Document:

<PAGE>

                                                                     EXHIBIT 4.4

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

                                 TRUST AGREEMENT
                          Dated as of [          ], 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>                                                                <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>                                                                <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......................................11
Section 6.04.  Reliance; Advice of Counsel.........................................12
Section 6.05.  Not Acting in Individual Capacity...................................12
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.....................................................13
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.......................16

                                       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>                                                                <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 [         ], 2002 (this "Agreement"),
between FIRST NATIONAL FUNDING LLC, a Nebraska limited liability company, as
Transferor, and WILMINGTON TRUST COMPANY, a [              ], as 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. 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 receipt
in trust from Transferor, as of the date hereof, of the foregoing contribution,
which shall constitute part of the Trust Estate and 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 business trust under
the Business Trust Statute 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 Business Trust Statute 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

                                       4
<PAGE>

         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 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

                                       5
<PAGE>

                  action and an Opinion of Counsel to the effect that such
                  action, assignment, participation, pledge or other disposition
                  does not require registration of the 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).

                                   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;

                  (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 the other Transaction Documents to which the
Trust is a party and to administer the Trust 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 personally liable for the default or
failure of Administrator to carry out its obligations under the Administration
Agreement.

                                       7
<PAGE>

         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 this Agreement and the Administration
         Agreement.

                                       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 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 and (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 upon the terms of 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 to perform the obligations of the Trust under the Transaction
         Documents, including those

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<PAGE>

         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.

         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 [                    ] duly organized and validly
         existing in good standing under the [                             ]. It
         has all requisite corporate power and authority to execute, deliver and
         perform its obligations under this Agreement.

                                       11
<PAGE>

                  (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.

         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.

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<PAGE>

         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.

         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

                                       13
<PAGE>

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 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.

                  (c) Upon completion of the winding up of the Trust in
         accordance with the Business Trust Statute, 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 Business Trust
         Statute and

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<PAGE>

         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 Business Trust Statute; 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.

         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

                                       15
<PAGE>

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.

         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,

                                       16
<PAGE>

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.

         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,

                                       17
<PAGE>

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?%
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 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

                                       18
<PAGE>

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, 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

                                       19
<PAGE>

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.

         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 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.

                                       20
<PAGE>

         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, as
                                     Owner Trustee

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

                                     FIRST NATIONAL FUNDING LLC

                                     By First National Funding Corporation, its
                                        Managing Member

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

                        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"), dated [________], 2002, is being duly executed and filed by WILMINGTON
TRUST COMPANY, a Delaware banking corporation, as trustee, to form a business
trust under the Delaware Business 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 [ADDRESS], Attention: [_______].

         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
                                          --------------------------------------<PAGE>

                                                                     EXHIBIT 4.5

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

                            ADMINISTRATION AGREEMENT
                       Dated as of [              ], 2002

                                   ----------

                        FIRST NATIONAL MASTER NOTE TRUST,
                                   as Issuer,

                                       and

                          FIRST NATIONAL BANK OF OMAHA,
                                as Administrator

                        FIRST NATIONAL MASTER NOTE TRUST

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

<PAGE>

                                Table of Contents

<Table>
<Caption>
                                                                           Page
<S>         <C>                                                            <C>

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..................................................7
Section 7.  Other Activities of Administrator.................................7
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........................................................9
Section 12. Successors and Assigns............................................9
Section 13. Governing Law....................................................10
Section 14. Headings.........................................................10
Section 15. Counterparts.....................................................10
Section 16. Severability.....................................................10
Section 17. Not Applicable to FNBO 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

EXHIBIT A   FORM OF POWER OF ATTORNEY
</Table>

<PAGE>

                            ADMINISTRATION AGREEMENT

         THIS ADMINISTRATION AGREEMENT, dated as of [             ], 2002 (this
"Agreement"), between FIRST NATIONAL MASTER NOTE TRUST, a business trust
organized and existing under the laws of the State of Delaware ("Issuer"), and
FIRST NATIONAL BANK OF OMAHA, a national banking association, as administrator
("Administrator").

                                   WITNESSETH:

         WHEREAS, Issuer has entered into a Master Indenture, dated as of [ ],
2002 (the "Indenture"), between Issuer and The Bank of New York, as indenture
trustee ("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; and

         WHEREAS, Issuer has entered into certain agreements in connection with
the issuance of the Notes, the issuance of the Transferor Interest 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 and the Indenture, and all Indenture
Supplements being hereinafter referred to collectively as the "Related
Agreements"); and

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

         WHEREAS, Issuer and Owner Trustee desire to have Administrator perform
certain of the duties of Issuer and 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 Issuer and Owner Trustee may from
time to time request; and

         WHEREAS, Administrator has the capacity to provide the services
required hereby and is willing to perform such services for Issuer and 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.
         Administrator shall consult with Owner Trustee regarding the duties of
         Issuer and Owner Trustee under the Related Agreements. Administrator
         shall monitor the performance of Issuer and shall advise Owner Trustee
         when action is necessary to comply with Issuer's or Owner Trustee's
         duties under the Related Agreements. Administrator shall prepare for
         execution by Issuer or Owner Trustee or shall cause the preparation by
         other appropriate

<PAGE>

         persons of all such documents, reports, filings, instruments, orders,
         certificates and opinions as it shall be the duty of Issuer or Owner
         Trustee to prepare, file or deliver pursuant to any Related Agreement.
         In furtherance of the foregoing, Administrator shall take all
         appropriate action that it is the duty of Issuer or 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 cancellation or execution,
                  authentication and delivery of the Notes (whether upon initial
                  issuance, transfer or exchange, or otherwise), if any, and
                  delivery of the same to Indenture Trustee (if applicable)
                  (Section 2.03, 2.05, 2.06, 2.11(c) 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 Indenture Trustee prompt notice of any
                  appointment of a new Transfer Agent and Registrar and the
                  location, or change in location, of the Note Register (Section
                  2.05);

                           (iii) the furnishing of Indenture Trustee, Servicer,
                  any Noteholder or the Paying Agent with the names and
                  addresses of Noteholders after receipt of a written request
                  therefor from Indenture Trustee, Servicer, any Noteholder or
                  the Paying Agent, respectively, or as otherwise specified in
                  the Indenture (Sections 2.09(a) and 7.01);

                           (iv) the giving of directions (including Issuer
                  Orders) relating to the preparation, obtaining or filing of
                  the instruments, opinions and certificates and other documents
                  required for the release of collateral (Section 8.07);

                           (v) the duty to cause Issuer to maintain an office or
                  agency within [New York] (and as otherwise set forth in an
                  Indenture Supplement) and to give Indenture Trustee and the
                  Noteholders notice of the location, or change in location, of
                  such office or agency (Section 3.02);

                           (vi) the duty to direct 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 Permitted Investments (Section 3.03);

                           (vii) the duty to cause newly appointed Paying
                  Agents, if any, to deliver to Indenture Trustee the instrument
                  specified in the Indenture regarding funds held in trust
                  (Section 3.03);

                           (viii) the direction to Paying Agents to pay to
                  Indenture Trustee all sums held in trust by such Paying Agents
                  (Section 3.03);

                           (ix) the duty to cause Issuer to keep in full force
                  its existence, rights and franchises as a Delaware business
                  trust and the obtaining and preservation of 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

                                       2
<PAGE>

                  the Indenture, the Notes, the Collateral and each other
                  related instrument and agreement (Section 3.04);

                           (x) 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 3.05);

                           (xi) the obtaining of the Opinion of Counsel on each
                  Closing Date and the annual delivery of an Opinion of Counsel
                  as to the Collateral (Section 3.06);

                           (xii) the identification to Indenture Trustee in an
                  Officer's Certificate of any Person (other than Administrator)
                  with whom Issuer has contracted to assist it in performing its
                  duties under the Indenture (Section 3.07(b));

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

                           (xiv) the delivery to Indenture Trustee and the
                  Rating Agencies, within 120 days after the end of each fiscal
                  year of Issuer, of an Officer's Certificate with respect to
                  various matters relating to compliance with the Indenture
                  (Section 3.09);
                           (xv) the preparation and obtaining of documents,
                  certificates, opinions and instruments required in connection
                  with the consolidation or merger by Issuer with or into any
                  other Person or the sale of Issuer's assets substantially as
                  an entirety to any Person (Section 3.10);

                           (xvi) the delivery of notice to Indenture Trustee and
                  the Rating Agencies of (A) each Event of Default or Pay Out
                  Event, (B) each default by Servicer or Transferor under the
                  Transfer and Servicing Agreement and (C) each default by the
                  RPA Seller under the Receivables Purchase Agreement, together
                  with any required status report and action plan (Sections 3.17
                  and 5.02);

                           (xvii) the monitoring of 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 4.01);

                           (xviii) the compliance with any directive of
                  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 5.05);

                           (xix) the preparation of an Officer's Certificate to
                  be delivered to Indenture Trustee and the delivery of such
                  Officer's Certificate to the Noteholders (Section 6.03(b));

                                       3
<PAGE>

                           (xx) the removal of Indenture Trustee, if necessary
                  and in compliance with the Indenture, and the appointment of a
                  successor, and notifying the Rating Agencies of same (Section
                  6.08);

                           (xxi) the preparation of various reports to be filed
                  with Indenture Trustee and the Commission, as applicable
                  (Section 7.03);

                           (xxii) notifying Indenture Trustee if and when the
                  Notes are listed (or delisted) on any stock exchange (Section
                  7.04);

                           (xxiii) the preparation of an Issuer Order and
                  Officer's Certificate and the obtaining of an Opinion of
                  Counsel and Independent Certificates, if necessary, for the
                  release of the Collateral (Sections 8.07 and 8.08);

                           (xxiv) 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 3.07(f), 10.01,
                  10.02 and 10.03);

                           (xxv) the execution of new Notes conforming to any
                  supplemental indenture (Section 10.06);

                           (xxvi) the preparation of all Officers' Certificates,
                  Opinions of Counsel and, if necessary, Independent
                  Certificates with respect to any requests by Issuer to
                  Indenture Trustee to take any action under the Indenture
                  (Section 12.01(a));

                           (xxvii) 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 Indenture Trustee that is to
                  be made the basis for the release of property from the lien of
                  the Indenture (Section 12.01(b));

                           (xxviii) the preparation and delivery to Noteholders
                  and Indenture Trustee of any agreements with respect to
                  alternate payment and notice provisions (Section 12.06); and

                           (xxix) compliance with the provisions of the Transfer
                  and Servicing Agreement, each Indenture Supplement and the
                  Trust Agreement applicable to Issuer.

                  (b) ADDITIONAL DUTIES.

                           (i) In addition to the duties of Administrator set
                  forth above, but subject to Sections 1(c)(ii) and 5 of this
                  Agreement, Administrator shall perform all duties and
                  obligations of Issuer under the Related Agreements, and shall
                  perform such calculations and shall prepare for execution by
                  Issuer, or 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 Issuer or

                                       4
<PAGE>

                  Owner Trustee to prepare, file or deliver pursuant to the
                  Related Agreements and shall administer the Trust in the
                  interest of the Holders of the Transferor Interest, and at the
                  request of Issuer shall take all appropriate action that it is
                  the duty of Issuer or 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 Issuer,
                  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 Owner Trustee and are reasonably within
                  the capability of Administrator.

                           (ii) Administrator shall perform any duties expressly
                  required to be performed by Administrator under the Trust
                  Agreement, including the preparation of tax returns pursuant
                  to Section 5.07 of the Trust Agreement.

                           (iii) In carrying out the foregoing duties or any of
                  its other obligations under this Agreement, Administrator may
                  enter into transactions with or otherwise 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 Issuer and shall be, in
                  Administrator's opinion, no less favorable to Issuer than
                  would be available from unaffiliated parties.

                           (iv) It is the intention of the parties hereto that
                  Administrator shall, and Administrator hereby agrees to, (A)
                  prepare, file and deliver on behalf of Issuer all such
                  documents, reports, filings, instruments, certificates and
                  opinions as it shall be the duty of Issuer to prepare, file or
                  deliver pursuant to the Related Agreements, including any
                  filings, reports, notices, applications and registrations with
                  the Commission, and (B) seek any consents or authorizations
                  from the Commission and any state authority on behalf of
                  Issuer, in each case as may be necessary or advisable to
                  comply with any federal or state securities or reporting
                  requirements laws and to the extent not provided by Servicer
                  in accordance with Section 3.01(a) of the Pooling and
                  Servicing Agreement and Section 3.11 of the Transfer and
                  Servicing Agreement. In furtherance thereof, Owner Trustee
                  shall, on behalf of Issuer, execute and deliver to
                  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 Administrator the attorney-in-fact of
                  Issuer for the purpose of executing on behalf of Issuer all
                  such documents, reports, filings, instruments, certificates
                  and opinions.

                  (c) NONMINISTERIAL MATTERS.

                           (i) With respect to matters that in the reasonable
                  judgment of Administrator are nonministerial, Administrator
                  shall not take any action unless within a reasonable time
                  before the taking of such action, Administrator shall have
                  notified Issuer of the proposed action and Issuer shall not
                  have withheld

                                       5
<PAGE>

                  consent or provided an alternative direction. For the purpose
                  of the preceding sentence, "nonministerial matters" shall
                  include:

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

                                    (B) the initiation of any claim or lawsuit
                           by Issuer and the compromise of any action, claim or
                           lawsuit brought by or against 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 Indenture Trustee.

                           (ii) Notwithstanding anything to the contrary in this
                  Agreement, Administrator shall not be obligated to, and shall
                  not, (A) make any payments from its own funds to the
                  Noteholders, the Holders of the Transferor Interest or any
                  other Person under the Related Agreements, (B) sell the
                  Receivables (or interests therein) pursuant to Section 5.05 of
                  the Indenture other than pursuant to a written directive of
                  Indenture Trustee or (C) take any other action that Issuer
                  directs Administrator not to take on its behalf.

         SECTION 2. RECORDS. 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 Issuer, Owner Trustee,
Indenture Trustee, Servicer and Transferor at any time during normal business
hours.

         SECTION 3. COMPENSATION. As compensation for the performance of
Administrator's obligations under this Agreement, Administrator shall be
entitled to $100 per month which shall be payable in accordance with Section
3.01(e) of the Transfer and Servicing Agreement. Transferor shall be responsible
for payment of Administrator's fees (to the extent not paid pursuant to Section
3.01(e) of the Transfer and Servicing Agreement).

         SECTION 4. ADDITIONAL INFORMATION TO BE FURNISHED TO ISSUER.
Administrator shall furnish to Issuer from time to time such additional
information regarding the Collateral as Issuer shall reasonably request.

         SECTION 5. INDEPENDENCE OF ADMINISTRATOR. For all purposes of this
Agreement, Administrator shall be an independent contractor and shall not be
subject to the supervision of Issuer or Owner Trustee with respect to the manner
in which it accomplishes the performance of

                                       6
<PAGE>

its obligations hereunder. Unless expressly authorized by Issuer, Administrator
shall have no authority to act for or represent Issuer or Owner Trustee in any
way and shall not otherwise be deemed an agent of Issuer or Owner Trustee.

         SECTION 6. NO JOINT VENTURE. Nothing contained in this Agreement shall
(i) constitute Administrator and either of Issuer or 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 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 Issuer, Owner Trustee or Indenture
Trustee.

         SECTION 8. TERM OF AGREEMENT; RESIGNATION AND REMOVAL OF ADMINISTRATOR.

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

                  (b) Subject to Section 8(e) below, Administrator may resign
         its duties hereunder by providing Issuer with at least 60 days' prior
         written notice.

                  (c) Subject to Section 8(e) below, Issuer may remove
         Administrator without cause by providing Administrator with at least 60
         days' prior written notice.

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

                           (i) 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 30 days (or,
                  if such default cannot be cured in such time, shall not give
                  within 30 days such assurance of cure as shall be reasonably
                  satisfactory to 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 60 days, in respect
                  of 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 Administrator or any substantial part of its property or
                  order the winding up or liquidation of its affairs; or

                           (iii) 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

                                       7
<PAGE>

                  such law, or shall consent to the appointment of a receiver,
                  liquidator, assignee, trustee, custodian, sequestrator or
                  similar official for 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.

                           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 Issuer and Indenture
                  Trustee within seven 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), Issuer shall give
                  prompt written notice thereof to the Rating Agencies.

                  (e) No resignation or removal of Administrator pursuant to
         this Section 8 shall be effective until (i) a successor Administrator
         shall have been appointed by Issuer, (ii) such successor Administrator
         shall have agreed in writing to be bound by the terms of this Agreement
         in the same manner as Administrator is bound hereunder; and (iii) the
         Rating Agency Condition shall have been satisfied with respect to the
         proposed appointment of the successor Administrator.

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

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

                  (a) if to Issuer or Owner Trustee, to the Corporate Trust
         Office of Owner Trustee, with a copy to Administrator;

                  (b) if to Administrator, to First National Bank of Omaha, 1620
         Dodge Street, Omaha, Nebraska 68197, Attention: President;

                  (c) if to Indenture Trustee, to The Bank of New York, Suite
         1020, 2 North LaSalle Street, Chicago, Illinois 60602, Attention:
         Structured Finance Services;

                  (d) if to Transferor, to First National Funding LLC, 1620
         Dodge Street, Omaha, Nebraska 68197, Attention: President;

                                       8
<PAGE>

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 Indenture
Trustee, Transferor, Administrator or 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 Issuer and
Administrator, with the written consent of Owner Trustee (as such and in its
individual capacity), without the consent of any of the Noteholders, the Holders
of the Transferor Interest or the Transferor to cure any ambiguity, to correct
or supplement any provisions in this Agreement or 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 or the
Holders of the Transferor Interest in a manner not inconsistent with the
provisions of this Agreement and the other Transaction Documents; provided,
however, that such amendment will not, as evidenced by an Officer's Certificate
of Administrator addressed and delivered to Owner Trustee, materially and
adversely affect the interests of any Noteholder or the Holders of the
Transferor Interest.

         This Agreement may also be amended from time to time, by a written
amendment duly executed and delivered by Issuer and Administrator, with the
written consent of Owner Trustee (as such and in its individual capacity), the
Holders of Notes evidencing not less than 662/3% of the Outstanding Amount of
the Notes and Transferor, 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 or the Holders of the
Transferor Interest under this Agreement; 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.

         Prior to the execution of any such amendment or consent, Administrator
shall furnish written notification of the substance of such amendment or consent
to each Rating Agency. Promptly after the execution of any such amendment or
consent, Administrator shall furnish written notification of the substance of
such amendment or consent to 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 Administrator unless such assignment is previously consented to in writing by
Issuer, Transferor and 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 Administrator
is bound hereunder. Notwithstanding the foregoing, this Agreement may be
assigned by Administrator without the consent of Issuer, Transferor, Owner
Trustee or the

                                       9
<PAGE>

Rating Agencies to a corporation or other organization that is a successor (by
merger, consolidation or purchase of assets) to Administrator, provided that
such successor organization executes and delivers to Issuer, Transferor and
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 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 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 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 FNBO IN OTHER CAPACITIES. Nothing in this
Agreement shall affect any obligation FNBO 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 Issuer and in no event shall Wilmington Trust
Company in its individual capacity or any beneficial owner of Issuer have any
liability for the representations, warranties, covenants, agreements or other
obligations of Issuer hereunder, as to all of which recourse shall be had solely
to the assets of Issuer. For all purposes of this Agreement, in the performance
of any duties or obligations hereunder, 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. 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, neither Owner Trustee nor Administrator shall at
any time institute against Issuer, Transferor or Certificate Trust, or solicit
or join or cooperate with or encourage any institution against Issuer,
Transferor or Certificate Trust of any bankruptcy, reorganization, arrangement,
insolvency or liquidation proceedings under any United States federal or state
bankruptcy or

                                       10
<PAGE>
similar law in connection with any obligations relating to the Notes, this
Administration Agreement or any of the other Transaction Documents; provided,
however, that this Section 20 shall not operate to preclude any remedy described
in Article V of the Indenture.

         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.

                                FIRST NATIONAL MASTER NOTE TRUST

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

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

                                FIRST NATIONAL BANK OF OMAHA, as
                                Administrator

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

Acknowledged and accepted:

FIRST NATIONAL FUNDING LLC,
as Transferor

By First National Funding Corporation,
   its Managing Member

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

                     ADMINISTRATION AGREEMENT SIGNATURE PAGE

<PAGE>

                                    EXHIBIT A

                           [FORM OF POWER OF ATTORNEY]

STATE OF DELAWARE                           )
                                            )
COUNTY OF NEWCASTLE                         )

         KNOW ALL MEN BY THESE PRESENTS, that First National Master Note Trust,
a Delaware business trust ("Trust"), does hereby make, constitute and appoint
First National Bank of Omaha, 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 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 [ ], 2002, between the Trust and First
National Bank of Omaha, 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.

<PAGE>

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

         EXECUTED this _________ day of ________________________________, 2002.

                              FIRST NATIONAL MASTER NOTE TRUST

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

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

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