Document:

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EXHIBIT 4.8 - ADMINISTRATION AGREEMENT

                                                                [EXECUTION COPY]

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                            ADMINISTRATION AGREEMENT

                            Dated as of July 1, 2002
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                       FNANB CREDIT CARD MASTER NOTE TRUST
                                     Issuer

                                       and

                       FIRST NORTH AMERICAN NATIONAL BANK
                                  Administrator

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                       FNANB CREDIT CARD MASTER NOTE TRUST

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                                TABLE OF CONTENTS
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                                                                                     PAGE
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Section 1.    Duties of Administrator ............................................      1

Section 2.    Records ............................................................      6

Section 3.    Compensation .......................................................      6

Section 4.    Additional Information to be Furnished to Issuer ...................      6

Section 5.    Independence of Administrator ......................................      6

Section 6.    No Joint Venture ...................................................      6

Section 7.    Other Activities of Administrator ..................................      6

Section 8.    Term of Agreement; Resignation and Removal of Administrator ........      7

Section 9.    Action upon Termination, Resignation or Removal ....................      8

Section 10.   Notices ............................................................      8

Section 11.   Amendments .........................................................      8

Section 12.   Successors and Assigns .............................................      9

Section 13.   GOVERNING LAW ......................................................      9

Section 14.   Headings ...........................................................     10

Section 15.   Counterparts .......................................................     10

Section 16.   Severability .......................................................     10

Section 17.   Not Applicable to First North American National Bank in Other
              Capacities .........................................................     10

Section 18.   Limitation of Liability of Owner Trustee ...........................     10

Section 19.   Third-Party Beneficiary ............................................     10

Section 20.   Nonpetition Covenants ..............................................     10

Section 21.   Successor Administrator ............................................     11
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           ADMINISTRATION AGREEMENT, dated as of July 1, 2002 (the
"Administration Agreement"), between FNANB CREDIT CARD MASTER NOTE TRUST, a
business trust organized and existing under the laws of the State of Delaware
(the "Issuer"), and FIRST NORTH AMERICAN NATIONAL BANK, a national banking
association, as administrator (the "Administrator").

                              W I T N E S S E T H :

           WHEREAS, the Issuer has entered into a Master Indenture, dated as of
July 1, 2002 (the "Indenture"), between the Issuer and JPMorgan Chase Bank, as
indenture trustee (the "Indenture Trustee"), to provide for the issuance of its
asset backed notes (the "Notes") from time to time pursuant to one or more
indenture supplements. Capitalized terms used herein and not defined herein
shall have the meanings assigned to such terms in Annex A to the Indenture;

           WHEREAS, the Issuer has entered into certain agreements in connection
with the issuance of the Notes, the issuance of the beneficial ownership
interest of the Issuer and transactions related thereto, including (i) the
Transfer and Servicing Agreement, (ii) the Trust Agreement, and (iii) the
Indenture (the Transfer and Servicing Agreement, the Trust Agreement, the
Indenture and all Indenture Supplements being hereinafter referred to
collectively as the "Related Agreements");

           WHEREAS, pursuant to the Related Agreements, the Issuer and the Owner
Trustee are required to perform certain duties in connection with (a) the Notes
and the Collateral and (b) the beneficial ownership interest in the Issuer;

           WHEREAS, the Issuer and the Owner Trustee desire to have the
Administrator perform certain of the duties of the Issuer and the Owner Trustee
referred to in the preceding clause, and to provide such additional services
consistent with the terms of this Agreement and the Related Agreements as the
Issuer and the Owner Trustee may from time to time request; and

           WHEREAS, the Administrator has the capacity to provide the services
required hereby and is willing to perform such services for the Issuer and the
Owner Trustee on the terms set forth herein;

           NOW, THEREFORE, in consideration of the mutual covenants contained
herein, and other good and valuable consideration, the receipt and adequacy of
which are hereby acknowledged, the parties agree as follows:

           Section 1.   Duties of Administrator.

           (a)  Duties with Respect to the Related Agreements. The Administrator
shall consult with the Owner Trustee regarding the duties of the Issuer and the
Owner Trustee under the Related Agreements. The Administrator shall monitor the
performance of the Issuer and the Owner Trustee and shall advise the Owner
Trustee when action is necessary to comply with the Issuer's or the Owner
Trustee's duties under the Related Agreements. The Administrator shall prepare
for execution by the Issuer or the Owner Trustee or shall cause the preparation
by other appropriate persons of all such documents, reports, filings,
instruments, orders, certificates and

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opinions as it shall be the duty of the Issuer or the Owner Trustee to prepare,
file or deliver pursuant to any Related Agreement. In furtherance of the
foregoing, the Administrator shall take all appropriate action that it is the
duty of the Issuer or the Owner Trustee to take pursuant to the Indenture
including such of the foregoing as are required with respect to the following
matters under the Indenture (references are to sections of the Indenture):

                (i)    the preparation of or obtaining of the documents and
      instruments required for execution, authentication and delivery of the
      Notes (whether upon initial issuance, transfer or exchange, or otherwise),
      if any, and delivery of the same to the Indenture Trustee (if applicable)
      (Sections 2.3, 2.5, 2.6, 2.11 or 2.14);

                (ii)   the duty to cause the Note Register to be kept, to
      appoint a successor Transfer Agent and Registrar, if necessary, and to
      give the Indenture Trustee notice of any appointment of a new Transfer
      Agent and Registrar and the location, or change in location, of the Note
      Register (Section 2.5);

                (iii)  the furnishing of the Indenture Trustee, the Servicer,
      any Noteholder or the Paying Agent with the names and addresses of
      Noteholders after receipt of a written request therefor from the Indenture
      Trustee, the Servicer, any Noteholder or the Paying Agent, respectively,
      or as otherwise specified in the Indenture (Sections 2.9(a) and 7.1);

                (iv)   the duty to cause the Issuer to maintain an office or
      agency within the State of New York (and as otherwise set forth in an
      Indenture Supplement) and to give the Indenture Trustee and the
      Noteholders notice of the location, or change in location, of such office
      or agency (Section 3.2);

                (v)    the duty to direct the Indenture Trustee to deposit with
      any Paying Agent the sums specified in the Indenture and the preparation
      of an Issuer Order directing the investment of such funds in Eligible
      Investments (Section 3.3);

                (vi)   the duty to cause newly appointed Paying Agents, if any,
    to deliver to the Indenture Trustee the instrument specified in the
      Indenture regarding funds held in trust (Section 3.3);

                (vii)  the direction to Paying Agents to pay to the Indenture
      Trustee all sums held in trust by such Paying Agents (Section 3.3);

                (viii) the duty to cause the Issuer to keep in full force its
      existence, rights and franchises as a Delaware business trust and the
      obtaining and preservation of the Issuer's qualification to do business in
      each jurisdiction in which such qualification is or shall be necessary to
      protect the validity and enforceability of the Indenture, the Notes, the
      Collateral and each other related instrument and agreement (Section 3.4);

                (ix)   the preparation of all supplements, amendments, financing
      statements, continuation statements, if any, instruments of further
      assurance and other instruments necessary to protect, maintain and enforce
      the Collateral (Section 3.5);

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                (x)     the obtaining of the Opinion of Counsel on each Closing
      Date and the annual delivery of Opinions of Counsel as to the Collateral,
      and the annual delivery of the Officer's Certificate (Sections 3.6 and
      3.9);

                (xi)    the identification to the Indenture Trustee in an
      Officer's Certificate of a Person with whom the Issuer has contracted to
      assist it in performing its duties under the Indenture (Section 3.7(b));

                (xii)   causing the delivery of notice by the Indenture Trustee
      to the Rating Agencies of the occurrence of any Servicer Default of which
      the Issuer has knowledge and the action, if any, known to the Issuer that
      is being taken in connection with such default (Section 3.7(d));

                (xiii)  the delivery to the Indenture Trustee, within 120 days
      after the end of each fiscal year of the Issuer of an Officer's
      Certificate with respect to various matters relating to compliance with
      the Indenture (Section 3.9);

                (xiv)   the preparation and obtaining of documents,
      certificates, opinions and instruments required in connection with the
      consolidation or merger by the Issuer with or into any other Person or the
      sale of the Issuer's assets substantially as an entirety to any Person
      (Section 3.10);

                (xv)    the delivery of notice to the Indenture Trustee and the
      Rating Agencies of (1) each Event of Default, (2) each default by the
      Servicer or the Transferor under the Transfer and Servicing Agreement and
      (3) each default by the Transferor under the Receivables Purchase
      Agreement (Section 3.18);

                (xvi)   the monitoring of the Issuer's obligations as to the
      satisfaction and discharge of the Indenture and the preparation of an
      Officer's Certificate and the obtaining of the Opinion of Counsel and the
      Independent Certificate relating thereto (Section 4.1);

                (xvii)  the compliance with any written directive of the
      Indenture Trustee with respect to the sale of the Collateral if an Event
      of Default shall have occurred and be continuing and the Notes have been
      accelerated (Section 5.5);

                (xviii) the preparation of an Officer's Certificate to be
      delivered to the Indenture Trustee and the delivery of such Officer's
      Certificate to the Noteholders (Section 6.3(b));

                (xix)   the removal of the Indenture Trustee, if necessary and
      in compliance with the Indenture, and the appointment of a successor
      (Section 6.8);

                (xx)    the preparation of various reports to be filed with the
      Indenture Trustee and the Commission, as applicable (Section 7.3);

                (xxi)   notifying the Indenture Trustee if and when any Notes
      are listed on any stock exchange (Section 7.4);

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               (xxii)  the preparation of Issuer Orders, agreements,
      certificates, instruments, consents and other documents and the obtaining
      of Opinions of Counsel with respect to the execution of supplemental
      indentures (Sections 3.7(f), 10.1, 10.2 and 10.3);

               (xxiii) the execution of new Notes conforming to any supplemental
      indenture (Section 10.6);

               (xxiv)  the preparation of all Officers' Certificates, Opinions
      of Counsel and, if necessary, Independent Certificates with respect to any
      requests by the Issuer to the Indenture Trustee to take any action under
      the Indenture (Section 12.1(a));

               (xxv)   the preparation and delivery of Officers' Certificates
      and the obtaining of Independent Certificates, if necessary, in connection
      with the deposit of any Collateral or other property or securities with
      the Indenture Trustee that is to be made the basis for the release of
      property from the lien of the Indenture (Section 12.1(b));

               (xxvi)  the preparation and delivery to Noteholders and the
      Indenture Trustee of any agreements with respect to alternate payment and
      notice provisions (Section 12.6); and

               (xxvii) compliance with the provisions of the Transfer and
      Servicing Agreement, all Indenture Supplements and the Trust Agreement
      applicable to the Issuer.

          (b)  Additional Duties.

               (i)     In addition to the duties of the Administrator set forth
      above, but subject to Sections 1(c)(ii) and 5, the Administrator shall
      perform all duties and obligations of the Issuer under the Related
      Agreements, and shall perform such calculations and shall prepare for
      execution by the Issuer or the Owner Trustee and shall cause the
      preparation by other appropriate persons of all such documents, reports,
      filings, instruments, certificates and opinions as it shall be the duty of
      the Issuer or the Owner Trustee to prepare, file or deliver pursuant to
      the Related Agreements and shall administer the Trust in the interest of
      the holder of the Transferor Interest, and at the request of the Issuer
      shall take all appropriate action that it is the duty of the Issuer or the
      Owner Trustee to take pursuant to the Related Agreements. Subject to
      Sections 1(c)(ii) and 5 of this Agreement, and in accordance with the
      directions of the Issuer, the Administrator shall administer, perform or
      supervise the performance of such other activities in connection with the
      Collateral (including the Related Agreements) as are not covered by any of
      the foregoing provisions and as are expressly requested by the Owner
      Trustee and are reasonably within the capability of the Administrator.

               (ii)    The Administrator shall perform any duties expressly
      required to be performed by the Administrator under the Trust Agreement,
      including the preparation of tax returns pursuant to Section 5.7 of the
      Trust Agreement.

               (iii)   In carrying out the foregoing duties or any of its other
      obligations under this Agreement, the Administrator may enter into
      transactions with or otherwise

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deal with any of its Affiliates; provided, however, that the terms of any such
transactions or dealings shall be in accordance with any directions received
from the Issuer and shall be, in the Administrator's opinion, no less favorable
to the Issuer than would be available from unaffiliated parties.

           (iv) It is the intention of the parties hereto that the Administrator
shall, and the Administrator hereby agrees to, prepare, file and deliver on
behalf of the Issuer all such documents, reports, filings, instruments,
certificates and opinions as it shall be the duty of the Issuer to prepare, file
or deliver pursuant to the Related Agreements, including any filing, reports,
notices, applications and registrations with, and seek any consents or
authorizations from, the Securities and Exchange Commission and any state
authority on behalf of the Issuer as may be necessary or advisable to comply
with any federal or state securities or reporting requirements laws, to the
extent not provided by the Servicer in accordance with Section 3.9 of the
Transfer and Servicing Agreement. In furtherance thereof, the Owner Trustee
shall, on behalf of the Issuer, execute and deliver to the Administrator and its
agents, and to each successor Administrator appointed pursuant to the terms
hereof, one or more powers of attorney substantially in the form of Exhibit A
hereto, appointing the Administrator the attorney-in-fact of the Issuer for the
purpose of executing on behalf of the Issuer all such documents, reports,
filings, instruments, certificates and opinions.

      (c)  Non-Ministerial Matters.

           (i)  With respect to matters that in the reasonable judgment of the
Administrator are nonministerial, the Administrator shall not take any action
unless within a reasonable time before the taking of such action, the
Administrator shall have notified the Transferor of the proposed action and the
Transferor shall not have withheld consent or provided an alternative direction.
For the purpose of the preceding sentence, "non-ministerial matters" shall
include:

                (A) the amendment of or any supplement to the Indenture;

                (B) the initiation of any claim or lawsuit by the Issuer and the
      compromise of any action, claim or lawsuit brought by or against the
      Issuer (other than in connection with the collection or enforcement of the
      Collateral);

                (C) the amendment, change or modification of the Related
      Agreements;

                (D) the appointment of successor Transfer Agent and Registrars,
      successor Paying Agents and successor Indenture Trustees pursuant to the
      Indenture or the appointment of successor Administrators, or the consent
      to the assignment by the Transfer Agent and Registrar, Paying Agent or
      Indenture Trustee of its obligations under the Indenture; and

                (E) the removal of the Indenture Trustee.

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                (ii) Notwithstanding anything to the contrary in this Agreement,
      the Administrator shall not be obligated to, and shall not, (x) make any
      payments from its own funds to the Noteholders, the Transferor or any
      other Person under the Related Agreements, (y) sell the Collateral
      pursuant to Section 5.5 of the Indenture other than pursuant to a written
      directive of the Indenture Trustee or (z) take any other action that the
      Issuer directs the Administrator not to take on its behalf.

           Section 2. Records. The Administrator shall maintain appropriate
books of account and records relating to services performed hereunder, which
books of account and records shall be accessible for inspection by the Issuer,
the Owner Trustee, the Indenture Trustee, the Servicer and the Transferor at any
time during normal business hours.

           Section 3. Compensation. As compensation for the performance of the
Administrator's obligations under this Agreement, the Administrator shall be
entitled to $100 per month which shall be payable in accordance with Section 3.2
of the Transfer and Servicing Agreement. The Transferor shall be responsible for
payment of the Administrator's fees (to the extent not paid pursuant to Section
3.2 of the Transfer and Servicing Agreement). The fee to be paid to the
Administrator shall not be paid from the Trust Property and shall be paid only
to the extent that the Transferor has funds available for that purpose. If the
Transferor does not have funds available to make such payment, the Servicer
shall not be entitled to assert a claim against the Transferor for the unpaid
amount. The Administrator shall have no recourse to the assets pledged under the
Indenture with respect to any amounts payable under this Section 3.

           Section 4. Additional Information to be Furnished to Issuer. The
Administrator shall furnish to the Issuer from time to time such additional
information regarding the Collateral as the Issuer shall reasonably request.

           Section 5. Independence of Administrator. For all purposes of this
Agreement, the Administrator shall be an independent contractor and shall not be
subject to the supervision of the Issuer or the Owner Trustee with respect to
the manner in which it accomplishes the performance of its obligations
hereunder. Unless expressly authorized by the Issuer, the Administrator shall
have no authority to act for or represent the Issuer or the Owner Trustee in any
way and shall not otherwise be deemed an agent of the Issuer or the Owner
Trustee.

           Section 6. No Joint Venture. Nothing contained in this Agreement
shall (i) constitute the Administrator and either of the Issuer or the Owner
Trustee as members of any partnership, joint venture, association, syndicate,
unincorporated business or other separate entity, (ii) be construed to impose
any liability as such on any of them or (iii) be deemed to confer on any of them
any express, implied or apparent authority to incur any obligation or liability
on behalf of the others.

           Section 7. Other Activities of Administrator. Nothing herein shall
prevent the Administrator or its Affiliates from engaging in other businesses
or, in its sole discretion, from acting in a similar capacity as an
administrator for any other person or entity even though such person or entity
may engage in business activities similar to those of the Issuer, the Owner
Trustee or the Indenture Trustee.

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           Section 8. Term of Agreement; Resignation and Removal of
Administrator.

           (a)  This Agreement shall continue in force until the termination of
the Issuer, upon which event this Agreement shall automatically terminate.

           (b)  Subject to Sections 8(e) and (f), the Administrator may resign
its duties hereunder by providing the Issuer with at least sixty (60) days prior
written notice.

           (c)  Subject to Sections 8(e) and (f), the Issuer may remove the
Administrator without cause by providing the Administrator with at least sixty
(60) days prior written notice.

           (d)  Subject to Sections 8(e) and (f), at the sole option of the
Issuer, the Administrator may be removed immediately upon written notice of
termination from the Issuer to the Administrator if any of the following events
shall occur:

                (i)   the Administrator shall default in the performance of any
      of its duties under this Agreement and, after notice of such default,
      shall not cure such default within thirty (30) days (or, if such default
      cannot be cured in such time, shall not give within thirty (30) days such
      assurance of cure as shall be reasonably satisfactory to the Issuer);

                (ii)  a court having jurisdiction in the premises shall enter a
      decree or order for relief, and such decree or order shall not have been
      vacated within sixty (60) days, in respect of the Administrator in any
      involuntary case under any applicable bankruptcy, insolvency or other
      similar law now or hereafter in effect or appoint a receiver, conservator,
      liquidator, assignee, custodian, trustee, sequestrator or similar official
      for the Administrator or any substantial part of its property or order the
      winding up or liquidation of its affairs; or

                (iii) the Administrator shall commence a voluntary case under
      any applicable bankruptcy, insolvency or other similar law now or
      hereafter in effect, shall consent to the entry of an order for relief in
      an involuntary case under any such law, or shall consent to the
      appointment of a receiver, liquidator, assignee, trustee, custodian,
      sequestrator or similar official for the Administrator or any substantial
      part of its property, shall consent to the taking of possession by any
      such official of any substantial part of its property, shall make any
      general assignment for the benefit of creditors, shall admit in writing
      its inability to pay its debts generally as they become due or shall fail
      generally to pay its debts as they become due.

      The Administrator agrees that if any event specified in clause (ii) or
      (iii) of this Section 8(d) shall occur, it shall give written notice
      thereof to the Issuer and the Indenture Trustee within seven (7) days
      after the happening of such event. After obtaining knowledge of any event
      specified in clause (i), (ii) or (iii) of this Section 8(d), the Issuer
      shall give prompt written notice thereof to the Rating Agencies.

           (e)  No resignation or removal of the Administrator pursuant to this
Section 8 shall be effective until (i) a successor Administrator shall have been
appointed by the Issuer and

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(ii) such successor Administrator shall have agreed in writing to be bound by
the terms of this Agreement in the same manner as the Administrator is bound
hereunder.

                (f)  The appointment of any successor Administrator shall be
effective only after satisfaction of the Rating Agency Condition with respect to
the proposed appointment.

                Section 9. Action upon Termination, Resignation or Removal.
Promptly upon the effective date of termination of this Agreement pursuant to
Section 8(a) or the resignation or removal of the Administrator pursuant to
Sections 8(b), (c) or (d), respectively, the Administrator shall be entitled to
be paid all fees and reimbursable expenses accruing to it to the date of such
termination, resignation or removal. The Administrator shall forthwith upon such
termination pursuant to Section 8(a) deliver to the Transferor all property and
documents of or relating to the Collateral then in the custody of the
Administrator. In the event of the resignation or removal of the Administrator
pursuant to Sections 8(b), (c) or (d), respectively, the Administrator shall
cooperate with the Issuer and take all reasonable steps requested to assist the
Issuer in making an orderly transfer of the duties of the Administrator.

                Section 10. Notices. Any notice, report or other communication
given hereunder shall be in writing and addressed as follows:

                (a)  if to the Issuer or the Owner Trustee, to Wilmington Trust
Company, Rodney Square North, 1100 North Market Street, Wilmington, Delaware
19890-0001, Attention: Corporate Trust Administration, telecopy number (302)
636-4140, telephone number (302) 636-6196, with a copy to the Administrator;

                (b)  if to the Administrator, to First North American National
Bank, 225 Chastain Meadows Court, Kennesaw, Georgia 30144, Attention: Chief
Financial Officer, telecopy number (770) 792-7132, telephone number (770)
792-4600;

                (c)  if to the Indenture Trustee, to JPMorgan Chase Bank, 450
West 33rd Street, New York, New York 10001, Attention: ITS Structured Finance,
telecopy number (212) 946-8352, telephone number (212) 946-3653; and

                (d)  if to the Transferor, to DC Funding, 3rd Floor, Suite 288,
2 Reid Street, Hamilton HM 11, Bermuda, telecopy number (441) 296-4623,
telephone number (441) 296-5874;

or to such other address as any party shall have provided to the other parties
in writing. Any notice required to be in writing hereunder shall be deemed given
if such notice is mailed by certified mail, postage prepaid, or hand delivered
to the address of such party as provided above, except that notices to the
Indenture Trustee, the Transferor, the Administrator or the Issuer are effective
only upon receipt.

                Section 11. Amendments. This Agreement may be amended from time
to time, by a written amendment duly executed and delivered by the Issuer, the
Administrator and the Transferor, with the written consent of the Owner Trustee
(as such and in its individual capacity), without the consent of any of the
Noteholders or the Transferor, to cure any ambiguity, to correct or supplement
any provisions in this Agreement or for the purpose of adding any

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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 or the
Transferor; provided, however, that (i) such amendment shall not, as evidenced
by an Officer's Certificate of the Administrator addressed and delivered to the
Owner Trustee, materially and adversely affect the interests of any Noteholder
or the Transferor and (ii) satisfaction of the Rating Agency Condition shall be
required in connection with any such amendment.

                This Agreement may also be amended from time to time, by a
written amendment duly executed and delivered by the Issuer, the Administrator
and the Transferor, with the written consent of the Owner Trustee (as such and
in its individual capacity), the Holders of Notes evidencing not less than a
majority of the Outstanding Amount of the Notes 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 Noteholders; provided,
however, that, without the consent of the Holders of all of the Notes then
Outstanding, no such amendment shall (a) increase or reduce in any manner the
amount of, or accelerate or delay the timing of, collections of payments on the
Receivables or distributions that are required to be made for the benefit of the
Noteholders or (b) reduce the aforesaid portion of the Outstanding Amount of the
Notes, the Holders of which are required to consent to any such amendment; and,
provided further, that satisfaction of the Rating Agency Condition shall be
required in connection with any such amendment.

                Promptly after the execution of any such amendment or consent,
the Administrator shall furnish written notification of the substance of such
amendment or consent to the Indenture Trustee. It shall not be necessary for the
consent of Noteholders pursuant to this Section 11 to approve the particular
form of any proposed amendment or consent, but it shall be sufficient if such
consent shall approve the substance thereof.

                Section 12. Successors and Assigns. This Agreement may not be
assigned by the Administrator unless such assignment is previously consented to
in writing by the Issuer, the Transferor and the Owner Trustee (as such and in
its individual capacity) and subject to the satisfaction of the Rating Agency
Condition in respect thereof. An assignment with such consent and satisfaction,
if accepted by the assignee, shall bind the assignee hereunder in the same
manner as the Administrator is bound hereunder. Notwithstanding the foregoing,
this Agreement may be assigned by the Administrator without the consent of the
Issuer, the Transferor, the Owner Trustee or the Rating Agencies to a
corporation or other organization that is a successor (by merger, consolidation
or purchase of assets) to the Administrator, provided that such successor
organization executes and delivers to the Issuer, the Transferor and the Owner
Trustee an agreement in which such corporation or other organization agrees to
be bound hereunder by the terms of said assignment in the same manner as the
Administrator is bound hereunder. Subject to the foregoing, this Agreement shall
bind any successors or assigns of the parties hereto.

                Section 13. GOVERNING LAW. THIS AGREEMENT SHALL BE CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, 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.

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                SECTION 14. Headings. The section headings hereof have been
inserted for convenience of reference only and shall not be construed to affect
the meaning, construction or effect of this Agreement.

                Section 15. Counterparts. This Agreement may be executed in
counterparts, each of which when so executed shall together constitute but one
and the same agreement.

                Section 16. Severability. Any provision of this Agreement that
is prohibited or unenforceable in any jurisdiction shall 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 17. Not Applicable to First North American National Bank
in Other Capacities. Nothing in this Agreement shall affect any obligation First
North American National Bank may have in any other capacity, other than as
Administrator.

                Section 18. Limitation of Liability of Owner Trustee.
Notwithstanding anything contained herein to the contrary, this instrument has
been signed by Wilmington Trust Company not in its individual capacity but
solely in its capacity as Owner Trustee of the Issuer and in no event shall
Wilmington Trust Company in its individual capacity or any beneficial owner of
the Issuer have any liability for the representations, warranties, covenants,
agreements or other obligations of the Issuer hereunder, as to all of which
recourse shall be had solely to the assets of the Issuer. For all purposes of
this Agreement, in the performance of any duties or obligations hereunder, the
Owner Trustee (as such or in its individual capacity) shall be subject to, and
entitled to the benefits of, the terms and provisions of the Trust Agreement.

                Section 19. Third-Party Beneficiary. The Owner Trustee is a
third party beneficiary to this Agreement and is entitled to the rights and
benefits hereunder and may enforce the provisions hereof as if it were a party
hereto.

                Section 20. Nonpetition Covenants. Notwithstanding any prior
termination of this Agreement, the Administrator shall not at any time with
respect to the Issuer, FNANB Credit Card Master Trust or the Transferor, and the
Issuer shall not at any time with respect to FNANB Credit Card Master Trust or
the Transferor acquiesce, petition or otherwise invoke or cause the Issuer,
FNANB Credit Card Master Trust or the Transferor to invoke the process of any
court or government authority for the purpose of commencing or sustaining a case
against the Issuer, FNANB Credit Card Master Trust or the Transferor under any
Federal or state bankruptcy, insolvency or similar law or appointing a receiver,
conservator, liquidator, assignee, trustee, custodian, sequestrator or other
similar official of the Issuer, FNANB Credit Card Master Trust or the Transferor
or any substantial part of their respective properties, or ordering the winding
up or liquidation of the affairs of the Issuer, FNANB Credit Card Master Trust
or the Transferor; provided, however, that this Section 20 shall not operate to
preclude any remedy described in Article V of the Indenture.

                                       10

<PAGE>

                Section 21. Successor Administrator. In the event of a servicing
transfer pursuant to Article VII of the Transfer and Servicing Agreement, the
successor servicer under the Transfer and Servicing Agreement shall, upon the
date of such servicing transfer, become the successor Administrator hereunder.

                                       11

<PAGE>

                IN WITNESS WHEREOF, the parties have caused this Agreement to be
duly executed and delivered as of the day and year first above written.

                                           FNANB CREDIT CARD MASTER NOTE TRUST

                                           By:  WILMINGTON TRUST COMPANY,
                                                not in its individual capacity
                                                but solely as Owner Trustee

                                           By: /s/ Anita E. Dallago
                                                Name: Anita E. Dallago
                                                Title: Senior Financial Services
                                                       Officer

                                           FIRST NORTH AMERICAN NATIONAL BANK,
                                           as Administrator

                                           By: /s/ Michael T. Chalifoux
                                                Name: Michael T. Chalifoux
                                                Title: President

Acknowledged and Accepted:

DC FUNDING INTERNATIONAL, INC.,
as Transferor

By: /s/ Philip J. Dunn
Name: Philip J. Dunn
Title: Vice President

WILMINGTON TRUST COMPANY,
not in its individual capacity
but solely as Owner Trustee

By: /s/ Anita E. Dallago
Name: Anita E. Dallago
Title: Senior Financial Services Officer

                                       12

<PAGE>

                                    EXHIBIT A
                                       to
                            ADMINISTRATION AGREEMENT

                            FORM OF POWER OF ATTORNEY

COMMONWEALTH      )
OF VIRGINIA
                  )
CITY OF RICHMOND  )

                KNOW ALL MEN BY THESE PRESENTS, that FNANB Credit Card Master
Note Trust, a Delaware business trust ("Trust"), does hereby make, constitute
and appoint First North American National Bank, as Administrator under the
Administration Agreement (as defined below), and its agents and attorneys, as
Attorneys-in-Fact to execute on behalf of the Trust all such documents, reports,
filings, instruments, certificates and opinions as it shall be the duty of the
Trust to prepare, file or deliver pursuant to the Related Agreements (as defined
in the Administration Agreement), including, without limitation, to appear for
and represent the Trust in connection with the preparation, filing and audit of
federal, state and local tax returns pertaining to the Trust, and with full
power to perform any and all acts associated with such returns and audits that
the Trust could perform, including the right to distribute and receive
confidential information, defend and assert positions in response to audits,
initiate and defend litigation, and to execute waivers of restriction on
assessments of deficiencies, consents to the extension of any statutory or
regulatory time limit, and settlements. For the purpose of this Power of
Attorney, the term "Administration Agreement" means the Administration
Agreement, dated as of July 1, 2002, between the Trust and First North American
National Bank, as Administrator, and as such may be amended from time to time.

                This power of attorney is coupled with an interest and shall
survive and not be affected by the subsequent bankruptcy or dissolution of the
Trust.

                All powers of attorney for this purpose heretofore filed or
executed by the Trust are hereby revoked.

                EXECUTED this ____ day of July, 2002.

                                       FNANB CREDIT CARD MASTER NOTE TRUST

                                       By: WILMINGTON TRUST COMPANY,
                                       not in its individual capacity
                                       but solely as Owner Trustee

                                       By: _____________________________________
                                           Name:
                                           Title:<PAGE>

EXHIBIT 10.1 - NOTE GUARANTEE INSURANCE POLICY

                           AMBAC ASSURANCE CORPORATION
                             One State Street Plaza
                               New York, NY 10004

                         NOTE GUARANTEE INSURANCE POLICY

Insured Obligations:   FNANB Credit Card Master Note Trust (the "Note Trust")
                       $415,950,000 Class A Floating Rate Asset Backed Notes,
                       Series 2002-A

Policy No:             AB0570BE

Effective Date:        July 19, 2002

     Ambac Assurance Corporation, a Wisconsin-domiciled stock insurance company
("Ambac"), in consideration of the payment of the premium and subject to the
terms of this Note Guarantee Insurance Policy (this "Policy"), hereby agrees
unconditionally and irrevocably to pay to the Indenture Trustee for the benefit
of the Holders of the Insured Obligations, subject to prior presentation of a
Notice (as defined below) in accordance with the terms of this Policy, payment
of that portion of the Insured Amounts (as defined below) that are Deficiency
Amounts which shall become Due For Payment but shall be unpaid by reason of
Non-Payment and certain Preference Amounts; provided, however, that the
aggregate of all Preference Amounts (as defined below) shall be subject to the
limitations in such term; provided, further, that in no event shall the amount
payable by Ambac with respect to Insured Amounts under this Policy exceed the
Policy Amount (as defined below). Ambac's obligations under this Policy with
respect to an Insured Amount shall be discharged to the extent funds to pay such
Insured Amount are (i) deposited with the Indenture Trustee for payment to the
Holders in accordance with the Indenture, the Transfer and Servicing Agreement
or the Pooling Agreement or (ii) disbursed by Ambac as provided in this Policy
to the Indenture Trustee, for payment to the Holders, in each case, whether or
not such funds are properly applied by the Indenture Trustee or any Paying
Agent, and Ambac shall have no further obligation hereunder in respect of such
Insured Amount. Insured Payments shall be made only at the time set forth in
this Policy, and no accelerated Insured Payments shall be made regardless of any
acceleration of the Insured Obligations (including any early redemption), unless
such acceleration is at the sole option of Ambac.

     Notwithstanding the foregoing paragraph, this Policy does not cover
shortfalls, if any, attributable to the liability of the Note Trust, the
Indenture Trustee, the Trust or the Transferor for withholding taxes, if any
(including interest and penalties in respect of such liability).

     Subject to the foregoing, Ambac shall make payment to the Indenture Trustee
of any Preference Amount, if sufficient funds are not otherwise available for
payment of such disgorgement or recovery, when due to be paid pursuant to an
Order (as defined below), the later of (x) the date when due to be paid pursuant
to the Order referred to below and (y) the fifth Business Day following receipt
on a Business Day by Ambac in New York, New York of (i) a certified copy of the
final nonappealable order of a court or other governmental body exercising
competent jurisdiction ordering the recovery by a receiver, conservator,
debtor-in-possession or

<PAGE>

trustee in bankruptcy of a Preference Amount (an "Order"), (ii) a certificate by
or on behalf of the Holders or the Indenture Trustee that the Order has been
entered and is not subject to stay, (iii) an assignment in such form as
reasonably required by Ambac, duly executed and delivered by the Indenture
Trustee or the Holders, as applicable, irrevocably assigning to Ambac all rights
and claims of the Indenture Trustee or the Holders, as applicable, relating to
or arising under the Insured Obligations against the debtor which made such
preference payment or otherwise with respect to such Preference Amount, (iv)
appropriate instruments to effect (when executed by the affected party) the
appointment of Ambac as agent for the Indenture Trustee and the Holders in any
legal proceeding relating to such preference payment in a form satisfactory to
Ambac, and (v) a Notice appropriately completed and executed by the Indenture
Trustee; provided, that if such documents are received after 12:00 noon, New
York City time, on such Business Day, they will be deemed to be received on the
following Business Day; provided, further, that Ambac shall not be obligated to
make any payment in respect of any Preference Amount representing a payment in
respect of principal on the Insured Obligations prior to the time Ambac would
have been required to make a payment in respect of such principal pursuant to
the first paragraph hereof; provided, further, that in no event shall Ambac be
obligated to make any payment in respect of any Preference Amount to the extent
that such payment, when added to all prior payments of Insured Amounts, would
exceed the Policy Amount. Such payments shall be disbursed to the court or other
governmental body or receiver, conservator, debtor-in-possession, or trustee in
bankruptcy named in the Order on behalf of such Holders and not to any Holder or
the Indenture Trustee directly unless such Holder or the Indenture Trustee, as
applicable, has returned principal or interest paid on the Insured Obligations
to such court or other governmental body or receiver, conservator,
debtor-in-possession or trustee in bankruptcy named in such Order, in which case
such payment shall be disbursed to the Indenture Trustee on behalf of such
Holder, subject to delivery of (a) the items referred to in clauses (i) through
(v) above to Ambac and (b) evidence satisfactory to Ambac that payment has been
made to such court or other governmental body or receiver, conservator or
trustee in bankruptcy named in such Order.

     Ambac shall pay any amounts (other than Preference Amounts) due hereunder
in immediately available funds no later than 12:00 noon, New York City time, on
the later of the Distribution Date on which the related Deficiency Amount is due
or the second Business Day following receipt in New York, New York on a Business
Day by Ambac of a Notice; provided that if such Notice is received after 12:00
noon, New York City time, on such Business Day or a day that is not a Business
Day, it shall be deemed to be received on the following Business Day. The terms
"receipt" and "received" mean, with respect to any item to be delivered under
this Policy with respect to a claim, actual delivery to Ambac, before 12:00
noon, New York City time, on a Business Day; delivery of any item to be
delivered under this Policy on a day that is not a Business Day or after 12:00
noon, New York City time on a Business Day, shall be deemed to be received on
the following Business Day. If any Notice, certificate, instrument or other item
given under this Policy received by Ambac is not in proper form or is not
properly completed, executed, delivered or is otherwise insufficient for the
purpose of making claim hereunder, it shall be deemed not to have been received
by Ambac for purposes of this Policy, and Ambac shall promptly so advise the
Indenture Trustee and the Indenture Trustee may submit an amended Notice,
certificate, instrument or other item.

     Insured Payments due hereunder, unless otherwise stated herein, will be
disbursed by Ambac to the Indenture Trustee on behalf of the Holders by wire
transfer of immediately

                                        2

<PAGE>

available funds in the amount of the Insured Amount less, in respect of Insured
Payments related to Preference Amounts, any amount held by the Indenture Trustee
for the payment of such Insured Payments and legally available therefor.

     Upon any payment hereunder, Ambac shall be subrogated to the rights of each
Holder and the Indenture Trustee to receive any and all amounts due under the
Insured Obligations solely to the extent funds are available therefor under the
terms of the Indenture to the extent of any payment by Ambac under this Policy.
Once payments of the Insured Amounts have been made to the Indenture Trustee or
deposited into the Collection Account or the Principal Funding Account, as
applicable, Ambac shall have no further obligation hereunder in respect of such
Insured Amounts.

     Ambac hereby agrees that if, as of any Distribution Date, it has become
subrogated to the rights of Holders by virtue of any previous payment under this
Policy, no recovery of such payment will occur unless the full amount of the
Holders' allocable distributions for such Distribution Date are made and solely
to the extent funds are allocated and available therefor in accordance with the
Indenture Supplement. In so doing, Ambac does not waive its rights to seek full
payment of all Insurance Policy Reimbursement Amounts owed to it, subject to the
foregoing and, with respect to the Note Trust, solely to the extent funds are
available therefor in accordance with the Indenture Supplement.

     Capitalized terms used herein and not otherwise defined herein shall have
the meanings assigned to them in the Indenture or in the Pooling Agreement as of
the Effective Date of this Policy, without regard to any amendment or
modification to the Indenture or the Pooling Agreement after such Effective Date
unless such amendment or modification has been approved in writing by Ambac.

     As used herein, the following terms shall have the following meanings:

     "Deficiency Amount" means (x) in respect of each Distribution Date, an
amount equal to the sum of (a) the amount equal to the excess, if any, of (i)
the Class A Monthly Interest payable on such Distribution Date over (ii) the
Available Funds, Shared Excess Finance Charge Collections, Reallocated Principal
Collections and amounts withdrawn from the Spread Account available to pay the
Class A Monthly Interest on such Distribution Date and (b) the Potential Class A
Charge-Off for such Distribution Date; and (y) on the Series 2002-A Termination
Date, the outstanding principal amount of the Insured Obligations as reduced by
the application of all Available Principal Collections, amounts withdrawn from
the Spread Account and amounts on deposit in the Principal Funding Account (and
all other funds available for reduction of principal on the Insured Obligations
on such Series 2002-A Termination Date); provided, however, that no payment
(other than any payment made in respect of Preference Amounts) under this Policy
with respect to any Distribution Date shall exceed the Policy Amount for such
Distribution Date.

     "Due For Payment" means, with respect to any Insured Amount that is a
Deficiency Amount, such amount that is due and payable under the Indenture on
the related Distribution Date.

                                        3

<PAGE>

     "Holder" means each Class A Noteholder who, on the applicable date, is
entitled under the terms of the applicable Insured Obligations to payment
thereunder other than the Bank, Circuit City or any of their respective
Affiliates.

     "Indenture" means the Master Indenture dated as of July 1, 2002 (the "Base
Indenture"), between the Note Trust and JPMorgan Chase Bank, as indenture
trustee (together with any successor, the "Indenture Trustee"), as supplemented
by the Indenture Supplement dated as of July 19, 2002 (the "Indenture
Supplement"), between the Note Trust and the Indenture Trustee.

     "Insolvency Proceeding" means the commencement, after the date hereof, of
any bankruptcy, insolvency, receivership, readjustment of debt, reorganization,
marshalling of assets and liabilities or similar proceedings by or against the
Transferor, the Bank, the Certificate Trust, Circuit City or the Note Trust, the
commencement, after the date hereof, of any proceedings by or against the
Transferor, the Bank, the Certificate Trust, Circuit City or the Note Trust for
the winding up or liquidation of its affairs, or the consent, after the date
hereof, to the appointment of a trustee, conservator, receiver or liquidator in
any bankruptcy, insolvency, receivership, readjustment of debt, reorganization,
marshalling of assets and liabilities or similar proceedings of or relating to
the Transferor, the Bank, the Certificate Trust, Circuit City or the Note Trust.

     "Insurance Policy Reimbursement Amounts" means, as to any Distribution Date
or the Series 2002-A Termination Date, the sum of (x)(i) all Insured Payments
paid by Ambac, but for which Ambac has not been reimbursed prior to such
Distribution Date or Series 2002-A Termination Date pursuant to the Indenture
Supplement, plus (ii) interest accrued on such Insured Payments not previously
repaid calculated at the Late Payment Rate from the date the Indenture Trustee
received the related Insured Payments or the date such Insured Payments were
made, and (y) without duplication (i) any amounts then due and owing to Ambac
under the Insurance Agreement plus (ii) interest on such amounts at the Late
Payment Rate.

     "Insured Amount" means (i) as of any Distribution Date or the Series 2002-A
Termination Date, the Deficiency Amount and (ii) as of any Business Day, any
Preference Amount; provided, that in no event shall the amount payable by Ambac
under this Policy exceed the Policy Amount.

     "Insured Obligations" means the FNANB Credit Card Master Note Trust
$415,950,000 Class A Floating Rate Asset Backed Notes, Series 2002-A.

     "Insured Payment" means, with respect to any Distribution Date or the
Series 2002-A Termination Date, the aggregate amount paid by Ambac to the
Indenture Trustee in respect of (i) Deficiency Amounts for such Distribution
Date or the Series 2002-A Termination Date and (ii) Preference Amounts for any
given Business Day.

     "Non-Payment" means, with respect to any Distribution Date, a Deficiency
Amount which is Due For Payment but has not been paid pursuant to the Indenture.

     "Note Trust" means the FNANB Credit Card Master Note Trust created by the
Trust Agreement.

                                        4

<PAGE>

     "Notice" means a telephonic or telegraphic notice, promptly confirmed in
writing by telecopy, substantially in the form of Exhibit A attached hereto, the
original of which is subsequently delivered by registered or certified mail from
the Indenture Trustee to Ambac specifying the Insured Amount which shall be due
and owing on the applicable Distribution Date or Business Day with respect to
Preference Amounts.

     "Policy Amount" means, with respect to any Distribution Date, the sum of
(a) the outstanding principal amount of the Insured Obligations on such
Distribution Date and (b) accrued and unpaid interest due on the Insured
Obligations at the Class A Note Rate on such Distribution Date.

     "Pooling Agreement" means the Amended and Restated Master Pooling and
Servicing Agreement dated as of December 31, 2001 among DC Funding
International, Inc., as transferor (the "Transferor"), First North American
National Bank, as servicer (the "Servicer"), and JPMorgan Chase Bank, as trustee
(together with any successor, the "Trustee") (the "Pooling and Servicing
Agreement"), as supplemented by the Collateral Series Supplement dated as of
July 19, 2002 (the "Series Supplement") among the Transferor, the Servicer and
the Trustee.

     "Potential Class A Charge Off" shall have the meaning set forth in the
Indenture Supplement.

     "Preference Amount" means any payment of principal or interest on any
Insured Obligation which has become Due for Payment, the nonpayment of which
would have been covered by the Policy, which is made to a Holder by or on behalf
of the Note Trust, which has been deemed a preferential transfer and theretofore
recovered from its Holder pursuant to any applicable bankruptcy, insolvency,
receivership or similar law in an Insolvency Proceeding.

     "Series 2002-A Termination Date" means the July 2011 Distribution Date.

     "Transfer and Servicing Agreement" means the Transfer and Servicing
Agreement dated as of July 1, 2002 among the Transferor, the Servicer and the
Note Trust.

     "Trust Agreement" means the Amended and Restated Trust Agreement dated as
of July 1, 2002 between the Transferor and Wilmington Trust Company, a Delaware
banking corporation, as owner trustee.

     "U.S. Dollar" means the lawful currency of the United States of America as
of the Closing Date.

     Any notice hereunder or service of process on Ambac may be made at the
address listed below or such other address as Ambac shall specify in writing to
the Indenture Trustee.

     The notice address of Ambac Assurance Corporation is One State Street
Plaza, New York, New York 10004, Attention: General Counsel, telephone number
(212) 668-0340 and facsimile number (212) 509-9190, or such other address as
Ambac shall specify to the Indenture Trustee in writing.

                                        5

<PAGE>

     This Policy is being issued under and pursuant to, and shall be construed
under, the laws of the State of New York, without giving effect to the conflict
of laws principles thereof.

     THE INSURANCE PROVIDED BY THIS POLICY IS NOT COVERED BY THE
PROPERTY/CASUALTY INSURANCE SECURITY FUND SPECIFIED IN ARTICLE 76 OF THE NEW
YORK INSURANCE LAW.

     This Policy is non-cancelable by Ambac for any reason, including failure to
receive payment of any premium due hereunder or any other amounts due under the
Insurance Agreement. The premium on this Policy is not refundable for any reason
including payment of the Insured Obligations, or provision being made for
payment thereof, prior to maturity of the Insured Obligations. This Policy does
not insure against loss of any prepayment or other acceleration payment which at
any time may become due in respect of any Insured Obligation, other than at the
sole option of Ambac, nor against any risk other than Non-Payment, including
failure of the Indenture Trustee or any Paying Agent to make any payment due
Holders of the Insured Amounts.

     For purposes of this Policy, the amount due on the Insured Obligations at
any time shall be deemed to have been reduced by the amount of any payment made
by or on behalf of the Note Trust to a Holder or to the Indenture Trustee or any
Paying Agent, which payment shall have been made in respect of the amounts due
on the Insured Obligations.

     This Policy and the obligations of Ambac hereunder shall terminate upon the
date that is one year and one day following the earlier of (a) the Series 2002-A
Termination Date, and (b) the date on which all amounts required to be paid to
the Holders under the Indenture have been paid in full; provided, that, if any
Insolvency Proceeding is existing during such one year and one day period, then
this Policy and Ambac's obligations hereunder shall terminate on the later of
(i) the end of such one year and one day period and (ii) the date of the
conclusion or dismissal of such Insolvency Proceeding without continuing
jurisdiction by the court or other governmental body in such Insolvency
Proceeding, provided, further, that, notwithstanding anything herein to the
contrary, this Policy shall not terminate prior to the date on which Ambac has
made all payments required to be made under the terms of this Policy in respect
of Preference Amounts.

     This Policy sets forth in full the undertaking of Ambac and, except as
expressly provided herein, may not be modified, altered or affected by any other
agreement or instrument, including any modification or amendment thereto, and
may not be cancelled or revoked.

     No Person other than the Indenture Trustee shall be entitled to present the
Notice.

                  [Remainder of Page Intentionally Left Blank]

                                        6

<PAGE>

          IN WITNESS WHEREOF, Ambac has caused this Policy to be executed this
19th day of July, 2002.

                                                     AMBAC ASSURANCE CORPORATION

Attest: /s/ Sabrina Leonardis                        By: /s/ Aaron Caine
        -----------------------                          ------------------
Title: Assistant Secretary                           Name:   Aaron Caine
                                                     Title:  Vice President

                                        7

<PAGE>

                                    EXHIBIT A

                       TO NOTE GUARANTEE INSURANCE POLICY
                                NUMBER: AB0570BE

                  NOTICE UNDER NOTE GUARANTEE INSURANCE POLICY

Ambac Assurance Corporation
One State Street Plaza
New York, NY  10004
Attention:  General Counsel

     The undersigned individual, a duly authorized officer of JPMorgan Chase
Bank, as indenture trustee (the "Indenture Trustee"), hereby certifies to Ambac
Assurance Corporation ("Ambac"), with reference to Note Guarantee Insurance
Policy Number: AB0570BE (the "Policy") issued by Ambac in favor of the Indenture
Trustee under the Master Indenture dated as of July 1, 2002 (the "Base
Indenture"), between FNANB Credit Card Master Note Trust (the "Note Trust") and
the Indenture Trustee, as supplemented by the Indenture Supplement dated as of
July 19, 2002 (the "Indenture Supplement" and, together with the Base Indenture,
the "Indenture"), between the Note Trust and the Indenture Trustee, that:

          (i) The Indenture Trustee is the Indenture Trustee under the Indenture
     for the Holders and the beneficiary under the Policy;

          (ii) [ the Deficiency Amount for the [Distribution Date occurring on
     [_______________] (including the Class A Expected Final Payment Date)] or
     [the Series 2002-A Termination Date] (the "Applicable Distribution Date")
     is $[__________] (the "Deficiency Amount");]

          (iii) the amount of previously distributed payments to Holders on the
     Insured Obligations by or on behalf of the Note Trust that are recoverable
     and sought to be recovered as a preferential transfer pursuant to any
     applicable bankruptcy, insolvency, receivership or similar law in an
     Insolvency Proceeding is $[__________] (the "Preference Amount");

          (iv) the total Insured Amount due is $[___________], which amount
     equals the sum of the Deficiency Amount and the Preference Amount;

          (v) the Indenture Trustee has not before made a demand for the Insured
     Amount in respect of the Applicable Distribution Date;

          (vi) the Indenture Trustee is making a claim under and pursuant to the
     terms of the Policy for the dollar amount of the Insured Amount set forth
     in (ii) above to be

                                       -1-

<PAGE>

     applied to the payment of the Deficiency Amount for the Applicable
     Distribution Date in accordance with the Indenture and for the dollar
     amount of the Insured Amount set forth in (iii) above to be applied to the
     payment of any Preference Amount;

          (vii) the Indenture Trustee directs that payment of the Insured Amount
     be made to the following account by bank wire transfer of federal or other
     immediately available funds in accordance with the terms of the Policy:
     [INDENTURE TRUSTEE'S ACCOUNT]; and

          (viii) the Indenture Trustee hereby agrees that, following receipt of
     any Insured Payment from Ambac, it shall (a) hold such amount in trust for
     the Holders and apply the same directly to the distribution of payment on
     the Insured Obligations when due, (b) not apply such funds for any other
     purpose, (c) deposit such funds to the Collection Account, with respect to
     interest, and the Principal Funding Account, with respect to principal, and
     not commingle such funds with other funds held by the Indenture Trustee and
     (d) maintain an accurate record of such payments with respect to the
     Insured Obligations and the corresponding claim on the Policy and proceeds
     thereof.

          (ix) The Indenture Trustee, on behalf of the Holders, hereby assigns
     to Ambac the rights, and confirms that the Holders have assigned all rights
     of the Holders, under the Insured Obligations to the extent of any payment
     by Ambac under the Policy. The foregoing assignment is in addition to, and
     not in limitation of, rights of subrogation otherwise available to Ambac in
     respect of such payments. Payments to Ambac in respect of the foregoing
     assignment, or with respect to any subrogation rights, shall in all cases
     be (A) subordinate and junior in right of payment to the prior indefeasible
     payment in full of all amounts due the Indenture Trustee on behalf of the
     Holders and the Holders on account of payments due on the Insured
     Obligations and (B) payable only to the extent funds are allocated and
     available therefor in accordance with the Indenture Supplement. The
     Indenture Trustee shall take such action and deliver such instruments
     prepared by Ambac, at Ambac's expense, as may be reasonably requested or
     required by Ambac to effectuate the purpose or provisions of this clause
     (ix).

          Any capitalized term used in this Notice and not otherwise defined
     herein shall have the meaning assigned thereto in the Policy.

          ANY PERSON WHO KNOWINGLY AND WITH INTENT TO DEFRAUD ANY INSURANCE
COMPANY OR OTHER PERSON FILES AN APPLICATION FOR INSURANCE OR STATEMENT OF CLAIM
CONTAINING ANY MATERIALLY FALSE INFORMATION, OR CONCEALS FOR THE PURPOSE OF
MISLEADING, INFORMATION CONCERNING ANY FACT MATERIAL THERETO, COMMITS A
FRAUDULENT INSURANCE ACT, WHICH IS A CRIME, AND SHALL ALSO BE SUBJECT TO A CIVIL
PENALTY NOT TO EXCEED FIVE THOUSAND DOLLARS AND THE STATED VALUE OF THE CLAIM
FOR EACH SUCH VIOLATION.

                                       -2-

<PAGE>

          IN WITNESS WHEREOF, the Indenture Trustee has executed and delivered
this Notice under the Policy as of the [__] day of [_________], [_____].

                                               JPMORGAN CHASE BANK, as Indenture
                                                 Trustee

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

                                       -3-

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