CLASS A Unless this Certificate is presented by an authorized representative of The Depository Trust Company, a New York corporation ("DTC"), to MBNA America Bank, National Association or its agent for registration of transfer, exchange or payment, and any certificate issued is registered in the name of Cede & Co. or in such other name as 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. No. 1 $200,000,000 CUSIP No. 55262TBN2 MBNA MASTER CREDIT CARD TRUST II CLASS A FLOATING RATE ASSET BACKED CERTIFICATE, SERIES 1996-H Evidencing an Undivided Interest in a trust, the corpus of which consists of a portfolio of MasterCard registered trademark and VISA registered trademark credit card receivables generated or acquired by MBNA America Bank, National Association and other assets and interests constituting the Trust under the Pooling and Servicing Agreement described below. (Not an interest in or obligation of MBNA America Bank, National Association or any Affiliate thereof.) This certifies that CEDE & CO. (the "Class A Certificateholder") is the registered owner of an Undivided Interest in a trust (the "Trust"), the corpus of which consists of a portfolio of receivables (the "Receivables") now existing or hereafter created and arising in connection with selected MasterCard and VISA credit card accounts (the "Accounts") of MBNA America Bank, National Association, a national banking association organized under the laws of the United States, all monies due or to become due in payment of the Receivables (including all Finance Charge Receivables but excluding recoveries on any charged-off Receivables), the right to certain amounts received as Interchange with respect to the Accounts, the benefits of the Collateral Interest (as defined below) and the other assets and interests constituting the Trust pursuant to a Pooling and Servicing Agreement dated as of August 4, 1994, as amended as of March 11, 1996, as supplemented by the Series 1996-H Supplement dated as of August 14, 1996 (collectively, the "Pooling and Servicing Agreement"), by and between MBNA America Bank, National Association, as Seller (the "Seller") and as Servicer (the "Servicer"), and The Bank of New York, as Trustee (the "Trustee"), a summary of certain of the pertinent provisions of which is set forth hereinbelow. The Series 1996-H Certificates are issued in two classes, the Class A Certificates (of which this certificate is one) and the Class B Certificates, which are subordinated to the Class A Certificates in certain rights of payment as described herein and in the Pooling and Servicing Agreement. The Seller has structured the Pooling and Servicing Agreement and the Series 1996-H Certificates with the intention that the Series 1996-H Certificates will qualify under applicable tax law as indebtedness, and each of the Seller, the Holder of the Seller Certificate, the Servicer and each Series 1996-H Certificateholder (or Series 1996-H Certificate Owner) by acceptance of its Series 1996-H Certificate (or in the case of a Series 1996-H Certificate Owner, by virtue of such Series 1996-H Certificate Owner's acquisition of a beneficial interest therein), agrees to treat and to take no action inconsistent with the treatment of the Series 1996-H Certificates (or any beneficial interest therein) as indebtedness for purposes of federal, state, local and foreign income or franchise taxes and any other tax imposed on or measured by income. Each Series 1996-H Certificateholder agrees that it will cause any Series 1996-H Certificate Owner acquiring an interest in a Series 1996-H Certificate through it to comply with the Pooling and Servicing Agreement as to treatment of the Series 1996-H Certificates as indebtedness for certain tax purposes. To the extent not defined herein, capitalized terms used herein have the respective meanings assigned to them in the Pooling and Servicing Agreement. This Class A Certificate is issued under and is subject to the terms, provisions and conditions of the Pooling and Servicing Agreement, to which Pooling and Servicing Agreement, as amended from time to time, the Class A Certificateholder by virtue of the acceptance hereof assents and by which the Class A Certificateholder is bound. The Receivables consist of Principal Receivables, which arise from the purchase of goods and services, and of Finance Charge Receivables, which arise generally from periodic Finance Charges and other fees and charges, as more fully specified in the Pooling and Servicing Agreement. The Trust corpus consists of the Receivables now existing and hereafter created and arising in connection with the Accounts, all monies due or to become due with respect thereto (including all Finance Charge Receivables but excluding recoveries on any charged-off Receivables), all proceeds (as defined in Section 9-306 of the UCC as in effect in the State of Delaware) of the Receivables, Insurance Proceeds relating to the Receivables, the right to certain amounts received as Interchange with respect to the Accounts, and such funds as from time to time are deposited in the Collection Account, the Investor Accounts, the Principal Funding Account, certain investment earnings on the Principal Funding Account, the Interest Funding Account, certain investment earnings on the Interest Funding Account, the Reserve Account and certain investment earnings on the Reserve Account and the proceeds (as defined in Section 9-306 of the UCC as in effect in the State of Delaware) thereof. This Class A Certificate is one of a duly authorized Series of Investor Certificates entitled "MBNA Master Credit Card Trust II Class A Floating Rate Asset Backed Certificates, Series 1996-H" (the "Class A Certificates"), each of which represents an Undivided Interest in the Trust, including the right to receive the Collections and other amounts allocated to the Class A Certificates at the times and in the amounts specified in the Pooling and Servicing Agreement and to be deposited in the Investor Accounts, the Principal Funding Account and the Reserve Account or paid to the Class A Certificateholders. Also issued under the Pooling and Servicing Agreement are the "MBNA Master Credit Card Trust II Class B Floating Rate Asset-Backed Certificates, Series 1996-H" (the "Class B Certificates"), which represent an Undivided Interest in the Trust subordinate to the Class A Certificates, and the "MBNA Master Credit Card Trust II Collateral Interest, Series 1996-H" (the "Collateral Interest" and collectively with the Class A Certificates and the Class B Certificates, the "Investor Certificates"), which is an undivided interest in the Trust subordinate to the Class A Certificates and Class B Certificates. The subordination of the Class B Certificates and the subordination of the Collateral Interest to the Class A Certificates shall constitute the Enhancement for the Class A Certificates. The aggregate interest represented by the Class A Certificates and the Class B Certificates at any time in the Principal Receivables in the Trust shall not exceed an amount equal to the Class A Investor Interest and the Class B Investor Interest, respectively, at such time. The Class A Initial Investor Interest is $1,020,000,000 as of August 14, 1996 (the "Closing Date"). The Class B Initial Investor Interest is $90,000,000 as of the Closing Date. The Collateral Initial Interest is $90,000,000 as of the Closing Date. The Class A Investor Interest on any date of determination will be an amount equal to (a) the Class A Initial Investor Interest minus (b) the aggregate amount of payments of principal made to the Class A Certificateholders prior to such date of determination, and minus (c) the excess, if any, of the aggregate amount of Class A Investor Charge-Offs pursuant to subsection 4.10(a) of the Pooling and Servicing Agreement over Class A Investor Charge-Offs reimbursed prior to such date of determination pursuant to subsection 4.11(b) of the Pooling and Servicing Agreement; provided, however, that the Class A Investor Interest may not be reduced below zero. For the purpose of allocating Collections of Finance Charge Receivables and Receivables in Defaulted Accounts for each Monthly Period during the Controlled Accumulation Period, the Class A Investor Interest will be further reduced (such reduced amount, the "Class A Adjusted Investor Interest") by the aggregate principal amount of funds on deposit in the Principal Funding Account. The Class A Investor Interest together with the aggregate interest represented by the Class B Certificates in the Principal Receivables in the Trust (the "Class B Investor Interest") and the aggregate interest represented by the Collateral Interest in the Principal Receivables in the Trust are sometimes collectively referred to herein as the "Investor Interest." In addition to the Class A Certificates, the Class B Certificates and the Collateral Interest, a Seller Certificate representing an undivided interest in the Trust will be issued to the Seller pursuant to the Pooling and Servicing Agreement. The Seller Certificate will represent the interest in the Principal Receivables not represented by all of the Series of Investor Certificates issued by the Trust. The Seller Certificate may be exchanged by the Seller pursuant to the Pooling and Servicing Agreement for a newly issued Series of Investor Certificates and a reissued Seller Certificate upon the conditions set forth in the Pooling and Servicing Agreement. Interest will accrue on the Class A Certificates from the Closing Date through November 14, 1996 and with respect to each Interest Period thereafter, at the rate of 0.10% per annum above LIBOR, as more specifically set forth in the Pooling and Servicing Agreement (the "Class A Certificate Rate"), and will be distributed on November 15, 1996 and on the 15th day of each November, February, May and August thereafter, or if such day is not a Business Day, on the next succeeding Business Day (an "Interest Payment Date"), to the Class A Certificateholders of record as of the last Business Day of the calendar month preceding such Interest Payment Date (the "Record Date"), provided that commencing on the Class A Scheduled Payment Date or the first Distribution Date with respect to the Rapid Amortization Period, the 15th day of each calendar month, or if such day is not a Business Day, on the next succeeding Business Day (a "Distribution Date") will be an Interest Payment Date. During the Rapid Amortization Period, in addition to Class A Monthly Interest, Class A Monthly Principal will be distributed to the Class A Certificateholders on each Distribution Date commencing in the month following the commencement of the Rapid Amortization Period until the Class A Certificates have been paid in full. During the Controlled Accumulation Period, in addition to quarterly payments of Class A Monthly Interest, the amount on deposit in the Principal Funding Account will be distributed as principal to the Class A Certificateholders on the August 2001 Distribution Date (the "Class A Scheduled Payment Date"), unless distributed earlier as a result of the occurrence of a Pay Out Event in accordance with the Pooling and Servicing Agreement. The Servicer shall deposit all Collections in the Collection Account as promptly as possible after the Date of Processing of such Collections, but in no event later than the second Business Day following such Date of Processing (except as provided below and except as provided in any Supplement to the Pooling and Servicing Agreement). Throughout the existence of the Trust, unless otherwise provided in any Supplement, the Servicer shall allocate to the Holder of the Seller Certificate an amount equal to the product of (A) the Seller Percentage and (B) the aggregate amount of such Collections allocated to Principal Receivables and Finance Charge Receivables, respectively, in respect of each Monthly Period. Notwithstanding the first sentence of this paragraph, the Servicer need not deposit this amount or any other amounts so allocated to the Seller Certificate pursuant to any Supplement into the Collection Account and shall pay, or be deemed to pay, such amounts as collected to the Holder of the Seller Certificate. The Servicer shall pay or deposit the following amounts as set forth below: (a) Allocations During the Revolving Period. During the Revolving Period, the Servicer shall, prior to the close of business on the day any Collections are deposited in the Collection Account, allocate to the Investor Certificateholders or the Holder of the Seller Certificate and pay or deposit from the Collection Account the following amounts as set forth below: (i) Allocate to the Investor Certificateholders the product of (y) the Investor Percentage on the Date of Processing of such Collections and (z) the aggregate amount of Collections of Finance Charge Receivables on such Date of Processing, and of that allocation, deposit in the Finance Charge Account an amount equal to either (I) (A) for any Monthly Period in which an Interest Payment Date occurs, prior to the LIBOR Determination Date occurring in such Monthly Period, an amount equal to the product of (1) the Investor Percentage on the Date of Processing of such Collections and (2) the aggregate amount of Collections of Finance Charge Receivables on such Date of Processing, and (B) at all other times, the difference between (1) the Monthly Interest with respect to the immediately following Transfer Date (plus, if the Seller is not the Servicer, the Certificateholder Servicing Fee for such Transfer Date plus the amount of any Certificateholder Servicing Fee due but not paid to the Servicer on any prior Transfer Date) and (2) the amounts previously deposited in the Finance Charge Account with respect to the current Monthly Period pursuant to Section 4.09 of the Pooling and Servicing Agreement or (II) the amount of Collections of Finance Charge Receivables allocated to the Investor Certificateholders on such Date of Processing pursuant to this clause (a)(i); provided, that if a deposit pursuant to clause (a)(i)(I) above is made on any Date of Processing, on the related Transfer Date, the Servicer shall withdraw from the Collection Account and deposit into the Finance Charge Account an amount equal to the amount of Collections of Finance Charge Receivables that have been allocated to the Investor Certificateholders during the related Monthly Period but not previously deposited in the Finance Charge Account. Funds deposited into the Finance Charge Account pursuant to this clause (a)(i) shall be applied in accordance with Section 4.09 of the Pooling and Servicing Agreement. (ii) Deposit into the Principal Account an amount equal to the product of (A) the Collateral Allocation on the Date of Processing of such Collections, (B) the Investor Percentage on the Date of Processing of such Collections and (C) the aggregate amount of Collections processed in respect of Principal Receivables on such Date of Processing to be applied in accordance with Section 4.12 of the Pooling and Servicing Agreement. (iii) Deposit into the Principal Account an amount equal to the product of (A) the Class B Investor Allocation on the Date of Processing of such Collections, (B) the Investor Percentage on the Date of Processing of such Collections and (C) the aggregate amount of Collections processed in respect of Principal Receivables on such Date of Processing to be applied in accordance with Section 4.12 of the Pooling and Servicing Agreement. (iv) (A) Deposit into the Principal Account an amount equal to the product of (1) the Class A Investor Allocation on the Date of Processing of such Collections, (2) the Investor Percentage on the Date of Processing of such Collections and (3) the aggregate amount of Collections processed in respect of Principal Receivables on such Date of Processing; provided, however, that the amount deposited into the Principal Account pursuant to this clause (iv)(A) shall not exceed the Daily Principal Shortfall, and (B) pay to the Holder of the Seller Certificate an amount equal to the excess, if any, identified in the proviso to clause (A) above; provided, however, that the amount to be paid to the Holder of the Seller Certificate pursuant to this clause (iv)(B) with respect to any Date of Processing shall be paid to the Holder of the Seller Certificate only if the Seller Interest on such Date of Processing is greater than zero (after giving effect to the inclusion in the Trust of all Receivables created on or prior to such Date of Processing and the application of payments referred to in subsection 4.03(b) of the Pooling and Servicing Agreement) and otherwise shall be considered as Unallocated Principal Collections and deposited into the Principal Account in accordance with subsection 4.05(d) of the Pooling and Servicing Agreement; provided further, that in no event shall the amount payable to the Holder of the Seller Certificate pursuant to this clause (iv)(B) be greater than the Seller Interest on such Date of Processing. (b) Allocations During the Controlled Accumulation Period. During the Controlled Accumulation Period, the Servicer shall, prior to the close of business on the day any Collections are deposited in the Collection Account, allocate to the Investor Certificateholders or the Holder of the Seller Certificate and pay or deposit from the Collection Account the following amounts as set forth below: (i) Deposit into the Finance Charge Account an amount equal to the product of (A) the Investor Percentage on the Date of Processing of such Collections and (B) the aggregate amount of Collections processed in respect of Finance Charge Receivables on such Date of Processing to be applied in accordance with Section 4.09 of the Pooling and Servicing Agreement. (ii) Deposit into the Principal Account an amount equal to the product of (A) the Collateral Allocation on the Date of Processing of such Collections, (B) the Investor Percentage on the Date of Processing of such Collections and (C) the aggregate amount of Collections processed in respect of Principal Receivables on such Date of Processing to be applied in accordance with Section 4.12 of the Pooling and Servicing Agreement. (iii) Deposit into the Principal Account an amount equal to the product of (A) the Class B Investor Allocation on the Date of Processing of such Collections, (B) the Investor Percentage on the Date of Processing of such Collections and (C) the aggregate amount of Collections processed in respect of Principal Receivables on such Date of Processing to be applied in accordance with Section 4.12 of the Pooling and Servicing Agreement. (iv) (A) Deposit into the Principal Account an amount equal to the product of (1) the Class A Investor Allocation on the Date of Processing of such Collections, (2) the Investor Percentage on the Date of Processing of such Collections and (3) the aggregate amount of Collections processed in respect of Principal Receivables on such Date of Processing; provided, however, that the amount deposited into the Principal Account pursuant to this (b)(iv)(A) shall not exceed the Daily Principal Shortfall, and (B) pay to the Holder of the Seller Certificate an amount equal to the excess identified in the proviso to clause (A) above, if any; provided, however, that the amount to be paid to the holder of the Seller Certificate pursuant to this clause (b)(iv)(B) with respect to any Date of Processing shall be paid to the Holder of the Seller Certificate only if the Seller Interest on such Date of Processing is greater than zero (after giving effect to the inclusion in the Trust of all Receivables created on or prior to such Date of Processing and the application of payments referred to in subsection 4.03(b) of the Pooling and Servicing Agreement) and otherwise shall be considered as Unallocated Principal Collections and deposited into the Principal Account in accordance with subsection 4.05(d) of the Pooling and Servicing Agreement; provided further, that in no event shall the amount payable to the Holder of the Seller Certificate pursuant to this clause (b)(iv)(B) be greater than the Seller Interest on such Date of Processing. (c) Allocations During the Rapid Amortization Period. During the Rapid Amortization Period, the Servicer shall, prior to the close of business on the day any Collections are deposited in the Collection Account, allocate to the Investor Certificateholders and pay or deposit from the Collection Account the following amounts as set forth below: (i) Deposit into the Finance Charge Account an amount equal to the product of (A) the Investor Percentage on the Date of Processing of such Collections and (B) the aggregate amount of Collections processed in respect of Finance Charge Receivables on such Date of Processing to be applied in accordance with Section 4.09 of the Pooling and Servicing Agreement. (ii) (A) Deposit into the Principal Account an amount equal to the product of (1) the Investor Percentage on the Date of Processing of such Collections and (2) the aggregate amount of Collections processed in respect of Principal Receivables on such Date of Processing; provided, however, that the amount deposited into the Principal Account pursuant to this clause (c)(ii)(A) shall not exceed the sum of the Investor Interest as of the close of business on the last day of the prior Monthly Period (after taking into account any payments to be made on the Distribution Date relating to such prior Monthly Period) and any Reallocated Principal Collections relating to the Monthly Period in which such deposit is made and (B) pay to the Holder of the Seller Certificate an amount equal to the excess, if any, identified in the proviso to clause (A) above; provided, however, that the amount to be paid to the Holder of the Seller Certificate pursuant to this clause (c)(ii)(B) with respect to any Date of Processing shall be paid to the Holder of the Seller Certificate only if the Seller Interest on such Date of Processing is greater than zero (after giving effect to the inclusion in the Trust of all Receivables created on or prior to such Date of Processing and the application of payments referred to in subsection 4.03(b) of the Pooling and Servicing Agreement) and otherwise shall be considered as Unallocated Principal Collections and deposited into the Principal Account in accordance with subsection 4.05(d) of the Pooling and Servicing Agreement; provided further, that in no event shall the amount payable to the Holder of the Seller Certificate pursuant to this clause (c)(ii)(B) be greater than the Seller Interest on such Date of Processing. Notwithstanding anything in the Pooling and Servicing Agreement to the contrary, for so long as, and only so long as, the Seller shall remain the Servicer thereunder, and (A)(i) the Servicer provides to the Trustee a letter of credit covering risk collection of the Servicer acceptable to each Rating Agency (as evidenced by letters from each Rating Agency) and (ii) the Seller shall not have received a notice from Moody's or Standard & Poor's that such a letter of credit would result in the lowering of Moody's or Standard & Poor's then- existing rating of the Investor Certificates, or (B) the Servicer shall have and maintain a certificate of deposit or short-term deposit rating of P-1 by Moody's and of A-1 by Standard & Poor's and deposit insurance provided by BIF or SAIF, the Servicer need not deposit Collections into the Principal Account, the Finance Charge Account, or any Series Account, as provided in any Supplement, or make payments to the Holder of the Seller Certificate, prior to the close of business on the day any Collections are deposited in the Collection Account as provided in Article IV of the Pooling and Servicing Agreement, but may make such deposits, payments and withdrawals on each Transfer Date in an amount equal to the net amount of such deposits, payments and withdrawals which would have been made but for the provisions of this paragraph. With respect to the Series 1996-H Certificates, and notwithstanding anything in the Pooling and Servicing Agreement to the contrary, whether or not the Servicer is required to make monthly or daily deposits from the Collection Account into the Finance Charge Account or the Principal Account pursuant to subsections 4.05(a), 4.05(b) and 4.05(c) of the Pooling and Servicing Agreement, with respect to any Monthly Period, (i) the Servicer will only be required to deposit Collections from the Collection Account into the Finance Charge Account or the Principal Account up to the required amount to be deposited into any such deposit account or, without duplication, distributed on or prior to the related Distribution Date to the Investor Certificateholders and (ii) if at any time prior to such Distribution Date the amount of Collections deposited in the Collection Account exceeds the amount required to be deposited pursuant to clause (i) above, the Servicer will be permitted to withdraw the excess from the Collection Account. Any Unallocated Principal Collections shall be held in the Principal Account and, prior to the commencement of the Controlled Accumulation Period or the Rapid Amortization Period shall be paid to the Holder of the Seller Certificate when, and only to the extent that, the Seller Interest is greater than zero. For each Transfer Date with respect to the Controlled Accumulation Period or the Rapid Amortization Period, any such Unallocated Principal Collections held in the Principal Account on such Transfer Date shall be included in the Investor Principal Collections which to the extent available shall be distributed as Available Investor Principal Collections to be applied pursuant to Section 4.09 of the Pooling and Servicing Agreement on such Transfer Date. The Trustee shall establish and maintain the Principal Funding Account, the Interest Funding Account and the Reserve Account as segregated trust accounts for the benefit of the Series 1996-H Certificateholders. Principal amounts on deposit in the Principal Funding Account, the Interest Funding Account and the Reserve Account shall be applied as set forth in the Pooling and Servicing Agreement. Funds on deposit in the Principal Funding Account, the Interest Funding Account and the Reserve Account shall be invested by or at the direction of the Servicer in Permitted Investments as provided in the Pooling and Servicing Agreement. Investment earnings on such funds shall be transferred on each appropriate Transfer Date to the Finance Charge Account and applied as Collections in respect of Finance Charge Receivables allocable to the Class A Certificates in the amount and manner provided in the Pooling and Servicing Agreement. On or before each Transfer Date, the Servicer shall instruct the Trustee in writing to withdraw and deposit into the Interest Funding Account and the Trustee, acting in accordance with such instructions, shall withdraw and deposit into the Interest Funding Account on such Transfer Date for payment to the Series 1996-H Certificateholders on the next succeeding Interest Payment Date, from the Finance Charge Account to the extent of funds on deposit therein (i) Collections of Finance Charge Receivables processed as of the end of the preceding Monthly Period which have been allocated to the Series 1996-H Certificates, (ii) with respect to the Class A Certificates, from other amounts constituting Class A Available Funds, and (iii) with respect to the Class B Certificates, from other amounts constituting Class B Available Funds, the following amounts: (x) 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 Certificate Rate for such Interest Period and (ii) the Class A Investor Interest as of the close of business on the last day of the preceding Monthly Period ("Class A Monthly Interest"), provided, however, that with respect to the first Distribution Date, Class A Monthly Interest shall be equal to the interest accrued on the Class A Initial Investor Interest at the applicable Class A Certificate Rate for the period from the Closing Date through the day prior to such first Distribution Date; and (y) amounts up to the Class B Monthly Interest followed by the Collateral Monthly Interest, in the actual amounts and manner described in the Pooling and Servicing Agreement. On each Transfer Date, the Trustee shall apply the Class A Available Funds withdrawn from the Finance Charge Account, as required by the Pooling and Servicing Agreement, in the following order of priority: (i) an amount equal to the Class A Monthly Interest for such Transfer Date, plus the amount of any Class A Deficiency Amount for such Transfer Date, plus the amount of any Class A Additional Interest for such Transfer Date, (ii) an amount equal to the Class A Servicing Fee for such Transfer Date plus the amount of any Class A Servicing Fee due but not paid on any prior Transfer Date and (iii) an amount equal to the Class A Investor Default Amount, if any, for the preceding Monthly Period. The Trustee on each Transfer Date shall apply the Class B Available Funds withdrawn from the Finance Charge Account as required by the Pooling and Servicing Agreement in the following order of priority: (i) the Class B Monthly Interest for such Transfer Date, plus the amount of any Class B Deficiency Amount for such Transfer Date, plus the amount of any Class B Additional Interest for such Transfer Date, and (ii) the Class B Servicing Fee for such Transfer Date plus the amount of any Class B Servicing Fee due but not paid on any prior Transfer Date. The Trustee on each Transfer Date shall apply the Collateral Available Funds withdrawn from the Finance Charge Account as required by the Pooling and Servicing Agreement, if MBNA or The Bank of New York is not the Servicer, to pay the Collateral Interest Servicing Fee for such Transfer Date plus the amount of any Collateral Interest Servicing Fee due but not paid on any prior Transfer Date. The balance of the amount withdrawn from the Finance Charge Account allocable to the Series 1996-H Certificates, if any, after giving effect to the applications above shall constitute "Excess Spread." On or before each Transfer Date, the Servicer shall determine the amount (the "Class A Required Amount"), if any, by which (a) the sum of (i) Class A Monthly Interest for such Transfer Date, and (ii) the Class A Deficiency Amount for such Transfer Date, and (iii) the Class A Additional Interest, if any, for such Transfer Date, and (iv) the Class A Servicing Fee for the prior Monthly Period plus the Class A Servicing Fee, if any, due but not paid on any Transfer Date prior thereto, and (v) the Class A Investor Default Amount, if any, for the prior Monthly Period exceeds (b) the Class A Available Funds. In the event that the sum of the Class A Required Amount and Class B Required Amount for such Transfer Date is greater than zero, the Servicer shall give written notice to the Trustee of such positive sum on or before such Transfer Date. In the event that the Class A Required Amount for such Transfer Date is greater than zero, all or a portion of the Excess Spread with respect to such Transfer Date in an amount equal to the Class A Required Amount for such Transfer Date, to the extent available, shall be distributed from the Finance Charge Account on such Transfer Date pursuant to subsection 4.11(a) of the Pooling and Servicing Agreement. In the event that the Class A Required Amount for such Transfer Date exceeds the amount of Excess Spread with respect to such Transfer Date, Reallocated Principal Collections, to the extent available, shall be withdrawn on the Transfer Date from the Principal Account and applied pursuant to Section 4.12 of the Pooling and Servicing Agreement. In the event that the Class A Required Amount for such Transfer Date exceeds the amount of such Excess Spread and the amount of such Reallocated Principal Collections, the Collateral Interest shall, and the Class B Investor Interest may, be reduced as provided in the Pooling and Servicing Agreement. On or before the Transfer Date immediately succeeding the Monthly Period in which the Controlled Accumulation Period or the Rapid Amortization Period commences and on or before each Transfer Date thereafter, the Servicer shall instruct the Trustee in writing to withdraw, and the Trustee, acting in accordance with such instructions, shall withdraw on such Transfer Date from the Principal Account an amount equal to the Available Investor Principal Collections on deposit in the Principal Account and from such amounts, (A) deposit an amount equal to Class A Monthly Principal (i) during the Controlled Accumulation Period, into the Principal Funding Account, and (ii) during the Rapid Amortization Period, into the Distribution Account, (B) after the Class A Certificates have been paid in full, deposit an amount equal to Class B Monthly Principal into the Distribution Account, and (C) any remaining amounts in the Principal Account shall be used for payment of Collateral Monthly Principal. On the earlier to occur of the first Transfer Date with respect to the Rapid Amortization Period or the Transfer Date immediately preceding the Class A Scheduled Payment Date, the Servicer shall instruct the Trustee to withdraw, and the Trustee shall withdraw from the Principal Funding Account and deposit in the Distribution Account the amount on deposit in the Principal Funding Account. On the Class A Scheduled Payment Date or on each Distribution Date with respect to a Rapid Amortization Period, the Trustee shall pay from amounts on deposit in the Distribution Account an amount equal to the lesser of the Class A Investor Interest and the amount of Available Investor Principal Collections on deposit in the Distribution Account with respect to the related Monthly Period, and after the Class A Certificates have been paid in full (after taking into account distributions to be made on the related Distribution Date), Available Investor Principal Collections shall be applied to the Class B Certificates and Collateral Interest as specified in the Pooling and Servicing Agreement. On or before the Transfer Date immediately preceding each Interest Payment Date, the Servicer shall instruct the Trustee to withdraw, and on such Transfer Date the Trustee shall withdraw from the Interest Funding Account and deposit in the Distribution Account the amount on deposit in the Interest Funding Account. On each Interest Payment Date, the Trustee shall pay to the Class A Certificateholders and the Class B Certificateholders the amount deposited on the related Transfer Date into the Distribution Account in respect of Class A Monthly Interest and Class B Monthly Interest, respectively. On each Transfer Date, the Trustee shall pay to the Collateral Interest Holder the Collateral Monthly Interest, to the extent funds are available. Distributions with respect to this Series 1996-H Certificate will be made by the Trustee by, except as otherwise provided in the Pooling and Servicing Agreement, check mailed to the address of each Series 1996-H Certificateholder of record appearing in the Certificate Register and except for the final distribution in respect of this Series 1996-H Certificate, without the presentation or surrender of this Series 1996-H Certificate or the making of any notation thereon; provided that with respect to Series 1996-H Certificates registered in the name of the nominee of a Clearing Agency, distributions will be made in the form of immediately available funds. This Class A Certificate represents an interest in only MBNA Master Credit Card Trust II. This Class A Certificate does not represent an obligation of, or an interest in, the Seller or the Servicer, and neither the Series 1996-H Certificates nor the Accounts or Receivables are insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. This Series 1996-H Certificate is limited in right of payment to certain collections respecting the Receivables, all as more specifically set forth hereinabove and in the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement, withdrawals from the Collection Account, Investor Accounts, Principal Funding Account and Reserve Account may be made upon the instructions of the Servicer from time to time for purposes other than distributions to Series 1996-H Certificateholders. The transfer of this Class A Certificate shall be registered in the Certificate Register upon surrender of this Class A Certificate for registration of transfer at any office or agency maintained by the Transfer Agent and Registrar accompanied by a written instrument of transfer in a form satisfactory to the Trustee and the Transfer Agent and Registrar duly executed by the Class A Certificateholder or such Class A Certificateholder's attorney-in-fact duly authorized in writing, and thereupon one or more new Class A Certificates of authorized denominations and for the same aggregate Undivided Interests will be issued to the designated transferee or transferees. As provided in the Pooling and Servicing Agreement and subject to certain limitations set forth therein, Class A Certificates are exchangeable for new Class A Certificates evidencing like aggregate Undivided Interests, as requested by the Class A Certificateholder surrendering such Class A Certificates. No service charge may be imposed for any such exchange but the Servicer or Transfer Agent and Registrar may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection therewith. The Servicer, the Trustee and the Transfer Agent and Registrar, and any agent of any of them, may treat the Person in whose name this Class A Certificate is registered as the owner hereof for all purposes, and neither the Servicer, the Trustee, the Paying Agent, the Transfer Agent and Registrar, nor any agent of any of them or of any such agent shall be affected by notice to the contrary except in certain circumstances described in the Pooling and Servicing Agreement. The Pooling and Servicing Agreement provides that the right of the Series 1996-H Certificateholders to receive payment from the Trust will terminate on the first Business Day following the Series 1996-H Termination Date. Upon the termination of the Trust pursuant to Section 12.01 of the Pooling and Servicing Agreement, the Trustee shall assign and convey to the Holder of the Seller Certificate (without recourse, representation or warranty) all right, title and interest of the Trust in the Receivables, whether then existing or thereafter created, and all proceeds of such Receivables and Insurance Proceeds relating to such Receivables. The Trustee shall execute and deliver such instruments of transfer and assignment, in each case without recourse, as shall be prepared by the Servicer reasonably requested by the Holder of the Seller Certificate to vest in such Holder all right, title and interest which the Trustee had in the Receivables. Unless the certificate of authentication hereon has been executed by or on behalf of the Trustee, by manual signature, this Class A Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement, or be valid for any purpose. IN WITNESS WHEREOF, MBNA America Bank, National Association has caused this Class A Certificate to be duly executed under its official seal. By: /s/ Jerry M. Hamstead Authorized Officer [Seal] Attested to: By: /s/ John W. Scheflen Cashier Date: August 14, 1996 Trustee's Certificate of Authentication CERTIFICATE OF AUTHENTICATION This is one of the Series 1996-H Class A Certificates referred to in the within-mentioned Pooling and Servicing Agreement. THE BANK OF NEW YORK, Trustee By: /s/ Todd Neimy Authorized Signatory Date: August 14, 1996 CLASS A Unless this Certificate is presented by an authorized representative of The Depository Trust Company, a New York corporation ("DTC"), to MBNA America Bank, National Association or its agent for registration of transfer, exchange or payment, and any certificate issued is registered in the name of Cede & Co. or in such other name as 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. No. 2 $200,000,000 CUSIP No. 55262TBN2 MBNA MASTER CREDIT CARD TRUST II CLASS A FLOATING RATE ASSET BACKED CERTIFICATE, SERIES 1996-H Evidencing an Undivided Interest in a trust, the corpus of which consists of a portfolio of MasterCard registered trademark and VISA registered trademark credit card receivables generated or acquired by MBNA America Bank, National Association and other assets and interests constituting the Trust under the Pooling and Servicing Agreement described below. (Not an interest in or obligation of MBNA America Bank, National Association or any Affiliate thereof.) This certifies that CEDE & CO. (the "Class A Certificateholder") is the registered owner of an Undivided Interest in a trust (the "Trust"), the corpus of which consists of a portfolio of receivables (the "Receivables") now existing or hereafter created and arising in connection with selected MasterCard and VISA credit card accounts (the "Accounts") of MBNA America Bank, National Association, a national banking association organized under the laws of the United States, all monies due or to become due in payment of the Receivables (including all Finance Charge Receivables but excluding recoveries on any charged-off Receivables), the right to certain amounts received as Interchange with respect to the Accounts, the benefits of the Collateral Interest (as defined below) and the other assets and interests constituting the Trust pursuant to a Pooling and Servicing Agreement dated as of August 4, 1994, as amended as of March 11, 1996, as supplemented by the Series 1996-H Supplement dated as of August 14, 1996 (collectively, the "Pooling and Servicing Agreement"), by and between MBNA America Bank, National Association, as Seller (the "Seller") and as Servicer (the "Servicer"), and The Bank of New York, as Trustee (the "Trustee"), a summary of certain of the pertinent provisions of which is set forth hereinbelow. The Series 1996-H Certificates are issued in two classes, the Class A Certificates (of which this certificate is one) and the Class B Certificates, which are subordinated to the Class A Certificates in certain rights of payment as described herein and in the Pooling and Servicing Agreement. The Seller has structured the Pooling and Servicing Agreement and the Series 1996-H Certificates with the intention that the Series 1996-H Certificates will qualify under applicable tax law as indebtedness, and each of the Seller, the Holder of the Seller Certificate, the Servicer and each Series 1996-H Certificateholder (or Series 1996-H Certificate Owner) by acceptance of its Series 1996-H Certificate (or in the case of a Series 1996-H Certificate Owner, by virtue of such Series 1996-H Certificate Owner's acquisition of a beneficial interest therein), agrees to treat and to take no action inconsistent with the treatment of the Series 1996-H Certificates (or any beneficial interest therein) as indebtedness for purposes of federal, state, local and foreign income or franchise taxes and any other tax imposed on or measured by income. Each Series 1996-H Certificateholder agrees that it will cause any Series 1996-H Certificate Owner acquiring an interest in a Series 1996-H Certificate through it to comply with the Pooling and Servicing Agreement as to treatment of the Series 1996-H Certificates as indebtedness for certain tax purposes. To the extent not defined herein, capitalized terms used herein have the respective meanings assigned to them in the Pooling and Servicing Agreement. This Class A Certificate is issued under and is subject to the terms, provisions and conditions of the Pooling and Servicing Agreement, to which Pooling and Servicing Agreement, as amended from time to time, the Class A Certificateholder by virtue of the acceptance hereof assents and by which the Class A Certificateholder is bound. The Receivables consist of Principal Receivables, which arise from the purchase of goods and services, and of Finance Charge Receivables, which arise generally from periodic Finance Charges and other fees and charges, as more fully specified in the Pooling and Servicing Agreement. The Trust corpus consists of the Receivables now existing and hereafter created and arising in connection with the Accounts, all monies due or to become due with respect thereto (including all Finance Charge Receivables but excluding recoveries on any charged-off Receivables), all proceeds (as defined in Section 9-306 of the UCC as in effect in the State of Delaware) of the Receivables, Insurance Proceeds relating to the Receivables, the right to certain amounts received as Interchange with respect to the Accounts, and such funds as from time to time are deposited in the Collection Account, the Investor Accounts, the Principal Funding Account, certain investment earnings on the Principal Funding Account, the Interest Funding Account, certain investment earnings on the Interest Funding Account, the Reserve Account and certain investment earnings on the Reserve Account and the proceeds (as defined in Section 9-306 of the UCC as in effect in the State of Delaware) thereof. This Class A Certificate is one of a duly authorized Series of Investor Certificates entitled "MBNA Master Credit Card Trust II Class A Floating Rate Asset Backed Certificates, Series 1996-H" (the "Class A Certificates"), each of which represents an Undivided Interest in the Trust, including the right to receive the Collections and other amounts allocated to the Class A Certificates at the times and in the amounts specified in the Pooling and Servicing Agreement and to be deposited in the Investor Accounts, the Principal Funding Account and the Reserve Account or paid to the Class A Certificateholders. Also issued under the Pooling and Servicing Agreement are the "MBNA Master Credit Card Trust II Class B Floating Rate Asset-Backed Certificates, Series 1996-H" (the "Class B Certificates"), which represent an Undivided Interest in the Trust subordinate to the Class A Certificates, and the "MBNA Master Credit Card Trust II Collateral Interest, Series 1996-H" (the "Collateral Interest" and collectively with the Class A Certificates and the Class B Certificates, the "Investor Certificates"), which is an undivided interest in the Trust subordinate to the Class A Certificates and Class B Certificates. The subordination of the Class B Certificates and the subordination of the Collateral Interest to the Class A Certificates shall constitute the Enhancement for the Class A Certificates. The aggregate interest represented by the Class A Certificates and the Class B Certificates at any time in the Principal Receivables in the Trust shall not exceed an amount equal to the Class A Investor Interest and the Class B Investor Interest, respectively, at such time. The Class A Initial Investor Interest is $1,020,000,000 as of August 14, 1996 (the "Closing Date"). The Class B Initial Investor Interest is $90,000,000 as of the Closing Date. The Collateral Initial Interest is $90,000,000 as of the Closing Date. The Class A Investor Interest on any date of determination will be an amount equal to (a) the Class A Initial Investor Interest minus (b) the aggregate amount of payments of principal made to the Class A Certificateholders prior to such date of determination, and minus (c) the excess, if any, of the aggregate amount of Class A Investor Charge-Offs pursuant to subsection 4.10(a) of the Pooling and Servicing Agreement over Class A Investor Charge-Offs reimbursed prior to such date of determination pursuant to subsection 4.11(b) of the Pooling and Servicing Agreement; provided, however, that the Class A Investor Interest may not be reduced below zero. For the purpose of allocating Collections of Finance Charge Receivables and Receivables in Defaulted Accounts for each Monthly Period during the Controlled Accumulation Period, the Class A Investor Interest will be further reduced (such reduced amount, the "Class A Adjusted Investor Interest") by the aggregate principal amount of funds on deposit in the Principal Funding Account. The Class A Investor Interest together with the aggregate interest represented by the Class B Certificates in the Principal Receivables in the Trust (the "Class B Investor Interest") and the aggregate interest represented by the Collateral Interest in the Principal Receivables in the Trust are sometimes collectively referred to herein as the "Investor Interest." In addition to the Class A Certificates, the Class B Certificates and the Collateral Interest, a Seller Certificate representing an undivided interest in the Trust will be issued to the Seller pursuant to the Pooling and Servicing Agreement. The Seller Certificate will represent the interest in the Principal Receivables not represented by all of the Series of Investor Certificates issued by the Trust. The Seller Certificate may be exchanged by the Seller pursuant to the Pooling and Servicing Agreement for a newly issued Series of Investor Certificates and a reissued Seller Certificate upon the conditions set forth in the Pooling and Servicing Agreement. Interest will accrue on the Class A Certificates from the Closing Date through November 14, 1996 and with respect to each Interest Period thereafter, at the rate of 0.10% per annum above LIBOR, as more specifically set forth in the Pooling and Servicing Agreement (the "Class A Certificate Rate"), and will be distributed on November 15, 1996 and on the 15th day of each November, February, May and August thereafter, or if such day is not a Business Day, on the next succeeding Business Day (an "Interest Payment Date"), to the Class A Certificateholders of record as of the last Business Day of the calendar month preceding such Interest Payment Date (the "Record Date"), provided that commencing on the Class A Scheduled Payment Date or the first Distribution Date with respect to the Rapid Amortization Period, the 15th day of each calendar month, or if such day is not a Business Day, on the next succeeding Business Day (a "Distribution Date") will be an Interest Payment Date. During the Rapid Amortization Period, in addition to Class A Monthly Interest, Class A Monthly Principal will be distributed to the Class A Certificateholders on each Distribution Date commencing in the month following the commencement of the Rapid Amortization Period until the Class A Certificates have been paid in full. During the Controlled Accumulation Period, in addition to quarterly payments of Class A Monthly Interest, the amount on deposit in the Principal Funding Account will be distributed as principal to the Class A Certificateholders on the August 2001 Distribution Date (the "Class A Scheduled Payment Date"), unless distributed earlier as a result of the occurrence of a Pay Out Event in accordance with the Pooling and Servicing Agreement. The Servicer shall deposit all Collections in the Collection Account as promptly as possible after the Date of Processing of such Collections, but in no event later than the second Business Day following such Date of Processing (except as provided below and except as provided in any Supplement to the Pooling and Servicing Agreement). Throughout the existence of the Trust, unless otherwise provided in any Supplement, the Servicer shall allocate to the Holder of the Seller Certificate an amount equal to the product of (A) the Seller Percentage and (B) the aggregate amount of such Collections allocated to Principal Receivables and Finance Charge Receivables, respectively, in respect of each Monthly Period. Notwithstanding the first sentence of this paragraph, the Servicer need not deposit this amount or any other amounts so allocated to the Seller Certificate pursuant to any Supplement into the Collection Account and shall pay, or be deemed to pay, such amounts as collected to the Holder of the Seller Certificate. The Servicer shall pay or deposit the following amounts as set forth below: (d) Allocations During the Revolving Period. During the Revolving Period, the Servicer shall, prior to the close of business on the day any Collections are deposited in the Collection Account, allocate to the Investor Certificateholders or the Holder of the Seller Certificate and pay or deposit from the Collection Account the following amounts as set forth below: (i) Allocate to the Investor Certificateholders the product of (y) the Investor Percentage on the Date of Processing of such Collections and (z) the aggregate amount of Collections of Finance Charge Receivables on such Date of Processing, and of that allocation, deposit in the Finance Charge Account an amount equal to either (I) (A) for any Monthly Period in which an Interest Payment Date occurs, prior to the LIBOR Determination Date occurring in such Monthly Period, an amount equal to the product of (1) the Investor Percentage on the Date of Processing of such Collections and (2) the aggregate amount of Collections of Finance Charge Receivables on such Date of Processing, and (B) at all other times, the difference between (1) the Monthly Interest with respect to the immediately following Transfer Date (plus, if the Seller is not the Servicer, the Certificateholder Servicing Fee for such Transfer Date plus the amount of any Certificateholder Servicing Fee due but not paid to the Servicer on any prior Transfer Date) and (2) the amounts previously deposited in the Finance Charge Account with respect to the current Monthly Period pursuant to Section 4.09 of the Pooling and Servicing Agreement or (II) the amount of Collections of Finance Charge Receivables allocated to the Investor Certificateholders on such Date of Processing pursuant to this clause (a)(i); provided, that if a deposit pursuant to clause (a)(i)(I) above is made on any Date of Processing, on the related Transfer Date, the Servicer shall withdraw from the Collection Account and deposit into the Finance Charge Account an amount equal to the amount of Collections of Finance Charge Receivables that have been allocated to the Investor Certificateholders during the related Monthly Period but not previously deposited in the Finance Charge Account. Funds deposited into the Finance Charge Account pursuant to this clause (a)(i) shall be applied in accordance with Section 4.09 of the Pooling and Servicing Agreement. (ii) Deposit into the Principal Account an amount equal to the product of (A) the Collateral Allocation on the Date of Processing of such Collections, (B) the Investor Percentage on the Date of Processing of such Collections and (C) the aggregate amount of Collections processed in respect of Principal Receivables on such Date of Processing to be applied in accordance with Section 4.12 of the Pooling and Servicing Agreement. (iii) Deposit into the Principal Account an amount equal to the product of (A) the Class B Investor Allocation on the Date of Processing of such Collections, (B) the Investor Percentage on the Date of Processing of such Collections and (C) the aggregate amount of Collections processed in respect of Principal Receivables on such Date of Processing to be applied in accordance with Section 4.12 of the Pooling and Servicing Agreement. (iv) (A) Deposit into the Principal Account an amount equal to the product of (1) the Class A Investor Allocation on the Date of Processing of such Collections, (2) the Investor Percentage on the Date of Processing of such Collections and (3) the aggregate amount of Collections processed in respect of Principal Receivables on such Date of Processing; provided, however, that the amount deposited into the Principal Account pursuant to this clause (iv)(A) shall not exceed the Daily Principal Shortfall, and (B) pay to the Holder of the Seller Certificate an amount equal to the excess, if any, identified in the proviso to clause (A) above; provided, however, that the amount to be paid to the Holder of the Seller Certificate pursuant to this clause (iv)(B) with respect to any Date of Processing shall be paid to the Holder of the Seller Certificate only if the Seller Interest on such Date of Processing is greater than zero (after giving effect to the inclusion in the Trust of all Receivables created on or prior to such Date of Processing and the application of payments referred to in subsection 4.03(b) of the Pooling and Servicing Agreement) and otherwise shall be considered as Unallocated Principal Collections and deposited into the Principal Account in accordance with subsection 4.05(d) of the Pooling and Servicing Agreement; provided further, that in no event shall the amount payable to the Holder of the Seller Certificate pursuant to this clause (iv)(B) be greater than the Seller Interest on such Date of Processing. (e) Allocations During the Controlled Accumulation Period. During the Controlled Accumulation Period, the Servicer shall, prior to the close of business on the day any Collections are deposited in the Collection Account, allocate to the Investor Certificateholders or the Holder of the Seller Certificate and pay or deposit from the Collection Account the following amounts as set forth below: (i) Deposit into the Finance Charge Account an amount equal to the product of (A) the Investor Percentage on the Date of Processing of such Collections and (B) the aggregate amount of Collections processed in respect of Finance Charge Receivables on such Date of Processing to be applied in accordance with Section 4.09 of the Pooling and Servicing Agreement. (ii) Deposit into the Principal Account an amount equal to the product of (A) the Collateral Allocation on the Date of Processing of such Collections, (B) the Investor Percentage on the Date of Processing of such Collections and (C) the aggregate amount of Collections processed in respect of Principal Receivables on such Date of Processing to be applied in accordance with Section 4.12 of the Pooling and Servicing Agreement. (iii) Deposit into the Principal Account an amount equal to the product of (A) the Class B Investor Allocation on the Date of Processing of such Collections, (B) the Investor Percentage on the Date of Processing of such Collections and (C) the aggregate amount of Collections processed in respect of Principal Receivables on such Date of Processing to be applied in accordance with Section 4.12 of the Pooling and Servicing Agreement. (iv) (A) Deposit into the Principal Account an amount equal to the product of (1) the Class A Investor Allocation on the Date of Processing of such Collections, (2) the Investor Percentage on the Date of Processing of such Collections and (3) the aggregate amount of Collections processed in respect of Principal Receivables on such Date of Processing; provided, however, that the amount deposited into the Principal Account pursuant to this (b)(iv)(A) shall not exceed the Daily Principal Shortfall, and (B) pay to the Holder of the Seller Certificate an amount equal to the excess identified in the proviso to clause (A) above, if any; provided, however, that the amount to be paid to the holder of the Seller Certificate pursuant to this clause (b)(iv)(B) with respect to any Date of Processing shall be paid to the Holder of the Seller Certificate only if the Seller Interest on such Date of Processing is greater than zero (after giving effect to the inclusion in the Trust of all Receivables created on or prior to such Date of Processing and the application of payments referred to in subsection 4.03(b) of the Pooling and Servicing Agreement) and otherwise shall be considered as Unallocated Principal Collections and deposited into the Principal Account in accordance with subsection 4.05(d) of the Pooling and Servicing Agreement; provided further, that in no event shall the amount payable to the Holder of the Seller Certificate pursuant to this clause (b)(iv)(B) be greater than the Seller Interest on such Date of Processing. (f) Allocations During the Rapid Amortization Period. During the Rapid Amortization Period, the Servicer shall, prior to the close of business on the day any Collections are deposited in the Collection Account, allocate to the Investor Certificateholders and pay or deposit from the Collection Account the following amounts as set forth below: (i) Deposit into the Finance Charge Account an amount equal to the product of (A) the Investor Percentage on the Date of Processing of such Collections and (B) the aggregate amount of Collections processed in respect of Finance Charge Receivables on such Date of Processing to be applied in accordance with Section 4.09 of the Pooling and Servicing Agreement. (ii) (A) Deposit into the Principal Account an amount equal to the product of (1) the Investor Percentage on the Date of Processing of such Collections and (2) the aggregate amount of Collections processed in respect of Principal Receivables on such Date of Processing; provided, however, that the amount deposited into the Principal Account pursuant to this clause (c)(ii)(A) shall not exceed the sum of the Investor Interest as of the close of business on the last day of the prior Monthly Period (after taking into account any payments to be made on the Distribution Date relating to such prior Monthly Period) and any Reallocated Principal Collections relating to the Monthly Period in which such deposit is made and (B) pay to the Holder of the Seller Certificate an amount equal to the excess, if any, identified in the proviso to clause (A) above; provided, however, that the amount to be paid to the Holder of the Seller Certificate pursuant to this clause (c)(ii)(B) with respect to any Date of Processing shall be paid to the Holder of the Seller Certificate only if the Seller Interest on such Date of Processing is greater than zero (after giving effect to the inclusion in the Trust of all Receivables created on or prior to such Date of Processing and the application of payments referred to in subsection 4.03(b) of the Pooling and Servicing Agreement) and otherwise shall be considered as Unallocated Principal Collections and deposited into the Principal Account in accordance with subsection 4.05(d) of the Pooling and Servicing Agreement; provided further, that in no event shall the amount payable to the Holder of the Seller Certificate pursuant to this clause (c)(ii)(B) be greater than the Seller Interest on such Date of Processing. Notwithstanding anything in the Pooling and Servicing Agreement to the contrary, for so long as, and only so long as, the Seller shall remain the Servicer thereunder, and (A)(i) the Servicer provides to the Trustee a letter of credit covering risk collection of the Servicer acceptable to each Rating Agency (as evidenced by letters from each Rating Agency) and (ii) the Seller shall not have received a notice from Moody's or Standard & Poor's that such a letter of credit would result in the lowering of Moody's or Standard & Poor's then- existing rating of the Investor Certificates, or (B) the Servicer shall have and maintain a certificate of deposit or short-term deposit rating of P-1 by Moody's and of A-1 by Standard & Poor's and deposit insurance provided by BIF or SAIF, the Servicer need not deposit Collections into the Principal Account, the Finance Charge Account, or any Series Account, as provided in any Supplement, or make payments to the Holder of the Seller Certificate, prior to the close of business on the day any Collections are deposited in the Collection Account as provided in Article IV of the Pooling and Servicing Agreement, but may make such deposits, payments and withdrawals on each Transfer Date in an amount equal to the net amount of such deposits, payments and withdrawals which would have been made but for the provisions of this paragraph. With respect to the Series 1996-H Certificates, and notwithstanding anything in the Pooling and Servicing Agreement to the contrary, whether or not the Servicer is required to make monthly or daily deposits from the Collection Account into the Finance Charge Account or the Principal Account pursuant to subsections 4.05(a), 4.05(b) and 4.05(c) of the Pooling and Servicing Agreement, with respect to any Monthly Period, (i) the Servicer will only be required to deposit Collections from the Collection Account into the Finance Charge Account or the Principal Account up to the required amount to be deposited into any such deposit account or, without duplication, distributed on or prior to the related Distribution Date to the Investor Certificateholders and (ii) if at any time prior to such Distribution Date the amount of Collections deposited in the Collection Account exceeds the amount required to be deposited pursuant to clause (i) above, the Servicer will be permitted to withdraw the excess from the Collection Account. Any Unallocated Principal Collections shall be held in the Principal Account and, prior to the commencement of the Controlled Accumulation Period or the Rapid Amortization Period shall be paid to the Holder of the Seller Certificate when, and only to the extent that, the Seller Interest is greater than zero. For each Transfer Date with respect to the Controlled Accumulation Period or the Rapid Amortization Period, any such Unallocated Principal Collections held in the Principal Account on such Transfer Date shall be included in the Investor Principal Collections which to the extent available shall be distributed as Available Investor Principal Collections to be applied pursuant to Section 4.09 of the Pooling and Servicing Agreement on such Transfer Date. The Trustee shall establish and maintain the Principal Funding Account, the Interest Funding Account and the Reserve Account as segregated trust accounts for the benefit of the Series 1996-H Certificateholders. Principal amounts on deposit in the Principal Funding Account, the Interest Funding Account and the Reserve Account shall be applied as set forth in the Pooling and Servicing Agreement. Funds on deposit in the Principal Funding Account, the Interest Funding Account and the Reserve Account shall be invested by or at the direction of the Servicer in Permitted Investments as provided in the Pooling and Servicing Agreement. Investment earnings on such funds shall be transferred on each appropriate Transfer Date to the Finance Charge Account and applied as Collections in respect of Finance Charge Receivables allocable to the Class A Certificates in the amount and manner provided in the Pooling and Servicing Agreement. On or before each Transfer Date, the Servicer shall instruct the Trustee in writing to withdraw and deposit into the Interest Funding Account and the Trustee, acting in accordance with such instructions, shall withdraw and deposit into the Interest Funding Account on such Transfer Date for payment to the Series 1996-H Certificateholders on the next succeeding Interest Payment Date, from the Finance Charge Account to the extent of funds on deposit therein (i) Collections of Finance Charge Receivables processed as of the end of the preceding Monthly Period which have been allocated to the Series 1996-H Certificates, (ii) with respect to the Class A Certificates, from other amounts constituting Class A Available Funds, and (iii) with respect to the Class B Certificates, from other amounts constituting Class B Available Funds, the following amounts: (x) 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 Certificate Rate for such Interest Period and (ii) the Class A Investor Interest as of the close of business on the last day of the preceding Monthly Period ("Class A Monthly Interest"), provided, however, that with respect to the first Distribution Date, Class A Monthly Interest shall be equal to the interest accrued on the Class A Initial Investor Interest at the applicable Class A Certificate Rate for the period from the Closing Date through the day prior to such first Distribution Date; and (y) amounts up to the Class B Monthly Interest followed by the Collateral Monthly Interest, in the actual amounts and manner described in the Pooling and Servicing Agreement. On each Transfer Date, the Trustee shall apply the Class A Available Funds withdrawn from the Finance Charge Account, as required by the Pooling and Servicing Agreement, in the following order of priority: (i) an amount equal to the Class A Monthly Interest for such Transfer Date, plus the amount of any Class A Deficiency Amount for such Transfer Date, plus the amount of any Class A Additional Interest for such Transfer Date, (ii) an amount equal to the Class A Servicing Fee for such Transfer Date plus the amount of any Class A Servicing Fee due but not paid on any prior Transfer Date and (iii) an amount equal to the Class A Investor Default Amount, if any, for the preceding Monthly Period. The Trustee on each Transfer Date shall apply the Class B Available Funds withdrawn from the Finance Charge Account as required by the Pooling and Servicing Agreement in the following order of priority: (i) the Class B Monthly Interest for such Transfer Date, plus the amount of any Class B Deficiency Amount for such Transfer Date, plus the amount of any Class B Additional Interest for such Transfer Date, and (ii) the Class B Servicing Fee for such Transfer Date plus the amount of any Class B Servicing Fee due but not paid on any prior Transfer Date. The Trustee on each Transfer Date shall apply the Collateral Available Funds withdrawn from the Finance Charge Account as required by the Pooling and Servicing Agreement, if MBNA or The Bank of New York is not the Servicer, to pay the Collateral Interest Servicing Fee for such Transfer Date plus the amount of any Collateral Interest Servicing Fee due but not paid on any prior Transfer Date. The balance of the amount withdrawn from the Finance Charge Account allocable to the Series 1996-H Certificates, if any, after giving effect to the applications above shall constitute "Excess Spread." On or before each Transfer Date, the Servicer shall determine the amount (the "Class A Required Amount"), if any, by which (a) the sum of (i) Class A Monthly Interest for such Transfer Date, and (ii) the Class A Deficiency Amount for such Transfer Date, and (iii) the Class A Additional Interest, if any, for such Transfer Date, and (iv) the Class A Servicing Fee for the prior Monthly Period plus the Class A Servicing Fee, if any, due but not paid on any Transfer Date prior thereto, and (v) the Class A Investor Default Amount, if any, for the prior Monthly Period exceeds (b) the Class A Available Funds. In the event that the sum of the Class A Required Amount and Class B Required Amount for such Transfer Date is greater than zero, the Servicer shall give written notice to the Trustee of such positive sum on or before such Transfer Date. In the event that the Class A Required Amount for such Transfer Date is greater than zero, all or a portion of the Excess Spread with respect to such Transfer Date in an amount equal to the Class A Required Amount for such Transfer Date, to the extent available, shall be distributed from the Finance Charge Account on such Transfer Date pursuant to subsection 4.11(a) of the Pooling and Servicing Agreement. In the event that the Class A Required Amount for such Transfer Date exceeds the amount of Excess Spread with respect to such Transfer Date, Reallocated Principal Collections, to the extent available, shall be withdrawn on the Transfer Date from the Principal Account and applied pursuant to Section 4.12 of the Pooling and Servicing Agreement. In the event that the Class A Required Amount for such Transfer Date exceeds the amount of such Excess Spread and the amount of such Reallocated Principal Collections, the Collateral Interest shall, and the Class B Investor Interest may, be reduced as provided in the Pooling and Servicing Agreement. On or before the Transfer Date immediately succeeding the Monthly Period in which the Controlled Accumulation Period or the Rapid Amortization Period commences and on or before each Transfer Date thereafter, the Servicer shall instruct the Trustee in writing to withdraw, and the Trustee, acting in accordance with such instructions, shall withdraw on such Transfer Date from the Principal Account an amount equal to the Available Investor Principal Collections on deposit in the Principal Account and from such amounts, (A) deposit an amount equal to Class A Monthly Principal (i) during the Controlled Accumulation Period, into the Principal Funding Account, and (ii) during the Rapid Amortization Period, into the Distribution Account, (B) after the Class A Certificates have been paid in full, deposit an amount equal to Class B Monthly Principal into the Distribution Account, and (C) any remaining amounts in the Principal Account shall be used for payment of Collateral Monthly Principal. On the earlier to occur of the first Transfer Date with respect to the Rapid Amortization Period or the Transfer Date immediately preceding the Class A Scheduled Payment Date, the Servicer shall instruct the Trustee to withdraw, and the Trustee shall withdraw from the Principal Funding Account and deposit in the Distribution Account the amount on deposit in the Principal Funding Account. On the Class A Scheduled Payment Date or on each Distribution Date with respect to a Rapid Amortization Period, the Trustee shall pay from amounts on deposit in the Distribution Account an amount equal to the lesser of the Class A Investor Interest and the amount of Available Investor Principal Collections on deposit in the Distribution Account with respect to the related Monthly Period, and after the Class A Certificates have been paid in full (after taking into account distributions to be made on the related Distribution Date), Available Investor Principal Collections shall be applied to the Class B Certificates and Collateral Interest as specified in the Pooling and Servicing Agreement. On or before the Transfer Date immediately preceding each Interest Payment Date, the Servicer shall instruct the Trustee to withdraw, and on such Transfer Date the Trustee shall withdraw from the Interest Funding Account and deposit in the Distribution Account the amount on deposit in the Interest Funding Account. On each Interest Payment Date, the Trustee shall pay to the Class A Certificateholders and the Class B Certificateholders the amount deposited on the related Transfer Date into the Distribution Account in respect of Class A Monthly Interest and Class B Monthly Interest, respectively. On each Transfer Date, the Trustee shall pay to the Collateral Interest Holder the Collateral Monthly Interest, to the extent funds are available. Distributions with respect to this Series 1996-H Certificate will be made by the Trustee by, except as otherwise provided in the Pooling and Servicing Agreement, check mailed to the address of each Series 1996-H Certificateholder of record appearing in the Certificate Register and except for the final distribution in respect of this Series 1996-H Certificate, without the presentation or surrender of this Series 1996-H Certificate or the making of any notation thereon; provided that with respect to Series 1996-H Certificates registered in the name of the nominee of a Clearing Agency, distributions will be made in the form of immediately available funds. This Class A Certificate represents an interest in only MBNA Master Credit Card Trust II. This Class A Certificate does not represent an obligation of, or an interest in, the Seller or the Servicer, and neither the Series 1996-H Certificates nor the Accounts or Receivables are insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. This Series 1996-H Certificate is limited in right of payment to certain collections respecting the Receivables, all as more specifically set forth hereinabove and in the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement, withdrawals from the Collection Account, Investor Accounts, Principal Funding Account and Reserve Account may be made upon the instructions of the Servicer from time to time for purposes other than distributions to Series 1996-H Certificateholders. The transfer of this Class A Certificate shall be registered in the Certificate Register upon surrender of this Class A Certificate for registration of transfer at any office or agency maintained by the Transfer Agent and Registrar accompanied by a written instrument of transfer in a form satisfactory to the Trustee and the Transfer Agent and Registrar duly executed by the Class A Certificateholder or such Class A Certificateholder's attorney-in-fact duly authorized in writing, and thereupon one or more new Class A Certificates of authorized denominations and for the same aggregate Undivided Interests will be issued to the designated transferee or transferees. As provided in the Pooling and Servicing Agreement and subject to certain limitations set forth therein, Class A Certificates are exchangeable for new Class A Certificates evidencing like aggregate Undivided Interests, as requested by the Class A Certificateholder surrendering such Class A Certificates. No service charge may be imposed for any such exchange but the Servicer or Transfer Agent and Registrar may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection therewith. The Servicer, the Trustee and the Transfer Agent and Registrar, and any agent of any of them, may treat the Person in whose name this Class A Certificate is registered as the owner hereof for all purposes, and neither the Servicer, the Trustee, the Paying Agent, the Transfer Agent and Registrar, nor any agent of any of them or of any such agent shall be affected by notice to the contrary except in certain circumstances described in the Pooling and Servicing Agreement. The Pooling and Servicing Agreement provides that the right of the Series 1996-H Certificateholders to receive payment from the Trust will terminate on the first Business Day following the Series 1996-H Termination Date. Upon the termination of the Trust pursuant to Section 12.01 of the Pooling and Servicing Agreement, the Trustee shall assign and convey to the Holder of the Seller Certificate (without recourse, representation or warranty) all right, title and interest of the Trust in the Receivables, whether then existing or thereafter created, and all proceeds of such Receivables and Insurance Proceeds relating to such Receivables. The Trustee shall execute and deliver such instruments of transfer and assignment, in each case without recourse, as shall be prepared by the Servicer reasonably requested by the Holder of the Seller Certificate to vest in such Holder all right, title and interest which the Trustee had in the Receivables. Unless the certificate of authentication hereon has been executed by or on behalf of the Trustee, by manual signature, this Class A Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement, or be valid for any purpose. IN WITNESS WHEREOF, MBNA America Bank, National Association has caused this Class A Certificate to be duly executed under its official seal. By: /s/ Jerry M. Hamstead Authorized Officer [Seal] Attested to: By: /s/ John W. Scheflen Cashier Date: August 14, 1996 Trustee's Certificate of Authentication CERTIFICATE OF AUTHENTICATION This is one of the Series 1996-H Class A Certificates referred to in the within-mentioned Pooling and Servicing Agreement. THE BANK OF NEW YORK, Trustee By: /s/ Todd Neimy Authorized Signatory Date: August 14, 1996 CLASS A Unless this Certificate is presented by an authorized representative of The Depository Trust Company, a New York corporation ("DTC"), to MBNA America Bank, National Association or its agent for registration of transfer, exchange or payment, and any certificate issued is registered in the name of Cede & Co. or in such other name as 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. No. 3 $200,000,000 CUSIP No. 55262TBN2 MBNA MASTER CREDIT CARD TRUST II CLASS A FLOATING RATE ASSET BACKED CERTIFICATE, SERIES 1996-H Evidencing an Undivided Interest in a trust, the corpus of which consists of a portfolio of MasterCard registered trademark and VISA registered trademark credit card receivables generated or acquired by MBNA America Bank, National Association and other assets and interests constituting the Trust under the Pooling and Servicing Agreement described below. (Not an interest in or obligation of MBNA America Bank, National Association or any Affiliate thereof.) This certifies that CEDE & CO. (the "Class A Certificateholder") is the registered owner of an Undivided Interest in a trust (the "Trust"), the corpus of which consists of a portfolio of receivables (the "Receivables") now existing or hereafter created and arising in connection with selected MasterCard and VISA credit card accounts (the "Accounts") of MBNA America Bank, National Association, a national banking association organized under the laws of the United States, all monies due or to become due in payment of the Receivables (including all Finance Charge Receivables but excluding recoveries on any charged-off Receivables), the right to certain amounts received as Interchange with respect to the Accounts, the benefits of the Collateral Interest (as defined below) and the other assets and interests constituting the Trust pursuant to a Pooling and Servicing Agreement dated as of August 4, 1994, as amended as of March 11, 1996, as supplemented by the Series 1996-H Supplement dated as of August 14, 1996 (collectively, the "Pooling and Servicing Agreement"), by and between MBNA America Bank, National Association, as Seller (the "Seller") and as Servicer (the "Servicer"), and The Bank of New York, as Trustee (the "Trustee"), a summary of certain of the pertinent provisions of which is set forth hereinbelow. The Series 1996-H Certificates are issued in two classes, the Class A Certificates (of which this certificate is one) and the Class B Certificates, which are subordinated to the Class A Certificates in certain rights of payment as described herein and in the Pooling and Servicing Agreement. The Seller has structured the Pooling and Servicing Agreement and the Series 1996-H Certificates with the intention that the Series 1996-H Certificates will qualify under applicable tax law as indebtedness, and each of the Seller, the Holder of the Seller Certificate, the Servicer and each Series 1996-H Certificateholder (or Series 1996-H Certificate Owner) by acceptance of its Series 1996-H Certificate (or in the case of a Series 1996-H Certificate Owner, by virtue of such Series 1996-H Certificate Owner's acquisition of a beneficial interest therein), agrees to treat and to take no action inconsistent with the treatment of the Series 1996-H Certificates (or any beneficial interest therein) as indebtedness for purposes of federal, state, local and foreign income or franchise taxes and any other tax imposed on or measured by income. Each Series 1996-H Certificateholder agrees that it will cause any Series 1996-H Certificate Owner acquiring an interest in a Series 1996-H Certificate through it to comply with the Pooling and Servicing Agreement as to treatment of the Series 1996-H Certificates as indebtedness for certain tax purposes. To the extent not defined herein, capitalized terms used herein have the respective meanings assigned to them in the Pooling and Servicing Agreement. This Class A Certificate is issued under and is subject to the terms, provisions and conditions of the Pooling and Servicing Agreement, to which Pooling and Servicing Agreement, as amended from time to time, the Class A Certificateholder by virtue of the acceptance hereof assents and by which the Class A Certificateholder is bound. The Receivables consist of Principal Receivables, which arise from the purchase of goods and services, and of Finance Charge Receivables, which arise generally from periodic Finance Charges and other fees and charges, as more fully specified in the Pooling and Servicing Agreement. The Trust corpus consists of the Receivables now existing and hereafter created and arising in connection with the Accounts, all monies due or to become due with respect thereto (including all Finance Charge Receivables but excluding recoveries on any charged-off Receivables), all proceeds (as defined in Section 9-306 of the UCC as in effect in the State of Delaware) of the Receivables, Insurance Proceeds relating to the Receivables, the right to certain amounts received as Interchange with respect to the Accounts, and such funds as from time to time are deposited in the Collection Account, the Investor Accounts, the Principal Funding Account, certain investment earnings on the Principal Funding Account, the Interest Funding Account, certain investment earnings on the Interest Funding Account, the Reserve Account and certain investment earnings on the Reserve Account and the proceeds (as defined in Section 9-306 of the UCC as in effect in the State of Delaware) thereof. This Class A Certificate is one of a duly authorized Series of Investor Certificates entitled "MBNA Master Credit Card Trust II Class A Floating Rate Asset Backed Certificates, Series 1996-H" (the "Class A Certificates"), each of which represents an Undivided Interest in the Trust, including the right to receive the Collections and other amounts allocated to the Class A Certificates at the times and in the amounts specified in the Pooling and Servicing Agreement and to be deposited in the Investor Accounts, the Principal Funding Account and the Reserve Account or paid to the Class A Certificateholders. Also issued under the Pooling and Servicing Agreement are the "MBNA Master Credit Card Trust II Class B Floating Rate Asset-Backed Certificates, Series 1996-H" (the "Class B Certificates"), which represent an Undivided Interest in the Trust subordinate to the Class A Certificates, and the "MBNA Master Credit Card Trust II Collateral Interest, Series 1996-H" (the "Collateral Interest" and collectively with the Class A Certificates and the Class B Certificates, the "Investor Certificates"), which is an undivided interest in the Trust subordinate to the Class A Certificates and Class B Certificates. The subordination of the Class B Certificates and the subordination of the Collateral Interest to the Class A Certificates shall constitute the Enhancement for the Class A Certificates. The aggregate interest represented by the Class A Certificates and the Class B Certificates at any time in the Principal Receivables in the Trust shall not exceed an amount equal to the Class A Investor Interest and the Class B Investor Interest, respectively, at such time. The Class A Initial Investor Interest is $1,020,000,000 as of August 14, 1996 (the "Closing Date"). The Class B Initial Investor Interest is $90,000,000 as of the Closing Date. The Collateral Initial Interest is $90,000,000 as of the Closing Date. The Class A Investor Interest on any date of determination will be an amount equal to (a) the Class A Initial Investor Interest minus (b) the aggregate amount of payments of principal made to the Class A Certificateholders prior to such date of determination, and minus (c) the excess, if any, of the aggregate amount of Class A Investor Charge-Offs pursuant to subsection 4.10(a) of the Pooling and Servicing Agreement over Class A Investor Charge-Offs reimbursed prior to such date of determination pursuant to subsection 4.11(b) of the Pooling and Servicing Agreement; provided, however, that the Class A Investor Interest may not be reduced below zero. For the purpose of allocating Collections of Finance Charge Receivables and Receivables in Defaulted Accounts for each Monthly Period during the Controlled Accumulation Period, the Class A Investor Interest will be further reduced (such reduced amount, the "Class A Adjusted Investor Interest") by the aggregate principal amount of funds on deposit in the Principal Funding Account. The Class A Investor Interest together with the aggregate interest represented by the Class B Certificates in the Principal Receivables in the Trust (the "Class B Investor Interest") and the aggregate interest represented by the Collateral Interest in the Principal Receivables in the Trust are sometimes collectively referred to herein as the "Investor Interest." In addition to the Class A Certificates, the Class B Certificates and the Collateral Interest, a Seller Certificate representing an undivided interest in the Trust will be issued to the Seller pursuant to the Pooling and Servicing Agreement. The Seller Certificate will represent the interest in the Principal Receivables not represented by all of the Series of Investor Certificates issued by the Trust. The Seller Certificate may be exchanged by the Seller pursuant to the Pooling and Servicing Agreement for a newly issued Series of Investor Certificates and a reissued Seller Certificate upon the conditions set forth in the Pooling and Servicing Agreement. Interest will accrue on the Class A Certificates from the Closing Date through November 14, 1996 and with respect to each Interest Period thereafter, at the rate of 0.10% per annum above LIBOR, as more specifically set forth in the Pooling and Servicing Agreement (the "Class A Certificate Rate"), and will be distributed on November 15, 1996 and on the 15th day of each November, February, May and August thereafter, or if such day is not a Business Day, on the next succeeding Business Day (an "Interest Payment Date"), to the Class A Certificateholders of record as of the last Business Day of the calendar month preceding such Interest Payment Date (the "Record Date"), provided that commencing on the Class A Scheduled Payment Date or the first Distribution Date with respect to the Rapid Amortization Period, the 15th day of each calendar month, or if such day is not a Business Day, on the next succeeding Business Day (a "Distribution Date") will be an Interest Payment Date. During the Rapid Amortization Period, in addition to Class A Monthly Interest, Class A Monthly Principal will be distributed to the Class A Certificateholders on each Distribution Date commencing in the month following the commencement of the Rapid Amortization Period until the Class A Certificates have been paid in full. During the Controlled Accumulation Period, in addition to quarterly payments of Class A Monthly Interest, the amount on deposit in the Principal Funding Account will be distributed as principal to the Class A Certificateholders on the August 2001 Distribution Date (the "Class A Scheduled Payment Date"), unless distributed earlier as a result of the occurrence of a Pay Out Event in accordance with the Pooling and Servicing Agreement. The Servicer shall deposit all Collections in the Collection Account as promptly as possible after the Date of Processing of such Collections, but in no event later than the second Business Day following such Date of Processing (except as provided below and except as provided in any Supplement to the Pooling and Servicing Agreement). Throughout the existence of the Trust, unless otherwise provided in any Supplement, the Servicer shall allocate to the Holder of the Seller Certificate an amount equal to the product of (A) the Seller Percentage and (B) the aggregate amount of such Collections allocated to Principal Receivables and Finance Charge Receivables, respectively, in respect of each Monthly Period. Notwithstanding the first sentence of this paragraph, the Servicer need not deposit this amount or any other amounts so allocated to the Seller Certificate pursuant to any Supplement into the Collection Account and shall pay, or be deemed to pay, such amounts as collected to the Holder of the Seller Certificate. The Servicer shall pay or deposit the following amounts as set forth below: (g) Allocations During the Revolving Period. During the Revolving Period, the Servicer shall, prior to the close of business on the day any Collections are deposited in the Collection Account, allocate to the Investor Certificateholders or the Holder of the Seller Certificate and pay or deposit from the Collection Account the following amounts as set forth below: (i) Allocate to the Investor Certificateholders the product of (y) the Investor Percentage on the Date of Processing of such Collections and (z) the aggregate amount of Collections of Finance Charge Receivables on such Date of Processing, and of that allocation, deposit in the Finance Charge Account an amount equal to either (I) (A) for any Monthly Period in which an Interest Payment Date occurs, prior to the LIBOR Determination Date occurring in such Monthly Period, an amount equal to the product of (1) the Investor Percentage on the Date of Processing of such Collections and (2) the aggregate amount of Collections of Finance Charge Receivables on such Date of Processing, and (B) at all other times, the difference between (1) the Monthly Interest with respect to the immediately following Transfer Date (plus, if the Seller is not the Servicer, the Certificateholder Servicing Fee for such Transfer Date plus the amount of any Certificateholder Servicing Fee due but not paid to the Servicer on any prior Transfer Date) and (2) the amounts previously deposited in the Finance Charge Account with respect to the current Monthly Period pursuant to Section 4.09 of the Pooling and Servicing Agreement or (II) the amount of Collections of Finance Charge Receivables allocated to the Investor Certificateholders on such Date of Processing pursuant to this clause (a)(i); provided, that if a deposit pursuant to clause (a)(i)(I) above is made on any Date of Processing, on the related Transfer Date, the Servicer shall withdraw from the Collection Account and deposit into the Finance Charge Account an amount equal to the amount of Collections of Finance Charge Receivables that have been allocated to the Investor Certificateholders during the related Monthly Period but not previously deposited in the Finance Charge Account. Funds deposited into the Finance Charge Account pursuant to this clause (a)(i) shall be applied in accordance with Section 4.09 of the Pooling and Servicing Agreement. (ii) Deposit into the Principal Account an amount equal to the product of (A) the Collateral Allocation on the Date of Processing of such Collections, (B) the Investor Percentage on the Date of Processing of such Collections and (C) the aggregate amount of Collections processed in respect of Principal Receivables on such Date of Processing to be applied in accordance with Section 4.12 of the Pooling and Servicing Agreement. (iii) Deposit into the Principal Account an amount equal to the product of (A) the Class B Investor Allocation on the Date of Processing of such Collections, (B) the Investor Percentage on the Date of Processing of such Collections and (C) the aggregate amount of Collections processed in respect of Principal Receivables on such Date of Processing to be applied in accordance with Section 4.12 of the Pooling and Servicing Agreement. (iv) (A) Deposit into the Principal Account an amount equal to the product of (1) the Class A Investor Allocation on the Date of Processing of such Collections, (2) the Investor Percentage on the Date of Processing of such Collections and (3) the aggregate amount of Collections processed in respect of Principal Receivables on such Date of Processing; provided, however, that the amount deposited into the Principal Account pursuant to this clause (iv)(A) shall not exceed the Daily Principal Shortfall, and (B) pay to the Holder of the Seller Certificate an amount equal to the excess, if any, identified in the proviso to clause (A) above; provided, however, that the amount to be paid to the Holder of the Seller Certificate pursuant to this clause (iv)(B) with respect to any Date of Processing shall be paid to the Holder of the Seller Certificate only if the Seller Interest on such Date of Processing is greater than zero (after giving effect to the inclusion in the Trust of all Receivables created on or prior to such Date of Processing and the application of payments referred to in subsection 4.03(b) of the Pooling and Servicing Agreement) and otherwise shall be considered as Unallocated Principal Collections and deposited into the Principal Account in accordance with subsection 4.05(d) of the Pooling and Servicing Agreement; provided further, that in no event shall the amount payable to the Holder of the Seller Certificate pursuant to this clause (iv)(B) be greater than the Seller Interest on such Date of Processing. (h) Allocations During the Controlled Accumulation Period. During the Controlled Accumulation Period, the Servicer shall, prior to the close of business on the day any Collections are deposited in the Collection Account, allocate to the Investor Certificateholders or the Holder of the Seller Certificate and pay or deposit from the Collection Account the following amounts as set forth below: (i) Deposit into the Finance Charge Account an amount equal to the product of (A) the Investor Percentage on the Date of Processing of such Collections and (B) the aggregate amount of Collections processed in respect of Finance Charge Receivables on such Date of Processing to be applied in accordance with Section 4.09 of the Pooling and Servicing Agreement. (ii) Deposit into the Principal Account an amount equal to the product of (A) the Collateral Allocation on the Date of Processing of such Collections, (B) the Investor Percentage on the Date of Processing of such Collections and (C) the aggregate amount of Collections processed in respect of Principal Receivables on such Date of Processing to be applied in accordance with Section 4.12 of the Pooling and Servicing Agreement. (iii) Deposit into the Principal Account an amount equal to the product of (A) the Class B Investor Allocation on the Date of Processing of such Collections, (B) the Investor Percentage on the Date of Processing of such Collections and (C) the aggregate amount of Collections processed in respect of Principal Receivables on such Date of Processing to be applied in accordance with Section 4.12 of the Pooling and Servicing Agreement. (iv) (A) Deposit into the Principal Account an amount equal to the product of (1) the Class A Investor Allocation on the Date of Processing of such Collections, (2) the Investor Percentage on the Date of Processing of such Collections and (3) the aggregate amount of Collections processed in respect of Principal Receivables on such Date of Processing; provided, however, that the amount deposited into the Principal Account pursuant to this (b)(iv)(A) shall not exceed the Daily Principal Shortfall, and (B) pay to the Holder of the Seller Certificate an amount equal to the excess identified in the proviso to clause (A) above, if any; provided, however, that the amount to be paid to the holder of the Seller Certificate pursuant to this clause (b)(iv)(B) with respect to any Date of Processing shall be paid to the Holder of the Seller Certificate only if the Seller Interest on such Date of Processing is greater than zero (after giving effect to the inclusion in the Trust of all Receivables created on or prior to such Date of Processing and the application of payments referred to in subsection 4.03(b) of the Pooling and Servicing Agreement) and otherwise shall be considered as Unallocated Principal Collections and deposited into the Principal Account in accordance with subsection 4.05(d) of the Pooling and Servicing Agreement; provided further, that in no event shall the amount payable to the Holder of the Seller Certificate pursuant to this clause (b)(iv)(B) be greater than the Seller Interest on such Date of Processing. (i) Allocations During the Rapid Amortization Period. During the Rapid Amortization Period, the Servicer shall, prior to the close of business on the day any Collections are deposited in the Collection Account, allocate to the Investor Certificateholders and pay or deposit from the Collection Account the following amounts as set forth below: (i) Deposit into the Finance Charge Account an amount equal to the product of (A) the Investor Percentage on the Date of Processing of such Collections and (B) the aggregate amount of Collections processed in respect of Finance Charge Receivables on such Date of Processing to be applied in accordance with Section 4.09 of the Pooling and Servicing Agreement. (ii) (A) Deposit into the Principal Account an amount equal to the product of (1) the Investor Percentage on the Date of Processing of such Collections and (2) the aggregate amount of Collections processed in respect of Principal Receivables on such Date of Processing; provided, however, that the amount deposited into the Principal Account pursuant to this clause (c)(ii)(A) shall not exceed the sum of the Investor Interest as of the close of business on the last day of the prior Monthly Period (after taking into account any payments to be made on the Distribution Date relating to such prior Monthly Period) and any Reallocated Principal Collections relating to the Monthly Period in which such deposit is made and (B) pay to the Holder of the Seller Certificate an amount equal to the excess, if any, identified in the proviso to clause (A) above; provided, however, that the amount to be paid to the Holder of the Seller Certificate pursuant to this clause (c)(ii)(B) with respect to any Date of Processing shall be paid to the Holder of the Seller Certificate only if the Seller Interest on such Date of Processing is greater than zero (after giving effect to the inclusion in the Trust of all Receivables created on or prior to such Date of Processing and the application of payments referred to in subsection 4.03(b) of the Pooling and Servicing Agreement) and otherwise shall be considered as Unallocated Principal Collections and deposited into the Principal Account in accordance with subsection 4.05(d) of the Pooling and Servicing Agreement; provided further, that in no event shall the amount payable to the Holder of the Seller Certificate pursuant to this clause (c)(ii)(B) be greater than the Seller Interest on such Date of Processing. Notwithstanding anything in the Pooling and Servicing Agreement to the contrary, for so long as, and only so long as, the Seller shall remain the Servicer thereunder, and (A)(i) the Servicer provides to the Trustee a letter of credit covering risk collection of the Servicer acceptable to each Rating Agency (as evidenced by letters from each Rating Agency) and (ii) the Seller shall not have received a notice from Moody's or Standard & Poor's that such a letter of credit would result in the lowering of Moody's or Standard & Poor's then- existing rating of the Investor Certificates, or (B) the Servicer shall have and maintain a certificate of deposit or short-term deposit rating of P-1 by Moody's and of A-1 by Standard & Poor's and deposit insurance provided by BIF or SAIF, the Servicer need not deposit Collections into the Principal Account, the Finance Charge Account, or any Series Account, as provided in any Supplement, or make payments to the Holder of the Seller Certificate, prior to the close of business on the day any Collections are deposited in the Collection Account as provided in Article IV of the Pooling and Servicing Agreement, but may make such deposits, payments and withdrawals on each Transfer Date in an amount equal to the net amount of such deposits, payments and withdrawals which would have been made but for the provisions of this paragraph. With respect to the Series 1996-H Certificates, and notwithstanding anything in the Pooling and Servicing Agreement to the contrary, whether or not the Servicer is required to make monthly or daily deposits from the Collection Account into the Finance Charge Account or the Principal Account pursuant to subsections 4.05(a), 4.05(b) and 4.05(c) of the Pooling and Servicing Agreement, with respect to any Monthly Period, (i) the Servicer will only be required to deposit Collections from the Collection Account into the Finance Charge Account or the Principal Account up to the required amount to be deposited into any such deposit account or, without duplication, distributed on or prior to the related Distribution Date to the Investor Certificateholders and (ii) if at any time prior to such Distribution Date the amount of Collections deposited in the Collection Account exceeds the amount required to be deposited pursuant to clause (i) above, the Servicer will be permitted to withdraw the excess from the Collection Account. Any Unallocated Principal Collections shall be held in the Principal Account and, prior to the commencement of the Controlled Accumulation Period or the Rapid Amortization Period shall be paid to the Holder of the Seller Certificate when, and only to the extent that, the Seller Interest is greater than zero. For each Transfer Date with respect to the Controlled Accumulation Period or the Rapid Amortization Period, any such Unallocated Principal Collections held in the Principal Account on such Transfer Date shall be included in the Investor Principal Collections which to the extent available shall be distributed as Available Investor Principal Collections to be applied pursuant to Section 4.09 of the Pooling and Servicing Agreement on such Transfer Date. The Trustee shall establish and maintain the Principal Funding Account, the Interest Funding Account and the Reserve Account as segregated trust accounts for the benefit of the Series 1996-H Certificateholders. Principal amounts on deposit in the Principal Funding Account, the Interest Funding Account and the Reserve Account shall be applied as set forth in the Pooling and Servicing Agreement. Funds on deposit in the Principal Funding Account, the Interest Funding Account and the Reserve Account shall be invested by or at the direction of the Servicer in Permitted Investments as provided in the Pooling and Servicing Agreement. Investment earnings on such funds shall be transferred on each appropriate Transfer Date to the Finance Charge Account and applied as Collections in respect of Finance Charge Receivables allocable to the Class A Certificates in the amount and manner provided in the Pooling and Servicing Agreement. On or before each Transfer Date, the Servicer shall instruct the Trustee in writing to withdraw and deposit into the Interest Funding Account and the Trustee, acting in accordance with such instructions, shall withdraw and deposit into the Interest Funding Account on such Transfer Date for payment to the Series 1996-H Certificateholders on the next succeeding Interest Payment Date, from the Finance Charge Account to the extent of funds on deposit therein (i) Collections of Finance Charge Receivables processed as of the end of the preceding Monthly Period which have been allocated to the Series 1996-H Certificates, (ii) with respect to the Class A Certificates, from other amounts constituting Class A Available Funds, and (iii) with respect to the Class B Certificates, from other amounts constituting Class B Available Funds, the following amounts: (x) 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 Certificate Rate for such Interest Period and (ii) the Class A Investor Interest as of the close of business on the last day of the preceding Monthly Period ("Class A Monthly Interest"), provided, however, that with respect to the first Distribution Date, Class A Monthly Interest shall be equal to the interest accrued on the Class A Initial Investor Interest at the applicable Class A Certificate Rate for the period from the Closing Date through the day prior to such first Distribution Date; and (y) amounts up to the Class B Monthly Interest followed by the Collateral Monthly Interest, in the actual amounts and manner described in the Pooling and Servicing Agreement. On each Transfer Date, the Trustee shall apply the Class A Available Funds withdrawn from the Finance Charge Account, as required by the Pooling and Servicing Agreement, in the following order of priority: (i) an amount equal to the Class A Monthly Interest for such Transfer Date, plus the amount of any Class A Deficiency Amount for such Transfer Date, plus the amount of any Class A Additional Interest for such Transfer Date, (ii) an amount equal to the Class A Servicing Fee for such Transfer Date plus the amount of any Class A Servicing Fee due but not paid on any prior Transfer Date and (iii) an amount equal to the Class A Investor Default Amount, if any, for the preceding Monthly Period. The Trustee on each Transfer Date shall apply the Class B Available Funds withdrawn from the Finance Charge Account as required by the Pooling and Servicing Agreement in the following order of priority: (i) the Class B Monthly Interest for such Transfer Date, plus the amount of any Class B Deficiency Amount for such Transfer Date, plus the amount of any Class B Additional Interest for such Transfer Date, and (ii) the Class B Servicing Fee for such Transfer Date plus the amount of any Class B Servicing Fee due but not paid on any prior Transfer Date. The Trustee on each Transfer Date shall apply the Collateral Available Funds withdrawn from the Finance Charge Account as required by the Pooling and Servicing Agreement, if MBNA or The Bank of New York is not the Servicer, to pay the Collateral Interest Servicing Fee for such Transfer Date plus the amount of any Collateral Interest Servicing Fee due but not paid on any prior Transfer Date. The balance of the amount withdrawn from the Finance Charge Account allocable to the Series 1996-H Certificates, if any, after giving effect to the applications above shall constitute "Excess Spread." On or before each Transfer Date, the Servicer shall determine the amount (the "Class A Required Amount"), if any, by which (a) the sum of (i) Class A Monthly Interest for such Transfer Date, and (ii) the Class A Deficiency Amount for such Transfer Date, and (iii) the Class A Additional Interest, if any, for such Transfer Date, and (iv) the Class A Servicing Fee for the prior Monthly Period plus the Class A Servicing Fee, if any, due but not paid on any Transfer Date prior thereto, and (v) the Class A Investor Default Amount, if any, for the prior Monthly Period exceeds (b) the Class A Available Funds. In the event that the sum of the Class A Required Amount and Class B Required Amount for such Transfer Date is greater than zero, the Servicer shall give written notice to the Trustee of such positive sum on or before such Transfer Date. In the event that the Class A Required Amount for such Transfer Date is greater than zero, all or a portion of the Excess Spread with respect to such Transfer Date in an amount equal to the Class A Required Amount for such Transfer Date, to the extent available, shall be distributed from the Finance Charge Account on such Transfer Date pursuant to subsection 4.11(a) of the Pooling and Servicing Agreement. In the event that the Class A Required Amount for such Transfer Date exceeds the amount of Excess Spread with respect to such Transfer Date, Reallocated Principal Collections, to the extent available, shall be withdrawn on the Transfer Date from the Principal Account and applied pursuant to Section 4.12 of the Pooling and Servicing Agreement. In the event that the Class A Required Amount for such Transfer Date exceeds the amount of such Excess Spread and the amount of such Reallocated Principal Collections, the Collateral Interest shall, and the Class B Investor Interest may, be reduced as provided in the Pooling and Servicing Agreement. On or before the Transfer Date immediately succeeding the Monthly Period in which the Controlled Accumulation Period or the Rapid Amortization Period commences and on or before each Transfer Date thereafter, the Servicer shall instruct the Trustee in writing to withdraw, and the Trustee, acting in accordance with such instructions, shall withdraw on such Transfer Date from the Principal Account an amount equal to the Available Investor Principal Collections on deposit in the Principal Account and from such amounts, (A) deposit an amount equal to Class A Monthly Principal (i) during the Controlled Accumulation Period, into the Principal Funding Account, and (ii) during the Rapid Amortization Period, into the Distribution Account, (B) after the Class A Certificates have been paid in full, deposit an amount equal to Class B Monthly Principal into the Distribution Account, and (C) any remaining amounts in the Principal Account shall be used for payment of Collateral Monthly Principal. On the earlier to occur of the first Transfer Date with respect to the Rapid Amortization Period or the Transfer Date immediately preceding the Class A Scheduled Payment Date, the Servicer shall instruct the Trustee to withdraw, and the Trustee shall withdraw from the Principal Funding Account and deposit in the Distribution Account the amount on deposit in the Principal Funding Account. On the Class A Scheduled Payment Date or on each Distribution Date with respect to a Rapid Amortization Period, the Trustee shall pay from amounts on deposit in the Distribution Account an amount equal to the lesser of the Class A Investor Interest and the amount of Available Investor Principal Collections on deposit in the Distribution Account with respect to the related Monthly Period, and after the Class A Certificates have been paid in full (after taking into account distributions to be made on the related Distribution Date), Available Investor Principal Collections shall be applied to the Class B Certificates and Collateral Interest as specified in the Pooling and Servicing Agreement. On or before the Transfer Date immediately preceding each Interest Payment Date, the Servicer shall instruct the Trustee to withdraw, and on such Transfer Date the Trustee shall withdraw from the Interest Funding Account and deposit in the Distribution Account the amount on deposit in the Interest Funding Account. On each Interest Payment Date, the Trustee shall pay to the Class A Certificateholders and the Class B Certificateholders the amount deposited on the related Transfer Date into the Distribution Account in respect of Class A Monthly Interest and Class B Monthly Interest, respectively. On each Transfer Date, the Trustee shall pay to the Collateral Interest Holder the Collateral Monthly Interest, to the extent funds are available. Distributions with respect to this Series 1996-H Certificate will be made by the Trustee by, except as otherwise provided in the Pooling and Servicing Agreement, check mailed to the address of each Series 1996-H Certificateholder of record appearing in the Certificate Register and except for the final distribution in respect of this Series 1996-H Certificate, without the presentation or surrender of this Series 1996-H Certificate or the making of any notation thereon; provided that with respect to Series 1996-H Certificates registered in the name of the nominee of a Clearing Agency, distributions will be made in the form of immediately available funds. This Class A Certificate represents an interest in only MBNA Master Credit Card Trust II. This Class A Certificate does not represent an obligation of, or an interest in, the Seller or the Servicer, and neither the Series 1996-H Certificates nor the Accounts or Receivables are insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. This Series 1996-H Certificate is limited in right of payment to certain collections respecting the Receivables, all as more specifically set forth hereinabove and in the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement, withdrawals from the Collection Account, Investor Accounts, Principal Funding Account and Reserve Account may be made upon the instructions of the Servicer from time to time for purposes other than distributions to Series 1996-H Certificateholders. The transfer of this Class A Certificate shall be registered in the Certificate Register upon surrender of this Class A Certificate for registration of transfer at any office or agency maintained by the Transfer Agent and Registrar accompanied by a written instrument of transfer in a form satisfactory to the Trustee and the Transfer Agent and Registrar duly executed by the Class A Certificateholder or such Class A Certificateholder's attorney-in-fact duly authorized in writing, and thereupon one or more new Class A Certificates of authorized denominations and for the same aggregate Undivided Interests will be issued to the designated transferee or transferees. As provided in the Pooling and Servicing Agreement and subject to certain limitations set forth therein, Class A Certificates are exchangeable for new Class A Certificates evidencing like aggregate Undivided Interests, as requested by the Class A Certificateholder surrendering such Class A Certificates. No service charge may be imposed for any such exchange but the Servicer or Transfer Agent and Registrar may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection therewith. The Servicer, the Trustee and the Transfer Agent and Registrar, and any agent of any of them, may treat the Person in whose name this Class A Certificate is registered as the owner hereof for all purposes, and neither the Servicer, the Trustee, the Paying Agent, the Transfer Agent and Registrar, nor any agent of any of them or of any such agent shall be affected by notice to the contrary except in certain circumstances described in the Pooling and Servicing Agreement. The Pooling and Servicing Agreement provides that the right of the Series 1996-H Certificateholders to receive payment from the Trust will terminate on the first Business Day following the Series 1996-H Termination Date. Upon the termination of the Trust pursuant to Section 12.01 of the Pooling and Servicing Agreement, the Trustee shall assign and convey to the Holder of the Seller Certificate (without recourse, representation or warranty) all right, title and interest of the Trust in the Receivables, whether then existing or thereafter created, and all proceeds of such Receivables and Insurance Proceeds relating to such Receivables. The Trustee shall execute and deliver such instruments of transfer and assignment, in each case without recourse, as shall be prepared by the Servicer reasonably requested by the Holder of the Seller Certificate to vest in such Holder all right, title and interest which the Trustee had in the Receivables. Unless the certificate of authentication hereon has been executed by or on behalf of the Trustee, by manual signature, this Class A Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement, or be valid for any purpose. IN WITNESS WHEREOF, MBNA America Bank, National Association has caused this Class A Certificate to be duly executed under its official seal. By: /s/ Jerry M. Hamstead Authorized Officer [Seal] Attested to: By: /s/ John W. Scheflen Cashier Date: August 14, 1996 Trustee's Certificate of Authentication CERTIFICATE OF AUTHENTICATION This is one of the Series 1996-H Class A Certificates referred to in the within-mentioned Pooling and Servicing Agreement. THE BANK OF NEW YORK, Trustee By: /s/ Todd Neimy Authorized Signatory Date: August 14, 1996 CLASS A Unless this Certificate is presented by an authorized representative of The Depository Trust Company, a New York corporation ("DTC"), to MBNA America Bank, National Association or its agent for registration of transfer, exchange or payment, and any certificate issued is registered in the name of Cede & Co. or in such other name as 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. No. 4 $200,000,000 CUSIP No. 55262TBN2 MBNA MASTER CREDIT CARD TRUST II CLASS A FLOATING RATE ASSET BACKED CERTIFICATE, SERIES 1996-H Evidencing an Undivided Interest in a trust, the corpus of which consists of a portfolio of MasterCard registered trademark and VISA registered trademark credit card receivables generated or acquired by MBNA America Bank, National Association and other assets and interests constituting the Trust under the Pooling and Servicing Agreement described below. (Not an interest in or obligation of MBNA America Bank, National Association or any Affiliate thereof.) This certifies that CEDE & CO. (the "Class A Certificateholder") is the registered owner of an Undivided Interest in a trust (the "Trust"), the corpus of which consists of a portfolio of receivables (the "Receivables") now existing or hereafter created and arising in connection with selected MasterCard and VISA credit card accounts (the "Accounts") of MBNA America Bank, National Association, a national banking association organized under the laws of the United States, all monies due or to become due in payment of the Receivables (including all Finance Charge Receivables but excluding recoveries on any charged-off Receivables), the right to certain amounts received as Interchange with respect to the Accounts, the benefits of the Collateral Interest (as defined below) and the other assets and interests constituting the Trust pursuant to a Pooling and Servicing Agreement dated as of August 4, 1994, as amended as of March 11, 1996, as supplemented by the Series 1996-H Supplement dated as of August 14, 1996 (collectively, the "Pooling and Servicing Agreement"), by and between MBNA America Bank, National Association, as Seller (the "Seller") and as Servicer (the "Servicer"), and The Bank of New York, as Trustee (the "Trustee"), a summary of certain of the pertinent provisions of which is set forth hereinbelow. The Series 1996-H Certificates are issued in two classes, the Class A Certificates (of which this certificate is one) and the Class B Certificates, which are subordinated to the Class A Certificates in certain rights of payment as described herein and in the Pooling and Servicing Agreement. The Seller has structured the Pooling and Servicing Agreement and the Series 1996-H Certificates with the intention that the Series 1996-H Certificates will qualify under applicable tax law as indebtedness, and each of the Seller, the Holder of the Seller Certificate, the Servicer and each Series 1996-H Certificateholder (or Series 1996-H Certificate Owner) by acceptance of its Series 1996-H Certificate (or in the case of a Series 1996-H Certificate Owner, by virtue of such Series 1996-H Certificate Owner's acquisition of a beneficial interest therein), agrees to treat and to take no action inconsistent with the treatment of the Series 1996-H Certificates (or any beneficial interest therein) as indebtedness for purposes of federal, state, local and foreign income or franchise taxes and any other tax imposed on or measured by income. Each Series 1996-H Certificateholder agrees that it will cause any Series 1996-H Certificate Owner acquiring an interest in a Series 1996-H Certificate through it to comply with the Pooling and Servicing Agreement as to treatment of the Series 1996-H Certificates as indebtedness for certain tax purposes. To the extent not defined herein, capitalized terms used herein have the respective meanings assigned to them in the Pooling and Servicing Agreement. This Class A Certificate is issued under and is subject to the terms, provisions and conditions of the Pooling and Servicing Agreement, to which Pooling and Servicing Agreement, as amended from time to time, the Class A Certificateholder by virtue of the acceptance hereof assents and by which the Class A Certificateholder is bound. The Receivables consist of Principal Receivables, which arise from the purchase of goods and services, and of Finance Charge Receivables, which arise generally from periodic Finance Charges and other fees and charges, as more fully specified in the Pooling and Servicing Agreement. The Trust corpus consists of the Receivables now existing and hereafter created and arising in connection with the Accounts, all monies due or to become due with respect thereto (including all Finance Charge Receivables but excluding recoveries on any charged-off Receivables), all proceeds (as defined in Section 9-306 of the UCC as in effect in the State of Delaware) of the Receivables, Insurance Proceeds relating to the Receivables, the right to certain amounts received as Interchange with respect to the Accounts, and such funds as from time to time are deposited in the Collection Account, the Investor Accounts, the Principal Funding Account, certain investment earnings on the Principal Funding Account, the Interest Funding Account, certain investment earnings on the Interest Funding Account, the Reserve Account and certain investment earnings on the Reserve Account and the proceeds (as defined in Section 9-306 of the UCC as in effect in the State of Delaware) thereof. This Class A Certificate is one of a duly authorized Series of Investor Certificates entitled "MBNA Master Credit Card Trust II Class A Floating Rate Asset Backed Certificates, Series 1996-H" (the "Class A Certificates"), each of which represents an Undivided Interest in the Trust, including the right to receive the Collections and other amounts allocated to the Class A Certificates at the times and in the amounts specified in the Pooling and Servicing Agreement and to be deposited in the Investor Accounts, the Principal Funding Account and the Reserve Account or paid to the Class A Certificateholders. Also issued under the Pooling and Servicing Agreement are the "MBNA Master Credit Card Trust II Class B Floating Rate Asset-Backed Certificates, Series 1996-H" (the "Class B Certificates"), which represent an Undivided Interest in the Trust subordinate to the Class A Certificates, and the "MBNA Master Credit Card Trust II Collateral Interest, Series 1996-H" (the "Collateral Interest" and collectively with the Class A Certificates and the Class B Certificates, the "Investor Certificates"), which is an undivided interest in the Trust subordinate to the Class A Certificates and Class B Certificates. The subordination of the Class B Certificates and the subordination of the Collateral Interest to the Class A Certificates shall constitute the Enhancement for the Class A Certificates. The aggregate interest represented by the Class A Certificates and the Class B Certificates at any time in the Principal Receivables in the Trust shall not exceed an amount equal to the Class A Investor Interest and the Class B Investor Interest, respectively, at such time. The Class A Initial Investor Interest is $1,020,000,000 as of August 14, 1996 (the "Closing Date"). The Class B Initial Investor Interest is $90,000,000 as of the Closing Date. The Collateral Initial Interest is $90,000,000 as of the Closing Date. The Class A Investor Interest on any date of determination will be an amount equal to (a) the Class A Initial Investor Interest minus (b) the aggregate amount of payments of principal made to the Class A Certificateholders prior to such date of determination, and minus (c) the excess, if any, of the aggregate amount of Class A Investor Charge-Offs pursuant to subsection 4.10(a) of the Pooling and Servicing Agreement over Class A Investor Charge-Offs reimbursed prior to such date of determination pursuant to subsection 4.11(b) of the Pooling and Servicing Agreement; provided, however, that the Class A Investor Interest may not be reduced below zero. For the purpose of allocating Collections of Finance Charge Receivables and Receivables in Defaulted Accounts for each Monthly Period during the Controlled Accumulation Period, the Class A Investor Interest will be further reduced (such reduced amount, the "Class A Adjusted Investor Interest") by the aggregate principal amount of funds on deposit in the Principal Funding Account. The Class A Investor Interest together with the aggregate interest represented by the Class B Certificates in the Principal Receivables in the Trust (the "Class B Investor Interest") and the aggregate interest represented by the Collateral Interest in the Principal Receivables in the Trust are sometimes collectively referred to herein as the "Investor Interest." In addition to the Class A Certificates, the Class B Certificates and the Collateral Interest, a Seller Certificate representing an undivided interest in the Trust will be issued to the Seller pursuant to the Pooling and Servicing Agreement. The Seller Certificate will represent the interest in the Principal Receivables not represented by all of the Series of Investor Certificates issued by the Trust. The Seller Certificate may be exchanged by the Seller pursuant to the Pooling and Servicing Agreement for a newly issued Series of Investor Certificates and a reissued Seller Certificate upon the conditions set forth in the Pooling and Servicing Agreement. Interest will accrue on the Class A Certificates from the Closing Date through November 14, 1996 and with respect to each Interest Period thereafter, at the rate of 0.10% per annum above LIBOR, as more specifically set forth in the Pooling and Servicing Agreement (the "Class A Certificate Rate"), and will be distributed on November 15, 1996 and on the 15th day of each November, February, May and August thereafter, or if such day is not a Business Day, on the next succeeding Business Day (an "Interest Payment Date"), to the Class A Certificateholders of record as of the last Business Day of the calendar month preceding such Interest Payment Date (the "Record Date"), provided that commencing on the Class A Scheduled Payment Date or the first Distribution Date with respect to the Rapid Amortization Period, the 15th day of each calendar month, or if such day is not a Business Day, on the next succeeding Business Day (a "Distribution Date") will be an Interest Payment Date. During the Rapid Amortization Period, in addition to Class A Monthly Interest, Class A Monthly Principal will be distributed to the Class A Certificateholders on each Distribution Date commencing in the month following the commencement of the Rapid Amortization Period until the Class A Certificates have been paid in full. During the Controlled Accumulation Period, in addition to quarterly payments of Class A Monthly Interest, the amount on deposit in the Principal Funding Account will be distributed as principal to the Class A Certificateholders on the August 2001 Distribution Date (the "Class A Scheduled Payment Date"), unless distributed earlier as a result of the occurrence of a Pay Out Event in accordance with the Pooling and Servicing Agreement. The Servicer shall deposit all Collections in the Collection Account as promptly as possible after the Date of Processing of such Collections, but in no event later than the second Business Day following such Date of Processing (except as provided below and except as provided in any Supplement to the Pooling and Servicing Agreement). Throughout the existence of the Trust, unless otherwise provided in any Supplement, the Servicer shall allocate to the Holder of the Seller Certificate an amount equal to the product of (A) the Seller Percentage and (B) the aggregate amount of such Collections allocated to Principal Receivables and Finance Charge Receivables, respectively, in respect of each Monthly Period. Notwithstanding the first sentence of this paragraph, the Servicer need not deposit this amount or any other amounts so allocated to the Seller Certificate pursuant to any Supplement into the Collection Account and shall pay, or be deemed to pay, such amounts as collected to the Holder of the Seller Certificate. The Servicer shall pay or deposit the following amounts as set forth below: (j) Allocations During the Revolving Period. During the Revolving Period, the Servicer shall, prior to the close of business on the day any Collections are deposited in the Collection Account, allocate to the Investor Certificateholders or the Holder of the Seller Certificate and pay or deposit from the Collection Account the following amounts as set forth below: (i) Allocate to the Investor Certificateholders the product of (y) the Investor Percentage on the Date of Processing of such Collections and (z) the aggregate amount of Collections of Finance Charge Receivables on such Date of Processing, and of that allocation, deposit in the Finance Charge Account an amount equal to either (I) (A) for any Monthly Period in which an Interest Payment Date occurs, prior to the LIBOR Determination Date occurring in such Monthly Period, an amount equal to the product of (1) the Investor Percentage on the Date of Processing of such Collections and (2) the aggregate amount of Collections of Finance Charge Receivables on such Date of Processing, and (B) at all other times, the difference between (1) the Monthly Interest with respect to the immediately following Transfer Date (plus, if the Seller is not the Servicer, the Certificateholder Servicing Fee for such Transfer Date plus the amount of any Certificateholder Servicing Fee due but not paid to the Servicer on any prior Transfer Date) and (2) the amounts previously deposited in the Finance Charge Account with respect to the current Monthly Period pursuant to Section 4.09 of the Pooling and Servicing Agreement or (II) the amount of Collections of Finance Charge Receivables allocated to the Investor Certificateholders on such Date of Processing pursuant to this clause (a)(i); provided, that if a deposit pursuant to clause (a)(i)(I) above is made on any Date of Processing, on the related Transfer Date, the Servicer shall withdraw from the Collection Account and deposit into the Finance Charge Account an amount equal to the amount of Collections of Finance Charge Receivables that have been allocated to the Investor Certificateholders during the related Monthly Period but not previously deposited in the Finance Charge Account. Funds deposited into the Finance Charge Account pursuant to this clause (a)(i) shall be applied in accordance with Section 4.09 of the Pooling and Servicing Agreement. (ii) Deposit into the Principal Account an amount equal to the product of (A) the Collateral Allocation on the Date of Processing of such Collections, (B) the Investor Percentage on the Date of Processing of such Collections and (C) the aggregate amount of Collections processed in respect of Principal Receivables on such Date of Processing to be applied in accordance with Section 4.12 of the Pooling and Servicing Agreement. (iii) Deposit into the Principal Account an amount equal to the product of (A) the Class B Investor Allocation on the Date of Processing of such Collections, (B) the Investor Percentage on the Date of Processing of such Collections and (C) the aggregate amount of Collections processed in respect of Principal Receivables on such Date of Processing to be applied in accordance with Section 4.12 of the Pooling and Servicing Agreement. (iv) (A) Deposit into the Principal Account an amount equal to the product of (1) the Class A Investor Allocation on the Date of Processing of such Collections, (2) the Investor Percentage on the Date of Processing of such Collections and (3) the aggregate amount of Collections processed in respect of Principal Receivables on such Date of Processing; provided, however, that the amount deposited into the Principal Account pursuant to this clause (iv)(A) shall not exceed the Daily Principal Shortfall, and (B) pay to the Holder of the Seller Certificate an amount equal to the excess, if any, identified in the proviso to clause (A) above; provided, however, that the amount to be paid to the Holder of the Seller Certificate pursuant to this clause (iv)(B) with respect to any Date of Processing shall be paid to the Holder of the Seller Certificate only if the Seller Interest on such Date of Processing is greater than zero (after giving effect to the inclusion in the Trust of all Receivables created on or prior to such Date of Processing and the application of payments referred to in subsection 4.03(b) of the Pooling and Servicing Agreement) and otherwise shall be considered as Unallocated Principal Collections and deposited into the Principal Account in accordance with subsection 4.05(d) of the Pooling and Servicing Agreement; provided further, that in no event shall the amount payable to the Holder of the Seller Certificate pursuant to this clause (iv)(B) be greater than the Seller Interest on such Date of Processing. (k) Allocations During the Controlled Accumulation Period. During the Controlled Accumulation Period, the Servicer shall, prior to the close of business on the day any Collections are deposited in the Collection Account, allocate to the Investor Certificateholders or the Holder of the Seller Certificate and pay or deposit from the Collection Account the following amounts as set forth below: (i) Deposit into the Finance Charge Account an amount equal to the product of (A) the Investor Percentage on the Date of Processing of such Collections and (B) the aggregate amount of Collections processed in respect of Finance Charge Receivables on such Date of Processing to be applied in accordance with Section 4.09 of the Pooling and Servicing Agreement. (ii) Deposit into the Principal Account an amount equal to the product of (A) the Collateral Allocation on the Date of Processing of such Collections, (B) the Investor Percentage on the Date of Processing of such Collections and (C) the aggregate amount of Collections processed in respect of Principal Receivables on such Date of Processing to be applied in accordance with Section 4.12 of the Pooling and Servicing Agreement. (iii) Deposit into the Principal Account an amount equal to the product of (A) the Class B Investor Allocation on the Date of Processing of such Collections, (B) the Investor Percentage on the Date of Processing of such Collections and (C) the aggregate amount of Collections processed in respect of Principal Receivables on such Date of Processing to be applied in accordance with Section 4.12 of the Pooling and Servicing Agreement. (iv) (A) Deposit into the Principal Account an amount equal to the product of (1) the Class A Investor Allocation on the Date of Processing of such Collections, (2) the Investor Percentage on the Date of Processing of such Collections and (3) the aggregate amount of Collections processed in respect of Principal Receivables on such Date of Processing; provided, however, that the amount deposited into the Principal Account pursuant to this (b)(iv)(A) shall not exceed the Daily Principal Shortfall, and (B) pay to the Holder of the Seller Certificate an amount equal to the excess identified in the proviso to clause (A) above, if any; provided, however, that the amount to be paid to the holder of the Seller Certificate pursuant to this clause (b)(iv)(B) with respect to any Date of Processing shall be paid to the Holder of the Seller Certificate only if the Seller Interest on such Date of Processing is greater than zero (after giving effect to the inclusion in the Trust of all Receivables created on or prior to such Date of Processing and the application of payments referred to in subsection 4.03(b) of the Pooling and Servicing Agreement) and otherwise shall be considered as Unallocated Principal Collections and deposited into the Principal Account in accordance with subsection 4.05(d) of the Pooling and Servicing Agreement; provided further, that in no event shall the amount payable to the Holder of the Seller Certificate pursuant to this clause (b)(iv)(B) be greater than the Seller Interest on such Date of Processing. (l) Allocations During the Rapid Amortization Period. During the Rapid Amortization Period, the Servicer shall, prior to the close of business on the day any Collections are deposited in the Collection Account, allocate to the Investor Certificateholders and pay or deposit from the Collection Account the following amounts as set forth below: (i) Deposit into the Finance Charge Account an amount equal to the product of (A) the Investor Percentage on the Date of Processing of such Collections and (B) the aggregate amount of Collections processed in respect of Finance Charge Receivables on such Date of Processing to be applied in accordance with Section 4.09 of the Pooling and Servicing Agreement. (ii) (A) Deposit into the Principal Account an amount equal to the product of (1) the Investor Percentage on the Date of Processing of such Collections and (2) the aggregate amount of Collections processed in respect of Principal Receivables on such Date of Processing; provided, however, that the amount deposited into the Principal Account pursuant to this clause (c)(ii)(A) shall not exceed the sum of the Investor Interest as of the close of business on the last day of the prior Monthly Period (after taking into account any payments to be made on the Distribution Date relating to such prior Monthly Period) and any Reallocated Principal Collections relating to the Monthly Period in which such deposit is made and (B) pay to the Holder of the Seller Certificate an amount equal to the excess, if any, identified in the proviso to clause (A) above; provided, however, that the amount to be paid to the Holder of the Seller Certificate pursuant to this clause (c)(ii)(B) with respect to any Date of Processing shall be paid to the Holder of the Seller Certificate only if the Seller Interest on such Date of Processing is greater than zero (after giving effect to the inclusion in the Trust of all Receivables created on or prior to such Date of Processing and the application of payments referred to in subsection 4.03(b) of the Pooling and Servicing Agreement) and otherwise shall be considered as Unallocated Principal Collections and deposited into the Principal Account in accordance with subsection 4.05(d) of the Pooling and Servicing Agreement; provided further, that in no event shall the amount payable to the Holder of the Seller Certificate pursuant to this clause (c)(ii)(B) be greater than the Seller Interest on such Date of Processing. Notwithstanding anything in the Pooling and Servicing Agreement to the contrary, for so long as, and only so long as, the Seller shall remain the Servicer thereunder, and (A)(i) the Servicer provides to the Trustee a letter of credit covering risk collection of the Servicer acceptable to each Rating Agency (as evidenced by letters from each Rating Agency) and (ii) the Seller shall not have received a notice from Moody's or Standard & Poor's that such a letter of credit would result in the lowering of Moody's or Standard & Poor's then- existing rating of the Investor Certificates, or (B) the Servicer shall have and maintain a certificate of deposit or short-term deposit rating of P-1 by Moody's and of A-1 by Standard & Poor's and deposit insurance provided by BIF or SAIF, the Servicer need not deposit Collections into the Principal Account, the Finance Charge Account, or any Series Account, as provided in any Supplement, or make payments to the Holder of the Seller Certificate, prior to the close of business on the day any Collections are deposited in the Collection Account as provided in Article IV of the Pooling and Servicing Agreement, but may make such deposits, payments and withdrawals on each Transfer Date in an amount equal to the net amount of such deposits, payments and withdrawals which would have been made but for the provisions of this paragraph. With respect to the Series 1996-H Certificates, and notwithstanding anything in the Pooling and Servicing Agreement to the contrary, whether or not the Servicer is required to make monthly or daily deposits from the Collection Account into the Finance Charge Account or the Principal Account pursuant to subsections 4.05(a), 4.05(b) and 4.05(c) of the Pooling and Servicing Agreement, with respect to any Monthly Period, (i) the Servicer will only be required to deposit Collections from the Collection Account into the Finance Charge Account or the Principal Account up to the required amount to be deposited into any such deposit account or, without duplication, distributed on or prior to the related Distribution Date to the Investor Certificateholders and (ii) if at any time prior to such Distribution Date the amount of Collections deposited in the Collection Account exceeds the amount required to be deposited pursuant to clause (i) above, the Servicer will be permitted to withdraw the excess from the Collection Account. Any Unallocated Principal Collections shall be held in the Principal Account and, prior to the commencement of the Controlled Accumulation Period or the Rapid Amortization Period shall be paid to the Holder of the Seller Certificate when, and only to the extent that, the Seller Interest is greater than zero. For each Transfer Date with respect to the Controlled Accumulation Period or the Rapid Amortization Period, any such Unallocated Principal Collections held in the Principal Account on such Transfer Date shall be included in the Investor Principal Collections which to the extent available shall be distributed as Available Investor Principal Collections to be applied pursuant to Section 4.09 of the Pooling and Servicing Agreement on such Transfer Date. The Trustee shall establish and maintain the Principal Funding Account, the Interest Funding Account and the Reserve Account as segregated trust accounts for the benefit of the Series 1996-H Certificateholders. Principal amounts on deposit in the Principal Funding Account, the Interest Funding Account and the Reserve Account shall be applied as set forth in the Pooling and Servicing Agreement. Funds on deposit in the Principal Funding Account, the Interest Funding Account and the Reserve Account shall be invested by or at the direction of the Servicer in Permitted Investments as provided in the Pooling and Servicing Agreement. Investment earnings on such funds shall be transferred on each appropriate Transfer Date to the Finance Charge Account and applied as Collections in respect of Finance Charge Receivables allocable to the Class A Certificates in the amount and manner provided in the Pooling and Servicing Agreement. On or before each Transfer Date, the Servicer shall instruct the Trustee in writing to withdraw and deposit into the Interest Funding Account and the Trustee, acting in accordance with such instructions, shall withdraw and deposit into the Interest Funding Account on such Transfer Date for payment to the Series 1996-H Certificateholders on the next succeeding Interest Payment Date, from the Finance Charge Account to the extent of funds on deposit therein (i) Collections of Finance Charge Receivables processed as of the end of the preceding Monthly Period which have been allocated to the Series 1996-H Certificates, (ii) with respect to the Class A Certificates, from other amounts constituting Class A Available Funds, and (iii) with respect to the Class B Certificates, from other amounts constituting Class B Available Funds, the following amounts: (x) 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 Certificate Rate for such Interest Period and (ii) the Class A Investor Interest as of the close of business on the last day of the preceding Monthly Period ("Class A Monthly Interest"), provided, however, that with respect to the first Distribution Date, Class A Monthly Interest shall be equal to the interest accrued on the Class A Initial Investor Interest at the applicable Class A Certificate Rate for the period from the Closing Date through the day prior to such first Distribution Date; and (y) amounts up to the Class B Monthly Interest followed by the Collateral Monthly Interest, in the actual amounts and manner described in the Pooling and Servicing Agreement. On each Transfer Date, the Trustee shall apply the Class A Available Funds withdrawn from the Finance Charge Account, as required by the Pooling and Servicing Agreement, in the following order of priority: (i) an amount equal to the Class A Monthly Interest for such Transfer Date, plus the amount of any Class A Deficiency Amount for such Transfer Date, plus the amount of any Class A Additional Interest for such Transfer Date, (ii) an amount equal to the Class A Servicing Fee for such Transfer Date plus the amount of any Class A Servicing Fee due but not paid on any prior Transfer Date and (iii) an amount equal to the Class A Investor Default Amount, if any, for the preceding Monthly Period. The Trustee on each Transfer Date shall apply the Class B Available Funds withdrawn from the Finance Charge Account as required by the Pooling and Servicing Agreement in the following order of priority: (i) the Class B Monthly Interest for such Transfer Date, plus the amount of any Class B Deficiency Amount for such Transfer Date, plus the amount of any Class B Additional Interest for such Transfer Date, and (ii) the Class B Servicing Fee for such Transfer Date plus the amount of any Class B Servicing Fee due but not paid on any prior Transfer Date. The Trustee on each Transfer Date shall apply the Collateral Available Funds withdrawn from the Finance Charge Account as required by the Pooling and Servicing Agreement, if MBNA or The Bank of New York is not the Servicer, to pay the Collateral Interest Servicing Fee for such Transfer Date plus the amount of any Collateral Interest Servicing Fee due but not paid on any prior Transfer Date. The balance of the amount withdrawn from the Finance Charge Account allocable to the Series 1996-H Certificates, if any, after giving effect to the applications above shall constitute "Excess Spread." On or before each Transfer Date, the Servicer shall determine the amount (the "Class A Required Amount"), if any, by which (a) the sum of (i) Class A Monthly Interest for such Transfer Date, and (ii) the Class A Deficiency Amount for such Transfer Date, and (iii) the Class A Additional Interest, if any, for such Transfer Date, and (iv) the Class A Servicing Fee for the prior Monthly Period plus the Class A Servicing Fee, if any, due but not paid on any Transfer Date prior thereto, and (v) the Class A Investor Default Amount, if any, for the prior Monthly Period exceeds (b) the Class A Available Funds. In the event that the sum of the Class A Required Amount and Class B Required Amount for such Transfer Date is greater than zero, the Servicer shall give written notice to the Trustee of such positive sum on or before such Transfer Date. In the event that the Class A Required Amount for such Transfer Date is greater than zero, all or a portion of the Excess Spread with respect to such Transfer Date in an amount equal to the Class A Required Amount for such Transfer Date, to the extent available, shall be distributed from the Finance Charge Account on such Transfer Date pursuant to subsection 4.11(a) of the Pooling and Servicing Agreement. In the event that the Class A Required Amount for such Transfer Date exceeds the amount of Excess Spread with respect to such Transfer Date, Reallocated Principal Collections, to the extent available, shall be withdrawn on the Transfer Date from the Principal Account and applied pursuant to Section 4.12 of the Pooling and Servicing Agreement. In the event that the Class A Required Amount for such Transfer Date exceeds the amount of such Excess Spread and the amount of such Reallocated Principal Collections, the Collateral Interest shall, and the Class B Investor Interest may, be reduced as provided in the Pooling and Servicing Agreement. On or before the Transfer Date immediately succeeding the Monthly Period in which the Controlled Accumulation Period or the Rapid Amortization Period commences and on or before each Transfer Date thereafter, the Servicer shall instruct the Trustee in writing to withdraw, and the Trustee, acting in accordance with such instructions, shall withdraw on such Transfer Date from the Principal Account an amount equal to the Available Investor Principal Collections on deposit in the Principal Account and from such amounts, (A) deposit an amount equal to Class A Monthly Principal (i) during the Controlled Accumulation Period, into the Principal Funding Account, and (ii) during the Rapid Amortization Period, into the Distribution Account, (B) after the Class A Certificates have been paid in full, deposit an amount equal to Class B Monthly Principal into the Distribution Account, and (C) any remaining amounts in the Principal Account shall be used for payment of Collateral Monthly Principal. On the earlier to occur of the first Transfer Date with respect to the Rapid Amortization Period or the Transfer Date immediately preceding the Class A Scheduled Payment Date, the Servicer shall instruct the Trustee to withdraw, and the Trustee shall withdraw from the Principal Funding Account and deposit in the Distribution Account the amount on deposit in the Principal Funding Account. On the Class A Scheduled Payment Date or on each Distribution Date with respect to a Rapid Amortization Period, the Trustee shall pay from amounts on deposit in the Distribution Account an amount equal to the lesser of the Class A Investor Interest and the amount of Available Investor Principal Collections on deposit in the Distribution Account with respect to the related Monthly Period, and after the Class A Certificates have been paid in full (after taking into account distributions to be made on the related Distribution Date), Available Investor Principal Collections shall be applied to the Class B Certificates and Collateral Interest as specified in the Pooling and Servicing Agreement. On or before the Transfer Date immediately preceding each Interest Payment Date, the Servicer shall instruct the Trustee to withdraw, and on such Transfer Date the Trustee shall withdraw from the Interest Funding Account and deposit in the Distribution Account the amount on deposit in the Interest Funding Account. On each Interest Payment Date, the Trustee shall pay to the Class A Certificateholders and the Class B Certificateholders the amount deposited on the related Transfer Date into the Distribution Account in respect of Class A Monthly Interest and Class B Monthly Interest, respectively. On each Transfer Date, the Trustee shall pay to the Collateral Interest Holder the Collateral Monthly Interest, to the extent funds are available. Distributions with respect to this Series 1996-H Certificate will be made by the Trustee by, except as otherwise provided in the Pooling and Servicing Agreement, check mailed to the address of each Series 1996-H Certificateholder of record appearing in the Certificate Register and except for the final distribution in respect of this Series 1996-H Certificate, without the presentation or surrender of this Series 1996-H Certificate or the making of any notation thereon; provided that with respect to Series 1996-H Certificates registered in the name of the nominee of a Clearing Agency, distributions will be made in the form of immediately available funds. This Class A Certificate represents an interest in only MBNA Master Credit Card Trust II. This Class A Certificate does not represent an obligation of, or an interest in, the Seller or the Servicer, and neither the Series 1996-H Certificates nor the Accounts or Receivables are insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. This Series 1996-H Certificate is limited in right of payment to certain collections respecting the Receivables, all as more specifically set forth hereinabove and in the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement, withdrawals from the Collection Account, Investor Accounts, Principal Funding Account and Reserve Account may be made upon the instructions of the Servicer from time to time for purposes other than distributions to Series 1996-H Certificateholders. The transfer of this Class A Certificate shall be registered in the Certificate Register upon surrender of this Class A Certificate for registration of transfer at any office or agency maintained by the Transfer Agent and Registrar accompanied by a written instrument of transfer in a form satisfactory to the Trustee and the Transfer Agent and Registrar duly executed by the Class A Certificateholder or such Class A Certificateholder's attorney-in-fact duly authorized in writing, and thereupon one or more new Class A Certificates of authorized denominations and for the same aggregate Undivided Interests will be issued to the designated transferee or transferees. As provided in the Pooling and Servicing Agreement and subject to certain limitations set forth therein, Class A Certificates are exchangeable for new Class A Certificates evidencing like aggregate Undivided Interests, as requested by the Class A Certificateholder surrendering such Class A Certificates. No service charge may be imposed for any such exchange but the Servicer or Transfer Agent and Registrar may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection therewith. The Servicer, the Trustee and the Transfer Agent and Registrar, and any agent of any of them, may treat the Person in whose name this Class A Certificate is registered as the owner hereof for all purposes, and neither the Servicer, the Trustee, the Paying Agent, the Transfer Agent and Registrar, nor any agent of any of them or of any such agent shall be affected by notice to the contrary except in certain circumstances described in the Pooling and Servicing Agreement. The Pooling and Servicing Agreement provides that the right of the Series 1996-H Certificateholders to receive payment from the Trust will terminate on the first Business Day following the Series 1996-H Termination Date. Upon the termination of the Trust pursuant to Section 12.01 of the Pooling and Servicing Agreement, the Trustee shall assign and convey to the Holder of the Seller Certificate (without recourse, representation or warranty) all right, title and interest of the Trust in the Receivables, whether then existing or thereafter created, and all proceeds of such Receivables and Insurance Proceeds relating to such Receivables. The Trustee shall execute and deliver such instruments of transfer and assignment, in each case without recourse, as shall be prepared by the Servicer reasonably requested by the Holder of the Seller Certificate to vest in such Holder all right, title and interest which the Trustee had in the Receivables. Unless the certificate of authentication hereon has been executed by or on behalf of the Trustee, by manual signature, this Class A Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement, or be valid for any purpose. IN WITNESS WHEREOF, MBNA America Bank, National Association has caused this Class A Certificate to be duly executed under its official seal. By: /s/ Jerry M. Hamstead Authorized Officer [Seal] Attested to: By: /s/ John W. Scheflen Cashier Date: August 14, 1996 Trustee's Certificate of Authentication CERTIFICATE OF AUTHENTICATION This is one of the Series 1996-H Class A Certificates referred to in the within-mentioned Pooling and Servicing Agreement. THE BANK OF NEW YORK, Trustee By: /s/ Todd Neimy Authorized Signatory Date: August 14, 1996 CLASS A Unless this Certificate is presented by an authorized representative of The Depository Trust Company, a New York corporation ("DTC"), to MBNA America Bank, National Association or its agent for registration of transfer, exchange or payment, and any certificate issued is registered in the name of Cede & Co. or in such other name as 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. No. 5 $200,000,000 CUSIP No. 55262TBN2 MBNA MASTER CREDIT CARD TRUST II CLASS A FLOATING RATE ASSET BACKED CERTIFICATE, SERIES 1996-H Evidencing an Undivided Interest in a trust, the corpus of which consists of a portfolio of MasterCard registered trademark and VISA registered trademark credit card receivables generated or acquired by MBNA America Bank, National Association and other assets and interests constituting the Trust under the Pooling and Servicing Agreement described below. (Not an interest in or obligation of MBNA America Bank, National Association or any Affiliate thereof.) This certifies that CEDE & CO. (the "Class A Certificateholder") is the registered owner of an Undivided Interest in a trust (the "Trust"), the corpus of which consists of a portfolio of receivables (the "Receivables") now existing or hereafter created and arising in connection with selected MasterCard and VISA credit card accounts (the "Accounts") of MBNA America Bank, National Association, a national banking association organized under the laws of the United States, all monies due or to become due in payment of the Receivables (including all Finance Charge Receivables but excluding recoveries on any charged-off Receivables), the right to certain amounts received as Interchange with respect to the Accounts, the benefits of the Collateral Interest (as defined below) and the other assets and interests constituting the Trust pursuant to a Pooling and Servicing Agreement dated as of August 4, 1994, as amended as of March 11, 1996, as supplemented by the Series 1996-H Supplement dated as of August 14, 1996 (collectively, the "Pooling and Servicing Agreement"), by and between MBNA America Bank, National Association, as Seller (the "Seller") and as Servicer (the "Servicer"), and The Bank of New York, as Trustee (the "Trustee"), a summary of certain of the pertinent provisions of which is set forth hereinbelow. The Series 1996-H Certificates are issued in two classes, the Class A Certificates (of which this certificate is one) and the Class B Certificates, which are subordinated to the Class A Certificates in certain rights of payment as described herein and in the Pooling and Servicing Agreement. The Seller has structured the Pooling and Servicing Agreement and the Series 1996-H Certificates with the intention that the Series 1996-H Certificates will qualify under applicable tax law as indebtedness, and each of the Seller, the Holder of the Seller Certificate, the Servicer and each Series 1996-H Certificateholder (or Series 1996-H Certificate Owner) by acceptance of its Series 1996-H Certificate (or in the case of a Series 1996-H Certificate Owner, by virtue of such Series 1996-H Certificate Owner's acquisition of a beneficial interest therein), agrees to treat and to take no action inconsistent with the treatment of the Series 1996-H Certificates (or any beneficial interest therein) as indebtedness for purposes of federal, state, local and foreign income or franchise taxes and any other tax imposed on or measured by income. Each Series 1996-H Certificateholder agrees that it will cause any Series 1996-H Certificate Owner acquiring an interest in a Series 1996-H Certificate through it to comply with the Pooling and Servicing Agreement as to treatment of the Series 1996-H Certificates as indebtedness for certain tax purposes. To the extent not defined herein, capitalized terms used herein have the respective meanings assigned to them in the Pooling and Servicing Agreement. This Class A Certificate is issued under and is subject to the terms, provisions and conditions of the Pooling and Servicing Agreement, to which Pooling and Servicing Agreement, as amended from time to time, the Class A Certificateholder by virtue of the acceptance hereof assents and by which the Class A Certificateholder is bound. The Receivables consist of Principal Receivables, which arise from the purchase of goods and services, and of Finance Charge Receivables, which arise generally from periodic Finance Charges and other fees and charges, as more fully specified in the Pooling and Servicing Agreement. The Trust corpus consists of the Receivables now existing and hereafter created and arising in connection with the Accounts, all monies due or to become due with respect thereto (including all Finance Charge Receivables but excluding recoveries on any charged-off Receivables), all proceeds (as defined in Section 9-306 of the UCC as in effect in the State of Delaware) of the Receivables, Insurance Proceeds relating to the Receivables, the right to certain amounts received as Interchange with respect to the Accounts, and such funds as from time to time are deposited in the Collection Account, the Investor Accounts, the Principal Funding Account, certain investment earnings on the Principal Funding Account, the Interest Funding Account, certain investment earnings on the Interest Funding Account, the Reserve Account and certain investment earnings on the Reserve Account and the proceeds (as defined in Section 9-306 of the UCC as in effect in the State of Delaware) thereof. This Class A Certificate is one of a duly authorized Series of Investor Certificates entitled "MBNA Master Credit Card Trust II Class A Floating Rate Asset Backed Certificates, Series 1996-H" (the "Class A Certificates"), each of which represents an Undivided Interest in the Trust, including the right to receive the Collections and other amounts allocated to the Class A Certificates at the times and in the amounts specified in the Pooling and Servicing Agreement and to be deposited in the Investor Accounts, the Principal Funding Account and the Reserve Account or paid to the Class A Certificateholders. Also issued under the Pooling and Servicing Agreement are the "MBNA Master Credit Card Trust II Class B Floating Rate Asset-Backed Certificates, Series 1996-H" (the "Class B Certificates"), which represent an Undivided Interest in the Trust subordinate to the Class A Certificates, and the "MBNA Master Credit Card Trust II Collateral Interest, Series 1996-H" (the "Collateral Interest" and collectively with the Class A Certificates and the Class B Certificates, the "Investor Certificates"), which is an undivided interest in the Trust subordinate to the Class A Certificates and Class B Certificates. The subordination of the Class B Certificates and the subordination of the Collateral Interest to the Class A Certificates shall constitute the Enhancement for the Class A Certificates. The aggregate interest represented by the Class A Certificates and the Class B Certificates at any time in the Principal Receivables in the Trust shall not exceed an amount equal to the Class A Investor Interest and the Class B Investor Interest, respectively, at such time. The Class A Initial Investor Interest is $1,020,000,000 as of August 14, 1996 (the "Closing Date"). The Class B Initial Investor Interest is $90,000,000 as of the Closing Date. The Collateral Initial Interest is $90,000,000 as of the Closing Date. The Class A Investor Interest on any date of determination will be an amount equal to (a) the Class A Initial Investor Interest minus (b) the aggregate amount of payments of principal made to the Class A Certificateholders prior to such date of determination, and minus (c) the excess, if any, of the aggregate amount of Class A Investor Charge-Offs pursuant to subsection 4.10(a) of the Pooling and Servicing Agreement over Class A Investor Charge-Offs reimbursed prior to such date of determination pursuant to subsection 4.11(b) of the Pooling and Servicing Agreement; provided, however, that the Class A Investor Interest may not be reduced below zero. For the purpose of allocating Collections of Finance Charge Receivables and Receivables in Defaulted Accounts for each Monthly Period during the Controlled Accumulation Period, the Class A Investor Interest will be further reduced (such reduced amount, the "Class A Adjusted Investor Interest") by the aggregate principal amount of funds on deposit in the Principal Funding Account. The Class A Investor Interest together with the aggregate interest represented by the Class B Certificates in the Principal Receivables in the Trust (the "Class B Investor Interest") and the aggregate interest represented by the Collateral Interest in the Principal Receivables in the Trust are sometimes collectively referred to herein as the "Investor Interest." In addition to the Class A Certificates, the Class B Certificates and the Collateral Interest, a Seller Certificate representing an undivided interest in the Trust will be issued to the Seller pursuant to the Pooling and Servicing Agreement. The Seller Certificate will represent the interest in the Principal Receivables not represented by all of the Series of Investor Certificates issued by the Trust. The Seller Certificate may be exchanged by the Seller pursuant to the Pooling and Servicing Agreement for a newly issued Series of Investor Certificates and a reissued Seller Certificate upon the conditions set forth in the Pooling and Servicing Agreement. Interest will accrue on the Class A Certificates from the Closing Date through November 14, 1996 and with respect to each Interest Period thereafter, at the rate of 0.10% per annum above LIBOR, as more specifically set forth in the Pooling and Servicing Agreement (the "Class A Certificate Rate"), and will be distributed on November 15, 1996 and on the 15th day of each November, February, May and August thereafter, or if such day is not a Business Day, on the next succeeding Business Day (an "Interest Payment Date"), to the Class A Certificateholders of record as of the last Business Day of the calendar month preceding such Interest Payment Date (the "Record Date"), provided that commencing on the Class A Scheduled Payment Date or the first Distribution Date with respect to the Rapid Amortization Period, the 15th day of each calendar month, or if such day is not a Business Day, on the next succeeding Business Day (a "Distribution Date") will be an Interest Payment Date. During the Rapid Amortization Period, in addition to Class A Monthly Interest, Class A Monthly Principal will be distributed to the Class A Certificateholders on each Distribution Date commencing in the month following the commencement of the Rapid Amortization Period until the Class A Certificates have been paid in full. During the Controlled Accumulation Period, in addition to quarterly payments of Class A Monthly Interest, the amount on deposit in the Principal Funding Account will be distributed as principal to the Class A Certificateholders on the August 2001 Distribution Date (the "Class A Scheduled Payment Date"), unless distributed earlier as a result of the occurrence of a Pay Out Event in accordance with the Pooling and Servicing Agreement. The Servicer shall deposit all Collections in the Collection Account as promptly as possible after the Date of Processing of such Collections, but in no event later than the second Business Day following such Date of Processing (except as provided below and except as provided in any Supplement to the Pooling and Servicing Agreement). Throughout the existence of the Trust, unless otherwise provided in any Supplement, the Servicer shall allocate to the Holder of the Seller Certificate an amount equal to the product of (A) the Seller Percentage and (B) the aggregate amount of such Collections allocated to Principal Receivables and Finance Charge Receivables, respectively, in respect of each Monthly Period. Notwithstanding the first sentence of this paragraph, the Servicer need not deposit this amount or any other amounts so allocated to the Seller Certificate pursuant to any Supplement into the Collection Account and shall pay, or be deemed to pay, such amounts as collected to the Holder of the Seller Certificate. The Servicer shall pay or deposit the following amounts as set forth below: (m) Allocations During the Revolving Period. During the Revolving Period, the Servicer shall, prior to the close of business on the day any Collections are deposited in the Collection Account, allocate to the Investor Certificateholders or the Holder of the Seller Certificate and pay or deposit from the Collection Account the following amounts as set forth below: (i) Allocate to the Investor Certificateholders the product of (y) the Investor Percentage on the Date of Processing of such Collections and (z) the aggregate amount of Collections of Finance Charge Receivables on such Date of Processing, and of that allocation, deposit in the Finance Charge Account an amount equal to either (I) (A) for any Monthly Period in which an Interest Payment Date occurs, prior to the LIBOR Determination Date occurring in such Monthly Period, an amount equal to the product of (1) the Investor Percentage on the Date of Processing of such Collections and (2) the aggregate amount of Collections of Finance Charge Receivables on such Date of Processing, and (B) at all other times, the difference between (1) the Monthly Interest with respect to the immediately following Transfer Date (plus, if the Seller is not the Servicer, the Certificateholder Servicing Fee for such Transfer Date plus the amount of any Certificateholder Servicing Fee due but not paid to the Servicer on any prior Transfer Date) and (2) the amounts previously deposited in the Finance Charge Account with respect to the current Monthly Period pursuant to Section 4.09 of the Pooling and Servicing Agreement or (II) the amount of Collections of Finance Charge Receivables allocated to the Investor Certificateholders on such Date of Processing pursuant to this clause (a)(i); provided, that if a deposit pursuant to clause (a)(i)(I) above is made on any Date of Processing, on the related Transfer Date, the Servicer shall withdraw from the Collection Account and deposit into the Finance Charge Account an amount equal to the amount of Collections of Finance Charge Receivables that have been allocated to the Investor Certificateholders during the related Monthly Period but not previously deposited in the Finance Charge Account. Funds deposited into the Finance Charge Account pursuant to this clause (a)(i) shall be applied in accordance with Section 4.09 of the Pooling and Servicing Agreement. (ii) Deposit into the Principal Account an amount equal to the product of (A) the Collateral Allocation on the Date of Processing of such Collections, (B) the Investor Percentage on the Date of Processing of such Collections and (C) the aggregate amount of Collections processed in respect of Principal Receivables on such Date of Processing to be applied in accordance with Section 4.12 of the Pooling and Servicing Agreement. (iii) Deposit into the Principal Account an amount equal to the product of (A) the Class B Investor Allocation on the Date of Processing of such Collections, (B) the Investor Percentage on the Date of Processing of such Collections and (C) the aggregate amount of Collections processed in respect of Principal Receivables on such Date of Processing to be applied in accordance with Section 4.12 of the Pooling and Servicing Agreement. (iv) (A) Deposit into the Principal Account an amount equal to the product of (1) the Class A Investor Allocation on the Date of Processing of such Collections, (2) the Investor Percentage on the Date of Processing of such Collections and (3) the aggregate amount of Collections processed in respect of Principal Receivables on such Date of Processing; provided, however, that the amount deposited into the Principal Account pursuant to this clause (iv)(A) shall not exceed the Daily Principal Shortfall, and (B) pay to the Holder of the Seller Certificate an amount equal to the excess, if any, identified in the proviso to clause (A) above; provided, however, that the amount to be paid to the Holder of the Seller Certificate pursuant to this clause (iv)(B) with respect to any Date of Processing shall be paid to the Holder of the Seller Certificate only if the Seller Interest on such Date of Processing is greater than zero (after giving effect to the inclusion in the Trust of all Receivables created on or prior to such Date of Processing and the application of payments referred to in subsection 4.03(b) of the Pooling and Servicing Agreement) and otherwise shall be considered as Unallocated Principal Collections and deposited into the Principal Account in accordance with subsection 4.05(d) of the Pooling and Servicing Agreement; provided further, that in no event shall the amount payable to the Holder of the Seller Certificate pursuant to this clause (iv)(B) be greater than the Seller Interest on such Date of Processing. (n) Allocations During the Controlled Accumulation Period. During the Controlled Accumulation Period, the Servicer shall, prior to the close of business on the day any Collections are deposited in the Collection Account, allocate to the Investor Certificateholders or the Holder of the Seller Certificate and pay or deposit from the Collection Account the following amounts as set forth below: (i) Deposit into the Finance Charge Account an amount equal to the product of (A) the Investor Percentage on the Date of Processing of such Collections and (B) the aggregate amount of Collections processed in respect of Finance Charge Receivables on such Date of Processing to be applied in accordance with Section 4.09 of the Pooling and Servicing Agreement. (ii) Deposit into the Principal Account an amount equal to the product of (A) the Collateral Allocation on the Date of Processing of such Collections, (B) the Investor Percentage on the Date of Processing of such Collections and (C) the aggregate amount of Collections processed in respect of Principal Receivables on such Date of Processing to be applied in accordance with Section 4.12 of the Pooling and Servicing Agreement. (iii) Deposit into the Principal Account an amount equal to the product of (A) the Class B Investor Allocation on the Date of Processing of such Collections, (B) the Investor Percentage on the Date of Processing of such Collections and (C) the aggregate amount of Collections processed in respect of Principal Receivables on such Date of Processing to be applied in accordance with Section 4.12 of the Pooling and Servicing Agreement. (iv) (A) Deposit into the Principal Account an amount equal to the product of (1) the Class A Investor Allocation on the Date of Processing of such Collections, (2) the Investor Percentage on the Date of Processing of such Collections and (3) the aggregate amount of Collections processed in respect of Principal Receivables on such Date of Processing; provided, however, that the amount deposited into the Principal Account pursuant to this (b)(iv)(A) shall not exceed the Daily Principal Shortfall, and (B) pay to the Holder of the Seller Certificate an amount equal to the excess identified in the proviso to clause (A) above, if any; provided, however, that the amount to be paid to the holder of the Seller Certificate pursuant to this clause (b)(iv)(B) with respect to any Date of Processing shall be paid to the Holder of the Seller Certificate only if the Seller Interest on such Date of Processing is greater than zero (after giving effect to the inclusion in the Trust of all Receivables created on or prior to such Date of Processing and the application of payments referred to in subsection 4.03(b) of the Pooling and Servicing Agreement) and otherwise shall be considered as Unallocated Principal Collections and deposited into the Principal Account in accordance with subsection 4.05(d) of the Pooling and Servicing Agreement; provided further, that in no event shall the amount payable to the Holder of the Seller Certificate pursuant to this clause (b)(iv)(B) be greater than the Seller Interest on such Date of Processing. (o) Allocations During the Rapid Amortization Period. During the Rapid Amortization Period, the Servicer shall, prior to the close of business on the day any Collections are deposited in the Collection Account, allocate to the Investor Certificateholders and pay or deposit from the Collection Account the following amounts as set forth below: (i) Deposit into the Finance Charge Account an amount equal to the product of (A) the Investor Percentage on the Date of Processing of such Collections and (B) the aggregate amount of Collections processed in respect of Finance Charge Receivables on such Date of Processing to be applied in accordance with Section 4.09 of the Pooling and Servicing Agreement. (ii) (A) Deposit into the Principal Account an amount equal to the product of (1) the Investor Percentage on the Date of Processing of such Collections and (2) the aggregate amount of Collections processed in respect of Principal Receivables on such Date of Processing; provided, however, that the amount deposited into the Principal Account pursuant to this clause (c)(ii)(A) shall not exceed the sum of the Investor Interest as of the close of business on the last day of the prior Monthly Period (after taking into account any payments to be made on the Distribution Date relating to such prior Monthly Period) and any Reallocated Principal Collections relating to the Monthly Period in which such deposit is made and (B) pay to the Holder of the Seller Certificate an amount equal to the excess, if any, identified in the proviso to clause (A) above; provided, however, that the amount to be paid to the Holder of the Seller Certificate pursuant to this clause (c)(ii)(B) with respect to any Date of Processing shall be paid to the Holder of the Seller Certificate only if the Seller Interest on such Date of Processing is greater than zero (after giving effect to the inclusion in the Trust of all Receivables created on or prior to such Date of Processing and the application of payments referred to in subsection 4.03(b) of the Pooling and Servicing Agreement) and otherwise shall be considered as Unallocated Principal Collections and deposited into the Principal Account in accordance with subsection 4.05(d) of the Pooling and Servicing Agreement; provided further, that in no event shall the amount payable to the Holder of the Seller Certificate pursuant to this clause (c)(ii)(B) be greater than the Seller Interest on such Date of Processing. Notwithstanding anything in the Pooling and Servicing Agreement to the contrary, for so long as, and only so long as, the Seller shall remain the Servicer thereunder, and (A)(i) the Servicer provides to the Trustee a letter of credit covering risk collection of the Servicer acceptable to each Rating Agency (as evidenced by letters from each Rating Agency) and (ii) the Seller shall not have received a notice from Moody's or Standard & Poor's that such a letter of credit would result in the lowering of Moody's or Standard & Poor's then- existing rating of the Investor Certificates, or (B) the Servicer shall have and maintain a certificate of deposit or short-term deposit rating of P-1 by Moody's and of A-1 by Standard & Poor's and deposit insurance provided by BIF or SAIF, the Servicer need not deposit Collections into the Principal Account, the Finance Charge Account, or any Series Account, as provided in any Supplement, or make payments to the Holder of the Seller Certificate, prior to the close of business on the day any Collections are deposited in the Collection Account as provided in Article IV of the Pooling and Servicing Agreement, but may make such deposits, payments and withdrawals on each Transfer Date in an amount equal to the net amount of such deposits, payments and withdrawals which would have been made but for the provisions of this paragraph. With respect to the Series 1996-H Certificates, and notwithstanding anything in the Pooling and Servicing Agreement to the contrary, whether or not the Servicer is required to make monthly or daily deposits from the Collection Account into the Finance Charge Account or the Principal Account pursuant to subsections 4.05(a), 4.05(b) and 4.05(c) of the Pooling and Servicing Agreement, with respect to any Monthly Period, (i) the Servicer will only be required to deposit Collections from the Collection Account into the Finance Charge Account or the Principal Account up to the required amount to be deposited into any such deposit account or, without duplication, distributed on or prior to the related Distribution Date to the Investor Certificateholders and (ii) if at any time prior to such Distribution Date the amount of Collections deposited in the Collection Account exceeds the amount required to be deposited pursuant to clause (i) above, the Servicer will be permitted to withdraw the excess from the Collection Account. Any Unallocated Principal Collections shall be held in the Principal Account and, prior to the commencement of the Controlled Accumulation Period or the Rapid Amortization Period shall be paid to the Holder of the Seller Certificate when, and only to the extent that, the Seller Interest is greater than zero. For each Transfer Date with respect to the Controlled Accumulation Period or the Rapid Amortization Period, any such Unallocated Principal Collections held in the Principal Account on such Transfer Date shall be included in the Investor Principal Collections which to the extent available shall be distributed as Available Investor Principal Collections to be applied pursuant to Section 4.09 of the Pooling and Servicing Agreement on such Transfer Date. The Trustee shall establish and maintain the Principal Funding Account, the Interest Funding Account and the Reserve Account as segregated trust accounts for the benefit of the Series 1996-H Certificateholders. Principal amounts on deposit in the Principal Funding Account, the Interest Funding Account and the Reserve Account shall be applied as set forth in the Pooling and Servicing Agreement. Funds on deposit in the Principal Funding Account, the Interest Funding Account and the Reserve Account shall be invested by or at the direction of the Servicer in Permitted Investments as provided in the Pooling and Servicing Agreement. Investment earnings on such funds shall be transferred on each appropriate Transfer Date to the Finance Charge Account and applied as Collections in respect of Finance Charge Receivables allocable to the Class A Certificates in the amount and manner provided in the Pooling and Servicing Agreement. On or before each Transfer Date, the Servicer shall instruct the Trustee in writing to withdraw and deposit into the Interest Funding Account and the Trustee, acting in accordance with such instructions, shall withdraw and deposit into the Interest Funding Account on such Transfer Date for payment to the Series 1996-H Certificateholders on the next succeeding Interest Payment Date, from the Finance Charge Account to the extent of funds on deposit therein (i) Collections of Finance Charge Receivables processed as of the end of the preceding Monthly Period which have been allocated to the Series 1996-H Certificates, (ii) with respect to the Class A Certificates, from other amounts constituting Class A Available Funds, and (iii) with respect to the Class B Certificates, from other amounts constituting Class B Available Funds, the following amounts: (x) 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 Certificate Rate for such Interest Period and (ii) the Class A Investor Interest as of the close of business on the last day of the preceding Monthly Period ("Class A Monthly Interest"), provided, however, that with respect to the first Distribution Date, Class A Monthly Interest shall be equal to the interest accrued on the Class A Initial Investor Interest at the applicable Class A Certificate Rate for the period from the Closing Date through the day prior to such first Distribution Date; and (y) amounts up to the Class B Monthly Interest followed by the Collateral Monthly Interest, in the actual amounts and manner described in the Pooling and Servicing Agreement. On each Transfer Date, the Trustee shall apply the Class A Available Funds withdrawn from the Finance Charge Account, as required by the Pooling and Servicing Agreement, in the following order of priority: (i) an amount equal to the Class A Monthly Interest for such Transfer Date, plus the amount of any Class A Deficiency Amount for such Transfer Date, plus the amount of any Class A Additional Interest for such Transfer Date, (ii) an amount equal to the Class A Servicing Fee for such Transfer Date plus the amount of any Class A Servicing Fee due but not paid on any prior Transfer Date and (iii) an amount equal to the Class A Investor Default Amount, if any, for the preceding Monthly Period. The Trustee on each Transfer Date shall apply the Class B Available Funds withdrawn from the Finance Charge Account as required by the Pooling and Servicing Agreement in the following order of priority: (i) the Class B Monthly Interest for such Transfer Date, plus the amount of any Class B Deficiency Amount for such Transfer Date, plus the amount of any Class B Additional Interest for such Transfer Date, and (ii) the Class B Servicing Fee for such Transfer Date plus the amount of any Class B Servicing Fee due but not paid on any prior Transfer Date. The Trustee on each Transfer Date shall apply the Collateral Available Funds withdrawn from the Finance Charge Account as required by the Pooling and Servicing Agreement, if MBNA or The Bank of New York is not the Servicer, to pay the Collateral Interest Servicing Fee for such Transfer Date plus the amount of any Collateral Interest Servicing Fee due but not paid on any prior Transfer Date. The balance of the amount withdrawn from the Finance Charge Account allocable to the Series 1996-H Certificates, if any, after giving effect to the applications above shall constitute "Excess Spread." On or before each Transfer Date, the Servicer shall determine the amount (the "Class A Required Amount"), if any, by which (a) the sum of (i) Class A Monthly Interest for such Transfer Date, and (ii) the Class A Deficiency Amount for such Transfer Date, and (iii) the Class A Additional Interest, if any, for such Transfer Date, and (iv) the Class A Servicing Fee for the prior Monthly Period plus the Class A Servicing Fee, if any, due but not paid on any Transfer Date prior thereto, and (v) the Class A Investor Default Amount, if any, for the prior Monthly Period exceeds (b) the Class A Available Funds. In the event that the sum of the Class A Required Amount and Class B Required Amount for such Transfer Date is greater than zero, the Servicer shall give written notice to the Trustee of such positive sum on or before such Transfer Date. In the event that the Class A Required Amount for such Transfer Date is greater than zero, all or a portion of the Excess Spread with respect to such Transfer Date in an amount equal to the Class A Required Amount for such Transfer Date, to the extent available, shall be distributed from the Finance Charge Account on such Transfer Date pursuant to subsection 4.11(a) of the Pooling and Servicing Agreement. In the event that the Class A Required Amount for such Transfer Date exceeds the amount of Excess Spread with respect to such Transfer Date, Reallocated Principal Collections, to the extent available, shall be withdrawn on the Transfer Date from the Principal Account and applied pursuant to Section 4.12 of the Pooling and Servicing Agreement. In the event that the Class A Required Amount for such Transfer Date exceeds the amount of such Excess Spread and the amount of such Reallocated Principal Collections, the Collateral Interest shall, and the Class B Investor Interest may, be reduced as provided in the Pooling and Servicing Agreement. On or before the Transfer Date immediately succeeding the Monthly Period in which the Controlled Accumulation Period or the Rapid Amortization Period commences and on or before each Transfer Date thereafter, the Servicer shall instruct the Trustee in writing to withdraw, and the Trustee, acting in accordance with such instructions, shall withdraw on such Transfer Date from the Principal Account an amount equal to the Available Investor Principal Collections on deposit in the Principal Account and from such amounts, (A) deposit an amount equal to Class A Monthly Principal (i) during the Controlled Accumulation Period, into the Principal Funding Account, and (ii) during the Rapid Amortization Period, into the Distribution Account, (B) after the Class A Certificates have been paid in full, deposit an amount equal to Class B Monthly Principal into the Distribution Account, and (C) any remaining amounts in the Principal Account shall be used for payment of Collateral Monthly Principal. On the earlier to occur of the first Transfer Date with respect to the Rapid Amortization Period or the Transfer Date immediately preceding the Class A Scheduled Payment Date, the Servicer shall instruct the Trustee to withdraw, and the Trustee shall withdraw from the Principal Funding Account and deposit in the Distribution Account the amount on deposit in the Principal Funding Account. On the Class A Scheduled Payment Date or on each Distribution Date with respect to a Rapid Amortization Period, the Trustee shall pay from amounts on deposit in the Distribution Account an amount equal to the lesser of the Class A Investor Interest and the amount of Available Investor Principal Collections on deposit in the Distribution Account with respect to the related Monthly Period, and after the Class A Certificates have been paid in full (after taking into account distributions to be made on the related Distribution Date), Available Investor Principal Collections shall be applied to the Class B Certificates and Collateral Interest as specified in the Pooling and Servicing Agreement. On or before the Transfer Date immediately preceding each Interest Payment Date, the Servicer shall instruct the Trustee to withdraw, and on such Transfer Date the Trustee shall withdraw from the Interest Funding Account and deposit in the Distribution Account the amount on deposit in the Interest Funding Account. On each Interest Payment Date, the Trustee shall pay to the Class A Certificateholders and the Class B Certificateholders the amount deposited on the related Transfer Date into the Distribution Account in respect of Class A Monthly Interest and Class B Monthly Interest, respectively. On each Transfer Date, the Trustee shall pay to the Collateral Interest Holder the Collateral Monthly Interest, to the extent funds are available. Distributions with respect to this Series 1996-H Certificate will be made by the Trustee by, except as otherwise provided in the Pooling and Servicing Agreement, check mailed to the address of each Series 1996-H Certificateholder of record appearing in the Certificate Register and except for the final distribution in respect of this Series 1996-H Certificate, without the presentation or surrender of this Series 1996-H Certificate or the making of any notation thereon; provided that with respect to Series 1996-H Certificates registered in the name of the nominee of a Clearing Agency, distributions will be made in the form of immediately available funds. This Class A Certificate represents an interest in only MBNA Master Credit Card Trust II. This Class A Certificate does not represent an obligation of, or an interest in, the Seller or the Servicer, and neither the Series 1996-H Certificates nor the Accounts or Receivables are insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. This Series 1996-H Certificate is limited in right of payment to certain collections respecting the Receivables, all as more specifically set forth hereinabove and in the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement, withdrawals from the Collection Account, Investor Accounts, Principal Funding Account and Reserve Account may be made upon the instructions of the Servicer from time to time for purposes other than distributions to Series 1996-H Certificateholders. The transfer of this Class A Certificate shall be registered in the Certificate Register upon surrender of this Class A Certificate for registration of transfer at any office or agency maintained by the Transfer Agent and Registrar accompanied by a written instrument of transfer in a form satisfactory to the Trustee and the Transfer Agent and Registrar duly executed by the Class A Certificateholder or such Class A Certificateholder's attorney-in-fact duly authorized in writing, and thereupon one or more new Class A Certificates of authorized denominations and for the same aggregate Undivided Interests will be issued to the designated transferee or transferees. As provided in the Pooling and Servicing Agreement and subject to certain limitations set forth therein, Class A Certificates are exchangeable for new Class A Certificates evidencing like aggregate Undivided Interests, as requested by the Class A Certificateholder surrendering such Class A Certificates. No service charge may be imposed for any such exchange but the Servicer or Transfer Agent and Registrar may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection therewith. The Servicer, the Trustee and the Transfer Agent and Registrar, and any agent of any of them, may treat the Person in whose name this Class A Certificate is registered as the owner hereof for all purposes, and neither the Servicer, the Trustee, the Paying Agent, the Transfer Agent and Registrar, nor any agent of any of them or of any such agent shall be affected by notice to the contrary except in certain circumstances described in the Pooling and Servicing Agreement. The Pooling and Servicing Agreement provides that the right of the Series 1996-H Certificateholders to receive payment from the Trust will terminate on the first Business Day following the Series 1996-H Termination Date. Upon the termination of the Trust pursuant to Section 12.01 of the Pooling and Servicing Agreement, the Trustee shall assign and convey to the Holder of the Seller Certificate (without recourse, representation or warranty) all right, title and interest of the Trust in the Receivables, whether then existing or thereafter created, and all proceeds of such Receivables and Insurance Proceeds relating to such Receivables. The Trustee shall execute and deliver such instruments of transfer and assignment, in each case without recourse, as shall be prepared by the Servicer reasonably requested by the Holder of the Seller Certificate to vest in such Holder all right, title and interest which the Trustee had in the Receivables. Unless the certificate of authentication hereon has been executed by or on behalf of the Trustee, by manual signature, this Class A Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement, or be valid for any purpose. IN WITNESS WHEREOF, MBNA America Bank, National Association has caused this Class A Certificate to be duly executed under its official seal. By: /s/ Jerry M. Hamstead Authorized Officer [Seal] Attested to: By: /s/ John W. Scheflen Cashier Date: August 14, 1996 Trustee's Certificate of Authentication CERTIFICATE OF AUTHENTICATION This is one of the Series 1996-H Class A Certificates referred to in the within-mentioned Pooling and Servicing Agreement. THE BANK OF NEW YORK, Trustee By: /s/ Todd Neimy Authorized Signatory Date: August 14, 1996 CLASS A Unless this Certificate is presented by an authorized representative of The Depository Trust Company, a New York corporation ("DTC"), to MBNA America Bank, National Association or its agent for registration of transfer, exchange or payment, and any certificate issued is registered in the name of Cede & Co. or in such other name as 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. No. 6 $20,000,000 CUSIP No. 55262TBN2 MBNA MASTER CREDIT CARD TRUST II CLASS A FLOATING RATE ASSET BACKED CERTIFICATE, SERIES 1996-H Evidencing an Undivided Interest in a trust, the corpus of which consists of a portfolio of MasterCard registered trademark and VISA registered trademark credit card receivables generated or acquired by MBNA America Bank, National Association and other assets and interests constituting the Trust under the Pooling and Servicing Agreement described below. (Not an interest in or obligation of MBNA America Bank, National Association or any Affiliate thereof.) This certifies that CEDE & CO. (the "Class A Certificateholder") is the registered owner of an Undivided Interest in a trust (the "Trust"), the corpus of which consists of a portfolio of receivables (the "Receivables") now existing or hereafter created and arising in connection with selected MasterCard and VISA credit card accounts (the "Accounts") of MBNA America Bank, National Association, a national banking association organized under the laws of the United States, all monies due or to become due in payment of the Receivables (including all Finance Charge Receivables but excluding recoveries on any charged-off Receivables), the right to certain amounts received as Interchange with respect to the Accounts, the benefits of the Collateral Interest (as defined below) and the other assets and interests constituting the Trust pursuant to a Pooling and Servicing Agreement dated as of August 4, 1994, as amended as of March 11, 1996, as supplemented by the Series 1996-H Supplement dated as of August 14, 1996 (collectively, the "Pooling and Servicing Agreement"), by and between MBNA America Bank, National Association, as Seller (the "Seller") and as Servicer (the "Servicer"), and The Bank of New York, as Trustee (the "Trustee"), a summary of certain of the pertinent provisions of which is set forth hereinbelow. The Series 1996-H Certificates are issued in two classes, the Class A Certificates (of which this certificate is one) and the Class B Certificates, which are subordinated to the Class A Certificates in certain rights of payment as described herein and in the Pooling and Servicing Agreement. The Seller has structured the Pooling and Servicing Agreement and the Series 1996-H Certificates with the intention that the Series 1996-H Certificates will qualify under applicable tax law as indebtedness, and each of the Seller, the Holder of the Seller Certificate, the Servicer and each Series 1996-H Certificateholder (or Series 1996-H Certificate Owner) by acceptance of its Series 1996-H Certificate (or in the case of a Series 1996-H Certificate Owner, by virtue of such Series 1996-H Certificate Owner's acquisition of a beneficial interest therein), agrees to treat and to take no action inconsistent with the treatment of the Series 1996-H Certificates (or any beneficial interest therein) as indebtedness for purposes of federal, state, local and foreign income or franchise taxes and any other tax imposed on or measured by income. Each Series 1996-H Certificateholder agrees that it will cause any Series 1996-H Certificate Owner acquiring an interest in a Series 1996-H Certificate through it to comply with the Pooling and Servicing Agreement as to treatment of the Series 1996-H Certificates as indebtedness for certain tax purposes. To the extent not defined herein, capitalized terms used herein have the respective meanings assigned to them in the Pooling and Servicing Agreement. This Class A Certificate is issued under and is subject to the terms, provisions and conditions of the Pooling and Servicing Agreement, to which Pooling and Servicing Agreement, as amended from time to time, the Class A Certificateholder by virtue of the acceptance hereof assents and by which the Class A Certificateholder is bound. The Receivables consist of Principal Receivables, which arise from the purchase of goods and services, and of Finance Charge Receivables, which arise generally from periodic Finance Charges and other fees and charges, as more fully specified in the Pooling and Servicing Agreement. The Trust corpus consists of the Receivables now existing and hereafter created and arising in connection with the Accounts, all monies due or to become due with respect thereto (including all Finance Charge Receivables but excluding recoveries on any charged-off Receivables), all proceeds (as defined in Section 9-306 of the UCC as in effect in the State of Delaware) of the Receivables, Insurance Proceeds relating to the Receivables, the right to certain amounts received as Interchange with respect to the Accounts, and such funds as from time to time are deposited in the Collection Account, the Investor Accounts, the Principal Funding Account, certain investment earnings on the Principal Funding Account, the Interest Funding Account, certain investment earnings on the Interest Funding Account, the Reserve Account and certain investment earnings on the Reserve Account and the proceeds (as defined in Section 9-306 of the UCC as in effect in the State of Delaware) thereof. This Class A Certificate is one of a duly authorized Series of Investor Certificates entitled "MBNA Master Credit Card Trust II Class A Floating Rate Asset Backed Certificates, Series 1996-H" (the "Class A Certificates"), each of which represents an Undivided Interest in the Trust, including the right to receive the Collections and other amounts allocated to the Class A Certificates at the times and in the amounts specified in the Pooling and Servicing Agreement and to be deposited in the Investor Accounts, the Principal Funding Account and the Reserve Account or paid to the Class A Certificateholders. Also issued under the Pooling and Servicing Agreement are the "MBNA Master Credit Card Trust II Class B Floating Rate Asset-Backed Certificates, Series 1996-H" (the "Class B Certificates"), which represent an Undivided Interest in the Trust subordinate to the Class A Certificates, and the "MBNA Master Credit Card Trust II Collateral Interest, Series 1996-H" (the "Collateral Interest" and collectively with the Class A Certificates and the Class B Certificates, the "Investor Certificates"), which is an undivided interest in the Trust subordinate to the Class A Certificates and Class B Certificates. The subordination of the Class B Certificates and the subordination of the Collateral Interest to the Class A Certificates shall constitute the Enhancement for the Class A Certificates. The aggregate interest represented by the Class A Certificates and the Class B Certificates at any time in the Principal Receivables in the Trust shall not exceed an amount equal to the Class A Investor Interest and the Class B Investor Interest, respectively, at such time. The Class A Initial Investor Interest is $1,020,000,000 as of August 14, 1996 (the "Closing Date"). The Class B Initial Investor Interest is $90,000,000 as of the Closing Date. The Collateral Initial Interest is $90,000,000 as of the Closing Date. The Class A Investor Interest on any date of determination will be an amount equal to (a) the Class A Initial Investor Interest minus (b) the aggregate amount of payments of principal made to the Class A Certificateholders prior to such date of determination, and minus (c) the excess, if any, of the aggregate amount of Class A Investor Charge-Offs pursuant to subsection 4.10(a) of the Pooling and Servicing Agreement over Class A Investor Charge-Offs reimbursed prior to such date of determination pursuant to subsection 4.11(b) of the Pooling and Servicing Agreement; provided, however, that the Class A Investor Interest may not be reduced below zero. For the purpose of allocating Collections of Finance Charge Receivables and Receivables in Defaulted Accounts for each Monthly Period during the Controlled Accumulation Period, the Class A Investor Interest will be further reduced (such reduced amount, the "Class A Adjusted Investor Interest") by the aggregate principal amount of funds on deposit in the Principal Funding Account. The Class A Investor Interest together with the aggregate interest represented by the Class B Certificates in the Principal Receivables in the Trust (the "Class B Investor Interest") and the aggregate interest represented by the Collateral Interest in the Principal Receivables in the Trust are sometimes collectively referred to herein as the "Investor Interest." In addition to the Class A Certificates, the Class B Certificates and the Collateral Interest, a Seller Certificate representing an undivided interest in the Trust will be issued to the Seller pursuant to the Pooling and Servicing Agreement. The Seller Certificate will represent the interest in the Principal Receivables not represented by all of the Series of Investor Certificates issued by the Trust. The Seller Certificate may be exchanged by the Seller pursuant to the Pooling and Servicing Agreement for a newly issued Series of Investor Certificates and a reissued Seller Certificate upon the conditions set forth in the Pooling and Servicing Agreement. Interest will accrue on the Class A Certificates from the Closing Date through November 14, 1996 and with respect to each Interest Period thereafter, at the rate of 0.10% per annum above LIBOR, as more specifically set forth in the Pooling and Servicing Agreement (the "Class A Certificate Rate"), and will be distributed on November 15, 1996 and on the 15th day of each November, February, May and August thereafter, or if such day is not a Business Day, on the next succeeding Business Day (an "Interest Payment Date"), to the Class A Certificateholders of record as of the last Business Day of the calendar month preceding such Interest Payment Date (the "Record Date"), provided that commencing on the Class A Scheduled Payment Date or the first Distribution Date with respect to the Rapid Amortization Period, the 15th day of each calendar month, or if such day is not a Business Day, on the next succeeding Business Day (a "Distribution Date") will be an Interest Payment Date. During the Rapid Amortization Period, in addition to Class A Monthly Interest, Class A Monthly Principal will be distributed to the Class A Certificateholders on each Distribution Date commencing in the month following the commencement of the Rapid Amortization Period until the Class A Certificates have been paid in full. During the Controlled Accumulation Period, in addition to quarterly payments of Class A Monthly Interest, the amount on deposit in the Principal Funding Account will be distributed as principal to the Class A Certificateholders on the August 2001 Distribution Date (the "Class A Scheduled Payment Date"), unless distributed earlier as a result of the occurrence of a Pay Out Event in accordance with the Pooling and Servicing Agreement. The Servicer shall deposit all Collections in the Collection Account as promptly as possible after the Date of Processing of such Collections, but in no event later than the second Business Day following such Date of Processing (except as provided below and except as provided in any Supplement to the Pooling and Servicing Agreement). Throughout the existence of the Trust, unless otherwise provided in any Supplement, the Servicer shall allocate to the Holder of the Seller Certificate an amount equal to the product of (A) the Seller Percentage and (B) the aggregate amount of such Collections allocated to Principal Receivables and Finance Charge Receivables, respectively, in respect of each Monthly Period. Notwithstanding the first sentence of this paragraph, the Servicer need not deposit this amount or any other amounts so allocated to the Seller Certificate pursuant to any Supplement into the Collection Account and shall pay, or be deemed to pay, such amounts as collected to the Holder of the Seller Certificate. The Servicer shall pay or deposit the following amounts as set forth below: (p) Allocations During the Revolving Period. During the Revolving Period, the Servicer shall, prior to the close of business on the day any Collections are deposited in the Collection Account, allocate to the Investor Certificateholders or the Holder of the Seller Certificate and pay or deposit from the Collection Account the following amounts as set forth below: (i) Allocate to the Investor Certificateholders the product of (y) the Investor Percentage on the Date of Processing of such Collections and (z) the aggregate amount of Collections of Finance Charge Receivables on such Date of Processing, and of that allocation, deposit in the Finance Charge Account an amount equal to either (I) (A) for any Monthly Period in which an Interest Payment Date occurs, prior to the LIBOR Determination Date occurring in such Monthly Period, an amount equal to the product of (1) the Investor Percentage on the Date of Processing of such Collections and (2) the aggregate amount of Collections of Finance Charge Receivables on such Date of Processing, and (B) at all other times, the difference between (1) the Monthly Interest with respect to the immediately following Transfer Date (plus, if the Seller is not the Servicer, the Certificateholder Servicing Fee for such Transfer Date plus the amount of any Certificateholder Servicing Fee due but not paid to the Servicer on any prior Transfer Date) and (2) the amounts previously deposited in the Finance Charge Account with respect to the current Monthly Period pursuant to Section 4.09 of the Pooling and Servicing Agreement or (II) the amount of Collections of Finance Charge Receivables allocated to the Investor Certificateholders on such Date of Processing pursuant to this clause (a)(i); provided, that if a deposit pursuant to clause (a)(i)(I) above is made on any Date of Processing, on the related Transfer Date, the Servicer shall withdraw from the Collection Account and deposit into the Finance Charge Account an amount equal to the amount of Collections of Finance Charge Receivables that have been allocated to the Investor Certificateholders during the related Monthly Period but not previously deposited in the Finance Charge Account. Funds deposited into the Finance Charge Account pursuant to this clause (a)(i) shall be applied in accordance with Section 4.09 of the Pooling and Servicing Agreement. (ii) Deposit into the Principal Account an amount equal to the product of (A) the Collateral Allocation on the Date of Processing of such Collections, (B) the Investor Percentage on the Date of Processing of such Collections and (C) the aggregate amount of Collections processed in respect of Principal Receivables on such Date of Processing to be applied in accordance with Section 4.12 of the Pooling and Servicing Agreement. (iii) Deposit into the Principal Account an amount equal to the product of (A) the Class B Investor Allocation on the Date of Processing of such Collections, (B) the Investor Percentage on the Date of Processing of such Collections and (C) the aggregate amount of Collections processed in respect of Principal Receivables on such Date of Processing to be applied in accordance with Section 4.12 of the Pooling and Servicing Agreement. (iv) (A) Deposit into the Principal Account an amount equal to the product of (1) the Class A Investor Allocation on the Date of Processing of such Collections, (2) the Investor Percentage on the Date of Processing of such Collections and (3) the aggregate amount of Collections processed in respect of Principal Receivables on such Date of Processing; provided, however, that the amount deposited into the Principal Account pursuant to this clause (iv)(A) shall not exceed the Daily Principal Shortfall, and (B) pay to the Holder of the Seller Certificate an amount equal to the excess, if any, identified in the proviso to clause (A) above; provided, however, that the amount to be paid to the Holder of the Seller Certificate pursuant to this clause (iv)(B) with respect to any Date of Processing shall be paid to the Holder of the Seller Certificate only if the Seller Interest on such Date of Processing is greater than zero (after giving effect to the inclusion in the Trust of all Receivables created on or prior to such Date of Processing and the application of payments referred to in subsection 4.03(b) of the Pooling and Servicing Agreement) and otherwise shall be considered as Unallocated Principal Collections and deposited into the Principal Account in accordance with subsection 4.05(d) of the Pooling and Servicing Agreement; provided further, that in no event shall the amount payable to the Holder of the Seller Certificate pursuant to this clause (iv)(B) be greater than the Seller Interest on such Date of Processing. (q) Allocations During the Controlled Accumulation Period. During the Controlled Accumulation Period, the Servicer shall, prior to the close of business on the day any Collections are deposited in the Collection Account, allocate to the Investor Certificateholders or the Holder of the Seller Certificate and pay or deposit from the Collection Account the following amounts as set forth below: (i) Deposit into the Finance Charge Account an amount equal to the product of (A) the Investor Percentage on the Date of Processing of such Collections and (B) the aggregate amount of Collections processed in respect of Finance Charge Receivables on such Date of Processing to be applied in accordance with Section 4.09 of the Pooling and Servicing Agreement. (ii) Deposit into the Principal Account an amount equal to the product of (A) the Collateral Allocation on the Date of Processing of such Collections, (B) the Investor Percentage on the Date of Processing of such Collections and (C) the aggregate amount of Collections processed in respect of Principal Receivables on such Date of Processing to be applied in accordance with Section 4.12 of the Pooling and Servicing Agreement. (iii) Deposit into the Principal Account an amount equal to the product of (A) the Class B Investor Allocation on the Date of Processing of such Collections, (B) the Investor Percentage on the Date of Processing of such Collections and (C) the aggregate amount of Collections processed in respect of Principal Receivables on such Date of Processing to be applied in accordance with Section 4.12 of the Pooling and Servicing Agreement. (iv) (A) Deposit into the Principal Account an amount equal to the product of (1) the Class A Investor Allocation on the Date of Processing of such Collections, (2) the Investor Percentage on the Date of Processing of such Collections and (3) the aggregate amount of Collections processed in respect of Principal Receivables on such Date of Processing; provided, however, that the amount deposited into the Principal Account pursuant to this (b)(iv)(A) shall not exceed the Daily Principal Shortfall, and (B) pay to the Holder of the Seller Certificate an amount equal to the excess identified in the proviso to clause (A) above, if any; provided, however, that the amount to be paid to the holder of the Seller Certificate pursuant to this clause (b)(iv)(B) with respect to any Date of Processing shall be paid to the Holder of the Seller Certificate only if the Seller Interest on such Date of Processing is greater than zero (after giving effect to the inclusion in the Trust of all Receivables created on or prior to such Date of Processing and the application of payments referred to in subsection 4.03(b) of the Pooling and Servicing Agreement) and otherwise shall be considered as Unallocated Principal Collections and deposited into the Principal Account in accordance with subsection 4.05(d) of the Pooling and Servicing Agreement; provided further, that in no event shall the amount payable to the Holder of the Seller Certificate pursuant to this clause (b)(iv)(B) be greater than the Seller Interest on such Date of Processing. (r) Allocations During the Rapid Amortization Period. During the Rapid Amortization Period, the Servicer shall, prior to the close of business on the day any Collections are deposited in the Collection Account, allocate to the Investor Certificateholders and pay or deposit from the Collection Account the following amounts as set forth below: (i) Deposit into the Finance Charge Account an amount equal to the product of (A) the Investor Percentage on the Date of Processing of such Collections and (B) the aggregate amount of Collections processed in respect of Finance Charge Receivables on such Date of Processing to be applied in accordance with Section 4.09 of the Pooling and Servicing Agreement. (ii) (A) Deposit into the Principal Account an amount equal to the product of (1) the Investor Percentage on the Date of Processing of such Collections and (2) the aggregate amount of Collections processed in respect of Principal Receivables on such Date of Processing; provided, however, that the amount deposited into the Principal Account pursuant to this clause (c)(ii)(A) shall not exceed the sum of the Investor Interest as of the close of business on the last day of the prior Monthly Period (after taking into account any payments to be made on the Distribution Date relating to such prior Monthly Period) and any Reallocated Principal Collections relating to the Monthly Period in which such deposit is made and (B) pay to the Holder of the Seller Certificate an amount equal to the excess, if any, identified in the proviso to clause (A) above; provided, however, that the amount to be paid to the Holder of the Seller Certificate pursuant to this clause (c)(ii)(B) with respect to any Date of Processing shall be paid to the Holder of the Seller Certificate only if the Seller Interest on such Date of Processing is greater than zero (after giving effect to the inclusion in the Trust of all Receivables created on or prior to such Date of Processing and the application of payments referred to in subsection 4.03(b) of the Pooling and Servicing Agreement) and otherwise shall be considered as Unallocated Principal Collections and deposited into the Principal Account in accordance with subsection 4.05(d) of the Pooling and Servicing Agreement; provided further, that in no event shall the amount payable to the Holder of the Seller Certificate pursuant to this clause (c)(ii)(B) be greater than the Seller Interest on such Date of Processing. Notwithstanding anything in the Pooling and Servicing Agreement to the contrary, for so long as, and only so long as, the Seller shall remain the Servicer thereunder, and (A)(i) the Servicer provides to the Trustee a letter of credit covering risk collection of the Servicer acceptable to each Rating Agency (as evidenced by letters from each Rating Agency) and (ii) the Seller shall not have received a notice from Moody's or Standard & Poor's that such a letter of credit would result in the lowering of Moody's or Standard & Poor's then- existing rating of the Investor Certificates, or (B) the Servicer shall have and maintain a certificate of deposit or short-term deposit rating of P-1 by Moody's and of A-1 by Standard & Poor's and deposit insurance provided by BIF or SAIF, the Servicer need not deposit Collections into the Principal Account, the Finance Charge Account, or any Series Account, as provided in any Supplement, or make payments to the Holder of the Seller Certificate, prior to the close of business on the day any Collections are deposited in the Collection Account as provided in Article IV of the Pooling and Servicing Agreement, but may make such deposits, payments and withdrawals on each Transfer Date in an amount equal to the net amount of such deposits, payments and withdrawals which would have been made but for the provisions of this paragraph. With respect to the Series 1996-H Certificates, and notwithstanding anything in the Pooling and Servicing Agreement to the contrary, whether or not the Servicer is required to make monthly or daily deposits from the Collection Account into the Finance Charge Account or the Principal Account pursuant to subsections 4.05(a), 4.05(b) and 4.05(c) of the Pooling and Servicing Agreement, with respect to any Monthly Period, (i) the Servicer will only be required to deposit Collections from the Collection Account into the Finance Charge Account or the Principal Account up to the required amount to be deposited into any such deposit account or, without duplication, distributed on or prior to the related Distribution Date to the Investor Certificateholders and (ii) if at any time prior to such Distribution Date the amount of Collections deposited in the Collection Account exceeds the amount required to be deposited pursuant to clause (i) above, the Servicer will be permitted to withdraw the excess from the Collection Account. Any Unallocated Principal Collections shall be held in the Principal Account and, prior to the commencement of the Controlled Accumulation Period or the Rapid Amortization Period shall be paid to the Holder of the Seller Certificate when, and only to the extent that, the Seller Interest is greater than zero. For each Transfer Date with respect to the Controlled Accumulation Period or the Rapid Amortization Period, any such Unallocated Principal Collections held in the Principal Account on such Transfer Date shall be included in the Investor Principal Collections which to the extent available shall be distributed as Available Investor Principal Collections to be applied pursuant to Section 4.09 of the Pooling and Servicing Agreement on such Transfer Date. The Trustee shall establish and maintain the Principal Funding Account, the Interest Funding Account and the Reserve Account as segregated trust accounts for the benefit of the Series 1996-H Certificateholders. Principal amounts on deposit in the Principal Funding Account, the Interest Funding Account and the Reserve Account shall be applied as set forth in the Pooling and Servicing Agreement. Funds on deposit in the Principal Funding Account, the Interest Funding Account and the Reserve Account shall be invested by or at the direction of the Servicer in Permitted Investments as provided in the Pooling and Servicing Agreement. Investment earnings on such funds shall be transferred on each appropriate Transfer Date to the Finance Charge Account and applied as Collections in respect of Finance Charge Receivables allocable to the Class A Certificates in the amount and manner provided in the Pooling and Servicing Agreement. On or before each Transfer Date, the Servicer shall instruct the Trustee in writing to withdraw and deposit into the Interest Funding Account and the Trustee, acting in accordance with such instructions, shall withdraw and deposit into the Interest Funding Account on such Transfer Date for payment to the Series 1996-H Certificateholders on the next succeeding Interest Payment Date, from the Finance Charge Account to the extent of funds on deposit therein (i) Collections of Finance Charge Receivables processed as of the end of the preceding Monthly Period which have been allocated to the Series 1996-H Certificates, (ii) with respect to the Class A Certificates, from other amounts constituting Class A Available Funds, and (iii) with respect to the Class B Certificates, from other amounts constituting Class B Available Funds, the following amounts: (x) 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 Certificate Rate for such Interest Period and (ii) the Class A Investor Interest as of the close of business on the last day of the preceding Monthly Period ("Class A Monthly Interest"), provided, however, that with respect to the first Distribution Date, Class A Monthly Interest shall be equal to the interest accrued on the Class A Initial Investor Interest at the applicable Class A Certificate Rate for the period from the Closing Date through the day prior to such first Distribution Date; and (y) amounts up to the Class B Monthly Interest followed by the Collateral Monthly Interest, in the actual amounts and manner described in the Pooling and Servicing Agreement. On each Transfer Date, the Trustee shall apply the Class A Available Funds withdrawn from the Finance Charge Account, as required by the Pooling and Servicing Agreement, in the following order of priority: (i) an amount equal to the Class A Monthly Interest for such Transfer Date, plus the amount of any Class A Deficiency Amount for such Transfer Date, plus the amount of any Class A Additional Interest for such Transfer Date, (ii) an amount equal to the Class A Servicing Fee for such Transfer Date plus the amount of any Class A Servicing Fee due but not paid on any prior Transfer Date and (iii) an amount equal to the Class A Investor Default Amount, if any, for the preceding Monthly Period. The Trustee on each Transfer Date shall apply the Class B Available Funds withdrawn from the Finance Charge Account as required by the Pooling and Servicing Agreement in the following order of priority: (i) the Class B Monthly Interest for such Transfer Date, plus the amount of any Class B Deficiency Amount for such Transfer Date, plus the amount of any Class B Additional Interest for such Transfer Date, and (ii) the Class B Servicing Fee for such Transfer Date plus the amount of any Class B Servicing Fee due but not paid on any prior Transfer Date. The Trustee on each Transfer Date shall apply the Collateral Available Funds withdrawn from the Finance Charge Account as required by the Pooling and Servicing Agreement, if MBNA or The Bank of New York is not the Servicer, to pay the Collateral Interest Servicing Fee for such Transfer Date plus the amount of any Collateral Interest Servicing Fee due but not paid on any prior Transfer Date. The balance of the amount withdrawn from the Finance Charge Account allocable to the Series 1996-H Certificates, if any, after giving effect to the applications above shall constitute "Excess Spread." On or before each Transfer Date, the Servicer shall determine the amount (the "Class A Required Amount"), if any, by which (a) the sum of (i) Class A Monthly Interest for such Transfer Date, and (ii) the Class A Deficiency Amount for such Transfer Date, and (iii) the Class A Additional Interest, if any, for such Transfer Date, and (iv) the Class A Servicing Fee for the prior Monthly Period plus the Class A Servicing Fee, if any, due but not paid on any Transfer Date prior thereto, and (v) the Class A Investor Default Amount, if any, for the prior Monthly Period exceeds (b) the Class A Available Funds. In the event that the sum of the Class A Required Amount and Class B Required Amount for such Transfer Date is greater than zero, the Servicer shall give written notice to the Trustee of such positive sum on or before such Transfer Date. In the event that the Class A Required Amount for such Transfer Date is greater than zero, all or a portion of the Excess Spread with respect to such Transfer Date in an amount equal to the Class A Required Amount for such Transfer Date, to the extent available, shall be distributed from the Finance Charge Account on such Transfer Date pursuant to subsection 4.11(a) of the Pooling and Servicing Agreement. In the event that the Class A Required Amount for such Transfer Date exceeds the amount of Excess Spread with respect to such Transfer Date, Reallocated Principal Collections, to the extent available, shall be withdrawn on the Transfer Date from the Principal Account and applied pursuant to Section 4.12 of the Pooling and Servicing Agreement. In the event that the Class A Required Amount for such Transfer Date exceeds the amount of such Excess Spread and the amount of such Reallocated Principal Collections, the Collateral Interest shall, and the Class B Investor Interest may, be reduced as provided in the Pooling and Servicing Agreement. On or before the Transfer Date immediately succeeding the Monthly Period in which the Controlled Accumulation Period or the Rapid Amortization Period commences and on or before each Transfer Date thereafter, the Servicer shall instruct the Trustee in writing to withdraw, and the Trustee, acting in accordance with such instructions, shall withdraw on such Transfer Date from the Principal Account an amount equal to the Available Investor Principal Collections on deposit in the Principal Account and from such amounts, (A) deposit an amount equal to Class A Monthly Principal (i) during the Controlled Accumulation Period, into the Principal Funding Account, and (ii) during the Rapid Amortization Period, into the Distribution Account, (B) after the Class A Certificates have been paid in full, deposit an amount equal to Class B Monthly Principal into the Distribution Account, and (C) any remaining amounts in the Principal Account shall be used for payment of Collateral Monthly Principal. On the earlier to occur of the first Transfer Date with respect to the Rapid Amortization Period or the Transfer Date immediately preceding the Class A Scheduled Payment Date, the Servicer shall instruct the Trustee to withdraw, and the Trustee shall withdraw from the Principal Funding Account and deposit in the Distribution Account the amount on deposit in the Principal Funding Account. On the Class A Scheduled Payment Date or on each Distribution Date with respect to a Rapid Amortization Period, the Trustee shall pay from amounts on deposit in the Distribution Account an amount equal to the lesser of the Class A Investor Interest and the amount of Available Investor Principal Collections on deposit in the Distribution Account with respect to the related Monthly Period, and after the Class A Certificates have been paid in full (after taking into account distributions to be made on the related Distribution Date), Available Investor Principal Collections shall be applied to the Class B Certificates and Collateral Interest as specified in the Pooling and Servicing Agreement. On or before the Transfer Date immediately preceding each Interest Payment Date, the Servicer shall instruct the Trustee to withdraw, and on such Transfer Date the Trustee shall withdraw from the Interest Funding Account and deposit in the Distribution Account the amount on deposit in the Interest Funding Account. On each Interest Payment Date, the Trustee shall pay to the Class A Certificateholders and the Class B Certificateholders the amount deposited on the related Transfer Date into the Distribution Account in respect of Class A Monthly Interest and Class B Monthly Interest, respectively. On each Transfer Date, the Trustee shall pay to the Collateral Interest Holder the Collateral Monthly Interest, to the extent funds are available. Distributions with respect to this Series 1996-H Certificate will be made by the Trustee by, except as otherwise provided in the Pooling and Servicing Agreement, check mailed to the address of each Series 1996-H Certificateholder of record appearing in the Certificate Register and except for the final distribution in respect of this Series 1996-H Certificate, without the presentation or surrender of this Series 1996-H Certificate or the making of any notation thereon; provided that with respect to Series 1996-H Certificates registered in the name of the nominee of a Clearing Agency, distributions will be made in the form of immediately available funds. This Class A Certificate represents an interest in only MBNA Master Credit Card Trust II. This Class A Certificate does not represent an obligation of, or an interest in, the Seller or the Servicer, and neither the Series 1996-H Certificates nor the Accounts or Receivables are insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. This Series 1996-H Certificate is limited in right of payment to certain collections respecting the Receivables, all as more specifically set forth hereinabove and in the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement, withdrawals from the Collection Account, Investor Accounts, Principal Funding Account and Reserve Account may be made upon the instructions of the Servicer from time to time for purposes other than distributions to Series 1996-H Certificateholders. The transfer of this Class A Certificate shall be registered in the Certificate Register upon surrender of this Class A Certificate for registration of transfer at any office or agency maintained by the Transfer Agent and Registrar accompanied by a written instrument of transfer in a form satisfactory to the Trustee and the Transfer Agent and Registrar duly executed by the Class A Certificateholder or such Class A Certificateholder's attorney-in-fact duly authorized in writing, and thereupon one or more new Class A Certificates of authorized denominations and for the same aggregate Undivided Interests will be issued to the designated transferee or transferees. As provided in the Pooling and Servicing Agreement and subject to certain limitations set forth therein, Class A Certificates are exchangeable for new Class A Certificates evidencing like aggregate Undivided Interests, as requested by the Class A Certificateholder surrendering such Class A Certificates. No service charge may be imposed for any such exchange but the Servicer or Transfer Agent and Registrar may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection therewith. The Servicer, the Trustee and the Transfer Agent and Registrar, and any agent of any of them, may treat the Person in whose name this Class A Certificate is registered as the owner hereof for all purposes, and neither the Servicer, the Trustee, the Paying Agent, the Transfer Agent and Registrar, nor any agent of any of them or of any such agent shall be affected by notice to the contrary except in certain circumstances described in the Pooling and Servicing Agreement. The Pooling and Servicing Agreement provides that the right of the Series 1996-H Certificateholders to receive payment from the Trust will terminate on the first Business Day following the Series 1996-H Termination Date. Upon the termination of the Trust pursuant to Section 12.01 of the Pooling and Servicing Agreement, the Trustee shall assign and convey to the Holder of the Seller Certificate (without recourse, representation or warranty) all right, title and interest of the Trust in the Receivables, whether then existing or thereafter created, and all proceeds of such Receivables and Insurance Proceeds relating to such Receivables. The Trustee shall execute and deliver such instruments of transfer and assignment, in each case without recourse, as shall be prepared by the Servicer reasonably requested by the Holder of the Seller Certificate to vest in such Holder all right, title and interest which the Trustee had in the Receivables. Unless the certificate of authentication hereon has been executed by or on behalf of the Trustee, by manual signature, this Class A Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement, or be valid for any purpose. IN WITNESS WHEREOF, MBNA America Bank, National Association has caused this Class A Certificate to be duly executed under its official seal. By: /s/ Jerry M. Hamstead Authorized Officer [Seal] Attested to: By: /s/ John W. Scheflen Cashier Date: August 14, 1996 Trustee's Certificate of Authentication CERTIFICATE OF AUTHENTICATION This is one of the Series 1996-H Class A Certificates referred to in the within-mentioned Pooling and Servicing Agreement. THE BANK OF NEW YORK, Trustee By: /s/ Todd Neimy Authorized Signatory Date: August 14, 1996 CLASS B Unless this Certificate is presented by an authorized representative of The Depository Trust Company, a New York corporation ("DTC"), to MBNA America Bank, National Association or its agent for registration of transfer, exchange or payment, and any certificate issued is registered in the name of Cede & Co. or in such other name as 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. No. 1 $90,000,000 CUSIP No. 55262TBP7 MBNA MASTER CREDIT CARD TRUST II CLASS B FLOATING RATE ASSET BACKED CERTIFICATE, SERIES 1996-H Evidencing an Undivided Interest in a trust, the corpus of which consists of a portfolio of MasterCard registered trademark and VISA registered trademark credit card receivables generated or acquired by MBNA America Bank, National Association and other assets and interests constituting the Trust under the Pooling and Servicing Agreement described below. (Not an interest in or obligation of MBNA America Bank, National Association or any Affiliate thereof.) This certifies that CEDE & CO. (the "Class B Certificateholder") is the registered owner of an Undivided Interest in a trust (the "Trust"), the corpus of which consists of a portfolio of receivables (the "Receivables") now existing or hereafter created and arising in connection with selected MasterCard and VISA credit card accounts (the "Accounts") of MBNA America Bank, National Association, a national banking association organized under the laws of the United States, all monies due or to become due in payment of the Receivables (including all Finance Charge Receivables but excluding recoveries on any charged-off Receivables), the right to certain amounts received as Interchange with respect to the Accounts, the benefits of the Collateral Interest (as defined below) and the other assets and interests constituting the Trust pursuant to a Pooling and Servicing Agreement dated as of August 4, 1994, as amended as of March 11, 1996, as supplemented by the Series 1996-H Supplement dated as of August 14, 1996 (collectively, the "Pooling and Servicing Agreement"), by and between MBNA America Bank, National Association, as Seller (the "Seller") and as Servicer (the "Servicer"), and The Bank of New York, as Trustee (the "Trustee"), a summary of certain of the pertinent provisions of which is set forth hereinbelow. The Series 1996-H Certificates are issued in two classes, the Class A Certificates and the Class B Certificates (of which this certificate is one), which are subordinated to the Class A Certificates in certain rights of payment as described herein and in the Pooling and Servicing Agreement. The Seller has structured the Pooling and Servicing Agreement and the Series 1996-H Certificates with the intention that the Series 1996-H Certificates will qualify under applicable tax law as indebtedness, and each of the Seller, the Holder of the Seller Certificate, the Servicer and each Series 1996-H Certificateholder (or Series 1996-H Certificate Owner) by acceptance of its Series 1996-H Certificate (or in the case of a Series 1996-H Certificate Owner, by virtue of such Series 1996-H Certificate Owner's acquisition of a beneficial interest therein), agrees to treat and to take no action inconsistent with the treatment of the Series 1996-H Certificates (or any beneficial interest therein) as indebtedness for purposes of federal, state, local and foreign income or franchise taxes and any other tax imposed on or measured by income. Each Series 1996-H Certificateholder agrees that it will cause any Series 1996-H Certificate Owner acquiring an interest in a Series 1996-H Certificate through it to comply with the Pooling and Servicing Agreement as to treatment of the Series 1996-H Certificates as indebtedness for certain tax purposes. To the extent not defined herein, capitalized terms used herein have the respective meanings assigned to them in the Pooling and Servicing Agreement. This Class B Certificate is issued under and is subject to the terms, provisions and conditions of the Pooling and Servicing Agreement, to which Pooling and Servicing Agreement, as amended from time to time, the Class B Certificateholder by virtue of the acceptance hereof assents and by which the Class B Certificateholder is bound. The Receivables consist of Principal Receivables, which arise from the purchase of goods and services, and of Finance Charge Receivables, which arise generally from periodic Finance Charges and other fees and charges, as more fully specified in the Pooling and Servicing Agreement. The Trust corpus consists of the Receivables now existing and hereafter created and arising in connection with the Accounts, all monies due or to become due with respect thereto (including all Finance Charge Receivables but excluding recoveries on any charged-off Receivables), all proceeds (as defined in Section 9-306 of the UCC as in effect in the State of Delaware) of the Receivables, Insurance Proceeds relating to the Receivables, the right to certain amounts received as Interchange with respect to the Accounts, and such funds as from time to time are deposited in the Collection Account, the Investor Accounts, the Principal Funding Account, certain investment earnings on the Principal Funding Account, the Interest Funding Account, certain investment earnings on the Interest Funding Account, the Reserve Account and certain investment earnings on the Reserve Account and the proceeds (as defined in Section 9-306 of the UCC as in effect in the State of Delaware) thereof. This Class B Certificate is one of a duly authorized Series of Investor Certificates entitled "MBNA Master Credit Card Trust II Class B Floating Rate Asset Backed Certificates, Series 1996-H" (the "Class B Certificates"), each of which represents an Undivided Interest in the Trust, including the right to receive the Collections and other amounts allocated to the Class B Certificates at the times and in the amounts specified in the Pooling and Servicing Agreement and to be deposited in the Investor Accounts or paid to the Class B Certificateholders. Also issued under the Pooling and Servicing Agreement are the "MBNA Master Credit Card Trust II Class A Floating Rate Asset-Backed Certificates, Series 1996-H" (the "Class A Certificates"), which represent an Undivided Interest in the Trust senior to the Class B Certificates, and the "MBNA Master Credit Card Trust II Collateral Interest, Series 1996-H" (the "Collateral Interest" and collectively with the Class A Certificates and the Class B Certificates, the "Investor Certificates"), which is an undivided interest in the Trust subordinate to the Class A Certificates and Class B Certificates. The subordination of the Collateral Interest to the Class B Certificates shall constitute the Enhancement for the Class B Certificates. The aggregate interest represented by the Class A Certificates and the Class B Certificates at any time in the Principal Receivables in the Trust shall not exceed an amount equal to the Class A Investor Interest and the Class B Investor Interest, respectively, at such time. The Class A Initial Investor Interest is $1,020,000,000 as of August 14, 1996 (the "Closing Date"). The Class B Initial Investor Interest is $90,000,000 as of the Closing Date. The Collateral Initial Interest is $90,000,000 as of the Closing Date. The Class B Investor Interest on any date of determination will be an amount equal to (a) the Class B Initial Investor Interest minus (b) the aggregate amount of payments of principal made to the Class B Certificateholders prior to such date of determination, minus (c) the aggregate amount of Class B Investor Charge-Offs pursuant to subsection 4.10(b) of the Pooling and Servicing Agreement minus (d) the amount of the Reallocated Class B Principal Collections allocated pursuant to subsection 4.12(a) of the Pooling and Servicing Agreement on all prior Transfer Dates for which the Collateral Interest has not been reduced, minus (e) an amount equal to the amount by which the Class B Investor Interest has been reduced on all prior Transfer Dates pursuant to subsection 4.10(a) of the Pooling and Servicing Agreement and plus (f) the aggregate amount of Excess Spread allocated and available on all prior Transfer Dates pursuant to subsection 4.11(d) of the Pooling and Servicing Agreement for the purpose of reimbursing amounts deducted pursuant to the foregoing clauses (c), (d) and (e); provided, however, that the Class B Investor Interest may not be reduced below zero. The Class B Investor Interest together with the aggregate interest represented by the Class A Certificates in the Principal Receivables in the Trust (the "Class A Investor Interest") and the aggregate interest represented by the Collateral Interest in the Principal Receivables in the Trust are sometimes collectively referred to herein as the "Investor Interest." In addition to the Class A Certificates, the Class B Certificates and the Collateral Interest, a Seller Certificate representing an undivided interest in the Trust will be issued to the Seller pursuant to the Pooling and Servicing Agreement. The Seller Certificate will represent the interest in the Principal Receivables not represented by all of the Series of Investor Certificates issued by the Trust. The Seller Certificate may be exchanged by the Seller pursuant to the Pooling and Servicing Agreement for a newly issued Series of Investor Certificates and a reissued Seller Certificate upon the conditions set forth in the Pooling and Servicing Agreement. Interest will accrue on the Class B Certificates from the Closing Date through November 14, 1996 and with respect to each Interest Period thereafter, at the rate of 0.27% per annum above LIBOR, as more specifically set forth in the Pooling and Servicing Agreement (the "Class B Certificate Rate"), and will be distributed on November 15, 1996 and on the 15th day of each November, February, May and August thereafter, or if such day is not a Business Day, on the next succeeding Business Day (an "Interest Payment Date"), to the Class B Certificateholders of record as of the last Business Day of the calendar month preceding such Interest Payment Date (the "Record Date"), provided that commencing on the Class A Schedule Payment Date or the first Distribution Date with respect to the Rapid Amortization Period, the 15th day of each calendar month, or if such day is not a Business Day, on the next succeeding Business Day (a "Distribution Date") will be an Interest Payment Date. During the Rapid Amortization Period, in addition to Class B Monthly Interest, Class B Monthly Principal will be distributed to the Class B Certificateholders on each Distribution Date commencing in the month following the commencement of the Rapid Amortization Period until the Class B Certificates have been paid in full or, during the Controlled Accumulation Period following the payment in full of the Class A Investor Interest, on the September 2001 Distribution Date (the "Class B Scheduled Payment Date"), unless distributed earlier as a result of the occurrence of a Pay Out Event. The Servicer shall deposit all Collections in the Collection Account as promptly as possible after the Date of Processing of such Collections, but in no event later than the second Business Day following such Date of Processing (except as provided below and except as provided in any Supplement to the Pooling and Servicing Agreement). Throughout the existence of the Trust, unless otherwise provided in any Supplement, the Servicer shall allocate to the Holder of the Seller Certificate an amount equal to the product of (A) the Seller Percentage and (B) the aggregate amount of such Collections allocated to Principal Receivables and Finance Charge Receivables, respectively, in respect of each Monthly Period. Notwithstanding the first sentence of this paragraph, the Servicer need not deposit this amount or any other amounts so allocated to the Seller Certificate pursuant to any Supplement into the Collection Account and shall pay, or be deemed to pay, such amounts as collected to the Holder of the Seller Certificate. The Servicer shall pay or deposit the following amounts as set forth below: (s) Allocations During the Revolving Period. During the Revolving Period, the Servicer shall, prior to the close of business on the day any Collections are deposited in the Collection Account, allocate to the Investor Certificateholders or the Holder of the Seller Certificate and pay or deposit from the Collection Account the following amounts as set forth below: (i) Allocate to the Investor Certificateholders the product of (y) the Investor Percentage on the Date of Processing of such Collections and (z) the aggregate amount of Collections of Finance Charge Receivables on such Date of Processing, and of that allocation, deposit in the Finance Charge Account an amount equal to either (I) (A) for any Monthly Period in which an Interest Payment Date occurs, prior to the LIBOR Determination Date occurring in such Monthly Period, an amount equal to the product of (1) the Investor Percentage on the Date of Processing of such Collections and (2) the aggregate amount of Collections of Finance Charge Receivables on such Date of Processing, and (B) at all other times, the difference between (1) the Monthly Interest with respect to the immediately following Transfer Date (plus, if the Seller is not the Servicer, the Certificateholder Servicing Fee for such Transfer Date plus the amount of any Certificateholder Servicing Fee due but not paid to the Servicer on any prior Transfer Date) and (2) the amounts previously deposited in the Finance Charge Account with respect to the current Monthly Period pursuant to Section 4.09 of the Pooling and Servicing Agreement or (II) the amount of Collections of Finance Charge Receivables allocated to the Investor Certificateholders on such Date of Processing pursuant to this clause (a)(i); provided, that if a deposit pursuant to clause (a)(i)(I) above is made on any Date of Processing, on the related Transfer Date, the Servicer shall withdraw from the Collection Account and deposit into the Finance Charge Account an amount equal to the amount of Collections of Finance Charge Receivables that have been allocated to the Investor Certificateholders during the related Monthly Period but not previously deposited in the Finance Charge Account. Funds deposited into the Finance Charge Account pursuant to this clause (a)(i) shall be applied in accordance with Section 4.09 of the Pooling and Servicing Agreement. (ii) Deposit into the Principal Account an amount equal to the product of (A) the Collateral Allocation on the Date of Processing of such Collections, (B) the Investor Percentage on the Date of Processing of such Collections and (C) the aggregate amount of Collections processed in respect of Principal Receivables on such Date of Processing to be applied in accordance with Section 4.12 of the Pooling and Servicing Agreement. (iii) Deposit into the Principal Account an amount equal to the product of (A) the Class B Investor Allocation on the Date of Processing of such Collections, (B) the Investor Percentage on the Date of Processing of such Collections and (C) the aggregate amount of Collections processed in respect of Principal Receivables on such Date of Processing to be applied in accordance with Section 4.12 of the Pooling and Servicing Agreement. (iv) (A) Deposit into the Principal Account an amount equal to the product of (1) the Class A Investor Allocation on the Date of Processing of such Collections, (2) the Investor Percentage on the Date of Processing of such Collections and (3) the aggregate amount of Collections processed in respect of Principal Receivables on such Date of Processing; provided, however, that the amount deposited into the Principal Account pursuant to this clause (iv)(A) shall not exceed the Daily Principal Shortfall, and (B) pay to the Holder of the Seller Certificate an amount equal to the excess, if any, identified in the proviso to clause (A) above; provided, however, that the amount to be paid to the Holder of the Seller Certificate pursuant to this clause (iv)(B) with respect to any Date of Processing shall be paid to the Holder of the Seller Certificate only if the Seller Interest on such Date of Processing is greater than zero (after giving effect to the inclusion in the Trust of all Receivables created on or prior to such Date of Processing and the application of payments referred to in subsection 4.03(b) of the Pooling and Servicing Agreement) and otherwise shall be considered as Unallocated Principal Collections and deposited into the Principal Account in accordance with subsection 4.05(d) of the Pooling and Servicing Agreement; provided further, that in no event shall the amount payable to the Holder of the Seller Certificate pursuant to this clause (iv)(B) be greater than the Seller Interest on such Date of Processing. (t) Allocations During the Controlled Accumulation Period. During the Controlled Accumulation Period, the Servicer shall, prior to the close of business on the day any Collections are deposited in the Collection Account, allocate to the Investor Certificateholders or the Holder of the Seller Certificate and pay or deposit from the Collection Account the following amounts as set forth below: (i) Deposit into the Finance Charge Account an amount equal to the product of (A) the Investor Percentage on the Date of Processing of such Collections and (B) the aggregate amount of Collections processed in respect of Finance Charge Receivables on such Date of Processing to be applied in accordance with Section 4.09 of the Pooling and Servicing Agreement. (ii) Deposit into the Principal Account an amount equal to the product of (A) the Collateral Allocation on the Date of Processing of such Collections, (B) the Investor Percentage on the Date of Processing of such Collections and (C) the aggregate amount of Collections processed in respect of Principal Receivables on such Date of Processing to be applied in accordance with Section 4.12 of the Pooling and Servicing Agreement. (iii) Deposit into the Principal Account an amount equal to the product of (A) the Class B Investor Allocation on the Date of Processing of such Collections, (B) the Investor Percentage on the Date of Processing of such Collections and (C) the aggregate amount of Collections processed in respect of Principal Receivables on such Date of Processing to be applied in accordance with Section 4.12 of the Pooling and Servicing Agreement. (iv) (A) Deposit into the Principal Account an amount equal to the product of (1) the Class A Investor Allocation on the Date of Processing of such Collections, (2) the Investor Percentage on the Date of Processing of such Collections and (3) the aggregate amount of Collections processed in respect of Principal Receivables on such Date of Processing; provided, however, that the amount deposited into the Principal Account pursuant to this (b)(iv)(A) shall not exceed the Daily Principal Shortfall, and (B) pay to the Holder of the Seller Certificate an amount equal to the excess identified in the proviso to clause (A) above, if any; provided, however, that the amount to be paid to the holder of the Seller Certificate pursuant to this clause (b)(iv)(B) with respect to any Date of Processing shall be paid to the Holder of the Seller Certificate only if the Seller Interest on such Date of Processing is greater than zero (after giving effect to the inclusion in the Trust of all Receivables created on or prior to such Date of Processing and the application of payments referred to in subsection 4.03(b) of the Pooling and Servicing Agreement) and otherwise shall be considered as Unallocated Principal Collections and deposited into the Principal Account in accordance with subsection 4.05(d) of the Pooling and Servicing Agreement; provided further, that in no event shall the amount payable to the Holder of the Seller Certificate pursuant to this clause (b)(iv)(B) be greater than the Seller Interest on such Date of Processing. (u) Allocations During the Rapid Amortization Period. During the Rapid Amortization Period, the Servicer shall, prior to the close of business on the day any Collections are deposited in the Collection Account, allocate to the Investor Certificateholders and pay or deposit from the Collection Account the following amounts as set forth below: (i) Deposit into the Finance Charge Account an amount equal to the product of (A) the Investor Percentage on the Date of Processing of such Collections and (B) the aggregate amount of Collections processed in respect of Finance Charge Receivables on such Date of Processing to be applied in accordance with Section 4.09 of the Pooling and Servicing Agreement. (ii) (A) Deposit into the Principal Account an amount equal to the product of (1) the Investor Percentage on the Date of Processing of such Collections and (2) the aggregate amount of Collections processed in respect of Principal Receivables on such Date of Processing; provided, however, that the amount deposited into the Principal Account pursuant to this clause (c)(ii)(A) shall not exceed the sum of the Investor Interest as of the close of business on the last day of the prior Monthly Period (after taking into account any payments to be made on the Distribution Date relating to such prior Monthly Period) and any Reallocated Principal Collections relating to the Monthly Period in which such deposit is made and (B) pay to the Holder of the Seller Certificate an amount equal to the excess, if any, identified in the proviso to clause (A) above; provided, however, that the amount to be paid to the Holder of the Seller Certificate pursuant to this clause (c)(ii)(B) with respect to any Date of Processing shall be paid to the Holder of the Seller Certificate only if the Seller Interest on such Date of Processing is greater than zero (after giving effect to the inclusion in the Trust of all Receivables created on or prior to such Date of Processing and the application of payments referred to in subsection 4.03(b) of the Pooling and Servicing Agreement) and otherwise shall be considered as Unallocated Principal Collections and deposited into the Principal Account in accordance with subsection 4.05(d) of the Pooling and Servicing Agreement; provided further, that in no event shall the amount payable to the Holder of the Seller Certificate pursuant to this clause (c)(ii)(B) be greater than the Seller Interest on such Date of Processing. Notwithstanding anything in the Pooling and Servicing Agreement to the contrary, for so long as, and only so long as, the Seller shall remain the Servicer thereunder, and (A)(i) the Servicer provides to the Trustee a letter of credit covering risk collection of the Servicer acceptable to each Rating Agency (as evidenced by letters from each Rating Agency) and (ii) the Seller shall not have received a notice from Moody's or Standard & Poor's that such a letter of credit would result in the lowering of Moody's or Standard & Poor's then- existing rating of the Investor Certificates, or (B) the Servicer shall have and maintain a certificate of deposit or short-term deposit rating of P-1 by Moody's and of A-1 by Standard & Poor's and deposit insurance provided by BIF or SAIF, the Servicer need not deposit Collections into the Principal Account, the Finance Charge Account, or any Series Account, as provided in any Supplement, or make payments to the Holder of the Seller Certificate, prior to the close of business on the day any Collections are deposited in the Collection Account as provided in Article IV of the Pooling and Servicing Agreement, but may make such deposits, payments and withdrawals on each Transfer Date in an amount equal to the net amount of such deposits, payments and withdrawals which would have been made but for the provisions of this paragraph. With respect to the Series 1996-H Certificates, and notwithstanding anything in the Pooling and Servicing Agreement to the contrary, whether or not the Servicer is required to make monthly or daily deposits from the Collection Account into the Finance Charge Account or the Principal Account pursuant to subsections 4.05(a), 4.05(b) and 4.05(c) of the Pooling and Servicing Agreement, with respect to any Monthly Period, (i) the Servicer will only be required to deposit Collections from the Collection Account into the Finance Charge Account or the Principal Account up to the required amount to be deposited into any such deposit account or, without duplication, distributed on or prior to the related Distribution Date to the Investor Certificateholders and (ii) if at any time prior to such Distribution Date the amount of Collections deposited in the Collection Account exceeds the amount required to be deposited pursuant to clause (i) above, the Servicer will be permitted to withdraw the excess from the Collection Account. Any Unallocated Principal Collections shall be held in the Principal Account and, prior to the commencement of the Controlled Accumulation Period or the Rapid Amortization Period shall be paid to the Holder of the Seller Certificate when, and only to the extent that, the Seller Interest is greater than zero. For each Transfer Date with respect to the Controlled Accumulation Period or the Rapid Amortization Period, any such Unallocated Principal Collections held in the Principal Account on such Transfer Date shall be included in the Investor Principal Collections which to the extent available shall be distributed as Available Investor Principal Collections to be applied pursuant to Section 4.09 of the Pooling and Servicing Agreement on such Transfer Date. The Trustee shall establish and maintain the Principal Funding Account, the Interest Funding Account and the Reserve Account as segregated trust accounts for the benefit of the Series 1996-H Certificateholders. Principal amounts on deposit in the Principal Funding Account, the Interest Funding Account and the Reserve Account shall be applied as set forth in the Pooling and Servicing Agreement. Funds on deposit in the Principal Funding Account, the Interest Funding Account and the Reserve Account shall be invested by or at the direction of the Servicer in Permitted Investments as provided in the Pooling and Servicing Agreement. Investment earnings on such funds shall be transferred on each appropriate Transfer Date to the Finance Charge Account and applied as Collections in respect of Finance Charge Receivables allocable to the Class A Certificates in the amount and manner provided in the Pooling and Servicing Agreement. On or before each Transfer Date, the Servicer shall instruct the Trustee in writing to withdraw and deposit into the Interest Funding Account and the Trustee, acting in accordance with such instructions, shall withdraw and deposit into the Interest Funding Account on such Transfer Date for payment to the Series 1996-H Certificateholders on the next succeeding Interest Payment Date, from the Finance Charge Account to the extent of funds on deposit therein (i) Collections of Finance Charge Receivables processed as of the end of the preceding Monthly Period which have been allocated to the Series 1996-H Certificates, (ii) with respect to the Class A Certificates, from other amounts constituting Class A Available Funds, and (iii) with respect to the Class B Certificates, from other amounts constituting Class B Available Funds, the following amounts: (x) amounts up to the Class A Monthly Interest; (y) 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 Certificate Rate for such Interest Period and (ii) the Class B Investor Interest as of the close of business on the last day of the preceding Monthly Period ("Class B Monthly Interest"), provided, however, that with respect to the first Distribution Date, Class B Monthly Interest shall be equal to the interest accrued on the Class B Initial Investor Interest at the applicable Class B Certificate Rate for the period from the Closing Date through the day prior to such first Distribution Date; and (z) amounts up to the Collateral Monthly Interest, in the actual amounts and manner described in the Pooling and Servicing Agreement. On each Transfer Date, the Trustee shall apply the Class A Available Funds withdrawn from the Finance Charge Account, as required by the Pooling and Servicing Agreement, in the following order of priority: (i) an amount equal to the Class A Monthly Interest for such Transfer Date, plus the amount of any Class A Deficiency Amount for such Transfer Date, plus the amount of any Class A Additional Interest for such Transfer Date, (ii) an amount equal to the Class A Servicing Fee for such Transfer Date plus the amount of any Class A Servicing Fee due but not paid on any prior Transfer Date and (iii) an amount equal to the Class A Investor Default Amount, if any, for the preceding Monthly Period. The Trustee on each Transfer Date shall apply the Class B Available Funds withdrawn from the Finance Charge Account as required by the Pooling and Servicing Agreement in the following order of priority: (i) the Class B Monthly Interest for such Transfer Date, plus the amount of any Class B Deficiency Amount for such Transfer Date, plus the amount of any Class B Additional Interest for such Transfer Date, and (ii) the Class B Servicing Fee for such Transfer Date plus the amount of any Class B Servicing Fee due but not paid on any prior Transfer Date. The Trustee on each Transfer Date shall apply the Collateral Available Funds withdrawn from the Finance Charge Account as required by the Pooling and Servicing Agreement, if MBNA or The Bank of New York is not the Servicer, to pay the Collateral Interest Servicing Fee for such Transfer Date plus the amount of any Collateral Interest Servicing Fee due but not paid on any prior Transfer Date. The balance of the amount withdrawn from the Finance Charge Account allocable to the Series 1996-H Certificates, if any, after giving effect to the applications above shall constitute "Excess Spread." On or before each Transfer Date, the Servicer shall determine the amount (the "Class B Required Amount"), if any, equal to the sum of (a) the amount, if any, by which the sum of (i) Class B Monthly Interest for such Transfer Date, and (ii) the Class B Deficiency Amount, if any, for such Transfer Date, and (iii) the Class B Additional Interest, if any, for such Transfer Date, and (iv) the Class B Servicing Fee for the prior Monthly Period plus the Class B Servicing Fee, if any, due but not paid on any Transfer Date prior thereto, exceeds the Class B Available Funds and (b) the Class B Investor Default Amount, if any, for the prior Monthly Period. In the event that the sum of the Class A Required Amount and Class B Required Amount for such Transfer Date is greater than zero, the Servicer shall give written notice to the Trustee of such positive sum on or before such Transfer Date. In the event that the Class A Required Amount for such Transfer Date is greater than zero, all or a portion of the Excess Spread with respect to such Transfer Date in an amount equal to the Class A Required Amount for such Transfer Date, to the extent available, shall be distributed from the Finance Charge Account on such Transfer Date pursuant to subsection 4.11(a) of the Pooling and Servicing Agreement. In the event that the Class A Required Amount for such Transfer Date exceeds the amount of Excess Spread with respect to such Transfer Date, Reallocated Principal Collections shall be, to the extent available, withdrawn on the Transfer Date from the Principal Account and applied pursuant to Section 4.12 of the Pooling and Servicing Agreement. In the event that the Class A Required Amount for such Transfer Date exceeds the amount of such Excess Spread and the amount of such Reallocated Principal Collections, the Collateral Interest shall, and the Class B Investor Interest may, be reduced as provided in the Pooling and Servicing Agreement. In the event that the Class B Required Amount for such Transfer Date exceeds the amount of Excess Spread available to fund the Class B Required Amount pursuant to subsection 4.11(c) of the Pooling and Servicing Agreement, Collections of Principal Receivables allocable to the Collateral Interest (after application to the Class A Required Amount) shall be applied to the Class B Required Amount to the extent available pursuant to subsection 4.12(b) of the Pooling and Servicing Agreement. On or before the Transfer Date immediately succeeding the Monthly Period in which the Controlled Accumulation Period or the Rapid Amortization Period commences and on or before each Transfer Date thereafter, the Servicer shall instruct the Trustee in writing to withdraw, and the Trustee, acting in accordance with such instructions, shall withdraw on such Transfer Date from the Principal Account an amount equal to the Available Investor Principal Collections on deposit in the Principal Account and from such amounts, (A) deposit an amount equal to Class A Monthly Principal (i) during the Controlled Accumulation Period, into the Principal Funding Account, and (ii) during the Rapid Amortization Period, into the Distribution Account, (B) after the Class A Certificates have been paid in full, deposit an amount equal to Class B Monthly Principal in the Distribution Account, and (C) any remaining amounts in the Principal Account shall be used for payment of Collateral Monthly Principal. On the earlier to occur of the first Transfer Date with respect to the Rapid Amortization Period after payment in full of the Class A Investor Interest (after taking into account distributions to be made on the related Distribution Date) or the Transfer Date immediately preceding the Class B Scheduled Payment Date, the Servicer shall instruct the Trustee to withdraw, and on such Transfer Date the Trustee shall withdraw from the Principal Account and deposit in the Distribution Account the amount on deposit in the Principal Account. On the Class B Scheduled Payment Date or on each Distribution Date after payment in full of the Class A Investor Interest with respect to a Rapid Amortization Period, the Trustee shall pay from amounts on deposit in the Distribution Account an amount equal to the lesser of the Class B Investor Interest and the amount of Available Investor Principal Collections on deposit in the Distribution Account with respect to the related Monthly Period. On or before the Transfer Date immediately preceding each Interest Payment Date, the Servicer shall instruct the Trustee to withdraw, and on such Transfer Date the Trustee shall withdraw from the Interest Funding Account and deposit in the Distribution Account the amount on deposit in the Interest Funding Account. On each Interest Payment Date, the Trustee shall pay to the Class A Certificateholders and the Class B Certificateholders the amount deposited on the related Transfer Date into the Distribution Account in respect of Class A Monthly Interest and Class B Monthly Interest, respectively. On each Transfer Date, the Trustee shall pay to the Collateral Interest Holder the Collateral Monthly Interest, to the extent funds are available. Distributions with respect to this Series 1996-H Certificate will be made by the Trustee by, except as otherwise provided in the Pooling and Servicing Agreement, check mailed to the address of each Series 1996-H Certificateholder of record appearing in the Certificate Register and except for the final distribution in respect of this Series 1996-H Certificate, without the presentation or surrender of this Series 1996-H Certificate or the making of any notation thereon; provided that with respect to Series 1996-H Certificates registered in the name of the nominee of a Clearing Agency, distributions will be made in the form of immediately available funds. This Class B Certificate represents an interest in only MBNA Master Credit Card Trust II. This Class B Certificate does not represent an obligation of, or an interest in, the Seller or the Servicer, and neither the Series 1996-H Certificates nor the Accounts or Receivables are insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. This Series 1996-H Certificate is limited in right of payment to certain collections respecting the Receivables, all as more specifically set forth hereinabove and in the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement, withdrawals from the Collection Account, Investor Accounts, Principal Funding Account and Reserve Account may be made upon the instructions of the Servicer from time to time for purposes other than distributions to Series 1996-H Certificateholders. The transfer of this Class B Certificate shall be registered in the Certificate Register upon surrender of this Class B Certificate for registration of transfer at any office or agency maintained by the Transfer Agent and Registrar accompanied by a written instrument of transfer in a form satisfactory to the Trustee and the Transfer Agent and Registrar duly executed by the Class B Certificateholder or such Class B Certificateholder's attorney-in-fact duly authorized in writing, and thereupon one or more new Class B Certificates of authorized denominations and for the same aggregate Undivided Interests will be issued to the designated transferee or transferees. As provided in the Pooling and Servicing Agreement and subject to certain limitations set forth therein, Class B Certificates are exchangeable for new Class B Certificates evidencing like aggregate Undivided Interests, as requested by the Class B Certificateholder surrendering such Class A Certificates. No service charge may be imposed for any such exchange but the Servicer or Transfer Agent and Registrar may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection therewith. The Servicer, the Trustee and the Transfer Agent and Registrar, and any agent of any of them, may treat the Person in whose name this Class B Certificate is registered as the owner hereof for all purposes, and neither the Servicer, the Trustee, the Paying Agent, the Transfer Agent and Registrar, nor any agent of any of them or of any such agent shall be affected by notice to the contrary except in certain circumstances described in the Pooling and Servicing Agreement. The Pooling and Servicing Agreement provides that the right of the Series 1996-H Certificateholders to receive payment from the Trust will terminate on the first Business Day following the Series 1996-H Termination Date. Upon the termination of the Trust pursuant to Section 12.01 of the Pooling and Servicing Agreement, the Trustee shall assign and convey to the Holder of the Seller Certificate (without recourse, representation or warranty) all right, title and interest of the Trust in the Receivables, whether then existing or thereafter created, and all proceeds of such Receivables and Insurance Proceeds relating to such Receivables. The Trustee shall execute and deliver such instruments of transfer and assignment, in each case without recourse, as shall be prepared by the Servicer reasonably requested by the Holder of the Seller Certificate to vest in such Holder all right, title and interest which the Trustee had in the Receivables. Unless the certificate of authentication hereon has been executed by or on behalf of the Trustee, by manual signature, this Class B Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement, or be valid for any purpose. IN WITNESS WHEREOF, MBNA America Bank, National Association has caused this Class B Certificate to be duly executed under its official seal. By: /s/ Jerry M. Hamstead Authorized Officer [Seal] Attested to: By: /s/ John W. Scheflen Cashier Date: August 14, 1996 Trustee's Certificate of Authentication CERTIFICATE OF AUTHENTICATION This is one of the Series 1996-H Class B Certificates referred to in the within-mentioned Pooling and Servicing Agreement. THE BANK OF NEW YORK Trustee By: /s/ Todd Neimy Authorized Signatory Date: August 14, 1996 (..continued)