monthly Period and the denominator of which is the
aggregate amount of cardholder charges for goods and services in all
MasterCard and VISA consumer revolving credit card accounts owned by
the Seller with respect to such Monthly Period and (iii) the Investor
Percentage with regard to Finance Charge Receivables.  On each Transfer
Date, the Seller shall pay to the Servicer, and the Servicer shall
deposit into the Finance Charge Account, in immediately available
funds, the amount of Interchange to be so included as Collections of
Finance Charge Receivables allocable to the Investor Certificates with
respect to the preceding Monthly Period.  The Seller hereby assigns,
sets-over, conveys, pledges and grants a security interest and lien to
the Trustee for the benefit of the Investor Certificateholders in
Interchange and the proceeds of Interchange, as set forth in this
subsection 3(b).  In connection with the foregoing grant of a security
interest, this Series Supplement shall constitute a security agreement
under applicable law.  To the extent that a Supplement for a related
Series, other than Series 2000-K, assigns, sets-over, conveys, pledges
or grants a security interest in Interchange allocable to the Trust,
all Investor Certificates of any such Series (except as otherwise
specified in any such Supplement) and the Investor Certificates shall
rank pari passu and be equally and ratably entitled as provided herein
to the benefits of such Interchange without preference or priority on
account of the actual time or times of authentication and delivery, all
in accordance with the terms and provisions of this Series Supplement
and other related Supplements.

SECTION 4.	Reassignment and Transfer Terms.  The Investor
Certificates shall be subject to retransfer to the Seller at its
option, in accordance with the terms specified in subsection 12.02(a),
on any Distribution Date on or after the Distribution Date on which the
Investor Interest is reduced to an amount less than or equal to 5% of
the Initial Investor Interest.  The deposit required in connection with
any such repurchase shall include the amount, if any, on deposit in the
Principal Funding Account and will be equal to the sum of (a) the
Investor Interest and (b) accrued and unpaid interest on the Investor
Certificates through the day preceding the Distribution Date on which
the repurchase occurs.

SECTION 5.	Delivery and Payment for the Certificates.  The
Seller shall execute and deliver the Series 2000-K Certificates to the
Trustee for authentication in accordance with Section 6.01 of the
Agreement.  The Trustee shall deliver such Certificates when
authenticated in accordance with Section 6.02 of the Agreement.

SECTION 6.	Form of Delivery of the Certificates;
Depository; Denominations.

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

(b) The Depository for the  Certificates shall be The
Depository Trust Company, and the  Certificates shall be initially
registered in the name of Cede & Co., its nominee.

(c)	The Certificates are issuable in minimum
denominations of $1,000 and integral multiples of that amount.

SECTION 7.	Article IV of the Agreement.  Sections 4.01,
4.02 and 4.03 shall be read in their entirety as provided in the
Agreement.  Article IV (except for Sections 4.01, 4.02 and 4.03
thereof) shall be read in its entirety as follows and shall be
applicable only to the Investor Certificates:

ARTICLE IV
RIGHTS OF CERTIFICATEHOLDERS AND
ALLOCATION AND APPLICATION OF COLLECTIONS

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

SECTION 4.05	Allocations.

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

(i) Allocate to the Investor Certificateholders the
product of (y) the Investor Percentage on the Date of Processing
of such Collections and (z) the aggregate amount of Collections
of Finance Charge Receivables on such Date of Processing, and of
that allocation, deposit in the Finance Charge Account an amount
equal to either (I) (A) prior to the date on which the amount of
Monthly Interest with respect to the related Interest Period is
determined by the Servicer, an amount equal to the product of (1)
the Investor Percentage on the Date of Processing of such
Collections and (2) the aggregate amount of Collections of
Finance Charge Receivables on such Date of Processing, and (B) at
all other times, the difference between (1) the Monthly Interest
with respect to the immediately following Transfer Date (plus, if
the Seller is not the Servicer, the Certificateholder Servicing
Fee for such Transfer Date plus the amount of any
Certificateholder Servicing Fee due but not paid to the Servicer
on any prior Transfer Date) and (2) the amounts previously
deposited in the Finance Charge Account with respect to the
current Monthly Period pursuant to this subsection 4.05(a)(i) or
(II) the amount of Collections of Finance Charge Receivables
allocated to the Investor Certificateholders on such Date of
Processing pursuant to this subsection 4.05(a)(i); provided, that
if a deposit pursuant to subsection 4.05(a)(i)(I) is made on any
Date of Processing, on the related Transfer Date, the Servicer
shall withdraw from the Collection Account and deposit into the
Finance Charge Account an amount equal to the amount of
Collections of Finance Charge Receivables that have been
allocated to the Investor Certificateholders during the related
Monthly Period but not previously deposited in the Finance Charge
Account.  Funds deposited into the Finance Charge Account
pursuant to this subsection 4.05(a)(i) shall be applied in
accordance with Section 4.09.

(ii) Deposit into the Principal Account an amount equal to
the product of (A) the Collateral Allocation on the Date of
Processing of such Collections, (B) the Investor Percentage on
the Date of Processing of such Collections and (C) the aggregate
amount of Collections processed in respect of Principal
Receivables on such Date of Processing to be applied first in
accordance with Section 4.12 and then in accordance with
subsection 4.09(e).

(iii) Deposit into the Principal Account an amount equal to
the product of (A) the Class B Investor Allocation on the Date of
Processing of such Collections, (B) the Investor Percentage on
the Date of Processing of such Collections and (C) the aggregate
amount of Collections processed in respect of Principal
Receivables on such Date of Processing to be applied first in
accordance with Section 4.12 and then in accordance with
subsection 4.09(e).

(iv)(A)	Deposit into the Principal Account an amount
equal to the product of (1) the Class A Investor Allocation on
the Date of Processing of such Collections, (2) the Investor
Percentage on the Date of Processing of such Collections and (3)
the aggregate amount of Collections processed in respect of
Principal Receivables on such Date of Processing; provided,
however, that the amount deposited into the Principal Account
pursuant to this subsection 4.05(a)(iv)(A) shall not exceed the
Daily Principal Shortfall, and (B) pay to the Holder of the
Seller Interest an amount equal to the excess, if any, identified
in the proviso to clause (A) above; provided, however, that the
amount to be paid to the Holder of the Seller Interest pursuant
to this subsection 4.05(a)(iv)(B) with respect to any Date of
Processing shall be paid to the Holder of the Seller Interest if,
and only to the extent that, the Seller Interest on such Date of
Processing is equal to or greater than the Minimum Seller
Interest (after giving effect to the inclusion in the Trust of
all Receivables created on or prior to such Date of Processing
and the application of payments referred to in subsection
4.03(b)) and otherwise shall be considered as Unallocated
Principal Collections and deposited into the Principal Account in
accordance with subsection 4.05(d).

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

(i) Deposit into the Finance Charge Account an amount
equal to the product of (A) the Investor Percentage on the Date
of Processing of such Collections and (B) the aggregate amount of
Collections processed in respect of Finance Charge Receivables on
such Date of Processing to be applied in accordance with Section
4.09.
(ii) Deposit into the Principal Account an amount equal to
the product of (A) the Collateral Allocation on the Date of
Processing of such Collections, (B) the Investor Percentage on
the Date of Processing of such Collections and (C) the aggregate
amount of Collections processed in respect of Principal
Receivables on such Date of Processing to be applied first in
accordance with Section 4.12 and then in accordance with
subsection 4.09(f).
(iii) Deposit into the Principal Account an amount equal to
the product of (A) the Class B Investor Allocation on the Date of
Processing of such Collections, (B) the Investor Percentage on
the Date of Processing of such Collections and (C) the aggregate
amount of Collections processed in respect of Principal
Receivables on such Date of Processing to be applied first in
accordance with Section 4.12 and then in accordance with
subsection 4.09(f).
(iv)(A)	Deposit into the Principal Account an amount
equal to the product of (1) the Class A Investor Allocation on
the Date of Processing of such Collections, (2) the Investor
Percentage on the Date of Processing of such Collections and (3)
the aggregate amount of Collections processed in respect of
Principal Receivables on such Date of Processing; provided,
however, that the amount deposited into the Principal Account
pursuant to this subsection 4.05(b)(iv)(A) shall not exceed the
Daily Principal Shortfall, and (B) pay to the Holder of the
Seller Interest an amount equal to the excess identified in the
proviso to clause (A) above, if any; provided, however, that the
amount to be paid to the Holder of the Seller Interest pursuant
to this subsection 4.05(b)(iv)(B) with respect to any Date of
Processing shall be paid to the Holder of the Seller Interest if,
and only to the extent that, the Seller Interest on such Date of
Processing is equal to or greater than the Minimum Seller
Interest (after giving effect to the inclusion in the Trust of
all Receivables created on or prior to such Date of Processing
and the application of payments referred to in subsection
4.03(b)) and otherwise shall be considered as Unallocated
Principal Collections and deposited into the Principal Account in
accordance with subsection 4.05(d).
(c)	Allocations During the Rapid Amortization Period.
During the Rapid Amortization Period, the Servicer shall, prior to the
close of business on the day any Collections are deposited in the
Collection Account, allocate to the Investor Certificateholders and pay
or deposit from the Collection Account the following amounts as set
forth below:
(i)	Deposit into the Finance Charge Account an amount
equal to the product of (A) the Investor Percentage on the Date
of Processing of such Collections and (B) the aggregate amount of
Collections processed in respect of Finance Charge Receivables on
such Date of Processing to be applied in accordance with Section
4.09.
(ii) (A)	Deposit into the Principal Account an amount
equal to the product of (1) the Investor Percentage on the Date
of Processing of such Collections and (2) the aggregate amount of
Collections processed in respect of Principal Receivables on such
Date of Processing; provided, however, that the amount deposited
into the Principal Account pursuant to this subsection
4.05(c)(ii)(A) shall not exceed the sum of the Adjusted Investor
Interest as of the close of business on the last day of the prior
Monthly Period (after taking into account any payments to be made
on the Distribution Date relating to such prior Monthly Period
and deposits and any adjustments to be made to the Investor
Interest to be made on the Transfer Date relating to such Monthly
Period) and any Reallocated Principal Collections relating to the
Monthly Period in which such deposit is made and (B) pay to the
Holder of the Seller Interest an amount equal to the excess, if
any, identified in the proviso to clause (A) above; provided,
however, that the amount to be paid to the Holder of the Seller
Interest pursuant to this subsection 4.05(c)(ii)(B) with respect
to any Date of Processing shall be paid to the Holder of the
Seller Interest if, and only to the extent that, the Seller
Interest on such Date of Processing is equal to or greater than
the Minimum Seller Interest (after giving effect to the inclusion
in the Trust of all Receivables created on or prior to such Date
of Processing and the application of payments referred to in
subsection 4.03(b)) and otherwise shall be considered as
Unallocated Principal Collections and deposited into the
Principal Account in accordance with subsection 4.05(d).
(d)	Unallocated Principal Collections.  Any Collections
in respect of Principal Receivables or Finance Charge Receivables not
allocated and paid to the Holder of the Seller Interest because of the
limitations contained in subsections 4.05(a)(iv)(B), 4.05(b)(iv)(B) and
4.05(c)(ii)(B) and any amounts allocable to the Investor Certificates
deposited in the Principal Account pursuant to subsections 2.04(d)(iii)
and 4.03(c) ("Unallocated Principal Collections") shall be held in the
Principal Account and, prior to the commencement of the Controlled
Accumulation Period or the Rapid Amortization Period shall be paid to
the Holder of the Seller Interest if, and only to the extent that, the
Seller Interest is greater than the Minimum Seller Interest.  For each
Transfer Date with respect to the Controlled Accumulation Period or the
Rapid Amortization Period, any such Unallocated Principal Collections
held in the Principal Account on such Transfer Date shall be included
in the Investor Principal Collections which to the extent available
shall be distributed as Available Investor Principal Collections to be
applied pursuant to Section 4.09 on such Transfer Date.
With respect to the Investor Certificates, and
notwithstanding anything in the Agreement or this Series Supplement to
the contrary, whether or not the Servicer is required to make monthly
or daily deposits from the Collection Account into the Finance Charge
Account or the Principal Account pursuant to subsections 4.05(a),
4.05(b) and 4.05(c), with respect to any Monthly Period (i) the
Servicer will only be required to deposit Collections from the
Collection Account into the Finance Charge Account or the Principal
Account up to the required amount to be deposited into any such deposit
account or, without duplication, distributed on or prior to the related
Distribution Date to the Investor Certificateholders and (ii) if at any
time prior to such Distribution Date the amount of Collections
deposited in the Collection Account exceeds the amount required to be
deposited pursuant to clause (i) above, the Servicer will be permitted
to withdraw the excess from the Collection Account.
SECTION 4.06	Determination of Monthly Interest.
(a)	The amount of monthly interest distributable from the
Finance Charge Account with respect to the Class A Certificates with
respect to each Transfer Date shall be an amount equal to the product
of (i)(A) a fraction, the numerator of which is the actual number of
days in the related Interest Period and the denominator of which is
360, times (B) the Class A Certificate Rate in effect with respect to
the related Interest Period, times (ii) the outstanding principal
balance of the Class A Certificates determined as of the Record Date
preceding the related Transfer Date (the "Class A Monthly Interest");
provided, however, that in addition to Class A Monthly Interest an
amount equal to the amount of any unpaid Class A Deficiency Amounts, as
defined below, plus any Class A Additional Interest, as defined below,
shall also be distributable from the Finance Charge Account with
respect to the Class A Certificates, and on such Transfer Date the
Trustee shall deposit such funds, to the extent available, into the
Interest Funding Account for payment to the Class A Certificateholders
on the next succeeding Interest Payment Date.  The "Class A Additional
Interest" for any Transfer Date shall be an amount, if any, equal to
the product of (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, (B) the sum of (1) the Class A Certificate Rate in effect
with respect to such Interest Period, and (2) 2% per annum, and (C) any
Class A Deficiency Amount with respect to the Transfer Date immediately
preceding the prior Interest Payment Date.  The "Class A Deficiency
Amount" for any Transfer Date shall be equal to the excess, if any, of
the aggregate amount accrued pursuant to this subsection 4.06(a) as of
the prior Interest Period over the amount actually transferred to the
Interest Funding Account for payment to the Class A Certificateholders
on the next succeeding Interest Payment Date.
(b)	The amount of monthly interest distributable from the
Finance Charge Account with respect to the Class B Certificates with
respect to each Transfer Date shall be an amount equal to the product
of (i)(A) a fraction, the numerator of which is the actual number of
days in the related Interest Period and the denominator of which is
360, times (B) the Class B Certificate Rate in effect with respect to
the related Interest Period, times (ii) the outstanding principal
balance of the Class B Certificates determined as of the Record Date
preceding the related Transfer Date (the "Class B Monthly Interest");
provided, however, that in addition to the Class B Monthly Interest an
amount equal to the amount of any unpaid Class B Deficiency Amounts, as
defined below, plus any Class B Additional Interest, as defined below,
shall also be distributable from the Finance Charge Account with
respect to the Class B Certificates, and on such Transfer Date the
Trustee shall deposit such funds, to the extent available, into the
Interest Funding Account for payment to the Class B Certificateholders
on the next succeeding Interest Payment Date.  The "Class B Additional
Interest" for any Transfer Date shall be an amount, if any, equal to
the product of (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, (B) the sum of (1) the Class B Certificate Rate in effect
with respect to such Interest Period, and (2) 2% per annum, and (C) any
Class B Deficiency Amount with respect to the Transfer Date immediately
preceding the prior Interest Payment Date.  The "Class B Deficiency
Amount" for any Transfer Date shall be equal to the excess, if any, of
the aggregate amount accrued pursuant to this subsection 4.06(b) as of
the prior Interest Period over the amount actually transferred to the
Interest Funding Account for payment to the Class B Certificateholders
on the next succeeding Interest Payment Date.
(c)	The amount of monthly interest distributable with
respect to the Collateral Interest shall be an amount equal to the
product of (i) a fraction, the numerator of which is the actual number
of days in the related Interest Period and the denominator of which is
360, times (ii) the Collateral Minimum Rate in effect with respect to
the related Interest Period, times (iii) the Collateral Interest
Initial Amount less the aggregate amount distributed to the Collateral
Interest Holder with respect to the Collateral Monthly Principal for
all prior Transfer Dates (the "Collateral Minimum Monthly Interest");
provided, however, that with respect to the first Transfer Date,
Collateral Minimum Monthly Interest will include accrued interest at
the Collateral Minimum Rate from and including the Closing Date through
but excluding January 16, 2001.  Collateral Minimum Monthly Interest
shall be calculated on the basis of the actual number of days in the
related Interest Period and a 360-day year.
SECTION 4.07	Determination of Monthly Principal.
(a)	The amount of monthly principal distributable from
the Principal Account with respect to the Class A Certificates on each
Transfer Date (the "Class A Monthly Principal"), beginning with the
Transfer Date in the month following the month in which the Controlled
Accumulation Period or, if earlier, the Rapid Amortization Period,
begins, shall be equal to the least of (i) the Available Investor
Principal Collections on deposit in the Principal Account with respect
to such Transfer Date, (ii) for each Transfer Date with respect to the
Controlled Accumulation Period, the Controlled Deposit Amount for such
Transfer Date and (iii) the Class A Adjusted Investor Interest  (after
taking into account any adjustments to be made on such Transfer Date
pursuant to Section 4.10) prior to any deposit into the Principal
Funding Account on such Transfer Date.
(b)	The amount of monthly principal distributable from
the Principal Account with respect to the Class B Certificates on each
Transfer Date (the "Class B Monthly Principal"), with respect to the
Controlled Accumulation Period, beginning with the Transfer Date on
which an amount equal to the Class A Investor Interest has been
deposited in the Principal Funding Account (after taking into account
any deposits to be made on such Transfer Date), or during the Rapid
Amortization Period, beginning with the Transfer Date immediately
preceding the Distribution Date on which the Class A Investor Interest
will be paid in full (after taking into account payments to be made on
the related Distribution Date), shall be an amount equal to the least
of (i) the Available Investor Principal Collections on deposit in the
Principal Account with respect to such Transfer Date (minus the portion
of such Available Investor Principal Collections applied to Class A
Monthly Principal on such Transfer Date), (ii) for each Transfer Date
with respect to the Controlled Accumulation Period, the Controlled
Deposit Amount for such Transfer Date (minus the Class A Monthly
Principal with respect to such Transfer Date) and (iii) the Class B
Adjusted Investor Interest (after taking into account any adjustments
to be made on such Transfer Date pursuant to Sections 4.10 and 4.12)
prior to any deposit into the Principal Funding Account on such
Transfer Date.
(c)	The amount of monthly principal distributable from
the Principal Account with respect to the Collateral Interest on each
Transfer Date (the "Collateral Monthly Principal"), with respect to the
Controlled Accumulation Period, beginning with the Transfer Date on
which an amount equal to the sum of (i) the Class A Investor Interest
and (ii) the Class B Investor Interest has been deposited in the
Principal Funding Account (after taking into account any deposits to be
made on such Transfer Date), or during the Rapid Amortization Period,
beginning with the Transfer Date immediately preceding the Distribution
Date on which the Class B Investor Interest will be paid in full (after
taking into account payments to be made on the related Distribution
Date), shall be an amount equal to the least of (i) the Available
Investor Principal Collections on deposit in the Principal Account with
respect to such Transfer Date (minus the portion of such Available
Investor Principal Collections applied to Class A Monthly Principal and
Class B Monthly Principal on such Transfer Date), (ii) for each
Transfer Date with respect to the Controlled Accumulation Period, the
Controlled Deposit Amount for such Transfer Date (minus the Class A
Monthly Principal and Class B Monthly Principal with respect to such
Transfer Date) and (iii) the Collateral Interest Adjusted Amount (after
taking into account any adjustments to be made on such Transfer Date
pursuant to Sections 4.10 and 4.12) prior to any deposit into the
Principal Funding Account on such Transfer Date.
SECTION 4.08	Coverage of Required Amount.
(a)	On or before each Transfer Date, the Servicer shall
determine the amount (the "Class A Required Amount"), if any, by which
the sum of (i) the Class A Monthly Interest for such Transfer Date,
plus (ii) the Class A Deficiency Amount, if any, for such Transfer
Date, plus (iii) the Class A Additional Interest, if any, for such
Transfer Date, plus (iv) the Class A Servicing Fee for the prior
Monthly Period, plus (v) the Class A Servicing Fee, if any, due but not
paid on any prior Transfer Date, plus (vi) the Class A Investor Default
Amount, if any, for the prior Monthly Period, exceeds the Class A
Available Funds for the related Monthly Period.
(b)	On or before each Transfer Date, the Servicer shall
also determine the amount (the "Class B Required Amount"), if any,
equal to the sum of (i) the amount, if any, by which the sum of (A) the
Class B Monthly Interest for such Transfer Date, plus (B) the Class B
Deficiency Amount, if any, for such Transfer Date, plus (C) the Class B
Additional Interest, if any, for such Transfer Date, plus (D) the Class
B Servicing Fee for the prior Monthly Period, plus (E) the Class B
Servicing Fee, if any, due but not paid on any prior Transfer Date,
exceeds the Class B Available Funds for the related Monthly Period,
plus (ii) the Class B Investor Default Amount, if any, for the prior
Monthly Period.
(c)	In the event that the sum of the Class A Required
Amount and the Class B Required Amount for such Transfer Date is
greater than zero, the Servicer shall give written notice to the
Trustee of such positive Class A Required Amount or Class B Required
Amount on or before such Transfer Date.  In the event that the Class A
Required Amount for such Transfer Date is greater than zero, all or a
portion of the Excess Spread with respect to such Transfer Date in an
amount equal to the Class A Required Amount, to the extent available,
for such Transfer Date shall be distributed from the Finance Charge
Account on such Transfer Date pursuant to subsection 4.11(a).  In the
event that the Class A Required Amount for such Transfer Date exceeds
the amount of Excess Spread with respect to such Transfer Date, the
Collections of Principal Receivables allocable to the Collateral
Interest and the Collections of Principal Receivables allocable to the
Class B Certificates with respect to the prior Monthly Period shall be
applied as specified in Section 4.12.  In the event that the Class B
Required Amount for such Transfer Date exceeds the amount of Excess
Spread available to fund the Class B Required Amount pursuant to
subsection 4.11(c), the Collections of Principal Receivables allocable
to the Collateral Interest (after application to the Class A Required
Amount) shall be applied as specified in Section 4.12; provided,
however, that the sum of any payments pursuant to this paragraph shall
not exceed the sum of the Class A Required Amount and the Class B
Required Amount.
SECTION 4.09	Monthly Payments.  On or before each Transfer
Date, the Servicer shall instruct the Trustee in writing (which writing
shall be substantially in the form of Exhibit B hereto) to withdraw and
the Trustee, acting in accordance with such instructions, shall
withdraw on such Transfer Date or the related Distribution Date, as
applicable, to the extent of available funds, the amounts required to
be withdrawn from the Finance Charge Account, the Interest Funding
Account, the Principal Account, the Principal Funding Account and the
Distribution Account as follows:
(a)	An amount equal to the Class A Available Funds
deposited into the Finance Charge Account for the related Monthly
Period will be distributed on each Transfer Date in the following
priority:
(i)	an amount equal to the Class A Monthly Interest for
such Transfer Date, plus the amount of any Class A Deficiency
Amount for such Transfer Date, plus the amount of any Class A
Additional Interest for such Transfer Date, shall be deposited by
the Servicer or the Trustee into the Interest Funding Account for
payment to the Class A Certificateholders on the next succeeding
Interest Payment Date;
(ii)	an amount equal to the Class A Servicing Fee for such
Transfer Date plus the amount of any Class A Servicing Fee due
but not paid to the Servicer on any prior Transfer Date shall be
distributed to the Servicer;
(iii)	an amount equal to the Class A Investor Default
Amount, if any, for the preceding Monthly Period shall be treated
as a portion of Investor Principal Collections and deposited into
the Principal Account on such Transfer Date; and
(iv)	the balance, if any, shall constitute Excess Spread
and shall be allocated and distributed as set forth in Section
4.11.
(b)	An amount equal to the Class B Available Funds
deposited into the Finance Charge Account for the related Monthly
Period will be distributed on each Transfer Date in the following
priority:
(i)	an amount equal to the Class B Monthly Interest for
such Transfer Date, plus the amount of any Class B Deficiency
Amount for such Transfer Date, plus the amount of any Class B
Additional Interest for such Transfer Date, shall be deposited by
the Servicer or the Trustee into the Interest Funding Account for
payment to the Class B Certificateholders on the next succeeding
Interest Payment Date;
(ii)	an amount equal to the Class B Servicing Fee for such
Transfer Date, plus the amount of any Class B Servicing Fee due
but not paid to the Servicer on any prior Transfer Date for such
Transfer Date shall be distributed to the Servicer; and
(iii)	the balance, if any, shall constitute Excess Spread
and shall be allocated and distributed as set forth in Section
4.11.
(c)	An amount equal to the Collateral Available Funds
deposited into the Finance Charge Account for the related Monthly
Period will be distributed on each Transfer Date in the following
priority:
(i)	if the Seller or The Bank of New York is no longer
the Servicer, an amount equal to the Collateral Interest
Servicing Fee for such Transfer Date plus the amount of any
Collateral Interest Servicing Fee due but not paid to the
Servicer on any prior Transfer Date shall be distributed to the
Servicer; and
(ii)	the balance, if any, shall constitute Excess Spread
and shall be allocated and distributed as set forth in Section
4.11.
(d)	On the Transfer Date immediately preceding an
Interest Payment Date, an amount equal to the amount on deposit in the
Interest Funding Account (after taking into account any deposits to be
made in the Interest Funding Account on such Transfer Date) will be
distributed as follows:
(i)	an amount equal to the amount deposited in the
Interest Funding Account (after taking into account any deposits
to be made in the Interest Funding Account on such Transfer Date)
for the benefit of the Class A Certificateholders shall be
deposited by the Servicer or the Trustee into the Distribution
Account; and
(ii)	an amount equal to the amount deposited in the
Interest Funding Account (after taking into account any deposits
to be made in the Interest Funding Account on such Transfer Date)
for the benefit of the Class B Certificateholders shall be
deposited by the Servicer or the Trustee into the Distribution
Account.
(e)	During the Revolving Period, an amount equal to the
Available Investor Principal Collections deposited into the Principal
Account for the related Monthly Period will be distributed on each
Transfer Date in the following priority:
(i)	an amount equal to the lesser of (A) the product of
(1) a fraction, the numerator of which is equal to the Available
Investor Principal Collections for such Transfer Date and the
denominator of which is equal to the sum of the Available
Investor Principal Collections available for sharing as specified
in the related Series Supplement for each Series in Group One and
(2) the Cumulative Series Principal Shortfall and (B) Available
Investor Principal Collections, shall remain in the Principal
Account to be treated as Shared Principal Collections and applied
to Series in Group One other than this Series 2000-K; and
(ii)	an amount equal to the excess, if any, of (A) the
Available Investor Principal Collections for such Transfer Date
over (B) the applications specified in subsection 4.09(e)(i)
above shall be paid to the Holder of the Seller Interest;
provided, however, that the amount to be paid to the Holder of
the Seller Interest pursuant to this subsection 4.09(e)(ii) with
respect to such Transfer Date shall be paid to the Holder of the
Seller Interest if, and only to the extent that, the Seller
Interest on such Date of Processing is equal to or greater than
the Minimum Seller Interest (after giving effect to the inclusion
in the Trust of all Receivables created on or prior to such
Transfer Date and the application of payments referred to in
subsection 4.03(b)) and otherwise shall be considered as
Unallocated Principal Collections and deposited into the
Principal Account in accordance with subsection 4.05(d).
(f)	During the Controlled Accumulation Period or the
Rapid Amortization Period, an amount equal to the Available Investor
Principal Collections deposited into the Principal Account for the
related Monthly Period will be distributed on each Transfer Date in the
following priority:
(i)	an amount equal to the Class A Monthly Principal for
such Transfer Date, shall be (A) during the Controlled
Accumulation Period, deposited into the Principal Funding
Account, and (B) during the Rapid Amortization Period, deposited
into the Distribution Account;
(ii)	after giving effect to the distribution referred to
in clause (i) above, an amount equal to the Class B Monthly
Principal, shall be (A) during the Controlled Accumulation
Period, deposited into the Principal Funding Account, and (B)
during the Rapid Amortization Period, deposited into the
Distribution Account;
(iii)	after giving effect to the distributions referred to
in clauses (i) and (ii) above, an amount equal to the Collateral
Monthly Principal shall be (A) during the Controlled Accumulation
Period, deposited into the Principal Funding Account, and (B)
during the Rapid Amortization Period, distributed to the
Collateral Interest Holder in accordance with subsection 5.01(c);
(iv)	an amount equal to the lesser of (A) the product of
(1) a fraction, the numerator of which is equal to the Available
Investor Principal Collections remaining after the application
specified in subsections 4.09(f)(i), (ii) and (iii) above and the
denominator of which is equal to the sum of the Available
Investor Principal Collections available for sharing as specified
in the related Series Supplement for each Series in Group One and
(2) the Cumulative Series Principal Shortfall and (B) the
Available Investor Principal Collections remaining after the
application specified in subsections 4.09(f)(i), (ii) and (iii)
above, shall remain in the Principal Account to be treated as
Shared Principal Collections and applied to Series in Group One
other than this Series 2000-K; and
(v)	an amount equal to the excess, if any, of (A) the
Available Investor Principal Collections over (B) the
applications specified in subsections 4.09(f)(i) through (iv)
above shall be paid to the Holder of the Seller Interest;
provided, however, that the amount to be paid to the Holder of
the Seller Interest pursuant to this subsection 4.09(f)(v) with
respect to such Transfer Date shall be paid to the Holder of the
Seller Interest if, and only to the extent that, the Seller
Interest on such Date of Processing is equal to or greater than
the Minimum Seller Interest (after giving effect to the inclusion
in the Trust of all Receivables created on or prior to such
Transfer Date and the application of payments referred to in
subsection 4.03(b)) and otherwise shall be considered as
Unallocated Principal Collections and deposited into the
Principal Account in accordance with subsection 4.05(d).
(g)	On the earlier to occur of (i) the first Transfer
Date with respect to the Rapid Amortization Period and (ii) the
Transfer Date immediately preceding the Scheduled Payment Date, the
Trustee, acting in accordance with instructions from the Servicer,
shall withdraw from the Principal Funding Account and (A) deposit in
the Distribution Account, the amount deposited into the Principal
Funding Account pursuant to subsections 4.09(f)(i) and 4.09(f)(ii) and
(B) pay to the Collateral Interest Holder in accordance with subsection
5.01(c), the amount deposited into the Principal Funding Account
pursuant to subsection 4.09(f)(iii).
(h)	On each Interest Payment Date, the Trustee shall pay
in accordance with subsection 5.01 (i) to the Class A
Certificateholders from the Distribution Account, the amount deposited
into the Distribution Account pursuant to subsection 4.09(d)(i) on the
preceding Transfer Date and (ii) to the Class B Certificateholders from
the Distribution Account, the amount deposited into the Distribution
Account pursuant to subsection 4.09(d)(ii) on the preceding Transfer
Date.
(i)	On the earlier to occur of (i) the first Distribution
Date with respect to the Rapid Amortization Period and (ii) the
Scheduled Payment Date and on each Distribution Date thereafter, the
Trustee, acting in accordance with instructions from the Servicer,
shall pay in accordance with subsections 5.01(a) and 5.01(b) from the
Distribution Account the amount so deposited into the Distribution
Account pursuant to subsections 4.09(f) and (g) on the related Transfer
Date in the following priority:
(i)	an amount equal to the lesser of such amount on
deposit in the Distribution Account and the Class A Investor
Interest shall be paid to the Class A Certificateholders; and
(ii)	after giving effect to the distributions referred to
in clause (i) above, an amount equal to the lesser of such amount
on deposit in the Distribution Account and the Class B Investor
Interest shall be paid to the Class B Certificateholders.
(j)	The Controlled Accumulation Period is scheduled to
commence at the close of business on September 30, 2004; provided,
however, that, if the Accumulation Period Length (determined as
described below) is less than 12 months, the date on which the
Controlled Accumulation Period actually commences will be delayed to
the first Business Day of the month that is the number of whole months
prior to the Scheduled Payment Date at least equal to the Accumulation
Period Length and, as a result, the number of Monthly Periods in the
Controlled Accumulation Period will at least equal the Accumulation
Period Length.  On the Determination Date immediately preceding the
September 2004 Distribution Date, and each Determination Date
thereafter until the Controlled Accumulation Period begins, the
Servicer will determine the "Accumulation Period Length" which will
equal the number of whole months such that the sum of the Accumulation
Period Factors for each month during such period will be equal to or
greater than the Required Accumulation Factor Number; provided however,
that the Accumulation Period Length will not be determined to be less
than one month; provided further, however, that the determination of
the Accumulation Period Length may be changed at any time if the Rating
Agency Condition is satisfied.
SECTION 4.10	Investor Charge-Offs.
(a)	On or before each Transfer Date, the Servicer shall
calculate the Class A Investor Default Amount.  If on any Transfer
Date, the Class A Investor Default Amount for the prior Monthly Period
exceeds the sum of the amount allocated with respect thereto pursuant
to subsection 4.09(a)(iii), subsection 4.11(a) and Section 4.12 with
respect to such Monthly Period, the Collateral Interest Amount (after
giving effect to reductions for any Collateral Charge-Offs and any
Reallocated Principal Collections on such Transfer Date) will be
reduced by the amount of such excess, but not by more than the lesser
of the Class A Investor Default Amount and the Collateral Interest
Amount (after giving effect to reductions for any Collateral Charge-
Offs and any Reallocated Principal Collections on such Transfer Date)
for such Transfer Date.  In the event that such reduction would cause
the Collateral Interest Amount to be a negative number, the Collateral
Interest Amount will be reduced to zero, and the Class B Investor
Interest (after giving effect to reductions for any Class B Investor
Charge-Offs and any Reallocated Class B Principal Collections on such
Transfer Date) will be reduced by the amount by which the Collateral
Interest Amount would have been reduced below zero.  In the event that
such reduction would cause the Class B Investor Interest to be a
negative number, the Class B Investor Interest will be reduced to zero,
and the Class A Investor Interest will be reduced by the amount by
which the Class B Investor Interest would have been reduced below zero,
but not by more than the Class A Investor Default Amount for such
Transfer Date (a "Class A Investor Charge-Off").  If the Class A
Investor Interest has been reduced by the amount of any Class A
Investor Charge-Offs, it will be reimbursed on any Transfer Date (but
not by an amount in excess of the aggregate Class A Investor Charge-
Offs) by the amount of Excess Spread allocated and available for such
purpose pursuant to subsection 4.11(b).
(b)	On or before each Transfer Date, the Servicer shall
calculate the Class B Investor Default Amount.  If on any Transfer
Date, the Class B Investor Default Amount for the prior Monthly Period
exceeds the amount of Excess Spread and Reallocated Collateral
Principal Collections which are allocated and available to fund such
amount pursuant to subsection 4.11(c) and Section 4.12, the Collateral
Interest Amount (after giving effect to reductions for any Collateral
Charge-Offs and any Reallocated Principal Collections on such Transfer
Date and any adjustments with respect thereto as described in
subsection 4.10(a) above) will be reduced by the amount of such excess
but not by more than the lesser of the Class B Investor Default Amount
and the Collateral Interest Amount (after giving effect to reductions
for any Collateral Charge-Offs and any Reallocated Principal
Collections on such Transfer Date and any adjustments with respect
thereto as described in subsection 4.10(a) above) for such Transfer
Date.  In the event that such reduction would cause the Collateral
Interest Amount to be a negative number, the Collateral Interest Amount
will be reduced to zero and the Class B Investor Interest will be
reduced by the amount by which the Collateral Interest Amount would
have been reduced below zero, but not by more than the Class B Investor
Default Amount for such Transfer Date (a "Class B Investor Charge-
Off").  The Class B Investor Interest will also be reduced by the
amount of Reallocated Class B Principal Collections in excess of the
Collateral Interest Amount pursuant to Section 4.12 and the amount of
any portion of the Class B Investor Interest allocated to the Class A
Certificates to avoid a reduction in the Class A Investor Interest
pursuant to subsection 4.10(a) above.  The Class B Investor Interest
will thereafter be reimbursed (but not to an amount in excess of the
unpaid principal balance of the Class B Certificates) on any Transfer
Date by the amount of Excess Spread allocated and available for that
purpose as described under subsection 4.11(d).
(c)	On or before each Transfer Date, the Servicer shall
calculate the Collateral Default Amount.  If on any Transfer Date, the
Collateral Default Amount for the prior Monthly Period exceeds the
amount of Excess Spread which is allocated and available to fund such
amount pursuant to subsection 4.11(g), the Collateral Interest Amount
will be reduced by the amount of such excess but not by more than the
lesser of the Collateral Default Amount and the Collateral Interest
Amount for such Transfer Date (a "Collateral Charge-Off").  The
Collateral Interest Amount will also be reduced by the amount of
Reallocated Principal Collections pursuant to Section 4.12 and the
amount of any portion of the Collateral Interest Amount allocated to
the Class A Certificates or the Class B Certificates to avoid a
reduction in the Class A Investor Interest, pursuant to subsection
4.10(a), or the Class B Investor Interest, pursuant to subsection
4.10(b), respectively.  The Collateral Interest Amount will thereafter
be reimbursed on any Transfer Date by the amount of the Excess Spread
allocated and available for that purpose as described under subsection
4.11(h).
SECTION 4.11	Excess Spread.  On or before each Transfer
Date, the Servicer shall instruct the Trustee in writing (which writing
shall be substantially in the form of Exhibit B hereto) to apply Excess
Spread with respect to the related Monthly Period to make the following
distributions on each Transfer Date in the following priority:
(a)	an amount equal to the Class A Required Amount, if
any, with respect to such Transfer Date will be used to fund the Class
A Required Amount and be applied in accordance with, and in the
priority set forth in, subsection 4.09(a);
(b)	an amount equal to the aggregate amount of Class A
Investor Charge-Offs which have not been previously reimbursed will be
treated as a portion of Investor Principal Collections and deposited
into the Principal Account on such Transfer Date;
(c)	an amount equal to the Class B Required Amount, if
any, with respect to such Transfer Date will be used to fund the Class
B Required Amount and be applied first in accordance with, and in the
priority set forth in, subsection 4.09(b) and then any remaining amount
available to pay the Class B Investor Default Amount shall be treated
as a portion of Investor Principal Collections and deposited into the
Principal Account on such Transfer Date;
(d)	an amount equal to the aggregate amount by which the
Class B Investor Interest has been reduced below the initial Class B
Investor Interest for reasons other than the payment of principal to
the Class B Certificateholders (but not in excess of the aggregate
amount of such reductions which have not been previously reimbursed)
will be treated as a portion of Investor Principal Collections and
deposited into the Principal Account on such Transfer Date;
(e)	an amount equal to the Collateral Minimum Monthly
Interest plus the amount of any past due Collateral Minimum Monthly
Interest for such Transfer Date will be paid to the Collateral Interest
Holder in accordance with subsection 5.01(c);
(f)	if the Seller or The Bank of New York is the
Servicer, an amount equal to the aggregate amount of accrued but unpaid
Collateral Interest Servicing Fees will be paid to the Servicer;
(g)	an amount equal to the Collateral Default Amount, if
any, for the prior Monthly Period will be treated as a portion of
Investor Principal Collections and deposited into the Principal Account
on such Transfer Date;
(h)	an amount equal to the aggregate amount by which the
Collateral Interest Amount has been reduced for reasons other than the
payment of amounts with respect to the Collateral Monthly Principal
(but not in excess of the aggregate amount of such reductions which
have not been previously reimbursed) will be treated as a portion of
Investor Principal Collections and deposited into the Principal Account
on such Transfer Date;
(i)	on each Transfer Date from and after the Reserve
Account Funding Date, but prior to the date on which the Reserve
Account terminates as described in subsection 4.15(f), an amount up to
the excess, if any, of the Required Reserve Account Amount over the
Available Reserve Account Amount shall be deposited into the Reserve
Account; and
(j)	the balance, if any, after giving effect to the
payments made pursuant to subparagraphs (a) through (i) above shall be
paid to the Collateral Interest Holder in accordance with subsection
5.01(c).
SECTION 4.12	Reallocated Principal Collections.  On or
before each Transfer Date, the Servicer shall instruct the Trustee in
writing (which writing shall be substantially in the form of Exhibit B
hereto) to withdraw from the Principal Account and apply Reallocated
Principal Collections (applying all Reallocated Collateral Principal
Collections in accordance with subsections 4.12(a) and (b) prior to
applying any Reallocated Class B Principal Collections in accordance
with subsection 4.12(a) for any amounts still owing after the
application of Reallocated Collateral Principal Collections) with
respect to such Transfer Date, to make the following distributions on
each Transfer Date in the following priority:
(a)	an amount equal to the excess, if any, of (i) the
Class A Required Amount, if any, with respect to such Transfer Date
over (ii) the amount of Excess Spread with respect to the related
Monthly Period, shall be applied pursuant to subsections 4.09(a)(i),
(ii) and (iii); and
(b)	an amount equal to the excess, if any, of (i) the
Class B Required Amount, if any, with respect to such Transfer Date
over (ii) the amount of Excess Spread allocated and available to the
Class B Certificates pursuant to subsection 4.11(c) on such Transfer
Date shall be applied first pursuant to subsections 4.09(b)(i) and (ii)
and then pursuant to subsection 4.11(c).
(c)	On each Transfer Date, the Collateral Interest Amount
shall be reduced by the amount of Reallocated Collateral Principal
Collections and by the amount of Reallocated Class B Principal
Collections for such Transfer Date.  In the event that such reduction
would cause the Collateral Interest Amount (after giving effect to any
Collateral Charge-Offs for such Transfer Date) to be a negative number,
the Collateral Interest Amount (after giving effect to any Collateral
Charge-Offs for such Transfer Date) shall be reduced to zero and the
Class B Investor Interest shall be reduced by the amount by which the
Collateral Interest Amount would have been reduced below zero. In the
event that the reallocation of Reallocated Principal Collections would
cause the Class B Investor Interest (after giving effect to any Class B
Investor Charge-Offs for such Transfer Date) to be a negative number on
any Transfer Date, Reallocated Principal Collections shall be
reallocated on such Transfer Date in an aggregate amount not to exceed
the amount which would cause the Class B Investor Interest (after
giving effect to any Class B Investor Charge-Offs for such Transfer
Date) to be reduced to zero.
SECTION 4.13	Shared Principal Collections.
(a)	The portion of Shared Principal Collections on
deposit in the Principal Account equal to the amount of Shared
Principal Collections allocable to Series 2000-K on any Transfer Date
shall be applied as an Available Investor Principal Collection pursuant
to Section 4.09 and pursuant to such Section 4.09 shall be deposited in
the Distribution Account or distributed to the Collateral Interest
Holder in accordance with subsection 5.01(c).
(b)	Shared Principal Collections allocable to Series
2000-K with respect to any Transfer Date shall mean an amount equal to
the Series Principal Shortfall, if any, with respect to Series 2000-K
for such Transfer Date; provided, however, that if the aggregate amount
of Shared Principal Collections for all Series for such Transfer Date
is less than the Cumulative Series Principal Shortfall for such
Transfer Date, then Shared Principal Collections allocable to Series
2000-K on such Transfer Date shall equal the product of (i) Shared
Principal Collections for all Series for such Transfer Date and (ii) a
fraction, the numerator of which is the Series Principal Shortfall with
respect to Series 2000-K for such Transfer Date and the denominator of
which is the aggregate amount of Cumulative Series Principal Shortfall
for all Series for such Transfer Date.
(c)	Solely for the purpose of determining the amount of
Available Investor Principal Collections to be treated as Shared
Principal Collections on any Transfer Date allocable to other Series in
Group One, on each Determination Date, the Servicer shall determine the
Class A Required Amount, Class B Required Amount, Excess Spread and
Reallocated Principal Collections as of such Determination Date for the
following Transfer Date.
SECTION 4.14	Principal Funding Account.
(a)	The Trustee shall establish and maintain with a
Qualified Institution, which may be the Trustee, in the name of the
Trust, on behalf of the Trust, for the benefit of the Investor
Certificateholders, a segregated trust account with the corporate trust
department of such Qualified Institution (the "Principal Funding
Account"), bearing a designation clearly indicating that the funds
deposited therein are held for the benefit of the Investor
Certificateholders.  The Trustee shall possess all right, title and
interest in all funds on deposit from time to time in the Principal
Funding Account and in all proceeds thereof.  The Principal Funding
Account shall be under the sole dominion and control of the Trustee for
the benefit of the Investor Certificateholders.  If at any time the
institution holding the Principal Funding Account ceases to be a
Qualified Institution, the Seller shall notify the Trustee, and the
Trustee upon being notified (or the Servicer on its behalf) shall,
within 10 Business Days, establish a new Principal Funding Account
meeting the conditions specified above with a Qualified Institution,
and shall transfer any cash or any investments to such new Principal
Funding Account.  The Trustee, at the direction of the Servicer, shall
(i) make withdrawals from the Principal Funding Account from time to
time, in the amounts and for the purposes set forth in this Series
Supplement, and (ii) on each Transfer Date (from and after the
commencement of the Controlled Accumulation Period) prior to the
termination of the Principal Funding Account make deposits into the
Principal Funding Account in the amounts specified in, and otherwise in
accordance with, subsection 4.09(f).
(b)	Funds on deposit in the Principal Funding Account
shall be invested at the direction of the Servicer by the Trustee in
Permitted Investments.  Funds on deposit in the Principal Funding
Account on any Transfer Date, after giving effect to any withdrawals
from the Principal Funding Account on such Transfer Date, shall be
invested in such investments that will mature so that such funds will
be available for withdrawal on or prior to the following Transfer Date.
The Trustee shall:
(i)	hold each Permitted Investment (other than such as
are described in clause (c) of the definition thereof) that
constitutes investment property through a securities
intermediary, which securities intermediary shall agree with the
Trustee that (I) such investment property shall at all times be
credited to a securities account of the Trustee, (II) such
securities intermediary shall comply with entitlement orders
originated by the Trustee without the further consent of any
other person or entity, (III) all property credited to such
securities account shall be treated as a financial asset, (IV)
such securities intermediary shall waive any lien on, security
interest in, or right of set-off with respect to any property
credited to such securities account, and (V) such agreement shall
be governed by the laws of the State of New York;
(ii)	maintain possession of each other Permitted
Investment not described in clause (i) above (other than such as
are described in clause (c) of the definition thereof); and
(iii)	cause each Permitted Investment described in clause
(c) of the definition thereof to be registered in the name of the
Trustee by the issuer thereof;
provided, that no Permitted Investment shall be disposed of prior to
its maturity date.  Terms used in clause (i) above that are defined in
the New York UCC and not otherwise defined herein shall have the
meaning set forth in the New York UCC.
On each Transfer Date with respect to the Controlled
Accumulation Period and on the first Transfer Date with respect to the
Rapid Amortization Period, the Trustee, acting at the Servicer's
direction given on or before such Transfer Date, shall transfer from
the Principal Funding Account to the Finance Charge Account the
Principal Funding Investment Proceeds on deposit in the Principal
Funding Account for application as Class A Available Funds and Class B
Available Funds in accordance with Section 4.09.
Principal Funding Investment Proceeds (including reinvested
interest) shall not be considered part of the amounts on deposit in the
Principal Funding Account for purposes of this Series Supplement.
SECTION 4.15	Reserve Account.
(a)	The Trustee shall establish and maintain with a
Qualified Institution, which may be the Trustee in the name of the
Trust, on behalf of the Trust, for the benefit of the Investor
Certificateholders, a segregated trust account with the corporate trust
department of such Qualified Institution (the "Reserve Account"),
bearing a designation clearly indicating that the funds deposited
therein are held for the benefit of the Investor Certificateholders.
The Trustee shall possess all right, title and interest in all funds on
deposit from time to time in the Reserve Account and in all proceeds
thereof.  The Reserve Account shall be under the sole dominion and
control of the Trustee for the benefit of the Investor
Certificateholders.  If at any time the institution holding the Reserve
Account ceases to be a Qualified Institution, the Seller shall notify
the Trustee, and the Trustee upon being notified (or the Servicer on
its behalf) shall, within 10 Business Days, establish a new Reserve
Account meeting the conditions specified above with a Qualified
Institution, and shall transfer any cash or any investments to such new
Reserve Account.  The Trustee, at the direction of the Servicer, shall
(i) make withdrawals from the Reserve Account from time to time in an
amount up to the Available Reserve Account Amount at such time, for the
purposes set forth in this Series Supplement, and (ii) on each Transfer
Date (from and after the Reserve Account Funding Date) prior to
termination of the Reserve Account make a deposit into the Reserve
Account in the amount specified in, and otherwise in accordance with,
subsection 4.11(i).
(b)	Funds on deposit in the Reserve Account shall be
invested at the direction of the Servicer by the Trustee in Permitted
Investments.  Funds on deposit in the Reserve Account on any Transfer
Date, after giving effect to any withdrawals from the Reserve Account
on such Transfer Date, shall be invested in such investments that will
mature so that such funds will be available for withdrawal on or prior
to the following Transfer Date. The Trustee shall:
(i)	hold each Permitted Investment (other than such as
are described in clause (c) of the definition thereof) that
constitutes investment property through a securities
intermediary, which securities intermediary shall agree with the
Trustee that (I) such investment property shall at all times be
credited to a securities account of the Trustee, (II) such
securities intermediary shall comply with entitlement orders
originated by the Trustee without the further consent of any
other person or entity, (III) all property credited to such
securities account shall be treated as a financial asset, (IV)
such securities intermediary shall waive any lien on, security
interest in, or right of set-off with respect to any property
credited to such securities account, and (V) such agreement shall
be governed by the laws of the State of New York;
(ii)	maintain possession of each other Permitted
Investment not described in clause (i) above (other than such as
are described in clause (c) of the definition thereof); and
(iii)	cause each Permitted Investment described in clause
(c) of the definition thereof to be registered in the name of the
Trustee by the issuer thereof; provided, that no Permitted
Investment shall be disposed of prior to its maturity date.
Terms used in clause (i) above that are defined in the New York
UCC and not otherwise defined herein shall have the meaning set
forth in the New York UCC.
On each Transfer Date, all interest and earnings (net of
losses and investment expenses) accrued since the preceding Transfer
Date on funds on deposit in the Reserve Account shall be retained in
the Reserve Account (to the extent that the Available Reserve Account
Amount is less than the Required Reserve Account Amount) and the
balance, if any, shall be deposited into the Finance Charge Account and
included in Class A Available Funds for such Transfer Date.  For
purposes of determining the availability of funds or the balance in the
Reserve Account for any reason under this Series Supplement, except as
otherwise provided in the preceding sentence, investment earnings on
such funds shall be deemed not to be available or on deposit.
(c)	On or before each Transfer Date with respect to the
Controlled Accumulation Period and on or before the first Transfer Date
with respect to the Rapid Amortization Period, the Servicer shall
calculate the Reserve Draw Amount; provided, however, that such amount
will be reduced to the extent that funds otherwise would be available
for deposit in the Reserve Account under subsection 4.11(i) with
respect to such Transfer Date.
(d)	In the event that for any Transfer Date the Reserve
Draw Amount is greater than zero, the Reserve Draw Amount, up to the
Available Reserve Account Amount, shall be withdrawn from the Reserve
Account on such Transfer Date by the Trustee (acting in accordance with
the instructions of the Servicer) and deposited into the Finance Charge
Account for application in the following priority:
(i)	an amount up to the excess, if any, of (x) an amount
equal to that portion of the Covered Amount computed pursuant to
clause (a) of the definition of Covered Amount over (y) an amount
equal to that portion of the Class A Available Funds computed
pursuant to clause (b) of the definition of Class A Available
Funds shall be treated as Class A Available Funds to be applied
pursuant to subsection 4.09(a)(i); and
(ii)	an amount up to the excess, if any, of (x) an amount
equal to that portion of the Covered Amount computed pursuant to
clause (b) of the definition of Covered Amount over (y) an amount
equal to that portion of the Class B Available Funds computed
pursuant to clause (b) of the definition of Class B Available
Funds shall be treated as Class B Available Funds to be applied
pursuant to subsection 4.09(b)(i).
(e)	In the event that the Reserve Account Surplus on any
Transfer Date, after giving effect to all deposits to and withdrawals
from the Reserve Account with respect to such Transfer Date, is greater
than zero, the Trustee, acting in accordance with the instructions of
the Servicer, shall withdraw from the Reserve Account and distribute to
the Collateral Interest Holder in accordance with subsection 5.01(c),
an amount equal to such Reserve Account Surplus.
(f)	Upon the earliest to occur of (i) the termination of
the Trust pursuant to Article XII of the Agreement, (ii) if the
Controlled Accumulation Period has not commenced, the first Transfer
Date relating to the Rapid Amortization Period and (iii) if the
Controlled Accumulation Period has commenced, the earlier of the first
Transfer Date with respect to the Rapid Amortization Period and the
Transfer Date immediately preceding the Scheduled Payment Date, the
Trustee, acting in accordance with the instructions of the Servicer,
after the prior payment of all amounts owing to the Series 2000-K
Certificateholders that are payable from the Reserve Account as
provided herein, shall withdraw from the Reserve Account and distribute
to the Collateral Interest Holder in accordance with subsection
5.01(c), all amounts, if any, on deposit in the Reserve Account and the
Reserve Account shall be deemed to have terminated for purposes of this
Series Supplement.
SECTION 4.16	Determination of LIBOR.
(a)	On each LIBOR Determination Date, the Trustee will
determine LIBOR on the basis of the rate for deposits in United States
dollars for a three-month period (or commencing on the first
Distribution Date with respect to the Rapid Amortization Period, for a
one-month period) which appears on Telerate Page 3750 as of 11:00 a.m.,
London time, on such date.  If such rate does not appear on Telerate
Page 3750, the rate for that LIBOR Determination Date will be
determined on the basis of the rates at which deposits in United States
dollars are offered by the Reference Banks at approximately 11:00 a.m.,
London time, on that day to prime banks in the London interbank market
for a three-month period (or commencing on the first Distribution Date
with respect to the Rapid Amortization Period, for a one-month period).
The Trustee will request the principal London office of each of the
Reference Banks to provide a quotation of its rate. If at least two
such quotations are provided, the rate for that LIBOR Determination
Date will be the arithmetic mean of the quotations.  If fewer than two
quotations are provided as requested, the rate 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 for a three-month
period (or commencing on the first Distribution Date with respect to
the Rapid Amortization Period, for a one-month period).
(b)	The Class A Certificate Rate and Class B Certificate
Rate applicable to the then current and the immediately preceding
Interest Periods may be obtained by any Investor Certificateholder by
telephoning the Trustee at its Corporate Trust Office at (212) 815-
5731.
(c)	On each LIBOR Determination Date prior to 12:00 noon
New York City time, the Trustee shall send to the Servicer by
facsimile, notification of LIBOR for the following Interest Period.
SECTION 4.17	Seller's or Servicer's Failure to Make a
Deposit or Payment.
If the Servicer or the Seller fails to make, or give
instructions to make, any payment or deposit (other than as required by
subsections 2.04(d) and (e) and 12.02(a) or Sections 10.02 and 12.01)
required to be made or given by the Servicer or Seller, respectively,
at the time specified in the Agreement (including applicable grace
periods), the Trustee shall make such payment or deposit from the
applicable Investor Account without instruction from the Servicer or
Seller.  The Trustee shall be required to make any such payment,
deposit or withdrawal hereunder only to the extent that the Trustee has
sufficient information to allow it to determine the amount thereof;
provided, however, that the Trustee shall in all cases be deemed to
have sufficient information to determine the amount of interest payable
to the Series 2000-K Certificateholders on each Distribution Date.  The
Servicer shall, upon request of the Trustee, promptly provide the
Trustee with all information necessary to allow the Trustee to make
such payment, deposit or withdrawal.  Such funds or the proceeds of
such withdrawal shall be applied by the Trustee in the manner in which
such payment or deposit should have been made by the Seller or the
Servicer, as the case may be.
SECTION 4.18.	Interest Funding Account.
(a) The Trustee shall establish and maintain with a
Qualified Institution, which may be the Trustee, in the name of the
Trust, on behalf of the Trust, for the benefit of the Investor
Certificateholders, a segregated trust account with the corporate trust
department of such Qualified Institution (the "Interest Funding
Account"), bearing a designation clearly indicating that the funds
deposited therein are held for the benefit of the Series 2000-K
Certificateholders.  The Trustee shall possess all right, title and
interest in all funds on deposit from time to time in the Interest
Funding Account and in all proceeds thereof.  The Interest Funding
Account shall be under the sole dominion and control of the Trustee for
the benefit of the Series 2000-K Certificateholders.  If at any time
the institution holding the Interest Funding Account ceases to be a
Qualified Institution, the Seller shall notify the Trustee, and the
Trustee upon being notified (or the Servicer on its behalf) shall,
within 10 Business Days, establish a new Interest Funding Account
meeting the conditions specified above with a Qualified Institution,
and shall transfer any cash or any investments to such new Interest
Funding Account.  The Trustee, at the direction of the Servicer, shall
(i) make withdrawals from the Interest Funding Account from time to
time, in the amounts and for the purposes set forth in this Series
Supplement, and (ii) on each Transfer Date make a deposit into the
Interest Funding Account in the amounts specified in, and otherwise in
accordance with, subsections 4.09(a) and (b).
(b)	Funds on deposit in the Interest Funding Account
shall be invested at the direction of the Servicer by the Trustee in
Permitted Investments.  Funds on deposit in the Interest Funding
Account on any Transfer Date, after giving effect to any withdrawals
from the Interest Funding Account on such Transfer Date, shall be
invested in such investments that will mature so that such funds will
be available for withdrawal on or prior to the following Transfer Date.
The Trustee shall:
(i)	hold each Permitted Investment (other than such as are
described in clause (c) of the definition thereof) that
constitutes investment property through a securities
intermediary, which securities intermediary shall agree with the
Trustee that (I) such investment property shall at all times be
credited to a securities account of the Trustee, (II) such
securities intermediary shall comply with entitlement orders
originated by the Trustee without the further consent of any
other person or entity, (III) all property credited to such
securities account shall be treated as a financial asset, (IV)
such securities intermediary shall waive any lien on, security
interest in, or right of set-off with respect to any property
credited to such securities account, and (V) such agreement shall
be governed by the laws of the State of New York;
(ii)	maintain possession of each other Permitted Investment
not described in clause (i) above (other than such as are
described in clause (c) of the definition thereof); and
(iii)	cause each Permitted Investment described in clause
(c) of the definition thereof to be registered in the name of the
Trustee by the issuer thereof;
provided, that no Permitted Investment shall be disposed of prior to
its maturity date.  Terms used in clause (i) above that are defined in
the New York UCC and not otherwise defined herein shall have the
meaning set forth in the New York UCC.
On each Transfer Date, the Trustee, acting at the
Servicer's direction given on or before such Transfer Date, shall
transfer from the Interest Funding Account to the Finance Charge
Account the Interest Funding Investment Proceeds on deposit in the
Interest Funding Account for application as Class A Available Funds
applied pursuant to subsection 4.09(a)(i).
Interest Funding Investment Proceeds (including reinvested
interest) shall not be considered part of the amounts on deposit in the
Interest Funding Account for purposes of this Series Supplement.
SECTION 8.	Article V of the Agreement.  Article V of the
Agreement shall read in its entirety as follows and shall be applicable
only to the Investor Certificateholders:

ARTICLE V
DISTRIBUTIONS AND REPORTS TO INVESTOR
CERTIFICATEHOLDERS

SECTION 5.01	Distributions.

(a)	On each Distribution Date, the Trustee shall
distribute (in accordance with the certificate delivered on or before
the related Transfer Date by the Servicer to the Trustee pursuant to
subsection 3.04(b)) to each Class A Certificateholder of record on the
immediately preceding Record Date (other than as provided in subsection
2.04(e) or Section 12.03 respecting a final distribution) such
Certificateholder's pro rata share (based on the aggregate Undivided
Interests represented by Class A Certificates held by such
Certificateholder) of amounts on deposit in the Distribution Account as
are payable to the Class A Certificateholders pursuant to Section 4.09
by check mailed to each Class A Certificateholder (at such
Certificateholder's address as it appears in the Certificate Register),
except that with respect to Class A Certificates registered in the name
of the nominee of a Clearing Agency, such distribution shall be made in
immediately available funds.
(b)	On each Distribution Date, the Trustee shall
distribute (in accordance with the certificate delivered on or before
the related Transfer Date by the Servicer to the Trustee pursuant to
subsection 3.04(b)) to each Class B Certificateholder of record on the
immediately preceding Record Date (other than as provided in subsection
2.04(e) or Section 12.03 respecting a final distribution) such
Certificateholder's pro rata share (based on the aggregate Undivided
Interests represented by Class B Certificates held by such
Certificateholder) of amounts on deposit in the Distribution Account as
are payable to the Class B Certificateholders pursuant to Section 4.09
by check mailed to each Class B Certificateholder (at such
Certificateholder's address as it appears in the Certificate Register),
except that with respect to Class B Certificates registered in the name
of the nominee of a Clearing Agency, such distribution shall be made in
immediately available funds.
(c)	On each Transfer Date, the Trustee shall distribute
to the Collateral Interest Holder the aggregate amount payable to the
Collateral Interest Holder pursuant to Sections 4.09, 4.11 and 4.15 to
the Collateral Interest Holder's account, as specified in writing by
the Collateral Interest Holder, in immediately available funds.
SECTION 5.02	Monthly Series 2000-K Certificateholders'
Statement.
(a)	On or before each Distribution Date, the Trustee
shall forward to each Series 2000-K Certificateholder, each Rating
Agency and the Collateral Interest Holder a statement substantially in
the form of Exhibit C to this Series Supplement prepared by the
Servicer, delivered to the Trustee and setting forth, among other
things, the following information (which, in the case of subclauses
(i), (ii) and (iii) below, shall be stated on the basis of an original
principal amount of $1,000 per Certificate and, in the case of
subclauses (ix) and (x) shall be stated on an aggregate basis and on
the basis of an original principal amount of $1,000 per Certificate, as
applicable):
(i)	the amount of the current distribution;
(ii)	the amount of the current distribution allocable to
Class A Monthly Principal, Class B Monthly Principal and
Collateral Monthly Principal, respectively;
(iii)	the amount of the current distribution allocable to
Class A Monthly Interest, Class A Deficiency Amounts, Class A
Additional Interest, Class B Monthly Interest, Class B Deficiency
Amounts, Class B Additional Interest, Collateral Minimum Monthly
Interest, and any past due Collateral Minimum Monthly Interest,
respectively;
(iv)	the amount of Collections of Principal Receivables
processed during the related Monthly Period and allocated in
respect of the Class A Certificates, the Class B Certificates and
the Collateral Interest, respectively;
(v)	the amount of Collections of Finance Charge
Receivables processed during the related Monthly Period and
allocated in respect of the Class A Certificates, the Class B
Certificates and the Collateral Interest, respectively;
(vi)	the aggregate amount of Principal Receivables, the
Investor Interest, the Adjusted Investor Interest, the Class A
Investor Interest, the Class A Adjusted Investor Interest, the
Class B Investor Interest, Class B Adjusted Investor Interest,
the Collateral Interest Amount, the Collateral Interest Adjusted
Amount, the Floating Investor Percentage, the Class A Floating
Allocation, the Class B Floating Allocation, the Collateral
Floating Allocation and the Fixed Investor Percentage, Class A
Fixed Allocation, the Class B Fixed Allocation and the Collateral
Fixed Allocation with respect to the Principal Receivables in the
Trust as of the end of the day on the Record Date;
(vii)	the aggregate outstanding balance of Accounts which
were 30 to 59, 60 to 89, 90 to 119, 120 to 149 and 150 or more
days delinquent as of the end of the day on the Record Date;
(viii)	the Aggregate Investor Default Amount, the
Class A Investor Default Amount, the Class B Investor Default
Amount and the Collateral Default Amount for the related Monthly
Period;
(ix)	the aggregate amount of Class A Investor Charge-Offs,
Class B Investor Charge-Offs and Collateral Charge-Offs for the
related Monthly Period;
(x)	the aggregate amount of Class A Investor Charge-Offs,
Class B Investor Charge-Offs and Collateral Charge-Offs
reimbursed on the Transfer Date immediately preceding such
Distribution Date;
(xi)	the amount of the Class A Servicing Fee, the Class B
Servicing Fee, the Collateral Interest Servicing Fee and the
Servicer Interchange for the related Monthly Period;
(xii)	the Portfolio Yield for the preceding Monthly Period;
(xiii)	the amount of Reallocated Collateral Principal
Collections and Reallocated Class B Principal Collections with
respect to such Distribution Date;
(xiv)	the Class A Investor Interest, the Class A Adjusted
Investor Interest, the Class B Investor Interest, the Class B
Adjusted Investor Interest, the Collateral Interest Amount and
the Collateral Interest Adjusted Amount as of the close of
business on such Distribution Date;
(xv)	LIBOR for the Interest Period ending on such
Distribution Date;
(xvi)	the Principal Funding Account Balance on the Transfer
Date;
(xvii)	the Accumulation Shortfall;
(xviii)	the Principal Funding Investment Proceeds
transferred to the Finance Charge Account on the related Transfer
Date;
(xix)	the amount of Class A Available Funds, Class B
Available Funds and Collateral Available Funds on deposit in the
Finance Charge Account on the related Transfer Date;
(xx)	the amount on deposit in the Interest Funding
Account;
(xxi)	the Interest Funding Investment Proceeds transferred
to the Finance Charge Account on the related Transfer Date; and
(xxii)	such other items as are set forth in Exhibit C
to this Series Supplement.
(b)	Annual Certificateholders' Tax Statement.  On or
before January 31 of each calendar year, beginning with calendar year
2002, the Trustee shall distribute to each Person who at any time
during the preceding calendar year was a Series 2000-K
Certificateholder, a statement prepared by the Servicer containing the
information required to be contained in the regular monthly report to
Series 2000-K Certificateholders, as set forth in subclauses (i), (ii)
and (iii) above, aggregated for such calendar year or the applicable
portion thereof during which such Person was a Series 2000-K
Certificateholder, together with such other customary information
(consistent with the treatment of the Certificates as debt) as the
Servicer deems necessary or desirable to enable the Series 2000-K
Certificateholders to prepare their tax returns.  Such obligations of
the Trustee shall be deemed to have been satisfied to the extent that
substantially comparable information shall be provided by the Trustee
pursuant to any requirements of the Internal Revenue Code as from time
to time in effect.
SECTION 9.	Series 2000-K Pay Out Events.  If any one of
the following events shall occur with respect to the Investor
Certificates:
(a)	failure on the part of the Seller (i) to make any
payment or deposit required by the terms of (A) the Agreement or (B)
this Series Supplement, on or before the date occurring five days after
the date such payment or deposit is required to be made herein or (ii)
duly to observe or perform in any material respect any covenants or
agreements of the Seller set forth in the Agreement or this Series
Supplement (including, without limitation, the covenant of the Seller
contained in Section 11 of this Series Supplement), which failure has a
material adverse effect on the Series 2000-K Certificateholders (which
determination shall be made without reference to whether any funds are
available under the Collateral Interest) and which continues unremedied
for a period of 60 days after the date on which written notice of such
failure, requiring the same to be remedied, shall have been given to
the Seller by the Trustee, or to the Seller and the Trustee by the
Holders of Investor Certificates evidencing Undivided Interests
aggregating not less than 50% of the Investor Interest of this Series
2000-K, and continues to affect materially and adversely the interests
of the Series 2000-K Certificateholders (which determination shall be
made without reference to whether any funds are available under the
Collateral Interest) for such period;
(b)	any representation or warranty made by the Seller in
the Agreement or this Series Supplement, or any information contained
in a computer file or microfiche list required to be delivered by the
Seller pursuant to Section 2.01 or 2.06, (i) shall prove to have been
incorrect in any material respect when made or when delivered, which
continues to be incorrect in any material respect for a period of 60
days after the date on which written notice of such failure, requiring
the same to be remedied, shall have been given to the Seller by the
Trustee, or to the Seller and the Trustee by the Holders of Investor
Certificates evidencing Undivided Interests aggregating not less than
50% of the Investor Interest of this Series 2000-K, and (ii) as a
result of which the interests of the Series 2000-K Certificateholders
are materially and adversely affected (which determination shall be
made without reference to whether any funds are available under the
Collateral Interest) and continue to be materially and adversely
affected for such period; provided, however, that a Series 2000-K Pay
Out Event pursuant to this subsection 9(b) hereof shall not be deemed
to have occurred hereunder if the Seller has accepted reassignment of
the related Receivable, or all of such Receivables, if applicable,
during such period in accordance with the provisions of the Agreement;
(c)	the average of the Portfolio Yields for any three
consecutive Monthly Periods is less than the average of the Base Rates
for such period;
(d)	the Seller shall fail to convey Receivables arising
under Additional Accounts, or Participations, to the Trust, as required
by subsection 2.06(a);
(e)	any Servicer Default shall occur which would have a
material adverse effect on the Series 2000-K Certificateholders; or
(f)	the Investor Interest shall not be paid in full on
the Scheduled Payment Date;
then, in the case of any event described in subsection
9(a), (b) or (e) hereof, after the applicable grace period set forth in
such subparagraphs, if any, either the Trustee or Holders of Series
2000-K Certificates and the Collateral Interest Holder evidencing
Undivided Interests aggregating not less than 50% of the Investor
Interest of this Series 2000-K by notice then given in writing to the
Seller and the Servicer (and to the Trustee if given by the
Certificateholders) may declare that a pay out event (a "Series 2000-K
Pay Out Event") has occurred as of the date of such notice, and in the
case of any event described in subsection 9(c), (d) or (f) hereof, a
Series 2000-K Pay Out Event shall occur without any notice or other
action on the part of the Trustee or the Investor Certificateholders
immediately upon the occurrence of such event.
SECTION 10.	Series 2000-K Termination.  The right of the
Investor Certificateholders to receive payments from the Trust will
terminate on the first Business Day following the Series 2000-K
Termination Date.
SECTION 11.	Periodic Finance Charges and Other Fees.  The
Seller hereby agrees that, except as otherwise required by any
Requirement of Law, or as is deemed by the Seller to be necessary in
order for the Seller to maintain its credit card business, based upon a
good faith assessment by the Seller, in its sole discretion, of the
nature of the competition in the credit card business, it shall not at
any time reduce the Periodic Finance Charges assessed on any Receivable
or other fees on any Account if, as a result of such reduction, the
Seller's reasonable expectation of the Portfolio Yield as of such date
would be less than the then Base Rate.
SECTION 12.	Limitations on Addition of Accounts.  The
Seller agrees that it shall not designate any Additional Accounts
pursuant to subsection 2.06(b) unless on or prior to the related
Addition Date, the Seller shall have provided the Collateral Interest
Holder with an Officer's Certificate certifying that such designation
of such Additional Accounts will not, as of the related Addition Date,
(a) be reasonably expected by the Seller to result in a reduction or
withdrawal by the Rating Agency of its rating for the Investor
Certificates or (b) cause a Series 2000-K Pay Out Event.
SECTION 13.	Counterparts.  This Series Supplement may be
executed in any number of counterparts, each of which so executed shall
be deemed to be an original, but all of such counterparts shall
together constitute but one and the same instrument.
SECTION 14.	Governing Law.  THIS SERIES SUPPLEMENT SHALL
BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE,
WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE
OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE
DETERMINED IN ACCORDANCE WITH SUCH LAWS; PROVIDED, HOWEVER, THAT THE
IMMUNITIES AND STANDARD OF CARE OF THE TRUSTEE IN THE ADMINISTRATION OF
THE TRUST HEREUNDER SHALL BE GOVERNED BY THE LAWS OF THE STATE OF NEW
YORK.
SECTION 15.	Additional Notices.
(a)	For so long as the Investor Certificates shall be
outstanding, the Seller agrees to provide Fitch with the notice
provided to each Rating Agency in subsection 2.06(c)(i) and agrees to
provide to Fitch and Standard and Poor's the Opinion of Counsel
provided to Moody's pursuant to subsection 2.06(c)(vi), in each case in
the times and the manner provided for in such subsections.
(b)	The Seller shall notify the Collateral Interest
Holder promptly after becoming aware of any Lien on any Receivable
other than the conveyances under the Agreement.  The Seller will notify
the Collateral Interest Holder of any merger, consolidation, assumption
or transfer referred to in Section 7.02.
SECTION 16.	Additional Representations and Warranties of
the Servicer.  MBNA America Bank, National Association, as initial
Servicer, hereby makes, and any Successor Servicer by its appointment
under the Agreement shall make the following representations and
warranties:
(a)	All Consents.  All authorizations, consents, orders
or approvals of or registrations or declarations with any Governmental
Authority required to be obtained, effected or given by the Servicer in
connection with the execution and delivery of this Series Supplement by
the Servicer and the performance of the transactions contemplated by
this Series Supplement by the Servicer, have been duly obtained,
effected or given and are in full force and effect.
(b)	Rescission or Cancellation.  The Servicer shall not
permit any rescission or cancellation of any Receivable except as
ordered by a court of competent jurisdiction or other Governmental
Authority or in accordance with the normal operating procedures of the
Servicer.
(c)	Receivables Not To Be Evidenced by Promissory Notes.
Except in connection with its enforcement or collection of an Account,
the Servicer will take no action to cause any Receivable to be
evidenced by an instrument (as defined in the UCC as in effect in the
State of Delaware).
SECTION 17.	No Petition.  The Seller, the Servicer and the
Trustee, by entering into this Series Supplement and each
Certificateholder, by accepting a Series 2000-K Certificate hereby
covenant and agree that they will not at any time institute against the
Trust, or join in any institution against the Trust of, any bankruptcy
proceedings under any United States Federal or state bankruptcy or
similar law in connection with any obligations relating to the Investor
Certificateholders, the Agreement or this Series Supplement.
SECTION 18.	Certain Tax Related Amendments.  In addition
to being subject to amendment pursuant to any other provisions relating
to amendments in either the Agreement or this Series Supplement, this
Series Supplement may be amended by the Seller without the consent of
the Servicer, Trustee or any Investor Certificateholder if the Seller
provides the Trustee with (i) an Opinion of Counsel to the effect that
such amendment or modification would reduce the risk the Trust would be
treated as taxable as a publicly traded partnership pursuant to Code
section 7704 and (ii) a certificate that such amendment or modification
would not materially and adversely affect any Investor
Certificateholder; provided, that no such amendment shall be deemed
effective without the Trustee's consent, if the Trustee's rights,
duties and obligations hereunder are thereby modified.  Promptly after
the effectiveness of any amendment pursuant to this Section 18, the
Seller shall deliver a copy of such amendment to each of the Servicer,
the Trustee and each Rating Agency.
SECTION 19.	Transfers of the Collateral Interest.
(a)	Unless otherwise consented to by the Seller, no
portion of the Collateral Interest or any interest therein may be sold,
conveyed, assigned, hypothecated, pledged, participated, exchanged or
otherwise transferred (each, a "Transfer") except in accordance with
this Section 19 and only to a Permitted Assignee.  Any attempted or
purported transfer, assignment, exchange, conveyance, pledge,
hypothecation or grant other than to a Permitted Assignee shall be
void.  Unless otherwise consented to by the Seller, no portion of the
Collateral Interest or any interest therein may be Transferred to any
Person (each such Person acquiring the Collateral Interest or any
interest therein, an "Assignee") unless such Assignee shall have
executed and delivered to the Seller on or before the effective date of
any Transfer a letter substantially in the form attached hereto as
Exhibit D (an "Investment Letter"), executed by such Assignee, with
respect to the related Transfer to such Assignee of all or a portion of
the Collateral Interest.
(b)	Each Assignee will certify that the Collateral
Interest or the interest therein purchased by such Assignee will be
acquired for investment only and not with a view to any public
distribution thereof, and that such Assignee will not offer to sell or
otherwise dispose of the Collateral Interest or any interest therein so
acquired by it in violation of any of the registration requirements of
the Securities Act, or any applicable state or other securities laws.
Each Assignee will acknowledge and agree that (i) it has no right to
require the Seller to register under the Securities Act or any other
securities law the Collateral Interest or the interest therein to be
acquired by the Assignee and (ii) the sale of the Collateral Interest
is not being made by means of the Prospectus.  Each Assignee will agree
with the Seller that: (a) such Assignee will deliver to the Seller on
or before the effective date of any Transfer a letter in the form
annexed hereto as Exhibit D (an "Investment Letter"), executed by such
Assignee with respect to the purchase by such Assignee of all or a
portion of the Collateral Interest and (b) all of the statements made
by such Assignee in its Investment Letter shall be true and correct as
of the date made.
(c)	No portion of the Collateral Interest or any interest
therein may be Transferred, and each Assignee will certify that it is
not, (a) an "employee benefit plan" (as defined in Section 3(3) of
ERISA), including governmental plans and church plans, (b) any "plan"
(as defined in Section 4975(e)(1) of the Code) including individual
retirement accounts and Keogh plans, or (c) any other entity whose
underlying assets include "plan assets" (within the meaning of
Department of Labor Regulation Section 2510.3-101, 29 C.F.R.  2510.3-
101 or otherwise under ERISA) by reason of a plan's investment in the
entity, including, without limitation, an insurance company general
account.
(d)	This Section 19 shall not apply to the transfer and
pledge of the Collateral Interest on the Closing Date by the Seller
pursuant to the Transfer Agreement or by the MBNA Asset Backed Note
Trust (2000-K) to the Indenture Trustee (as defined in the Transfer
Agreement) pursuant to the Indenture (as defined in the Transfer
Agreement).
SECTION 20.	Uncertificated Securities.  The Collateral
Interest shall be delivered in uncertificated form.

IN WITNESS WHEREOF, the Seller, the Servicer and the
Trustee have caused this Series 2000-K Supplement to be duly executed
by their respective officers as of the day and year first above
written.
MBNA AMERICA BANK,
NATIONAL ASSOCIATION,
Seller and Servicer

By:	/s/Jerry M. Hamstead
Jerry M. Hamstead
Senior Vice President

THE BANK OF NEW YORK,
Trustee

By:	/s/Cassandra Shedd
Name: Cassandra Shedd
Title: Assistant Treasurer

[Signature Page to Series 2000-K Supplement
dated as of November 21, 2000]EXHIBIT A-1

FORM OF CERTIFICATE

CLASS A

Unless this Certificate is presented by an authorized
representative of The Depository Trust Company, a New York
corporation ("DTC"), to MBNA America Bank, National Association
or its agent for registration of transfer, exchange or payment,
and any certificate issued is registered in the name of Cede &
Co. or in such other name as 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.

No. __	$__________
	CUSIP No. _________

MBNA MASTER CREDIT CARD TRUST II
CLASS A FLOATING RATE
ASSET BACKED CERTIFICATE, SERIES 2000-K

Evidencing an Undivided Interest in a trust, the corpus of which
consists of a portfolio of MasterCard registered trademark and VISA
registered trademark credit card receivables generated or acquired by
MBNA America Bank, National Association and other assets and interests
constituting the Trust under the Pooling and Servicing Agreement
described below.

(Not an interest in or obligation of
MBNA America Bank, National Association
or any Affiliate thereof.)

This certifies that CEDE & CO. (the "Class A
Certificateholder") is the registered owner of an Undivided Interest in
a trust (the "Trust"), the corpus of which consists of a portfolio of
receivables (the "Receivables") now existing or hereafter created and
arising in connection with selected MasterCard and VISA credit card
accounts (the "Accounts") of MBNA America Bank, National Association, a
national banking association organized under the laws of the United
States, all monies due or to become due in payment of the Receivables
(including all Finance Charge Receivables but excluding recoveries on
any charged-off Receivables), the right to certain amounts received as
Interchange with respect to the Accounts, the benefits of the
Collateral Interest and the other assets and interests constituting the
Trust pursuant to a Pooling and Servicing Agreement dated as of August
4, 1994, as amended as of March 11, 1996, as of June 2, 1998, as of
January 10, 1999 and as of October 2, 2000, as supplemented by the
Series 2000-K Supplement dated as of November 21, 2000 (collectively,
the "Pooling and Servicing Agreement"), by and between MBNA America
Bank, National Association, as Seller (the "Seller") and as Servicer
(the "Servicer"), and The Bank of New York, as Trustee (the "Trustee"),
a summary of certain of the pertinent provisions of which is set forth
hereinbelow.  The Series 2000-K Certificates are issued in two classes,
the Class A Certificates (of which this certificate is one) and the
Class B Certificates, which are subordinated to the Class A
Certificates in certain rights of payment as described herein and in
the Pooling and Servicing Agreement.

The Seller has structured the Pooling and Servicing
Agreement and the Series 2000-K Certificates with the intention that
the Series 2000-K Certificates will qualify under applicable tax law as
indebtedness, and each of the Seller, the Holder of the Seller
Interest, the Servicer and each Series 2000-K Certificateholder (or
Series 2000-K Certificate Owner) by acceptance of its Series 2000-K
Certificate (or in the case of a Series 2000-K Certificate Owner, by
virtue of such Series 2000-K Certificate Owner's acquisition of a
beneficial interest therein), agrees to treat and to take no action
inconsistent with the treatment of the Series 2000-K Certificates (or
any beneficial interest therein) as indebtedness for purposes of
federal, state, local and foreign income or franchise taxes and any
other tax imposed on or measured by income.  Each Series 2000-K
Certificateholder agrees that it will cause any Series 2000-K
Certificate Owner acquiring an interest in a Series 2000-K Certificate
through it to comply with the Pooling and Servicing Agreement as to
treatment of the Series 2000-K Certificates as indebtedness for certain
tax purposes.

To the extent not defined herein, capitalized terms used
herein have the respective meanings assigned to them in the Pooling and
Servicing Agreement.  This Class A Certificate is issued under and is
subject to the terms, provisions and conditions of the Pooling and
Servicing Agreement, to which Pooling and Servicing Agreement, as
amended from time to time, the Class A Certificateholder by virtue of
the acceptance hereof assents and by which the Class A
Certificateholder is bound.

Although a summary of certain provisions of the Pooling and
Servicing Agreement is set forth below, this Class A Certificate is
qualified in its entirety by the terms and provisions of the Pooling
and Servicing Agreement and reference is made to that Pooling and
Servicing Agreement for information with respect to the interests,
rights, benefits, obligations, proceeds, and duties evidenced hereby
and the rights, duties and obligations of the Trustee.

Interest will accrue on the Class A Certificates from and
including the Closing Date through but excluding January 16, 2001, from
and including January 16, 2001 through but excluding April 16, 2001 and
with respect to each Interest Period thereafter, at the rate of 0.11%
per annum above LIBOR, as more specifically set forth in the Pooling
and Servicing Agreement, and will be distributed on January 16, 2001
and on the 15th day of each January, April, July and October
thereafter, or if such day is not a Business Day, on the next
succeeding Business Day (an "Interest Payment Date"), to the Class A
Certificateholders of record as of the last Business Day of the
calendar month preceding such Interest Payment Date, provided that
commencing on the first Distribution Date with respect to the Rapid
Amortization Period, the 15th day of each calendar month, or if such
day is not a Business Day, the next succeeding Business Day (a
"Distribution Date") will be an Interest Payment Date.  During the
Rapid Amortization Period, in addition to Class A Monthly Interest,
Class A Monthly Principal will be distributed to the Class A
Certificateholders on each Distribution Date commencing in the month
following the commencement of the Rapid Amortization Period until the
Class A Certificates have been paid in full.  During the Controlled
Accumulation Period, in addition to quarterly payments of Class A
Monthly Interest, the amount on deposit in the Principal Funding
Account (but not in excess of the Class A Investor Interest) will be
distributed as principal to the Class A Certificateholders on the
October 2005 Distribution Date, unless distributed earlier as a result
of the commencement of the Rapid Amortization Period in accordance with
the Pooling and Servicing Agreement.

Unless the certificate of authentication hereon has been
executed by or on behalf of the Trustee, by manual signature, this
Class A Certificate shall not be entitled to any benefit under the
Pooling and Servicing Agreement, or be valid for any purpose.

IN WITNESS WHEREOF, MBNA America Bank, National Association
has caused this Series 2000-K Class A Certificate to be duly executed
under its official seal.

By:
Authorized Officer
[Seal]

Attested to:

By:
Cashier

Date:	November 21, 2000Form of Trustee's Certificate of Authentication

CERTIFICATE OF AUTHENTICATION

This is one of the Series 2000-K Class A Certificates
referred to in the within-mentioned Pooling and Servicing Agreement.

THE BANK OF NEW YORK,
Trustee

By:
Authorized Signatory

Date:	November 21, 2000EXHIBIT A-2

FORM OF CERTIFICATE

CLASS B

Unless this Certificate is presented by an authorized
representative of The Depository Trust Company, a New York
corporation ("DTC"), to MBNA America Bank, National Association
or its agent for registration of transfer, exchange or payment,
and any certificate issued is registered in the name of Cede &
Co. or in such other name as 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.

No. __	$__________
	CUSIP No. _________

MBNA MASTER CREDIT CARD TRUST II
CLASS B FLOATING RATE
ASSET BACKED CERTIFICATE, SERIES 2000-K

Evidencing an Undivided Interest in a trust, the corpus of which
consists of a portfolio of MasterCard registered trademark and VISA
registered trademark credit card receivables generated or acquired by
MBNA America Bank, National Association and other assets and interests
constituting the Trust under the Pooling and Servicing Agreement
described below.

(Not an interest in or obligation of
MBNA America Bank, National Association
or any Affiliate thereof.)

This certifies that CEDE & CO. (the "Class B
Certificateholder") is the registered owner of an Undivided Interest in
a trust (the "Trust"), the corpus of which consists of a portfolio of
receivables (the "Receivables") now existing or hereafter created and
arising in connection with selected MasterCard and VISA credit card
accounts (the "Accounts") of MBNA America Bank, National Association, a
national banking association organized under the laws of the United
States, all monies due or to become due in payment of the Receivables
(including all Finance Charge Receivables but excluding recoveries on
any charged-off Receivables), the right to certain amounts received as
Interchange with respect to the Accounts, the benefits of the
Collateral Interest and the other assets and interests constituting the
Trust pursuant to a Pooling and Servicing Agreement dated as of August
4, 1994, as amended as of March 11, 1996, as of June 2, 1998, as of
January 10, 1999 and as of October 2, 2000, as supplemented by the
Series 2000-K Supplement dated as of November 21, 2000 (collectively,
the "Pooling and Servicing Agreement"), by and between MBNA America
Bank, National Association, as Seller (the "Seller") and as Servicer
(the "Servicer"), and The Bank of New York, as Trustee (the "Trustee"),
a summary of certain of the pertinent provisions of which is set forth
hereinbelow.  The Series 2000-K Certificates are issued in two classes,
the Class A Certificates and the Class B Certificates (of which this
certificate is one), which are subordinated to the Class A Certificates
in certain rights of payment as described herein and in the Pooling and
Servicing Agreement.

The Seller has structured the Pooling and Servicing
Agreement and the Series 2000-K Certificates with the intention that
the Series 2000-K Certificates will qualify under applicable tax law as
indebtedness, and each of the Seller, the Holder of the Seller
Interest, the Servicer and each Series 2000-K Certificateholder (or
Series 2000-K Certificate Owner) by acceptance of its Series 2000-K
Certificate (or in the case of a Series 2000-K Certificate Owner, by
virtue of such Series 2000-K Certificate Owner's acquisition of a
beneficial interest therein), agrees to treat and to take no action
inconsistent with the treatment of the Series 2000-K Certificates (or
any beneficial interest therein) as indebtedness for purposes of
federal, state, local and foreign income or franchise taxes and any
other tax imposed on or measured by income.  Each Series 2000-K
Certificateholder agrees that it will cause any Series 2000-K
Certificate Owner acquiring an interest in a Series 2000-K Certificate
through it to comply with the Pooling and Servicing Agreement as to
treatment of the Series 2000-K Certificates as indebtedness for certain
tax purposes.

To the extent not defined herein, capitalized terms used
herein have the respective meanings assigned to them in the Pooling and
Servicing Agreement.  This Class B Certificate is issued under and is
subject to the terms, provisions and conditions of the Pooling and
Servicing Agreement, to which Pooling and Servicing Agreement, as
amended from time to time, the Class B Certificateholder by virtue of
the acceptance hereof assents and by which the Class B
Certificateholder is bound.

Although a summary of certain provisions of the Pooling and
Servicing Agreement is set forth below, this Class B Certificate is
qualified in its entirety by the terms and provisions of the Pooling
and Servicing Agreement and reference is made to that Pooling and
Servicing Agreement for information with respect to the interests,
rights, benefits, obligations, proceeds, and duties evidenced hereby
and the rights, duties and obligations of the Trustee.

Interest will accrue on the Class B Certificates from and
including the Closing Date through but excluding January 16, 2001, from
and including January 16, 2001 through but excluding April 16, 2001 and
with respect to each Interest Period, thereafter, at the rate of 0.375%
per annum above LIBOR, as more specifically set forth in the Pooling
and Servicing Agreement and will be distributed on January 16, 2001 and
on the 15th day of each January, April, July and October thereafter, or
if such day is not a Business Day, on the next succeeding Business Day
(an "Interest Payment Date"), to the Class B Certificateholders of
record as of the last Business Day of the calendar month preceding such
Interest Payment Date, provided that commencing on the first
Distribution Date with respect to the Rapid Amortization Period, the
15th day of each calendar month, or if such day is not a Business Day,
the next succeeding Business Day (a "Distribution Date") will be an
Interest Payment Date.  During the Rapid Amortization Period, in
addition to Class B Monthly Interest, Class B Monthly Principal will be
distributed to the Class B Certificateholders on each Distribution Date
commencing in the month following the commencement of the Rapid
Amortization Period (and after payment in full of the Class A Investor
Interest) until the Class B Certificates have been paid in full.
During the Controlled Accumulation Period, in addition to quarterly
payments of Class B Monthly Interest, the amount remaining on deposit
in the Principal Funding Account after the payment in full of the Class
A Investor Interest (but not in excess of the Class B Investor
Interest) will be distributed as principal to the Class B
Certificateholders on the October 2005 Distribution Date, unless
distributed earlier as a result of the commencement of the Rapid
Amortization Period in accordance with the Pooling and Servicing
Agreement.

Unless the certificate of authentication hereon has been
executed by or on behalf of the Trustee, by manual signature, this
Class B Certificate shall not be entitled to any benefit under the
Pooling and Servicing Agreement, or be valid for any purpose.IN WITNESS
WHEREOF, MBNA America Bank, National Association has caused this Series
2000-K Class B Certificate to be duly executed under its official seal.

By:
Authorized Officer

[Seal]

Attested to:

By:
Cashier

Date:	November 21, 2000Form of Trustee's Certificate of Authentication

CERTIFICATE OF AUTHENTICATION

This is one of the Series 2000-K Class B Certificates
referred to in the within-mentioned Pooling and Servicing Agreement.

THE BANK OF NEW YORK
Trustee

By:
Authorized Signatory

Date:	November 21, 2000
EXHIBIT B

FORM OF MONTHLY PAYMENT INSTRUCTIONS AND NOTIFICATION
TO THE TRUSTEE
MBNA AMERICA BANK, NATIONAL ASSOCIATION
MBNA MASTER CREDIT CARD TRUST II SERIES 2000-K
MONTHLY PERIOD ENDING                     ,

Capitalized terms used in this notice have their respective meanings
set forth in the Pooling and Servicing Agreement.  References herein to
certain sections and subsections are references to the respective
sections and subsections of the Pooling and Servicing Agreement as
supplemented by the Series 2000-K Supplement.  This notice is delivered
pursuant to Section 4.09.

A)	MBNA is the Servicer under the Pooling and Servicing
Agreement.
B)	The undersigned is a Servicing Officer.
C)	The date of this notice is on or before the related
Transfer Date under the Pooling and Servicing Agreement.

I.  INSTRUCTION TO MAKE A WITHDRAWAL

Pursuant to Section 4.09, the Servicer does hereby instruct the Trustee
(i) to make withdrawals from the Finance Charge Account, the Interest
Funding Account, the Principal Account, and the Principal Funding
Account on __________ __, ____, which date is a Transfer Date under the
Pooling and Servicing Agreement, in aggregate amounts set forth below
in respect of the following amounts and (ii) to apply the proceeds of
such withdrawals in accordance with subsection 3(a) of the Series 2000-
K Supplement and Section 4.09 of the Pooling and Servicing Agreement:

A. Pursuant to subsection 3(a) of the Series 2000-K Supplement:
--Servicer Interchange-$__________
B. Pursuant to subsection 4.09(a)(i):
--Class A Monthly Interest at the Class A Certificate Rate on the Class
A Investor Interest-$__________
--Class A Deficiency Amount-$__________
--Class A Additional Interest-$__________
C. Pursuant to subsection 4.09(a)(ii):
--Class A Servicing Fee-$__________
--Accrued and unpaid Class A Servicing Fee-$__________
D. Pursuant to subsection 4.09(a)(iii):
--Class A Investor Default Amount-$__________
E. Pursuant to subsection 4.09(a)(iv):
--Portion of Excess Spread from Class A Available Funds to be allocated
and distributed as provided in Section 4.11-$__________
F. Pursuant to subsection 4.09(b)(i):
--Class B Monthly Interest at the Class B Certificate Rate on the Class
B Investor Interest-$__________
--Class B Deficiency Amount-$__________
--Class B Additional Interest-$__________
G. Pursuant to subsection 4.09(b)(ii):
--Class B Servicing Fee-$__________
--Accrued and unpaid Class B Servicing Fee-$__________
H. Pursuant to subsection 4.09(b)(iii):
--Portion of Excess Spread from Class B Available Funds to be allocated
and distributed as provided in Section 4.11-$__________
I. Pursuant to subsection 4.09(c)(i):
--Collateral Interest Servicing Fee, if applicable-$__________
--Accrued and unpaid Collateral Interest Servicing Fee, if applicable-
$__________
J. Pursuant to subsection 4.09(c)(ii):
--Portion of Excess Spread from Collateral Available Funds to be
allocated and distributed as provided in Section 4.11-$__________
--Total-$__________
K. Pursuant to subsection 4.09(d)(i):
--Amount on deposit in the Interest Funding Account to be paid to the
Class A Certificateholders on the succeeding Interest Payment Date-
$__________
L. Pursuant to subsection 4.09(d)(ii):
--Amount on deposit in the Interest Funding Account to be paid to the
Class B Certificateholders on the succeeding Interest Payment Date-
$__________
M. Pursuant to subsection 4.09(e)(i):
--Amount to be treated as Shared Principal Collections-$__________
N. Pursuant to subsection 4.09(e)(ii):
--Amount to be paid to the Holder of the Seller Interest-$__________
--Unallocated Principal Collections-$__________
O. Pursuant to subsection 4.09(f)(i):
--Class A Monthly Principal-$__________
P. Pursuant to subsection 4.09(f)(ii):
--Class B Monthly Principal-$__________
Q. Pursuant to subsection 4.09(f)(iii):
--Collateral Monthly Principal to be distributed to the Collateral
Interest Holder in accordance with subsection 5.01(c)-$__________
R. Pursuant to subsection 4.09(f)(iv):
--Amount to be treated as Shared Principal Collections-$__________
S. Pursuant to subsection 4.09(f)(v):
--Amount to be paid to the Holder of the Seller Interest-$__________
--Unallocated Principal Collections-$__________
--Total-$__________
T. Pursuant to subsection 4.09(g):
--Amount to be withdrawn from the Principal Funding Account and
deposited into the Distribution Account-$__________
U. Pursuant to subsection 4.09(h):
--Amount to be withdrawn from the Interest Funding Account allocable to
the Class A Certificateholders and deposited into the Distribution
Account-$__________
--Amount to be withdrawn from the Interest Funding Account allocable to
the Class B Certificateholders and deposited into the Distribution
Account-$__________
V. Pursuant to subsection 4.18(b):
--Interest Funding Investment Proceeds to be applied as Collections of
Finance Charge Receivables allocated to the Class A Certificateholders-
$__________
II.  INSTRUCTION TO MAKE CERTAIN PAYMENTS

Pursuant to Section 4.09, the Servicer does hereby instruct the Trustee
to pay in accordance with Section 5.01
 from the Distribution Account on                        ,         ,
which date is a [Distribution Date] [Interest Payment Date] under the
Pooling and Servicing Agreement, amounts so deposited in the
Distribution Account pursuant to Section 4.09 as set forth below:

A. Pursuant to subsection 4.09(h):
--Amount to be distributed to Class A Certificateholders-$__________
--Amount to be distributed to Class B Certificateholders-$__________
B. Pursuant to subsection 4.09(i)(i):
--Amount to be distributed to the Class A Certificateholders-
$__________
C. Pursuant to subsection 4.09(i)(ii):
--Amount to be distributed to the Class B Certificateholders-
$__________

III. APPLICATION OF EXCESS SPREAD

Pursuant to Section 4.11, the Servicer does hereby instruct the Trustee
to apply the Excess Spread with respect to the related Monthly Period
and to make the following distributions in the following priority:

-The amount equal to the Class A Required Amount, if any, which will be
used to fund the Class A Required Amount and be applied in accordance
with, and in the priority set forth in, subsection 4.09(a)-$__________
-The amount equal to the aggregate amount of Class A Investor Charge-
Offs which have not been previously reimbursed (after giving effect to
the allocation on such Transfer Date of certain other amounts applied
for that purpose) which will be treated as a portion of Investor
Principal Collections and deposited into the Principal Account on such
Transfer Date-$__________
-The amount equal to the Class B Required Amount, if any, which will be
used to fund the Class B Required Amount and be applied first in
accordance with, and in the priority set forth in, subsection 4.09(b)
and then any amount available to pay the Class B Investor Default
Amount shall be treated as a portion of Investor Principal Collections
and deposited into the Principal Account-$__________
-The amount equal to the aggregate amount by which the Class B Investor
Interest has been reduced below the initial Class B Investor Interest
for reasons other than the payment of principal to the Class B
Certificateholders (but not in excess of the aggregate amount of such
reductions which have not been previously reimbursed) which will be
treated as a portion of Investor Principal Collections and deposited
into the Principal Account-$__________
-The amount equal to the Collateral Minimum Monthly Interest plus the
amount of any past due Collateral Minimum Monthly Interest which will
be paid to the Collateral Interest Holder for application in accordance
with subsection 5.01(c)-$__________
-The amount equal to the aggregate amount of accrued but unpaid
Collateral Interest Servicing Fees which will be paid to the Servicer
if the Seller or The Bank of New York is the Servicer-$__________
-The amount equal to the Collateral Default Amount, if any, for the
prior Monthly Period which will be treated as a portion of Investor
Principal Collections and deposited into the Principal Account-
$__________
-The amount equal to the aggregate amount by which the Collateral
Interest Amount has been reduced for reasons other than the payment of
amounts with respect to the Collateral Monthly Principal (but not in
excess of the aggregate amount of such reductions which have not been
previously reimbursed) which will be treated as a portion of Investor
Principal Collections and deposited into the Principal Account-
$__________
-On each Transfer Date from and after the Reserve Account Funding Date,
but prior to the date on which the Reserve Account terminates as
described in subsection 4.15(f), the amount up to the excess, if any,
of the Required Reserve Account Amount over the Available Reserve
Account Amount which shall be deposited into the Reserve Account-
$__________
-The balance, if any, after giving effect to the payments made pursuant
to subparagraphs (a) through (i) above which shall be deposited into
the Distribution Account and distributed to the Collateral Interest
Holder in accordance with subsection 5.01(c)-$__________

IV.  REALLOCATED PRINCIPAL COLLECTIONS

Pursuant to Section 4.12, the Servicer does hereby instruct the Trustee
to withdraw from the Principal Account and apply Reallocated Principal
Collections pursuant to Section 4.12 with respect to the related
Monthly Period in the following amounts:

-Reallocated Collateral Principal Receivables-$__________
-Reallocated Class B Principal Receivables-$__________

V. ACCRUED AND UNPAID AMOUNTS

After giving effect to the withdrawals and transfers to be made in
accordance with this notice, the following amounts will be accrued and
unpaid with respect to all Monthly Periods preceding the current
calendar month:

-Subsections 4.09(a)(i) and (b)(i):-
--The aggregate amount of the Class A Deficiency Amount-$__________
--The aggregate amount of the Class B Deficiency Amount-$__________
-Subsections 4.09(a)(ii) and (b)(ii):-
-The aggregate amount of all accrued and unpaid Investor Monthly
Servicing Fees -$__________
-Section 4.10:-
-The aggregate amount of all unreimbursed Investor Charge Offs-
$__________

	IN WITNESS WHEREOF, the undersigned has duly executed this
certificate this __th day __________, ____.

MBNA AMERICA BANK,
NATIONAL ASSOCIATION,
Servicer

By:
Name:
Title:EXHIBIT C

FORM OF MONTHLY SERIES 2000-K CERTIFICATEHOLDERS' STATEMENT

Series 2000-K

MBNA AMERICA BANK, NATIONAL ASSOCIATION

--

MBNA MASTER CREDIT CARD TRUST II

--

The information which is required to be prepared with respect to
the distribution date of                  ,           and with respect
to the performance of the Trust during the related Monthly Period.

Capitalized terms used in this Statement have their respective
meanings set forth in the Pooling and Servicing Agreement.

-Information Regarding the Current Monthly Distribution (Stated on the
Basis of $1,000 Original Certificate Principal Amount)
--The amount of the current monthly distribution in respect of Class A
Monthly Principal-$__________
--The amount of the current monthly distribution in respect of Class B
Monthly Principal-$__________
--The amount of the current monthly distribution in respect of
Collateral Monthly Principal-$__________
--The amount of the current monthly distribution in respect of Class A
Monthly Interest-$__________
--The amount of the current monthly distribution in respect of Class A
Deficiency Amounts-$__________
--The amount of the current monthly distribution in respect of Class A
Additional Interest-$__________
--The amount of the current monthly distribution in respect of Class B
Monthly Interest-$__________
--The amount of the current monthly distribution in respect of Class B
Deficiency Amounts-$__________
--The amount of the current monthly distribution in respect of Class B
Additional Interest-$__________
--The amount of the current monthly distribution in respect of
Collateral Minimum Monthly Interest-$__________
--The amount of the current monthly distribution in respect of any
accrued and unpaid Collateral Minimum Monthly Interest-$__________
--The total amount of the current quarterly interest distribution from
the Interest Funding Account (if applicable)....................-
$__________
--The amount of the current quarterly interest distribution in respect
of the Class A Certificates (if applicable)..-$__________
--The amount of the current quarterly interest distribution in respect
of the Class B Certificates (if applicable)..-$__________
-Information Regarding the Performance of the Trust
--Collection of Principal Receivables-
---The aggregate amount of Collections of Principal Receivables
processed during the related Monthly Period which were allocated in
respect of the Class A Certificates-$__________
---The aggregate amount of Collections of Principal Receivables
processed during the related Monthly Period which were allocated in
respect of the Class B Certificates-$__________
---The aggregate amount of Collections of Principal Receivables
processed during the related Monthly Period which were allocated in
respect of the Collateral Interest-$__________
--Principal Receivables in the Trust-
---The aggregate amount of Principal Receivables in the Trust as of the
end of the day on the last day of the related Monthly Period-
$__________
---The amount of Principal Receivables in the Trust represented by the
Investor Interest of Series   2000-K as of the end of the day on the
last day of the related Monthly Period-$__________
---The amount of Principal Receivables in the Trust represented by the
Series 2000-K Adjusted Investor Interest as of the end of the day on
the last day of the related Monthly Period-$__________
---The amount of Principal Receivables in the Trust represented by the
Class A Investor Interest as of the end of the day on the last day of
the related Monthly Period-$__________
---The amount of Principal Receivables in the Trust represented by the
Class A Adjusted Investor Interest as of the end of the day on the last
day of the related Monthly Period-$__________
---The amount of Principal Receivables in the Trust represented by the
Class B Investor Interest as of the end of the day on the last day of
the related Monthly Period-$__________
---The amount of Principal Receivables in the Trust represented by the
Class B Adjusted Investor Interest as of the end of the day on the last
day of the related Monthly Period-$__________
---The amount of Principal Receivables in the Trust represented by the
Collateral Interest Amount as of the end of the day on the last day of
the related Monthly Period-$__________
---The amount of Principal Receivables in the Trust represented by the
Collateral Interest Adjusted Amount as of the end of the day on the
last day of the related Monthly Period-$__________
---The Floating Investor Percentage with respect to the related Monthly
Period-____%
---The Class A Floating Allocation with respect to the related Monthly
Period-____%
---The Class B Floating Allocation with respect to the related Monthly
Period-____%
---The Collateral Floating Allocation with respect to the related
Monthly Period-____%
---The Fixed Investor Percentage with respect to the related Monthly
Period-____%
---The Class A Fixed Allocation with respect to the related Monthly
Period-____%
---The Class B Fixed Allocation with respect to the related Monthly
Period-____%
---The Collateral Fixed Allocation with respect to the related Monthly
Period-____%
--Delinquent Balances-
--The aggregate amount of outstanding balances in the Accounts which
were delinquent as of the end of the day on the last day of the related
Monthly Period:

--Aggregate
Account
Balance--Percentage
of Total
Receivables
----
--30-59 days:-$__________-____%
--60-89 days:-$__________-____%
--90-119 days:-$__________-____%
--120-149 days:-$__________-____%
--150-or more days:-$__________-____%
--Total: -$__________-____%

--Investor Default Amount
---The Aggregate Investor Default Amount for the related Monthly
Period-$__________
---The Class A Investor Default Amount for the related Monthly Period-
$__________
---The Class B Investor Default Amount for the related Monthly Period-
$__________
---The Collateral Default Amount for the related Monthly Period-
$__________
--Investor Charge Offs-
---The aggregate amount of Class A Investor Charge Offs for the related
Monthly Period-$__________
---The aggregate amount of Class A Investor Charge Offs set forth in
5(a) above per $1,000 of original certificate principal amount-
$__________
---The aggregate amount of Class B Investor Charge Offs for the related
Monthly Period-$__________
---The aggregate amount of Class B Investor Charge Offset forth in 5(c)
above per $1,000 of original certificate principal amount-$__________
---The aggregate amount of Collateral Charge Offs for the related
Monthly Period-$__________
---The aggregate amount of Collateral Charge Offs set forth in 5(e)
above per $1,000 of original certificate principal amount-$__________
---The aggregate amount of Class A Investor Charge Offs reimbursed on
the Transfer Date immediately preceding this Distribution Date-
$__________
---The aggregate amount of Class A Investor Charge Offs set forth in
5(g) above per $1,000 original certificate principal amount reimbursed
on the Transfer Date immediately preceding this Distribution Date-
$__________
---The aggregate amount of Class B Investor Charge Offs reimbursed on
the Transfer Date immediately preceding this Distribution Date-
$__________
---The aggregate amount of Class B Investor Charge Offs set forth in
5(i) above per $1,000 original certificate principal amount reimbursed
on the Transfer Date immediately preceding this Distribution Date-
$__________
---The aggregate amount of Collateral Charge Offs reimbursed on the
Transfer Date immediately preceding this Distribution Date-$__________

---The aggregate amount of Collateral Charge Offs set forth in 5(k)
above per $1,000 original certificate principal amount reimbursed on
the Transfer Date immediately preceding Distribution Date-$__________
--Investor Servicing Fee-
---The amount of the Class A Servicing Fee payable by the Trust to the
Servicer for the related Monthly Period-$__________
---The amount of the Class B Servicing Fee payable by the Trust to the
Servicer for the related Monthly Period-$__________
---The amount of the Collateral Servicing Fee payable by the Trust to
the Servicer for the related Monthly Period-$__________
---the amount of Servicer Interchange payable by the Trust to the
Servicer for the related Monthly
Period-$__________
--Reallocations
---The amount of Reallocated Collateral Principal Collections with
respect to this Distribution Date-$__________
---The amount of Reallocated Class B Principal Collections with respect
to this Distribution Date-$__________
---The Collateral Interest Amount as of the close of business on this
Distribution Date-$__________
---The Collateral Interest Adjusted Amount as of the close of business
on this Distribution Date-$__________
---The Class B Investor Interest as of the close of business on this
Distribution Date-$__________
---The Class B Adjusted Investor Interest as of the close of business
on this Distribution Date-$__________
---The Class A Investor Interest as of the close of business on this
Distribution Date-$__________
---The Class A Adjusted Investor Interest as of the close of business
on this Distribution Date-$__________
--Collection of Finance Charge Receivables
---The aggregate amount of Collections of Finance Charge Receivables
and Annual Membership Fees processed during the related Monthly Period
which were allocated in respect of the Class A
Certificates-$__________
---The aggregate amount of Collections of Finance Charge Receivables
and Annual Membership Fees processed during the related Monthly Period
which were allocated in respect of the Class B
Certificates-$__________
---The aggregate amount of Collections of Finance Charge Receivables
and Annual Membership Fees processed during the related Monthly Period
which were allocated in respect of the Collateral Interest-$__________
--Principal Funding Account
---The principal amount on deposit in the Principal Funding Account on
the related Transfer Date-$__________
---The Accumulation Shortfall with respect to the related Monthly
Period-$__________
---The Principal Funding Investment Proceeds deposited in the Finance
Charge Account on the related Transfer Date to be treated as Class A
Available Funds-$__________
---The Principal Funding Investment Proceeds deposited in the Finance
Charge Account on the related Transfer Date to be treated as Class B
Available Funds-$__________
--Interest Funding Account
---The aggregate amount on deposit in the Interest Funding Account
after giving effect to any deposits and withdrawals to be made on the
related Transfer Date-$__________
---The aggregate amount deposited into the Interest Funding Account
with respect to the Class A Certificates on the related Transfer Date-
$__________
---The aggregate amount deposited into the Interest Funding Account
with respect to the Class B Certificates on the related Transfer Date-
$__________
---The Interest Funding Investment Proceeds deposited in the Finance
Charge Account on the related Transfer Date-$__________
--Reserve Account
---The Reserve Draw Amount on the related Transfer Date-$__________
---The amount of the Reserve Draw Amount deposited in the Finance
Charge Account on the related Transfer Date to be treated as Class A
Available Funds-$__________
---The amount of the Reserve Draw Amount deposited in the Finance
Charge Account on the related Transfer Date to be treated as Class B
Available Funds-$__________
--Available Funds
---The amount of Class A Available Funds on deposit in the Finance
Charge Account on the related Transfer Date-$__________
---The amount of Class B Available Funds on deposit in the Finance
Charge Account on the related Transfer Date-$__________
---The amount of Collateral Available Funds on deposit in the Finance
Charge Account on the related Transfer Date-$__________
--Portfolio Yield
---The Portfolio Yield for the related Monthly Period-____%
---The Portfolio Adjusted
Yield for the related
Monthly Period-____%
-Floating Rate Determinations
--LIBOR for the Interest Period ending on this Distribution Date-____%

MBNA AMERICA BANK,
NATIONAL ASSOCIATION,
Servicer

By:_________________________
Name:
Title:EXHIBIT D

FORM OF INVESTMENT LETTER

[Date]

Re	MBNA Master Credit Card Trust II;
	Purchases of Series 2000-K Collateral Interest

Ladies and Gentlemen:

This letter (the "Investment Letter") is delivered by the
undersigned (the "Purchaser") pursuant to Section 19 of the Series
2000-K Supplement dated as of November 21, 2000 (the "Series
Supplement") to the Pooling and Servicing Agreement dated as of August
4, 1994 (as amended and supplemented, the "Agreement"), each among The
Bank of New York, as Trustee,  and MBNA America Bank, National
Association, as Servicer and Seller.  Capitalized terms used herein
without definition shall have the meanings set forth in the Agreement.
The Purchaser represents to and agrees with the Seller as follows:

(a) The Purchaser has such knowledge and experience in
financial and business matters as to be capable of evaluating the
merits and risks of its investment in the Collateral Interest and is
able to bear the economic risk of such investment.

(b) The Purchaser is an "accredited investor", as defined
in Rule 501, promulgated by the Securities and Exchange Commission (the
"Commission") under the Securities Act of 1933, as amended (the
"Securities Act"), or is a sophisticated institutional investor.  The
Purchaser understands that the offering and sale of the Collateral
Interest has not been and will not be registered under the Securities
Act and has not and will not be registered or qualified under any
applicable "Blue Sky" law, and that the offering and sale of the
Collateral Interest has not been reviewed by, passed on or submitted to
any federal or state agency or commission, securities exchange or other
regulatory body.

(c) The Purchaser is acquiring an interest in the
Collateral Interest without a view to any distribution, resale or other
transfer thereof except, with respect to any Collateral Interest or any
interest or participation therein, as contemplated in the following
sentence.  The Purchaser will not resell or otherwise transfer any
interest or participation in the Collateral Interest, except in
accordance with Section 19 of the Series Supplement and (i) in a
transaction exempt from the registration requirements of the Securities
Act of 1933, as amended, and applicable state securities or "blue sky"
laws; (ii) to the Seller or any affiliate of the Seller; or (iii) to a
person who the Purchaser reasonably believes is a qualified
institutional buyer (within the meaning thereof in Rule 144A under the
Securities Act) that is aware that the resale or other transfer is
being made in reliance upon Rule 144A.  In connection therewith, the
Purchaser hereby agrees that it will not resell or otherwise transfer
the Collateral Interest or any interest therein unless the purchaser
thereof provides to the addressee hereof a letter substantially in the
form hereof.

(d) No portion of the Collateral Interest or any interest
therein may be Transferred, and each Assignee will certify that it is
not, (a) an "employee benefit plan" (as defined in Section 3(3) of
ERISA), including governmental plans and church plans, (b) any "plan"
(as defined in Section 4975(e)(1) of the Code) including individual
retirement accounts and Keogh plans, or (c) any other entity whose
underlying assets include "plan assets" (within the meaning of
Department of Labor Regulation Section 2510.3-101, 29 C.F.R.  2510.3-
101 or otherwise under ERISA) by reason of a plan's investment in the
entity, including, without limitation, an insurance company general
account.

(e) This Investment Letter has been duly executed and
delivered and constitutes the legal, valid and binding obligation of
the Purchaser, enforceable against the Purchaser in accordance with its
terms, except as such enforceability may be limited by bankruptcy,
insolvency, reorganization, moratorium or similar laws or equitable
principles affecting the enforcement of creditors' rights generally and
general principles of equity.

-Very truly yours,

[NAME OF PURCHASER]

By:___________________________
   Name:
   Title:
AGREED TO AS OF THE DATE FIRST ABOVE WRITTEN:

MBNA AMERICA BANK,
  NATIONAL ASSOCIATION

By:_______________________
   Name:
   Title:-

SCHEDULE TO EXHIBIT C

SCHEDULE TO MONTHLY SERVICER'S CERTIFICATE
MONTHLY PERIOD ENDING _________ __, ____
MBNA AMERICA BANK, NATIONAL ASSOCIATION
MBNA MASTER CREDIT CARD TRUST II SERIES 2000-K

-The aggregate amount of the Investor Percentage of Collections of
Principal Receivables-
$__________
-The aggregate amount of the Investor Percentage of Collections of
Finance Charge Receivables (excluding Interchange and amounts with
respect to Annual Membership Fees)-$__________
-The aggregate amount of the Investor Percentage of amounts with
respect to Annual Membership Fees-$__________
-The aggregate amount of the Investor Percentage of Interchange-
$__________
-The aggregate amount of Servicer Interchange-$__________
-The aggregate amount of funds on deposit in Finance Charge Account
allocable to the Series 2000-K Certificates-$__________
-The aggregate amount of funds on deposit in the Principal Account
allocable to the Series 2000-K Certificates-$__________
-The aggregate amount of funds on deposit in the Interest Funding
Account allocable to the Series 2000-K Certificates-$__________
-The aggregate amount of funds on deposit in the Principal Funding
Account allocable to the Series 2000-K Certificates-$__________
-The aggregate amount to be withdrawn from the Finance Charge Account
pursuant to Section 4.11 and distributed to the Collateral Interest
Holder in accordance with subsection 5.01(c)-$__________
-The amount of Monthly Interest, Deficiency Amounts and Additional
Interest, if applicable, payable to the-
-(i)-Class A Certificateholders-$__________
-(ii)-Class B Certificateholders-$__________
-(iii)-Collateral Interest Holder-$__________
-The amount of principal payable to the -
-(i)-Class A  Certificateholders-$__________
-(ii)-Class B Certificateholders-$__________
-(iii)-Collateral Interest Holder-$__________
-The sum of all amounts payable to the  -
-(i)-Class A Certificateholders-$__________
-(ii)-Class B Certificateholders-$__________
-(iii)-Collateral Interest Holder-$__________
-To the knowledge of the undersigned, no Series 2000-K Pay Out Event or
Trust Pay Out Event has occurred except as described below: -
--None.-

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

MBNA AMERICA BANK,
NATIONAL ASSOCIATION,

By:	_________________________
Name:
Title:

SECTION 1.	Designation	1
SECTION 2.	Definitions	2
SECTION 3.	Servicing Compensation and Assignment of Interchange	18
SECTION 4.	Reassignment and Transfer Terms	19
SECTION 5.	Delivery and Payment for the Certificates	20
SECTION 6.	Form of Delivery of the Certificates; Depository;
Denominations	20
SECTION 7.	Article IV of the Agreement	20
SECTION 4.04	Rights of Certificateholders and the Collateral
Interest Holder	20
SECTION 4.05	Allocations	20
SECTION 4.06	Determination of Monthly Interest	24
SECTION 4.07	Determination of Monthly Principal	25
SECTION 4.08	Coverage of Required Amount	26
SECTION 4.09	Monthly Payments	27
SECTION 4.10	Investor Charge-Offs	30
SECTION 4.11	Excess Spread	32
SECTION 4.12	Reallocated Principal Collections	33
SECTION 4.13	Shared Principal Collections	33
SECTION 4.14	Principal Funding Account	34
SECTION 4.15	Reserve Account	35
SECTION 4.16	Determination of LIBOR	37
SECTION 4.17	Seller's or Servicer's Failure to Make a Deposit
or Payment	38
SECTION 4.18.	Interest Funding Account	38
SECTION 8.	Article V of the Agreement	39
SECTION 5.01	Distributions	39
SECTION 5.02	Monthly Series 2000-K Certificateholders'
Statement	40
SECTION 9.	Series 2000-K Pay Out Events	42
SECTION 10.	Series 2000-K Termination	43
SECTION 11.	Periodic Finance Charges and Other Fees	43
SECTION 12.	Limitations on Addition of Accounts	43
SECTION 13.	Counterparts	43
SECTION 14.	Governing Law	43
SECTION 15.	Additional Notices	43
SECTION 16.	Additional Representations and Warranties of the Servicer	44
SECTION 17.	No Petition	44
SECTION 18.	Certain Tax Related Amendments	44
SECTION 19.	Transfers of the Collateral Interest	45
SECTION 20.	Uncertificated Securities	45

EXHIBITS

EXHIBIT A-1	Form of Class A Certificate

EXHIBIT A-2	Form of Class B Certificate

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

EXHIBIT C	Form of Monthly Series 2000-K
Certificateholders' Statement

EXHIBIT D	Form of Collateral Interest Investment Letter

SCHEDULE 1

Schedule to the Exhibit C of the Pooling and
Servicing Agreement

TABLE OF CONTENTS
(continued)
Page

DOCSDC1:114821.1
-ii-EXHIBIT 10.1

                            STOCK PURCHASE AGREEMENT

                                  dated as of

                               December 13, 2000

                                    between

                                MARCHFIRST, INC.

                                      and

                                 FP-LION, L.L.C.

<PAGE>

                               TABLE OF CONTENTS
                                  -------------

                                                                           PAGE
                                                                           ----

ARTICLE 1 Definitions........................................................1
         SECTION 1.1 Definitions.............................................1
ARTICLE 2 Purchase and Sale of Securities....................................5
         SECTION 2.1 Commitment to Purchase..................................5
         SECTION 2.2 The Closing.............................................5
ARTICLE 3 Representations and Warranties of the Issuer.......................6
         SECTION 3.1 Corporate Existence and Power...........................6
         SECTION 3.2 Corporate Authorization.................................6
         SECTION 3.3 Governmental Authorization..............................6
         SECTION 3.4 Noncontravention........................................7
         SECTION 3.5 Capitalization..........................................7
         SECTION 3.6 Subsidiaries............................................8
         SECTION 3.7 Financial Statements....................................8
         SECTION 3.8 Absence of Certain Changes..............................9
         SECTION 3.9 No Material Undisclosed Liabilities.....................9
         SECTION 3.10 Litigation.............................................9
         SECTION 3.11 Compliance with Laws...................................9
         SECTION 3.12 SEC Reports...........................................10
         SECTION 3.13 Material Contracts....................................10
         SECTION 3.14 Finders' Fees.........................................10
         SECTION 3.15 Offering of Securities................................10
         SECTION 3.16 Intellectual Property.................................10
         SECTION 3.17 Environmental Compliance..............................11
         SECTION 3.18 Employment Matters; ERISA.............................11
         SECTION 3.19 Taxes.................................................12
         SECTION 3.20 Regulatory Matters....................................12
         SECTION 3.21 Property..............................................13
         SECTION 3.22 Proxy Materials.......................................13
         SECTION 3.23 State Takeover Statutes...............................13
ARTICLE 4 Representations and Warranties of the Purchaser...................14
         SECTION 4.1 Corporate Existence and Power..........................14
         SECTION 4.2 Authorization..........................................14
         SECTION 4.3 Governmental Authorization.............................14
         SECTION 4.4 Noncontravention.......................................14
         SECTION 4.5 Finders' Fees..........................................14
         SECTION 4.6 Purchase for Investment................................15
         SECTION 4.7 Proxy Materials........................................15

                                       2
<PAGE>

ARTICLE 5 Covenants of the Issuer...........................................15
         SECTION 5.1 Access to Information..................................15
         SECTION 5.2 Certificates of Designations...........................15
         SECTION 5.3 Restrictions Pending the Closing.......................15
         SECTION 5.4 Reservation of Shares..................................16
         SECTION 5.5 Other Transfers of Restricted Securities...............17
ARTICLE 6 Covenants of the Purchaser........................................17
         SECTION 6.1 Confidentiality........................................17
         SECTION 6.2 Standstill.............................................18
         SECTION 6.3 Hedging Restrictions...................................18
         SECTION 6.4 Agreements Pending the Closing.........................18

ARTICLE 7 Covenants of the Issuer and the Purchaser.........................18
         SECTION 7.1 Required Regulatory Approvals; Reasonable Best
                     Efforts; Further Assurances............................18
         SECTION 7.2 Certain Filings........................................19
         SECTION 7.3 Public Announcements...................................19
         SECTION 7.4 Tax Consistency........................................19
ARTICLE 8 Conditions Precedent to Closing...................................19
         SECTION 8.1 Conditions to Each Party's Obligations.................19
         SECTION 8.2 Conditions to the Purchaser's Obligations..............20
         SECTION 8.3 Conditions to Issuer's Obligations.....................20
ARTICLE 9 Miscellaneous.....................................................21
         SECTION 9.1 Notices................................................21
         SECTION 9.2 No Waivers; Amendments.................................21
         SECTION 9.3 Survival...............................................21
         SECTION 9.4 Indemnification........................................22
         SECTION 9.5 Procedures.............................................22
         SECTION 9.6 Expenses; Documentary Taxes............................23
         SECTION 9.7 Termination............................................23
         SECTION 9.8 Successors and Assigns.................................24
         SECTION 9.9 Governing Law..........................................24
         SECTION 9.10 Jurisdiction..........................................24
         SECTION 9.11 Counterparts..........................................25
         SECTION 9.12 Entire Agreement......................................25
         SECTION 9.13 Waiver of Jury Trial..................................25
         SECTION 9.14 Severability..........................................25

                                       3
<PAGE>

                          EXHIBITS, ANNEX AND SCHEDULE

Exhibit A -- Form of Certificate of Designations for Series A Preferred
Exhibit B -- Form of Certificate of Designations for Series B Preferred
Exhibit C -- Form of Registration Rights Agreement

<PAGE>

                            STOCK PURCHASE AGREEMENT

AGREEMENT dated as of December 13, 2000 between marchFIRST, Inc., a Delaware
corporation (the "ISSUER"), and FP-Lion, L.L.C., a Delaware limited liability
company (the "PURCHASER").

         WHEREAS, the Issuer desires to sell the Securities (as defined below)
to the Purchaser, and the Purchaser desires to purchase the Securities from the
Issuer, upon the terms and subject to the conditions hereinafter set forth.

         NOW THEREFORE, the parties hereto agree as follows:

                                    ARTICLE 1
                                  Definitions

         SECTION 1.1          DEFINITIONS.

                  (a)      The following terms, as used herein, have the
following meanings:

         "AFFILIATE" of any Person means any other Person directly or
indirectly controlling, controlled by or under common control with such Person;
PROVIDED that neither the Purchaser nor any of its Subsidiaries shall be
considered an Affiliate of the Issuer.

         "AGREEMENT" means this Agreement, as it may be amended from time to
time.

         "APPLICABLE LAW" means any applicable constitution, treaty, statute,
rule, regulation, ordinance, order, directive, code, interpretation, judgment,
decree, injunction, writ, determination, award, permit, license, authorization,
requirement, ruling or decision of, agreement with, or by any Governmental
Authority.

         "BALANCE SHEET" means the consolidated balance sheet of the Issuer and
its Subsidiaries as of the Balance Sheet Date.

         "BALANCE SHEET DATE" means September 30, 2000.

         "BENEFIT ARRANGEMENT" means any employee benefit plan within the
meaning of Section 3(3) of ERISA or any other employment or employee
arrangement, severance arrangement or employment agreement, which is maintained
or otherwise contributed to by any member of the ERISA Group and covers any
current or former employee of Issuer.

         "BUSINESS DAY" means any day except a Saturday, Sunday or other day on
which commercial banks in the City of New York are authorized by law to close.

         "CERTIFICATES OF DESIGNATIONS" means the Series A Certificate of
Designations and the Series B Certificate of Designations.

<PAGE>

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

         "COMMISSION" means the U.S. Securities and Exchange Commission or any
governmental body succeeding to the functions thereof.

         "COMMON STOCK" means the common stock, par value $.001 per share, of
the Issuer.

         "ENVIRONMENTAL LAWS" means any federal, state, local or foreign law
(including, without limitation, common law), treaty, judicial decision,
regulation, rule, judgment, order, decree, injunction, permit or governmental
restriction or requirement or any agreement with any governmental authority or
other third party, whether now or hereafter in effect, relating to human health
and safety, the environment or to pollutants, contaminants, wastes or chemicals
or any toxic, radioactive, ignitable, corrosive, reactive or otherwise
hazardous substances, wastes or materials.

         "ENVIRONMENTAL LIABILITIES" means all liabilities of the Issuer and
each of its Subsidiaries, whether contingent or fixed, known or unknown, which
(i) arise under or relate to matters covered by Environmental Laws and (ii)
relate to actions occurring or conditions existing on or prior to the Closing
Date.

         "ERISA" means the Employee Retirement Income Security Act of 1974, as
amended.

         "ERISA GROUP" means the Issuer and all members of a controlled group
of corporations and all trades or businesses (whether or not incorporated)
under common control which, together with the Issuer, are treated as a single
employer under Section 414 of the Code.

         "EXCHANGE ACT" means the Securities Exchange Act of 1934, as amended.

         "FEE AGREEMENT" means the fee agreement dated the date hereof between
the Issuer and Francisco Partners GP, LLC.

         "GOVERNMENTAL AUTHORITY" means any governmental body, agency or
official of any country or political subdivision of any country, including, but
not limited to, federal, state, county and local governments, administrative
agencies and courts.

         "HAZARDOUS SUBSTANCE" means any toxic, radioactive, caustic or
otherwise hazardous substance, including petroleum, its derivatives,
by-products and other hydrocarbons, or any substance having any constituent
elements displaying any of the foregoing characteristics, including, without
limitation, any substance regulated under Environmental Laws.

         "HSR ACT" means the Hart-Scott-Rodino Antitrust Improvements Act of
1976, as amended.

         "LIEN" means, with respect to any asset, any mortgage, lien, pledge,
charge, security interest or encumbrance of any kind in respect of such asset.
For the purposes of this Agreement, any Person shall be deemed to own subject
to Lien any asset that it has acquired or

                                       2
<PAGE>

holds subject to the interest of a vendor or lessor under any conditional sale
agreement, capital lease or other title retention agreement relating to such
asset.

         "MATERIAL ADVERSE EFFECT" means any change or effect (or aggregation
of changes and effects) that is materially adverse to the business, assets,
condition (financial or otherwise) or results of operations of the Issuer and
its Subsidiaries, taken as a whole, excluding any such effects resulting solely
from (i) changes or conditions generally affecting the industries in which the
Issuer and its Subsidiaries currently operate or (ii) changes in general
economic, regulatory or political conditions.

         "PERSON" means an individual or a corporation, partnership, limited
liability company, association, trust, or any other entity or organization,
including a government or political subdivision or an agency or instrumentality
thereof.

         "PREFERRED STOCK" means the preferred stock, par value $.001 per
share, of the Issuer.

         "REGISTRATION RIGHTS AGREEMENT" means the Registration Rights
Agreement, substantially in the form attached as Exhibit C hereto.

         "REGULATED ACTIVITY" means any generation, treatment, storage,
recycling, transportation or disposal of any Hazardous Substance.

         "SEC REPORTS" means the forms, reports and documents required to be
filed with the Commission by the Issuer pursuant to the Exchange Act or the
Securities Act from and after January 1, 2000.

         "SECURITIES" means the Series A Preferred and the Series B Preferred.

         "SECURITIES ACT" means the Securities Act of 1933, as amended.

         "SERIES A CERTIFICATE OF DESIGNATIONS" means the Certificate of
Designations, Preferences and Rights of Series A 8% Senior Convertible
Participating Preferred Stock, substantially in the form attached as Exhibit A
hereto.

         "SERIES B CERTIFICATE OF DESIGNATIONS" means the Certificate of
Designations, Preferences and Rights of Series B 12% Senior Participating
Preferred Stock, substantially in the form attached as Exhibit B hereto.

         "SERIES A PREFERRED" means the Issuer's Series A 8% Senior
Participating Convertible Preferred Stock, par value $.001 per share.

         "SERIES B PREFERRED" means the Issuer's Series B 12% Senior
Participating Preferred Stock, par value $.001 per share.

         "SIGNIFICANT SUBSIDIARY" shall have the meaning assigned to such term
in Rule 1-02 of Regulation S-X under the Securities Act and the Exchange Act.

                                       3
<PAGE>

         "SUBSIDIARY" means, with respect to any Person, any other Person of
which a majority of the capital stock or other ownership interests having
ordinary voting power to elect a majority of the board of directors or other
persons performing similar functions are at the time directly or indirectly
owned by such Person.

         "TAX" (and, with correlative meaning, "TAXES") means (i) any net
income, alternative or add-on minimum tax, gross income, gross receipts, sales,
use, ad valorem, value added, transfer, franchise, profits, license,
withholding on amounts paid by the Issuer or any of its Subsidiaries, payroll,
employment, excise, severance, stamp, occupation, premium, property,
environmental or windfall profit tax, custom, duty or other tax, governmental
fee or other like assessment or charge of any kind whatsoever, together with
any interest or any penalty, addition to tax or additional amount due from, or
in respect of the Issuer or any of its Subsidiaries, as the case may be,
imposed by any Governmental Authority (a "TAXING AUTHORITY") responsible for
the imposition of any such tax (domestic or foreign), (ii) in the case of the
Issuer or any of its Subsidiaries, liability for the payment of any amount of
the type described in clause (i) as a result of being or having been before the
Closing Date a member of an affiliated, consolidated, combined or unitary
group, or a party to any agreement or arrangement, as a result of which
liability of the Issuer or any of its Subsidiaries to a Taxing Authority is
determined or taken into account with reference to the activities of any other
Person, and (iii) any liability of the Issuer or any of its Subsidiaries for
the payment of any amount as a result of being a party to any tax sharing
agreement or with respect to the payment of any amount of the type described in
(i) or (ii) as a result of any existing express or implied agreement or
arrangement (including, but not limited to, an indemnification agreement or
arrangement).

         Each of the following terms is defined in the Section set forth
opposite such term:

TERM                                                     SECTION

10-K                                                         3.9
10-Qs                                                        3.9
Agreements                                                   3.2
Agreed Disclosure                                            7.3
Authorizations                                              3.20
Closing                                                   2.2(a)
Closing Date                                              2.2(a)
Closing Failure                                           9.7(a)
Damages                                                   9.4(a)
Indemnified Party                                            9.5
Indemnifying Party                                           9.5
Intellectual Property                                       3.16
Issuer                                                  Preamble
Issuer Securities                                         3.5(b)
Material Contract                                           3.13
Proxy Statement                                             3.21
Purchase Price                                              3.21

                                       4
<PAGE>

TERM                                                     SECTION

Purchaser                                           Preamble Regulatory
Authorities                                                 3.3
Representatives                                             6.1
Returns                                                     3.19
Series A Preferred Price                                    2.1
Series B Preferred Price                                    2.1
Signing 8-K                                                 7.3
Signing Release                                             7.3
Subsidiary Securities                                       3.6(b)
Warranty Breach                                             9.4(a)

                                   ARTICLE 2
                        Purchase and Sale of Securities

         SECTION 2.1 COMMITMENT TO PURCHASE. Upon the basis of the
representations and warranties of the Purchaser herein contained, but subject
to the terms and conditions hereinafter stated, the Issuer agrees to sell to
the Purchaser, and the Purchaser, upon the basis of the representations and
warranties of the Issuer herein contained, but subject to the terms and
conditions hereinafter stated, agrees to purchase from the Issuer at the
Closing (a) 63,053 shares of Series A Preferred for an aggregate purchase price
of $63,053,000 (the "SERIES A PREFERRED PRICE") and (b) 86,947 shares of Series
B Preferred for an aggregate purchase price of $86,947,000 (the "SERIES B
PREFERRED PRICE," together with the Series A Preferred Price, the "PURCHASE
PRICE").

         SECTION 2.2 THE CLOSING.

                  (a) The closing (the "CLOSING") of the purchase and sale of
         the Securities hereunder shall take place at 10:00 a.m., Central Time,
         at the offices of Katten Muchin Zavis, 525 West Monroe Street,
         Chicago, Illinois 60661, as soon as possible after satisfaction of the
         conditions set forth in Article 8, or at such other time or place as
         the Purchaser and the Issuer may agree. Each of the Purchaser and the
         Issuer shall use their reasonable best efforts to cause such Closing
         to occur on or before December 29, 2000. The date and time of closing
         are referred to herein as the "CLOSING DATE."

                  (b) At the Closing, the Purchaser shall deliver to the
         Issuer, by wire transfer to an account designated by the Issuer, an
         amount, in immediately available funds, equal to the aggregate
         purchase price of the Securities being purchased by the Purchaser from
         the Issuer.

                  (c) At the Closing, the Issuer shall deliver to the
         Purchaser, against payment of the purchase price by the Purchaser to
         the Issuer, duly executed certificates evidencing the shares of Series
         A Preferred and Series B Preferred being purchased by the Purchaser
         from the Issuer, in each case in definitive form and registered in
         such name or names as

                                       5
<PAGE>

         the Purchaser shall request not later than two Business Days prior to
         the Closing Date.

                  (d) At the Closing, the Issuer shall deliver to Francisco
         Partners GP, LLC, a Delaware limited liability company, by wire
         transfer to an account designated by the Purchaser, an amount, in
         immediately available funds, equal to the fee and reimbursement of
         expenses to be paid or reimbursed to the Purchaser by the Issuer
         pursuant to the Fee Agreement.

                                   ARTICLE 3
                  Representations and Warranties of the Issuer

The Issuer represents and warrants to the Purchaser as of the date hereof and
as of the Closing Date that, except as set forth in the Disclosure Letter
delivered by the Issuer to the Purchaser contemporaneously herewith:

         SECTION 3.1 CORPORATE EXISTENCE AND POWER. The Issuer is a corporation
duly incorporated, validly existing and in good standing under the laws of its
jurisdiction of incorporation and has all corporate power and all material
governmental licenses, authorizations, permits, consents and approvals required
to carry on its business as now conducted. The Issuer is duly qualified to do
business as a foreign corporation and is in good standing in each jurisdiction
where such qualification is necessary, except for those jurisdictions where
failure to be so qualified or in good standing would not have, individually or
in the aggregate, a Material Adverse Effect. The Issuer has heretofore made
available to the Purchaser or its counsel true and complete copies of the
certificate of incorporation and bylaws of the Issuer as currently in effect.
The Issuer currently has no stockholders' rights plan or similar plan in
effect.
         SECTION 3.2 CORPORATE AUTHORIZATION. The execution, delivery and
performance by the Issuer of this Agreement, the Fee Agreement and the
Registration Rights Agreement (collectively, the "AGREEMENTS") and the
consummation of the transactions contemplated hereby and thereby are within the
Issuer's corporate powers and have been duly authorized by all necessary
corporate action on the part of the Issuer. The execution, delivery and
performance by the Issuer of the Agreements, and the consummation of the
transactions contemplated hereby and thereby do not require the approval of the
stockholders of the Issuer. The Agreements constitute legal, valid and binding
agreements of the Issuer, enforceable against the Issuer in accordance with
their respective terms, except (i) as such enforcement is limited by
bankruptcy, insolvency and other similar laws affecting the enforcement of
creditors' rights generally, (ii) for limitations imposed by general principles
of equity and (iii) as enforcement with respect to indemnification and
contribution may be limited by applicable securities laws or public policy. The
shares of Common Stock issuable upon conversion of, or exercise of any right of
the holder to require the Issuer to redeem, the Securities will, when issued,
be validly issued and outstanding, fully paid and nonassessable, and free and
clear of any Liens other than Liens arising as a result of the status or
actions of the Purchaser.

         SECTION 3.3 GOVERNMENTAL AUTHORIZATION. The execution, delivery and
performance by the Issuer of the Agreements and the consummation by the Issuer
of the transactions contemplated hereby and thereby require no consent,
approval, authorization or other action by or in respect of any Governmental
Authority or other party except (i) compliance with any

                                       6
<PAGE>

applicable filing requirements of the Exchange Act, (ii) the filing of the
Certificates of Designations in accordance with the law of the State of
Delaware, (iii) compliance with the applicable requirements of the HSR Act,
(iv) the filing of the notice of listing referred to in Section 8.1(e) and (v)
other filings, notifications and consents that are immaterial to the
consummation of the transactions contemplated hereby.

         SECTION 3.4 NONCONTRAVENTION. The execution, delivery and performance
by the Issuer of the Agreements, and the consummation by the Issuer of the
transactions contemplated hereby and thereby do not and will not (i) violate
the certificate of incorporation or bylaws of the Issuer or any Subsidiary of
the Issuer, (ii) assuming compliance with the matters referred to in Section
3.3, violate any Applicable Law, (iii) require any consent or other action by
any Person under, constitute a default under, or give rise to any right of
termination, cancellation or acceleration of any material right or obligation
of the Issuer or any Subsidiary of the Issuer or to a loss of any material
benefit to which the Issuer or any Subsidiary of the Issuer is entitled under
any provision of any agreement or other instrument binding upon the Issuer or
any Subsidiary of the Issuer or (iv) result in the creation or imposition of
any Lien on any material asset of the Issuer or any Subsidiary of the Issuer,
except for, in the case of clauses (ii), (iii) and (iv), such matters that
could not reasonably be expected to have, individually or in the aggregate, a
Material Adverse Effect.

         SECTION 3.5 CAPITALIZATION.

                  (a) The authorized capital stock of the Issuer consists of
         500,000,000 shares of Common Stock and 3,000,000 shares of Preferred
         Stock. As of the date hereof, there were issued and outstanding the
         following shares of such stock: 158,426,177 shares of Common Stock and
         no shares of Preferred Stock.

                  (b) All of the outstanding shares of Common Stock are duly
         authorized, were validly issued and are fully paid and nonassessable.
         There are no preemptive or other similar rights available to the
         existing holders of the capital stock of the Issuer. As of the date
         hereof and other than in connection with the transactions contemplated
         by this Agreement, there are no outstanding options, warrants, rights,
         puts, calls, commitments, or other contracts, arrangements, or
         understandings issued by or binding upon the Issuer requiring, and
         there are no outstanding debt or equity securities of the Issuer which
         upon the conversion, exchange or exercise thereof would require, the
         issuance, sale or transfer by the Issuer of any new or additional
         equity interests in the Issuer (or any other securities of the Issuer)
         or any of its Subsidiaries which, whether after notice, lapse of time
         or payment of monies, are or would be convertible into or exercisable
         or exchangeable for equity interests in the Issuer. There are no
         voting trusts, stockholder agreements, material proxies or other
         agreements or understandings to which the Issuer or any of its
         Subsidiaries is a party with respect to the voting or transfer or
         registration of shares of capital stock of the Issuer. Neither the
         offer nor the issuance or sale of the Securities constitutes or will
         constitute an event under any capital stock or convertible security or
         any anti-dilution or similar provision of any agreement or instrument
         to which the Issuer is a party or by which it is bound or affected,
         which shall either increase the number of shares of capital stock
         issuable upon conversion of any securities or upon

                                       7
<PAGE>

         exercise of any warrant or right to subscribe to or purchase any stock
         or similar security, or decrease the consideration per share of
         capital stock to be received by the Issuer upon such conversion or
         exercise.

                  (c) The issuance, sale and delivery of the Securities has
         been duly authorized by all requisite corporate action on the part of
         the Issuer and the Securities when issued and delivered in accordance
         with the terms of the applicable Certificate of Designations and this
         Agreement will be validly issued and outstanding, fully paid and
         nonassessable, free and clear of any Liens and delivered and not
         subject to preemptive or other similar rights of the stockholders of
         the Issuer.

         SECTION 3.6 SUBSIDIARIES.

                  (a) Each of the Issuer's material Subsidiaries including,
         without limitation, any Significant Subsidiary of the Issuer, is a
         corporation or limited liability company duly incorporated or formed,
         validly existing and in good standing under the laws of its
         jurisdiction of incorporation or formation and has all powers
         (corporate or otherwise) and all material governmental licenses,
         authorizations, permits, consents and approvals required to carry on
         its business as now conducted. Each such Subsidiary of the Issuer is
         duly qualified to do business as a foreign corporation or limited
         liability company and is in good standing in each jurisdiction where
         such qualification is necessary, except for those jurisdictions where
         failure to be so qualified or in good standing would not have,
         individually or in the aggregate, a Material Adverse Effect.

                  (b) All of the outstanding capital stock or other voting
         securities or other equity interests of each Subsidiary of the Issuer
         (other than directors' qualifying shares) is owned by the Issuer,
         directly or indirectly, free and clear of any Lien and free of any
         other limitation or restriction (including any restriction on the
         right to vote, sell or otherwise dispose of such capital stock or
         other voting securities or other equity interests). There are no
         outstanding (i) securities of the Issuer or any Subsidiary of the
         Issuer convertible into or exchangeable for shares of capital stock or
         voting securities or other equity securities of any Subsidiary of the
         Issuer or (ii) options or other rights to acquire from the Issuer or
         any Subsidiary of the Issuer, or other obligation of the Issuer or any
         Subsidiary of the Issuer to issue, any capital stock, voting
         securities, other equity interests or securities convertible into or
         exchangeable for capital stock or voting securities or other equity
         interests of any Subsidiary of the Issuer (the items in clauses
         3.6(b)(i) and 3.6(b)(ii) being referred to collectively as the
         "SUBSIDIARY SECURITIES"). There are no outstanding obligations of the
         Issuer or any Subsidiary of the Issuer to repurchase, redeem or
         otherwise acquire any outstanding Subsidiary Securities.

         SECTION 3.7 FINANCIAL STATEMENTS. The consolidated financial statements
of the Issuer contained in the SEC Reports (or, in the case of any amended SEC
Report, in the SEC Report as so amended) complied as to form in all material
respects with the published rules and regulations of the Commission with
respect thereto, were prepared in accordance with generally accepted accounting
principles applied on a consistent basis during the periods involved (except as
may be indicated in the notes thereto) and fairly presented in conformity with
generally accepted accounting principles (except as may be indicated in the
notes thereto), the consolidated

                                       8
<PAGE>

financial position of the Issuer and its consolidated subsidiaries as of the
dates thereof and their consolidated results of operations and changes in
financial position for the periods then ended (subject to normal year-end
adjustments in the case of any unaudited interim financial statements, which
adjustments will not be material either individually or in the aggregate).

         SECTION 3.8 ABSENCE OF CERTAIN CHANGES. Since the Balance Sheet Date
through the date of this Agreement, the business of the Issuer and its
Subsidiaries has been conducted in the ordinary course consistent with past
practices and there has not been any event, occurrence, development or state of
circumstances or facts which has had or could reasonably be expected to have,
individually or in the aggregate, a Material Adverse Effect or an adverse
effect on the ability of the Issuer to perform its obligations under this
Agreement.

         SECTION 3.9 NO MATERIAL UNDISCLOSED LIABILITIES. Through the date of
this Agreement, there are no liabilities of the Issuer or any Subsidiary of the
Issuer of any kind whatsoever, whether accrued, contingent, absolute,
determined, determinable or otherwise, and there is no existing condition,
situation or set of circumstances which could reasonably be expected,
individually or in the aggregate, to result in such a liability, other than:

                           (i) liabilities provided for in the Balance Sheet or
                  disclosed in the notes thereto or in the Form 10-K of the
                  Issuer for the year ended December 31, 1999 (the "10-K"), or
                  in the Forms 10-Q of the Issuer for the quarters ended March
                  31, 2000, June 30, 2000 and September 30, 2000 (the "10-Qs");

                           (ii) liabilities incurred since the Balance Sheet
                  Date in the ordinary course of business consistent with past
                  practices;

                           (iii) liabilities under the Agreements or incurred in
                  connection with the transactions contemplated by the
                  Agreements; and

                           (iv) other undisclosed liabilities which,
                  individually or in the aggregate, are not material to the
                  Issuer and its Subsidiaries, taken as a whole.

         SECTION 3.10 LITIGATION. Through the date of this Agreement, except as
disclosed in the SEC Reports, there is no action, suit, investigation or
proceeding (or, to the knowledge of the Issuer, any basis therefor) pending
against, or to the knowledge of the Issuer, threatened against or affecting,
the Issuer or any Subsidiary of the Issuer or any of their respective
properties before any court or arbitrator or any governmental body, agency or
official which could have, individually or in the aggregate, a Material Adverse
Effect or which in any manner challenges or seeks to prevent, enjoin, alter or
materially delay the transactions contemplated by the Agreements.

         SECTION 3.11 COMPLIANCE WITH LAWS. Neither the Issuer nor any
Subsidiary of the Issuer is in violation of, or has violated or been threatened
to be charged with or given notice of any violation of, or to the best
knowledge of the Issuer, is under investigation with respect to any Applicable
Law, in each case other than any such violations that could not reasonably be
expected to have, individually or in the aggregate, have a Material Adverse
Effect.

                                       9
<PAGE>

         SECTION 3.12 SEC REPORTS. The Issuer has filed all required SEC
Reports when due (or within permitted extension periods) in accordance with the
Exchange Act. As of their respective dates (or, in the case of any amended SEC
Report, as of the date of the amendment), the SEC Reports complied in all
material respects with all applicable requirements of the Exchange Act or the
Securities Act, as the case may be. As of their respective dates (or, in the
case of any amended SEC Report, as of the date of the amendment), none of the
SEC Reports contained any untrue statement of a material fact or omitted to
state a material fact required to be stated or incorporated by reference
therein or necessary in order to make the statements made therein, in light of
the circumstances under which they were made, not misleading.

         SECTION 3.13 MATERIAL CONTRACTS. Except to the extent fully performed
or terminated pursuant to its terms, each of the agreements, contracts, leases
and commitments listed as an exhibit to the 10-K, any of the 10-Qs or any Form
8-K filed by the Issuer with the Commission since January 1, 1999 (each, a
"MATERIAL CONTRACT") is a legal, valid and binding agreement of the Issuer or a
Subsidiary of the Issuer, as the case may be, and is in full force and effect,
and none of the Issuer, such Subsidiary or, to the knowledge of the Issuer, any
other party thereto is in default or breach, in each case except for any such
default or breach that could not have, individually or in the aggregate, a
Material Adverse Effect, and, to the best knowledge of the Issuer, no event or
circumstance has occurred that, with notice or lapse of time or both, would
constitute any event of default thereunder, except for an event of default that
could not reasonably be expected to have, individually or in the aggregate, a
Material Adverse Effect.

         SECTION 3.14 FINDERS' FEES. Except for Credit Suisse First Boston,
there is no investment banker, broker, finder or other intermediary which has
been retained by or is authorized to act on behalf of the Issuer who might be
entitled to any fee or commission in connection with the transactions
contemplated by this Agreement.

         SECTION 3.15 OFFERING OF SECURITIES. Neither Issuer nor any Person
acting on Issuer's behalf has taken or will take any action (including, without
limitation, any offering of any securities of the Issuer under circumstances
which would require, under the Securities Act, the integration of such offering
with the offering and sale of the Securities) which might subject the offering,
issuance or sale of the Securities to the registration requirements of Section
5 of the Securities Act.

         SECTION 3.16 INTELLECTUAL PROPERTY. The Issuer and each of its
Subsidiaries owns, or has the legal right to use, all material patents, patent
applications, trademarks, trademark applications, tradenames, copyrights,
technology, know-how and processes and other intellectual property rights
necessary for each of them to conduct its business as currently conducted (the
"INTELLECTUAL PROPERTY"). No claim has been asserted and is pending by any
Person challenging or questioning the use of any such Intellectual Property or
the validity or effectiveness of any such Intellectual Property, nor does the
Issuer know of any facts or circumstances that could provide a reasonable basis
for any such claim, except in each case for such claims which could not
reasonably be expected to have, individually or in the aggregate, a Material
Adverse Effect. To the best knowledge of the Issuer, the use of such
Intellectual Property by the Issuer and its Subsidiaries does not infringe on
the rights of any Person, except for such infringements which

                                       10
<PAGE>

could not reasonably be expected to have, individually or in the aggregate, a
Material Adverse Effect.

         SECTION 3.17 ENVIRONMENTAL COMPLIANCE.

                  (a) No notice, notification, demand, request for information,
         citation, summons, complaint or order has been issued, no complaint
         has been filed, no penalty has been assessed and no investigation or
         review is pending, or to the Issuer's best knowledge, threatened by
         any governmental or other entity (i) with respect to any alleged
         material violation by the Issuer or any of its Subsidiaries of any
         Environmental Law, (ii) with respect to any alleged failure by the
         Issuer or any of its Subsidiaries to have any material permit,
         certificate, license, approval, registration or authorization required
         under any Environmental Law in connection with the conduct of their
         businesses or (iii) with respect to any Regulated Activity or any
         release, as defined in 42 U.S.C. 9601(22), of any Hazardous Substance
         which could reasonably be expected to have, individually or in the
         aggregate, a Material Adverse Effect.

                  (b) (i) Neither the Issuer nor any of its Subsidiaries has
         engaged in any Regulated Activity other than in compliance in all
         material respects with all applicable Environmental Laws and (ii) to
         the best knowledge of the Issuer, no release, as defined in 42 U.S.C.
         9601(22), of any Hazardous Substance has occurred at or on any
         property now or previously owned or leased by the Issuer or any of its
         Subsidiaries which could reasonably be expected to have, individually
         or in the aggregate, a Material Adverse Effect.

                  (c) To the best knowledge of the Issuer, there are no
         Environmental Liabilities that could reasonably be expected to have,
         individually or in the aggregate, a Material Adverse Effect. SECTION
         3.18 EMPLOYMENT MATTERS; ERISA.

                  (a) Issuer has made available to the Purchaser copies of the
         material Benefit Arrangements (and, if applicable, related trust
         agreements) and all amendments thereto and written interpretations
         thereof together with the most recent annual report (Form 5500
         including, if applicable, schedule B thereto). Each material Benefit
         Arrangement that is intended to be qualified under Section 401(a) of
         the Code has been determined by the Internal Revenue Service to be so
         qualified if so required and, to the knowledge of the Issuer, there
         has been no event since the date of such determination which would
         adversely affect such qualification. Each material Benefit Arrangement
         has been maintained in substantial compliance with its terms and with
         the requirements prescribed by any and all applicable statutes,
         orders, rules and regulations, including but not limited to ERISA and
         the Code, except to the extent that it would not have a Material
         Adverse Effect.
                  (b) Neither the Issuer nor any member of the ERISA Group
         maintains or contributes to or has maintained or contributed to any
         plan subject to Title IV of ERISA or any multiemployer plan within the
         meaning of Section 4001(a)(3) of ERISA.

                                       11
<PAGE>

                  (c) Issuer has no current or projected liability in respect
         of post-employment or post-retirement health or medical or life
         insurance benefits for its retired, former or current employees,
         except as required to avoid excise tax under Section 4980B of the
         Code.

                  (d) No employee of Issuer shall become entitled to any
         payments or accelerated vesting of any awards merely as a result of
         this transaction.

         SECTION 3.19 TAXES. The Issuer and each of its Subsidiaries has filed
in accordance with Applicable Law, all material Tax returns, statements,
reports and forms (collectively, "RETURNS") required to be filed with any
Taxing Authority when due (taking into account any extension of a required
filing date); (b) at the time filed, such Returns were true, correct and
complete in all material respects; (c) the Issuer and each of its Subsidiaries
has timely paid all Taxes shown as due and payable on the Returns that have
been filed; (d) the charges, accruals and reserves for Taxes reflected on the
Balance Sheet (excluding any provision for deferred income taxes) are adequate
under United States generally accepted accounting principles, consistently
applied, to cover the Tax liabilities accruing through the date thereof; (e)
since the Balance Sheet Date, neither the Issuer nor any of its Subsidiaries
has engaged in any transaction, or taken any other action, other than in the
ordinary course of business, which would reasonably be expected to result in a
material Tax on the Issuer or any of its Subsidiaries; (f) there is no action,
suit, proceeding, investigation, audit or claim pending or, to the knowledge of
the Issuer, threatened against or with respect to it or any of its Subsidiaries
in respect of any Tax; (g) neither the Issuer nor any of its Subsidiaries has
any obligation under any Tax sharing agreement, Tax allocation agreement or Tax
indemnity agreement or any other agreement or arrangement in respect of any Tax
with any Person other than the Issuer or its Subsidiaries; (h) neither the
Issuer nor any of its Subsidiaries has been a member of an affiliated,
consolidated, combined or unitary group other than one of which the Issuer was
the common parent; (i) proper and adequate amounts have been withheld by the
Issuer and its Subsidiaries from their respective employees and other Persons
for all periods in compliance in all material respects with the Tax, social
security and unemployment, excise and other withholding provisions of all
federal, state, local and foreign laws; (j) there is no lien in respect of any
material Tax outstanding against the assets, properties or business of the
Issuer or any of its Subsidiaries; and (k) the Issuer is not now, has never
been and does not contemplate becoming a "United States Real Property Holding
Corporation" as defined in Section 897(c)(2) of the Code and Section 1.897-2(b)
of the Treasury regulations thereunder.

         SECTION 3.20 REGULATORY MATTERS. The Issuer has all necessary
franchises, approvals, authorizations, permits, licenses, registrations,
qualifications and similar rights obtained from any federal, state or local
regulatory authority ("AUTHORIZATIONS") to conduct and operate the businesses
of the Issuer, except any such Authorizations which the failure to have would
not, either individually or in the aggregate, have a Material Adverse Effect.
The Authorizations are currently in full force and effect, are not in default,
and are valid under all applicable rules and regulations according to their
terms, except as would not, either individually or in the aggregate, have a
Material Adverse Effect. The Issuer is in compliance with the terms and
conditions of the Authorizations, including requirements for notifications,
filing, reporting, posting and

                                       12
<PAGE>

maintenance of logs and records, except where any failure to so comply would
not, individually or in the aggregate, have a Material Adverse Effect.

         SECTION 3.21 PROPERTY. The material properties held by the Issuer and
its Subsidiaries conform to the description thereof in the Issuer's SEC
Reports. The Issuer and its Subsidiaries have good and marketable title in fee
simple to all real property and good and marketable title to all personal
property owned by them which is material to the business of the Issuer and its
Subsidiaries, taken as a whole, in each case free and clear of all Liens,
encumbrances and defects except such as are disclosed in the Issuer's SEC
Reports or as would not in the aggregate reasonably be expected to have a
Material Adverse Effect; and any real property and buildings held under lease
by the Issuer and its Subsidiaries are held by them under valid, subsisting and
enforceable leases with such exceptions as are not material and do not
interfere with the use made and proposed to be made of such property and
buildings by the Issuer and its Subsidiaries.

         SECTION 3.22 PROXY MATERIALS. If the Issuer seeks the approval of the
Issuer's stockholders in connection with the issuance of securities
contemplated hereby, the proxy or information statement of the Issuer to be
filed with the Commission in connection with the related shareholders meeting
(the "PROXY STATEMENT") and any amendments or supplements thereto will, when
filed, comply as to form in all material respects with the applicable
requirements of the Exchange Act. At the time the Proxy Statement or any
amendment or supplement thereto is first mailed to stockholders of the Issuer,
and at the time such stockholders vote on approval of the issuance of
securities hereunder, the Proxy Statement, as supplemented or amended, if
applicable, will not contain any untrue statement of a material fact or omit to
state any material fact necessary in order to make the statements made therein,
in the light of the circumstances under which they were made, not misleading.
The representations and warranties contained in this Section 3.22 will not
apply to statements or omissions included in the Proxy Statement based upon
information furnished in writing to the Issuer by the Purchaser specifically
for use therein.

         SECTION 3.23 STATE TAKEOVER STATUTES. The Board of Directors of the
Issuer, at a meeting duly called (or for which notice was duly waived by all
directors of the Issuer) and held on December 13, 2000, has approved the terms
of this Agreement, the Certificates of Designations, the Registration Rights
Agreement and the other documents contemplated by this Agreement, and the
consummation of the transactions contemplated hereby and thereby (including
without limitation the sale and issuance to the Purchaser of the Securities
pursuant to this Agreement, and the Purchaser's acquisition of shares of Common
Stock upon conversion of the Securities), and such approval constitutes
approval of such transactions by the Board of Directors of the Issuer under the
provisions of Section 203 of the Delaware General Corporation Law (the "DGCL"),
and constitutes all actions necessary to ensure that the restrictions contained
in Section 203 of the DGCL will not apply to the Purchaser in connection with
or as a result of such transactions. To its knowledge, no other state takeover
statute is applicable to the transactions contemplated by this Agreement and
the other documents contemplated hereby.

                                       13
<PAGE>

                                   ARTICLE 4
                 Representations and Warranties of the Purchaser

         The Purchaser hereby represents and warrants to the Issuer as of the
date hereof and as of the Closing Date that:

         SECTION 4.1 CORPORATE EXISTENCE AND POWER. The Purchaser is an entity
duly organized, validly existing and in good standing under the laws of its
jurisdiction of organization and has all corporate or partnership powers and
all material governmental licenses, authorizations, permits, consents and
approvals required to carry on its business as now conducted. The Purchaser is
duly qualified to do business and is in good standing in each jurisdiction
where such qualification is necessary, except for those jurisdictions where
failure to be so qualified would not have, individually or in the aggregate, a
material adverse effect on the Purchaser.

         SECTION 4.2 AUTHORIZATION. The execution, delivery and performance by
the Purchaser of this Agreement and the consummation of the transactions
contemplated hereby are within the Purchaser's corporate or partnership powers
and have been duly authorized by all necessary corporate or partnership action
on the part of the Purchaser. This Agreement constitutes a legal, valid and
binding agreement of the Purchaser, enforceable against the Purchaser in
accordance with its terms, except (i) as such enforcement is limited by
bankruptcy, insolvency and other similar laws affecting the enforcement of
creditors' rights generally, (ii) for limitations imposed by general principles
of equity and (iii) as enforcement with respect to indemnification and
contribution may be limited by applicable securities laws or public policy.

         SECTION 4.3 GOVERNMENTAL AUTHORIZATION. The execution, delivery and
performance by the Purchaser of this Agreement and the consummation by the
Purchaser of the transactions contemplated hereby require no action by or in
respect of, or filing with, any governmental body, agency or official other
than (i) compliance with any applicable requirements of the Exchange Act, (ii)
compliance with the applicable requirements of the HSR Act and (iii) other
filings, notifications and consents that are immaterial to the consummation of
the transactions contemplated hereby.

         SECTION 4.4 NONCONTRAVENTION. The execution, delivery and performance
by the Purchaser of this Agreement and the consummation by the Purchaser of the
transactions contemplated hereby do not and will not (i) violate the
organizational documents of the Purchaser, (ii) assuming compliance with the
matters referred to in Section 4.3, violate any Applicable Law, except for any
such violation which would not have a material adverse effect on the ability of
the Purchaser to consummate the transactions contemplated hereby or (iii)
require any consent or other action by any Person, or constitute a default,
under any provision of any agreement or other instrument binding upon the
Purchaser, except as to matters which would not be material to the Purchaser.

         SECTION 4.5 FINDERS' FEES. Except for Morgan Stanley Dean Witter,
there is no investment banker, broker, finder or other intermediary which has
been retained by or is authorized to act on behalf of the Purchaser who might
be entitled to any fee or commission in connection with the transactions
contemplated by this Agreement.

                                       14
<PAGE>

         SECTION 4.6 PURCHASE FOR INVESTMENT. The Purchaser is an "accredited
investor" as defined in Rule 501 under the Securities Act. The Purchaser is
purchasing the Securities for investment for its own account and not with a
view to, or for sale in connection with, any distribution thereof. The
Purchaser has sufficient knowledge and experience in financial and business
matters so as to be capable of evaluating the merits and risks of its
investment in the Securities and is capable of bearing the economic risks of
such investment. The Purchaser acknowledges that the Securities will not be
registered under the Securities Act and will bear a legend indicating the same.

         SECTION 4.7 PROXY MATERIALS. If the Issuer seeks the approval of the
Issuer's stockholders in connection with the issuance of securities
contemplated hereby, the proxy or information statement of the Issuer to be
filed with the Commission in connection with the related shareholders meeting
(the "PROXY STATEMENT") and any amendments or supplements thereto will, when
filed, comply as to form in all material respects with the applicable
requirements of the Exchange Act. At the time the Proxy Statement or any
amendment or supplement thereto is first mailed to stockholders of the Issuer,
and at the time such stockholders vote on approval of the issuance of
securities hereunder, the Proxy Statement, as supplemented or amended, if
applicable, will not contain any untrue statement of a material fact or omit to
state any material fact necessary in order to make the statements made therein,
in the light of the circumstances under which they were made, not misleading.
The representations and warranties contained in this Section 4.7 will apply
only to statements or omissions included in the Proxy Statement based upon
information furnished in writing to the Issuer by the Purchaser specifically
for use therein.

                                   ARTICLE 5
                            Covenants of the Issuer

         The Issuer agrees that:

         SECTION 5.1 ACCESS TO INFORMATION. From the date hereof until the
Closing Date, the Issuer will (i) furnish to the Purchaser and its authorized
representatives such financial and operating data and other information
relating to the Issuer and its Subsidiaries as such Persons may reasonably
request and (ii) instruct its counsel, independent accountants and financial
advisors to cooperate with the Purchaser and its authorized representatives in
its investigation of the Issuer and its Subsidiaries. Any investigation
pursuant to this Section shall be conducted in a manner that does not interfere
unreasonably with the conduct of the business of the Issuer and its
Subsidiaries.

         SECTION 5.2 CERTIFICATES OF DESIGNATIONS. Prior to the Closing, the
Issuer shall cause to be duly executed and filed the Certificates of
Designations as required pursuant to the DGCL.

         SECTION 5.3 RESTRICTIONS PENDING THE CLOSING. From and after the date
hereof and prior to the Closing Date, except as expressly provided for in this
Agreement or as consented to in writing by the Purchaser, the Issuer:

                           (i)   will not amend its certificate of incorporation
                  or bylaws;

                                       15
<PAGE>

                           (ii) will not split, combine or reclassify any
                  shares of its capital stock without appropriately adjusting
                  the conversion price and/or ratio applicable to the
                  Securities prior to their issuance at the Closing;

                           (iii) will not declare or pay any dividend or
                  distribution (whether in cash, stock or property) in respect
                  of its Common Stock;

                           (iv) will not issue any shares of capital stock or
                  grant or enter into any options, warrants, rights, puts,
                  calls, commitments or other contracts, arrangements or
                  understandings which may require the Issuer to do the same,
                  nor will it issue or enter into any agreement, commitment,
                  contract, arrangement or understanding to issue securities
                  which are convertible into or exchangeable or exercisable for
                  shares of capital stock, except for any which may be issued
                  pursuant to those plans, agreements and arrangements
                  disclosed in the Disclosure Letter;

                           (v) will operate its business in the ordinary course
                  and in a manner consistent with past practices and such as
                  not to impair its ability to perform its obligations under
                  this Agreement;

                           (vi) will not act, or fail to act, in a manner as
                  would cause it to incur liabilities (contingent or otherwise)
                  outside of the ordinary course of its business;
                           (vii) will not take any action, or knowingly omit to
                  take any action, that could reasonably be expected to result
                  in (A) any of the representations and warranties of the
                  Issuer set forth in Article 3 becoming untrue or (B) any of
                  the conditions to the obligations of the Purchaser set forth
                  in Section 8.1 or 8.2 not being satisfied; or

                           (viii) will not enter into any agreement or
                  commitment to do any of the foregoing.

         Notwithstanding the foregoing, the Issuer may:

                           (i) sell one or more businesses or business units
                  which the Board of Directors of the Issuer has determined are
                  not strategic to the Issuer's business, PROVIDED the
                  aggregate proceeds from such sales do not exceed $30,000,000;

                           (ii)   borrow funds from a bank, finance company or
                  similar entity after consultation with the Purchaser; and

                           (iii) borrow funds pursuant to that certain letter
                  agreement dated the date hereof between the Issuer and
                  Francisco Partners, L.P.

         SECTION 5.4 RESERVATION OF SHARES. For so long as any of the Securities
are outstanding, the Issuer shall keep reserved for issuance a sufficient number
of shares of Common

                                       16
<PAGE>

Stock, Series A Preferred and Series B Preferred to satisfy its obligations
under the Certificates of Designations.

         SECTION 5.5 OTHER TRANSFERS OF RESTRICTED SECURITIES. The Issuer shall
take all actions reasonably necessary to enable holders of the Series A
Preferred or Series B Preferred to sell such stock and the Common Stock
issuable in exchange for such stock pursuant to the Certificates of
Designations without registration under the Securities Act pursuant to Rule 144
under the Securities Act or any successor rule or regulation, subject in each
case to the provisions of this Agreement and, specifically, the filing on a
timely basis of all reports required to be filed under the Exchange Act.

                                   ARTICLE 6
                           Covenants of the Purchaser

         SECTION 6.1 CONFIDENTIALITY. The Purchaser will hold, and will use its
reasonable best efforts to cause its officers, directors, employees,
accountants, counsel, consultants, advisors, financing sources, financial
institutions, and agents (the "REPRESENTATIVES") to hold, in confidence, unless
compelled to disclose by judicial, regulatory or administrative process or by
other requirements of law or a national stock exchange or over-the-counter
securities market, all confidential documents and information concerning the
Issuer or any of its Affiliates that are furnished to the Purchaser, except to
the extent that such information can be shown to have been (i) previously known
on a nonconfidential basis by the Purchaser or such Representatives, (ii) in
the public domain through no fault of the Purchaser or its Representatives
(with respect to information received in their capacity as such) or (iii) later
acquired by the Purchaser or such Representatives from sources other than the
Issuer or any of its Affiliates not known by the Purchaser or such
Representatives, as applicable, to be bound by any confidentiality obligation;
PROVIDED that the Purchaser may disclose such information to any of its
Representatives (or its co-investors, if applicable) in connection with the
transactions contemplated by this Agreement so long as such Persons are
informed by the Purchaser of the confidential nature of such information and
are directed by the Purchaser to treat such information confidentially. If the
Purchaser or any of its Representatives is requested to disclose any
confidential information by judicial, regulatory or administrative process or
by other requirements of law or a national stock exchange or over-the-counter
securities market, the Purchaser will promptly notify the Issuer of such
request so that the Issuer may seek an appropriate protective order. The
Purchaser agrees that it will not, and will use its reasonable best efforts to
cause its Representatives not to, use any confidential documents or information
for any purpose other than monitoring and evaluating its investment in the
Issuer and in connection with the transactions contemplated by this Agreement.
If this Agreement is terminated, the Purchaser will, and will use its
reasonable best efforts to cause its Representatives to, destroy all documents
and other materials, and all copies thereof, obtained by the Purchaser or on
its behalf from the Issuer, or any of the Representatives, in connection with
this Agreement (including documents which incorporate material therefrom) that
are subject to such confidence; PROVIDED, HOWEVER, that the Purchaser and its
Representatives may retain any documents or materials if advised by counsel
that the same may be useful or necessary in the conduct of any legal or
regulatory proceeding, but which documents or materials shall remain subject to
the confidentiality requirements of this Section 6.1.

                                       17
<PAGE>

         SECTION 6.2 STANDSTILL. The Purchaser agrees that from the date hereof
until the date upon which the Purchaser holds less than 75,000,000 shares of
Common Stock (as adjusted for any stock splits, stock dividends,
recapitalizations or the like), assuming the conversion of all of the
outstanding shares of the Series A Preferred into Common Stock and also
assuming the conversion of all of the outstanding shares of the Series B
Preferred into Common Stock as if it were convertible into Common Stock on the
same basis as the Series A Preferred, will not without the prior written
consent of the Issuer or the Issuer's Board of Directors: (i) acquire, offer to
acquire, or agree to acquire, directly or indirectly, by purchase or otherwise,
any voting securities or direct or indirect rights to acquire any voting
securities of the Issuer or any wholly-owned Subsidiary thereof, or of any
successor corporation; (ii) make, or in any way participate in, directly or
indirectly, any "solicitation" of "proxies" (as such terms are used in the
Rules of the Commission) to vote, or seek to advise or influence any other
person or entity with respect to the voting of, any voting securities of the
Issuer; (iii) make any public announcement with respect to, or make an
unsolicited proposal for, or offer of any extraordinary transaction involving
the acquisition of the Issuer or its securities or assets; (iv) form, join or
in any way participate in a "group" (as defined in Section 13(d)(3) of the
Exchange Act) in connection with any of the foregoing; (v) transfer any voting
securities to any person or "group" in connection with any of the foregoing or
(vi) request the Issuer or any of the Issuer's representatives to amend or
waive any provision of this Section 6.2.

         SECTION 6.3 HEDGING RESTRICTIONS. The Purchaser agrees to comply, and
to cause its Affiliates to comply, with the Issuer's restrictions on hedging
activities applied to members of its Board of Directors and which have been
provided to the Purchaser on or prior to the date hereof.

         SECTION 6.4 AGREEMENT PENDING THE CLOSING. The Purchaser will not take
any action, or knowingly omit to take any action, that could reasonably be
expected to result in (A) any of the representations and warranties of the
Purchaser set forth in Article 4 becoming untrue or (B) any of the conditions
to the obligations of the Issuer set forth in Section 8.1 or 8.3 not being
satisfied.

                                    ARTICLE 7
                    Covenants of the Issuer and the Purchaser

         SECTION 7.1 REQUIRED REGULATORY APPROVALS; REASONABLE BEST EFFORTS;
FURTHER ASSURANCES. The Issuer and the Purchaser acknowledge that certain
regulatory or governmental approvals may be required to lawfully consummate the
transactions contemplated by this Agreement. Subject to the terms and
conditions of this Agreement, the Issuer and the Purchaser will, and will cause
their Affiliates to, use their reasonable best efforts to take, or cause to be
taken, all actions and to do, or cause to be done, all things necessary or
desirable under applicable laws and regulations to consummate the transactions
contemplated by this Agreement. The Issuer and the Purchaser agree to execute
and deliver such other documents, certificates, agreements and other writings
and to take such other actions as may be necessary or desirable in order to
consummate or implement expeditiously the transactions contemplated by this
Agreement.

                                       18
<PAGE>

         SECTION 7.2 CERTAIN FILINGS. The Issuer and the Purchaser will, and
will cause their Affiliates to, cooperate with one another (i) in determining
whether any action by or in respect of, or filing with, any governmental body,
agency, official or authority is required, or any actions, consents, approvals
or waivers are required to be obtained from parties to any material contracts,
in connection with the consummation of the transactions contemplated by the
Agreements or the conversion by the Purchaser of the Purchaser's Securities and
(ii) in taking such actions or making any such filings, furnishing information
required in connection therewith and seeking timely to obtain any such actions,
consents, approvals or waivers. The Issuer and the Purchaser shall (A) give the
other parties prompt notice of the commencement of any action, suit,
litigation, arbitration, preceding or investigation by or before any
governmental body with respect to the transactions contemplated by the
Agreements and (B) keep the other parties informed as to the status of any such
action, suit, litigation, arbitration, preceding or investigation.

         SECTION 7.3 PUBLIC ANNOUNCEMENTS. Each of the parties agrees to
consult with the other before issuing any press release or making any public
statement with respect to any of the Agreements or the transactions
contemplated hereby or thereby and, except as may be required by applicable law
or any listing agreement with any national securities exchange or quotation
system, will not issue any such press release or make any such public statement
prior to receiving the consent of the other party.

         SECTION 7.4 TAX CONSISTENCY. The Issuer and Purchaser acknowledge that
the Securities are intended to be treated as "common stock" for Tax purposes,
and the Issuer agrees not to take any action inconsistent with such intention.

                                   ARTICLE 8
                        Conditions Precedent to Closing

         SECTION 8.1 CONDITIONS TO EACH PARTY'S OBLIGATIONS. The obligation of
each party hereto to consummate the Closing is subject to the satisfaction, at
or prior to the Closing Date, of the following conditions:

                  (a) All filings with, notifications to and consents from
         Regulatory Authorities required for the consummation of the Closing
         shall have been made or obtained, as applicable, and any applicable
         waiting period under the HSR Act relating to the transactions
         contemplated hereby shall have expired or been terminated;

                  (b) No provision of any applicable law or regulation and no
         judgment, injunction, order or decree shall prohibit the consummation
         of the Closing;

                  (c) The Certificates of Designations shall have been filed
         with the Secretary of State of the State of Delaware in accordance
         with the law of the State of Delaware;

                  (d) The Registration Rights Agreement, substantially in the
         form attached as Exhibit C, shall have been executed and delivered by
         the parties thereto; and

                                       19
<PAGE>

                  (e) The Nasdaq Stock Market shall have been provided with a
         notice of issuance for shares of Common Stock initially issuable upon
         conversion of the Series A Preferred; and

                  (f) No proceeding challenging the Agreements or the
         transactions contemplated hereby or thereby, or seeking to prohibit,
         alter, prevent or materially delay the Closing shall have been
         instituted by any Governmental Authority before any court, arbitrator
         or governmental body, agency or official binding on any party hereto
         and be pending.

         SECTION 8.2 CONDITIONS TO THE PURCHASER'S OBLIGATIONS. The obligation
of the Purchaser to consummate the Closing is further subject to the
satisfaction, at or prior to the Closing Date, of the following additional
conditions:

                  (a) (i) The Issuer shall have performed in all material
         respects all of its obligations hereunder required to be performed by
         it on or prior to the Closing; (ii) the representations and warranties
         of the Issuer contained herein that are qualified as to materiality or
         Material Adverse Effect shall be true and correct in all respects on
         and as of the Closing Date and the representations and warranties of
         the Issuer contained herein that are not so qualified shall be true
         and correct in all material respects on and as of the Closing Date, in
         each case as if made on and as of such date (in each case except to
         the extent such representations and warranties expressly relate to an
         earlier date, in which case such representations and warranties shall
         be true and correct, or true and correct in all material respects, as
         the case may be, on and as of such earlier date); the Issuer shall
         have performed and complied in all material respects with all
         covenants and agreements required by this Agreement to be performed or
         complied with by it at or prior to the Closing Date; and (iii) and the
         Purchaser shall have received a certificate dated the Closing Date
         signed by an authorized officer of the Issuer to the foregoing effect;

                  (b) The Fee Agreement shall have been executed and delivered
         by the Issuer to the Purchaser;

                  (c) The Purchaser shall have received an opinion, dated the
         Closing Date, of counsel to the Issuer, in form and substance
         reasonably satisfactory to the Purchaser; and

                  (d) The Purchaser shall have received all documents
         reasonably requested by it relating to the existence of the Issuer,
         the corporate authority for the Issuer's entering into, and the
         validity of, the Agreements and the Securities, all in form and
         substance reasonably satisfactory to it.

         SECTION 8.3 CONDITIONS TO ISSUER'S OBLIGATIONS. The obligation of the
Issuer to consummate the Closing is further subject to the satisfaction, at or
prior to the Closing Date, of the following additional conditions:

                  (a) (i) The Purchaser shall have performed in all material
         respects all of its obligations hereunder required to be performed by
         it at or prior to the Closing Date; (ii) the representations and
         warranties of the Purchaser contained herein that are qualified as

                                       20
<PAGE>

         to materiality or material adverse effect shall be true and correct in
         all respects on and as of the Closing Date and the representations and
         warranties of the Purchaser contained herein that are not so qualified
         shall be true and correct in all material respects on and as of the
         Closing Date, in each case as if made on and as of such date (in each
         case except to the extent such representations and warranties
         expressly relate to an earlier date, in which case such
         representations and warranties shall be true and correct, or true and
         correct in all material respects, as the case may be, on and as of
         such earlier date); the Purchaser shall have performed and complied in
         all material respects with all covenants and agreements required by
         this Agreement to be performed or complied with by the Purchaser at or
         prior to the Closing Date; and (iii) the Issuer shall have received a
         certificate dated the Closing Date signed by an authorized officer of
         the Purchaser to the foregoing effect; and

                  (b) The Issuer shall have received all documents reasonably
         requested by it relating to the existence of the Purchaser, the
         authority for its entering into, and the validity of, this Agreement,
         all in form and substance reasonably satisfactory to it.

                                   ARTICLE 9
                                 Miscellaneous

         SECTION 9.1 NOTICES. All notices, requests and other communications to
any party hereunder shall be in writing (including telecopier or similar
writing) and shall be given to such party at its address or telecopier number
set forth on the signature page hereof, or such other address or telecopier
number as such party may hereinafter specify for the purpose to the party
giving such notice. Each such notice, request or other communication shall be
effective (i) if given by telecopy, when such telecopy is transmitted to the
telecopy number specified pursuant to this Section 9.1 and the appropriate
confirmation is received, (ii) if given by mail, 72 hours after such
communication is deposited in the mails with first class postage prepaid,
addressed as aforesaid or (iii) if given by any other means, when delivered at
the address specified in this Section 9.1.

         SECTION 9.2 NO WAIVERS; AMENDMENTS.

                  (a) No failure or delay on the part of any party in
         exercising any right, power or privilege hereunder shall operate as a
         waiver thereof, nor shall any single or partial exercise thereof
         preclude any other or further exercise thereof or the exercise of any
         other right, power or privilege. The rights and remedies herein
         provided shall be cumulative and not exclusive of any rights or
         remedies provided by law.

                  (b) Any provision of this Agreement may be amended or waived
         if, but only if, such amendment or waiver is in writing and is signed
         by all the parties hereto.

         SECTION 9.3 SURVIVAL. The representations and warranties contained in
this Agreement shall survive the Closing until April 1, 2002 except that (i)
the representations and warranties contained in Sections 3.1, 3.2, 3.3, 3.5,
4.1, 4.2, and 4.3 shall survive indefinitely and (ii) the representations and
warranties contained in Sections 3.17, 3.18, 3.19 and 3.22 shall

                                       21
<PAGE>

survive until the expiration of the statute of limitations applicable to the
matters covered thereby (giving effect to any waiver, mitigation or extension
thereof, if applicable). Notwithstanding the preceding sentence, any
representation or warranty in respect of which indemnity may be sought under
this Agreement shall survive the time at which it would otherwise terminate
pursuant to the preceding sentence, if notice of the inaccuracy or breach
thereof giving rise to such right of indemnity shall have been given in
reasonable detail to the party against whom such indemnity may be sought prior
to such time. The covenants and agreements of the parties contained in this
Agreement shall survive the Closing in accordance with their terms or, if no
term is specified, indefinitely.

         SECTION 9.4 INDEMNIFICATION.

                  (a) The Issuer hereby indemnifies the Purchaser and its
         Affiliates against and agrees to hold each of them harmless from any
         and all damage, loss, liability, expense and claims of any kind
         (including, without limitation, reasonable expenses of investigation
         and reasonable attorneys' fees and expenses in connection with any
         action, suit or proceeding) ("DAMAGES") incurred or suffered by the
         Purchaser or any of its Affiliates arising out of any
         misrepresentation or breach of warranty (each such misrepresentation
         and breach of warranty a "WARRANTY BREACH") of the Issuer or breach of
         covenant or agreement made or to be performed by the Issuer pursuant
         to this Agreement regardless of whether such Damages arise as a result
         of the negligence, strict liability or any other liability under any
         theory of law or equity of the Purchaser or any of its Affiliates;
         PROVIDED that with respect to indemnification by the Issuer for any
         Warranty Breach pursuant to this Section, (i) the Issuer shall not be
         liable unless the aggregate amount of Damages with respect to such
         Warranty Breaches exceeds $2,500,000 and then only to the extent of
         such excess and (ii) the Issuer's maximum liability shall not exceed
         the amount of the Purchase Price.

                  (b) The Purchaser hereby indemnifies the Issuer and its
         Affiliates against and agrees to hold each of them harmless from any
         and all Damages incurred or suffered by the Issuer or any of its
         Affiliates arising out of any Warranty Breach of the Purchaser or
         breach of covenant or agreement made or to be performed by the
         Purchaser pursuant to this Agreement regardless of whether such
         Damages arise as a result of the negligence, strict liability or any
         other liability under any theory of law or equity of the Issuer or any
         of its Affiliates; PROVIDED that with respect to indemnification by
         the Purchaser for any Warranty Breach pursuant to this Section, (i)
         the Purchaser shall not be liable unless the aggregate amount of
         Damages with respect to such Warranty Breaches exceeds $2,500,000 and
         then only to the extent of such excess and (ii) the Purchaser's
         maximum liability shall not exceed the amount of the Purchase Price.

         SECTION 9.5 PROCEDURES. The party seeking indemnification under
Section 9.4 (the "INDEMNIFIED PARTY") agrees to give prompt notice to the party
against whom indemnity is sought (the "INDEMNIFYING PARTY") of the assertion of
any claim, or the commencement of any suit, action or proceeding in respect of
which indemnity may be sought under such Section. The Indemnifying Party may at
its election participate in and control the defense of any such suit, action or
proceeding at its own expense. The Indemnifying Party shall not be liable under

                                       22
<PAGE>

Section 9.4 for any settlement effected without its consent of any claim,
litigation or proceeding in respect of which indemnity may be sought hereunder.

         SECTION 9.6 EXPENSES; DOCUMENTARY TAXES. Each party shall bear its own
expenses in connection with the consummation of the transactions contemplated
by this Agreement. The Issuer shall pay any and all stamp, transfer and other
similar Taxes payable or determined to be payable in connection with the
execution and delivery of the Agreements or the issuance of the Securities.

         SECTION 9.7 TERMINATION.

                  (a)      This Agreement may be terminated at any time prior to
         the Closing:

                           (i)  by mutual written agreement of the Issuer and
                  the Purchaser;

                           (ii) by the Issuer or the Purchaser if the Closing
                  shall not have been consummated on or before January 31,
                  2001; PROVIDED, HOWEVER, that the right to terminate this
                  Agreement under this Section 9.7(a)(ii) shall not be
                  available to any party whose failure to fulfill any
                  obligation under this Agreement has been the cause of, or
                  resulted in, the failure of the Closing to occur on or before
                  January 31, 2001;

                           (iii) by the Issuer or the Purchaser if there shall
                  be any law or regulation that makes consummation of the
                  transactions contemplated hereby illegal or otherwise
                  prohibited or if consummation of the transactions
                  contemplated hereby would violate any nonappealable, final
                  order, decree or judgment of any court or governmental body
                  having competent jurisdiction;

                           (iv) by the Purchaser upon a breach of any material
                  representation, warranty, covenant or agreement on the part
                  of the Issuer set forth in this Agreement, or if any
                  representation or warranty of the Issuer shall have become
                  untrue, in either case such that the condition set forth in
                  Section 8.2(a) would not be satisfied ("TERMINATING ISSUER
                  BREACH"); PROVIDED, HOWEVER, that, if such Terminating Issuer
                  Breach is curable by the Issuer and for so long as the Issuer
                  continues to exercise its reasonable best efforts to cure
                  such Terminating Issuer Breach, the Purchaser may not
                  terminate this Agreement under this Section 9.7(a)(iv) unless
                  such breach is not cured within 30 days after notice thereof
                  is provided by the Purchaser to the Issuer; or

                           (v) by the Issuer upon a breach of any material
                  representation, warranty, covenant or agreement on the part
                  of the Purchaser set forth in this Agreement, or if any
                  representation or warranty of Buyer shall have become untrue,
                  in either case such that the condition set forth in Section
                  8.3(a) would not be satisfied ("TERMINATING PURCHASER
                  BREACH"); PROVIDED, HOWEVER, that, if such Terminating
                  Purchaser Breach is curable by the Purchaser and for so long
                  as the Purchaser continues to exercise its reasonable best
                  efforts to cure such Terminating Purchaser Breach, the Issuer
                  may not terminate this Agreement

                                       23
<PAGE>

                  under this Section unless such breach is not cured within 30
                  days after notice thereof is provided by the Issuer to the
                  Purchaser.

The party desiring to terminate this Agreement pursuant to clauses (ii), (iii),
(iv) or (v) above shall give notice of such termination to the other party.

                  (b) If this Agreement is terminated as permitted by Section
         9.7(a), such termination shall be without liability of either party
         (or any stockholder, director, officer, employee, agent, consultant or
         representative of such party) to the other party to this Agreement;
         PROVIDED that if such termination shall result from the willful (i)
         failure by any party to fulfill a condition to the performance of the
         obligations of the other parties, (ii) failure by any party to perform
         a covenant of this Agreement or (iii) breach by any party hereto of
         any representation, warranty, covenant or agreement contained herein,
         such party shall be fully liable for any and all Damages incurred or
         suffered by the other parties as a result of such failure or breach.
         The provisions of Sections 6.1, 9.1, 9.6, 9.7, 9.8, 9.9, 9.10, 9.11,
         9.12, 9.13 and 9.14 shall survive any termination hereof pursuant to
         Section 9.7(a).

         SECTION 9.8 SUCCESSORS AND ASSIGNS. No party may assign any of its
rights and obligations hereunder without the prior written consent of the other
parties hereto. This Agreement shall be binding upon the parties hereto and
their respective successors and permitted assigns.

         SECTION 9.9 GOVERNING LAW. ALL ISSUES CONCERNING THIS AGREEMENT SHALL
BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW
YORK, WITHOUT GIVING EFFECT TO ANY CHOICE OF LAW OR CONFLICT OF LAW PROVISION
OR RULE (WHETHER OF THE STATE OF NEW YORK OR ANY OTHER JURISDICTION) THAT WOULD
CAUSE THE APPLICATION OF THE LAW OF ANY JURISDICTION OTHER THAN THE STATE OF
NEW YORK.

         SECTION 9.10 JURISDICTION. The parties hereto agree that any suit,
action or proceeding seeking to enforce any provision of, or based on any
matter arising out of or in connection with, this Agreement or the transactions
contemplated hereby may only be brought in the United States District Court for
the Southern District of New York or any New York State court sitting in New
York City, and each of the parties hereby consents to the exclusive
jurisdiction of such courts (and of the appropriate appellate courts therefrom)
in any such suit, action or proceeding and irrevocably waives, to the fullest
extent permitted by law, any objection which it may now or hereafter have to
the laying of the venue of any such suit, action or proceeding in any such
court or that any such suit, action or proceeding which is brought in any such
court has been brought in an inconvenient forum. Process in any such suit,
action or proceeding may be served on any party anywhere in the world, whether
within or without the jurisdiction of any such court. Without limiting the
foregoing, each party agrees that service of process on such party as provided
in Section 9.1 shall be deemed effective service of process on such party.

                                       24
<PAGE>

         SECTION 9.11 COUNTERPARTS. This Agreement may be executed in any
number of counterparts each of which shall be an original with the same effect
as if the signatures thereto and hereto were upon the same instrument.

         SECTION 9.12 ENTIRE AGREEMENT. This Agreement, the Registration Rights
Agreement, the Certificates of Designations, the Fee Agreement, and any other
documents executed concurrently herewith or referred to herein constitute the
entire agreement and understanding among the parties hereto with respect to the
subject matter hereof and supersede any and all prior agreements and
understandings, written or oral, relating to the subject matter hereof.

         SECTION 9.13 WAIVER OF JURY TRIAL. EACH OF THE PARTIES HERETO HEREBY
IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING
ARISING OUT OF OR RELATED TO THE AGREEMENTS OR THE TRANSACTIONS CONTEMPLATED
HEREBY OR THEREBY.

         SECTION 9.14 SEVERABILITY. The provisions of this Agreement shall be
deemed severable and the invalidity or unenforceability of any provision shall
not affect the validity or enforceability of the other provisions hereof so
long as the economic or legal substance of the transactions contemplated hereby
is not affected in any manner materially adverse to any party. If any provision
of this Agreement, or the application thereof to any person or entity or any
circumstance, is invalid or unenforceable, (a) a suitable and equitable
provision shall be substituted therefor in order to carry out, so far as may be
valid and enforceable, the intent and purpose of such invalid or unenforceable
provision and (b) the remainder of this Agreement and the application of such
provision to other persons, entities or circumstances shall not be affected by
such invalidity or unenforceability so long as the economic or legal substance
of the transactions contemplated is not affected in any manner materially
adverse to any party, nor shall such invalidity or unenforceability affect the
validity or enforceability of such provision, or the application thereof, in
any other jurisdiction.

                            [SIGNATURE PAGE FOLLOWS]

                                       25
<PAGE>

         IN WITNESS WHEREOF, the parties hereto have caused this Agreement to
be duly executed by their respective authorized signatories as of the date
first above written.

                                    MARCHFIRST, INC.

                                    By:    /s/ ROBERT F. BERNARD
                                           -----------------------------------
                                           Name: Robert F. Bernard
                                                 -----------------------------
                                           Title: Chief Executive Officer
                                                 -----------------------------
                                    ADDRESS FOR NOTICES:

                                       311 South Wacker Drive, Suite 3500
                                       Chicago, Illinois 60606
                                       Facsimile: 312/913-6650
                                       Attention: David P. Shelow, General
                                                  Counsel

                                    with a copy to:

                                       Katten Muchin Zavis
                                       525 West Monroe Street, Suite 1600
                                       Chicago, Illinois 60661
                                       Facsimile: 312/902-1061
                                       Attention: Matthew S. Brown
                                       and

                                       McDermott Will & Emery
                                       227 West Monroe Street
                                       Chicago, Illinois 60606
                                       Facsimile: 312/984-3669
                                       Attention: Neal J. White

<PAGE>

                                    FP-LION, L.L.C.

                                    By:    /s/ NEIL GARFINKEL
                                           --------------------------------
                                           Name: Neil Garfinkel
                                                 --------------------------
                                           Title: Member
                                                 --------------------------
                                    ADDRESS FOR NOTICES:

                                       c/o Francisco Partners, L.P.
                                       Two Embarcadero Center, Suite 420
                                       San Francisco, CA 94111
                                       Facsimile: 415/986-1320
                                       Attention: Gerry Morgan

                                    with a copy to:

                                       Davis Polk & Wardwell
                                       1600 El Camino Real
                                       Menlo Park, CA 94025
                                       Facsimile: 650/752-2111
                                       Attention: Alan F. Denenberg

         Francisco Partners, L.P. hereby fully and unconditionally guarantees
the obligations of the Purchaser under this Agreement to the same extent as if
Francisco Partners, L.P. were the Purchaser, subject to all of the conditions
to such obligations contained herein, and shall have available to it all of the
defenses that are available to the Purchaser.

                                           FRANCISCO PARTNERS, L.P.

                                           By: /s/ NEIL GARFINKEL
                                              -------------------------------
                                           Name: Neil Garfinkel
                                                 ----------------------------
                                           Title: Partner
                                                 ----------------------------

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