Document:

<PAGE>

                                                                    EXHIBIT 4.31
                                                           [English Translation]

                  LOAN TRANSACTION AGREEMENT (FOR CORPORATIONS)

The debtor hereby approves the applicability of the Basic Agreement on Bank Loan
Transactions (including the related Deposit Transaction Agreement in the event
of comprehensive bankbook loans and account loans) and the Addendum to Corporate
Loan Transaction Agreements, and covenants to carry out the following in regard
to the loan transaction with Korea Exchange Bank (hereinafter referred to as
"KEB").

ARTICLE 1         TERMS OF TRANSACTION

(1)      The transaction requirements, such as loan category, committed (line)
         amount, interest and guarantee payment and rate of delay penalty,
         transaction method and others, are as follows. However, when the
         commitment period is extended, or the outside borrowing rate or loan
         rate is modified, or in the event that the loan has a committed period
         exceeding one year, rates such as interest and guarantee may be
         modified in accordance with the determination made by the bank.

<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------
                                                                         Transaction method
Loan                                                  Delay penalty    (Indicate transaction per
category     Amount     Period    Interest rate           rate             each limit or case)
-------------------------------------------------------------------------------------------------
<S>         <C>         <C>       <C>                 <C>              <C>
            Won 30      1 year    6.8% per annum
            billion
-------------------------------------------------------------------------------------------------
</TABLE>

(2)      From the transaction method of Clause 1, loans with a committed limit
         transaction shall have the borrowing and repayment freely made within
         the scope of the committed limit amount and the committed period, and
         the loan per each transaction may be made in the committed period for
         the amount borrowed.

(3)      In the event of a committed limit loan, the loan period for each may be
         determined and operated within the committed period, and the loan
         period for each shall follow the determination of the bank.

(4)      In the event of an installment repayment transaction loan, it has the
         grace period of ____ years ___ months on the basis of the initial
         borrowing payment date, and after the grace period, it shall be paid in
         an installment of ___ years ___ months or without the grace period in
         accordance with the schedule for installment repayment chart separately
         distributed by the bank.

(5)      In the event of a loan on the installment savings or mutual premium
         benefit, installment payments shall be made in accordance with the
         determination made by the bank each month based on the borrowing
         payment date.

(6)      The bank may check the fund use and necessary amount with the verifying
         document or actual goods as necessary, and hand out the installment
         loan.

(7)      The interest and guarantee charge for each loan category shall be paid
         in accordance with the method and payment period determined by the
         bank.

                                       1

<PAGE>

ARTICLE 2         PAYMENT GUARANTEE COVENANT

(1)      The bank may, at its sole discretion, make the guarantee in excess of
         the committed (line) amount or committed period of Article 1. In this
         case, this Agreement shall be applicable to the excessive payment
         guarantee as well.

(2)      The application of the payment guarantee shall be made by a payment
         guarantee application of the form provided by the bank, and the bank
         may, at its sole discretion, guarantee for payment under the issuance
         of a payment guarantee certificate, guarantee of note, note acquisition
         and other debt guarantee methods.

(3)      In the event that a bank performs the guarantee of debt, it may do so
         without advance notice to the debtor and in spite of the payment time
         of the main debt, and the bank may determine the method and amount of
         the performance and the debtor shall repay the guaranteed debt.

(4)      The debtor shall deposit the payment fund to the bank prior to the
         payment date, or shall pay the debt on the payment date of the main
         debt that the bank has guaranteed for payment in a way as not to impose
         a burden on the bank.

(5)      The debtor shall immediately notify the bank when the main debt is
         fully performed, when the main debt is extinguished due to the causes
         of digest, off set, exemption, confusion or statute of limitation, when
         the performance claim is received from a party subject for payment
         guarantee, when having the cause of effecting on the guaranteed debt of
         bank including the collateral property or change of statute of
         limitation and the like.

(6)      When the guarantee is performed by the bank with the claim of a party
         subject for payment guarantee by neglecting the notice under Clause 5,
         the debtor shall have the repayment debt on the amount and shall repay
         it.

ARTICLE 3         FEES FOR UNUSED PORTION ON COMMITTED LIMIT

In the event of line transaction and foreign currency loans, service fees shall
be paid in accordance to the determination of the bank on the unused amount from
the loan (line) amount of Article 1.

ARTICLE 4         OBLIGATION TO PROVIDE BLANK NOTE AND GRANTING OF RIGHT TO
                  SUPPLEMENT

(1)      The debtor shall issue a note with the face amount and payment date
         left blank and shall provide it to the bank with the guarantee of the
         joint and severe guarantor when receiving the loan.

(2)      The bank may supplement the blank note of Clause 1 and exercise it when
         the debtor does not perform their debt within the committed period, or
         loses the benefit of the period detailed under the Basic Agreement of
         Bank Loan Transactions. In the event of guaranteed payment, the bank
         may pay on behalf of the debtor or supplement the blank note and
         exercise it when there is a advance right of indemnification.

ARTICLE 5         COLLATERAL AND INSURANCE

Unless the bank has expressed otherwise, the debtor shall provide the land,
building and other facilities that were installed with the loans executed under
the Agreement to the bank as collateral, and in the event a request is made by
the bank, it shall subscribe to the insurance of the type and amount agreed by
the bank, and the right of pledge is established for the bank on its right of
claim to the insurance proceeds.

                                       2

<PAGE>

ARTICLE 6         OTHER SPECIAL MATTERS

(SEAL AFFIXED)

        /s/ Shin,Yun-Sik
------------------------------------
November 14, 2002

Debtor:   Name: Hanaro Telecom, Inc.
          Address: 1445-3 Seocho-dong, Seocho-gu, Seoul
          CEO: Shin, Yun-Sik

I hereby acknowledge that I have received the copies of the Basic Agreement on
Bank Loan Transactions, the Addendum to the Agreement of Corporate Loan
Transactions and this Agreement, and had a sufficient description for full
understanding of the important terms and conditions contained herewith.

          Name: Hanaro Telecom, Inc.
          Address: 1445-3 Seocho-dong, Seocho-gu, Seoul
          CEO: Shin, Yun-Sik
          (SEAL AFFIXED)

               /s/ Shin, Yun-Sik
          ----------------------------

Column for attaching import stamp

                                       3

<PAGE>

In relation to the early repayment fees, it is hereby confirmed that the early
repayment fees are exempted in this case when repaying the loans of Won 30
billion (syndicated loans, etc.).

                            ADDENDUM TO THE AGREEMENT
                    (covenant regarding early repayment fees)

TO: KEB

November 14, 2002

Debtor:   Name: Hanaro Telecom, Inc.
          Address: 1445-3 Seocho-dong, Seocho-gu, Seoul
          CEO: Shin, Yun-sik

I, the undersigned, hereby covenant as follows in adding to the loan transaction
agreement with Korea Exchange Bank (hereinafter referred to as "KEB") on
November 14, 2002.

ARTICLE 1         PAYMENT OF EARLY REPAYMENT CHARGE

When the undersigned pays all or part of the loans obtained from KEB before the
original due date of the loan (hereinafter referred to as "early repayment"),
the Early Repayment Charge following the provision of Article 2 shall be paid to
KEB.

ARTICLE 2         CALCULATION OF EARLY REPAYMENT CHARGE

(1)      The Early Repayment Charge shall be calculated by multiplying the
         charge rate of the following with the early repayment amount.

         1.       In the event of changing the interest rate at variable
                  interest

                  A.       In the event the remaining loan period is three
                           months or longer with less than one year of duration:
                           0.5%

                  B.       In the event the remaining loan period is over one
                           year: 1.0%

         2.       In the event the interest rate is determined at a fixed rate:
                  Interest difference multiplied by the remaining loan period
                  (in months)/12. However, in this case, the IFC rate shall not
                  exceed 3%.

                  A.       The "interest rate difference" shall mean the value
                           after deducting the standard interest applicable to
                           the remaining loan period at the time of early
                           repayment from the standard interest applicable to
                           the committed loan period at the time of handling the
                           loan. In this case, the bank shall separately notify
                           for each period.

                  B.       The "remaining loan period" means the remaining
                           number of months from the early repayment date to the
                           originally promised loan date, and a period of less
                           than one month shall be cut off.

                                       4

<PAGE>

(2)      In the event of early repayment for the installment payment of a loan,
         the Early Repayment Charge is calculated for each installment repayment
         loan. In the event of a partial early repayment, the Early Repayment
         Charge is calculated by repaying the installment payment that occurs
         after the first due date.

ARTICLE 3         EXEMPTION FOR EARLY REPAYMENT CHARGE

Notwithstanding Article 1 and Article 2, in the event of the following, the
Early Repayment Charge shall be exempted.

         1.       In the event the remaining loan period is less than 3 months

         2.       In the event the bank recovers a loan before the maturity
                  period due to the loss of benefit of period, off set and
                  others

         3.       In the event the repayment of loan is made before the maturity
                  in accordance with the separate stipulation or consultation of
                  the bank and the debtor, such as a special covenant for the
                  financial structure improvement of companies

         4.       In the event of repaying a loan before maturity due to the
                  transfer of title in the event of housing collateral loans

         5.       In the event the applicable standard interest for the
                  remaining loan period, as of the early repayment date, is
                  higher than the applicable standard interest for the committed
                  loan period at the time of handling the loan

         6.       In the event the bank is recognized separately

I hereby acknowledge that I have received a copy of this Addendum to the
Agreement, and had a sufficient description for full understanding of the
important terms and conditions contained herewith.

         Name: Hanaro Telecom, Inc.
         Address: 1445-3 Seocho-dong, Seocho-gu, Seoul
         CEO: Shin, Yun-Sik

                                       5Class C(2003-2) Terms Document

 
EXHIBIT 4.01

 

 
BANK ONE ISSUANCE TRUST 
as Issuer 
 
CLASS C(2003-2)
TERMS DOCUMENT 
dated as of May 6, 2003 
 
to 
 
ONESERIES INDENTURE SUPPLEMENT 
dated as of May 1, 2002 
 
to 
 
INDENTURE 
dated as of May 1, 2002 
 
WELLS FARGO BANK MINNESOTA, NATIONAL ASSOCIATION 
as Indenture Trustee and Collateral Agent 
 

 
THIS CLASS
C(2003-2) TERMS DOCUMENT (this “Terms Document”), by and between BANK ONE ISSUANCE TRUST, a statutory business trust created under the laws of the State of Delaware (the “Issuer”), having its principal office at c/o
Wilmington Trust Company, 1100 North Market Street, Wilmington, Delaware 19890-1600, and WELLS FARGO BANK MINNESOTA, NATIONAL ASSOCIATION, a national banking association, as indenture trustee (the “Indenture Trustee”) and collateral
agent (the “Collateral Agent”), is made and entered into as of May 6, 2003. 
 
Pursuant to this Terms Document, the Issuer and the Indenture Trustee shall create a new Tranche of ONEseries Class C Notes and shall specify the principal terms thereof. 
 
ARTICLE I 
 
Definitions and Other Provisions of General
Application 
 
Section 1.1 Definitions. For
all purposes of this Terms Document, except as otherwise expressly provided or unless the context otherwise requires: 
 
(1) the terms defined in this Article have the meanings assigned to them in this Article, and include the plural as well
as the singular; 
 
(2) all other
terms used herein which are defined in the Indenture Supplement, the Indenture or the Asset Pool Supplement, either directly or by reference therein, have the meanings assigned to them therein; 
 
(3) all accounting terms not otherwise
defined herein have the meanings assigned to them in accordance with generally accepted accounting principles and, except as otherwise herein expressly provided, the term “generally accepted accounting principles” with respect to any
computation required or permitted hereunder means such accounting principles as are generally accepted in the United States of America at the date of such computation; 
 
(4) all references in this Terms Document to designated “Articles,”
“Sections” and other subdivisions are to the designated Articles, Sections and other subdivisions of this Terms Document as originally executed; 
 
(5) the words “herein,” “hereof” and “hereunder” and other words of similar import refer to
this Terms Document as a whole and not to any particular Article, Section or other subdivision; 

 
(6) in the event that any term or provision contained herein shall conflict with or be inconsistent with any term or provision contained in the Indenture Supplement, the Indenture or the Asset Pool Supplement, the terms and
provisions of this Terms Document shall be controlling; 
 
(7) each capitalized term defined herein shall relate only to the Class C(2003-2) Notes and no other Tranche of ONEseries Notes issued by the Issuer; and 
 
(8) “including” and words of similar import will be deemed to be followed by
“without limitation.” 
 
“Asset
Pool Supplement” means the Asset Pool One Supplement to the Indenture, dated as of May 1, 2002 among the Issuer, the Indenture Trustee and the Collateral Agent, as amended, supplemented, restated or otherwise modified from time to time.

 
“Base Rate” has the meaning
specified in the Indenture Supplement. 
 
“BDL” means Banque de Luxembourg. 
 
“Calculation Agent” is defined in Section 2.3(a). 
 
“Class C Reserve Account Percentage” means, for any Monthly Period, (i) zero, if the Quarterly Excess Spread Percentage for such Monthly Period is greater than or equal to 4.50%, (ii)
1.50%, if the Quarterly Excess Spread Percentage for such Monthly Period is less than 4.50% and greater than or equal to 4.00%, (iii) 2.00%, if the Quarterly Excess Spread Percentage for such Monthly Period is less than 4.00% and greater than or
equal to 3.50%, (iv) 3.00%, if the Quarterly Excess Spread Percentage is less than 3.50% and greater than or equal to 3.00%; (v) 4.00%, if the Quarterly Excess Spread Percentage for such Monthly Period is less than 3.00% and greater than or equal to
2.50%, (vi) 5.00%, if the Quarterly Excess Spread Percentage is less than 2.50% and greater than or equal to 2.00%, (vii) 6.00%, if the Quarterly Excess Spread Percentage for such Monthly Period is less than 2.00% and greater than or equal to 0.00%
and (viii) 7.25%, if the Quarterly Excess Spread Percentage for such Monthly Period is less than 0.00%. 
 
“Class C(2003-2) Note” means any Note, substantially in the form set forth in Exhibit A-3 to the Indenture Supplement,
designated therein as a Class C(2003-2) Note and duly executed and authenticated in accordance with the Indenture. 
 
“Class C(2003-2) Noteholder” means a Person in whose name a Class C(2003-2) Note is registered in the Note Register.

 

2 

 
“Class
C(2003-2) Termination Date” means the earliest to occur of (a) the Principal Payment Date on which the Outstanding Dollar Principal Amount of the Class C(2003-2) Notes is paid in full, (b) the Legal Maturity Date and (c) the date on which
the Indenture is discharged and satisfied pursuant to Article V thereof. 
 
“Controlled Accumulation Amount” means $14,583,333.34; provided, however, if the Accumulation Period Length is determined to be less than twelve months pursuant to Section 3.12(b)(ii) of the
Indenture Supplement, the Controlled Accumulation Amount for any Note Transfer Date with respect to the Class C(2003-2) Notes will be the amount specified in the definition of “Controlled Accumulation Amount” in the Indenture Supplement.

 
“Excess Spread Percentage” has
the meaning specified in the Indenture Supplement. 
 
“Indenture” means the Indenture, dated as of May 1, 2002, between the Issuer and the Indenture Trustee, as the same may be amended, supplemented, restated or otherwise modified from time to time. 
 
“Indenture Supplement” means the ONEseries
Indenture Supplement, dated as of May 1, 2002, between the Issuer, the Indenture Trustee and the Collateral Agent, as the same may be amended, supplemented, restated or otherwise modified from time to time. 
 
“Initial Dollar Principal Amount” means
$175,000,000. 
 
“Interest Payment
Date” means June 16, 2003 and the 15th day of each month thereafter, or if such 15th day is not a Business Day, the next succeeding Business Day. 
 
“Interest Period” means, with respect to any Interest Payment Date, the period from and
including the previous Interest Payment Date (or in the case of the initial Interest Payment Date, from and including the Issuance Date) to but excluding such Interest Payment Date. 
 
“Issuance Date” means May 6, 2003. 
 
“Legal Maturity Date” means December 15,
2010. 
 
“LIBOR” means, for any
Interest Period, the London interbank offered rate 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 2.3. 
 
“LIBOR Determination Date” means (1) May 2,
2003 for the period from and including the Issuance Date through but excluding June 16, 2003 and (2) for each interest period 

 

3 

thereafter, the second London Business Day prior to the commencement of the second and each subsequent Interest Period. 
 
“London Business Day” means any Business Day
on which dealings in deposits in United States Dollars are transacted in the London interbank market. 
 
“Note Interest Rate” means a rate per annum equal to 1.14% in excess of LIBOR as determined by the Calculation Agent on
the related LIBOR Determination Date with respect to each Interest Period. 
 
“Paying Agent” means Wells Fargo Bank Minnesota, National Association. 
 
“Portfolio Yield” has the meaning specified in the Indenture Supplement. 
 
“Predecessor Note” means, with respect to any
particular Note, every previous Note evidencing all or a portion of the same debt as that evidenced by such particular Note; and, for the purpose of this definition, any Note authenticated and delivered under Section 3.06 of the Indenture in lieu of
a mutilated, lost, destroyed or stolen Note shall be deemed to evidence the same debt as the mutilated, lost, destroyed or stolen Note. 
 
“Quarterly Excess Spread Percentage” means, for each Determination Date, the percentage equivalent of a fraction the
numerator of which is the sum of the Excess Spread Percentages with respect to the immediately preceding three Monthly Periods and the denominator of which is three. 
 
“Record Date” means, for any Note Transfer Date, the last Business Day of the preceding
Monthly Period. 
 
“Reference
Banks” means four major banks in the London interbank market selected by the Beneficiary. 
 
“Scheduled Principal Payment Date” means April 15, 2008. 
 
“Stated Principal Amount” means $175,000,000. 
 
“Targeted Principal Deposit Amount” has the
meaning specified in the Indenture Supplement. 
 
“Telerate Page 3750” means 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). 
 

4 

 
“Tranche” has the meaning specified in the Indenture. 
 
Section 1.2 Governing Law. THIS TERMS DOCUMENT WILL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF DELAWARE WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS AND
THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 
 
Section 1.3 Counterparts. This Terms Document may be executed in any number of counterparts, each of which so executed will be
deemed to be an original, but all such counterparts will together constitute but one and the same instrument. 
 
Section 1.4 Ratification of Indenture and Indenture Supplement. As supplemented by this Terms Document, each of the Indenture, the
Asset Pool Supplement and the Indenture Supplement is in all respects ratified and confirmed and the Indenture as so supplemented by the Asset Pool Supplement and the Indenture Supplement as so supplemented by this Terms Document shall be read,
taken and construed as one and the same instrument. 
 
[END OF ARTICLE I] 
 
ARTICLE II

 
The Class C(2003-2) Notes 
 
Section 1.5 Creation and Designation. There is hereby
created a Tranche of ONEseries Class C Notes to be issued pursuant to the Indenture and the Indenture Supplement to be known as the “ONEseries Class C(2003-2) Notes.” 
 
Section 1.6 Interest Payment. 
 
(1) For each Interest Payment Date, the amount of interest due with respect to the Class
C(2003-2) Notes shall be an amount equal to the product of (i)(A) a fraction, the numerator of which is the actual number of days in the related Interest Period and the denominator of which is 360, times (B) the Note Interest Rate in effect
with respect to the related Interest Period, times, (ii) the Outstanding Dollar Principal Amount of the Class C(2003-2) Notes determined as of the close of business on the Interest Payment Date preceding the related Note Transfer Date for the
Class C(2003-2) Notes; provided, however, that for the first Interest Payment Date the amount of interest due with respect to the Class C(2003-2) Notes shall be an amount equal to the product of (x) the Outstanding Dollar Principal
Amount of the Class C(2003-2) Notes on the Issuance Date, (y) 41 divided by 360 and (z) the Note Interest Rate in effect with respect to the Class C(2003-2) Notes determined on May 2, 2003. Interest on the 

 

5 

Class C(2003-2) Notes will be calculated on the basis of the actual number of days elapsed and a 360-day year. 
 
(2) Pursuant to Section 3.03 of the Indenture
Supplement, on each Note Transfer Date with respect to the Class C(2003-2) Notes, the Indenture Trustee shall deposit into the Class C(2003-2) Interest Funding Sub-Account the portion of ONEseries Available Finance Charge Collections allocable to
the Class C(2003-2) Notes. 
 
Section 1.7
Calculation Agent; Determination of LIBOR. 
 
(1) The Issuer hereby agrees that for so long as any Class C(2003-2) Notes are Outstanding, there shall at all times be an agent appointed to calculate LIBOR for each Interest Period (the “Calculation
Agent”). The Issuer hereby initially appoints the Indenture Trustee as the Calculation Agent for purposes of determining LIBOR for each Interest Period. The Calculation Agent may be removed by the Issuer at any time. If the Calculation
Agent is unable or unwilling to act as such or is removed by the Issuer, or if the Calculation Agent fails to determine LIBOR for an Interest Period, the Issuer shall promptly appoint a replacement Calculation Agent that does not control or is not
controlled by or under common control with the Issuer or its Affiliates. The Calculation Agent may not resign its duties, and the Issuer may not remove the Calculation Agent, without a successor having been duly appointed. 
 
(2) On each LIBOR Determination Date, the
Calculation Agent shall determine LIBOR on the basis of the rate for deposits in United States dollars for a one-month period which appears on Telerate Page 3750 or on such comparable system as is customarily used to quote LIBOR as of 11:00 a.m.,
London time, on such date. If such rate does not appear on Telerate Page 3750 or on a comparable system as is customarily used to quote LIBOR the rate for that LIBOR Determination Date shall be determined on the basis of the rates at which deposits
in United States dollars are offered by the Reference Banks at approximately 11:00 a.m., London time, on that day to prime banks in the London interbank market for a one-month period. The Calculation Agent shall 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 shall 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 Beneficiary, at approximately 11:00 a.m., New York City time, on that day for loans in United
States dollars to leading European banks for a one-month period. 
 
(3) The Note Interest Rate applicable to the then current and the immediately preceding Interest Periods may be obtained by telephoning the Indenture Trustee at its corporate trust office at (612)
667-8058 or such other telephone number as shall be designated by the Indenture Trustee for such purpose by prior written notice by the Indenture Trustee to each Noteholder from time to time. 
 

6 

 
(4) On each LIBOR Determination Date, the Calculation Agent shall send to the Indenture Trustee and the Beneficiary, by facsimile transmission, notification of LIBOR for the following Interest Period. 
 
Section 1.8 Payments of Interest and Principal.

 
(1) Any installment of interest
or principal, if any, payable on any Class C(2003-2) Note which is punctually paid or duly provided for by the Issuer and the Indenture Trustee on the applicable Interest Payment Date or Principal Payment Date shall be paid by the Paying Agent to
the Person in whose name such Class C(2003-2) Note (or one or more Predecessor Notes) is registered on the Record Date, by wire transfer of immediately available funds to such Person’s account as has been designated by written instructions
received by the Paying Agent from such Person not later than the close of business on the third Business Day preceding the date of payment or, if no such account has been so designated, by check mailed first-class, postage prepaid to such
Person’s address as it appears on the Note Register on such Record Date, except that with respect to Notes registered on the Record Date in the name of the nominee of Cede & Co., payment shall be made by wire transfer in immediately
available funds to the account designated by such nominee. 
 
(2) The right of the Class C(2003-2) Noteholders to receive payments from the Issuer will terminate on the first Business Day following the Class C(2003-2) Termination Date. 
 
Section 1.9 Targeted Amount to be on Deposit in the Class C
Reserve Sub-Account. The amount targeted, with respect to any Monthly Period, to be on deposit in the Class C Reserve Sub-Account for the Class C(2003-2) Notes on the Note Transfer Date in the immediately succeeding Monthly Period, will, on the
issuance date, be zero and, thereafter, will be an amount equal to the product of (A) the Class C Reserve Account Percentage for such Monthly Period times (B) the Initial Outstanding Dollar Principal Amount of the ONEseries Notes (exclusive of (x)
any Class or Tranche of ONEseries Notes which will be paid in full on the applicable Payment Date for such Class or Tranche of ONEseries Notes in the immediately succeeding Monthly Period and (y) any Class or Tranche of ONEseries Notes which will
have a Nominal Liquidation Amount of zero on the applicable Payment Date for such Class or Tranche of ONEseries Notes in the immediately succeeding Monthly Period) times (C) a fraction, the numerator of which is the Nominal Liquidation Amount of the
Class C(2003-2) Notes as of the close of business on the last day of such Monthly Period (exclusive of the amount deposited with respect to the Targeted Principal Deposit Amount on the applicable Note Transfer Date for such Tranche of ONEseries
Class C Notes in the next succeeding Monthly Period) and the denominator of which is the Nominal Liquidation Amount of all Class C Notes in the ONEseries as of the close of business on the last day of such Monthly Period (exclusive of the amount
deposited with respect to the Targeted Principal Deposit Amount on the applicable Note Transfer Date for all 

 

7 

Tranches of ONEseries Class C Notes in the next succeeding Monthly Period); provided however, that if an Early Redemption Event
or Event of Default occurs with respect to the Class C(2003-2) Notes, the amount targeted to be on deposit will be the Initial Outstanding Dollar Principal Amount of the Class C(2003-2) notes. 
 
The Issuer may change the percentage and methodology set forth
above for calculating the amount targeted to be on deposit in the Class C Reserve Sub-Account for the Class C(2003-2) Notes without the consent of any Noteholder so long as the Issuer has (i) received written confirmation from each Note Rating
Agency that has rated any Outstanding Notes of the ONEseries that the change in such percentage or formula will not result in a Ratings Effect with respect to any Outstanding Class C(2003-2) Notes and (ii) delivered to the Indenture Trustee and the
Note Rating Agencies a Master Trust Tax Opinion and an Issuer Tax Opinion. 
 
Section 1.10 Form of Delivery of Class C(2003-2) Notes; Depository; Denominations. 
 
(1) The Class C(2003-2) Notes shall each be delivered in the form of a global Registered Note as provided in Sections 2.02
and 3.01(i) of the Indenture, respectively. 
 
(2) The Depository for the Class C(2003-2) Notes shall be The Depository Trust Company, and the Class C(2003-2) Notes shall initially be registered in the name of Cede & Co., its nominee. 
 
(3) The Class C(2003-2) Notes will be issued
in minimum denominations of $1,000 and integral multiples of that amount. 
 
Section 1.11 Delivery and Payment for the Class C(2003-2) Notes. The Issuer shall execute and deliver the Class C(2003-2) Notes to the Indenture Trustee for authentication, and the Indenture Trustee shall deliver the
Class C(2003-2) Notes when authenticated, each in accordance with Section 3.03 of the Indenture. 
 
Section 1.12 Supplemental Indenture. The Issuer may enter into a supplemental indenture with respect to the Class C(2003-2) Notes as provided in Section 9.01 of the Indenture, provided,
however, that any supplemental indenture which provides for an additional or alternative form of credit enhancement for the Class C(2003-2) Notes shall, in addition to the requirements set forth in Section 9.01 of the Indenture, require
confirmation from the Note Rating Agencies that have rated any Outstanding Notes of the ONEseries that such change in credit enhancement will not result in a Ratings Effect with respect to any Outstanding Notes of the ONEseries. 
 
Section 1.13 Appointment of co-Paying Agent and co-Transfer
Agent. BDL is appointed as co-paying agent and as co-transfer agent in Luxembourg with respect to the Class C(2003-2 Notes for so long as the Class C(2003-2) Notes are listed on the Luxembourg Stock 

 

8 

Exchange. Any reference in this Terms Document, the Indenture Supplement, the Asset Pool Supplement and the Indenture to the Paying Agent or
the Transfer Agent shall be deemed to include BDL as co-paying agent or co-transfer agent, as the case may be, unless the context requires otherwise. 
 
[END OF ARTICLE II] 
 

9 

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

	 BANK ONE ISSUANCE TRUST

	
	 By:
	 	 BANK ONE, DELAWARE, NATIONAL ASSOCIATION,
 as Beneficiary and not in its individual capacity

	
	 By:
	 	 /s/ STEPHEN R. ETHERINGTON

	 	 	 Name: Stephen R. Etherington
 Title:   Senior Vice President

	
	 WELLS FARGO BANK MINNESOTA, NATIONAL ASSOCIATION, as Indenture Trustee and Collateral
Agent

	
	 By:
	 	 /s/ JENNIFER C. DAVIS

	 	 	 Name: Jennifer C. Davis
 Title:   Assistant Vice President

 

 
TABLE OF
CONTENTS 
 

	 	  	 	  	 PAGE

	 	  	 ARTICLE I    Definitions and Other
Provisions of General Application
	  	 
	 Section 1.1
	  	 Definitions
	  	 1

	
	 Section 1.2
	  	 Governing Law
	  	 4

	
	 Section 1.3
	  	 Counterparts
	  	 4

	
	 Section 1.4
	  	 Ratification of Indenture and Indenture Supplement
	  	 4

	
	 	  	 ARTICLE II    The Class C(2003-2)
Notes
	  	 
	
	 Section 2.1
	  	 Creation and Designation
	  	 5

	
	 Section 2.2
	  	 Interest Payment
	  	 5

	
	 Section 2.3
	  	 [Reserved]
	  	 5

	
	 Section 2.4
	  	 Payments of Interest and Principal
	  	 5

	
	 Section 2.5
	  	 Targeted Amount to be on Deposit in the Class C Reserve
Sub-Account
	  	 6

	
	 Section 2.6
	  	 Form of Delivery of Class C(2003-2) Notes; Depository;
Denominations
	  	 6

	
	 Section 2.7
	  	 Delivery and Payment for the Class C(2003-2) Notes
	  	 7

	
	 Section 2.8
	  	 Supplemental Indenture
	  	 7

	
	 Section 2.9
	  	 Appointment of co-Paying Agent and co-Transfer Agent
	  	 7

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