Document:

Exhibit 4.1

[EXECUTION COPY]

Plains Exploration & Production Company, 

as Issuer

 

AND

 

THE SUBSIDIARIES NAMED HEREIN,

as Subsidiary Guarantors

 

AND

 

The Bank of New York Trust Company, National Association,

 

AS TRUSTEE

 

	
            ___________________________
 

 

SIXTH SUPPLEMENTAL INDENTURE

 

Dated as of October 20, 2006

 

To

 

Amended and Restated Indenture

 

Dated as of June 18, 2004

 

83⁄4% Senior Subordinated Notes due 2012

 

 

THIS SIXTH SUPPLEMENTAL INDENTURE, dated as of October 20, 2006 (this “Supplemental Indenture”), is by and among Plains Exploration & Production Company, a Delaware corporation (the “Issuer”), the Subsidiary Guarantors listed on the signature pages hereof, and The Bank of New York Trust Company, National Association (successor to JPMorgan Chase Bank, N.A.), a limited purpose national banking association with trust powers, as trustee (the “Trustee”).

 

WHEREAS, the Issuer, the Subsidiary Guarantors and the Trustee have heretofore executed and delivered an Amended and Restated Indenture, dated as of June 18, 2004 (as amended, supplemented, waived or otherwise modified through the date hereof, the “Indenture”), providing for the issuance of 83⁄4% Senior Subordinated Notes due 2012 of the Issuer (the “Notes”);

 

WHEREAS, the Notes were issued on July 3, 2002 in an original aggregate principal amount of $200,000,000, and May 30, 2003 in a subsequent aggregate principal amount of $75,000,000, all of which Notes are currently outstanding;

 

WHEREAS, Section 9.2 of the Indenture provides that the Issuer, the Subsidiary Guarantors and the Trustee may amend the Indenture without notice to any Securityholder, but with the written consent of the Holders of at least a majority in principal amount of the Notes then outstanding (including, without limitation, consents obtained in connection with a purchase of, or tender offer or exchange offer for, Notes);

 

WHEREAS, the Issuer desires and has requested the Trustee and Subsidiary Guarantors to join in entering into this Supplemental Indenture for the purpose of amending the Indenture in certain respects as permitted by Section 9.2 of the Indenture;

 

WHEREAS, the Issuer has been soliciting consents (the “Consents”) to this Supplemental Indenture upon the terms and subject to the conditions set forth in its Offer to Purchase and Consent Solicitation Statement, dated October 4, 2006, and the related Letter of Transmittal and consent (which together, including any amendments, modifications or supplements thereto, constitute the “Tender Offer”);

 

WHEREAS, the consent of the Holders of more than a majority in aggregate principal amount of the Notes outstanding (the “Required Consents”) has been received; and

 

WHEREAS, this Supplemental Indenture will become effective upon execution by the Issuer, the Subsidiary Guarantors and the Trustee, but it will not become operative until the Company has purchased at least a majority in principal amount of the outstanding Notes pursuant to the Tender Offer.

 

NOW, THEREFORE, in consideration of the above premises, each party hereby agrees, for the benefit of the others and for the equal and ratable benefit of the Holders of the Notes, as follows:

 

1

 

ARTICLE I

DEFINITIONS

Section 1.1     Deletion of Definitions and Related References.  Section 1.1 of Article 1 of the Indenture is hereby amended to delete in their entirety all terms and their respective definitions for which all references are eliminated in the Indenture as a result of the amendments set forth in Article II of this Supplemental Indenture.

ARTICLE II

AMENDMENTS TO INDENTURE

Section 2.1     Deletions from Articles 3, 4, and 6.  The Indenture is hereby amended by deleting the following provisions of the Indenture and making certain other changes in provisions of the Indenture and all references thereto in their entirety: 

	
            Section 3.2  
 	
            (SEC Reports);
 
	
            Section 3.3  
 	
            (Limitation on Indebtedness);
 
	
            Section 3.4  
 	
            (Limitation on Layering);
 
	
            Section 3.5  
 	
            (Limitation on Restricted Payments);
 
	
            Section 3.6  
 	
            (Limitation on Liens);
 
	
            Section 3.7  
 	
            (Limitation on Restrictions on Distributions from Restricted Subsidiaries);
 
	
            Section 3.8  
 	
            (Limitation on Sales of Assets and Subsidiary Stock);
 
	
            Section 3.9  
 	
            (Limitation on Affiliate Transactions);
 
	
            Section 3.10
 	
            (Change of Control);
 
	
            Section 3.11
 	
            (Limitation on Sale of Capital Stock of Restricted Subsidiaries);
 
	
            Section 3.12
 	
            (Future Subsidiary Guarantors);
 
	
            Section 3.13
 	
            (Limitation on Lines of Business);
 
	
            Section 3.14
 	
            (Effectiveness of Covenants);
 
	
            Section 3.16
 	
            (Partnership and Corporate Existence);
 
	
            Section 3.17
 	
            (Payments of Taxes and Other Claims);
 
	
            Section 3.18
 	
            (Restrictions on Activities of the Co-Issuer);
 
	
            Section 3.19
 	
            (Payments for Consent);
 
	
            Section 3.21
 	
            (Further Instruments and Acts);
 
	
            Section 3.22
 	
            (Statement by Officers as to Default);
 
	
            Section 4.1  
 	
            (Merger and Consolidation);
 
	
                      Section 6.1(3), (4), (5), (6), (7), (8) and (9)  (Events of Default); and
 
	
                Section 6.13
 	
            (Waiver of Stay).
 

 

Section 2.2      Amendment to Article 3.  The Indenture is hereby amended by deleting Section 3.20 (Compliance Certificate) in its entirety and replacing such section with the following:

	 	  	“SECTION
3.20 Compliance Certificate.  To the extent that the TIA or other
applicable law requires, the Company shall comply with TIA § 314(a)(4).” 

 

2

 

ARTICLE III

 

MISCELLANEOUS PROVISIONS

Section 3.1        Defined Terms.  For all purposes of this Supplemental Indenture, except as otherwise defined or unless the context otherwise requires, terms used in capitalized form in this Supplemental Indenture and defined in the Indenture have the meanings specified in the Indenture.

Section 3.2     Indenture.  Except as amended hereby, the Indenture and the Notes are in all respects ratified and confirmed and all the terms shall remain in full force and effect. This Supplemental Indenture shall form a part of the Indenture for all purposes, and every Holder of Notes heretofore or hereafter authenticated and delivered under the Indenture shall be bound hereby and all terms and conditions of both shall be read together as though they constitute a single instrument, except that in the case of conflict the provisions of this Supplemental Indenture shall control.  Notwithstanding any other provision of this Supplemental Indenture, nothing herein shall reduce the premium payable upon the redemption or repurchase of any Security or change the time at which any Note
may or shall be redeemed or repurchased as described in Article V, Section 3.8 or Section 3.10 of the Indenture or any similar provision in the Indenture.

Section 3.3      Governing Law.  THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

Section 3.4     Successors.  All agreements of the Issuer and the Subsidiary Guarantors in this Supplemental Indenture and the Notes shall bind their respective successors.  All agreements of the Trustee in this Supplemental Indenture shall bind its successors.

Section 3.5      Duplicate Originals.  All parties may sign any number of copies of this Supplemental Indenture.  Each signed copy shall be an original, but all of them together shall represent the same agreement.  It is the express intent of the parties to be bound by the exchange of signatures on this Supplemental Indenture via telecopy.

Section 3.6      Severability.  In case any one or more of the provisions in this Supplemental Indenture or in the Notes shall be held invalid, illegal or unenforceable, in any respect for any reason, the validity, legality and enforceability of any such provision in every other respect and of the remaining provisions shall not in any way be affected or impaired thereby, it being intended that all of the provisions hereof shall be enforceable to the full extent permitted by law.

Section 3.7      Trustee Disclaimer.  The Trustee accepts the amendment of the Indenture effected by this Supplemental Indenture and agrees to execute the trust created by the Indenture as hereby amended, but on the terms and conditions set forth in the Indenture, including the terms and provisions defining and limiting the liabilities and responsibilities of the Trustee, which terms and provisions shall in like manner define and 

 

3

 

limit its liabilities and responsibilities in the performance of the trust created by the Indenture as hereby amended, and without limiting the generality of the foregoing, the Trustee shall not be responsible in any manner whatsoever for or with respect to any of the recitals or statements contained herein, all of which recitals or statements are made solely by the Issuers and the Subsidiary Guarantors, and the Trustee makes no representation with respect to any such matters.  Additionally, the Trustee makes no representations as to the validity or sufficiency of this Supplemental Indenture.

Section 3.8      Effectiveness.  The provisions of this Supplemental Indenture shall be effective only upon execution and delivery of this instrument by the parties hereto.  Notwithstanding the foregoing sentence, the provisions of Article II of this Supplement shall become operative only upon the purchase of at least a majority in principal amount of the outstanding Notes pursuant to the Tender Offer, with the result that the amendments to the Indenture effected by this Supplemental Indenture shall be deemed to be revoked retroactive to the date hereof if such purchase shall not occur.  The Company shall notify the Trustee promptly after the occurrence of such purchase or promptly after the Company shall determine that such purchase will not occur.

Section 3.9    Endorsement and Change of Form of Notes.  Any Notes authenticated and delivered after the close of business on the date that this Supplemental Indenture becomes operative in substitution for Notes then outstanding and all Notes presented or delivered to the Trustee on and after that date for such purpose shall be stamped, imprinted or otherwise legended by the Trustee, with a notation as follows:

	 	  	“Effective
as of October 20, 2006, certain restrictive covenants of the Issuers and certain Events
of Default have been eliminated or limited, as provided in the Supplemental Indenture,
dated as of October 20, 2006.  Reference is hereby made to said Supplemental Indenture,
copies of which are on file with the Trustee, for a description of the amendments made
therein.” 

 

Section 3.10  Effect of Headings.  The Section headings herein are for convenience only and shall not affect the construction thereof.

[THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK]

 

4

 

IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly executed as of the day and year written above.

	
             
 	
            PLAINS EXPLORATION & PRODUCTION COMPANY
 
	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 
	
             
 	
            *By:
 	
            /s/ Winston M. Talbert
 
	
             
 	
             
 	
            Name: Winston M. Talbert
 
	
             
 	
             
 	
            Title:    Executive Vice President and 

Chief Financial Officer
 

 

 

	
             
 	
            [Signature Page to Supplemental Indenture]
 

 

 

	
             
 	
            Subsidiary Guarantors:

ARGUELLO INC.

PLAINS RESOURCES INTERNATIONAL INC.

PLAINS LOUISIANA INC.

PXP GULF COAST INC.

PXP LOUISIANA L.L.C.

By:  PXP Louisiana Inc., its sole
member

PXP PERMIAN INC.

PXP TEXAS INC.

PXP TEXAS LIMITED PARTNERSHIP

By:  PXP Texas Inc., its general partner

NUEVO GHANA INC.

NUEVO INTERNATIONAL INC.

NUEVO OFFSHORE COMPANY

NUEVO RESOURCES INC.

PACIFIC INTERSTATE OFFSHORE COMPANY

BROWN PXP PROPERTIES, LLC

PXP DEEPWATER L.L.C.
 
	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 
	
             
 	
            *By:
 	
            /s/ Winston M. Talbert
 
	
             
 	
             
 	
            Name: Winston M. Talbert
 
	
             
 	
             
 	
            Title:    Executive Vice President and 

Chief Financial Officer
 

 

	
             
 	
            CANE RIVER DEVELOPMENT LLC
 
	
             
 	
             
 	
             
 
	
             
 	
            *By:
 	
            /s/ Winston M. Talbert
 
	
             
 	
             
 	
            Name: Winston M. Talbert
 
	
             
 	
             
 	
            Title:    Vice President and Treasurer
 

 

 

	
             
 	
            [Signature Page to Supplemental Indenture]
 

 

 

	
             
 	
            THE BANK OF NEW YORK TRUST
 
	
             
 	
            COMPANY, NATIONAL ASSOCIATION, as Trustee
 
	
             
 	
             
 	
             
 
	
             
 	
            By:
 	
            /s/ Karen Z. Kelly
 
	
             
 	
             
 	
            Karen Z. Kelly
 
	
             
 	
             
 	
            Vice President
 

 

 

	
             
 	
            [Signature Page to Supplemental Indenture]exv4w1

 

EXHIBIT 4.1

EXECUTED VERSION

 

ADVANTA BUSINESS CARD MASTER TRUST

as Issuer

and

DEUTSCHE BANK TRUST COMPANY AMERICAS

as Indenture Trustee

CLASS A(2006-A5) TERMS DOCUMENT

dated as of October 24, 2006

to

ADVANTASERIES INDENTURE SUPPLEMENT

dated as of November 1, 2004

to

INDENTURE

dated as of August 1, 2000

 

 

 

TABLE OF CONTENTS

	 	 	 	 	 	 	 
	 	 	 	 	Page
	ARTICLE I

	Definitions and Other Provisions of General Application

	 
	 	 	 	 	 	 
	Section 1.01.

	 	Definitions
	 	 	1	 
	 
	 	 	 	 	 	 
	Section 1.02.

	 	Governing Law
	 	 	4	 
	 
	 	 	 	 	 	 
	Section 1.03.

	 	Counterparts
	 	 	4	 
	 
	 	 	 	 	 	 
	Section 1.04.

	 	Ratification of Master Indenture and AdvantaSeries Indenture Supplement
	 	 	4	 
	 
	 	 	 	 	 	 
	ARTICLE II

	The Class A(2006-A5) Asset Backed Notes

	 
	 	 	 	 	 	 
	Section 2.01.

	 	Creation and Designation
	 	 	5	 
	 
	 	 	 	 	 	 
	Section 2.02.

	 	Interest Payment
	 	 	5	 
	 
	 	 	 	 	 	 
	Section 2.03.

	 	[Reserved].
	 	 	5	 
	 
	 	 	 	 	 	 
	Section 2.04.

	 	Required Deposits of Available Principal Collections to the Principal Funding Account; Payment of Principal
	 	 	5	 
	 
	 	 	 	 	 	 
	Section 2.05.

	 	Holders’ Rights to Payments of Interest and Principal
	 	 	6	 
	 
	 	 	 	 	 	 
	Section 2.06.

	 	Cash Collateral Account
	 	 	6	 
	 
	 	 	 	 	 	 
	Section 2.07.

	 	Spread Account
	 	 	7	 
	 
	 	 	 	 	 	 
	Section 2.08.

	 	Delivery and Payment for the Class A(2006-A5) Notes; Form and Denomination
	 	 	7	 
	 
	 	 	 	 	 	 
	Section 2.09.

	 	Manner of Payment of Class A(2006-A5) Notes
	 	 	7	 
	 
	 	 	 	 	 	 
	Section 2.10.

	 	Monthly Servicing Fee
	 	 	7	 

i

 

     CLASS A(2006-A5) TERMS DOCUMENT, dated as of October 24, 2006 (the “Terms Document”),
between WILMINGTON TRUST COMPANY, as Owner Trustee of ADVANTA BUSINESS CARD MASTER TRUST, a common
law trust organized and existing under the laws of the State of Delaware (herein, the
“Issuer” or the “Trust”), and DEUTSCHE BANK TRUST COMPANY AMERICAS (formerly known
as Bankers Trust Company), a banking corporation organized and existing under the laws of the State
of New York, 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, (the “Indenture
Trustee”)) under the Master Indenture, dated as of August 1, 2000, as amended by Amendment No.
1 to the Master Indenture, dated as of May 9, 2006 (as amended and supplemented from time to time,
the “Master Indenture”), between the Issuer and the Indenture Trustee. This Terms Document
supplements the AdvantaSeries Indenture Supplement, dated as of November 1, 2004 (as amended and
supplemented from time to time, the “AdvantaSeries Indenture Supplement”) between the
Issuer and the Indenture Trustee, which supplements the Indenture.

     Pursuant to this Terms Document, the Issuer shall create a new tranche of Class A Notes and
shall specify the principal terms thereof.

ARTICLE I

Definitions and Other Provisions of General Application

     Section 1.01. Definitions. For all purposes of this Terms Document, except as
otherwise expressly provided or unless the context otherwise requires:

          (1) the terms defined in this Article have the meanings assigned to them in this Article, and
include the plural as well as the singular;

          (2) all other terms used herein which are defined in the AdvantaSeries Indenture Supplement or
the Master Indenture, either directly or by reference therein, have the meanings assigned to them
therein;

          (3) all accounting terms not otherwise defined herein have the meanings assigned to them in
accordance with generally accepted accounting principles and, except as otherwise herein expressly
provided, the term “generally accepted accounting principles” with respect to any computation
required or permitted hereunder means such accounting principles as are generally accepted in the
United States of America at the date of such computation;

          (4) all references in this Terms Document to designated “Articles,” “Sections” and other
subdivisions are to the designated Articles, Sections and other subdivisions of this Terms
Document;

          (5) the words “herein,” “hereof” and “hereunder” and other words of similar import refer to
this Terms Document as a whole and not to any particular Article, Section or other subdivision;

- 1 -

 

          (6) in the event that any term or provision contained herein shall conflict with or be
inconsistent with any term or provision contained in the AdvantaSeries Indenture Supplement, the
Master Indenture or the Transfer and Servicing Agreement, the terms and provisions of this Terms
Document shall be controlling;

          (7) each capitalized term defined herein shall relate only to the Class A(2006-A5) Notes and
no other Tranche of Notes issued by the Issuer; and

          (8) “including” and words of similar import will be deemed to be followed by “without
limitation.”

     “Accumulation Amount” shall mean, for any Payment Date occurring during the
Accumulation Period, $25,000,000; provided, however, that if the Accumulation Period Length is
determined to be less than 8 months pursuant to Section 2.04(b), the Accumulation Amount for each
Payment Date with respect to the Accumulation Period will be equal to (i) the Outstanding Principal
Balance of the Class A(2006-A5) Notes divided by (ii) the Accumulation Period Length.

     “Accumulation Deposit Amount” means, for any Payment Date occurring during the
Accumulation Period, an amount equal to the sum of the Accumulation Amount for such Payment Date
and any existing Accumulation Shortfall.

     “Accumulation Period” shall mean, unless a Pay Out Event shall have occurred prior
thereto, the period commencing at the close of business on January 31, 2009, or such later date as
is determined in accordance with Section 2.04(b), and ending on the first to occur of (a) the
commencement of the Early Amortization Period, (b) the payment in full of the Outstanding Principal
Balance of the Class A(2006-A5) Notes and (c) the Class A(2006-A5) Final Maturity Date.

     “Accumulation Period Factor” shall mean, for the purpose of calculating the
Accumulation Period Length for the Class A(2006-A5) Notes, with respect to any Monthly Period, a
fraction, the numerator of which is equal to the sum of the initial invested amounts (or, if no
initial invested amount is defined in the applicable Indenture Supplement, then the initial
principal balance) of all outstanding Series, and the denominator of which is equal to the sum of
(a) the Initial Principal Balance of Class A(2006-A5) Notes, (b) the initial invested amounts (or,
if no initial invested amount is defined in the applicable Indenture Supplement, then the initial
principal balance) of all other Outstanding Classes and Tranches (without duplication) (other than
the Class A(2006-A5) Notes) which are not expected to be in their revolving periods, and (c) the
initial invested amounts (or, if no initial invested amount is defined in the applicable Indenture
Supplement, then the initial principal balance) of all other Outstanding Classes and Tranches
(without duplication) (other than the Class A(2006-A5) Notes) which are not allocating Shared
Principal Collections to other Series and are in their revolving periods; provided, however, that
this definition may be changed at any time if the Rating Agency Condition is satisfied.

- 2 -

 

     “Accumulation Period Length” means the number of whole months such that the sum of the
Accumulation Period Factors for each month during such period will be equal to or greater than the
Required Accumulation Factor Number; provided, however, that the Accumulation Period Length will
not be determined to be less than one month; provided further, however, that the determination of
the Accumulation Period Length may be changed at any time if the Rating Agency Condition is
satisfied.

     “Accumulation Shortfall” shall mean (a) on the first Payment Date during the
Accumulation Period, zero and (b) on each subsequent Payment Date during the Accumulation Period,
the excess, if any, of the Accumulation Deposit Amount for the previous Payment Date over the
amount deposited into the Principal Funding Account pursuant to Section 2.04(b) for the previous
Payment Date.

     “Class A(2006-A5) Final Maturity Date” means September 20, 2012.

     “Class A(2006-A5) Note” means any Note substantially in the form set forth in Exhibit
A-1 to the AdvantaSeries Indenture Supplement, designated therein as a Class A(2006-A5) Asset
Backed Note and duly executed and authenticated in accordance with the Master Indenture.

     “Class A(2006-A5) Noteholder” means a Person in whose name a Class A(2006-A5) Note is
registered in the Note Register.

     “Class A(2006-A5) Note Interest Rate” means a rate per annum equal to 5.10%.

     “Class A(2006-A5) Termination Date” means the earliest to occur of (a) the Principal
Payment Date on which the Outstanding Principal Balance of the Class A(2006-A5) Notes is paid in
full, (b) the Class A(2006-A5) Final Maturity Date and (c) the date on which the Master Indenture
is discharged and satisfied pursuant to Article XI thereof.

     “Closing Date” means October 24, 2006.

     “Expected Final Principal Payment Date” means October 20, 2009.

     “Initial Principal Balance” means $200,000,000.

     “Interest Payment Date” means the scheduled due date of any payment of interest on the
Class A(2006-A5) Notes, which shall be each Payment Date. The first Interest Payment Date shall be
November 20, 2006.

     “Paying Agent” means Deutsche Bank Trust Company Americas.

     “Rating Agency” means, with respect to the Class A(2006-A5) Notes, each of Standard &
Poor’s, a division of The McGraw-Hill Companies, Inc., and Moody’s Investors Service, Inc.

     “Required Accumulation Factor Number” shall be equal to a fraction, rounded upwards to
the nearest whole number, the numerator of which is one and the denominator

- 3 -

 

of which is equal to the lowest monthly principal payment rate on the Accounts, expressed as a
decimal, for the twelve months preceding the date of such calculation; provided, however, that this
definition may be changed at any time if the Rating Agency Condition is satisfied.

     Section 1.02. Governing Law. THIS TERMS DOCUMENT WILL BE CONSTRUED IN ACCORDANCE WITH
AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK, INCLUDING SECTION 5-1401 OF THE GENERAL
OBLIGATION LAW, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS AND THE OBLIGATIONS, RIGHTS AND
REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

     Section 1.03. Counterparts. This Terms Document may be executed in any number of
counterparts, each of which so executed will be deemed to be an original, but all such counterparts
will together constitute but one and the same instrument.

     Section 1.04. Ratification of Master Indenture and AdvantaSeries Indenture Supplement.
As supplemented by this Terms Document, each of the Master Indenture and the AdvantaSeries
Indenture Supplement is in all respects ratified and confirmed and the Master Indenture as so
supplemented by the AdvantaSeries Indenture Supplement and this Terms Document shall be read, taken
and construed as one and the same instrument.

[END OF ARTICLE I]

- 4 -

 

ARTICLE II

The Class A(2006-A5) Asset Backed Notes

     Section 2.01. Creation and Designation. There is hereby created a tranche of Class A
Notes to be issued pursuant to the Master Indenture and the AdvantaSeries Indenture Supplement to
be known as the “AdvantaSeries Class A(2006-A5) Asset Backed Notes.”

     Section 2.02. Interest Payment. For each Interest Payment Date other than the first
Interest Payment Date, the amount of interest due and payable with respect to the Class A(2006-A5)
Notes shall be an amount equal to the product of (i) (A) a fraction, the numerator of which is
thirty (30) and the denominator of which is 360, multiplied by (B) the Class A(2006-A5) Note
Interest Rate, multiplied by (ii) the Outstanding Principal Balance of the Class A(2006-A5) Notes
determined as of the Record Date preceding the related Interest Payment Date. Any interest on the
Class A(2006-A5) Notes will be calculated on the basis of a 360-day year and twelve 30-day Interest
Periods. For the first Interest Payment Date, interest on the Class A(2006-A5) Notes will be
$736,666.67.

     Section 2.03. [Reserved].

     Section 2.04. Required Deposits of Available Principal Collections to the Principal
Funding Account; Payment of Principal. With respect to any Payment Date, the amount to be
deposited in the Principal Funding Sub-Account pursuant to Section 4.16 of the AdvantaSeries
Indenture Supplement will be the amount determined pursuant to clause (a), (b), (c) or (d) below
for such Payment Date, as applicable, or if more than one such clause is applicable, the highest
amount determined pursuant to any one of such clauses; provided, however, in no case shall the
amount required to be deposited exceed the Class A(2006-A5) Adjusted Invested Amount (calculated
immediately before giving effect to such deposit but after giving effect to any Investor
Charge-Offs and any reallocations of principal on such date).

     (a) Revolving Period. On each Payment Date during the Revolving Period, the required
deposit to the Principal Funding Sub-Account for the Class A(2006-A5) Notes will be zero.

     (b) Accumulation Period. On each Payment Date during the Accumulation Period, the
required deposit to the Principal Funding Sub-Account for the Class A(2006-A5) Notes will be the
Accumulation Deposit Amount for such Payment Date. The Accumulation Period is scheduled to
commence at the close of business on January 31, 2009, provided, however, that, if the Accumulation
Period Length is less than 8 months, the date on which the Accumulation Period actually commences
will be delayed to the close of business on the last day of the month prior to the month that is
the number of whole months prior to the Expected Final Principal Payment Date which is at least
equal to the Accumulation Period Length and, as a result, the number of Monthly Periods in the
Accumulation Period will at least equal the Accumulation Period Length. On the Determination Date
twelve (12) months prior to the Expected Final Principal Payment

- 5 -

 

Date and each Determination Date thereafter until the Accumulation Period begins, the Servicer
shall determine the Accumulation Period Length.

     (c) Early Amortization Period. On each Payment Date during an Early Amortization
Period, the required deposit to the Principal Funding Sub-Account for the Class A(2006-A5) Notes
will be the Adjusted Invested Amount for the Class A(2006-A5) Notes as of the close of business on
the last day of the preceding Monthly Period (after taking into account any reductions or increases
occurring on such date).

     (d) Coverage Funding of the Principal Funding Account of Senior Classes. If the
Transferor determines as of the end of the related Monthly Period that, after giving effect to all
allocations and payments with respect to that Monthly Period, the Coverage Funding Required Amount
of the Class A(2006-A5) Notes will be greater than zero, the required deposit to the Principal
Funding Sub-Account for the Class A(2006-A5) Notes will be the Coverage Funding Required Amount for
such Class A(2006-A5) Notes.

     (e) Distributions to Paying Agent. On each Principal Payment Date, the Indenture
Trustee, acting in accordance with written instructions from the Servicer, shall withdraw from the
Principal Funding Sub-Account for the Class A(2006-A5) Notes and distribute to the Paying Agent for
payment to the Class A(2006-A5) Noteholders the amounts deposited into the Principal Funding
Sub-Account for the Class A(2006-A5) Notes pursuant to this Section 2.04.

     Section 2.05. Holders’ Rights to Payments of Interest and Principal.

     (a) Any installment of interest or principal, if any, payable on any Class A(2006-A5) Note
which is punctually paid or duly provided for by the Issuer and the Indenture Trustee on the
applicable Interest Payment Date or Principal Payment Date shall be paid by the Paying Agent to the
Person in whose name such Class A(2006-A5) Note is registered on the Record Date, by wire transfer
of immediately available funds to such Person’s account as has been designated by written
instructions received by the Paying Agent from such Person not later than the close of business on
the third Business Day preceding the date of payment or, if no such account has been so designated,
by check mailed first-class, postage prepaid to such Person’s address as it appears on the Note
Register on such Record Date, except that with respect to Notes registered on the Record Date in
the name of the nominee of Cede & Co., payment shall be made by wire transfer in immediately
available funds to the account designated by such nominee.

     (b) The right of the Class A(2006-A5) Noteholders to receive payments from the Issuer will
terminate on the first Business Day following the Class A(2006-A5) Termination Date.

     Section 2.06. Cash Collateral Account. In accordance with Section 4.22(a) of the
AdvantaSeries Indenture Supplement, on or prior to the Closing Date, the Transferor shall deposit,
cause to be deposited or maintain funds in the Cash Collateral Account such that immediately after
giving effect to the issuance of the Class A(2006-A5) Notes,

- 6 -

 

the amount on deposit in the Cash Collateral Account for the AdvantaSeries is at least equal
to the Required Cash Collateral Account Amount.

     Section 2.07. Spread Account. In accordance with Section 4.24(a) of the AdvantaSeries
Indenture Supplement, on or prior to the Closing Date, the Transferor shall deposit, cause to be
deposited or maintain funds in the Spread Account such that immediately after the issuance of the
Class A(2006-A5) Notes, the ratio of the amount on deposit in the Spread Account to the Required
Spread Account Amount is equal to or greater than the same ratio immediately preceding such
issuance.

     Section 2.08. Delivery and Payment for the Class A(2006-A5) Notes; Form and
Denomination.

     (a) The Issuer shall execute and issue, and the Indenture Trustee shall authenticate, the
Class A(2006-A5) Notes in accordance with Section 2.03 of the Master Indenture. The Indenture
Trustee shall deliver the Class A(2006-A5) Notes to or upon the order of the Issuer when so
authenticated. The Class A(2006-A5) Notes shall be Book-Entry Notes.

     (b) The Depository for the Class A(2006-A5) Notes shall be The Depository Trust Company, and
the Class A(2006-A5) Notes shall initially be registered in the name of Cede & Co., its nominee.

     (c) The Class A(2006-A5) Notes will be issued in minimum denominations of $5,000 and integral
multiples of $1,000 in excess of that amount.

     Section 2.09. Manner of Payment of Class A(2006-A5) Notes. Except as provided in
Section 11.02 of the Master Indenture with respect to a final distribution, distributions to Class
A(2006-A5) Noteholders hereunder shall be made by (i) check mailed to each Class A(2006-A5)
Noteholder (at such Noteholder’s address as it appears in the Note Register), except that with
respect to any Class A(2006-A5) Notes registered in the name of the nominee of a Clearing Agency,
such payment shall be made in immediately available funds and (ii) without presentation or
surrender of any Class A(2006-A5) Note or the making of any notation thereon.

     Section 2.10. Monthly Servicing Fee. In accordance with Section 3.01(a) of the
AdvantaSeries Indenture Supplement, with respect to the November 20, 2006 Payment Date, the
AdvantaSeries Monthly Servicing Fee allocated to the Class A(2006-A5) Notes shall be $77,778.

[END OF ARTICLE II]

- 7 -

 

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

	 	 	 	 	 	 	 
	 	 	WILMINGTON TRUST COMPANY,	 	 
	 	 	     as Owner Trustee of	 	 
	 	 	ADVANTA BUSINESS CARD MASTER TRUST	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Dorri E. Wolhar
 

	 	 
	 

	 	Name:
	 	Dorri E. Wolhar	 	 
	 

	 	Title:
	 	Financial Services Officer	 	 
	 
	 	 	 	 	 	 
	 	 	DEUTSCHE BANK TRUST COMPANY AMERICAS,	 	 
	 	 	     as Indenture Trustee	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Irene Siegel	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:
	 	Irene Siegel	 	 
	 

	 	Title:
	 	Vice President	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Aranka R. Paul	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:
	 	Aranka R. Paul	 	 
	 

	 	Title:
	 	Assistant Vice President	 	 

[Signature Page to Class A(2006-A5) Terms Document]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00111-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00111-of-00352.parquet"}]]