Document:

exv10w1

 

Second Amendment 

dated January 23, 2007

to

FIRST AMENDED AND RESTATED

MEMORANDUM OF AGREEMENT

REGARDING

GAMING DEVELOPMENT

AND

MANAGEMENT

AGREEMENT

between

SHINGLE SPRINGS BAND OF MIWOK INDIANS

a federally recognized tribe

and

LAKES KAR-SHINGLE SPRINGS, LLC

a Delaware limited liability company

Dated: October 13, 2003

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     THIS SECOND AMENDMENT (“Second Amendment”) to the October 13, 2003 FIRST AMENDED AND RESTATED
MEMORANDUM OF AGREEMENT, as amended by the parties’ June 16, 2004 Amendment, is made and entered
into this 23rd day of January, 2007 by and between the Shingle Springs Band of Miwok Indians, a
federally recognized Indian tribe (“Tribe”), located in the State of California with tribal offices
located at P.O. Box 1340, Shingle Springs, California 95682 and Lakes KAR-Shingle Springs, LLC, a
Delaware limited liability company (hereinafter referred to as “LKAR”), whose business office is
located at 130 Cheshire Lane, Minnetonka, MN 55305.

RECITALS

     A. The Tribe is a federally recognized Indian tribe eligible for the special programs and
services provided by the United States to Indians because of their status as Indians and is
recognized as possessing powers of self-government.

     B. In compliance with the Indian Gaming Regulatory Act of 1988 (“IGRA”), P.L. 100-497, 25
U.S.C. 2701 et seq. as it may from time to time be amended, the Tribal Council of
the Tribe has enacted a tribal ordinance regulating the operation of gaming activities on Tribal
Lands (hereinafter referred to as the “Tribal Gaming Ordinance”), creating the Shingle Springs
Tribal Gaming Commission, and authorizing Class II Gaming and Class III Gaming on its Indian lands
subject to the provisions of the Tribal Gaming Ordinance and a Tribal-State Compact.

     C. The Tribe is committed to the use of gaming activities to provide employment and improve
the social, economic, education, and health needs of its members; to increase the revenues of the
Tribe; and to enhance the Tribe’s economic self-sufficiency and self-determination.

     D. The Tribe presently lacks the resources to develop and operate a gaming facility and
enterprise on its own and desires to retain the services of a developer and manager with knowledge
and experience in the gaming industry to secure financing, develop, manage and operate a Class II
Gaming and Class III Gaming facility and related resort facilities located on its Indian lands in
accordance with the Indian Gaming Regulatory Act of 1988, as amended.

     E. To assist with the financing, development, management and operations of its planned gaming
facility (to be known as the “Foothill Oaks Casino”) and related ancillary facilities (the
“Project”), the Tribe and LKAR agreed to enter into their First Amended and Restated Memorandum of
Agreement Regarding Gaming Development and Management Agreement (“Amended Memorandum Agreement”)
and related Transaction Documents dated October 13, 2003 in connection with the Project.

     F. The October 13, 2003 Amended Memorandum Agreement (and related exhibits and Transaction
Documents), as amended by the June 16, 2004 Amendment between the Tribe and LKAR, was approved by
the Chairman of the National Indian Gaming Commission (“NIGC”) on July 19, 2004.

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     G. Since signing the October 13, 2003 Amended Memorandum Agreement, the Tribe has adopted
tribal Resolution 2004-18 and related Ordinance (hereinafter referred to as the “Ordinance
2004-18”) whereby the Tribe has established the Shingle Springs Tribal Gaming Authority
(“Authority”) and, subject to certain limitations, delegated to the Authority all governmental and
proprietary powers and rights of the Tribe over the development, construction, operation, promotion
and financing of the Project; and LKAR has consented to the delegation of the Tribe’s governmental
and proprietary powers and rights to the Authority in connection with the Project.

     H. Due to indefinite delays in the financing and construction of the Project arising from
litigation commenced by El Dorado County in connection with the dedicated interchange from US 50
providing direct access to the Shingle Springs Rancheria, the Tribe has amended its Ordinance
2004-18 to provide that its delegation to the Authority of certain governmental and proprietary
powers and rights of the Tribe over the development, construction, operation, promotion and
financing of the Project is suspended until such date that the Tribal Council activates the
Authority by formally appointing the Management Board of the Authority; until such time the Tribe
shall retain and reassume all of the Tribe’s rights and responsibilities under the October 13, 2003
Amended Memorandum Agreement (and related exhibits and Transaction Documents), as amended by the
June 16, 2004 Amendment between the Tribe and LKAR.

     I. The Tribe and LKAR desire to further amend the October 13, 2003 Amended Memorandum
Agreement (and related exhibits and Transaction Documents), as amended by the June 16, 2004
Amendment, deemed necessary by changes in circumstances related to increased financing needs of the
Project and to provide for the implementation of Tribe’s assignment described in Recital G above;
such modifications are incorporated herein and, accordingly, the Tribe and LKAR agree to enter into
this Second Amendment to the October 13, 2003 First Amended and Restated Memorandum of Agreement
Regarding Gaming Development and Management Agreement, as amended by the June 16, 2004 Amendment,
in connection with the Project.

     J. This Second Amendment shall supersede and replace the agreement entitled Second Amendment
to the October 13, 2003 First Amended and Restated Memorandum of Agreement Regarding Gaming
Development and Management Agreement dated July 19, 2006 and shall become effective when approved
by the Chairman of the NIGC under IGRA.

     K. Any dispute regarding this Second Amendment between the parties is to be subject to the
dispute resolution and governing law provisions contained in the October 13, 2003 Amended
Memorandum Agreement, as well as the Resolutions of Limited Waiver attached as Exhibit B, C and D
thereto.

     NOW, THEREFORE, in consideration of the above circumstances and the hereinafter mutual
promises and covenants, and for other good and valuable consideration as set forth herein, the
receipt and sufficiency of which are expressly acknowledged, the Tribe and LKAR agree as follows:

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     1. Section 2.3(a)(i) of the October 13, 2003 Amended Memorandum Agreement is amended to state
as follows:

     (a)(i) LKAR agrees to make the following pre-construction advances to the Tribe: (1)
two hundred fifty thousand dollars ($250,000) upon execution of the June 11, 1999
Development and Management Agreements; (2) seventy thousand dollars ($70,000) each month
thereafter through March 2005; (3) one hundred thousand dollars (100,000) each month
commencing April 2005 through February 2006; (4) one hundred twenty five thousand dollars
($125,000) each month thereafter until the earlier of either the Commencement Date or
through October 2010; (5) a one time payment of three hundred thousand dollars ($300,000) to
be made on or before April 29, 2005; (6) advances for costs incurred in connection with the
activities described in Section 2.2; (7) advances for the establishment and operation of the
Tribal Gaming Commission pursuant to Section 4.6.6 of the Management Agreement between the
Tribe and KARSS entered on June 11, 1999; (8) expenses relating to the Tribe’s CNIGA
activities, subject to the written approval of LKAR, which approval shall not be
unreasonably withheld; and (6) legal expenses incurred by the Tribe in connection with
eliminating obstacles to the implementation of this Amended Memorandum Agreement, subject to
the written approval of LKAR, which approval shall not be unreasonably withheld. The Tribe
and LKAR agree that all sums previously advanced to the Tribe by KARSS under the superseded
Development and Management Agreements, and by LKAR under the superseded May 5, 2000
Memorandum of Agreement (excluding advances for acquisition of the Acquired Tribal Lands),
shall constitute advances by LKAR to the Tribe hereunder, be credited to LKAR’s obligations
hereunder, and shall be subject to the terms of the Transition Loan herein.

     2. Section 2.3(b)(i) of the October 13, 2003 Amended Memorandum Agreement, as amended by the
June 16, 2004 Amendment, is amended to state as follows:

     (b)(i) The total amount of funds advanced to the Tribe directly from LKAR pursuant to
Section 2.3(a)(i) shall equal the total amount of the Transition Loan. The total amount of
the Transition Loan shall be in an amount not exceeding sixty million dollars ($60,000,000).
The parties agree that as of January 23, 2007, LKAR has advanced $42,701,880.52 to the
Tribe under the Transition Loan. The Transition Loan shall accrue interest at the prime
interest rate of Chase Manhattan Bank (or any successor bank by acquisition or merger) plus
two percent (2%), fixed from the date the funds are advanced to the Tribe. Principal and
interest due under the Transition Loan shall be paid as provided under Section 2.3(c) below.

     3. Section 2.3(b)(ii) of the October 13, 2003 Amended Memorandum Agreement, as amended by the
June 16, 2004 Amendment, is amended to state as follows:

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     (b)(ii) The total amount of funds advanced to the Tribe by LKAR pursuant to Section
2.3(a)(ii) shall equal the total amount of the Land Acquisition Loan. The total amount of
the Land Acquisition Loan shall be in an amount not exceeding Fifteen Million dollars
($15,000,000). The parties agree that as of January 23, 2007, LKAR has advanced
$8,772,252.03 to the Tribe under the Land Acquisition Loan. The Land Acquisition Loan shall
accrue interest at the prime interest rate of Chase Manhattan Bank (or any successor bank by
acquisition or merger) plus two percent (2%), fixed from the date the funds are advanced to
the Tribe in accordance with Section 2.3(a)(ii) hereof. Principal and interest due under
the Land Acquisition Loan shall be paid as provided under Section 2.3(c) below.

     4. Section 2.5(c) of the October 13, 2003 Amended Memorandum Agreement, as amended by the June
16, 2004 Amendment, is amended to state as follows:

     (c) The Costs of Construction and Initial Costs of Operation shall equal the total cost
of the Facility Loan. The total amount of the Facility Loan, or total advances if made
directly by LKAR, shall be in an amount up to but not exceeding five hundred fifty million
dollars ($550,000,000). Advances for Costs of Construction and Initial Costs of Operation,
if made directly by LKAR, shall accrue interest at the prime interest rate of Chase
Manhattan Bank (or any successor bank by acquisition or merger) plus two percent (2%), fixed
from the date the funds are advanced to the Tribe; with repayment of principal and interest
to be made in equal monthly installments over a term of seven (7) years commencing on the
thirtieth (30th) day after the Commencement Date, or five (5) years if the Tribe exercises
its right under Section 3.19 of this Amended Memorandum Agreement.

     5. Section 2.11 of the October 13, 2003 Amended Memorandum Agreement, as amended by the June
16, 2004 Amendment, is amended to state as follows:

     Limited Waiver of Sovereign Immunity. By this Amended Memorandum Agreement,
the Tribe does not waive, limit, or modify its sovereign immunity from unconsented suit
except as provided in tribal Resolution 2003-12 dated October 13, 2003 attached hereto as
Exhibit B, in tribal Resolution 2004-23 dated June 16, 2004 attached hereto as
Exhibit C, and in tribal Resolution 2007-xx dated January xx, 2007 attached hereto
as Exhibit D. The Tribe understands that its agreement to adopt enforceable
resolutions of limited waiver is a material inducement to LKAR’s execution of this Amended
Memorandum Agreement and is a condition precedent to any of the respective obligations of
the parties under this Amended Memorandum Agreement. The Tribe further agrees that it will
not amend or alter or in any way lessen the rights of the Lender or LKAR as set forth in the
resolutions of limited waiver, which are attached hereto as Exhibit B, Exhibit
C, and Exhibit D, each of which are incorporated here by reference.

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     This Section 2.11 shall survive the termination of this Amended Memorandum Agreement,
regardless of the reason for the termination.

Exhibit D referenced above and attached to this Second Amendment shall constitute “Exhibit D” of
the Amended Memorandum Agreement.

     6. Section 10.10 of the October 13, 2003 Amended Memorandum Agreement, as amended by the June
16, 2004 Amendment, is amended to state as follows:

     Sovereign Immunity. Except as described in the resolutions of limited waiver
attached hereto as Exhibit B, Exhibit C, and Exhibit D, each of
which are incorporated herein by reference, nothing in this Amended Memorandum Agreement
shall be deemed or construed to constitute a waiver of sovereign immunity of the Tribe and
the only applicable waivers of sovereign immunity shall be those expressly provided and
executed by the Tribe’s duly authorized representative and substantially conforming to the
form as approved by the parties. The parties agree that they will not amend or alter the
resolution of limited waiver attached hereto as Exhibit B, Exhibit C and
Exhibit D, in any way which will lessen the rights of any party as set forth in the
resolutions of limited waiver. This Section 10.10 shall survive termination of this Amended
Memorandum Agreement, regardless of the reason for the termination.

     7. Section 11.3(b) of the October 13, 2003 Amended Memorandum Agreement, as amended by the
June 16, 2004 Amendment, is amended to state as follows:

     (b) If the dispute is not resolved to the satisfaction of the parties within thirty
(30) calendar days after the first meeting in Section 11.3(a) above, then any claim,
controversy or dispute arising out of or relating to this Amended Memorandum Agreement,
Facility Note, Land Acquisition Note, the Interim Promissory Note, the Operating Note, or
any other Transaction Document, or any alleged default hereunder or breach of any provisions
thereof, shall be submitted to binding arbitration in accordance with the Commercial
Arbitration Rules of the American Arbitration Association in effect at the time of
submission; except that: (a) the question whether or not a dispute is arbitrable under this
Amended Memorandum Agreement or any other Transaction Document shall be a matter for binding
arbitration by the arbitrators, such question shall not be determined by any court and, in
determining any such question, all doubts shall be resolved in favor of arbitrability; and
(b) discovery shall be permitted in accordance with the Federal Rules of Civil Procedure,
subject to supervision as to scope and appropriateness by the arbitrators. Judgment on any
arbitration award may be entered in any court having jurisdiction over the parties pursuant
to the resolutions of limited waiver attached hereto as Exhibit B, Exhibit
C, and Exhibit D, each of which are incorporated herein by reference.

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     8. Section 11.3(f) of the October 13, 2003 Amended Memorandum Agreement, as amended by the
June 16, 2004 Amendment, is amended to state as follows:

     (f) The arbitration award shall be in writing signed by each of the arbitrators, and
shall state the basis for the award. The arbitration award shall be set forth in reasonable
detail as to its findings of fact and law, and basis of determination of award form and
amount. In connection with any arbitration award, the arbitrators shall be empowered to take
the actions and enforce the judicial remedies described in Paragraph 5 of the resolutions of
limited waiver attached hereto as Exhibit B, Exhibit C, and Exhibit
D, each of which are incorporated herein by reference; provided however, that although
the arbitrators may award damages in the event the Tribe or the Tribal Gaming Commission do
not comply with the award, the arbitrators may not require the Tribe or the Tribal Gaming
Commission to take or modify any governmental legislative decision or action which the
arbitrators have determined has resulted in the dispute between the parties and is contrary
to the parties’ rights, liabilities or obligations under this Amended Memorandum Agreement,
the Facility Note, the Land Acquisition Note, the Interim Promissory Note, the Operating
Note, or any other Transaction Document (“Specific Performance Restriction”). Provided
further, that: (a) should the arbitrators determine that there has been an intentional bad
faith violation of a party’s rights under this Amended Memorandum Agreement or any other
Transaction Document by the Tribe or Tribal Gaming Commission, and if the Tribe or the
Tribal Gaming Commission do not reverse such intentional bad faith violation through
governmental legislative decision or action within thirty (30) days after being notified by
the arbitrators of such determination, then the arbitrators shall award one-and-half (11/2 )
times damages to LKAR, or other claimant, as applicable, for damages suffered as a
consequence of the Tribe’s or Tribal Gaming Commission’s intentional bad faith violation;
and (b) such Specific Performance Restriction shall not prevent LKAR, or other claimant, as
applicable, from enforcing the Facility Note, the Land Acquisition Note, the Interim
Promissory Note, the Operating Note, the Security Agreement, the Dominion Account Agreement,
or the liens and security interests granted thereunder, nor from realizing on collateral
encumbered thereby.

     9. The List of Exhibits page of the October 13, 2003 Amended Memorandum Agreement, as amended
by the June 16, 2004 Amendment, is amended to state as follows:

LIST OF EXHIBITS

     Exhibit A            Legal Description of Gaming Site

     Exhibit B            Resolution 2003-12 concerning Limited Waiver of Immunity from Suit

     Exhibit C            Resolution 2004-23 concerning Limited Waiver of Immunity from Suit

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     Exhibit D            Resolution 2007-xx concerning Limited Waiver of Immunity from Suit

     10. Section 10.14 of the October 13, 2003 Amended Memorandum Agreement, as amended by the June
16, 2004 Amendment, is amended to state as follows:

     Entire Agreement. This Amended Memorandum Agreement (including all its exhibits
and related Transaction Documents, along with tribal Resolution 2004-18 approving the
establishment of the Foothills Oaks Tribal Gaming Authority and its related Ordinance, the
June 16, 2004 Amendment to the October 13, 2003 Amended Memorandum Agreement, the June 16,
2004 Consent Agreement entered into by the parties, tribal Resolution 2004-23 concerning the
June 16, 2004 Amendment and Consent Agreement), the July 19, 2006 Second Amendment to the
October 13, 2003 Amended Memorandum Agreement, and tribal Resolution 2007-xx concerning the
January 23, 2007 Second Amendment, represents the entire agreement between the parties and
supersedes all prior agreements relating to the subject matter of Class II Gaming and Class
III Gaming to be developed and conducted by the Tribe at the Facility and operations of the
Enterprise. The parties hereto intend that this Amended Memorandum Agreement (and related
Transaction Documents) is to supersede and replace the May 5, 2000 Memorandum of Agreement
and any other prior agreements between the parties in connection with the Project.

     11. The Tribe and LKAR agree and consent that upon the date the Authority is activated by the
Tribal Council formally appointing the Management Board of the Authority, and the Tribe and
Authority have completed each of the additional requirements set forth below, all governmental and
proprietary powers and rights of the Tribe over the development, construction, operation, promotion
and financing of the Foothill Oaks Casino and the Enterprise, as described in Section 1 of
Ordinance 2004-18, shall be solely assumed by and be the delegated responsibility of the Authority:

(a) The Tribe and LKAR shall execute and deliver the “Tribal Agreement” (in the form
attached hereto as Exhibit 1) whereby the Tribe reaffirms the assignment to the
Authority of its rights and responsibilities under the October 13, 2003 Amended Memorandum
Agreement (and related exhibits and Transaction Documents), as amended by the June 16, 2004
Amendment between the Tribe and LKAR and this Second Amendment, and agrees to undertake
certain rights and obligations in connection with the development, construction, operation,
promotion and financing of the Foothill Oaks Casino and the Enterprise.

(b) LKAR, the Tribe and the Authority shall execute and deliver the “Third Amendment” to the
October 13, 2003 Amended Memorandum Agreement (in the form attached hereto as Exhibit
2 and hereinafter referred to as “Third Amendment”), reflecting the assumption

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by the
Authority of all governmental and proprietary powers and rights of the Tribe over the
development, construction, operation, promotion and financing of the Foothill Oaks Casino
and the Enterprise as described in Section 1 of Ordinance 2004-18, and the Tribe shall cause
the Authority also to duly approve the execution, delivery and performance of the Third
Amendment and a related resolution of limited waiver (in the form
attached hereto as Exhibit 3) in connection therewith and deliver a duly certified copy of
such resolution to LKAR.

(c) The Tribe and LKAR agree that, following execution of the Third Amendment and Tribal
Agreement, these documents shall be submitted to the NIGC for approval under applicable
Legal Requirements, and the Tribe agrees to cause the Authority to cooperate with such
submission.

(d) The Authority has provided LKAR with written confirmation that the NIGC has approved and
executed the Third Amendment and no Material Breach by the Tribe under the Transaction
Documents shall have occurred and be continuing as of the effective date of the Third
Amendment.

     12. Section 1 of the Non-Gaming Lands Transfer Agreement dated October 3, 2003, and Section 1
of the Access Land Transfer Agreement dated October 3, 2003, are each hereby amended by replacing
“ten million dollars ($10,000,000)” with “fifteen million dollars ($15,000,000).”

     13. The Tribe and LKAR agree that any dispute in connection with this Second Amendment shall
be subject to the dispute resolution procedures and limited waiver of sovereign immunity contained
in the October 13, 2003 Amended Memorandum Agreement and the Resolution of Limited Waiver attached
thereto as Exhibit B, the terms of which are incorporated by reference herein.

     14. The Tribe and LKAR agree that capitalized terms used herein and not defined shall have the
meanings given them in the October 13, 2003 Amended Memorandum Agreement.

     15. The Tribe and LKAR agree that this Second Amendment shall be construed in accordance with
and governed by the internal laws and decisions of the State of California, without giving effect
to its choice of law principles; and may be executed in any number of counterparts and by
facsimile, each of which shall be considered an original but together shall constitute one and the
same instrument.

     16. The Tribe and LKAR agree that no modification, amendment or change to this Amendment shall
be valid unless the same is in writing and signed by the party against which the enforcement of
such modification, amendment or change is sought, and is approved by the Chairman of the NIGC.

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     17. The Tribe and LKAR agree that this Second Amendment shall supersede and replace the
agreement entitled Second Amendment to the October 13, 2003 First Amended and Restated Memorandum
of Agreement Regarding Gaming Development and Management Agreement dated July 19, 2006, and, except
as amended above, all other provisions of the October 13, 2003 Amended Memorandum Agreement, as
amended by the June 16, 2004
Amendment, shall remain in full force and effect as originally stated and are equally
applicable hereto.

     IN WITNESS WHEREOF, the parties hereto have as of January 23, 2007 executed this Second
Amendment to the October 13, 2003 Amended Memorandum Agreement, as amended by the June 16, 2004
Amendment, between the parties.

	 	 	 
	Shingle Springs Band
of Miwok Indians	 	
Lakes KAR-Shingle Springs, LLC
	By: /s/ Nicholas H. Fonseca
 

Its: Tribal Chairman	 	
By: /s/ Timothy J. Cope
 

Its: President/CFO

	 	 	 	 	 
	 	 
	By:  	 	 
	 	Its: 	 
	 	 	 
	 

Approved pursuant to 25 U.S.C. §2711

National Indian Gaming Commission

	 	 	 	 	 
	 	 	 
	By:  	/s/ Philip N. Hogen
 	 
	 	Name:  	Print Philip N. Hogen 	 
	 	Its Chairman 	 
	 

Second Amendment to

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10exv4w3

 

Exhibit 4.3

 

SERIES [200_-_] INDENTURE SUPPLEMENT

Dated as of [                                        ], 200[                    ]

to

MASTER INDENTURE

Dated as of October 24, 2002

 

FIRST NATIONAL MASTER NOTE TRUST,

Issuer,

and

THE BANK OF NEW YORK TRUST COMPANY, N.A.,

Indenture Trustee on behalf of the Noteholders

 

FIRST NATIONAL MASTER NOTE TRUST

 

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page
	ARTICLE I
	 	 	 	 
	 
	 	 	 	 
	CREATION OF THE SERIES [200_-_] NOTES
	 	 	1	 
	 
	 	 	 	 
	ARTICLE II
	 	 	 	 
	 
	 	 	 	 
	DEFINITIONS
	 	 	1	 
	 
	 	 	 	 
	ARTICLE III
	 	 	 	 
	 
	 	 	 	 
	NOTEHOLDER SERVICING FEE
	 	 	 	 
	 
	 	 	 	 
	Section 3.01. Servicing Compensation
	 	 	15	 
	 
	 	 	 	 
	ARTICLE IV
	 	 	 	 
	 
	 	 	 	 
	RIGHTS OF NOTEHOLDERS AND ALLOCATION AND
	 	 	 	 
	APPLICATION OF COLLECTIONS
	 	 	 	 
	 
	 	 	 	 
	Section 4.01. Collections and Allocations
	 	 	15	 
	Section 4.02. Determination of Monthly Interest
	 	 	17	 
	Section 4.03. Determination of Monthly Principal
	 	 	19	 
	Section 4.04. Application of Available Finance Charge Collections and Available Principal Collections
	 	 	19	 
	Section 4.05. Investor Charge-Offs
	 	 	22	 
	Section 4.06. Reallocated Principal Collections
	 	 	22	 
	Section 4.07. Excess Finance Charge Collections
	 	 	22	 
	Section 4.08. Excess Principal Collections
	 	 	23	 
	Section 4.09. Certain Series Accounts
	 	 	23	 
	Section 4.10. Reserve Account
	 	 	25	 
	Section 4.11. Spread Account
	 	 	26	 
	Section 4.12. Investment Instructions
	 	 	28	 
	Section 4.13. Accumulation Period
	 	 	28	 
	Section 4.14. Suspension of Accumulation Period
	 	 	29	 
	Section 4.15. [Determination of LIBOR]
	 	 	30	 
	Section 4.16. Interchange
	 	 	31	 
	Section 4.17. Foreign Accounts
	 	 	32	 
	Section 4.18. [Pre-Funding Account]
	 	 	32	 
	 
	 	 	 	 
	ARTICLE V
	 	 	 	 
	 
	 	 	 	 
	DELIVERY OF NOTES; DISTRIBUTIONS; REPORTS TO NOTEHOLDERS
	 	 	 	 
	 
	 	 	 	 
	Section 5.01. Delivery and Payment for the [200_-_] Notes
	 	 	33	 

 

 

	 	 	 	 	 
	 	 	Page
	Section 5.02. Distributions
	 	 	33	 
	Section 5.03. Reports and Statements to Series [200_-_] Noteholders
	 	 	34	 
	 
	 	 	 	 
	ARTICLE VI
	 	 	 	 
	 
	 	 	 	 
	SERIES [200_-_] PAY OUT EVENTS
	 	 	34	 
	 
	 	 	 	 
	ARTICLE VII
	 	 	 	 
	 
	 	 	 	 
	REDEMPTION; FINAL DISTRIBUTIONS; SERIES TERMINATION
	 	 	 	 
	 
	 	 	 	 
	Section 7.01. Optional Redemption of Series [200_-_] Notes; Final Distributions
	 	 	36	 
	Section 7.02. Series Termination
	 	 	37	 
	 
	 	 	 	 
	ARTICLE VIII
	 	 	 	 
	 
	 	 	 	 
	MISCELLANEOUS PROVISIONS
	 	 	 	 
	 
	 	 	 	 
	Section 8.01. Ratification of Indenture; Amendments
	 	 	37	 
	Section 8.02. Form of Delivery of the Notes
	 	 	38	 
	Section 8.03. Counterparts
	 	 	38	 
	Section 8.04. Governing Law
	 	 	38	 
	Section 8.05. Limitation of Liability
	 	 	38	 
	Section 8.06. Rights of Indenture Trustee
	 	 	38	 
	Section 8.07. Additional Requirements for Registration of and Limitations on Transfer and Exchange of
Notes
	 	 	38	 
	 
	 	 	 	 
	EXHIBIT A-1 FORM OF CLASS A NOTE
	 	 	 	 
	EXHIBIT A-2 FORM OF CLASS B NOTE
	 	 	 	 
	EXHIBIT A-3 FORM OF CLASS C NOTE
	 	 	 	 
	EXHIBIT B FORM OF MONTHLY PAYMENT INSTRUCTIONS AND
NOTIFICATION TO INDENTURE TRUSTEE
	 	 	 	 
	EXHIBIT C FORM OF MONTHLY REPORT TO NOTEHOLDERS
	 	 	 	 
	EXHIBIT D FORM OF MONTHLY SERVICER’S CERTIFICATE
	 	 	 	 

ii

 

SERIES [200_-_] INDENTURE SUPPLEMENT

     SERIES [200_-_] INDENTURE SUPPLEMENT, dated as of [          ], 200[     
] (the “Indenture Supplement”), between FIRST NATIONAL MASTER NOTE TRUST, a statutory trust
organized and existing under the laws of the State of Delaware (herein, “Issuer” or the “Trust”),
and THE BANK OF NEW YORK TRUST COMPANY, N.A., a national banking association, duly organized and
existing under the laws of the United States, not in its individual capacity, but solely as
indenture trustee (herein, together with its successors in the trusts thereunder as provided in the
Master Indenture referred to below, “Indenture Trustee”) under the Master Indenture, dated as of
October 24, 2002, and amended by the First Amendment to Master Indenture, dated as of November 17,
2003 (as amended, the “Indenture”), between Issuer and Indenture Trustee.

     Pursuant to Section 2.11 of the Indenture, Transferor may direct Issuer to issue one or more
Series of Notes. The Principal Terms of this Series are set forth in this Indenture Supplement to
the Indenture.

ARTICLE I

CREATION OF THE SERIES [200_-_] NOTES

     There is hereby created and designated a Series of Notes to be issued pursuant to the
Indenture and this Indenture Supplement to be known as “First National Master Note Trust, Series
[200_-_]” or the “Series [200_-_] Notes”. The Series [200_-_] Notes shall be issued in three
Classes, known as the “Class A [Floating Rate] [     %] Asset Backed Notes, Series
[200_-_],” the “Class B [Floating Rate] [     %] Asset Backed Notes, Series [200_-_],” and
the “Class C [Floating Rate] [___%] Asset Backed Notes, Series [200_-_]”.

     [Series [200_-_] shall be included in Group One and shall be a Principal Sharing Series.
Series [200_-_] shall be an Excess Allocation Series with respect to Group One only. Series
[200_-_] shall not be subordinated to any other Series. Series 200[ ]-[ ] shall [not] be a
Paired Series [with Series [     ]].]

ARTICLE II

DEFINITIONS

     Whenever used in this Indenture Supplement, the following words and phrases shall have the
following meanings, and the definitions of such terms are applicable to the singular as well as the
plural forms of such terms and the masculine as well as the feminine and neuter genders of such
terms.

     “Accumulation Period” means, unless a Pay Out Event shall have occurred prior thereto, the
period commencing at the opening of business on the Controlled Accumulation Date and ending on the
first to occur of (a) the commencement of the Rapid Amortization Period and (b) the Series
Termination Date.

 

 

     “Accumulation Period Length” is defined in Section 4.13.

     “Accumulation Shortfall” means (a) for the first Distribution Date during the Accumulation
Period, zero; and (b) thereafter, for any Distribution Date during the Accumulation Period, the
excess, if any, of the Controlled Deposit Amount for the previous Distribution Date over the amount
deposited into the Principal Accumulation Account pursuant to subsection 4.04(c)(i) for the
previous Distribution Date.

     “Allocation Percentage” means, with respect to any Monthly Period, the percentage equivalent
of a fraction:

          (a) the numerator of which shall be equal to:

     (i) for Principal Collections during the Revolving Period, and for Finance
Charge Collections during the Revolving Period and the Accumulation Period, and for
Default Amounts at any time, the Collateral Amount at the end of the last day of the
prior Monthly Period (or, in the case of the Monthly Period in which the Closing
Date occurs, on the Closing Date); or

     (ii) for Finance Charge Collections during the Rapid Amortization Period and
for Principal Collections during the Rapid Amortization Period and the Accumulation
Period, the Collateral Amount at the end of the last day of the Revolving Period,
or, with respect to Finance Charge Collections, if later, at the end of the last day
of the Accumulation Period;

provided, however, that prior to the occurrence of a Pay Out Event Transferor may, by
written notice to Indenture Trustee, Servicer and each Rating Agency, reduce the numerator
used for purposes of allocating Principal Collections and Finance Charge Collections to
Series [200_-_] at any time if (x) the Rating Agency Condition shall have been satisfied
with respect to such reduction and (y) Transferor shall have delivered to Indenture Trustee
an Officer’s Certificate to the effect that, based on the facts known to such officer at
that time, in the reasonable belief of Transferor, such designation will not cause a Pay Out
Event or an event that, after the giving of notice or the lapse of time, would cause a Pay
Out Event to occur with respect to Series [200_-_]; and provided, further, that Transferor
may designate that the numerator for Finance Charge Collections during the Rapid
Amortization Period will be the Collateral Amount at the end of the last day of the prior
Monthly Period by notice to Servicer and Indenture Trustee, if the Rating Agency Condition
has been met; and

(b) the denominator of which shall be the greater of (x) the Aggregate Principal
Balance determined as of the close of business on the last day of the prior Monthly Period
and (y) the sum of the numerators used to calculate the allocation percentages for
allocations with respect to Finance Charge Collections, Principal Collections or Default
Amounts, as applicable, for all outstanding Series and all outstanding PSA Series (other
than any Series represented by the Collateral Certificate) on such date of determination;
provided, that if one or more Reset Dates occur in a Monthly Period, the denominator of the
Allocation Percentage for the portion of the

2

 

Monthly Period falling on and after such Reset Date and prior to any subsequent Reset
Date will be recalculated for such period using amounts determined as of the close of
business on the subject Reset Date.

     “Available Finance Charge Collections” means, for any Monthly Period, an amount equal to the
sum of (a) the Investor Finance Charge Collections for such Monthly Period, plus (b) the Excess
Finance Charge Collections allocated to Series [200_-_] for such Monthly Period, plus (c) Principal
Accumulation Investment Earnings, if any, with respect to the related Transfer Date, plus (d)
amounts on deposit in the [Pre-Funding Account,] Reserve Account and Spread Account deposited into
the Finance Charge Account on the related Transfer Date to be treated as Available Finance Charge
Collections pursuant to subsections 4.10(b) or (d) [and] 4.11(g) [and 4.18(a)].

     “Available Principal Collections” means, for any Monthly Period, an amount equal to the sum of
(a) the Investor Principal Collections for such Monthly Period, minus (b) the amount of Reallocated
Principal Collections with respect to such Monthly Period which pursuant to Section 4.06 are
required to be applied on the related Distribution Date, plus (c) any Excess Principal Collections
allocated to Series [200_-_] for such Monthly Period, plus (d) the aggregate amount to be treated
as Available Principal Collections pursuant to subsections 4.04(a)(v) and (vi) for the related
Distribution Date.

     “Available Reserve Account Amount” means, for any Transfer Date, the lesser of (a) the amount
on deposit in the Reserve Account (including Investment Earnings to the extent retained in the
Reserve Account pursuant to subsection 4.10(b) on such date or any prior Transfer Date, and before
giving effect to any deposit to or withdrawal from the Reserve Account made or to be made on such
date) and (b) the Required Reserve Account Amount for such Transfer Date.

     “Available Spread Account Amount” means, for any Transfer Date, an amount equal to the lesser
of (a) the amount on deposit in the Spread Account (exclusive of Investment Earnings on such date
and before giving effect to any deposit to, or withdrawal from, the Spread Account made or to be
made with respect to such date) and (b) the Required Spread Account Amount, in each case on such
Transfer Date.

     “Base Rate” means, for any Monthly Period, the annualized percentage equivalent of a fraction,
(a) the numerator of which is equal to the sum of (i) the Monthly Interest and (ii) the Noteholder
Servicing Fee (calculated by assuming that Interchange allocated to Series [200_-_] equals or
exceeds Servicer Interchange for such Monthly Period), each with respect to the related
Distribution Date, and (b) the denominator of which is the Collateral Amount plus amounts on
deposit in the Principal Accumulation Account as of the first day of such Monthly Period.

     “Class A Default Interest” is defined in subsection 4.02(a).

     “Class A Interest Shortfall” is defined in subsection 4.02(a).

     “Class A Monthly Interest Payment” is defined in subsection 4.02(a).

     “Class A Note Initial Principal Balance” means $[          ].

3

 

     “Class A Note Interest Rate” means a per annum rate of [     ]% [in excess of LIBOR
as determined on the LIBOR Determination Date for the applicable Interest Period].

     “Class A Note Principal Balance” means, on any date of determination, an amount equal to (a)
the Class A Note Initial Principal Balance, minus (b) the aggregate amount of principal payments
made to Class A Noteholders on or prior to such date.

     “Class A Noteholder” means the Person in whose name a Class A Note is registered in the Note
Register.

     “Class A Notes” means any one of the Notes executed by Issuer and authenticated by or on
behalf of Indenture Trustee, substantially in the form of Exhibit A-1.

     “Class A Required Amount” means, for any Distribution Date, an amount equal to the excess of
the amounts described in subsection 4.04(a)(i) over the Available Finance Charge Collections
applied to pay such amount pursuant to subsection 4.04(a).

     “Class B Default Interest” is defined in subsection 4.02(b).

     “Class B Interest Shortfall” is defined in subsection 4.02(b).

     “Class B Monthly Interest Payment” is defined in subsection 4.02(b).

     “Class B Note Initial Principal Balance” means $[          ].

     “Class B Note Interest Rate” means a per annum rate of [     ]% [in excess of LIBOR
as determined on the LIBOR Determination Date for the applicable Interest Period].

     “Class B Note Principal Balance” means, on any date of determination, an amount equal to (a)
the Class B Note Initial Principal Balance, minus (b) the aggregate amount of principal payments
made to Class B Noteholders on or prior to such date.

     “Class B Noteholder” means the Person in whose name a Class B Note is registered in the Note
Register.

     “Class B Notes” means any one of the Notes executed by Issuer and authenticated by or on
behalf of Indenture Trustee, substantially in the form of Exhibit A-2.

     “Class B Required Amount” means, for any Distribution Date, an amount equal to the excess of
the amount described in subsection 4.04(a)(ii) over the Available Finance Charge Collections
applied to pay such amount pursuant to subsection 4.04(a).

     “Class C Default Interest” is defined in subsection 4.02(c).

     “Class C Interest Shortfall” is defined in subsection 4.02(c).

     “Class C Monthly Interest Payment” is defined in subsection 4.02(c).

     “Class C Note Initial Principal Balance” means $[               ].

4

 

     “Class C Note Interest Rate” means a per annum rate of [     ]% [in excess of LIBOR
as determined on the LIBOR Determination Date for the applicable Interest Period].

     “Class C Note Principal Balance” means, on any date of determination, an amount equal to (a)
the Class C Note Initial Principal Balance, minus (b) the aggregate amount of principal payments
made to Class C Noteholders on or prior to such date.

     “Class C Noteholder” means the Person in whose name a Class C Note is registered in the Note
Register.

     “Class C Notes” means any one of the Notes executed by Issuer and authenticated by or on
behalf of Indenture Trustee, substantially in the form of Exhibit A-3.

     “Closing Date” means [               ], 200[     ].

     “Collateral Amount” means, as of any date of determination, an amount equal to the result of
(a) the Initial Collateral Amount, minus (b) the amount of principal previously paid to the Series
[200_-_] Noteholders (other than any principal payments made from funds on deposit in the Spread
Account), minus (c) the balance on deposit in the Principal Accumulation Account, minus (d) the
excess, if any, of the aggregate amount of Investor Charge-Offs and Reallocated Principal
Collections over the reimbursements of such amounts pursuant to subsection 4.04(a)(vi) prior to
such date.

     “Controlled Accumulation Amount” means, (a) for any Transfer Date with respect to the
Accumulation Period an amount equal to one-[     ] of the Collateral Amount at the end of the
Revolving Period; provided, however, that if the Accumulation Period Length is determined to be
less than [     ] months pursuant to Section 4.13 or 4.14, the Controlled Accumulation
Amount shall be equal to (i) the Initial Collateral Amount divided by (ii) the Accumulation Period
Length; provided, further, that the Controlled Accumulation Amount for any Transfer Date shall not
exceed the Note Principal Balance minus any amount already on deposit in the Principal Accumulation
Account on such Transfer Date.

     “Controlled Accumulation Date” means [               ], or such later
date as is determined in accordance with Sections 4.13 and 4.14.

     “Controlled Deposit Amount” means, for any Transfer Date with respect to the Accumulation
Period, an amount equal to the sum of the Controlled Accumulation Amount for such Transfer Date and
any existing Accumulation Shortfall.

     “Covered Amount” means an amount, determined as of each Transfer Date for any Interest Period,
equal to the sum of (a) the product of (i) a fraction the numerator of which is the actual number
of days in such Interest Period and the denominator of which is 360, times (ii) the Class A Note
Interest Rate in effect with respect to such Interest Period, times (iii) the aggregate amount on
deposit in the Principal Accumulation Account up to the Class A Note Principal Balance as of the
Record Date preceding such Transfer Date, plus (b) the product of (i) a fraction the numerator of
which is [30] [the actual number of days in such Interest Period] and the denominator of which is
360, times (ii) the Class B Note Interest Rate in effect with respect to such Interest Period,
times (iii) the aggregate amount on deposit in the Principal Accumulation

5

 

Account in excess of the Class A Principal Balance as of the Record Date preceding such
Transfer Date up to the Class B Principal Balance as of the Record Date preceding such Transfer
Date, plus (c) the product of (i) a fraction the numerator of which is [30] [the actual number of
days in such Interest Period] and the denominator of which is 360, times (ii) the Class C Note
Interest Rate in effect with respect to such Interest Period, times (iii) the aggregate amount on
deposit in the Principal Accumulation Account in excess of the sum of the Class A Principal Balance
and the Class B Principal Balance as of the Record Date preceding such Transfer Date.

     “Default Amount” means, with respect to any Transfer Date, the aggregate amount of Principal
Receivables (other than Ineligible Receivables) in Accounts which became Defaulted Accounts during
the Related Monthly Period.

     “Default Interest” means, for any Distribution Date, an amount equal to the sum of Class A
Default Interest, Class B Default Interest and Class C Default Interest for such Distribution Date.

     [“Designated Maturity” means, for any LIBOR Determination Date, one month; provided that LIBOR
for the initial Interest Period will be determined by straight-line interpolation (based on the
actual number of days in the initial Interest Period) between two rates determined in accordance
with the definition of LIBOR, one of which will be determined for a Designated Maturity of one
month and the other of which will be determined for a Designated Maturity of two months.]

     “Dilution” means any downward adjustment made by Servicer in the amount of any Receivable (a)
because of a rebate, refund, unauthorized charge, fraudulent or counterfeit charge or billing error
to an Obligor, (b) because such Receivable was created in respect of merchandise which was refused
or returned by an Obligor, (c) because of a credit pursuant to a debt cancellation or debt deferral
program which is not recovered from Collections or from Insurance Proceeds or (d) for any other
reason other than receiving Collections therefor or charging off such amount as uncollectible.

     “Distribution Account” is defined in subsection 4.09(a).

     “Distribution Date” means [          ] 15, 200[  ] and the
15th day of each calendar month thereafter, or if such 15th day is not a
Business Day, the next succeeding Business Day.

     [“Excess Servicing Fee” means, for each Distribution Date following a Servicer Default and the
appointment of a Successor Servicer, an amount equal to one-twelfth of the product of the
Collateral Amount as of the last day of the preceding Monthly Period and the excess of the market
rate servicing fee percentage determined by Indenture Trustee over the Series Servicing Fee
Percentage plus, if the Indenture Trustee is the Successor Servicer, an amount equal to the amount
of the reduction to the applicable Noteholder Servicing Fee pursuant to the second proviso in
Section 3.01 which is attributable to the fact that Interchange included in Finance Charge
Collections for the Related Monthly Period and allocated to Series [200_-_] is less than Servicer
Interchange for such Monthly Period. Indenture Trustee may determine the market rate servicing fee
percentage by soliciting three or more written bids from qualified successors servicers and
averaging the rates offered in the bids.]

6

 

     “Excess Spread Percentage” means Net Yield.

     “Expected Principal Payment Date” means [               ], 200[  ].

     “Finance Charge Account” is defined in Section 4.09(a).

     “Finance Charge Collections” means Collections of Finance Charge Receivables.

     “Finance Charge Shortfall” means, for any Distribution Date and the related Transfer Date, an
amount equal to the excess, if any, of (a) the full amount required to be deposited or distributed,
without duplication, pursuant to subsections [4.04(a)(i) through (viii)] on such dates over (b)
amounts available for such deposits and distributions from the Available Finance Charge Collections
for the Related Monthly Period (excluding any portion thereof attributable to Excess Finance Charge
Collections) and the Spread Account.

     [“Foreign Account” means an Account, which as of July 31, 1995 (or, with respect to Additional
Accounts, as of the relevant Addition Date) was an Eligible Account, but subsequent to such date
the Obligor of which has provided, as its most recent billing address, an address which is not
located in the United States or its territories or possessions.]

     [“Funding Period” means the period commencing on the Closing Date and ending upon the first to
occur of (x) the commencement of the Rapid Amortization Period, (y) the date on which the
Collateral Amount equals the Note Principal Balance and (z) [               ],
200[  ].]

     “Group One” means Series [200_-_], the outstanding PSA Series (other than any Series
represented by the Collateral Certificate) and each other Series specified in the related Indenture
Supplement to be included in Group One.

     “Initial Collateral Amount” means $[               ] [plus the aggregate
amount paid to the Holder of the Transferor Interest pursuant to Section 4.18(d)].

[“Initial Pre-Funded Amount” means $[               ].]

     “Interest Period” means, for any Distribution Date, the period from and including the
Distribution Date immediately preceding such Distribution Date (or, in the case of the first
Distribution Date, from and including the Closing Date) to but excluding such Distribution Date.

     “Investment Earnings” means, for any Transfer Date (and the related Distribution Date), all
interest and earnings on Permitted Investments included in the applicable Series Account (net of
losses and investment expenses) during the period commencing on and including the Transfer Date
immediately preceding such Transfer Date and ending on but excluding such Transfer Date.

     “Investor Charge-Offs” is defined in Section 4.05.

     “Investor Default Amount” means, with respect to any Monthly Period, an amount equal to the
product of (a) the Default Amount for such Monthly Period and (b) the Allocation Percentage for
Default Amounts for such Monthly Period.

7

 

     “Investor Finance Charge Collections” means, with respect to any Date of Processing, an amount
equal to the product of (a) the Allocation Percentage for such Date of Processing and (b) Finance
Charge Collections received on such date and, with respect to any Monthly Period, the aggregate of
such sums for each Date of Processing in such Monthly Period.

     “Investor Principal Collections” means, with respect to any Date of Processing, an amount
equal to the product of (a) the Allocation Percentage for such day and (b) Principal Collections
received on such Date of Processing and, with respect to any Monthly Period, the aggregate of such
sums for each Date of Processing in such Monthly Period.

     [“LIBOR” means, for any Interest Period, an interest rate per annum for such Interest Period
determined by Indenture Trustee in accordance with the provisions of Section 4.15.]

     [“LIBOR Determination Date” means (i) [                    ], 200[                    ] for the
period from and including the Closing Date through and including [                    ],
200[ ] and (ii) the second London Business Day prior to the commencement of [the second
and] each subsequent Interest Period.]

     [“London Business Day” means any day on which dealings in deposits in United States dollars
are transacted in the London interbank market.]

     “Monthly Interest” means, for any Distribution Date, the sum of the Class A Monthly Interest
Payment, the Class B Monthly Interest Payment, and the Class C Monthly Interest Payment for such
Distribution Date.

     “Monthly Period” means the period from and including the first day of the calendar month
preceding a related Distribution Date to and including the last day of such calendar month;
[provided that the Monthly Period related to the [ ] 15, 200[ ]
Distribution Date shall mean the period from and including the Closing Date to and including the
last day of [                    ], 200[                    ].]

     “Monthly Principal” is defined in Section 4.03.

     “Monthly Principal Reallocation Amount” means, for any Monthly Period, an amount equal to the
sum of:

     (a) the lower of (i) the Class A Required Amount and (ii) the greater of (A)(x) the
product of (I) [                    ]% and (II) the Initial Collateral Amount minus (y) the amount
of unreimbursed Investor Charge-Offs (after giving effect to Investor Charge-Offs for the
Related Monthly Period) and unreimbursed Reallocated Principal Collections (as of the
previous Distribution Date) and (B) zero; and

     (b) the lower of (i) the sum of the Class B Required Amount and the Servicing Fee
Required Amount and (ii) the greater of (A)(x) the product of (I) [                    ]% and (II)
the Initial Collateral Amount minus (y) the amount of unreimbursed Investor Charge-Offs
(after giving effect to Investor Charge-Offs for the Related Monthly Period) and
unreimbursed Reallocated Principal Collections (as of the previous Distribution Date and as
determined pursuant to clause (a) above) and (B) zero.

8

 

     “Net Yield” means, with respect to any Monthly Period, Portfolio Yield with respect to such
Monthly Period minus the Base Rate with respect to such Monthly Period.

     “Note Principal Balance” means, on any date of determination, an amount equal to the sum of
the Class A Note Principal Balance, the Class B Note Principal Balance and the Class C Note
Principal Balance.

     “Noteholder Servicing Fee” is defined in Section 3.01.

     [“Paired Series” means a Series that has been paired with Series [200_-_] (which Series may be
prefunded or partially prefunded or may be a Variable Interest) such that a reduction of the
Collateral Amount results in (or permits) an increase of the collateral amount of the Paired
Series.]

     “Permitted Investments” is defined in Annex A to the Indenture.

     “Portfolio Yield” means, for any Monthly Period, the annualized percentage equivalent of a
fraction, (a) the numerator of which is equal to (i) the Available Finance Charge Collections
(excluding any Excess Finance Charge Collections and any amounts withdrawn from the [Spread
Account,] [or] [Pre-Funding Account,] except that Excess Finance Charge Collections from other
Series applied for the benefit of Series [200_-_] Notes may be included if the Rating Agency
Condition is met), minus (ii) the Investor Default Amount and the Uncovered Dilution Amount for
such Monthly Period and (b) the denominator of which is the Collateral Amount plus amounts on
deposit in the Principal Accumulation Account as of the first day of such Monthly Period.

     [“Pre-Funded Amount” means, as of any date of determination, the amount on deposit in the
Pre-Funding Account (net of all Investment Earnings).]

     [“Pre-Funding Account” is defined in subsection 4.09(a).]

     “Principal Account” is defined in subsection 4.09(a).

     “Principal Accumulation Account” is defined in subsection 4.09(a).

     “Principal Accumulation Account Balance” means, for any date of determination, the principal
amount, if any, on deposit in the Principal Accumulation Account on such date of determination.

     “Principal Accumulation Investment Earnings” means, with respect to each Transfer Date, the
Investment Earnings, if any, on funds in the Principal Accumulation Account.

     “Principal Collections” means Collections of Principal Receivables.

     “Principal Shortfall” means (a) for any Distribution Date (and related Transfer Date), with
respect to the Revolving Period, zero, (b) for any Distribution Date (and related Transfer Date),
with respect to the Accumulation Period, an amount equal to the excess, if any, of the Controlled
Deposit Amount with respect to such date over the amount of Available Principal

9

 

Collections for the Related Monthly Period (excluding any portion thereof attributable to
Excess Principal Collections) and (c) for any Distribution Date (and related Transfer Date), with
respect to the Rapid Amortization Period, an amount equal to the excess, if any, of the Collateral
Amount with respect to such Transfer Date over the amount of Available Principal Collections for
the Related Monthly Period (excluding any portion thereof attributable to Excess Principal
Collections).

     “PSA Series” means a Series under (and as defined in) the Pooling and Servicing Agreement.

     “Qualified Maturity Agreement” means an agreement in which a Qualified Maturity Agreement
Institution agrees to make a deposit into the Principal Accumulation Account on or before the
Expected Principal Payment Date in an amount equal to the initial Note Principal Balance (reduced
by any amount on deposit in the Principal Accumulation Account.

     “Qualified Maturity Agreement Institution” means a counterparty having short-term debt ratings
of no less than [“P-1/A-1+” by Moody’s and Standard & Poor’s, respectively, or long-term unsecured
ratings of no less than “Aa3” by Moody’s and “AA–” by Standard & Poor’s.]

     “Quarterly Net Yield” means, for any Distribution Date, the average of the Net Yields for each
of the three preceding Monthly Periods, and, for purposes of the [                    ],
200[                    ] and [                    ], 200[                    ] Distribution Dates, the Net Yields
for [                    ] and [                    ], 200[                    ] shall be deemed to be
[                    ]% and [                    ]%, respectively.

     “Rapid Amortization Period” means the period commencing on the date on which a Trust Pay Out
Event or a Series [200_-_] Pay Out Event is deemed to occur and ending on the Series Termination
Date.

     “Rating Agency” means each of [Fitch, Moody’s and Standard & Poor’s].

     “Reallocated Principal Collections” means, for any Transfer Date, Investor Principal
Collections applied in accordance with Section 4.06 in an amount not to exceed the Monthly
Principal Reallocation Amount for the Related Monthly Period.

     “Reassignment Amount” means, for any Transfer Date, after giving effect to any deposits and
distributions otherwise to be made on the related Distribution Date, the sum of (i) the Note
Principal Balance on the related Distribution Date, plus (ii) Monthly Interest for the related
Distribution Date and any Monthly Interest previously due but not distributed to the Series
[200_-_] Noteholders, plus (iii) the amount of Default Interest, if any, for the related
Distribution Date and any Default Interest previously due but not distributed to the Series
[200_-_] Noteholders on a prior Distribution Date.

     [“Reference Banks” means four major banks in the London interbank market selected by
Servicer.]

     “Required Reserve Account Amount” means, for any Transfer Date on or after the Reserve Account
Funding Date, an amount equal to (a) [                    ]% of the Note Principal Balance or

10

 

(b) any other amount designated by Transferor; provided, however, that if such designation is
of a lesser amount, Transferor shall (i) provide Servicer and Indenture Trustee with evidence that
the Rating Agency Condition shall have been satisfied and (ii) deliver to Indenture Trustee a
certificate of an Authorized Officer to the effect that, based on the facts known to such officer
at such time, in the reasonable belief of Transferor, such designation will not cause a Pay Out
Event or an event that, after the giving of notice or the lapse of time, would cause a Pay Out
Event to occur with respect to Series [200_-_].

     “Required Retained Transferor Percentage” means, for purposes of Series [200_-_], [                    ]%.

     “Required Spread Account Amount” means, for any date of determination, (a) prior to the
occurrence of a Pay Out Event, the product of (i) the Spread Account Percentage in effect on such
date and (ii) the Initial Collateral Amount; provided that the Required Spread Account Amount shall
not exceed the Class C Note Principal Balance minus the excess, if any, of the Principal
Accumulation Account Balance over the sum of the Class A Note Principal Balance and the Class B
Note Principal Balance on such date of determination and (b) after the occurrence of a Pay Out
Event, an amount equal to the Class C Note Principal Balance on such date of determination.

     “Reserve Account” is defined in subsection 4.09(a).

     “Reserve Account Funding Date” means the Transfer Date designated by Servicer which occurs not
later than the earliest of (a) the Transfer Date with respect to the Monthly Period which commences
[                    ] months prior to the commencement of the Accumulation Period (which commencement
shall be subject to postponement pursuant to Section 4.14); (b) the first Transfer Date for which
the Quarterly Net Yield is less than [                    ]%, but in such event the Reserve Account
Funding Date shall not be required to occur earlier than the Transfer Date with respect to the
Monthly Period which commences [                    ] months prior to the commencement of the
Accumulation Period; (c) the first Transfer Date for which the Quarterly Net Yield is less than
[                    ]%, but in such event the Reserve Account Funding Date shall not be required to
occur earlier than the Transfer Date with respect to the Monthly Period which commences [                    ] months prior to the commencement of the Accumulation Period; and (d) the first Transfer Date
for which the Quarterly Net Yield is less than [                    ]%, but in such event the Reserve
Account Funding Date shall not be required to occur earlier than the Transfer Date with respect to
the Monthly Period which commences [                    ] months prior to the commencement of the
Accumulation Period; provided, however, that subject to satisfaction of the Rating Agency
Condition, the Reserve Account Funding Date may be any date selected by Servicer; provided,
further, that if a Qualified Maturity Agreement has been assigned to the Indenture Trustee in
accordance with the provisions of Section 4.14, the Reserve Account Funding Date shall be the
Distribution Date immediately following the date on which a Qualified Maturity Agreement is
terminated if (w) such Qualified Maturity Agreement is terminated because the provider of such
Qualified Maturity Agreement ceases to qualify as a Qualified Maturity Agreement Institution, (x)
such Qualified Maturity Agreement is terminated prior to the earlier of the [                    ]
Expected Principal Payment Date and the commencement of the Rapid Amortization Period, (y) such
Qualified Maturity Agreement is terminated after the later of the last day of the [                    ], 200[                    ] Monthly Period and, at the election of Transferor, the date to which the
commencement

11

 

of the Accumulation Period may be postponed pursuant to Section 4.13 (as determined on the
date of such termination) and (z) Transferor does not obtain a substitute Qualified Maturity
Agreement.

     “Reserve Account Surplus” means, as of any Transfer Date following the Reserve Account Funding
Date, the amount, if any, by which the amount on deposit in the Reserve Account exceeds the
Required Reserve Account Amount.

     “Reserve Draw Amount” means, with respect to each Transfer Date relating to the Accumulation
Period or the first Transfer Date relating to the Rapid Amortization Period, the amount, if any, by
which the Principal Accumulation Investment Earnings for such Transfer Date are less than the
Covered Amount determined as of such Transfer Date.

     “Reset Date” means:

     (a) each Addition Date and each “Addition Date” (as such term is defined in the Pooling
and Servicing Agreement), in each case relating to Additional Accounts;

     (b) each Removal Date and each “Removal Date” (as such term is defined in the Pooling
and Servicing Agreement) on which Principal Receivables are removed from the Receivables
Trust;

     (c) each date on which there is an increase in the outstanding balance of any Variable
Interest or any variable funding certificate issued pursuant to the Pooling and Servicing
Agreement; and

     (d) each date on which a new Series or Class of Notes is issued and each date on which
a new “Series” or “Class” (each as defined in the Pooling and Servicing Agreement) of
investor certificates is issued by the Certificate Trust.

     “Revolving Period” means the period beginning on the Closing Date and ending at the close of
business on the day immediately preceding the earlier of the day the Accumulation Period commences
or the day the Rapid Amortization Period commences.

     “Series [200_-_]” means the Series of Notes the terms of which are specified in this Indenture
Supplement.

     “Series [200_-_] Final Maturity Date” means the [                    ], 200[                    ]
Distribution Date.

     “Series [200_-_] Note” means a Class A Note, a Class B Note or a Class C Note.

     “Series [200_-_] Noteholder” means a Class A Noteholder, a Class B Noteholder or a Class C
Noteholder.

     “Series [200_-_] Pay Out Event” is defined in Section 6.01.

     “Series Allocation Percentage” means, with respect to any Monthly Period, the percentage
equivalent of a fraction, the numerator of which is the numerator used in determining

12

 

the Allocation Percentage for Finance Charge Collections for that Monthly Period and the
denominator of which is the sum of the numerators used in determining the Allocation Percentage for
Finance Charge Receivables for all outstanding Series and PSA Series for such Monthly Period;
provided that if one or more Reset Dates occur in a Monthly Period, the Series Allocation
Percentage will be the percentage equivalent of a fraction, the numerator of which is an amount
equal to the sum of the numerators used in determining the Allocation Percentage for Finance Charge
Collections for Series [200      -
    ] for each day during that Monthly Period divided by the total number
of days in such Monthly Period and the denominator of which is an amount equal to the sum of the
numerators used in determining the Allocation Percentages for Finance Charge Receivables for all
outstanding Series and PSA Series for each day during such Monthly Period divided by the total
number of days in such Monthly Period.

     “Series Servicing Fee Percentage” means [2]% per annum.

     “Series Termination Date” means the earliest to occur of (a) the date on which the Note
Principal Balance is paid in full, (b) the date on which the Collateral Amount is reduced to zero
and (c) the Series [200_-_] Final Maturity Date.

     “Servicer Interchange” means, with respect to any Monthly Period, an amount equal to
one-twelfth of the product of (a) [1.50]% and (b) the Collateral Amount as of the last day of the
preceding Monthly Period; provided, however, that Servicer Interchange for the [                    ], 200[ ] Distribution Date shall be $[                    ].

     “Servicing Fee Required Amount” means, for any Distribution Date, an amount equal to the
excess of the amount described in subsection 4.04(a)(iii) over (a) the Available Finance Charge
Collections applied to pay such amount pursuant to subsection 4.04(a).

     “Spread Account” is defined in subsection 4.11(a).

     “Spread Account Deficiency” means the excess, if any, of the Required Spread Account Amount
over the Available Spread Account Amount.

13

 

     “Spread Account Percentage” means, for any Distribution Date, the applicable percentage
determined as follows:

	 	 	 	 	 
	If the Quarterly Net Yield	 	then the Spread
	on such Distribution Date is	 	Account
	greater than or equal	 	 	 	Percentage will
	to:	 	and less than:	 	equal:
	[                    ]%

	 	 	 	[                    ]%
	[                    ]%

	 	[                    ]%
	 	[                    ]%
	[                    ]%

	 	[                    ]%
	 	[                    ]%
	[                    ]%

	 	[                    ]%
	 	[                    ]%
	[                    ]%

	 	[                    ]%
	 	[                    ]%
	[                    ]%

	 	[                    ]%
	 	[                    ]%
	[                    ]%

	 	[                    ]%
	 	[                    ]%
	[                    ]%

	 	[                    ]%
	 	[                    ]%
	[                    ]%

	 	[                    ]%
	 	[                    ]%
	 

	 	[                    ]%
	 	[                    ]%

The Initial Spread Account Percentage shall be [                    ]%. The Spread Account Percentage
shall remain unchanged until (a) it is increased to a higher required percentage as specified above
or (b) the Distribution Date on which the Quarterly Net Yield has increased to a level above that
for the then effective Spread Account Percentage on each of the three immediately preceding
Distribution Dates (inclusive of the current Distribution Date), in which case the Spread Account
Percentage shall be decreased to the next lowest percentage specified above.

     [“Telerate Page 3750” means the display page currently so designated on the Moneyline Telerate
Service (or such page as may replace that page in that service for the purpose of displaying
comparable rates or prices).]

     “Uncovered Dilution Amount” means, for any Distribution Date, an amount equal to the product
of (a) the Series Allocation Percentage for the Related Monthly Period times (b) the aggregate
Dilutions occurring during that Monthly Period as to which any deposit is required to be made to
the Excess Funding Account pursuant to Section 3.09 of the Transfer and Servicing Agreement or
Section 4.03(c) of the Pooling and Servicing Agreement, as applicable, but has not been made
(either directly by the Transferor or from Principal Collections otherwise distributable to the
Holder of the Transferor Interest).

     Each capitalized term defined herein shall relate to the Series [200_-_] Notes and no other
Series of Notes issued by Issuer, unless the context otherwise requires. All capitalized terms
used herein and not otherwise defined herein have the meanings ascribed to them in Annex A to the
Master Indenture.

     The interpretive rules specified in Section 1.02 of the Indenture also apply to this Indenture
Supplement. If any term or provision contained herein shall conflict with or be inconsistent with
any term or provision contained in the Indenture, the terms and provisions of this Indenture
Supplement shall be controlling.

14

 

ARTICLE III

NOTEHOLDER SERVICING FEE

     Section 3.01. Servicing Compensation. The share of the Servicing Fee allocable to Series
[200_-_] for any Transfer Date (the “Noteholder Servicing Fee”) shall be equal to one-twelfth of
the product of (a) the Series Servicing Fee Percentage and (b) the Collateral Amount as of the last
day of the Monthly Period preceding such Transfer Date; provided, however, that with respect to the
first Transfer Date, the Noteholder Servicing Fee shall be equal to
$[________];
provided, further, that if FNBO or Indenture Trustee is Servicer, the Noteholder Servicing Fee
shall be reduced by the amount, if any, by which the Servicer Interchange for such Monthly Period
exceeds the amount of Interchange included as Finance Charge Collections allocable to the Series
[200_-_] Notes with respect to such Monthly Period pursuant to Section 4.16 of this Indenture
Supplement. The remainder of the Servicing Fee shall be paid by the Holders of the Transferor
Interest or the Noteholders of other Series (as provided in the related Indenture Supplements) and
in no event shall Issuer, Indenture Trustee or the Series [200_-_] Noteholders be liable for the
share of the Servicing Fee to be paid by the Holders of the Transferor Interest or the Noteholders
of any other Series.

ARTICLE IV

RIGHTS OF NOTEHOLDERS AND ALLOCATION

AND APPLICATION OF COLLECTIONS

     Section 4.01. Collections and Allocations.

     (a) Finance Charge Collections, Principal Collections and Receivables in Defaulted
Accounts shall be allocated and distributed to Series [200_-_] as set forth in this Article.

     (b) On each Date of Processing, Servicer shall allocate to the Series [200_-_]
Noteholders the following amounts as set forth below:

     (i) Allocations of Finance Charge Collections. An amount equal to the product
of (A) the Allocation Percentage and (B) the aggregate Finance Charge Collections
processed on such Date of Processing shall be allocated to the Series 200[ ]-[ ]
Noteholders and, first, deposited to the Finance Charge Account to the extent
required by Section 4.03 of the Pooling and Servicing Agreement or Section 8.04 of
the Indenture and subsection 4.01(c) below, and, second, paid to the Holder of the
Transferor Interest.

     (ii) Allocations of Principal Collections.

(A) Allocations During the Revolving Period.

     (1) During the Revolving Period an amount equal to the product
of the Allocation Percentage and the aggregate amount of Principal
Collections processed on each Date of Processing, shall

15

 

be
allocated to the Series [200 ____ - ____] Noteholders and, first, if
any other Principal Sharing Series is outstanding and in its
accumulation period or amortization period, deposited to and retained
in the Principal Account to the extent necessary for application as
Excess Principal Collections for other Principal Sharing Series on
the related Distribution Date, second, deposited to the Excess
Funding Account to the extent necessary so that (x) the Transferor
Interest is not less than the Minimum Transferor Interest and (y) the
sum of the Principal Receivables in the Trust plus the amount on
deposit in the Excess Funding Account equals or exceeds the Minimum
Aggregate Principal Receivables and, third, paid to the Holder of the
Transferor Interest.

     (2) With respect to each Monthly Period falling in the Revolving
Period, to the extent that Principal Collections allocated to the
Series [200_-_] Noteholders pursuant to this subsection 4.01(b)(ii)
are paid to Transferor, Transferor shall make an amount equal to the
Reallocated Principal Collections for the related Transfer Date
available on that Transfer Date for application in accordance with
Section 4.06.

     (B) Allocations During the Accumulation Period. During the
Accumulation Period an amount equal to the product of the Allocation
Percentage and the aggregate amount of Principal Collections processed on
each Date of Processing shall be allocated to the Series [200_-_]
Noteholders and deposited into the Principal Account in accordance with
Section 8.04 of the Indenture and subsection 4.01(c).

     (C) Allocations During the Rapid Amortization Period. During the Rapid
Amortization Period, an amount equal to the product of the Allocation
Percentage and the aggregate amount of Principal Collections processed on
each Date of Processing shall be allocated to the Series [200_-_]
Noteholders and deposited into the Principal Account until applied as
provided herein; provided, however, that after the date on which an amount
of such Principal Collections equal to the Note Principal Balance has been
deposited into the Principal Account such amount shall be, first, if any
other Principal Sharing Series is outstanding and in its accumulation period
or amortization period, deposited to and retained in the Principal Account
for application, to the extent necessary, as Excess Principal Collections to
other Principal Sharing Series on the related Distribution Date, second,
deposited in the Excess Funding Account to the extent necessary so that (x)
the Transferor Interest is not less than the Minimum Transferor Interest and
(y) the sum of the Principal Receivables in the Trust plus the amount on
deposit in the Excess Funding Account equals or exceeds the Minimum
Aggregate Principal Receivables and, third, paid to the holders of the
Transferor Interest.

16

 

     (c) During any period when Servicer is permitted by Section 4.03 of the Pooling and
Servicing Agreement or Section 8.04 of the Indenture to make a single monthly deposit to the
Collection Account, amounts allocated to the Noteholders pursuant to Sections 4.01(a) and
(b) with respect to any Monthly Period need not be deposited into the Collection Account or
any Series Account prior to the related Transfer Date, and, when so deposited, (x) may be
deposited net of any amounts required to be distributed to Transferor and, if FNBO is
Servicer, Servicer, and (y) shall be deposited into the Finance Charge Account (in the case
of Finance Charge Collections) and the Principal Account (in the case of Collections of
Principal Receivables (not including any Excess Principal Collections allocated to Series
[200_-_] pursuant to Section 4.03(e) of the Pooling and Servicing Agreement or Section 8.05
of the Indenture)). The exception to the daily deposit requirements provided by Section
4.03(a)(ii) of the Pooling and Servicing Agreement or by the second paragraph of Section
8.04(a) of the Indenture shall not be available during any Monthly Period during the Rapid
Amortization Period, or at any time that (A) the Transferor Interest is less than the
Minimum Transferor Interest, (B) the Available Spread Account Amount is less than the
Required Spread Account Amount or (C) the sum of the Principal Receivables in the Trust plus
the amount on deposit in the Excess Funding Account is less than the Minimum Aggregate
Principal Receivables. For purposes of Section 4.03(a)(ii) of the Pooling and Servicing
Agreement and the second paragraph of Section 8.04(a) of the Indenture, the amount of
Principal Collections required to be deposited or distributed on or prior to the related
Distribution Date during the Accumulation Period shall include an amount equal to the
Controlled Deposit Amount and, on any Date of Processing prior to delivery of the statement
required by Section 5.03(b), the amount of Finance Charge Collections required to be
deposited or distributed on or prior to the related Distribution Date for each Monthly
Period shall include an amount equal to the sum of:

     (i) an amount equal to [                    ]% of the Monthly Interest that was
payable on the previous Distribution Date; plus

     (ii) the Noteholder Servicing Fee due on the related Distribution Date; plus

     (iii) an amount equal to [                    ]% of the Investor Default Amount for
the previous Distribution Date.

     (d) On any date, Servicer may withdraw from the Collection Account or any Series
Account any amounts inadvertently deposited in such account that should have not been so
deposited.

     Section 4.02. Determination of Monthly Interest.

     (a) The amount of monthly interest (“Class A Monthly Interest Payment”) distributable
from the Distribution Account with respect to the Class A Notes on any Distribution Date
shall be an amount equal to the product of (i) (A) a fraction, the numerator of which is
[30] [the actual number of days in the related Interest Period] and the denominator of which
is 360, times (B) the Class A Note Interest Rate in effect with

17

 

respect to the related Interest Period and (ii) the Class A Note Principal Balance as
of the close of business on the last day of the preceding Monthly Period (or, with respect
to the initial Distribution Date, the Class A Note Initial Principal Balance).

     On the Determination Date preceding each Distribution Date, Servicer shall determine
the excess, if any (the “Class A Interest Shortfall”), of (x) the aggregate amount accrued
pursuant to this Section 4.02(a) as of the prior Distribution Date over (y) the amount
actually transferred from the Distribution Account for payment of such amount. If the Class
A Interest Shortfall for any Distribution Date is greater than zero, on each subsequent
Distribution Date until such Class A Interest Shortfall is fully paid, an additional amount
(“Class A Default Interest”) equal to the product of (i) (A) a fraction, the numerator of
which is [30] [the actual number of days in the related Interest Period] and the denominator
of which is 360, times (B) the Class A Note Interest Rate in effect with respect to the
related Interest Period and (ii) such Class A Interest Shortfall (or the portion thereof
which has not been paid to the Class A Noteholders) shall be payable as provided herein with
respect to the Class A Notes. Notwithstanding anything to the contrary herein, Class A
Default Interest shall be payable or distributed to the Class A Noteholders only to the
extent permitted by applicable law.

     (b) The amount of monthly interest (“Class B Monthly Interest Payment”) distributable
from the Distribution Account with respect to the Class B Notes on any Distribution Date
shall be an amount equal to the product of (i) (A) a fraction, the numerator of which is
[30] [the actual number of days in the related Interest Period] and the denominator of which
is 360, times (B) the Class B Note Interest Rate in effect with respect to the related
Interest Period and (ii) the Class B Note Principal Balance as of the close of business on
the last day of the preceding Monthly Period (or, with respect to the initial Distribution
Date, the Class B Note Initial Principal Balance).

     On the Determination Date preceding each Distribution Date, Servicer shall determine
the excess, if any (the “Class B Interest Shortfall”), of (x) the aggregate amount accrued
pursuant to this Section 4.02(b) as of the prior Distribution Date over (y) the amount of
funds actually transferred from the Distribution Account for payment of such amount. If the
Class B Interest Shortfall for any Distribution Date is greater than zero, on each
subsequent Distribution Date until such Class B Interest Shortfall is fully paid, an
additional amount (“Class B Default Interest”) equal to the product of (i) (A) a fraction,
the numerator of which is [30] [the actual number of days in the related Interest Period]
and the denominator of which is 360, times (B) the Class B Note Interest Rate in effect with
respect to the related Interest Period and (ii) such Class B Interest Shortfall (or the
portion thereof which has not been paid to the Class B Noteholders) shall be payable as
provided herein with respect to the Class B Notes. Notwithstanding anything to the contrary
herein, Class B Default Interest shall be payable or distributed to the Class B Noteholders
only to the extent permitted by applicable law.

     (c) The amount of monthly interest (“Class C Monthly Interest Payment”) distributable
from the Distribution Account with respect to the Class C Notes on any Distribution Date
shall be an amount equal to the product of (i) (A) a fraction, the numerator of which is
[30] [the actual number of days in the related Interest Period] the

18

 

actual number of days in the related Interest Period and the denominator of which is
360, times (B) the Class C Note Interest Rate in effect with respect to the related Interest
Period and (ii) the Class C Note Principal Balance as of the close of business on the last
day of the preceding Monthly Period (or, with respect to the initial Distribution Date, the
Class C Note Initial Principal Balance).

     On the Determination Date preceding each Distribution Date, Servicer shall determine
the excess, if any (the “Class C Interest Shortfall”), of (x) the aggregate amount accrued
pursuant to this Section 4.02(c) as of the prior Distribution Date over (y) the amount of
funds actually transferred from the Distribution Account for payment of such amount. If the
Class C Interest Shortfall for any Distribution Date is greater than zero, on each
subsequent Distribution Date until such Class C Interest Shortfall is fully paid, an
additional amount (“Class C Default Interest”) equal to the product of (i) (A) a fraction,
the numerator of which is [30] [the actual number of days in the related Interest Period]
and the denominator of which is 360, times (B) the Class C Note Interest Rate in effect with
respect to the related Interest Period and (ii) such Class C Interest Shortfall (or the
portion thereof which has not been paid to the Class C Noteholders) shall be payable as
provided herein with respect to the Class C Notes. Notwithstanding anything to the contrary
herein, Class C Default Interest shall be payable or distributed to the Class C Noteholders
only to the extent permitted by applicable law.

     Section 4.03. Determination of Monthly Principal. The amount of monthly principal to be
transferred from the Principal Account with respect to the Notes on each Transfer Date (the
“Monthly Principal”), beginning with the Transfer Date in the month following the month in which
the Accumulation Period or, if earlier, the Rapid Amortization Period, begins, shall be equal to
the least of (i) the Available Principal Collections on deposit in the Principal Account with
respect to such Transfer Date, (ii) for each Transfer Date with respect to the Accumulation Period,
the Controlled Deposit Amount for such Transfer Date, (iii) the Collateral Amount (after taking
into account any adjustments to be made on such Distribution Date pursuant to Sections 4.05 and
4.06) prior to any deposit into the Principal Accumulation Account on such Transfer Date, and (iv)
the Note Principal Balance, minus any amount already on deposit in the Principal Accumulation
Account on such Transfer Date.

     Section 4.04. Application of Available Finance Charge Collections and Available Principal
Collections. On or before each Transfer Date, Servicer shall instruct Indenture Trustee in writing
(which writing shall be substantially in the form of Exhibit B) to withdraw and Indenture Trustee,
acting in accordance with such instructions, shall withdraw on such Transfer Date or the related
Distribution Date, as applicable, to the extent of available funds, the amounts required to be
withdrawn from the Finance Charge Account, the Principal Account, the Principal Accumulation
Account and the Distribution Account as follows:

     (a) On each Transfer Date, an amount equal to the Available Finance Charge Collections
for the Related Monthly Period will be withdrawn from the Finance Charge Account and
distributed or deposited by Indenture Trustee in the following priority:

     (i) an amount equal to Class A Monthly Interest Payment for such Distribution
Date, plus any Class A Interest Shortfall, plus the amount of any

19

 

Class A Default Interest for such Distribution Date, plus the amount of any
Class A Default Interest previously due but not distributed to Class A Noteholders
on a prior Distribution Date shall be deposited into the Distribution Account for
distribution to the Class A Noteholders;

     (ii) an amount equal to Class B Monthly Interest Payment for such Distribution
Date, plus any Class B Interest Shortfall, plus the amount of any Class B Default
Interest for such Distribution Date, plus the amount of any Class B Default Interest
previously due but not distributed to Class B Noteholders on a prior Distribution
Date shall be deposited into the Distribution Account for distribution to the Class
B Noteholders;

     (iii) an amount equal to the Noteholder Servicing Fee for such Transfer Date,
plus the amount of any Noteholder Servicing Fee previously due but not distributed
to Servicer on a prior Transfer Date, shall be distributed to Servicer;

     (iv) an amount equal to Class C Monthly Interest Payment for such Distribution
Date, plus any Class C Interest Shortfall, plus the amount of any Class C Default
Interest for such Distribution Date, plus the amount of any Class C Default Interest
previously due but not distributed to the Class C Noteholders on a prior
Distribution Date shall be deposited into the Distribution Account for distribution
to the Class C Noteholders;

     (v) an amount equal to the Investor Default Amount and any Uncovered Dilution
Amount for such Distribution Date shall be treated as a portion of Available
Principal Collections for such Distribution Date and deposited into the Principal
Account for application pursuant to this Section 4.04;

     (vi) an amount equal to the sum of the aggregate amounts of Investor
Charge-Offs and Reallocated Principal Collections which have not been previously
reimbursed pursuant to this subsection (vi) shall be treated as a portion of
Available Principal Collections for such Distribution Date and deposited into the
Principal Account for application pursuant to this Section 4.04;

     (vii) on each Transfer Date from and after the Reserve Account Funding Date,
but prior to the date on which the Reserve Account terminates as described in
subsection 4.10(f), an amount up to the excess, if any, of the Required Reserve
Account Amount over the Available Reserve Account Amount shall be deposited into the
Reserve Account;

     (viii) an amount equal to the excess, if any, of the Required Spread Account
Amount over the Available Spread Account Amount shall be deposited into the Spread
Account; and

     (ix) the balance, if any, will constitute a portion of Excess Finance Charge
Collections for such Distribution Date to be applied in accordance with Section
4.07.

20

 

     (b) On each Transfer Date with respect to the Revolving Period, an amount equal to the
Available Principal Collections for the Related Monthly Period shall be treated as Excess
Principal Collections and applied in accordance with Section 4.08.

     (c) On each Transfer Date with respect to the Accumulation Period or the Rapid
Amortization Period, an amount equal to the Available Principal Collections for the Related
Monthly Period shall be withdrawn from the Principal Account and distributed or deposited in
the following order of priority:

     (i) on each Transfer Date with respect to the Accumulation Period, an amount
equal to the Monthly Principal for such Transfer Date shall be deposited into the
Principal Accumulation Account;

     (ii) on each Transfer Date with respect to the Rapid Amortization Period, an
amount equal to the Monthly Principal for such Transfer Date shall be deposited into
the Distribution Account for distribution to the Class A Noteholders until the Class
A Note Principal Balance has been paid in full;

     (iii) on each Transfer Date with respect to the Rapid Amortization Period,
after giving effect to clause (ii) above, an amount equal to the Monthly Principal
remaining, if any, shall be deposited into the Distribution Account for distribution
to the Class B Noteholders until the Class B Note Principal Balance has been paid in
full;

     (iv) on each Transfer Date with respect to the Rapid Amortization Period, after
giving effect to clauses (ii) and (iii) above, an amount equal to the Monthly
Principal remaining, if any, shall be deposited into the Distribution Account for
distribution to the Class C Noteholders until the Class C Note Principal Balance has
been paid in full; and

     (v) on each Transfer Date with respect to the Accumulation Period or the Rapid
Amortization Period, the balance of such Available Principal Collections remaining
after giving effect to clauses (i) through (iv) above shall be retained in the
Principal Account to be treated as Excess Principal Collections and applied in
accordance with Section 4.08.

     (d) On each Distribution Date, Indenture Trustee shall make distributions from the
Distribution Account in accordance with Section 5.02 as follows: (i) to the Class A
Noteholders, the amount deposited into the Distribution Account pursuant to subsections
4.04(a)(i) and 4.04(c)(ii); (ii) to the Class B Noteholders, the amount deposited into the
Distribution Account pursuant to subsections 4.04(a)(ii) and 4.04(c)(iii); and (iii) to the
Class C Noteholders, the amount deposited into the Distribution Account pursuant to
subsections 4.04(a)(iv) and 4.04(c)(iv).

     (e) On the earlier to occur of (i) the first Transfer Date during the Rapid
Amortization Period and (ii) the Transfer Date immediately preceding the Expected Principal
Payment Date, Indenture Trustee shall withdraw from the Principal Accumulation Account and
deposit into the Distribution Account amounts necessary to

21

 

pay, first, to the Class A Noteholders, until paid in full, second, to the Class B
Noteholders, until paid in full, and, third, to the Class C Noteholders, until paid in full,
the amounts deposited into the Principal Accumulation Account pursuant to subsections
4.04(c)(i). In accordance with Section 5.02, on the related Distribution Date, Indenture
Trustee shall pay from the Distribution Account to the Class A Noteholders, the Class B
Noteholders and the Class C Noteholders, as applicable, the amounts deposited into the
Distribution Account for the account of such Noteholders pursuant to this subsection
4.04(e).

     [INSERT INFORMATION FOR DISTRIBUTIONS FROM PRE-FUNDING ACCOUNT, IF USED.]

     Section 4.05. Investor Charge-Offs. On each Determination Date, Servicer shall calculate the
Investor Default Amount and any Uncovered Dilution Amount for the related Distribution Date. If,
on any Distribution Date, the sum of the Investor Default Amount and any Uncovered Dilution Amount
for such Distribution Date exceeds the amount of Available Finance Charge Collections allocated
with respect thereto pursuant to subsection 4.04(a)(v) with respect to such Distribution Date, the
Collateral Amount will be reduced (but not below zero) by the amount of such excess (such
reduction, an “Investor Charge-Off”).

     Section 4.06. Reallocated Principal Collections. On each Transfer Date, Servicer shall apply,
or shall instruct Indenture Trustee in writing to apply, Investor Principal Collections with
respect to such Transfer Date, in an amount not to exceed the Monthly Principal Reallocation Amount
for the Related Monthly Period, to fund any deficiency in amounts otherwise available for deposit
and distribution pursuant to and in the priority set forth in subsections [4.04(a)(i), (ii) and
(iii)], after giving effect to any application of funds from the Spread Account pursuant to Section
4.11, any application of funds from the Reserve Account pursuant to Section 4.10 and after
allocation and application of Excess Finance Charge Collections pursuant to Section 4.07 to cover
such payments. On each Transfer Date, the Collateral Amount shall be reduced by the amount of such
Reallocated Principal Collections, if any, for such Transfer Date.

     Section 4.07. Excess Finance Charge Collections. Excess Finance Charge Collections from all
Excess Allocation Series in Group One will be allocated to cover any Finance Charge Shortfall or
finance charge shortfalls for other Excess Allocation Series in Group One pursuant to Section
4.03(f) of the Pooling and Servicing Agreement or Section 8.06 of the Indenture, as applicable,
except that, following a Servicer Default and the appointment of a Successor Servicer, Excess
Finance Charge Collections remaining after their application to cover Finance Charge Shortfalls and
other finance charge shortfalls for Group One, shall be paid to the Successor Servicer to pay any
unpaid Excess Servicing Fees or other unpaid excess servicing fees for all Excess Allocation Series
in Group One prior to any distribution to the Holder of the Transferor Interest. If the remaining
Excess Finance Charge Collections do not exceed the aggregate amount of such unpaid fees, the
remaining Excess Finance Charge Collections shall be allocated among the Group One Excess
Allocation Series pro rata based on the amount of unpaid excess servicing fees for each such
Series. Excess Finance Charge Collections with respect to Group One shall be allocated to Series
[200_-_] in accordance with this Section 4.07, without regard to whether the Rating Agency
Condition has been met for purposes of the definition of “Portfolio Yield.” On each Transfer Date,
Indenture Trustee, at the written direction of the

22

 

Servicer,
shall deposit Excess Finance Charge Collections allocated to Series
[200 ___ - ___ ] to the Finance Charge Account prior to the applications to be made pursuant to
Section 4.04.

     Section 4.08. Excess Principal Collections. Excess Principal Collections from all Principal
Sharing Series in Group One will be allocated to cover any Principal Shortfall or principal
shortfalls for other Principal Sharing Series in Group One pursuant to Section 4.03(e) of the
Pooling and Servicing Agreement or Section 8.05 of the Indenture, as applicable. If (i) any
Principal Shortfall remains after such allocation, (ii) any Series in Group One is in an
Amortization Period and (iii) the amount on deposit in the Excess Funding Account is greater than
zero, amounts on deposit in the Excess Funding Account will be treated as Excess Principal
Collections and allocated to cover any remaining Principal Shortfall or principal shortfalls for
other Principal Sharing Series in Group One pursuant to Section 4.02(e) of the Pooling and
Servicing Agreement or Section 8.03 of the Indenture, as applicable. Indenture Trustee, at the
written direction of the Servicer, shall deposit Excess Principal Collections allocated to Series
[200 - ] to the Principal Accumulation Account or the Distribution Account, as
applicable.

     Section 4.09. Certain Series Accounts.

     (a) Indenture Trustee shall establish and maintain with a Qualified Institution, which
may be Indenture Trustee, in the name of the Trust, on behalf of the Trust, for the benefit
of the Noteholders, [                    ] segregated trust accounts with such Qualified
Institution (the “Finance Charge Account,” the “Principal Account,” the “Principal
Accumulation Account,” the “Distribution Account,” the “Spread Account,” the “Reserve
Account” [and the “Pre-Funding Account”]), each bearing a designation clearly indicating
that the funds deposited therein are held for the benefit of the Series [200_-_]
Noteholders. The Finance Charge Account, the Principal Account, the Principal Accumulation
Account, the Distribution Account, [the Pre-Funding Account,] the Reserve Account and the
Spread Account are hereby designated as the Series Accounts for the Series [200_-_] Notes.
Except as otherwise provided in Section 4.11, Indenture Trustee shall possess all right,
title and interest in all funds on deposit from time to time in each Series Account and in
all proceeds thereof. Except as otherwise provided in Section 4.11, each Series Account
shall be under the sole dominion and control of Indenture Trustee for the benefit of the
Series [200_-_] Noteholders. If at any time the institution holding a Series Account ceases
to be a Qualified Institution, Transferor shall notify Indenture Trustee in writing, and
Indenture Trustee upon being notified (or Servicer on its behalf) shall, within ten (10)
Business Days, establish a new Series Account meeting the conditions specified above with a
Qualified Institution, and shall transfer any cash or any investments to such new Series
Account. Indenture Trustee, at the written direction of Servicer, shall make withdrawals
from and deposits to each Series Account from time to time, in the amounts and for the
purposes set forth in this Indenture Supplement. Indenture Trustee at all times shall
maintain accurate records reflecting each transaction in each Series Account, so long as
such accounts are established and maintained with Indenture Trustee.

     (b) [Except as otherwise provided in Section 4.18,] [F]unds on deposit in each Series
Account from time to time shall be invested and reinvested at the written direction of
Servicer by Indenture Trustee in Permitted Investments that will mature so that such

23

 

funds will be available for withdrawal on or prior to the following Transfer Date. The
Indenture Trustee shall not be held liable for the performance of any Permitted Investments
made in accordance with the terms hereof.

     On each Transfer Date with respect to the Accumulation Period and on the first Transfer
Date with respect to the Rapid Amortization Period, Indenture Trustee, acting at Servicer’s
direction given on or before such Transfer Date, shall transfer from the Principal
Accumulation Account to the Finance Charge Account the Principal Accumulation Investment
Earnings on deposit in the Principal Accumulation Account for application as Available
Finance Charge Collections in accordance with Section 4.04(a).

     Principal Accumulation Investment Earnings (including reinvested interest) shall not be
considered part of the amounts on deposit in the Principal Accumulation Account for purposes
of this Indenture Supplement.

     On each Distribution Date, all Investment Earnings on funds on deposit in the Principal
Account, the Finance Charge Account and the Distribution Account shall be deposited by
Indenture Trustee in a separate deposit account with a Qualified Institution in the name of
Servicer, or a Person designated in writing by Servicer, which shall not constitute a part
of the Trust, or shall otherwise be turned over by Indenture Trustee to Servicer.

     (c) Indenture Trustee shall hold such of the Permitted Investments of funds in any
Series Account as consists of instruments, deposit accounts, negotiable documents, money,
goods, letters of credit, and advices of credit in the State of New York. Indenture Trustee
shall hold such of the Permitted Investments as constitutes investment property through a
securities intermediary, which securities intermediary shall agree with Indenture Trustee
that (a) such investment property shall at all times be credited to a securities account of
Indenture Trustee, (b) such securities intermediary shall treat Indenture Trustee as
entitled to exercise the rights that comprise each financial asset credited to such
securities account, (c) all property credited to such securities account shall be treated as
a financial asset, (d) such securities intermediary shall comply with entitlement orders
originated by Indenture Trustee without the further consent of any other person or entity,
(e) such securities intermediary will not agree with any person or entity other than
Indenture Trustee to comply with entitlement orders originated by such other person or
entity, (f) such securities accounts and the property credited thereto shall not be subject
to any lien, security interest or right of set-off in favor of such securities intermediary
or anyone claiming through it (other than Indenture Trustee), and (g) such agreement shall
be governed by the laws of the State of New York. Terms used in the preceding sentence that
are defined in the New York UCC and not otherwise defined herein shall have the meaning set
forth in the New York UCC. Except as permitted by this subsection 4.09(c), Indenture
Trustee shall not hold Permitted Investments through an agent or nominee.

     (d) No Permitted Investment in any Series Account shall be disposed of prior to its
maturity unless Servicer so directs and either (i) such disposal will not result in a loss
of all or part of the principal portion of such Permitted Investment or (ii) prior to the

24

 

maturity of such Permitted Investment, a default occurs in the payment of principal,
interest or any other amount with respect to such Permitted Investment.

     Section 4.10. Reserve Account.

     (a) Indenture Trustee, at the written direction of Servicer, shall (i) make withdrawals
from the Reserve Account from time to time in an amount up to the Available Reserve Account
Amount at such time, for the purposes set forth in this Indenture Supplement, and (ii) on
each Transfer Date (from and after the Reserve Account Funding Date) prior to termination of
the Reserve Account, make a deposit into the Reserve Account in the amount specified in, and
otherwise in accordance with, subsection 4.04(a)(vii).

     (b) On each Transfer Date, all Investment Earnings accrued since the preceding Transfer
Date on funds on deposit in the Reserve Account shall be retained in the Reserve Account (to
the extent that the Available Reserve Account Amount is less than the Required Reserve
Account Amount) and the balance, if any, shall be deposited into the Finance Charge Account
and included in Available Finance Charge Collections for the Related Monthly Period. For
purposes of determining the availability of funds or the balance in the Reserve Account for
any reason under this Indenture Supplement, Investment Earnings on such funds shall be
deemed not to be available or on deposit, except amounts retained pursuant to the preceding
sentence.

     (c) On or before each Transfer Date with respect to the Accumulation Period and on or
before the first Transfer Date with respect to the Rapid Amortization Period, Servicer shall
calculate the Reserve Draw Amount; provided, however, that such amount will be reduced to
the extent that funds otherwise would be available for deposit in the Reserve Account under
Section 4.04(a)(vii) with respect to such Transfer Date.

     (d) If for any Transfer Date the Reserve Draw Amount is greater than zero, the Reserve
Draw Amount, up to the Available Reserve Account Amount, shall be withdrawn from the Reserve
Account on such Transfer Date by Indenture Trustee (acting in accordance with the written
instructions of Servicer) and deposited into the Finance Charge Account for application as
Available Finance Charge Collections for the Related Monthly Period.

     (e) If the Reserve Account Surplus on any Transfer Date, after giving effect to all
deposits to and withdrawals from the Reserve Account with respect to such Transfer Date, is
greater than zero, Indenture Trustee, acting in accordance with the written instructions of
Servicer, shall withdraw from the Reserve Account an amount equal to such Reserve Account
Surplus and (i) deposit such amounts in the Spread Account, to the extent that funds on
deposit in the Spread Account are less than the Required Spread Account Amount, and (ii)
distribute any such amounts remaining after application pursuant to subsection 4.10(e)(i) to
the Holder of the Transferor Interest.

     (f) Upon the earliest to occur of (i) the termination of the Trust pursuant to Article
VIII of the Trust Agreement, (ii) the first Transfer Date relating to the Rapid

25

 

Amortization Period and (iii) the Transfer Date immediately preceding the Expected
Principal Payment Date, Indenture Trustee, acting in accordance with the written
instructions of Servicer, after the prior payment of all amounts owing to the Series
[200    -    ] Noteholders that are payable from the Reserve Account as provided herein, shall
withdraw from the Reserve Account all amounts, if any, on deposit in the Reserve Account and
(A) deposit such amounts in the Spread Account, to the extent that funds on deposit in the
Spread Account are less than the Required Spread Account Amount, and (B) distribute any such
amounts remaining after application pursuant to subsection 4.10(f)(A) to the Holder of the
Transferor Interest. The Reserve Account shall thereafter be deemed to have terminated for
purposes of this Indenture Supplement. Funds on deposit in the Reserve Account at any time
that the Accumulation Period is suspended pursuant to Section 4.14 shall remain on deposit
until applied in accordance with subsection 4.10(d), (e) or (f).

     Section 4.11. Spread Account.

     (a) Indenture Trustee shall establish and maintain the Spread Account for the benefit
of the Class C Noteholders and the Holder of the Transferor Interest, with an account
designation clearly indicating that the funds deposited therein are held for the benefit of
the Class C Noteholders and the Holder of the Transferor Interest. The Spread Account shall
be under the sole dominion and control of Indenture Trustee for the benefit of the Class C
Noteholders and the Holder of the Transferor Interest. Indenture Trustee, at the written
direction of Servicer, shall (i) make withdrawals from the Spread Account from time to time
in an amount up to the Available Spread Account Amount at such time, for the purposes set
forth in this Indenture Supplement, and (ii) on each Transfer Date prior to termination of
the Spread Account, make a deposit into the Spread Account in the amount specified in, and
otherwise in accordance with, subsection 4.11(f). The Issuer will [make no] deposit into
the Spread Account on the Closing Date [an amount equal to the Required Spread Account
Amount.]

     (b) On each Transfer Date (but subject to subsections 4.11(c), 4.11(d) and 4.11(f)),
the Investment Earnings, if any, accrued since the preceding Transfer Date on funds on
deposit in the Spread Account shall be paid to the Holder of the Transferor Interest by
Indenture Trustee upon written direction of Servicer. For purposes of determining the
availability of funds or the balance in the Spread Account for any reason under this
Indenture Supplement (subject to subsections 4.11(c), 4.11(d) and 4.11(f)), all Investment
Earnings shall be deemed not to be available or on deposit; provided that after the maturity
of the Series [200_-_] Notes has been accelerated as a result of an Event of Default, all
Investment Earnings shall be added to the balance on deposit in the Spread Account and
treated like the rest of the Available Spread Account Amount.

     (c) If, on any Transfer Date, the aggregate amount of Available Finance Charge
Collections otherwise available for application pursuant to subsection 4.04(a)(iv) is less
than the aggregate amount required to be deposited into the Distribution Account pursuant to
subsection 4.04(a)(iv), Indenture Trustee, at the written direction of Servicer, shall (i)
withdraw from the Spread Account the amount of such deficiency up to the Available Spread
Account Amount and, if the Available Spread Account Amount is less

26

 

than such deficiency, the Indenture Trustee shall also withdraw Investment Earnings
credited to the Spread Account in an amount so that the total amount withdrawn equals such
deficiency, and (ii) deposit such amount into the Distribution Account for payment to the
Class C Noteholders in respect of interest on the Class C Notes pursuant to Section 5.02(c).

     (d) On the date on which the Class A Note Principal Balance and the Class B Note
Principal Balance have been paid in full, after applying any funds on deposit in the Spread
Account as described in subsection 4.11(c), Indenture Trustee, at the written direction of
Servicer, shall withdraw from the Spread Account an amount equal to the lesser of (i) the
Class C Note Principal Balance (after any payments to be made pursuant to subsection 4.04(c)
on such date) and (ii) the Available Spread Account Amount and, if the amount so withdrawn
is not sufficient to reduce the Class C Note Principal Balance to zero, shall also withdraw
Investment Earnings credited to the Spread Account up to the amount required to reduce the
Class C Note Principal Balance to zero. Indenture Trustee, upon the written direction of
Servicer, or Servicer, shall deposit such amounts into the Distribution Account for
distribution to the Class C Noteholders in accordance with subsection 5.02(c).

     (e) On the earlier to occur of (i) the Series [200_-_] Final Maturity Date and (ii) the
day following the occurrence of an Event of Default with respect to Series [200_-_] and
acceleration of the maturity of the Series [200_-_] Notes pursuant to Section 5.03 of the
Indenture, Servicer shall withdraw from the Spread Account an amount equal to the Available
Spread Account Amount and Indenture Trustee or Servicer shall deposit such amounts into the
Distribution Account for distribution to the Class C Noteholders until the Class C Note
Principal Balance is paid in full, [to the Class A Noteholders until the Class A Note
Principal Balance is paid in full,] [and to the Class B Noteholders until the Class B Note
Principal Balance is paid in full,] [in that order of priority,] in accordance with Section
5.02, to fund any shortfalls in amounts owed to such Noteholders.

     (f) If on any Transfer Date, after giving effect to all withdrawals from the Spread
Account, the Available Spread Account Amount is less than the Required Spread Account Amount
then in effect, Available Finance Charge Collections shall be deposited into the Spread
Account pursuant to subsection 4.04(a)(viii) up to the amount of the Spread Account
Deficiency and, if such Available Finance Charge Collections are less than such Spread
Account Deficiency, Investment Earnings on the Spread Account shall be held and not
distributed pursuant to subsection 4.11(b) until such Spread Account Deficiency is reduced
to zero through subsequent deposits pursuant to subsection 4.04(a)(viii).

     (g) If, after giving effect to all deposits to and withdrawals from the Spread Account
with respect to any Transfer Date, the amount on deposit in the Spread Account exceeds the
Required Spread Account Amount, Indenture Trustee acting in accordance with the instructions
of Servicer, shall withdraw an amount equal to such excess and deposit it into the Finance
Charge Account for application as Available Finance Charge Collections. On the date on
which the Class C Note Principal Balance has been paid in

27

 

full, after making any payments to the Noteholders required pursuant to subsections
4.11(c), (d) and (e), Indenture Trustee, at the written direction of Servicer, shall
withdraw from the Spread Account all amounts then remaining in the Spread Account and pay
such amounts to the Holder of the Transferor Interest.

     Section 4.12. Investment Instructions. Any investment instructions required to be given to
Indenture Trustee pursuant to the terms hereof must be given to Indenture Trustee no later than
11:00 a.m., New York City time, on the date such investment is to be made. In the event Indenture
Trustee receives such investment instruction later than such time, Indenture Trustee may, but shall
have no obligation to, make such investment. In the event Indenture Trustee is unable to make an
investment required in an investment instruction received by Indenture Trustee after 11:00 a.m.,
New York City time, on such day, such investment shall be made by Indenture Trustee on the next
succeeding Business Day. In no event shall Indenture Trustee be liable for any investment not made
pursuant to investment instructions received after 11:00 a.m., New York City time, on the day such
investment is requested to be made.

     Section 4.13. Accumulation Period. The Accumulation Period is scheduled to commence at the
beginning of business on [                    ], 200[                    ]; provided that if the
Accumulation Period Length (determined as described below) on any Determination Date on or after
the [                    ] Determination Date is less than [                    ] months, the date on
which the Accumulation Period actually commences will be changed to the first Business Day of the
month that is the number of whole months prior to the month in which the Expected Principal Payment
Date occurs equal to the Accumulation Period Length (so that, as a result of such election, the
number of Monthly Periods in the Accumulation Period will equal the Accumulation Period Length);
provided that (i) the length of the Accumulation Period will not be less than [                    ]
month[s], (ii) such determination of the Accumulation Period Length shall be made on each
Determination Date on and after the [                    ] Determination Date but prior to the
commencement of the Accumulation Period, and any postponement of the Accumulation Period shall be
subject to the subsequent lengthening of the Accumulation Period to the Accumulation Period Length
determined on any subsequent Determination Date, but the Accumulation Period shall in no event
commence prior to the Controlled Accumulation Date, and (iii) notwithstanding any other provision
of this Indenture Supplement to the contrary, no postponement of the commencement of the
Accumulation Period shall be made after a Pay Out Event shall have occurred and be continuing with
respect to any other Series. The “Accumulation Period Length” will mean a number of whole months
such that the amount available for distribution of principal on the Series [200_-_] Notes on the
Expected Principal Payment Date is expected to equal or exceed the sum of the Class A Note
Principal Balance, the Class B Note Principal Balance and the Class C Note Principal Balance,
assuming for this purpose that (1) the payment rate with respect to Principal Collections remains
constant at the lowest level of such payment rate during the [                    ] preceding Monthly
Periods (or such lower payment rate as Servicer may select), (2) the total amount of Principal
Receivables in the Trust (and the principal amount on deposit in the Excess Funding Account, if
any) remains constant at the level on such date of determination, (3) no Pay Out Event with respect
to any Series will subsequently occur and (4) no additional Series (other than any Series being
issued on such date of determination) will be subsequently issued. Servicer shall calculate the
Accumulation Period Length on each Determination Date on and after the [                    ]
Determination Date as necessary to determine whether the Accumulation Period is postponed and to
set the Reserve Account Funding Date. If the

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calculation results in a postponement, Servicer shall provide notice in writing to Indenture
Trustee, Transferor, Issuer and each Rating Agency. Any notice by Servicer confirming the
postponement of the Accumulation Period pursuant to this Section 4.13 shall specify (i) the
Accumulation Period Length, (ii) the commencement date of the Accumulation Period and (iii) the
Controlled Accumulation Amount with respect to each Monthly Period during the Accumulation Period.
The method for determining the Accumulation Period Length may be changed if the Rating Agency
Condition is met.

     Section 4.14. Suspension of Accumulation Period.

     (a) Servicer may elect to suspend the commencement of the Accumulation Period with
prior written notice to the Rating Agencies, at any time prior to the Distribution Date
preceding the Expected Principal Payment Date. The commencement of the Accumulation Period
shall be suspended upon delivery by Servicer to Indenture Trustee of (i) an Officer’s
Certificate stating that Servicer has elected to suspend the commencement of the
Accumulation Period and that all conditions precedent to such suspension set forth in this
Section 4.14 have been satisfied, (ii) a copy of an executed Qualified Maturity Agreement
and (iii) an Opinion of Counsel addressed to Indenture Trustee as to the due authorization,
execution and delivery and the validity and enforceability of such Qualified Maturity
Agreement. Issuer does hereby transfer, assign, set-over, and otherwise convey to Indenture
Trustee for the benefit of the Series [200_-_] Noteholders, without recourse, all of its
rights under any Qualified Maturity Agreement obtained in accordance with this Section 4.14
and all proceeds thereof. Such property shall constitute part of the Trust Estate and
Collateral for all purposes of the Indenture. The foregoing transfer, assignment, set-over
and conveyance does not constitute and is not intended to result in a creation or an
assumption by Indenture Trustee or any Noteholder of any obligation of Issuer or any other
Person in connection with a Qualified Maturity Agreement or under any agreement or
instrument relating thereto.

     Indenture Trustee hereby acknowledges its acceptance, to the extent validly
transferred, assigned, set-over or otherwise conveyed to Indenture Trustee, for the benefit
of the Series [200_-_] Noteholders, of all of the rights previously held by Issuer under any
Qualified Maturity Agreement obtained by Issuer and all proceeds thereof, and declares that
it shall hold such rights upon the trust set forth herein and in the Indenture, and subject
to the terms hereof and thereof, for the benefit of the Series [200_-_] Noteholders.

     (b) Each Qualified Maturity Agreement shall obligate the provider to deposit into the
Principal Accumulation Account on or before the Expected Principal Payment Date an amount
equal to the initial Note Principal Balance (reduced by any amount on deposit in the
Principal Accumulation Account); provided, however, that Issuer may instead elect to fund
all or a portion of such deposits with the proceeds of the issuance of a new Series or with
the Available Principal Collections with respect to such Transfer Date. The amounts so
deposited shall be applied on the Expected Principal Payment Date pursuant to subsection
4.04(c) as if the commencement of the Accumulation Period had not been suspended. The
Qualified Maturity Agreement may require that during the period when the Accumulation Period
is suspended, upon the occurrence of certain

29

 

events, Available Principal Collections will be deposited into the Principal
Accumulation Account.

     (c) Each Qualified Maturity Agreement shall terminate at the close of business on the
Expected Principal Payment Date; provided, however, that Servicer may terminate a Qualified
Maturity Agreement prior to such Distribution Date, with notice to each Rating Agency, if
(i) the Available Reserve Account Amount equals the Required Reserve Account Amount and (ii)
one of the following events occurs: (A) Issuer obtains a substitute Qualified Maturity
Agreement, (B) the provider of the Qualified Maturity Agreement ceases to qualify as a
Qualified Institution and Issuer is unable to obtain a substitute Qualified Maturity
Agreement, (C) a Pay Out Event occurs or (D) an event which may be declared to be a Pay Out
Event occurs, whether or not it is declared. In addition, if the available Reserve Account
Amount equals the Required Reserve Account Amount, Servicer may terminate a Qualified
Maturity Agreement prior to the later of (1) the date on which the Accumulation Period was
scheduled to begin, before giving effect to the suspension of the Accumulation Period, and
(2) the date to which the commencement of the Accumulation Period is postponed pursuant to
Section 4.13 (as determined on the Determination Date preceding the date of such
termination), in which case the commencement of the Accumulation Period shall be determined
as if the commencement had not been postponed. In the event that the provider of a
Qualified Maturity Agreement ceases to qualify as a Qualified Institution, Servicer shall
use its best efforts to obtain a substitute Qualified Maturity Agreement, unless a
substitute Qualified Maturity Agreement is not required for any of the reasons listed in
this subsection (c).

     (d) If a Qualified Maturity Agreement is terminated prior to the earlier of the
Expected Principal Payment Date and the commencement of the Rapid Amortization Period and
Issuer does not obtain a substitute Qualified Maturity Agreement, the Accumulation Period
shall commence on the latest of (i) the beginning of business on [                    ], 200[                    ], (ii) the date to which the commencement of the Accumulation Period
is postponed pursuant to Section 4.l4 (as determined on the date of such termination) and
(iii) the first day of the Monthly Period following the date of such termination. The
Issuer shall notify the Rating Agencies if it intends to terminate a Qualified Maturity
Agreement prior to the Expected Principal Payment Date.

     Section 4.15. [Determination of LIBOR.

     (a) On each LIBOR Determination Date in respect of an Interest Period, Indenture
Trustee shall determine LIBOR on the basis of the rate for deposits in United States dollars
for a period of the Designated Maturity which appears on Telerate Page 3750 as of 11:00
a.m., London time, on such date. If such rate does not appear on Telerate Page 3750, the
rate for that LIBOR Determination Date shall be determined on the basis of the rates at
which deposits in United States dollars are offered by the Reference Banks at approximately
11:00 a.m., London time, on that day to prime banks in the London interbank market for a
period of the Designated Maturity. Indenture Trustee shall request the principal London
office of each of the Reference Banks to provide a quotation of its rate. If at least two
(2) such quotations are provided, the rate for that Interest Period shall be the arithmetic
mean of the quotations. If fewer than

30

 

two (2) quotations are provided as requested, the rate for that Interest Period will be
the arithmetic mean of the rates quoted by major banks in New York City, selected by
Servicer, at approximately 11:00 a.m., New York City time, on that day for loans in United
States dollars to leading European banks for a period of the Designated Maturity.

     (b) The Class A Note Interest Rate, Class B Note Interest Rate and Class C Note
Interest Rate applicable to the then current and the immediately preceding Interest Periods
may be obtained by telephoning Indenture Trustee at its corporate trust office at (312)
827-8500 or such other telephone number as shall be designated by Indenture Trustee for such
purpose by prior written notice by Indenture Trustee to each Series [200_-_] Noteholder from
time to time.

     (c) On each LIBOR Determination Date, Indenture Trustee shall send to Servicer by
facsimile transmission, notification of LIBOR for the following Interest Period.]

     Section 4.16. Interchange. On or prior to each Determination Date, Transferor shall cause
FNBO to notify Servicer of the amount of Interchange to be included as Finance Charge Collections
allocable to the Series [200_-_] Notes with respect to the Related Monthly Period, which amount
shall be equal to the product of:

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

     (b) a fraction the numerator of which is the volume during the Related Monthly Period
of sales net of cash advances on the Accounts and the denominator of which is the amount of
sales net of cash advances during the Related Monthly Period on all VISA and MasterCard
accounts owned by FNBO; and

     (c) the Allocation Percentage for Finance Charge Collections with respect to such
Related Monthly Period.

On each Transfer Date, Transferor shall pay to Servicer, and Servicer shall deposit into the
Finance Charge Account, in immediately available funds, an amount equal to the Interchange to be so
included as Finance Charge Collections allocable to the Series [200_-_] Notes with respect to the
Related Monthly Period. Transferor hereby assigns, sets over, conveys, pledges and grants a
security interest and lien to Indenture Trustee for the benefit of the Series [200_-_] Noteholders
its security interest in Interchange and the proceeds of Interchange, as set forth in this Section
4.16. In connection with the foregoing grant of a security interest, this Indenture Supplement
shall constitute a security agreement under applicable law. To the extent that an Indenture
Supplement for a related Series, other than Series [200_-_], assigns, sets over, conveys, pledges
or grants a security interest in Interchange allocable to the Trust, all Notes of any such Series
(except that any Series may be subordinated to the Series [200_-_] Notes to the extent specified in
any such Indenture Supplement) and the Series [200_-_] Notes shall rank pari passu and be equally
and ratably entitled in accordance with their respective allocation percentages for Finance Charge
Collections as provided herein to the benefits of such Interchange without preference or priority
on account of the actual time or times of

31

 

authentication and delivery, all in accordance with the terms and provisions of this Indenture
Supplement and other related Indenture Supplements.

     Section 4.17. Foreign Accounts. So long as any [Series 200_-_] Notes are Outstanding,
Receivables arising in Foreign Accounts shall constitute Eligible Receivables for all purposes
except that, to the extent that such Receivables exceed 1% (or any higher percentage as to which
the Rating Agency Condition has been met) of the aggregate Principal Receivables as of the most
recently ended Monthly Period, such Receivables may not be counted for purposes of determining
compliance with the tests for the Minimum Transferor Interest and the Minimum Aggregate Principal
Receivables.

     Section 4.18. [Pre-Funding Account.

     (a) Transferor shall on the Closing Date deposit into the Pre-Funding Account the
Initial Pre-Funded Amount from the proceeds of the sale of the Series [200_-_] Notes. On
each Transfer Date, Indenture Trustee, acting in accordance with written instructions from
Servicer, shall withdraw from the Pre-Funding Account and deposit into the Finance Charge
Account all Investment Earnings on the Pre-Funded Amount with respect to the prior Monthly
Period. Such Investment Earnings shall be deemed to be Finance Charge Collections allocated
to Series [200_-_]. Investment Earnings on funds on deposit in the Pre-Funding Account
shall not be considered part of the Pre-Funded Amount for purposes of this Indenture
Supplement.

     (b) Funds on deposit in the Pre-Funding Account on the Closing Date and thereafter
shall be invested in Permitted Investments that will mature so that such funds will be
available for withdrawal on or prior to the Business Day preceding the next increase in the
Collateral Amount pursuant to subsection 4.18(d) or, if earlier, on the next succeeding
Transfer Date.

     (c) If the Pre-Funded Amount exceeds zero at the end of the Funding Period, on the
first Distribution Date on or after the last day of the Funding Period, Servicer shall apply
or shall cause Indenture Trustee to apply the Pre-Funded Amount to the payment by Indenture
Trustee of principal on the Notes [on a pro rata basis based on the Class A Note Principal
Balance, the Class B Note Principal Balance and the Class C Note Principal Balance.]

     (d) On each Distribution Date during the Funding Period, the Initial Collateral Amount
shall increase to the extent that the Transferor Interest will not be less than the Minimum
Transferor Interest on such date (in each case after giving effect to all changes to occur
on that date, including the change resulting from the operation of this Section 4.18);
provided, however, that the Initial Collateral Amount shall in no event exceed the Note
Principal Balance. Upon any increase in the Initial Collateral Amount pursuant to this
Section 4.18, Servicer shall instruct Indenture Trustee in writing to withdraw from the
Pre-Funding Account and pay to the Holder of the Transferor Interest no later than the next
succeeding Business Day an amount equal to the amount of such increase in the Initial
Collateral Amount.]

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ARTICLE V

DELIVERY OF NOTES; DISTRIBUTIONS; REPORTS TO NOTEHOLDERS

     Section 5.01. Delivery and Payment for the [200_-_] Notes. Issuer shall execute and issue,
and Indenture Trustee shall authenticate, the Series [200_-_] Notes in accordance with Section 2.03
of the Indenture. Indenture Trustee shall deliver the Series [200_-_] Notes to or upon the written
order of Issuer when so authenticated.

     Section 5.02. Distributions.

     (a) On each Distribution Date, Indenture Trustee shall distribute to each Class A
Noteholder of record on the related Record Date (other than as provided in Section 11.02 of
the Indenture) such Class A Noteholder’s pro rata share of the amounts on deposit in the
Distribution Account that are allocated and available on such Distribution Date and that are
payable to the Class A Noteholders pursuant to this Indenture Supplement.

     (b) On each Distribution Date, Indenture Trustee shall distribute to each Class B
Noteholder of record on the related Record Date (other than as provided in Section 11.02 of
the Indenture) such Class B Noteholder’s pro rata share of the amounts on deposit in the
Distribution Account that are allocated and available on such Distribution Date and that are
payable to the Class B Noteholders pursuant to this Indenture Supplement.

     (c) On each Distribution Date, Indenture Trustee shall distribute to each Class C
Noteholder of record on the related Record Date (other than as provided in Section 11.02 of
the Indenture) such Class C Noteholder’s pro rata share of the amounts on deposit in the
Distribution Account (including amounts withdrawn from the Spread Account at the times and
in the amounts specified in Section 4.11) that are allocated and available on such
Distribution Date and that are payable to the Class C Noteholders pursuant to this Indenture
Supplement.

     (d) The distributions to be made pursuant to this Section 5.02 are subject to the
provisions of Sections 6.01 and 7.01 of the Transfer and Servicing Agreement, Section 11.02
of the Indenture and Section 7.01 of this Indenture Supplement.

     (e) Except as provided in Section 11.02 of the Indenture with respect to a final
distribution, distributions to Series [200_-_] Noteholders hereunder shall be made by (i)
check mailed to each Series [200_-_] Noteholder (at such Noteholder’s address as it appears
in the Note Register), except that for any Series [200_-_] Notes registered in the name of
the nominee of a Clearing Agency, such distribution shall be made by wire transfer of
immediately available funds and (ii) without presentation or surrender of any Series
[200_-_] Note or the making of any notation thereon.

33

 

     Section 5.03. Reports and Statements to Series [200_-_] Noteholders.

     (a) On each Distribution Date, Indenture Trustee shall forward to each Series [200_-_]
Noteholder a statement substantially in the form of Exhibit C prepared by Servicer.

     (b) Not later than the second Business Day preceding each Distribution Date, Servicer
shall deliver to Owner Trustee, Indenture Trustee and each Rating Agency (i) a statement
substantially in the form of Exhibit B prepared by Servicer and (ii) a certificate of an
Authorized Officer substantially in the form of Exhibit D; provided that Servicer may amend
the form of Exhibit B from time to time, with the prior written consent of Indenture Trustee
and provided further, that the information set forth in Section III of Exhibit B may be
provided once for all outstanding Series.

     (c) A copy of each statement or certificate provided pursuant to paragraph (a) or (b)
may be obtained by any Series [200_-_] Noteholder by a request in writing to Servicer.

     (d) On or before January 31 of each calendar year, beginning with January 31, 2004,
Indenture Trustee shall furnish or cause to be furnished to each Person who at any time
during the preceding calendar year was a Series [200_-_] Noteholder, a statement prepared by
Servicer containing the information which is required to be contained in the statement to
Series [200_-_] Noteholders, as set forth in paragraph (a) above, aggregated for such
calendar year or the applicable portion thereof during which such Person was a Series
[200_-_] Noteholder, together with other information as is required to be provided by an
issuer of indebtedness under the Code. Such obligation of Indenture Trustee shall be deemed
to have been satisfied to the extent that substantially comparable information shall be
provided by Servicer pursuant to any requirements of the Code as from time to time in
effect.

ARTICLE VI

SERIES [200_-_] PAY OUT EVENTS

     If any one of the following events shall occur with respect to the Series [200_-_] Notes:

     (a) failure on the part of Transferor or the “Transferor” under the Pooling and
Servicing Agreement (i) to make any payment or deposit required to be made by it by the
terms of the Pooling and Servicing Agreement, the Collateral Series Supplement, the Transfer
and Servicing Agreement, the Indenture or this Indenture Supplement on or before the date
occurring five (5) Business Days after the date such payment or deposit is required to be
made therein or herein or (ii) duly to observe or perform in any material respect any other
of its covenants or agreements set forth in the Transfer and Servicing Agreement, the
Pooling and Servicing Agreement, Collateral Series Supplement, the Indenture or this
Indenture Supplement, which failure has a material adverse effect on the Series [200_-_]
Noteholders which continues unremedied for a period of sixty (60) days after the date on
which written notice of such failure, requiring the same to be remedied,

34

 

shall have been given to Transferor by Indenture Trustee, or to Transferor and
Indenture Trustee by Holders of Series [200 ___ - ___ ] Notes evidencing more than 25% of the Note
Principal Balance and which continues to materially and adversely affect the interest of
the Series [200 ___ - ___ ] Noteholders;

     (b) any representation or warranty made by Transferor or the “Transferor” under the
Pooling and Servicing Agreement or the Transfer and Servicing Agreement, or any supplement
to either of them, shall prove to have been incorrect in any material respect when made or
when delivered, which continues to be incorrect in any material respect for a period of
sixty (60) days after the date on which written notice of such failure, requiring the same
to be remedied, shall have been given to Transferor by Indenture Trustee, or to Transferor
and Indenture Trustee by Holders of Series [200_-_] Notes evidencing more than 25% of the
Note Principal Balance and as a result of which the interests of the Noteholders are
materially and adversely affected and continue to be materially and adversely affected for
such period; provided, however, that a Series [200_-_] Pay Out Event pursuant to this
subsection (b) of Article VI shall not be deemed to have occurred hereunder if Transferor
has accepted reassignment of the related Receivable, or all of such Receivables, if
applicable, during such period in accordance with the provisions of the Transfer and
Servicing Agreement or the Pooling and Servicing Agreement;

     (c) a failure by Transferor or the “Transferor” under the Pooling and Servicing
Agreement to convey Receivables arising under Additional Accounts to the Receivables Trust
within five (5) Business Days after the day on which it is required to convey such
Receivables pursuant to subsection 2.06(a) of the Transfer and Servicing Agreement or
subsection 2.06(a) of the Pooling and Servicing Agreement, respectively, provided that such
failure shall not give rise to a Pay Out Event if, prior to the date on which such
conveyance was required to be completed, Transferor causes a reduction in the invested
amount of any Variable Interest or any variable funding certificate issued under the Pooling
and Servicing Agreement to occur, so that, after giving effect to that reduction, the
Transferor Interest is not less than the Minimum Transferor Interest and the Aggregate
Principal Receivables are not less than the Minimum Aggregate Principal Receivables;

     (d) any Servicer Default or any “Servicer Default” under the Pooling and Servicing
Agreement shall occur that would have a material adverse effect on the Series [200_-_]
Noteholders;

     (e) the Portfolio Yield averaged over three consecutive Monthly Periods is less than
the Base Rate averaged over such period;

     (f) the Note Principal Balance shall not be paid in full on the Expected Principal
Payment Date;

     (g) without limiting the foregoing, the occurrence of an Event of Default with respect
to Series [200_-_] pursuant to Section 5.02 of the Indenture and acceleration of the
maturity of the Series [200_-_] Notes pursuant to Section 5.03 of the Indenture; or

35

 

     (h) the occurrence of a Trust Pay Out Event as defined in the Indenture or, prior to
the Certificate Trust Termination Date, the occurrence of a Trust Pay Out Event as defined
in the Pooling and Servicing Agreement;

then, in the case of any event described in subsection (a), (b) or (d), after the applicable grace
period, if any, set forth in such subparagraphs, either Indenture Trustee or the holders of Series
[200_-_] Notes evidencing more than 50% of the aggregate unpaid principal amount of Series [200_-_]
Notes by notice then given in writing to Transferor and Servicer (and to Indenture Trustee if given
by the Series [200_-_] Noteholders) may declare that a “Series Pay Out Event” with respect to
Series [200_-_] (a “Series [200_-_] Pay Out Event”) has occurred as of the date of such notice,
and, in the case of any event described in subsection (c), (e), (f), (g) or (h) a Series [200_-_]
Pay Out Event shall occur without any notice or other action on the part of Indenture Trustee or
the Series [200_-_] Noteholders immediately upon the occurrence of such event.

ARTICLE VII

REDEMPTION;

FINAL DISTRIBUTIONS; SERIES TERMINATION

     Section 7.01. Optional Redemption of Series [200_-_] Notes; Final Distributions.

     (a) On any day occurring on or after the date on which the outstanding principal
balance of the Series [200_-_] Notes is reduced to 10% or less of the initial Note Principal
Balance of the Series [200_-_] Notes, Servicer shall have the option to direct Transferor to
redeem the Series [200_-_] Notes, at a purchase price equal to (i) if such day is a
Distribution Date, the Reassignment Amount for such Distribution Date or (ii) if such day is
not a Distribution Date, the Reassignment Amount for the Distribution Date following such
day. This option shall not be exercisable if the purchase price (reduced by the amount on
deposit in the Principal Accumulation Account available for distribution to Noteholders)
exceeds the lesser of the estimated fair value, or the par value plus accrued interest, of a
portion of the Receivables in Eligible Accounts then designated to the Receivables Trust
equal to the Collateral Amount.

     (b) Servicer shall give Indenture Trustee at least thirty (30) days’ prior written
notice of the date on which Servicer intends to direct Transferor to make such optional
redemption. Not later than 12:00 noon, New York City time, on such day Transferor shall
deposit into the Finance Charge Account and Principal Account, as applicable, in immediately
available funds the excess of the Reassignment Amount over the amount, if any, on deposit in
the Principal Accumulation Account. Such redemption option is subject to payment in full of
the Reassignment Amount. Following such deposit into the Finance Charge Account and
Principal Account in accordance with the foregoing, the Collateral Amount for Series
[200_-_] shall be reduced to zero and the Series [200_-_] Noteholders shall have no further
security interest in the Receivables. The Reassignment Amount shall be distributed as set
forth in subsection 7.01(d).

36

 

     (c) The amount to be paid by Transferor with respect to Series [200_-_] in connection
with a reassignment of Receivables to Transferor pursuant to Section 2.04(e) of the Transfer
and Servicing Agreement or Section 2.04(e) of the Pooling and Servicing Agreement shall
equal the Reassignment Amount for the Distribution Date related to the Reassignment Date.

     (d) With respect to (a) the Reassignment Amount deposited into the Finance Charge
Account and Principal Account pursuant to this Section 7.01 or (b) the proceeds of any sale
of Receivables pursuant to Section 5.05(a)(iii) of the Indenture with respect to Series
[200_-_], Indenture Trustee shall, in accordance with the written direction of Servicer, not
later than 12:00 noon, New York City time, on the related Distribution Date, make
distributions of the following amounts (in the priority set forth below and, in each case,
after giving effect to any deposits and distributions otherwise to be made on such date) in
immediately available funds: (i) (x) the Class A Note Principal Balance on such
Distribution Date will be distributed to the Class A Noteholders and (y) an amount equal to
the sum of (A) Class A Monthly Interest Payment for such Distribution Date, (B) any Class A
Interest Shortfall for such Distribution Date and (C) the amount of Class A Default
Interest, if any, for such Distribution Date and any Class A Default Interest previously due
but not distributed to the Class A Noteholders on any prior Distribution Date, will be
distributed to the Class A Noteholders, (ii) (x) the Class B Note Principal Balance on such
Distribution Date will be distributed to the Class B Noteholders and (y) an amount equal to
the sum of (A) Class B Monthly Interest Payment for such Distribution Date, (B) any Class B
Interest Shortfall for such Distribution Date and (C) the amount of Class B Default
Interest, if any, for such Distribution Date and any Class B Default Interest previously due
but not distributed to the Class B Noteholders on any prior Distribution Date, will be
distributed to the Class B Noteholders, (iii) (x) the Class C Note Principal Balance on such
Distribution Date will be distributed to the Class C Noteholders and (y) an amount equal to
the sum of (A) Class C Monthly Interest Payment for such Distribution Date, (B) any Class C
Interest Shortfall for such Distribution Date, (C) the amount of Class C Default Interest,
if any, for such Distribution Date and any Class C Default Interest previously due but not
distributed to the Class C Noteholders on any prior Distribution Date will be distributed to
the Class C Noteholders and (iv) any excess shall be released to Issuer.

     Section 7.02. Series Termination. On the Series [200_-_] Final Maturity Date, the unpaid
principal amount of the Series [200_-_] Notes shall be due and payable, and the right of the Series
[200_-_] Noteholders to receive payments from Issuer will be limited solely to the right to receive
payments pursuant to Section 5.05 of the Indenture.

ARTICLE VIII

MISCELLANEOUS PROVISIONS

     Section 8.01. Ratification of Indenture; Amendments. As supplemented by this Indenture
Supplement, the Indenture is in all respects ratified and confirmed and the Indenture as so
supplemented by this Indenture Supplement shall be read, taken and construed as one and the same
instrument. This Indenture Supplement may be amended only by a Supplemental

37

 

Indenture entered in accordance with the terms of Section 10.01 or 10.02 of the Indenture.
For purposes of the application of Section 10.02 to any amendment of this Indenture Supplement, the
Series [200_-_] Noteholders shall be the only Noteholders whose vote shall be required.
Notwithstanding the provisions of Section 10.02 of the Indenture, Section 13.01(b) of the Pooling
and Servicing Agreement and Section 9.01(b) of the Transfer and Servicing Agreement, this Indenture
Supplement may be amended to increase the Series Servicing Fee Percentage with the consent of the
Holders of Notes representing more than 662/3% of the principal balance of each Class of the
Outstanding Series [200 - ] Notes and upon compliance with the other provisions
of such sections, as applicable, including satisfaction of the Rating Agency Condition.

     Section 8.02. Form of Delivery of the Notes. The Class A Notes, the Class B Notes and the
Class C Notes shall be Book-Entry Notes and shall be delivered as Registered Notes to [                    ] as provided in Sections 2.01, 2.03 and 2.12 of the Indenture.

     Section 8.03. Counterparts. This Indenture Supplement may be executed in two or more
counterparts, and by different parties on separate counterparts, each of which shall be an
original, but all of which shall constitute one and the same instrument.

     Section 8.04. Governing Law. THIS INDENTURE SUPPLEMENT 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 8.05. Limitation of Liability. Notwithstanding any other provision herein or
elsewhere, this Agreement has been executed and delivered by Wilmington Trust Company, not in its
individual capacity, but solely in its capacity as Owner Trustee of the Trust, in no event shall
Wilmington Trust Company, in its individual capacity, have any liability in respect of the
representations, warranties, or obligations of Issuer hereunder or under any other document, as to
all of which recourse shall be had solely to the assets of Issuer, and for all purposes of this
Agreement and each other document, 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 8.06. Rights of Indenture Trustee. Indenture Trustee shall have herein the same
rights, protections, indemnities and immunities as specified in the Master Indenture.

     Section 8.07. Additional Requirements for Registration of and Limitations on Transfer and
Exchange of Notes. All transfers will be subject to the transfer restrictions set forth on the
Notes.

[Signature page follows]

38

 

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

	 	 	 	 	 	 	 
	 	 	FIRST NATIONAL MASTER NOTE TRUST, as Issuer
	 
	 	 	 	 	 	 
	 

	 	By
	 	Wilmington Trust Company, not in its	 	 
	 

	 	 	 	individual capacity, but solely as Owner	 	 
	 

	 	 	 	Trustee	 	 
	 
	 	 	 	 	 	 
	 

	 	By	 	 	 	 
	 

	 	Name
	 	 

	 	 
	 

	 	Title
	 	 

	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	 	 	THE BANK OF NEW YORK TRUST
	 	 	COMPANY, N.A., as Indenture Trustee
	 
	 	 	 	 	 	 
	 

	 	By	 	 	 	 
	 

	 	Name
	 	 

	 	 
	 

	 	Title
	 	 

	 	 
	 

	 	 	 	 

	 	 

Acknowledged and Accepted:

FIRST NATIONAL BANK OF OMAHA,

as Servicer

	 	 	 	 	 
	By
	 	 	 	 
	Name

	 	 

	 	 
	Title

	 	 

	 	 
	 

	 	 

	 	 
	 
	 	 	 	 
	FIRST NATIONAL FUNDING LLC,	 	 
	as Transferor	 	 
	 
	 	 	 	 
	By
	 	 	 	 
	Name

	 	 

	 	 
	Title

	 	 

	 	 
	 

	 	 

	 	 

INDENTURE SUPPLEMENT SIGNATURE PAGE

 

 

EXHIBIT A-1

FORM OF

CLASS A [FLOATING RATE] [___%] ASSET BACKED NOTE, SERIES [200_-_]

     UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY,
A NEW YORK CORPORATION (“DTC”), TO ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR
PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH
OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

     THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF COVENANTS AND AGREES THAT IT WILL NOT AT ANY
TIME INSTITUTE AGAINST FIRST BANKCARD MASTER CREDIT CARD TRUST, A COMMON LAW TRUST ORGANIZED UNDER
THE LAWS OF NEBRASKA (“FBMCCT”), FIRST NATIONAL FUNDING CORPORATION, A NEBRASKA BUSINESS
CORPORATION (“FNFC”), TRANSFEROR OR ISSUER, OR SOLICIT OR JOIN OR COOPERATE WITH OR ENCOURAGE ANY
INSTITUTION IN INSTITUTING AGAINST FBMCCT, FNFC, TRANSFEROR OR ISSUER, 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, THE INDENTURE OR ANY OF THE TRANSACTION DOCUMENTS.

     THE HOLDER OF THIS CLASS A NOTE, BY ACCEPTANCE OF THIS NOTE, AND EACH HOLDER OF A BENEFICIAL
INTEREST THEREIN, AGREE TO TREAT THE CLASS A NOTES AS INDEBTEDNESS OF ISSUER FOR APPLICABLE
FEDERAL, STATE, AND LOCAL INCOME AND FRANCHISE TAX LAW AND FOR PURPOSES OF ANY OTHER TAX IMPOSED
ON, OR MEASURED BY, INCOME.

     THE HOLDER OF THIS CLASS A NOTE SHALL BE DEEMED TO REPRESENT AND WARRANT THAT EITHER (I) IT IS
NOT ACQUIRING THE NOTE WITH THE PLAN ASSETS OF AN “EMPLOYEE BENEFIT PLAN” AS DEFINED IN SECTION
3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), WHICH IS SUBJECT
TO TITLE I OF ERISA, A “PLAN” AS DEFINED IN SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS
AMENDED (THE “CODE”), AN ENTITY DEEMED TO HOLD THE PLAN ASSETS OF ANY OF THE FOREGOING BY REASON OF
INVESTMENT BY AN EMPLOYEE BENEFIT PLAN OR PLAN IN SUCH ENTITY, OR A GOVERNMENTAL PLAN SUBJECT TO
APPLICABLE LAW THAT IS SUBSTANTIALLY SIMILAR TO THE FIDUCIARY RESPONSIBILITY

 

 

PROVISIONS OF ERISA OR SECTION 4975 OF THE CODE (EACH SUCH ENTITY A “BENEFIT PLAN”); OR (II)
THE ACQUISITION AND HOLDING OF THE CLASS A NOTE WILL NOT GIVE RISE TO A NON-EXEMPT PROHIBITED
TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE (OR, IN THE CASE OF A
GOVERNMENTAL PLAN, ANY SUBSTANTIALLY SIMILAR APPLICABLE LAW).

A1-2

 

			
	 	 	 
	REGISTERED
	 	$                    *
	No. R-                    
	 	CUSIP NO.                    

FIRST NATIONAL MASTER NOTE TRUST

CLASS A [FLOATING RATE] [___%] ASSET BACKED NOTE, SERIES [200_-_]

     First National Master Note Trust (herein referred to as “Issuer”), a Delaware statutory trust
governed by a Trust Agreement dated as of October 16, 2002, for value received, hereby promises to
pay to Cede & Co., or registered assigns, subject to the following provisions, the principal sum of                      DOLLARS, or such greater or lesser amount as determined
in accordance with the Indenture, on the [                    ] Distribution Date,
except as otherwise provided below or in the Indenture. Issuer will pay interest on the unpaid
principal amount of this Note at the Class A Note Interest Rate on each Distribution Date until the
principal amount of this Note is paid in full. Interest on this Note will accrue for each
Distribution Date from and including the most recent Distribution Date on which interest has been
paid to but excluding such Distribution Date or, for the initial Distribution Date, from and
including the Closing Date to but excluding such Distribution Date. Interest will be computed on
the basis of a 360-day year [of twelve 30-day months] [and the actual number of days elapsed.]
Principal of this Note shall be paid in the manner specified in the Indenture Supplement referred
to on the reverse hereof.

     The principal of and interest on this Note are payable in such coin or currency of the United
States of America as at the time of payment is legal tender for payment of public and private
debts.

     Reference is made to the further provisions of this Note set forth on the reverse hereof,
which shall have the same effect as though fully set forth on the face of this Note.

     Unless the certificate of authentication hereon has been executed by or on behalf of Indenture
Trustee, by manual signature, this Note shall not be entitled to any benefit under the Indenture or
the Indenture Supplement referred to on the reverse hereof, or be valid for any purpose.

     This Note has been executed by Wilmington Trust Company, not in its individual capacity, but
solely in its capacity as Owner Trustee of the Issuer, in no event shall Wilmington Trust Company,
in its individual capacity, have any liability in respect of the obligations of Issuer hereunder or
under any other document, as to all of which recourse shall be had solely to the assets of Issuer,
and for all purposes of this Note and each other document, 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.

 

			
	*	 	Denominations of $1,000 and integral multiples of $1,000 in excess thereof.

A1-3

 

     IN WITNESS WHEREOF, Issuer has caused this Class A Note to be duly executed.

	 	 	 	 	 	 	 
	 	 	FIRST NATIONAL MASTER NOTE TRUST, as Issuer
	 
	 	 	 	 	 	 
	 

	 	By
	 	Wilmington Trust Company, not in its	 	 
	 

	 	 	 	individual capacity but solely as Owner	 	 
	 

	 	 	 	Trustee under the Trust Agreement	 	 
	 
	 	 	 	 	 	 
	 

	 	By	 	 	 	 
	 

	 	Name
	 	 

	 	 
	 

	 	Title
	 	 

	 	 
	 

	 	 	 	 

	 	 

     Dated:                     , 200[___]

A1-4

 

INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION

This is one of the Class A Notes described in the within-mentioned Indenture.

	 	 	 	 	 	 	 
	 	 	THE BANK OF NEW YORK TRUST
	 	 	COMPANY, N.A., as Indenture Trustee
	 
	 	 	 	 	 	 
	 

	 	By	 	 	 	 
	 

	 	 	 	 

Authorized Signatory
	 	 
	 

	 	Dated	 	 	 	 
	 

	 	 	 	 

	 	 

A1-5

 

FIRST NATIONAL MASTER NOTE TRUST

CLASS A [FLOATING RATE] [                    %] ASSET BACKED NOTE, SERIES [200_-_]

SUMMARY OF TERMS AND CONDITIONS

     This Class A Note is one of a duly authorized issue of Notes of Issuer, designated as First
National Master Note Trust, Series [200_-_] (the “Series [200_-_] Notes”), issued under a Master
Indenture dated as of October 24, 2002 (the “Master Indenture”), between Issuer and The Bank of New
York Trust Company, N.A., as indenture trustee (the “Indenture Trustee”), as supplemented by the
Indenture Supplement dated as of [                    ], 200[___] (the “Indenture
Supplement”), and representing the right to receive certain payments from Issuer. The term
“Indenture,” unless the context otherwise requires, refers to the Master Indenture as supplemented
by the Indenture Supplement. The Notes are subject to all of the terms of the Indenture. All
terms used in this Note that are defined in the Indenture shall have the meanings assigned to them
in or pursuant to the Indenture. In the event of any conflict or inconsistency between the
Indenture and this Note, the Indenture shall control.

     The Class B Notes and the Class C Notes will also be issued under the Indenture.

     The Noteholder, by its acceptance of this Note, agrees that it will look solely to the
property of Issuer allocated to the payment of this Note for payment hereunder and that neither
Owner Trustee nor Indenture Trustee is liable to the Noteholders for any amount payable under the
Notes or the Indenture or, except in the case of Indenture Trustee as expressly provided in the
Indenture, subject to any liability under the Indenture.

     This Note does not purport to summarize the Indenture and reference is made to the Indenture
for the interests, rights and limitations of rights, benefits, obligations and duties evidenced
thereby, and the rights, duties and immunities of Indenture Trustee.

     THIS CLASS A NOTE DOES NOT REPRESENT AN OBLIGATION OF, OR AN INTEREST IN, ISSUER, FIRST
NATIONAL BANK OF OMAHA, FIRST NATIONAL FUNDING CORPORATION, FIRST NATIONAL FUNDING LLC, OR ANY OF
THEIR AFFILIATES, AND IS NOT INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR
ANY OTHER GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

     Issuer, Transferor, Indenture Trustee and any agent of Issuer, Transferor or Indenture Trustee
shall treat the person in whose name this Class A Note is registered as the owner hereof for all
purposes, and neither Issuer, Transferor, Indenture Trustee nor any agent of Issuer, Transferor or
Indenture Trustee shall be affected by notice to the contrary.

     THIS CLASS A NOTE 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.

A1-6

 

ASSIGNMENT

     Social Security or other identifying number of assignee                     

     FOR
VALUE RECEIVED, the undersigned hereby sells, assigns and transfers
unto _______ (name and address of assignee) the within certificate and all rights
thereunder, and hereby irrevocably constitutes and appoints
_______ attorney, to transfer said certificate on the books kept for registration thereof, with full power
of substitution in the premises.

	 	 	 	 	 	 	 	 	 
	Dated:

	 	 	 	 	 	 	 	**
	 

	 	 

	 	 	 	 

Signature Guaranteed:
	 	 

 

			
	**	 	The signature to this assignment
must correspond with the name of the registered owner as it appears on the face
of the within Note in every particular, without alteration, enlargement or any
change whatsoever.

A1-7

 

EXHIBIT A-2

FORM OF

CLASS B [FLOATING RATE] [___%] ASSET BACKED NOTE, SERIES [200_-_]

     UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY,
A NEW YORK CORPORATION (“DTC”), TO ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR
PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH
OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

     THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF COVENANTS AND AGREES THAT IT WILL NOT AT ANY
TIME INSTITUTE AGAINST FIRST BANKCARD MASTER CREDIT CARD TRUST, A COMMON LAW TRUST ORGANIZED UNDER
THE LAWS OF NEBRASKA (“FBMCCT”), FIRST NATIONAL FUNDING CORPORATION, A NEBRASKA BUSINESS
CORPORATION (“FNFC”), TRANSFEROR OR ISSUER, OR SOLICIT OR JOIN OR COOPERATE WITH OR ENCOURAGE ANY
INSTITUTION IN INSTITUTING AGAINST FBMCCT, FNFC, TRANSFEROR OR ISSUER, 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, THE INDENTURE OR ANY OF THE TRANSACTION DOCUMENTS.

     THE HOLDER OF THIS CLASS B NOTE, BY ACCEPTANCE OF THIS NOTE, AND EACH HOLDER OF A BENEFICIAL
INTEREST THEREIN, AGREE TO TREAT THE CLASS B NOTES AS INDEBTEDNESS OF ISSUER FOR APPLICABLE
FEDERAL, STATE, AND LOCAL INCOME AND FRANCHISE TAX LAW AND FOR PURPOSES OF ANY OTHER TAX IMPOSED
ON, OR MEASURED BY, INCOME.

     THE HOLDER OF THIS CLASS B NOTE SHALL BE DEEMED TO REPRESENT AND WARRANT THAT EITHER (I) IT IS
NOT ACQUIRING THE NOTE WITH THE PLAN ASSETS OF AN “EMPLOYEE BENEFIT PLAN” AS DEFINED IN SECTION
3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), WHICH IS SUBJECT
TO TITLE I OF ERISA, A “PLAN” AS DEFINED IN SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS
AMENDED (THE “CODE”), AN ENTITY DEEMED TO HOLD THE PLAN ASSETS OF ANY OF THE FOREGOING BY REASON OF
INVESTMENT BY AN EMPLOYEE BENEFIT PLAN OR PLAN IN SUCH ENTITY, OR A GOVERNMENTAL PLAN SUBJECT TO
APPLICABLE LAW THAT IS SUBSTANTIALLY SIMILAR TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF ERISA OR
SECTION 4975 OF THE CODE (EACH SUCH ENTITY A

 

 

“BENEFIT PLAN”); OR (II) THE ACQUISITION AND HOLDING OF THE CLASS B NOTE WILL NOT GIVE RISE TO
A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE (OR, IN
THE CASE OF A GOVERNMENTAL PLAN, ANY SUBSTANTIALLY SIMILAR APPLICABLE LAW).

A2-2

 

			
	 	 	 
	REGISTERED
	 	$                    *
	No. R- ___
	 	CUSIP NO. ___

FIRST NATIONAL MASTER NOTE TRUST

CLASS B [FLOATING RATE] [___%] ASSET BACKED NOTE, SERIES [200_-_]

     First National Master Note Trust (herein referred to as “Issuer”), a Delaware statutory trust
governed by a Trust Agreement dated as of October 16, 2002, for value received, hereby promises to
pay to Cede & Co., or registered assigns, subject to the following provisions, the principal sum of
                                         DOLLARS, or such greater or lesser amount as determined in accordance with the Indenture, on the [                    ] Distribution Date, except as
otherwise provided below or in the Indenture. Issuer will pay interest on the unpaid principal
amount of this Note at the Class B Note Interest Rate on each Distribution Date until the principal
amount of this Note is paid in full. Interest on this Note will accrue for each Distribution Date
from and including the most recent Distribution Date on which interest has been paid to but
excluding such Distribution Date or, for the initial Distribution Date, from and including the
Closing Date to but excluding such Distribution Date. Interest will be computed on the basis of a
360-day year [of twelve 30-day months.] [and the actual number of days elapsed.] Principal of this
Note shall be paid in the manner specified in the Indenture Supplement referred to on the reverse
hereof.

     The principal of and interest on this Note are payable in such coin or currency of the United
States of America as at the time of payment is legal tender for payment of public and private
debts.

     Reference is made to the further provisions of this Note set forth on the reverse hereof,
which shall have the same effect as though fully set forth on the face of this Note.

     Unless the certificate of authentication hereon has been executed by or on behalf of Indenture
Trustee, by manual signature, this Note shall not be entitled to any benefit under the Indenture or
the Indenture Supplement referred to on the reverse hereof, or be valid for any purpose.

     This Note has been executed by Wilmington Trust Company, not in its individual capacity, but
solely in its capacity as Owner Trustee of the Issuer, in no event shall Wilmington Trust Company,
in its individual capacity, have any liability in respect of the obligations of Issuer hereunder or
under any other document, as to all of which recourse shall be had solely to the assets of Issuer,
and for all purposes of this Note and each other document, 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.

     THIS CLASS B NOTE IS SUBORDINATED TO THE EXTENT NECESSARY TO FUND PAYMENTS ON THE CLASS A
NOTES TO THE EXTENT SPECIFIED IN THE INDENTURE SUPPLEMENT.

 

			
	*	 	Denominations of $1,000 and integral multiples of $1,000 in excess thereof.

A2-3

 

     IN WITNESS WHEREOF, Issuer has caused this Class B Note to be duly executed.

	 	 	 	 	 	 	 
	 	 	FIRST NATIONAL MASTER NOTE TRUST, as Issuer	 	 
	 
	 	 	 	 	 	 
	 

	 	By
	 	Wilmington Trust Company, not in its

individual capacity but solely as Owner

Trustee under the Trust Agreement	 	 
	 
	 	 	 	 	 	 
	 

	 	By	 	 	 	 
	 

	 	Name
	 	 

	 	 
	 

	 	Title
	 	 

	 	 
	 

	 	 	 	 

	 	 

Dated:                     , 200[___]

A2-4

 

INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION

     This is one of the Class B Notes described in the within-mentioned Indenture.

	 	 	 	 	 	 	 
	 	 	THE BANK OF NEW YORK TRUST
COMPANY, N.A., as
Indenture Trustee	 	 
	 
	 	 	 	 	 	 
	 

	 	By	 	 	 	 
	 

	 	 	 	 

Authorized Signatory
	 	 
	 

	 	Dated	 	 	 	 
	 

	 	 	 	 

	 	 

A2-5

 

FIRST NATIONAL MASTER NOTE TRUST

CLASS B [FLOATING RATE] [___%] ASSET BACKED NOTE, SERIES [200_-_]

SUMMARY OF TERMS AND CONDITIONS

     This Class B Note is one of a duly authorized issue of Notes of Issuer, designated as First
National Master Note Trust, Series [200_-_] (the “Series [200_-_] Notes”), issued under a Master
Indenture dated as of October 24, 2002 (the “Master Indenture”), between Issuer and The Bank of New
York Trust Company, N.A., as indenture trustee (the “Indenture Trustee”), as supplemented by the
Indenture Supplement dated as of [                    ], 200[___] (the “Indenture Supplement”), and representing the right to receive certain payments from Issuer. The term
“Indenture,” unless the context otherwise requires, refers to the Master Indenture as supplemented
by the Indenture Supplement. The Notes are subject to all of the terms of the Indenture. All
terms used in this Note that are defined in the Indenture shall have the meanings assigned to them
in or pursuant to the Indenture. In the event of any conflict or inconsistency between the
Indenture and this Note, the Indenture shall control.

     The Class A Notes and the Class C Notes will also be issued under the Indenture.

     The Noteholder, by its acceptance of this Note, agrees that it will look solely to the
property of Issuer allocated to the payment of this Note for payment hereunder and that neither
Owner Trustee nor Indenture Trustee is liable to the Noteholders for any amount payable under the
Notes or the Indenture or, except in the case of Indenture Trustee as expressly provided in the
Indenture, subject to any liability under the Indenture.

     This Note does not purport to summarize the Indenture and reference is made to the Indenture
for the interests, rights and limitations of rights, benefits, obligations and duties evidenced
thereby, and the rights, duties and immunities of Indenture Trustee.

     THIS CLASS B NOTE DOES NOT REPRESENT AN OBLIGATION OF, OR AN INTEREST IN, ISSUER, FIRST
NATIONAL BANK OF OMAHA, FIRST NATIONAL FUNDING CORPORATION, FIRST NATIONAL FUNDING LLC, OR ANY OF
THEIR AFFILIATES, AND IS NOT INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR
ANY OTHER GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

     Issuer, Transferor, Indenture Trustee and any agent of Issuer, Transferor or Indenture Trustee
shall treat the person in whose name this Class B Note is registered as the owner hereof for all
purposes, and neither Issuer, Transferor, Indenture Trustee nor any agent of Issuer, Transferor or
Indenture Trustee shall be affected by notice to the contrary.

     THIS CLASS B NOTE 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.

A2-6

 

ASSIGNMENT

     Social Security or other identifying number of assignee                     

     FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto                      (name and address of assignee) the within certificate and all rights
thereunder, and hereby irrevocably constitutes and appoints                      attorney, to transfer said certificate on the books kept for registration thereof, with full power
of substitution in the premises.

	 	 	 	 	 	 	 	 	 
	Dated:

	 	 	 	 	 	**	 	 
	 

	 	 

	 	 
	 	 

Signature Guaranteed:
	 	 

 

			
	**	 	The signature to this assignment must correspond with the name of the registered owner as it appears on the face
of the within Note in every particular, without alteration, enlargement or any
change whatsoever.

A2-7

 

EXHIBIT A-3

FORM OF

CLASS C [FLOATING RATE] [___%] ASSET BACKED NOTE, SERIES [200_-_]

     UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY,
A NEW YORK CORPORATION (“DTC”), TO ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR
PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH
OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

     THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF COVENANTS AND AGREES THAT IT WILL NOT AT ANY
TIME INSTITUTE AGAINST FIRST BANKCARD MASTER CREDIT CARD TRUST, A COMMON LAW TRUST ORGANIZED UNDER
THE LAWS OF NEBRASKA (“FBMCCT”), FIRST NATIONAL FUNDING CORPORATION, A NEBRASKA BUSINESS
CORPORATION (“FNFC”), TRANSFEROR OR ISSUER, OR SOLICIT OR JOIN OR COOPERATE WITH OR ENCOURAGE ANY
INSTITUTION IN INSTITUTING AGAINST FBMCCT, FNFC, TRANSFEROR OR ISSUER, 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, THE INDENTURE OR ANY OF THE TRANSACTION DOCUMENTS.

     THE HOLDER OF THIS CLASS C NOTE, BY ACCEPTANCE OF THIS NOTE, AND EACH HOLDER OF A BENEFICIAL
INTEREST THEREIN, AGREE TO TREAT THE CLASS C NOTES AS INDEBTEDNESS OF ISSUER FOR APPLICABLE
FEDERAL, STATE, AND LOCAL INCOME AND FRANCHISE TAX LAW AND FOR PURPOSES OF ANY OTHER TAX IMPOSED
ON, OR MEASURED BY, INCOME.

     THE HOLDER OF THIS CLASS C NOTE SHALL BE DEEMED TO REPRESENT AND WARRANT THAT EITHER (I) IT IS
NOT ACQUIRING THE NOTE WITH THE PLAN ASSETS OF AN “EMPLOYEE BENEFIT PLAN” AS DEFINED IN SECTION
3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), WHICH IS SUBJECT
TO TITLE I OF ERISA, A “PLAN” AS DEFINED IN SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS
AMENDED (THE “CODE”), AN ENTITY DEEMED TO HOLD THE PLAN ASSETS OF ANY OF THE FOREGOING BY REASON OF
INVESTMENT BY AN EMPLOYEE BENEFIT PLAN OR PLAN IN SUCH ENTITY, OR A GOVERNMENTAL PLAN SUBJECT TO
APPLICABLE LAW THAT IS SUBSTANTIALLY SIMILAR TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF ERISA OR
SECTION 4975 OF THE CODE (EACH SUCH ENTITY A

 

 

“BENEFIT PLAN”); OR (II) THE ACQUISITION AND HOLDING OF THE CLASS C NOTE WILL NOT GIVE RISE TO
A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE (OR, IN
THE CASE OF A GOVERNMENTAL PLAN, ANY SUBSTANTIALLY SIMILAR APPLICABLE LAW).

A3-2

 

			
	 	 	 
	REGISTERED 

No. R- ___
	 	$                    *

CUSIP NO. ___

FIRST NATIONAL MASTER NOTE TRUST

CLASS C [FLOATING RATE] [___%] ASSET BACKED NOTE, SERIES [200_-_]

     First National Master Note Trust (herein referred to as “Issuer”), a Delaware statutory trust
governed by a Trust Agreement dated as of October 16, 2002, for value received, hereby promises to
pay to Cede & Co., or registered assigns, subject to the following provisions, the principal sum of
                                         DOLLARS, or such greater or lesser amount as determined in accordance with the Indenture, on the [                    ] Distribution Date, except as
otherwise provided below or in the Indenture. Issuer will pay interest on the unpaid principal
amount of this Note at the Class C Note Interest Rate on each Distribution Date until the principal
amount of this Note is paid in full. Interest on this Note will accrue for each Distribution Date
from and including the most recent Distribution Date on which interest has been paid to but
excluding such Distribution Date or, for the initial Distribution Date, from and including the
Closing Date to but excluding such Distribution Date. Interest will be computed on the basis of a
360-day year [of twelve 30-day months] [and the actual number of days elapsed.] Principal of this
Note shall be paid in the manner specified in the Indenture Supplement referred to on the reverse
hereof.

     The principal of and interest on this Note are payable in such coin or currency of the United
States of America as at the time of payment is legal tender for payment of public and private
debts.

     Reference is made to the further provisions of this Note set forth on the reverse hereof,
which shall have the same effect as though fully set forth on the face of this Note.

     Unless the certificate of authentication hereon has been executed by or on behalf of Indenture
Trustee, by manual signature, this Note shall not be entitled to any benefit under the Indenture or
the Indenture Supplement referred to on the reverse hereof, or be valid for any purpose.

     This Note has been executed by Wilmington Trust Company, not in its individual capacity, but
solely in its capacity as Owner Trustee of the Issuer, in no event shall Wilmington Trust Company,
in its individual capacity, have any liability in respect of the obligations of Issuer hereunder or
under any other document, as to all of which recourse shall be had solely to the assets of Issuer,
and for all purposes of this Note and each other document, 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.

     THIS CLASS C NOTE IS SUBORDINATED TO THE EXTENT NECESSARY TO FUND PAYMENTS ON THE CLASS A
NOTES AND THE CLASS B NOTES TO THE EXTENT SPECIFIED IN THE INDENTURE SUPPLEMENT.

 

			
	*	 	Denominations of $1,000 and integral multiples of $1,000 in excess thereof.

A3-3

 

     IN WITNESS WHEREOF, Issuer has caused this Class C Note to be duly executed.

	 	 	 	 	 	 	 
	 	 	FIRST NATIONAL MASTER NOTE TRUST, as Issuer	 	 
	 
	 	 	 	 	 	 
	 

	 	By
	 	Wilmington Trust Company, not in its

individual capacity but solely as Owner

Trustee under the Trust Agreement	 	 
	 
	 	 	 	 	 	 
	 

	 	By	 	 	 	 
	 

	 	Name
	 	 

	 	 
	 

	 	Title
	 	 

	 	 
	 

	 	 	 	 

	 	 

Dated:                     , 200[__]

A3-4

 

INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION

     This is one of the Class C Notes described in the within-mentioned Indenture.

	 	 	 	 	 	 	 
	 	 	THE BANK OF NEW YORK TRUST COMPANY, N.A., as
Indenture Trustee	 	 
	 
	 	 	 	 	 	 
	 

	 	By	 	 	 	 
	 

	 	 	 	 

Authorized Signatory
	 	 
	 

	 	Dated	 	 	 	 
	 

	 	 	 	 	 	 

A3-5

 

FIRST NATIONAL MASTER NOTE TRUST

CLASS C [FLOATING RATE] [___%] ASSET BACKED NOTE, SERIES [200_-_]

SUMMARY OF TERMS AND CONDITIONS

     This Class C Note is one of a duly authorized issue of Notes of Issuer, designated as First
National Master Note Trust, Series [200_-_] (the “Series [200_-_] Notes”), issued under a Master
Indenture dated as of October 24, 2002 (the “Master Indenture”), between Issuer and The Bank of New
York Trust Company, N.A., as indenture trustee (the “Indenture Trustee”), as supplemented by the
Indenture Supplement dated as of [                    ], 200[_] (the “Indenture
Supplement”), and representing the right to receive certain payments from Issuer. The term
“Indenture,” unless the context otherwise requires, refers to the Master Indenture as supplemented
by the Indenture Supplement. The Notes are subject to all of the terms of the Indenture. All
terms used in this Note that are defined in the Indenture shall have the meanings assigned to them
in or pursuant to the Indenture. In the event of any conflict or inconsistency between the
Indenture and this Note, the Indenture shall control.

     The Class A Notes and the Class B Notes will also be issued under the Indenture.

     The Noteholder, by its acceptance of this Note, agrees that it will look solely to the
property of Issuer allocated to the payment of this Note for payment hereunder and that neither
Owner Trustee nor Indenture Trustee is liable to the Noteholders for any amount payable under the
Notes or the Indenture or, except in the case of Indenture Trustee as expressly provided in the
Indenture, subject to any liability under the Indenture.

     This Note does not purport to summarize the Indenture and reference is made to the Indenture
for the interests, rights and limitations of rights, benefits, obligations and duties evidenced
thereby, and the rights, duties and immunities of Indenture Trustee.

     THIS CLASS C NOTE DOES NOT REPRESENT AN OBLIGATION OF, OR AN INTEREST IN, ISSUER, FIRST
NATIONAL BANK OF OMAHA, FIRST NATIONAL FUNDING CORPORATION, FIRST NATIONAL FUNDING LLC, OR ANY OF
THEIR AFFILIATES, AND IS NOT INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR
ANY OTHER GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

     Issuer, Transferor, Indenture Trustee and any agent of Issuer, Transferor or Indenture Trustee
shall treat the person in whose name this Class C Note is registered as the owner hereof for all
purposes, and neither Issuer, Transferor, Indenture Trustee nor any agent of Issuer, Transferor or
Indenture Trustee shall be affected by notice to the contrary.

     THIS CLASS C NOTE 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.

A3-6

 

ASSIGNMENT

     Social Security or other identifying number of assignee                     

     FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto                      (name and address of assignee) the within certificate and all rights
thereunder, and hereby irrevocably constitutes and appoints                      attorney, to transfer said certificate on the books kept for registration thereof, with full power
of substitution in the premises.

	 	 	 	 	 	 	 	 	 
	Dated:

	 	 	 	 	 	**	 	 
	 

	 	 

	 	 
	 	 

Signature Guaranteed:
	 	 

 

			
	**	 	The signature to this assignment must correspond with the name of the registered owner as it appears on the face
of the within Note in every particular, without alteration, enlargement or any change whatsoever.

A3-7

 

EXHIBIT B

FORM OF MONTHLY PAYMENT INSTRUCTIONS AND

NOTIFICATION TO INDENTURE TRUSTEE

FIRST NATIONAL MASTER NOTE TRUST

SERIES [200_-_]

     The undersigned, a duly authorized representative of First National Bank of Omaha (“FNBO”), as
Servicer pursuant to the Transfer and Servicing Agreement, dated as of October 24, 2002 (the
“Transfer and Servicing Agreement”) between FNBO, as Servicer, First National Funding LLC, as
transferor (“Transferor”) and First National Master Note Trust, as issuer (“Issuer”), does hereby
certify as follows:

     A. Capitalized terms used in this Certificate have their respective meanings set forth
in the Master Indenture dated as of October 24, 2002 (the “Indenture”) between Issuer and
The Bank of New York Trust Company, N.A., as indenture trustee (“Indenture Trustee”) as
supplemented by the Series [200__ - __] Indenture
Supplement dated as of [ ___ ], 200 [ ___ ] between Issuer and Indenture Trustee (as amended and supplemented,
the “Indenture Supplement”).

     B. FNBO is Servicer.

     C. The undersigned is an Authorized Officer of Servicer.

I. INSTRUCTION TO MAKE [DEPOSITS AND] WITHDRAWALS ON THE TRANSFER DATE ON                     , 20___.

     [From the aggregate Collections wired to the Indenture Trustee with respect to the Related
Monthly Period on the Transfer Date, the Indenture Trustee shall make deposits to the Series
Accounts for Series [200_-_] as follows:

	 	 	 	 	 
	To the Finance Charge Account
	 	$	                    	 
	To the Principal Account
	 	$	                    	 

[TO BE USED IF SERVICER IS PERMITTED TO MAKE MONTHLY DEPOSITS PURSUANT TO THE POOLING AND
SERVICING AGREEMENT OR THE TRANSFER AND SERVICING AGREEMENT, AS APPLICABLE.]

     Pursuant to Section 4.09, Servicer does hereby instruct Indenture Trustee to transfer from the
Principal Accumulation Account to the Finance Charge Account, the Principal Accumulation Investment
Earnings on deposit in the Principal Accumulation Account, if any, [and the Investment Earnings on
deposit in the Pre-Funding Account] for application as Available Finance Charge Collections in the
following amount[s] and to deposit Investment Earnings, if any, on the funds on deposit in the
Principal Account, the Finance Charge Account and the Distribution Account to an account designated
by Servicer all on the Transfer Date specified above:

 

 

	 	 	 	 	 
	Investment Earnings from Principal
Accumulation Account to the Finance
Charge Account
	 	$	                    	 
	 
	 	 	 	 
	[Investment Earnings from Pre-Funding
Account to the Finance Charge Account]
	 	$	                    	 
	 
	 	 	 	 
	Investment Earnings on Principal Account,
Finance Charge Account and Distribution
Account to the order of Servicer
	 	$	                    	 

     Pursuant to Section 4.10, Servicer does hereby instruct Indenture Trustee to withdraw funds
from the Reserve Account, and deposit such funds, all in accordance with Section 4.10, in the
following amounts and on the Transfer Date specified above:

	 	 	 	 	 	 	 
	A.	 	Investment Earnings (to the extent not
required for Required Reserve Account
Amount) for deposit on the Transfer
Date to Finance Charge Account
pursuant to Section 4.10(b)
	 	$	                    	 
	 	 	 
	 	 	 	 
	B.	 	On each Transfer Date with respect to
the Accumulation Period or the Rapid
Amortization Period, the Reserve Draw
Amount (reduced by amounts otherwise
available under Section 4.04(a)(vii)
for deposit to the Reserve Account on
such Transfer Date) for deposit into
the Finance Charge Account pursuant
to Section 4.10(d)
	 	$	                    	 
	 	 	 
	 	 	 	 
	C.	 	Reserve Account Surplus, after giving
effect to all deposits to and withdrawals
from the Reserve Account with respect
to the Transfer Date, for deposit to the
Spread Account to the extent required
to meet Required Spread Account
Amount, pursuant to Section 4.10(e)
	 	$	                    	 
	 	 	 
	 	 	 	 
	D.	 	Remaining Reserve Account Surplus,
if any, for distribution to the Holder
of the Transferor Interest, pursuant
to Section 4.10(e)
	 	$	                    	 

B-2 

 

	 	 	 	 	 	 	 
	E.	 	On (i) Transfer Date preceding
Expected Principal Payment Date,
(ii) first Transfer Date relating to
Rapid Amortization Period or
(iii) termination of the Trust
pursuant to Article VII of the Trust
Agreement, after all payments set
forth above, all remaining funds,
for deposit to the Spread Account
to the extent required to meet
Required Spread Account Amount,
pursuant to Section 4.10(f)
	 	$	                    	 
	 	 	 
	 	 	 	 
	F.	 	After application pursuant to (E)
above, all remaining funds for
distribution to the Holder of the
Transferor Interest, pursuant to
Section 4.10(f)
	 	$	                    	 

     Pursuant to Section 4.11, Servicer does hereby instruct Indenture Trustee to withdraw funds
from the Spread Account, and deposit such funds, all in accordance with Section 4.11, in the
following amounts and on the Transfer Date specified above:

	 	 	 	 	 	 	 
	A.	 	On the earlier of the Series [200_-_] Final Maturity Date and
the day after acceleration of the Notes following an Event of
Default, for deposit of the Available Spread Account Amount
to the Distribution Account to pay principal, pursuant to
Section 4.11(e)
	 	$	                    	 
	 	 	 
	 	 	 	 
	B.	 	On any Transfer Date, for deposit to the Distribution
Account, pursuant to Section 4.11(c), to the extent required
for the deposit to be made pursuant to subsection 4.04(a)(iv)
(reduced by Available Finance Charge Collections used for
such deposit and using Investment Earnings on the Spread
Account, if needed)
	 	$	                    	 

B-3 

 

	 	 	 	 	 	 	 
	C.	 	When the Principal Balance of the Class A Notes and the Class
B Notes has been paid in full, for deposit to the
Distribution Account, pursuant to Section 4.11(d), to the
extent required to reduce Class C Note Principal Balance to
zero, and using Investment Earnings on Spread Account, if
needed
	 	$	                    	 
	 	 	 
	 	 	 	 
	D.	 	On any Transfer Date, Investment Earning on the Spread
Account, after application above, to the extent not required
to maintain Required Spread Account Amount pursuant to
subsection 4.11(f), for distribution to the Holder of the
Transferor Interest, pursuant to subsection 4.11(b)
	 	$	                    	 
	 	 	 
	 	 	 	 
	E.	 	On any Transfer Date, after application above, excess over
Required Spread Account Amount for deposit to the Finance
Charge Account for application as Available Finance Charge
Collections pursuant to subsection 4.11(g)
	 	$	                    	 

     [INSERT INFORMATION FOR PRE-FUNDING ACCOUNT IF USED]

     Pursuant to Section 4.04, Servicer does hereby instruct Indenture Trustee (i) to make
withdrawals from the Finance Charge Account on the Transfer Date specified above, in an aggregate
amount equal to the Available Finance Charge Collections, as set forth below and (ii) to apply the
proceeds of such withdrawals in accordance with subsection 4.04(a):

	 	 	 	 	 	 	 
	A.	 	Pursuant to subsection 4.04(a)(i), for
deposit to the Distribution Account:
	 	 	 	 
	 	 	 
	 	 	 	 
	 	 	Class A Monthly Interest Payment for the related Interest
Period
	 	$	                    	 
	 	 	 
	 	 	 	 
	 	 	Class A Interest Shortfall due to Class A Noteholders
	 	$	                    	 
	 	 	 
	 	 	 	 
	 	 	Class A Default Interest for the related Distribution Date
	 	$	                    	 
	 	 	 
	 	 	 	 
	 	 	Class A Default Interest previously due but not distributed
to Class A Noteholders
	 	$	                    	 

B-4 

 

	 	 	 	 	 	 	 
	B.	 	Pursuant to subsection 4.04(a)(ii), for deposit to the
Distribution Account:
	 	 	 	 
	 	 	 
	 	 	 	 
	 	 	Class B Monthly Interest Payment for the related Interest
Period
	 	$	                    	 
	 	 	 
	 	 	 	 
	 	 	Class B Interest Shortfall due to Class B Noteholders
	 	$	                    	 
	 	 	 
	 	 	 	 
	 	 	Class B Default Interest for the related Distribution Date
	 	$	                    	 
	 	 	 
	 	 	 	 
	 	 	Class B Default Interest previously due but
not distributed to Class B Noteholders
	 	$	                    	 
	 	 	 
	 	 	 	 
	C.	 	Pursuant to subsection 4.04(a)(iii), for distribution to the
Servicer:
	 	 	 	 
	 	 	 
	 	 	 	 
	 	 	Noteholder Servicing Fee for the related Distribution Date,
plus the amount of any Noteholder Servicing Fee previously
due but not distributed to Servicer on a prior Distribution
Date
	 	$	                    	 
	 	 	 
	 	 	 	 
	D.	 	Pursuant to subsection 4.04(a)(iv), for
deposit into the Distribution Account:
	 	 	 	 
	 	 	 
	 	 	 	 
	 	 	Class C Monthly Interest Payment for the preceding Interest
Period
	 	$	                    	 
	 	 	 
	 	 	 	 
	 	 	Class C Interest Shortfall due to
Class C Noteholders
	 	$	                    	 
	 	 	 
	 	 	 	 
	 	 	Class C Default Interest for the related
Distribution Date
	 	$	                    	 
	 	 	 
	 	 	 	 
	 	 	Class C Default Interest previously due but
not distributed to Class C Noteholders
	 	$	                    	 
	 	 	 
	 	 	 	 
	E.	 	Pursuant to subsection 4.04(a)(v), for
deposit to the Principal Account:
	 	 	 	 
	 	 	 
	 	 	 	 
	 	 	Investor Default Amount to be treated as Available Principal
Collections
	 	$	                    	 

B-5 

 

	 	 	 	 	 	 	 
	 	 	Uncovered Dilution Amount for the related Distribution Date
to be treated as Available Principal Collections
	 	$	                    	 
	 	 	 
	 	 	 	 
	F.	 	Pursuant to subsection 4.04(a)(vi), for
deposit to the Principal Account:
	 	 	 	 
	 	 	 
	 	 	 	 
	 	 	Investor Charge Offs and the amount of Reallocated Principal
Collections not previously reimbursed to be treated as
Available Principal Collections
	 	$	                    	 
	 	 	 
	 	 	 	 
	G.	 	Pursuant to subsection 4.04(a)(vii):
	 	 	 	 
	 	 	 
	 	 	 	 
	 	 	Amount to be deposited into the Reserve Account (on and after
Reserve Account Funding Date)
	 	$	                    	 
	 	 	 
	 	 	 	 
	H.	 	Pursuant to subsection 4.04(a)(viii):
	 	 	 	 
	 	 	 
	 	 	 	 
	 	 	Amounts to be deposited into the Spread Account
	 	$	                    	 
	 	 	 
	 	 	 	 
	I.	 	Pursuant to subsection 4.04(a)(ix):
	 	 	 	 
	 	 	 
	 	 	 	 
	 	 	The balance will constitute Excess Finance Charge Collections
for the related Distribution Date (See III below)
	 	$	                    	 

     Pursuant to Section 4.04(b) and (c), Servicer does hereby instruct Indenture Trustee (i) to
make withdrawals from the Principal Account on the Transfer Date specified above, in an aggregate
amount equal to Available Principal Collections, as set forth below, and (ii) to apply the proceeds
of such withdrawals in accordance with Section 4.04(b) and (c):

	 	 	 	 	 	 	 
	A.	 	Pursuant to subsection 4.04(b):
	 	 	 	 
	 	 	 
	 	 	 	 
	 	 	During the Revolving Period, an amount equal to the Available
Principal Collections (including amounts withdrawn from the
Finance Charge Account pursuant to subsections 4.04(a)(v) and
(vi) and excluding Reallocated Principal Collections) to be
treated as Excess Principal Collections
and applied in accordance with Section 4.08 (See III below)
	 	$	                    	 

B-6 

 

	 	 	 	 	 	 	 
	B.	 	Pursuant to subsection 4.04(c)(i):
	 	 	 	 
	 	 	 
	 	 	 	 
	 	 	On each Transfer Date with respect to the Accumulation
Period, Monthly Principal for such Transfer Date to be
deposited into the Principal Accumulation Account
	 	$	                    	 
	 	 	 
	 	 	 	 
	C.	 	Pursuant to subsection 4.04(c)(ii):
	 	 	 	 
	 	 	 
	 	 	 	 
	 	 	On each Transfer Date with respect to the Rapid Amortization
Period, Monthly Principal for such Transfer Date to be
deposited to the Distribution Account for payment to the
Class A Noteholders on the related Distribution Date until an
aggregate amount equal to the Class A Note Principal Balance
has been so deposited
	 	$	                    	 
	 	 	 
	 	 	 	 
	D.	 	Pursuant to subsection 4.04(c)(iii):
	 	 	 	 
	 	 	 
	 	 	 	 
	 	 	On each Transfer Date with respect to the Rapid Amortization
Period, after giving effect to Clause (C) above, remaining
Monthly Principal, if any, to be deposited to the
Distribution Account for payment to the Class B Noteholders
on the related Distribution Date until an aggregate amount
equal to the Class B Note Principal Balance has been so
deposited
	 	$	                    	 
	 	 	 
	 	 	 	 
	E.	 	Pursuant to subsection 4.04(c)(iv):
	 	 	 	 
	 	 	 
	 	 	 	 
	 	 	On each Transfer Date with respect to the Rapid Amortization
Period, after giving effect to Clause (D) above, remaining
Monthly Principal, if any, to be deposited to the
Distribution Account for payment to the Class C Noteholders,
on the related Distribution Date until an aggregate amount
equal to the Class C Note Principal Balance has been so
deposited
	 	$	                    	 

B-7 

 

	 	 	 	 	 	 	 
	F.	 	Pursuant to subsection 4.04(c)(v):
	 	 	 	 
	 	 	 
	 	 	 	 
	 	 	Available Principal Collections, if any, remaining after
giving effect to Clauses (B) through (E) above, to be treated
as Excess Principal Collections
	 	$	                    	 

     Pursuant to Section 4.06, Servicer does hereby instruct Indenture Trustee (i) to make a
withdrawal from the Principal Account on the Transfer Date specified above, as set forth below and
(ii) to apply the proceeds of such withdrawal in accordance with Section 4.06:

	 	 	 	 	 	 	 
	 	 	Reallocated Principal Collections, up to the amount required to fund
any deficiency pursuant to and in the priority set forth in
subsections 4.04(a)(i), (ii) and (iii) of the Indenture Supplement
(after application of Excess Finance Charge Collections from other
Series and amounts available from the Reserve Account) to be deposited
to the Distribution Account for payment to the Class A and Class B
Noteholders or distributed to the Servicer as set forth below
	 	$	                    	 

$                    to Distribution Account

$                    to Servicer

II. INSTRUCTIONS TO MAKE CERTAIN PAYMENTS ON THE DISTRIBUTION DATE ON                     , 20___.

     Pursuant to Section 5.02, Servicer does hereby instruct Indenture Trustee or Paying Agent, as
the case may be, to pay in accordance with Section 5.02 from the Distribution Account or the
Principal Accumulation Account, as applicable, on the Distribution Date specified above, the
following amounts:

	 	 	 	 	 	 	 
	A.	 	Pursuant to subsection 5.02(a):
	 	 	 	 
	 	 	 
	 	 	 	 
	(1)	 	Class A Noteholder’s pro rata share of the amounts on deposit
in the Distribution Account that are allocated and available
on such Distribution Date to pay interest on the Class A
Notes pursuant to the Indenture Supplement
	 	$	                    	 

B-8 

 

	 	 	 	 	 	 	 
	(2)	 	Class A Noteholder’s pro rata share of the amounts on deposit
in the Distribution Account that are allocated and available
on such Distribution Date to pay principal of the Class A
Notes pursuant to the Indenture Supplement
	 	$	                    	 
	 	 	 
	 	 	 	 
	B.	 	Pursuant to subsection 5.02(b):
	 	 	 	 
	 	 	 
	 	 	 	 
	(1)	 	Class B Noteholder’s pro rata share of the amounts on deposit
in the Distribution Account that are allocated and available
on such Distribution Date to pay interest on the Class B
Notes pursuant to the Indenture Supplement
	 	$	                    	 
	 	 	 
	 	 	 	 
	(2)	 	Class B Noteholder’s pro rata share of the amounts on deposit
in the Distribution Account that are allocated and available
on such Distribution Date to pay principal of the Class B
Notes pursuant to the Indenture Supplement
	 	$	                    	 
	 	 	 
	 	 	 	 
	C.	 	Pursuant to subsection 5.02(c):
	 	 	 	 
	 	 	 
	 	 	 	 
	(1)	 	Class C Noteholder’s pro rata share of the amounts on deposit
in the Distribution Account that are allocated and available
on such Distribution Date to pay interest on the Class C
Notes pursuant to the Indenture Supplement, including amounts
withdrawn from the Spread Account
	 	$	                    	 
	 	 	 
	 	 	 	 
	(2)	 	Class C Noteholder’s pro rata share of the amounts on deposit
in the Distribution Account that are allocated and available
on such Distribution Date to pay principal of the Class C
Notes pursuant to the Indenture Supplement
	 	$	                    	 

	III.	 	EXCESS AMOUNTS.

     Pursuant to Section 4.07 and Section 4.03(f) of the Pooling and Servicing Agreement or Section
8.06 of the Indenture, as applicable, Servicer does hereby instruct Indenture Trustee to apply
Excess Finance Charge Collections from all Series in Group One in the following amounts and
priorities on the Transfer Date specified above:

B-9 

 

	 	 	 	 	 	 	 
	 
	 	A.	 	Aggregate Excess Finance Charge Collections, by Series:	 	 
	 
	 	 	 	 	 	 
	 
	 	 	 	Series [                    ]	 	$                     
	 
	 	 	 	Series [                    ]	 	$                     
	 
	 	 	 	Total	 	$                     
	 
	 	 	 	 	 	 
	 
	 	B.	 	Allocated to finance charge shortfalls:	 	 
	 
	 	 	 	 	 	 
	 
	 	 	 	Series [                    ]	 	$                     
	 
	 	 	 	Series [                    ]	 	$                     
	 
	 	 	 	Total	 	$                     
	 
	 	 	 	 	 	 
	 
	 	C.	 	Allocated to excess servicing fees:	 	 
	 
	 	 	 	 	 	 
	 
	 	 	 	Series [                    ]	 	$                     
	 
	 	 	 	Series [                    ]	 	$                     
	 
	 	 	 	Total	 	$                     
	 
	 	 	 	 	 	 
	 
	 	D.	 	Remainder distributed to Holder of Transferor Interest	 	$                     

     Pursuant to Section 4.08 and subsections 4.02(e) and 4.03(e) of the Pooling and Servicing
Agreement or Sections 8.03 and 8.05 of the Indenture, as applicable, Servicer does hereby instruct
Indenture Trustee to apply Excess Principal Collections from all Principal Sharing Series in Group
One and, if needed, amounts on deposit in the Excess Funding Account, in the following amounts and
priorities on the related Distribution Date:

	 	 	 	 	 	 	 
	 
	 	A	 	Aggregate Excess Principal Collections, by Series:	 	 
	 
	 	 	 	 	 	 
	 
	 	 	 	Series [                    ]	 	$                     
	 
	 	 	 	Series [                    ]	 	$                     
	 
	 	 	 	Total	 	$                     
	 
	 	 	 	 	 	 
	 
	 	B	 	Allocated to principal shortfalls
and deposited to the related Series Account:	 	 
	 
	 	 	 	 	 	 
	 
	 	 	 	Series [                    ]	 	$                     
	 
	 	 	 	Series [                    ]	 	$                     
	 
	 	 	 	Total	 	$                     

B-10

 

	 	 	 	 	 	 	 
	 
	 	C	 	Allocated to variable funding
series principal payments at Transferor’s direction:	 	 
	 
	 	 	 	 	 	 
	 
	 	 	 	Series [                    ]	 	$                     
	 
	 	 	 	Series [                    ]	 	$                     
	 
	 	 	 	Total	 	$                     
	 
	 	 	 	 	 	 
	 
	 	D	 	Deposited to Excess Funding Account to maintain Minimum	 	 
	 
	 	 	 	Transferor Interest and Minimum
Aggregate Principal Receivables	 	$                     
	 
	 	 	 	 	 	 
	 
	 	E	 	Remainder distributed to Holder of Transferor Interest	 	$                     

     IN WITNESS WHEREOF, the undersigned has duly executed this certificate this                      day of                     , 200___.

	 	 	 	 	 
	 	 	FIRST NATIONAL BANK OF OMAHA,

as Servicer
	 
	 	 	 	 
	 

	 	By	 	 
	 

	 	 	 	 
	 

	 	Name	 	 
	 

	 	 	 	 
	 

	 	Title	 	 
	 

	 	 	 	 

B-11

 

EXHIBIT C

FORM OF MONTHLY REPORT TO NOTEHOLDERS

FIRST NATIONAL MASTER NOTE TRUST SERIES [200_-_]

The undersigned, a duly authorized representative of First National Bank of Omaha (“FNBO”), as
Servicer pursuant to the Transfer and Servicing Agreement dated as of October 24, 2002 (as amended,
the “Transfer and Servicing Agreement”) by and between FNBO, as Servicer, First National Funding
LLC, as Transferor, and First National Master Note Trust, as Issuer, does hereby certify as
follows:

(a) The rights of the Issuer under the Transfer and Servicing Agreement have been assigned to The
Bank of New York Trust Company, N.A., as indenture trustee (the “Indenture Trustee”), under the
Master Indenture dated as of October 24, 2002 (the “Indenture”), by and between Issuer and the
Indenture Trustee, and acknowledged by Transferor and Servicer, as supplemented by the Series
[200_-_] Indenture Supplement, dated as of [                    ], 200[___], by and between
Issuer and Indenture Trustee, and acknowledged by Transferor and Servicer (the “Supplement”).
Capitalized terms used in this report have their respective meanings set forth in the Supplement.
References herein to certain sections and subsections are references to the respective sections and
subsections of the Supplement. This report is delivered pursuant to Section 5.03(a) of the
Supplement.

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

(c) The undersigned is a Servicing Officer.

(d) With respect to this Certificate:

	 	 	 	 	 	 
	 

	 	The Monthly Period is:
	 	                    	 
	 

	 	The Determination Date is:
	 	                    	 
	 

	 	The Record Date is:
	 	                    	 
	 

	 	The Transfer Date is:
	 	                    	 
	 

	 	The Distribution Date is:
	 	                    	 
	 

	 	The Controlled Accumulation Date is:
	 	                    	 
	 

	 	The Interest Period begins:
	 	                    	 
	 

	 	The Interest Period ends:
	 	                    	 
	 

	 	Number of days in Interest Period:
	 	                    	 
	 

	 	     [Show by class if different]	 	 	 

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

[If applicable, insert “None”.]                              

B-12

 

(f) To the knowledge of the undersigned, no Series [200_-_] Pay Out Event and no Trust Pay Out
Event has occurred except as described below:

[If applicable, insert “None”]                              

(g) As of the date hereof the Available Spread Account Amount equals the Required Spread Account
Amount and, if the Reserve Account Funding Date has occurred, the Available Reserve Account Amount
equals the Required Reserve Account Amount.

	 	 	 	 	 	 	 	 	 
	A.	 	INFORMATION REGARDING THE PERFORMANCE OF THE RECEIVABLES
	 
	 	 	 	 	 	 	 	 
	 

	 	 	1.	 	 	Number of Accounts at Beginning of Monthly Period
	 	                    
	 

	 	 	 	 	 	Number of Accounts at End of Monthly Period
	 	                    
	 

	 	 	 	 	 	Average Account Balance at End of Monthly Period
	 	                    
	 
	 	 	 	 	 	 	 	 
	 

	 	 	2.	 	 	Principal Receivables	 	 
	 

	 	 	 	 	 	(a) Beginning of Monthly Period
	 	                    
	 

	 	 	 	 	 	(b) End of Monthly Period
	 	                    
	 

	 	 	 	 	 	(c) [Average Principal Receivables at End of Monthly Period]
	 	                    
	 
	 	 	 	 	 	 	 	 
	 

	 	 	3.	 	 	Increase in Principal Receivables from Account Additions
	 	                    
	 

	 	 	 	 	 	Increase in Finance Charge Receivables from Account Additions
	 	                    
	 

	 	 	 	 	 	Increase in Total Receivables from Account Additions
	 	                    
	 
	 	 	 	 	 	 	 	 
	 

	 	 	4.	 	 	Decrease in Principal Receivables from Removed Accounts
	 	                    
	 

	 	 	 	 	 	Decrease in Finance Charge Receivables from Removed Accounts
	 	                    
	 

	 	 	 	 	 	Decrease in Total Receivables from Removed Accounts
	 	                    
	 
	 	 	 	 	 	 	 	 
	 

	 	 	5.	 	 	Delinquent Balances	 	 

	 	 	 	 	 	 	 	 	 
	Delinquency	 	Aggregate Account	 	 	Percentage of	 
	Category	 	Balance	 	 	Total Receivables	 
	 
	(a) 30 to 59 days
	 	 	 	 	 	 	 	 
	 	 	 
	(b) 60 to 89 days
	 	 	 	 	 	 	 	 
	 	 	 
	(c) 90 to 119 days
	 	 	 	 	 	 	 	 
	 	 	 
	(d) 120 to 149 days
	 	 	 	 	 	 	 	 
	 	 	 
	(e) 150 or more days
	 	 	 	 	 	 	 	 
	 	 	 
	Total:
	 	 	 	 	 	 	 	 
	 	 	 

C-2

 

	 	 	 	 	 	 	 	 	 
	 
	 	 	6.	 	 	Aggregate amount of Collections
	 	                    
	 
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	(a)     Total Collections
	 	                    
	 
	 	 	 	 	 	(b)     Total Principal Collections	 	                    
	 
	 	 	 	 	 	(c)     Total Finance Charge Collections	 	                    
	 
	 	 	 	 	 	(d)     Aggregate Allocation Percentages for Outstanding Series
	 	                    
	 
	 	 	 	 	 	(e)     Aggregate Allocation Percentages of Principal Collections	 	                    
	 
	 	 	 	 	 	(f)     Aggregate Allocation Percentages of Finance Charge Collections	 	                    
	 
	 	 	 	 	 	 	 	 
	 
	 	 	7.	 	 	Aggregate amount of Principal Receivables in Accounts which
became Defaulted Accounts during the Monthly Period
	 	                    
	 
	 	 	 	 	 	 	 	 
	 
	 	 	8.	 	 	Servicer Interchange
	 	                    
	 
	 	 	 	 	 	 	 	 
	 
	 	 	9.	 	 	The aggregate amount of Finance Charge Collections for the
Receivables Trust for the Monthly Period
	 	                    
	 
	 	 	 	 	 	(a)     Interchange
	 	                    
	 
	 	 	 	 	 	(b)     Recoveries
	 	                    
	 
	 	 	 	 	 	(c)     Finance Charges and Fees
	 	                    
	 
	 	 	 	 	 	(d)     Discount Receivables
	 	                    
	 
	 	 	 	 	 	          Total
	 	                    
	 
	 	 	 	 	 	 	 	 
	 
	 	 	10.	 	 	Aggregate Uncovered Dilution Amount for the Monthly Period
	 	                    
	 
	 	 	 	 	 	 	 	 
	 
	 	 	11.	 	 	End of Monthly Period Trust Receivables
	 	                    
	 
	 	 	 	 	 	 	 	 
	B.	 	OUTSTANDING SECURITIES INFORMATION (TRUST LEVEL)
	 
	 	 	 	 	 	 	 	 
	 
	 	 	1.	 	 	Outstanding principal balance of all securities secured by
pool assets (sum of all Series)
	 	                    
	 
	 	 	 	 	 	(a)     At end of prior Distribution Date
	 	                    
	 
	 	 	 	 	 	(b)     Increase due to new securities issued
	 	                    
	 
	 	 	 	 	 	(c)     Decrease due to principal payments
	 	                    
	 
	 	 	 	 	 	(d)     Increases in variable securities
	 	                    
	 
	 	 	 	 	 	(e)     Decreases in variable securities
	 	                    
	 
	 	 	 	 	 	(f)     At end of Distribution Date
	 	                    
	 
	 	 	 	 	 	 	 	 
	C.	 	INFORMATION REGARDING THE SERIES [200_-_] NOTES
	 
	 	 	 	 	 	 	 	 
	 
	 	 	1.	 	 	Collateral Amount at the close of business on the prior Distribution Date
	 	                    
	 
	 	 	 	 	 	(a)      Reductions due to Investor Charge-Offs (including
Uncovered Dilution Amounts) made on the Distribution      Date

	 	                    
	 
	 	 	 	 	 	(b)      Reimbursements to be made on the Distribution Date from
Available Finance Charge Collections

	 	                    
	 
	 	 	 	 	 	(c)      Collateral Amount at the close of business on the
Distribution Date

	 	                    

C-3

 

	 	 	 	 	 	 	 	 	 
	 

	 	 	2.	 	 	Note Principal Balance at the close of business on the prior
Distribution Date	 	 
	 

	 	 	 	 	 	(a)     Class A Note Principal Balance
	 	                    
	 

	 	 	 	 	 	(b)     Class B Note Principal Balance
	 	                    
	 

	 	 	 	 	 	(c)     Class C Note Principal Balance
	 	                    
	 

	 	 	 	 	 	          Total Note Principal Balance
	 	                    
	 
	 	 	 	 	 	 	 	 
	 

	 	 	3.	 	 	Series Allocation Percentages for the Monthly Period	 	 
	 

	 	 	 	 	 	(a)     Principal Collections
	 	                    
	 

	 	 	 	 	 	(b)     Finance Charge Collections
	 	                    
	 

	 	 	 	 	 	(c)     Default Amounts
	 	                    
	 
	 	 	 	 	 	 	 	 
	 

	 	 	4.	 	 	Investor Principal Collections processed during the Monthly
Period and allocated to the Series
	 	                    
	 
	 	 	 	 	 	 	 	 
	 

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

	 	 	6.	 	 	Aggregate amounts treated as Available Principal Collections
pursuant to subsections 4.04(a)(v) and (vi)
	 	                    
	 
	 	 	 	 	 	 	 	 
	 

	 	 	7.	 	 	Reallocated Principal Collections (up to the Monthly Principal
Reallocation Amount) applied pursuant to Section 4.06
	 	                    
	 
	 	 	 	 	 	 	 	 
	 

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

	 	 	9.	 	 	Principal Accumulation Investment
Earnings [and Investment
Earnings on Pre-Funding Account]
	 	                    
	 
	 	 	 	 	 	 	 	 
	 

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

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

	 	 	12.	 	 	Reserve Account withdrawals pursuant to Section 4.10(b) or (d)
	 	                    
	 
	 	 	 	 	 	 	 	 
	 

	 	 	13.	 	 	Excess amounts from Spread Account treated as Available
Finance Charge Collections pursuant to Section 4.11(g)
	 	                    
	 
	 	 	 	 	 	 	 	 
	 

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

	 	 	15.	 	 	Available Finance Charge Collections were allocated in the following priority:
	 	                    
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	(a)     
to Class A Noteholders, Class A Monthly Interest
	 	                    

C-4

 

	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	          Class A Interest Shortfall
	 	                    
	 

	 	 	 	 	 	          Class A Default Amount
	 	                    
	 

	 	 	 	 	 	          Class A Default Amount previously due but not distributed
	 	                    
	 

	 	 	 	 	 	          Total
	 	                    
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	(b)     to Class B Noteholders,	 	 
	 

	 	 	 	 	 	          Class B Monthly Interest
	 	                    
	 

	 	 	 	 	 	          Class B Interest Shortfall
	 	                    
	 

	 	 	 	 	 	          Class B Default Amount
	 	                    
	 

	 	 	 	 	 	          Class B Default Amount previously due but not distributed
	 	                    
	 

	 	 	 	 	 	          Total
	 	                    
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	(c)     to Servicer, the Noteholder Servicing Fee	 	 
	 

	 	 	 	 	 	          (after adjustment for Servicer Interchange shortfall, if any)
	 	                    
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	(d)     to Class C Noteholders,	 	 
	 

	 	 	 	 	 	          Class C Monthly Interest
	 	                    
	 

	 	 	 	 	 	          Class C Interest Shortfall
	 	                    
	 

	 	 	 	 	 	          Class C Default Amount
	 	                    
	 

	 	 	 	 	 	          Class C Default Amount previously due but not distributed
	 	                    
	 

	 	 	 	 	 	          Total
	 	                    
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	(e)      Investor Default Amount and Uncovered Dilution Amount
were included in Available Principal Collections

	 	                    
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	(f)      Investor Charge-Offs and Reallocated Principal
Collections not previously reimbursed were included in
Available Principal Collections

	 	                    
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 (g)      to Reserve Account, excess of Required Reserve Account
Amount over the Available Reserve Account Amount

	 	                    
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	(h)      to Spread Account, excess of Required Spread Account
Amount over Available Spread Account Amount

	 	                    
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	(i)      balance constitutes Excess Finance Charge Collections

	 	                    
	 
	 	 	 	 	 	 	 	 
	 

	 	 	16.	 	 	 Available Principal Charge Collections were allocated in the following priority:	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	(a)      during Revolving Period, treated as Excess Principal Collections

	 	                    
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	(b)      with respect to Accumulation Period,
	 	 

C-5

 

	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	         (i)  Monthly Principal deposited to Principal Accumulation Account

	 	                    
	 

	 	 	 	 	 	         (ii)   balance treated as Excess Principal Collections

	 	                    
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	(c)     with respect to Rapid Amortization Period,
	 	 
	 

	 	 	 	 	 	         (i)   Monthly Principal to Class A Noteholders up to
Class A Note Principal Balance

	 	                    
	 

	 	 	 	 	 	         (ii)  Monthly Principal to Class B Noteholders up to Class B Note
Principal Balance

	 	                    
	 

	 	 	 	 	 	         (iii)  Monthly Principal to Class C Noteholders up to Class C Note
Principal Balance

	 	                    
	 

	 	 	 	 	 	         (iv)  balance treated as Excess Principal Collections

	 	                    
	 
	 	 	 	 	 	 	 	 
	 

	 	 	17.	 	 	 Excess funds were allocated in the following order of priority:	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	(a)      Excess Finance Charge Collections,
	 	 
	 

	 	 	 	 	 	         (i)  to other Excess Allocation Series in Group One, for finance charge
shortfalls

	 	                    
	 

	 	 	 	 	 	         (ii)  to the Successor Servicer, for unpaid excess servicing fees

	 	                    
	 

	 	 	 	 	 	 	 	                    
	 

	 	 	 	 	 	               For this Series
	 	                    
	 

	 	 	 	 	 	               For other Series
	 	                    
	 

	 	 	 	 	 	         (iii)  the balance to Holder of Transferor Interest

	 	                    
	 
	 

	 	 	 	 	 	(b)     Excess Principal Collections,

	 	                    
	 

	 	 	 	 	 	         (i)   to other Excess Allocation Series in Group One,
for principal shortfalls

	 	                    
	 

	 	 	 	 	 	         (ii)  applied as principal for variable funding
Certificates or Notes in Group One

	 	                    
	 

	 	 	 	 	 	         (iii)  the balance to Holder of Transferor Interest

	 	                    
	 
	 	 	 	 	 	 	 	 
	 

	 	 	18.	 	 	 Principal Receivables in Accounts which became Defaulted
Accounts during the Monthly Period which were allocated to the
Series
	 	                    
	 

	 	 	 	 	 	(a)     Default Amount
	 	 
	 

	 	 	 	 	 	(b)     Allocation Percentage (B.3.(c) above)
	 	 
	 

	 	 	 	 	 	(c)     Total Investor Default Amount (axb)

	 	                    
	 
	 	 	 	 	 	 	 	 
	 

	 	 	19.	 	 	 Uncovered Dilution Amount allocated to the Series for the Monthly Period	 	 
	 

	 	 	 	 	 	(a)     Dilutions not covered by Transferor
	 	 
	 

	 	 	 	 	 	(b)     Allocation Percentage (B.3(c) above)
	 	 
	 

	 	 	 	 	 	(c)     Total Uncovered Dilution Amount (axb)

	 	                    
	 
	 	 	 	 	 	 	 	 
	 

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

	 	 	21.	 	 	 Ratings of the Class A Notes	 	 

C-6

 

	 	 	 	 	 
	 

	 	Moody’s
	 	                    
	 

	 	S&P
	 	                    
	 

	 	Fitch
	 	                    

	 	22.	 	Ratings of the Class B Notes

	 	 	 	 	 
	 

	 	Moody’s
	 	                    
	 

	 	S&P
	 	                    
	 

	 	Fitch
	 	                    

	 	23.	 	Ratings of the Class C Notes

	 	 	 	 	 
	 

	 	Moody’s
	 	                    
	 

	 	S&P
	 	                    
	 

	 	Fitch
	 	                    

	 	24.	 	Note Interest Rate for the Monthly Period

	 	 	 	 	 
	 

	 	(a) Class A Note Interest Rate	 	 
	 

	 	(b) Class B Note Interest Rate
	 	                    
	 

	 	(c) Class C Note Interest Rate
	 	                    

	 	25.	 	Ending Note Principal Balance on the Distribution Date, after
taking into account distributions on the Notes:

	 	 	 	 	 
	 

	 	(a) Class A Note Principal Balance	 	 
	 

	 	(b) Class B Note Principal Balance	 	 
	 

	 	(c) Class C Note Principal Balance
	 	                    
	 

	 	Total Note Principal Balance
	 	                    

D. QUARTERLY NET YIELD

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	[      ]	 	[      ]	 	[      ]	 
	 	 	Monthly Period	 	 	Monthly Period	 	 	 	 	Monthly Period
	 	 	 
	Yield
	 	 	[   ]	%	 	 	 	 	 	 	[   ]	%	 	 	 	 	 	 	[   ]	%	 	 	 	 
	Less Investor Default Amt (18c)
	 	 	[   ]	%	 	 	 	 	 	 	[   ]	%	 	 	 	 	 	 	[   ]	%	 	 	 	 
	Less Uncovered Dilution Amt
(19c)
	 	 	[   ]	%	 	 	 	 	 	 	[   ]	%	 	 	 	 	 	 	[   ]	%	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	(a) Portfolio Yield
	 	 	 	 	 	 	[   ]	%	 	 	 	 	 	 	[   ]	%	 	 	 	 	 	 	[   ]	%
	Monthly Interest
	 	 	[   ]	%	 	 	 	 	 	 	[   ]	%	 	 	 	 	 	 	[   ]	%	 	 	 	 
	Plus Noteholder Servicing Fee
	 	 	[   ]	%	 	 	 	 	 	 	[   ]	%	 	 	 	 	 	 	[   ]	%	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	(b) Base Rate
	 	 	 	 	 	 	[   ]	%	 	 	 	 	 	 	[   ]	%	 	 	 	 	 	 	[   ]	%
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	(a)–(b) = Net Yield Percentage
	 	 	 	 	 	 	[   ]	%	 	 	 	 	 	 	[   ]	%	 	 	 	 	 	 	[   ]	%
	 
	Quarterly Net Yield for
Distribution Date
	 	 	 	 	 	 	[   ]	%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

C-7

 

E. INFORMATION REGARDING THE PRINCIPAL ACCUMULATION ACCOUNT

	 	 	 	 	 
	1.

	 	Opening
Principal Accumulation Account Balance on the Distribution Date
	 	                    

	 	 	 
	2.

	 	  Controlled Deposit Amount to be deposited to the Principal
Accumulation Account on the Distribution Date

	 	 	 	 	 
	 

	 	(a) Controlled Accumulation Amount
	 	                    
	 

	 	(b) Accumulation Shortfall
	 	                    
	 

	 	(c) Controlled Deposit Amount (a+b)
	 	                    

	 	 	 
	3.

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

	 	 	 	 	 
	 

	 	(a) Distribution in reduction of the Class A Notes
	 	                    
	 

	 	(b) Distribution in reduction of the Class B Notes
	 	                    
	 

	 	(c) Distribution in reduction of the Class C Notes
	 	                    

	 	 	 	 	 
	4.

	 	Principal Accumulation Account
ending balance after deposit/withdrawal on the Distribution Date
	 	                    

F. INFORMATION REGARDING THE SPREAD ACCOUNT

	 	 	 	 	 
	1.

	 	Opening Available Spread Account
Amount on the Distribution Date
	 	                    
	 
	 	 	 	 
	2.

	 	Aggregate amount required to be withdrawn pursuant to Section
4.11(c) for distribution to Class C Noteholders pursuant to
Section 4.04(a)(iv)
	 	                    
	 
	 	 	 	 
	3.

	 	Aggregate amount required to be withdrawn pursuant to Section
4.11(d) or 4.11(e) for distribution in reduction of the Class C
Note Principal Balance
	 	                                         
	 
	 	 	 	 
	4.

	 	Spread Account Percentage for the Distribution Date
	 	                    
	 
	 	 	 	 
	5.

	 	Closing Required Spread Account
Amount for the Distribution Date
	 	                    
	 
	 	 	 	 
	6.

	 	Amount on deposit in Spread Account
after required withdrawals on the Distribution Date (1-(2+3))
	 	                    
	 
	 	 	 	 
	7.

	 	Spread Account Deficiency, if any (5 minus 6)
	 	                    
	 
	 	 	 	 
	8.

	 	Amounts deposited pursuant to Section 4.04(a)(viii) or 4.10(e)
	 	                    
	 
	 	 	 	 
	9.

	 	Remaining Spread Account Deficiency, if any (7 minus 8)
	 	                    
	 
	 	 	 	 
	10.

	 	Spread Account Surplus, if any (6
minus 5), included in Available Finance Charge Collections
	 	                    

C-8

 

	G.	 	INFORMATION REGARDING THE RESERVE ACCOUNT

	 	 	 	 	 
	1.

	 	Reserve Account Funding Date
	 	                    
	2.

	 	Opening Available Reserve Account
Amount on the Distribution Date
	 	                    

	 	 	 	 	 
	3.

	 	Aggregate amount required to be withdrawn pursuant to Section
4.10(d) for inclusion in Available Finance Charge Collections:
	 	                    

	 	 	 	 	 
	 

	 	(a) Covered Amount
	 	                    
	 

	 	(b) Principal Accumulation Investment Earnings
	 	                    
	 

	 	(c) Reserve Draw Amount (a MINUS b)
	 	                    

	 	 	 	 	 
	4.

	 	Required Reserve Account Amount
	 	                    

	 	 	 	 	 
	5.

	 	Reserve Account Surplus (4-(2-3))
	 	                    

H. INFORMATION REGARDING ACCUMULATION PERIOD

	 	 	 	 	 
	1.

	 	Accumulation Period Length (months)
	 	                    

	 	 	 	 	 
	2.

	 	Controlled Accumulation Amount	 	 
	 

	 	(as recalculated, if Accumulation Period Length is shortened pursuant to Section 4.13)
	 	                     

[I. ADD INFORMATION REGARDING PRE-FUNDING ACCOUNT, IF USED]

C-9

 

     IN WITNESS thereof, the undersigned has duly executed and delivered this Certificate the 
 day of                     , 20  .

	 	 	 	 	 	 	 
	 	 	FIRST NATIONAL BANK OF OMAHA,

Servicer	 	 
	 
	 	 	 	 	 	 
	 

	 	By	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Name	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Title	 	 	 	 
	 

	 	 	 	 	 	 

C-10

 

ATTACHMENT 1

TO

FORM OF MONTHLY REPORT TO NOTEHOLDERS

SERVICER’S CERTIFICATE

     The undersigned, a duly authorized representative of First National Bank of Omaha (“FNBO”), as
Servicer pursuant to the Transfer and Servicing Agreement dated as of October 24, 2002, as amended
(the “Transfer and Servicing Agreement”), by and between FNBO, as Servicer, First National Funding
LLC, as Transferor, and First National Master Note Trust, as Issuer, does hereby certify as
follows:

	 	 	 	 	 
	1.

	 	The Transferor Interest is less than Minimum Transferor
Interest
	 	[Yes][No]

	 	 	 	 	 
	 

	 	(a) Transferor Interest as of the Determination Date

	 	                    
	 

	 	(b) Minimum Transferor Interest as of the Determination Date
	 	                    

	 	 	 	 	 
	2.

	 	The Aggregate Principal Receivables is less than the Minimum
Aggregate Principal Receivables
	 	[Yes][No]

	 	 	 	 	 
	 

	 	(a) Aggregate Principal Receivables as of the Determination
Date
	 	                    

	 	 	 	 	 
	 

	 	(b) Minimum Aggregate Principal Receivables as of the
Determination Date
	 	                    

	 	 	 	 	 
	3.

	 	Are there any material modifications, extensions or waivers to pool asset terms, fees, penalties or
payments? If the answer is yes, please describe.
	 	[Yes][No]
	 
	 	 	 	 
	4.

	 	Are there any material breaches of representations and warranties relating to the pool assets or
material breaches of covenants under the Transaction Documents? If the answer is yes, please
describe.
	 	[Yes][No]
	 
	 	 	 	 
	5.

	 	Are there any material changes in the solicitation, credit-granting, underwriting, origination,
acquisition or pool selection criteria or procedures, as applicable, used to originate, acquire or
select the new pool assets? If the answer is yes, please describe.
	 	[Yes][No]
	 
	 	 	 	 
	6.

	 	Are there any material changes to the pool assets? If the answer is yes, please describe.
	 	[Yes][No]

C-11

 

     IN WITNESS thereof, the undersigned has duly executed and delivered this Certificate the 
 day of                     , 20  .

	 	 	 	 	 	 	 
	 	 	FIRST NATIONAL BANK OF OMAHA,	 	 
	 	 	Servicer	 	 
	 
	 	 	 	 	 	 
	 

	 	By	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Name	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Title	 	 	 	 
	 

	 	 	 	 	 	 

C-12

 

EXHIBIT D

FORM OF MONTHLY SERVICER’S CERTIFICATE

FIRST NATIONAL BANK OF OMAHA

FIRST NATIONAL MASTER NOTE TRUST, SERIES [200_-_]

     The undersigned, a duly authorized representative of First National Bank of Omaha (“FNBO”), as
Servicer pursuant to the Transfer and Servicing Agreement, dated as of October 24, 2002 (as amended
and supplemented, the “Transfer and Servicing Agreement”), among First National Funding LLC, as
Transferor, First National Bank of Omaha, as Servicer and First National Master Note Trust, as
Issuer, does hereby certify as follows:

     1. Capitalized terms used in this Certificate have their respective meanings set forth in the
Transfer and Servicing Agreement or the Master Indenture dated as of October 24, 2002 (as amended
or supplemented, the “Master Indenture”), between Issuer and The Bank of New York, as indenture
trustee (“Indenture Trustee”) as supplemented by the Series [200_-_] Indenture Supplement, dated as
of [                    ], 200[  ], between Issuer and Indenture Trustee (as amended
and supplemented, the “Indenture Supplement”) and together with the Master Indenture, the
“Indenture”), as applicable.

     2. FNBO is, as of the date hereof, Servicer under the Transfer and Servicing Agreement.

     3. The undersigned is an Authorized Officer of Servicer.

     4. This
Certificate relates to the Distribution Date occurring on
                     200   .

     5. As of the date hereof, to the best knowledge of the undersigned, Servicer has performed in
all material respects all of its obligations under the Transfer and Servicing Agreement and the
Indenture through the Monthly Period preceding such Distribution Date [or, if there has been a
default in the performance of any such obligation, set forth in detail the (i) nature of such
default, (ii) the action taken by Servicer, if any, to remedy such default and (iii) the current
status of each such default]; if applicable, insert “None”.

     6. As of the date hereof, to the best knowledge of the undersigned, no Pay Out Event occurred
on or prior to such Distribution Date.

 

 

     IN WITNESS WHEREOF, the undersigned has duly executed and delivered this Certificate this 
 day of                     , 20  .

	 	 	 	 	 	 	 
	 	 	FIRST NATIONAL BANK OF OMAHA,	 	 
	 	 	as Servicer	 	 
	 
	 	 	 	 	 	 
	 

	 	By	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Name	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Title	 	 	 	 
	 

	 	 	 	 	 	 

C-14

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