Document:

Exhibit 10.15
 
Citigroup
				  Managed Futures LLC
 399 Park
				  Avenue
 7th Floor

				  New York, NY 10022 
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  Tel 212 559
				  2011
 Fax 212 793 1969
				

			 

 

	 
		June 15, 2005
	 

	 
		Chesapeake Capital
		Corporation
	 

	 
		500 Forest Avenue
	 

	 
		Richmond, Va 23229
	 

	 
		Attention: Mr. John M.
		Hoade
	 

	 
			
				
				   
				

			 	
				
				  Re: 
				

			 	
				
				  Management Agreement
				  Renewals
				

			 

 

	 
		Dear Mr. Hoade:
	 

	 
		We are writing with respect to
		your management agreements concerning the commodity pools to which
		reference is made below (the “Management Agreements”). We
		are extending the term of the Management Agreements through June 30,
		2006 and all other provisions of the Management Agreements will
		remain unchanged.
	 

	 
			
				
				   
				

			 	
				
				  •
				

			 	
				
				  Smith Barney Tidewater
				  Futures Fund L.P.
				

			 

 

	 
			
				
				   
				

			 	
				
				  •
				

			 	
				
				  AURORA 2001
				

			 

 

	 
			
				
				   
				

			 	
				
				  •
				

			 	
				
				  AURORA III
				

			 

 

	 
		Please acknowledge receipt of this
		modification by signing one copy of this letter and returning it to
		the attention of Mr. Daniel McAuliffe at the address above or
		fax to 212-793-1986. If you have any questions I can be reached at
		212-559-5043.
	 

	 
		 
	 

	 
			
				
				  Very truly yours,
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  CITIGROUP MANAGED FUTURES
				  LLC
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  By: 
				

			 	
				
				  
 /s/ Daniel R.
				  McAuliffe, Jr.
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				  Daniel R. McAuliffe,
				  Jr.
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				  Chief Financial Officer
				  & Director
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  By: 
				

			 	
				
				  
 John M. Hoade
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				

			 

 

	 	 	 	 	 
	Print Name:	John M. Hoade,
			 President	 	 
	
			 
				 
			 

		  	
			 
				Chesapeake Capital
				Corporation
			 

		  	 	 

	 
		DRMcA/srExhibit
				  10.16
 
Citigroup Managed Futures
				  LLC
731 Lexington
				  Avenue
 25th
				  Floor
 New York, NY
				  10022
				

				
				  Tel 212 559
				  2011
 Fax 212 793 1986
				

			 

 

	 
		June 30, 2006
	 

	 
		Chesapeake Capital
		Corporation
	 

	 
		500 Forest Avenue
	 

	 
		Richmond, Va 23229
	 

	 
		Attention: Mr. John M.
		Hoade
	 

	 
			
				
				   
				

			 	
				
				  Re: 
				

			 	
				
				  Management Agreement
				  Renewals
				

			 

 

	 
		Dear Mr. Hoade:
	 

	 
		We are writing with respect to
		your management agreements concerning the commodity pools to which
		reference is made below (the “Management Agreements”). We
		are extending the term of the Management Agreements through June 30,
		2007 and all other provisions of the Management Agreements will
		remain unchanged.
	 

	 
			
				
				   
				

			 	
				
				  •
				

			 	
				
				  Smith Barney Tidewater
				  Futures Fund L.P.
				

			 

 

	 
			
				
				   
				

			 	
				
				  •
				

			 	
				
				  AURORA 2001
				

			 

 

	 
			
				
				   
				

			 	
				
				  •
				

			 	
				
				  AURORA III
				

			 

 

	 
		Please acknowledge receipt of this
		modification by signing one copy of this letter and returning it to
		the attention of Mr. Daniel McAuliffe at the address above or
		fax to 212-793-1986. If you have any questions I can be reached at
		212-559-5043.
	 

	 
		Very truly yours,
	 

	 
		 
	 

	 
			
				
				  CITIGROUP MANAGED FUTURES
				  LLC
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  By: 
				

			 	
				
				  
 /s/ Daniel R.
				  McAuliffe, Jr.
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				  Daniel R. McAuliffe,
				  Jr.
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				  Chief Financial Officer
				  & Director
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  By: 
				

			 	
				
				  
 /s/ John M.
				  Hoade
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				

			 

 

	 
		 
	 

	 
			
				
				  Print Name: 
				

			 	
				
				  
 John M. Hoade,
				  President
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				  Chesapeake Capital
				  Corporation
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 

 

	 
		DRMcA/sr<PAGE>

                                                                     Exhibit 4.1

                                                                  EXECUTION COPY

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

                       SERIES 2007-1 INDENTURE SUPPLEMENT
                           Dated as of April 24, 2007

                                       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

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

                                       42

<PAGE>

                                TABLE OF CONTENTS

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

   CREATION OF THE SERIES 2007-1 NOTES...................................     1

                                   ARTICLE II

   DEFINITIONS...........................................................     1

                                   ARTICLE III

                            NOTEHOLDER SERVICING FEE

Section 3.01. Servicing Compensation.....................................    14

                                   ARTICLE IV

             RIGHTS OF NOTEHOLDERS AND ALLOCATION AND APPLICATION OF
                                   COLLECTIONS

Section 4.01. Collections and Allocations................................    14
Section 4.02. Determination of Monthly Interest..........................    16
Section 4.03. Determination of Monthly Principal.........................    18
Section 4.04. Application of Available Finance Charge Collections and
              Available Principal Collections............................    18
Section 4.05. Investor Charge-Offs.......................................    21
Section 4.06. Reallocated Principal Collections..........................    21
Section 4.07. Excess Finance Charge Collections..........................    21
Section 4.08. Excess Principal Collections...............................    22
Section 4.09. Certain Series Accounts....................................    22
Section 4.10. Reserve Account............................................    24
Section 4.11. Spread Account.............................................    25
Section 4.12. Investment Instructions....................................    27
Section 4.13. Accumulation Period........................................    27
Section 4.14. Suspension of Accumulation Period..........................    28
Section 4.15. Determination of LIBOR.....................................    29
Section 4.16. Interchange................................................    30
Section 4.17. Foreign Accounts...........................................    31

                                    ARTICLE V

            DELIVERY OF NOTES; DISTRIBUTIONS; REPORTS TO NOTEHOLDERS

Section 5.01. Delivery and Payment for the Series 2007-1 Notes...........    31
Section 5.02. Distributions..............................................    31
</TABLE>

                                       43

<PAGE>

<TABLE>
<S>                                                                         <C>
Section 5.03. Reports and Statements to Series 2007-1 Noteholders........    32

                                   ARTICLE VI

   SERIES 2007-1 PAY OUT EVENTS..........................................    32

                                   ARTICLE VII

               REDEMPTION; FINAL DISTRIBUTIONS; SERIES TERMINATION

Section 7.01. Optional Redemption of Series 2007-1 Notes; Final
              Distributions..............................................    34
Section 7.02. Series Termination.........................................    35

                                  ARTICLE VIII

                            MISCELLANEOUS PROVISIONS

Section 8.01. Ratification of Indenture; Amendments......................    36
Section 8.02. Form of Delivery of the Notes..............................    36
Section 8.03. Counterparts...............................................    36
Section 8.04. Governing Law..............................................    36
Section 8.05. Limitation of Liability....................................    36
Section 8.06. Rights of Indenture Trustee................................    36
Section 8.07. Additional Requirements for Registration of and Limitations
              on Transfer and Exchange of Notes..........................    37
</TABLE>

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

                                       44
<PAGE>

                       SERIES 2007-1 INDENTURE SUPPLEMENT

SERIES 2007-1 INDENTURE SUPPLEMENT, dated as of April 24, 2007 (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 2007-1 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 2007-1" or the "Series 2007-1 Notes." The Series
2007-1 Notes shall be issued in three Classes, known as the "Class A Floating
Rate Asset Backed Notes, Series 2007-1," the "Class B Floating Rate Asset Backed
Notes, Series 2007-1," and the "Class C Floating Rate Asset Backed Notes, Series
2007-1."

Series 2007-1 shall be included in Group One and shall be a Principal Sharing
Series. Series 2007-1 shall be an Excess Allocation Series with respect to Group
One only. Series 2007-1 shall not be subordinated to any other Series. Series
2007-1 shall not be a Paired Series.

                                       45

<PAGE>

                                   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 2007-1 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 2007-1; and provided,

                                       46

<PAGE>

     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 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
2007-1 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 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).

"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 2007-1 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 2007-1 equals or exceeds Servicer Interchange
for such Monthly Period), each with respect to the related

                                       47

<PAGE>

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 $411,250,000.

"Class A Note Interest Rate" means a per annum rate of 0.04% 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 $40,000,000.

"Class B Note Interest Rate" means a per annum rate of 0.20% 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).

                                       48

<PAGE>

"Class C Note Initial Principal Balance" means $48,750,000.

"Class C Note Interest Rate" means a per annum rate of 0.45% 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 April 24, 2007.

"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 2007-1 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-twelfth 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 twelve (12) 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 April 1, 2009, 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 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 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

                                       49

<PAGE>

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 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 June 15, 2007 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 2007-1 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.

"Excess Spread Percentage" means Net Yield.

"Expected Principal Payment Date" means April 15, 2010.

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

"Finance Charge Collections" means Collections of Finance Charge Receivables.

                                       50

<PAGE>

"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.

"Group One" means Series 2007-1, 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 $500,000,000.

"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.

"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) April 20, 2007 for the first Interest
Period 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.

                                       51

<PAGE>

"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 June
15, 2007 Distribution Date shall mean the period from and including the Closing
Date to and including the last day of May, 2007.

"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) 17.75% 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) 9.75% 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.

"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.

"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, except that
Excess Finance Charge Collections from other Series applied for the benefit of
Series 2007-1 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.

"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.

                                       52

<PAGE>

"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 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
June, 2007 and July, 2007 Distribution Dates, the Net Yields for March and
April, 2007 shall be deemed to be 7.20% and 6.80%, respectively.

"Rapid Amortization Period" means the period commencing on the date on which a
Trust Pay Out Event or a Series 2007-1 Pay Out Event is deemed to occur and
ending on the Series Termination Date.

"Rating Agency" means each of 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 2007-1
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 2007-1 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) 0.50% of the Note Principal
Balance or (b) any

                                       53

<PAGE>

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 2007-1.

"Required Retained Transferor Percentage" means, for purposes of Series 2007-1,
4%.

"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 three 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 2%, 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 twelve months prior to the commencement of
the Accumulation Period; (c) the first Transfer Date for which the Quarterly Net
Yield is less than 3%, 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 six months prior to the commencement of the
Accumulation Period; and (d) the first Transfer Date for which the Quarterly Net
Yield is less than 4%, 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 four 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 March, 2009
Monthly Period and, at the election of Transferor, the date to which the
commencement 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.

                                       54

<PAGE>

"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 2007-1" means the Series of Notes the terms of which are specified in
this Indenture Supplement.

"Series 2007-1 Final Maturity Date" means the April, 2013 Distribution Date.

"Series 2007-1 Note" means a Class A Note, a Class B Note or a Class C Note.

"Series 2007-1 Noteholder" means a Class A Noteholder, a Class B Noteholder or a
Class C Noteholder.

"Series 2007-1 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 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 2007-1 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

                                       55

<PAGE>

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 2007-1 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 June, 2007 Distribution Date shall be $791,667.

"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.

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

<TABLE>
<CAPTION>
  If the Quarterly Net Yield
 on such Distribution Date is   then the Spread
-----------------------------       Account
greater than                    Percentage will
or equal to:   and less than:        equal:
------------   --------------   ---------------
<S>            <C>              <C>
    5.50%                            1.00%
    5.00%           5.50%            1.50%
    4.75%           5.00%            2.00%
    4.50%           4.75%            2.50%
    4.00%           4.50%            3.00%
    3.50%           4.00%            4.00%
    3.00%           3.50%            5.25%
    2.00%           3.00%            6.25%
                    2.00%            6.50%
</TABLE>

The Initial Spread Account Percentage shall be 1.00%. 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).

                                       56

<PAGE>

"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 2007-1 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.

                                   ARTICLE III

                            NOTEHOLDER SERVICING FEE

     SECTION 3.01. SERVICING COMPENSATION. The share of the Servicing Fee
allocable to Series 2007-1 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 $1,055,555;
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 2007-1 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 2007-1 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 2007-1
     as set forth in this Article.

                                       57

<PAGE>

          (b) On each Date of Processing, Servicer shall allocate to the Series
     2007-1 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 2007-1 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 be allocated to the Series 2007-1
                    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 2007-1 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 2007-1 Noteholders and deposited into the
               Principal Account in accordance with Section 8.04 of the
               Indenture and subsection 4.01(c).

                                       58

<PAGE>

                    (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 2007-1 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.

          (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 2007-1 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.

          Notwithstanding the provisions of Section 4.03(a)(ii) of the Pooling
     and Servicing Agreement and the second paragraph of Section 8.04(a) of the
     Indenture, all Finance Charge Collections for each Monthly Period shall be
     deposited daily and retained until the delivery of the statement required
     by Section 5.03(b). On or after delivery of such

                                       59

<PAGE>

     statement, Finance Charge Collections for the Related Monthly Period which
     are not required to be deposited or distributed pursuant to such statement
     may be withdrawn by Servicer.

          (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 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) 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 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 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

                                       60

<PAGE>

     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 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 the actual number
     of days in the related Interest Period 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) 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 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.

                                       61

<PAGE>

     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 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;

                                       62
<PAGE>

               (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.

          (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

                                       63

<PAGE>

          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 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).

     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

                                       64

<PAGE>

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 2007-1 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 Servicer, shall deposit Excess Finance
Charge Collections allocated to Series 2007-1 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 2007-1 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, six 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"),
     each bearing a designation clearly indicating that the funds deposited
     therein are held for the benefit of the Series 2007-1 Noteholders. The
     Finance Charge Account, the Principal Account, the Principal Accumulation
     Account, the Distribution Account, the Reserve Account and the Spread
     Account are hereby designated as the Series Accounts for the Series 2007-1
     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 2007-1 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

                                       65

<PAGE>

     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) Funds 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 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

                                       66

<PAGE>

     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 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.

                                       67

<PAGE>

          (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 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 2007-1
     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 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

                                       68

<PAGE>

     Investment Earnings shall be deemed not to be available or on deposit;
     provided that after the maturity of the Series 2007-1 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
     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 2007-1 Final Maturity
     Date and (ii) the day following the occurrence of an Event of Default with
     respect to Series 2007-1 and acceleration of the maturity of the Series
     2007-1 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

                                       69

<PAGE>

     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 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 April 1, 2009; provided that if the
Accumulation Period Length (determined as described below) on any Determination
Date on or after the January, 2009 Determination Date is less than twelve
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 one month, (ii) such determination of the
Accumulation Period Length shall be made on each Determination Date on and after
the January, 2009 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 2007-1 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

                                       70

<PAGE>

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 twelve 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 January, 2009 Determination Date as
necessary to determine whether the Accumulation Period is postponed and to set
the Reserve Account Funding Date. If the 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 2007-1 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 2007-1 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
     2007-1 Noteholders.

                                       71

<PAGE>

          (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 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 April 1, 2009, (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.

                                       72

<PAGE>

     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 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 2007-1
     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 2007-1 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 2007-1 Notes with respect

                                       73

<PAGE>

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 2007-1 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
2007-1, 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 2007-1 Notes to the extent
specified in any such Indenture Supplement) and the Series 2007-1 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 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 2007-1 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.

                                    ARTICLE V

            DELIVERY OF NOTES; DISTRIBUTIONS; REPORTS TO NOTEHOLDERS

     SECTION 5.01. DELIVERY AND PAYMENT FOR THE SERIES 2007-1 NOTES. Issuer
shall execute and issue, and Indenture Trustee shall authenticate, the Series
2007-1 Notes in accordance with Section 2.03 of the Indenture. Indenture Trustee
shall deliver the Series 2007-1 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.

                                       74

<PAGE>

          (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 2007-1 Noteholders
     hereunder shall be made by (i) check mailed to each Series 2007-1
     Noteholder (at such Noteholder's address as it appears in the Note
     Register), except that for any Series 2007-1 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 2007-1 Note or the making of any notation
     thereon.

     SECTION 5.03. REPORTS AND STATEMENTS TO SERIES 2007-1 NOTEHOLDERS.

          (a) On each Distribution Date, Indenture Trustee shall forward to each
     Series 2007-1 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 2007-1 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 2007-1 Noteholder, a statement prepared by Servicer containing the
     information which is required to be contained in the statement to Series
     2007-1 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 2007-1 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

                                       75

<PAGE>

     shall be provided by Servicer pursuant to any requirements of the Code as
     from time to time in effect.

                                   ARTICLE VI

                          SERIES 2007-1 PAY OUT EVENTS

If any one of the following events shall occur with respect to the Series 2007-1
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 2007-1 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,
     shall have been given to Transferor by Indenture Trustee, or to Transferor
     and Indenture Trustee by Holders of Series 2007-1 Notes evidencing more
     than 25% of the Note Principal Balance and which continues to materially
     and adversely affect the interest of the Series 2007-1 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 2007-1 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 2007-1 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

                                       76

<PAGE>

     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 2007-1 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 2007-1 pursuant to Section 5.02 of the
     Indenture and acceleration of the maturity of the Series 2007-1 Notes
     pursuant to Section 5.03 of the Indenture; or

          (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 2007-1 Notes evidencing more than 50%
of the aggregate unpaid principal amount of Series 2007-1 Notes by notice then
given in writing to Transferor and Servicer (and to Indenture Trustee if given
by the Series 2007-1 Noteholders) may declare that a "Series Pay Out Event" with
respect to Series 2007-1 (a "Series 2007-1 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 2007-1 Pay Out Event shall occur without any
notice or other action on the part of Indenture Trustee or the Series 2007-1
Noteholders immediately upon the occurrence of such event.

                                   ARTICLE VII

                                   REDEMPTION;
                     FINAL DISTRIBUTIONS; SERIES TERMINATION

     SECTION 7.01. OPTIONAL REDEMPTION OF SERIES 2007-1 NOTES; FINAL
DISTRIBUTIONS.

          (a) On any day occurring on or after the date on which the outstanding
     principal balance of the Series 2007-1 Notes is reduced to 10% or less of
     the initial Note Principal Balance of the Series 2007-1 Notes, Servicer
     shall have the option to direct Transferor to redeem the Series 2007-1
     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

                                       77

<PAGE>

     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 2007-1
     shall be reduced to zero and the Series 2007-1 Noteholders shall have no
     further security interest in the Receivables. The Reassignment Amount shall
     be distributed as set forth in subsection 7.01(d).

          (c) The amount to be paid by Transferor with respect to Series 2007-1
     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 2007-1, 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

                                       78

<PAGE>

     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 2007-1 Final Maturity Date,
the unpaid principal amount of the Series 2007-1 Notes shall be due and payable,
and the right of the Series 2007-1 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 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 2007-1 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 66 2/3% of the principal balance of
each Class of the Outstanding Series 2007-1 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 The Bank of New York, as agent for DTC, Clearstream and
Euroclear Bank S.A./N.V., 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

                                       79

<PAGE>

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]

                                       80

<PAGE>

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 /s/ J. Christopher Murphy
                                           -------------------------------------
                                        Name: J. Christopher Murphy
                                        Title: Financial Services Officer

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

                                        By /s/ Corine D. Twin
                                           -------------------------------------
                                        Name: Corine D. Twin
                                        Title: Assistant Vice President

Acknowledged and Accepted:

FIRST NATIONAL BANK OF OMAHA,
as Servicer

By /s/ Timothy D. Hart
   ----------------------------------
Name: Timothy D. Hart
Title: Senior Vice President

FIRST NATIONAL FUNDING LLC,
as Transferor

By /s/ Karlyn M. Knieriem
   ----------------------------------
Name: Karlyn M. Knieriem
Title: Senior Vice President

                       INDENTURE SUPPLEMENT SIGNATURE PAGE

                                       81
<PAGE>

                                   EXHIBIT A-1

                                     FORM OF
             CLASS A FLOATING RATE ASSET BACKED NOTE, SERIES 2007-1

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

                                       82

<PAGE>

"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).

                                       83

<PAGE>

REGISTERED                                                         $ __________*
No. R-_____                                                     CUSIP NO. ______

                        FIRST NATIONAL MASTER NOTE TRUST

             CLASS A FLOATING RATE ASSET BACKED NOTE, SERIES 2007-1

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 April, 2013 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 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 $100,000 and integral multiples of $1,000 in excess
     thereof.

                                       84

<PAGE>

     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: April 24, 2007

                                       85

<PAGE>

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

                                       86

<PAGE>

                        FIRST NATIONAL MASTER NOTE TRUST

             CLASS A FLOATING RATE ASSET BACKED NOTE, SERIES 2007-1

                         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 2007-1 (the "Series
2007-1 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 April 24, 2007 (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.

                                       87

<PAGE>

                                   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.

                                       88
<PAGE>

                                   EXHIBIT A-2

                                     FORM OF
             CLASS B FLOATING RATE ASSET BACKED NOTE, SERIES 2007-1

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

                                       89

<PAGE>

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).

                                       90

<PAGE>

REGISTERED                                                            $________*
No. R-__________                                             CUSIP NO.__________

                        FIRST NATIONAL MASTER NOTE TRUST

             CLASS B FLOATING RATE ASSET BACKED NOTE, SERIES 2007-1

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 April, 2013 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 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 $100,000 and integral multiples of $1,000 in excess
     thereof.

                                       91

<PAGE>

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: April 24, 2007

                                       92

<PAGE>

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

                                       93

<PAGE>

                        FIRST NATIONAL MASTER NOTE TRUST

             CLASS B FLOATING RATE ASSET BACKED NOTE, SERIES 2007-1

                         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 2007-1 (the "Series
2007-1 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 April 24, 2007 (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.

                                       94

<PAGE>

                                   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.

                                       95
<PAGE>

                                   EXHIBIT A-3

                                     FORM OF
             CLASS C FLOATING RATE ASSET BACKED NOTE, SERIES 2007-1

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

                                       96

<PAGE>

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).

                                       97

<PAGE>

REGISTERED                                                           $_________*
No. R- ________                                               CUSIP NO. ________

                        FIRST NATIONAL MASTER NOTE TRUST

             CLASS C FLOATING RATE ASSET BACKED NOTE, SERIES 2007-1

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 April, 2013 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 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 $100,000 and integral multiples of $1,000 in excess
     thereof.

                                       98

<PAGE>

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: April 24, 2007

                                       99

<PAGE>

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

                                       100

<PAGE>

                        FIRST NATIONAL MASTER NOTE TRUST

             CLASS C FLOATING RATE ASSET BACKED NOTE, SERIES 2007-1

                         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 2007-1 (the "Series
2007-1 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 April 24, 2007 (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.

                                       101

<PAGE>

                                   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.

                                       102
<PAGE>

                                    EXHIBIT B

                    FORM OF MONTHLY PAYMENT INSTRUCTIONS AND
                        NOTIFICATION TO INDENTURE TRUSTEE

                        FIRST NATIONAL MASTER NOTE TRUST
                                  SERIES 2007-1

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 2007-1 Indenture Supplement dated as of April 24, 2007 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 2007-1 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, for application as Available Finance Charge
Collections in the following amounts 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:

                                       103

<PAGE>

<TABLE>
<S>                                                               <C>
          Investment Earnings from Principal Accumulation
             Account to the Finance Charge Account                $_____________

          Investment Earnings on Principal Account, Finance
             Charge Account and Distribution Account to the
             order of Servicer                                    $_____________
</TABLE>

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:

<TABLE>
<S>                                                               <C>
     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) ...............   $_____________
</TABLE>

                                       104

<PAGE>

<TABLE>
<S>                                                               <C>
     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) ....   $_____________
</TABLE>

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:

<TABLE>
<S>                                                               <C>
     A.   On the earlier of the Series 2007-1 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) ............................................   $_____________
</TABLE>

                                       105

<PAGE>

<TABLE>
<S>                                                               <C>
     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) ..................................   $_____________
</TABLE>

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):

<TABLE>
<S>                                                               <C>
     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 ..................   $_____________
</TABLE>

                                       106

<PAGE>

<TABLE>
<S>                                                               <C>
     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 ...............................   $_____________
</TABLE>

                                       107

<PAGE>

<TABLE>
<S>                                                               <C>
          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) ..........................................   $_____________
</TABLE>

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):

<TABLE>
<S>                                                               <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) ........   $_____________
</TABLE>

                                       108

<PAGE>

<TABLE>
<S>                                                               <C>
     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 ........   $_____________
</TABLE>

                                       109

<PAGE>

<TABLE>
<S>                                                               <C>
     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 .......   $_____________
</TABLE>

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:

<TABLE>
<S>                                                               <C>
          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
</TABLE>

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:

<TABLE>
<S>                                                               <C>
          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......   $_____________
</TABLE>

                              110

<PAGE>

<TABLE>
<S>                                                               <C>
          (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....   $_____________
</TABLE>

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:

                                       111

<PAGE>

<TABLE>
<S>                                                               <C>
          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 .......................................   $_____________
</TABLE>

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:

<TABLE>
<S>                                                               <C>
          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 ..........................................   $_____________

          C.   Allocated to variable funding series principal
               payments at Transferor's direction:

               Series [__________] ............................   $_____________
               Series [__________] ............................   $_____________
               Total ..........................................   $_____________
</TABLE>

                                       112

<PAGE>

<TABLE>
<S>                                                               <C>
          D.   Deposited to Excess Funding Account to maintain
               Minimum Transferor Interest and Minimum
               Aggregate Principal Receivables ................   $_____________

          E.   Remainder distributed to Holder of Transferor
               Interest .......................................   $_____________
</TABLE>

IN WITNESS WHEREOF, the undersigned has duly executed this certificate this
____ day of __________________, 200_.

                                        FIRST NATIONAL BANK OF OMAHA,
                                        as Servicer

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

                                       113
<PAGE>

                                    EXHIBIT C

                      FORM OF MONTHLY REPORT TO NOTEHOLDERS

                 FIRST NATIONAL MASTER NOTE TRUST SERIES 2007-1

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 2007-1
Indenture Supplement, dated as of April 24, 2007, 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."]

                                       114

<PAGE>

(f) To the knowledge of the undersigned, no Series 2007-1 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.

<TABLE>
<S>                                                                <C>
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:                          _________________   _________________
</TABLE>

                                       115

<PAGE>

<TABLE>
<S>                                                                <C>
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 2007-1 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                                          _____________
</TABLE>

                                       116

<PAGE>

<TABLE>
<S>                                                                <C>
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                     _____________

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                                _____________
           Class A Interest Shortfall                              _____________
</TABLE>

                                       117

<PAGE>

<TABLE>
<S>                                                                <C>
           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,
        (i)   Monthly Principal deposited to Principal
              Accumulation Account                                 _____________
</TABLE>

                                       118

<PAGE>

<TABLE>
<S>                                                                <C>
        (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
    Moody's                                                        _____________
    S&P                                                            _____________
</TABLE>

                                       119

<PAGE>

<TABLE>
<S>                                                                <C>
22. Ratings of the Class B Notes
    Moody's                                                        _____________
    S&P                                                            _____________

23. Ratings of the Class C Notes
    Moody's                                                        _____________
    S&P                                                            _____________

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 [___]%
</TABLE>

                                       120

<PAGE>

<TABLE>
<S>                                                                <C>
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                                                           _____________
</TABLE>

                                       121

<PAGE>

<TABLE>
<S>                                                                <C>
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                           _____________

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)                                      _____________
</TABLE>

                                       122

<PAGE>

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

                                       123
<PAGE>

                                  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 end of the Related Monthly
          Period                                                       _________

     (b)  Minimum Transferor Interest as of the end of the Related
          Monthly Period                                               _________

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

     (a)  Aggregate Principal Receivables as of the end of the
          Related Monthly Period                                       _________

     (b)  Minimum Aggregate Principal Receivables as of the end of
          the Related Monthly Period                                   _________

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]

                                 124

<PAGE>

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

                                      125

<PAGE>

                                    EXHIBIT D

                     FORM OF MONTHLY SERVICER'S CERTIFICATE

                          FIRST NATIONAL BANK OF OMAHA

                 FIRST NATIONAL MASTER NOTE TRUST, SERIES 2007-1

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 2007-1 Indenture Supplement, dated as of
April 24, 2007, 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.

                                       126

<PAGE>

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

                                       127

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00122-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00122-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00122-of-00352.parquet"}]]