Document:

<PAGE>
                                                                     EXHIBIT 4.3

                        TRANSFER AND SERVICING AGREEMENT
                          Dated as of October 24, 2002

                           FIRST NATIONAL FUNDING LLC,
                                   Transferor,

                          FIRST NATIONAL BANK OF OMAHA,
                                    Servicer,

                                       and

                        FIRST NATIONAL MASTER NOTE TRUST,
                                     Issuer

                        FIRST NATIONAL MASTER NOTE TRUST

<PAGE>
<TABLE>
<S>                   <C>                                                                                         <C>

                                   ARTICLE I

                                  DEFINITIONS

Section 1.01.         Definitions...............................................................................     1
Section 1.02.         Other Definitional Provisions.............................................................     1

                                   ARTICLE II

                            CONVEYANCE OF RECEIVABLES

Section 2.01.         Conveyance of Receivables.................................................................     2
Section 2.02.         Acceptance by Issuer......................................................................     4
Section 2.03.         Representations and Warranties of Transferor Relating to Transferor.......................     4
Section 2.04.         Representations and Warranties of Transferor Relating to Transaction Documents and the
                       Receivables .............................................................................     6
Section 2.05.         Covenants of Transferor...................................................................    13
Section 2.06.         Addition of Accounts......................................................................    19
Section 2.07.         Removal of Accounts.......................................................................    21
Section 2.08.         Discount Option Receivables...............................................................    23

                                   ARTICLE III

                   ADMINISTRATION AND SERVICING OF RECEIVABLES

Section 3.01.         Acceptance of Appointment and Other Matters Relating to Servicer..........................    24
Section 3.02.         Servicing Compensation....................................................................    25
Section 3.03.         Representations, Warranties and Covenants of Servicer.....................................    26
Section 3.04.         Reports and Records for Indenture Trustee.................................................    29
Section 3.05.         Annual Servicer's Certificate.............................................................    31
Section 3.06.         Annual Independent Accountants' Servicing Report..........................................    31
Section 3.07.         Tax Treatment.............................................................................    32
Section 3.08.         Notices to Transferor.....................................................................    32
Section 3.09.         Adjustments...............................................................................    32
Section 3.10.         Transfer of Receivables in Defaulted Accounts.............................................    33
Section 3.11.         Reports to the Commission.................................................................    33

                                   ARTICLE IV

                      OTHER MATTERS RELATING TO TRANSFEROR

Section 4.01.         Liability of Transferor...................................................................    33
Section 4.02.         Merger or Consolidation of, or Assumption of the Obligations of, Transferor...............    33
Section 4.03.         Limitation on Liability of Transferor.....................................................    34
Section 4.04.         Transferor Indemnification................................................................    35

</TABLE>
<PAGE>

<TABLE>
<S>                   <C>                                                                                           <C>
                                    ARTICLE V

                       OTHER MATTERS RELATING TO SERVICER

Section 5.01.         Liability of Servicer.....................................................................    37
Section 5.02.         Merger or Consolidation of, or Assumption of the Obligations of, Servicer.................    37
Section 5.03.         Limitation on Liability of Servicer and Others............................................    38
Section 5.04.         Servicer Indemnification..................................................................    38
Section 5.05.         Servicer Not To Resign....................................................................    40
Section 5.06.         Access to Certain Documentation and Information Regarding the Receivables.................    40
Section 5.07.         Delegation of Duties......................................................................    41
Section 5.08.         Examination of Records....................................................................    41

                                   ARTICLE VI

                                INSOLVENCY EVENTS

Section 6.01.         Rights upon the Occurrence of an Insolvency Event.........................................    41

                                   ARTICLE VII

                                SERVICER DEFAULTS

Section 7.01.         Servicer Defaults.........................................................................    41
Section 7.02.         Indenture Trustee to Act; Appointment of Successor........................................    44
Section 7.03.         Notification to Noteholders...............................................................    45

                                  ARTICLE VIII

                                   TERMINATION

Section 8.01.         Termination of Agreement..................................................................    45

                                   ARTICLE IX

                            MISCELLANEOUS PROVISIONS

Section 9.01.         Amendment; Waiver of Past Defaults........................................................    46
Section 9.02.         Protection of Right, Title and Interest to Issuer.........................................    47
Section 9.03.         GOVERNING LAW.............................................................................    48
Section 9.04.         Notices; Payments.........................................................................    49
Section 9.05.         Severability of Provisions................................................................    49
Section 9.06.         Further Assurances........................................................................    49
Section 9.07.         No Waiver; Cumulative Remedies............................................................    49
Section 9.08.         Counterparts..............................................................................    49
Section 9.09.         Third-party Beneficiaries.................................................................    50
</TABLE>

                                       ii

<PAGE>
<TABLE>
<CAPTION>
<S>                                                                                                                 <C>
Section 9.10.         Actions by Noteholders....................................................................    50
Section 9.11.         Rule 144A Information.....................................................................    50
Section 9.12.         Merger and Integration....................................................................    50
Section 9.13.         No Bankruptcy Petition....................................................................    50
Section 9.14.         Rights of Indenture Trustee...............................................................    51
Section 9.15.         Rights of Owner Trustee...................................................................    51
Section 9.16.         Assignment................................................................................    51
Section 9.17.         Headings..................................................................................    51

EXHIBIT A              PROVISIONS TO BE INCLUDED IN OPINION OF COUNSEL WITH RESPECT TO AMENDMENTS
EXHIBIT B              FORM OF ASSIGNMENT OF RECEIVABLES IN ADDITIONAL ACCOUNTS
EXHIBIT C              FORM OF MONTHLY SERVICER'S CERTIFICATE
EXHIBIT D              FORM OF ANNUAL SERVICER'S CERTIFICATE
EXHIBIT E              PROVISIONS TO BE INCLUDED IN OPINION OF COUNSEL WITH RESPECT TO ADDITION OF ACCOUNTS
EXHIBIT F              PROVISIONS TO BE INCLUDED IN ANNUAL OPINION OF COUNSEL
EXHIBIT G              FORM OF REASSIGNMENT OF RECEIVABLES IN REMOVED ACCOUNTS

SCHEDULE 1             LIST OF ACCOUNTS -- COMPUTER LIST OR MICROFICHE DELIVERED SEPARATELY
</TABLE>

                                      iii
<PAGE>

      TRANSFER AND SERVICING AGREEMENT (this "Agreement"), dated as of October
24, 2002 among FIRST NATIONAL FUNDING LLC, a Nebraska limited liability company,
as Transferor, FIRST NATIONAL BANK OF OMAHA, a national banking association, as
Servicer, and FIRST NATIONAL MASTER NOTE TRUST, a statutory trust organized
under the laws of the State of Delaware, as Issuer.

      In consideration of the mutual agreements herein contained, each party
agrees as follows for the benefit of the other parties, the Noteholders and any
Enhancement Provider to the extent provided herein, in the Indenture and in any
Indenture Supplement:

                                    ARTICLE I

                                   DEFINITIONS

      SECTION 1.01. DEFINITIONS. Capitalized terms used herein and not otherwise
defined herein are defined in Annex A to the Master Indenture, dated as of the
date hereof, between First National Master Note Trust, as Issuer, and The Bank
of New York, as Indenture Trustee.

      SECTION 1.02. OTHER DEFINITIONAL PROVISIONS. All terms defined directly or
by reference in this Agreement shall have the defined meanings when used in any
certificate or other document delivered pursuant hereto unless otherwise defined
therein. For purposes of this Agreement and all such certificates and other
documents, unless the context otherwise requires: (a) accounting terms not
otherwise defined in this Agreement, and accounting terms partly defined in this
Agreement to the extent not defined, shall have the respective meanings given to
them under GAAP; (b) terms defined in Article 9 of the UCC as in effect in the
State of Nebraska and not otherwise defined in this Agreement are used as
defined in that Article; (c) any reference to each Rating Agency shall only
apply to any specific rating agency if such rating agency is then rating any
outstanding Series; (d) references to any amount as on deposit or outstanding on
any particular date means such amount at the close of business on such day; (e)
the words "hereof," "herein" and "hereunder" and words of similar import refer
to this Agreement (or the certificate or other document in which they are used)
as a whole and not to any particular provision of this Agreement (or such
certificate or document); (f) references to any Section, Schedule or Exhibit are
references to Sections, Schedules and Exhibits in or to this Agreement (or the
certificate or other document in which the reference is made), and references to
any paragraph, Section, clause or other subdivision within any Section or
definition refer to such paragraph, subsection, clause or other subdivision of
such Section or definition; (g) the term "including" means "including without
limitation;" (h) references to any law or regulation refer to that law or
regulation as amended from time to time and include any successor law or
regulation; (i) references to any Person include that Person's successors and
assigns; and (j) headings are for purposes of reference only and shall not
otherwise affect the meaning or interpretation of any provision hereof.
<PAGE>

                                   ARTICLE II

                            CONVEYANCE OF RECEIVABLES

      SECTION 2.01.     CONVEYANCE OF RECEIVABLES.

            (a) By execution of this Agreement, Transferor does hereby transfer,
      assign, set over and otherwise convey to Issuer, without recourse except
      as provided herein, all its right, title and interest in, to and under (i)
      the Collateral Certificate and (ii) effective on the Certificate Trust
      Termination Date, (A) the Receivables existing at the opening of business
      on the Certificate Trust Termination Date, and thereafter created from
      time to time until the termination of Issuer, all Collections and
      Recoveries allocable to Issuer as provided herein and the right to any
      Enhancement with respect to any Series, in each case together with all
      monies due or to become due and all amounts received or receivable with
      respect thereto and all proceeds thereof and Insurance Proceeds relating
      thereto and (B) without limiting the generality of the foregoing or the
      following, all of Transferor's rights, remedies, powers and privileges
      under the Receivables Purchase Agreement and (C) all proceeds of any of
      the foregoing. Such property, together with all monies and other property
      credited to the Collection Account, the Series Accounts and the Excess
      Funding Account (including any subaccounts of any such account) and the
      rights of Issuer under this Agreement and the Trust Agreement shall
      constitute the assets of Issuer (the "Trust Assets"). The foregoing does
      not constitute and is not intended to result in the creation or assumption
      by Issuer, Owner Trustee, Indenture Trustee or any Noteholder of any
      obligation of any Credit Card Originator, Servicer, Transferor or any
      other Person in connection with the Accounts or the Receivables or under
      any agreement or instrument relating thereto, including any obligation to
      Obligors, clearance systems or insurers.

            (b) On or prior to the Initial Closing Date, Transferor shall
      deliver to Issuer a registered certificate representing the Collateral
      Certificate. On or prior to the Certificate Trust Termination Date,
      Transferor agrees to record and file, at its own expense, financing
      statements (and continuation statements when applicable) with respect to
      the Receivables conveyed by Transferor existing on the Certificate Trust
      Termination Date and thereafter created meeting the requirements of
      applicable state law in such manner and in such jurisdictions as are
      necessary to perfect, and maintain the perfection of, the transfer and
      assignment of its interest in such Receivables to Issuer, and to deliver a
      file stamped copy of each such financing statement or other evidence of
      such filing (which may, for purposes of this Section 2.01 consist of
      telephone confirmation of such filing promptly followed by delivery to
      Owner Trustee of a file-stamped copy) to Owner Trustee as soon as
      practicable after the Certificate Trust Termination Date, and (if any
      additional filing is so necessary) as soon as practicable after the
      applicable Addition Date, in the case of Receivables arising in any
      Additional Accounts. Owner Trustee shall be under no obligation whatsoever
      to file such financing or continuation statements or to make any other
      filing under the UCC in connection with such transfer and assignment.

            (c) Transferor further agrees, at its own expense, (i) on or prior
      to (w) the Certificate Trust Termination Date, (x) the applicable Addition
      Date, in the case of

                                       2
<PAGE>

      Additional Accounts and (y) the applicable Removal Date, in the case of
      Removed Accounts, to indicate in the appropriate computer files that
      Receivables created (or reassigned, in the case of Removed Accounts) in
      connection with the Accounts owned by FNBO have been conveyed to Issuer
      pursuant to this Agreement (or conveyed to Transferor or its designee in
      accordance with Section 2.07, in the case of Removed Accounts) by
      including in such computer files the code identifying each such Account
      (or, in the case of Removed Accounts, either by including a code
      identifying the Removed Accounts or by deleting the code identifying such
      Account) and (ii) on or prior to the Certificate Trust Termination Date,
      to deliver to Issuer an Account Schedule, specifying for each such
      Account, as of the most recent calendar month end, its account number and,
      the aggregate amount outstanding in such Account and the aggregate amount
      of Principal Receivables outstanding in such Account. Such Account
      Schedule, as supplemented from time to time to reflect Additional Accounts
      and Removed Accounts, shall be in the form of computer files or microfiche
      lists and shall be marked as Schedule 1 to this Agreement and is hereby
      incorporated into and made a part of this Agreement. Once the code
      referenced in clause (i) of this paragraph has been included with respect
      to any Account, Transferor further agrees not to alter such code during
      the remaining term of this Agreement unless and until (A) such Account
      becomes a Removed Account, or (B) Transferor shall have delivered to
      Issuer at least 30 days' prior written notice of its intention to do so
      and has taken such action as is necessary or advisable to cause the
      interest of Issuer in the Receivables and the other Trust Assets to
      continue to be perfected with the priority required by this Agreement.

            (d) The parties intend that the transfer made herein shall be deemed
      to be a sale, but if, and to the extent that, such transfer is not deemed
      to be a sale, Transferor shall be deemed to have granted, and does hereby
      so grant, to Issuer, effective on the Certificate Trust Termination Date,
      a first priority perfected security interest in all of Transferor's right,
      title and interest, whether owned on the Certificate Trust Termination
      Date or thereafter acquired, in, to and under the Receivables and the
      other Trust Assets conveyed by Transferor, and all money, accounts,
      general intangibles, chattel paper, instruments, documents, goods,
      investment property, deposit accounts, certificates of deposit, letters of
      credit and advices of credit consisting of, arising from or related to the
      Trust Assets, to secure Transferor's obligations hereunder, and that this
      Agreement shall constitute a security agreement under applicable law.

            (e) On or prior to each Determination Date following the Certificate
      Trust Termination Date, Transferor shall cause FNBO to notify Servicer of
      the amount of Interchange to be included as Collections of Finance Charge
      Receivables allocable to the Accounts with respect to the Related Monthly
      Period, which amount shall be equal to the product of:

                  (i) the total amount of Interchange paid or payable to FNBO
            with respect to such Related Monthly Period; and

                  (ii) a fraction the numerator of which is the volume during
            the Related Monthly Period of sales net of cash advances on the
            Accounts and the
                                       3
<PAGE>

            denominator of which is the amount of sales net of cash advances
            during the Related Monthly Period on all VISA and MasterCard
            accounts owned by FNBO.

On each Transfer Date following the Certificate Trust Termination Date,
Transferor shall pay to Servicer, or cause FNBO to pay to Servicer, and Servicer
shall deposit into the Collection Account for each outstanding Series, in
immediately available funds, each Series pro rata share of such Interchange, as
specified in the applicable Indenture Supplement.

      SECTION 2.02.     ACCEPTANCE BY ISSUER.

            (a) Issuer hereby acknowledges its acceptance of all right, title
      and interest to the property, now existing and hereafter created, conveyed
      to Issuer pursuant to Section 2.01. Owner Trustee shall maintain a copy of
      Schedule 1, as delivered to it from time to time, at its Corporate Trust
      Office.

            (b) Owner Trustee hereby agrees not to disclose to any Person any of
      the account numbers or other information contained in the Account Schedule
      marked as Schedule 1 and delivered to Owner Trustee or Issuer, from time
      to time, except (i) to a Successor Servicer or as required by a
      Requirement of Law applicable to Owner Trustee, (ii) in connection with
      the performance of Owner Trustee's or Issuer's duties hereunder, (iii) to
      Indenture Trustee in connection with its duties in enforcing the rights of
      Noteholders or (iv) to bona fide creditors of Servicer or Transferor for
      the limited purpose of enabling any such creditor to identify Receivables
      or Accounts subject to this Agreement or the Receivables Purchase
      Agreement. Owner Trustee agrees (i) to take such measures as shall be
      reasonably requested by Transferor to protect and maintain the security
      and confidentiality of such information and, in connection therewith,
      shall allow Transferor or its duly authorized representatives to inspect
      Owner Trustee's security and confidentiality arrangements as they
      specifically relate to the administration of Issuer from time to time
      during normal business hours upon prior written notice and (ii) not to use
      any Account Schedule information to compete, directly or indirectly, with
      Transferor or FNBO. Owner Trustee shall promptly notify Transferor of any
      request received by Owner Trustee to disclose information of the type
      described in this Section 2.02(b), which notice shall in any event be
      provided no later than five (5) Business Days prior to disclosure of any
      such information unless Owner Trustee is compelled pursuant to a
      Requirement of Law to disclose such information prior to the date that is
      five (5) Business Days after the giving of such notice.

      SECTION 2.03. REPRESENTATIONS AND WARRANTIES OF TRANSFEROR RELATING TO
TRANSFEROR. Transferor hereby represents and warrants to Issuer as of each
Closing Date and the Certificate Trust Termination Date and, with respect to
Additional Accounts, the related Addition Date that:

            (a) ORGANIZATION AND GOOD STANDING. Transferor is a limited
      liability company validly existing in good standing under the laws of the
      State of Nebraska, and has full power, authority and legal right to own
      its properties and conduct its business as presently owned and conducted,
      to execute, deliver and perform its obligations under each Transaction
      Document to which it is a party.

                                       4
<PAGE>

            (b) DUE QUALIFICATION. Transferor is duly qualified to do business
      and is in good standing (or is exempt from such requirements) in any state
      required in order to conduct business, and has obtained all necessary
      licenses and approvals with respect to Transferor required under federal
      and Nebraska law; provided, however, that no representation or warranty is
      made with respect to any qualifications, licenses or approvals which
      Indenture Trustee would have to obtain to do business in any state in
      which Indenture Trustee seeks to enforce any Receivable.

            (c) DUE AUTHORIZATION. The execution, delivery and performance by
      Transferor of this Agreement and each other Transaction Document to which
      Transferor is a party and the consummation by Transferor of the
      transactions provided for in this Agreement and each such other
      Transaction Document have been duly authorized by Transferor by all
      necessary limited liability company action on its part.

            (d) NO CONFLICTS. The execution and delivery of this Agreement and
      each other Transaction Document to which Transferor is a party, the
      performance of the transactions contemplated by this Agreement and each
      such Transaction Document and the fulfillment of the terms hereof and
      thereof, will not conflict with, result in any breach of any of the
      material terms and provisions of, or constitute (with or without notice or
      lapse of time or both) a material default under, any indenture, contract,
      agreement, mortgage, deed of trust, or other instrument to which
      Transferor is a party or by which it or any of its properties are bound.

            (e) NO VIOLATION. The execution and delivery of this Agreement and
      each other Transaction Document to which Transferor is a party, the
      performance of the transactions contemplated by this Agreement and each
      such Transaction Document and the fulfillment of the terms hereof and
      thereof, will not conflict with or violate in any material way any
      Requirements of Law applicable to Transferor or FNBO.

            (f) NO PROCEEDINGS. There are no proceedings or investigations
      pending or, to the best knowledge of Transferor, threatened against
      Transferor, before any court, regulatory body, administrative agency, or
      other tribunal or governmental instrumentality (i) asserting the
      invalidity of the Notes or any other Transaction Documents, (ii) seeking
      to prevent the issuance of the Notes or the consummation of any of the
      transactions contemplated by the Notes or any other Transaction Documents,
      (iii) seeking any determination or ruling that, in the reasonable judgment
      of Transferor, would materially and adversely affect the performance by
      Transferor of its obligations under any Transaction Document, (iv) seeking
      any determination or ruling that would materially and adversely affect the
      validity or enforceability of the Notes or any other Transaction Document
      or (v) seeking to affect adversely the income tax attributes of Issuer
      under the federal or any applicable state income or franchise tax systems.

            (g) ALL CONSENTS REQUIRED. All approvals, authorizations, consents,
      orders or other actions of any Person or of any governmental body or
      official required in connection with the execution and delivery by
      Transferor of this Agreement and each other Transaction Document to which
      Transferor is a party, the performance by Transferor of the transactions
      contemplated by this Agreement and each such other

                                       5
<PAGE>
      Transaction Document, and the fulfillment of the terms hereof and thereof,
      have been obtained; provided, however, that no representation or warranty
      is made as to state securities or blue sky laws regarding the distribution
      of the Notes.

            (h) INSOLVENCY. No Insolvency Event with respect to Transferor has
      occurred. Transferor did not (i) execute the Transaction Documents, (ii)
      grant to Issuer the security interests described in Section 2.01, (iii)
      cause, permit, or suffer the perfection or attachment of such a security
      interest, (iv) otherwise effectuate or consummate any transfer to Issuer
      pursuant to any Transaction Document or (v) acquire its interest in
      Issuer, in each case: (A) in contemplation of insolvency; (B) with a view
      to preferring one creditor over another or to preventing the application
      of its assets in the manner required by applicable law or regulations; (C)
      after committing an act of insolvency; or (D) with any intent to hinder,
      delay, or defraud itself or its creditors.

The representations and warranties set forth in this Section 2.03 shall survive
the transfer and assignment by Transferor of the respective Receivables and
other Trust Assets to Issuer and the pledge thereof to Indenture Trustee
pursuant to the Indenture. Upon discovery by Transferor, Servicer or Owner
Trustee of a breach of any of the representations and warranties set forth in
this Section 2.03, the party discovering such breach shall give prompt written
notice to the others and each Enhancement Provider, if any, entitled thereto
pursuant to the relevant Indenture Supplement. Transferor agrees to cooperate
with Servicer and Owner Trustee in attempting to cure any such breach. For
purposes of the representations and warranties set forth in this Section 2.03,
each reference to an Indenture Supplement shall be deemed to refer only to those
Indenture Supplements in effect as of the date of the relevant representation or
warranty.

      SECTION 2.04. REPRESENTATIONS AND WARRANTIES OF TRANSFEROR RELATING TO
TRANSACTION DOCUMENTS AND THE RECEIVABLES.

            (a) REPRESENTATIONS AND WARRANTIES. Transferor represents and
      warrants to Issuer as of each Closing Date, the Certificate Trust
      Termination Date and, with respect to Additional Accounts, the related
      Addition Date that:

                  (i) Enforceability. Each Transaction Document to which
            Transferor is a party constitutes and, in the case of Additional
            Accounts, the related Assignment, when executed and delivered on
            behalf of Transferor, will constitute, a legal, valid and binding
            obligation of Transferor, enforceable against Transferor in
            accordance with its terms, except as such enforceability may be
            limited by applicable Debtor Relief Laws now or hereafter in effect
            and by general principles of equity (whether considered in a suit at
            law or in equity).

                  (ii) Accurate Account Schedule. As of the Certificate Trust
            Termination Date, as of each Addition Date with respect to
            Additional Accounts, and as of the applicable Removal Date with
            respect to Removed Accounts, the Account Schedule delivered pursuant
            to this Agreement, as supplemented to such date, is an accurate and
            complete listing in all material respects of all the Accounts as of
            each such date (or, with respect to the Account Schedule delivered
            on the Certificate Trust Termination Date, as of the then most
            recent month end)

                                       6
<PAGE>

            and the information contained therein with respect to the identity
            of such Accounts and the Receivables existing thereunder is true and
            correct in all material respects as of such specified date.

                  (iii) No Liens. (A) On and after the Certificate Trust
            Termination Date, Transferor is the legal and beneficial owner of
            all right, title and interest in each Receivable and Transferor has
            the full right, power and authority to transfer such Receivables to
            Issuer pursuant to this Agreement, and (B) each Receivable conveyed
            to Issuer by Transferor pursuant to this Agreement has been conveyed
            to Issuer free and clear of any Lien (other than Liens permitted
            under Section 2.05(b)) and in compliance, in all material respects,
            with all Requirements of Law applicable to Transferor and/or FNBO.

                  (iv) Consents. All approvals, licenses, authorizations,
            consents, orders or other actions of any Person or registrations or
            declarations with any Governmental Authority required to be
            obtained, effected or given by Transferor or FNBO in connection with
            the conveyance of the Collateral Certificate and the Receivables to
            Issuer pursuant to this Agreement have been duly obtained, effected
            or given and are in full force and effect.

                  (v) Collateral Certificate. The transfer and assignment of the
            Collateral Certificate herein contemplated constitutes either (A) a
            sale of the Collateral Certificate, (B) a grant of a perfected
            security interest therein from Transferor to Issuer or (C) a grant
            of a perfected security interest therein from Transferor to
            Indenture Trustee. The Collateral Certificate has not been sold,
            transferred, assigned or pledged by Transferor to any Person other
            than pursuant to this Agreement. Immediately prior to the transfer
            and assignment herein contemplated, Transferor had good and
            marketable title to the Collateral Certificate, free and clear of
            all Liens and rights of others except for Liens permitted by Section
            2.05(b) and, immediately upon the transfer thereof, Issuer shall
            have good and marketable title to the Collateral Certificate, free
            and clear of all Liens and rights of others or a first priority
            perfected security interest therein except for Liens permitted by
            Section 2.05(b); and the transfer has been perfected, by the filing
            of appropriate financing statements pursuant to the UCC, under the
            UCC. Transferor has no knowledge of any current statutory or other
            non-consensual liens to which the Collateral Certificate is subject.
            All actions necessary under the applicable UCC in any jurisdiction
            to be taken (A) to give Issuer a first priority perfected security
            interest or ownership interest in the Collateral Certificate except
            for Liens permitted by Section 2.05(b), and (B) to give Indenture
            Trustee a first priority perfected security interest in the
            Collateral Certificate (including, without limitation, UCC filings
            with each of the Delaware Secretary of State (Issuer as debtor) and
            Nebraska Secretary of State (Transferor as debtor)), in each case
            subject to any statutory or other nonconsensual liens with respect
            to the Collateral Certificate, have been taken. The representations
            made in this subsection (v) shall not be made on or after the
            Certificate Trust Termination Date.

                                       7
<PAGE>

                  (vi) Perfection. This Agreement or, in the case of Additional
            Accounts, the related Assignment, constitutes either a valid sale,
            transfer and assignment to Issuer of all right, title and interest
            of Transferor in the Receivables and other Trust Assets conveyed to
            Issuer by Transferor hereunder or thereunder or a grant of a
            security interest in such property to Issuer, which, (A) with
            respect to Receivables existing on the Certificate Trust Termination
            Date and the proceeds thereof, is enforceable upon the Certificate
            Trust Termination Date or (B) with respect to the then existing
            Receivables in Additional Accounts added after the Certificate Trust
            Termination Date, as of the applicable Addition Date, and which will
            be enforceable with respect to such Receivables thereafter created
            and the proceeds thereof upon such creation, in each case except as
            such enforceability may be limited by applicable Debtor Relief Laws,
            now or hereafter in effect, and by general principles of equity
            (whether considered in a suit at law or in equity). All actions
            necessary under the applicable UCC in any jurisdiction to be taken
            to give Issuer a first priority perfected security interest in such
            property and proceeds, except for Liens permitted under Section
            2.05(b), have been taken.

                  (vii) Accounts. Except as otherwise expressly provided in this
            Agreement or any other Transaction Document, neither Transferor nor
            any other Person has any claim to or interest in the Collection
            Account, the Excess Funding Account, any Series Account or any
            Enhancement.

                  (viii) Eligible Accounts. With respect to Additional Accounts
            added after the Certificate Trust Termination Date, each such
            Account is classified as an Eligible Account as of the relevant
            Addition Date and no selection procedures adverse to the Noteholders
            have been employed in selecting the Accounts from among the Eligible
            Accounts.

                  (ix) Eligible Receivables. On the date each Additional Account
            added after the Certificate Trust Termination Date becomes an
            Account, each Receivable contained in such Additional Account is an
            Eligible Receivable. As of the date of the creation of any new
            Receivable in an Account, such Receivable is an Eligible Receivable.

                  (x) Subsequent Receivables. On each day after the Certificate
            Trust Termination Date on which any new Receivable is created,
            Transferor represents and warrants to Issuer that the
            representations and warranties made in Section 2.04(a)(i), (iii),
            (iv), (vi) and (ix) are true and correct with respect to each such
            Receivable as of such day of creation.

                  (xi) Additional Perfection Representations and Warranties.
            Debtor hereby makes the Perfection Representations and Warranties to
            Secured Party. For purposes of this Section 2.04(a)(xi): Debtor
            shall mean Transferor, Secured Party shall mean Issuer, and
            Specified Agreement shall mean this Transfer and Servicing
            Agreement. The rights and remedies with respect to any breach of the
            Perfection Representations and Warranties made under this Section
            2.04(a)(xi)

                                       8
<PAGE>
            shall be continuing and shall survive any termination of the
            Specified Agreement. Secured Party shall not waive a breach of any
            Perfection Representation and Warranty. In order to evidence the
            interests of Debtor and Secured Party under the Specified Agreement,
            the Debtor and Servicer shall, from time to time take such action,
            and execute and deliver such instruments (including, without
            limitation, such actions or filings as are requested by the Secured
            Party and financing statements under the UCC as enacted and then in
            effect in any other jurisdiction in which the Debtor is organized,
            has its principal place of business or maintains any books, records,
            files or other information concerning the Receivables) in order to
            maintain and perfect, as a first priority interest, the Secured
            Party's security interest in the Receivables. Debtor hereby
            authorizes Servicer and Indenture Trustee to file financing
            statements under the UCC without Debtor's signature where allowed by
            applicable law.

                  (xii) Transferor hereby represents, warrants and covenants to
            Issuer as follows as of the Initial Closing Date:

                        (A) This Agreement creates a valid and continuing
                  security interest (as defined in the applicable UCC) in the
                  Collateral Certificate and the proceeds thereof, in favor of
                  the Issuer or the Indenture Trustee.

                        (B) The Collateral Certificate constitutes a
                  "certificated security" within the meaning of the applicable
                  Uniform Commercial Code.

                        (C) Transferor owns and has good and marketable title to
                  the Collateral Certificate free and clear of any Lien, claim
                  or encumbrance of any Person; provided that nothing in this
                  clause (iii) shall prevent or be deemed to prohibit Transferor
                  from suffering to exist upon the Collateral Certificate or any
                  of the Receivables any Liens for any taxes if such taxes shall
                  not at the time be due and payable or if FNBO, Transferor,
                  Seller or Issuer, as applicable, shall currently be contesting
                  the validity thereof in good faith by appropriate proceedings
                  and shall have set aside on its books adequate reserves with
                  respect thereto.

                        (D) There are no consents or approvals required by the
                  terms of the Collateral Certificate for the transfer of the
                  Collateral Certificate made in this Agreement or the pledge of
                  the Collateral Certificate to the Indenture Trustee pursuant
                  to the Indenture.

                        (E) Transferor has caused the filing of all appropriate
                  financing statements in the proper filing office in the
                  appropriate jurisdictions under applicable law in order to
                  perfect the security interest granted to the Issuer under this
                  Agreement and in the Collateral Certificate.

                        (F) There is only one executed copy of the Collateral
                  Certificate and such copy has been delivered to the Indenture
                  Trustee.

                                       9
<PAGE>

                   The Collateral Certificate is registered in the name
                  of the Indenture Trustee, as secured party, upon original
                  issue.

                        (G) Other than the pledge of the Collateral Certificate
                  to the Issuer pursuant to this Agreement, Transferor has not
                  pledged, assigned, sold, granted a security interest in, or
                  otherwise conveyed the Collateral Certificate. Transferor has
                  not authorized the filing of and is not aware of any financing
                  statements against Transferor that include a description of
                  collateral covering the Collateral Certificate, except for the
                  financing statement filed pursuant to this Agreement.
                  Transferor is not aware of any judgment or tax lien filings
                  against Transferor.

                        (H) The Collateral Certificate does not have any marks
                  or notations indicating that it has been pledged, assigned or
                  otherwise conveyed to any Person other than the Indenture
                  Trustee.

                        (I) Notwithstanding any other provision of this
                  Agreement, the representations and warranties set forth in
                  this subsection (xi) shall be continuing, and remain in full
                  force and effect, until such time as the Collateral
                  Certificate is retired.

            (b) As of the Certificate Trust Termination Date, Transferor agrees
      that (i) all representations and warranties made by it in its capacity as
      Transferor under the Pooling and Servicing Agreement with respect to any
      Account or Receivable pursuant to Section 2.04 of the Pooling and
      Servicing Agreement and (ii) all of the covenants made by it under Section
      2.05 of the Pooling and Servicing Agreement, in each case, shall be deemed
      for all purposes (including the reassignment obligations under Section
      2.04(d)) to have been made by Transferor to Issuer pursuant to this
      Agreement as of the day when each was made or deemed made, as if this
      Agreement had been in effect on that day.

            (c) NOTICE OF BREACH. The representations and warranties of
      Transferor made pursuant to this Section 2.04 shall survive the transfer
      and assignment by Transferor of the Collateral Certificate and Receivables
      to Issuer and the pledge thereof to Indenture Trustee pursuant to the
      Indenture and the Certificate Trust Termination Date. Upon discovery by
      Transferor, Servicer or a Responsible Officer of Owner Trustee of a breach
      of any of the representations and warranties by Transferor made pursuant
      to this Section 2.04, the party discovering such breach shall give prompt
      written notice to the others and to each Enhancement Provider, if any,
      entitled thereto pursuant to the relevant Indenture Supplement. Transferor
      agrees to cooperate with Servicer and Owner Trustee in attempting to cure
      any such breach. For purposes of the representations and warranties made
      pursuant to this Section 2.04, each reference to an Indenture Supplement
      shall be deemed to refer only to those Indenture Supplements in effect as
      of the date of the relevant representations or warranties.

                                       10
<PAGE>

            (d)   TRANSFER OF INELIGIBLE RECEIVABLES.

                  (i) Automatic Removal. From and after the Certificate Trust
            Termination Date, in the event of a breach with respect to a
            Receivable of any representations and warranties set forth in
            subsection 2.04(a)(iii)(B), or in the event that a Receivable is not
            an Eligible Receivable as a result of the failure to satisfy the
            conditions set forth in clause (d) of the definition of Eligible
            Receivable, and any of the following three conditions is met: (A) as
            a result of such breach or event such Receivable is charged off as
            uncollectible or Issuer's rights in, to or under such Receivable or
            its proceeds are impaired or the proceeds of such Receivable are not
            available for any reason to Issuer free and clear of any Lien,
            except Liens permitted under subsection 2.05(b); (B) the Lien upon
            the subject Receivable (1) arises in favor of the United States of
            America or any State or any agency or instrumentality thereof and
            involves taxes or liens arising under Title IV of ERISA or (2) has
            been consented to by Transferor or the applicable Credit Card
            Originator; or (C) the unsecured short-term debt rating of FNBO is
            not at least "P-1" by Moody's and the Lien upon the subject
            Receivable ranks prior to the Lien created pursuant to this
            Agreement, then, upon the earlier to occur of the discovery of such
            breach or event by Transferor or Servicer or receipt by Transferor
            of written notice of such breach or event given by Indenture
            Trustee, Receivables of the Account containing such ineligible
            Receivable shall be automatically reassigned to Transferor on the
            terms and conditions set forth in subsection 2.04(d)(iii).

                  (ii) Removal After Cure Period. In the event of a breach of
            any of the representations and warranties set forth in subsection
            2.04(a) other than a breach or event as set forth in subsection
            2.04(d)(i) above, and as a result of such breach the related Account
            becomes a Defaulted Account or Issuer's rights in, to or under the
            Receivable or its proceeds are impaired or the proceeds of such
            Receivable are not available for any reason to Issuer free and clear
            of any Lien, except Liens permitted under subsection 2.05(b), then
            upon the expiration of 60 days from the earlier to occur of the
            discovery of any such event by either Transferor or Servicer, or
            receipt by Transferor of written notice of any such event given by
            Indenture Trustee, the Receivables of the Account containing such
            ineligible Receivable shall be reassigned to Transferor on the terms
            and conditions set forth in subsection 2.04(d)(iii); provided,
            however, that no such removal shall be required to be made if, on
            any day within such applicable period, such representations and
            warranties with respect to such Receivable shall then be true and
            correct in all material respects as if such Receivable had been
            created on such day.

                  (iii) Procedures for Reassignment. When the provisions of
            subsection 2.04(d)(i) or (ii) above require reassignment of a
            Receivable, Transferor shall accept reassignment of such Receivable
            (an "Ineligible Receivable") by directing Servicer to deduct the
            principal balance of each such Ineligible Receivable from the
            Aggregate Principal Receivables in the Trust and to decrease
            Transferor Interest by such amount. On and after the date of such
            reassignment, each

                                       11
<PAGE>
            Ineligible Receivable shall be assigned a principal balance of zero
            for the purpose of determining the Principal Receivables on any day.
            In the event that the exclusion of an Ineligible Receivable from the
            calculation of the Aggregate Principal Receivables would cause
            Transferor Interest to be reduced below the Minimum Transferor
            Interest, or would cause the Aggregate Principal Receivables to be
            less than the Minimum Aggregate Principal Receivables, or would
            otherwise not be permitted by law, Transferor shall immediately, but
            in no event later than 10 Business Days after such event, make a
            deposit in the Excess Funding Account in immediately available funds
            prior to the next succeeding Transfer Date in an amount sufficient
            to cure any such shortfall. The portion of such deposit allocated to
            the Notes of each Series shall be distributed to the Noteholders of
            each Series in the manner specified in Article IV, if applicable, on
            the Distribution Date relating to the Monthly Period in which such
            deposit is made. Upon the reassignment to Transferor of an
            Ineligible Receivable, Issuer shall automatically and without
            further action be deemed to transfer, assign, set over and otherwise
            convey to Transferor, without recourse, representation or warranty,
            all the right, title and interest of Issuer in and to such
            Ineligible Receivable, all moneys due or to become due with respect
            thereto and all proceeds thereof and Insurance Proceeds relating
            thereto and Interchange (if any) allocated to such Ineligible
            Receivable pursuant to any Indenture Supplement. Such reassigned
            Ineligible Receivable shall be treated by Issuer as collected in
            full as of the date on which it was transferred. Issuer and
            Indenture Trustee shall execute such documents and instruments of
            transfer or assignment and take other actions as shall reasonably be
            requested by Transferor to evidence the conveyance of such
            Ineligible Receivable pursuant to this subsection 2.04(d)(iii). The
            obligation of Transferor set forth in this subsection 2.04(d)(iii),
            or the automatic reassignment of such Receivable from Issuer, as the
            case may be, shall constitute the sole remedy respecting any breach
            of the representations and warranties set forth in the
            above-referenced subsections with respect to such Receivable
            available to Issuer or Indenture Trustee on behalf of Noteholders.

                  (iv) Proceeds Held by Servicer. For the purposes of
            subsections 2.04(d)(i) and (ii) above, proceeds of a Receivable
            shall not be deemed to be impaired hereunder solely because such
            proceeds are held by Servicer (if Servicer is FNBO or Transferor)
            for more than the applicable period under Section 9-315 of the UCC.

            (e) REASSIGNMENT OF TRUST PORTFOLIO. From and after the Certificate
      Trust Termination Date, in the event of a breach of any of the
      representations and warranties set forth in subsections 2.03(a), (b) or
      (c) or subsection 2.04(a)(i), (vi) or (vii) which has a material adverse
      effect on the Receivables or the availability of the proceeds of the
      Receivables to Issuer, then Indenture Trustee or the Majority Holders, by
      notice then given in writing to Transferor (and to Indenture Trustee and
      Servicer, if given by the Majority Holders), may direct Transferor to
      accept reassignment of an amount of Principal Receivables (as specified
      below) within 60 days of such notice (or within such longer period as may
      be specified in such notice), and Transferor shall be obligated to accept
      reassignment of such Principal Receivables on a Transfer Date specified by

                                       12
<PAGE>

      Transferor (as to such Transfer Date, the "Reassignment Date") occurring
      within such applicable period on the terms and conditions set forth below;
      provided, however, that no such reassignment shall be required to be made
      if, at any time during such applicable period, each such representation
      and warranty shall then be true and correct in all material respects.
      Transferor shall deposit in next-day funds on the Reassignment Date an
      amount equal to the reassignment deposit amount for such Receivables in
      the Collection Account or the applicable Series Account, as provided in
      the related Indenture Supplement, for distribution to the Noteholders
      pursuant to this Indenture and the applicable Indenture Supplement. The
      reassignment deposit amount with respect to each Series for such
      reassignment, unless otherwise stated in the related Indenture Supplement,
      shall be equal to (i) the aggregate outstanding Note Principal Balance of
      such Series at the end of the day on the last day of the Monthly Period
      preceding the Reassignment Date, less the amount, if any, previously
      allocated for payment of principal, or paid as principal to such
      Noteholders on the related Distribution Date in the Monthly Period in
      which the Reassignment Date occurs, plus (ii) an amount equal to all
      interest accrued but unpaid on the Notes of such Series at the applicable
      Note Interest Rate through such last day, less the amount, if any,
      previously allocated for payment of interest or paid as interest to the
      Noteholders of such Series on the related Distribution Date in the Monthly
      Period in which the Reassignment Date occurs (the "Portfolio Reassignment
      Price"). Payment of the reassignment deposit amount with respect to each
      Series, and all other amounts in the Collection Account or the applicable
      Series Account in respect of the preceding Monthly Period shall be
      considered a prepayment in full of the Receivables. On the Reassignment
      Date on which such amount has been deposited in full into the Collection
      Account or the applicable Series Account, the Receivables and all moneys
      due or to become due with respect thereto and all proceeds of the
      Receivables and Insurance Proceeds relating thereto and Interchange (if
      any) allocated to the Receivables pursuant to any Indenture Supplement
      shall be released to Transferor after payment of all amounts otherwise due
      hereunder on or prior to such dates and Issuer and Indenture Trustee shall
      execute and deliver such instruments of transfer or assignment, in each
      case without recourse, representation or warranty, as shall be prepared by
      and as are reasonably requested by Transferor to vest in Transferor, or
      its designee or assignee, all right, title and interest of Issuer and
      Indenture Trustee in and to the Receivables, all moneys due or to become
      due with respect thereto and all proceeds of the Receivables and Insurance
      Proceeds relating thereto and Interchange (if any) allocated to the
      Receivables pursuant to any Indenture Supplement. If Indenture Trustee or
      the Majority Holders give notice directing Transferor to accept
      reassignment as provided above, the obligation of Transferor to accept
      reassignment of the Receivables and pay the reassignment deposit amount
      pursuant to this subsection 2.04(e) shall constitute the sole remedy
      respecting a breach of the representations and warranties contained in
      subsections 2.03(a), (b) or (c) or subsections 2.04(a)(i), (vi) or (vii)
      available to the Noteholders, Issuer or Indenture Trustee.

      SECTION 2.05. COVENANTS OF TRANSFEROR. Transferor hereby covenants that:

            (a) RECEIVABLES TO BE ACCOUNTS. Transferor will take no action to
      cause any Receivable to be evidenced by any instrument (as defined in the
      UCC). Each Receivable shall be payable pursuant to a contract which does
      not create a Lien on any goods

                                       13
<PAGE>
      purchased thereunder. Transferor will take no action to cause any
      Receivable to be anything other than an "account" (as defined in the UCC).

            (b) SECURITY INTERESTS. Except for the conveyances hereunder and
      under the other Transaction Documents, Transferor will not sell, pledge,
      assign or transfer to any other Person, or grant, create, incur, assume or
      suffer to exist any Lien on any Receivable or the Collateral Certificate,
      whether now existing or hereafter created, or any interest therein;
      Transferor will immediately notify Issuer, Indenture Trustee and each
      Enhancement Provider entitled to such notice pursuant to the relevant
      Indenture Supplement of the existence of any Lien on any Receivable or the
      Collateral Certificate; and Transferor shall defend the right, title and
      interest of Issuer and Indenture Trustee in, to and under the Receivables
      and the Collateral Certificate, whether now existing or hereafter created,
      against all claims of third parties; provided, however, that nothing in
      this subsection 2.05(b) shall prevent or be deemed to prohibit Transferor
      from suffering to exist upon any of the Receivables or the Collateral
      Certificate any Liens for taxes if such taxes shall not at the time be due
      and payable or if Transferor shall currently be contesting the validity
      thereof in good faith by appropriate proceedings and shall have set aside
      on its books adequate reserves with respect thereto; and, provided
      further, that nothing in this subsection 2.05(b) shall be deemed to
      prohibit the transfer of Transferor Interest in accordance with this
      Agreement and the Trust Agreement.

            (c) CREDIT CARD AGREEMENTS AND ACCOUNT GUIDELINES. Transferor shall
      enforce the covenant in the Receivables Purchase Agreement requiring FNBO
      to comply with and perform its obligations under the Credit Card
      Agreements relating to the Accounts and the Credit Card Guidelines and all
      applicable rules and regulations of VISA USA, Inc. and MasterCard
      International Incorporated, except insofar as any failure to comply or
      perform would not materially and adversely affect the rights and interests
      of Issuer, Indenture Trustee or the Noteholders under any Transaction
      Documents or the Notes. Except as expressly provided in any Indenture
      Supplement, Transferor may permit FNBO to change the terms and conditions
      of the Credit Card Agreements or the Credit Card Guidelines in any respect
      (including, without limitation, the reduction of the required minimum
      monthly payment, the calculation of the amount, or the timing, of
      charge-offs and the Periodic Finance Charges and other fees to be assessed
      thereon) only if such change (i) would not, in the reasonable belief of
      Transferor, cause a Pay Out Event to occur, and (ii) is made applicable to
      a substantial portion of the comparable segment of the revolving credit
      card accounts owned and serviced by FNBO which have characteristics the
      same as, or substantially similar to, the Accounts that are the subject of
      such change, except as otherwise restricted by an endorsement,
      sponsorship, or other agreement between FNBO and an unrelated third party
      or by the terms of the Credit Card Agreements; provided, however, with
      respect to FNBO, that clause (ii) shall be deemed to be satisfied at any
      time that Transferor Interest exceeds 14% of the Aggregate Principal
      Receivables; and provided, further, that for purposes of FNBO's debt
      deferral and debt cancellation program, the requirements of subsection
      2.05(c)(ii) shall be deemed to be satisfied if the opportunity to initiate
      the change is made available to a substantial portion of the comparable
      segment of the revolving credit card accounts owned and serviced by FNBO
      which have characteristics the same as, or substantially similar to, the
      Accounts to which such opportunity is made available.

                                       14
<PAGE>

            (d) ACCOUNT ALLOCATIONS. In the event that Transferor is unable for
      any reason to transfer Receivables to Issuer in accordance with the
      provisions of this Agreement (including, without limitation, by reason of
      the application of the provisions of Section 6.01 or an order by any
      federal governmental agency having regulatory authority over Transferor or
      FNBO or any court of competent jurisdiction that Transferor not transfer
      any additional Principal Receivables to Issuer) then, in any such event,
      (i) Transferor agrees to allocate and pay to Issuer, after the date of
      such inability, all Collections with respect to Principal Receivables, all
      Discount Option Receivables Collections, and all amounts which would have
      constituted Collections with respect to Principal Receivables and Discount
      Option Receivables Collections but for Transferor's inability to transfer
      such Receivables (up to an aggregate amount equal to the amount of
      Principal Receivables and Discount Option Receivables in the Trust on such
      date); (ii) Transferor agrees to have such amounts applied as Collections
      in accordance with Article VIII of the Indenture; and (iii) for only so
      long as all Collections and all amounts which would have constituted
      Collections are allocated and applied in accordance with clauses (i) and
      (ii) above, Principal Receivables and Discount Option Receivables (and all
      amounts which would have constituted Principal Receivables or Discount
      Option Receivables, as the case may be, but for Transferor's inability to
      transfer Receivables to Issuer) that are written off as uncollectible in
      accordance with this Agreement shall continue to be allocated in
      accordance with Article VIII of the Indenture, and all amounts that would
      have constituted Principal Receivables or Discount Option Receivables, as
      the case may be, but for Transferor's inability to transfer Receivables to
      Issuer shall be deemed to be Principal Receivables or Discount Option
      Receivables, as the case may be, for the purpose of calculating the
      applicable Allocation Percentage with respect to any Series. If Transferor
      is unable pursuant to any Requirement of Law to allocate Collections as
      described above, Transferor agrees that it shall in any such event
      allocate, after the occurrence of such event, payments on each Account
      with respect to the principal balance of such Account first to the oldest
      principal balance of such Account and to have such payments applied as
      Collections in accordance with Article VIII of the Indenture. The parties
      hereto agree that Finance Charge Receivables, whenever created, accrued in
      respect of Principal Receivables that have been conveyed to Issuer, or
      that would have been conveyed to Issuer but for the above described
      inability to transfer such Receivables, shall continue to be owned by
      Issuer notwithstanding any cessation of the transfer of additional
      Principal Receivables and Discount Option Receivables to Issuer and
      Collections with respect thereto shall continue to be allocated and paid
      in accordance with Article VIII of the Indenture.

            (e) DELIVERY OF COLLECTIONS. Transferor agrees to pay to Servicer
      all payments received by Transferor in respect of the Receivables as soon
      as practicable after receipt thereof by Transferor but, in any event, no
      later than two Business Days after the Date of Processing.

            (f) CONVEYANCE OF ACCOUNTS. Transferor covenants and agrees that,
      except as provided in Section 2.05(b), it will not convey, assign,
      exchange or otherwise transfer the Accounts to any Person prior to the
      termination of this Agreement pursuant to Article VIII; provided, however,
      that Transferor shall not be prohibited hereby from

                                       15
<PAGE>
      conveying, assigning, exchanging or otherwise transferring the Accounts in
      connection with a transaction complying with the provisions of Section
      4.02.

            (g) RECEIVABLES PURCHASE AGREEMENT. Transferor, in its capacity as
      purchaser of Receivables from RPA Seller under the Receivables Purchase
      Agreement, shall enforce the covenants and agreements of RPA Seller as set
      forth in the Receivables Purchase Agreement, including its agreement to
      designate Additional Accounts as and when required in order for Transferor
      to fulfill its undertakings in Section 2.06. Transferor shall not amend,
      waive or otherwise modify the Receivables Purchase Agreement except in
      accordance with its terms.

            (h) OFFICIAL RECORDS. The resolutions of the Board of Directors of
      Transferor's Managing Member approving each of the Transaction Documents
      and all documents relating thereto are and shall be continuously reflected
      in the minutes of the Board of Directors of Transferor's Managing Member
      and in the official records of Transferor. Each of the Transaction
      Documents and all documents relating thereto are and shall, continuously
      from the time of their respective execution by Transferor, be official
      records of Transferor.

            (i) TRANSFEROR INTEREST. Except as otherwise permitted in Section
      3.04 of the Trust Agreement or Section 4.02 of this Agreement, Transferor
      agrees not to transfer, assign, exchange or otherwise convey or pledge,
      hypothecate or otherwise grant a security interest in Transferor Interest
      (or any interest therein) or any Supplemental Interest (or any interest
      therein) and any such attempted transfer, assignment, exchange,
      conveyance, pledge, hypothecation or grant shall be void.

            (j) PERIODIC FINANCE CHARGES AND OTHER FEES. Transferor hereby
      agrees that, except as otherwise required by any Requirement of Law, or as
      is deemed by FNBO to be necessary in order for it to maintain its credit
      card business, based upon a good faith assessment by FNBO of the nature of
      the competition in the credit card business, it shall not at any time
      permit FNBO to reduce the Periodic Finance Charges assessed on any
      Receivable or other fees on any Account if, as a result of such reduction,
      Transferor's reasonable expectation of the Portfolio Yield for any Series
      as of such date would be less than the then Base Rate for that Series.

            (k)   COVENANTS REGARDING OPERATIONS.  Transferor shall:

                  (i) Not incur, assume or guarantee any indebtedness other than
            Transferor's obligations with respect to or contemplated by the
            Transaction Documents.

                  (ii) Not engage in any business or activity other than as
            permitted in its articles of organization.

                  (iii) Not consolidate or merge with or into any other entity
            or convey or transfer its properties and assets substantially as an
            entirety to any entity, except as specifically permitted by the
            Transaction Documents.

                                       16
<PAGE>

                  (iv) Not dissolve or liquidate, in whole or in part.

                  (v) Not commingle its funds or assets with those of any other
            individual or entity.

                  (vi) Not hold itself out as being liable for the debts of any
            other party and not pay from its assets any obligations or
            indebtedness of any other individual or entity.

                  (vii) Pay from its assets all obligations and indebtedness of
            any kind incurred by Transferor.

                  (viii) Not form, or cause to be formed, any subsidiaries.

                  (ix) Not file any voluntary petition or consent to the filing
            of any petition in or institute any bankruptcy, reorganization,
            arrangement, insolvency or liquidation proceeding or other
            proceeding under any federal or state bankruptcy or similar law on
            behalf of itself without the prior unanimous written consent of all
            of its members, including the Independent Member (as defined in its
            Operating Agreement).

                  (x)   Not permit its managing member to withdraw.

                  (xi) At all times have at least one managing member which
            shall have each of the characteristics of the Independent Member as
            set forth on Appendix A to its Operating Agreement.

                  (xii) Act solely in its name and through its duly authorized
            agents in the conduct of its business, and shall conduct its
            business so as not to mislead others as to the identity of the
            entity with which they are concerned.

                  (xiii) Transact business with any Affiliate, if at all, on an
            arms length basis and pursuant to enforceable agreements. To the
            extent that the Transferor and any of its members or affiliates have
            offices in contiguous space, there shall be fair and appropriate
            allocation of overhead costs (including rent) among them, and each
            such entity shall bear its fair share of such expenses. For purposes
            of this covenant and the definition of the term "Affiliate", the
            term "control" means the possession, directly or indirectly, of the
            power to direct or the cause the direction of the management and
            policies of a Person, whether through ownership of voting
            securities, by contract or otherwise.

                  (xiv) Maintain separate records and books of account and
            financial statements and shall not commingle its records and books
            of account with the records and books of account of any entity. The
            Transferor shall use separate stationery, invoices and checks.

                                       17
<PAGE>

                  (xv) Make no asset distributions, including, without
            limitation, any distribution of dividends, except to the extent of
            cash on hand in excess of that needed to cover the expected cash
            needs of Transferor.

                  (xvi) Observe all organizational formalities in its relations
            with its members.

                  (xvii) Notwithstanding any other provisions of this Agreement,
            not terminate, dissolve or liquidate while owing any amount under
            the Transaction Documents despite the occurrence of any event which
            might terminate the continued membership of a member in Transferor,
            including the following:

                        (A)   a member:

                              (1) makes an assignment for the benefit of
                        creditors;

                              (2) files a voluntary petition in bankruptcy;

                              (3) is adjudged bankrupt or insolvent, or has
                        entered against it an order for relief, in any
                        bankruptcy or insolvency proceeding;

                              (4) files a petition or answer seeking for itself
                        any reorganization, arrangement, composition,
                        readjustment, liquidation, dissolution or similar relief
                        under any statute, law or regulation;

                              (5) files an answer or other pleading admitting or
                        failing to contest the material allegations of a
                        petition filed against it in any proceeding of this
                        nature;

                              (6) seeks, consents to or acquiesces in the
                        appointment of a trustee, receiver or liquidator of the
                        member or of all or any substantial part of its
                        properties; or

                        (B) 120 days after the commencement of any proceeding
                  against the member seeking reorganization, arrangement,
                  composition, readjustment, liquidation, dissolution or similar
                  relief under any statute, law or regulation, if the proceeding
                  has not been dismissed, or if within 90 days after the
                  appointment without the member's consent or acquiescence of a
                  trustee, receiver or liquidator of the member or of all or any
                  substantial part of its properties, the appointment is not
                  vacated or stayed, or within 90 days after the expiration of
                  any such stay, the appointment is not vacated.

            (l) SALE TREATMENT. Transferor agrees to treat the conveyance
      hereunder of the Collateral Certificate and the proceeds thereof and the
      Receivables and the proceeds thereof as a sale for accounting purposes.

                                       18
<PAGE>

            (m) AMENDMENT OF THE ORGANIZATIONAL DOCUMENTS. Transferor shall not
      amend in any material respect its certificate of formation or its limited
      liability company agreement without providing the Rating Agencies with
      notice no later than the fifth Business Day prior to such amendment
      (unless the right to such notice is waived by the Rating Agency) and
      satisfying the Rating Agency Condition.

      SECTION 2.06. ADDITION OF ACCOUNTS.

            (a) If, (i) during any Monthly Period ending on or after the
      Certificate Trust Termination Date, Transferor Interest averaged over that
      period is less than the Minimum Transferor Interest (calculated using the
      Average Principal Receivables for such Monthly Period as the Aggregate
      Principal Receivables on the date of determination), Transferor shall
      designate additional eligible MasterCard or VISA accounts ("Additional
      Accounts") to be included as Accounts in a sufficient amount such that the
      average of Transferor Interest as a percentage of the Average Principal
      Receivables for such Monthly Period, computed by assuming that the amount
      of the Average Principal Receivables of such Additional Accounts shall be
      deemed to be outstanding in the Trust during each day of such Monthly
      Period, is at least equal to the Minimum Transferor Interest, or (ii) on
      any Record Date the Aggregate Principal Receivables is less than the
      Minimum Aggregate Principal Receivables, Transferor shall designate
      Additional Accounts to be included as Accounts in a sufficient amount such
      that the Aggregate Principal Receivables will be equal to or greater than
      the Minimum Aggregate Principal Receivables. For purposes of the preceding
      sentence, the terms "Transferor Interest" and "Minimum Transferor
      Interest" shall have the meanings assigned to such terms in the Pooling
      and Servicing Agreement, and the term "Minimum Aggregate Principal
      Receivables" shall have the meaning assigned to such term in the
      Collateral Series Supplement to the Pooling and Servicing Agreement, in
      each case with respect to any day prior to the Certificate Trust
      Termination Date. Receivables from such Additional Accounts shall be
      transferred to Issuer on or before the tenth Business Day following such
      Monthly Period; provided, however, that to the extent Transferor
      designates Additional Accounts with Principal Receivables substantially in
      excess of the amount of Principal Receivables required under this
      subsection 2.06(a), such excess shall be deemed to be optional Additional
      Accounts under subsection 2.06(b) below and will be permitted to be so
      designated solely to the extent permitted by subsection 2.06(b).

            (b) In addition to its obligation under subsection 2.06(a),
      Transferor may, but shall not be obligated to, designate from time to time
      certain Additional Accounts (the "Automatic Additional Accounts") to be
      included as Accounts, provided that Transferor shall not make more than
      one such designation in any one Monthly Period; and provided, further,
      that such Automatic Additional Accounts shall not exceed the Maximum
      Addition Amount or include Financial Institutions Accounts unless
      Transferor shall have received the notice from the Rating Agencies
      required by subsection 2.06(c)(vii) below.

            (c) Transferor agrees that any such transfer of Receivables from
      Additional Accounts under subsection 2.06(a) or (b) shall satisfy the
      following conditions (to the extent provided below):

                                       19
<PAGE>

                  (i) on or before the fifth Business Day prior to the Addition
            Date with respect to additions pursuant to subsection 2.06(a) and on
            or before the tenth Business Day prior to the Addition Date with
            respect to additions pursuant to subsection 2.06(b) (the "Notice
            Date"), Transferor shall give Issuer, Indenture Trustee, each Rating
            Agency and Servicer written notice that such Additional Accounts
            will be included, which notice shall specify the approximate
            aggregate amount of the Receivables to be transferred;

                  (ii) on or before the Addition Date, Transferor shall have
            delivered to Indenture Trustee, a written assignment (including an
            acceptance by Issuer) in substantially the form of Exhibit B (the
            "Assignment") and Transferor shall direct Servicer to indicate in
            its computer files (and to cause FNBO to indicate in its computer
            files) that the Receivables created in connection with the
            Additional Accounts have been transferred to Issuer and, within five
            Business Days thereafter, Servicer shall have delivered to Issuer,
            with a copy delivered to Indenture Trustee, a computer file or
            microfiche list containing a true and complete list of all
            Additional Accounts, identified by account number and the aggregate
            amount of the Receivables in such Additional Accounts, as of the
            Addition Date, which computer file or microfiche list shall be as of
            the date of such Assignment, shall be incorporated into and made a
            part of such Assignment and this Agreement, and shall be subject to
            the confidentiality obligations under Section 2.02 hereof;

                  (iii) Transferor shall represent and warrant that (A) each
            Additional Account is, as of the Addition Date, an Eligible Account,
            and each Receivable in such Additional Account, is, as of the
            Addition Date, an Eligible Receivable, (B) no selection procedures
            believed by Transferor to be materially adverse to the interests of
            the Noteholders were utilized in selecting the Additional Accounts
            from the available Eligible Accounts (or, in the case of Financial
            Institutions Accounts, from the available Financial Institutions
            Accounts constituting Eligible Accounts) and (C) as of the Addition
            Date, Transferor is not insolvent;

                  (iv) Transferor shall represent and warrant that, as of the
            Addition Date, the Assignment constitutes either (A) a valid
            transfer and assignment to Issuer of all right, title and interest
            of Transferor in and to the Receivables then existing and thereafter
            created in the Additional Accounts, and all proceeds (as defined in
            the UCC) of such Receivables and Insurance Proceeds relating thereto
            and such Receivables and all proceeds thereof and Insurance Proceeds
            relating thereto will be held by Issuer free and clear of any Lien,
            except for (1) Liens permitted under subsection 2.05(b), (2) the
            interest of the Holder of Transferor Interest and (3) Servicer's
            right, if any, to receive interest accruing on, and investment
            earnings in respect of, the Finance Charge Account, the Collection
            Account, the Principal Account, or any Series Account as provided in
            the Indenture and any related Indenture Supplement or (B) a grant of
            a first priority perfected security interest (as defined in the UCC)
            in such property to Issuer, which is enforceable with respect to
            then existing Receivables of the Additional Accounts, the proceeds
            (as defined in the UCC) thereof and Insurance Proceeds

                                       20
<PAGE>
            relating thereto upon the conveyance of such Receivables to Issuer,
            and which will be enforceable with respect to the Receivables
            thereafter created in respect of Additional Accounts conveyed on
            such Addition Date, the proceeds (as defined in the UCC) thereof and
            Insurance Proceeds relating thereto upon such creation;

                  (v) Transferor shall deliver an Officer's Certificate
            substantially in the form of Schedule 2 to Exhibit B to Issuer and
            Indenture Trustee (with a copy thereof to each Rating Agency); it
            being understood that Issuer and Indenture Trustee may conclusively
            rely on such Officer's Certificate, shall have no duty to make
            inquiries with regard to the matters set forth therein and shall
            incur no liability in so relying;

                  (vi) Transferor shall deliver an Opinion of Counsel with
            respect to the Receivables in the Additional Accounts to Issuer and
            Indenture Trustee (with a copy to any of the Rating Agencies which
            shall have requested in writing such copies) substantially in the
            form of Exhibit E; and

                  (vii) with respect to Financial Institutions Accounts or
            Accounts in excess of the Maximum Addition Amount, Transferor shall
            have received notice from each Rating Agency that the inclusion of
            such accounts as Additional Accounts pursuant to subsection 2.06(b)
            will not result in the reduction or withdrawal of its then existing
            rating of any Series of Notes then issued and outstanding.

      SECTION 2.07. REMOVAL OF ACCOUNTS.

            (a) Subject to the conditions set forth below, on or after the
      Certificate Trust Termination Date, Transferor may, but shall not be
      obligated to, designate Receivables from Accounts to be reassigned to it
      or its designee ("Removed Accounts"); provided, however, that Transferor
      shall not make more than one such designation in any one Monthly Period.
      On or before the fifth Business Day (the "Removal Notice Date") prior to
      the date on which the designated Removed Accounts will be reassigned by
      Issuer to Transferor (the "Removal Date"), Transferor shall give Issuer,
      Indenture Trustee and Servicer written notice that the Receivables from
      such Removed Accounts are to be reassigned to Transferor.

            (b) Transferor shall be permitted to designate and require
      reassignment to it of the Receivables from Removed Accounts on or after
      the Certificate Trust Termination Date only upon satisfaction of the
      following conditions:

                  (i) the removal of any Receivables of any Removed Accounts on
            any Removal Date shall not, in the reasonable belief of Transferor,
            (A) cause a Pay Out Event to occur; provided, however, that for the
            purposes of this subsection 2.07(b)(i), the Receivables of each
            Removed Account shall be considered to have been removed as of the
            Removal Date, (B) cause the Transferor Interest as a percentage of
            the Aggregate Principal Receivables to be less than the Minimum
            Transferor Interest on such Removal Date, (C) result in

                                       21
<PAGE>
            the failure to make any payment specified in the related Indenture
            Supplement with respect to any Series, or (D) cause the Aggregate
            Principal Receivables to be less than the Minimum Aggregate
            Principal Receivables on such Removal Date;

                  (ii) on or prior to the Removal Date, Transferor shall have
            delivered to Issuer and Indenture Trustee for execution a written
            assignment in substantially the form of Exhibit G (the
            "Reassignment") and, within five Business Days thereafter,
            Transferor shall have delivered to Issuer a computer file or
            microfiche list containing a true and complete list of all Removed
            Accounts identified by account number and the aggregate amount of
            the Receivables in such Removed Accounts as of the Removal Date,
            which computer file or microfiche list shall as of the Removal Date
            modify and amend and be made a part of this Agreement;

                  (iii) Transferor shall represent and warrant as of each
            Removal Date that (x)(i) Accounts (or administratively convenient
            groups of Accounts, such as billing cycles) were chosen for removal
            randomly or otherwise not on a basis intended to select particular
            accounts or groups of accounts for any reason other than
            administrative convenience and (ii) no selection procedure was used
            by Transferor which is materially adverse to the interests of the
            Noteholders or (y) Accounts were identified for removal because of a
            third-party cancellation, or expiration without renewal, of an
            affinity, private-label, agent bank or similar arrangement;

                  (iv) on or before the tenth Business Day prior to the Removal
            Date, each Rating Agency shall have received notice of such proposed
            removal of the Receivables of such Accounts and Transferor shall
            have received notice prior to the Removal Date from such Rating
            Agency that such proposed removal will not result in a downgrade or
            withdrawal of its then current rating of any outstanding Series;

                  (v) on any Removal Notice Date, the amount of the Principal
            Receivables of the Removed Accounts to be reassigned to Transferor
            on the related Removal Date shall not equal or exceed 5% of the
            Aggregate Principal Receivables on such Removal Date, provided that
            if any Series has been paid in full, the Principal Receivables in
            such Removed Accounts may equal the Initial Collateral Amount of
            such Series; and

                  (vi) Transferor shall have delivered to Issuer and Indenture
            Trustee an Officer's Certificate confirming the items set forth in
            clauses (i) through (v) above. Issuer and Indenture Trustee may
            conclusively rely on such Officer's Certificate, shall have no duty
            to make inquiries with regard to the matters set forth therein and
            shall incur no liability in so relying.

            Upon satisfaction of the above conditions, Issuer and Indenture
      Trustee shall execute and deliver the Reassignment to Transferor, and the
      Receivables from the Removed Accounts shall, without further action, be
      deemed to be transferred, assigned

                                       22
<PAGE>
      and conveyed to Transferor or its designee, effective as of the Removal
      Date, without recourse.

      SECTION 2.08. DISCOUNT OPTION RECEIVABLES.

            (a) On or after the Certificate Trust Termination Date, Transferor
      shall have the option to designate a percentage (the "Discount
      Percentage") of the Principal Receivables in all or certain of the
      Accounts created on and after such date of designation to be treated as
      Finance Charge Receivables ("Discount Option Receivables") in accordance
      with the provisions of this Section 2.08. The Discount Percentage shall
      not apply to Finance Charges, or any other fees and charges (other than
      Insurance Proceeds) or to Receivables in or recoveries of Defaulted
      Accounts. The Discount Percentage may be fixed or variable and shall not
      exceed 4%.

            (b) Discount Option Receivables shall be considered Finance Charge
      Receivables for all purposes hereunder, including for the purposes of
      allocating Collections pursuant to the Indenture.

            (c) Transferor shall have the option to increase the Discount
      Percentage to a percentage not greater than 4%, to reduce the Discount
      Percentage, to apply the Discount Percentage to Principal Receivables
      created in Accounts not previously subject to the Discount Percentage and
      to cease to apply the Discount Percentage to Principal Receivables created
      in Accounts previously subject to the Discount Percentage; provided,
      however, that Transferor shall not change any existing Discount Option
      Receivables into Principal Receivables and Transferor shall not increase
      the Discount Percentage during any Rapid Amortization Period (as defined
      in any Indenture Supplement) or if such increase would cause the
      Transferor Interest to be less than the Minimum Transferor Interest or
      would cause the Aggregate Principal Receivables in the Trust to be less
      than the Minimum Aggregate Principal Receivables.

            (d) Transferor shall provide to Servicer, Issuer, Indenture Trustee
      and each Rating Agency 30 days' prior written notice of any designation,
      increase or reduction of the Discount Percentage, and such designation,
      increase or reduction shall become effective on the date specified in such
      notice if such designation, increase or reduction in the reasonable belief
      of Transferor, as set forth by Transferor in an Officer's Certificate
      delivered to the Indenture Trustee, would not cause a Pay Out Event, or an
      event which, with notice or the lapse of time or both, would constitute a
      Pay Out Event, to occur; provided, however, that the Rating Agency
      Condition shall have been satisfied.

                                   ARTICLE III

                   ADMINISTRATION AND SERVICING OF RECEIVABLES

      Prior to the Certificate Trust Termination Date, the Receivables shall be
serviced as provided in the Pooling and Servicing Agreement, and this Article
III will have no effect. On and after the Certificate Trust Termination Date:

                                       23
<PAGE>

      SECTION 3.01. ACCEPTANCE OF APPOINTMENT AND OTHER MATTERS RELATING TO
SERVICER.

            (a) FNBO agrees to act as Servicer under this Agreement. The
      Noteholders of each Series by their acceptance of the related Notes
      consent to FNBO acting as Servicer.

            (b) Servicer shall service and administer the Receivables and shall
      collect payments due under the Receivables and shall charge off
      Receivables as uncollectible, in accordance with its customary and usual
      servicing procedures for servicing credit card receivables comparable to
      the Receivables and, subject to subsection (d) below, in accordance with
      the Credit Card Guidelines and shall have full power and authority acting
      alone or through any party properly designated by it hereunder, to do any
      and all things in connection with such servicing and administration which
      it may deem necessary or desirable. Without limiting the generality of the
      foregoing and subject to Section 7.01, Servicer is hereby authorized and
      empowered (i) to make withdrawals from the Collection Account, the Excess
      Funding Account or any Series Account to the extent and as set forth in
      this Agreement, the Indenture or any Indenture Supplement, (ii) unless
      such power and authority is revoked on account of the occurrence of a
      Servicer Default pursuant to Section 7.01, to instruct Indenture Trustee
      to make withdrawals and payments, from the Collection Account, the Excess
      Funding Account and any Series Account, in accordance with such
      instructions as set forth in this Agreement, the Indenture or any
      Indenture Supplement, (iii) unless such power and authority is revoked on
      account of the occurrence of a Servicer Default pursuant to Section 7.01,
      to instruct Indenture Trustee in writing, as set forth in this Agreement,
      the Indenture or any Indenture Supplement, (iv) to take any actions
      required or permitted under any Enhancement, (v) to execute and deliver,
      on behalf of Issuer for the benefit of the Noteholders, any and all
      instruments of satisfaction or cancellation, or of partial or full release
      or discharge, and all other comparable instruments, with respect to the
      Receivables and, after the delinquency of any Receivable and to the extent
      permitted under and in compliance with applicable law and regulations, to
      commence enforcement proceedings with respect to such Receivables and (vi)
      to make any filings, reports, notices, applications, registrations with,
      and to seek any consents or authorizations from, the Commission and any
      state securities authority on behalf of Issuer as may be necessary or
      advisable to comply with any federal or state securities or reporting
      requirements. Indenture Trustee agrees that it shall promptly follow the
      written instructions of Servicer to withdraw funds from the Collection
      Account, the Excess Funding Account or any Series Account and to take any
      action required under any Enhancement at such time as required under this
      Agreement, the Indenture or any Indenture Supplement. Each of Owner
      Trustee and Indenture Trustee shall execute at Servicer's written request
      such documents prepared by Transferor and acceptable to Owner Trustee or
      Indenture Trustee (as applicable) as may be necessary or appropriate to
      enable Servicer to carry out its servicing and administrative duties
      hereunder.

            Owner Trustee shall furnish Servicer with any powers of attorney and
      other documents from Owner Trustee and Indenture Trustee necessary or
      appropriate to enable Servicer to carry out its servicing and
      administrative duties hereunder.

                                       24
<PAGE>

            (c) In the event that Transferor is unable for any reason to
      transfer Receivables to Issuer in accordance with the provisions of this
      Agreement (including by reason of the application of the provisions of
      Section 6.01 or the order of any federal governmental agency having
      regulatory authority over Transferor or any court of competent
      jurisdiction that Transferor not transfer any additional Principal
      Receivables to Issuer) then, in any such event, Servicer agrees to
      allocate in accordance with the provisions of Section 2.05(d).

            (d) Servicer shall comply with and perform its servicing obligations
      with respect to the Accounts and Receivables in accordance with the Credit
      Card Agreements relating to the Accounts and the Credit Card Guidelines
      and all applicable rules and regulations of VISA USA, Inc. and MasterCard
      International Incorporated, except insofar as any failure to so comply or
      perform would not materially and adversely affect Issuer, Indenture
      Trustee or the Noteholders.

            (e) Servicer shall not be obligated to use separate servicing
      procedures, offices, employees or accounts for servicing the Receivables
      from the procedures, offices, employees and accounts used by Servicer in
      connection with servicing other credit card receivables.

            (f) Servicer shall maintain fidelity bond coverage insuring against
      losses through wrongdoing of its officers and employees who are involved
      in the servicing of credit card receivables covering such actions and in
      such amounts as Servicer believes to be reasonable from time to time.

            (g) The relationship of Servicer (and of any successor to Servicer
      as servicer under this Agreement) to Indenture Trustee under this
      Agreement is intended by the parties to be that of an independent
      contractor and not that of a joint venturer, partner or agent of Indenture
      Trustee.

      SECTION 3.02. SERVICING COMPENSATION. As compensation for its servicing
activities hereunder and reimbursement for its expenses as set forth in the
immediately following paragraph, Servicer shall be entitled to receive a monthly
servicing fee in respect of any Monthly Period or portion thereof after the
Certificate Trust Termination Date (with respect to each Monthly Period, the
"Monthly Servicing Fee"). The share of the Monthly Servicing Fee allocable to
each Series of Notes with respect to any Monthly Period (or portion thereof)
shall be payable on the related Distribution Date and, with respect to each
Series (unless otherwise provided in the related Indenture Supplement), shall be
equal to one-twelfth of the product of (a) the applicable Series Servicing Fee
Percentage per annum and (b) the Collateral Amount of such Series as of the last
day of the Monthly Period preceding such Distribution Date (the "Noteholder
Servicing Fee") and shall be paid to Servicer pursuant to the applicable
Indenture Supplement. The servicing fee payable by the Holder of Transferor
Interest shall be equal to the product of one-twelfth of the product of (i)
Transferor Interest and (ii) the weighted average of the Series Servicing Fee
Percentages with respect to each Series of Notes then outstanding (the
"Transferor Servicing Fee"). The Monthly Servicing Fee for each Monthly Period
shall equal the sum of (A) the aggregate amount of Noteholder Servicing Fees for
such Monthly Period with respect to each Series then outstanding and (B)
Transferor Servicing Fee for such Monthly

                                       25
<PAGE>
Period. The Noteholder Servicing Fee with respect to any Series is payable in
arrears on the related Transfer Date (unless otherwise provided in the related
Indenture Supplement) and Transferor Servicing Fee is payable in arrears no
later than the last Transfer Date with respect to any Series occurring in a
Monthly Period. Transferor Servicing Fee and, unless otherwise provided in an
Indenture Supplement, each Noteholder Servicing Fee, shall be calculated on the
basis of actual days elapsed and a year of 365 days or 366 days, as the case may
be. The compensation payable to Servicer hereunder, including the Monthly
Servicing Fee, may not be transferred except to a Successor Servicer. In no
event shall Issuer, Indenture Trustee, the Noteholders of a Series or any
Enhancement Provider be liable for Transferor Servicing Fee.

      Servicer's expenses include the amounts due to Owner Trustee pursuant to
Article VII of the Trust Agreement and the reasonable fees and disbursements of
Indenture Trustee, Administrator, any Paying Agent, any Transfer Agent and
Registrar, independent public accountants and all other expenses incurred by
Servicer in connection with its activities hereunder, including expenses related
to the enforcement of the Receivables and all other fees and expenses that are
not expressly stated in this Agreement or any other Transaction Document to be
payable by Issuer, the Noteholders of a Series or Transferor, including the
costs of filing the UCC continuation statements and the costs and expenses
relating to obtaining and maintaining the listing of any Notes on any stock
exchange. Servicer shall not be liable for any liabilities, costs or expenses of
the Trust or the Noteholders arising under any tax law, including without
limitation any federal, state or local income or franchise taxes or any other
tax imposed on or measured by income (or any interest or penalties with respect
thereto or arising from a failure to comply therewith). Servicer shall be
required to pay such expenses for its own account and shall not be entitled to
any payment therefor other than the Monthly Servicing Fee.

      SECTION 3.03. REPRESENTATIONS, WARRANTIES AND COVENANTS OF SERVICER. FNBO,
as initial Servicer, hereby makes, and any successor Servicer by its appointment
hereunder shall make (with such changes as shall be applicable to such Successor
Servicer), on each Closing Date (and on the date of any such appointment) the
following representations and warranties and covenants to Issuer on which Owner
Trustee has relied in executing the Notes and Indenture Trustee has relied in
authenticating Notes:

            (a) ORGANIZATION AND GOOD STANDING. Servicer is a national banking
      association (or with respect to such Successor Servicer, such other
      corporate entity as may be applicable) duly organized, validly existing
      and in good standing under the laws of the United States, and has full
      corporate power, authority and legal right to own its properties and
      conduct its business as such properties are presently owned and as such
      business is presently conducted, and to execute, deliver and perform its
      obligations under this Agreement and the other Transaction Documents to
      which it is a party.

            (b) DUE QUALIFICATION. Servicer is not required to qualify nor
      register as a foreign corporation in any state in order to service the
      Receivables as required by this Agreement and the other Transaction
      Documents to which it is a party, other than such states as to which
      Servicer has so qualified and is in good standing or failure to so qualify
      and maintain good standing would not have a material adverse effect on
      Servicer's ability to perform its obligations hereunder or the interests
      of Noteholders, and has obtained all

                                       26
<PAGE>
      licenses and approvals necessary in order to so service the Receivables as
      required under federal and Nebraska law.

            (c) DUE AUTHORIZATION. The execution, delivery and performance of
      this Agreement and the other Transaction Documents to which it is a party
      have been duly authorized by Servicer by all necessary corporate action on
      the part of Servicer and this Agreement, and each such other Transaction
      Document, will remain, from the time of its execution, an official record
      of Servicer.

            (d) BINDING OBLIGATION. This Agreement and each other Transaction
      Document to which Servicer is a party constitutes a legal, valid and
      binding obligation of Servicer, enforceable in accordance with its terms,
      except as enforceability may be limited by applicable Debtor Relief Laws
      now or hereinafter in effect, affecting the enforcement of creditors'
      rights in general and the rights of creditors of national banking
      associations and by general principles of equity (whether considered in a
      suit at law or in equity).

            (e) NO VIOLATION. The execution and delivery of this Agreement and
      each other Transaction Document to which Servicer is a party by Servicer,
      and the performance of the transactions contemplated by this Agreement and
      each such other Transaction Document and the fulfillment of the terms
      hereof and thereof applicable to Servicer, will not conflict with,
      violate, result in any breach of any of the material terms and provisions
      of, or constitute (with or without notice or lapse of time or both) a
      default under any Requirement of Law applicable to Servicer or any
      indenture contract, agreement, mortgage, deed of trust or other instrument
      to which Servicer is a party or by which it is bound.

            (f) NO PROCEEDINGS. There are no proceedings or investigations
      pending or, to the best knowledge of Servicer, threatened against Servicer
      before any court, regulatory body, administrative agency or other tribunal
      or governmental instrumentality seeking to prevent the issuance of the
      Notes or the consummation of any of the transactions contemplated by this
      Agreement and the other Transaction Documents, seeking any determination
      or ruling that, in the reasonable judgment of Servicer, would materially
      and adversely affect the performance by Servicer of its obligations under
      this Agreement or any other Transaction Document to which it is a party,
      or seeking any determination or ruling that would materially and adversely
      affect the validity or enforceability of this Agreement or any other
      Transaction Document.

            (g) COMPLIANCE WITH REQUIREMENTS OF LAW. Servicer shall duly satisfy
      all obligations on its part to be fulfilled under or in connection with
      each Receivable and the related Account, will maintain in effect all
      qualifications required under Requirements of Law in order to properly
      service each Receivable and the related Account and will comply in all
      material respects with all other Requirements of Law in connection with
      servicing each Receivable and the related Account, the failure to comply
      with which would have a material adverse effect on the interests of the
      Noteholders or any Enhancement Provider.

                                       27
<PAGE>

            (h) NO RESCISSION OR CANCELLATION. Servicer shall not permit any
      rescission or cancellation of a Receivable except as ordered by a court of
      competent jurisdiction or other Governmental Authority or in the ordinary
      course of its business and in accordance with the Credit Card Guidelines.
      Servicer shall reflect any such rescission or cancellation in its computer
      file of revolving credit card accounts.

            (i) PROTECTION OF HOLDERS' RIGHTS. Servicer shall take no action
      which, nor omit to take any action the omission of which, would materially
      impair the rights of Holders in any Receivable or Account, nor shall it,
      except in the ordinary course of its business and in accordance with the
      Credit Card Guidelines, reschedule, revise or defer Collections due on the
      Receivables, except as permitted in subsection 3.03(h).

            (j) RECEIVABLES NOT TO BE EVIDENCED BY PROMISSORY NOTES. Except in
      connection with its enforcement or collection of an Account, Servicer will
      take no action to cause any Receivable to be evidenced by any instrument,
      other than an instrument that, taken together with one or more other
      writings, constitutes chattel paper and, if any Receivable is so evidenced
      (whether or not in connection with the enforcement or collection of an
      Account), it shall be reassigned or assigned to Servicer as provided in
      this Section.

            (k) ALL CONSENTS REQUIRED. All approvals, authorizations, consents,
      orders or other actions of any Person or of any governmental body or
      official required in connection with the execution and delivery by
      Servicer of this Agreement and each other Transaction Document to which it
      is a party, the performance by Servicer of the transactions contemplated
      by this Agreement and the other Transaction Documents and the fulfillment
      by Servicer of the terms hereof and thereof have been obtained; provided
      that Servicer makes no representation or warranty as to state securities
      or "blue sky" laws.

            (l) MAINTENANCE OF RECORDS AND BOOKS OF ACCOUNT. Servicer shall
      maintain and implement administrative and operating procedures (including
      the ability to recreate records evidencing the Receivables in the event of
      the destruction of the originals thereof), and keep and maintain all
      documents, books, computer records and other information, reasonably
      necessary or advisable for the collection of all the Receivables. Such
      documents, books and computer records shall reflect all facts giving rise
      to the Receivables, all payments and credits with respect thereto, and, to
      the extent required pursuant to Section 2.01, such documents, books and
      computer records shall indicate the interests of Issuer in the
      Receivables.

            (m) TRANSACTION DOCUMENTS. Servicer shall observe and perform each
      and every obligation of Servicer under any other Transaction Documents.

            (n) DELINQUENCIES. Receivables will be charged off at the earlier of
      (a) the date they become 180 days Delinquent, or (b) when required
      pursuant to the Credit Card Guidelines.

                                       28
<PAGE>

      As of the Certificate Trust Termination Date, Servicer agrees that all
representations and warranties made by it in its capacity as Servicer under the
Pooling and Servicing Agreement with respect to any Account or Receivable
pursuant to Section 3.03 of the Pooling and Servicing Agreement shall be deemed
for all purposes to have been made by Servicer to Issuer pursuant to this
Agreement as of the day when each was made or deemed made, as if this Agreement
had been in effect on that day.

      After the Certificate Trust Termination Date, if any of the
representations, warranties or covenants of Servicer contained in paragraph (g),
(h), (i) or (j) of this Section 3.03 or paragraphs (g) (h), (i) or (j) of
Section 3.03 of the Pooling and Servicing Agreement with respect to any
Receivable or the related Account is breached, and as a result of such breach
Issuer's rights in, to or under any Receivables in the related Account or the
proceeds of such Receivables are materially impaired or such proceeds are not
available for any reason to Issuer free and clear of any Lien, then no later
than the expiration of 60 days from the earlier to occur of the discovery of
such event by Servicer, or receipt by Servicer of notice of such event given by
Indenture Trustee, all Receivables in the Account or Accounts to which such
event relates shall be reassigned or assigned to Servicer as set forth below;
provided that such Receivables will not be reassigned or assigned to Servicer
if, on any day prior to the end of such 60-day period, (i) the relevant
representation and warranty shall be true and correct, or the relevant covenant
shall have been complied with, in all material respects and (ii) Servicer shall
have delivered to Indenture Trustee an Officer's Certificate describing the
nature of such breach and the manner in which such breach was cured. Indenture
Trustee will have no duty to monitor for such events, but will provide notice to
Servicer only upon its receipt of notice from another party.

      Servicer shall effect such assignment by making a deposit into the
Collection Account in immediately available funds prior to the next succeeding
Business Day in an amount equal to the aggregate amount of such Receivables,
which deposit shall be considered a Collection with respect to such Receivables
and shall be applied in accordance with Article VIII of the Indenture and each
Indenture Supplement.

      Upon each such assignment to Servicer, Issuer and Indenture Trustee shall
automatically and without further action be deemed to transfer, assign, set over
and otherwise convey to Servicer, without recourse, representation or warranty
all right, title and interest of Issuer and Indenture Trustee in and to such
Receivables, all moneys due or to become due and all amounts received with
respect thereto and all proceeds thereof. Issuer and Indenture Trustee shall
execute such documents and instruments of transfer or assignment and take such
other actions as shall be reasonably requested by Servicer to effect the
conveyance of any such Receivables pursuant to this Section. The obligation of
Servicer to accept assignment of such Receivables, and to make the deposits, if
any, required to be made to the Collection Account as provided in the preceding
paragraph, shall constitute the sole remedy respecting the event giving rise to
such obligation available to Issuer, Owner Trustee, Holders (or Indenture
Trustee on behalf of the Noteholders) or any Enhancement Provider.

      SECTION 3.04.     REPORTS AND RECORDS FOR INDENTURE TRUSTEE.

            (a) DAILY REPORTS. On each Business Day, Servicer, with prior
      notice, shall prepare and make available at the office of Servicer for
      inspection by Indenture Trustee a

                                       29
<PAGE>
      record setting forth (i) the aggregate amount of Collections processed by
      Servicer on the preceding Business Day and (ii) the aggregate amount of
      Receivables as of the close of business on the preceding Business Day.

            (b) MONTHLY SERVICER'S CERTIFICATE. Unless otherwise stated in the
      related Indenture Supplement with respect to any Series, on each
      Determination Date Servicer shall forward to Indenture Trustee, Paying
      Agent, any Enhancement Provider and each Rating Agency a certificate of a
      Servicing Officer substantially in the form of Exhibit C (which includes
      any Schedule thereto specified as such in the applicable Indenture
      Supplement) for each Series setting forth the following information for
      the preceding Monthly Period: (i) the aggregate amount of Collections
      processed for Issuer, (ii) the aggregate amount of Collections of
      Principal Receivables processed, (iii) the aggregate amount of Collections
      of Finance Charge Receivables processed, (iv) the aggregate Allocation
      Percentage of Collections of Principal Receivables, (v) the aggregate
      Allocation Percentage of Collections of Finance Charge Receivables, (vi)
      the aggregate amount of Principal Receivables in Accounts which became
      Defaulted Accounts, (vii) the aggregate Allocation Percentage of Principal
      Receivables in Accounts which became Defaulted Accounts, (viii) the
      Interchange allocated to Issuer, (ix) the aggregate amount of Recoveries
      for Issuer, (x) the aggregate Adjustment Amount for Issuer, (xi) the
      aggregate amount of Receivables in Issuer at the end of the Monthly
      Period, (xii) the aggregate amount of the Collections of Principal
      Receivables allocated to such Series, (xiii) the aggregate amount of
      Collections of Finance Charge Receivables allocated to such Series, (xiv)
      the aggregate amount, if any, of withdrawals, drawings or payments under
      any Enhancement, if any, for such Series required to be made pursuant to
      the related Transaction Documents, (xv) the sum of all amounts payable to
      the Noteholders of each Series on the succeeding Distribution Date in
      respect of principal and interest, (xvi) for months during which Servicer
      is required to make deposits of Collections after the Distribution Date,
      the balance on deposit in the Collection Account or any Series Account
      (not covered elsewhere in the certificate) applicable to any Series
      outstanding on such Determination Date with respect to Collections
      processed by Servicer during the preceding Monthly Period, (xvii) the
      portfolio yield and the base rate for each Series then outstanding and
      (xviii) such other matters as are set forth in Exhibit C or the applicable
      Indenture Supplement. The monthly Servicer's certificate shall be in
      substantially the form of Exhibit C, with such changes as Servicer may
      determine to be necessary or desirable; provided, however, that no such
      change shall serve to exclude information required by this Agreement or
      any Indenture Supplement. Servicer shall, upon making such determination,
      deliver to Indenture Trustee and each Rating Agency an Officer's
      Certificate to which shall be annexed the form of Exhibit C as so changed.
      Upon the delivery of such Officer's Certificate to the Trustee, Exhibit C,
      as so changed, shall for all purposes of this Agreement constitute such
      Exhibit. The Trustee may conclusively rely upon such Officer's Certificate
      in determining whether Exhibit C, as changed, conforms to the requirements
      of this Agreement.

            (c) TRANSFERRED ACCOUNTS. Servicer shall deliver to Indenture
      Trustee, within a reasonable time period after any Transferred Account is
      created, but in any event not later than 15 days after the end of the
      month within which the Transferred Account is

                                       30
<PAGE>
      created, a notice specifying the new account number for any Transferred
      Account and the replaced account number.

      SECTION 3.05. ANNUAL SERVICER'S CERTIFICATE. On or before March 31 of each
calendar year, Servicer will deliver to Indenture Trustee, Owner Trustee, any
Enhancement Provider and each Rating Agency an Officer's Certificate
substantially in the form of Exhibit D stating that (a) a review of the
activities of Servicer during the 12-month period ending on December 31 of the
prior calendar year, and of its performance under this Agreement was made under
the supervision of the officer signing such certificate, (b) to the best of such
officer's knowledge based on such review, Servicer has fully performed all its
obligations under this Agreement throughout such period, or, if there has been a
default in the performance of any such obligation, specifying each such default
known to such officer and the nature and status thereof, (c) during such period,
for each outstanding Series, Servicer prepared the monthly reports required by
Section 3.04(b) of this Agreement and each other monthly report required by the
applicable Indenture Supplement in accordance with Section 3.04(b) of this
Agreement and the applicable provisions of each such Indenture Supplement, (d)
the amounts included in such reports agree with the computer records of Servicer
and (e) the calculated amounts included in such reports are mathematically
correct and made in accordance with the applicable definitions in this Agreement
and the other applicable Transaction Documents. A copy of such certificate may
be obtained by any Noteholder by a request in writing to Indenture Trustee
addressed to the Corporate Trust Office.

      SECTION 3.06.     ANNUAL INDEPENDENT ACCOUNTANTS' SERVICING REPORT.

            (a) On or before March 31 of each calendar year, beginning with
      March 31, 2003, Servicer shall provide to Indenture Trustee, Owner
      Trustee, any Enhancement Provider and each Rating Agency a copy of the
      report required by 12 C.F.R. Section 363.3(b) (or any comparable successor
      regulation) from a firm of nationally recognized independent certified
      public accountants (who may also render other services to Servicer or
      Transferor) to the effect that, in accordance with attestation standards
      established by the American Institute of Certified Public Accountants,
      such firm has examined Servicer's assertion that it maintained effective
      internal accounting controls during the preceding calendar year, and that
      such firm is of the opinion that Servicer's assertion is fairly stated in
      all material respects, based on the criteria established in "Internal
      Control - Integrated Framework" issued by the Committee of Sponsoring
      Organizations of the Treadway Commission. Unless otherwise provided with
      respect to any Series in the related Indenture Supplement, a copy of such
      report may be obtained by any Noteholder by a request in writing to
      Indenture Trustee addressed to the Corporate Trust Office.

            (b) On or before March 31 of each calendar year, beginning with
      March 31, 2003, Servicer shall cause a firm of nationally recognized
      independent certified public accountants (who may also render other
      services to Servicer or Transferor) to furnish a report (or reports) to
      Indenture Trustee, prepared using attestation standards established by the
      American Institute of Certified Public Accountants, to the effect that
      they have examined Servicer's assertions for each outstanding Series made
      pursuant to subsections 3.05(c), (d) and (e) above, and have concluded
      that such assertions are fairly stated in all material respects, except
      for such exceptions as shall be set forth in such report. Servicer

                                       31
<PAGE>
      shall also provide copies of the report for each Series to each Rating
      Agency, the Owner Trustee and Enhancement Provider. A copy of such report
      may be obtained by any Noteholder by a request in writing to Indenture
      Trustee addressed to the Corporate Trust Office.

      SECTION 3.07. TAX TREATMENT. Transferor has structured this Agreement and
the Notes to facilitate a secured, credit-enhanced financing on favorable terms
with the intention that the Notes will constitute indebtedness of Transferor for
federal income and state and local income and franchise tax purposes.
Transferor, Servicer, each Holder of Transferor Interest and each Noteholder by
acceptance of its Note (and each Note Owner, by its acceptance of an interest in
the applicable Note) agree to treat and to take no action inconsistent with the
treatment of the Notes (or beneficial interests therein) as indebtedness of
Transferor for purposes of federal, state, local and foreign income or franchise
taxes and any other tax imposed on or measured by income. Each Holder of
Transferor Interest, each Noteholder, by acceptance of its Note, and each Note
Owner, by acquisition of a beneficial interest in a Note, agrees to be bound by
the provisions of this Section 3.07. Each Noteholder agrees that it will cause
any Note Owner acquiring an interest in a Note through it to comply with this
Agreement as to treatment as indebtedness under applicable tax law, as described
in this Section 3.07.

      SECTION 3.08. NOTICES TO TRANSFEROR. In the event that FNBO is no longer
acting as Servicer, any Successor Servicer appointed pursuant to Section 7.02
shall deliver or make available to Transferor each certificate and report
required to be prepared, forwarded or delivered thereafter pursuant to Sections
3.04, 3.05 and 3.06.

      SECTION 3.09. ADJUSTMENTS. For each Monthly Period, Servicer shall be
obligated to reduce, on a net basis, the Aggregate Principal Receivables used to
calculate Transferor Interest and the Aggregate Principal Receivables (a "Credit
Adjustment") with respect to any Principal Receivable (i) which was created in
respect of merchandise refused or returned by the Obligor thereunder or as to
which the Obligor thereunder has asserted a counterclaim or defense, (ii) which
is reduced by Servicer by any rebate, refund, charge-back or adjustment
(including Servicer errors), (iii) which was created as a result of a fraudulent
or counterfeit charge or (iv) which was credited pursuant to a debt cancellation
or debt deferral program and not recovered during such Monthly Period from
Collections from insurance proceeds or reserves funded by fees generated through
such programs. In the event that the inclusion of the amount of a Credit
Adjustment in the calculation of Transferor Interest would cause Transferor
Interest to be an amount less than the Minimum Transferor Interest, or would
cause the Aggregate Principal Receivables to be less than the Minimum Aggregate
Principal Receivables, Transferor shall make a deposit, no later than the
earlier of (A) the Business Day following the Date of Processing of such Credit
Adjustment, and (B) the last day of the Monthly Period in which such Date of
Processing occurs, to the Excess Funding Account in immediately available funds
in an amount sufficient to cure any such shortfall. Any amount deposited into
the Excess Funding Account in connection with the adjustment of a Receivable as
specified above shall be applied in accordance with Article VIII of the
Indenture and each Indenture Supplement. In the event that Transferor shall fail
to pay to Servicer for deposit into the Excess Funding Account any amount
required to be so paid pursuant to this Section 3.09 or subsection 2.04(d)(iii)
(an "Adjustment Amount"), and shall not have subsequently paid such Amount,
Collections of Principal Receivables shall not be distributed or otherwise
released to Transferor hereunder, but shall

                                       32
<PAGE>
instead be deposited to the Excess Funding Account until an amount equal to the
Adjustment Amount has been so deposited. The Adjustment Amount shall be reduced
to the extent of such deposits.

      In the event that Servicer adjusts upwards the principal amount of any
Receivable, the Aggregate Principal Receivables shall be increased by the amount
of such upward adjustment.

      SECTION 3.10. TRANSFER OF RECEIVABLES IN DEFAULTED ACCOUNTS. Unless
otherwise provided in any Indenture Supplement, on the last day of each Monthly
Period, Issuer and Indenture Trustee shall automatically and without further
action or consideration be deemed to transfer, set over, and otherwise convey to
Transferor, without recourse, representation or warranty, all the right, title
and interest of Issuer and Indenture Trustee in and to Receivables in Accounts
which became Defaulted Accounts during such Monthly Period, all moneys due or to
become due with respect thereto, all proceeds thereof (other than Recoveries
relating thereto) and Interchange (if any) allocable to the Trust with respect
to such Receivables.

      SECTION 3.11. REPORTS TO THE COMMISSION. Servicer shall, on behalf of
Issuer, cause to be filed with the Commission any periodic reports required to
be filed under the provisions of the Securities Exchange Act of 1934, and the
rules and regulations of the Commission thereunder. Issuer shall sign any
certifications required in any filings relating to the Notes or the Trust Estate
required under the Exchange Act, including Section 3.02 of the Sarbanes - Oxley
Act of 2002. Transferor shall, at its own expense, cooperate in any reasonable
request of Servicer in connection with such filings. Issuer agrees to cooperate
with Servicer in connection with such filings.

                                   ARTICLE IV

                      OTHER MATTERS RELATING TO TRANSFEROR

      SECTION 4.01. LIABILITY OF TRANSFEROR. Transferor shall be liable in
accordance herewith to the extent, and only to the extent, of the obligations
specifically undertaken by it in its capacity as Transferor hereunder.

      SECTION 4.02. MERGER OR CONSOLIDATION OF, OR ASSUMPTION OF THE OBLIGATIONS
OF, TRANSFEROR.

            (a) Transferor shall not consolidate with or merge into, or convey
      or transfer its properties and assets substantially as an entirety to, any
      other Person, unless:

                  (i) the corporation formed by such consolidation or into which
            Transferor is merged or the Person which acquires by conveyance or
            transfer the properties and assets of Transferor substantially as an
            entirety shall be, if Transferor is not the surviving entity,
            organized and existing under the laws of the United States of
            America or any state, and shall be either (1) a business entity that
            may not become a debtor in a proceeding under Title 11 of the United
            States Code or (2) a special-purpose entity, the powers and
            activities of which shall be limited to the performance of
            Transferor's obligations under this Agreement and under the other
            Transaction Documents and shall expressly assume, by an agreement

                                       33
<PAGE>
            supplemental hereto, executed and delivered to Indenture Trustee and
            Owner Trustee, in form satisfactory to Indenture Trustee and Owner
            Trustee, the performance of every covenant and obligation of
            Transferor, as applicable hereunder and thereunder, and shall
            benefit from all the rights granted to Transferor, as applicable
            hereunder and thereunder. To the extent that any right, covenant or
            obligation of Transferor, as applicable hereunder, is inapplicable
            to the successor entity, such successor entity shall be subject to
            such covenant or obligation, or benefit from such right, as would
            apply, to the extent practicable, to such successor entity. In
            furtherance hereof, in applying this Section 4.02 to a successor
            entity, Section 6.01 hereof shall be applied by reference to events
            of involuntary liquidation, receivership or conservatorship
            applicable to such successor entity;

                  (ii) Transferor shall have delivered to Indenture Trustee an
            Officer's Certificate signed by a Vice President (or any more senior
            officer) of Transferor stating that such consolidation, merger,
            conveyance or transfer and such supplemental agreement comply with
            this Section 4.02 and that all conditions precedent herein provided
            for relating to such transaction have been complied with and an
            Opinion of Counsel that such supplemental agreement is legal, valid
            and binding, and enforceable against such surviving entity in
            accordance with its terms;

                  (iii) Servicer shall have delivered notice to the Rating
            Agencies of such consolidation, merger, conveyance or transfer and
            the Rating Agency Condition shall have been met;

                  (iv) Transferor shall have delivered to Indenture Trustee and
            each Rating Agency a Tax Opinion, dated the date of such
            consolidation, merger, conveyance or transfer, with respect thereto;
            and

                  (v) if Transferor is not the surviving entity, the surviving
            entity shall file new UCC-1 financing statements with respect to the
            interest of Issuer in the Receivables and the Collateral
            Certificate, if any.

            (b) This Section 4.02 shall not be construed to prohibit or in any
      way limit Transferor's ability to effectuate any consolidation or merger
      pursuant to which Transferor would be the surviving entity.

            (c) The obligations of Transferor hereunder shall not be assignable
      nor shall any Person succeed to the obligations of Transferor hereunder
      except for mergers, consolidations, assumptions or transfers in accordance
      with the provisions of the foregoing paragraphs.

      SECTION 4.03. LIMITATION ON LIABILITY OF TRANSFEROR. Subject to Section
4.01 and except as provided in Section 4.04, neither Transferor, any Holder of
Transferor Interest nor any of the directors, officers, employees or agents of
Transferor acting in such capacities shall be under any liability to Issuer,
Owner Trustee, the Holders, any Enhancement Provider or any

                                       34
<PAGE>
other Person for any action taken or for refraining from the taking of any
action in good faith in their capacities as Transferor pursuant to this
Agreement; provided that this provision shall not protect Transferor, any Holder
of Transferor Interest or any such Person against any liability which would
otherwise be imposed by reason of willful misfeasance, bad faith or gross
negligence in the performance of duties or by reason of reckless disregard of
obligations and duties hereunder. Transferor and any director, officer, employee
or agent of Transferor may rely in good faith on any document of any kind prima
facie properly executed and submitted by any Person (other than Transferor)
respecting any matters arising hereunder.

      SECTION 4.04.     TRANSFEROR INDEMNIFICATION.

            (a) Transferor shall indemnify and hold harmless Issuer, the
      Certificate Trust, Certificate Trust Trustee, Indenture Trustee and Owner
      Trustee, and their respective officers, directors, employees and agents
      (each, an "Indemnified Person"), from and against any loss, liability,
      expense, damage or injury (i) suffered or sustained by reason of any acts
      or omissions or alleged acts or omissions arising out of or based upon the
      arrangement created by this Agreement and the other Transaction Documents,
      or (ii) arising from or incurred in connection with Owner Trustee's
      administration of Issuer and the performance of its duties pursuant to
      this Agreement or any other Transaction Document, including any judgment,
      award, settlement, reasonable attorneys' fees and other costs or expenses
      incurred in connection with the defense of any actual or threatened
      action, proceeding or claim; provided, however, that Transferor shall not
      indemnify any such Indemnified Person if such acts, omissions or alleged
      acts or omissions constitute or are caused by fraud, negligence, or
      willful misconduct by such Indemnified Person; and provided, further, that
      Transferor shall not indemnify Issuer, the Certificate Trust or any
      Noteholder or Note Owner for any liabilities, costs or expenses with
      respect to any action taken by Certificate Trust Trustee at the direction
      of the Holders of Notes and Investor Certificates, or by Indenture Trustee
      at the direction of the Noteholders, in either case given in accordance
      with the applicable Transaction Documents; and provided, further, that
      Transferor shall not indemnify Issuer, the Certificate Trust or any
      Noteholder or Note Owner as to any losses, claims or damages incurred by
      any of them as owners of secured notes, for example, as a result of the
      performance of the Receivables, market fluctuations, a shortfall or
      failure to make payment under any Enhancement or other similar market or
      investment risks associated with ownership of secured notes; and provided,
      further, that Transferor shall not indemnify Issuer, the Certificate Trust
      or any Noteholder or Note Owner for any liabilities, costs or expenses of
      the Receivables Trust, Issuer, the Noteholders or the Note Owners arising
      under any tax law, including, without limitation, any federal, state,
      local or foreign income or franchise taxes or any other tax imposed on or
      measured by income (or any interest or penalties with respect thereto or
      arising from a failure to comply therewith) required to be paid by Issuer,
      the Certificate Trust, the Noteholders or the Note Owners in connection
      herewith to any taxing authority. Any such indemnifications under this
      Section 4.04 shall not be payable from the assets of the Issuer or the
      Certificate Trust and shall be subordinated to the Notes. The provisions
      of this indemnity shall run directly to and be enforceable by an injured
      party subject to the limitations hereof.

                                       35
<PAGE>

            (b) Transferor shall not be liable under this Section 4.04 for any
      settlement of any claim or action effected without its prior written
      consent, which shall not be unreasonably withheld.

            (c) Promptly after receipt by an injured party under this Section
      4.04 of notice of the commencement of any action or proceeding for which
      such injured party is entitled to indemnification under this Section 4.04,
      such injured party will, if a claim in respect thereof is to be made
      against Transferor under this Section 4.04, notify Transferor of the
      commencement thereof; but the omission to so notify Transferor (i) will
      not relieve it from any liability under Section 4.04 unless and to the
      extent that such failure to notify results in the forfeiture by
      Transferor, or the material impairment, of substantial rights and defenses
      and (ii) will not, in any event, relieve Transferor from any obligations
      to any injured party that are in addition to the indemnification
      obligation provided in this Section 4.04. If any such action or proceeding
      is brought that involves any injured party, the injured party shall
      promptly notify Transferor of the commencement thereof and Transferor will
      be entitled to participate therein and, to the extent that it may wish, to
      assume the defense thereof, with counsel reasonably satisfactory to such
      injured party; provided, however, that if (x) the use of counsel chosen by
      Transferor to represent the injured party would present such counsel with
      a conflict of interest which, if such counsel had been retained, would
      have required such counsel to withdraw from such representation, (y) the
      injured party shall have been advised by counsel that there may be one or
      more legal defenses available to it that are different from or additional
      to those available to Transferor or to other indemnified parties, or (z)
      Transferor shall not have employed counsel satisfactory to the injured
      party to represent the injured party within a reasonable time after
      receipt by Transferor of notice of the institution of such action or
      proceeding, then, in each such case, (1) Transferor shall not have the
      right to direct the defense of such action on behalf of such injured party
      or parties, (2) such injured party or parties shall have the right to
      select separate counsel to defend such action on behalf of such injured
      party or parties (provided that, if more than one injured party is subject
      to the circumstances described in clause (y), then, to the extent
      permitted by the rules of professional conduct applicable to attorneys,
      all such indemnified parties shall be represented by one such separate
      counsel) and (3) all costs and expenses of each such injured party in
      connection with such action or proceeding shall be paid by Transferor
      pursuant to Section 4.04(a) above. Transferor may settle any claim for
      which an injured party seeks indemnification under this Section 4.04 so
      long as (A) Transferor pays the settlement in full and (B) as a result
      thereof, the injured party is released from all liability under such
      claim.

            (d) After notice from Transferor to such injured party of
      Transferor's election so to assume the defense thereof and approval by
      such injured party of counsel appointed to defend such action, Transferor
      will not be liable to such injured party under this Section 4.04 for any
      legal or other expenses, other than reasonable costs of investigation,
      subsequently incurred by such injured party in connection with the defense
      thereof, unless (i) the injured party shall have employed separate counsel
      in accordance with the immediately preceding paragraph or (ii) Transferor
      has authorized in writing the employment of counsel for the injured party
      at the expense of Transferor. If Transferor assumes the defense of any
      such action or proceeding, the injured party shall have the

                                       36
<PAGE>

      right to employ separate counsel therein, and to participate in the
      defense thereof, but the fees and expenses of such counsel shall be borne
      exclusively by such injured party without any right or entitlement to
      reimbursement by Transferor or its Affiliates except as otherwise provided
      in the preceding sentence and in the preceding paragraph.

            (e) The provisions of this Section 4.04 shall survive the
      termination of this Agreement and the earlier removal or resignation of
      the Owner Trustee.

                                    ARTICLE V

                       OTHER MATTERS RELATING TO SERVICER

      SECTION 5.01. LIABILITY OF SERVICER. Servicer shall be liable in
accordance herewith only to the extent of the obligations specifically
undertaken by Servicer in such capacity herein.

      SECTION 5.02. MERGER OR CONSOLIDATION OF, OR ASSUMPTION OF THE OBLIGATIONS
OF, SERVICER.

            (a) Servicer shall not consolidate with or merge into any other
      Person or convey or transfer its properties and assets substantially as an
      entirety to any Person, unless:

                  (i) the Person formed by such consolidation or into which
            Servicer is merged or the Person which acquires by conveyance or
            transfer the properties and assets of Servicer substantially as an
            entirety shall be a national banking association, state banking
            corporation or other entity organized and existing under the laws of
            the United States or any of its states that is not subject to the
            bankruptcy laws of the United States of America and, if Servicer is
            not the surviving entity, shall expressly assume, by an agreement
            supplemental hereto, executed and delivered to Owner Trustee and
            Indenture Trustee in form satisfactory to Owner Trustee and
            Indenture Trustee, the performance of every covenant and obligation
            of Servicer hereunder (to the extent that any right, covenant or
            obligation of Servicer, as applicable hereunder, is inapplicable to
            the successor entity, such successor entity shall be subject to such
            covenant or obligation, or benefit from such right, as would apply,
            to the extent practicable, to such successor entity);

                  (ii) Servicer shall have delivered to Indenture Trustee an
            Officer's Certificate that such consolidation, merger, conveyance or
            transfer and such supplemental agreement comply with this Section
            5.02 and that all conditions precedent herein provided for relating
            to such transaction have been complied with and an Opinion of
            Counsel that such supplemental agreement is legal, valid and binding
            with respect to Servicer and enforceable against such surviving
            entity in accordance with its terms;

                  (iii) Servicer shall have delivered notice to the Rating
            Agencies of such consolidation, merger, conveyance or transfer; and

                                       37
<PAGE>

                  (iv) either (A) the entity formed by such consolidation or
            into which Servicer is merged or the Person which acquired by
            conveyance or transfer the properties and assets of Servicer
            substantially as an entirety shall be an Eligible Servicer (taking
            into account, in making such determination, the experience and
            operations of the predecessor Servicer) or (B) upon the
            effectiveness of such consolidation, merger, conveyance or transfer,
            a Successor Servicer shall have assumed the obligations of Servicer
            in accordance with this Agreement.

            (b) This Section 5.02 shall not be construed to prohibit or in any
      way limit Servicer's ability to effectuate any consolidation or merger
      pursuant to which Servicer would be the surviving entity.

      SECTION 5.03. LIMITATION ON LIABILITY OF SERVICER AND OTHERS. Except as
provided in Section 5.04 and with respect to Indenture Trustee, Section 6.07 of
the Indenture, neither Servicer nor any of the directors, officers, employees or
agents of Servicer in its capacity as Servicer shall be under any liability to
Issuer, Owner Trustee, Indenture Trustee, the Holders, any Enhancement Providers
or any other Person for any action taken or for refraining from the taking of
any action in good faith in its capacity as Servicer pursuant to this Agreement;
provided that this provision shall not protect Servicer or any such Person
against any liability which would otherwise be imposed by reason of willful
misfeasance, bad faith or gross negligence in the performance of duties or by
reason of reckless disregard of obligations and duties hereunder. Servicer and
any director, officer, employee or agent of Servicer may rely in good faith on
any document of any kind prima facie properly executed and submitted by any
Person (other than Servicer) respecting any matters arising hereunder. Servicer
shall not be under any obligation to appear in, prosecute or defend any legal
action which is not incidental to its duties as Servicer in accordance with this
Agreement and which in its reasonable judgment may involve it in any expense or
liability. Servicer may, in its sole discretion, undertake any such legal action
which it may deem necessary or desirable for the benefit of the Holders with
respect to this Agreement and the rights and duties of the parties hereto and
the interests of the Holders hereunder. Servicer shall not be liable for any
settlement of any claim or action effected without its prior written consent,
which shall not be unreasonably withheld.

      SECTION 5.04. SERVICER INDEMNIFICATION. (a) Servicer shall indemnify and
hold harmless Issuer, the Certificate Trust, the Certificate Trust Trustee,
Owner Trustee and Indenture Trustee, and their respective officers, directors,
employees and agents (each, an "Indemnified Person"), from and against any loss,
liability, expense, damage or injury suffered or sustained by reason of any acts
or omissions or alleged acts or omissions of Servicer with respect to activities
of the Certificate Trust, Issuer, Indenture Trustee, Certificate Trust Trustee
or Owner Trustee pursuant to this Agreement or any other Transaction Document,
including any judgment, award, settlement, reasonable attorneys' fees and other
costs or expenses incurred in connection with the defense of any actual or
threatened action, proceeding or claim; provided, however, that Servicer shall
not indemnify any such Indemnified Person if such acts, omissions or alleged
acts or omissions constitute or are caused by fraud, negligence, or willful
misconduct by such Indemnified Person; and provided, further, that Servicer
shall not indemnify Issuer, the Certificate Trust or any Noteholder or Note
Owner for any liabilities, costs or expenses with respect to any action taken by
Certificate Trust Trustee, at the direction of Holders of the Notes and the
Investor Certificates, or by Indenture Trustee at the direction of the
Noteholders, in either

                                       38
<PAGE>
case, given in accordance with the applicable Transaction Documents; and
provided, further, that Servicer shall not indemnify Issuer, the Certificate
Trust or any Noteholder or Note Owner as to any losses, claims or damages
incurred by any of them as owners of secured notes, for example, as a result of
the performance of the Receivables, market fluctuations, a shortfall or failure
to make payment under any Enhancement or other similar market or investment
risks associated with ownership of secured notes; and provided, further, that
Servicer shall not indemnify Issuer, the Certificate Trust or any Noteholder or
Note Owner for any liabilities, costs or expenses of the Receivables Trust,
Issuer, the Noteholders or the Note Owners arising under any tax law, including,
without limitation, any federal, state, local or foreign income or franchise
taxes or any other tax imposed on or measured by income (or any interest or
penalties with respect thereto or arising from a failure to comply therewith)
required to be paid by Issuer, the Noteholders or the Note Owners in connection
herewith to any taxing authority. Any such indemnifications under this Section
5.04 shall not be payable from the assets of Issuer or the Certificate Trust and
shall be subordinated to the Notes. The provisions of this indemnity shall run
directly to and be enforceable by an injured party subject to the limitations
hereof. Servicer shall also indemnify Indenture Trustee as provided in Section
6.07 of the Indenture.

            (b) Servicer shall not be liable under this Section 5.04 for any
      settlement of any claim or action effected without its prior written
      consent, which shall not be unreasonably withheld.

            (c) Promptly after receipt by an injured party under this Section
      5.04 of notice of the commencement of any action or proceeding for which
      such injured party is entitled to indemnification under this Section 5.04,
      such injured party will, if a claim in respect thereof is to be made
      against Servicer under this Section 5.04, notify Servicer of the
      commencement thereof; but the omission to so notify Servicer (i) will not
      relieve it from any liability under Section 5.04 unless and to the extent
      that such failure to notify results in the forfeiture by Servicer, or the
      material impairment, of substantial rights and defenses and (ii) will not,
      in any event, relieve Servicer from any obligations to any injured party
      that are in addition to the indemnification obligation provided in this
      Section 5.04. If any such action or proceeding is brought that involves
      any injured party, the injured party shall promptly notify Servicer of the
      commencement thereof and Servicer will be entitled to participate therein
      and, to the extent that it may wish, to assume the defense thereof, with
      counsel reasonably satisfactory to such injured party; provided, however,
      that if (x) the use of counsel chosen by Servicer to represent the injured
      party would present such counsel with a conflict of interest which, if
      such counsel had been retained, would have required such counsel to
      withdraw from such representation, (y) the injured party shall have been
      advised by counsel that there may be one or more legal defenses available
      to it that are different from or additional to those available to Servicer
      or to other indemnified parties, or (z) Servicer shall not have employed
      counsel satisfactory to the injured party to represent the injured party
      within a reasonable time after receipt by Servicer of notice of the
      institution of such action or proceeding, then, in each such case, (1)
      Servicer shall not have the right to direct the defense of such action on
      behalf of such injured party or parties, (2) such injured party or parties
      shall have the right to select separate counsel to defend such action on
      behalf of such injured party or parties (provided that, if more than one
      injured party is subject to the circumstances described in clause (y),
      then, to the extent permitted by the rules of

                                       39
<PAGE>

      professional conduct applicable to attorneys, all such indemnified parties
      shall be represented by one such separate counsel) and (3) all costs and
      expenses of each such injured party in connection with such action or
      proceeding shall be paid by Servicer pursuant to Section 5.04(a) above.
      Servicer may settle any claim for which an injured party seeks
      indemnification under this Section 5.04 so long as (A) Servicer pays the
      settlement in full and (B) as a result thereof, the injured party is
      released from all liability under such claim.

            (d) After notice from Servicer to such injured party of Servicer's
      election so to assume the defense thereof and approval by such injured
      party of counsel appointed to defend such action, Servicer will not be
      liable to such injured party under this Section 5.04 for any legal or
      other expenses, other than reasonable costs of investigation, subsequently
      incurred by such injured party in connection with the defense thereof,
      unless (i) the injured party shall have employed separate counsel in
      accordance with the immediately preceding paragraph or (ii) Servicer has
      authorized in writing the employment of counsel for the injured party at
      the expense of Servicer. If Servicer assumes the defense of any such
      action or proceeding, the injured party shall have the right to employ
      separate counsel therein, and to participate in the defense thereof, but
      the fees and expenses of such counsel shall be borne exclusively by such
      injured party without any right or entitlement to reimbursement by
      Servicer or its Affiliates except as otherwise provided in the preceding
      sentence and in the preceding paragraph.

            (e) The provisions of this Section 5.04 shall survive the
      termination of this Agreement and the earlier removal or resignation of
      the Owner Trustee.

      SECTION 5.05. SERVICER NOT TO RESIGN. Servicer shall not resign from the
obligations and duties hereby imposed on it except (a) upon determination that
(i) the performance of its duties hereunder is no longer permissible under
applicable law and (ii) there is no reasonable action which Servicer could take
to make the performance of its duties hereunder permissible under applicable law
or (b) as may be required, in connection with Servicer's consolidation with, or
merger into any other corporation or Servicer's conveyance or transfer of its
properties and assets substantially as an entirety to any person in each case,
in accordance with Section 5.02. Any such determination permitting the
resignation of Servicer shall be evidenced as to clause (a) above by an Opinion
of Counsel to such effect delivered to Indenture Trustee. No such resignation
shall become effective until Indenture Trustee or a Successor Servicer shall
have assumed the responsibilities and obligations of Servicer in accordance with
Section 7.02 hereof. If Indenture Trustee is unable within 120 days of the date
of such determination to appoint a Successor Servicer, Indenture Trustee shall
(i) serve as Successor Servicer hereunder until such time as a Successor
Servicer shall have been appointed and assumed the obligations of Servicer in
accordance with Section 7.02 hereunder or (ii) if Indenture Trustee is legally
unable so to act, petition a court of competent jurisdiction to appoint a
Successor Servicer in accordance with Section 7.02 such that the appointment is
made within the 120-day period.

      SECTION 5.06. ACCESS TO CERTAIN DOCUMENTATION AND INFORMATION REGARDING
THE RECEIVABLES. Servicer shall provide to Indenture Trustee access to the
documentation regarding the Accounts and the Receivables in such cases where
Indenture Trustee is required in connection with the enforcement of the rights
of the Noteholders, or by applicable statutes or

                                       40
<PAGE>
regulations to review such documentation, such access being afforded without
charge but only (a) upon reasonable request, (b) during normal business hours,
(c) subject to Servicer's normal security and confidentiality procedures and (d)
at offices designated by Servicer. Nothing in this Section 5.06 shall derogate
from the obligation of FNBO, Transferor, Indenture Trustee and Servicer to
observe any applicable law prohibiting disclosure of information regarding the
Obligors and the failure of Servicer to provide access as provided in this
Section 5.06 as a result of such obligation shall not constitute a breach of
this Section 5.06.

      SECTION 5.07. DELEGATION OF DUTIES. It is understood and agreed by the
parties hereto that Servicer may delegate certain of its duties hereunder to any
Affiliate which is wholly owned by Servicer or its parent, First National of
Nebraska, Inc. In the ordinary course of business, Servicer may at any time
delegate any duties hereunder to any Person who agrees to conduct such duties in
accordance with the Credit Card Guidelines and this Agreement. Any such
delegations shall not relieve Servicer of its liability and responsibility with
respect to such duties and shall not constitute a resignation within the meaning
of Section 5.05 hereof. If any such delegation is to a party other than an
Affiliate, as permitted above, notification thereof shall be given to each
Rating Agency, Indenture Trustee and each Enhancement Provider entitled
therefrom pursuant to the applicable Indenture Supplement.

      SECTION 5.08. EXAMINATION OF RECORDS. Servicer shall clearly and
unambiguously identify each Account (including any Additional Account designated
pursuant to Section 2.06) in its computer or other records to reflect that the
Receivables arising in such Account have been conveyed to Issuer pursuant to
this Agreement. Servicer shall, prior to the sale or transfer to a third party
of any receivable held in its custody, examine its computer and other records to
determine that such receivable is not a Receivable.

                                   ARTICLE VI

                                INSOLVENCY EVENTS

      SECTION 6.01. RIGHTS UPON THE OCCURRENCE OF AN INSOLVENCY EVENT. If an
Insolvency Event occurs with respect to Transferor, FNBO or any Holder of
Transferor Interest (excluding any Supplemental Interest), Transferor shall on
the day any such event occurs, immediately cease to transfer Principal
Receivables to Issuer and shall promptly give notice to Indenture Trustee, Owner
Trustee and the Rating Agencies thereof. Notwithstanding any cessation of the
transfer to Issuer of additional Principal Receivables, Principal Receivables
transferred to Issuer prior to the occurrence of such Insolvency Event and
Collections in respect of such Principal Receivables, and Finance Charge
Receivables whenever created accrued in respect of such Principal Receivables,
shall continue to be property of Issuer.

                                   ARTICLE VII

                                SERVICER DEFAULTS

      SECTION 7.01. SERVICER DEFAULTS. If any one of the following events
(subject to the last paragraph of this Section 7.01, a "Servicer Default") shall
occur and be continuing after the Certificate Trust Termination Date:

                                       41
<PAGE>

            (a) any failure by Servicer to make any payment, transfer or deposit
      or to give instructions or notice to Indenture Trustee pursuant to Article
      VIII of the Indenture (as modified by any Indenture Supplement) or to
      instruct Indenture Trustee to make any required drawing, withdrawal or
      payment under any Enhancement on or before the later of (i) the date
      occurring 10 Business Days after the date such payment, transfer, deposit,
      withdrawal or drawing or such instruction or notice is required to be made
      or given, as the case may be, under the terms of this Agreement, the
      Indenture or any Indenture Supplement or (ii) three Business Days after
      written notice of such failure shall have been given to Servicer;

            (b) failure on the part of Servicer duly to observe or perform in
      any respect any other covenants or agreements of Servicer set forth in
      this Agreement which has a material adverse effect on the Noteholders of
      any Series (which determination shall be made without regard to whether
      funds are then available pursuant to any Enhancement) 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 Servicer by Indenture Trustee, or to Servicer and Indenture Trustee by
      the Holders of not less than 25% of the Outstanding Amount of any Series
      adversely affected thereby and continues to materially adversely affect
      such Holders for such period; or Servicer shall delegate its duties under
      this Agreement, except as permitted by Section 5.07;

            (c) any representation, warranty or certification made by Servicer
      in this Agreement or in any certificate delivered pursuant to this
      Agreement shall prove to have been incorrect when made, which has a
      material adverse effect on the Noteholders of any Series (which
      determination shall be made without regard to whether funds are then
      available pursuant to any Enhancement) and 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 Servicer by Indenture Trustee, or to Servicer and
      Indenture Trustee by the Holders of Notes evidencing not less than 25% of
      the Outstanding Amount of any Series adversely affected thereby and
      continues to materially adversely affect such Holders for such period; or

            (d) Servicer shall consent to the appointment of a conservator or
      receiver or liquidator in any insolvency, readjustment of debt,
      marshalling of assets and liabilities or similar proceedings of or
      relating to Servicer or of or relating to all or substantially all of its
      property; or a decree or order of a court or agency or supervisory
      authority having jurisdiction in the premises for the appointment of a
      conservator or receiver or liquidator in any insolvency, readjustment of
      debt, marshalling of assets and liabilities or similar proceedings, or for
      the winding-up or liquidation of its affairs, shall have been entered
      against Servicer, and such decree or order shall have remained in force
      undischarged or unstayed for a period of 60 days; or Servicer shall admit
      in writing its inability to pay its debts generally as they become due,
      file a petition to take advantage of any applicable insolvency or
      reorganization statute, make any assignment for the benefit of its
      creditors or voluntarily suspend payment of its obligations;

            (e) with respect to any Series, any other event specified in the
      Indenture Supplement for such Series,

                                       42
<PAGE>

then, so long as such Servicer Default shall not have been remedied or waived,
either Indenture Trustee, or the Majority Holders of all outstanding Series, by
notice then given in writing to Servicer (and to Indenture Trustee if given by
the Majority Holders) and to any Enhancement Provider entitled thereto pursuant
to the applicable Indenture Supplement (a "Termination Notice"), may terminate
all of the rights and obligations (other than unsatisfied obligations for acts
or omissions during its tenure as Servicer) of Servicer as Servicer under this
Agreement. Upon Indenture Trustee's receipt of notice, or actual knowledge of a
Responsible Officer of Indenture Trustee, of the occurrence of a Servicer
Default, Indenture Trustee shall promptly notify each Rating Agency of such
Servicer Default.

      After receipt by Servicer of such Termination Notice, and on the date that
a Successor Servicer shall have been appointed by Indenture Trustee pursuant to
Section 7.02, all authority and power of Servicer under this Agreement shall
pass to and be vested in the Successor Servicer (a "Service Transfer"); and,
without limitation, Indenture Trustee is hereby authorized and empowered (upon
the failure of Servicer to cooperate) to execute and deliver, on behalf of
Servicer, as attorney-in-fact or otherwise, all documents and other instruments
upon the failure of Servicer to execute or deliver such documents or
instruments, and to do and accomplish all other acts or things necessary or
appropriate to effect the purposes of such transfer of servicing rights and
obligations. Servicer agrees to cooperate with Indenture Trustee and the
Successor Servicer in effecting the termination of the responsibilities and
rights of Servicer to conduct servicing hereunder including the transfer to the
Successor Servicer of all authority of Servicer to service the Receivables
provided for under this Agreement, including all authority over all Collections
which shall on the date of transfer be held by Servicer for deposit, or which
have been deposited by Servicer, in the Collection Account or any Series
Account, or which shall thereafter be received with respect to the Receivables,
and in assisting the Successor Servicer and in enforcing all rights to Insurance
Proceeds and Interchange (if any) applicable to Issuer. Servicer shall promptly
transfer its electronic records or electronic copies thereof relating to the
Receivables to the Successor Servicer in such electronic form as the Successor
Servicer may reasonably request and shall promptly transfer to the Successor
Servicer all other records, correspondence and documents necessary for the
continued servicing of the Receivables in the manner and at such times as the
Successor Servicer shall reasonably request. To the extent that compliance with
this Section 7.01 shall require Servicer to disclose to the Successor Servicer
information of any kind which Servicer reasonably deems to be confidential, the
Successor Servicer shall be required to enter into such customary licensing and
confidentiality agreements as Servicer shall deem necessary to protect its
interests. Servicer shall, on the date of any Service Transfer, transfer all of
its rights and obligations under the Enhancement with respect to any Series to
the Successor Servicer. Servicer being terminated shall bear all costs of a
Service Transfer, including but not limited to those of Indenture Trustee
reasonably allocable to specific employees and overhead, legal fees and
expenses, accounting and financial consulting fees and expenses, and costs of
amending this Agreement, if necessary.

      Notwithstanding the foregoing, any delay in or failure of performance
referred to in Section 7.01(a) for a period of ten Business Days or under
Section 7.01(b) or (c) for a period of 60 days (in addition to any period
provided in Section 7.01(a), (b) or (c)) shall not constitute a Servicer Default
until the expiration of such additional ten Business Days or 60 days,
respectively, if such delay or failure could not be prevented by the exercise of
reasonable diligence by Servicer and such delay or failure was caused by an act
of God or the public enemy,

                                       43
<PAGE>
acts of declared or undeclared war, public disorder, rebellion, riot or
sabotage, epidemics, landslides, lightning, fire, hurricanes, tornados,
earthquakes, nuclear disasters or meltdowns, floods, power outages or similar
causes. The preceding sentence shall not relieve Servicer from the obligation to
use its best efforts to perform its obligations in a timely manner in accordance
with the terms of this Agreement and Servicer shall provide Indenture Trustee,
each Rating Agency, any Enhancement Provider entitled thereto pursuant to the
relevant Indenture Supplement and Transferor with an Officer's Certificate
giving immediate notice of such failure or delay by it, together with a
description of the cause of such failure or delay and its efforts to so perform
its obligations.

      SECTION 7.02.     INDENTURE TRUSTEE TO ACT; APPOINTMENT OF SUCCESSOR.

            (a) On and after the receipt by Servicer of a Termination Notice
      pursuant to Section 7.01, Servicer shall continue to perform all servicing
      functions under this Agreement until the date specified in the Termination
      Notice or otherwise specified by Indenture Trustee or until a date
      mutually agreed upon by Servicer and Indenture Trustee; however, the
      parties acknowledge and agree that the Indenture Trustee will not be
      obligated to designate or agree to a date prior to the date on which a
      Successor Servicer appointed in accordance with this Section 7.02 is
      willing to accept its appointment. Indenture Trustee shall, as promptly as
      possible after the giving of a Termination Notice, appoint an Eligible
      Servicer as a successor servicer (the "Successor Servicer"), and such
      Successor Servicer shall accept its appointment by a written assumption in
      a form acceptable to Indenture Trustee. If a Successor Servicer has not
      been appointed or has not accepted its appointment at the time when
      Servicer ceases to act as Servicer, Indenture Trustee without further
      action shall automatically be appointed the Successor Servicer. Indenture
      Trustee may delegate any of its servicing obligations to an Affiliate of
      Indenture Trustee or agent in accordance with Section 3.01(b) and 5.07.
      Notwithstanding the foregoing, Indenture Trustee shall, if it is legally
      unable so to act, petition a court of competent jurisdiction to appoint an
      Eligible Servicer as the Successor Servicer hereunder. Indenture Trustee
      shall give prompt notice to each Rating Agency and each Enhancement
      Provider, if any, entitled thereto pursuant to the applicable Indenture
      Supplement upon the appointment of a Successor Servicer.

            (b) Upon its appointment, the Successor Servicer shall be the
      successor in all respects to Servicer with respect to servicing functions
      under this Agreement and shall be subject to all the responsibilities,
      duties and liabilities (except for liabilities arising during the period
      of time when the prior Servicer was performing and acting as Servicer)
      relating thereto placed on Servicer by the terms and provisions hereof,
      and all references in this Agreement to Servicer shall be deemed to refer
      to the Successor Servicer.

            (c) In connection with any Termination Notice, Indenture Trustee
      will review any bids which it obtains from Eligible Servicers and shall be
      permitted to appoint any Eligible Servicer submitting such a bid as a
      Successor Servicer for servicing compensation not in excess of the
      aggregate Monthly Servicing Fees for all Series; provided, however, that
      the Holder of Transferor Interest shall be responsible for payment of the
      portion of such aggregate Monthly Servicing Fees allocable to the Holder
      of Transferor Interest and that no such monthly compensation paid out of
      Collections

                                       44
<PAGE>
      shall be in excess of such aggregate Monthly Servicing Fees. Each Holder
      of Transferor Interest agrees that, if FNBO (or any Successor Servicer) is
      terminated as Servicer hereunder, the portion of the Collections in
      respect of Finance Charge Receivables that Holders of Transferor Interest
      are entitled to receive pursuant to this Agreement or any Indenture
      Supplement shall be reduced by an amount sufficient to pay their share
      (determined by reference to the Indenture Supplements with respect to any
      outstanding Series) of the compensation of the Successor Servicer.

            (d) All authority and power granted to the Successor Servicer under
      this Agreement shall automatically cease and terminate upon termination of
      Issuer pursuant to the Trust Agreement and shall pass to and be vested in
      Transferor and, Transferor is hereby authorized and empowered to execute
      and deliver, on behalf of the Successor Servicer, as attorney-in-fact or
      otherwise, all documents and other instruments, and to do and accomplish
      all other acts or things necessary or appropriate to effect the purposes
      of such transfer of servicing rights. The Successor Servicer agrees to
      cooperate with Transferor in effecting the termination of the
      responsibilities and rights of the Successor Servicer to conduct servicing
      on the Receivables. The Successor Servicer shall transfer its electronic
      records relating to the Receivables to Transferor in such electronic form
      as Transferor may reasonably request and shall transfer all other records,
      correspondence and documents to Transferor in the manner and at such times
      as Transferor shall reasonably request. To the extent that compliance with
      this Section 7.02 shall require the Successor Servicer to disclose to
      Transferor information of any kind which the Successor Servicer deems to
      be confidential, Transferor shall be required to enter into such customary
      licensing and confidentiality agreements as the Successor Servicer shall
      deem necessary to protect its interests.

            (e) Nothing in this Agreement shall be construed to require any
Successor Servicer to assume or succeed to any duty or obligation of Transferor.

      SECTION 7.03. NOTIFICATION TO NOTEHOLDERS. Within two Business Days after
Servicer becomes aware of any Servicer Default, Servicer shall give notice
thereof to Indenture Trustee, each Rating Agency and any Enhancement Provider
entitled thereto pursuant to the relevant Indenture Supplement. Promptly after
receipt of such notice, Indenture Trustee shall give notice to the Noteholders
at their respective addresses appearing in the Note Register. Upon any
termination or appointment of a Successor Servicer pursuant to Section 5.05 or
this Article VII, Indenture Trustee shall give prompt written notice thereof to
Noteholders at their respective addresses appearing in the Note Register and to
any Enhancement Provider entitled thereto under the applicable Indenture
Supplement.

                                  ARTICLE VIII

                                   TERMINATION

      SECTION 8.01. TERMINATION OF AGREEMENT. This Agreement and the respective
obligations and responsibilities of Issuer, Transferor and Servicer under this
Agreement shall terminate, except with respect to the duties described in
Section 5.04, on the Trust Termination Date.

                                       45
<PAGE>

                                   ARTICLE IX

                            MISCELLANEOUS PROVISIONS

      SECTION 9.01.     AMENDMENT; WAIVER OF PAST DEFAULTS.

            (a) This Agreement may be amended from time to time by Servicer,
      Transferor and Issuer, without the consent of any of Indenture Trustee or
      any Noteholder to cure any ambiguity, to correct or supplement any
      provisions herein which may be inconsistent with any other provisions
      herein or to add any other provisions with respect to matters or questions
      raised under this Agreement which shall not be inconsistent with the
      provisions of this Agreement; provided, however, that such action shall
      not adversely affect in any material respect the interests of any of the
      Noteholders. Additionally, this Agreement may be amended from time to time
      by Servicer, Transferor and Issuer by a written instrument signed by each
      of them, without the consent of Indenture Trustee or any of the
      Noteholders; provided that (i) Transferor shall have delivered to
      Indenture Trustee and Owner Trustee an Officer's Certificate, dated the
      date of any such Amendment, stating that Transferor reasonably believes
      that such amendment will not have an Adverse Effect and (ii) the Rating
      Agency Condition shall have been satisfied with respect to any such
      amendment. Additionally, notwithstanding the preceding sentence, this
      Agreement will be amended by Servicer and Issuer at the direction of
      Transferor without the consent of Indenture Trustee or any of the
      Noteholders or Enhancement Providers to add, modify or eliminate such
      provisions as may be necessary or advisable in order to enable all or a
      portion of Issuer (A) to qualify as, and to permit an election to be made
      to cause Issuer to be treated as, a "financial asset securitization
      investment trust" as described in the provisions of Section 860L of the
      Code and (B) to avoid the imposition of state or local income or franchise
      taxes imposed on Issuer's property or its income; provided, however, that
      (1) Transferor delivers to Indenture Trustee and Owner Trustee an
      Officer's Certificate to the effect that the proposed amendments meet the
      requirements set forth in this Section, (2) the Rating Agency Condition
      has been satisfied and (3) such amendment does not affect the rights,
      duties or obligations of Indenture Trustee (including Indenture Trustee in
      its role as Successor Servicer) or Owner Trustee hereunder.

            (b) This Agreement may also be amended from time to time by
      Servicer, Transferor and Issuer, with the consent of the Noteholders
      holding more than 66-2/3% of the Outstanding Amount of the Notes of each
      Series affected thereby for which Transferor has not delivered an
      Officer's Certificate stating that there is no Adverse Effect, for the
      purpose of adding any provisions to or changing in any manner or
      eliminating any of the provisions of this Agreement or of modifying in any
      manner the rights of the Noteholders; provided, however, that no such
      amendment shall (i) reduce in any manner the amount of or delay the timing
      of any distributions to be made to Noteholders or deposits of amounts to
      be so distributed or the amount available under any Enhancement without
      the consent of each affected Noteholder, (ii) change the definition of or
      the manner of calculating the interest of any Noteholder without the
      consent of each affected Noteholder or (iii) reduce the aforesaid
      percentage required to consent to any such amendment without the consent
      of each affected Noteholder.

                                       46
<PAGE>

            (c) Promptly after the execution of any such amendment or consent,
      Issuer shall furnish notification of the substance of such amendment to
      Indenture Trustee and each Noteholder, and Servicer shall furnish
      notification of the substance of such amendment to each Rating Agency and
      each Enhancement Provider.

            (d) It shall not be necessary for the consent of Noteholders under
      this Section 9.01 to approve the particular form of any proposed
      amendment, but it shall be sufficient if such consent shall approve the
      substance thereof. The manner of obtaining such consents and of evidencing
      the authorization of the execution thereof by Noteholders shall be subject
      to such reasonable requirements as Indenture Trustee may prescribe.

            (e) Notwithstanding anything in this Section 9.01 to the contrary,
      no amendment may be made to this Agreement which would adversely affect in
      any material respect the interests of any Enhancement Provider without the
      consent of such Enhancement Provider.

            (f) Any Indenture Supplement executed in accordance with the
      provisions of Article X of the Indenture shall not be considered an
      amendment of this Agreement for the purposes of this Section 9.01.

            (g) The Noteholders holding 66-2/3% or more of the Outstanding
      Amount of the Notes of each Series adversely affected by a default by
      Transferor or Servicer in the performance of their obligations hereunder
      may, on behalf of all Noteholders, waive any such default and its
      consequences, except the failure to make any distributions required to be
      made to Noteholders or to make any required deposits of any amounts to be
      so distributed, which requires the consent of all Noteholders of each
      Series adversely affected by that default. Upon any such waiver of a past
      default, such default shall cease to exist, and any default arising
      therefrom shall be deemed to have been remedied for every purpose of this
      Agreement. No such waiver shall extend to any subsequent or other default
      or impair any right consequent thereon except to the extent expressly so
      waived. Upon the occurrence of any such waiver, Indenture Trustee shall
      promptly notify each Rating Agency of such waiver.

            (h) Owner Trustee may, but shall not be obligated to, enter into any
      such amendment which affects Owner Trustee's rights, duties or immunities
      under this Agreement or otherwise. In connection with the execution of any
      amendment hereunder, Owner Trustee shall be entitled to receive the
      Opinion of Counsel described in Section 9.02(d).

            (i) This Agreement may not be amended to add an additional
      Transferor unless the Rating Agency Condition shall have been satisfied
      with respect to such amendment.

      SECTION 9.02.     PROTECTION OF RIGHT, TITLE AND INTEREST TO ISSUER.

            (a) Servicer shall cause this Agreement, all amendments and
      supplements hereto and all financing statements and continuation
      statements and any other necessary

                                       47
<PAGE>
      documents covering Indenture Trustee's and Issuer's right, title and
      interest to Issuer to be promptly recorded, registered and filed, and at
      all times to be kept recorded, registered and filed, all in such manner
      and in such places as may be required by law fully to preserve and protect
      the right, title and interest of Issuer hereunder, and of Indenture
      Trustee and Noteholders under the Indenture, to all property comprising
      the Trust Assets. Servicer shall deliver to Indenture Trustee file-stamped
      copies of, or filing receipts for, any document recorded, registered or
      filed as provided above, as soon as available following such recording,
      registration or filing. Transferor shall cooperate fully with Servicer in
      connection with the obligations set forth above and will execute any and
      all documents reasonably required to fulfill the intent of this paragraph.

            (b) Within thirty (30) days after Transferor makes any change in its
      name, identity or organizational structure which would make any financing
      statement or continuation statement filed in accordance with paragraph (a)
      seriously misleading within the meaning of the UCC, Transferor shall give
      Issuer and Indenture Trustee notice of any such change, and Servicer shall
      file such financing statements or amendments as may be necessary to
      continue the perfection of Issuer's security interest or ownership
      interest in the Receivables and the proceeds thereof.

            (c) Each of Transferor and Servicer shall give Indenture Trustee
      prompt notice of any relocation of its chief principal executive office or
      any change in the jurisdiction under whose laws it is organized and
      whether, as a result of such relocation or change, the applicable
      provisions of the UCC would require the filing of any amendment of any
      previously filed financing or continuation statement or of any new
      financing statement, and Servicer shall file such financing statements or
      amendments as may be necessary to perfect or to continue the perfection of
      Issuer's security interest in the Receivables and the proceeds thereof.
      Each of Transferor and Servicer shall at all times maintain its chief
      principal executive offices within the United States and shall at all
      times be organized under the laws of a jurisdiction located within the
      United States.

            (d) Transferor shall deliver to Indenture Trustee, Owner Trustee and
      any Enhancement Provider entitled thereto pursuant to the relevant
      Indenture Supplement (i) upon the execution and delivery of each amendment
      of this Agreement, an Opinion of Counsel to the effect specified in
      Exhibit A; (ii) on each Addition Date on which any Additional Accounts are
      to be designated as Accounts pursuant to Section 2.08(a) or (b), an
      Opinion of Counsel substantially in the form of Exhibit E; and (iii) on or
      before March 31 of each year, an Opinion of Counsel substantially in the
      form of Exhibit F.

      SECTION 9.03. GOVERNING LAW. THIS AGREEMENT SHALL BE CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEBRASKA, WITHOUT REFERENCE TO ITS
CONFLICT OF LAW PROVISIONS, AND OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES
HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

                                       48
<PAGE>

      SECTION 9.04.     NOTICES; PAYMENTS.

            (a) All demands, notices, instructions, directions and
      communications (collectively, "Notices") under this Agreement shall be in
      writing and shall be deemed to have been duly given if personally
      delivered at, mailed by registered mail, return receipt requested, or sent
      by facsimile transmission (i) in the case of Transferor and Servicer, to
      First National Bank of Omaha, 1620 Dodge Street, Stop Code 3198, Omaha,
      Nebraska 68197 - 3198, Facsimile (402) 636 - 6019, (ii) in the case of
      Issuer or Owner Trustee, to the Corporate Trust Office, Attention:
      Institutional Trust Services, with a copy to the Administrator, (iii) in
      the case of the Rating Agency for a particular Series, the address, if
      any, specified in the Indenture Supplement relating to such Series and
      (iv) to any other Person as specified in the Indenture or any Indenture
      Supplement; or, as to each party, at such other address or facsimile
      number as shall be designated by such party in a written notice to each
      other party.

            (b) Any Notice required or permitted to be given to a Holder of
      Registered Notes shall be given by first-class mail, postage prepaid, at
      the address of such Holder as shown in the Note Register. Any Notice so
      mailed within the time prescribed in this Agreement shall be conclusively
      presumed to have been duly given, whether or not the Noteholder receives
      such Notice.

      SECTION 9.05. SEVERABILITY OF PROVISIONS. If any one or more of the
covenants, agreements, provisions or terms of this Agreement shall for any
reason whatsoever be held invalid, then such provisions shall be deemed
severable from the remaining provisions of this Agreement and shall in no way
affect the validity or enforceability of the remaining provisions of this
Agreement or of the Notes or the rights of the Noteholders.

      SECTION 9.06. FURTHER ASSURANCES. Transferor and Servicer agree to do and
perform, from time to time, any and all acts and to execute any and all further
instruments required or reasonably requested by Owner Trustee and Indenture
Trustee more fully to effect the purposes of this Agreement, including the
execution of any financing statements or continuation statements relating to the
Receivables for filing under the provisions of the UCC of any applicable
jurisdiction.

      SECTION 9.07. NO WAIVER; CUMULATIVE REMEDIES. No failure to exercise and
no delay in exercising, on the part of Owner Trustee, Indenture Trustee, the
Noteholders or any Enhancement Provider, any right, remedy, power or privilege
under this Agreement shall operate as a waiver thereof; nor shall any single or
partial exercise of any right, remedy, power or privilege under this Agreement
preclude any other or further exercise thereof or the exercise of any other
right, remedy, power or privilege. The rights, remedies, powers and privileges
provided under this Agreement are cumulative and not exhaustive of any rights,
remedies, powers and privileges provided by law.

      SECTION 9.08. COUNTERPARTS. This Agreement may be executed in two or more
counterparts (and by different parties on separate counterparts), each of which
shall be an original, but all of which together shall constitute one and the
same instrument.

                                       49
<PAGE>

      SECTION 9.09. THIRD-PARTY BENEFICIARIES. This Agreement will inure to the
benefit of and be binding upon the parties hereto, Indenture Trustee, the
Noteholders, each Indemnified Person and any Enhancement Provider. Except as
otherwise expressly provided in this Agreement, no other Person will have any
right or obligation hereunder.

      SECTION 9.10.     ACTIONS BY NOTEHOLDERS.

            (a) Wherever in this Agreement a provision is made that an action
      may be taken or a Notice given by Noteholders, such action or Notice may
      be taken or given by any Noteholder, unless such provision requires a
      specific percentage of Noteholders.

            (b) Any Notice, request, authorization, direction, consent, waiver
      or other act by the Noteholder shall bind such Holder and every subsequent
      Holder of such Note and of any Note issued upon the registration of
      transfer thereof or in exchange therefor or in lieu thereof in respect of
      anything done or omitted to be done by Issuer, Owner Trustee, Transferor
      or Servicer in reliance thereon, whether or not notation of such action is
      made upon such Note.

      SECTION 9.11. RULE 144A INFORMATION. For so long as any of the Notes of
any Series or Class are "restricted securities" within the meaning of Rule
144(a)(3) under the Securities Act, each of Transferor, Owner Trustee, Indenture
Trustee, Servicer and any Enhancement Provider agree to cooperate with each
other to provide to any Noteholders of such Series or Class and to any
prospective purchaser of Notes designated by such Noteholder, upon the request
of such Noteholder or prospective purchaser, any information required to be
provided to such holder or prospective purchaser to satisfy the condition set
forth in Rule 144A(d)(4) under the Securities Act.

      SECTION 9.12. MERGER AND INTEGRATION. Except as specifically stated
otherwise herein, this Agreement sets forth the entire understanding of the
parties relating to the subject matter hereof, and all prior understandings,
written or oral, are superseded by this Agreement. This Agreement may not be
modified, amended, waived or supplemented except as provided herein.

      SECTION 9.13. NO BANKRUPTCY PETITION. Each of Issuer (with respect to
Transferor only), Servicer, each Enhancement Provider, if any, and each Holder
of a Supplemental Interest and Transferor (with respect to Issuer only)
severally and not jointly, hereby covenants and agrees that it will not at any
time institute against, solicit or join or cooperate with or encourage any
institution against Issuer or Transferor of, any bankruptcy, reorganization,
arrangement, insolvency or liquidation proceedings or other similar proceeding
under any United States federal or state bankruptcy or similar law or, in the
case of Transferor, direct Owner Trustee to take any such action with respect to
the Note Trust. Nothing in this Section 9.13 shall preclude, or be deemed to
estop, any of the foregoing Persons from taking (to the extent such action is
otherwise permitted to be taken by such Person hereunder) or omitting to take
any action prior to such date in (a) any case or proceeding with respect to
Issuer or Transferor voluntarily filed or commenced by or on behalf of Issuer or
Transferor, respectively, under or pursuant to any such law or (b) any
involuntary case or proceeding pertaining to Issuer or Transferor, as applicable
under or pursuant to any such law.

                                       50
<PAGE>

      SECTION 9.14. RIGHTS OF INDENTURE TRUSTEE. Indenture Trustee shall have
herein the same rights, protections, indemnities and immunities as specified in
the Indenture.

      SECTION 9.15. RIGHTS OF OWNER TRUSTEE. Each of the parties hereto
acknowledges and agrees that this Agreement is being executed and delivered by
Wilmington Trust Company, not individually but solely and exclusively in its
capacity as Owner Trustee on behalf of First National Master Note Trust for the
purpose and with the intention of binding First National Master Note Trust. No
obligations or liabilities hereunder shall run against Wilmington Trust Company
in its individual capacity or against its properties or assets.

      SECTION 9.16. ASSIGNMENT. Notwithstanding anything to the contrary
contained herein, except as provided in Section 5.02, this Agreement may not be
assigned by Servicer without the prior consent of the Majority Holders of each
Series. Upon any such assignment, Servicer shall give prior written notice to
each Rating Agency for outstanding Notes that has provided its rating at
Transferor's request.

      SECTION 9.17. HEADINGS. The headings herein are for purposes of reference
only and shall not otherwise affect the meaning or interpretation of any
provision hereof.

                  [Remainder of page intentionally left blank]

                                       51
<PAGE>

      IN WITNESS WHEREOF, Transferor, Servicer and Issuer have caused this
Transfer and Servicing Agreement to be duly executed by their respective
officers as of the day and year first above written.

                                       FIRST NATIONAL FUNDING LLC, as
                                       Transferor

                                       By       /s/ Jean L. Koenck
                                            -----------------------------------
                                       Name     Jean L. Koenck
                                            -----------------------------------
                                       Title    Senior Vice President
                                            -----------------------------------

                                       FIRST NATIONAL BANK OF OMAHA, as
                                       Servicer

                                       By       /s/ Matthew W. Lawver
                                            -----------------------------------
                                       Name     Matthew W. Lawver
                                            -----------------------------------
                                       Title    Senior Vice President
                                            -----------------------------------

                                       FIRST NATIONAL MASTER NOTE TRUST,
                                       Issuer

                                        By  Wilmington Trust Company, not in its
                                            individual capacity but solely as
                                            Owner Trustee on behalf of Issuer

Acknowledged and Accepted:

THE BANK OF NEW YORK,                 By       /s/ James P. Lawler
not in its individual capacity but          -----------------------------------
solely as Indenture Trustee           Name     James P. Lawler
                                            ------------------------------------
                                      Title    Vice President
                                            -----------------------------------

By     /s/ Robert D. Foltz
-----------------------------------
Name   Robert D. Foltz
-----------------------------------
Title  Agent
-----------------------------------
                 TRANSFER AND SERVICING AGREEMENT SIGNATURE PAGE

<PAGE>

                                    EXHIBIT A

                 PROVISIONS TO BE INCLUDED IN OPINION OF COUNSEL
                           WITH RESPECT TO AMENDMENTS

      The opinions set forth below may be subject to all the qualifications,
assumptions, limitations and exceptions taken or made in the Opinions Of Counsel
delivered on any applicable Closing Date.

            (i) The Amendment to the Transfer and Servicing Agreement has been
      duly authorized, executed and delivered by Transferor and Servicer and
      constitutes the legal, valid and binding agreement of Transferor and
      Servicer, respectively, enforceable in accordance with its terms, except
      as such enforceability may be limited by applicable bankruptcy,
      insolvency, reorganization, moratorium or other laws from time to time in
      effect affecting creditors' rights generally or the rights of creditors of
      national banking associations. The enforceability of the respective
      obligations of Transferor and Servicer is also subject to general
      principles of equity (regardless of whether such enforceability is
      considered in a proceeding in equity or at law).

            (ii) The Amendment has been entered into in accordance with the
terms and provisions of Section 9.01 of the Transfer and Servicing Agreement.

<PAGE>

                                    EXHIBIT B

                        FORM OF ASSIGNMENT OF RECEIVABLES
                             IN ADDITIONAL ACCOUNTS

      (As required by Section 2.06 of the Transfer and Servicing Agreement)

      ASSIGNMENT No.   OF RECEIVABLES IN ADDITIONAL ACCOUNTS (this "Assignment")
dated as of        , by and among FIRST NATIONAL FUNDING LLC, a Nebraska limited
liability company, as Transferor (the "Transferor"), FIRST NATIONAL BANK OF
OMAHA, a national banking association, as Servicer (the "Servicer") and FIRST
NATIONAL MASTER NOTE TRUST (the "Issuer"), pursuant to the Transfer and
Servicing Agreement referred to below.

                              W I T N E S S E T H :

      WHEREAS, Transferor, Servicer and Issuer are parties to the Transfer and
Servicing Agreement, dated as of October 24, 2002 (as it may be amended and
supplemented from time to time the "Agreement"); and

      WHEREAS, pursuant to the Agreement, Transferor wishes to designate
Additional Accounts to be included as Accounts and to convey the Receivables of
such Additional Accounts, whether now existing or hereafter created, to Issuer
(as each such term is defined in the Agreement); and

      WHEREAS, Issuer is willing to accept such designation and conveyance
subject to the terms and conditions hereof;

      NOW, THEREFORE, Transferor, Servicer and Issuer hereby agree as follows:

      1. DEFINED TERMS. All terms defined in the Agreement and used herein shall
have such defined meanings when used herein, unless otherwise defined herein.

         "ADDITION DATE" shall mean, with respect to the Additional Accounts
      designated hereby, [           ], 20[ ].

         "NOTICE DATE" shall mean, with respect to the Additional Accounts
      designated hereby, [           ], 20[ ] (which shall be a date on or prior
      to the fifth Business Day prior to the Addition Date with respect to
      additions pursuant to Section 2.06(a) of the Agreement and the tenth
      Business Day prior to the Addition Date with respect to additions pursuant
      to Section 2.06(b) of the Agreement).

      2. DESIGNATION OF ADDITIONAL ACCOUNTS. Transferor shall deliver to Issuer
not later than five Business Days after the Addition Date, a computer file or
microfiche list containing a true and complete list of each MasterCard and VISA
account which as of the Addition Date shall be deemed to be an Additional
Account, such accounts being identified by account number and by the amount of
Receivables in such accounts as of the close of business on the Addition Date.
Such list shall be delivered five Business Days after the date of this
Assignment and shall be

<PAGE>
marked as Schedule 1 to this Assignment and, as of the Addition Date, shall be
incorporated into and made a part of this Assignment and shall supplement
Schedule 1 to the Agreement as required by Section 2.01(c) of the Agreement.

      3.    CONVEYANCE OF RECEIVABLES.

      (a)   Transferor does hereby transfer, assign, set-over and otherwise
            convey to Issuer, without recourse, except as set forth in the
            Agreement, on and after the Addition Date, all right, title and
            interest of Transferor in and to the Receivables now existing and
            hereafter created in the Additional Accounts designated hereby[, all
            monies due or to become due and all amounts received or receivable
            with respect thereto and the proceeds thereof,] (including all
            Finance Charge Receivables) and all proceeds of such Receivables and
            Insurance Proceeds and Recoveries relating thereto. The foregoing
            does not constitute and is not intended to result in the creation or
            assumption by Issuer, Owner Trustee, Indenture Trustee, any
            Noteholders or any Enhancement Provider of any obligation of
            Servicer, Transferor, the Credit Card Originator or any other Person
            in connection with the Accounts, the Receivables or under any
            agreement or instrument relating thereto, including any obligation
            to Obligors, merchant banks, merchants clearance systems or
            insurers.

      (b)   In connection with such transfer, Servicer agrees to record and
            file, at its own expense, a financing statement (and continuation
            statements, when applicable) with respect to the Receivables now
            existing and hereafter created in the Additional Accounts designated
            hereby (which may be a single financing statement with respect to
            all such Receivables) for the transfer of accounts as defined in
            Section 9-102 of the UCC meeting the requirements of applicable law
            in such manner and such jurisdiction as are necessary to perfect,
            and maintain the perfection of, the assignment of such Receivables
            to Issuer, and to deliver a file-stamped copy of such financing
            statement or other evidence of such filing (which may, for purposes
            of this Section 3, consist of telephone confirmation of such filing)
            to Indenture Trustee on or prior to the date of the Assignment.

      (c)   In connection with such transfer, Servicer further agrees, at its
            own expense, on or prior to the date of this Assignment to indicate
            in its computer files that Receivables created in connection with
            the Additional Accounts designated hereby have been transferred to
            Issuer pursuant to the Agreement and this Assignment.

      (d)   The parties intend that the transfer shall be deemed to be a sale,
            but if, and to the extent that, such transfer is not deemed to be a
            sale, Transferor shall be deemed hereunder to have granted, and does
            hereby so grant, to Issuer a first priority perfected security
            interest in all of Transferor's right, title and interest in, and
            under the Receivables now existing and hereafter created and arising
            in connection with the Additional Accounts, all payments on such
            Receivables received after the Addition Date, all Insurance Proceeds
            relating thereto and all

                                      B-2

<PAGE>
            proceeds thereof (including Recoveries) and this Assignment shall
            constitute a security agreement under applicable law.

      4. ACCEPTANCE BY ISSUER. Issuer hereby acknowledges its acceptance of all
right, title and interest in and to the Receivables now existing and hereafter
created, conveyed to it by Transferor pursuant to Section 3(a) of this
Assignment.

      5. REPRESENTATIONS AND WARRANTIES OF TRANSFEROR. Transferor hereby
represents and warrants to Issuer as of the Addition Date:

      (a)   LEGAL VALID AND BINDING OBLIGATION. This Assignment constitutes a
            legal, valid and binding obligation of Transferor enforceable
            against Transferor in accordance with its terms, except as such
            enforceability may be limited by applicable bankruptcy, insolvency,
            reorganization, moratorium or other similar laws now or hereafter in
            effect affecting the enforcement of creditors' rights in general and
            the rights of creditors of national banking associations and except
            as such enforceability may be limited by general principles of
            equity (whether considered in a suit at law or in equity).

      (b)   ELIGIBILITY OF ACCOUNTS AND RECEIVABLES. Each Additional Account
            designated hereby is an Eligible Account and each Receivable in such
            Additional Account is an Eligible Receivable.

      (c)   SELECTION PROCEDURES. No selection procedures believed by Transferor
            to be materially adverse to the interests of Issuer or the
            Noteholders were utilized in selecting the Additional Accounts
            designated hereby from the available [Financial Institutions
            Accounts] [Accounts owned by FNBO] constituting Eligible Accounts
            [and in connection with its acquisition of Financial Institution
            Accounts added to the Trust, FNBO has conducted a due diligence
            review of the accounts of each selling third-party financial
            institution, including a review of its origination policies and a
            review of a random sample of its recently processed account
            applications. Based on such diligence reviews, such Financial
            Institution Accounts were originated under origination policies
            which do not differ significantly from those used by FNBO.]

      (d)   INSOLVENCY. Transferor is not insolvent and, after giving effect to
            the conveyance set forth in Section 3 of the Assignment, will not be
            insolvent. No Insolvency Event with respect for FNBO or Transferor
            has occurred, and the transfer pursuant to Section 3(a) has not been
            made in contemplation of the occurrence thereof.

      (e)   SECURITY INTEREST. This Assignment constitutes either (A) a valid
            transfer and assignment to Issuer of all right, title and interest
            of Transferor in and to the Receivables existing and hereafter
            created in the Additional Accounts, and all proceeds (as defined in
            the UCC) of such Receivables and Insurance Proceeds relating thereto
            [and all monies due or to become due and all amounts received with
            respect thereto and the proceeds thereof] and such Receivables[,
            monies and

                                      B-3
<PAGE>

            amounts received or receivable] and all proceeds thereof and
            Insurance Proceeds relating thereto will be held by Issuer free and
            clear of any Lien, except for (1) Liens permitted under subsection
            2.05(b) of the Agreement, (2) the interest of the Holder of
            Transferor Interest and (3) Servicer's right, if any, to receive
            interest accruing on, and investment earnings in respect of, the
            Finance Charge Account, the Collection Account, the Principal
            Account, or any Series Account as provided in the Indenture and any
            related Indenture Supplement or (B) a grant of a first priority
            security interest (as defined in the UCC) in such property to
            Issuer, which is enforceable with respect to then existing
            Receivables of the Additional Accounts, the proceeds (as defined in
            the UCC) thereof and Insurance Proceeds relating thereto upon the
            execution and delivery of this Assignment, and which will be
            enforceable with respect to the Receivables thereafter created in
            respect of Additional Accounts conveyed on such Addition Date, the
            proceeds (as defined in the UCC) thereof and Insurance Proceeds
            relating thereto, upon such creation;

      (f)   REQUIRED RATING AGENCY REPRESENTATIONS. To the extent this
            Assignment constitutes a grant of a security interest, with respect
            to existing Receivables in the Additional Accounts:

            (i)   This Assignment creates a valid and continuing security
                  interest (as defined in the UCC) in such Receivables and
                  proceeds thereof and Insurance Proceeds relating thereto in
                  favor of Issuer, which security interest is prior to all other
                  Liens (except Liens permitted under Subsection 2.05(b) of the
                  Agreement), and is enforceable as such as against creditors of
                  and purchasers from Transferor;

            (ii)  Such Receivables constitute "accounts" within the meaning of
                  the UCC;

            (iii) Transferor owns and has good and marketable title to such
                  Receivables free and clear of any Lien, claim or encumbrance
                  of any Person (except Liens permitted under Subsection 2.05(b)
                  of the Agreement);

            (iv)  Transferor has caused or will have caused, within ten days,
                  the filing of all appropriate financing statements in the
                  proper filing office in the appropriate jurisdictions under
                  applicable law in order to perfect the security interest in
                  such Receivables granted to Issuer hereunder;

            (v)   Other than the security interest granted to Issuer pursuant to
                  this Assignment, Transferor has not pledged, assigned, sold,
                  granted a security interest in, or otherwise conveyed any of
                  such Receivables and has not authorized the filing of and is
                  not aware of any financing statements against Transferor that
                  include a description of collateral covering the Receivables
                  other than any financing statement (i) relating to the
                  security interest granted to Issuer hereunder or (ii) that has
                  been terminated and Transferor is not aware of any judgment or
                  tax lien filings against Transferor;

                                      B-4
<PAGE>

            (vi)  The representations made in clauses (i) through (v) above will
                  be true with respect to Receivables hereafter created in
                  respect of Additional Accounts designated hereby upon such
                  creation; and

            (vii) Transferor confirms and agrees that the foregoing
                  representations and warranties shall survive the execution and
                  delivery of this Assignment and that any breach thereof may
                  not be waived without prior written confirmation from each
                  Rating Agency that none of its ratings on outstanding Notes or
                  related commercial paper shall be adversely affected by such
                  waiver.

      (g)   RAPID AMORTIZATION EVENT. Transferor reasonably believes that the
            addition of the Receivables arising in the Additional Accounts will
            not, based on the facts known to Transferor, then or thereafter
            cause a Pay Out Event to occur with respect to any Series.

      (h)   NO CONFLICT. The execution and delivery by Transferor of this
            Assignment, the performance of the transactions contemplated by this
            Assignment and the fulfillment of the terms hereof applicable to
            Transferor, will not conflict with or violate any Requirements of
            Law applicable to Transferor or conflict with, result in any breach
            of any of the material terms and provisions of, or constitute (with
            or without notice or lapse of time or both) a material default
            under, any indenture, contract, agreement, mortgage, deed of trust
            or other instrument to which Transferor is a party or by which it or
            its properties are bound.

      (i)   NO PROCEEDINGS. There are no proceedings or investigations pending
            or, to the best knowledge of Transferor, threatened against
            Transferor before any court, regulatory body, administrative agency
            or other tribunal or governmental instrumentality (i) asserting the
            invalidity of this Assignment, (ii) seeking to prevent the
            consummation of any of the transactions contemplated by this
            Assignment, (iii) seeking any determination or ruling that, in the
            reasonable judgment of Transferor, would materially and adversely
            affect the performance by Transferor of its obligations under this
            Assignment, (iv) seeking any determination or ruling that would
            materially and adversely affect the validity or enforceability of
            this Assignment or (v) seeking to affect adversely the income tax
            attributes of Issuer under the federal, or applicable state income
            or franchise tax systems.

      (j)   ALL CONSENTS. All authorizations, consents, orders or approvals or
            other actions of any Person or of any court or other governmental
            authority required to be obtained by Transferor in connection with
            the execution and delivery of this Assignment by Transferor and the
            performance of the transactions contemplated by this Assignment by
            Transferor, have been obtained.

      6. CONDITIONS PRECEDENT. The acceptance by Issuer set forth in Section 4
and the amendment of the Agreement set forth in Section 7 are subject to the
satisfaction, on or prior to the Addition Date, of the following conditions
precedent:

                                      B-5
<PAGE>

      (a)   OFFICER'S CERTIFICATE. Transferor shall have delivered to Issuer and
            Indenture Trustee a certificate of a Vice President or more senior
            officer substantially in the form of Schedule 2 hereto, certifying
            that (i) all requirements set forth in Section 2.06 of the Agreement
            for designating Additional Accounts and conveying the Principal
            Receivables of such Accounts, whether now existing or hereafter
            created, have been satisfied and (ii) each of the representations
            and warranties made by Transferor in Section 5 is true and correct
            as of the Addition Date. Issuer and Indenture Trustee may
            conclusively rely on such Officer's Certificate, shall have no duty
            to make inquiries with regard to the matters set forth therein, and
            shall incur no liability in so relying.

      (b)   OPINION OF COUNSEL. Transferor shall have delivered to Issuer and
            Indenture Trustee an Opinion of Counsel with respect to the
            Additional Accounts designated hereby substantially in the form of
            Exhibit E to the Agreement.

      (c)   ADDITIONAL INFORMATION. Transferor shall have delivered to Issuer
            and Indenture Trustee such information as was reasonably requested
            by either of Issuer or Indenture Trustee to satisfy itself as to the
            accuracy of the representation and warranty set forth in subsection
            5(d) to this Assignment.

      7. AMENDMENT OF THE AGREEMENT. The Agreement is hereby amended to provide
that all references therein to the "Transfer and Servicing Agreement," to "this
Agreement" and "herein" shall be deemed from and after the Addition Date to be a
reference to the Transfer and Servicing Agreement as supplemented by this
Assignment. Except as expressly amended hereby, all of the representations,
warranties, terms, covenants and conditions of the Transfer and Servicing
Agreement shall remain unamended and shall continue to be, and shall remain, in
full force and effect in accordance with its terms and except as expressly
provided herein shall not constitute or be deemed to constitute a waiver of
compliance with or a consent to noncompliance with any term or provision of the
Transfer and Servicing Agreement.

      8. COUNTERPARTS. This Assignment may be executed in two or more
counterparts, and by different parties on separate counterparts, each of which
shall be an original, but all of which together shall constitute one and the
same instrument.

      9. GOVERNING LAW. This Assignment shall be governed by and construed in
accordance with the laws of the State of Nebraska, without regard to its
conflict of law provisions.

      10. RIGHTS OF OWNER TRUSTEE. Each of the parties hereto acknowledges and
agrees that this Assignment is being executed and delivered by Wilmington Trust
Company, not individually but solely and exclusively in its capacity as Owner
Trustee on behalf of First National Master Note Trust for the purpose and with
the intention of binding First National Master Note Trust. No obligations or
liabilities hereunder shall run against Wilmington Trust Company in its
individual capacity or against its properties or assets.

      11. INSTRUCTION TO OWNER TRUSTEE. The Transferor hereby instructs the
Owner Trustee to execute this Agreement on behalf of the Trust.

                                      B-6
<PAGE>

      IN WITNESS WHEREOF, the undersigned have caused this Assignment of
Receivables in Additional Accounts to be duly executed and delivered by their
respective duly authorized officers on the day and year first above written.

                                        FIRST NATIONAL FUNDING LLC,
                                        Transferor

                                        By
                                            ------------------------------------
                                        Name
                                            ------------------------------------
                                        Title
                                              ----------------------------------

                                        FIRST NATIONAL BANK OF OMAHA,
                                        Servicer

                                        By
                                            ------------------------------------
                                        Name
                                            ------------------------------------
                                        Title
                                              ----------------------------------

                                        FIRST NATIONAL MASTER NOTE TRUST,
                                        Issuer

                                        By  Wilmington Trust Company, not in its
                                            individual capacity but solely
                                            on behalf of Issuer

                                        By
                                            ------------------------------------
                                        Name
                                            ------------------------------------
                                        Title
                                              ----------------------------------

                                      B-7
<PAGE>

                                                                      SCHEDULE 1
                                                    TO ASSIGNMENT OF RECEIVABLES
                                                          IN ADDITIONAL ACCOUNTS

                                ACCOUNT SCHEDULE

                              (ADDITIONAL ACCOUNTS)

                        List to be delivered separately.

                                      B-8
<PAGE>

                                                                      SCHEDULE 2
                                                    TO ASSIGNMENT OF RECEIVABLES
                                                          IN ADDITIONAL ACCOUNTS

                              OFFICER'S CERTIFICATE

                      (Officer's Certificate Of Transferor)

      (i) All requirements set forth in Section 2.06 of the Agreement for
designating Additional Accounts and conveying the Principal Receivables of such
Accounts, whether now existing or hereafter created, have been satisfied and
(ii) each of the representations and warranties made by Transferor in Section 5
of the Assignment is true and correct as of the Addition Date.

                                      B-9
<PAGE>

                                    EXHIBIT C

                     FORM OF MONTHLY SERVICER'S CERTIFICATE
                   FIRST NATIONAL MASTER NOTE TRUST SERIES [ ]
                             MONTHLY PERIOD ENDING:

      The undersigned, a duly authorized representative of First National Bank
      of Omaha ("FNBO"), as Servicer pursuant to the Transfer and Servicing
      Agreement dated as of         (as amended, the "Transfer and Servicing
      Agreement") by and between FNBO, as Servicer, First National Funding LLC,
      as Transferor, and First National Master Note Trust, as Issuer, does
      hereby certify as follows:

      (a) The rights of the Issuer under the Transfer and Servicing Agreement
      have been assigned to The Bank of New York, as Indenture Trustee, under
      the Master Indenture dated as of [     ], 2002 (the "Indenture"), by and
      between Issuer and the Indenture Trustee, and acknowledged by Transferor
      and Servicer, as supplemented by the Series [     ] Indenture Supplement,
      dated as of [        ], by and between Issuer and Indenture Trustee, and
      acknowledged by Transferor and Servicer (the "Supplement"). Capitalized
      terms used in this Certificate have their respective meanings set forth in
      the Transfer and Servicing Agreement. References herein to certain
      sections and subsections are references to the respective sections and
      subsections of the related Indenture Supplement. This Certificate is
      delivered pursuant to Section 3.04 of the Transfer and Servicing Agreement
      and Article VIII and IX of the Indenture.

      (b) FNBO is Servicer under Transferor and Servicing Agreement.

      (c) The undersigned is a Servicing Officer.

      (d) The date of this Certificate is the Determination Date relating to the
                     Distribution Date (the "Distribution Date").

      (e) To the knowledge of the undersigned, there are no Liens on any
      Receivables in the Trust except as described below:

                                    [If applicable, insert "None".]

      (f) To the knowledge of the undersigned, no Series [ ] Pay Out Event and
      no Trust Pay Out Event has occurred except as described below:

                                    [If applicable, insert "None"]

      (g) As of the date hereof the Available Spread Account Amount equals the
      Required Spread Account Amount[, the amount on deposit in the Cash
      Collateral Account equals the Required Cash Collateral Amount] and, if the
      Reserve Account Funding Date has occurred, the Available Reserve Account
      Amount equals the Required Reserve Account Amount.

<PAGE>

A. INFORMATION REGARDING THE PERFORMANCE OF THE RECEIVABLES

<TABLE>
<CAPTION>
<S>                                                         <C>
1. Principal Receivables

   (a) Beginning of Monthly Period Principal Receivables    ____________________
   (b) End of Monthly Period Principal Receivables          ____________________
   (c) Average Principal Receivables                        ____________________

2. End of Monthly Period Trust Receivables                  ____________________

3. Delinquent Balances                                      ____________________
</TABLE>

<TABLE>
<CAPTION>
                                                           Percentage of
            Delinquency               Aggregate Account       Total
              Category                     Balance          Receivables
_______________________________________________________________________________
<S>                                   <C>                  <C>
    (a)  30 to 59 days                _________________________________________
    (b)  60 to 89 days                _________________________________________
    (c)  90 to 119 days               _________________________________________
    (d)  120 to 149 days              _________________________________________
    (e)  150 or more days             _________________________________________
               Total:                 _________________________________________
</TABLE>

4. Aggregate amount of Collections    _________________________________________
<TABLE>
<CAPTION>
<S>                                                                  <C>
    (a) Total Collections                                            ________________
    (b) Total Collections of Principal Receivables
    (c) Total Collections of Finance Charge Receivables              ________________
    (d) Aggregate Allocation Percentages for Outstanding Series      ________________
    (e) Aggregate Allocation Percentage of Collections of Principal  ________________
        Receivables
    (f) Aggregate Allocation Percentage of Collections of Finance    ________________
        Charge Receivables

5.  Aggregate amount of Principal Receivables in Accounts which      ________________
    became Defaulted Accounts during the Monthly Period

6.  Calculation of Interchange allocable to the Issuer for the
    Monthly Period                                                   ________________

    (a) Sales net of cash advances during the Monthly Period\
        on all FNBO MasterCard and VISA(1) accounts                  ________________

    (b) Sales net of cash advances during the Monthly
        Period on Account designated to the
        Receivables Trust                                            ________________
</TABLE>

(1)  MasterCard and VISA are registered trademarks of MasterCard International
     Incorporated and of VISA USA, Inc., respectively.

                                      C-2
<PAGE>

<TABLE>
<CAPTION>
<S>                                                                                  <C>
       (c) Total amount of Interchange paid or payable to FNBO with respect to
           the Monthly Period                                                        _________________

       (d) Amount of Interchange allocable to the Receivables Trust with respect
           to the Monthly Period ([c]/[b/a])                                         _________________

       (e) Servicer Interchange amount (1% of Collateral Amount at end of prior
           Monthly Period)                                                           _________________

       (f) Adjustment to Noteholder Servicing Fee (excess of (e) over (f))

   7.  The aggregate amount of Collections of Finance Charge Receivables for the
       Issuer for the Monthly Period                                                 _________________
       (a) Interchange                                                               ________________
       (b) Recoveries                                                                ________________
       (c) Finance Charges and Fees                                                  ________________
       (d) Discount Receivables                                                      ________________
           Total                                                                     ________________

   8.  Aggregate Uncovered Dilution Amount (as defined in the Indenture
       Supplement) for the Monthly Period                                            ________________

B. INFORMATION REGARDING THE SERIES [      ] NOTES

   1.    Collateral Amount at the close of business on the prior Distribution
         Date
         (a)  Reductions due to Investor Charge-Offs (including Uncovered
              Dilution Amounts) to be made on the related Distribution Date          _________________
         (b)  Reimbursements to be made on the related Distribution Date from
              Available Finance Charge Collections                                   _________________
         (c)  Collateral Amount at the close of business on the Distribution
              Date                                                                   _________________

   2.    Note Principal Balance at the close of business on the Distribution
         Date during the Monthly Period
         (a)  Class A Note Principal Balance                                         _________________
         (b)  Class B Note Principal Balance                                         _________________
         (c)  Class C Note Principal Balance                                         _________________
                Total Note Principal Balance                                         _________________

   3.    Allocation Percentages for the Monthly Period
         (a)  Principal Collections                                                  _________________
         (b)  Finance Charge Collections                                             _________________
         (c)  Default Amounts                                                        _________________
</TABLE>

                                      C-3
<PAGE>

<TABLE>
<CAPTION>
<S>                                                                                  <C>
4. Investor Principal Collections processed during the Monthly Period and
   allocated to the Series                                                           _________________

5. Excess Principal Collections from other Group I Series allocated to the
   Series                                                                            _________________

6. Aggregate amounts treated as Available Principal Collections pursuant to
   subsections [4.04(a)(v)] of the related Indenture Supplement                      _________________

7. Reallocated Principal Collections (up to the Monthly Principal Reallocation
   Amount) applied pursuant to Section [4.06] of the related Indenture
   Supplement                                                                        _________________

8. AVAILABLE PRINCIPAL COLLECTIONS (4+5+6+7)                                         _________________

9. Principal Accumulation Investment Proceeds                                        _________________

10. Investor Finance Charge Collections (including Interchange and Recoveries)
    processed during the Monthly Period                                              _________________

11. Excess Finance Charge Collections from Group I allocated to the Series           _________________

12. Reserve Account withdrawals pursuant to Section [4.10(b) or (d)] of the
    related Indenture Supplement                                                     _________________

13. Excess amounts from Spread Account to be treated as Available Finance Charge
    Collections pursuant to [Section 4.12(g)] of the related Indenture Supplement    _________________

14. AVAILABLE FINANCE CHARGE COLLECTIONS (9+10+11+12+13)                             _________________

15. Distributions of principal and interest to Noteholders on the Distribution
    Date:
   (a)   Class A Noteholders
   (b)   Class B Noteholders
   (c)   Class C Noteholders                                                         _________________

16. Distributions of principal to Noteholders on the Distribution Date:              _________________

   (a)   Class A Noteholders                                                         _________________
   (b)   Class B Noteholders                                                         _________________
   (c)   Class C Noteholders                                                         _________________
</TABLE>

                                      C-4
<PAGE>
<TABLE>
<CAPTION>
<S>                                                                                  <C>
17.Distributions of interest to Noteholders on the Distribution Date:

   (a)   Class A Noteholders                                                         _________________
   (b)   Class B Noteholders                                                         _________________
   (c)   Class C Noteholders                                                         _________________

18. The aggregate amount of all Principal Receivables in Accounts which became
    Defaulted Accounts during the Monthly Period which were allocated to the
    Series                                                                           _________________

   (a)   Default Amount
   (b)   Allocation Percentage (B.3.(c) above) Total Investor Default Amount         _________________
         (axb)

19.The aggregate amount of Uncovered Dilution Amount allocated to the
   Series for the Monthly Period                                                     _________________

   (a)   Dilutions not covered by Transferor
   (b)   Series Allocation Percentage (as defined in the related Indenture
         Supplement)                                                                 _________________
   (c)   Total Uncovered Dilution Amount

20. The aggregate amount of Investor Charge-Offs (including any Uncovered
    Dilution Amount not covered by Transferor) for the Monthly Period                _________________

21. Noteholder Servicing Fee for the Monthly Period payable to Servicer (after
    adjustment for Servicer Interchange shortfall, if any)                           _________________

22. Ratings of the Class A Notes
    Moody's                                                                          _________________
    S&P                                                                              _________________
    Fitch                                                                            _________________

23. Ratings of the Class B Notes
    Moody's                                                                          _________________
    S&P                                                                              _________________
    Fitch                                                                            _________________

24. Ratings of the Class C Notes
    Moody's                                                                          _________________
    S&P                                                                              _________________
    Fitch                                                                            _________________

25. Note Interest Rate for the Monthly Period

    (a)  Class A Note Interest Rate                                                  _________________
    (b)  Class B Note Interest Rate                                                  _________________
    (c)  Class C Note Interest Rate                                                  _________________
</TABLE>

                                      C-5
<PAGE>
<TABLE>
<CAPTION>
<S>                                                                                  <C>
C. QUARTERLY NET YIELD
   1.  Base Rate for the Monthly Period                                              _________________
   2.  Portfolio Yield for the Monthly Period                                        _________________
   3.  Net Yield for the Monthly Period (Portfolio Yield MINUS Base Rate)            _________________
   4.  Quarterly Net Yield for the related Distribution Date                         _________________

D. INFORMATION REGARDING THE PRINCIPAL ACCUMULATION ACCOUNT

   1.  Opening Principal Accumulation Account Balance on the Distribution Date for   _________________
       the Monthly Period

   2.  Controlled Deposit Amount to be deposited to the Principal Accumulation       _________________
       Account on the Distribution Date for the Monthly Period
       (a)  Controlled Accumulation Amount                                           _________________
       (b)  Accumulation Shortfall                                                   _________________
       (c)  Controlled Deposit Amount (a+b)                                          _________________

   3.  Amounts withdrawn from the Principal Accumulation Account for distribution
       to Noteholders on the related Distribution Date

       (a)  Distribution in reduction of the Class A Notes                           _________________
       (b)  Distribution in reduction of the Class B Notes                           _________________
       (c)  Distribution in reduction of the Class C Notes                           _________________

   4.  Principal Accumulation Account ending balance after deposit/withdrawal on
       the Distribution Date for the Monthly Period

E. INFORMATION REGARDING THE SPREAD ACCOUNT

   1.  Opening Available Spread Account Amount on the Distribution Date for the
       Monthly Period                                                                _________________

   2.  Aggregate amount required to be withdrawn pursuant to Section [4.12(c)] of
       the related Indenture Supplement for distribution to Class C Noteholders
       pursuant to Section [4.04(a)(iv)] of the related Indenture Supplement         _________________

   3.  Aggregate amount required to be withdrawn pursuant to Section [4.12(d)] of
       the related Indenture Supplement for distribution in reduction of the Class C
       Note Principal Balance                                                        _________________

   4.  Spread Account Percentage for the Distribution Date for the Monthly Period    _________________

   5.  Closing Required Spread Account Amount for the Distribution Date for the
       Monthly Period                                                                _________________
   </TABLE>

                                      C-6
<PAGE>

<TABLE>
<CAPTION>
<S>                                                                                  <C>
   6.  Amount on deposit in Spread Account after required withdrawals on the
       Distribution Date for the Monthly Period (1-(2+3))                            _________________

   7.  Spread Account Deficiency, if any (5 MINUS 6)                                 _________________

   8.  Amounts deposited pursuant to Section [4.04(a)(vii) or 4.10(e)] of the
       related Indenture Supplement                                                  _________________

   9.  Remaining Spread Account Deficiency, if any (7 minus 8)                       _________________

F. INFORMATION REGARDING THE RESERVE ACCOUNT

   1.  Reserve Account Funding Date                                                  _________________

   2.  Opening Available Reserve Account Amount on the Distribution Date for the
       Monthly Period                                                                _________________

   3.  Aggregate amount required to be withdrawn pursuant to Section 4.10(d) of the
       related Indenture Supplement for inclusion in Available Finance Charge        _________________
       Collections:

       (a) Covered Amount                                                            _________________
       (b) Principal Accumulation Investment Proceeds                                _________________
       (c) Reserve Draw Amount (a MINUS b)                                           _________________

   4. Required Reserve Account Amount                                                _________________

   5. Reserve Account Surplus (4-(2-3))                                              _________________

G. INFORMATION REGARDING ACCUMULATION PERIOD
   (REQUIRED ON AND AFTER DISTRIBUTION DATE)

   1. Accumulation Period Length (months)                                            _________________

H. AGGREGATE OPENING AND CLOSING BALANCE ON DEPOSIT AND
   WITHDRAWALS FROM ANY OTHER ENHANCEMENT ACCOUNTS                                   _________________

   1. Opening Balance                                                                _________________
   2. Withdrawals pursuant to Section [  ] of the related Indenture Supplement       _________________
   3. Closing Balance                                                                _________________
</TABLE>

                                      C-7
<PAGE>

<TABLE>
<CAPTION>
<S>                                                                                  <C>
[I.  PRE-FUNDING ACCOUNT]

     1. Opening Balance                                                              _________________
     2. Withdrawals pursuant to Section 4.18 of the related Indenture Supplement     _________________
     3. Closing Balance                                                              _________________

     4. Balance to be distributed as principal to Noteholders (following end of
        Funding Period)                                                              _________________

[J.  INFORMATION REGARDING THE CASH COLLATERAL ACCOUNT

     1. Opening Available Cash Collateral Amount on the Distribution Date for the
        Monthly Period                                                               _________________

     2. Required Draw Amount required to be withdrawn pursuant to Section 4.12(c) of
        the related Indenture Supplement                                             _________________

     3. Required Cash Collateral Amount                                              _________________

     4. Deposits pursuant to Section 4.04(vii) of the related Indenture Supplement   _________________

     5. Closing Available Cash Collateral Amount                                     _________________

[L.  OTHER ENHANCEMENT]

     1. Aggregate amount of drawings on any other Enhancement for the Series         _________________

     2. Amount available under other Enhancement for the Series                      _________________
</TABLE>

  IN WITNESS thereof, the undersigned has duly executed and delivered this
  Certificate the____________ day of_____________ ,_____________ .

                                    FIRST NATIONAL BANK OF OMAHA,
                                    Servicer

                                    By
                                         _______________________________________
                                    Name
                                         _______________________________________
                                    Title
                                         _______________________________________

                                      C-8
<PAGE>
                               Schedule To Monthly
                             Servicer's Certificate*

                           FIRST NATIONAL FUNDING LLC

                        FIRST NATIONAL MASTER NOTE TRUST

      *A separate schedule may be attached for each Series, with appropriate
changes and additions to reflect the specifics of the related Indenture
Supplement.
<PAGE>
                                    EXHIBIT D
                      FORM OF ANNUAL SERVICER'S CERTIFICATE

                        FIRST NATIONAL MASTER NOTE TRUST

      The undersigned, a duly authorized representative of First National Bank
of Omaha ("FNBO"), as Servicer pursuant to the Transfer and Servicing Agreement
dated as of    , 2002 (the "Agreement") by and between FNBO, as Servicer, First
National Funding LLC ("FNF"), as transferor ("Transferor"), and First National
Master Note Trust, as issuer ("Issuer"), does hereby certify that:

      1. FNBO is Servicer under the Agreement. Capitalized terms used without
definition in this Certificate shall have the meanings assigned in or pursuant
to the Agreement.

      2. The undersigned is a Servicing Officer who is duly authorized pursuant
to the Agreement to execute and deliver this Certificate to Indenture Trustee.

      3. This Certificate is delivered pursuant to Section 3.05 of the
Agreement.

      4. A review of the activities of Servicer, and of its performance under
the Agreement, during the twelve-month period ending on December 31, [   ], was
conducted under my supervision.

      5. Based on such review, Servicer has, to the best of my knowledge, fully
performed all its obligations under the Agreement throughout such period and no
default in the performance of such obligations has occurred or is continuing
except as set forth in Paragraph 6 below.

      6. The following is a description of each default in the performance of
Servicer's obligations under the provisions of the Agreement, including any
Supplement, known to me to have been made during such period which sets forth in
detail (i) the nature of each such default, (ii) the action taken by Servicer,
if any, to remedy each such default and (iii) the current status of each such
default:

                         [If applicable, insert "None".]

      7. (a) During such period, for each outstanding Series, Servicer prepared
the monthly reports required by Section 3.04(b) of the Agreement and each other
monthly report required by the applicable Indenture Supplement in accordance
with Section 3.04(b) and the applicable provisions of each such Indenture
Supplement, (b) the amounts included in such reports agree with the computer
records of Servicer and (c) the calculated amounts included in such reports are
mathematically correct and made in accordance with the applicable definitions in
this Agreement and the other applicable Transaction Documents, except as set
forth in paragraph 6 above.
<PAGE>

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

                                    FIRST NATIONAL BANK OF OMAHA, as Servicer

                                    By
                                          --------------------------------------
                                    Name
                                          --------------------------------------

                                    Title
                                          --------------------------------------

                                      D-2
<PAGE>

                                    EXHIBIT E

                 PROVISIONS TO BE INCLUDED IN OPINION OF COUNSEL
                      WITH RESPECT TO ADDITION OF ACCOUNTS

      The opinions set forth below may be subject to certain qualifications,
assumptions, limitations and exceptions taken or made in the Opinions of Counsel
delivered on any applicable Closing Date.

      1. The Receivables arising in such Additional Accounts constitute
accounts.

      2. The Transfer and Servicing Agreement, as supplemented by the
Assignment, creates in favor of the Trust a security interest in Transferor's
rights in the Receivables in such Additional Accounts and the proceeds thereof
(the "Specified Assets").

      3. The security interest in the Specified Assets created by the Transfer
and Servicing Agreement will be perfected by the filing of the Financing
Statements as described and defined in such opinion. Based solely upon our
review of the UCC Searches as described and defined in such opinion, we hereby
confirm to you that no Person other than the Trust has filed any financing
statement with the Filing Offices as described and defined in such opinion that
covers the Specified Assets and that would have priority over the security
interest of the Trust by virtue of such filing.

      4. The Receivables Purchase Agreement, as supplemented by the assignment
of the Specified Assets by FNBO to Transferor, creates in favor of Transferor a
security interest in the RPA Seller's rights in the Specified Assets.

      5. The security interest in the Specified Assets created by the
Receivables Purchase Agreement will be perfected by the filing of the Financing
Statements as described and defined in such opinion. Based solely upon our
review of the UCC Searches as described and defined in such opinion, we hereby
confirm to you that no Person other than Transferor has filed any financing
statement with the Filing Offices as described and defined in such opinion that
covers the Specified Assets and that would have priority over the security
interest of Transferor by virtue of such filing.
<PAGE>

                                    EXHIBIT F

                          PROVISIONS TO BE INCLUDED IN
                            ANNUAL OPINION OF COUNSEL

      The opinions set forth below may be subject to certain qualifications,
assumptions, limitations and exceptions taken or made in the Opinion of Counsel
to Transferor with respect to similar matters delivered on the Initial Closing
Date. Unless otherwise indicated, all capitalized terms used herein shall have
the meanings assigned in or pursuant to the Transfer and Servicing Agreement to
which this Exhibit F is attached.

      1. [PRIOR TO CERTIFICATE TRUST TERMINATION DATE.] No further filings or
actions are required under the UCC or other Nebraska law prior to _________,
_____, in order to maintain the perfection and priority of the first priority
security interests created by the Transaction Documents in favor of Issuer and
Indenture Trustee in Transferor's rights in the Collateral Certificate and the
proceeds thereof. Based solely upon our review of the UCC Searches as described
and defined in such opinion, we hereby confirm to you that no Person other than
Issuer and Indenture Trustee has filed any financing statement with the Filing
Offices as described and defined in such opinion that covers the Collateral
Certificate and proceeds thereof and that would have priority over the security
interest of Issuer and Indenture Trustee by virtue of such filing.

      2. [AFTER CERTIFICATE TRUST TERMINATION DATE.] No further filings or
actions are required under the UCC or other Nebraska law prior to _________,
_____, in order to maintain the perfection and priority of the first priority
security interests created by the Transaction Documents in favor of Issuer and
Indenture Trustee in Transferor's rights and Issuer's rights, respectively, in
the Receivables, Transferor's rights and Issuer's rights, respectively, under
the Receivables Purchase Agreement, and the proceeds of any of the foregoing
(the "Specified Assets"). Based solely upon our review of the UCC Searches as
described and defined in such opinion, we hereby confirm to you that no Person
other than Issuer and Indenture Trustee has filed any financing statement with
the Filing Offices as described and defined in such opinion that covers the
Specified Assets and that would have priority over the security interests of
Issuer and Indenture Trustee by virtue of such filing.

      3. Confirmation or update, as applicable, of the FIRREA analysis delivered
on the Initial Closing Date.

<PAGE>

                                    EXHIBIT G

                       FORM OF REASSIGNMENT OF RECEIVABLES
                               IN REMOVED ACCOUNTS

      REASSIGNMENT No.     OF RECEIVABLES dated as of        , by and among
FIRST NATIONAL FUNDING LLC, a Nebraska limited liability company, as transferor
("Transferor"), FIRST NATIONAL BANK OF OMAHA, a national banking association, as
servicer ("Servicer"), FIRST NATIONAL MASTER NOTE TRUST, as issuer ("Issuer"),
and THE BANK OF NEW YORK, as indenture trustee ("Indenture Trustee") pursuant to
the Transfer and Servicing Agreement referred to below.

                              W I T N E S S E T H :

      WHEREAS Transferor, Servicer and Issuer are parties to the Transfer and
Servicing Agreement, dated as of [        ], 2002 (as it may be amended and
supplemented from time to time the "Agreement");

      WHEREAS, Issuer has assigned its rights under the Agreement, and the
Receivables transferred thereunder, to Indenture Trustee;

      WHEREAS pursuant to the Agreement, with respect to certain designated
Accounts Transferor wishes to cause Issuer to reconvey the Receivables of such
Removed Accounts, whether now existing or hereafter created, from Issuer to
Transferor; and

      WHEREAS Issuer is willing to accept such designation and to reconvey the
Receivables in the Removed Accounts, and Indenture Trustee is willing to consent
to such reconveyance, subject to the terms and conditions hereof;

      NOW, THEREFORE, Transferor, Servicer, Indenture Trustee and Issuer hereby
agree as follows:

      SECTION 1. DEFINED TERMS. All terms defined in the Agreement and used
herein shall have such defined meanings when used herein, unless otherwise
defined herein.

      "Removal Date" means, with respect to the Removed Accounts designated
hereby,         ,     .

      "Removal Notice Date" means, with respect to the Removed Accounts
designated hereby,        ,      (which shall be a date on or prior to the fifth
Business Day prior to the Removal Date).

       SECTION 2. DESIGNATION OF REMOVED ACCOUNTS. Transferor shall deliver to
Issuer and Indenture Trustee, not later than five Business Days after the
Removal Date, a computer file or microfiche list containing a true and complete
list of each MasterCard and VISA account which as of the Removal Date shall be
deemed to be a Removed Account, such accounts being identified by account number
and by the aggregate amount of Receivables, and by the aggregate amount of
Principal Receivables outstanding, in such accounts as of the close of business
on the

<PAGE>
Removal Date. Such list shall be marked as Schedule 1 to this Reassignment,
shall be incorporated into and made a part of this Reassignment as of the
Removal Date, and shall supplement any Account Schedule previously delivered
pursuant to the Agreement.

      SECTION 3.  CONVEYANCE OF RECEIVABLES.

            (a) Issuer does hereby transfer, assign, set over and otherwise
      convey to Transferor, without representation, warranty or recourse, on and
      after the Removal Date, all right, title and interest of Issuer in, to and
      under the Receivables existing at the close of business on the Removal
      Date and thereafter created from time to time in the Removed Accounts
      designated hereby, all Recoveries related thereto, all monies due or to
      become due and all amounts received or receivable with respect thereto and
      all proceeds thereof.

            (b) In connection with such transfer, Issuer agrees to execute and
      deliver to Transferor on or prior to the date this Reassignment is
      delivered, applicable termination statements prepared by Transferor with
      respect to the Receivables existing at the close of business on the
      Removal Date and thereafter created from time to time in the Removed
      Accounts designated hereby and the proceeds thereof evidencing the release
      by Issuer of its interest in the Receivables in the Removed Accounts, and
      meeting the requirements of applicable state law, in such manner and such
      jurisdictions as are necessary to terminate such interest.

      SECTION 4. REPRESENTATIONS AND WARRANTIES OF TRANSFEROR. Transferor hereby
represents and warrants to Issuer and Indenture Trustee as of the Removal Date:

            (a) LEGAL VALID AND BINDING OBLIGATION. This Reassignment
      constitutes a legal, valid and binding obligation of Transferor
      enforceable against Transferor in accordance with its terms, except as
      such enforceability may be limited by applicable bankruptcy, insolvency,
      reorganization, moratorium or other similar laws now or hereafter in
      effect affecting the enforcement of creditors' rights in general and the
      rights of creditors of national banking associations and except as such
      enforceability may be limited by general principles of equity (whether
      considered in a suit at law or in equity).

            (b) SELECTION PROCEDURES. No selection procedures believed by
      Transferor to be materially adverse to the interests of the Issuer or the
      Noteholders were utilized in selecting the Removed Accounts designated
      hereby and such Accounts (or administratively convenient groups of
      Accounts, such as billing cycles) were chosen for removal randomly or
      otherwise not on a basis intended to select particular accounts or groups
      of accounts for any reason other than administrative convenience.
      [ALTERNATIVE REPRESENTATION: Accounts were identified for removal because
      of a third-party cancellation, or expiration without renewal, of an
      affinity, private label, agent bank or similar arrangement.]

      SECTION 5. CONDITIONS PRECEDENT. The amendment of the Agreement set forth
in Section 6 hereof is subject to the satisfaction, on or prior to the Removal
Date, of the following condition precedent:

                                      G-2
<PAGE>

            Transferor shall have delivered to Indenture Trustee an Officer's
      Certificate certifying that (i) as of the Removal Date, all requirements
      set forth in Section 2.07 of the Agreement for designating Removed
      Accounts and reconveying the Receivables of such Removed Accounts, whether
      now existing or hereafter created, have been satisfied, and (ii) each of
      the representations and warranties made by Transferor in Section 4 hereof
      is true and correct as of the Removal Date. Indenture Trustee may
      conclusively rely on such Officer's Certificate, shall have no duty to
      make inquiries with regard to the matters set forth therein and shall
      incur no liability in so relying.

      SECTION 6. RATIFICATION OF AGREEMENT. The Agreement is hereby amended to
provide that all references therein to the "Transfer and Servicing Agreement,"
to "this Agreement" and "herein" shall be deemed from and after the Removal Date
to be a reference to the Transfer and Servicing Agreement as supplemented by
this Reassignment. As supplemented by this Reassignment, the Agreement is in all
respects ratified and confirmed and the Agreement as so supplemented by this
Reassignment shall be read, taken and construed as one and the same instrument.

      SECTION 7. COUNTERPARTS. This Reassignment may be executed in two or more
counterparts, and by different parties on separate counterparts, each of which
shall be an original, but all of which shall constitute one and the same
instrument.

      SECTION 8. GOVERNING LAW. THIS REASSIGNMENT SHALL BE CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEBRASKA, 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 9. RIGHTS OF OWNER TRUSTEE. Each of the parties hereto
acknowledges and agrees that this Agreement is being executed and delivered by
Wilmington Trust Company, not individually but solely and exclusively in its
capacity as Owner Trustee on behalf of First National Master Note Trust for the
purpose and with the intention of binding First National Master Note Trust. No
obligations or liabilities hereunder shall run against Wilmington Trust Company
in its individual capacity or against its properties or assets.

      SECTION 10. INSTRUCTION TO OWNER TRUSTEE. The Transferor hereby instructs
the Owner Trustee to execute this Agreement on behalf of the Trust.

                                      G-3
<PAGE>

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

                                       FIRST NATIONAL FUNDING LLC,
                                       Transferor

                                       By
                                          ______________________________________
                                       Name
                                            ____________________________________

                                       Title
                                             ___________________________________

                                       FIRST NATIONAL BANK OF OMAHA,
                                       Servicer
                                       By
                                          ______________________________________
                                       Name
                                            ____________________________________

                                       Title
                                             ___________________________________

                                       FIRST NATIONAL MASTER NOTE TRUST,
                                       Issuer

                                        By  Wilmington Trust Company, not in its
                                            individual capacity but solely on
                                            behalf of Issuer

                                       By
                                          ______________________________________
                                       Name
                                            ____________________________________

                                       Title
                                             ___________________________________

                                       THE BANK OF NEW YORK,
                                       as Indenture Trustee
                                       By
                                          ______________________________________
                                       Name
                                            ____________________________________

                                       Title
                                             ___________________________________

                                      G-4
<PAGE>

                                                                      SCHEDULE 1
                                                  TO REASSIGNMENT OF RECEIVABLES
                                                             IN REMOVED ACCOUNTS

                                ACCOUNT SCHEDULE

                               (REMOVED ACCOUNTS)

                        List to be delivered separately.

                                      G-5
<PAGE>

                                                                      SCHEDULE 2
                                                  TO REASSIGNMENT OF RECEIVABLES
                                                             IN REMOVED ACCOUNTS

                              OFFICER'S CERTIFICATE

                                      G-6
<PAGE>

                                   SCHEDULE 1

                                ACCOUNT SCHEDULE

                        List to be delivered separately.

                                      G-7<PAGE>

                                                                     EXHIBIT 4.4

================================================================================

                                 TRUST AGREEMENT
                          Dated as of October 16, 2002

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

                           FIRST NATIONAL FUNDING LLC,
                                   Transferor,

                                       and

                            WILMINGTON TRUST COMPANY,
                                  Owner Trustee

================================================================================

                        FIRST NATIONAL MASTER NOTE TRUST

================================================================================

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                  Page
<S>                                                                               <C>
                                    ARTICLE I

                                   DEFINITIONS

Section 1.01.  Capitalized Terms............................................        1
Section 1.02.  Other Definitional Provisions................................        1

                                   ARTICLE II

                                  ORGANIZATION

Section 2.01.  Name.........................................................        2
Section 2.02.  Office.......................................................        2
Section 2.03.  Purpose and Powers...........................................        2
Section 2.04.  Appointment of Owner Trustee.................................        3
Section 2.05.  Capital Contribution of Trust Estate.........................        3
Section 2.06.  Declaration of Trust.........................................        3
Section 2.07.  Title to Trust Property......................................        3
Section 2.08.  Situs of Trust...............................................        3
Section 2.09.  Representations and Warranties of Transferor.................        4
Section 2.10.  Liability of Beneficiaries...................................        5

                                   ARTICLE III

                              BENEFICIAL INTERESTS

Section 3.01.  Initial Ownership............................................        5
Section 3.02.  Transferor Interest..........................................        5
Section 3.03.  Form of Transferor Interest..................................        5
Section 3.04.  Restrictions on Transfer; Issuance of Supplemental Interests.        5

                                   ARTICLE IV

                            ACTIONS BY OWNER TRUSTEE

Section 4.01.  Prior Notice to Transferor With Respect to Certain Matters...        6
Section 4.02.  Restrictions on Power........................................        7

                                    ARTICLE V

                      AUTHORITY AND DUTIES OF OWNER TRUSTEE

Section 5.01.  General Authority............................................        7
Section 5.02.  General Duties...............................................        7
Section 5.03.  Action Upon Instruction......................................        8
</TABLE>

<PAGE>

<TABLE>
<S>                                                                                <C>
Section 5.04.  No Duties Except as Specified in This Agreement or in
               Instructions ................................................        9
Section 5.05.  No Action Except Under Transaction Documents or Instructions.        9
Section 5.06.  Restrictions.................................................        9
Section 5.07.  Tax Returns..................................................        9

                                   ARTICLE VI

                            CONCERNING OWNER TRUSTEE

Section 6.01.  Acceptance of Trusts and Duties..............................       10
Section 6.02.  Furnishing of Documents......................................       11
Section 6.03.  Representations and Warranties...............................       12
Section 6.04.  Reliance; Advice of Counsel..................................       12
Section 6.05.  Not Acting in Individual Capacity............................       13
Section 6.06.  Owner Trustee Not Liable for Notes or Receivables............       13
Section 6.07.  Owner Trustee May Own Notes..................................       13

                                   ARTICLE VII

                          COMPENSATION OF OWNER TRUSTEE

Section 7.01.  Owner Trustee's Fees and Expenses............................       13
Section 7.02.  Indemnification..............................................       14
Section 7.03.  Payments to Owner Trustee....................................       14

                                  ARTICLE VIII

                         TERMINATION OF TRUST AGREEMENT

Section 8.01.  Termination of Trust Agreement...............................       14

                                   ARTICLE IX

             SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES

Section 9.01.  Eligibility Requirements for Owner Trustee...................       15
Section 9.02.  Resignation or Removal of Owner Trustee......................       15
Section 9.03.  Successor Owner Trustee......................................       16
Section 9.04.  Merger or Consolidation of Owner Trustee.....................       16
Section 9.05.  Appointment of Co-Trustee or Separate Trustee................       17

                                    ARTICLE X

                                  MISCELLANEOUS

Section 10.01. Supplements and Amendments...................................       18
Section 10.02. No Legal Title to Trust Estate in Transferor.................       19
Section 10.03. Limitations on Rights of Others..............................       19
</TABLE>

                                       ii
<PAGE>

<TABLE>
<S>                                                                                <C>
Section 10.04. Notices......................................................       19
Section 10.05. Severability.................................................       20
Section 10.06. Separate Counterparts........................................       20
Section 10.07. Successors and Assigns.......................................       20
Section 10.08. Non-petition Covenants.......................................       20
Section 10.09. No Recourse..................................................       20
Section 10.10. Headings.....................................................       21
Section 10.11. Governing Law................................................       21
Section 10.12. Integration of Documents.....................................       21

EXHIBIT A      FORM OF CERTIFICATE OF TRUST OF FIRST NATIONAL MASTER NOTE TRUST
</TABLE>

                                      iii
<PAGE>

                                 TRUST AGREEMENT

      THIS TRUST AGREEMENT, dated as of October 16, 2002 (this "Agreement"),
between FIRST NATIONAL FUNDING LLC, a Nebraska limited liability company, as
Transferor ("Transferor"), and WILMINGTON TRUST COMPANY, a Delaware banking
corporation, acting hereunder in its individual capacity and as Owner Trustee
("Owner Trustee").

      In consideration of the mutual agreements contained herein, Transferor and
Owner Trustee hereby agree as follows:

                                    ARTICLE I

                                   DEFINITIONS

      SECTION 1.01. CAPITALIZED TERMS. Capitalized terms used herein and not
otherwise defined herein are defined in Annex A to the Master Indenture, dated
as of the date hereof, between First National Master Note Trust and The Bank of
New York, as Indenture Trustee.

      SECTION 1.02. OTHER DEFINITIONAL PROVISIONS. All terms defined directly or
by reference in this Agreement shall have the defined meanings when used in any
certificate or other document delivered pursuant hereto unless otherwise defined
therein. For purposes of this Agreement and all such certificates and other
documents, unless the context otherwise requires: (a) accounting terms not
otherwise defined in this Agreement, and accounting terms partly defined in this
Agreement to the extent not defined, shall have the respective meanings given to
them under GAAP; (b) terms defined in Article 9 of the UCC as in effect in the
State of Nebraska and not otherwise defined in this Agreement are used as
defined in that Article; (c) any reference to each Rating Agency shall only
apply to any specific rating agency if such rating agency is then rating any
outstanding Series; (d) references to any amount as on deposit or outstanding on
any particular date means such amount at the close of business on such day; (e)
the words "hereof," "herein" and "hereunder" and words of similar import refer
to this Agreement (or the certificate or other document in which they are used)
as a whole and not to any particular provision of this Agreement (or such
certificate or document); (f) references to any Section, Schedule or Exhibit are
references to Sections, Schedules and Exhibits in or to this Agreement (or the
certificate or other document in which the reference is made), and references to
any paragraph, Section, clause or other subdivision within any Section or
definition refer to such paragraph, subsection, clause or other subdivision of
such Section or definition; (g) the term "including" means "including, without
limitation"; (h) references to any law or regulation refer to that law or
regulation as amended from time to time and include any successor law or
regulation; (i) references to any Person include that Person's successors and
assigns; (j) references to any agreement refer to that agreement as amended,
supplemented or otherwise modified from time to time; and (k) headings are for
purposes of reference only and shall not otherwise affect the meaning or
interpretation of any provision hereof.
<PAGE>

                                   ARTICLE II

                                  ORGANIZATION

      SECTION 2.01. NAME. The trust created hereby shall be known as "First
National Master Note Trust," in which name the Trust and Owner Trustee on behalf
of the Trust each shall have power and authority and the Owner Trustee is hereby
authorized and empowered to and may conduct the business of the Trust, make and
execute contracts and other instruments on behalf of the Trust and sue and be
sued.

      SECTION 2.02. OFFICE. The office of the Trust shall be in care of Owner
Trustee at the Corporate Trust Office or at such other address in the United
States as Owner Trustee may designate by written notice to Transferor and
Indenture Trustee.

      SECTION 2.03. PURPOSE AND POWERS. The purpose of the Trust is to engage in
the activities set forth in this Section 2.03. The Trust shall have power and
authority and is hereby authorized and empowered, without the need for further
action on the part of the Trust, and Owner Trustee shall have power and
authority, and is hereby authorized and empowered, in the name and on behalf of
the Trust, to do or cause to be done all acts and things necessary, appropriate
or convenient to cause the Trust to engage in the activities set forth in this
Section 2.03 as follows:

            (a) to execute, deliver and issue the Notes pursuant to the
      Indenture, to issue the Transferor Interest and to issue the Supplemental
      Interests, if any, pursuant to this Agreement;

            (b) with the proceeds of the sale of the Notes, to acquire the Trust
      Estate and to pay Transferor the amounts owed pursuant to Section 2.01 of
      the Transfer and Servicing Agreement;

            (c) to assign, grant, pledge and mortgage the Collateral pursuant to
      the Indenture and to hold, manage and distribute to the Holder of the
      Transferor Interest pursuant to the terms of this Agreement and the
      Transaction Documents any portion of the Collateral released from the lien
      of, and remitted to the Trust pursuant to, the Indenture;

            (d) to enter into, execute, deliver and perform the Transaction
      Documents to which it is to be a party;

            (e) to engage in those activities, including entering into
      agreements, that are necessary, suitable or convenient to accomplish the
      foregoing or are incidental thereto or connected therewith; and

            (f) subject to compliance with the Transaction Documents, to engage
      in such other activities as may be required in connection with
      conservation of the Trust Estate and the making of payments to the
      Noteholders and distributions to the Holders of the Transferor Interest.

                                       2
<PAGE>

The Trust shall not have power, authority or authorization to, and shall not,
engage in any activity other than in connection with the foregoing or other than
as required or authorized by the Transaction Documents. The Trust shall have no
power to hold any derivative financial instrument unless such derivative
financial instrument complies with the requirements of paragraph 40 of Statement
of Financial Accounting Standards No. 140 issued by the Financial Accounting
Standards Board, including any interpretations thereof or any successor
regulations issued by the Financial Accounting Standards Board.

      SECTION 2.04. APPOINTMENT OF OWNER TRUSTEE. Transferor hereby appoints
Owner Trustee as trustee of the Trust effective as of the date hereof, to have
all the rights, powers and duties set forth herein.

      SECTION 2.05. CAPITAL CONTRIBUTION OF TRUST ESTATE. Pursuant to the
Transfer and Servicing Agreement, Transferor shall assign, transfer, convey and
set over to the Trust, as of the Initial Closing Date, the assets specified in
the Transfer and Servicing Agreement. Owner Trustee hereby acknowledges that any
part of the Trust Estate delivered to Owner Trustee shall be held by Owner
Trustee on behalf of the Trust. Transferor shall pay organizational expenses of
the Trust as they may arise or shall, upon the request of Owner Trustee,
promptly reimburse Owner Trustee for any such expenses paid by Owner Trustee.

SECTION 2.06. DECLARATION OF TRUST. Owner Trustee hereby declares that it will
hold the Trust Estate in trust upon and subject to the conditions set forth
herein for the use and benefit of Transferor, subject to the obligations of the
Trust under the Transaction Documents to which it is a party. It is the
intention of the parties hereto that the Trust constitute a statutory trust
under the Statutory Trust Act and that this Agreement constitute the governing
instrument of such trust. It is the intention of the parties hereto that, for
income tax purposes, the Trust shall be treated as a security device and not as
an entity separate from Transferor and its assets shall be treated as owned in
whole by Transferor. The parties hereto agree that they will take no action
contrary to the foregoing intention. Effective as of the date hereof, Owner
Trustee shall have all rights, powers and authority set forth herein and, to the
extent not inconsistent herewith, in the Statutory Trust Act with respect to
accomplishing the purposes of the Trust. Owner Trustee has filed or caused to be
filed the Certificate of Trust in the form of Exhibit A to this Agreement.

      SECTION 2.07. TITLE TO TRUST PROPERTY. Legal title to all the Trust Estate
shall be vested at all times in the Trust as a separate legal entity except
where applicable law in any jurisdiction requires title to any part of the Trust
Estate to be vested in a trustee or trustees, in which case title shall be
deemed to be vested in Owner Trustee, a co-trustee and/or a separate trustee, as
the case may be.

      SECTION 2.08. SITUS OF TRUST. The Trust will be located and administered
in the State of Delaware. All bank accounts maintained by, or on behalf of, the
Trust shall be located in the State of Delaware or the State of New York. The
Trust shall not have any employees in any state other than Delaware; provided,
however, that nothing herein shall restrict or prohibit Owner Trustee from
having employees within or without the State of Delaware. Payments will be
received by the Trust only in Delaware or New York, and payments will be made by
the Trust only from Delaware or New York. The only office of the Trust will be
at the Corporate Trust Office.

                                       3
<PAGE>

      SECTION 2.09. REPRESENTATIONS AND WARRANTIES OF TRANSFEROR. Transferor
hereby represents and warrants to Owner Trustee (as such or in its individual
capacity) that:

            (a) Transferor is a limited liability company duly organized and
      validly existing in good standing under the laws of the State of Nebraska
      and has full corporate power and authority to own its properties and to
      conduct its business as such properties are presently owned and such
      business is presently conducted, and to execute, deliver and perform its
      obligations under the Transaction Documents to which it is a party and to
      perform its obligations as contemplated thereby.

            (b) Transferor is duly qualified to do business and is in good
      standing (or is exempt from such requirement) in any State required in
      order to conduct its business, and has obtained all necessary licenses and
      approvals with respect to Transferor, in each jurisdiction in which
      failure to so qualify or to obtain such licenses and approvals would have
      a material adverse effect on its ability to perform its obligations under
      the Transaction Documents to which it is a party.

            (c) The execution and delivery of the Transaction Documents to which
      Transferor is a party and the consummation of the transactions provided
      for in the Transaction Documents to which Transferor is a party have been
      duly authorized by Transferor by all necessary limited liability company
      action on its part. Transferor has the power and authority to assign the
      property to be assigned to and deposited with the Trust pursuant to
      Section 2.05 of this Agreement and Section 2.01 of the Transfer and
      Servicing Agreement.

            (d) The execution and delivery of the Transaction Documents to which
      Transferor is a party, the performance of the transactions contemplated by
      the Transaction Documents to which Transferor is a party and the
      fulfillment of the terms hereof and thereof will not conflict with or
      violate any Requirements of Law applicable to Transferor, or conflict
      with, result in any breach of any of the material terms and provisions of,
      or constitute (with or without notice or lapse of time or both) a material
      default under, any indenture, contract, agreement, mortgage, deed of trust
      or other instrument to which Transferor is a party or by which it or any
      of its properties are bound (other than violations of such indentures,
      contracts, agreements, mortgages, deeds of trust or other instruments
      which, individually or in the aggregate, would not have a material adverse
      effect on Transferor's ability to perform its obligations under this
      Agreement).

            (e) There are no proceedings or investigations pending or, to the
      best knowledge of Transferor, threatened, against Transferor before any
      court, regulatory body, administrative agency, or other tribunal or
      governmental instrumentality having jurisdiction over Transferor (i)
      asserting the invalidity of any of the Transaction Documents to which
      Transferor is a party, (ii) seeking to prevent the consummation of any of
      the transactions contemplated by any of the Transaction Documents to which
      Transferor is a party, (iii) seeking any determination or ruling that, in
      the reasonable judgment of Transferor, would materially and adversely
      affect the performance by Transferor of its obligations under the
      Transaction Documents to which Transferor is a party, or (iv) seeking any
      determination or ruling that would materially and adversely

                                       4
<PAGE>

      affect the validity or enforceability of the Transaction Documents to
      which Transferor is a party.

            (f) This Agreement is legal, valid and enforceable against
      Transferor.

      SECTION 2.10. LIABILITY OF BENEFICIARIES. The Holders of the Transferor
Interest, including the Holders of Supplemental Interests, if any, shall be
entitled to the same limitation of personal liability extended to stockholders
of private corporations for profit organized under the General Corporation Law
of the State of Delaware.

                                   ARTICLE III

                              BENEFICIAL INTERESTS

      SECTION 3.01. INITIAL OWNERSHIP. Transferor, as the Holder of the
Transferor Interest (i) shall initially be the only beneficial owner of the
Trust and (ii) shall be bound by the provisions of this Trust Agreement.

      SECTION 3.02. TRANSFEROR INTEREST. The Transferor Interest shall represent
an undivided beneficial interest in the Trust Estate subject to the lien of the
Notes created pursuant to the Indenture, including the right to receive
Collections with respect to the Receivables and other amounts at the times and
in the amounts specified in the Indenture and any Indenture Supplement to be
paid to the Holders of the Transferor Interest.

      SECTION 3.03. FORM OF TRANSFEROR INTEREST. The Transferor Interest
initially shall be an uncertificated interest in the Trust.

      SECTION 3.04. RESTRICTIONS ON TRANSFER; ISSUANCE OF SUPPLEMENTAL
INTERESTS.

            (a) Transferor may from time to time transfer a portion of the
      Transferor Interest by causing the issuance of one or more additional
      interests (each a "Supplemental Interest"), which shall be in
      uncertificated form. The form and terms of any Supplemental Interest shall
      be defined in a supplement to this Agreement (which supplement shall be
      subject to Section 10.01 to the extent that it amends any of the terms of
      this Agreement) to be delivered to or upon the order of Transferor (or the
      holder of a Supplemental Interest, in the case of the transfer or exchange
      thereof, as provided below). The issuance of any such Supplemental
      Interest to any Person shall be subject to satisfaction of the following
      conditions:

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

                  (ii) Transferor shall have delivered to Owner Trustee,
            Indenture Trustee and each Rating Agency a Tax Opinion, dated the
            date of such action (or transfer, exchange or other disposition
            provided below), with respect to such action and an Opinion of
            Counsel to the effect that such action, assignment, participation,
            pledge or other disposition does not require registration of the

                                       5
<PAGE>

            interest under the Securities Act or any state securities law except
            for any such registration that has been duly completed and become
            effective.

      A Supplemental Interest may be transferred or exchanged, and the
      Transferor Interest may be pledged, only upon satisfaction of the
      conditions set forth in clause (ii).

            (b) The Transferor Interest may be transferred in its entirety to a
      Person which is a member of the "affiliated group" as defined in Section
      1504(a) of the Code of which Transferor is a member without the consent or
      approval of the Noteholders, provided that (i) the Rating Agency Condition
      shall have been satisfied with respect to such transfer, (ii) Transferor
      shall have delivered to Owner Trustee, Indenture Trustee and each Rating
      Agency a Tax Opinion and an Opinion of Counsel of the type described in
      Section 3.04(a)(ii), dated the date of such transfer, with respect thereto
      and (iii) Transferor shall have delivered to Indenture Trustee an
      Officer's Certificate stating that the Transferor Interest shall not be
      less than the Minimum Transferor Interest. In connection with any such
      transfer, the Person to whom the Transferor Interest is transferred will,
      by its acquisition and holding of an interest in the Transferor Interest,
      assume all of the rights and obligations of Transferor as described in
      this Agreement, each Transaction Document and in any supplement or
      amendment thereto (including the right under this paragraph (b) with
      respect to subsequent transfers of an interest in the Transferor
      Interest).

            (c) Owner Trustee may request and fully rely upon an Officer's
      Certificate from Transferor to confirm that all conditions set forth in
      this Section 3.04(a) or (b), as applicable, have been met.

                                   ARTICLE IV

                            ACTIONS BY OWNER TRUSTEE

      SECTION 4.01. PRIOR NOTICE TO TRANSFEROR WITH RESPECT TO CERTAIN MATTERS.
With respect to the following matters, unless otherwise instructed by
Transferor, the Trust shall not take action unless at least 30 days before the
taking of such action Owner Trustee shall have notified Transferor:

            (a) the initiation of any claim or lawsuit by the Trust (other than
      an action to collect on the Trust Estate) and the settlement of any
      action, claim or lawsuit brought by or against the Trust (other than an
      action to collect on the Trust Estate);

            (b) the election by the Trust to file an amendment to the
      Certificate of Trust (unless such filing is required by Section 3807(e) of
      the Statutory Trust Act);

            (c) the amendment of the Indenture by a supplemental indenture in
      circumstances where the consent of any Noteholder is required;

            (d) the amendment of the Indenture by a supplemental indenture in
      circumstances where the consent of any Noteholder is not required and such
      amendment materially adversely affects the interest of Transferor;

                                       6
<PAGE>

            (e) the amendment, change or modification of the Administration
      Agreement, except to cure any ambiguity or to amend or supplement any
      provision in a manner that would not materially adversely affect the
      interests of Transferor; or

            (f) the appointment pursuant to the Indenture of a replacement or
      successor Transfer Agent and Registrar or Indenture Trustee, or the
      consent to the assignment by the Transfer Agent and Registrar,
      Administrator or Indenture Trustee of its obligations under the Indenture.

      SECTION 4.02. RESTRICTIONS ON POWER.

            (a) Owner Trustee shall not be required to take or refrain from
      taking any action if such action or inaction would be contrary to any
      obligation of the Trust or Owner Trustee (as such or in its individual
      capacity) under any of the Transaction Documents or would be contrary to
      Section 2.03.

            (b) Owner Trustee shall have no power to create, assume or incur
      indebtedness or other liabilities in the name of the Trust other than as
      contemplated by the Transaction Documents.

                                    ARTICLE V

                      AUTHORITY AND DUTIES OF OWNER TRUSTEE

      SECTION 5.01. GENERAL AUTHORITY. Each of the Trust and Owner Trustee in
the name and on behalf of the Trust shall have power and authority, and is
hereby authorized and empowered, to execute and deliver the Transaction
Documents to which the Trust is to be a party and each certificate or other
document attached as an exhibit to or contemplated by the Transaction Documents
to which the Trust is to be a party, or any amendment thereto or other
agreement, in each case, in such form as Transferor shall approve as evidenced
conclusively by Owner Trustee's execution thereof and Transferor's execution of
the related documents. In addition to the foregoing, Owner Trustee in the name
and on behalf of the Trust shall also have power and authority and is hereby
authorized and empowered, but shall not be obligated, to take all actions
required of the Trust pursuant to the Transaction Documents. Owner Trustee in
the name and on behalf of the Trust shall also have power and authority and is
hereby authorized and empowered from time to time to take such action as
Transferor or Administrator directs in writing with respect to the Transaction
Documents.

      SECTION 5.02. GENERAL DUTIES. It shall be the duty of Owner Trustee to
discharge (or cause to be discharged) all of its responsibilities pursuant to
the terms of this Agreement and any other Transaction Documents to which the
Trust is a party and to administer the Trust as expressly set forth herein in
the interest of Transferor, subject to the Transaction Documents and in
accordance with the provisions of this Agreement. Notwithstanding the foregoing,
Owner Trustee shall be deemed to have discharged its duties and responsibilities
hereunder and under the other Transaction Documents to the extent Administrator
has agreed in the Administration Agreement or another Transaction Document to
perform any act or to discharge any duty of Owner Trustee or the Trust under any
Transaction Document, and Owner Trustee shall not be

                                       7
<PAGE>

personally liable for the default or failure of Administrator to carry out its
obligations under the Administration Agreement.

      SECTION 5.03. ACTION UPON INSTRUCTION.

            (a) Owner Trustee shall not be required to take any action hereunder
      or under any other Transaction Document if Owner Trustee shall have
      reasonably determined, or shall have been advised by counsel, that such
      action is likely to result in personal liability on the part of Owner
      Trustee or is contrary to the terms of any Transaction Document or is
      otherwise contrary to law.

            (b) Whenever Owner Trustee is unable to decide between alternative
      courses of action permitted or required by the terms of any Transaction
      Document, Owner Trustee shall promptly give notice (in such form as shall
      be appropriate under the circumstances) to Transferor requesting
      instruction as to the course of action to be adopted, and to the extent
      Owner Trustee acts or refrains from acting in good faith in accordance
      with any such instruction of Transferor received, Owner Trustee shall not
      be personally liable on account of such action or inaction to any Person.
      If Owner Trustee shall not have received appropriate instruction within 10
      days of such notice (or within such shorter period of time as reasonably
      may be specified in such notice or may be necessary under the
      circumstances) it may, but shall be under no duty to, take or refrain from
      taking such action, not in violation of the Transaction Documents, as it
      shall deem to be in the best interest of Transferor, and shall have no
      personal liability to any Person for such action or inaction.

            (c) In the event that Owner Trustee is unsure as to the application
      of any provision of any Transaction Document or any such provision is
      ambiguous as to its application, or is, or appears to be, in conflict with
      any other applicable provision, or in the event that this Agreement
      permits any determination by Owner Trustee or is silent or is incomplete
      as to the course of action that Owner Trustee is required to take with
      respect to a particular set of facts, Owner Trustee may give notice (in
      such form as shall be appropriate under the circumstances) to Transferor
      requesting instruction and, to the extent that Owner Trustee acts or
      refrains from acting in good faith in accordance with any such instruction
      received, Owner Trustee shall not be personally liable, on account of such
      action or inaction, to any Person. If Owner Trustee shall not have
      received appropriate instruction within 10 days of such notice (or within
      such shorter period of time as reasonably may be specified in such notice
      or may be necessary under the circumstances) it may, but shall be under no
      duty to, take or refrain from taking such action, not in violation of the
      Transaction Documents, as it shall deem to be in the best interests of
      Transferor, and shall have no personal liability to any Person for such
      action or inaction.

            (d) The Administrator and the Transferor may, by written
      instruction, direct the Owner Trustee in the administration of the Trust
      to the extent permitted by, and not inconsistent with, the Transaction
      Documents (other than the Transaction Documents to which the Owner Trustee
      is a party in its individual capacity).

                                       8
<PAGE>

      SECTION 5.04. NO DUTIES EXCEPT AS SPECIFIED IN THIS AGREEMENT OR IN
INSTRUCTIONS. Owner Trustee shall not have any duty or obligation to manage,
make any payment with respect to, register, record, sell, dispose of, or
otherwise deal with the Trust or the Trust Estate, or to otherwise take or
refrain from taking any action under, or in connection with, this Agreement or
any document contemplated hereby to which the Trust is a party, except as
expressly provided by the terms of this Agreement or in any document or written
instruction received by Owner Trustee pursuant to Section 5.03; and no implied
duties or obligations shall be read into any Transaction Document against Owner
Trustee. Owner Trustee shall have no responsibility for any filing or recording,
including filing any financing or continuation statement in any public office at
any time or to otherwise perfect or maintain the perfection of any security
interest or lien granted to it or the Trust hereunder or to prepare, execute or
file any Commission filing for the Trust, or to prepare any tax forms, returns
or reports or to record any Transaction Document. Owner Trustee in its
individual capacity nevertheless agrees that it will, at its own cost and
expense, promptly take all action as may be necessary to discharge any liens on
any part of the Trust Estate that result from actions by, or claims against,
Owner Trustee in its individual capacity that are not related to the ownership
or the administration of the Trust Estate or the transactions contemplated by
the Transaction Documents.

      SECTION 5.05. NO ACTION EXCEPT UNDER TRANSACTION DOCUMENTS OR
INSTRUCTIONS. Owner Trustee shall not manage, control, use, sell, dispose of or
otherwise deal with any part of the Trust Estate except (i) in accordance with
the powers granted to and the authority conferred upon Owner Trustee pursuant to
this Agreement, (ii) in accordance with the Transaction Documents or (iii) in
accordance with any document or instruction delivered to Owner Trustee pursuant
to Section 5.03.

      SECTION 5.06. RESTRICTIONS. Owner Trustee shall not take any action (a)
that, to the actual knowledge of a Responsible Officer of Owner Trustee, would
violate the purposes of the Trust set forth in Section 2.03 or (b) that, to the
actual knowledge of a Responsible Officer of Owner Trustee, would result in the
Trust's becoming taxable as a corporation for federal income tax purposes.
Transferor shall not direct Owner Trustee to take action that would violate the
provisions of this Section 5.06.

      SECTION 5.07. TAX RETURNS. In the event the Trust shall be required to
file tax returns, Administrator shall prepare or shall cause to be prepared such
tax returns and shall provide such tax returns to Owner Trustee for signature at
least five days before such tax returns are due to be filed. Administrator, in
accordance with the terms of each Indenture Supplement, shall also prepare or
shall cause to be prepared all tax information required by law to be distributed
to Noteholders and shall deliver such information to Owner Trustee at least five
days prior to the date it is required by law to be distributed to Noteholders.
Owner Trustee, upon request, will furnish Administrator with all such
information known to Owner Trustee as may be reasonably required in connection
with the preparation of all tax returns of the Trust, and shall, upon request,
execute such returns. In no event shall Owner Trustee or Indenture Trustee be
liable for any liabilities, costs or expenses of the Trust or any Noteholder
arising under any tax law, including federal, state or local income or excise
taxes or any other tax imposed on or measured by income (or any interest or
penalty with respect thereto arising from a failure to comply therewith).

                                       9
<PAGE>

                                   ARTICLE VI

                            CONCERNING OWNER TRUSTEE

      SECTION 6.01. ACCEPTANCE OF TRUSTS AND DUTIES. Owner Trustee accepts the
trusts hereby created and agrees to perform its duties hereunder with respect to
such trusts, but only upon the terms of this Agreement. Owner Trustee also
agrees to disburse all moneys actually received by it constituting part of the
Trust Estate to the Indenture Trustee for disbursement pursuant to the
Transaction Documents. Owner Trustee shall not be personally answerable or
accountable under any Transaction Document under any circumstances, except (i)
for its own willful misconduct, bad faith or gross negligence in the performance
of its duties or the omission to perform any such duties or (ii) in the case of
the inaccuracy of any representation or warranty contained in Section 6.03
expressly made by Owner Trustee in its individual capacity. In particular, but
not by way of limitation (and subject to the exceptions set forth in the
preceding sentence):

            (a) Owner Trustee shall not be personally liable for any error of
      judgment made in good faith by Owner Trustee;

            (b) Owner Trustee shall not be personally liable with respect to any
      action taken or omitted to be taken by it in accordance with the
      instructions of Administrator or Transferor;

            (c) no provision of this Agreement or any other Transaction Document
      shall require Owner Trustee to expend or risk funds or otherwise incur any
      personal financial liability in the exercise or performance of any of its
      duties, rights or powers hereunder or under any other Transaction
      Document, if Owner Trustee shall have reasonable grounds for believing
      that repayment of such funds or adequate indemnity against such risk or
      liability is not reasonably assured or provided to it (as such and in its
      individual capacity);

            (d) under no circumstances shall Owner Trustee be personally liable
      for indebtedness evidenced by or arising under any of the Transaction
      Documents, including the principal of and interest on the Notes;

            (e) Owner Trustee shall not be personally responsible for or in
      respect of the validity or sufficiency of this Agreement, the due
      execution hereof by Transferor or the form, character, genuineness,
      sufficiency, value or validity of any of the Trust Estate, the Transaction
      Documents, the Notes or the Transferor Interest, and Owner Trustee shall
      in no event assume or incur any personal liability, duty, or obligation to
      any Noteholder, Transferor, any Holder of the Transferor Interest or any
      other Person, other than as expressly provided for herein or expressly
      agreed to in the other Transaction Documents;

            (f) Owner Trustee shall not be personally liable for the default or
      misconduct of, and shall have no duty to monitor the performance of,
      Transferor, Servicer, Administrator or Indenture Trustee or any other
      Person under any of the Transaction Documents or otherwise, and Owner
      Trustee shall have no obligation or personal liability

                                       10
<PAGE>

      to perform the obligations of the Trust under the Transaction Documents,
      including those that are required to be performed by Administrator under
      the Administration Agreement, Indenture Trustee under the Indenture or
      Servicer under the Transfer and Servicing Agreement;

            (g) Owner Trustee shall be under no obligation to exercise any of
      the rights or powers vested in it by this Agreement, or to institute,
      conduct or defend any litigation under this Agreement or otherwise or in
      relation to any Transaction Document, at the request, order or direction
      of Transferor, unless the Transferor has offered to Owner Trustee (as such
      and in its individual capacity) security or indemnity satisfactory to it
      against the costs, expenses and liabilities that may be incurred by Owner
      Trustee therein or thereby. The right of Owner Trustee to perform any
      discretionary act enumerated in any Transaction Document shall not be
      construed as a duty, and Owner Trustee shall not be answerable or
      personally liable to any Person for any such act other than liability to
      the Trust and the beneficial owners of the Trust for its own gross
      negligence, bad faith or willful misconduct in the performance of any such
      act or the omission to perform any such act; and

            (h) Notwithstanding anything contained herein to the contrary, Owner
      Trustee shall not be required to take any action in any jurisdiction other
      than in the State of Delaware if the taking of such action will (i)
      require the registration with, licensing by or the taking of any other
      similar action in respect of, any State or other governmental authority or
      agency of any jurisdiction other than the State of Delaware by or with
      respect to Owner Trustee (as such or in its individual capacity); (ii)
      result in any fee, tax or other governmental charge under the laws of any
      jurisdiction or any political subdivisions thereof in existence on the
      date hereof other than the State of Delaware becoming payable by Owner
      Trustee (as such or in its individual capacity); or (iii) subject Owner
      Trustee (as such or in its individual capacity) to personal jurisdiction
      in any jurisdiction other than the State of Delaware for causes of action
      arising from acts unrelated to the consummation of the transactions by
      Owner Trustee contemplated hereby. Owner Trustee shall be entitled to
      obtain advice of counsel (which advice shall be an expense of Transferor)
      to determine whether any action required to be taken pursuant to this
      Agreement results in the consequences described in clauses (i), (ii) and
      (iii) of the preceding sentence. In the event that said counsel advises
      Owner Trustee that such action will result in such consequences,
      Transferor shall appoint an additional trustee pursuant to Section 9.05 to
      proceed with such action.

      SECTION 6.02. FURNISHING OF DOCUMENTS. Owner Trustee shall furnish to
Transferor and Indenture Trustee, promptly upon written request therefor,
duplicates or copies of all reports, notices, requests, demands, certificates,
financial statements and any other instruments furnished to Owner Trustee under
the Transaction Documents.

                                       11
<PAGE>

      SECTION 6.03. REPRESENTATIONS AND WARRANTIES. Owner Trustee (as such and
in its individual capacity) hereby represents and warrants to Transferor that:

            (a) It is a banking corporation duly organized and validly existing
      in good standing under the State of Delaware. It has all requisite
      corporate power and authority to execute, deliver and perform its
      obligations under this Agreement.

            (b) It has taken all corporate action necessary to authorize the
      execution and delivery by it of this Agreement, and this Agreement will be
      executed and delivered by one of its officers who is duly authorized to
      execute and deliver this Agreement on its behalf.

            (c) Neither the execution nor the delivery by it of this Agreement,
      nor the consummation by it of the transactions contemplated hereby nor
      compliance by it with any of the terms or provisions hereof, will
      contravene any federal or Delaware law, governmental rule or regulation
      governing the banking or trust powers of Owner Trustee (as such and in its
      individual capacity) or any judgment or order binding on it, or constitute
      any default under its charter documents or bylaws or any indenture,
      mortgage, contract, agreement or instrument to which it is a party or by
      which any of its properties may be bound.

      SECTION 6.04. RELIANCE; ADVICE OF COUNSEL.

            (a) Owner Trustee shall incur no personal liability to anyone in
      acting upon any signature, instrument, notice, resolution, request,
      consent, order, certificate, report, opinion, bond, or other document or
      paper reasonably believed by it to be genuine and reasonably believed by
      it to be signed by the proper party or parties. Owner Trustee may accept a
      certified copy of a resolution of the board of directors or other
      governing body of any Person as conclusive evidence that such resolution
      has been duly adopted by such body and that the same is in full force and
      effect. As to any fact or matter the method of the determination of which
      is not specifically prescribed herein, Owner Trustee may for all purposes
      hereof rely on a certificate, signed by the president or any vice
      president or by the treasurer or other authorized officer of an
      appropriate Person, as to such fact or matter, and such certificate shall
      constitute full protection to Owner Trustee for any action taken or
      omitted to be taken by it in good faith in reliance thereon.

            (b) In the exercise or administration of the trusts hereunder and in
      the performance of its duties and obligations under this Agreement or the
      other Transaction Documents, Owner Trustee (i) may act directly or through
      agents or attorneys pursuant to agreements entered into with any of them,
      and Owner Trustee shall not be personally liable for the conduct or
      misconduct of such agents or attorneys if such agents or attorneys shall
      have been selected by Owner Trustee in good faith, and (ii) may consult
      with counsel, accountants and other skilled Persons to be selected in good
      faith and employed by it. Owner Trustee shall not be personally liable for
      anything done, suffered or omitted in good faith by it in accordance with
      the written opinion or written advice of any such counsel, accountants or
      other such Persons.

                                       12
<PAGE>

      SECTION 6.05. NOT ACTING IN INDIVIDUAL CAPACITY. Except as expressly
provided in this Article VI, in accepting the trusts hereby created, Wilmington
Trust Company acts solely as Owner Trustee hereunder and not in its individual
capacity, and all Persons having any claim against Owner Trustee by reason of
the transactions contemplated by any Transaction Document shall look only to the
Trust Estate for payment or satisfaction thereof.

      SECTION 6.06. OWNER TRUSTEE NOT LIABLE FOR NOTES OR RECEIVABLES. The
statements contained herein and in the Notes and other Transaction Documents
(other than the representations and warranties in Section 6.03) shall be taken
as the statements of Transferor, and Owner Trustee assumes no responsibility for
the correctness thereof. Owner Trustee makes no representations as to the
validity or sufficiency of this Agreement or any other Transaction Document, the
Notes or related documents. Owner Trustee shall at no time have any
responsibility or personal liability for or with respect to the legality,
validity and enforceability of the Receivables or the perfection and priority of
any security interest in the Receivables or the maintenance of any such
perfection and priority, or for or with respect to the sufficiency of the Trust
Estate or its ability to generate the payments to be distributed to the
Noteholders under the Indenture, including the existence, condition and
ownership of the Receivables; the existence and contents of the Receivables on
any computer or other record thereof; the validity of the assignment of the
Receivables to the Trust or of any intervening assignment; the completeness of
the Receivables; the performance or enforcement of the Receivables; the
compliance by Transferor with any warranty or representation made under any
Transaction Document or in any related document or the accuracy of any such
warranty or representation or any action of Administrator, Servicer or Indenture
Trustee taken in the name of Owner Trustee.

      SECTION 6.07. OWNER TRUSTEE MAY OWN NOTES. Owner Trustee may become the
owner or pledgee of Notes. If Owner Trustee becomes the owner or pledgee of
Notes it shall have the same rights as it would have if it were not Owner
Trustee. Owner Trustee may deal with Transferor, Administrator, Servicer and
Indenture Trustee in banking transactions with the same rights as it would have
if it were not Owner Trustee.

                                   ARTICLE VII

                          COMPENSATION OF OWNER TRUSTEE

      SECTION 7.01. OWNER TRUSTEE'S FEES AND EXPENSES. Owner Trustee (in its
individual capacity) shall receive as compensation for its services hereunder
such fees as have been separately agreed upon before the date hereof between
Transferor and Owner Trustee (in its individual capacity) (which compensation
shall not be limited by any law on compensation of a trustee of an express
trust), and Owner Trustee (in its individual capacity) shall be entitled to be
reimbursed by Transferor for its other reasonable expenses hereunder, including
the reasonable compensation, expenses and disbursements of such agents,
representatives, experts and counsel as Owner Trustee may employ in connection
with the exercise and performance of its rights and its duties hereunder and
under the Transaction Documents; provided, however, that Owner Trustee shall
have no recourse to the assets pledged under the Indenture with respect to any
payments pursuant to this Section 7.01 and Owner Trustee's right to enforce such
obligation shall be subject to the provisions of Section 10.08.

                                       13
<PAGE>

      SECTION 7.02. INDEMNIFICATION. To the fullest extent permitted by law,
Transferor shall indemnify, defend and hold harmless Owner Trustee (as such and
in its individual capacity) and its successors, assigns, directors, officers,
agents, employees and servants (each an "Indemnified Party" and collectively,
the "Indemnified Parties") from and against, any and all liabilities,
obligations, losses, damages, taxes, claims, actions and suits, and any and all
reasonable costs, expenses and disbursements (including reasonable legal fees
and expenses) of any kind and nature whatsoever (collectively, "Expenses") which
may at any time be imposed on, incurred by, or asserted against Owner Trustee or
any Indemnified Party in any way relating to or arising out of the Transaction
Documents, the Trust Estate, the acceptance and administration of the Trust
Estate or any action or inaction of Owner Trustee, provided that Transferor
shall not be liable for or required to indemnify any Indemnified Party from and
against Expenses arising or resulting from any of the matters described in the
third sentence of Section 6.01 or Expenses for which indemnification is actually
received under other Transaction Documents; provided, further that Transferor
shall not be liable for or required to indemnify an Indemnified Party from and
against expenses arising or resulting from (i) the Indemnified Party's fraud,
negligence or willful misconduct, or (ii) the inaccuracy of any representation
or warranty contained in Section 6.03. No Indemnified Party shall have recourse
to the assets pledged under the Indenture with respect to any Expenses payable
by Transferor pursuant to this Section 7.02. An Indemnified Party's right to
enforce such obligation shall be subject to the provisions of Section 10.08. The
indemnities contained in this Section 7.02 shall survive the resignation and
termination of Owner Trustee or the termination of this Agreement.

      SECTION 7.03. PAYMENTS TO OWNER TRUSTEE. Any amounts paid to Owner Trustee
or any other Indemnified Party pursuant to this Article VII shall not be
construed to be a part of the Trust Estate.

                                  ARTICLE VIII

                         TERMINATION OF TRUST AGREEMENT

      SECTION 8.01. TERMINATION OF TRUST AGREEMENT.

            (a) The Trust shall dissolve upon the date specified by Transferor
      (the "Trust Termination Date," written notice of which shall be provided
      to Owner Trustee), provided that the Trust Termination Date shall not be
      earlier than the day on which the rights of all Series of Notes to receive
      payments from the Trust have terminated. After satisfaction of liabilities
      of the Trust as provided by applicable law, any money or other property
      held as part of the Trust Estate following such distribution shall be
      distributed to Transferor. The bankruptcy, liquidation, dissolution,
      termination, death or incapacity of Transferor shall not (i) operate to
      terminate this Agreement or annul, dissolve or terminate the Trust, or
      (ii) entitle Transferor's legal representatives or heirs to claim an
      accounting or to take any action or proceeding in any court for a
      partition or winding up of all or any part of the Trust or Trust Estate or
      (iii) otherwise affect the rights, obligations and liabilities of the
      parties hereto.

            (b) Except as provided in Section 8.01(a), neither Transferor nor
      any Holder of the Transferor Interest shall be entitled to revoke,
      dissolve or terminate the Trust.

                                       14
<PAGE>

            (c) Upon completion of the winding up of the Trust in accordance
      with the Statutory Trust Act, Owner Trustee shall cause the Certificate of
      Trust to be canceled by filing a certificate of cancellation with the
      Secretary of State of the State of Delaware in accordance with the
      provisions of Section 3810 of the Statutory Trust Act and thereupon the
      Trust and this Agreement (other than Articles VI and VII and Section
      10.08) shall terminate.

                                   ARTICLE IX

             SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES

      SECTION 9.01. ELIGIBILITY REQUIREMENTS FOR OWNER TRUSTEE. Owner Trustee
shall at all times be a Person satisfying the provisions of Section 3807(a) of
the Statutory Trust Act; authorized to exercise trust powers; having a combined
capital and surplus of at least $50,000,000 and subject to supervision or
examination by federal or state authorities; and having (or having a parent
which has) a rating of at least Baa3 by Moody's, at least BBB- by Standard &
Poor's and, if rated by Fitch, at least BBB- by Fitch, or otherwise satisfactory
to each Rating Agency. If such Person shall publish reports of condition at
least annually, pursuant to law or to the requirements of the aforesaid
supervising or examining authority, then for the purpose of this Section 9.01,
the combined capital and surplus of such Person shall be deemed to be its
combined capital and surplus as set forth in its most recent report of condition
so published. In case at any time Owner Trustee shall cease to be eligible in
accordance with the provisions of this Section 9.01, Owner Trustee shall resign
immediately in the manner and with the effect specified in Section 9.02.

      SECTION 9.02. RESIGNATION OR REMOVAL OF OWNER TRUSTEE. Owner Trustee may
at any time resign and be discharged from the trusts hereby created by giving
written notice thereof to Transferor; provided, however, that such resignation
and discharge shall only be effective upon the appointment of a successor Owner
Trustee. Upon receiving such notice of resignation, Transferor shall promptly
appoint a successor Owner Trustee by written instrument, in duplicate, one copy
of which instrument shall be delivered to the resigning Owner Trustee and one
copy to the successor Owner Trustee. If no successor Owner Trustee shall have
been so appointed and have accepted appointment within 60 days after the giving
of such notice of resignation, the resigning Owner Trustee at the expense of
Transferor may petition any court of competent jurisdiction for the appointment
of a successor Owner Trustee.

      If at any time Owner Trustee shall cease to be eligible in accordance with
the provisions of Section 9.01 and shall fail to resign after written request
therefor by Transferor, or if at any time Owner Trustee shall be legally unable
to act, or shall be adjudged bankrupt or insolvent, or a receiver of Owner
Trustee or of its property shall be appointed, or any public officer shall take
charge or control of Owner Trustee or of its property or affairs for the purpose
of rehabilitation, conservation or liquidation, then Transferor may, but shall
not be required to, remove Owner Trustee. If Transferor shall remove Owner
Trustee under the authority of the immediately preceding sentence, Transferor
shall promptly (i) appoint a successor Owner Trustee by written instrument, in
duplicate, one copy of which instrument shall be delivered to the outgoing Owner
Trustee so removed and one copy to the successor Owner Trustee and (ii) pay all
amounts owed to the outgoing Owner Trustee in its individual capacity.

                                       15
<PAGE>

      Any resignation or removal of Owner Trustee and appointment of a successor
Owner Trustee pursuant to any of the provisions of this Section 9.02 shall not
become effective until acceptance of appointment by the successor Owner Trustee
pursuant to Section 9.03 and, in the case of removal, payment of all fees and
expenses owed to the outgoing Owner Trustee (as such or in its individual
capacity). Transferor shall provide notice of such resignation or removal of
Owner Trustee to each Rating Agency.

      SECTION 9.03. SUCCESSOR OWNER TRUSTEE. Any successor Owner Trustee
appointed pursuant to Section 9.02 shall execute, acknowledge and deliver to
Transferor and to its predecessor Owner Trustee an instrument accepting such
appointment under this Agreement, and thereupon the resignation or removal of
the predecessor Owner Trustee shall become effective and such successor Owner
Trustee, without any further act, deed or conveyance, shall become fully vested
with all the rights, powers, duties, and obligations of its predecessor under
this Agreement, with like effect as if originally named as Owner Trustee. The
predecessor Owner Trustee shall upon payment of its fees and expenses deliver to
the successor Owner Trustee all documents and statements and monies held by it
under this Agreement; and Transferor and the predecessor Owner Trustee shall
execute and deliver such instruments and do such other things as may reasonably
be required for fully and certainly vesting and confirming in the successor
Owner Trustee all such rights, powers, duties, and obligations.

      No successor Owner Trustee shall accept appointment as provided in this
Section 9.03 unless at the time of such acceptance such successor Owner Trustee
shall be eligible pursuant to Section 9.01.

      Upon acceptance of appointment by a successor Owner Trustee pursuant to
this Section 9.03, Transferor shall mail notice of such acceptance of
appointment, including the name of such successor Owner Trustee to Transferor,
Indenture Trustee, the Noteholders and each Rating Agency. If Transferor shall
fail to mail such notice within 10 days after acceptance of appointment by the
successor Owner Trustee, the successor Owner Trustee shall cause such notice to
be mailed at the expense of Transferor.

      Upon acceptance of appointment by a successor Owner Trustee pursuant to
this Section 9.03, such successor Owner Trustee shall file an amendment to the
Certificate of Trust with the Secretary of State of the State of Delaware
identifying the name and principal place of business of such successor Owner
Trustee in the State of Delaware.

      SECTION 9.04. MERGER OR CONSOLIDATION OF OWNER TRUSTEE. Notwithstanding
anything herein to the contrary, any Person into which Owner Trustee may be
merged or converted or with which it may be consolidated, or any Person
resulting from any merger, conversion or consolidation to which Owner Trustee
shall be a party, or any Person succeeding to all or substantially all of the
corporate trust business of Owner Trustee, shall be the successor of Owner
Trustee hereunder (provided that such Person shall meet the eligibility
requirements set forth in Section 9.01), without the execution or filing of any
instrument or any further act on the part of any of the parties hereto;
provided, further that (a) Owner Trustee shall mail notice of such merger or
consolidation to each Rating Agency and (b) Owner Trustee shall file any
necessary amendments to the Certificate of Trust with the Secretary of State of
the State of Delaware.

                                       16
<PAGE>

      SECTION 9.05. APPOINTMENT OF CO-TRUSTEE OR SEPARATE TRUSTEE.
Notwithstanding any other provisions of this Agreement, at any time, for the
purpose of meeting any legal requirements of any jurisdiction in which any part
of the Trust Estate may at the time be located, Transferor and Owner Trustee
acting jointly shall have the power and shall execute and deliver all
instruments to appoint one or more Persons approved by each of Transferor and
Owner Trustee to act as co-trustee, jointly with Owner Trustee, or separate
trustee or separate trustees, of all or any part of the Trust Estate, and to
vest in such Person, in such capacity, such title to the Trust, or any part
thereof, and, subject to the other provisions of this Section 9.05, such powers,
duties, obligations, rights and trusts as Transferor and Owner Trustee may
consider necessary or desirable. If Transferor shall not have joined in such
appointment within 15 days after the receipt by it of a request so to do, Owner
Trustee alone shall have the power to make such appointment. no co-trustee or
separate trustee under this Agreement shall be required to meet the terms of
eligibility as a successor trustee pursuant to Section 9.01 and no notice of the
appointment of any co-trustee or separate trustee shall be required pursuant to
Section 9.03.

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

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

            (b) no trustee under this Agreement shall be personally liable by
      reason of any act or omission of any other trustee under this Agreement;
      and

            (c) Transferor and Owner Trustee acting jointly may at any time
      accept the resignation of or remove any separate trustee or co-trustee.

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

                                       17
<PAGE>

      Any separate trustee or co-trustee may at any time appoint Owner Trustee,
its agent or attorney-in-fact with full power and authority, to the extent not
prohibited by law, to do any lawful act under or in respect of this Agreement on
its behalf and in its name. If any separate trustee or co-trustee shall die,
become incapable of acting, resign or be removed, all of its estates,
properties, rights, remedies and trusts shall vest in and be exercised by Owner
Trustee, to the extent permitted by law, without the appointment of a new or
successor trustee.

                                    ARTICLE X

                                  MISCELLANEOUS

      SECTION 10.01. SUPPLEMENTS AND AMENDMENTS. This Agreement may be amended
from time to time, by a written amendment duly executed and delivered by
Transferor and Owner Trustee, without the consent of any of the Noteholders, to
cure any ambiguity, to correct or supplement any provisions in this Agreement or
to add any other provisions with respect to matters or questions raised under
this Agreement which shall not be inconsistent with the provisions of this
Agreement; provided, however, that such amendment will not, as evidenced by an
Officer's Certificate of Transferor addressed and delivered to Owner Trustee and
Indenture Trustee, materially and adversely affect the interest of any
Noteholder. In addition, this Agreement may be amended from time to time, by a
written amendment duly executed and delivered by Transferor and Owner Trustee,
without the consent of any of the Noteholders, and upon satisfaction of the
Rating Agency Condition, for the purpose of adding any provisions to or changing
in any manner or eliminating any of the provisions of this Agreement or
modifying in any manner the rights of the Noteholders; provided, however, that
such amendment will not (a) as evidenced by an Officer's Certificate of
Transferor addressed and delivered to Owner Trustee and Indenture Trustee,
materially and adversely affect the interest of any Noteholder and (b) as
evidenced by an Opinion of Counsel addressed and delivered to Owner Trustee and
Indenture Trustee, cause the Trust to be classified as an association (or a
publicly traded partnership) taxable as a corporation for federal income tax
purposes; provided, further, that Section 2.03 of this Agreement may be amended
only with the consent of the Holders of Notes evidencing not less than a
majority of the Outstanding Amount of the Notes. Additionally, notwithstanding
the preceding sentence, this Agreement will be amended by Transferor and Owner
Trustee without the consent of Indenture Trustee or any of the Noteholders to
add, modify or eliminate such provisions as may be necessary or advisable in
order to enable all or a portion of the Trust (i) to qualify as, and to permit
an election to be made to cause the Trust to be treated as, a "financial asset
securitization investment trust" as described in the provisions of Section 860L
of the Code, and (ii) to avoid the imposition of state or local income or
franchise taxes imposed on the Trust's property or its income; provided,
however, that (A) Transferor delivers to Indenture Trustee and Owner Trustee an
Officer's Certificate to the effect that the proposed amendments meet the
requirements set forth in this subsection, (B) the Rating Agency Condition shall
have been satisfied with respect to such amendment and (C) such amendment does
not affect the rights, benefits, protections, privileges, immunities, duties or
obligations of Owner Trustee hereunder.

      This Agreement may also be amended from time to time by a written
amendment duly executed and delivered by Transferor and Owner Trustee, with the
consent of Indenture Trustee and the Holders of Notes evidencing more than
66-2/3% of the Outstanding Amount of the Notes,

                                       18
<PAGE>

for the purpose of adding any provisions to or changing in any manner or
eliminating any of the provisions of this Agreement or of modifying in any
manner the rights of the Noteholders; provided, however, that without the
consent of all Noteholders, no such amendment shall (a) increase or reduce in
any manner the amount of, or accelerate or delay the timing of distributions
that are required to be made for the benefit of the Noteholders or (b) reduce
the aforesaid percentage of the Outstanding Amount of the Notes, the Holders of
which are required to consent to any such amendment; provided, further that such
amendment will not, as evidenced by an Opinion of Counsel addressed and
delivered to Owner Trustee and Indenture Trustee, cause the Trust to be
classified as an association (or a publicly traded partnership) taxable as a
corporation for federal income tax purposes.

      Promptly after the execution of any such amendment or consent, Transferor
shall furnish written notification of the substance of such amendment or consent
to Indenture Trustee and each Rating Agency.

      It shall not be necessary for the consent of the Noteholders pursuant to
this Section 10.01 to approve the particular form of any proposed amendment or
consent, but it shall be sufficient if such consent shall approve the substance
thereof

      Promptly after the execution of any amendment to the Certificate of Trust,
Owner Trustee shall cause the filing of such amendment with the Secretary of
State of the State of Delaware.

      Owner Trustee shall be entitled to receive, and shall be fully protected
in relying upon, an Officer's Certificate of Transferor to the effect that the
conditions to amendment have been satisfied.

      Owner Trustee may, but shall not be obligated to, enter into, and unless
it has consented thereto in writing shall not be bound by, any amendment which
affects Owner Trustee's own rights, duties, benefits, protections, privileges or
immunities (as such or in its individual capacity) under this Agreement or
otherwise.

      SECTION 10.02. NO LEGAL TITLE TO TRUST ESTATE IN TRANSFEROR. Transferor
shall not have legal title to any part of the Trust Estate. No transfer, by
operation of law or otherwise, of any right, title, and interest of Transferor
to and in its undivided beneficial interest in the Trust Estate shall operate to
terminate this Agreement or annul, dissolve or terminate the Trust or entitle
any transferee to an accounting or to the transfer to it of legal title to any
part of the Trust Estate.

      SECTION 10.03. LIMITATIONS ON RIGHTS OF OTHERS. The provisions of this
Agreement are solely for the benefit of Owner Trustee (as such or in its
individual capacity), the other Indemnified Parties, Transferor, and, to the
extent expressly provided herein, Indenture Trustee and the Noteholders, and
nothing in this Agreement, whether express or implied, shall be construed to
give to any other Person any legal or equitable right, remedy or claim in the
Trust Estate or under or in respect of this Agreement or any covenants,
conditions or provisions contained herein.

      SECTION 10.04. NOTICES. Unless otherwise expressly specified or permitted
by the terms hereof, all notices and other communications shall be in writing
and shall be deemed given upon receipt by the intended recipient or three
Business Days after mailing if mailed by certified mail,

                                       19
<PAGE>

postage prepaid (except that notice to Owner Trustee, Transferor or Indenture
Trustee shall be deemed given only upon actual receipt by Owner Trustee,
Transferor or Indenture Trustee), if to Owner Trustee, addressed to the
Corporate Trust Office; if to Indenture Trustee, addressed to The Bank of New
York, Suite 1020, 2 North LaSalle Street, Chicago, Illinois 60602; if to
Transferor, addressed to First National Funding LLC, 1620 Dodge Street, Stop
Code 3198, Omaha, Nebraska 68197 - 3198, Attention: President; or, as to each
party, at such other address as shall be designated by such party in a written
notice to each other party.

      SECTION 10.05. SEVERABILITY. Any provision of this Agreement that is
prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction,
be ineffective to the extent of such prohibition or unenforceability without
invalidating the remaining provisions hereof, and any such prohibition or
unenforceability in any jurisdiction shall not invalidate or render
unenforceable such provision in any other jurisdiction.

      SECTION 10.06. SEPARATE COUNTERPARTS. This Agreement may be executed by
the parties hereto in separate counterparts, each of which when so executed and
delivered shall be an original, but all such counterparts shall together
constitute but one and the same instrument.

      SECTION 10.07. SUCCESSORS AND ASSIGNS. All covenants and agreements
contained herein shall be binding upon, and inure to the benefit of, Transferor
and its permitted assignees and Owner Trustee (as such or in its individual
capacity) and its successors, all as herein provided. Any request, notice,
direction, consent, waiver or other instrument or action by Transferor shall
bind the successors and assigns of Transferor.

      SECTION 10.08. NON-PETITION COVENANTS. Notwithstanding any prior
termination of the Trust or this Agreement, Wilmington Trust Company,
individually or in its capacity as Owner Trustee, shall not at any time
institute against the Trust, Transferor, First National Funding Corporation or
Certificate Trust, or solicit or join or cooperate with or encourage any
institution against the Trust, Transferor, First National Funding Corporation or
Certificate Trust of, any bankruptcy, reorganization, arrangement, insolvency or
liquidation proceedings, or other proceedings under any United States federal or
state bankruptcy or similar law in connection with any obligation relating to
the Notes, this Agreement or any of the Transaction Documents; provided,
however, that this Section 10.08 shall not operate to preclude any remedy
described in Article V of the Indenture; provided, further, that Owner Trustee
shall not have the power, except upon the direction of the Transferor, to take
any such action with respect to the Trust.

      Notwithstanding any prior termination of the Trust or this Agreement,
Transferor shall not at any time institute against the Trust or Certificate
Trust, or solicit or join or cooperate with or encourage any institution against
the Trust or Certificate Trust of, any bankruptcy, reorganization, arrangement,
insolvency or liquidation proceedings, or other proceedings under any United
States federal or state bankruptcy or similar law in connection with any
obligations relating to the Notes, this Agreement or any of the Transaction
Documents; provided, however, that this Section 10.08 shall not operate to
preclude any remedy described in Article V of the Indenture.

      SECTION 10.09. NO RECOURSE. Each Person holding or owning the Transferor
Interest (or any interest therein), by accepting the Transferor Interest (or its
interest therein), acknowledges

                                       20
<PAGE>

that the Transferor Interest does not represent an interest in or obligation of
Servicer, Owner Trustee (as such or in its individual capacity), Indenture
Trustee or any Affiliate thereof (other than the Trust), and no recourse may be
had against such parties or their assets, or against the assets pledged under
the Indenture, except as expressly provided in the Transaction Documents.

      SECTION 10.10. HEADINGS. The headings of the various Articles and Sections
herein are for convenience of reference only and shall not define or limit any
of the terms or provisions hereof.

      SECTION 10.11. GOVERNING LAW. THIS AGREEMENT 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.

      SECTION 10.12. INTEGRATION OF DOCUMENTS. This Agreement constitutes the
entire agreement of the parties hereto and thereto with respect to the subject
matter hereof and supersedes all prior agreements relating to the subject matter
hereof.

                           [Signature Page to Follow]

                                       21
<PAGE>

      IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
duly executed by their respective officers hereunto duly authorized, as of the
day and year first above written.

                                        WILMINGTON TRUST COMPANY,
                                        individually and as Owner Trustee

                                        By         /s/ James P. Lawler
                                          -------------------------------
                                        Name    James P. Lawler
                                            -----------------------------
                                        Title      Vice President
                                             ----------------------------

                                        FIRST NATIONAL FUNDING LLC

                                        By  First National Funding
                                            Corporation, its Managing Member

                                        By          /s/ Jean L. Koenck
                                          -------------------------------
                                        Name     Jean L. Koenck
                                            -----------------------------
                                        Title       Vice President
                                             ----------------------------

                        SIGNATURE PAGE OF TRUST AGREEMENT

<PAGE>

                                    EXHIBIT A

                         FORM OF CERTIFICATE OF TRUST OF

                        FIRST NATIONAL MASTER NOTE TRUST

      This CERTIFICATE OF TRUST of FIRST NATIONAL MASTER NOTE TRUST (the
"Trust"), is being duly executed and filed by WILMINGTON TRUST COMPANY, a
Delaware banking corporation, as trustee, to form a statutory trust under the
Delaware Statutory Trust Act (12 Del. Code, Section 3801 et seq.).

      1. Name. The name of the business trust formed hereby is FIRST NATIONAL
MASTER NOTE TRUST.

      2. Delaware Trustee. The name and business address of the trustee of the
Trust in the State of Delaware is Rodney Square North, 1100 Market Street,
Wilmington, Delaware 19890, Attention: Corporate Trust Administration.

      3. Effective Date. This Certificate of Trust shall be effective upon
filing with the Secretary of State.

      IN WITNESS WHEREOF, the undersigned, being the sole trustee of the Trust,
has executed this Certificate of Trust as of the date first above written.

                                    WILMINGTON TRUST COMPANY,
                                    as Trustee

                                    By
                                      -------------------------------------
                                    Name
                                        -----------------------------------
                                    Title
                                         ----------------------------------

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00044-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00044-of-00352.parquet"}]]